Liquidity Risks in Lending Protocols: Evidence from Aave Protocol
Liquidity Risks in Lending Protocols: Evidence from Aave Protocol
复制标题
借贷协议中的流动性风险：来自 Aave 协议的证据
DOI：
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发表时间：
2022
期刊：
影响因子：
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通讯作者：
G. Sermpinis
中科院分区：
文献类型：
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作者：
Xiaotong Sun;C. Stasinakis;G. Sermpinis
借贷协议（Lending Protocols，LP）作为基于区块链的借贷系统，允许任何代理人借入和借出加密货币。然而，流动性风险可能会发生，特别是当突出的贷款是由一个特定的借款人群体发起的。本文提出了流动性风险的度量方法，重点关注有限合伙企业的可用流动性和市场集中度。通过对Aave的案例研究，发现流动性风险具有高度的波动性，对Aave的影响较为复杂，且Aave的流动性可能影响整个链上借贷市场。与新用户相比，经常借用加密货币的普通用户可能会对Aave协议产生负面影响，这意味着用户忠诚度对LP来说是一把双刃剑。
Lending Protocols (LPs), as blockchain-based lending systems, allow any agents to borrow and lend cryptocurrencies. However, liquidity risks could occur, especially when salient loans are initiated by a particular group of borrowers. This paper proposes measurements of liquidity risks, focusing on both available liquidity and market concentration in LPs. By using Aave as a case study, we find that liquidity risks are highly volatile and show complex effects on Aave, and liquidity in Aave may affect across on-chain lending market. Compared to new users, regular users that repeatedly borrow cryptocurrencies may negatively affect Aave protocol, implying that user loyalty is a double-edged sword for LPs.
DOI：
10.1080/1351847x.2020.1792960
发表时间：
2020-07
期刊：
The European Journal of Finance
影响因子：
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作者：
Gerhard Kling;Vanesa Pesqué-Cela;Lihui Tian;D. Luo
通讯作者：
Gerhard Kling;Vanesa Pesqué-Cela;Lihui Tian;D. Luo