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什么是加密货币清算,为什么它们很重要?
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什么是加密货币清算?在加密货币领域中,清算主要是指交易者或资产借贷人将初始保证金全部或部分强制平仓。当交易者无法满足杠杆头寸配置,没有足够的资金维持交易运作时,就会发生清算。杠杆头寸是指通过自己的已有资产抵押贷款或借钱,再使用已经抵押的本金和借到的钱一起来购买金融产品,以此博得更大的获利。大多数借贷协议如 AAVE、MakerDAO、Abracadabra 等借贷平台,都会设置清算功能。据 Footprint Analytics 数据显示,6 月 18 日,当 ETH 的价格下跌时,DeFi 市场会出现大量清算事件。同日,借贷协议共清算了 10,208 ETH,清算金额 4.24 亿美元
随着清算的进行,清算人也随之而来。他们可能是大机构或者大户等充当清算人,以折扣价购买被清算的资产并在市场上出售赚取差价。为什么会发生加密货币清算?在 DeFi 中,质押借贷时常发生,而用户不想出售手中的资产时,会将资产抵押给借贷协议换取目标资产,再次进行二次投资,以此博取更多收益。它本之上而借贷协议为了维系系统长期稳定运作,会设计一套清算机制,降低协议的风险。将以 MakerDAO 协议为例进行分析:MakerDAO 支持 ETH、USDC 和 TUSD 等多种货币作为抵押品,以便分散协议资产的风险,并调整 DAI 的供需。MakerDAO 设立清算线为 150%,也就是超额抵押。这决定了清算的触发点。当 ETH 的价格为 1,500 美元时,一个借款人向 MakerDAO 协议质押 100 个 ETH (价值 15 万),可以按照平台设定 150% 的质押率最多能借出 99,999 美元 DAI。这时,清算价格为1500美元。当 ETH 的价格跌破 1500 美元,ETH 就会触碰清算线,就容易被平台清算。如果清算了,就相当于借款用户用 99,999 美元价格购买 100 个 ETH。但如果借款用户不想被快速被清算,按以下几种方式降低清算风险:可以借出低于 99,999 美元 DAI在清算触发前就将借出的 DAI 和费用归还在清算触发前继续质押更多的 ETH,降低清算线MakerDAO 除了设立质押率 150% 外,还对清算设置 13% 的罚款规则。换句话说,已经被清算的借款人只能收到他们充值资产的 87%。其中 3% 的罚款将归清算人所有,10% 归平台所有。这一机制的目的是鼓励借款人关注他们的抵押资产,以避免清算和处罚
清算之后,将对加密货币市场产生怎样影响?在加密市场牛市时,一些机构和大户高调重仓是所有币圈人的 “定心丸”。如今在下跌行情中,昔日牛市推手却成了排着队的黑天鹅,各自持有将被清算的加密资产。更可怕的是,在链上透明的系统中,这些加密资产的数字一目了然。对机构一旦遭遇彻底的清算,除了带来更大的抛压外,还可能引发相关协议、机构等连锁反应。因为借贷仓位与抵押资产之间的亏损缺口将被迫由这些协议和机构承担,这将使它们陷入死亡螺旋。比如 stETH 脱锚时, CeFi 机构 Celsius 受到很大的影响,加剧流动性问题,并出现大量用户挤兑事件。促使机构被迫抛售 stETH 以应对用户赎回资产的需求,最终无法承受压力暂停账户提款和转账等功能。而三箭资本又在 Celsius 持有大量的借贷仓位,Celsius 自身难保的同时必定会影响三箭资本资产压力问题,直至崩塌。对 DeFi 协议币价下跌,用户在平台中质押的资产价值低于清算线(清算机制的设置因平台而异),抵押的资产将被清算。当然,用户会在经济下行时快速抛售风险资产,以免被清算。这也是直接影响 DeFi 整体的锁仓量。过去 90 天,TVL 下跌 57%
如果协议无法承受挤兑压力,它也将面临与机构相同的风险
用户资产被清算后,除了失去持有的资产,还需承担费用或被平台扣取罚金。是一件多么痛苦的事情小结与传统金融市场一样,加密货币市场同样具有周期性。 牛市不会永远持续下去,熊市也是如此。在每个阶段,都要谨慎并观察自己所持仓的资产,以免被清算,而导致损失和陷入死亡螺旋 来源:金色财经 |
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