论文标题
债务资助的抵押品和稳定性风险
Debt-Financed Collateral and Stability Risks in the DeFi Ecosystem
论文作者
论文摘要
以太坊区块链上的分散融资（“ DEFI”）的兴起使创建了贷款平台，这些平台是借出和借用数字货币的市场。我们首先将贷款平台的活动分类为标准的监管框架。然后，我们采用一种新颖的分组和分类算法来计算基金流量的百分比，这些算法可以归因于系统其他地方创造的债务（“债务资助的抵押品”）。根据我们的结果，我们得出的结论是，用作债务债务的抵押品的广泛使用会增加Fefi生态系统中的金融稳定风险。
The rise of Decentralized Finance ("DeFi") on the Ethereum blockchain has enabled the creation of lending platforms, which serve as marketplaces to lend and borrow digital currencies. We first categorize the activity of lending platforms within a standard regulatory framework. We then employ a novel grouping and classification algorithm to calculate the percentage of fund flows into DeFi lending platforms that can be attributed to debt created elsewhere in the system ("debt-financed collateral"). Based on our results, we conclude that the wide-spread use of stablecoins as debt-financed collateral increases financial stability risks in the DeFi ecosystem.
