论文标题
贷款协议中的流动性风险：来自AAVE协议的证据
Liquidity Risks in Lending Protocols: Evidence from Aave Protocol
论文作者
论文摘要
贷款协议（LPS）作为基于区块链的贷款系统，允许任何代理借用并借用加密货币。但是，可能会发生流动性风险，尤其是当特定借款人群发起明显的贷款时。本文提出了对流动性风险的测量，重点是LPS中的可用流动性和市场集中度。通过使用AAVE作为案例研究，我们发现流动性风险高度易变，并且对AAVE表现出复杂的影响，而AAVE的流动性可能会影响整个链贷款市场。与新用户相比，一再借用加密货币的常规用户可能会对AAVE协议产生负面影响，这意味着用户忠诚度是LPS的双刃剑。
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.
