Nos últimos dias, todos têm discutido sobre a questão do compromisso nulo de 1800 $BTC Quem deve ou não apoiar quem? Talvez não importa quem obtém o lucro no final, isso não beneficiará os investidores de varejo, ou mesmo as consequências do FUD No final, os investidores de varejo ainda precisam pagar a conta 🤣.
👉🏻 Hoje só quero falar sobre, se os dados da TVL são aguados, quais dados podem nos ajudar a medir o “conteúdo de ouro” do acordo?
O valor total de lock-up (TVL) no protocolo é um importante indicador de medição no DeFi. Se o protocolo DeFi for comparado a um banco, o TVL é o valor total dos depósitos dos depositantes no banco. emprestado pelo protocolo do usuário.
Just like banks can lend after accepting deposits from savers, protocols can also lend funds to DeFi projects that need liquidity to generate revenue. In return, they need to pay the protocol the corresponding interest, which is also one of the major sources of income for the protocol.
🧐 Why does 'void staking' exist?
The deposit rate for banks is similar to TVL for DeFi protocols. To get listed on Binance or top exchanges, there will also be requirements similar to bank deposit rates. If the TVL does not meet the standards, some tricks may be used, which may already be an unspoken rule known to everyone.
For example, in the case of Solv, large holders only need to sign with their wallets to prove BTC ownership and express their staking intentions. This part of BTC can be considered as the protocol's TVL, and there is no need to actually stake the BTC in the protocol.
These assets lack liquidity, and large holders won't touch them. The protocol also has no right to utilize them. Large holders gain points, and the project increases its TVL, which counts as a win-win, even though it is ineffective TVL.
💡 Introducing the concept of 'fund operation efficiency'
To really judge which funds are 'ineffective TVL' is actually quite difficult, but we can introduce 'fund operation efficiency' to indirectly assess the value of the protocol:
> Fund operation efficiency = Protocol net income / Total TVL
Protocol revenue obtained through transaction fees, loan interest, and other means directly reflects the profitability of the protocol, and perhaps more than the level of TVL, it can better explain the potential value of the protocol.
Finally, I compared several representative re-staking protocols. Solv and $ETHFI have similar scales, and the 'fund operation efficiency' in this area has not differed much (some re-staking protocols have not disclosed their income data, so I will not list them all. Please feel free to correct me if there are any inaccuracies).
👉 Ethereum's re-staking has developed for over two years, while the Bitcoin re-staking ecosystem is still in its infancy. I believe that Solv's fund efficiency will improve significantly.
—— Instead of FUD, it’s better to Build; winning more is better than losing more 🫰
