找回密码
 立即注册
首页 区块链新闻 查看内容
  • QQ空间

波士顿咨询集团(BCG)发布了一份关于分散式金融(DeFi)的报告,指出Defi有优势也有风险

2020-9-11 14:10

 

今天,波士顿咨询集团(BCG)数字部门Platinion联合Crypto.com(加密货币交易所)发布了一份关于分散式金融(DeFi)的报告。


DeFi应用程序包括支付、交易和借贷,它们在一个无许可的环境中运行。这意味着,只有一些将法定货币转换为加密货币的平台受到反洗钱规定的监管。一旦用户持有加密货币,就很少有限制了。


BCG表示,在CeFi体系下,中小企业对银行的风险回报状况往往较差,部分原因是它们未能通过监管检查。因此,中小企业获得融资的渠道更少,而在它们能够获得贷款的地方,贷款成本也很高。


“下一波对资本和金融服务的需求将来自新兴经济体和传统金融服务不足的中小企业,”报告在注意到现有银行的寻租行为后表示。


同样地,对于银行存款不足的人,“了解你的客户”(KYC)和“反洗钱”(AML)过程会锁定部分人群。世界银行估计这个数字为3800亿美元。

 

挑战


报告强调了DeFi面临的一些挑战。这些包括当前不允许网络的可伸缩性差和高昂的网络使用费。尽管自去年6月以来取得了显著增长,但目前可动用的DeFi基金仍为95亿美元,仅为人民币2,750亿美元市值的一小部分。因此,流动性仍然有限。


自动化DeFi过程的智能合同有时会存在安全漏洞,可能会耗费用户的资金。与集中式金融不同,这种金融没有追索权,而且经常存在欺诈。


实际上,许多参与者相对富裕。与此形成鲜明对比的是,第三世界银行储备不足,而无许可体系理论上可能有所帮助。部分原因是参与借贷系统需要超额抵押。


目前,以太网络是DeFi的主要网络。因此,如果存在诸如网络bug或拥塞等技术问题,这将对整个系统构成风险。


一个主要问题是监管方面可能会发生什么。onramp的KYC/AML合规是否足够?或者,监管机构会寻求让这种交易获得更多的许可吗?


该报纸说,目前,根据FATF的规定,大多数DeFi都是清白的。如果DeFi协议足够分散,且实体不涉及日常操作,那么它就不会被归类为虚拟资产服务提供商(VASP)。因此不必遵守旅行规则。

 

潜在的风险


然后,本文对支付、借贷和交换三个方面进行了探讨。在支付方面,它指出了较低的潜在交易成本,因为中间人比信用卡交易少。此外,没有退款的余地,这是有利的和不利的,取决于你的观点。该报告强调了亚太、拉丁美洲和非洲等信用卡普及率有限的地区的机遇。


转到贷款,在中央和分散的金融模式的差异,探索。例如,在DeFi中,贷款利率是动态的,取决于资金池中可用的现金。如果资金池几乎达到借贷上限,利率就会升高,包括那些已经获得贷款的人。由于贷款是由存储的加密货币担保的,因此不需要进行信用检查或KYC。在这一点上,因为没有KYC没有相关的成本管理费用是有限的。因此,借款人支付的高达95%的利息被转嫁给了贷款人。


第三个应用是交流。虽然有基于订单的分散交易,但最流行的交易不使用订单,做市是自动化的。相反,用户提供流动性池,交易者可以根据提供的流动性进行买卖。


本文的其余部分探讨了分散管理,这就像一个更活跃的股东投票。以及对现任者如何参与的概述。


波士顿咨询公司在区块链领域相当活跃。它有一个数字风险投资部门,参与了戴比尔斯TRACR区块链钻石追踪解决方案。这家合资公司还与世界自然基金会澳大利亚分会(WWF Australia)合作,建立了可持续供应链倡议OpenSC。它之前还发表了一份关于大宗商品区块链的报告。

 

Today Boston Consulting Group’s (BCG) digital division Platinion published a report on Decentralized Finance or DeFi in conjunction with Crypto.com, the cryptocurrency exchange. 

DeFi applications include payments, trading exchanges and lending, which operate in a permissionless environment. That means that only some onramps to convert fiat to cryptocurrencies are governed by anti money laundering rules. Once the user holds the cryptocurrency, there are few restrictions.

BCG says with the centralized financial (CeFi) system, SMEs often present a poor risk-return profile to banks in part because they fail regulatory checks. As a result, SMEs have less access to finance and where they can get loans, it’s expensive.

“The next wave of demand for capital and financial services will stem from emerging economies and an SME industry underserved by traditional finance,” the report says after noting incumbent banks’ rent-seeking behavior.

Likewise, for the underbanked, “Know Your Customer” (KYC) and “Anti-Money Laundering” (AML) processes lock out parts of the population. The World Bank puts the figure at $380 billion.

The challenges

The report highlights some of the challenges of DeFi. These include poor current scalability of permissionless networks and high network usage fees. Despite significant growth since June, current DeFi funds available stand at $9.5 billion, which is just a fraction of cyrptocurrency market capitalization of $275 billion. As a result, there’s still limited liquidity.

Smart contracts that automate the DeFi processes occasionally have security vulnerabilities that can cost the users their funds. Unlike centralized finance, there is no recourse and there are often scams.

In reality, many of the participants are relatively wealthy. This contrasts with the third world underbanked that the permissionless system theoretically could help. Part of the reason is to participate in the lending system requires over collaterization.

The Ethereum network is currently the dominant network for DeFi. As a result, if there are technical issues such as network bugs or congestion, this represents a risk to the entire system. 

A major question is what might happen in terms of regulation. Will the onramp KYC/AML compliance suffice? Or will regulators seek to make the trading more permissioned?

The paper says that, for now, according to FATF rules, most DeFi is in the clear. If a DeFi protocol is sufficiently decentralized and an entity is not involved in everyday operations, it won’t be classified as a Virtual Asset Service Provider (VASP). Hence doesn’t have to comply with the Travel Rule.

Disruption potential

The paper then explores the three areas of payments, lending and exchanges. With payments, it points to low potential transaction costs because there are fewer intermediaries than card transactions. Plus, there is no scope for chargebacks, which is both a pro and con, depending on your perspective. The report highlights opportunities in some regions such as APAC, LATAM and Africa where there is limited card penetration.

Turning to lending, the difference in models in centralized versus decentralized finance are explored. For example, in DeFi, lending rates are dynamic depending on the cash available in a pool. If the pool of capital is almost lent up to its limit, the rate becomes high, including for those who have already taken out loans. Because lending is collateralized by depositing cryptocurrency, there is no need for credit checks or KYC. And on that point, because there is no KYC there is no cost associated with that and overheads are limited. Hence, up to 95% of the interest paid by borrowers is passed on to lenders. 

The third application explored is exchanges. While there are order book based decentralized exchanges, the most popular ones don’t use order books and the market making is automated. Instead, there are pools of liquidity provided by users and traders can buy and sell based on the liquidity provided.

The rest of the paper explores decentralized governance, which is like a more active version of shareholder voting. And an overview of how incumbents might get involved.

Boston Consulting Group explores DeFi, blockchain financeBCG has been fairly active in the blockchain space. It has a digital venture arm that was involved in the De Beers TRACR blockchain diamond tracing solution. The same venture arm also partnered with WWF Australia for a sustainable supply chain initiative OpenSC. And it previously published a report on blockchain for commodities.

 

来自: Ledger Insights