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2023-12-02 16:32:40

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理财无论在传统金融还是在区块链行业都是刚需。区块链行业的理财吸引力很大。

在理财风控方面，个人用户因为风险偏好以及风控能力等因素，出问题比较常见，大型机构踩雷也并不稀奇，国内知名第三方理财平台诺亚财富，去年就踩了34亿人民币的雷。

所以选择靠谱的理财渠道是非常重要的，它往往决定理财行为的成与败。

今天区哥就来梳理一下主流的理财模式，给小伙们作为参考。

行业内理财产品按收益来源大致可以分为，Staking、交易所杠杆借贷、C2C借贷、DeFi借贷、量化对冲、双币理财六大类。

一、Staking

Staking近年来非常火爆，Staking是指用户成为节点服务商，或者把Token委托给节点服务商，获取系统奖励的行为，奖励主要是指出块奖励。

Staking是安全性比较高的一种行为，除非系统有重大漏洞，或者委托的节点服务商不靠谱，被系统执行扣币惩罚，一般情况下用户不会损失本金，能够获得比较稳定的Token收益。

Staking的收益来源是生态本身的通胀，通胀产生的激励分配给参与Staking的用户，未参与Staking的用户将会承担通胀损失，所以长期持币用户一般都会进行Staking。

Staking收益率越高，说明系统的通胀率越高，而通胀产生的Token会有一部分成为二级市场抛压，所以Staking是在以收益锁住筹码，稳定Token价格，换取发展时间。

Staking领域有专门的节点服务商，为多个不同的项目提供节点服务，用户把Token委托给节点服务商，不再需要进行其他操作，是一种比较方便的理财行为，比较重要的参与方有HashQuark。

还有一个趋势是越来越多的交易所把Staking纳入自身服务体系，只要用户把币存放在交易所，就可以自动获得Staking收益。交易所的这一行为，使Staking得到了快速普及，突出代表为币安。

钱包天然适合理财业务，钱包们自然没有放弃这一机会，Cobo、Wetez等钱包在Staking业务上耕耘良久，为用户提供基于Staking的理财产品。

1、交易所Staking

除币安外，还有众多交易所加入了把Staking纳入自身服务体系的阵营，比如MXC、KuCoin、Bibox等，交易所的加入使得Staking更快普及，未来有可能成为交易所标配。目前交易所竞争趋于白热化，每一点用户体验的提升都值得交易所去做。

除了能够随时提取的活期Staking之外，部分交易所还开发了基于Staking的定期理财产品。活期产品需要一定量的储备提供流动性，无法把收益最大化，定期产品不需要进行流动性储备，所以定期产品的收益比活期产品高。

有些交易所提供的定期理财产品，名义上是基于Staking，实际上只是配合项目方锁定流动性。项目方给予补贴，交易所发布定期理财产品，吸引用户理财，帮助项目方锁定流动性。这一点也好判断，只需要简单搜索即可判定其共识机制是不是PoS或者DPoS，一般来说PoS和DPoS是Staking的主要共识机制。

简单列举一些交易所Staking对比图，可以直观了解不同交易所支持哪些Token，以及收益率如何。

下图中KuCoin的Staking收益率是实时变动的。

2、钱包Staking

Cobo、Wetez等钱包是Staking领域的专业玩家，为用户提供丰富的Staking产品，钱包本身天然适合理财业务，成为节点对钱包来说也并非难事，所以Staking业务钱包们做的也是风生水起。

Wetez需要用户在钱包内执行投票操作，和Cobo的代理模式并不一样，Cobo钱包内用户直接购买理财产品即可获取Staking收益。

下方图表蓝色棱柱代表锁定期，没有蓝色棱柱说明是活期产品，橙色棱柱代表收益率。

3、专业节点服务商

HashQuark、Staked.us、Stake.fish等专业节点服务商，以及基于社群的节点服务商区块链研习社，以Staking作为主要业务，一端搭建矿池通过专业的理财服务吸引用户投票，另一端成为节点服务商，为公链项目提供专业的节点服务。

二、杠杆借贷

大多数交易所都开通了杠杆交易，用户可以在已有资产的基础上，通过借贷放大资产，获取超额收益。

目前部分主流交易所包括币安、OKEX、Gate等交易所均已上线了基于杠杆借贷的理财产品。

不同交易所使用的产品形式不同，币安是定期+活期，OKEX只有活期，Gate出借资金以用户挂单的形式进行，用户设定好利率挂出，借款用户以吃单的形式获取资金。

杠杆借贷收益来源是借款用户付出的手续费。

三、C2C借贷

用户与用户之间的点对点借贷也称为C2C借贷，以RenrenBit为代表。

借款用户可以根据自身抵押物的多少自行发布借款信息，期限、利率由用户自行设定，RenrenBit的C2C借贷既可以借贷数字资产，也可以借贷法币资产。

Gate使用的挂单撮合式借贷也属于点对点借贷，由个人出借给个人。

部分钱包基于自身提供的借贷服务，开发出基于借贷的理财产品。比如Hoo提供的定期和活期理财产品，部分币种即基于其自身的借贷业务。

C2C借贷收益来源是借款用户付出的手续费。

点对点借贷利率、期限都可自行设定，种类多样，RenrenBit只统计了收益率，没有统计期限，请注意。

四、DeFi借贷

DeFi是开放式金融的简称，目前主要应用方向是借贷、去中心化交易所和稳定币。

通过DeFi应用，用户闲置资金可以出借赚取收益，比如专业的DeFi借贷平台Compound。

除可以在专业的借贷平台理财外，DeFi内不少去中心化交易所、衍生品交易平台同样具有理财功能。

去中心化交易所dYdX既可以交易，也可以理财、借贷；NUO同时提供保证金交易及借贷服务；通过为去中心化交易所Uniswap提供资金保证流动性，也可以赚取收益。

当然众多DeFi应用的借贷利率都受 Maker 利率影响，会随之波动。

DeFi借贷收益来源是借款用户付出的手续费。

下图三个理财渠道的收益率都是浮动的。

五、量化对冲

量化对冲的风险较小，在数字货币行业属于较为稳健的一类交易策略，但由于极具专业性、对配套服务要求极高，非常考验团队在数据挖掘、策略开发、程序化交易等方面的能力。

因此对于大部分普通用户来说，很少能直接接触到这类产品。所以通常来说，量化对冲基金团队都会和钱包、交易所平台合作，Cobo、Kcash等都是这种模式，也有单独建立网站为用户提供理财产品的基金平台如BLOEX。

Cobo产品介绍页面显示，大多数币种的收益来源是一线量化对冲团基金，但在CKB介绍页面并未标注收益来源是量化对冲基金，可能是和项目方合作的理财产品。

六、双币理财

随着行业不断成熟，传统金融领域的金融产品逐步在行业内落地，比如期权。

期权属于复杂度很高的金融产品，一般用户不建议操作，Matrixport和Hoo开创了简化版期权产品，以“双币理财”的名义发售。

Matrixport是最早见诸于国内的期权产品，其包装的理财产品收益率较高，但随着行情转换可能会把币以低价卖飞，以及高价买币被套，建议购买之前详细查看说明文档。

Matrixport的“双币理财”收益率随行情实时变动，比如BTC价格接近10000美金时，挂钩价为10000美金的理财产品就会被下架。

七、总结

交易所参与Staking建设，拿一部分用户的币去参与节点建设，把收益返还给用户，用户既能享受充足的流动性，又能获取一定收益，对用户来说是流动性极高的一种模式。

但Staking本身对项目方来说是以短期收益激励，锁定Token流动性，换取长期发展空间。倘若项目本身发展不及预期，Staking产生的Token最终都会成为二级市场抛压，激励越多抛压越甚，形成恶性循环。对不够优质的项目来说，Staking可谓是慢性毒药。

借贷产品是理财产品的主流，交易所、钱包、DeFi等在借贷业务上都比较重视。借贷产品既能满足用户流动性需求，又能为平台、投资人创造利润，且目前都是超额抵押模式，风险可控。一旦抵押物价值下降到一定比例，就会要求补充抵押物，或直接卖出抵押物平仓。

借贷产品对于目前行业来说，是少有的盈利模式清晰、风险可控及能够做大规模的商业模式。

但整体上要面临中心化风险，也许RenrenBit百分之百保证金模式能够缓解一部分用户焦虑。DeFi以开源免除中心化风险，但DeFi依然处于早期，难以避免代码漏洞、黑客攻击等风险。

市场上有众多量化对冲机构，一般和具有大量沉淀资金的钱包合作，Cobo、Kcash、布洛克城均是如此，但量化操作基于中心化交易所，中心化风险同样难以避免。

需要特别提醒的是，由于大量用户对量化的不了解，行业内出现了很多以PlusToken为代表的，以量化对冲之名，行非法融资之实的资金盘骗局，还需大家擦亮双眼，谨慎投资，拒绝高息诱惑。

期权并不是理财产品，只是部分平台通过简化包装成了理财产品，操作不好容易出现亏损风险，且同样是中心化的。

注 ：

以上收益率数据统计于2月23日，收益率为官网标注的最高收益率，如有同一币种多种期限不同收益理财产品，以最新一期为准，需要注意的是大部分理财产品的利率是不固定的，会随需求的变化而波动。

图表中蓝色棱柱代表锁定期，没有蓝色棱柱说明是活期产品，橙色棱柱代表收益率。

Financial management is a necessity in both traditional finance and the blockchain industry. The blockchain industry has great financial appeal.

In terms of financial risk control, it is common for individual users to have problems due to factors such as risk preference and risk control capabilities, and it is not uncommon for large institutions to step into the trap. Noah Wealth, a well-known domestic third-party financial platform, last year Just stepped on the 3.4 billion yuan thunder.

So it is very important to choose reliable financial management channels, which often determine the success or failure of financial management behavior.

Today Brother Ou will sort out the mainstream financial management models and give them as a reference.

Financial management products in the industry can be roughly divided into six categories based on income sources: Staking, exchange leveraged lending, C2C lending, DeFi lending, quantitative hedging, and dual-currency financial management.

1. Staking

Staking has been very popular in recent years. Staking means that users become node service providers, or entrust Tokens to node service providers to obtain system The act of rewarding, the reward mainly refers to the block reward.

Staking is a relatively safe behavior. Unless there is a major vulnerability in the system, or the entrusted node service provider is unreliable and is punished by the system with a deduction of coins, generally the user will not lose the principal. , can obtain relatively stable Token income.

The income source of Staking is the inflation of the ecosystem itself. The incentives generated by inflation are distributed to users who participate in Staking. Users who do not participate in Staking will bear inflation losses, so long-term currency holders generally engage in Staking.

The higher the Staking yield, the higher the inflation rate of the system, and part of the tokens generated by inflation will become selling pressure in the secondary market, so Staking is locking chips with income and stabilizing the token price. In exchange for development time.

There are specialized node service providers in the Staking field that provide node services for many different projects. Users entrust their tokens to the node service providers and no longer need to perform other operations, which is a more convenient financial management behavior. , the more important participants include HashQuark.

Another trend is that more and more exchanges are incorporating Staking into their service systems. As long as users store their coins in the exchange, they can automatically obtain Staking benefits. This behavior of the exchange has led to the rapid popularity of Staking, with Binance being the outstanding representative.

Wallets are naturally suitable for financial management business, and wallets have naturally not given up this opportunity. Wallets such as Cobo and Wetez have been working hard on the Staking business for a long time and provide users with financial management products based on Staking.

1. Exchange Staking

In addition to Binance, there are many exchanges that have joined the camp that incorporates Staking into their own service systems, such as MXC,The addition of exchanges such as KuCoin and Bibox has made Staking more popular and may become a standard feature of exchanges in the future. At present, exchange competition is becoming fiercer, and every improvement in user experience is worthy of exchanges.

In addition to current Staking, which can be withdrawn at any time, some exchanges have also developed regular financial products based on Staking. Current products require a certain amount of reserves to provide liquidity and cannot maximize returns. Fixed-term products do not require liquidity reserves, so the returns of fixed-term products are higher than those of current products.

The regular financial products provided by some exchanges are nominally based on Staking, but in fact they only cooperate with project parties to lock in liquidity. The project party provides subsidies, and the exchange releases regular financial management products to attract users to manage their finances and help the project party lock in liquidity. This is easy to judge. You only need a simple search to determine whether the consensus mechanism is PoS or DPoS. Generally speaking, PoS and DPoS are the main consensus mechanisms for Staking.

A simple list of some exchange Staking comparison charts can help you intuitively understand which tokens are supported by different exchanges and what the rate of return is.

The Staking yield rate of KuCoin in the picture below changes in real time.

2. Wallet Staking

Wallets such as Cobo and Wetez are professional players in the Staking field and provide users with a wealth of Staking products. The wallets themselves are naturally suitable for financial management. Business, becoming a node is not difficult for wallets, so Staking business wallets are also doing well.

Wetez requires users to perform voting operations in the wallet, which is different from Cobo’s agency model. Users in the Cobo wallet can directly purchase financial products to obtain staking income.

The blue prism in the chart below represents the lock-in period. The absence of blue prism indicates that it is a current product, and the orange prism represents the rate of return.

3. Professional node service providers

HashQuark, Staked.us, Stake.fish and other professional node service providers, as well as community-based node service provider Blockchain Research Club, to Staking is the main business. One end builds a mining pool to attract user votes through professional financial services, and the other end becomes a node service provider to provide professional node services for public chain projects.

2. Margin Lending

Most exchanges have opened margin trading, and users can borrow money based on existing assets. On the other hand, through borrowing and lending, assets can be enlarged to obtain excess returns.

At present, some mainstream exchanges including Binance, OKEX, Gate and other exchanges have launched financial products based on leveraged lending.

Different exchanges use different product forms. Binance has fixed deposit + demand deposit, OKEX has deposit deposit only, and Gate lends funds in the form of user placement orders. The user sets the interest rate and the borrowing user obtains funds in the form of taker orders.

The source of leveraged loan income is the handling fee paid by the borrower.

3. C2C lending

Peer-to-peer lending between users is also called C2C lending, represented by RenrenBit.

Borrowing users can publish their own borrowing information based on the amount of their own collateral. The term and interest rate are set by the users themselves. RenrenBit’s C2C lending can lend both digital assets and legal currency assets.

The pending order matching lending used by Gate is also a peer-to-peer lending, lending from individuals to individuals.

Some wallets have developed lending-based financial products based on the lending services they provide. For example, some of the fixed-term and current financial products provided by Hoo are based on its own lending business.

The source of C2C lending income is the handling fee paid by the borrower.

Peer-to-peer lending interest rates and periods can be set by yourself, and there are various types. RenrenBit only counts the rate of return, not the period, please note.

4. DeFi Lending

DeFi is the abbreviation of open finance. The current main application directions are lending and decentralization. Exchanges and stablecoins.

Through DeFi applications, users’ idle funds can be lent to earn income, such as the professional DeFi lending platform Compound.

In addition to financial management on professional lending platforms, many decentralized exchanges and derivatives trading platforms in DeFi also have financial management functions.

The decentralized exchange dYdX can be used for trading, financial management, and lending; NUO also provides margin trading and lending services; by providing funds to the decentralized exchange Uniswap to ensure liquidity, you can also earn income.

Of course, the lending interest rates of many DeFi applications are affected by the Maker interest rate and will fluctuate accordingly.

The source of DeFi lending income is the handling fee paid by borrowing users.

The yield rates of the three financial management channels in the figure below are all floating.

5. Quantitative hedging

The risk of quantitative hedging is relatively small, and in the digital currency industry It is a relatively stable type of trading strategy, but due to its extremely professional nature and high requirements for supporting services, it tests the team's capabilities in data mining, strategy development, and programmatic trading.

Therefore, for most ordinary users, they rarely have direct access to such products. So generally speaking, quantitative hedge fund teams will cooperate with wallets and exchange platforms. Cobo, Kcash, etc. are all in this model. There are also separate websites to provide users with financial management.Brand fund platforms such as BLOEX.

The Cobo product introduction page shows that the income source of most currencies is first-line quantitative hedge group funds, but the CKB introduction page does not indicate that the income source is a quantitative hedge fund. It may be a financial management company that cooperates with the project party. product.

6. Dual-currency financial management

As the industry continues to mature, financial products in the traditional financial field are gradually implemented in the industry , such as options.

Options are highly complex financial products and are not recommended for ordinary users. Matrixport and Hoo have created simplified options products, which are sold under the name of "dual-currency financial management".

Matrixport is the earliest option product to be seen in China. The financial products packaged by it have a higher return rate. However, as the market changes, the currency may be sold at a low price, or the currency may be bought at a high price. It is recommended that Read the documentation in detail before purchasing.

Matrixport's "Dual Currency Financial Management" yield rate changes in real time with the market. For example, when the price of BTC approaches US$10,000, financial products with a linked price of US$10,000 will be removed from the shelves.

7. Summary

The exchange participates in Staking construction, takes part of the users’ coins to participate in node construction, and returns the proceeds For users, users can not only enjoy sufficient liquidity, but also obtain certain profits. It is a model with extremely high liquidity for users.

However, Staking itself is a short-term income incentive for the project team, locking in Token liquidity in exchange for long-term development space. If the project itself does not develop as expected, the tokens generated by Staking will eventually become selling pressure in the secondary market. The more incentives there are, the greater the selling pressure will be, forming a vicious cycle. For projects that are not of high quality, Staking can be described as a chronic poison.

Lending products are the mainstream of financial products, and exchanges, wallets, DeFi, etc. all attach great importance to the lending business. Lending products can not only meet users' liquidity needs, but also create profits for the platform and investors. They are currently under an over-collateralization model and the risks are controllable. Once the value of the collateral drops to a certain percentage, it will be required to replenish the collateral, or sell the collateral directly to close the position.

For the current industry, lending products are rare business models with clear profit models, controllable risks, and large-scale operations.

But overall, it faces the risk of centralization. Perhaps RenrenBit’s 100% margin model can alleviate some users’ anxiety. DeFi avoids the risk of centralization through open source, but DeFi is still in its early stages and it is difficult to avoid risks such as code vulnerabilities and hacker attacks.

There are many quantitative hedging institutions in the market, which generally cooperate with wallets with a large amount of accumulated funds. This is the case for Cobo, Kcash, and Block City, but quantitative operations are based on ChinaWith centralized exchanges, centralization risks are also unavoidable.

What needs special reminder is that due to the lack of understanding of quantification by a large number of users, there have been many fund scams represented by PlusToken in the industry, which are actually illegal financing in the name of quantitative hedging. Everyone needs to keep their eyes open, invest prudently, and reject the temptation of high interest rates.

Options are not financial management products, but some platforms have simplified and packaged them into financial management products. If the operation is not good, there is a risk of loss, and they are also centralized.

Note:

The above yield data were collected on February 23, and the yield is the highest yield marked on the official website. If there are financial products with multiple maturities and different yields in the same currency, Based on the latest issue, it should be noted that the interest rates of most financial products are not fixed and will fluctuate with changes in demand.

The blue prism in the chart represents the lock-in period. The absence of blue prism indicates that it is a current product, and the orange prism represents the rate of return.