风险代币化协议

用分层基金模式做波动率衍生品的跨平台协议。

摘要

Barnbridge最早在2019年第二季度就已经初步定型。当时,MakerDAO开始获得主流DeFi(分散式金融)社区的认可。一年后的当下,全球60%的债券收益率不足1%,超过15万亿美元的全球债券收益率为负,更促使资本不断寻找更高的风险收益资产。这不是巧合或趋势。资金自古至今,一直追溯到圣经时代,都在追逐着与风险匹配的收益。

全球范围内,在Covid-19引发的债务水平增长之前,金融危机就已经开始。2020年第一季度,全球债务增加至258万亿美元。根据代表全球銀行及金融机构的IIF金融机构表示,全球债务的数字比全球GDP高出331%。随着美联储(Federal Reserve)打着有无限现金供应的幌子持续运作,以及“开动印钞机吧”(money printer go brrrr)这一委婉说法逐渐变成主流词汇,这些债务数字将很明显地继续增长,而发行的债务占GDP的比例将继续扩大。

在本文称为TradFi的传统金融系统的总债务水平正经历着历史性的上升,而传统金融产品的收益率和利率却一直下降。DeFi,去中心化金融产业即在这个历史背景下成长起来,它在数字经济中随着数字资产和加密货币的出现而蓬勃发展。当前,锁定价值水平(TVL)已从去年的数亿美元增长到2020年的数十亿美元,而其主要原因为DeFi产品的持续已久的高收益率使得TradFi系统中同类产品仅能提供的低利率相形见绌。由于更高的基础性风险和高效的智能合同技术,DeFi产品的年回报率(APY)远高于 传统金融系统。营运资本将持续向历史性的高收益迈进,这就是为什么我们看到TVL不断向DeFi加速转移。这一趋势将持续下去,但TradFi用户在目前却少了他们熟悉的金融工具,例如固定或无风险利率等的金融产品。这样的现况导致了DeFi生态系统对基础TradFi工具前所未有强烈的需求。BarnBridge的时机已经成熟。

DeFi入门:风险斜坡(Ramps)和传统金融的桥梁

与传统市场上的纯利率产品相比,去中心化市场提供的代币抵押贷款收益率更高。借款人不是出售法定货币,而是透过抵押数字资产来获得数字资产作为回报,即所谓的币本位产品。尽管这些贷款大部分是提供给交易员的短期贷款,但事实证明这样的系统高效且成熟。这些效率将不可避免地吸引价值更高,期限更长的融资贷款。智能合约具有通过算法将持有的数字抵押品抵押直至交易双方履行其义务的功能,从而有效地规避交易对手风险 (counter party risk)。运用演算法将保管,和解及代管(传统系统中劳动密集型,昂贵的操作)等传统金融服务进行替代,并高效节省了相关操作的高昂费用。这些对效率以及对更高风险的敏感度,就是去中心化系统能提供更高的收益的原因。当DeFi的风险水平逐渐趋同于TradFi,再者,当交易员获取的加密资产抵押贷款的性质与购房者获得的房屋抵押贷款的性质趋同时,智能合约的高效率将继续为去中心化产品提供优于传统金融产品的高收益。

此外,智能合约和DAO技术的高效率将允许构建更加复杂的金融衍生工具,并提供当前金融网络无法企及的透明度和安全性。

目前,所有这些高效率都是从加密支持的贷款中萃取出来的。

如前所述,这些优化的效率理应有服务传统抵押债务及公司债务的可能性,当这些产品慢慢转移到去中心化平台后,这将促进基于债务和收益率的更复杂的衍生工具转向去中心化平台。有了区块链、加密货币、智能合约和去中心化自治组织(DAO)的技术后,我们将能够构建更复杂的衍生产品并以更高的效率和透明度对其进行跟踪。随着时间的推移,244万亿美元的债务和基于收益的衍生品必将陆续转向更高效的技术。收益率和基于收益率的衍生品从效率较低的TradFi系统向效率较高的DeFi系统的迁移将是人类历史上最大的财富流动之事件一。 BarnBridge的存在就是为了促进这一过渡,并使去中心化系统有更高的效率,从而更精准地服务于有不同风险癖好的投资人并吸引更广泛的参与者。

对于以下这些想要进入加密货币市场的人来说,Barnbridge的服务存在巨大的市场潜力。(1)投资者不想面对整个风险曲线(想要固定收益);(2)他们永远不会花时间学会使用分散式自治组织(DAOs)来创建一个智能合约,运用算法为契约贷款或协议双方编写脚本。目前,超过99.9%的全球债务仍是通过传统市场构成,并且正渴望着获得优秀收益。相反,相较之下更先进的金融公司却没有风险承受的能力。这允许在收益率曲线的每个点采用不同的结构,对收益率曲线进行分层。风险最高分层的(可能是对冲基金)希望投放最少的钱并获得最高的押注/对冲收益。截然不同的是,更保守的投资者通常愿意放弃很大一部分的收益,以便获得更稳定的回报。 TradFi所描述的“无风险”产品目前在DeFi生态系统中尚未出现。构造此类工具将为传统市场引入更多期望规避风险的投资者进入DeFi。

While the current crypto backed-loans are normally short term loans to traders, efficiencies and mainstream adoption of blockchain technology will cause more loans to move onto decentralized ledgers allowing for even more variety, safety, and risk in these risk ramps.
在短期阶段(DeFi)和中期阶段(PoS,权益证明),风险上升将继续为期望“摆脱零”或“超过1%”回报的传统投资公司创造市场和空间。在这种情况下,越来越多类型的贷款资产将转移到DeFi。从长远来看,从长远来看,这部分使用去中心化账本的贷方和借款人将充分理解到为什么分散式和去中心化信任的体制会比当前的第三方中介机构体制更加优越且成本更低廉。此时,全球244万亿美元的债务资产中的大部分将转移到链上,从而为新时代的法定存款人和加密货币储户提供更高的收益率,更多的风险类产品和收益更高的抵押类债券产品。

波动衍生品协议

BarnBridge是第一个将波动率代币化的衍生品协议。在智能合约技术出现之前,几乎没有可能在毫无信任的基础上透明跟踪并将收益结构化,以提供针对任何和波动的对冲。理论上来讲,任何市场驱动的波动率都能用来构建衍生产品,以对冲各种风险。例子包括利率敏感度、基础市场价格的波动、市场预测概率的波动、抵押贷款违约率的波动、商品价格的波动等等,以及为了对冲某个特定头寸而出现的似乎无限多的市
场波动。

我们计划针对所有的市场波动率创建第一个、前所未见的跨平台衍生品协议。首先,我们将关注收益率和市场价格波动。随后,我们将引入更多种类的对冲产品,以应对DeFi生态里的波动。 BarnBridge的目标是将服务覆盖于所有的资产和公链。

通过将数字资产分成无限的、独立的、法币本位的部分或分层,然后从这些分层中构建衍生工具,于此降低数字资产和数字资产收益的敏感性风险。BarnBridge旨在通过构建更有效的债务和收益率的衍生产品来平滑风险曲线,并为DeFi和TradFi投资者提供分层的风险管理。

2. 初始产品

SMART $BONDS – Structured Market Adjusted Risk Tranches (结构化的,经市场调节,风险,分层)

SMART收益率债券

通过债务衍生品对冲收益率波动

目前DeFi生态里出现的主要利率产品为简单的浮动利率类年金产品。Barnbridge将试图通过收益率分层+分层代币化将浮动收益率转换为固定利率。这些固定利率产品会拥有传统债券的特征:锁定抵押物,定时支付利息,以及创新性的特征例如无截止期限。虽然我们认为这不是一个新颖的主意,而且即使我们不做,我们相信这类资产会自然地出现在DeFi生态里。一旦这类固定收益资产出现并且凭借智能合约自动服务用户,大量基于稳定收益的新衍生工具将会随之上线,紧接着财务规划及风险会获得大幅度的优化,这时对风险控制要求极高的传统金融机构方能安心进入DeFi进行投资。

去中心化的金融工具正在向世界展现不需信任机制的力量。DeFi领域的龙头项目MakerDAO,Synthetix,AAVE,Compound,Curve等等,通过算法、去中心化预言机、和去中心化记账技术在为用户提供优秀的回报和收益。这些项目不需要像传统银行那样支付昂贵的固定成本,建设华丽的办公楼。现在用户在许多分散的平台上可以找到不同的市场驱动收益,但是目前没有智能合约将所有不同的分散协议组合并生成标准化的风险曲线,并基于这个曲线提供对应的对冲衍生产品。

此外,在当前的DeFi市场中横跨不同借贷协议时资金使用效率低下。而在传统金融市场中却存在着能够从众多协议中提取收益并将其转移到较高或较低收益的能力,在同等流动性前提下,DeFi市场应该有更强的整合能力。

我们的第一个结构产品不仅允许DeFi用户获得固定收益,而且可以汇总整个生态系统中众多协议的收益,从而创建一个更有效的市场,从而再次平滑整个行业的收益曲线。

尽管我们期望独立贷款协议在他们平台各自引入固定收益的概念,但基于交叉协议的固定收益方法的主要区别在于资产和平台的多元化风险。通过在多个借贷平台上汇总产生利息的数字资产的算法,我们将通过分散风险和标准化行业风险曲线来提高效率。由于BarnBridge不会直接从本金平台贷出资金,而是在整个行业中汇集贷款,因此它使我们成为了平台不可知论者和数字资产不可知论者,这反过来又将使下游的结构和债券评级系统更为复杂。

不同风险及损失可能性

情况1:

情况2:

Stake的资产将被存入贷款平台 (Aave/Compound) 或成能产生收益的项目(Curve/YFI/FARM),然后这些收益将被捆绑成不同的分层并代币化。投资人如果想获得由不同资产拼凑出的低风险、拥有稳定收益的优先级分层,他只需购买这个分层对应的代币。 SMART债券的创新是将收益率的波动代币化,并且定价完全由市场驱动。这意味着更稳定的回报将通过收益分层获得),并且因代币化可以随时转让。

汇集(pooled)的抵押品将被存入贷款协议或产生收益的合同中,这些收益将被打包成不同的部分并进行标记。因此,你可以购买最高级别的部分,获得较低的收益,当然也可享受较低的风险。 SMART债券的创新是将收益率的波动代币化,其定价完全由市场驱动。

财务结构的参考可以在这里找到。

SMART阿尔法债券

通过分级波动率衍生品对冲市场风险。

SMART阿尔法债券将不会通过传统的收益级别进行结构化,而是会与资产本身的价格挂钩,我们将其称为风险Ramp。简单来说,风险曲线不同部位的资产本身的波动有可能是非线性的- 优先回报的部分涨幅和跌幅不需要是一样的。这类似于分层产品,每层具有不同的风险/回报比例。

进一步举例:把1 ETH的所有权拆分,分成高风险和低风险两个级别。假设ETH当前价格为$1000,然后降至$ 900,则高风险的部分承担的损失比例更高。相反,如果当前1 ETH的价格为$1000,然后升至$1100,承担高风险的部分会获得更高的收益。

这些收益和损失的测量及分配可以通过智能合约完成。每个风险层次(上面例子里分出了高风险和低风险两层)都可作为独立的数字资产进行交易。例如,jETH(ETH价格风险高的部分),mETH(ETH风险的夹层部分),和sETH(ETH风险低的部分)。这些不同的分层将作为风险Ramp(坡度),让用户可以更好的按照自己风险偏好进行投资。

SMART阿尔法产品将为建立单资产和多资产池收益分层铺平道路,在这些资产池中,收益率较低/高时,低风险Ramp的收益变动不会很大,但是购买了个风险层次的用户会获得更可控的回报率。我们可以不需要依靠资产收益来抹平风险。SMART阿尔法的下游自然会衍生出各种利用风险Ramp来做抵押债务的产品。

2.3 UI/UX Interface (Light)

UI/UX交互界面(淡色)

2.4 UI/UX Interface (Dark)

UI/UX交互界面(暗色)

代币 - $BOND

BOND是一个ERC-20代币。它主要功能为治理及抵押。作为ERC20代币,$BOND可
以在任何交易所流动,并适配所有钱包。

代币分布

分发明细旨在确保协议的去中心化,确保权利不会落在少数人手中。

锁定规则

代币锁定时间表的设计应避免在特定点上出现大额代币同时解锁。分配给创始人、种子投资者及顾问的代币将通过智能合约每周一次释放,为期两年。这将随着流动性挖矿同时启动。细节如下:

$ BOND代币总量:10,000,000

分配给创始人、种子投资者及顾问的比例:22%

锁定代币总量:2,200,000 (10,000,000 * 22%)

解锁周期:2年(104周)

解锁频率:1周一次

每周解锁代币数量:4,230.7692307692

每周解锁代币占代币总量的比例:.04%

治理

$ BOND代币将是系统的治理代币,它赋予持有人对平台更新升级的权利。结合治理
和激励机制,它将成为协调不同利益相关者的一种手段。 $ BOND也将拥有资产及策略管理介质。 DeFi协议成功的关键在于去中心化,自动化的治理,它可以激励参与者并致力于安全性、可持续性及用户的利益。

DAO先行

BarnBridge将采用“ DAO优先方法”来简化协议,从一开始就选择使用去中心化工具以实现我们完全去中心化的最终目标,并拥有一个灵活的智能合约系统,该系统能在DAO的监督下添加、升级、删除功能。第一个DAO叫LaunchDAO,这个将起到孵化作用,接下来会出现管理合约的DAO,叫BarnBridge DAO。

LaunchDao

LaunchDAO将使用Aragon DAO公司形态,创始团队、种子投资者和顾问都通过持有的代币来代表股份,并且通过代币加权投票来做决策。 LaunchDAO的代币为$BBVOTE,持有比例为:创始团队,45%;种子投资者,45%;顾问,10%。最小投票数量和通过决策所需数量均为62%,这意味着超过62%的有表决权的股份需要参加表决,同时一项决议需要至少获得62%支持方可通过。

来自种子投资人的资金和$ BOND代币的初始供应将保留在LaunchDAO库中。

LaunchDAO还将激活Aragon Agent,我们可能会直接将Uniswap分配和Balancer分配
等控制权直接集成到LaunchDAO里。

从Launch DAO开始,创始人、种子投资者和顾问都在使用阿拉贡(Aragon)DAO公司模板,该模板使用可转让的代币来代表所有权股份。决定是基于股权加权投票做出的。Launch DAO的原生代币将是$BBVOTE。创始人将获得45%,种子选手将获得45%,顾问将获得10%。支持率将设置为62%,这意味着投票时需要有超过62%的投票权股份。最低支持率将设定为62%,这意味着一项提案必须获得至少62%的支持才
能获得通过。

来自种子投资者的资金和初始供应的$BOND代币将保留在Launch DAO的库房中。

Launch DAO还将激活Aragon Agent,我们可能会直接在DAO中开发集成Uniswap池分配和Balancer池分配控制。

BarnBridge DAO

BarnBridge DAO将是由$BOND社区控制的DAO。 BarnBridge DAO将完全控制协议及其内置功能。我们通过使用钻石标准(EIP-2535)来做到这一点,该标准使我们可以在无需成员删除其代币的前提下升级协议。 BarnBridge DAO将完全控制这个基于钻石标准的智能合约。我们在“智能合约”部分(4.2.1)中对此进行扩展。

工作范围

开发介绍

以下部分描述了产品的初始化/Beta版本,这将有助于为产品发展方向提供信息,让我们开始收集数据,并确保产品与市场的需求保持一致。

我们希望提供良好的用户体验,确保以前的流动性池子是可见的,以便社区可以对何时以及如何参与做出一个明智的决定。我们认为社区将协助开发一些分析功能,辅助核心产品发展。我们欢迎这样的发展,因为它将为产品提供更多的洞察力。

各个模块及相关规划

我们将使用基于Aragon DAO 公司模板的社区合同来创建LaunchDAO。由于Aragon模板已经经历了时间的考验,我们考验相信它的安全和稳定性。

我们预期会对初始源代码进行少量的更改。但是我们将针对最常见的用例创建测试,确保用户流程合理。

  • 预计构建、测试和发布时间:已上线

BarnBridge DAO

这个DAO可能需要具有Aragon DAO模板尚不具备的特定功能。这就是为什么我们可能会选择可升级的智能合约系统(例如EIP-2535),该系统将允许我们在社区认为合适的情况下添加、删除和升级功能。

BarnBridge DAO将成为BarnBridge平台的核心组件,因为它能够放大去中心化社区管理。

  • 预计构建、测试并在测试网发布的周期:6周

外部合约审核会将主网上线时间推迟大约4周。更多细节见4.2.2审计和模拟。

SMART收益债券

整个DAO的设置是为了夯实走向SMART收益债券的道路。这是BarnBridge平台的第一个DeFi产品。通过投票,DAO将可以部署池子,任何想参与的用户都可以加入。

由于DAO控制着整个系统,这意味着社区将决定如何使用该系统,因此这个DeFi产品的一部分参数将由社区决定。其他还有一些参数会通过去中心化的预言机(例如Chainlink)确定。

这个DeFi产品包含:可交互的资金池合约,部署和设置资金池合约的机制,以及配套的后端和前端。

  • 预计构建、测试并在测试网发布的周期(包括预言机):12周。

外部合约审核会将主网上线时间推迟大约6周。更多细节见4.2.2审计和模拟。

SMART阿尔法债券

遵循SMART收益债券的模型,DAO将控制SMART阿尔法债券的设置和参数。此外,智能合约预言机将是决定押注资产的价格,以及流动池开始时的价格,及结束时的价格,以公平分配的收益或损失。

这个DeFi产品包含:可交互的资金池合约,部署和设置资金池合约的机制,以及配套的后端和前端。

  • 预计构建、测试和发布周期:20周

外部合约审核会将主网上线时间推迟大约6周。更多细节见4.2.2审计和模拟。

智能合约

因为我们希望有一个完全去中心化的系统,所以我们的整个基础架构都是基于社区驱动的DAO。DAO将是核心合约的所有者,并能够全权定义合约内容。

架构使用的是钻石标准(EIP-2535),该标准允许智能合约添加、升级或删除功能。以太坊上智能合约的大小被限制在24KB,然而EIP-2535可以让我们绕过这个限制。

钻石标准将赋予BarnBridge DAO更多功能性和选择方式。如果我们承诺以后将从合同系统中禁用某个特定功能,我们就可以删除该项该功能的字节码。这就意味着,合同中的那部分功能在未来没有被重新启用的风险。因为我们可以删除合同的特定部分,这将使DAO更灵活并易于接受社区监督。

这不仅是技术堆栈的绝佳补充,而且还将有助于推进以太坊生态空间。该EIP为我们的协议带来了很多优势,同时还为整体以太坊生态系统带来了很多便捷。

为了保持拥有一个完全去中心化系统的核心理念,我们将使用一个去中心化的预言机,比如Chainlink。这将允许我们进行链下计算,以后可以在链上使用。这将有助于产品机制的设计,比如设置池子参数、贷款APY等等。当然这个链下系统可以根据DAO的选择被替换和升级。

审计与模拟

为确保我们的平台按预期运行,我们将在整个开发周期中进行多次内部审核。

此外,除了内部审核,我们将与该领域的顶级安全公司合作并进行外部审核。外部审核能规避很多代码甚至一些早期运营层面的风险,所以是必要的。外部审计可以揭示规范和实现之间的不一致之处,对智能合约的安全模型进行压力测试,最终会为用户创造更好的体验。

除了审核之外,我们还将搭建智能体基模型(agent based simulation),对不同的场景和用户行为进行建模,立体的感受整体的变化。我们可以对与我们的系统交互的不同用户策略进行建模,然后通过快进时间来查看系统属性的变化。

我们还将对核心合同功能进行正式验证。正式验证是一个昂贵且复杂的过程,但它提供了额外的安全性。系统的核心部分将由我们的团队内部建模,并由外部审核员进行正式验证。这些步骤,分布式部署、内部审计和数学属性将确保我们用户资产的安全。

MVP后

MVP后的下一版本将以主网版本为重点。跨平台SMART债券,以及SMART阿尔法产品的开发和测试将标志着功能齐全BarnBridge协议和产品的发布。 SMART债券产品和流动性挖掘将在SMART阿尔法产品之前启动。

未来规划

Gas成本

由于需要进行多次不同Gas 成本的操作,这些费用会很快叠加。有一些Layer 2的解决方案可以提高可扩展性,并允许复杂的操作和大量的传输,并同时减少相关的费用。zk rollups(就是你,Loopring)是一个已经上线主网的潜在解决方案, 简单讲就是将多笔交易捆绑成一个单一的交易,大部分计算都是在链下完成的,并通过有效性证明来确保安全。将繁重的工作转移到链下意味着可实现更高的吞吐量、保持更低的成本,而且不会牺牲安全性。对于一个针对大量活跃用户的应用来说,以可扩展性为目标的解决方案是必经之路。

SMART 掉期合约 - 一笔贷款分成4个金融工具

SMART 预测对冲 - 衍生品对冲预测市场赔率波动。

市场驱动的评级预言机 - 栈桥指数

利用大众智慧,我们可以创建一个用作评分系统的索引,该索引提供了可以供DeFi中的任何平台使用的预言机机制。一个去中心化的穆迪(评级、评分的机构)。用于评估不同tranche的风险评估框架可用于计算市场情绪。在代币化tranche市场的驱动下,予以tranche的评级将成为市场里的“恐惧指标”。简而言之,如果风险较高的tranche更受欢迎,那么它可以提供一个早期信号,表明潜在成分的风险较低。同样,在低收益、更安全的tranche的交易量增加时,这可能是一个预警信号,表明已发现漏洞,并且可能即将发生攻击。

团队

核心团队

  • Troy Murray – Troy主要运营RUDE_labs,一家以加密为中心的艺术家公司。Troy自2012年就开始探索区块链带给媒体和艺术家的诸多好处,当时他被比特币漏洞所困扰,此后陷入这个行业。从那时起,Troy就一直在加密领域工作,并将大部分时间投入到基于Ethereum的项目中。
  • Tyler Ward – Tyler主要运营Proof Systems,最大的专门数字资产营销及UI /UX公司之一。Tyler曾与ConsenSys,Earn.com(被Coinbase收购),FOAM,Dether和Grid +,Centrality,Sylo(在新西兰有30万用户的去中心化聊天应用),NEAR,DARMA Capital,SingularDTV和snglsDAO进行过合作。他于2016年底开始从事加密技术工作,并投资过多家电子商务公司。

Digital MOB – DigitalMob,一家在构建复杂区块链产品方面有丰富经验的软件开发公司,将承担本项目的技术角色。这个团队配置了web3开发人员、网络和移动开发人员、系统架构师、安全专家和分析师。

  • Milad Mostavi – Milad共同创立并运营DigitalMOB。他是一个经验丰富的软件架构师,在过去的5年里,他与ConsenSys合作了十几个不同的项目。他的贡献对成功推出SingularDTV和Gnosis起到了决定性的作用,并策划了SingularDTV 的娱乐分布式生态系统的发展。
  • Bogdan Gheorghe – Bogdan认为自己是一个DeFi极客,他的背景是数学和数据科学,之前在Alethio花了2年时间对区块链数据进行数据分析。他使用或研究了几乎所有的DeFi协议。他还曾参与过Codefi DeFi数据API的开发及营销工作,通过这个经验与市场上所有重要的DeFine团队建立了关系。
  • Dragos Rizescu – Dragos 负责产品开发。作为一个有全栈开发能力的程序员,他热衷于构建高度可扩展的用户界面;在过去的 5 年中,他一直处于 web3 技术的前沿。他参与创立了Treum.io,一个区块链供应链解决方案,为高价值的实物资产带来透明度、可追溯性和可交易性。作为一名核心开发人员,他所在的团队曾经推出了Gnosis和SingularDTV等项目,并为生态系统中的多个项目提供建议和支持,其中最著名的是Alethio。他曾与ConsenSys合作支持该公司的企业部门,提供了第一个非金融Ethereum用例,为BHP提供了岩石样品的跟踪和跟踪解决方案,并与BP一起提供了分散式能源市场的解决方案。

顾问及技术合作伙伴

  • 亚伦·麦克唐纳(Aaron McDonald)- 联合创始人兼首席执行官 Aaron 是一位拥有20年技术行业经历的资深人士,在管理价值超过10亿美元的投资组合的技术公司的各个方面均拥有丰富经验。Aaron 创立了 Centrality,这是一家市值1亿美元的全球领先风险投资工作室,通过去中心化技术来支持风险投资组合,以创造新的市场创新和客户体验。Aaron 目前在十几家项目公司担任董事会成员或顾问并在2018年被授予技术和新兴行业类别的 EY 年度企业家。
  • Atpar – ACTUS协议背后的公司,其目标是为Ethereum社区提供必要的工具,以实现开放、可互操作和无摩擦的金融生态系统的愿景。ACTUS协议的核心是利用算法合约类型统一标准(ACTUS),它是各类金融合约在法律义务方面的标准化表示。

6.3开发团队

1x 项目负责人
1x 软件架构,QA,开发运维
2x Solidity 开发
2x 前端开发
1x 后端开发

Tokenized risk protocol

A cross platform protocol for Tokenizing Risk with Fixed Yield and Volatility Tranche Products.

Abstract

Barnbridge is an idea & whitepaper originally conceived in Q2 2019. At the time, MakerDAO was starting to garner mainstream awareness and capture the imagination of what is now known as the DeFi, or decentralized finance, community. Over a year later, with 60% of Global debt yielding less than 1% & over $15 trillion of global debt yielding negative rates, capital continues moving into higher risk yield streams. This is not a coincidence or a trend. Historically speaking, going all the way back to biblical times, working capital chases yield, assuming relatively equal risk.

The acceleration of debt levels, across the globe, was happening before the financial crisis caused by Covid-19. In Q1 2020, we saw global debt increase to $258 trillion. This number is 331% above global GDP, according to the IIF, which represents global banks and financial institutions. With the Federal Reserve operating under the pretense that they have an infinite supply of cash and the euphemism “money printer go brrrr” joining the mainstream lexicon, it’s quite clear these numbers will likely increase and debt issuance to GDP will continue to accelerate.

The traditional financial system, referred to as TradFi in this paper, is experiencing a historic uptick in aggregate debt levels while yield and interest rates plummet. Meanwhile, there is a decentralized financial system, referred to as Defi in this paper, burgeoning in the digital economy with digital assets and cryptocurrencies. While debt levels, which is referred to as TVL, or total value locked in decentralized financial protocols, has increased from hundreds of millions last year, to billions of dollars in 2020, yield on these instruments continues to dwarf the menial rates offered by comparable products in the legacy TradFi system. Conversely, due to assumed higher risk levels coupled with higher efficiencies provided by smart contract technologies, annual percentage yield (APY) is far higher on decentralized protocols than what can be found in the traditional financial system. Working capital is following the historical trend of following higher yield which is why we are seeing TVL moving to Defi at an accelerating rate. This is a trend that will continue.

The need for familiar TradFi instruments to exist throughout the DeFi ecosystem has never been stronger. BarnBridge is an idea whose time has come.

DeFi Primer: Risk Ramps and TradFi Bridges

The yield products in the decentralized markets which are yielding higher APY than yield products in traditional markets are currently crypto backed loans. Instead of selling crypto for fiat, borrowers are staking digital assets and receiving digital assets in return. While these loans have mostly been short term loans to traders, the system has proven to be efficient & ripe for expansion. These efficiencies will inevitably attract higher value, longer duration loans to decentralized ledgers. The efficiencies referenced are enabled by smart contracts’ ability to hold digital collateral until both sides of the transaction fulfill their obligations algorithmically. The reduction of custody, settlement, and escrow – labor-intensive, costly actions within the legacy system – to algorithmic actions is reducing the rent charged by the labor to perform these actions. These efficiencies, coupled with the perception of higher risk, are why the yields are higher on decentralized systems. As risk in DeFi converges on risk levels perceived in TradFi, by the nature of the loans moving from crypto backed loans to traders to collateralized mortgage loans to homeowners, for instance, the efficiency of smart contracts will continue to offer higher yield on decentralized systems than traditional centralized systems.

What’s more, the efficiency of smart contracts and DAO technologies allows for far more complex derivative instruments to be built & provides a level of transparency and security unfathomable to current financial networks.

All of these efficiencies are currently stemmed and built off of crypto backed loans.

As previously discussed, these efficiencies should extrapolate to mortgage debt and corporate debt moving to decentralized platforms on a longer timeline. This should also encourage more complex derivatives based on debt and yield to move to decentralized platforms. We will be able to structure far more complex derivatives and track them with far greater efficiency and transparency than possible before the innovations of blockchain, cryptocurrency, smart contracts, and decentralized autonomous organization technology were realized. $244 trillion in debt and yield based derivatives will continue to move to more efficient technologies over time. The migration of yield and yield-based derivatives from less efficient centralized financial systems to more efficient decentralized financial systems will be one of the largest movements of wealth in human history. BarnBridge exists to help facilitate this transition and make the decentralized financial system more efficient, risk-flexible, and attractive to a wider range of participants.

There is a massive market for people wanting to get into crypto who (1) don’t want to bite off the entire risk curve of owning, lending, or receiving an entire digital asset & (2) will never take the time to use a decentralized autonomous organizations (DAOs) to create a smart contract which algorithmically scripts both sides of the loan or agreement. Over 99.9% of global debt is still structured via traditional markets and is starving for yield. Conversely, more advanced financial companies have no risk tolerances. This allows for different structures at each point of the yield curve with the riskiest (likely hedge funds) wanting to put the least money down with the highest return for their bet/hedge. On the contrary, more conservative investors are often willing to give up a large portion of upside opportunity in order to access safer instruments. “Riskless” products, as tradFi describes them, are not currently offered in the decentralized financial ecosystem. The opportunity to structure these types of instruments will allow for more risk averse investors in the traditional markets to move into the decentralized markets.

In the shorter term phase (DeFi) & medium term phase (Proof of Stake) risk ramps will continue to create markets and industries for traditional investment firms who want to “get off zero” or “get above 1%.” As this happens, more and more types of loans will move to decentralized ledgers. In the long run, and partially through this process, lenders and borrowers will understand why decentralized and trustless intermediaries are superior and less costly than the current 3rd party intermediaries. As this happens, larger portions of the $244 trillion in global debt will move to the chain, creating the opportunity for more yield, more risk ramps, and higher CD-like (collateralized debt) products for fiat and crypto depositors of the new age commercial banks & financial markets.

1. Fluctuation Derivatives Protocol

BarnBridge is the first fluctuation derivative protocol. Before the advent of smart contract technology it was close to impossible to track & attribute yield to a divided allotment of capital, trustlessly & transparently, to provide hedges against any and all fluctuations. Conceptually, you can build derivative products from any type of market driven fluctuation to hedge various risks. Examples include, but are not limited to, interest rate sensitivity, fluctuations in underlying market price, fluctuations in predictive market odds, fluctuations in default rates across mortgages, fluctuations in commodity prices, and a seemingly infinite number of market based fluctuations to hedge a particular position.

We plan to create the first cross platform derivatives protocol for any and all fluctuations. To start, we will focus on yield sensitivity & market price. Downstream, we plan to introduce a far wider variety of hedges against fluctuations in the decentralized ecosystem. BarnBridge aims to be platform and asset agnostic.

You can reduce the risk of digital assets & digital asset yield sensitivity by breaking them into essentially infinite, separate, dollar-denominated chunks, or tranches, and building derivatives off these tranches. BarnBridge aims to smooth out the risk curve and offer layered risk management to both DeFi & tradFi investors by building more efficient debt & yield based derivatives.

2. Initial Product Offerings

Smart $BONDS – Structured Market Adjusted Risk Tranches

2.1 Smart Yield Bonds

Interest rate volatility risk mitigation using debt based derivatives.

Currently, the decentralized financial system is primarily offering variable rate annuities. However, the ability to structure yield into fixed rates will come in the form of locked collateral with a maturity on repayments, or bonds, as well as fixed rate yields with no maturity, or annuities. We don’t believe this to be a novel idea & we believe naturally that these types of products will come to DeFi over time. However, the types of derivatives & complexity reduction in financial planning you’ll be able to structure and implement with the existence of fixed yield in smart contracts will be mind blowing to traditional financial markets.

Decentralized financial instruments are showcasing the power that a trustless financial industry can wield. Powerhouse projects in the DeFi space like MakerDAO, Synthetix, AAVE, Compound, Curve, and others are producing yields for users that have none of the constraints and rent seeking of tradFi instruments by replacing bookkeepers, escrow and various overhead with algorithms, trustless oracles, and decentralized ledgers. Different market driven yields can be found on numerous decentralized platforms, but there is nothing out there that services & pulls together all of the different decentralized protocols & allows for a normalized risk curve and derivatives for risk mitigation.

Furthermore, efficiencies across lending protocols are non-existent in the current DeFi markets. The ability to pull yield from numerous protocols and tranche them into higher and lower yield buckets is something that exists in traditional financial markets but is more efficient in decentralized financial markets, assuming an acceptable level of liquidity.

Our first structuring will not only allow deFi users to get access to fixed yield but also pools yield from numerous protocols across the ecosystem creating a more efficient market, again, smoothing out the yield curve across the entire industry.

While we expect singular lending protocols to introduce concepts around fixed income on their platform, a major differentiation of a cross protocol based approach to fixed income is the diversified assets & diversified platform risk. By algorithmically pooling interest generating digital assets on a number of lending platforms, we will create greater efficiencies by spreading risk & normalizing the industry risk curve. Since BarnBridge does not lend money directly off a native platform, & instead pools lending across the industry, it allows us to be platform agnostic & digital asset agnostic which in turn will allow for more complex structuring and bond rating systems downstream.

Risk and Loss Scenarios.

Scenario 1:

Scenario 2:

Pooled collateral would be deposited into lending protocols or yield generating contracts, and the yield will be bundled up into different tranches and tokenized. So you could buy exposure to the most senior tranche and get a lower yield but have a much lower risk profile. SMART bonds are a way to buy and sell risk on yield with all of the pricing driven purely by the market.

Reference financial structuring can be found here.

2.2 Smart Alpha Bonds

Market Price Exposure Risk Mitigation using tranched volatility derivatives.

The SMART Alpha bonds will not be structured via traditional yield tranches but instead with various levels of market price exposure, which we will call risk ramps. The idea is that every bucket or tranche of price exposure does not need to be flat across the entire risk curve, meaning the first $100 of price exposure does not need to deserve the same upside and downside volatility. This is similar to having fractional ownership but with different risk/reward for the fractions.

For example, if the current price of 1 ETH is expected to be $1000, and moves to $900, the first tranche (the riskiest tranches) takes a higher percentage of the loss. Conversely, if the current price of 1 ETH is expected to be $1000, and moves to $1100, the first tranche (the riskiest tranches) takes a higher percentage of the gain.

How these gains and losses are measured & allocated across tranches can be done algorithmically with smart contracts. Each tranche can be traded as a unique digital asset. For example jETH (a junior tranche of ETH price exposure), mETH (a mezzanine tranche of ETH price exposure, and sETH (a senior tranche of ETH price exposure). The tranches will exist as risk ramps in which users of various risk appetites can gain price exposure to digital assets.

The SMART Alpha product will make way to build tranches of single asset and multiasset pools that generate yield and where lower risk ramps get lower returns when the underlying assets rise & lower losses when they drop. However, we can build this without needing yield attached at all. The opportunity for downstream opportunities to use various risk ramps for differing collateral obligations is a logical progression these risk ramps will create.

3. Token - $BOND

BOND is an ERC-20 token. It will be used to stake in the system, and as a governance token when the governance module is launched. As it conforms to the ERC-20 standard, the $BOND token is tradeable on any exchange and storable on any wallet – allowing anyone in the world to access it.

3.1 Distribution

The distribution breakdown is designed to facilitate the most decentralized protocol and make sure power doesn’t reside in the hands of a few.

3.1.1 Fair Vesting

The vesting schedule is designed so that there is not a giant cliff waiting over users heads at a specific point. The tokens allocated to the Founders, Seed Investors, and Advisors are locked in a smart contract that releases the tokens on a weekly basis over a two year period. The vesting period starts with the launch of the Yield Farming mechanism. This breaks down as such:

  • Total amount of $BOND tokens: 10,000,000
  • Percent of $BOND tokens allocated to Founders, Seed Investors, & Advisors: 22%
  • Total amount of $BOND tokens vested: 2,200,000
  • Length of vesting: 2 years (104 weeks)
  • Release schedule: 1 week
  • Amount of $BOND tokens released each week: 4,230.7692307692
  • Percent of $BOND tokens released each week: .04%

3.2 Governance

The $BOND token will be the system’s governance token, empowering $BOND holders to vote on updates to the platform. Combining governance mechanisms and incentivizing holders, it will serve as a means to align the different stakeholders in the system. $BOND will also serve as a security and policy management medium. Decentralized, automated governance, that incentivizes participants and aims for security, sustainability, and participant welfare is key to a DeFi protocol’s success.

3.2.1 DAO First Approach

BarnBridge is taking a “DAO First Approach” to spinning up the protocol, choosing to use decentralized tools from the start to achieve our final goal of complete decentralization and having a flexible smart contract system able to add / upgrade / remove functionality all based on DAO proposals. There will be an incubator DAO called Launch DAO & the final protocol DAO called BarnBridge DAO.

Launch DAO

Starting with Launch DAO, the Founders, Seeders, and Advisors are using an Aragon DAO Company Template which uses transferable tokens to represent ownership stake. Decisions are made based on stake-weighted voting. The native token of the Launch DAO will be $BBVOTE. The Founders will receive 45%, Seeders will receive 45%, and Advisors will get 10%. The support will be set to 62%, which means more than 62% of the voting shares need to be present at a vote. The minimum will be set to 62%, meaning for a proposal to be passed it must be approved by at least 62%.

The funds from the seeders and the initial supply of the $BOND token will be kept in the Launch DAO treasury. Launch DAO will also have Aragon Agent activated and we will possibly develop integrations for Uniswap pool allocation and Balancer pool allocation control directly into the DAO.

BarnBridge DAO

BarnBridge DAO will be the DAO that is controlled by the $BOND community. The BarnBridge DAO will have full control over the protocol and the features that are built into it. We are doing this through the use of the Diamond Standard (EIP-2535), which allows us to upgrade the protocol without having all the members remove their tokens and switch to a version 2 of the protocol that time arises. The BarnBridge DAO will have full control over the Diamond which provides amazing flexibility in the WEB3 space. We expand on this in the Smart Contracts section (4.2.1).

4. Scope of Work

4.1 Development Introduction

The following section describes the MVP / Beta release of the product, which will help inform the product development direction, allow us to start collecting data and ensure the product is aligned with what the market needs.

We are determined to provide a great user experience for users, making sure previous pools are visible and our community can make a well informed decision about when and how to join in. However, we expect the community to build some of the analytics which will accompany the core product. We welcome this development as it will provide more insight into the product.

4.2 Components & Timelines

Launch DAO

Launch Dao
We will use the community contracts based on Aragon DAO Company Template to create the base of the core DAO. Because the contracts have already been in production for so long, we trust the functionality and features they provide.

We expect to do minimum changes to the initial source code. However, we will create tests for our most common use cases, make sure the user flow makes sense and the users have an easy UX to join in the DAO.

  • Estimated time to build, test and launch: Completed
BarnBridge DAO

This subsequent DAO might need to have multiple specific functionality that the Aragon DAO Company Template does not already have. This is why we will likely choose an upgradable smart contract system (such as EIP-2535), which will allow us to add, remove and upgrade functionality as the community sees fit.

The BarnBridge DAO will become the core component of the BarnBridge Platform because it will be able to make decisions in a decentralized manner that will be able to enforce the best actions for the wellness of the community.

  • Estimated time to build, test and launch on testnet: 6 weeks

An additional external audit will push the launch on the mainnet by approximately 4 weeks. More details in 4.2.2 on Audits & Simulations.

Smart Yield Bonds

The whole DAO setup is done to solidify the path towards SMART Yield Bonds. This is the first DeFi product of the BarnBridge Platform. The Voting DAO will be able to deploy pools that anyone can join if they want to take advantage of this core mechanic.

Because the DAO’s control the whole system, which means the community decides how the system will be used, the parameters for this DeFi product will be in part determined by the community. Some of the other parameters will be decided by the decentralized oracle system (such as Chainlink), which needs to set proper, real and attainable parameters for the pools to be valid.

This consists of pool contracts that the users interact with, the deployment factories that deploy & set up the pool contracts, and the complimentary back-end and frontend that creates a high fidelity UX for the community.

  • Estimated time to build, test and launch on the testnet (including the oracle system): 12 weeks

An additional external audit will push the launch on the mainnet by approximately 6 weeks. More details in 4.2.2 on Audits & Simulations.

Smart Alpha Bonds

Following the model of the Smart Yield Bonds, the DAO controls the setup and the parameters for SMART Alpha Bonds. Additionally the smart contract oracles will be critical in determining the price of the staked assets, as well as the price when the pool period starts and also when the period ends, to have a fair distribution of earnings or losses.

This DeFi product is composed of the actual pool contracts the users interact with, specific deployment factories, which deploy and set up the pool contracts, and the complimentary back-end and front-end.

  • Estimated time to build, test and launch: 20 weeks

An additional external audit will push the launch on the mainnet by approximately 6 weeks. More details in 4.2.2 on Audits & Simulations.

4.2.1 Smart Contracts

Because we want to have a completely decentralized system, our whole infrastructure is based around a community driven DAO. The DAO will be the owner of the core contracts of the system and will be able to define what the contracts are able to do.

The architecture is using the Diamond Standard (EIP-2535) which allows for smart contracts to add, upgrade or remove functionality. The Ethereum smart contracts are limited to 24KB of maximum contract size, however implementing this standard allows us to bypass this limitation.

It also allows the BarnBridge DAO to choose what functionality to be changed and how. If we promise that a specific functionality will be later disabled from the contract system, we can remove the bytecode which was specifically describing that functionality. That means that there’s no risk of that part of the contract to be reenabled in the future. Because we can remove specific parts of the contract, we remove the bloat from our contract system, making them easily auditable by the community, while having greater flexibility.

This will not only be an amazing addition to the tech stack but also would help push forward the Ethereum ecospace. This EIP brings many advantages, not only to our protocol, but the Ethereum ecosystem at the aggregate level.

To keep the core philosophy of having a completely decentralized system, we will use a decentralized oracle system such as Chainlink. This will allow us to do offchain computation that can be later used on-chain. This will be useful for, but not limited to, setting pool parameters such as the lending APY. Of course this off-chain system can be replaced and upgraded by the DAO.

4.2.2 Audit & Simulations

To make sure our platform behaves as we expect it to, we will do multiple internal audits throughout the development cycle. Our team has the capability to write secure code that behaves according to the specs.

Additionally, to the internal audits, we will do external audits with top companies in this space. External reviews are an absolute requirement as the development team is too close to the written code to look at it with fresh, new eyes & be critical of the design choices. An external audit reveals inconsistencies between specifications and implementation, makes sure the documentation is updated, stresses the security model of the smart contract, and creates a better experience for the actors interacting with the contracts.

On top of audits, we will also do agent simulations to model different scenarios and user behaviors, in order to visualize how the system evolves over time. We can model different user strategies that interact with our system and fast forward time to see how the system’s properties change.

We will also do formal verification of core contract functionality. Formal verification is an expensive and complex process but it provides additional security. Core parts of the system will be modeled and formally verified by our team internally but also by external auditors. It is important to make sure that we do this because the distribution, internal accounting, mathematical properties and specific variants keep our users safe.

4.3 Post-MVP

The post MVP, or the next release of the product will have the mainnet release as its highlight. Protocol agnostic SMART Yield Bonds, and development and testing of the SMART Alpha product will mark the post MVP – and therefore complete the launch of the full featured BarnBridge protocol and products. The SMART Yield product and liquidity mining will launch before the SMART Alpha product.

5 Future Work

5.1.1 Gas Fees

As multiple operations with different gas costs are necessary, these fees can add up pretty quickly. There are layer 2 solutions that would increase scalability and allow for complex operations and large numbers of transfers while simultaneously reducing associated costs. A potential solution that has already hit mainnet (looking at you Loopring) are zk rollups – which at a high level involve the bundling up transfers into a single transaction. Most of the computations are done off chain, and enforced through validity proofs. Moving the heavy lifting off-chain allows for much higher throughput, keeps costs lower, and – just as importantly – doesn’t sacrifice security. For an app that targets large numbers of active users, a solution aimed at scalability is the way to go.

5.1.2 SMART Swaps - one loan broken into 4 instruments
5.1.3 SMART Prediction Hedge - Derivatives hedging fluctuations in prediction market odds
5.1.4 Market Driven Ratings Oracle - Trestle Point Index

Leveraging the wisdom of the crowd we can create an index that works as a ratings system providing an oracle mechanism that can be used by any platform in DeFi. A Moody’s for the decentralized future if you will.

The risk assessment framework used to rate the tranches could be used to determine market sentiment. Driven by the markets that form behind the tokenized tranches, the ratings that determine the tranche formation would become a ‘fear gauge’. In short, if the riskier tranches are more popular then it could offer an early sign that the underlying components are less risky. Similarly, if the usage of the lower yield, safer tranches see an increase in volume, this could be an early warning sign that a vulnerability was found and an attack is potentially imminent.

6. Team

6.1 Core Team

Troy Murray – Troy runs RUDE_labs, a crypto centric artist company. Troy has been exploring the many benefits that Blockchain can bring to media and artists since 2012 when he got bit by the Bitcoin bug and has been falling down the rabbit hole ever since. Troy has worked in an around the Crypto space ever since, devoting most of his time to Ethereum based projects.

Tyler Ward – Tyler runs Proof Systems, one of the largest marketing & UI/UX companies specializing in digital assets. Tyler has worked with ConsenSys, Earn.com (who was acquired by Coinbase), FOAM, Dether, & Grid+, Centrality, Sylo (a decentralized messaging dApp with 300k users in NZ), NEAR Protocol, DARMA Capital, SingularDTV & the snglsDAO. He started working in crypto in late 2016 & has bought and sold numerous ecommerce companies.

Digital MOB – DigitalMob, a software development company experienced in building complex blockchain products, is taking the technical role in the product with an extensive team of web3 developers, web and mobile developers, system architects, security experts and analysts.

Milad Mostavi – Milad co-founded and runs DigitalMOB. He is a seasoned software architect and in the past 5 years has worked with ConsenSys on a dozen of different projects. His contribution was decisive in successfully launching SingularDTV and Gnosis and orchestrated the development of SingularDTV’s entertainment decentralised ecosystem.

Bogdan Gheorghe – Bogdan considers himself a DeFi nerd – with a background in mathematics and data science, he spent the past 2 years at Alethio doing data analysis on blockchain data, using and researching almost all DeFi protocols in order to put a DeFi flavor to the Alethio product suite. Having also worked on development and sales for the Codefi DeFi data API, he was in contact with all of the major protocol teams. Now he is part of Digital MOB taking the product owner responsibility to build DeFi products.

Dragos Rizescu – Dragos is responsible for product development at Digital MOB. His background is full stack developer with a passion for building highly scalable user interfaces; and in the past 5 years has been at the forefront of web3 technologies. He co-founded Treum.io, a blockchain supply chain solution that brings transparency, traceability and tradability to highly valuable physical assets. As a developer, he was part of the core team to launch projects such as Gnosis and SingularDTV and has advised and supported multiple projects in the ecosystem, most notably Alethio. He worked with ConsenSys to support the enterprise arm of the company, being part of the development team to deliver the first non-financial Ethereum use case, a track and trace solution of rock samples for BHP and a solution for decentralized energy markets with BP.

6.2 Advisors/Technology Partners

Aaron McDonald – Co-Founder and CEO Aaron is a 20 year tech industry veteran with experience leading teams across all aspects of a technology company managing portfolios over $1b in value. Aaron founded Centrality a leading $100m global venture studio supports a venture portfolio leveraging decentralised technology to create new market innovation and customer experiences. Aaron is a board member or advisor to more than a dozen venture companies around the world. In 2018 Aaron was awarded EY Entrepreneur of the Year for the technology and emerging industries category.

Atpar – the company behind ACTUS protocol – whose goal is to provide the Ethereum community with the tools necessary for fulfilling the vision of an open, interoperable and frictionless financial ecosystem. At its core, the ACTUS Protocol leverages the Algorithmic Contract Types Unified Standards (ACTUS) which is a standardized representation of all kinds of financial contracts in terms of their legal obligations.

6.3 Development Team

  • 1 Project Lead
  • 1 Software Architect, QA & DevOps
  • 2 Solidity developers
  • 2 Front end developers
  • 1 Back end developer