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[虚拟币交流] 以太坊财库背后的风险困局(转)
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华尔街投行伯恩斯坦(Bernstein)在周一的报告中指出,以太坊财库在管理资产时与比特币财库存在显著差异:以太坊财库通过质押获取收益,但这一过程伴随着流动性受限与智能合约安全等风险,企业需在资金部署的局限性中寻找平衡。
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分析师认为,这些因素是企业在平衡以太坊资产流动性与「收益优化」时的关键考量。
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分析师指出:「若以太坊财库为获取收益而质押 ETH,质押合约虽通常具备流动性,但有时解锁需排队数日。因此,以太坊财库企业须在 ETH 的流动性与收益优化之间找到平衡。此外,像再质押(例如 Eigenlayer 再质押模式)和基于 DeFi 的收益生成这类更复杂的收益优化策略,还需应对智能合约的安全风险管理问题。」# b0 _: a# [. n" X3 C: \
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* w! r) ~+ ~2 `2 J: z& r伯恩斯坦补充道:「以太坊财库模式的优势在于,质押收益能为运营带来实际现金流,但流动性风险与安全问题仍需重点关注。」
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0 [" n, m8 @" k& e& Y, @质押是指将代币抵押至网络以支持其运行的过程。以太坊、Solana 等权益证明(Proof-of-Stake)网络,与比特币等工作量证明(Proof-of-Work)系统不同,后者依赖资源密集型的挖矿操作。
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目前,越来越多企业开始构建以太坊财库。伯恩斯坦提到,包括 SharpLink Gaming(SBET)、Bit Digital(BTBT)和 BitMine Immersion(BMNR)在内的以太坊相关企业,在 7 月已累计持有 87.6 万枚 ETH。! D1 b, T6 j) d7 X: g2 _

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8 p( ?$ ]% Z/ ?! C上周,BMNR 的以太坊持仓价值突破 20 亿美元,该公司还表示目标是持有并质押 5% 的以太坊总供应量。SharpLink 则持有价值超 13 亿美元的 ETH。4 N5 y+ P5 a' a* G

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「在数字美元与代币化资产的推动下,互联网金融经济的增长将带动以太坊生态(包括 Coinbase、Robinhood 等平台运营的 Layer2 链)的交易与用户规模扩张。以太坊作为底层原生资产,依托交易费用产生的质押收益及代币回购销毁机制,有望从这一增长中实现价值增值。」
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3 A7 u* [: i9 J0 T* B以太坊在周一交易中一度突破 3900 美元,创 12 月初以来新高,随后回落。过去一个月,该资产涨幅超 50%,其上涨与以太坊财库的兴起、《GENIUS 法案》通过后以太坊生态环境改善,以及市场对其应用潜力的认可密切相关。
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多位分析师预测,ETH 今年可能突破此前 4800 美元的历史高点,BitMEX 创始人 Arthur Hayes 近期甚至预计 ETH 年内将达 10000 美元。0 q8 }, b9 x$ z# {
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BitMine Immersion 董事长 Tom Lee 在社交媒体平台 X 的报告中称,基于研究分析师提供的重置价值,ETH 可能达到当前价格的 18 倍,即约 60000 美元。当然,BitMine 作为持仓企业,其预测难免带有利益倾向。
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! D' M* I! L7 ?6 T7 D% W6 G( K' G以太坊财库模式借鉴了 Strategy(前身为 MicroStrategy)的经验。该公司在多年业绩不佳、股价低迷后,于 2020 年从软件开发转型为比特币购买,按当前价格计算,其比特币持仓价值近 720 亿美元。但分析师指出,「以太坊财库的风险管理比 Strategy 模式更复杂。」3 N3 ]$ W3 q# v4 i

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分析师称:「Michael Saylor 坚持将比特币以流动性形式保留在资产负债表上,不通过借出获取被动收益。Strategy 极度注重资产负债管理(ALM)和流动性管理。」
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「且 Strategy 常根据市场情绪在债务融资与股权融资之间调整,以维持保守的债务水平。」* Z* Q3 D. L* p0 l3 y6 n9 W1 {$ V

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2#
这个也是值得我们去关注起来啊,。
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这个也是有很大的风险来了
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4#
只要在这个圈子里所有的币,都风险着呢
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5#
主题回复处广告图案-天策传媒
能够走出这样的一个困局还是可以的呀
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会在看一下也是有说了什么呀
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会在看到的时候也是有风险了
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这个相信也是可以得到解决的。
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各种困局我觉得是不可避免的
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10#
也是喜欢比泰方了的啊。
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:) :( :D :'( :@ :o
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:loveliness: :funk: :curse: :dizzy: :shutup: :sleepy:
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:) :( :D :'( :@ :o
:P :$ ;P :L :Q :lol
:loveliness: :funk: :curse: :dizzy: :shutup: :sleepy:
:hug: :victory: :time: :kiss: :handshake: :call:
:hug: :victory:
:) :( :D :'( :@ :o
:P :$ ;P :L :Q :lol
:loveliness: :funk: :curse: :dizzy: :shutup: :sleepy:
:hug: :victory: :time: :kiss: :handshake: :call:
:hug: :victory: :time: :kiss: :handshake: :call:
:hug: :victory: :time: :kiss: :handshake: :call:
:hug: :victory: :time: :kiss: :handshake: :call:
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