
 
 Yintoni into xa i-billion-dollar protocol ifumaneka kwaye akukho umzekelo yokulungisa? Yintoni into xa i-billion-dollar protocol ifumaneka kwaye akukho umzekelo yokulungisa? KwiNovemba 3, 2025, eyona ngexesha elidlulileyo ye-DeFi yonyaka. Iingxaki ziye zisetyenziswe ngeenethiwekhi ezine ze-blockchain, ukupholisa i-liquidity pools ngeemigodi ze-micro-transactions. I-Balancer ihamba ngaphezu kwe$120 million Ukugqithisa i-error vulnerability Nangona i-defect ye-technical, nangona i-devastating, ibonise i-crisis ezincinciphekileyo kwi-DeFi architecture: xa i-protocols ibonakale, abasebenzisi akukho i-incentive yokufumana kunye nokuguqula i-system. They run. Le nqaku ibonise njani i-incentive-driven protocol design, efanelekileyo yi-Incentive-driven protocol design. “I , inokukwazi ukuguqula i-panic kwi-participation ngexesha le khosi. I-Smardex Iinkqubo ze-USDN I-Balancer Breach ibonisa i-Core we-DeFi I-Attack yeNovember kwi-Balancer ayikho yintlungu elidlulileyo kwi-traditional sense. I-Attackers ayikwazi ukuchitha i-encryption okanye i-credentials ye-social engineer. Yintoni iingxaki ezincinane ziye zithunyelwe kwi-code iminyaka emininzi, zihlanganisa iingxaki ezincinane ezininzi zeengxaki usebenzisa i-batchSwap function. Yonke iingxaki zeenkcukacha ziye ziye zithunyelwe iingxaki ezincinane, kodwa ziye zithunyelwa ngokushesha kwi-pools ezininzi, le iingxaki ziye zithunyelwa kwiimilioni kwiingxaki. Ukusetyenziswa kwe-rounding direction error Ukubonisa ukuba izibambiso ezilinganiselweyo zihlala i-ecosystem ye-DeFi iminyaka emininzi. I-Hundred Finance iye yahlulwe ngokupheleleyo ngo-2023 ngenxa ye-rounding problem. I-Sonne Finance iye yahlulwe kwi-2024, enye kwizibambiso ezininzi ezininzi kwiminyaka yaye. I-hack yenzululwazi: njengoko i-attack vectors ezincinane, i-attackers zithanda iimeko ze-edge ye-arithmetic ukuba ama-auditors zithintela. I-Balancer iye yandiswe kwi-audit ezininzi kwiinkampani ezininzi kunye neeprograms ze-bounty, kodwa le isibambiso yayibandakanya. Ukuhlolwa kwe-Trail of Bits Ukuphazamiseka kwezobuchwepheshe kubaluleke ngaphantsi kwexesha elandelayo. I-Balancer ibaluleke iiyure engaphansi kwe-24 njengoko abasebenzisi waya ukufinyelela. I-whale eyenziwe ngexesha elidlulileyo kwiminyaka embalwa ngexesha elidlulileyo i-$6.5 million. I-protocol ayikwazi ukuxhaswa zonke iibhokisi ezidlulileyo ngenxa yokuba abaninzi baye phantsi kwibhokisi le-pause, xa ziye zithunyelwe iminyaka ezidlulileyo. Abasebenzisi awukwazi kuphela ukubonisa ukuba iimveliso zabo zithunyelwe okanye zihlala ngamnye kwi-exit. Ukukhula kwizigidi ze-442 million ukuya kwi-214 million dollar I-Incident ye-Balancer ibonisa inkinga elikhulu kwi-Architecture ye-DeFi. Xa i-protocol ye-depeeg okanye iingxaki ze-security, abasebenzisi abasebenziseka ngexesha elifanelekileyo: ukufikelela ngexesha elifanelekileyo ukuze zithume iingxaki. Akukho iinkqubo zibonisa ukufikelela. Akukho inkqubo ekukhuthaza ukuguqulwa kwe-equilibrium. I-survival ye-protocol kuxhomekeke ngokupheleleyo kwi-belief, kwaye i-belief iye i-evaporates ngexesha lokufumana i-doubt. Qinisekisa ngo-May 2022, leyo yandisa i-$45 billion yentlobo. Xa i-UST yandisa phantsi kwe-$1, abasebenzisi abathandayo i-minta kunye ne-burn mechanism babona ukhetho olufanelekileyo: ukutshisa i-UST ye-LUNA ngexabiso yentlobo kunye nokuthengisa kwi-market, okanye ukugcina kwaye bafumane nabanye ukuba bafumane i-peg back. Ukusebenzisana okuzenzakalelayo yaba ukutshisa kunye nokuthengisa. Xa abasebenzisi abaninzi bafumane le nendlela, ukusuka kwi-300 million ukuya kwi-6 trillion tokens kwiintsuku, ukunciphisa zonke iindleko. I-Terra Luna ifumaneka Umthengisi we-LUNA uhyperinflated I-problem yaba kuphela ukuba i-UST awungaphantsi ukhuseleko. I-Terra's redemption mechanism yaba Ukuvimbela i-banks run ukususela ukuphazamiseka kwinqanaba ye-LUNA, kodwa i-LUNA i-collapsed nangona kunjalo, nangona i-UST inikezelwa. Ngeli xesha i-developer yandisa i-cap ukuya kwi-1.2 billion $, i-market cap ye-LUNA iye yabafutshane kwi-2 billion $. Abasebenzisi abalandeli bafumane yonke into. Abasebenzisi abalandeli ngexesha elifutshane i-capital. Iingcingo ze-$300 million ngosuku Zibonisa ukuba ukuguqulwa kwe-UST yabaqhathaniswa ngokuqhelekileyo kubasebenzisi, kunye nexabiso se-token kwi-exchanges emva kwe-value eyenziwe kubasebenzisi angakwazi ukufumana ngokuguqulwa kwe-UST kwi-LUNA kunye nokuthengiswa kwimarike. I-incentive structure yaba ngokufanelekileyo. I-protocol yabaqhathaniswa kubasebenzisi ukuba bafumane iipozithi zabo ukuze zithele, kodwa ayikwazi ukunciphisa i-risco yokwenza oku. Ukucaciswa kwihlabathi yeLedger Journal I-Game Theory Ukubonisa Yintoni i-DeFi ye-traditional ibandakanya I-Game Theory inikeza isixhobo yokufuneka iingxaki zayo. In I-DeFi ye-protocol ye-crisis isebenza kwi-state eyahlukileyo: bonke abahlukileyo kubuyisa imiphumo yabo ngokuzithintela, okuvelisa isisombululo sokuxhomekeka. I-Nash Equilibrium Yintoni iingcali ezimbini. Amabini abalandeli abalandeli ngokuhambelana ngokuhambelana ngokuhambelana ngokuhambelana, okanye iingcali ngokuhambelana. Ukuba abalandeli abalandeli, abalandeli abalandeli iingcali. Ukuba enye iingcali ngexesha elinye iingcali iingcali iingcali iingcali iingcali ngexesha elinye iingcali iingcali iingcali ephakamileyo. Ukuba iingcali ezimbini iingcali, iingcali ezimbini iingcali ezimbini. Ukukhetha okuzenzakalelayo yeenkcukacha kunokuba iingcali, nangona iingcali kunye nokwenza imiphumo yeenkcukacha kakhulu. I-Dilemma ye-Prisoner I-DeFi ibhanki isebenza ngokugqithisileyo le pattern. Ukuba zonke abasebenzisi bafumane iipozithi, i-protocol ibekwe kwaye bonke bafumana i-value. Ukuba ezinye abasebenzisi bafumana kwaye ezinye bafumana, abafumana i-capital kwaye abafumana i-loss. Ukuba bonke bafumana, i-protocol bafumana kwaye bonke bafumana, kodwa ukhangela kunokuba bafumana ngaphezulu. Ukukhetha okuzenzakalelayo ngalinye kufuneka bafumane kuqala. Ukubonisa ukuba iiprotokolls ezisetyenziswa kufuneka uqhagamshelane iziphumo ezininzi kunye neziphumo ezahlukahlukeneyo. I-Proof of Work Mining inikeza oku ngokwenza isebenziswano olufanelekileyo kunzima kunzima kunzima kunzima. I-Liquidity Mining inikeza izincedisi yokufikelela i-capital ngokunika iimali. Kodwa ngexesha le-crisis, iiprotokolls ezininzi ayikhoyo. I-Mechanism eyenza ukuzinza i-stability ngexesha lokusebenza okuzenzakalelayo ibonakaliswa ngexesha elidlulileyo. Ukucaciswa kwezindlela ze-DeFi Indlela I-Incentive Dynamic Ivelisa I-Self-Healing Systems Ukusabela kuquka isakhiwo yekhompyutha ebonakalayo, iingcebiso ezininzi ezininzi ezininzi ezininzi ezininzi zokusabela ukhuseleko emzimbeni. Le nqakraza ayifumaneka kwi-altruism okanye i-spirit ye-community. It is based on users acting in their own financial self-interest, where the most profitable action happens to be the one that restores protocol health.   I-protocol isebenza njenge-delta-neutral system apho i-party inikeza i-USDN tokens ekhuselekileyo kwi-asset-backed in a vault, kwaye i-party elinye ivula iipozithi ezininzi ezininzi ezininzi. Xa i-system ibonakaliswa kwinkqubo, i-financing rates zikhuselelwa ngokugqithisileyo ukuze zikhuthaze iintshukumo yokuguqula. I-Smardex I-USDN Protocol Ukuba iipozithi ezininzi ziquka i-vault balance, i-longs iyafumaneka Ukusuka kwisithili. Oku kunikeza ukuvelisa kubathengi we-USDN, okwenza kube lula ukuvelisa i-USDN tokens ezintsha kwaye ukongeza izixhobo kwisithili. Xa izixhobo ezininzi zithunyelwe kwisithili, i-disbalance ikhawulezisa. I-disbalance engaphezulu, i-financing rate engaphezulu, okuvelisa izincedisi ezininzi kakhulu kubathengi ukuba bafumane i-equilibrium. Iimali ye-financing ye-positive Ukuba isilinganiselo se-deposit exceeds i-trade exposure, i-deposit inikeza i-financing rate ye-negative kwi-longs. I-traders ibhaliswe ukuba ufake iiposi ze-leverted kunye neengxaki ze-deposit. Kwixesha elifanelekileyo, abathengisi be-USDN zinokufumana iimali njengoko i-deposit ibhalisele i-financing, okuvumela ukuba bafumane i-deposit tokens ze-USDN kunye nokunciphisa isilinganiselo se-deposit. Kwiinkqubo ezimbini zithuthaza i-protocol kwakhona kwi-balance ngokusebenzisa ukufumana i-profit ye-individual. I-Funding Rate yaye ngokufanelekileyo kwi-square of the imbalance between trading exposure and vault balance. I-disbalance ye-cockpit yenza i-incentive ye-small. I-disbalance ye-large yenza i-incentive ye-massive. I-protocol isilinganiselwe njenge-exponential moving average of daily funding rates to ensure longs pay appropriate interest for borrowing assets even when the system is balanced. Ukusetyenziswa kwe-adaptive skew factor Yintoni oku kuthetha i-Protocol Survival Umbala phakathi kokuphumla kunye nokufumana ngexesha lokuphumla kuxhomekeka ukuba abasebenzisi bangakwazi ukufumana iimveliso ze-stabilization. Xa i-Balancer ilawula ukuphazamiseka kwayo, abasebenzisi abalandeli bafumana ngaphezulu. Xa i-Terra ilawula, abasebenzisi abalandeli iipozithi bafumana iimpazamo ezininzi. I-strategy esisebenzayo yaye ngokuzenzekelayo. Ngokusetyenziswa kwe-incentive-driven architecture, i-calculation ifumaneka. Xa i-USDN ibonelela kwi-pressure ebandayo, abasebenzisi abasiza ukunikezela ukuguqulwa kwe-peg ibonelela i-return ephakeme kakhulu. Abanikezela i-protocol ngaphandle kwe-loyalty. Abanikezela iimfuno ezininzi ezininzi kunye ne-disequilibrium. I-protocol ayidinga abasebenzisi ukuba zibe ama-heroes. I-protocol ibonelela ukuba ziyafumaneka. Ukusabela le nophuhliso esisisombululo esisisombululo esisisombululo efunyenweyo i-Balancer hack. I-rounding error iye yenza i-exploit ye-technical, kodwa i-mass exodus emva koko yaye yaye yaye yaye yaye i-catastrophic. Ukuba i-Balancer yandise iinkqubo ze-incentive ezibonakalayo abasebenzisi ngenxa yokugcina iipozithi okanye ukongeza i-liquidity ngexesha lokuphuma, i-dynamics yentengiso ingasebenza ukunciphisa i-damage kunokuba i-amplify. Qinisekisa ukuba oku kunokwenzeka ukuba ifumaneke ngokufanayo. Njengoko i-hack yabaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqhaqha Ngaphandle Stablecoins: Incentive njenge-Infrastructure Iingcebiso zithunyelwe ngaphezu kwe-stablecoins. Yonke i-protocol ye-DeFi enokufumana iimpendulo iya kubandakanyeka iinkqubo ezibonisa iingcebiso kwimeko. I-lending protocols ingaba ukwandisa i-interest rate yeengcebisi ngexesha le-banks run, okwenza kube lula ukugcina iingcebiso. I-DEX ingakwazi ukuguqula izakhiwo zeengcebiso ukunyanzelisa abathengisi be-liquidity ngexesha le-volatility aphezulu. I-collateralized debt positions ingakwazi ukunika iintlawulo ezininzi yokwandisa iingcebiso ngexesha le-market crashes. Umbala kubalulekile ukuba ama-incentive ziya kuqhutywa ngokuzenzakalelayo, kuxhomekeka kunye ne-crisis, kwaye zinika izinzuzo zentsholongwane. I-rewards ye-delay ayisebenza ngenxa yokuba abasebenzisi awukwazi ukufikelela kwi-crashes. I-rewards ye-fixed ayisebenza ngenxa yokuba awukwazi ukunciphisa ingozi emzimbeni emzimbeni emzimbeni emzimbeni emzimbeni. Iingxaki ze-manual ayisebenza ngenxa yokuba zibe ezininzi kwaye awukwazi ukuba awukwazi ukufaneleka. Ukusetyenziswa kwimidlalo dynamic kunye nokulawula okuhle kubonisa ukuba iiprotokoli kufuneka uqhagamshelane ixabiso yokuthintela ngokukhawuleza kwi-low-arbitrage scenarios ukucacisa i-speculators ukugcina i-peg. Kwimakethe ze-high-arbitrage, ixabiso yokuthintela okuqhubekayo isebenza ngenxa yokuqinisekisa izixazululo zeemakethe. Kodwa ngexesha le-crisis, i-arbitrage isixazululo kwaye iiprotokoli kufuneka izixhobo zokusetyenziswa ngokucacileyo ukucacisa isixazululo. Ukucaciswa kweMekanisms ze-DeFi Ukufundwa kwe-Balancer Battlefield Yintoni Ukubonisa ukuba i-protocol ye-audited kakhulu inokufumana izibambiso ezininzi. Iinkampani ezininzi ze-security zibonise i-code. Iinkqubo ze-bug bounty ziye zihlanganisa. Nangona kunjalo, ingxaki ye-rounding lithabatha ngexesha elide kuze kube ukuba ama-attackers zibonise indlela yokusebenza kwe-batch. Iintlawulo ze-static ze-security zikhuba. Ukubala Exploit Yintoni i-protocols kufuneka iinkqubo ze-Dynamic Defence eyenza ngexesha le-Attack, kwaye akuyona kuphela iintengiso ze-Preventive eyenza ukunciphisa zonke iimfuneko. I-Protokoll eyenza ukuba iingxaki ziyafumaneka kwaye ibekwe ukuxhaswa kwinkqubo. I-Protokoll eyenza iimfuneko eyenza iimfuneko eyenza i-architectures ezincinci eyenza iingxaki ze-catastrophically xa iingxaki ziyafumaneka. Ukubonisa ukuba i-protocol ye-battle-tested kunye ne-audits ezininzi kunye ne-billions e-assets kunokufunda izibambuzane ezininzi, oku kuthetha ukuchithwa kwe-deFi. Ukuphendula kunokwenzeka ukuba i-audits ezininzi. Ukuphendula kunokwenzeka kodwa engaphantsi. Ukuphendula kufuneka yi-architecture ebonakalayo elandelayo ekusebenzeni nangona iingxaki zeengxaki. Ukuhlolwa kweCrypto Valley Journal Iimpawu eziqhelekileyo ezivela kwi , apho i-redundancy kunye ne-fail-safe zihlanganisa iinkqubo. Iibhanki zihlanganisa i-capital buffers, i-liquidity reserves, kunye ne-access to central bank facilities ngexabiso ukuba izixazululo ziya kuba. I-deFi protocols kufuneka iinkqubo ze-equivalent yokhuseleko, ezisetyenziswa nge-code kunokuba kwi-institutions. Inguqulelo Yintoni oku kuthetha ngoku I-DeFi iye yabafutshane kwi-phase yayo ye-experimental kodwa ayikho kwakhona iinkcubeko ze-architectural eziphambili. I-Hackers waya i-$2 billion ngo-2024 kuphela, kunye ne-61% yenzelwe kumazwe afana neKorea yaseNorth, ngokutsho kweChainalysis. Ubunzima obungapheliyo kwi-DeFi Kwimeko yokubhalisa apho i-industry inokufumaneka ukuvelisa i-protocol eyenziwa kwi-theory kodwa i-catastrophic failure kwi-practice, okanye uqhagamshelane kwi-architectures eyenza iimfuneko ezikhoyo kwaye zibonisa ukunyusa kwinkqubo. Le nqakraza elidlulileyo ayibandakanya ukhuseleko. Inikeza i-layer yesibini ye-defense eyenza ngexabiso xa i-layer yokuqala ibandakanya. I-USDN ye-SMARDEX ayikho yindlela yokusebenza kuphela yokusebenza kwe-incentive-driven stability. Iiprotoko ezininzi ziquka iinkqubo ezifanelekileyo ngokusebenzisa iinkqubo ezahlukileyo zebhizinisi. Iingcebiso zangaphakathi ziquka izicelo ezithile: iiprotoko ze-DeFi kufuneka zitholise abasebenzisi ngenxa yokusabalalisa umzekelo ngexesha le-crisis, okwenza kube lula ukunceda kunokuba lula ukunceda. Kwimeko yokufunda umntu okanye ukwakhiwa kwimeko. Kwimeko yokuguquka izincedisi ukuze iziganeko ezininzi ezihlabathiweyo kwakhona iziganeko ezininzi ezifanelekileyo kwi-protocol. Kwimeko yokuguquka i-game theory ukusuka kwi-analytical tool kwi-engineering principle. 
 
 I-industry kufuneka iintlobo eziliqela ezininzi ekubeni i-protocol design. The industry needs several shifts in how it approaches protocol design. Okokuqala, izibuyekezo zebhizinisi ziquka akuyona kuphela ukuba i-code iyiphi na ingxaki, kodwa ukuba i-protocol iyiphi na ingxaki ezaziwayo kunye neengxaki ezaziwayo. Oku kubandakanya ukuyifaka into efumaneka xa izinto zihlale, kwaye akuyona nje ukucwangcisa ukuba zihlale. Okokuqala, i-stress testing kufuneka ifumaneke kuphela i-scenarios ye-market, kodwa i-scenarios ze-incentive. Yintoni i-comportment ye-user kwimeko ezininzi ze-crisis? Ngaba i-incentive yenza i-stabilizing okanye i-destabilizing feedback loops? Ingaba i-protocol inokufumana ukuba i-assumptions eziphambili zikhuba? Okwangoku, i-mechanism design kufuneka ibonise i-self-healing properties ngaphezu kwe-perfect security. I-protocol that automatically corrects imbalances through incentive mechanisms is more robust than protocols that rely on perfect code and user altruism. I-Balancer hack ayikho yintloko esikhulu ye-DeFi. Iingxaki ze-edge ye-arithmetic kunye neengxaki ze-exploits ziye ziya kubonakala njengoko ama-attackers ziya kubaluleke kakhulu. Kodwa ingxaki phakathi kweziphumo ezininzi kunye ne-colapse ye-catastrophic ikhona ekusebenziseni njani iiprotoko ngexesha le-crisis. Iinkqubo ze-incentive ezisebenza ngokuzenzakalelayo, i-scale kunye ne-reward-stabilizing behavior inokukwazi ukuvelisa iintlobo ze-death spirals kwiimeko ze-recovery. Ngaba ushiye ukuthetha kwaye ushiye iinkcukacha! 
 
 Umbhali we-HackerNoon uqhagamshelane kwiinkqubo yethu ye-blogging yebhizinisi. I-HackerNoon uqhagamshelane i-report ngenxa yekhwalithi, kodwa iingcebiso ezininzi ziquka umbhali. #DYO Umbhali we-HackerNoon uqhagamshelane kwiinkqubo yethu ye-blogging yebhizinisi. I-HackerNoon uqhagamshelane i-report ngenxa yekhwalithi, kodwa iingcebiso ezininzi ziquka umbhali. #DYO I-Business Blogging Program I-Business Blogging Program

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