
 
 I-stablecoins inokukwazi ukuvelisa iimali ezimbini ngaphandle kokuvimbela abathengisi kwiiprotokoli ze-lending okanye iingxaki ze-finance ye-decentralized? I-stablecoins inokukwazi ukuvelisa iimali ezimbini ngaphandle kokuvimbela abathengisi kwiiprotokoli ze-lending okanye iingxaki ze-finance ye-decentralized? I-Imunity, i-provider ye-staking yehlabathi ye-independent kunye ne-$18 billion e-assets e-staking, ibonelela ukuba i-crack ye-code. Ukucinga KwiNovemba 17, 2025, Ukubonisa i-partnership kunye iimveliso Ukubonisa i-stablecoin yi-15% yentlawulo yonyaka kwi-stablecoins nge-combination ye-Solana staking rewards kunye ne-derivative hedging, isakhiwo esithembisa i-credit risk eyenziwe kwiimarike ze-DeFi yokuthintela. Ukucinga Ukucinga I-Crypto.com Ukuhlaziywa kunika i-appetite ye-institutional yeemveliso ze-stablecoin yi-accelerates, kunye ne-stablecoin market capitalization ephakeme i-$180 billion ehlabathini lonke. Kodwa iimveliso ze- yi-products ezininzi ziye zithembisa abathengisi kwi-DeFi protocol vulnerabilities okanye i-counterparty credit risk evela kumnandi e-centralized. Le mveliso isixazululo ukucacisa indlela eyahlukileyo. I-Mechanics Enye Phantsi kwe-Price-Neutral Strike Ukwakhiwa kwimveliso linokusekelwe kwi-arbitrage elula kakhulu phakathi kweengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki zeengxaki ze Yintoni iintlobo ezintsha ziyafumaneka. Ukukhangisa i-SOL ngokuvamile ivela i-return phakathi kwe-6.5% kunye ne-7.5% ngonyaka, ngokutsho iinkcukacha zomthetho ze-Solana. Ukuphumla i-15% ye-APR, i-OpenTrade sinikezela ngexesha elide kwiinkontrakthi ze-SOL ye-perpetual futures. Lezi iinkontrakthi ze-derivatives ziye ziye ziye zibonise i-price exposure ye-token ze-stake esekelwe. I-mechanism isebenza njengoko i-perpetual futures contracts kwi-Solana ngokuvamile i-trade kwi-premium ukuya kwi-spot prices kwiimarike ze-bull, nto leyo kuthetha ukuba i-short sellers zitholise imali ye-financing rate evela kumazwe afanelekileyo. Xa i-combined kunye ne-staking rewards, le stream ye-income ye-double iye yenza i-returns ezininzi kwe-base staking rate, ngokutsho iimveliso ze-press. I-Crypto.com isebenza njenge-custodian yeengxaki ze-SOL kunye ne-exchange where the hedging transactions execute. I-assets ifakwe kwi-accounts ezahlukileyo kunye neengxaki ze-security ezinikezelwa kumazwe, isakhiwo se-legal eyenza ukuba i-OpenTrade ibonise iinkcukacha ezizodwa ezikhoyo kwi-DeFi protocols. Yintoni iziko zihlanganisa iziko Umthengi we-stablecoins inikezela indawo esifanelekileyo kumadokhumenti we-institutional treasury managers. Iinkampani ezihlabathi i-stablecoin ezininzi ziyafumaneka iindleko zokusetyenziswa, njengoko i-stablecoins ezincinciphisa i-zero return. Izixhobo ze-banking ze-dollar deposits zihambe ezincinane, kwaye iiprotocols ze-DeFi ze-lending zithembisa iinkqubo ze-smart contracts kunye neengxaki ze-counterparty ezincinane. Andy Cronk, Co-founder kunye Chief Product Officer kaFigment, wahlala i-offering njengoko ukuthatha "infrastructure yobugcisa kunye ne-security mindset kwi-stablecoins." I-Figment isebenza i-validators kwiintlobo ze-80 ze-blockchain kunye nokugcina i-protocols yobugcisa kwinqanaba ye-institutional kuquka ukhuseleko lwe-slashing kunye ne-infrastructure ye-audited. Ngokungafani neemveliso ye-deFi yentengiso, ezininzi ezikhoyo iinkqubo zomthetho ezininzi, le mveliso ivela iinkcukacha ezaziwayo ezinikezele ngexesha elide. U-Jeff Handler, Co-Founder and Chief Commercial Officer ye-OpenTrade, wabelise ukuba i-platform yenzelwe "ngokusetyenziswa" ukuze kufumana iimveliso ze-stablecoin kunye ne- "i-system ye-enterprise-grade technology" kunye ne- "i-time-tested legal protections." I-OpenTrade ibonelela kwiinkampani ezaziwayo ze-crypto venture kuquka i-a16z Crypto fund ye-Andreessen Horowitz kunye ne-Circle, i-emitter ye-USDC stablecoin. Le isakhiwo se- pedigree ibonakalayo kwimarike apho ukulawulwa kweemveliso ze-crypto yi-intengiso lithunyelwe emva kweengxaki ze-Celsius Network kunye ne-BlockFi. I-Risk Profile kunye ne-Market Context I-15% APR idibene ukubuyekeza. Iimveliso zeemveliso zihlanganisa i-disclaimer ebonakalayo ukuba i-rate iye "kuye kwiingcebiso zophando" kwaye "kuye kubhalwe ngexesha elinye." I-Figment ibonelela ngokucacileyo ukuba ayikho "ukufaka, ukulawula, okanye ibonise izinga zeemveliso okanye iimveliso." Iintlobo ezininzi ziya kubandakanyeka kwimali efanelekileyo. Iimali ze-Solana ze-stack zihlukile ngokuvumelana ne-network inflation rates kunye ne-stack supply. Iimali ze-perpetual futures ye-financing ziya kubhalwe negatively ngexesha le-bearish emakethe, nto leyo kuthetha ukuba abalandeli be-short positions baye baye baye bafumane iimali ze-financing. Kwiimeko ze-volatility ephakamileyo okanye i-liquidity ephakamileyo, i-cost ofining hedges kungabangela kakhulu iimali ze-return. Ukususela kwi-Solana njenge-asset ye-strike ye-underlying inikeza i-risk. Nangona i-Solana ibekwe njenge-one ye-proof-of-stake networks ezininzi kunye neemigodi ezininzi kwi-transaction volume ye-cumulative, i-network iye ibekwe ngexesha elidlulileyo. Ngenxa yokuba i-customers i-delegate kunokuba i-transfer control of tokens, i-strike providers njenge-Figment ayinako ukuyisebenzisa i-discretionary - kodwa ixesha le-network inokufanisa iimali ze-strike kunye nexesha lokusebenza ye-heading strategy. I-Counterparty risk, nangona i-reduced compared to unsecured DeFi lending, ibekwe. Le mveliso ibekwe kwi-Crypto.com ukugcina ukhuseleko lwekhompyutha njengoko i-custodian kunye ne-execution place. Ukuba i-exchange ibekwe neengxaki ze-liquidity okanye iintshukumo ze-regulatory, ukufinyelela kwimveliso ingangena. Isakhiwo se-akhawunti ye-segregated ibonelela ukhuseleko lwekhwalithi, kodwa ukunciphisa le positions ngexesha le-crisis ithatha ixesha. UKarl Turner, umlawuli weCrypto.com, wabhala ukuba i-exchange iye "ngokusetyenziswa" i-platform yayo ukunika iimfuno ze-trader, kodwa abathengi be-institutional ziye kufuneka zihlole iingcebiso zayo ngokufanelekileyo kwi-operational resilience ye-exchange kunye ne-compliance ye-regulatory. I-Competitive Landscape kunye ne-Market Implications I-stablecoin yi-market yandisa ngokukhawuleza. I-protocols efana ne-Ethena inikeza iimveliso ze-dollar synthetic ezisetyenziselwa i-delta-neutral perpetual futures strategies, i-generating yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi- yi. I-Figment-OpenTrade i-product ithathwe phakathi kwezinye iindlela ezininzi. Inikeza iimveliso ezininzi kunokuba iimveliso ze-RWA kodwa nge-smart contract kunye ne-market risk ezongezelelweyo. Inikeza i-infrastructure ezininzi ye-institutional kunokuba iimveliso ze-DeFi ezininzi kodwa kunye neemveliso ezincinane ngexesha le-financing rate. Ukucaciswa kwe-stablecoin yi-stablecoin yi-stablecoin yi-stablecoin yi-stablecoin yi-stablecoin yi-stablecoin yi-stablecoin yi-stablecoin yi-stablecoin yi-stablecoin yi-stablecoin yi-stablecoin yi-stablecoin yi-stablecoin. Kwiimarike epheleleyo, imvume yale mveliso inokufumana umzila we-staking-plus-hedging kunye nokukhuthaza abathengi ukuba baqalise iinkonzo ezifanayo. Ukufinyelela kumazwe afanelekileyo kunye neengxaki zebhizinisi inokufunda iprotocols ze-DeFi ukwandisa izinga zayo zokusebenza kunye ne-transparency. Imibuzo lokugqibela I-Figment-OpenTrade i-partnership ibeka ukuba iziko zihlanganisa iinkcukacha ezibonakalayo kunye nezakhiwo zomthetho ngaphezu kwimveliso ephakamileyo. Oku kubafunda kwimarike ye-institutional ngokufanelekileyo, apho i-risk committe zihlanganisa i-resilience yokusebenza ngaphezu kwiphakamiso. Umthamo we-15% APR ibonakala realist phantsi iimeko ezinzima kodwa optimistic ngexesha elide. I-perpetual futures financing rates yi-cyclic, kwaye iimarike ze-bear zithintela iimveliso. I-scalability ye-model kwiinkonzo ezininzi ze-proof-of-stake-networks ezifana ne-Ethereum okanye i-Avalanche ibonakalisa, nangona i-financing rate dynamics iya kuxhaswa njengoko i-capital ngaphezulu ibonelela kwiinkqubo ezifanayo. Izixhobo ezininzi ziyafumaneka: Abathengisi be-crypto-infrastructure ziya kubandakanya imisebenzi ze-validator ezininzi kwi-orchestrators yeengxaki ze-financial. Le ukuqhagamshelwano okuzenzakalelayo phakathi kwe-staking, i-custody, kunye ne-structured products ingaba kubonakala kwimveliso ye-crypto. Ukuba le ngempumelelo iye iye yandisa okanye iye yandisa ukuchithwa kunzima. Ngaba ushiye ukuthetha kwaye ushiye iinkcukacha! 
 
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