
 
 Yintoni ukuba ingxaki kunye ne-crypto leverage ayikho yi-leverage yayo, kodwa indlela yaziwa? Yintoni ukuba ingxaki kunye ne-crypto leverage ayikho yi-leverage yayo, kodwa indlela yaziwa? Ngo-Oktobha 10, 2025, phezu I-cryptocurrency ye-cryptocurrency ye-cryptocurrency ye-cryptocurrency ye-cryptocurrency ye-cryptocurrency ye-cryptocurrency ye-cryptocurrency ye-cryptocurrency ye-cryptocurrency ye-cryptocurrency ye-cryptocurrency ye-cryptocurrency ye-cryptocurrency ye-cryptocurrency ye-cryptocurrency ye-cryptocurrency ye-cryptocurrency ye-cryptocurrency ye-cryptocurrency ye-cryptocurrency $19 billion kwi-leveraged positions Kwimeko yayo, i-Levage Markets, i-protocol eyenziwe ngexesha elinye: Ngaphandle kokufunda ukuba i-token iye yintoni ixabiso kwimarike ye-secondary ngexesha elandelayo, ngexabiso efanelekileyo? I-HyperDrive I-Core Problem With How DeFi Lending Isebenza Namhlanje Ukuze ufumane ukuba i-Hyperdrive isixazululo, inikeza ukufumana ukuba zonke iiprotocol yeenkcukacha ezininzi ziyafumaneka, okungenani nge-framing ye-Hyperdrive. Iiprotocols ezifana Ukucinga Yaye i-value collateral usebenzisa iindleko ze-oracle ye-real-time. Xa i-market price ye-asset isaphantsi kwinqanaba elidlulileyo, i-protocol ibandakanya i-credit njenge-undercollateralized kwaye ibandakanya kumazwe afana ne-liquidators, abahlala i-discounted collateral kunye nokuthintela i-debt. I-problem yi-mechanism itself: i-liquidators kufuneka ibandise i-collateral ebandayo kwiimarike ezidlulileyo, kwandisa i-dropdown pressure ngexesha elifanelekileyo. Ukucinga Ukucinga Ukucinga I-Aave v3 kuphela, i-59% yinkqubo ze-protocol ye-protocol zithunyelwe kwiiyure ze-24. Ngexesha le-Crash ye-October 2025, i-Aave i-processed i-approximately $180 million ye-collateral liquidations, enokufumaneka ukulondoloza imibuzo embalwa, kodwa i-market epheleleyo i-$10 billion kwi-cascade ye-forced sales ngokusebenzisa iingcebiso ze-undercollateralized kwi-ecosystem. Ngo-Agasti 2024, iintsuku elinye ye-volatility Iingxaki ye-systemic yi-protocols zibonisa i-cost collateral usebenzisa iimarike efanayo ezinikezele ukuthengiswa ngexesha le-crash. I-crash engaphezulu, i-liquidity engaphezulu, kwaye i-gap ezininzi phakathi kwe-cost collateral efanelekileyo kunye ne-cost it eyenza ngexesha le-emergency sale. Yintoni i-Hyperdrive isebenza ngokufanayo Iimodeli ye-Hyperdrive uqala ngexesha elininzi: ezinye iimveliso zine-value ye-contractual eyahlukileyo ngokupheleleyo kwi-dex ye-dex kwiimeko ze-panic. I-Tokenized U.S. Treasury Fund efanelekileyo kwi-$1.05 USDC kune-$1.05, ngaphandle kokuba iimarike ze-secondary zibonisa i-$0.80 ngexesha le-selloff emangalisayo. I-token efanelekileyo efanelekileyo efana ne-stETH ibonisa i-claim ye-Ethereum efanelekileyo kunye neengxabiso zayo, efanelekileyo ngexabiso efanelekileyo ngokusebenzisa i-Lido's withdrawal mechanism. Ezi amaxabiso ze-redemption ayikho ama-opinions. Ziyiphi kwi-contractual. Cain O'Sullivan, umngcali we-Hyperdrive, ibonisa, 
 
 Iingxaki ayikho i-leverage yenyewe, yinto yintoni sisakhiwo. Xa umnqweno wakho uye yindlela yokuthintela lomnqweno, unemfuneko i-oracles okanye ukuthetha ukuba i-DEX i-liquidity. Iipozithi zithunyelwe ngokucacileyo, ayikho ngokucacileyo. Yeyona ingxaki phakathi kwe-leverage njengoko ingozi ye-systemic vs. i-leverage njenge-infrastructure. Iingxaki ayikho i-leverage yenyewe, yinto yintoni sisakhiwo. Xa umnqweno wakho uye yindlela yokuthintela lomnqweno, unemfuneko i-oracles okanye ukuthetha ukuba i-DEX i-liquidity. Iipozithi zithunyelwe ngokucacileyo, ayikho ngokucacileyo. Yeyona ingxaki phakathi kwe-leverage njengoko ingozi ye-systemic vs. i-leverage njenge-infrastructure. I-protocol ibonise iimpawu ezintathu zokusebenza le nkonzo. Okokuqala, i-cocktail iboniswe ngokusebenzisa isantya yayo yokuthintela, nto leyo i-net asset value ye-contractual, nangona i-ndivaysi ye-market price feed. Oku ukunciphisa zombini i-oracle manipulation risk kunye ne-gap eyenza phakathi kwinqanaba elifanelekileyo ye-token kunye ne-panic-market price yayo. Okokuqala, xa i-position iboniswa ebonakalayo, i-protocol ibonise inqubo yokuthintela yayo ngokufanelekileyo nge-asset, ukuba yi-T+30 okanye i-T+90 i-cycle settlement, ngexesha lokuthintela i-cocktail kwi-DEX. Ezi Umklamo uye ukuguqulwa into ebizwa ngokuba yi-DeFi yokuguqulwa kwindawo ebizwa ngokuba yi-Hyperdrive yokuguqulwa. I-differentiation inesiphumo emangalisayo ukuba i-protocol i-amplifies okanye i-isolates ngaphandle kwe-volatility emakethe. Yintoni ixesha kubalulekile: Three Converging Markets I-Hyperdrive ayikho kwi-vakuum. I-Hyperdrive ibekwe kwimakethe ezintathu ezininzi ezininzi, kodwa i-infrastructure ye-leverage eyenziwe kakhulu. , ukukhula malunga ne-131% ngexesha 2025 kuphela, ngokutsho idatha Iinkcukacha zekhredithi ze-private zihlanganisa i-$18.9 billion yaye i-US Treasuries ze-tokenized ziquka i-$9 billion. i-tokenized asset market ukufikelela i-$18.9 trillion ngexesha le-2033. Iimpawu ziye. I-infrastructure ye-leverage yokusetyenziswa ngempumelelo ayikho. I-Tokenized Real-World Assets I-$36 Billion I-On-Chain Value Yiba.xyz I-BCG kunye ne-Ripple Projection Ukusuka kwisithuba ye-Liquid Strike, , kunye ne-liquid strike market Ngokutsho kwizibalo ezidlulileyo. I-Lido kuphela ibhalisele i-27.5 billion $ kwi-TVL. Nangona kunjalo, iiprotocol yeenkcukacha ezikhoyo ziyavumela kuphela i-70 ukuya kwi-95% ye-credit-to-value ratio kwiimveliso ezidlulileyo, ngokucacisa i-deppeg risk evela kwi-temporary secondary market dislocations. I-Hyperdrive ye-architecture ibhalisele le gap ngqo, ibonelela i-98% ye-LTV kwi-stETH ngexabiso kwi-credit rate yayo kunokuba kwi-spot price yayo kwi-DEX ngexesha le-stress event. I-TVL jikelele kwi-ETH liquid-staking tokens iye yaba kwi-$46 billion ukusuka kwi-Agasti 2025. ixabiso $57 billion kunye 31.56% kwimarike DeFi yonke I-Entry ye-Institutional into ye-DeFi inikeza i-point ye-pressure ye-third. Iinkampani eziquka kwi-Tokenized Treasuries okanye i-private credit funds ayikwazi ukusebenzisa i-DeFi i-conventional lending protocols ngaphandle kokufumana ingozi ukuba i-event ye-market-wide iye yenza i-cocktail yayo kwi-forced DEX sales at a discount. Oku ayikho yiprofayili ye-risk that institutional capital accepts. Yintoni iingxaki zokusetyenziswa ngokwenene I-Documentation ye-Hyperdrive ibonisa iiyure ezimbini zokusetyenziswa, kwaye kunzima ukuba ziquka kwi-mechanics yeenkcukacha ngenxa yokuba iziphumo zokusebenza ziquka ezininzi. Kwimeko ye-liquid staking tokens, i-protocol ivumela abasebenzisi ukuba bafumane i-ETH kwi-stETH ngexesha le-98% ye-LTV, ekuqaleni kwe-95% kwi-Aave. Oku ivumela i-strategies ye-staking, apho i-ETH eyenziwe ngexesha lokugqibela ukuvelisa i-stETH ezongezelelweyo, ukwandisa i-return efanelekileyo ukusuka kwinqanaba le-3% ukuya kwi-6 ukuya kwi-8%. I-point ebalulekileyo yinto ukuba i-certified ayikho kwimeko ye-DEX ngexesha le-stETH ephakamileyo, njengoko i-protocol ayikwazanga i-depeg njenge-motivum yokuguqula. Oku kuthetha i-redemption value. Kwimali ye-tokenized ye-private credit, i-fonds ebonakalayo i-8% ngonyaka kunokufumana i-2 okanye i-3 amaxesha ukufikelela kwi-12 ukuya kwi-18% yi-return. Oku kunokwenzeka kuphela ukuba i-leverage mechanism ayifumaneka i-risk ye-forced unwind during a secondary market dislocation, nto leyo nto i-deFi lwangaphakathi yenza. , kunye neengcali zayo zokusetyenziswa ngokubanzi iingcebiso ze-DeFi ngenxa yayo. I-Private Credit ikhona ikategory yeengxaki ze-tokenized ye-$18.9 billion Kuba i-Treasuries ye-Tokenized, abadlali be-institutional angasetyenzisa iimveliso ze-high-LTV ngaphandle kokungabonakaliswa kweziphumo ze-oracle okanye i-flash crashes ezivela iipozithi zabo. Ngokusho ukuba i-BlackRock, i-Franklin Templeton, kunye ne-WisdomTree zihlanganisa zonke iimveliso ze-Treasury ze-Tokenized, iimarike ebonakalayo apha ayikho kwi-theoretical. Yintoni ibonakala I-testnet ye-Hyperdrive ifumaneka, kunye nokuveliswa kwe-mainnet efunyenwe kwi-Q2 2026 kwi-Ethereum, ezidlulileyo yi-Avalanche kunye ne-Hyperliquid. I-Security Audits ziyafumaneka. Iingxaki ezininzi ziyafumaneka. I-Remuneration-based pricing isebenza ngokucacileyo xa iimveliso zithintela kwi-value yayo. Ukuba i-credit fund ye-private ifumaneka kwi-write-downs, okanye ukuba umgca wokugqiba wokugqiba kwe-protocol ye-liquid-staking iya kuqhutywa, ingxaki phakathi kwimveliso ye-remuneration kunye ne-value eyenzakalelayo ingathintela iingxaki le-protocol ayikho ngokugqiba ngokupheleleyo ngokubanzi. I-T+30 kunye ne-T+90 iingxaki zentlawulo ye-RWA ezithile ziquka ukuba kwi-stress-scenario, i-solvency ye-protocol I-self-liquidation mechanism, apho abalandeli abalandeli iipozithi ngokulungisa i-fixed fee, kuxhomekeke kwakhona ukuba abalandeli abalandeli i-capital okanye i-incentive yokusebenza. I-protocol ibandakanya ukuvulwa kwamanzi nge-native redemption path, kodwa i-mechanics yindlela yokusebenza kunye neentlobo ze-cocktail eziquka i-variable redemption schedules ziya kuxhomekeke njengoko i-product ibandakanya kwi-mainnet. Imibuzo lokugqibela I-Hyperdrive isixazululo olufanelekileyo, i-documented, kunye ne-cost. I-Crash ye-October 2025 ayikho i-anomaly. Yinto elidlulileyo kwi-pattern efanelekileyo apho i-leverage eyenziwe ngexabiso se-market ye-real-time ibonise i-volatility kwi-cascades, kunye ne-cascades kwi-percentages ezininzi engaphezulu kwe-positions engaphantsi. I-redemption-based pricing is a new concept in traditional finance. I-credit eyenziwe, i-repo markets, kunye ne-NAV-based lending ziye zisebenza kwi-logic efanayo kwiminyaka emininzi. I-Hyperdrive i-thesis yi-on-chain infrastructure inokukwazi ukuxhasa isisombululo efanayo, esetyenziswa kwi-$36 billion tokenized asset market kunye ne-$57 billion liquid staking ecosystem, ezimbini ziye ziye ziye ziye ziye ziye ziye zinzima i-DEX liquidity njenge-backstop yayo yokuqala yokhuseleko. Ukuba ukuqhagamshelwano uqhagamshelane ne-architecture iyiphi na imarike uya kubona emva kokugqiba kunye ne-mainnet. Kodwa umgangatho iyona elungileyo, kwaye ixesha, ekubeni nokukhula kwe-tokenized RWA kunye ne-appetite ye-institutional ye-on-chain leverage eyenza ngexesha le-tariff announcements, ayikho ngempumelelo. Ngaba ushiye ukuthetha kwaye ushiye iinkcukacha!

This story contains new, firsthand information uncovered by the writer.

The writer was physically present in relevant location(s) to this story. The location is also a prevalent aspect of this story be it news or otherwise.

Winner of Noonies 2020 for the award Hacker Noon Contributor of the Year - DATA.

2020 - Hacker Noon Contributor of the Year in DATA

Read My Stories

Le audio iveliswe ngolwimi lokuqala lwebali!

Yintoni kunokuba i-$57 billion kwi-Liquid Staking Tokens inokufumana i-Safe Leverage: I-Hyperdrive Thesis

About Author

IZIMVO

ZIJONGE IIMPAWU

ELI NQAKU LINIKEZELWE KU

Related Stories

Light-Mode

Classic

Newspaper

Minty

Dark-Mode

Neon Noir

Minty

HN StartUps