论文标题
可贷资金的规定：利率，流动性和市场效率
DeFi Protocols for Loanable Funds: Interest Rates, Liquidity and Market Efficiency
论文作者
论文摘要
我们为可贷资金（PLFS） *的“术语 *协议”造成了指代建立基于分布式账本的可贷资金市场的协议。 PLF正在成为分散融资（DEFI）中的主要应用之一，并使用智能合同代码来促进可贷资金的中间化。这样，这些协议允许代理商以编程方式借用和保存。在这些协议中，利率机制试图平衡资金的供应和需求。在本文中，我们回顾了用于在三个突出的defi plfs上设定利率的方法，即化合物，AAVE和DYDX。我们提供了这些利率规则以来这些利率规则以不同程度的流动性的响应以来的经验研究。然后，我们研究了多个协议之间的市场效率和相互连接性，首先检查了未发现的利息奇偶校验在特定协议中是否存在，其次是特定令牌市场的利率是否显示出跨协议的依赖性，从而为动态开发了矢量误差校正模型。
We coin the term *Protocols for Loanable Funds (PLFs)* to refer to protocols which establish distributed ledger-based markets for loanable funds. PLFs are emerging as one of the main applications within Decentralized Finance (DeFi), and use smart contract code to facilitate the intermediation of loanable funds. In doing so, these protocols allow agents to borrow and save programmatically. Within these protocols, interest rate mechanisms seek to equilibrate the supply and demand for funds. In this paper, we review the methodologies used to set interest rates on three prominent DeFi PLFs, namely Compound, Aave and dYdX. We provide an empirical examination of how these interest rate rules have behaved since their inception in response to differing degrees of liquidity. We then investigate the market efficiency and inter-connectedness between multiple protocols, examining first whether Uncovered Interest Parity holds within a particular protocol and second whether the interest rates for a particular token market show dependence across protocols, developing a Vector Error Correction Model for the dynamics.
