TVL crash, DeFi 2.0 really cool?

Original author: 0x137, BlockBeats

随着 DeFi 2.0 的标志 OHM 价格大跌，曾经随处可见的（3,3）被迫变成了「(-3,-3)」的 meme，人们也开始站出来质疑 DeFi 2.0 的可持续性。仅 1 月 17 日一天，OHM 的价格就下跌超 30%，较最高点跌去了 90%，TVL 也遭受重创。OHM 究竟发生了什么？DeFi 2.0 真的凉了吗？

为什么会暴跌？

This time the main reason for the OHM slump is the selling of Orca. The address in the chart below sold 82,526 OHM shares worth $11 million at one time, so it had a considerable slipping-point effect. This caused panic among some Token holders, which put further selling pressure on OHM and led to the liquidation of a large amount of sOHM pledged in DeFi.

As one of the leading projects in DeFi 2.0, the collapse of OHM has also had a ripple effect on the entire DeFi 2.0 ecosystem, and many smaller projects have been greatly impacted. It can be said that it is indeed terrible to see.

DeFi 2.0 究竟是不是庞氏骗局?

在 OHM 暴跌后，推特和其他社群里看到最多的一句话就是：DeFi 2.0 庞氏终于垮了。自 OHM 和 DeFi 2.0 诞生以来，「庞氏骗局」这个话题就一直伴随其左右。OHM 本身建立在博弈论之上，试图找到一种让人们获得收益的同时又不产生抛售压力的方法，最终实现协议控制流动性。从这一点来说，DeFi 2.0 是成功的，OHM、Wonderland 等项目金库确实在较短的时间里积累了大量的资源。

但由于 Token 变基机制，早期投资者的确会占有更大的时间和成本优势，对协议的影响也更大。实际上这正是造成此次暴跌的原因之一：早期投资者通过变基积累了大量的 Token 收益，足以影响整个协议。

But here's the problem. In the rhythmAPY 70,000 percent, DeFi 2.0 dominated by OHM forksThe article notes that Token holders' trust in the agreement's "savings support" is key to the DeFi 2.0 project: the belief of Token holders that the agreement will use Treasury repo to stabilize the price in the event of price fluctuations is the only support for the Token's value. However, the actual situation was not so good. The so-called "savings support" did not happen, and some tokens even fell below the agreed "savings support" price, resulting in the liquidation of many users' assets.

This undoubtedly breaks the holder's trust in the agreement, creating a vicious circle. Bonding is the main source of income for agreements. In general, because the Bonding price is lower than the market price, people prefer to buy tokens directly from the Treasury. But in this crash, the tokens fell directly below the Bonding price, and people stopped buying them from the Treasury, which meant the agreement had no revenue stream, let alone buyback capability.

其实这次的暴跌在一些 DeFi 2.0 项目上早已有痕迹可寻。一些项目（例如 LifeDAO、IceDAO、SnowBear 等）为了快速积累金库，提供高达 200% 的 5 日 ROI，造成了极大的抛售压力，一旦 Token 价格低于 Bonding，协议就宣告死亡，整个过程甚至不超过一周。不得不说，它们与庞氏骗局的确没有什么区别。

虽说 OHM 团队有不少可圈可点之处，但很多 DeFi 2.0 分叉的现状就是如此，协议为了扩充金库盲目提高 APY，最终同时伤害了自己和支持者。这很难不让人质疑「协议控制流动性」机制的未来。

Wonderland 放弃 OHM 模型

我们都知道，Wonderland 的金库在不久之前超过了 OHM，成为了 DeFi 2.0 最大的受益者。但在近期，其创始人 Daniele 宣布，Wonderland 将放弃 OHM 的 DeFi 2.0 模型，逐渐转变成一个「SPAC」，并采用新的 ve(3,3) 机制。SPAC 代表「special purpose acquisition company」，是以合并或收购其他公司为唯一目的而成立的公司。就 Wonderland 而言，这意味着协议将使用国库中的资金，代表用户去投资或者收购公司。

那么为什么放弃 OHM 的模型？其实原因很简单——通过稀释 Token 来维持收益的经济模型难以长期持续。的确，它达到了协议筹款的目的，Wonderland 如今拥有比 OHM 还要庞大的国库。但需要考虑的是，当 300 多天的 APY Runway 结束后，又会发生什么？

So Wonderland decided to move to a more efficient and transparent model to reward long-term holders, known as ve(3,3). In the rhythmWhat on earth is the ve(3,3) AC is so desperate to advertise?一文中提到，这是 Yearn Finance 创始人 Andre Cronje 提出的 Token 经济学理念，它结合了 Curve 以及 OHM 的模型。

在这种经济模型下，Token 持有者和协议的利益是一致的：

1. Lock-up mechanism means lower selling pressure

2. Long-term holders will be better rewarded than speculators

3. Pledgers will be awarded airdrop and Farming awards and have the right to govern the agreement

而持有者所获得的激励则主要来自于以下两个方面：

1. Revenue from Farming for the Treasury, such as CRV, WETH, WAVAX, MIM, etc

2. Token airdrop issued by projects invested by the Treasury, such as various NFT game projects, etc

Interestingly, it also has to do with rhythmDeFi 3.0: Is The Day of Lying Down Finally Here?一文中所提及的经济模型不谋而合。

DeFi 2.0 真的凉了吗？

DeFi 2.0 当前的病症并非是合约或机制的问题。无论是中心化还是去中心化，归根结底它仍然是金融，是市场更高效配置资源并促进产业发展的手段。DeFi 2.0 更像是一座空中楼阁，单纯为用户提供钱上生钱的投机产品，并没有对产业的生产和发展作出进一步实质性的贡献。

相比之下，这也正是 NFT、GameFi 这些元宇宙概念更加被看好的重要原因：它们生产的是普通大众能理解且用得到的实际产品（譬如 Axie Infinity 在疫情期间为很多家庭提供了收入来源），这是产生网络效应和大规模普及的关键。

As the engine of the crypto world, DeFi needs to find broader, more practical application scenarios and solve the real problems facing the industry (such as how to make NFT more mobile and cost-effective) if it wants to break the ice in the future.

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