当信任被动摇,新的秩序正在重建
我印象最深的一次市场震荡发生在 2023 年 3 月。那时,一家传统银行出了问题,连带着号称“最稳”的 USDC 直接砸到 0.86 美元。
我亲眼看着整个市场瞬间失衡,大家一边恐慌,一边疯狂寻找避险的出口。那一刻我才真正意识到:我们赖以为生的“稳定币”和“杠杆”,其实依旧建在脆弱的信任之上。
也就是在那个时候,AladdinDAO 的团队决定跳出来。他们看清了一个事实:市面上的选择要么过度中心化,要么效率低,要么就是换了马甲的“资金盘”。于是,他们从混乱中推出来一个新的方向—— @protocol_fx f(x) 协议。
第一代产品做得很聪明:把单一资产拆成两部分,一边是稳定币,一边是杠杆代币。这个思路既简单又实用。短短 16 个月,总锁仓就干到了 7000 万美元,随后他们发布了 V2。
V2 的亮点很直接:
杠杆 → BTC 和 ETH 可以做到最高 7 倍,正常行情下几乎没有清算风险,而且融资成本几乎为零。
稳定币 → 推出了一套全链上的美元策略,走 Delta 中性,通过永续交易佣金和质押增强收益,做到可持续的现金流。
这套机制让我眼前一亮。因为在过去,我见过太多“高息陷阱”,短期能冲,但最后都不可持续。而 f(x) 这次的设计,既去中心化,又能规模化,更重要的是,它真的跑得下去。
接下来几周,我会逐步拆解 f(x) 的细节,包括它的稳定币逻辑、杠杆玩法,以及为什么我认为它可能是未来 DeFi 收益策略的标杆。
慢慢聊,也许你会在这个过程中找到自己想要的答案。
As trust is shaken, a new order is being rebuilt.
The market shock that has left the deepest impression on me occurred in March 2023. Back then, a traditional bank experienced problems, sending USDC, once known as the "most stable," plummeting to $0.86.
I watched the entire market instantly unbalanced, as everyone panicked and frantically sought safe havens. It was at that moment that I truly realized: the "stablecoins" and "leverage" we rely on are still built on a fragile foundation of trust.
It was then that the AladdinDAO team decided to step forward. They recognized that the existing options were either overly centralized, inefficient, or simply disguised "Ponzi schemes." So, out of this chaos, they forged a new direction: the @protocol_fx f(x) protocol.
The first generation of the product was a brilliant idea: it split a single asset into two parts: a stablecoin and a leveraged token. This approach was both simple and practical. In just 16 months, total locked-in assets reached $70 million, and they subsequently released V2.
V2's highlights are straightforward:
Leverage → BTC and ETH can be leveraged up to 7x, with virtually no liquidation risk under normal market conditions and near-zero financing costs.
Stablecoin → A fully on-chain USD strategy has been launched, achieving a delta-neutral strategy that leverages perpetual trading commissions and staking to enhance returns and achieve sustainable cash flow.
This mechanism is eye-opening. In the past, I've seen too many "high-interest rate traps" that offer short-term appeal but ultimately prove unsustainable. f(x)'s design is both decentralized and scalable, and more importantly, it's sustainable.
Over the next few weeks, I'll be breaking down the details of f(x), including its stablecoin logic, leverage, and why I believe it could be the benchmark for future DeFi yield strategies.
Let's discuss this in detail; perhaps you'll find the answers you seek along the way.