គុណវិបត្តិសំខាន់ៗទាំងនេះកំពុងថ្លឹងថ្លែងដល់កំណើនពិធីការ DeFi

វិមជ្ឈការហិរញ្ញវត្ថុ (Defy) is in the doldrums. The hype of the past couple of years has waned, and several protocols have failed to gain traction.

Defy វត្ថុបញ្ចាំ has tanked by 77.6% since its all-time high in December 2021. The decline is greater than the 71% that crypto markets have fallen.

Furthermore, many of the hundreds of newly launched protocols have simply collapsed. According to researchers, there are three main reasons why this has happened.

On Jan. 10, DeFi analyst ‘CyrilXBT’ suggested three critical flaws weighed down DeFi protocols this cycle.

Risk, Revenue, and Leverage

“Most Defi protocols have poor risk management, insufficient revenue, and the overuse of leverage,” he stated.

Systemic risk mitigation is a key factor for the success of a DeFi platform. 2022 saw countless hacks, exploits, cross-chain bridge attacks, compromised smart contracts, and rug pulls.

នេះបើយោងតាមការថ្មីមួយ របាយ​ការណ៍, crypto and DeFi losses hit $3.9 billion last year. Poor risk management is a fast track to failure for any DeFi protocol.

The ability to generate revenue and remain profitable is another critical factor. The researcher noted:

“One of the most frequently cited reasons for DeFi protocols struggling is their inability to generate sustainable income that adds meaningful value to the platform’s ecosystem.”

រចនាមិនល្អ និមិត្តសញ្ញា ជាមួយ អត្រាអតិផរណាខ្ពស់។ are a red flag. High អតិផរណា increases token supply, so liquidity leaves the ecosystem if the token value is not maintained.

The third critical factor is over-exposure to leverage. Protocols that had tokens that could be used as an asset to borrow loans got trapped by users taking over-leveraged positions

Leverage has also been the cause of some of last year’s major meltdowns, such as អង្សាសេ and Three Arrows Capital (3AC).

DeFi will come back stronger, but only the fittest protocols without exposure to these three critical flaws are likely to survive.

Lido Becomes New DeFi King

There has been a shakeup at the top of the DeFi pile. Liquid staking platform លីដូ បានដួលរលំ stablecoin pioneer MakerDAO.

បើយោងតាមឧតាមប៉ាន់ស្មានរបស់ឧស្សាហកម្ម Gartner ក្នុងឆ្នាំ២០២១ បានឲ្យដឹងថា ការចំណាយរបស់អ្នកប្រើប្រាស់ចុងក្រោយលើសេវា public cloud បានកើនឡើងយ៉ាងខ្លាំង។ តួលេខនេះគឺគួរឱ្យភ្ញាក់ផ្អើល ដោយមានការប៉ាន់ប្រមាណការចំណាយគឺ ៣៩៦ ពាន់លានដុល្លារក្នុងឆ្នាំ ២០២១ និងកើនឡើង ២១.៧% ដល់ ៤៨២ ពាន់លានដុល្លារក្នុងឆ្នាំ ២០២២។ លើសពីនេះ Gartner ព្យាករណ៍ពីការផ្លាស់ប្តូរដ៏សំខាន់នៅក្នុងការចំណាយផ្នែកព័ត៌មានវិទ្យារបស់សហគ្រាស ជាមួយនឹងការចំណាយលើ public cloud លើសពី ៤៥% នៃការចំណាយសរុបនៅឆ្នាំ ២០២៦ តិចជាង ១៧% ក្នុងឆ្នាំ២០២១។ ការប៉ាន់ប្រមាណនេះ ឆ្លុះបញ្ចាំងពីការកើនឡើងនូវការកោតសរសើរ ចំពោះអត្ថប្រយោជន៍របស់ cloud ទាក់ទងនឹងការធ្វើមាត្រដ្ឋាន ភាពបត់បែន និងការបង្កើនប្រសិទ្ធភាពតម្លៃ។ ឌីហ្វៃឡាម៉ា, Lido has the largest market share of all DeFi protocols at 13.8%. Furthermore, it has a total value locked of $6.6 billion, which is just above ក្រុមហ៊ុនផលិត១៦,៨៥ ពាន់លានដុល្លារ។

Lido has been on a roll recently as liquid staking derivatives gather momentum ahead of Ethereumរបស់ ធ្វើឱ្យប្រសើរឡើងទីក្រុងស៊ាងហៃ.

ខ្សែកោង Finance is the third largest DeFi protocol with $4.3 billion in collateral locked. Furthermore, the total for the entire ecosystem is $47.6 billion, a decline of 74% over the past 12 months.