{"id":52418,"date":"2025-02-19T15:22:15","date_gmt":"2025-02-19T15:22:15","guid":{"rendered":"https:\/\/fabricegrinda.com\/midas-liquid-yield-tokens-lyt-o-noua-era-a-strategiilor-tokenizate-de-randament\/"},"modified":"2025-03-04T18:55:26","modified_gmt":"2025-03-04T18:55:26","slug":"midas-liquid-yield-tokens-lyt-o-noua-era-a-strategiilor-tokenizate-de-randament","status":"publish","type":"post","link":"https:\/\/grinda.org\/ro\/midas-liquid-yield-tokens-lyt-o-noua-era-a-strategiilor-tokenizate-de-randament\/","title":{"rendered":"Midas Liquid Yield Tokens (LYT): O nou\u0103 er\u0103 a strategiilor tokenizate de randament"},"content":{"rendered":"\n<p>Monedele stabile sunt salutate drept piatra de temelie a ecosistemului criptografic, oferind stabilitate pe o pia\u021b\u0103 volatil\u0103 \u0219i promi\u021b\u00e2nd s\u0103 revizuiasc\u0103 modalit\u0103\u021bile de plat\u0103. Cu toate acestea, sub suprafa\u021b\u0103, oferta de stablecoin este determinat\u0103 \u00een mod fundamental de randamentul pe lan\u021b. <\/p>\n\n<p>\u00cen ultimele dou\u0103 cicluri de pia\u021b\u0103, oferta de stablecoin s-a extins \u0219i s-a contractat ca r\u0103spuns direct la randament. Atunci c\u00e2nd randamentele pe lan\u021b au dep\u0103\u0219it bonurile de trezorerie ale SUA (T-Bills), cererea de stablecoins a crescut vertiginos &#8211; mai ales dup\u0103 DeFi Summer, c\u00e2nd oferta total\u0103 a crescut vertiginos de la mai pu\u021bin de <strong> 10 miliarde de dolari<\/strong> la peste <strong> 150 de miliarde de dolari <\/strong>\u00een doar doi ani. \u00cen schimb, atunci c\u00e2nd randamentele pe lan\u021b au sc\u0103zut sub rata f\u0103r\u0103 risc a dolarului american, oferta de stablecoin s-a contractat la fel de rapid, dup\u0103 cum arat\u0103 sc\u0103derea \u00eenregistrat\u0103 \u00eentre T122 \u0219i T323. Cre\u0219terea recent\u0103 se explic\u0103 prin randamentele ridicate pe lan\u021b datorate pie\u021belor criptografice contango.   <\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1759\" height=\"990\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2025\/02\/image-1.png\" alt=\"\" class=\"wp-image-51629\" style=\"width:660px\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-1.png 1759w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-1-768x432.png 768w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-1-1536x864.png 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-1-1200x675.png 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-1-1320x743.png 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><figcaption class=\"wp-element-caption\">Sursa: DeLamaFiL DeFiLlama<\/figcaption><\/figure>\n<\/div>\n<p><strong>Problema: monedele stabile nu sunt stabile<\/strong><br\/>\u00cen c\u0103utarea randamentului, monedele stabile au evoluat \u00een <strong>strategii de fonduri speculative pe lan\u021b <\/strong>(&#8222;monede stabile purt\u0103toare de randament&#8221;), dup\u0103 cum o arat\u0103 cre\u0219terea Ethena \u0219i a altora. \u00cen aceast\u0103 structur\u0103, randamentul este distribuit prin intermediul a dou\u0103 token-uri &#8211; o stablecoin conven\u021bional\u0103, care poate fi mizat\u0103 \u00eentr-un al doilea token pentru a ob\u021bine venitul garan\u021biei subiacente. Aceast\u0103 structur\u0103 a ap\u0103rut deoarece emiterea unei monede &#8222;stabile&#8221; evit\u0103 clasificarea ca valoare mobiliar\u0103 sau program de investi\u021bii colective, care ar necesita aprobarea autorit\u0103\u021bilor de reglementare.  <\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"4546\" height=\"1708\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2025\/02\/image-2.png\" alt=\"\" class=\"wp-image-51656\" style=\"width:660px\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-2.png 4546w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-2-768x289.png 768w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-2-1536x577.png 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-2-2048x769.png 2048w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-2-1200x451.png 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-2-1320x496.png 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure>\n<\/div>\n<p>Prin \u00eencadrarea acestor produse drept &#8222;cvasi-stabile&#8221;, emiten\u021bii se feresc de lacunele de reglementare &#8211; \u00eens\u0103 acest lucru are drept consecin\u021b\u0103 introducerea unor riscuri sistemice, inclusiv:<\/p>\n\n<ul class=\"wp-block-list\">\n<li><strong>Evenimente de dezangajare<\/strong> &#8211; \u00cen cazul \u00een care portofoliul \u00eenregistreaz\u0103 performan\u021be slabe, lichidit\u0103\u021bile for\u021beaz\u0103 emiten\u021bii s\u0103 fac\u0103 v\u00e2nz\u0103ri de urgen\u021b\u0103, destabiliz\u00e2nd \u00eentregul ecosistem.<\/li>\n\n\n\n<li><strong>Stimulente nepotrivite<\/strong> &#8211; Emiten\u021bii urm\u0103resc randamente mai mari pentru a atrage TVL, \u00eemping\u00e2nd adesea portofoliile c\u0103tre active mai riscante.<\/li>\n\n\n\n<li><strong>Incertitudinea reglement\u0103rilor<\/strong> &#8211; \u00cenf\u0103\u0219urarea strategiilor fondurilor speculative \u00een &#8222;cvasi-stablecoins&#8221; creeaz\u0103 riscuri de conformitate, l\u0103s\u00e2nd investitorii f\u0103r\u0103 preten\u021bii definite din punct de vedere juridic asupra activelor suport.<\/li>\n<\/ul>\n\n<p>Dup\u0103 cum men\u021bioneaz\u0103 Steakhouse Financial \u00een manualul s\u0103u Stablecoin:<\/p>\n\n<p><em>&#8222;Monedele stabile sunt supuse unor constr\u00e2ngeri de lichiditate \u0219i solvabilitate. Pentru a func\u021biona, o stablecoin trebuie s\u0103 \u00eendeplineasc\u0103 ambele constr\u00e2ngeri stricte.&#8221;<\/em><\/p>\n\n<p>Cu toate acestea, monedele stabile purt\u0103toare de randament accentueaz\u0103 \u00een mod inerent aceste constr\u00e2ngeri. Concuren\u021ba pentru atragerea TVL conduce la dou\u0103 consecin\u021be sistemice: <\/p>\n\n<ol class=\"wp-block-list\">\n<li>aglomerarea \u00een acelea\u0219i oportunit\u0103\u021bi de randament, reduc\u00e2nd randamentele<\/li>\n\n\n\n<li>Cre\u0219terea fragilit\u0103\u021bii sistemice, sporirea riscurilor de dereglementare<\/li>\n<\/ol>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-default\"\/>\n\n<p><strong>Consecin\u021bele: Randamente mai mici \u0219i risc sistemic sporit<\/strong><\/p>\n\n<p>Prin stabilirea unui <strong> pasiv de 1 $<\/strong>, <strong>universul investibil<\/strong> al monedelor stable cu randament este tehnic limitat la garan\u021biile cu <strong>durat\u0103 zero<\/strong>. Acest lucru canalizeaz\u0103 activele tuturor emiten\u021bilor \u00een acelea\u0219i tranzac\u021bii, ceea ce duce la sc\u0103derea randamentului. Din punct de vedere istoric, tranzac\u021biile aglomerate, cum ar fi tranzac\u021biile de baz\u0103 pe pie\u021bele de m\u0103rfuri, au avut \u00een mod constant performan\u021be inferioare. Efectele aglomera\u021biei de pe pia\u021b\u0103 au fost studiate pe larg \u00een mediul academic pentru a determina randamente mai mici la un risc mai mare. De exemplu, tranzac\u021biile de baz\u0103 pe pia\u021ba materiilor prime au dus \u00een mod constant la randamente mai mici pe o perioad\u0103 de 24 de ani.    <\/p>\n<div class=\"wp-block-image is-style-default\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"740\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2025\/02\/image-3.png\" alt=\"\" class=\"wp-image-51682\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-3.png 930w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-3-768x611.png 768w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><figcaption class=\"wp-element-caption\">Surs\u0103: Crowding and Factor Returns de Wenjin Kang, K. Geert Rouwenhorst \u0219i Ke Tang<\/figcaption><\/figure>\n<\/div>\n<p>C\u0103utarea neobosit\u0103 a randamentului \u00eempinge emiten\u021bii de stablecoin \u0219i mai sus pe curba de risc. \u00cen acest fel, ei introduc fragilitatea sistemic\u0103, \u00een care o singur\u0103 verig\u0103 slab\u0103 \u00een grupul de garan\u021bii poate provoca un e\u0219ec \u00een cascad\u0103. <\/p>\n\n<p>\u00cen plus, emiten\u021bii de stablecoin se bazeaz\u0103 pe efectul de levier \u0219i pe rehypothecation pentru a stimula adoptarea. Acest lucru creeaz\u0103 un sistem \u00een care stresul \u00eentr-o parte a structurii colaterale poate declan\u0219a e\u0219ecuri \u00een cascad\u0103. <strong>Reducerea<\/strong> <strong>stETH din 2022<\/strong>, <strong>pr\u0103bu\u0219irea UST<\/strong> \u0219i <strong>recentele de-peguri ale USD0++ \u0219i USDz<\/strong> reflect\u0103 aceast\u0103 vulnerabilitate.  <\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-default\"\/>\n\n<p><strong>Solu\u021bia: Token-uri cu randament lichid (LYT)<\/strong><\/p>\n\n<p>La <strong>Midas<\/strong>, am construit o abordare fundamental nou\u0103 a randamentului tokenizat &#8211; <strong>Liquid Yield Tokens (LYT)<\/strong>.<\/p>\n\n<p>\u00cen loc s\u0103 for\u021beze randamentul \u00een ambalaje fragile de stablecoin, LYT introduce un cadru dedicat strategiilor de investi\u021bii pe lan\u021b:<\/p>\n\n<ul class=\"wp-block-list\">\n<li><strong>Valoare de referin\u021b\u0103 flotant\u0103<\/strong> &#8211; Spre deosebire de monedele stabile, LYT nu au o ancor\u0103 fix\u0103 de 1 dolar. Valoarea lor fluctueaz\u0103 \u00een func\u021bie de performan\u021b\u0103, elimin\u00e2nd riscurile de de-peg. <\/li>\n\n\n\n<li>Univers de investi\u021bii extins &#8211; Eliminarea constr\u00e2ngerii de 1 $ privind pasivul deblocheaz\u0103 accesul la o gam\u0103 mai larg\u0103 de active purt\u0103toare de randament, optimiz\u00e2nd randamentele ajustate la risc.<\/li>\n\n\n\n<li><strong>Management profesional al riscului<\/strong> &#8211; Fiecare LYT este gestionat activ de curatori de risc de nivel institu\u021bional, ajust\u00e2ndu-se dinamic la condi\u021biile pie\u021bei.<\/li>\n\n\n\n<li><strong>Lichiditate partajat\u0103 \u0219i r\u0103scump\u0103r\u0103ri atomice<\/strong> &#8211; LYT-urile \u00eempart un fond comun de lichidit\u0103\u021bi, elimin\u00e2nd nevoia de LP-uri fragmentate \u0219i permi\u021b\u00e2nd integrarea DeFi f\u0103r\u0103 probleme.<\/li>\n\n\n\n<li><strong>Recompense pentru cultivarea la scar\u0103 larg\u0103<\/strong> &#8211; de\u021bin\u0103torii LYT beneficiaz\u0103 de stimulente suplimentare \u00een protocoale precum Plume, Etherlink \u0219i TAC.<\/li>\n<\/ul>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-default\"\/>\n\n<p><strong>Cum func\u021bioneaz\u0103 token-urile Liquid Yield (LYT)<\/strong><\/p>\n\n<p><strong>Liquid Yield Tokens (LYT)<\/strong> sunt emise prin intermediul infrastructurii deschise \u0219i compuse a Midas. Aceast\u0103 abordare separ\u0103 rolurile de emitent \u0219i de manager de risc, permi\u021b\u00e2nd utilizatorilor s\u0103 beneficieze de o gestionare personalizat\u0103 a riscurilor. <\/p>\n\n<p>Garan\u021biile fiec\u0103rui token sunt gestionate de <strong>manageri de risc dedica\u021bi<\/strong>, care opereaz\u0103 \u00een baza unor mandate specifice \u0219i sunt raportate transparent pe lan\u021b. Managerul de risc aloc\u0103 \u00een mod dinamic garan\u021biile pentru cele mai bune oportunit\u0103\u021bi, adapt\u00e2ndu-se la condi\u021biile de pia\u021b\u0103 \u00een schimbare pentru a capta alfa \u00een timp ce gestioneaz\u0103 riscurile. <\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1928\" height=\"1097\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2025\/02\/image-4.png\" alt=\"\" class=\"wp-image-51707\" style=\"width:660px\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-4.png 1928w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-4-768x437.png 768w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-4-1536x874.png 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-4-1200x683.png 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-4-1320x751.png 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure>\n<\/div>\n<p>Titlurile LYT sunt emise prin intermediul <strong>infrastructurii deschise \u0219i compuse a Midas<\/strong>. Spre deosebire de monedele stabile, jetoanele LYT separ\u0103 \u00een mod clar rolurile emiten\u021bilor \u0219i ale managerilor de risc. Fiecare LYT este gestionat de curatori de risc dedica\u021bi, care aloc\u0103 \u00een mod dinamic garan\u021bii pentru cele mai bune strategii de risc-recompens\u0103.  <\/p>\n\n<p>Fiecare LYT este emis ca un <strong>jeton ERC-20 f\u0103r\u0103 permisiune<\/strong>, ceea ce \u00eel face complet compatibil cu ecosistemul DeFi mai larg.<\/p>\n\n<p>\u00cen toate LYT-urile, <strong>Midas a implementat bazine de lichidit\u0103\u021bi comune pentru r\u0103scump\u0103r\u0103ri instantanee<\/strong>. \u00cen loc s\u0103 necesite stimulente pentru extragerea de lichidit\u0103\u021bi, LYT-urile sunt concepute pentru o scalare eficient\u0103 a capitalului \u0219i o integrare profund\u0103 DeFi. Protocoale precum <strong>Morpho<\/strong>, <strong>Euler<\/strong> \u0219i <strong>Anja<\/strong> suport\u0103 deja LYT-urile.  <\/p>\n\n<hr class=\"wp-block-separator aligncenter has-alpha-channel-opacity is-style-default\"\/>\n\n<p><strong>Prezentarea a trei noi LYT<\/strong><\/p>\n\n<p>Ast\u0103zi, lans\u0103m <strong>mRE7YIELD<\/strong>, <strong>mEDGE<\/strong> \u0219i <strong>mMEV<\/strong>, fiecare dintre acestea fiind evaluat \u00een func\u021bie de risc de c\u0103tre firme de top.<\/p>\n\n<p class=\"has-text-align-left\"><strong>mRE7YIELD &#8211; Gestionat de RE7 Capital<\/strong><\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"2173\" height=\"1221\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2025\/02\/image-5.png\" alt=\"\" class=\"wp-image-51732\" style=\"width:660px\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-5.png 2173w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-5-768x432.png 768w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-5-1536x863.png 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-5-2048x1151.png 2048w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-5-1200x674.png 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-5-1320x742.png 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure>\n<\/div>\n<p>RE7 Capital este o firm\u0103 de investi\u021bii \u00een active digitale bazat\u0103 pe cercetare, axat\u0103 pe strategiile DeFi yield \u0219i liquid alpha. Cu o abordare dovedit\u0103 de grad institu\u021bional, mRE7YIELD ofer\u0103 o expunere gestionat\u0103 activ la produsele cu randament structurat. <\/p>\n\n<ul class=\"wp-block-list\">\n<li><strong>APY curent: 20,83%<\/strong><\/li>\n\n\n\n<li><strong>Strategii de randament structurat cu grad institu\u021bional<\/strong><\/li>\n\n\n\n<li><strong>Gestionate activ pentru a capta ineficien\u021bele pie\u021bei<\/strong><\/li>\n<\/ul>\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-5e6b19ed wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-75 has-custom-font-size is-style-fill has-medium-font-size\"><a class=\"wp-block-button__link has-white-color has-bright-blue-background-color has-text-color has-background has-link-color has-text-align-center wp-element-button\" href=\"https:\/\/lajewo.clicks.mlsend2.com\/td\/c\/eyJ2Ijoie1wiYVwiOjEyMDI0MzYsXCJsXCI6MTQ2MjQyNDY3MjQwMzQ3MTA1LFwiclwiOjE0NjI0MjQ4MDc1NDM5NDI2N30iLCJzIjoiNjdhMGJmMjEyZDk4NGU3NCJ9\" target=\"_blank\" rel=\"noreferrer noopener\">INVEST IN mRE7YIELD<\/a><\/div>\n<\/div>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-default\"\/>\n\n<p class=\"has-text-align-left\"><strong>mEDGE &#8211; Gestionarea riscurilor de c\u0103tre Edge Capital<\/strong><\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"2162\" height=\"1216\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2025\/02\/image-7.png\" alt=\"\" class=\"wp-image-51786\" style=\"width:660px\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-7.png 2162w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-7-768x432.png 768w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-7-1536x864.png 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-7-2048x1152.png 2048w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-7-1200x675.png 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-7-1320x742.png 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure>\n<\/div>\n<p>Edge Capital este un fond de hedging de active digitale de top \u0219i un furnizor de lichidit\u0103\u021bi DeFi, care gestioneaz\u0103 capital pentru investitori institu\u021bionali \u0219i funda\u021bii cripto. Strategiile lor neutre din punct de vedere al pie\u021bei sunt concepute pentru a genera randamente consistente, ajustate la riscuri ridicate. <\/p>\n\n<ul class=\"wp-block-list\">\n<li><strong>APY curent: 20,12%<\/strong><\/li>\n\n\n\n<li><strong>AUM DE PESTE $230M<\/strong><\/li>\n\n\n\n<li><strong>Bilan\u021b auditat de patru ani cu un raport Sharpe de 3,5<\/strong><\/li>\n<\/ul>\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-75 has-custom-font-size has-medium-font-size\"><a class=\"wp-block-button__link has-white-color has-bright-blue-background-color has-text-color has-background has-link-color wp-element-button\" href=\"https:\/\/lajewo.clicks.mlsend2.com\/td\/c\/eyJ2Ijoie1wiYVwiOjEyMDI0MzYsXCJsXCI6MTQ2MjQyNDY3MjQ2NjM4NTYyLFwiclwiOjE0NjI0MjQ4MDc1NDM5NDI2N30iLCJzIjoiZDMzZDMwMTFjNjQ1OTY1OCJ9\" target=\"_blank\" rel=\"noreferrer noopener\">Investi\u021bi \u00een mEDGE<\/a><\/div>\n<\/div>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<p class=\"has-text-align-left\"><strong>mMEV &#8211; Gestionarea riscului de c\u0103tre MEV Capital<\/strong><\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"2201\" height=\"1238\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2025\/02\/image-9.png\" alt=\"\" class=\"wp-image-51837\" style=\"width:660px\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-9.png 2201w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-9-768x432.png 768w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-9-1536x864.png 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-9-2048x1152.png 2048w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-9-1200x675.png 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2025\/02\/image-9-1320x742.png 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure>\n<\/div>\n<p>MEV Capital este o firm\u0103 de investi\u021bii specializat\u0103 \u00een strategii de extragere a randamentului de tip DeFi-native, gestionate prin risc. Cu expertiz\u0103 \u00een furnizarea de lichidit\u0103\u021bi \u0219i produse de randament structurate, aceasta ofer\u0103 acces la oportunit\u0103\u021bi de randament ridicat pe pie\u021be descentralizate. <\/p>\n\n<ul class=\"wp-block-list\">\n<li><strong>APY curent: 17,53%<\/strong><\/li>\n\n\n\n<li><strong>AUM $350M+<\/strong><\/li>\n\n\n\n<li><strong>10+ seifuri publice curatate \u00een mai multe lan\u021buri<\/strong><\/li>\n<\/ul>\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-75 has-custom-font-size has-medium-font-size\"><a class=\"wp-block-button__link has-white-color has-bright-blue-background-color has-text-color has-background has-link-color has-text-align-center wp-element-button\" href=\"https:\/\/lajewo.clicks.mlsend2.com\/td\/c\/eyJ2Ijoie1wiYVwiOjEyMDI0MzYsXCJsXCI6MTQ2MjQyNDY3MjUwODMyODY3LFwiclwiOjE0NjI0MjQ4MDc1NDM5NDI2N30iLCJzIjoiNzg3NzhhODMwOTA2Y2NlYSJ9\" target=\"_blank\" rel=\"noreferrer noopener\">Investi\u021bi \u00een mMEV<\/a><\/div>\n<\/div>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<p>De asemenea, pute\u021bi g\u0103si o prezentare concis\u0103 a modului \u00een care func\u021bioneaz\u0103 Liquid Yield Tokens (LYT) \u00een <a href=\"https:\/\/lajewo.clicks.mlsend2.com\/tj\/c\/eyJ2Ijoie1wiYVwiOjEyMDI0MzYsXCJsXCI6MTQ2MjQyNDY3MjYwMjcwMDUzLFwiclwiOjE0NjI0MjQ4MDc1NDM5NDI2N30iLCJzIjoiZjdiOTEzNDY3NmFjNWE1MiJ9\" data-type=\"link\" data-id=\"https:\/\/lajewo.clicks.mlsend2.com\/tj\/c\/eyJ2Ijoie1wiYVwiOjEyMDI0MzYsXCJsXCI6MTQ2MjQyNDY3MjYwMjcwMDUzLFwiclwiOjE0NjI0MjQ4MDc1NDM5NDI2N30iLCJzIjoiZjdiOTEzNDY3NmFjNWE1MiJ9\" target=\"_blank\" rel=\"noreferrer noopener\">firul nostru de Twitter<\/a> \u0219i \u00een <a href=\"https:\/\/lajewo.clicks.mlsend2.com\/tj\/c\/eyJ2Ijoie1wiYVwiOjEyMDI0MzYsXCJsXCI6MTQ2MjQyNDY3MjY1NTEyOTM2LFwiclwiOjE0NjI0MjQ4MDc1NDM5NDI2N30iLCJzIjoiMTkxNTE3MGYxZGJiYmFiMiJ9\" data-type=\"link\" data-id=\"https:\/\/lajewo.clicks.mlsend2.com\/tj\/c\/eyJ2Ijoie1wiYVwiOjEyMDI0MzYsXCJsXCI6MTQ2MjQyNDY3MjY1NTEyOTM2LFwiclwiOjE0NjI0MjQ4MDc1NDM5NDI2N30iLCJzIjoiMTkxNTE3MGYxZGJiYmFiMiJ9\" target=\"_blank\" rel=\"noreferrer noopener\">postarea de pe LinkedIn<\/a>.<\/p>\n\n<p>Pentru acoperire media, consulta\u021bi comunicatele de pres\u0103 de pe <a href=\"https:\/\/lajewo.clicks.mlsend2.com\/tj\/c\/eyJ2Ijoie1wiYVwiOjEyMDI0MzYsXCJsXCI6MTQ2MjQyNDY3MjY5NzA3MjQxLFwiclwiOjE0NjI0MjQ4MDc1NDM5NDI2N30iLCJzIjoiNzFkYjU0NmEyMDQzNTc1ZCJ9\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/lajewo.clicks.mlsend2.com\/tj\/c\/eyJ2Ijoie1wiYVwiOjEyMDI0MzYsXCJsXCI6MTQ2MjQyNDY3MjY5NzA3MjQxLFwiclwiOjE0NjI0MjQ4MDc1NDM5NDI2N30iLCJzIjoiNzFkYjU0NmEyMDQzNTc1ZCJ9\" rel=\"noreferrer noopener\">The Block<\/a> \u0219i <a href=\"https:\/\/lajewo.clicks.mlsend2.com\/tj\/c\/eyJ2Ijoie1wiYVwiOjEyMDI0MzYsXCJsXCI6MTQ2MjQyNDY3MjczOTAxNTQ2LFwiclwiOjE0NjI0MjQ4MDc1NDM5NDI2N30iLCJzIjoiZGQ4ZTI3NGM2YzljMTE5OSJ9\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/lajewo.clicks.mlsend2.com\/tj\/c\/eyJ2Ijoie1wiYVwiOjEyMDI0MzYsXCJsXCI6MTQ2MjQyNDY3MjczOTAxNTQ2LFwiclwiOjE0NjI0MjQ4MDc1NDM5NDI2N30iLCJzIjoiZGQ4ZTI3NGM2YzljMTE5OSJ9\" rel=\"noreferrer noopener\">Coindesk<\/a>.<\/p>\n\n<p>A\u0219tept\u0103m cu pl\u0103cere orice \u00eentreb\u0103ri sau comentarii pe care le pute\u021bi avea.<\/p>\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Monedele stabile sunt salutate drept piatra de temelie a ecosistemului criptografic, oferind stabilitate pe o pia\u021b\u0103 volatil\u0103 \u0219i promi\u021b\u00e2nd s\u0103 revizuiasc\u0103 modalit\u0103\u021bile de plat\u0103. Cu toate acestea, sub suprafa\u021b\u0103, oferta &hellip; <a href=\"https:\/\/www.fabricegrinda.com\/ro\/midas-liquid-yield-tokens-lyt-o-noua-era-a-strategiilor-tokenizate-de-randament\/\" class=\"more-link\">Continu\u0103 lectura<span class=\"screen-reader-text\"> \u201eMidas Liquid Yield Tokens (LYT): O nou\u0103 er\u0103 a strategiilor tokenizate de randament\u201d<\/span><\/a><\/p>\n","protected":false},"author":9,"featured_media":51622,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[221],"tags":[],"class_list":["post-52418","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-web3-ro"],"acf":[],"contentUpdated":"Midas Liquid Yield Tokens (LYT): O nou\u0103 er\u0103 a strategiilor tokenizate de randament. Categories - Crypto\/Web3. Date-Posted - 2025-02-19T15:22:15 . \n Monedele stabile sunt salutate drept piatra de temelie a ecosistemului criptografic, oferind stabilitate pe o pia\u021b\u0103 volatil\u0103 \u0219i promi\u021b\u00e2nd s\u0103 revizuiasc\u0103 modalit\u0103\u021bile de plat\u0103. Cu toate acestea, sub suprafa\u021b\u0103, oferta de stablecoin este determinat\u0103 \u00een mod fundamental de randamentul pe lan\u021b. \n \u00cen ultimele dou\u0103 cicluri de pia\u021b\u0103, oferta de stablecoin s-a extins \u0219i s-a contractat ca r\u0103spuns direct la randament. Atunci c\u00e2nd randamentele pe lan\u021b au dep\u0103\u0219it bonurile de trezorerie ale SUA (T-Bills), cererea de stablecoins a crescut vertiginos &#8211; mai ales dup\u0103 DeFi Summer, c\u00e2nd oferta total\u0103 a crescut vertiginos de la mai pu\u021bin de  10 miliarde de dolari la peste  150 de miliarde de dolari \u00een doar doi ani. \u00cen schimb, atunci c\u00e2nd randamentele pe lan\u021b au sc\u0103zut sub rata f\u0103r\u0103 risc a dolarului american, oferta de stablecoin s-a contractat la fel de rapid, dup\u0103 cum arat\u0103 sc\u0103derea \u00eenregistrat\u0103 \u00eentre T122 \u0219i T323. Cre\u0219terea recent\u0103 se explic\u0103 prin randamentele ridicate pe lan\u021b datorate pie\u021belor criptografice contango.   \n Sursa: DeLamaFiL DeFiLlama\n Problema: monedele stabile nu sunt stabile\u00cen c\u0103utarea randamentului, monedele stabile au evoluat \u00een strategii de fonduri speculative pe lan\u021b (&#8222;monede stabile purt\u0103toare de randament&#8221;), dup\u0103 cum o arat\u0103 cre\u0219terea Ethena \u0219i a altora. \u00cen aceast\u0103 structur\u0103, randamentul este distribuit prin intermediul a dou\u0103 token-uri &#8211; o stablecoin conven\u021bional\u0103, care poate fi mizat\u0103 \u00eentr-un al doilea token pentru a ob\u021bine venitul garan\u021biei subiacente. Aceast\u0103 structur\u0103 a ap\u0103rut deoarece emiterea unei monede &#8222;stabile&#8221; evit\u0103 clasificarea ca valoare mobiliar\u0103 sau program de investi\u021bii colective, care ar necesita aprobarea autorit\u0103\u021bilor de reglementare.  \n Prin \u00eencadrarea acestor produse drept &#8222;cvasi-stabile&#8221;, emiten\u021bii se feresc de lacunele de reglementare &#8211; \u00eens\u0103 acest lucru are drept consecin\u021b\u0103 introducerea unor riscuri sistemice, inclusiv:\n Evenimente de dezangajare &#8211; \u00cen cazul \u00een care portofoliul \u00eenregistreaz\u0103 performan\u021be slabe, lichidit\u0103\u021bile for\u021beaz\u0103 emiten\u021bii s\u0103 fac\u0103 v\u00e2nz\u0103ri de urgen\u021b\u0103, destabiliz\u00e2nd \u00eentregul ecosistem.\n Stimulente nepotrivite &#8211; Emiten\u021bii urm\u0103resc randamente mai mari pentru a atrage TVL, \u00eemping\u00e2nd adesea portofoliile c\u0103tre active mai riscante.\n Incertitudinea reglement\u0103rilor &#8211; \u00cenf\u0103\u0219urarea strategiilor fondurilor speculative \u00een &#8222;cvasi-stablecoins&#8221; creeaz\u0103 riscuri de conformitate, l\u0103s\u00e2nd investitorii f\u0103r\u0103 preten\u021bii definite din punct de vedere juridic asupra activelor suport.\n Dup\u0103 cum men\u021bioneaz\u0103 Steakhouse Financial \u00een manualul s\u0103u Stablecoin:\n &#8222;Monedele stabile sunt supuse unor constr\u00e2ngeri de lichiditate \u0219i solvabilitate. Pentru a func\u021biona, o stablecoin trebuie s\u0103 \u00eendeplineasc\u0103 ambele constr\u00e2ngeri stricte.&#8221;\n Cu toate acestea, monedele stabile purt\u0103toare de randament accentueaz\u0103 \u00een mod inerent aceste constr\u00e2ngeri. Concuren\u021ba pentru atragerea TVL conduce la dou\u0103 consecin\u021be sistemice: \n aglomerarea \u00een acelea\u0219i oportunit\u0103\u021bi de randament, reduc\u00e2nd randamentele\n Cre\u0219terea fragilit\u0103\u021bii sistemice, sporirea riscurilor de dereglementare\n Consecin\u021bele: Randamente mai mici \u0219i risc sistemic sporit\n Prin stabilirea unui  pasiv de 1 $, universul investibil al monedelor stable cu randament este tehnic limitat la garan\u021biile cu durat\u0103 zero. Acest lucru canalizeaz\u0103 activele tuturor emiten\u021bilor \u00een acelea\u0219i tranzac\u021bii, ceea ce duce la sc\u0103derea randamentului. Din punct de vedere istoric, tranzac\u021biile aglomerate, cum ar fi tranzac\u021biile de baz\u0103 pe pie\u021bele de m\u0103rfuri, au avut \u00een mod constant performan\u021be inferioare. Efectele aglomera\u021biei de pe pia\u021b\u0103 au fost studiate pe larg \u00een mediul academic pentru a determina randamente mai mici la un risc mai mare. De exemplu, tranzac\u021biile de baz\u0103 pe pia\u021ba materiilor prime au dus \u00een mod constant la randamente mai mici pe o perioad\u0103 de 24 de ani.    \n Surs\u0103: Crowding and Factor Returns de Wenjin Kang, K. Geert Rouwenhorst \u0219i Ke Tang\n C\u0103utarea neobosit\u0103 a randamentului \u00eempinge emiten\u021bii de stablecoin \u0219i mai sus pe curba de risc. \u00cen acest fel, ei introduc fragilitatea sistemic\u0103, \u00een care o singur\u0103 verig\u0103 slab\u0103 \u00een grupul de garan\u021bii poate provoca un e\u0219ec \u00een cascad\u0103. \n \u00cen plus, emiten\u021bii de stablecoin se bazeaz\u0103 pe efectul de levier \u0219i pe rehypothecation pentru a stimula adoptarea. Acest lucru creeaz\u0103 un sistem \u00een care stresul \u00eentr-o parte a structurii colaterale poate declan\u0219a e\u0219ecuri \u00een cascad\u0103. Reducerea stETH din 2022, pr\u0103bu\u0219irea UST \u0219i recentele de-peguri ale USD0++ \u0219i USDz reflect\u0103 aceast\u0103 vulnerabilitate.  \n Solu\u021bia: Token-uri cu randament lichid (LYT)\n La Midas, am construit o abordare fundamental nou\u0103 a randamentului tokenizat &#8211; Liquid Yield Tokens (LYT).\n \u00cen loc s\u0103 for\u021beze randamentul \u00een ambalaje fragile de stablecoin, LYT introduce un cadru dedicat strategiilor de investi\u021bii pe lan\u021b:\n Valoare de referin\u021b\u0103 flotant\u0103 &#8211; Spre deosebire de monedele stabile, LYT nu au o ancor\u0103 fix\u0103 de 1 dolar. Valoarea lor fluctueaz\u0103 \u00een func\u021bie de performan\u021b\u0103, elimin\u00e2nd riscurile de de-peg. \n Univers de investi\u021bii extins &#8211; Eliminarea constr\u00e2ngerii de 1 $ privind pasivul deblocheaz\u0103 accesul la o gam\u0103 mai larg\u0103 de active purt\u0103toare de randament, optimiz\u00e2nd randamentele ajustate la risc.\n Management profesional al riscului &#8211; Fiecare LYT este gestionat activ de curatori de risc de nivel institu\u021bional, ajust\u00e2ndu-se dinamic la condi\u021biile pie\u021bei.\n Lichiditate partajat\u0103 \u0219i r\u0103scump\u0103r\u0103ri atomice &#8211; LYT-urile \u00eempart un fond comun de lichidit\u0103\u021bi, elimin\u00e2nd nevoia de LP-uri fragmentate \u0219i permi\u021b\u00e2nd integrarea DeFi f\u0103r\u0103 probleme.\n Recompense pentru cultivarea la scar\u0103 larg\u0103 &#8211; de\u021bin\u0103torii LYT beneficiaz\u0103 de stimulente suplimentare \u00een protocoale precum Plume, Etherlink \u0219i TAC.\n Cum func\u021bioneaz\u0103 token-urile Liquid Yield (LYT)\n Liquid Yield Tokens (LYT) sunt emise prin intermediul infrastructurii deschise \u0219i compuse a Midas. Aceast\u0103 abordare separ\u0103 rolurile de emitent \u0219i de manager de risc, permi\u021b\u00e2nd utilizatorilor s\u0103 beneficieze de o gestionare personalizat\u0103 a riscurilor. \n Garan\u021biile fiec\u0103rui token sunt gestionate de manageri de risc dedica\u021bi, care opereaz\u0103 \u00een baza unor mandate specifice \u0219i sunt raportate transparent pe lan\u021b. Managerul de risc aloc\u0103 \u00een mod dinamic garan\u021biile pentru cele mai bune oportunit\u0103\u021bi, adapt\u00e2ndu-se la condi\u021biile de pia\u021b\u0103 \u00een schimbare pentru a capta alfa \u00een timp ce gestioneaz\u0103 riscurile. \n Titlurile LYT sunt emise prin intermediul infrastructurii deschise \u0219i compuse a Midas. Spre deosebire de monedele stabile, jetoanele LYT separ\u0103 \u00een mod clar rolurile emiten\u021bilor \u0219i ale managerilor de risc. Fiecare LYT este gestionat de curatori de risc dedica\u021bi, care aloc\u0103 \u00een mod dinamic garan\u021bii pentru cele mai bune strategii de risc-recompens\u0103.  \n Fiecare LYT este emis ca un jeton ERC-20 f\u0103r\u0103 permisiune, ceea ce \u00eel face complet compatibil cu ecosistemul DeFi mai larg.\n \u00cen toate LYT-urile, Midas a implementat bazine de lichidit\u0103\u021bi comune pentru r\u0103scump\u0103r\u0103ri instantanee. \u00cen loc s\u0103 necesite stimulente pentru extragerea de lichidit\u0103\u021bi, LYT-urile sunt concepute pentru o scalare eficient\u0103 a capitalului \u0219i o integrare profund\u0103 DeFi. Protocoale precum Morpho, Euler \u0219i Anja suport\u0103 deja LYT-urile.  \n Prezentarea a trei noi LYT\n Ast\u0103zi, lans\u0103m mRE7YIELD, mEDGE \u0219i mMEV, fiecare dintre acestea fiind evaluat \u00een func\u021bie de risc de c\u0103tre firme de top.\n mRE7YIELD &#8211; Gestionat de RE7 Capital\n RE7 Capital este o firm\u0103 de investi\u021bii \u00een active digitale bazat\u0103 pe cercetare, axat\u0103 pe strategiile DeFi yield \u0219i liquid alpha. Cu o abordare dovedit\u0103 de grad institu\u021bional, mRE7YIELD ofer\u0103 o expunere gestionat\u0103 activ la produsele cu randament structurat. \n APY curent: 20,83%\n Strategii de randament structurat cu grad institu\u021bional\n Gestionate activ pentru a capta ineficien\u021bele pie\u021bei\n INVEST IN mRE7YIELD\n mEDGE &#8211; Gestionarea riscurilor de c\u0103tre Edge Capital\n Edge Capital este un fond de hedging de active digitale de top \u0219i un furnizor de lichidit\u0103\u021bi DeFi, care gestioneaz\u0103 capital pentru investitori institu\u021bionali \u0219i funda\u021bii cripto. Strategiile lor neutre din punct de vedere al pie\u021bei sunt concepute pentru a genera randamente consistente, ajustate la riscuri ridicate. \n APY curent: 20,12%\n AUM DE PESTE $230M\n Bilan\u021b auditat de patru ani cu un raport Sharpe de 3,5\n Investi\u021bi \u00een mEDGE\n mMEV &#8211; Gestionarea riscului de c\u0103tre MEV Capital\n MEV Capital este o firm\u0103 de investi\u021bii specializat\u0103 \u00een strategii de extragere a randamentului de tip DeFi-native, gestionate prin risc. Cu expertiz\u0103 \u00een furnizarea de lichidit\u0103\u021bi \u0219i produse de randament structurate, aceasta ofer\u0103 acces la oportunit\u0103\u021bi de randament ridicat pe pie\u021be descentralizate. \n APY curent: 17,53%\n AUM $350M+\n 10+ seifuri publice curatate \u00een mai multe lan\u021buri\n Investi\u021bi \u00een mMEV\n De asemenea, pute\u021bi g\u0103si o prezentare concis\u0103 a modului \u00een care func\u021bioneaz\u0103 Liquid Yield Tokens (LYT) \u00een firul nostru de Twitter \u0219i \u00een postarea de pe LinkedIn.\n Pentru acoperire media, consulta\u021bi comunicatele de pres\u0103 de pe The Block \u0219i Coindesk.\n A\u0219tept\u0103m cu pl\u0103cere orice \u00eentreb\u0103ri sau comentarii pe care le pute\u021bi avea.\n ","Category":["Crypto\/Web3"],"_links":{"self":[{"href":"https:\/\/grinda.org\/ro\/wp-json\/wp\/v2\/posts\/52418","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/grinda.org\/ro\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/grinda.org\/ro\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/grinda.org\/ro\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/grinda.org\/ro\/wp-json\/wp\/v2\/comments?post=52418"}],"version-history":[{"count":1,"href":"https:\/\/grinda.org\/ro\/wp-json\/wp\/v2\/posts\/52418\/revisions"}],"predecessor-version":[{"id":52421,"href":"https:\/\/grinda.org\/ro\/wp-json\/wp\/v2\/posts\/52418\/revisions\/52421"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/grinda.org\/ro\/wp-json\/wp\/v2\/media\/51622"}],"wp:attachment":[{"href":"https:\/\/grinda.org\/ro\/wp-json\/wp\/v2\/media?parent=52418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/grinda.org\/ro\/wp-json\/wp\/v2\/categories?post=52418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/grinda.org\/ro\/wp-json\/wp\/v2\/tags?post=52418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}