{"id":52610,"date":"2025-02-19T15:22:15","date_gmt":"2025-02-19T15:22:15","guid":{"rendered":"https:\/\/fabricegrinda.com\/midas-liquid-yield-tokens-lyt-ky-nguyen-moi-cua-cac-chien-luoc-loi-nhuan-duoc-ma-hoa\/"},"modified":"2025-03-04T18:58:33","modified_gmt":"2025-03-04T18:58:33","slug":"midas-liquid-yield-tokens-lyt-ky-nguyen-moi-cua-cac-chien-luoc-loi-nhuan-duoc-ma-hoa","status":"publish","type":"post","link":"https:\/\/grinda.org\/vi\/midas-liquid-yield-tokens-lyt-ky-nguyen-moi-cua-cac-chien-luoc-loi-nhuan-duoc-ma-hoa\/","title":{"rendered":"Midas Liquid Yield Tokens (LYT): K\u1ef7 nguy\u00ean m\u1edbi c\u1ee7a c\u00e1c chi\u1ebfn l\u01b0\u1ee3c l\u1ee3i nhu\u1eadn \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a"},"content":{"rendered":"\n<p>Stablecoin \u0111\u01b0\u1ee3c ca ng\u1ee3i l\u00e0 n\u1ec1n t\u1ea3ng c\u1ee7a h\u1ec7 sinh th\u00e1i ti\u1ec1n \u0111i\u1ec7n t\u1eed, mang l\u1ea1i s\u1ef1 \u1ed5n \u0111\u1ecbnh trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng v\u00e0 h\u1ee9a h\u1eb9n s\u1ebd c\u1ea3i t\u1ed5 c\u00e1c \u0111\u01b0\u1eddng ray thanh to\u00e1n. Tuy nhi\u00ean, b\u00ean d\u01b0\u1edbi b\u1ec1 m\u1eb7t, ngu\u1ed3n cung stablecoin v\u1ec1 c\u01a1 b\u1ea3n \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi l\u1ee3i nhu\u1eadn tr\u00ean chu\u1ed7i. <\/p>\n\n<p>Trong hai chu k\u1ef3 th\u1ecb tr\u01b0\u1eddng g\u1ea7n \u0111\u00e2y nh\u1ea5t, ngu\u1ed3n cung stablecoin \u0111\u00e3 m\u1edf r\u1ed9ng v\u00e0 thu h\u1eb9p theo ph\u1ea3n \u1ee9ng tr\u1ef1c ti\u1ebfp v\u1edbi l\u1ee3i su\u1ea5t. Khi l\u1ee3i su\u1ea5t tr\u00ean chu\u1ed7i v\u01b0\u1ee3t qu\u00e1 Tr\u00e1i phi\u1ebfu kho b\u1ea1c Hoa K\u1ef3 (T-Bills), nhu c\u1ea7u v\u1ec1 stablecoin t\u0103ng v\u1ecdt &#8211; \u0111\u00e1ng ch\u00fa \u00fd nh\u1ea5t l\u00e0 sau DeFi Summer, khi t\u1ed5ng ngu\u1ed3n cung t\u0103ng v\u1ecdt t\u1eeb d\u01b0\u1edbi <strong>10 t\u1ef7 \u0111\u00f4 la<\/strong> l\u00ean h\u01a1n <strong>150 t\u1ef7 \u0111\u00f4 la<\/strong> ch\u1ec9 trong hai n\u0103m. Ng\u01b0\u1ee3c l\u1ea1i, khi l\u1ee3i su\u1ea5t tr\u00ean chu\u1ed7i gi\u1ea3m xu\u1ed1ng d\u01b0\u1edbi t\u1ef7 gi\u00e1 kh\u00f4ng r\u1ee7i ro b\u1eb1ng \u0111\u00f4 la M\u1ef9, ngu\u1ed3n cung stablecoin thu h\u1eb9p nhanh nh\u01b0 th\u1ec3 hi\u1ec7n qua m\u1ee9c gi\u1ea3m t\u1eeb qu\u00fd 1 n\u0103m 2022 \u0111\u1ebfn qu\u00fd 3 n\u0103m 2023. S\u1ef1 t\u0103ng tr\u01b0\u1edfng g\u1ea7n \u0111\u00e2y \u0111\u01b0\u1ee3c gi\u1ea3i th\u00edch b\u1edfi l\u1ee3i su\u1ea5t tr\u00ean chu\u1ed7i cao do th\u1ecb tr\u01b0\u1eddng ti\u1ec1n \u0111i\u1ec7n t\u1eed 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\">Ngu\u1ed3n: DeFiLlama<\/figcaption><\/figure>\n<\/div>\n<p><strong>V\u1ea5n \u0111\u1ec1: Stablecoin kh\u00f4ng \u1ed5n \u0111\u1ecbnh<\/strong><br\/> Trong qu\u00e1 tr\u00ecnh t\u00ecm ki\u1ebfm l\u1ee3i nhu\u1eadn, stablecoin \u0111\u00e3 ph\u00e1t tri\u1ec3n th\u00e0nh <strong>c\u00e1c chi\u1ebfn l\u01b0\u1ee3c qu\u1ef9 \u0111\u1ea7u c\u01a1 tr\u00ean chu\u1ed7i<\/strong> (&#8216;stablecoin&#8217; c\u00f3 l\u1ee3i nhu\u1eadn), nh\u01b0 \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n qua s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a Ethena v\u00e0 c\u00e1c c\u00f4ng ty kh\u00e1c. Trong c\u1ea5u tr\u00fac n\u00e0y, l\u1ee3i nhu\u1eadn \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i th\u00f4ng qua hai token \u2013 m\u1ed9t stablecoin th\u00f4ng th\u01b0\u1eddng, c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u1eb7t c\u01b0\u1ee3c v\u00e0o m\u1ed9t token th\u1ee9 hai \u0111\u1ec3 ki\u1ebfm doanh thu t\u1eeb t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p c\u01a1 b\u1ea3n. C\u1ea5u tr\u00fac n\u00e0y xu\u1ea5t hi\u1ec7n v\u00ec vi\u1ec7c ph\u00e1t h\u00e0nh m\u1ed9t \u0111\u1ed3ng ti\u1ec1n &#8220;\u1ed5n \u0111\u1ecbnh&#8221; tr\u00e1nh \u0111\u01b0\u1ee3c vi\u1ec7c ph\u00e2n lo\u1ea1i l\u00e0 ch\u1ee9ng kho\u00e1n ho\u1eb7c ch\u01b0\u01a1ng tr\u00ecnh \u0111\u1ea7u t\u01b0 t\u1eadp th\u1ec3, \u0111i\u1ec1u n\u00e0y s\u1ebd y\u00eau c\u1ea7u s\u1ef1 ch\u1ea5p thu\u1eadn c\u1ee7a c\u01a1 quan qu\u1ea3n l\u00fd.  <\/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>B\u1eb1ng c\u00e1ch \u0111\u1ecbnh h\u00ecnh c\u00e1c s\u1ea3n ph\u1ea9m n\u00e0y nh\u01b0 l\u00e0 \u201cti\u1ec1n \u1ed5n \u0111\u1ecbnh t\u1ea1m th\u1eddi\u201d, b\u00ean ph\u00e1t h\u00e0nh s\u1ebd v\u01b0\u1ee3t qua \u0111\u01b0\u1ee3c c\u00e1c l\u1ed7 h\u1ed5ng v\u1ec1 quy \u0111\u1ecbnh &#8211; tuy nhi\u00ean, \u0111i\u1ec1u n\u00e0y ph\u1ea3i tr\u1ea3 gi\u00e1 b\u1eb1ng vi\u1ec7c \u0111\u01b0a v\u00e0o c\u00e1c r\u1ee7i ro h\u1ec7 th\u1ed1ng, bao g\u1ed3m:<\/p>\n\n<ul class=\"wp-block-list\">\n<li><strong>S\u1ef1 ki\u1ec7n De-Peg<\/strong> &#8211; N\u1ebfu danh m\u1ee5c \u0111\u1ea7u t\u01b0 ho\u1ea1t \u0111\u1ed9ng k\u00e9m hi\u1ec7u qu\u1ea3, thanh kho\u1ea3n s\u1ebd bu\u1ed9c b\u00ean ph\u00e1t h\u00e0nh ph\u1ea3i b\u00e1n th\u00e1o, l\u00e0m m\u1ea5t \u1ed5n \u0111\u1ecbnh to\u00e0n b\u1ed9 h\u1ec7 sinh th\u00e1i.<\/li>\n\n\n\n<li><strong>C\u00e1c \u0111\u1ed9ng c\u01a1 kh\u00f4ng ph\u00f9 h\u1ee3p<\/strong> &#8211; Ng\u01b0\u1eddi ph\u00e1t h\u00e0nh theo \u0111u\u1ed5i l\u1ee3i su\u1ea5t cao h\u01a1n \u0111\u1ec3 thu h\u00fat TVL, th\u01b0\u1eddng \u0111\u1ea9y danh m\u1ee5c \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c t\u00e0i s\u1ea3n r\u1ee7i ro h\u01a1n.<\/li>\n\n\n\n<li><strong>S\u1ef1 b\u1ea5t \u1ed5n v\u1ec1 m\u1eb7t quy \u0111\u1ecbnh<\/strong> &#8211; Vi\u1ec7c \u0111\u01b0a c\u00e1c chi\u1ebfn l\u01b0\u1ee3c qu\u1ef9 \u0111\u1ea7u c\u01a1 v\u00e0o &#8220;ti\u1ec1n \u0111i\u1ec7n t\u1eed b\u00e1n \u1ed5n \u0111\u1ecbnh&#8221; s\u1ebd t\u1ea1o ra r\u1ee7i ro v\u1ec1 m\u1eb7t tu\u00e2n th\u1ee7, khi\u1ebfn c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng c\u00f3 quy\u1ec1n y\u00eau c\u1ea7u ph\u00e1p l\u00fd \u0111\u1ed1i v\u1edbi t\u00e0i s\u1ea3n c\u01a1 b\u1ea3n.<\/li>\n<\/ul>\n\n<p>Nh\u01b0 Steakhouse Financial \u0111\u00e3 ghi ch\u00fa trong S\u1ed5 tay Stablecoin c\u1ee7a m\u00ecnh:<\/p>\n\n<p><em>&#8220;Stablecoin ph\u1ea3i tu\u00e2n theo c\u00e1c h\u1ea1n ch\u1ebf v\u1ec1 thanh kho\u1ea3n v\u00e0 kh\u1ea3 n\u0103ng thanh to\u00e1n. \u0110\u1ec3 ho\u1ea1t \u0111\u1ed9ng, m\u1ed9t stablecoin ph\u1ea3i \u0111\u00e1p \u1ee9ng c\u1ea3 hai h\u1ea1n ch\u1ebf c\u1ee9ng n\u00e0y.&#8221;<\/em><\/p>\n\n<p>Tuy nhi\u00ean, c\u00e1c stablecoin sinh l\u1eddi v\u1ed1n \u0111\u00e3 nh\u1ea5n m\u1ea1nh nh\u1eefng h\u1ea1n ch\u1ebf n\u00e0y. Cu\u1ed9c c\u1ea1nh tranh \u0111\u1ec3 thu h\u00fat TVL d\u1eabn \u0111\u1ebfn hai h\u1eadu qu\u1ea3 mang t\u00ednh h\u1ec7 th\u1ed1ng: <\/p>\n\n<ol class=\"wp-block-list\">\n<li>Vi\u1ec7c chen ch\u00fac v\u00e0o c\u00f9ng m\u1ed9t c\u01a1 h\u1ed9i sinh l\u1eddi, l\u00e0m gi\u1ea3m l\u1ee3i nhu\u1eadn<\/li>\n\n\n\n<li>T\u0103ng t\u00ednh mong manh c\u1ee7a h\u1ec7 th\u1ed1ng, l\u00e0m t\u0103ng r\u1ee7i ro m\u1ea5t gi\u00e1<\/li>\n<\/ol>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-default\"\/>\n\n<p><strong>H\u1eadu qu\u1ea3: L\u1ee3i nhu\u1eadn th\u1ea5p h\u01a1n v\u00e0 r\u1ee7i ro h\u1ec7 th\u1ed1ng t\u0103ng l\u00ean<\/strong><\/p>\n\n<p>B\u1eb1ng c\u00e1ch thi\u1ebft l\u1eadp m\u1ed9t <strong>kho\u1ea3n n\u1ee3 1 \u0111\u00f4 la<\/strong> , <strong>v\u0169 tr\u1ee5 \u0111\u1ea7u t\u01b0<\/strong> c\u1ee7a c\u00e1c \u0111\u1ed3ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh sinh l\u1eddi v\u1ec1 m\u1eb7t k\u1ef9 thu\u1eadt b\u1ecb h\u1ea1n ch\u1ebf \u1edf t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p <strong>c\u00f3 th\u1eddi h\u1ea1n b\u1eb1ng kh\u00f4ng<\/strong> . \u0110i\u1ec1u n\u00e0y d\u1eabn t\u00e0i s\u1ea3n c\u1ee7a t\u1ea5t c\u1ea3 c\u00e1c b\u00ean ph\u00e1t h\u00e0nh v\u00e0o c\u00f9ng m\u1ed9t giao d\u1ecbch, d\u1eabn \u0111\u1ebfn l\u1ee3i nhu\u1eadn gi\u1ea3m d\u1ea7n. Theo truy\u1ec1n th\u1ed1ng, c\u00e1c giao d\u1ecbch \u0111\u00f4ng \u0111\u00fac, ch\u1eb3ng h\u1ea1n nh\u01b0 giao d\u1ecbch c\u01a1 s\u1edf tr\u00ean th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a, lu\u00f4n c\u00f3 hi\u1ec7u su\u1ea5t k\u00e9m. C\u00e1c t\u00e1c \u0111\u1ed9ng c\u1ee7a t\u00ecnh tr\u1ea1ng \u0111\u00f4ng \u0111\u00fac tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 \u0111\u01b0\u1ee3c nghi\u00ean c\u1ee9u r\u1ed9ng r\u00e3i trong gi\u1edbi h\u1ecdc thu\u1eadt d\u1eabn \u0111\u1ebfn l\u1ee3i nhu\u1eadn th\u1ea5p h\u01a1n \u1edf m\u1ee9c r\u1ee7i ro cao h\u01a1n. V\u00ed d\u1ee5, giao d\u1ecbch c\u01a1 s\u1edf tr\u00ean th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a \u0111\u00e3 li\u00ean t\u1ee5c d\u1eabn \u0111\u1ebfn l\u1ee3i nhu\u1eadn th\u1ea5p h\u01a1n trong kho\u1ea3ng th\u1eddi gian 24 n\u0103m.    <\/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\">Ngu\u1ed3n: S\u1ef1 \u0111\u00f4ng \u0111\u00fac v\u00e0 l\u1ee3i nhu\u1eadn nh\u00e2n t\u1ed1 c\u1ee7a Wenjin Kang, K. Geert Rouwenhorst v\u00e0 Ke Tang<\/figcaption><\/figure>\n<\/div>\n<p>Vi\u1ec7c theo \u0111u\u1ed5i l\u1ee3i nhu\u1eadn kh\u00f4ng ng\u1eebng \u0111\u1ea9y nh\u1eefng ng\u01b0\u1eddi ph\u00e1t h\u00e0nh stablecoin l\u00ean cao h\u01a1n n\u1eefa tr\u00ean \u0111\u01b0\u1eddng cong r\u1ee7i ro. Khi l\u00e0m nh\u01b0 v\u1eady, h\u1ecd t\u1ea1o ra s\u1ef1 mong manh mang t\u00ednh h\u1ec7 th\u1ed1ng, khi m\u1ed9t m\u1eaft x\u00edch y\u1ebfu trong nh\u00f3m t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p c\u00f3 th\u1ec3 g\u00e2y ra s\u1ef1 c\u1ed1 li\u00ean ho\u00e0n. <\/p>\n\n<p>Ngo\u00e0i ra, c\u00e1c \u0111\u01a1n v\u1ecb ph\u00e1t h\u00e0nh stablecoin d\u1ef1a v\u00e0o \u0111\u00f2n b\u1ea9y v\u00e0 th\u1ebf ch\u1ea5p l\u1ea1i \u0111\u1ec3 th\u00fac \u0111\u1ea9y vi\u1ec7c \u00e1p d\u1ee5ng. \u0110i\u1ec1u n\u00e0y t\u1ea1o ra m\u1ed9t h\u1ec7 th\u1ed1ng m\u00e0 s\u1ef1 c\u0103ng th\u1eb3ng \u1edf m\u1ed9t ph\u1ea7n c\u1ee7a c\u1ea5u tr\u00fac th\u1ebf ch\u1ea5p c\u00f3 th\u1ec3 g\u00e2y ra s\u1ef1 c\u1ed1 li\u00ean ho\u00e0n. <strong>Chi\u1ebft kh\u1ea5u<\/strong> <strong>stETH n\u0103m 2022<\/strong> , s\u1ef1 <strong>s\u1ee5p \u0111\u1ed5 c\u1ee7a UST<\/strong> v\u00e0 <strong>vi\u1ec7c h\u1ee7y neo gi\u00e1 USD0++ v\u00e0 USDz g\u1ea7n \u0111\u00e2y<\/strong> \u0111\u1ec1u ph\u1ea3n \u00e1nh l\u1ed7 h\u1ed5ng n\u00e0y.  <\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-default\"\/>\n\n<p><strong>Gi\u1ea3i ph\u00e1p: Liquid Yield Token (LYT)<\/strong><\/p>\n\n<p>T\u1ea1i <strong>Midas<\/strong> , ch\u00fang t\u00f4i \u0111\u00e3 x\u00e2y d\u1ef1ng m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p ti\u1ebfp c\u1eadn ho\u00e0n to\u00e0n m\u1edbi \u0111\u1ed1i v\u1edbi l\u1ee3i nhu\u1eadn \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a &#8211; <strong>Liquid Yield Tokens (LYT)<\/strong> .<\/p>\n\n<p>Thay v\u00ec \u00e9p l\u1ee3i nhu\u1eadn v\u00e0o c\u00e1c l\u1edbp v\u1ecf stablecoin m\u1ecfng manh, LYT gi\u1edbi thi\u1ec7u m\u1ed9t khu\u00f4n kh\u1ed5 chuy\u00ean d\u1ee5ng cho c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 tr\u00ean chu\u1ed7i:<\/p>\n\n<ul class=\"wp-block-list\">\n<li><strong>Gi\u00e1 tr\u1ecb tham chi\u1ebfu th\u1ea3 n\u1ed5i<\/strong> &#8211; Kh\u00f4ng gi\u1ed1ng nh\u01b0 stablecoin, LYT kh\u00f4ng c\u00f3 m\u1ee9c neo c\u1ed1 \u0111\u1ecbnh l\u00e0 1 \u0111\u00f4 la. Gi\u00e1 tr\u1ecb c\u1ee7a ch\u00fang dao \u0111\u1ed9ng d\u1ef1a tr\u00ean hi\u1ec7u su\u1ea5t, lo\u1ea1i b\u1ecf r\u1ee7i ro neo. <\/li>\n\n\n\n<li>V\u0169 tr\u1ee5 \u0111\u1ea7u t\u01b0 m\u1edf r\u1ed9ng &#8211; Vi\u1ec7c lo\u1ea1i b\u1ecf r\u00e0ng bu\u1ed9c tr\u00e1ch nhi\u1ec7m 1 \u0111\u00f4 la s\u1ebd m\u1edf ra kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn nhi\u1ec1u lo\u1ea1i t\u00e0i s\u1ea3n sinh l\u1eddi h\u01a1n, t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn \u0111\u00e3 \u0111i\u1ec1u ch\u1ec9nh theo r\u1ee7i ro.<\/li>\n\n\n\n<li><strong>Qu\u1ea3n l\u00fd r\u1ee7i ro chuy\u00ean nghi\u1ec7p<\/strong> &#8211; M\u1ed7i LYT \u0111\u1ec1u \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd t\u00edch c\u1ef1c b\u1edfi c\u00e1c chuy\u00ean gia qu\u1ea3n l\u00fd r\u1ee7i ro c\u1ea5p t\u1ed5 ch\u1ee9c, \u0111i\u1ec1u ch\u1ec9nh linh ho\u1ea1t theo \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng.<\/li>\n\n\n\n<li><strong>T\u00ednh thanh kho\u1ea3n chung v\u00e0 quy\u1ec1n \u0111\u1ed5i th\u01b0\u1edfng nguy\u00ean t\u1eed<\/strong> &#8211; LYT chia s\u1ebb m\u1ed9t nh\u00f3m thanh kho\u1ea3n chung, lo\u1ea1i b\u1ecf nhu c\u1ea7u v\u1ec1 c\u00e1c LP ph\u00e2n m\u1ea3nh v\u00e0 cho ph\u00e9p t\u00edch h\u1ee3p DeFi li\u1ec1n m\u1ea1ch.<\/li>\n\n\n\n<li><strong>N\u00f4ng nghi\u1ec7p ph\u1ea7n th\u01b0\u1edfng \u1edf quy m\u00f4 l\u1edbn<\/strong> &#8211; Ng\u01b0\u1eddi n\u1eafm gi\u1eef LYT \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i t\u1eeb c\u00e1c \u01b0u \u0111\u00e3i b\u1ed5 sung tr\u00ean c\u00e1c giao th\u1ee9c nh\u01b0 Plume, Etherlink v\u00e0 TAC.<\/li>\n<\/ul>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-default\"\/>\n\n<p><strong>C\u00e1ch th\u1ee9c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a Liquid Yield Token (LYT)<\/strong><\/p>\n\n<p><strong>Liquid Yield Token (LYT)<\/strong> \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh th\u00f4ng qua c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng m\u1edf v\u00e0 c\u00f3 th\u1ec3 c\u1ea5u h\u00ecnh c\u1ee7a Midas. C\u00e1ch ti\u1ebfp c\u1eadn n\u00e0y t\u00e1ch bi\u1ec7t vai tr\u00f2 c\u1ee7a b\u00ean ph\u00e1t h\u00e0nh v\u00e0 b\u00ean qu\u1ea3n l\u00fd r\u1ee7i ro, cho ph\u00e9p ng\u01b0\u1eddi d\u00f9ng h\u01b0\u1edfng l\u1ee3i t\u1eeb vi\u1ec7c qu\u1ea3n l\u00fd r\u1ee7i ro t\u00f9y ch\u1ec9nh. <\/p>\n\n<p>T\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p c\u1ee7a m\u1ed7i token \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd b\u1edfi <strong>c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd r\u1ee7i ro chuy\u00ean tr\u00e1ch<\/strong> ho\u1ea1t \u0111\u1ed9ng theo c\u00e1c nhi\u1ec7m v\u1ee5 c\u1ee5 th\u1ec3 v\u00e0 \u0111\u01b0\u1ee3c b\u00e1o c\u00e1o minh b\u1ea1ch tr\u00ean chu\u1ed7i. Nh\u00e0 qu\u1ea3n l\u00fd r\u1ee7i ro ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p m\u1ed9t c\u00e1ch n\u0103ng \u0111\u1ed9ng cho c\u00e1c c\u01a1 h\u1ed9i t\u1ed1t nh\u1ea5t, th\u00edch \u1ee9ng v\u1edbi c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng thay \u0111\u1ed5i \u0111\u1ec3 n\u1eafm b\u1eaft alpha trong khi qu\u1ea3n l\u00fd r\u1ee7i ro. <\/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>LYT \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh th\u00f4ng qua <strong>c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng m\u1edf, c\u00f3 th\u1ec3 c\u1ea5u th\u00e0nh c\u1ee7a Midas<\/strong> . Kh\u00f4ng gi\u1ed1ng nh\u01b0 stablecoin, token LYT t\u00e1ch bi\u1ec7t r\u00f5 r\u00e0ng vai tr\u00f2 c\u1ee7a b\u00ean ph\u00e1t h\u00e0nh v\u00e0 b\u00ean qu\u1ea3n l\u00fd r\u1ee7i ro. M\u1ed7i LYT \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd b\u1edfi nh\u1eefng ng\u01b0\u1eddi qu\u1ea3n l\u00fd r\u1ee7i ro chuy\u00ean tr\u00e1ch, nh\u1eefng ng\u01b0\u1eddi ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p m\u1ed9t c\u00e1ch n\u0103ng \u0111\u1ed9ng cho c\u00e1c chi\u1ebfn l\u01b0\u1ee3c r\u1ee7i ro-ph\u1ea7n th\u01b0\u1edfng t\u1ed1t nh\u1ea5t.  <\/p>\n\n<p>M\u1ed7i LYT \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh d\u01b0\u1edbi d\u1ea1ng <strong>token ERC-20 kh\u00f4ng c\u1ea7n c\u1ea5p ph\u00e9p<\/strong> , gi\u00fap n\u00f3 c\u00f3 th\u1ec3 k\u1ebft h\u1ee3p ho\u00e0n to\u00e0n v\u1edbi h\u1ec7 sinh th\u00e1i DeFi r\u1ed9ng l\u1edbn h\u01a1n.<\/p>\n\n<p>Tr\u00ean t\u1ea5t c\u1ea3 c\u00e1c LYT, <strong>Midas \u0111\u00e3 tri\u1ec3n khai c\u00e1c nh\u00f3m thanh kho\u1ea3n \u0111\u01b0\u1ee3c chia s\u1ebb \u0111\u1ec3 \u0111\u1ed5i th\u01b0\u1edfng ngay l\u1eadp t\u1ee9c<\/strong> . Thay v\u00ec y\u00eau c\u1ea7u c\u00e1c \u01b0u \u0111\u00e3i khai th\u00e1c thanh kho\u1ea3n, LYT \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 m\u1edf r\u1ed9ng quy m\u00f4 hi\u1ec7u qu\u1ea3 v\u1ec1 v\u1ed1n v\u00e0 t\u00edch h\u1ee3p DeFi s\u00e2u. C\u00e1c giao th\u1ee9c nh\u01b0 <strong>Morpho<\/strong> , <strong>Euler<\/strong> v\u00e0 <strong>Anja<\/strong> \u0111\u00e3 h\u1ed7 tr\u1ee3 LYT.  <\/p>\n\n<hr class=\"wp-block-separator aligncenter has-alpha-channel-opacity is-style-default\"\/>\n\n<p><strong>Gi\u1edbi thi\u1ec7u ba LYT m\u1edbi<\/strong><\/p>\n\n<p>H\u00f4m nay, ch\u00fang t\u00f4i ra m\u1eaft <strong>mRE7YIELD<\/strong> , <strong>mEDGE<\/strong> v\u00e0 <strong>mMEV<\/strong> , m\u1ed7i s\u1ea3n ph\u1ea9m \u0111\u1ec1u \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd r\u1ee7i ro b\u1edfi c\u00e1c c\u00f4ng ty h\u00e0ng \u0111\u1ea7u.<\/p>\n\n<p class=\"has-text-align-left\"><strong>mRE7YIELD \u2013 Qu\u1ea3n l\u00fd r\u1ee7i ro b\u1edfi 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 l\u00e0 m\u1ed9t c\u00f4ng ty \u0111\u1ea7u t\u01b0 t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 t\u1eadp trung v\u00e0o nghi\u00ean c\u1ee9u, t\u1eadp trung v\u00e0o c\u00e1c chi\u1ebfn l\u01b0\u1ee3c l\u1ee3i nhu\u1eadn DeFi v\u00e0 alpha thanh kho\u1ea3n. V\u1edbi ph\u01b0\u01a1ng ph\u00e1p ti\u1ebfp c\u1eadn c\u1ea5p \u0111\u1ed9 t\u1ed5 ch\u1ee9c \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh, mRE7YIELD cung c\u1ea5p kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd t\u00edch c\u1ef1c v\u1edbi c\u00e1c s\u1ea3n ph\u1ea9m l\u1ee3i nhu\u1eadn c\u00f3 c\u1ea5u tr\u00fac. <\/p>\n\n<ul class=\"wp-block-list\">\n<li><strong>APY hi\u1ec7n t\u1ea1i: 20,83%<\/strong><\/li>\n\n\n\n<li><strong>Chi\u1ebfn l\u01b0\u1ee3c l\u1ee3i nhu\u1eadn c\u00f3 c\u1ea5u tr\u00fac theo c\u1ea5p \u0111\u1ed9 t\u1ed5 ch\u1ee9c<\/strong><\/li>\n\n\n\n<li><strong>\u0110\u01b0\u1ee3c qu\u1ea3n l\u00fd t\u00edch c\u1ef1c \u0111\u1ec3 n\u1eafm b\u1eaft s\u1ef1 thi\u1ebfu hi\u1ec7u qu\u1ea3 c\u1ee7a th\u1ecb tr\u01b0\u1eddng<\/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\">\u0110\u1ea6U T\u01af V\u00c0O 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 \u2013 Qu\u1ea3n l\u00fd r\u1ee7i ro b\u1edfi 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 l\u00e0 m\u1ed9t qu\u1ef9 \u0111\u1ea7u c\u01a1 t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 v\u00e0 nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n DeFi h\u00e0ng \u0111\u1ea7u, qu\u1ea3n l\u00fd v\u1ed1n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c v\u00e0 n\u1ec1n t\u1ea3ng ti\u1ec1n \u0111i\u1ec7n t\u1eed. C\u00e1c chi\u1ebfn l\u01b0\u1ee3c trung l\u1eadp th\u1ecb tr\u01b0\u1eddng c\u1ee7a h\u1ecd \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 t\u1ea1o ra l\u1ee3i nhu\u1eadn \u1ed5n \u0111\u1ecbnh, \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh theo r\u1ee7i ro cao. <\/p>\n\n<ul class=\"wp-block-list\">\n<li><strong>APY hi\u1ec7n t\u1ea1i: 20,12%<\/strong><\/li>\n\n\n\n<li><strong>$230M+ AUM<\/strong><\/li>\n\n\n\n<li><strong>Th\u00e0nh t\u00edch ki\u1ec3m to\u00e1n trong b\u1ed1n n\u0103m v\u1edbi t\u1ef7 l\u1ec7 Sharpe l\u00e0 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\">\u0110\u1ea7u t\u01b0 v\u00e0o 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 \u2013 Qu\u1ea3n l\u00fd r\u1ee7i ro b\u1edfi 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 l\u00e0 m\u1ed9t c\u00f4ng ty \u0111\u1ea7u t\u01b0 chuy\u00ean v\u1ec1 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c khai th\u00e1c l\u1ee3i nhu\u1eadn DeFi-native \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd r\u1ee7i ro. V\u1edbi chuy\u00ean m\u00f4n v\u1ec1 cung c\u1ea5p thanh kho\u1ea3n v\u00e0 c\u00e1c s\u1ea3n ph\u1ea9m l\u1ee3i nhu\u1eadn c\u00f3 c\u1ea5u tr\u00fac, c\u00f4ng ty cung c\u1ea5p quy\u1ec1n truy c\u1eadp v\u00e0o c\u00e1c c\u01a1 h\u1ed9i l\u1ee3i nhu\u1eadn cao tr\u00ean c\u00e1c th\u1ecb tr\u01b0\u1eddng phi t\u1eadp trung. <\/p>\n\n<ul class=\"wp-block-list\">\n<li><strong>APY hi\u1ec7n t\u1ea1i: 17,53%<\/strong><\/li>\n\n\n\n<li><strong>H\u01a1n 350 tri\u1ec7u \u0111\u00f4 la AUM<\/strong><\/li>\n\n\n\n<li><strong>H\u01a1n 10 kho l\u01b0u tr\u1eef c\u00f4ng khai \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd tr\u00ean nhi\u1ec1u chu\u1ed7i<\/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\">\u0110\u1ea7u t\u01b0 v\u00e0o mMEV<\/a><\/div>\n<\/div>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<p>B\u1ea1n c\u0169ng c\u00f3 th\u1ec3 t\u00ecm th\u1ea5y b\u1ea3n t\u00f3m t\u1eaft ng\u1eafn g\u1ecdn v\u1ec1 c\u00e1ch th\u1ee9c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a Liquid Yield Token (LYT) trong <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\">chu\u1ed7i Twitter<\/a> v\u00e0 <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\">b\u00e0i \u0111\u0103ng tr\u00ean LinkedIn<\/a> c\u1ee7a ch\u00fang t\u00f4i.<\/p>\n\n<p>\u0110\u1ec3 bi\u1ebft th\u00f4ng tin \u0111\u01b0a tin tr\u00ean ph\u01b0\u01a1ng ti\u1ec7n truy\u1ec1n th\u00f4ng, h\u00e3y xem th\u00f4ng c\u00e1o b\u00e1o ch\u00ed tr\u00ean <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> &amp; <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>Ch\u00fang t\u00f4i hoan ngh\u00eanh m\u1ecdi c\u00e2u h\u1ecfi ho\u1eb7c ph\u1ea3n h\u1ed3i c\u1ee7a b\u1ea1n.<\/p>\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stablecoin \u0111\u01b0\u1ee3c ca ng\u1ee3i l\u00e0 n\u1ec1n t\u1ea3ng c\u1ee7a h\u1ec7 sinh th\u00e1i ti\u1ec1n \u0111i\u1ec7n t\u1eed, mang l\u1ea1i s\u1ef1 \u1ed5n \u0111\u1ecbnh trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng v\u00e0 h\u1ee9a h\u1eb9n s\u1ebd c\u1ea3i &hellip; <a href=\"https:\/\/fabricegrinda.com\/vi\/midas-liquid-yield-tokens-lyt-ky-nguyen-moi-cua-cac-chien-luoc-loi-nhuan-duoc-ma-hoa\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Midas Liquid Yield Tokens (LYT): K\u1ef7 nguy\u00ean m\u1edbi c\u1ee7a c\u00e1c chi\u1ebfn l\u01b0\u1ee3c l\u1ee3i nhu\u1eadn \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a&#8221;<\/span><\/a><\/p>\n","protected":false},"author":9,"featured_media":51628,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[256],"tags":[],"class_list":["post-52610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tien-dien-tu-web3"],"acf":[],"contentUpdated":"Midas Liquid Yield Tokens (LYT): K\u1ef7 nguy\u00ean m\u1edbi c\u1ee7a c\u00e1c chi\u1ebfn l\u01b0\u1ee3c l\u1ee3i nhu\u1eadn \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a. Categories - Ti\u1ec1n \u0111i\u1ec7n t\u1eed\/Web3. Date-Posted - 2025-02-19T15:22:15 . \n Stablecoin \u0111\u01b0\u1ee3c ca ng\u1ee3i l\u00e0 n\u1ec1n t\u1ea3ng c\u1ee7a h\u1ec7 sinh th\u00e1i ti\u1ec1n \u0111i\u1ec7n t\u1eed, mang l\u1ea1i s\u1ef1 \u1ed5n \u0111\u1ecbnh trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng v\u00e0 h\u1ee9a h\u1eb9n s\u1ebd c\u1ea3i t\u1ed5 c\u00e1c \u0111\u01b0\u1eddng ray thanh to\u00e1n. Tuy nhi\u00ean, b\u00ean d\u01b0\u1edbi b\u1ec1 m\u1eb7t, ngu\u1ed3n cung stablecoin v\u1ec1 c\u01a1 b\u1ea3n \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi l\u1ee3i nhu\u1eadn tr\u00ean chu\u1ed7i. \n Trong hai chu k\u1ef3 th\u1ecb tr\u01b0\u1eddng g\u1ea7n \u0111\u00e2y nh\u1ea5t, ngu\u1ed3n cung stablecoin \u0111\u00e3 m\u1edf r\u1ed9ng v\u00e0 thu h\u1eb9p theo ph\u1ea3n \u1ee9ng tr\u1ef1c ti\u1ebfp v\u1edbi l\u1ee3i su\u1ea5t. Khi l\u1ee3i su\u1ea5t tr\u00ean chu\u1ed7i v\u01b0\u1ee3t qu\u00e1 Tr\u00e1i phi\u1ebfu kho b\u1ea1c Hoa K\u1ef3 (T-Bills), nhu c\u1ea7u v\u1ec1 stablecoin t\u0103ng v\u1ecdt &#8211; \u0111\u00e1ng ch\u00fa \u00fd nh\u1ea5t l\u00e0 sau DeFi Summer, khi t\u1ed5ng ngu\u1ed3n cung t\u0103ng v\u1ecdt t\u1eeb d\u01b0\u1edbi 10 t\u1ef7 \u0111\u00f4 la l\u00ean h\u01a1n 150 t\u1ef7 \u0111\u00f4 la ch\u1ec9 trong hai n\u0103m. Ng\u01b0\u1ee3c l\u1ea1i, khi l\u1ee3i su\u1ea5t tr\u00ean chu\u1ed7i gi\u1ea3m xu\u1ed1ng d\u01b0\u1edbi t\u1ef7 gi\u00e1 kh\u00f4ng r\u1ee7i ro b\u1eb1ng \u0111\u00f4 la M\u1ef9, ngu\u1ed3n cung stablecoin thu h\u1eb9p nhanh nh\u01b0 th\u1ec3 hi\u1ec7n qua m\u1ee9c gi\u1ea3m t\u1eeb qu\u00fd 1 n\u0103m 2022 \u0111\u1ebfn qu\u00fd 3 n\u0103m 2023. S\u1ef1 t\u0103ng tr\u01b0\u1edfng g\u1ea7n \u0111\u00e2y \u0111\u01b0\u1ee3c gi\u1ea3i th\u00edch b\u1edfi l\u1ee3i su\u1ea5t tr\u00ean chu\u1ed7i cao do th\u1ecb tr\u01b0\u1eddng ti\u1ec1n \u0111i\u1ec7n t\u1eed contango.   \n Ngu\u1ed3n: DeFiLlama\n V\u1ea5n \u0111\u1ec1: Stablecoin kh\u00f4ng \u1ed5n \u0111\u1ecbnh Trong qu\u00e1 tr\u00ecnh t\u00ecm ki\u1ebfm l\u1ee3i nhu\u1eadn, stablecoin \u0111\u00e3 ph\u00e1t tri\u1ec3n th\u00e0nh c\u00e1c chi\u1ebfn l\u01b0\u1ee3c qu\u1ef9 \u0111\u1ea7u c\u01a1 tr\u00ean chu\u1ed7i (&#8216;stablecoin&#8217; c\u00f3 l\u1ee3i nhu\u1eadn), nh\u01b0 \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n qua s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a Ethena v\u00e0 c\u00e1c c\u00f4ng ty kh\u00e1c. Trong c\u1ea5u tr\u00fac n\u00e0y, l\u1ee3i nhu\u1eadn \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i th\u00f4ng qua hai token \u2013 m\u1ed9t stablecoin th\u00f4ng th\u01b0\u1eddng, c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u1eb7t c\u01b0\u1ee3c v\u00e0o m\u1ed9t token th\u1ee9 hai \u0111\u1ec3 ki\u1ebfm doanh thu t\u1eeb t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p c\u01a1 b\u1ea3n. C\u1ea5u tr\u00fac n\u00e0y xu\u1ea5t hi\u1ec7n v\u00ec vi\u1ec7c ph\u00e1t h\u00e0nh m\u1ed9t \u0111\u1ed3ng ti\u1ec1n &#8220;\u1ed5n \u0111\u1ecbnh&#8221; tr\u00e1nh \u0111\u01b0\u1ee3c vi\u1ec7c ph\u00e2n lo\u1ea1i l\u00e0 ch\u1ee9ng kho\u00e1n ho\u1eb7c ch\u01b0\u01a1ng tr\u00ecnh \u0111\u1ea7u t\u01b0 t\u1eadp th\u1ec3, \u0111i\u1ec1u n\u00e0y s\u1ebd y\u00eau c\u1ea7u s\u1ef1 ch\u1ea5p thu\u1eadn c\u1ee7a c\u01a1 quan qu\u1ea3n l\u00fd.  \n B\u1eb1ng c\u00e1ch \u0111\u1ecbnh h\u00ecnh c\u00e1c s\u1ea3n ph\u1ea9m n\u00e0y nh\u01b0 l\u00e0 \u201cti\u1ec1n \u1ed5n \u0111\u1ecbnh t\u1ea1m th\u1eddi\u201d, b\u00ean ph\u00e1t h\u00e0nh s\u1ebd v\u01b0\u1ee3t qua \u0111\u01b0\u1ee3c c\u00e1c l\u1ed7 h\u1ed5ng v\u1ec1 quy \u0111\u1ecbnh &#8211; tuy nhi\u00ean, \u0111i\u1ec1u n\u00e0y ph\u1ea3i tr\u1ea3 gi\u00e1 b\u1eb1ng vi\u1ec7c \u0111\u01b0a v\u00e0o c\u00e1c r\u1ee7i ro h\u1ec7 th\u1ed1ng, bao g\u1ed3m:\n S\u1ef1 ki\u1ec7n De-Peg &#8211; N\u1ebfu danh m\u1ee5c \u0111\u1ea7u t\u01b0 ho\u1ea1t \u0111\u1ed9ng k\u00e9m hi\u1ec7u qu\u1ea3, thanh kho\u1ea3n s\u1ebd bu\u1ed9c b\u00ean ph\u00e1t h\u00e0nh ph\u1ea3i b\u00e1n th\u00e1o, l\u00e0m m\u1ea5t \u1ed5n \u0111\u1ecbnh to\u00e0n b\u1ed9 h\u1ec7 sinh th\u00e1i.\n C\u00e1c \u0111\u1ed9ng c\u01a1 kh\u00f4ng ph\u00f9 h\u1ee3p &#8211; Ng\u01b0\u1eddi ph\u00e1t h\u00e0nh theo \u0111u\u1ed5i l\u1ee3i su\u1ea5t cao h\u01a1n \u0111\u1ec3 thu h\u00fat TVL, th\u01b0\u1eddng \u0111\u1ea9y danh m\u1ee5c \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c t\u00e0i s\u1ea3n r\u1ee7i ro h\u01a1n.\n S\u1ef1 b\u1ea5t \u1ed5n v\u1ec1 m\u1eb7t quy \u0111\u1ecbnh &#8211; Vi\u1ec7c \u0111\u01b0a c\u00e1c chi\u1ebfn l\u01b0\u1ee3c qu\u1ef9 \u0111\u1ea7u c\u01a1 v\u00e0o &#8220;ti\u1ec1n \u0111i\u1ec7n t\u1eed b\u00e1n \u1ed5n \u0111\u1ecbnh&#8221; s\u1ebd t\u1ea1o ra r\u1ee7i ro v\u1ec1 m\u1eb7t tu\u00e2n th\u1ee7, khi\u1ebfn c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng c\u00f3 quy\u1ec1n y\u00eau c\u1ea7u ph\u00e1p l\u00fd \u0111\u1ed1i v\u1edbi t\u00e0i s\u1ea3n c\u01a1 b\u1ea3n.\n Nh\u01b0 Steakhouse Financial \u0111\u00e3 ghi ch\u00fa trong S\u1ed5 tay Stablecoin c\u1ee7a m\u00ecnh:\n &#8220;Stablecoin ph\u1ea3i tu\u00e2n theo c\u00e1c h\u1ea1n ch\u1ebf v\u1ec1 thanh kho\u1ea3n v\u00e0 kh\u1ea3 n\u0103ng thanh to\u00e1n. \u0110\u1ec3 ho\u1ea1t \u0111\u1ed9ng, m\u1ed9t stablecoin ph\u1ea3i \u0111\u00e1p \u1ee9ng c\u1ea3 hai h\u1ea1n ch\u1ebf c\u1ee9ng n\u00e0y.&#8221;\n Tuy nhi\u00ean, c\u00e1c stablecoin sinh l\u1eddi v\u1ed1n \u0111\u00e3 nh\u1ea5n m\u1ea1nh nh\u1eefng h\u1ea1n ch\u1ebf n\u00e0y. Cu\u1ed9c c\u1ea1nh tranh \u0111\u1ec3 thu h\u00fat TVL d\u1eabn \u0111\u1ebfn hai h\u1eadu qu\u1ea3 mang t\u00ednh h\u1ec7 th\u1ed1ng: \n Vi\u1ec7c chen ch\u00fac v\u00e0o c\u00f9ng m\u1ed9t c\u01a1 h\u1ed9i sinh l\u1eddi, l\u00e0m gi\u1ea3m l\u1ee3i nhu\u1eadn\n T\u0103ng t\u00ednh mong manh c\u1ee7a h\u1ec7 th\u1ed1ng, l\u00e0m t\u0103ng r\u1ee7i ro m\u1ea5t gi\u00e1\n H\u1eadu qu\u1ea3: L\u1ee3i nhu\u1eadn th\u1ea5p h\u01a1n v\u00e0 r\u1ee7i ro h\u1ec7 th\u1ed1ng t\u0103ng l\u00ean\n B\u1eb1ng c\u00e1ch thi\u1ebft l\u1eadp m\u1ed9t kho\u1ea3n n\u1ee3 1 \u0111\u00f4 la , v\u0169 tr\u1ee5 \u0111\u1ea7u t\u01b0 c\u1ee7a c\u00e1c \u0111\u1ed3ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh sinh l\u1eddi v\u1ec1 m\u1eb7t k\u1ef9 thu\u1eadt b\u1ecb h\u1ea1n ch\u1ebf \u1edf t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p c\u00f3 th\u1eddi h\u1ea1n b\u1eb1ng kh\u00f4ng . \u0110i\u1ec1u n\u00e0y d\u1eabn t\u00e0i s\u1ea3n c\u1ee7a t\u1ea5t c\u1ea3 c\u00e1c b\u00ean ph\u00e1t h\u00e0nh v\u00e0o c\u00f9ng m\u1ed9t giao d\u1ecbch, d\u1eabn \u0111\u1ebfn l\u1ee3i nhu\u1eadn gi\u1ea3m d\u1ea7n. Theo truy\u1ec1n th\u1ed1ng, c\u00e1c giao d\u1ecbch \u0111\u00f4ng \u0111\u00fac, ch\u1eb3ng h\u1ea1n nh\u01b0 giao d\u1ecbch c\u01a1 s\u1edf tr\u00ean th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a, lu\u00f4n c\u00f3 hi\u1ec7u su\u1ea5t k\u00e9m. C\u00e1c t\u00e1c \u0111\u1ed9ng c\u1ee7a t\u00ecnh tr\u1ea1ng \u0111\u00f4ng \u0111\u00fac tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 \u0111\u01b0\u1ee3c nghi\u00ean c\u1ee9u r\u1ed9ng r\u00e3i trong gi\u1edbi h\u1ecdc thu\u1eadt d\u1eabn \u0111\u1ebfn l\u1ee3i nhu\u1eadn th\u1ea5p h\u01a1n \u1edf m\u1ee9c r\u1ee7i ro cao h\u01a1n. V\u00ed d\u1ee5, giao d\u1ecbch c\u01a1 s\u1edf tr\u00ean th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a \u0111\u00e3 li\u00ean t\u1ee5c d\u1eabn \u0111\u1ebfn l\u1ee3i nhu\u1eadn th\u1ea5p h\u01a1n trong kho\u1ea3ng th\u1eddi gian 24 n\u0103m.    \n Ngu\u1ed3n: S\u1ef1 \u0111\u00f4ng \u0111\u00fac v\u00e0 l\u1ee3i nhu\u1eadn nh\u00e2n t\u1ed1 c\u1ee7a Wenjin Kang, K. Geert Rouwenhorst v\u00e0 Ke Tang\n Vi\u1ec7c theo \u0111u\u1ed5i l\u1ee3i nhu\u1eadn kh\u00f4ng ng\u1eebng \u0111\u1ea9y nh\u1eefng ng\u01b0\u1eddi ph\u00e1t h\u00e0nh stablecoin l\u00ean cao h\u01a1n n\u1eefa tr\u00ean \u0111\u01b0\u1eddng cong r\u1ee7i ro. Khi l\u00e0m nh\u01b0 v\u1eady, h\u1ecd t\u1ea1o ra s\u1ef1 mong manh mang t\u00ednh h\u1ec7 th\u1ed1ng, khi m\u1ed9t m\u1eaft x\u00edch y\u1ebfu trong nh\u00f3m t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p c\u00f3 th\u1ec3 g\u00e2y ra s\u1ef1 c\u1ed1 li\u00ean ho\u00e0n. \n Ngo\u00e0i ra, c\u00e1c \u0111\u01a1n v\u1ecb ph\u00e1t h\u00e0nh stablecoin d\u1ef1a v\u00e0o \u0111\u00f2n b\u1ea9y v\u00e0 th\u1ebf ch\u1ea5p l\u1ea1i \u0111\u1ec3 th\u00fac \u0111\u1ea9y vi\u1ec7c \u00e1p d\u1ee5ng. \u0110i\u1ec1u n\u00e0y t\u1ea1o ra m\u1ed9t h\u1ec7 th\u1ed1ng m\u00e0 s\u1ef1 c\u0103ng th\u1eb3ng \u1edf m\u1ed9t ph\u1ea7n c\u1ee7a c\u1ea5u tr\u00fac th\u1ebf ch\u1ea5p c\u00f3 th\u1ec3 g\u00e2y ra s\u1ef1 c\u1ed1 li\u00ean ho\u00e0n. Chi\u1ebft kh\u1ea5u stETH n\u0103m 2022 , s\u1ef1 s\u1ee5p \u0111\u1ed5 c\u1ee7a UST v\u00e0 vi\u1ec7c h\u1ee7y neo gi\u00e1 USD0++ v\u00e0 USDz g\u1ea7n \u0111\u00e2y \u0111\u1ec1u ph\u1ea3n \u00e1nh l\u1ed7 h\u1ed5ng n\u00e0y.  \n Gi\u1ea3i ph\u00e1p: Liquid Yield Token (LYT)\n T\u1ea1i Midas , ch\u00fang t\u00f4i \u0111\u00e3 x\u00e2y d\u1ef1ng m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p ti\u1ebfp c\u1eadn ho\u00e0n to\u00e0n m\u1edbi \u0111\u1ed1i v\u1edbi l\u1ee3i nhu\u1eadn \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a &#8211; Liquid Yield Tokens (LYT) .\n Thay v\u00ec \u00e9p l\u1ee3i nhu\u1eadn v\u00e0o c\u00e1c l\u1edbp v\u1ecf stablecoin m\u1ecfng manh, LYT gi\u1edbi thi\u1ec7u m\u1ed9t khu\u00f4n kh\u1ed5 chuy\u00ean d\u1ee5ng cho c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 tr\u00ean chu\u1ed7i:\n Gi\u00e1 tr\u1ecb tham chi\u1ebfu th\u1ea3 n\u1ed5i &#8211; Kh\u00f4ng gi\u1ed1ng nh\u01b0 stablecoin, LYT kh\u00f4ng c\u00f3 m\u1ee9c neo c\u1ed1 \u0111\u1ecbnh l\u00e0 1 \u0111\u00f4 la. Gi\u00e1 tr\u1ecb c\u1ee7a ch\u00fang dao \u0111\u1ed9ng d\u1ef1a tr\u00ean hi\u1ec7u su\u1ea5t, lo\u1ea1i b\u1ecf r\u1ee7i ro neo. \n V\u0169 tr\u1ee5 \u0111\u1ea7u t\u01b0 m\u1edf r\u1ed9ng &#8211; Vi\u1ec7c lo\u1ea1i b\u1ecf r\u00e0ng bu\u1ed9c tr\u00e1ch nhi\u1ec7m 1 \u0111\u00f4 la s\u1ebd m\u1edf ra kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn nhi\u1ec1u lo\u1ea1i t\u00e0i s\u1ea3n sinh l\u1eddi h\u01a1n, t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn \u0111\u00e3 \u0111i\u1ec1u ch\u1ec9nh theo r\u1ee7i ro.\n Qu\u1ea3n l\u00fd r\u1ee7i ro chuy\u00ean nghi\u1ec7p &#8211; M\u1ed7i LYT \u0111\u1ec1u \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd t\u00edch c\u1ef1c b\u1edfi c\u00e1c chuy\u00ean gia qu\u1ea3n l\u00fd r\u1ee7i ro c\u1ea5p t\u1ed5 ch\u1ee9c, \u0111i\u1ec1u ch\u1ec9nh linh ho\u1ea1t theo \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng.\n T\u00ednh thanh kho\u1ea3n chung v\u00e0 quy\u1ec1n \u0111\u1ed5i th\u01b0\u1edfng nguy\u00ean t\u1eed &#8211; LYT chia s\u1ebb m\u1ed9t nh\u00f3m thanh kho\u1ea3n chung, lo\u1ea1i b\u1ecf nhu c\u1ea7u v\u1ec1 c\u00e1c LP ph\u00e2n m\u1ea3nh v\u00e0 cho ph\u00e9p t\u00edch h\u1ee3p DeFi li\u1ec1n m\u1ea1ch.\n N\u00f4ng nghi\u1ec7p ph\u1ea7n th\u01b0\u1edfng \u1edf quy m\u00f4 l\u1edbn &#8211; Ng\u01b0\u1eddi n\u1eafm gi\u1eef LYT \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i t\u1eeb c\u00e1c \u01b0u \u0111\u00e3i b\u1ed5 sung tr\u00ean c\u00e1c giao th\u1ee9c nh\u01b0 Plume, Etherlink v\u00e0 TAC.\n C\u00e1ch th\u1ee9c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a Liquid Yield Token (LYT)\n Liquid Yield Token (LYT) \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh th\u00f4ng qua c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng m\u1edf v\u00e0 c\u00f3 th\u1ec3 c\u1ea5u h\u00ecnh c\u1ee7a Midas. C\u00e1ch ti\u1ebfp c\u1eadn n\u00e0y t\u00e1ch bi\u1ec7t vai tr\u00f2 c\u1ee7a b\u00ean ph\u00e1t h\u00e0nh v\u00e0 b\u00ean qu\u1ea3n l\u00fd r\u1ee7i ro, cho ph\u00e9p ng\u01b0\u1eddi d\u00f9ng h\u01b0\u1edfng l\u1ee3i t\u1eeb vi\u1ec7c qu\u1ea3n l\u00fd r\u1ee7i ro t\u00f9y ch\u1ec9nh. \n T\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p c\u1ee7a m\u1ed7i token \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd b\u1edfi c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd r\u1ee7i ro chuy\u00ean tr\u00e1ch ho\u1ea1t \u0111\u1ed9ng theo c\u00e1c nhi\u1ec7m v\u1ee5 c\u1ee5 th\u1ec3 v\u00e0 \u0111\u01b0\u1ee3c b\u00e1o c\u00e1o minh b\u1ea1ch tr\u00ean chu\u1ed7i. Nh\u00e0 qu\u1ea3n l\u00fd r\u1ee7i ro ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p m\u1ed9t c\u00e1ch n\u0103ng \u0111\u1ed9ng cho c\u00e1c c\u01a1 h\u1ed9i t\u1ed1t nh\u1ea5t, th\u00edch \u1ee9ng v\u1edbi c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng thay \u0111\u1ed5i \u0111\u1ec3 n\u1eafm b\u1eaft alpha trong khi qu\u1ea3n l\u00fd r\u1ee7i ro. \n LYT \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh th\u00f4ng qua c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng m\u1edf, c\u00f3 th\u1ec3 c\u1ea5u th\u00e0nh c\u1ee7a Midas . Kh\u00f4ng gi\u1ed1ng nh\u01b0 stablecoin, token LYT t\u00e1ch bi\u1ec7t r\u00f5 r\u00e0ng vai tr\u00f2 c\u1ee7a b\u00ean ph\u00e1t h\u00e0nh v\u00e0 b\u00ean qu\u1ea3n l\u00fd r\u1ee7i ro. M\u1ed7i LYT \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd b\u1edfi nh\u1eefng ng\u01b0\u1eddi qu\u1ea3n l\u00fd r\u1ee7i ro chuy\u00ean tr\u00e1ch, nh\u1eefng ng\u01b0\u1eddi ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p m\u1ed9t c\u00e1ch n\u0103ng \u0111\u1ed9ng cho c\u00e1c chi\u1ebfn l\u01b0\u1ee3c r\u1ee7i ro-ph\u1ea7n th\u01b0\u1edfng t\u1ed1t nh\u1ea5t.  \n M\u1ed7i LYT \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh d\u01b0\u1edbi d\u1ea1ng token ERC-20 kh\u00f4ng c\u1ea7n c\u1ea5p ph\u00e9p , gi\u00fap n\u00f3 c\u00f3 th\u1ec3 k\u1ebft h\u1ee3p ho\u00e0n to\u00e0n v\u1edbi h\u1ec7 sinh th\u00e1i DeFi r\u1ed9ng l\u1edbn h\u01a1n.\n Tr\u00ean t\u1ea5t c\u1ea3 c\u00e1c LYT, Midas \u0111\u00e3 tri\u1ec3n khai c\u00e1c nh\u00f3m thanh kho\u1ea3n \u0111\u01b0\u1ee3c chia s\u1ebb \u0111\u1ec3 \u0111\u1ed5i th\u01b0\u1edfng ngay l\u1eadp t\u1ee9c . Thay v\u00ec y\u00eau c\u1ea7u c\u00e1c \u01b0u \u0111\u00e3i khai th\u00e1c thanh kho\u1ea3n, LYT \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 m\u1edf r\u1ed9ng quy m\u00f4 hi\u1ec7u qu\u1ea3 v\u1ec1 v\u1ed1n v\u00e0 t\u00edch h\u1ee3p DeFi s\u00e2u. C\u00e1c giao th\u1ee9c nh\u01b0 Morpho , Euler v\u00e0 Anja \u0111\u00e3 h\u1ed7 tr\u1ee3 LYT.  \n Gi\u1edbi thi\u1ec7u ba LYT m\u1edbi\n H\u00f4m nay, ch\u00fang t\u00f4i ra m\u1eaft mRE7YIELD , mEDGE v\u00e0 mMEV , m\u1ed7i s\u1ea3n ph\u1ea9m \u0111\u1ec1u \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd r\u1ee7i ro b\u1edfi c\u00e1c c\u00f4ng ty h\u00e0ng \u0111\u1ea7u.\n mRE7YIELD \u2013 Qu\u1ea3n l\u00fd r\u1ee7i ro b\u1edfi RE7 Capital\n RE7 Capital l\u00e0 m\u1ed9t c\u00f4ng ty \u0111\u1ea7u t\u01b0 t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 t\u1eadp trung v\u00e0o nghi\u00ean c\u1ee9u, t\u1eadp trung v\u00e0o c\u00e1c chi\u1ebfn l\u01b0\u1ee3c l\u1ee3i nhu\u1eadn DeFi v\u00e0 alpha thanh kho\u1ea3n. V\u1edbi ph\u01b0\u01a1ng ph\u00e1p ti\u1ebfp c\u1eadn c\u1ea5p \u0111\u1ed9 t\u1ed5 ch\u1ee9c \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh, mRE7YIELD cung c\u1ea5p kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd t\u00edch c\u1ef1c v\u1edbi c\u00e1c s\u1ea3n ph\u1ea9m l\u1ee3i nhu\u1eadn c\u00f3 c\u1ea5u tr\u00fac. \n APY hi\u1ec7n t\u1ea1i: 20,83%\n Chi\u1ebfn l\u01b0\u1ee3c l\u1ee3i nhu\u1eadn c\u00f3 c\u1ea5u tr\u00fac theo c\u1ea5p \u0111\u1ed9 t\u1ed5 ch\u1ee9c\n \u0110\u01b0\u1ee3c qu\u1ea3n l\u00fd t\u00edch c\u1ef1c \u0111\u1ec3 n\u1eafm b\u1eaft s\u1ef1 thi\u1ebfu hi\u1ec7u qu\u1ea3 c\u1ee7a th\u1ecb tr\u01b0\u1eddng\n \u0110\u1ea6U T\u01af V\u00c0O mRE7YIELD\n mEDGE \u2013 Qu\u1ea3n l\u00fd r\u1ee7i ro b\u1edfi Edge Capital\n Edge Capital l\u00e0 m\u1ed9t qu\u1ef9 \u0111\u1ea7u c\u01a1 t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 v\u00e0 nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n DeFi h\u00e0ng \u0111\u1ea7u, qu\u1ea3n l\u00fd v\u1ed1n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c v\u00e0 n\u1ec1n t\u1ea3ng ti\u1ec1n \u0111i\u1ec7n t\u1eed. C\u00e1c chi\u1ebfn l\u01b0\u1ee3c trung l\u1eadp th\u1ecb tr\u01b0\u1eddng c\u1ee7a h\u1ecd \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 t\u1ea1o ra l\u1ee3i nhu\u1eadn \u1ed5n \u0111\u1ecbnh, \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh theo r\u1ee7i ro cao. \n APY hi\u1ec7n t\u1ea1i: 20,12%\n $230M+ AUM\n Th\u00e0nh t\u00edch ki\u1ec3m to\u00e1n trong b\u1ed1n n\u0103m v\u1edbi t\u1ef7 l\u1ec7 Sharpe l\u00e0 3,5\n \u0110\u1ea7u t\u01b0 v\u00e0o mEDGE\n mMEV \u2013 Qu\u1ea3n l\u00fd r\u1ee7i ro b\u1edfi MEV Capital\n MEV Capital l\u00e0 m\u1ed9t c\u00f4ng ty \u0111\u1ea7u t\u01b0 chuy\u00ean v\u1ec1 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c khai th\u00e1c l\u1ee3i nhu\u1eadn DeFi-native \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd r\u1ee7i ro. V\u1edbi chuy\u00ean m\u00f4n v\u1ec1 cung c\u1ea5p thanh kho\u1ea3n v\u00e0 c\u00e1c s\u1ea3n ph\u1ea9m l\u1ee3i nhu\u1eadn c\u00f3 c\u1ea5u tr\u00fac, c\u00f4ng ty cung c\u1ea5p quy\u1ec1n truy c\u1eadp v\u00e0o c\u00e1c c\u01a1 h\u1ed9i l\u1ee3i nhu\u1eadn cao tr\u00ean c\u00e1c th\u1ecb tr\u01b0\u1eddng phi t\u1eadp trung. \n APY hi\u1ec7n t\u1ea1i: 17,53%\n H\u01a1n 350 tri\u1ec7u \u0111\u00f4 la AUM\n H\u01a1n 10 kho l\u01b0u tr\u1eef c\u00f4ng khai \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd tr\u00ean nhi\u1ec1u chu\u1ed7i\n \u0110\u1ea7u t\u01b0 v\u00e0o mMEV\n B\u1ea1n c\u0169ng c\u00f3 th\u1ec3 t\u00ecm th\u1ea5y b\u1ea3n t\u00f3m t\u1eaft ng\u1eafn g\u1ecdn v\u1ec1 c\u00e1ch th\u1ee9c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a Liquid Yield Token (LYT) trong chu\u1ed7i Twitter v\u00e0 b\u00e0i \u0111\u0103ng tr\u00ean LinkedIn c\u1ee7a ch\u00fang t\u00f4i.\n \u0110\u1ec3 bi\u1ebft th\u00f4ng tin \u0111\u01b0a tin tr\u00ean ph\u01b0\u01a1ng ti\u1ec7n truy\u1ec1n th\u00f4ng, h\u00e3y xem th\u00f4ng c\u00e1o b\u00e1o ch\u00ed tr\u00ean The Block &amp; Coindesk .\n Ch\u00fang t\u00f4i hoan ngh\u00eanh m\u1ecdi c\u00e2u h\u1ecfi ho\u1eb7c ph\u1ea3n h\u1ed3i c\u1ee7a b\u1ea1n.\n ","Category":["Ti\u1ec1n \u0111i\u1ec7n t\u1eed\/Web3"],"_links":{"self":[{"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/posts\/52610","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/comments?post=52610"}],"version-history":[{"count":1,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/posts\/52610\/revisions"}],"predecessor-version":[{"id":52613,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/posts\/52610\/revisions\/52613"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/media\/51628"}],"wp:attachment":[{"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/media?parent=52610"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/categories?post=52610"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/tags?post=52610"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}