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  • for people that are still coming up to speed here.


  • You know I have one of my students the other day and I want to talk about stable coins to but they said, you know why is this such a big deal because I get them to go on a compound and borrow and lend an asset in small size just so they see what it is because most people have no concept of this right robert because we know our stock brokers, this is was the best kept secret for a long time.


  • They would hold our shares and lend them out overnight when we just thought that you couldn't do that.


  • So how do you usually educate people on the fact of financing assets?


  • Because we don't normally uh I mean Airbnb Maisie maybe as an example, I guess we don't normally finance our cars or how do you usually explain that?

    なぜなら、私たちは通常......つまりAirbnb Maisieを例に挙げると、私たちは通常、車のローンを組まないのではないでしょうか。

  • And why is it such an important building block to the whole system?


  • Yeah, it's a great question.


  • So you know, you mentioned a point which is, you know, all the stocks in the world, you know that most people are sitting on, you know overnight their brokers lending them out to a short seller or in some way to like earned just a little bit of extra income for themselves and most of that value doesn't accrue to you.


  • Um And you know the idea of the compound is that you know originally we thought, ok, all idle assets out there and starting with crypto assets that were available in the theory of blockade if somebody wants to borrow them, it should be freely available and the people with the asset should be receiving the yield from that behavior.


  • And so you know one way to think about it is you know people will borrow the assets that you have if they're borrowing stable coins they were excited to borrow these stable coins to buy other assets.


  • You know it's essentially you know convert the stable coin into more Bitcoin into more either and then over time hopefully pay it back.


  • Bitcoin or ether have gone up, they sell it, they repay the stable coins state park or if you know somebody is looking to borrow either either to like run smart contracts or to sell either for something else from purchasing N.


  • F.


  • T.


  • With either because that's the only thing that can purchase the N.


  • F.


  • T.


  • They might borrow either.


  • And all of this leads to this process of people paying for the opportunity to borrow assets um and paying the users that provide those assets directly and you know the system works you know in a you know, single player mode basis where you can just go to the protocol and take the prevailing yield where you can borrow at the prevailing interest rates will have to call anybody.


  • It's not like you know if you wanted to get an interest rate on the Treasury having to like work the phones or work the desk or like we're chat rooms, you know, it's a system that's designed to be you know one of which you can just directly interact with the protocol 24 7, you know it could be three a.m. And you could be wearing your pajamas and the system just works.


  • Um And so the easiest way to think about is if you have crypto there's a yield available to you on that crypto and if you want to borrow any of the different crypto assets for any reason you can do so using other assets as collateral.


  • So the most popular use cases are people taking a basket of volatile crypto assets whether it's ether or Bitcoin or you know swap tokens or whatever and borrowing stable coins against it or providing you know stable coins and other crypto to the protocol to earn prevailing rate.


  • And the most popular trade has always been borrow stable coins to buy more assets with or you know go put to productive use in the real economy or do anything you want with against crypto and other people providing stable coins to earn.


for people that are still coming up to speed here.



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ロバート・レシュナー氏が語る「暗号資産の貸し借り」とは? (Robert Leshner on Lending and Borrowing Crypto Assets ?)

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    林宜悉 に公開 2021 年 09 月 08 日