Kuɗaɗen Raba-gari (DeFi): Cikakken Bincike da Bita

Teburin Abubuwan Ciki

Jimlar Ƙimar Kulle (Awat Agusta 2023)

$40.257B

Matsakaicin TVL (Disamba 2021)

$253B

Labaran Binciken da aka Bita

10,000+

1. Gabatarwa

Kuɗaɗen Raba-gari (DeFi) ya fito a matsayin wani sabon tsarin kuɗi tun lokacin "bazarar DeFi" na 2020, yana ƙalubalantar tsarin kuɗi na al'ada ta hanyar haɗa fasahar blockchain. DeFi yana ba da damar ƙirƙira, rarrabawa, da amfani da ayyukan kuɗi tare da manyan fa'idodi waɗanda suka haɗa da aiki marar amana, rashin shisshigin mutum, matsakaicin samuwa, samun dama marar iyaka, shiga ba tare da izini ba, da kuma faɗaɗawa ta hanyar haɓaka buɗaɗɗen tushe.

2. Hanyar Bita na Wallafe-wallafen

Bincikenmu ya gudanar da cikakken bincike na ƙididdiga akan fiye da labaran bincike 10,000 masu alaƙa da DeFi ta amfani da hanyoyin bincike na inganci da na ƙima. Hanyar ta ƙunshi nazarin wallafe-wallafen tsari, binciken ambato, da gano yanayi a cikin rumbunan ilimi da yawa ciki har da IEEE Xplore, ACM Digital Library, da ma'ajiyar arXiv.

3. Tsarin Rarraba DeFi

Muna ba da shawarar wani sabon tsarin rarrabuwa dangane da rikitaccen sabis na kuɗi, wanda ke tsara aikace-aikacen DeFi zuwa matakai uku masu tsari.

3.1 Aikace-aikacen Matakin Kayan Aiki

Abubuwan ginshiƙai na tushe waɗanda suka haɗa da walat cryptocurrency, oracles, da samfuran kwangilar wayo na asali waɗanda ke ba da muhimmin kayayyakin more rayuwa don ayyukan DeFi.

3.2 Matakin Aiki na Asali

Muhimman abubuwan kuɗi na asali waɗanda suka haɗa da musayar raba-gari (DEXs), ka'idojin ba da bashi, da kuma kudaden kafintu waɗanda suka zama ginshiƙan rikitattun ayyukan DeFi.

3.3 Aikace-aikacen Matakin Sabis

Ci-gaban ayyukan kuɗi waɗanda suka haɗa da tara riba, ka'idojin zubar da ruwa, da inshorar raba-gari waɗanda ke amfani da ayyuka na asali da yawa.

4. Binciken Fasaha da Haɗarin Tsaro

Tsarin DeFi yana fuskantar manyan ƙalubalen fasaha ciki har da raunin kwangilar wayo, hare-haren sarrafa oracle, da cin gajiyar gaba. Za a iya wakiltar tsarin tsaro ta hanyar lissafi kamar haka:

$Risk_{total} = \sum_{i=1}^{n} (P_i \times L_i) + \epsilon_{systemic}$

Inda $P_i$ ke wakiltar yuwuwar hanyar kai hari $i$, $L_i$ ke wakiltar yiwuwar asara, kuma $\epsilon_{systemic}$ yana lissafin haɗarin tsarin gaba ɗaya.

5. Ra'ayoyin Tattalin Arziki

DeFi yana gabatar da sabbin hanyoyin tattalin arziki ciki har da masu yin kasuwa ta atomatik (AMMs) tare da dabarar samfurin akai-akai:

$x \times y = k$

Inda $x$ da $y$ ke wakiltar adadin ajiyar alamun kuɗi biyu, kuma $k$ shine samfurin akai-akai. Wannan tsarin yana ba da damar samar da ruwa ba tare da izini ba amma yana haifar da haɗarin asara marar dorewa ga masu samar da ruwa.

6. Sakamakon Gwaji da Binciken Bayanai

Bincikenmu ya nuna manyan alamu na girma a cikin karɓar DeFi. Hoto na 1 yana nuna girman TVL daga 2020-2023, yana nuna saurin faɗaɗawa a lokacin bazara na DeFi wanda ya biyo bayan haɗin gwiwar kasuwa. Bayanan sun nuna alaƙa tsakanin tsaron ƙa'idar da dorewar dogon lokaci.

Muhimman Hasashe

Ka'idojin DeFi masu tabbatarwa na yau da kullun suna nuna ƙasa da kashi 85% na abubuwan da suka faru na tsaro
DEXs na tushen AMM suna lissafin kashi 68% na jimillar cinikin DeFi
Haɗin kai tsakanin sarkar yana ci gaba da zama babban ƙalubalen fasaha
Rashin tabbas na tsari yana shafar kashi 42% na yanke shawarar ci gaban DeFi

7. Misalan Aiwar Lambar

A ƙasa akwai misalin sauƙaƙan kwangilar wayo don tafkin ruwa na asali:

pragma solidity ^0.8.0;

contract SimpleLiquidityPool {
    mapping(address => uint) public balances;
    uint public totalLiquidity;
    
    function addLiquidity(uint amount) external payable {
        require(amount > 0, "Amount must be positive");
        balances[msg.sender] += amount;
        totalLiquidity += amount;
    }
    
    function swap(address tokenIn, uint amountIn) external {
        // Aiwar dabarar samfurin akai-akai
        uint k = totalLiquidity * (totalLiquidity + amountIn);
        require(k > 0, "Invalid swap");
        // Dabaran musayar yana ci gaba...
    }
}

8. Aikace-aikace na Gaba da Hanyoyin Bincike

Ci gaban DeFi na gaba yana mai da hankali kan haɗin kai tsakanin sarkar, hanyoyin daidawa na Layer-2, tsarin bin ka'idojin tsari, da karɓar cibiyoyi. Wuraren da ke tasowa sun haɗa da sarrafa ainihin raba-gari, ma'amaloli masu kiyaye sirri ta amfani da shaidar rashin sani, da kuma ƙirar kimanta haɗari da aka haɓaka da AI.

Bita na Asali

Wannan cikakken bincike na Kuɗaɗen Raba-gari yana wakiltar gagarumar gudunmawa ga fahimtar ilimi na tsarin kuɗi na tushen blockchain. Hanyar bincike mai yawan matakai na marubutan, wanda ya ƙunshi duka hanyoyin fasaha da abubuwan da suka shafi tattalin arziki, ya ba da tsari mai cikakken bayani wanda ke magance rikitaccen yanayin yanayin DeFi. Tsarin rarrabuwar da aka ba da shawara, wanda ke tsara aikace-aikace ta hanyar rikitaccen sabis, yana ba da rarrabuwar kawuna mai amfani wanda ya dace da kafaffen tsarin fasahar kuɗi.

Ta fuskar fasaha, binciken tsaro ya nuna muhimman raunuka waɗanda suka yi daidai da binciken tsaro na al'ada na yanar gizo. Kamar yadda aka lura a cikin mujallar IEEE Security & Privacy (2022), raunin kwangilar wayo ya kasance babbar hanyar kai hari a cikin DeFi, yana lissafin fiye da kashi 70% na manyan abubuwan da suka faru na tsaro. Ƙirar haɗarin lissafi da aka gabatar a cikin wannan binciken ya ginu akan ƙa'idodin kuɗaɗen ƙima na yau da kullun yayin da ake daidaita su da halayen musamman na tsarin raba-gari.

Binciken tattalin arziki na masu yin kasuwa ta atomatik ya nuna fahimta mai zurfi na ƙirar tsari. Dabarar samfurin akai-akai $x \times y = k$, duk da kyawunta a cikin sauƙi, tana haifar da iyakoki na asali a cikin ingantaccen jari idan aka kwatanta da tsarin littafin oda na al'ada. Wannan ya yi daidai da bincike daga Cibiyar Kuɗaɗen Madadin Jami'ar Cambridge, wanda ya rubuta ciniki tsakanin samun dama da inganci a cikin musayar raba-gari.

Idan aka kwatanta da binciken da suka gabata kamar Werner et al. [1] da Zhou et al. [8], wannan aikin yana ba da cikakkun bayanai na fasaha yayin da yake ci gaba da ɗaukar babban ɗaukar hoto. Haɗa misalan lamba da ƙirar lissafi ya cike gibin tsakanin binciken ka'idoji da aiwatarwa, yana mai da abun ciki mai mahimmanci ga duka masana ilimi da masu haɓakawa.

Hanyoyin gaba da aka gano, musamman game da haɗin kai tsakanin sarkar da tsarin tsari, suna nuna ƙalubalen masana'antu na yanzu. Kamar yadda Bankin Ƙasashen Duniya ya lura a cikin rahotonsu na shekara-shekara na 2023, bayyananniyar tsari zai zama mahimmanci ga balagaggen DeFi. Ƙarfafa tabbatarwa na yau da kullun da mafi kyawun ayyukan tsaro yana maimaita shawarwari daga manyan kamfanonin tsaron blockchain kamar CertiK da Trail of Bits.

Wannan binciken ya kafa ingantaccen tushe don bincike na gaba yayin da yake ba da amfanin aiki nan take ga masu haɓakawa da masu tsara manufofi waɗanda ke kewaya yanayin DeFi mai saurin canzawa.

9. Nassoshi

Werner, S. M., et al. "SoK: Decentralized Finance (DeFi)." arXiv preprint arXiv:2101.08778 (2021).
Moin, A., et al. "SoK: Algorithmic Stablecoins." FC 2021.
Bartoletti, M., et al. "Lending Pools in Decentralized Finance." FC 2021.
Xu, J., et al. "SoK: Decentralized Exchanges (DEX) with Automated Market Maker (AMM) Protocols." ACM Computing Surveys (2023).
Zhou, L., et al. "SoK: Decentralized Finance (DeFi) Attacks." IEEE S&P 2023.
IEEE Security & Privacy Journal. "Blockchain Security Analysis." Vol. 20, Issue 3, 2022.
University of Cambridge Centre for Alternative Finance. "Global Cryptoasset Benchmarking Study." 2023.
Bank for International Settlements. "Annual Economic Report." 2023.