论文标题
知识的系统化：综合资产，衍生品和链链投资组合管理
Systematization of Knowledge: Synthetic Assets, Derivatives, and On-Chain Portfolio Management
论文作者
论文摘要
合成资产是传统金融（Tradfi）世界中衍生品的分散财务（DEFI）类似物 - 财务安排，其价值从价值并直接固定在基础资产的价值上（例如：期货和期权）。综合资产占据了独特的利基市场，有助于促进货币兑换，使交易者可以推测加密资产的价值而无需直接持有，并为更复杂的财务工具（例如收益率优化者和投资组合管理套件）提供动力。不幸的是，有关该主题的学术文献是高度分散的，并且努力跟上空间的快速变化。我们介绍了该领域的知识（SOK）的第一个系统化，重点是以易于访问的方式介绍关键机制，协议和问题，以突出参与者的风险以及研究感兴趣的领域。本文在建立合成资产的一般框架方面具有广泛的看法，从加密的意识形态起源到该领域的公司的法律障碍，封装了衍生品市场的基本机制以及提供数据驱动的主要协议分析的基本机制。
Synthetic assets are decentralized finance (DeFi) analogues of derivatives in the traditional finance (TradFi) world - financial arrangements which derive value from and are directly pegged to fluctuations in the value of an underlying asset (ex: futures and options). Synthetic assets occupy a unique niche, serving to facilitate currency exchange, giving traders a means to speculate on the value of crypto assets without directly holding them, and powering more complex financial tools such as yield optimizers and portfolio management suites. Unfortunately, the academic literature on this topic is highly disparate and struggles to keep up with rapid changes in the space. We present the first Systematization of Knowledge (SoK) in this area, focusing on presenting the key mechanisms, protocols, and issues in an accessible fashion to highlight risks for participants as well as areas of research interest. This paper takes a broad perspective in establishing a general framework for synthetic assets, from the ideological origins of crypto to legal barriers for firms in this space, encapsulating the basic mechanisms underpinning derivatives markets as well as presenting data-driven analyses of major protocols.
