As a lender, I want to earn a secure income, but don't want to be penalized by an interest rate decrease ⬇️
I can lend AND short interest in one click to be protected against any downturn. https://t.co/jJKwmXXYSZ

作为一名贷款人，我想获得一份有保障的收入，但不想因为利率下降而受到惩罚⬇️
我可以在一次点击中进行借贷和短期利息，以防止任何经济衰退。https://t.co/jJKwmXXYSZ

How are derivatives applicable to DeFi?
Easy: they can be used on interest rate fluctuations!
That's what @iGainFinance does. https://t.co/TtYXOs6l9s

衍生品如何适用于DeFi？
简单：它们可以用于利率波动！
这就是@igainance所做的。https://t.co/TtYXOs6l9s

For example, if I "short" an asset, my portfolio value will increase as this asset price is decreasing.
Pretty useful if I anticipate it to decrease and want to make money out of it (or be "insured" against it). https://t.co/CAsstXKbVZ

例如，如果我“做空”一项资产，我的投资组合价值将随着该资产价格的下降而增加。
如果我预计它会减少，并想从中赚钱（或“投保”它），这是非常有用的。https://t.co/CAsstXKbVZ

A derivative is a financial contract deriving its value from an underlying asset.
Common derivatives include options, swaps, futures, etc.
Their value depend on how the underlying asset is performing. https://t.co/vvroDXnG9J

衍生工具是从基础资产中衍生出其价值的金融合同。
常见的衍生品包括期权、掉期、期货等。
它们的价值取决于基础资产的表现。https://t.co/vvroDXnG9J

Now let's get back to yield-bearing protocols like Aave.
As we have seen, the only issue there was *interest rate fluctuations*. 📉
How to counter that? With derivatives.

现在让我们回到像Aave这样的轴承协议。
正如我们所看到的，唯一的问题是利率波动。📉
如何应对？衍生产品。

In TradFi, most debt markets are dominated by fixed-rate loans. Because they are less risky, being able to predict future interest rates allow lenders and borrowers to be more confident in their future investments.
It allows them to adopt more complex financial strategies. https://t.co/dZvia04a8O

在TradFi，大多数债务市场由固定利率贷款主导。由于风险较小，能够预测未来利率可以让贷款人和借款人对未来的投资更有信心。
这让他们可以采取更复杂的财务策略。https://t.co/dZvia04a8O

This is where we see how early DeFi is compared to TradFi at the moment.
Sure, I can be comfortable allocating a small % of my portfolio to higher-risk altcoins, hoping for life-changing gains.
But I want another part of my DeFi holdings to earn more safely 💰 https://t.co/H1C0Ak8LIU

这就是我们现在看到DeFi与TradFi相比有多早的地方。
当然，我可以放心地将投资组合的一小部分分配给风险更高的altcoins，希望获得改变人生的收益。
但我希望我持有的另一部分DeFi能更安全地盈利💰 https://t.co/H1C0Ak8LIU

What to do then? Should you abandon plan A, B and C?
Not necessarily. But as an investor, those should not be the only strings to your bow 🏹
Healthy portfolio allocation is all about managing risk & combining high-risk assets with low-risk sources of income. https://t.co/dS7Mhuztxn

那怎么办？你应该放弃A、B和C计划吗？
不一定。但作为一名投资者，这些不应该是唯一的条件🏹
健康的投资组合配置就是管理风险和；将高风险资产与低风险收入来源相结合。https://t.co/dS7Mhuztxn

Here's an example of how interest rates have fluctuated over the last few months for USDT from Aavescan.
Going from low single-digit to high double-digit 😳
Do we want DeFi to unlock the next billion users and risk-averse institutions from TradFi?
We need to do better. https://t.co/mToFwhIfEo

以下是一个例子，展示了过去几个月，Aavescan的USDT利率是如何波动的。
从低的一位数到高的两位数😳
我们是否希望DeFi从TradFi解锁下十亿用户和规避风险的机构？
我们需要做得更好。https://t.co/mToFwhIfEo

What does it mean, concretely?
It means interest rate levels become deeply uncertain. They can go ⬆️ or ⬇️.
That makes things extremely difficult for lenders to properly secure earnings, or borrowers anticipate future costs.

具体来说，这意味着什么？
这意味着利率水平变得非常不确定。他们可以走了⬆️ 或⬇️.
这使得放款人很难获得适当的收益，或者借款人很难预测未来的成本。

But even here, DeFi lenders and borrowers are exposed to significant risks.
Most of the time, interest rates are dynamically determined by market forces: demand and supply.
And those forces can dramatically vary 🎢 https://t.co/xyuPXnneAa

但即使在这里，DeFi贷款人和借款人也面临着巨大的风险。
大多数时候，利率是由市场力量（需求和供给）动态决定的。
而这些力量可能会发生巨大变化🎢 https://t.co/xyuPXnneAa

The way those unsustainable high-yield platforms are designed expose users to various invisible risks:
- crypto-style "bank runs" 🏦
- the platform's eventual inability to finance its lenders when it runs out of subsidies

这些不可持续的高收益平台的设计方式让用户面临各种无形风险：
-加密式“银行挤兑”🏦
-当补贴耗尽时，该平台最终无法为其贷款人融资

Alright, no altcoin purchase, no unsustainably high-yield protocols.
What would be a Plan C?
Move on to lower yield platforms?
Maybe 😉

好吧，没有altcoin购买，没有不可持续的高收益协议。
什么是C计划？
转向低收益平台？
大概😉

First of all, finance is not always a world of lambos and moons.
Long term, the greatest investors in the world barely manage to make 20% of gains per year.
How could depositing stablecoins at the same rate be consistently risk-free?
https://www.thebalance.com/goo...

首先，金融业并不总是一个由月亮和羔羊组成的世界。
长期来看，世界上最伟大的投资者每年几乎无法获得20%的收益。
以同样的利率存放StableCoin怎么能始终没有风险？
https://www.thebalance.com/goo...

Same for supposedly "high" yield-generating protocols.
As a lender, or a borrower.
We often heard from DeFi users around us: "Protocol XYZ provides 20% of annual returns on stablecoin USXYZ. What could go wrong?"
A lot, it seems 🤷

对于所谓的“高”产量生成协议也是如此。
作为贷款人或借款人。
我们经常听到周围的DeFi用户说：“协议XYZ提供stablecoin USXYZ年回报的20%。会出什么问题？”
似乎很多🤷

The savviest investors can navigate in BOTH bear and bull markets.
They know how to earn, and how NOT to lose money.
In sports, attack wins you games ⚽️ But defence wins you titles 🏆

最精明的投资者可以在熊市和牛市中导航。
他们知道如何赚钱，如何不赔钱。
在体育运动中，进攻可以赢得比赛⚽️ 但防守能赢得冠军🏆

Then how about rotating to
- stablecoins
- and find a platform with high yield % to fructify them?
Problem: some stablecoins are not always that *stable* and risk-free, as @iGainFinance explains in this thread: https://twitter.com/iGainFinan...

那旋转到
-stablecoins公司
-并找到一个高收益率的平台来实现它们？
问题：有些StableCoin并不总是那么稳定且无风险，正如@igainance在本文中所解释的：https://twitter.com/iGainFinan...

Here, you can see the performance of famous tech stocks, along with $ETH and $BTC.
All losing big time this year, without exception.
What would be a plan B? 🤔
(credit: @matthuang) https://t.co/nTxLBVZ0qO

在这里，你可以看到著名科技股的表现，以及$ETH和$BTC。
今年所有人都失去了大好时光，毫无例外。
B计划是什么？🤔
（来源：@matthuang）https://t.co/nTxLBVZ0qO

When beginners are asked about how they intend to make money in crypto, they usually mention aping on a "blue-chip" or an altcoin they like and waiting for it to "moon" 🚀
But there's a problem.
That risky tactic will get you burned in a bear market 😬

当初学者被问及他们打算如何在加密技术中赚钱时，他们通常会提到在他们喜欢的“蓝筹股”或altcoin上使用，然后等待它“登月”🚀
但有个问题。
这种冒险的策略会让你在熊市中被烧死😬

The crypto market has been a complete bloodbath lately🩸
As if that wasn't enough, HUGE uncertainty followed on some stablecoins and DeFi lending platforms.
Here are some easy takeaways for you, crypto investor, to make your portfolio bulletproof under ANY market condition.
🧵 https://t.co/pfaLwHqzWk

加密市场最近已经是一场彻头彻尾的大屠杀🩸
似乎这还不够，一些StableCoin和DeFi贷款平台上出现了巨大的不确定性。
加密投资者，这里有一些简单的方法可以让你的投资组合在任何市场条件下都是防弹的。
🧵 https://t.co/pfaLwHqzWk