Institution Money: From Crypto to DeFi 机构资金：从加密货币到分散式金融
Why DeFi protocols like EMOJIS Farm will benefit from the recent crypto trend and institution money flowing into BTC? 为什么像EMOJIS Farm这样的DeFi协议将从最近的加密趋势和流入BTC的机构资金中受益？
Cryptocurrency has been hitting the headlines over the past few months with frenzy of institutional money such as Microstrategy and Tesla flowing into Bitcoin. There is undoubtedly a trend in the market toward greater awareness and acceptance of digital assets as a new investable asset class.
80% of institutions in the United States and Europe have an interest in investing in cryptocurrencies, while more than a third have already invested in some form of digital asset, with Bitcoin being the most popular choice of investment.
A good starting point for institutional investors would be to differentiate between major cryptocurrencies such as BTC/ETH and decentralized finance (DeFi) protocols. To date, most institutional involvement in cryptocurrency is simply holding Bitcoin and not so much on revolutionary DeFi products.
There are a plethora of reasons for the recent Bitcoin trend. With the relative maturity of the market and increased liquidity, sizeable trades can now take place without resulting in excessive market movement. Other factors include the unusual high volatility, high return and a greater probability of extreme values compared with the stock market of the asset class. Bitcoin’s decade long history and its limited supply that makes it akin to digital gold have also been highlighted, making it more and more attractive in a world of inflated asset prices and unruly monetary and fiscal policies.
However, the main reason for the recent institutional interest in cryptocurrency is much less philosophical, much more practical and has to do with regulations and legacy infrastructure.
Financial institutions are old behemoths, managing billions of dollars’ worth of other people’s money, and are therefore required by law to fulfill an overabundance of rules regarding the type of assets they are holding, where they are holding them and how they are holding them.
On the one hand, in the past two years, the blockchain and crypto industry has made leaps forward in terms of regulatory clarity, at least in most developed markets. On the other hand, the development of the high-standard infrastructure that provides institutional actors with an operating model similar to that offered in the traditional world of securities now allows them to invest directly in cryptocurrency by taking custody or indirectly through derivatives and funds. This is our opinion are the real drivers in giving institutional investors enough confidence to finally venture into crypto.
Why Institutional Investors should look into DeFi products
With U.S. 10-year Treasuries yielding only 1%, the next big thing would be for institutions to look at investing in #DeFi yield products. With traditional rates in the doldrums and DeFi protocols on U.S. dollar stablecoins are yielding between 2% to 250% per annum or more, it makes complete sense for institutions to dip their toes into DeFi.
However, DeFi is in its infancy, and liquidity is still too thin in comparison with more established asset classes for institutions to bother upgrading their knowledge. Additionally, there are real, serious operational and regulatory risks when it comes to the transparency, rules and governance of these products.
There are many things that need to be developed — most of which are already underway — to ensure institutional interest in DeFi products, whether on the settlement layer, asset layer, application layer or aggregation layer.
Institutions’ primary concern is to ensure the legitimacy and compliance of their DeFi counterparts at both the protocol level and the sale execution level.
One solution is a protocol that recognizes the status of a wallet owner or of another protocol and advises the counterparty as to whether or not it fits its requirements in terms of compliance, governance, accountability and also code auditing, as the potential for malicious actors to exploit the system has been proved over and over.
This solution will need to go hand in hand with an insurance process to transfer the risk of an error, for example, in validation to a third party. We are starting to see the emergence of a few insurance protocols and mutualized insurance products, and adoption and liquidity in DeFi need to be large enough to caution the investments in time, money and expertise to fully develop viable institutional insurance products.
Another venue to be enhanced is the quality and integrity of data through trustful oracles and the need to increase the confidence in oracles to achieve compliant levels of reporting. This goes hand in hand with the need for sophisticated analytics to monitor investments and on-chain activity. And it goes without saying that more clarity on accounting and taxes is needed from certain regulators who haven’t emitted an opinion yet.
Another obvious issue concerns network fees and throughput, with requests taking from a few seconds to double-digit minutes depending on network congestion, and fees. This is, however, being resolved with plans for the development of Ethereum 2.0 in the next two years and also the emergence of blockchains more adapted to faster transactions and more stable fees.
A final, somewhat funny point would be the need for improvement in user experience/user interfaces in order to turn complex protocols and code into a more user-friendly, familiar interface.
Regulation matters
People like to compare the blockchain revolution to the dotcom revolution. What they fail to remember is that the internet disrupted the flow of information and data, both of which were not regulated and had no existing infrastructure, and it is only in the last few years that such regulations were adopted.
The financial industry is heavily regulated especially after the 2008 financial crisis. In the United States, finance is three times more regulated than the healthcare industry. Finance has a legacy operational system and infrastructure that makes it extremely hard to disrupt and tedious to transform.
It’s likely that in the next decade, we will see a fork between instruments and protocols that are fully decentralized, fully open source and fully anonymous and instruments that will need to fit in the tight framework of the heavy regulation and archaic infrastructure of financial markets, resulting in a loss of some of the above characteristics along the way.
This will by no means slow down the fantastic rate of creativity and the relentless, fast-paced innovation in the sector, as a large number of new products in the DeFi space — products we haven’t even predicted — are anticipated. And within a quarter of a century, once DeFi will have first adapted to and then absorbed capital markets, its full potential will be unleashed, leading to a frictionless, decentralized, self-governing system.
The DeFi revolution is here, and it is here to stay. New technologies have undeniably shifted the financial industry from being controlled through social relations to being controlled through autonomous technical mechanisms.
There is a fine equilibrium to be reached between tech-based, fast-paced cryptocurrency and antiquated, regulated fiat systems. Building a bridge between the two will only benefit the system as a whole.
About EMOJIS Farm
EMOJIS.Farm was borne out of a desire to unite the DeFi community and through providing an active and fun reward environment, catalyze user adoption and create a self-sustaining community who can enjoy greater liquidity and stability.
Being a decentralised system, EMOJI is equipped with the necessary policies required to support the economy and achieve sustainable growth. With our rebasing function and on-chain governance, EMOJI has both the autonomy to maintain design specs and the nimbility to adapt to new processes and protocols, whenever and wherever necessary.
EMOJIS.Farm is also backed by Consentium and will be integrated into the Consentium super app ecosystem in the near future. We are also considering to include NFTs after launch because, ain’t our EMOJIs cute?!
How is EMOJIS.Farm different from the rest of the DeFi space?
The DeFi community has always been supportive of new projects but unfortunately, always end up having to deal with short-lived projects that typically fail due to a lack of liquidity.
EMOJI seeks to change that. Here, we actively create an environment that can generate organic growth and sustainability for the long term. Through generous yield incentivization policies and an early withdrawal penalty, EMOJIS.Farm ensures a steady pool of liquidity to support the ecosystem for the long haul. APY will be fixed at 1000% and reward will be distributed as LP token and not just $EMOJI. There will be a 24 hour timelock for LP deposits on EMOJIS.farm. Thereafter, you can withdraw anytime with the LP rewards. 5% withdrawal fees will be implemented and will be 100% redistributed to users who continue to stake.
Telegram — https://t.me/emojisfarm_chat
Website — https://emojis.farm
Medium — https://medium.com/@emojisfarm
Twitter — https://twitter.com/EmojisFarm
What is Consentium?
Consentium is the team behind EMOJIS.Farm.
Launched in April 2018, Consentium is a revolutionary platform that bridges the gap between social communication and cryptocurrency. Leveraging the popularity of chat apps as key communication channels for cryptocurrency communities, Consentium has disrupted the chat app economy with its integrated cryptocurrency wallet. The in-app wallet function allows users to send and receive CSM, BTC, USDT and ETH using just a phone number or user ID.
Operating on its own proprietary blockchain, CSM Chain, Consentium has a higher TPS that allows its 100,000-member strong community to enjoy a more seamless transaction experience.
In the near future, Consentium aims to become the premier chat platform and super-app for the DeFi space and has many exciting plans in the pipeline to expand its ecosystem. One of these plans include adopting $EMOJI tokens into the superapp, thus enabling $EMOJI to act as a conduit for users to the Consentium ecosystem.
Connect with us on our social media
Website: Consentium
Telegram channel: Consentium Official
Facebook: Consentium
Twitter: Consentium
Wechat: gh_ef8940467b01
在过去的几个月中，随着诸如Microstrategy和特斯拉等机构资金的疯狂流入，加密货币一直成为头条新闻。毫无疑问，市场上越来越倾向于将数字资产作为一种新的可投资资产类别进行认知和接受。
在美国和欧洲，有80％的机构对投资加密货币感兴趣，而超过三分之一的机构已经对某种形式的数字资产进行了投资，其中比特币是最受欢迎的投资选择。
对于机构投资者来说，一个很好的起点是区分主要加密货币，例如BTC / ETH和分散式金融（DeFi）协议。迄今为止，大多数机构参与加密货币只是持有比特币，而不是革命性的DeFi产品。
最近的比特币趋势有很多原因。随着市场的相对成熟和流动性的增加，现在可以进行大量交易而不会导致市场过度波动。与资产类别的股票市场相比，其他因素还包括异常的高波动性，高回报和极高的极端价值可能性。比特币已有十年的历史，其供应量有限，使其类似于数字黄金，这在资产价格高涨以及货币和财政政策不健全的世界中越来越具有吸引力。
但是，最近引起机构对加密货币兴趣的主要原因是哲学上少了，实用性高了，并且与法规和遗留基础设施有关。
金融机构是传统的庞然大物，管理着数十亿美元的他人资产，因此法律要求它们执行过多的规则，以应对它们所持有的资产类型，持有地点以及持有方式。
一方面，在过去两年中，至少在大多数发达市场中，区块链和加密产业在监管清晰性方面取得了飞跃。另一方面，高标准基础设施的发展为机构参与者提供了与传统证券世界类似的运营模式，现在使他们能够通过保管直接投资于加密货币，或者通过衍生品和基金间接投资。我们认为这是给予机构投资者足够的信心最终冒险进入加密货币的真正动力。
为什么机构投资者应该研究DeFi产品
由于美国10年期美国国债的收益率仅为1％，因此下一个大问题将是机构着眼于投资#DeFi收益率产品。传统的利率低迷以及美元稳定币的DeFi协议每年收益在2％到250％之间或更高，对于机构而言，将脚趾投入DeFi是完全有意义的。
但是，DeFi尚处于起步阶段，与较成熟的资产类别相比，流动性仍然太薄，使得机构无法打扰他们的知识升级。此外，在这些产品的透明度，规则和治理方面，还存在真正的，严重的运营和监管风险。
为了确保机构对DeFi产品的兴趣，无论是在结算层，资产层，应用程序层还是聚合层，都需要开发很多东西-大多数已经在进行中-以确保机构对DeFi产品的兴趣。
机构最关心的是在协议级别和销售执行级别上确保其DeFi同行的合法性和合规性。
一种解决方案是一种协议，该协议可以识别钱包所有者的身份或另一种协议的状态，并向交易对方建议其是否符合其合规性，治理，责任制和代码审计方面的要求，这是恶意行为者潜在的潜在威胁。利用该系统已被反复证明。
该解决方案将需要与保险流程紧密结合，以将错误风险转移给第三方（例如，将其验证）。我们开始看到一些保险协议和相互化的保险产品的出现，并且DeFi的采用和流动性必须足够大，以警告为充分开发可行的机构保险产品而投入的时间，金钱和专业知识。
另一个需要增强的地方是通过可信赖的预言数据库的数据质量和完整性，以及需要提高对预言数据库的信心以实现合规报告水平。这与需要复杂的分析来监视投资和链上活动密切相关。毋庸置疑，某些尚未发表意见的监管机构需要在会计和税收方面更加明确。
另一个明显的问题与网络费用和吞吐量有关，根据网络拥塞和费用，请求要花费几秒钟到两位数的分钟。然而，这将在未来两年内通过以太坊2.0的开发计划得到解决，并且区块链的出现更适合更快的交易和更稳定的费用。
最后一个有趣的观点是需要改进用户体验/用户界面，以便将复杂的协议和代码转换为更用户友好的熟悉界面。
监管是必要的
人们喜欢将区块链革命与互联网革命进行比较。他们没有记住的是，互联网破坏了信息和数据流，两者均未受到监管，也没有现有的基础设施，仅在最近几年才采用了此类法规。
金融业受到严格的监管，尤其是在2008年金融危机之后。在美国，金融监管比医疗行业高三倍。财务拥有一个遗留的操作系统和基础架构，这使得它极难被破坏和繁琐的转换。
在未来十年中，我们可能会看到完全去中心化，完全开源和完全匿名的工具与协议之间的分歧，以及需要适应严格的金融市场严格监管和过时基础设施的工具之间的分歧，从而导致上述某些特性丧失。
这绝不会减慢该行业极高的创造力和无情的，快节奏的创新，因为DeFi领域中将出现大量新产品，而我们甚至都没有预料到这些产品。在25分之一个世纪之内，一旦DeFi首先适应并吸收了资本市场，它的全部潜力就会释放出来，从而形成一个无摩擦，分散，自治的系统。
DeFi革命就在这里，而且将持续下去。无可否认，新技术已将金融业从通过社会关系控制转变为通过自主技术机制控制。
在以技术为基础的快节奏加密货币与过时的，受监管的法令系统之间要达到良好的平衡。在两者之间建立桥梁只会使整个系统受益。
EMOJI信息
EMOJIS.Farm出于团结DeFi社区的期望，并通过提供一个积极有趣的奖励环境，促进用户采用并创建可以享有更大流动性和稳定性的自我维持的社区来实现。
作为分散的系统，EMOJI配备了支持经济和实现可持续增长所需的必要政策。凭借我们的基础功能和链上治理，EMOJI既可以自主维护设计规范，又可以随时随地适应新流程和协议。
EMOJIS.Farm也由嘉信的支持，并将在不久的将来集成到嘉信超级应用生态系统中。我们还考虑在发行后加入NFT.
EMOJIS.Farm与DeFi空间的其余部分有何不同？
DeFi社区一直以来都支持新项目，但不幸的是，最终总是不得不处理通常由于缺乏流动性而失败的短期项目。
EMOJI试图改变这种状况。在这里，我们积极创造一个可以长期实现有机增长和可持续性的环境。通过慷慨的收益激励政策和提早退出罚单，EMOJIS.Farm确保了稳定的流动资金池，以长期支持生态系统。APY固定为1000％，奖励将以LP分配. EMOJIS Farm LP存款将有24小时锁定, 之后，您可以随时提取资金。EMOJIS Farm也将收取5％的提款费，并将其5％的资金重新分配给那些继续质押的用户。
关于嘉信
嘉信是EMOJIS.Farm幕后的团队。
嘉信于2018年4月推出，是一个革命性的平台，弥合了社交沟通与加密货币之间的鸿沟。利用聊天应用程序作为加密货币社区的关键通信渠道的普及，嘉信凭借其集成的加密货币钱包创新聊天应用程序的经济。应用程序内钱包功能允许用户仅使用电话号码或用户ID发送和接收CSM，BTC，USDT和ETH。
嘉信在其专有的区块链, 嘉信公链上运行，拥有更高的每秒交易，使其拥有100,000名会员的强大社区享有更加无缝的交易体验。
在不久的将来，嘉信的目标是成为DeFi空间的首要聊天平台和超级应用程序，并且正在制定许多令人兴奋的计划来扩展其生态系统。这些计划之一包括在超级应用程序中采用$ EMOJI，从而使$ EMOJI可以充当嘉信生态系统用户的渠道。
立即下载嘉信应用程序安卓版！下载链接：http://47.244.198.69:39199/download
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