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Pantera 合伙人：简析链上奇异期权 Cega
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Cega 推出了交易对手方为做市商的定息票据，提供了一种新的 DeFi 理财选择。 在传统金融市场中，金融衍生品的总价值几乎达到了全球 GDP 总和的 10 倍之多，远超常规金融市场的价值体量。由此可见，（当下尚未与现货体量拉开差距的）DeFi 衍生品协议显然还存在着巨大的上升潜力。事实上，DeFi 衍生品协议的 TVL 一直保持着健康的增长态势，自 2020 年底以来，该数值已经从 250 亿美元增长到了近 400 亿美元。其中比较有代表性的协议包括 dYdX、Ribbon 以及 Opyn 等。每个协议都提供着不同的衍生产品，范围从永续期货合约到奇异衍生品再到自动期权交易策略等等，其中大部分产品的设计都受到了传统金融市场中成熟衍生品产品的启发。 无论是在传统金融市场中还是在 DeFi 中，衍生品的目的都是寻找将现有资产的风险 / 收益最大化的平衡点。这些资产可以是股票、债券、其他衍生品或者一揽子资产。在 DeFi 发展的过程中，人们已经做出了许多尝试和努力，去以去中心化的方式重构金融衍生品，比如基于超额抵押等方式来实现等等。不过像 Ribbon 就允许了非足额抵押的行为，而这无疑进一步打开了 DeFi 衍生品市场的想象空间。除此以外，还有一些协议还通过引入做市商角色来让风险收益比更加容易调控。而本文将介绍的 Cega 则是推出了交易对手方为做市商的定息票据，提供了一种新的 DeFi 理财选择。 Cega: 定息票据在传统金融市场中，定息票据（FCN）是与股票挂钩的结构性票据，会在预先确定的时间间隔内定期支付固定比例分红，其中票据的支付基数取决于证券的价格。从本质上讲，这有点类似于债券，因为 FCN 是一种附息且设定了到期日的债务义务。需要注意的是，这类产品在最终到期时可能不会足额偿还本金。最终收益取决于一篮子已指定行权价格的资产中表现最差资产的收盘价与行权价格之差，再加持有期间的所有利息分红。此外，FCN 也设计了「敲出（Knock-out）」机制，一旦标的资产中的资产价格出现严重偏离，那么 FCN 就会作废并立即兑现，从而增强投资者资金的流动性。 
Cega 推出的首个产品：FCN Cega 公司提供的定息票据关键元素包含以下内容： 主网上线Cega 目前已经在 Solana 主网上线，截止发文时已积累了 1000 万美元的 TVL。目前 Cega 推出了三个 FCN 金库，分别是 Cruise Control、Genesis Basket, 和 Gotta Go Fast。Cruise Control 追踪 BTC 和 ETH，后两者追踪 BTC、ETH 和 SOL。 Genesis Basket 和 Gotta Go Fast 的区别在于价格下跌保护，也就是所谓的 Knock-In 障碍。Genesis Basket 有 90% 的价格下跌保护，而 Gotta Go Fast 只有 50% 的价格下跌保护，但后者的 APY 更高。目前 Cruise Control 和 Genesis Basket 的 APY 约为 10%，Gotta Go Fast 的 APY 高达 200% 以上。 自主网上线以来，Cega 独立用户的数量在一周左右的时间里上涨了两倍有余。 未来发展计划Cega 已经推出了 Cega Super Sanics Utility NFTs，NFT 持有者会享受空投增益以及参与高 APY 池等权益。此外未来 Cega 还会推出除 FCN 以外的更多种类的奇异期权和结构性产品，以为用户提供更多样化的理财选择。 来源：金色财经 |
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