DeFi 去中心化金融發展現況及風險分析- 以2017~2022 年 6 月為研究區間

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謝欣倍(Hsin-Pei Hsieh) 查詢紙本館藏

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資訊管理學系在職專班

論文名稱

DeFi 去中心化金融發展現況及風險分析- 以2017~2022 年 6 月為研究區間
(Development and Risk Analysis of Decentralized Finance – Case Study between 2017~Jun 2022)

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摘要(中)

去中心化金融泛指基於區塊鏈技術架構下在智能合約平台上所衍生的加密貨幣及其相關的金融交易，自2020年流動性挖礦的出現加上尚未受到金融監管機關的監管使得去中心化金融迎來蓬勃發展的時期，社群媒體上充斥著高報酬的訊息，驅使眾多消費者積極參與去中心化金融，去中心化金融綜合了金融和資訊科技領域的雙重知識提高了不俱備相關背景人士進入的門檻，因此參與同時往往忽略高獲利伴隨的高風險。本研究以2017~2022年6月區間內Defi發展情況、產業重大事件進行個案研究並以次級資料為主要研究資料來源，挑選八種投入風險低至高的去中心化投資項目包含：加密貨幣投資、穩定幣投資、存款（放貸）收息、定期定額投入、網格交易、流動性挖礦、槓桿挖礦及新幣發行，並以實際過往案例分析參與去中心化金融所面臨的系統性風險、非系統性風險及技術性風險，提醒投資人參與去中心化金融投資項目可能面臨的風險。接著，根據風險承受程度、總體經濟環境及投資人是否有足夠時間這三個條件作為基礎提供五種不同投資組合並分析投資組合所面臨的風險做為未來投入的參考。本文最後提出未來因為監管機關逐漸介入整體去中心化金融生態系架構會趨於完整但仍不可忽視系統性風險，提醒項目參與者選擇信任的交易所進行投資操作，並再次強調高報酬伴隨的高風險不可忽視。雖然目前去中心化金融仍有需多地方需要改善但去中心化金融成為傳統金融業加速改變的推手，並引領者下一個網路世代的發展及變革。

摘要(英)

Decentralized Finance (DeFi) in blockchain application means cryptocurrency- related financial activities that operate based on smart contract and blockchain protocol. DeFi has thrived on rapid development because yield farming appearance and lack of financial supervisory service since 2020. In recent years, more and more people join DeFi aggressively because of its high return, but DeFi combines Finance and Information Technology domain knowledge so that it is difficult to realize completely and avoid investment risk in advance. This study was based on DeFi development status and significant issues between 2017 to 2022 June and chose 8 DeFi investment types (Cryptocurrency and Stablecoin Investment, Leveraged Yield Farming, Time Deposits, Dollar Cost Averaging, Grid Trading, Yield Farming, Leveraged Yield Farming, and Initial Coin Offering) to analyze systematic, unsystematic and technical risk. According to risk tolerance, macro-economic environment and commitment to invest status, we provided 5 different types of investment portfolio for DeFi participants. In the end of this study, we observed and suggested that first, development of DeFi will be complete because of the government′s supervision. Second, choose trustworthy cryptocurrency exchanges as your DeFi partner. Last but not least, high return high risk (especially in DeFi). DeFi ecosystem needs to contract and improve continuously, but it is the right way to promote traditional financial activities and internet technology development.

關鍵字(中)

★ 區塊鏈
★ 去中心化金融
★ 風險評估

關鍵字(英)

★ Blockchain
★ Decentralized Finance
★ Risk Assessment

論文目次

摘要 i
ABSTRACT ii
誌謝 iii
目錄 iv
圖目錄 vii
表目錄 viii
第一章緒論 1
1.1 研究背景 1
1.2 研究動機及目的 2
1.3 論文架構 2
第二章文獻探討 4
2.1 去中心化金融 4
2.2 共識機制 4
2.2.1 工作量證明（Proof-of-Work, PoW） 5
2.2.2 權益證明（Proof-of-Stake, PoS） 5
2.2.3 代理權益證明（Delegated Proof-of-Stake, DPoS） 5
2.3 DeFi Summer 7
2.4 DeFi資金池 8
2.5 DeFi借貸系統 8
第三章研究方法 11
3.1 研究基礎 11
3.2 採用方法 11
3.3 研究步驟 11
3.4 研究對象 12
3.5 資料收集來源與方式 12
3.5.1 參與觀察 13
3.5.2 報章雜誌電子資料 13
第四章 DeFi應用研究 14
4.1 參與DeFi的事前準備 14
4.1.1 交易所（Exchange） 14
4.1.2 加密貨幣錢包（Cryptocurrency wallet） 15
4.2 DeFi投資理財型態 16
4.2.1 加密貨幣投資 17
4.2.2 穩定幣投資 19
4.2.3 存款（放貸）收息 23
4.2.4 定期定額投入 24
4.2.5 網格交易（Grid Trading） 25
4.2.6 流動性挖礦（Yield farming） 27
4.2.7 槓桿挖礦 28
4.2.8 新幣發行 29
第五章 DeFi風險評估 31
5.1 系統性風險 31
5.1.1 總體經濟環境 31
5.1.2 加密貨幣市場結構 33
5.1.3 監管機關的監督 35
5.1.4 會計處理 36
5.2 非系統性風險 38
5.2.1 特定人事物對單一加密貨幣的影響 38
5.2.2 流動性挖礦無常損失（Impermanent Loss） 39
5.2.3 金融詐騙案 41
5.3 技術性風險 43
5.3.1 程式漏洞 43
5.3.2 協議設計缺陷 49
5.3.3 私鑰管理 52
5.4 DeFi投資理財組合 53
第六章總結 57
6.1 系統性風險將會逐漸降低 57
6.2 技術性風險會逐漸改善但不會消失 57
6.3 網路世界建立信任關係 58
6.4 高風險高報酬 58
6.5 DeFi將加速下一個網路世代的變革來臨 59
第七章附錄 60
參考文獻 61

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84. 白話區塊鏈. 科普 | NFT、龐氏騙局…等加密貨幣騙局頻發，投資人該如何保護好自己的資產？. [Internet] 2022 [cited 2022/ 5/26]; Available from: https://reurl.cc/anKdmG.
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88. Lemonway學習筆記. 【別相信任何人: 虛擬貨幣懸案- 在投資加密貨幣前你必須注意的三件事】. [Internet] 2022 [cited 2022/ 5/29]; Available from: https://reurl.cc/n1GvW1.
89. 網裏網外, 虛擬貨幣吸金40億一夜消失　龐氏騙局全球百萬投資者受害, in 亞洲週刊. 2019, 亞洲週刊.
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94. Joe. Terra 2.0 重啟 Anchor 再受害！預言機餵錯 Luna 價格，4,000萬 UST 再被套出. [Internet] 2022 [cited 2022/ 5/31]; Available from: https://reurl.cc/6ZO3ey.
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96. Jim. Terra生態協議Mirror再遭攻擊，多個資金池已耗盡，審計機構證實九千萬美元漏洞屬實. [Internet] 2022 [cited 2022/ 6/1]; Available from: https://www.abmedia.io/20220531-defi-exploit-on-terra.
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98. 區塊客. 「閃電貸攻擊」如何得逞？該怎麼防？圖解說明一次搞懂. [Internet] 2022 [cited 2022/ 4/28]; Available from: https://reurl.cc/q5Wvmp.
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100. 漢克. 【DeFi 交易策略】什麼是閃電貸？我能拿它做什麼？. [Internet] [cited 2022/ 3/12]; Available from: https://bshare.io/defi/flashloan/.
101. Emirates), M.N.U.A. 閃電貸攻擊——它們是什麼以及為什麼它們在 DeFi 中很常見？. [Internet] 2022 [cited 2022/ 3/13]; Available from: https://0xzx.com/zh-tw/2022021213422073362.html.
102. Liu, D. DeFi 遭駭事件頻傳，幣安稱「BSC 不可能進行回滾」強調開放式特性. [Internet] 2021 [cited 2022/ 3/14]; Available from: https://www.blocktempo.com/binance-stating-bsc-rollback-not-possible-though-defi-exploits/.
103. Mist, 慢.S. BSC上閃電貸攻擊再現！BurgerSwap 被駭技術分析 — 我竟騙了我自己？. [Internet] 2021 [cited 2022/ 3/19]; Available from: https://www.blocktempo.com/burgerswap-hit-by-flash-loan-attack/.
104. PeckShield. 被誤解的閃電貸：我只是一個工具…5月DeFi安全事件25起、BSC占15起. [Internet] 2021 [cited 2022/ 3/19]; Available from: https://www.blocktempo.com/misunderstanding-on-flash-loan-im-just-one-of-the-blockchain-technique/.
105. 白話區塊鏈. 解析閃電貸》今年DeFi被盜最高破1.2億鎂，去中心化金融成「駭客」斂財神器？. [Internet] 2021 [cited 2022/ 3/19]; Available from: https://www.blocktempo.com/defi-hacked-over-120-m-usd-this-year-innovation-finance-turned-to-atm/.
106. Sandra. BSC 項目 PancakeBunny 遭閃電貸攻擊！估遭駭 2 億美元，BUNNY 暴跌 99%. [Internet] 2021 [cited 2022/ 3/19]; Available from: https://www.blocktempo.com/bsc-flash-loan-attack-pancakebunny-token-down-220x/.
107. Joe. Beanstalk 遭閃電貸攻擊損失 1.8 億美元，穩定幣 $BEAN 脫鉤瞬崩跌 90%！. [Internet] 2022 [cited 2022/ 5/1]; Available from: https://www.blocktempo.com/attacker-drains-182m-from-beanstalk/.
108. 區塊天眼. 只要票數足夠多，惡意提案也可捲走數億資產！Beanstalk Farm 攻擊事件分析. [Internet] 2022 [cited 2022/ 5/30]; Available from: https://www.biteye.biz/202204186444798820.html.
109. PeckShield. BSC首現閃電貸攻擊／技術解析 Spartan Protocol 遭駭手法，造成 3 千萬美元損失. [Internet] 2021 [cited 2022/ 4/27]; Available from: https://reurl.cc/YvKqVX.
110. Joe. 死亡螺旋？UST大幅脫鉤至 0.6 美元、LUNA 暴跌 60%. [Internet] 2022 [cited 2022/ 5/28]; Available from: https://www.blocktempo.com/ust-stablecoin-falls-below-dollar-peg/.
111. ABMedia. 8400萬美元撬動400億金融帝國，UST崩盤始末. [Internet] 2022 [cited 2022/ 5/28]; Available from: https://www.abmedia.io/20220511-luna-collapsed.
112. 0xJigglypuff. LUNA單日再跌99%！價格「低於萬分之一美元」;發行量突破6.35兆枚，三天通膨達8,903倍. [Internet] 2022 [cited 2022/ 5/28]; Available from: https://reurl.cc/rDGjLr.
113. PANews. Terra 敗局與現狀，UST 和 LUNA 錯過了哪些自救機會？. [Internet] 2022 [cited 2022/ 5/28]; Available from: https://blockcast.it/2022/05/13/usts-demise-how-this-could-have-been-prevented/.
114. Rich, S. UST 穩定幣脫鉤！LUNA 大跌現死亡螺旋，LFG 出來護盤也沒用？. [Internet] 2022 [cited 2022/ 5/28]; Available from: https://smartrichs.com/ust-decoupling-luna-fell-sharply-and-lfgs-support-is-useless/.
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116. PANews. UST 事件連鎖反應：8 萬新地址套利，穩定幣市值縮水 84 億美元. [Internet] 2022 [cited 2022/ 5/24]; Available from: https://blockcast.it/2022/05/17/analysis-of-terra-ust-luna-crash/.
117. 薰. 「Terra 2.0」出師不利？新版 LUNA 上線半天就暴跌 73%！. [Internet] 2022 [cited 2022/ 5/30]; Available from: https://blockcast.it/2022/05/30/terra-luna-v2-plummets-over-70-just-hours-after-debut/.
118. Joe. Do Kwon遭爆 : Luna崩潰前每月秘密挪出8千萬鎂！拒絕Anchor最初3.6%設計硬上. [Internet] 2022 [cited 2022/ 6/15]; Available from: https://www.blocktempo.com/do-kwon-secretly-moved-80m-a-month-before-luna-collapsed/.
119. Chris. SEC 出手調查 Luna、UST 穩定幣血洗事件. [Internet] 2022 [cited 2022/ 6/15]; Available from: https://reurl.cc/1ZAq58.
120. Lai, V. 韓國檢方傳喚Terra全體員工、全面調查：Do Kown明知 LUNA 模型缺陷仍推行？. [Internet] 2022 [cited 2022/ 6/15]; Available from: https://reurl.cc/k1YgRn.
121. Lai, V. Terraform Labs 韓國公司在崩盤前一週解散！律師事務所 LKB 將起訴 Do Kwon. [Internet] 2022 [cited 2022/ 6/15]; Available from: https://www.blocktempo.com/lkb-to-sue-do-kwon-after-ust-collapsed/.
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128. Michael, L. 被駭交易所Cryptopia爆黑幕！前員工「偷複製錢包私鑰」盜領公司17萬鎂存款. [Internet] 2021 [cited 2022/ 5/29]; Available from: https://reurl.cc/A7me3p.
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指導教授

葉羅堯(Lo-Yao Yeh)

審核日期

2023-2-1

推文