Restaking: Riba a Kan Riba ko Hasumiyar Jenga ta DeFi ta Gaba?

Ka tuna da fage a cikin The Big Short inda Ryan Gosling ya ɗauki hasumiyar Jenga ta itace mai wakiltar jinginar gidaje masu darajar AAA daga ƙasan tarin ya dora su a saman yayin da lamunin jinginar gida mai haɗari sosai na darajar B wanda ba na zuba jari ba ke shiga tsakiya? A cikin kyakkyawan nunin yadda kasuwar CDO ta yi aiki, ya nuna yadda ƙwararrun injiniyoyin kudi suka ciro ƙima daga wannan rukuni na kadarori ta hanyar shawo kan hukumomin tantancewa cewa dukan wannan hada-hadar lamuni na nuna daidaitaccen tsarin haɗari tare da riba mai kayatarwa.

Yayin da hasumiyar Jenga ke rawa cike da haɗari kuma lissafin ya lalace, dukan ɗakin ya fahimci yadda tsarin duka ya kasance yaudara zalla. Yana aiki sosai domin yana nuna yanayin wani abu da aka boye da gangan, aka binne shi a can karkashin takardun yarjejeniya kuma aka hana talakawan mutane fahimtarsa, sannan aka mayar da shi wani abu da za a iya gani a zahiri. Muna buƙatar wannan a yanzu; da alama tarihi yana sake maimaita kansa da daidaito mai ban tsoro yayin da masu gina DeFi ke gina tasu hasumiyar Jenga ta kayayyakin kudi masu matuƙar sarƙaƙiya a saman staking na gargajiya.

Restaking ra'ayi ne mai fa'ida wanda ke ba da tsaro na bai-ɗaya don sabbin ayyuka daban-daban tare da gagarumar ingancin babban jari da riba a kan riba. Kana saka ETH dinka a wani wuri da ke ba da tsaro ga ko dai babban hanyar sadarwa (mainnet) ko kuma wani sabis na data-availability ko na oracle na daban sannan a biya ka don yin hakan, sannan kuma ana amfani da wannan ETH din don tsare wani sabis ɗin inda kuma za a iya biyan ka don saka shi. Wata dabara ce mai wayo da ke nuna cewa tana cika alkawarin tsaro da ingancin DeFi, idan kana shirye ka yi watsi da lissafin da ke bayanta: cewa ainihin adadin ETH ɗin ne ke ɗaukar nauyin wajibai fiye da yadda yake yi a baya. Abu mai ban sha'awa game da wannan shi ne akwai matakai da yawa a wannan salon sihiri na lissafi. Da farko, za ka ɗauki ETH da aka yi wa staking a matsayin liquid staking token (LST) a wani wuri, a ce a Lido ko Rocket Pool, sannan ka yi amfani da wannan ETH din don tsare wani sabis, wataƙila ta hanyar kayan adana bayanai na EigenDA na EigenLayer, wanda shi kuma za a iya amfani da shi a matsayin jingina a matsayin DeFi. Bayan haka, za ka iya samun maki a saman lada na staking a kan tsaron da aka bayar don EigenDA ta wata yarjejeniya (protocol), sannan kuma watakila ka yi amfani da leveraged liquidity pool don haɓaka waɗancan makin zuwa ƙarin riba. Kuma duk wannan an gina shi ne a kan tushen ainihin ETH ɗin da aka fara sakawa. A kowane mataki na tafiyar, kowace yarjejeniya tana ɗauka cewa ETH ɗin da ke ƙasa yana da kyau kamar zinari.

Mutanen da suke so su yi rayuwa a yanzu suna ƙara marmarin rayuwa a nan gaba saboda sau da yawa halin yanzu yana da wuyar jurewa. Ana yawan sanya restaking a matsayin wani babban ci gaba mai kyau a DeFi wanda ke bawa kowa damar jin cewa yana ba da gudummawa ga raba ikon yanar gizo da kuma faɗaɗa aikace-aikacen Ethereum. Lokacin da kake shiga restaking, ba wai "kana yin ba daidai ba" ta hanyar kasancewa mai kwadayi da neman matsakaicin riba; a gaskiya ma, kana "yin daidai" ta hanyar rashin nuna son kai da shirye-shiryen bunkasa ingancin babban jari a cikin tsarin gaba ɗaya domin tabbatar da hangen nesa na bai-ɗaya na manhajojin da ba su da iko na tsakiya (dApps). EigenLayer, wanda ke sauya sunansa zuwa EigenCloud, da kuma sauran abokan hamayyarsa na liquid restaking duk suna amfani da irin wannan kalaman domin yana aiki; tsarin fasaha na data-availability na EigenDA yana da ban sha'awa da gaske kuma yana jan hankalin mutane da yawa da ke son zama masu ba da sabis na girgije (cloud). Amma kuma yana tunatar da mutum yadda gidajen caca ke sake fasalta kansu a matsayin ayyukan agaji don kauce wa hukumomin kula da dokoki, idan kwatancen bai yi nisa da gaskiya ba.

Da zarar ka hau saman hasumiyar Jenga ta DeFi, za ka lura cewa akwai raguwar daidaito mai yawa tare da kowane sabon tubali da aka kara. Lokacin da aka samu matsalar slashing, ko depegging na liquid restaking token (LRT), ko wata matsalar tsaro (exploit) a cikin wani active validator (AV) service, ko kuma kwararar mutane don cire kudi a lokaci guda (bank run) daga kowanne daga cikin wadannan protocols da aka ambata, babban yearly percentage yield (APY) da ka ɗauka a Twitter a matsayin abin kallo na tarihi zai zama ba shi da wata kima idan aka kwatanta da neman hanyar samun kudin shiga na gaba. Alkawarin tsaro na bai-ɗaya da tsarin kayan more rayuwa (infrastructure layer) yana da matukar jan hankali ga masu haɓakawa, aƙalla saboda waɗannan hanyoyin sau da yawa suna ba da kudaden hada-hadar (liquidity) da ake buƙata sosai ga ayyukan da dole ne su yi amfani da su. Ana iya ɗaukar restaking a matsayin wajibi mai ciwo a yanayin da mai haɓakawa ke buƙatar ƙirƙirar wani abu da ke buƙatar tsaro na bai-ɗaya amma ba shi da isasshen ETH da zai kulle a cikin tsarin sadarwa na proof-of-stake (PoS). Sai dai kuma, yana da matuƙar wahala, sarƙaƙiya, da cin lokaci. Bincike na kusa kan abin da masana'antar ke ikirarin cewa tushe ne na tattalin arziki mai tsarki yana nuna wani matsayi mai cike da shakku.

Tsaro na Bai-ɗaya da Fuskar Bogi ta Kayan More Rayuwa

Bitar manyan 'yan wasa a fagen restaking — EigenCloud, Ether.fi, Renzo, Kelp, Puffer, Symbiotic, da sauran su — ya nuna cewa suna ba da irin nau'ikan ayyuka iri ɗaya: tsaro na bai-ɗaya, liquid restaking tokens, tsare-tsaren maki na son rai, layin fita (exit queues), da fuskantar haɗarin slashing. Kuma gaskiya ne cewa dukkan tsarin kasuwancin wannan masana'anta an gina shi ne a kan yaudara — ana ƙidaya ETH ɗaya sau biyu, ko ma fiye da haka! Bayan watanni na shiri, slashing ɗin EigenLayer da aka daɗe ana jira ya fara aiki a watan Afrilu 2026, amma ya zuwa yanzu, ya gaza nuna amfanin a aikace na wannan salon tattalin arzikin cryptography. Don fahimtar dalilin da ya sa hakan ya faru, bari mu duba sosai kan ƙaddamar da EigenDA da aka yaba da kuma sabuwar fasahar EigenLayer ta “intersubjective forking” wacce za ta ba da damar slashing ga duk wani ma'aikacin AV da ya yi ƙoƙarin yin kuskure a kan sarkar. Wani ra'ayi ne mai ban mamaki, intersubjective forking ya dogara ne a kan wata hanyar hari ta hasashe wanda a ciki mafi yawan masu riƙe da token dole ne su haɗa baki don ƙirƙirar slashing fork, kuma ya zuwa yanzu hakan yana nan ne kawai a kan takarda. A halin yanzu, tokens na shugabancin EigenLayer suna tafiya a kan hanyar da aka saba gani ta faduwa bayan rabon airdrop na farko.

Kiman wannan nau'in tattalin arzikin cryptography yana bayyana a sarari idan muka kalli kayan tallan masana'antar sosai — musamman ma, a hasashen total value "locked" (TVL) a duk faɗin tsarin restaking. Ya zuwa lokacin rubuta wannan, masana'antar tana da TVL wanda galibi ake auna shi da dubunnan biliyoyin daloli — amma yaya wannan adadin zai kasance idan muka cire kirgen ninki biyu, uku, har ma da ninki biyar na liquid staking tokens da aka dora a kan juna a cikin yarjejeniyoyin ba da rancen kudi (lending protocols)?

Dukansu Ether.fi da Puffer suna da alkaluma masu ban sha'awa sosai idan aka zo batun adadin TVL ɗin su na sama da dala biliyan ɗaya, amma nawa ne a cikin hakan "ainihin" kudin hada-hadar (liquidity) kuma nawa ne kudin da aka "buga"? Kudin da aka buga yawanci yana fitowa ne kai tsaye daga fitar da tokens na shugabanci a kan sarkar, wanda galibi ana amfani da su don tallafawa ribar da ba ta da kauri da za a samu a cikin ayyukan active validator da ke da alkaluman TVL a cikin dubun-dubatar ko ma daruruwan miliyoyin daloli. Duba da kyau kan alkaluman ribar kowane ɗayan waɗannan ayyukan. Akwai yuwuwar cewa ainihin ribar "haske" da ayyukansu na AV ke samarwa — wanda sau da yawa yafi na tsarin samun maki riba — zai zama ƙasa sosai da ribar "TVL-weighted" ta shirye-shiryen maki da ke jan hankalin talakawan masu amfani su ajiye ETH dinsu a can. Dubi yadda EIGEN ya fadi daga matsayinsa na koli — kashi 96 cikin ɗari mai ban tsoro! A cikin rukunin masu ra'ayi ɗaya na masana'antar, magoya bayan EigenLayer suna ci gaba da jaddada cewa TVL dinsu yana wakiltar ainihin kimar tattalin arziki kuma EIGEN kayan more rayuwa ne na asali da gaske. Amma babbar kasuwar ba ta yarda da hakan ba, kuma ba tare da rashin dalili ba, tunda babu wani dalili na gaskiya da zai sa a yarda cewa TVL dinsu yana wakiltar wani abu daban ban da tokens na shugabanci da aka bayar kyauta ba tare da wata hanyar riƙe ƙima ba.

Lokacin da hasumiyar ta fara girgiza shi ne lokacin da kowa ya fahimci cewa TVL (total value locked) sau da yawa shi ne kawai ainihin manuniya don protocols masu samar da riba. Misali, duba batun depeg na ezETH na Renzo a watan Afrilu '24 wanda ya bar 'yan kasuwa masu amfani da leverage cikin yanke ƙauna, yayin da biliyoyin TVL na liquid restaking protocol suka bace kamar hayaki. An yi amfani da liquid restaking token (LRT) na Renzo azaman jingina don lamunin leverage da aka bayar ta hanyar protocols kamar Gearbox da Morpho, wanda ya sa 'yan kasuwa suka ajiye ETH a Renzo tare da karbar lamunin leverage a kan ajiyarsu don ninka riba.

Lokacin da Renzo ya ba da sanarwar airdrop a kan sarkar na REZ token na shugabanci ga masu ajiye LRT, masu amfani da yawa sun soki girman airdrop ɗin da kuma rashin adalci a tsarin raba token ɗin. 'Yan kasuwar da suka ajiye ETH dinsu a Renzo suka karɓi lamunin leverage ba zato ba tsammani suka tsinci kansu cikin mawuyacin hali yayin da darajar jinginarsu ta ragu. Ganin cewa Renzo bai ba da damar cire kudi kai tsaye ba don kula da TVL dinsu, wadannan masu amfani sun tilastu zubar da ezETH tokens dinsu a kasuwannin sakandare kamar Uniswap, wanda ya haifar da karyewar daraja (depeg) na token ɗin Renzo daga jinginar 1:1 ETH. Sakamakon haka, 'yan kasuwar da suka yi amfani da leverage a matsayinsu ta hanyar lamuni sun tsinci kansu suna fuskantar asara mai yawa yayin da darajar jinginarsu ta fadi kusan da kashi 50%, wanda ya haifar da tarin asarar tilastawa (liquidations) a duk fadin DeFi. Loopers — 'yan kasuwar da suka ajiye ETH dinsu a Renzo sannan suka ajiye wannan (ko wani bangare nasa) a cikin protocols daban-daban na ba da lamuni don ciro lamunin leverage a kansu don sake ajiyewa a Renzo don samun karin lamunin ETH — sune suka fi shan wahala. Sun haifar da ƙarancin wucin gadi ga wadatar ETH ta hanyar buƙatar ƙarin kudin lamuni a tsarin looping, wanda ya haifar da rashin daidaito a tsarin wadata da buƙata na ETH.

Miliyoyin daloli na asarar sayarwa ta tilas sun faru a cikin 'yan mintuna yayin da 'yan kasuwa masu amfani da leverage suka yi gaggawar rage leverage a matsayinsu don takaita asararsu.

Abin kunya na gadar Kelp na watan Afrilu '26 misali ɗaya ne kawai na rugujewar tsarin composability da ke faruwa a DeFi. A cikin wannan lamarin, raunin ba a cikin kwangilar kaifin basira (smart contracts) na kan sarka yake ba amma a cikin off-chain verifiers ne da gadar ke amfani da su don sauƙaƙe ma'amaloli tsakanin sarƙoƙi. Da alama masu haɓaka Kelp DAO sun ƙera gadar tare da tsarin tantancewa na 1-of-1 LayerZero don rage farashi.

Rashin wani nau'i na raba iko a cikin tsarin tantancewa ya bar gadar cikin sauƙin kai mata hari, tare da miyagun mutane masu iya lalata hanyoyin bayanan off-chain da kwangilar gadar ke amfani da su.

A sakamakon haka, bayanan bogi sun sa Kelp ta samar da takardun rsETH guda 116,500 da ba su da jingina a kan Ethereum, suna ƙirƙirar labarin ƙarya cewa waɗannan takardun za a iya canza su zuwa ETH a ainihin sarkar tushe. Masu harin sun yi amfani da wannan kudin don jinginar lamunin flash loan na dala miliyan 25 daga Aave, wanda daga baya aka ajiye shi a cikin tafkin kudi na Aave azaman WETH. Saboda Aave ya dogara da oracle mai kuskuren farashi, masu harin ba su taba biyan lamunin flash loan ba, wanda a zahiri ya zama sun sace kusan dala miliyan 25 daga tafkin kudin Aave. Aave ya daskarar da kasuwar ba da lamuni ta DeFi a wani yunƙuri na hana ƙarin asara, wanda ya haifar da rashin kwanciyar hankali mai tsanani a duk fadin harkar kudi maras iko ta tsakiya (DeFi). Dukan wannan lamarin ya zama babban gargadi ga masana'antar, yayin da girman harin composability — musamman wanda ya shafi miliyoyin daloli a cikin flash loans — ya zama a sarari ga kowa.

Kwadayi da Kudin Fita (Exit Liquidity)

Sreeram Kannan yana sayar da tsaro na bai-ɗaya kamar wani babban aikin injiniyan farar hula ne, amma har yanzu akwai waɗanda ke cikinmu da suka yi asarar makudan kuɗaɗe masu canza rayuwa saboda imaninsu da daidaiton farashi (peg). Wanda ya kafa Ethereum, Vitalik Buterin, ya rubuta makaloli da yawa a shafinsa na intanet yana sukar tsarin EigenLayer da sauran protocols na restaking, yana mai cewa halayensu na sake amfani da kayan more rayuwa na validator yana zama babbar barazana ga tsaron yarjejeniyar Ethereum (consensus). Musamman ma, Vitalik ya yi gargaɗin cewa protocols na restaking bai kamata su dogara da social consensus na Ethereum don ceton su a cikin mummunan yanayi ba. To menene martanin masana'antar game da damuwar da aka nuna a kan consensus overload da yiwuwar tsaro na bai-ɗaya ya zama babban rauni? Haba, sai ma suka ninka haɗarin a kan hakan mana!

Idan aka zo batun tattalin arzikin wannan fanni, yana da muhimmanci a tuna cewa mutane ne na gaske ke bayan kwangilolin kaifin basira (smart contracts) wadanda galibi suna da son kai sosai. Masu kafa ayyuka suna son TVL da kudin hada-hadar (liquidity) saboda hakan yana nufin cewa manyan masu zuba jari na VC za su sayi tokens dinsu.

Su kuma VCs a nasu bangaren, suna son kafa hanyar fitar da kudinsu (exit liquidity) saboda sun san cewa tokens ɗinsu da suka saya a kan babban rangwame a farko za su riƙe wata kima ne kawai idan akwai kasuwa a gare su. Masu sarrafa node suna son haɓaka kuɗin shigarsu ta hanyar samar da mafi ƙarancin kayan more rayuwa da za su iya bayarwa yayin da suke kwashe duka kuɗaɗen fito; wannan sau da yawa yana nufin cewa manyan masu samar da kayan aiki masu iko na tsakiya ne ke mamaye kasuwar saboda girman karfinsu, koda kuwa wannan taruwar tana haifar da rauni a cikin tsarin gaba daya. Masu caca da ke yaudarar kansu suna son riba a kan riba don su sami abin fariya a Twitter, koda kuwa hakan yana nufin fuskantar haɗarin fatarar kudi gaba daya.

Idan kana son fahimtar hanyoyin da aka tsara wannan masana'anta don ta gaza, abin da kawai za ka yi shi ne ka bincika hanyoyin gazawar a sarari:

1. Tsaro na bai-ɗaya yana wakiltar babban haɗari mai alaƙa (correlation risk) idan wani babban sabis na AV ya fuskanci slashing, wanda ke haifar da jerin asarar tilastawa a cikin ayyukan DeFi daban-daban da suka dogara da tabbacin tsaron sa.

2. Wakiltar ma'aikaci (operator delegation) yana haifar da haɗarin taruwar iko a wuri guda, saboda manyan masu sarrafa node a koda yaushe za su mamaye kasuwar saboda tattalin arzikin girma, wanda ke haifar da maki guda ɗaya na gazawa a cikin tsarin.

3. Rashin daidaiton kudin hada-hada zai faru babu makawa lokacin da masu amfani ke buƙatar sayar da LRTs ɗinsu ko wasu kayayyakin da suka samo asali daga ciki nan take yayin da ainihin jinginarsu ke makale a cikin jerin jiran cire kudi.

4. Shirye-shiryen maki suna wakiltar wajibai marasa tushe waɗanda za su iya cika ko kuma ba za su cika ba, ya danganta da yadda protocol din da ya fitar da su yake so.

An gina dukan tsarin ne a kan tushen kwadayi da sha'awar tara dukiya, don haka ba abin mamaki ba ne cewa hanyoyin gazawar suna da irin wannan kwarin gwiwar. Me ya sa muke jin buƙatar sa kuɗi ya ƙara samar da kuɗi a kowane lokaci? Menene aibun son kashi huɗu cikin ɗari? Wannan tunanin, wanda masu sharhi a masana'antar suka runguma da sha'awa, shi ne ya haifar da maganar nan cewa kashi huɗu cikin ɗari na talakawa ne. Burin samun riba mai yawa ta hanyar leverage, haɗe da ƙarancin riba a kowane wuri a cikin tsarin, shi ne yake kai mu ga wannan tafarkin na abubuwan da aka samo daga juna da haɗurran da ke da alaka da juna.

Haɗarin Ka'idoji da Tsaron Jingina

Abu ɗaya ne mutum ya yi imani da maganganun masana'antar masu dadi game da tsaro na bai-ɗaya, ruwan riba, da sauransu, amma wani abu ne daban ka bincika ainihin kudaden masana'antar kuma ka fahimci yadda tsarin amfani da mutane ya shiga ciki sosai. Alkaluman TVL da hasashen riba suna aiki ne don kara girman kimar da ake gani na protocols, amma da wuya su ba da dukkan labarin. Dubi girgijen EigenDA na EigenLayer, wanda ake zargin yana cikin wani zagaye na tara kudade na biliyoyin daloli yayin da yake shirin kaddamar da kayan data-availability dinsa. Kamfanin yana asarar sama da miliyan daya a kowace shekara, bayan ya kona dubun-dubatar miliyoyi a cikin kudin da ke hauhawa don jawo jari, amma ribar da yake ikirari ba komai ba ce illa tallafi ga wannan hauhawar.

Ba abin mamaki bane cewa tsarin kasuwancin yawancin wadannan kamfanoni a zahiri ya dogara ne a kan ci gaba da hauhawar farashin token don kula da bayyanar kima. Dubi yadda ake sakin tokens da yawa akai-akai a wannan fanni, wata bayan wata, yayin da masu zuba jari na farko ke sayar da kasonsu. Masu zuba jari na gari wadanda ke da sha'awar siyan liquid restaking tokens sau da yawa ba su da masaniya game da matsanancin matsin lambar siyarwa da manyan masu riƙe da token ke yi waɗanda suka sayar da ɗimbin adadin tokens dinsu don samun ribar kudi.

Wadannan karin maki na farko, sharuddan raba kason matakin farko masu kyau, da kuma manyan abubuwan sayarwa na tilas na bangare na uku duk sun faru akai-akai a baya ta yadda yana da kyau a yi zargin cewa masu shiga masana'antar restaking a nan gaba za su tsara dabarun rarraba token dinsu a kusa da su ma. A takaice, wadannan kamfanoni sun san cewa dole ne a sami wanda yake son siyan tokens dinsu don saukake hanyar fitar da kudinsu, don haka suke barin gurbi don hakan. Ba shi da wuya a ga dalilin da ya sa binciken hukumomin kula da dokoki ke tsananta: idan mutum ya yi la'akari da yadda waɗannan kamfanoni ke aiki, ba abin mamaki bane cewa hukumomin kula da harkokin hannun jari sun fara lura. Protocols na restaking sun fara ƙaura da wasu ayyukansu zuwa ƙasashen waje don kauce wa hukumomin cikin gida, waɗanda ayyukansu ke barazanar kawo cikas ga dukkan masana'antar ta hanyar daskarar da ayyukan protocols da yawa gaba ɗaya.

Yayin da kasuwannin kudi suka ci gaba, ainihin yanayinsu ya kasance iri ɗaya: ainihin ka'idojin ilimin halayyar dan adam da tattalin arziki da suka jagoranci kasuwannin ƙarnukan da suka gabata har yanzu suna aiki a yau. Idan aka zo batun kasuwar CDO jim kadan kafin rikicin kudi na 2008, alal misali, bankunan Wall Street sun ɗauki jinginar gidaje na subprime guda ɗaya suka haɗa su wuri ɗaya a cikin manyan CDOs, suna da'awar cewa an rarraba haɗarin kuma dukkan tsarin zuba jari ne na triple-A. Dukan tsarin yayi daidai da yadda liquid restaking tokens ke aiki: ana tattara kadarorin jingina na ETH ɗaya bayan ɗaya don samar da wani abu da ake zaton an rarraba haɗarinsa tare da haɓaka riba sosai. Ba boyayyen abu bane cewa rushewar CDO ta faru ne sakamakon babban rashin biyan bashi a cikin ɗayan lamunin subprime, wanda ya haifar da jerin raguwar darajoji a duk faɗin kasuwar CDO. Wani abu mai kama da haka zai faru tabbas a fannin liquid restaking lokacin da LRT guda ɗaya ya gaza ko ya fuskanci slashing — idan tarihi abin dogaro ne, abin da ake buƙata kawai shine gazawa guda ɗaya a cikin babban tsari don dukkan abin ya warware saboda haɗari mai alaƙa.

Fannin LRT yana da kamanceceniya mai ban mamaki da tsarin banki na boye (shadow banking system) wanda ya mamaye kasuwannin jari kafin rikicin, tare da yawancin abubuwan haɗari iri ɗaya, kamar sake jinginar kadarori (rehypothecation), wanda ya ba cibiyoyi damar sanya jingina iri ɗaya a kan matsayin gajere (short positions) da yawa don ƙara leverage ɗinsu. Lokacin da gazawa ta faru a ɗayan waɗannan matsayin gajere, ana ninka asarar kuma sau da yawa ana tura ta ga sauran masu zuba jari waɗanda ba su da masaniya game da haɗarin kwata-kwata. Yana da kyau kuma a lura cewa kasuwar asusun kasuwar kudi (money market funds) ta fuskanci irin wannan kaddara lokacin da sanannen asusun nan na dala biliyan 2 ya karya darajar buck kuma ya fuskanci asara mai yawa, wanda ya haifar da tsoro a duk faɗin masana'antar kuma ya haifar da gagarumar buƙatar cire kudi. Haɗurran da ke tattare da tsarin inshorar fayil mai sarrafa kansa su ma sun kasance babban dalilin faduwar kasuwar hannun jari ta 1987, da kuma tarin faduwar farashi na farat ɗaya da suka faru kwanan nan a kasuwannin cryptocurrency. Ko da shahararren janyewar cinikin yen carry trade da ya faru 'yan shekarun da suka gabata yana da fa'ida wajen koyarwa a wannan fanni; lokacin da 'yan kasuwa suka yi amfani da leverage fiye da kima a matsayinsu, babban janyewar cinikin ya haifar da asara mai yawa ga waɗanda suka yi tsammanin tsawon lokaci na samun riba mai sauƙi. Restaking, tare da alkawurransa na ƙarin riba da kudin hada-hada, yana shirin zama babi na gaba a cikin wannan dogon jerin masifu na kudi.

Duk da biliyoyin daloli na alkawuran babban jari da kuma adadi mai yawa na injiniyoyin cryptographic masu hazaka da suka sadaukar da rayuwarsu don magance wadannan matsalolin "faɗaɗawa" (scaling), ya bayyana cewa dabi'ar dan adam za ta ci gaba da yin nasara a kan matsalolin tsari. Wannan gaskiya ne musamman idan aka zo batun tattalin arzikin wannan hali: komai dabarar lissafin da za a yi, a ƙarshe ba zai zama mai iya yin gaba da ainihin hakikanin tattalin arziki na iyakantaccen wadata ba. Hasumiyar Jenga ta DeFi za ta ci gaba da girma da canzawa matuƙar kwarin gwiwar kudi yana ƙarfafa ta yin hakan. Amma idan kiɗan ya tsaya a ƙarshe, lokacin da kudin hada-hada ya ƙare kuma layukan jiran cire kudi suka ƙone wadatar token, kasuwannin DeFi za su sake koyon wani darasi wanda aka sha nanatawa sau da yawa a cikin tarihin kudi.

Bayan duk jita-jitar da aka saba ji game da "hasumiyoyi," "rehypothecation," "maki," da "riba a kan riba," yana da kyau a mai da hankali kan matsalar crypto da aka fi sani - rage farashi da sanya kuskure ya yi ƙaranci ga daidaikun mutane da cibiyoyi. Musamman ma, Netts TRON Energy Market ya zama yana taka rawar gani mai kiyaye tsari kuma abin dogaro fiye da yadda mutum zai iya tsammani daga wani dandamali da ke tallata abubuwan amfani da makamashi masu inganci a shafinsa na gaba. Ta hanyar samar da kwatancen farashi daga masu samarwa daban-daban, tattauna kudaden hada-hada da ma'amaloli, da kuma sauƙaƙe samun TRON Energy maimakon ɓata TRX akan ma'amalolin USDT da biyan kuɗin gas don canja wurin kwangilar kaifin basira, Netts ya zama yana da burin zama amintaccen abokin tarayya ga duk wani mai amfani da ko mai haɓakawa a TRON blockchain na yau da kullun. A lokacin rubuta wannan, Netts da abokin hamayyarsa CatFee sun kasance canjaras a 26 sun tare da 161.2M Energy da 6.0B Volume a cikin 24h, yayin da sauran masu samarwa masu aiki a kasuwa suka ba da farashi mafi girma a matsakaici. Ba a bayyana ko ya dace a zahiri ba ga wanda ke damuwa game da dabi'un "Jenga" na DeFi ya yi hayar abin da suke buƙata don ayyukansu a kan hanyar sadarwa ta TRON ta hanyar amfani da sabis masu rahusa kuma mafi aminci, amma mataki ne mai ma'ana ga duk wanda ke amfani da aikinsa a aikace don guje wa farashin da ba dole ba.