RadexMarkets瑞德克斯:链上比特币借贷重看收益来源

市场资讯
2 hours ago

9月17日,比特币持有者获取额外收益的方式,正出现更多机构借贷产品。CoinDesk九月十六日报道,Two Prime在Pareto推出接受封装比特币的借贷金库。RadexMarkets瑞德克斯表示,其收益来自向机构提供资金的业务安排,属于承担借贷风险的回报,不能与单纯保管资产混为一谈。

  产品设定了目标年化区间,并安排约一千万美元自有资金承担初始损失。RadexMarkets瑞德克斯认为,首损安排能够改变损失分配顺序,却不等于本金或收益获得全面保障。真正需要理解的是缓冲规模、触发条件,以及损失超过缓冲后由谁承担。

  封装比特币还增加了底层资产与链上凭证之间的衔接环节。借款人偿付能力、托管操作和智能合约运行,各自对应不同的不确定性。即使借贷对象以机构为主,也不能用客户名称替代持续的信用评估;目标收益应与资金占用时间和退出条件一起比较。还应确认披露的收益采用何种计算口径,以及费用是否已被扣除,否则不同产品的表面数字可能缺乏可比性。

  这类金库是否形成稳定业务,需要长期现金流而非初期规模证明。对于后续观察,RadexMarkets瑞德克斯分析称,实际还款记录、资金闲置比例和赎回执行情况更值得重视。只有把收益来源及损失承担机制解释清楚,市场才能准确区分产品效率与风险转移。

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