Understanding Pegged Value Crypto Assets
7 min read

Understanding Pegged Value Crypto Assets

A guide to pegged value crypto assets and Saddle’s solution to fundamental pain points.
Understanding Pegged Value Crypto Assets

A guide to pegged value crypto assets and Saddle’s solution to fundamental pain points.

Saddle is an automated market maker (AMM) optimized for pegged value crypto assets.

But what exactly are pegged value crypto assets? And why do we need an AMM designed specifically for them?

Pegged Value Crypto Assets

Pegged value crypto assets are tokens that have their value pegged to an underlying asset by some means. For example, the value of a stablecoin or tokenized bitcoin is supposed to be $1 or 1 BTC, respectively.

However, pegged value crypto assets fix this value using different mechanisms. Some assets, like Synthetix sBTC or sUSD, maintain their peg synthetically (in this case, via collateralization of SNX). Other assets maintain their peg by being backed by and redeemable for the actual underlying asset, either permissionlessly (e.g. tBTC) or through a centralized custodian (e.g. WBTC, USDC). These different approaches and the associated risks are why the prices of pegged value crypto assets of the same type can vary slightly, and why users may prefer to own different types of pegged value assets.

Trading among and in between these types of assets can be expensive and inefficient, resulting in lost capital due to high slippage and transaction fees. Traders may lose a significant amount of value of their USDC, let’s say, when trading from USDC and USDT. High slippage when trading in between assets meant to be of the same value is a poor user experience for DeFi participants.

This begs the question: why would someone want to trade in between pegged value assets? If your renBTC bag would have the same dollar value if you traded it into a tBTC bag, why bother?

One reason is purely from a UX perspective, and is mostly relevant to CEXes. CEXes choose which tokens to list — some more discriminately than others. Users who wish to keep funds on a CEX may find themselves needing to transfer one type of pegged value asset into another in order to do so.

Another reason is the differing qualities of pegged value assets. Tokenized bitcoin is the best example. Leading tokenized bitcoin types include WBTC, renBTC, tBTC, and sBTC. Though they all have a similar dollar value relative to one another, they each have different qualities that could render them better suited for different users.

WBTC, renBTC, and tBTC are all backed 1:1 by bitcoin, whereas sBTC is a synthetic representation of BTC. WBTC is centralized, with deposited BTC held in custody by BitGo. renBTC, though open source, has been transparent about its gradual path towards decentralization. Like renBTC, tBTC has no central party custodying the deposited BTC. However, tBTC is minted by groups of randomized, autonomous signers that deposit ETH in order to participate on the network. This process renders it more decentralized than either renBTC or WBTC. Due to these different qualities, each type of tokenized bitcoin usually offers different returns when deposited into projects like Compound or Yearn.

As the blockchain ecosystem continues to grow, we will see more pegged value crypto assets emerge. For Ethereum and DeFi in particular, we anticipate more assets from other blockchains to be tokenized on Ethereum (i.e. renFIL’s recent launch). The proliferation of these pegged value assets means we must have sustainable, efficient, and secure solutions for users to trade as they select what qualities they want from their holdings, including privacy, programmability, and decentralization.

Enter Saddle.

Saddle is an automated market maker optimized for pegged value crypto assets. It addresses the problem of inefficient trading and high slippage between pegged value assets by using a state of the art algorithm called StableSwap. Through this solution, Saddle enables pegged value assets like stablecoins, tokenized bitcoin, ETH derivatives, and others to be traded with previously unheard of efficiency.

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了解固定价值加密资产

固定价值加密资产以及Saddle基本痛点解决方案之指南

Saddle是一款针对固定价值加密资产进行优化的自动做市商(AMM)。

但究竟什么是固定价值加密资产呢?为什么我们需要一个专门为这种资产所设计的AMM呢?

固定价值加密资产是指透过某种方式,将其价值与一基础资产挂钩的代币。以稳定币或代币化比特币为例,这些货币的价值永远都是1美元或1比特币。

目前固定价值加密资产能透过不同的机制来将其价值固定,某些资产,例如sBTC或sUSD,是运用综合的方式来维持他们的挂钩(此例是透过抵押SNX)。还有一些资产则是透过实际基础资产的支持和可赎性,来维持其挂钩,而这个机制亦或不需要许可(例如tBTC),亦或需经过集中保管人(例如WBTC、USDC)。这些不同的方式和相关的风险则是为什么同一类型的固定价值加密资产会有轻微的价格波动,以及为什么用户可能会倾向于持有多种资产。

此类的资产交易可能成本高昂且效率低下,最后因为高滑点和交易手续费而导致资本损失。举例来说,当进行USDC和USDT交易时,交易者可能会大量损失其USDC的价值。在同等价值的资产间进行交易时,高滑点对于DeFi用户来说是不佳的用户体验。

这就引出了一个问题:为什么会有人想在固定价值资产间进行交易呢?如果你把renBTC兑换成tBTC会得到相同的美元价值,为什么还要自找麻烦呢?

其中一个原因是纯粹从用户体验的角度来看,且主要是与中心化交易所(CEX) 有关。要列入哪些代币是由各CEX平台来决定 — 某些平台的选择会比其他平台来得少。所以想将资金存放在CEX上的用户可能会需要将一种固定价值资产转换为另一种。

另一个原因则是出自於固定价值资产的不同特性。代币化比特币就是最好的例子。目前高市占率的代币化比特币类型包括WBTC、renBTC、tBTC、和sBTC。虽然这些代币的美元价值极为相近,但是他们各具不同的特性,适用于不同的使用者。

WBTC、renBTC、和tBTC皆是以1:1的汇率受比特币支持,而sBTC则是比特币的合成代表。WBTC是中心化的,其所存放的BTC托管于BitGo。而renBTC虽然是开源的,但是它逐渐走向去中心化的过程是全程透明化的。tBTC就如同renBTC,没有中心化的托管方来保管所存放的BTC,不过tBTC是由各个为了参与网路而存放ETH的随机、自治签名者所铸造。这个过程使它比renBTC或WBTC都还要更去中心化。由于这些不同的特性,将每种不同的代币化比特币存入Compound或Yearn等项目时,通常都会有不同的收益。

随着区块链生态系统的持续成长,我们将会看到更多固定价值加密资产出现。尤其是以太坊和DeFi,我们预计会有更多来自其他区块链的资产在以太坊上进行代币化(例如近期上线的renFIL)。这些固定价值资产的激增,意味着我们必须为用户提供永续、高效、且安全的解决方案,以便他们在进行交易时,能够从他们所持的资产中选择他们所想要的特性,包括隐私性、可编程性、和去中心化等。

来到Saddle。

Saddle是一款针对固定价值加密资产进行优化的自动做市商。Saddle透过一个称为StableSwap的最新算法,解决了固定价值资产交易中低效率和高滑点的问题。透过这个解决方案,Saddle前所未有的提高了固定价值资产,例如稳定币、代币化比特币、和以太坊衍生品等,以及其他资产的交易效率。

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