Coinbase 上的 Steakhouse USDC

Coinbase 上 Steakhouse USDC 的策略与风险管理概述

关于更多内容 回购 策略

Steakhouse USDC 是一种示例性的 Prime 借贷金库策略，目标是为用户提供即时流动性。意图是让出借人面临尽可能低的风险（我们认为的 Prime）并获得尽可能高的流动性（我们认为的即时）。

Our Prime mandate is stability, allocating to or lending against only against the most liquid and robust collateral in crypto.

金库组成

该金库将 USDC 存款分配到 Base 上 Morpho 的超额抵押加密支持贷款市场，具体包括：

抵押品	清算贷款价值比（LTV）	风险评级
cbBTC/USDC	86%	A
cbETH/USDC	77%	A
cbETH/USDC	86%	A
WETH/USDC	86%	A
wstETH/USDC	86%	A

我们有关 Morpho v1 市场的所有风险评级的更新存储库可在此获得 Morpho V1 Markets.

再分配

我们运行自动再平衡机器人，根据市场需求将流动性重新分配到不同的借贷市场。我们的算法产生的效果是随着时间的推移逐步平衡各市场之间的借款利率。利率模型对其他借贷资本供应者以及不同市场的借款活动具有反应性。

流动性

As a reminder, Morpho markets target 90% utilization, meaning that generally 10% of deposited assets are available to meet immediate withdrawals requests. The standard interest rate model seeks to trigger borrower repayments when utilization is >90% by increasing the interest rate charged; the inverse is true when utilization is <90%.

对于具有多个资本供应者的高流动性市场，Steakhouse USDC 中的大多数存款应能够保持流动性。市场压力事件——由于抵押品价格快速下跌导致大量清算——通常也会伴随大多数借贷金库（包括 Prime 级金库）的提现。虽然完全无法提现的风险不为零，但在这些市场压力事件中，Prime 市场通常仍然完全具有流动性。

风险管理

有关我们风险管理流程的更多信息，请查阅我们的 Overview of the Risk Framework.

该金库遵循的主要策略是分配到超额抵押的加密支持贷款，主要由具有最高发行者质量和最高可用流动性的 BTC 和 ETH 相关抵押品担保。我们通过承保三个关键标准来评估抵押品：

• Asset Rating assesses the quality of the collateral and the role of stakeholders in managing the underlying asset. It evaluates the risk of default by the issuer, as well as potential losses stemming from technological vulnerabilities or poor governance.

• Platform Rating focuses on the resilience of an additional DeFi protocol layer. The platform is the application that transforms the native token into a new one with a different economic purpose. It includes an analysis of the platform’s credibility as an issuer and the risks associated with its technological implementation.

• Market Rating examines the risk parameters configured on the DeFi lending markets. It evaluates the oracle mechanism, the structure and correlation of trading pairs, liquidity depth, and credit enhancements (measures that mitigate the risk of asset loss or bad debt).

该承保流程会产生下表中的等级，帮助我们将不同的借贷市场分配到不同层级的金库。

Rating	Numeric Score	Type
AA	1	Prime
A	2	Prime
BB	3	High Yield
B	4	High Yield
CC	5	Constrained
C	6	Excluded