> For the complete documentation index, see [llms.txt](https://steakhouse.financial/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://steakhouse.financial/docs/risk-management/zh/collateral/collateral-standards.md).

# 抵押品标准

Steakhouse Financial 在任何抵押资产可用于金库之前，都会通过多层风险评级对其进行承保。该模型将发行方风险、平台风险和市场风险整合为一个最终市场评级，用于确定金库资格和量化敞口限制。

该 **多层风险评级** 是将与某一投资头寸相关的不同风险来源整合为单一评级，即： [**最终市场评级**](/docs/risk-management/zh/collateral/final-market-rating.md)。该评级决定金库资格以及管理投资敞口的量化限制。

<figure><picture><source srcset="/files/817a95694a85c072fba5becacfa781242481a81f" media="(prefers-color-scheme: dark)"><img src="/files/2a68deb0fbeed0dfe259e1ee352b04b6c2d3eae9" alt="Multi-Layer Risk Rating Framework triages a wide collateral selection funnel through assessments of issuer risk, market risk and platform risk before rating an exposure, which drives eligibility into different grades of vault"></picture><figcaption><p>多层风险评级框架通过对发行人风险、市场风险和平台风险的评估，对广泛的抵押品选择渠道进行分流，然后对风险敞口进行评级，这决定了进入不同级别金库的资格</p></figcaption></figure>

投资头寸可以采取多种形式，例如：

* 持有一种加密 *资产* 以受益于其经济价值增值
* 持有 Pendle 或 Spectra 的 *本金代币（PT）* 以在特定时间范围内锁定收益
* 在一个 *流动性池* 中提供流动性以赚取兑换手续费
* 在 Morpho 中建立头寸 *市场* 以从借贷池中产生利息。

这些头寸也可以组合。例如， *PT-sUSDS/USDC* 交易对代表了一个 Morpho USDC 借贷市场，其中以 sUSDS 本金代币作为抵押品，该抵押品是在 Pendle 平台上发行的。

因此，我们构建了一个多层分析，其中包含三个基于以下 **层级的独立中间评级**:

* **资产评级** 评估抵押品的质量以及利益相关者在管理基础资产中的角色。它评估发行人违约的风险，以及源自技术漏洞或治理不善的潜在损失。
* **平台评级** 关注额外 DeFi 协议层的韧性。该平台是将原生代币转换为具有不同经济用途的新代币的应用。它包括对平台作为发行人的可信度以及其技术实现相关风险的分析。
* **市场评级** 审查在 DeFi 借贷市场上配置的风险参数。它评估预言机机制、交易对的结构与相关性、流动性深度以及信用增强（减轻资产损失或坏账风险的措施）。


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