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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 洪茂蔚 | zh_TW |
dc.contributor.advisor | Mao-Wei Hung | en |
dc.contributor.author | 李佳芳 | zh_TW |
dc.contributor.author | Chia-Fang Lee | en |
dc.date.accessioned | 2023-08-01T16:11:34Z | - |
dc.date.available | 2023-11-09 | - |
dc.date.copyright | 2023-08-01 | - |
dc.date.issued | 2023 | - |
dc.date.submitted | 2023-07-04 | - |
dc.identifier.citation | 1. Pilkington, Marc, Blockchain Technology: Principles and Applications (September 18, 2015). Research Handbook on Digital Transformations, edited by F. Xavier Olleros and Majlinda Zhegu. Edward Elgar, 2016, Available at SSRN: https://ssrn.com/abstract=2662660
2. Buterin, Vitalik (2015) On Public and Private Blockchains https://www.coindesk.com/markets/2015/08/07/vitalik-buterin-on-public-and-private-blockchains/ 3. Reid, Williams (2015 May 31), How Bitcoin's Technology Could Make Supply Chains More Transparent https://www.coindesk.com/markets/2015/05/31/how-bitcoins-technology-could-make-supply-chains-more-transparent/ 4. CoinMarketCap, Blockchain 1.0 https://coinmarketcap.com/alexandria/glossary/blockchain-1-0 5. CoinMarketCap, Blockchain 2.0 https://coinmarketcap.com/alexandria/glossary/blockchain-2-0 6. CoinMarketCap, Blockchain 3.0 https://coinmarketcap.com/alexandria/glossary/blockchain-3-0 7. European Central Bank (2019 June), Crypto-assets – trends and implications https://www.ecb.europa.eu/paym/intro/mip-online/2019/html/1906_crypto_assets.en.html 8. Lennart Ante, Ingo Fiedler, and Elias Strehle, 2021, The influence of stablecoin issuances on cryptocurrency markets 9. Wenqi Zhao, Hui Li, and Yuming Yuan, Understand Volatility of Algorithmic Stablecoin: Modeling, Verification and Empirical Analysis 10. 《律動 BlockBeats》0x137UST (2022年5月11日)。崩盤始末:8400 萬美元撬動 400 億金融帝國。blockcast.it。https://blockcast.it/2022/05/11/whats-happening-to-terra-ust/ 11. IOBC Capital (2022年6月23日)。從stETH的折價說起:stETH的定價、流動性和風。PCNews。https://www.panewslab.com/zh_hk/articledetails/72pzg77lo113.html 12. Kai kai wu (2022, March 18)。Anchor Protocol 是DeFi的存款標竿?年化可以達到近20%?Anchor協議的介紹、風險以及使用步驟https://vocus.cc/article/6233e37cfd8978000190751b 13. 什麼是 MakerDAO (DAI)? (2020年12月4日) BINANCE- ACADEMY。https://academy.binance.com/zt/articles/a-guide-to-makerdao-and-dai 14. Blockchain 1.0 vs. 2.0 vs. 3.0 - What's the Difference? Originstamp。https://originstamp.com/blog/blockchain-1-vs-2-vs-3-whats-the-difference/ 15. European Central Bank, Caveat emptor does not apply to crypto (2023, Jan 5) https://www.ecb.europa.eu/press/blog/date/2023/html/ecb.blog230105~75d5aee900.en.html 16. European Commission (2020, Nov 30), Crypto-assets The European Commission puts forward new legislation on crypto-assets as part of its digital finance strategy https://ec.europa.eu/newsroom/fisma/items/695217 17. Federal Register: Rules and Regulations (2020, Feb 7) https://www.govinfo.gov/content/pkg/FR-2023-02-07/pdf/2023-02192.pdf 18. Cointelegraph, An overview of the cryptocurrency regulations in Japan https://cointelegraph.com/cryptocurrency-regulation-for-beginners/an-overview-of-the-cryptocurrency-regulations-in-japan 19. Camomile Shumba (2022, Dec 20), UK's Financial Services and Markets Bill Should be Passed by Spring 2023, Treasury Says https://www.lexology.com/library/detail.aspx?g=cdd5c070-5230-4061-ba8d-e24f150877c5 20. Bank for International Settlements (2023, Jan 12), Addressing the risks in crypto: laying out the options https://www.bis.org/publ/bisbull66.htm 21. Bank for International Settlements (2022, June 26), The Future monetary system https://www.bis.org/speeches/sp220626b.pdf 22. 中華民國中央銀行全球資訊網 (2022年5月11日)。虛擬資產市場最近風險事件與主要國家監理方向。https://knowledge.cbc.gov.tw/front/references/inpage/C277903E-403A-ED11-90D9-00505694F3B3 23. PA一線(2022年5月11日)。美SEC:Do Kwon轉移了超過1萬枚比特幣,並通過一家瑞士銀行套現超1億美元。PANews。https://www.panewslab.com/zh_hk/articledetails/hz27onvk.html 24. ANA PAULA PEREIRA (2022, Dec 17), Central Banks to set standards on banks’ crypto exposure: BIS, Cointelegraph https://cointelegraph.com/news/central-banks-to-set-standards-on-banks-crypto-exposure-bis 25. Stablecoin market capitalization https://coinmarketcap.com/view/stablecoin/ 26. MakerDAO, MakerDAO Proposals https://messari.io/governor/proposal-tracker | - |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/87977 | - |
dc.description.abstract | 本研究以去中心化穩定幣為主要探討內容,從三箭資本破產事件為切入點,探討加密貨幣以及穩定幣市場對金融系統的挑戰,以及其存在缺陷和風險。在三箭資本破產案例的影響下,我們觀察到加密貨幣市場存在一系列問題,如合規性、資金移轉、擔保資產管理、資本額要求、流動性提供、公司治理、資訊透明度、中心化的交易所監管問題和客戶資產安全等風險缺陷。
對於去中心化的穩定幣,儘管在大部分時間內穩定幣運作正常,但在熊市期間存在借貸協議維持困難,以及投資者信心的問題。FRAX 作為一種去中心化穩定幣,建議應多元化儲備,並規範明確的抵押贖回機制,以保持穩定幣的價值,並保護客戶權益。而 DAI 作為另一種去中心化穩定幣,面臨著抵押資產波動性高、清算風險和穩定費調控等問題。在未來的時間中,DAI 可以參考 AMO 執行公開市場操作,提高資產使用效率並獲得更多資金收入。 這些問題突顯加密貨幣和穩定幣市場在法律、監管、透明度和客戶保護方面面臨的挑戰。本研究的結果和建議有助於加深對加密貨幣與金融系統關係的理解,並提供相應的解決方案,以促進金融系統的穩定發展和創新,保護投資者權益。 | zh_TW |
dc.description.abstract | This study examines the challenges presented by decentralized stablecoins to the financial system, including compliance, fund transfers, collateral management, capital requirements, liquidity provision, governance, transparency, centralized exchange regulation issues and customer asset security. By analyzing the bankruptcy of Three Arrows Capital, the impact of cryptocurrencies and the stablecoin market on the financial system is explored. Despite operating smoothly most of the time, decentralized stablecoins face difficulties in maintaining lending protocols during market downturns and ensuring investor confidence.
As for FRAX, it is recommended to diversify reserves and establish clear regulations for the collateral redemption mechanism to maintain the stablecoin's value and protect customer rights. Similarly, DAI faces challenges such as high volatility of collateral assets, liquidation risks, and stable fees regulation. In the future, DAI can consider adopting public market operations, such as those implemented by AMO, to enhance asset utilization efficiency and generate additional revenue. It is also recommended to establish a circuit breaker mechanism for stablecoins to cope with high volatility in other cryptocurrencies' prices. This study contribute to a deeper understanding of the cryptocurrency and stablecoin market, offering solutions for stable system development and investor protection. | en |
dc.description.provenance | Submitted by admin ntu (admin@lib.ntu.edu.tw) on 2023-08-01T16:11:34Z No. of bitstreams: 0 | en |
dc.description.provenance | Made available in DSpace on 2023-08-01T16:11:34Z (GMT). No. of bitstreams: 0 | en |
dc.description.tableofcontents | 誌謝………………………………………………………………………………I
中文摘要……………………………………………………………………II 英文摘要…………………………………………………………………III 目錄………………………………………………………………………………IV 圖目錄……………………………………………………………………………Ⅴ 表目錄…………………………………………………………………………Ⅵ 第一章 緒論…………………………………………………………………1 第一節 研究動機與背景………………………………………1 第二節 研究目的……………………………………………………2 第三節 研究流程……………………………………………………3 第二章 文獻回顧………………………………………………………5 第一節 區塊鏈技術與原理…………………………………5 2-1-1. 去中心化…………………………………………………5 2-1-2. 難以竄改與真實性………………………………6 2-1-3. 匿名性………………………………………………………6 第二節 區塊鏈技術的演進…………………………………6 2-2-1. 區塊鏈 1.0……………………………………………6 2-2-2. 區塊鏈 2.0……………………………………………7 2-2-3. 區塊鏈 3.0……………………………………………7 第三節 加密貨幣之定義與起源…………………………7 第四節 穩定幣之定義與起源………………………………8 2-4-1. 穩定幣的特性…………………………………………8 2-4-2. 穩定幣的三種類別………………………………9 2-4-3. 穩定幣的市值…………………………………………9 第三章 三箭資本破產的起源與影響…………………11 第一節 三箭資本破產的過程………………………………11 第二節 演算法穩定幣 UST 的運作模式………11 第三節 LIDO 的介紹………………………………………………13 3-3-1. 以太坊 2.0……………………………………………13 3-3-2. LIDO 解決質押流動性的方案…………14 3-3-3. stETH 折價……………………………………………14 3-3-4. 質押的收益不穩定………………………………14 3-3-5. 槓桿質押……………………………………………………15 第四節 Anchor Protocol 的介紹…………………15 3-4-1. Anchor Protocol 的借貸模型………15 3-4-2. Anchor Protocol 的模型缺陷………17 3-4-3. Terra 團隊的應對方式………………………18 第五節 三箭資本破產原因………………………………………19 第六節 三箭資本破產的影響…………………………………21 3-6-1. 歐洲………………………………………………………………21 3-6-2. 美國………………………………………………………………22 3-6-3. 英國………………………………………………………………22 3-6-4. 日本………………………………………………………………23 3-6-5. 國際清算銀行……………………………………………23 第四章 相似個案的研究- DAI………………………………25 第一節 DAI 的介紹……………………………………………………25 第二節 DAI 的脫錨歷史…………………………………………27 第三節 DAI 後續的改善措施…………………………………29 第四節 DAI 的風險……………………………………………………30 第五節 針對 DAI 提出的建議………………………………31 第五章 相似個案的研究- FRAX………………………………32 第一節 FRAX 的介紹…………………………………………………32 第二節 FRAX 的脫錨歷史…………………………………………34 第三節 FRAX 的提案與發展……………………………………35 第四節 FRAX 的風險…………………………………………………36 第六章 結論 ……………………………………………………………………37 第七章 參考文獻……………………………………………………………38 | - |
dc.language.iso | zh_TW | - |
dc.title | 加密貨幣與金融系統的挑戰 -以三箭資本破產和 DAI、FRAX 為例 | zh_TW |
dc.title | The Challenges of Cryptocurrency and Financial Systems: Case Studies of Three Arrows Capital Bankruptcy, DAI and FRAX | en |
dc.type | Thesis | - |
dc.date.schoolyear | 111-2 | - |
dc.description.degree | 碩士 | - |
dc.contributor.oralexamcommittee | 蔡佳芬;蔡豐澤 | zh_TW |
dc.contributor.oralexamcommittee | Chia-Fen Tsai;Feng-Tse Tsai | en |
dc.subject.keyword | 演算法穩定幣,加密貨幣,區塊鏈,DAI,FRAX,UST,USDC, | zh_TW |
dc.subject.keyword | DAI,FRAX,UST,USDC,Algorithmic stablecoins,cryptocurrencies,blockchain, | en |
dc.relation.page | 40 | - |
dc.identifier.doi | 10.6342/NTU202301313 | - |
dc.rights.note | 未授權 | - |
dc.date.accepted | 2023-07-06 | - |
dc.contributor.author-college | 管理學院 | - |
dc.contributor.author-dept | 國際企業學系 | - |
顯示於系所單位: | 國際企業學系 |
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