請用此 Handle URI 來引用此文件:
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/87977
標題: | 加密貨幣與金融系統的挑戰 -以三箭資本破產和 DAI、FRAX 為例 The Challenges of Cryptocurrency and Financial Systems: Case Studies of Three Arrows Capital Bankruptcy, DAI and FRAX |
作者: | 李佳芳 Chia-Fang Lee |
指導教授: | 洪茂蔚 Mao-Wei Hung |
關鍵字: | 演算法穩定幣,加密貨幣,區塊鏈,DAI,FRAX,UST,USDC, DAI,FRAX,UST,USDC,Algorithmic stablecoins,cryptocurrencies,blockchain, |
出版年 : | 2023 |
學位: | 碩士 |
摘要: | 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。 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. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/87977 |
DOI: | 10.6342/NTU202301313 |
全文授權: | 未授權 |
顯示於系所單位: | 國際企業學系 |
文件中的檔案:
檔案 | 大小 | 格式 | |
---|---|---|---|
ntu-111-2.pdf 目前未授權公開取用 | 935.43 kB | Adobe PDF |
系統中的文件,除了特別指名其著作權條款之外,均受到著作權保護,並且保留所有的權利。