解決無常損失問題的創新方法




創新槓桿解決無常損失問題 — Curve創始人

無常損失一直是阻止加密貨幣持有者成為去中心化金融平台流動性提供者的一個主要因素。

根據Curve創始人Dr. Michael Egorov的說法,Yield Basis是一個由去中心化金融(DeFi)平台Curve Finance開發的協議,旨在減輕代幣化比特幣和以太坊流動性提供者(LPs)的無常損失,同時創造一種基於市場的代幣通脹和發放的方法。

無常損失發生在流動性池中存入的資產價格下跌或偏離,導致用戶的資金少於如果他們只是持有加密貨幣而不參與流動性提供時的資金。Egorov告訴Cointelegraph,當流動性池中存入的資金與比特幣價格的平方根成比例時,就會產生無常損失。他表示:

> “無常損失發生是因為這種平方根依賴性。因此,我們真的想要消除平方根。如何消除平方根?數學上消除平方根的最佳方法是將其平方。”

Yield Basis通過複合槓桿運作,始終保持一個超額抵押的頭寸,抵押比例恰好為200%,並通過借入crvUSD(該DeFi平台的美元掛鉤去中心化穩定幣)來補充頭寸。

這樣可以使頭寸的價格恰好是存入抵押品的兩倍,從而消除無常損失的核心平方根問題,Egorov說。

無常損失困擾流動性提供者多年,並且也使潛在的LPs不願意進入這個市場。

分化的收益選擇幫助設定通脹率和減少代幣發放

用戶可以選擇以代幣化比特幣或Yield Basis代幣的形式獲得收益,這為設定通脹率和控制代幣發放創造了一種市場導向的解決方案,Curve的創始人表示。

Egorov補充道:“在不同的市場條件下,你需要做不同的事情。”他告訴Cointelegraph,在投機性的牛市中,許多用戶可能會選擇持有並質押YB代幣以獲得價格上漲,從而使實際收益累積到平台上。

另一方面,在漫長的熊市中,用戶可能會選擇保守行事,選擇以比特幣獲得收益,這樣可以抵消在投機市場階段創造的YB代幣通脹,並為YB代幣提供“最佳”的價值累積。

這一創新不僅解決了流動性提供者面臨的無常損失問題,還提供了一種靈活的收益選擇,能夠根據市場變化調整策略。這對於希望在不穩定的市場中獲得穩定收益的投資者來說,是一個重要的進展。隨著DeFi生態系統的不斷發展,這類創新將可能成為吸引更多用戶參與流動性提供的關鍵因素。

以上文章由特價GPT API KEY所翻譯及撰寫。而圖片則由FLUX根據內容自動生成。

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Base Setup
keep 100 percent facial information adherence of the attached image and turn her into a girl standing beneath autumn leaves outside a traditional wooden structure in a live action photograph or movie still, wearing a complex suggestive outfit that harmonizes with the warm fall tones.

Shot and Camera
Three quarter shot at slightly low height, framing her off center to the right so the yellow leaves and carved wooden panels dominate the left. Maintain the intimate close framing and vertical orientation feel of the reference.

Identity and Pose
Preserve her age read, build, silhouette, hairstyle length, and skin tone. She leans lightly against the doorframe, one hand grazing a hanging leaf, her posture relaxed and candid, 8k Photorealistic and hyper realistic.

Lighting and Environment
Soft warm daylight filters through the leaves, casting dappled highlights on her hair and outfit. Ground her feet on aged wooden flooring with natural grain, faint scuffs, and subtle contact shadows.

Masking and Constraints
Change only wardrobe and placement while keeping lighting, perspective, white balance, pose, face geometry, body proportions, and silhouette the same. Absolutely no added text, no CGI look, no plastic skin, no floating feet, with consistent perspective and correct contact shadows. {
"intro": "Create an ultra realistic 8K UHD DSLR photo based on the attached image as a reference of facial features, maintaining 100% likeness.",

"subject": {
"identity": "A stylish beautiful woman portrayed as Cleopatra, the eternal Queen of Egypt, radiating supreme authority, elegance, and divine power.",
"angle": "Full-body editorial portrait captured at a cinematic 3/4 angle, both Cleopatra and the horse positioned diagonally, rendered in ultra-crisp clarity with no blur.",
"pose": {
"body_position": "She is riding a majestic white horse, seated confidently with impeccable royal posture, her torso slightly turned to a 3/4 angle to emphasize grace and dominance.",
"hands": "One hand gently holds the gold-accented reins, while the other rests elegantly near her waist, displaying ornate jewelry.",
"expression": "She looks directly at the camera with a calm, commanding, and seductive gaze—the unmistakable presence of a queen born to rule."
}
},

"appearance": {
"outfit": "An opulent, ultra-bongga Cleopatra couture gown in pristine white and radiant gold. The gown features a sculpted corset bodice richly embroidered with gold hieroglyphic motifs, sun-disk patterns, and crystal beadwork. Flowing white silk, chiffon, and sheer organza panels cascade dramatically from the waist and shoulders, creating powerful movement as she rides. A daring thigh-high slit reveals her leg, balancing sensuality with imperial elegance. Every seam is traced with gold-thread embroidery for a luminous, goddess-like silhouette.",
"accessories": "She wears the exact Cleopatra headpiece from the attached reference image: a regal black-and-gold striped nemes-style headdress with a polished gold cobra (uraeus) centerpiece at the forehead, structured side panels, and intricate gold detailing. Paired with a wide Egyptian collar necklace with turquoise accents, engraved gold arm cuffs, crystal finger rings, an ornate gold waist belt, delicate anklets, and elegant flat Egyptian sandals.",
"hair": "Her hair is fully concealed beneath the nemes headpiece as shown in the reference image, ensuring perfect historical accuracy and symmetry.",
"makeup": "Ultra-bold, highly colorful Egyptian eye makeup with ceremonial ink artistry. Her eyes feature sharp elongated black kohl eyeliner extended dramatically past the outer corners, layered with vivid turquoise, teal, emerald green, sapphire blue, violet, and metallic gold pigments blended in high-fashion gradients. Beneath each eye, intricate hand-drawn ink designs inspired by ancient Egyptian symbolism are visible—fine black and gold lines, dots, and sacred motifs echoing hieroglyphs and protective markings, following the natural curve of the lower eye and cheekbone. Her complexion is flawless and softly bronzed with luminous highlights, brows are sculpted and powerful, cheeks carry a subtle coral-rose flush, and lips are finished in a refined nude-rose satin tone to balance the intense, artistic eye look."
},

"props": {
"animal": "A powerful, majestic white horse with a flowing ivory mane, sculpted muscles, and intelligent dark eyes. The horse wears elegant white-and-gold tack engraved with Egyptian motifs, symbolizing royal conquest, divine favor, and sovereignty."
},

"background": {
"macro_environment": "A vast open desert landscape near the Egyptian palace and pyramids at golden hour, stretching endlessly beneath a dramatic sky glowing with gold, amber, and soft ivory tones.",
"midground_details": "Distant pyramids rising from the sand, monumental stone statues, ceremonial banners moving in the wind, and faint silhouettes of royal guards and attendants placed far behind for scale.",
"micro_elements": "Fine desert sand lifted by the horse’s movement, sharply defined gold engravings on the reins, visible embroidery threads on the gown, subtle translucency of sheer fabrics, radiant light reflections on gold surfaces, and crisp, realistic shadows—everything rendered with extreme clarity and zero blur."
},

"lighting": {
"type": "Cinematic natural golden-hour lighting with soft reflective highlights.",
"effect": "Warm sunlight intensifies the white-and-gold palette, ignites the vibrant eye makeup colors and ink details, and illuminates the horse’s coat, creating a radiant, divine, editorial glow."
},

"camera": {
"camera_type": "DSLR",
"resolution": "8K UHD",
"lens": "50mm prime lens",
"aperture": "f/8 for maximum sharpness across subject and background",
"iso": 100,
"shutter_speed": "1/250s to freeze motion while maintaining realism",
"focus": "Extreme sharp focus from foreground to background, no bokeh, no blur"
},

"style": "High-fashion editorial, cinematic realism, divine Egyptian royalty, white-and-gold couture contrasted with vibrant ceremonial eye art, powerful, sensual, ultra-detailed, sharp, majestic"
} [Enhanced Artistic Prompt]

A highly detailed portrait of a young Asian woman inspired by the delicate, doll-like beauty of Imada Mio (精緻洋娃娃臉). She has large, round, luminous eyes with a deep, expressive gaze, a petite V-shaped face, full rosy cheeks, and porcelain-soft skin. Her expression is a captivating blend of innocence, youthful energy, and subtle flirtation, capturing an aura of pure allure.

Her hair is long, dark chocolate brown, with natural volume and texture—slightly tousled in an artful, “just woke up” messy style (剛睡醒的凌亂感), with soft strands falling over her face and shoulders. She wears an oversized, semi-translucent white button-down boyfriend shirt (男友風白襯衫), loosely draped and unbuttoned at the top, elegantly revealing her collarbones and creating a “bottomless” fashion look (下衣失蹤風格) with a sense of relaxed intimacy.

The overall aesthetic is reminiscent of a contemporary Japanese Gravure photobook (寫真集風格), evoking both pure charm and subtle sensuality (Pure & Sexy vibe). Use bright, high-key natural lighting to create a soft, ethereal glow, with smooth, radiant skin texture. Emphasize pastel color grading and gentle film grain, referencing the signature look of Fujifilm PRO 400H for a dreamy, cinematic finish. Compose the image artistically, focusing on beauty, mood, and expressive detail, as if captured in a candid, intimate moment.

— full body or mid-length portrait, shallow depth of field, delicate highlights, softly blurred minimalist background, inviting eyes, tasteful and elegant composition.