Midas：代幣化資產能賣，贖回現金從哪來？
Yield-bearing assets and stablecoins
- Dennis Dinkelmeyer Midas
影片
影片與逐字稿來源：Stablecoin Summit 直播
從 5:10:44 開始播放
場次摘要
Midas 的 Dennis Dinkelmeyer 說，M token 是價值隨底層資產變動的代幣化證券，不能當成固定一美元的穩定幣。產品要讓持有人方便贖回，卻不宜在投資組合裡留太多閒置現金。他介紹 Staked Liquidity：由另一方提供鏈上信貸先付贖回款，待底層資產結算後歸還。公司公布的發行量、收益與融資規模都是演講時的自述。
值得記下的 5 件事
- Midas 累計發行約 40 億美元資產、支付約 5,000 萬美元收益（演講當時數字）。
- M token 是淨值隨底層資產變動的證券，不是維持一美元面額的穩定幣。
- M Global 當年接入 Aave Horizon，並進入 Coinbase、Robinhood 的 Earn 金庫。
- Staked Liquidity 由投資組合外的資金墊付贖回款，降低投資組合預留現金的成本。
- 贖回可先付部分款項、保留尾款到資產結算完成，降低墊資人的結算風險。
逐字稿
開場
這是我第三次來新加坡 Stablecoin Summit，很感激再次受邀。這場演講呼應峰會主題：穩定幣與收益。開始吧。Thank you. This is my third time at the Stablecoin Summit in Singapore. Very grateful to be here another time. This talk is obviously playing to the theme of this conference, stablecoins and yield. So let's start.
先自我介紹。我來自德國，過去 15 年住在倫敦。背景偏傳統金融，RWA 對我並不陌生。First, an introduction. I'm originally from Germany, but based in London in the UK. Been there for the last 15 years. Background is sort of more traditional finance space, so RWA and things like this have been quite familiar through my prior career.
Midas 是 composable 鏈上投資產品平台。我們與策略管理者合作，可能是 Wellington Management、Fasanara、Apollo 等，把產品發上鏈，帶進 DeFi 並讓它在市場裡有用。Midas is a platform for composable on-chain investment products. We work with strategy managers. This could be asset managers like Wellington Management, Fasanara, Apollo, or others. And we issue these products on-chain, and we bring them into DeFi and make them useful in the markets.
概況：已發行 40 億美元資產、發放 5000 萬美元收益、3 萬投資人，並宣布 5000 萬美元 A 輪。產品整合在 Aave、Pendle、Morpho 等主要 DeFi 平台。安全是第一優先。At a glance, we issued $4 billion in assets. We paid out $50 million in yield. We have 30,000 investors, and we recently announced a $50 million Series A. Our products are integrated on the main DeFi platforms, including Aave, Pendle, and Morpho. We're very grateful and excited about this. Importantly, security is first and foremost.
我們有 100 萬美元 bug bounty，從未發生安全事件。什麼是 M 代幣，和 stablecoin 有何不同？M 代幣本質是證券、代幣化資產，NAV 隨底層波動，這和要維持 1 美元 peg 的 yield-bearing stablecoin 或 stablecoin 非常不同。We have a $1 million bug bounty program. Never had a security incident. So what are M tokens, and how are they different to stablecoins? M tokens are ultimately securities, tokenized assets. The NAV, the price, fluctuates with the value of the underlying assets, and that's very different to a yield-bearing stablecoin or stablecoin, which has a peg of $1.
M 代幣與產品案例
投資與風險 profile 也不同，風險可波動；stablecoin 要捍衛 1 美元 peg，會限制部分抵押選項。兩個例子：目前與九家資產管理者合作，包括 Wellington、Fasanara、Apollo Crypto、Hyperithm、Edge Capital、RockawayX、RE7、M1 Capital。It obviously also has a different investment profile, risk profile. The risk profile effectively can fluctuate, and with a stablecoin you have that $1 peg to defend, which limits some of the underlying collateral options. Two examples. So generally today we work with nine asset managers. We work with Wellington, Fasanara, Apollo Crypto, Hyperithm, Edge Capital, RockawayX, RE7, and M1 Capital.
M1 是例子，底層是公開市場固定收益的多 sector 策略，平均信用 A+ 投資等級，利率存續期低於一年、spread 存續期低於兩年。M1 is an example. This is a product that has as an underlying public market fixed income. It's a multi-sector strategy. with an average credit profile of A+, so it's investment grade, and an interest rate duration of less than one year and a spread duration of less than two years.
我們與 Sentora 在此產品上合作，已在其 Morpho 市場上線，Aave 新市場也即將推出。另一例是 M Global，今年四月推出，六月上 Aave Horizon，八月整合進 Coinbase 與 Robinhood Earn 的 lending market vaults。We're very happy to work with Sentora on this product. We are live on their markets, both on Morpho and the upcoming markets on Aave. Another example is the M Global product. We launched this in April this year. In June, this asset was listed on the Aave Horizon market, and in August was integrated into the lending market vaults of the Coinbase and Robinhood Earn programs.
這些 vault 規模很大且成長良好，感謝 Steakhouse Financial 合作；TVL 約 1.5 億美元，全是有機成長、無激勵，我們預期還會顯著成長。So they're very large vaults and growing very well. Very grateful for the partnership with Steakhouse Financial on that side. That hit around $150 million in TVL. It's all organic, no incentives, and we expect this to grow quite meaningfully from here.
借貸市場與流動性成本
借貸市場用途很重要：可抵押部位借款，提升流動性或加槓桿提高報酬，這可能驅動今天 DeFi 約 70% 到 80% 的量，貢獻非常可觀。Obviously, the use cases in lending markets are very important. You can borrow against your position. That enhances your liquidity, or you can lever your returns, and this is probably what today drives 80% of volumes in DeFi, maybe 70%, but it's a very, very meaningful contribution.
接著談流動性，這是非常關鍵的主題。看傳統或鏈上貨幣市場各類資產掛牌，會發現流動性夠的資產常能成為好抵押品。So now we come to the topic of liquidity, and indeed a very, very important topic. When you think about a market and you look at the If you look at the listings of any different types of assets in traditional money markets and on-chain money markets, you will effectively see that any asset that's very liquid can make a good collateral asset.
甚至不必很穩定，例如股票或 Bitcoin 在傳統或鏈上金融市場都是大型抵押品，但波動大。問題在於這個產業的流動性很貴，做市商 hurdle rate 很高，可能要 30% 報酬，Now, it's even different. It doesn't have to be that stable. For example, equities or Bitcoin tend to be very large collateral assets in traditional money markets, or, respectively, in on-chain financial markets, but they're not very stable. That being said, they're extremely liquid. The problem is that in this industry, liquidity is very expensive. When you work with a market maker, they have very high return profiles or hurdle rates; they need to generate 30%, and that, effectively,
才能承接贖回，費用可能 50 bps、150 bps 或更高。我們用 open liquidity architecture 因應，所有代幣化資產可轉讓，可整合進新興 RFQ 平台。to settle a redemption, can cause very high fees. It can be 50 basis points, it can be 150 basis points, it can be much higher. So we're addressing this with an open liquidity architecture. All of our tokenized assets are transferable, so we can integrate into many of the emerging request-for-quote platforms.
Midas 質押流動性
感謝這些整合與合作。有時也可做 internal liquidity sleeve，但會有 cash drag。我們開發了更滿意的解法：Midas Staked Liquidity。We're very grateful for those integrations and partnerships. There's often the option of an internal liquidity sleeve, but it has a cash drag. But we've developed a solution that we feel very excited about, and this is Midas Staked Liquidity. Midas Staked Liquidity is a liquidity layer that's external to the portfolio, so it does not cause cash drag, and it's capital that sits on-chain in a smart contract, and
這是投資組合外部的流動性層，不造成現金拖累，資金在鏈上智能合約裡，任何 M 代幣、任何代幣化資產都能用它贖回。這是另一實體提供的信貸額度，可即時結算，再在底層結算完成時償還。any M token, any of our tokenized assets, can be redeemed against. Again, this is a credit facility from another entity, and this settles a transaction immediately and is then repaid as the settlement takes place.
當然有結算風險，我們用保留款（holdbacks）緩解。保留款是部分贖回，在傳統基金很常見；假設你贖回高波動資產，智能合約金庫先立刻給你每美元 70 美分，Obviously, there's a topic of settlement risk, and there's a question, okay, how do we mitigate this? And we have addressed this with a solution: holdbacks. So holdbacks are effectively a partial redemption. This is a mechanism that's quite common in traditional funds, where, just as a hypothetical example, you make a redemption request for a very volatile asset, and we give you 70 cents on the dollar instantly from the smart contract vault, and
其餘 30 美分保留到底層交易真正結算。把保留款妥善寫進智能合約，可大幅降風險，也降低贖回結算的門檻報酬率，從而提升流動性。舉個簡單例子：資產報酬 10%，你希望管理規模有 20% 的流動性比例。30 cents are withheld until the underlying transaction actually is being settled. And by introducing a holdback, done properly into smart contracts, you significantly reduce the risk and therefore significantly reduce the hurdle rate of settling redemptions, and thereby increase liquidity. So this is a solution that we've developed, and we feel extremely excited about this. And when you give a very simple example, you have an asset that's returning 10%, and you want a liquidity profile of 20% of AUM.
贖回金庫與願景
這會造成 200 bps cash drag，也就是 20% cash drag；我們今天可在 portfolio 外 settlement，顯著改善資產經濟性。This would induce a cash drag of 200 basis points. So basically, 20% cash drag, and we can settle this today outside the portfolio, and therefore it makes a significant improvement to the economics of an asset.
已上線，贖回 vault 容量最高 4000 萬美元，正與更多夥伴擴展。終極願景是任何資產都能 instant redemption，任何 vault、代幣化資產、股票、ETF，更多會上鏈。我們與新資本提供者談得很積極，這是代幣化並帶上鏈的關鍵路徑。We are live today. We have a redemption vault with up to $40 million of capacity, and we're looking to work with many new partners to expand this further. And the ultimate vision is to provide instant redemptions for any asset. It could be any vault, any tokenized asset, any stock, any ETF, and more to come on-chain. So we have very interesting conversations with new capital providers, and I think this is the key way how we tokenize the assets, bring them on-chain.
再次感謝邀請，演講到此。Again, very good to be back. And this concludes the presentation.
