什么是债券池？

简而言之,答案与

1)所谓的交易对手风险

2)以及有多少风险.

在Tezos,常规代表团不会使您的资金面临风险,因为在允许面包师代表您投票并获得烘焙权的情况下,您的xtz永远不会离开钱包,这要感谢您的代表团.面包师收集烘烤奖励,然后将这些奖励(减去他们设定的费用)分配给他们的被告.由于烘烤奖励的分配不受协议本身的控制,因此面包师有责任这样做.因此,面包师有交易对手风险,但仅是您应得的烘烤报酬(利息)金额,而不是本金.

债券池非常不同.在债券池中,一个人将实际数量的资本转移给面包师.这样做的基本原理是帮助面包师提高烘焙能力,从而使面包师可以通过接受更多代表来获得更多烘焙更多面包的权利.但是从财务上讲,这是一笔定期贷款,不受tezos协议控制,因此,面包师的对手方风险要高得多,因为本金也有风险,而不仅仅是利息.他们通常会提供更高的报酬,但这是处于危险中的资本,数额大不相同！

In short the answer has to do with

1) what is called counterparty risk

2) and how much is at risk.

In Tezos, regular delegation does not put your capital at risk because your xtz never leave your wallet while you allow the baker to vote on your behalf and get baking rights thanks to your delegation. The baker collects the baking rewards and then distributes those (less a fee they set) to their delegees. Since the distribution of baking rewards is not controlled by the protocol itself this is the responsibility of the baker to do so. For this reason there is counterparty risk to the baker but only for the amount of baking reward (interest) that you are due, not the principal.

Bond pool is very different. In bond pool one transfers an actual amount of capital to the baker. The rationale is to help the baker increase his ability to increase the baking bond so that he can in turn get more rights to bake more by accepting more delegates. But financially it is a regular loan, not controlled by the tezos protocol, so the counterparty risk to the baker is much higher since the principal is also at risk, not just the interest. They will generally offer a bit higher rewards in compensation but this is a very different amount of capital at risk!

债券池或权益抵押服务(根据某些定义)是一种委派服务,用于增加其债券钱包的大小,以支持委托人提供的更大的股权平衡的技术.

尽管委派服务理论上可以从委托人那里吸引无限数量的权益(仅受流通的Tezos总量的限制),但委派服务只能为其具有足够约束力的权利提供奖励,以涵盖每个周期需要存款.

在某些情况下,委派服务的抵押权会大大增加,如果该服务在需要的特定时间不能在其债券钱包中获得足够的XTZ,则会发生称为"过度委派"的失衡,结果是奖励少于最大奖励.

结束委派会在该委派服务(例如 Bakendorse.com 和 MyTezosBaker.com 跟踪并报告烘焙效率.由于委托人无法有效地控制链上委托给他们的XTZ的数量,因此他们将尝试其他策略以防止过度授权.

最重要的是,委派服务将尝试用自有资金购买更多XTZ.但这可能并不总是可行的.因此,委派服务可以实现债券池,以利用可能不使用其XTZ进行烘焙的其他大型XTZ持有人的持仓.

虽然不同面包师的债券池之间存在细微差别,但中央租户是:

1. 池成员将XTZ转移到委托服务保证金钱包中.
2. 这些XTZ用于一个或多个循环的键合.
3. 集合成员将获得与其在整个债券集合中所占份额相对应的奖励.
4. 根据合同,债券池成员可能有义务在特定时间段内将其XTZ保留在池中.

成功的债券池以最佳的权益和债券比例运作,可以为池成员产生更高的回报.例如, Tezos Capital (我的服务)报告说,在61-70个周期内,债券池的收益为12.55％,而我们的标准同期的委托人回报率为7.33％.

从风险角度来看,参与债券池确实需要将XTZ转移到您不再直接控制的钱包中.这可能类似于将令牌保留在交易所中.如果您选择加入债券池,那么了解您的委派服务,在足够的时间范围内审查其绩效以及进行独立研究都是推荐的步骤.

A bond pool, or Staking as a Service (by some definitions), is a technique for a delegation service to increase the size of its bond wallet in order to support a larger staking balance as provided by delegators.

While a delegation service can theoretically attract an unlimited amount of staking rights from delegators (only bounded by the total amount of Tezos in circulation), that delegation service can only deliver rewards for the rights for which it has enough bond to cover the deposits required each cycle.

In some cases, delegation services become significantly overweighted with staking rights, and if the service can not secure enough XTZ in its bond wallet at the particular time when needed, an imbalance called "over-delegation" will occur with the result being fewer rewards than maximally available.

Being over delegated creates a black mark on the perception of that delegation service (as services like Bakendorse.com and MyTezosBaker.com track and report on baking efficiency). Since the delegator can not effectively control on-chain the number of XTZs delegated to them, they will attempt other strategies to keep from being over-delegated.

Foremost, a delegation service will attempt to acquire more XTZ with house funds. But that may not always be feasible. So the delegation service may implement a bond pool to utilize the holdings of other large XTZ holders who may not be using their XTZ for baking.

While there are nuances between different bakers' bond pools, the central tenants are:

1. A pool member transfers XTZ to the delegation service bond wallet.
2. Those XTZs are used for bond across one or more cycles.
3. The pool member will receive rewards that are commensurate with their share of the overall bond pool.
4. Bond pool members may be contractually obligated to hold their XTZ in the pool for a specific time period before they are eligible for redemption.

Successful bond pools that operate with an optimal ratio of staking rights and bond, can generate significantly higher rewards for the pool member. Tezos Capital (my service) for example reports bond pool rewards of 12.55% over the period of cycles 61-70, while our standard delegator returns were 7.33% over the same period.

From a risk perspective, participating in a bond pool does require the transfer of XTZs to a wallet you no longer directly control. This may be akin to keeping tokens on an exchange. Knowing your delegation service, reviewing their performance over a sufficient timeframe, and doing independent research are all recommended steps if you choose to pursue participation in a bond pool.