目前的费用结构和给CAKE持有人的报答是根据0.2%的买卖费用核算的,其中0.03%直接给金库。收入未根据通货膨胀进行调整。 考虑到PancakeSwap的无限量铸币,推断其目前的发行量到2025年末将彻底稀释。分析显现,他们一直在下降PE,并在2月份达到Uniswaps的比率。尽管买卖和金库费用下降了10个基点和2个基点,但PancakeSwap在3月份的市盈率仍与Uniswap相当。Uniswap的PE从1月到3月的增长归因于其代币价格的上升(从9美元到30美元),这表明它正在更快地发生投机溢价。 现在,让模仿一个场景,即PancakeSwap的供给上限在2.5亿左右,并遵从SushiSwap的收费结构(将买卖费用添加10个基点,向金库收取的费用添加2个基点)。举个比如来说,SUSHI 代币也设计为无限通货膨胀,但通过治理引入了2.5亿的硬顶。当时的发行速率是每块30个SUSHI,每块大约13秒(以太坊),这大约是CAKE的发行时间表的5倍(每4块160个,超越大约12秒)。 这一分析表明,假如PancakeSwap将供给量上限设定在2.5亿左右,而不是10亿(估计2025年),它们的它们将具有更有利的彻底稀释PE比率。但是,不该为了进步这一比率而任意设置供给上限。尽管通货膨胀并没有直接被考虑到这个模型中,但发行的灵活性很可能是让PancakeSwap建立护城河的关键因素。另一方面,添加买卖和金库费用以匹配Sushiswap的费用结构,是在不改动产品的状况下添加收入/收益的一种选择。可以积极看待,由于它添加了代币持有者的报答,同时仍与其他AMM具有竞争力。但是,它也带走了LP的收入,而LP是TVL的首要驱动力。 由于发行和代币持有者的价值是最关怀的问题,进行了一项测试,使用彻底稀释的市盈率(PE)来检查CAKE当时对代币持有者的报答,并将其与Uniswap和Sushiswap进行比较。还模仿了一个场景来可视化CAKE的PE值,假如他们遵从Sushiswap的供给时间表和费用结构(30基点的买卖费用,5基点给金库)。 Uniswap和Sushiswap也有才能通过治理来添加它们的总供给和发行计划。DeFi项目改动其供给计划以满足项目的融资需求(如YFI)的状况并不少见。因此,发行作为代币经济学的一部分,只是促成项目成功的诸多因素中的一部分。 使用金库的收益作为代币持有者未来收益的代表,下面的图表显现了PancakeSwap相对于其他AMM的当时彻底稀释的PE值。
post_id | 91,017,976 | ||||||
---|---|---|---|---|---|---|---|
author | sherryzhou | ||||||
permlink | 20210508shou | ||||||
category | chinese | ||||||
json_metadata | {"canonical_url":"https:\/\/hive.blog\/chinese\/@sherryzhou\/20210508shou","app":"beempy\/0.24.15","tags":["chinese","acu","defi","btc","eth","bsc","dot","trx","stx","etc","cn","non","vfx"]} | ||||||
created | 2021-05-08 18:00:00 | ||||||
last_update | 2021-05-08 18:00:00 | ||||||
depth | 0 | ||||||
children | 0 | ||||||
net_rshares | 28,369,233,017,203 | ||||||
last_payout | 2021-05-15 18:00:00 | ||||||
cashout_time | 1969-12-31 23:59:59 | ||||||
total_payout_value | 0.000 SBD | ||||||
curator_payout_value | 23.964 SBD | ||||||
pending_payout_value | 0.000 SBD | ||||||
promoted | 0.000 SBD | ||||||
body_length | 1,060 | ||||||
author_reputation | 286,198,047,550,170 | ||||||
root_title | 代币持有者未来收益 | ||||||
beneficiaries |
| ||||||
max_accepted_payout | 1,000,000.000 SBD | ||||||
percent_steem_dollars | 10,000 | ||||||
author_curate_reward | "" |
voter | weight | wgt% | rshares | pct | time |
---|---|---|---|---|---|
helle | 0 | 11,853,485,437 | 30% | ||
riosparada | 0 | 153,042,820,573 | 100% | ||
chaostheory | 0 | 40,179,941 | 10% | ||
butterfly-effect | 0 | 105,121,627 | 10% | ||
thegrandestine | 0 | 157,266,298 | 8% | ||
mirrorforce | 0 | 33,144,397 | 10% | ||
lilith | 0 | 0 | 10% | ||
mysticalword | 0 | 42,289,949 | 10% | ||
paradoxofchoice | 0 | 68,364,740 | 10% | ||
betacore | 0 | 67,757,284 | 10% | ||
love-me | 0 | 0 | 5% | ||
omegacore | 0 | 416,247,349 | 10% | ||
tipu | 0 | 16,759,712,466,347 | 29.98% | ||
mmmmkkkk311 | 0 | 213,566,270,116 | 100% | ||
audiosiren | 0 | 36,028,716 | 10% | ||
the-reaper | 0 | 60,149,931 | 10% | ||
skybreaker | 0 | 243,806,979 | 10% | ||
katysavage | 0 | 28,695,636,935 | 100% | ||
supreme-verdict | 0 | 3,525,525,673 | 10% | ||
retrocausality | 0 | 31,282,487 | 10% | ||
monster-reborn | 0 | 205,171,207 | 10% | ||
chain-reaction | 0 | 35,276,028 | 10% | ||
megalithic | 0 | 644,410,224 | 10% | ||
cesky | 0 | 9,909,258,960 | 10% | ||
thedailysneak | 0 | 29,260,762,218 | 100% | ||
lebey1 | 0 | 23,453,890 | 5% | ||
babysavage | 0 | 21,356,283,952 | 100% | ||
artistrising | 0 | 18,875,403,458 | 100% | ||
ass-kicker | 0 | 8,722,629 | 100% | ||
ctime | 0 | 45,576,769,582 | 5% | ||
wackyloot | 0 | 0 | 100% | ||
j-car | 0 | 110,159,206,076 | 8% | ||
maxuve | 0 | 25,323,809,270 | 8.6% | ||
dappcoder | 0 | 104,160,789,484 | 100% | ||
tex.fund | 0 | 18,826,350,793 | 100% | ||
hnt | 0 | 912,338,768,465 | 100% | ||
acu.fund | 0 | 18,809,888,069 | 100% | ||
mana.bank | 0 | 5,394,128,253 | 100% | ||
acu.fund.witness | 0 | 1,889,571,437 | 100% | ||
spbank | 0 | 5,202,351,457 | 100% | ||
yaowl | 0 | 5,721,180,928 | 100% | ||
alanyao | 0 | 3,262,900,953,126 | 100% | ||
missingwolf | 0 | 22,940,105,324 | 100% | ||
xinhuaren | 0 | 20,951,022,780 | 100% | ||
acufund | 0 | 1,893,975,292 | 100% | ||
downvoter | 0 | 5,775,902,060 | 100% | ||
manabot1 | 0 | 1,899,577,600 | 100% | ||
manabot | 0 | 2,615,457,531 | 100% | ||
huaren.news | 0 | 2,551,198,189,255 | 100% | ||
cameron.barnes | 0 | 22,931,580,139 | 100% | ||
manabot2 | 0 | 1,898,464,049 | 100% | ||
sherryzhou | 0 | 1,326,006,380,996 | 100% | ||
goodvoter | 0 | 5,413,198,301 | 100% | ||
anonymity.inlet | 0 | 2,911,020,149 | 100% | ||
manabot3 | 0 | 1,887,079,498 | 100% | ||
manabank | 0 | 5,406,572,713 | 100% | ||
texfund | 0 | 1,860,360,198 | 100% | ||
goodreader | 0 | 876,896,114,523 | 100% | ||
goodposter | 0 | 1,905,831,655 | 100% | ||
goodcurator | 0 | 1,872,468,098 | 100% | ||
goodauthor | 0 | 1,863,524,570 | 100% | ||
shanyi | 0 | 1,874,850,796 | 100% | ||
yuwenzhaobin | 0 | 22,998,140,783 | 100% | ||
huangyiru | 0 | 2,603,283,226 | 100% | ||
qiuruling | 0 | 20,775,164,677 | 100% | ||
tongpingxia | 0 | 5,413,664,831 | 100% | ||
fushuo | 0 | 5,353,380,813 | 100% | ||
downscaner | 0 | 1,876,705,108 | 100% | ||
wang.han | 0 | 2,486,992,666 | 100% | ||
anonym.inlet | 0 | 21,723,245,257 | 100% | ||
rongyongyu | 0 | 5,376,582,921 | 100% | ||
heyaochen | 0 | 1,843,872,854 | 100% | ||
miyijuan | 0 | 1,844,108,961 | 100% | ||
xiangsong | 0 | 12,117,141,377 | 100% | ||
haiyaochang | 0 | 5,353,520,610 | 100% | ||
zhangyanxie | 0 | 22,765,375,382 | 100% | ||
jiduanren | 0 | 1,858,865,029 | 100% | ||
hanyiya | 0 | 1,846,308,049 | 100% | ||
guxiefeng | 0 | 1,846,653,017 | 100% | ||
hejuangang | 0 | 5,350,681,169 | 100% | ||
mengyin | 0 | 1,876,951,169 | 100% | ||
liaohepeng | 0 | 1,882,523,457 | 100% | ||
gaituan | 0 | 5,356,864,358 | 100% | ||
quxibei | 0 | 1,884,266,265 | 100% | ||
huarennews | 0 | 19,883,244,131 | 100% | ||
qukehan | 0 | 1,863,841,478 | 100% | ||
lvziyun | 0 | 22,984,095,050 | 100% | ||
telangpu | 0 | 20,980,674,000 | 100% | ||
chinesebi | 0 | 1,958,698,387 | 100% | ||
staryao | 0 | 1,085,549,854,174 | 100% | ||
ametistar | 0 | 0 | 5% | ||
william.turner | 0 | 2,030,289,256 | 100% | ||
alyssa.mey | 0 | 22,987,676,582 | 100% | ||
raven.mottram | 0 | 1,936,941,308 | 100% | ||
brian.shanno | 0 | 5,646,985,189 | 100% | ||
annmarie.prigge | 0 | 5,746,447,021 | 100% | ||
meaghan.dajer | 0 | 5,422,269,572 | 100% | ||
longye | 0 | 22,841,611,424 | 100% | ||
wangping | 0 | 10,468,472,587 | 100% | ||
likeqianq | 0 | 1,889,408,825 | 100% | ||
jinpingxi | 0 | 1,895,373,813 | 100% | ||
gavinyao | 0 | 1,912,280,495 | 100% | ||
dragon8king | 0 | 5,403,218,114 | 100% | ||
gavin.yao | 0 | 5,406,134,564 | 100% | ||
wangfang | 0 | 5,735,493,206 | 100% | ||
zhangjin | 0 | 23,002,648,485 | 100% | ||
china.news | 0 | 1,869,764,929 | 100% | ||
mingji | 0 | 1,876,369,544 | 100% | ||
zhtb | 0 | 22,961,556,382 | 100% | ||
a-de-le | 0 | 0 | 5% | ||
liuyan | 0 | 5,419,179,989 | 100% | ||
newcoder | 0 | 2,610,627,429 | 100% | ||
sunyuchen | 0 | 21,184,488,318 | 100% | ||
trxsun | 0 | 1,857,578,293 | 100% | ||
coderhappy | 0 | 5,417,735,010 | 100% | ||
steem.voice | 0 | 5,408,447,343 | 100% | ||
gongsunyan | 0 | 1,857,992,507 | 100% | ||
siturenxiong | 0 | 1,934,786,222 | 100% | ||
yangshuyi | 0 | 5,390,005,188 | 100% | ||
yukaiyi | 0 | 23,185,264,068 | 100% | ||
coolvoter | 0 | 1,843,960,958 | 100% | ||
news.bot | 0 | 5,354,503,035 | 100% | ||
douxili | 0 | 5,256,717,476 | 100% | ||
voterking | 0 | 1,852,110,344 | 100% | ||
aivote | 0 | 59,099,127,362 | 100% | ||
yangsiyu | 0 | 6,288,536,009 | 100% | ||
fengyanyu | 0 | 3,458,126,920 | 100% | ||
sangxianyun | 0 | 3,526,750,767 | 100% | ||
shengyihang | 0 | 3,423,572,084 | 100% | ||
tujun | 0 | 3,423,367,782 | 100% | ||
zhengpeichen | 0 | 3,423,423,280 | 100% | ||
baoyanfei | 0 | 3,423,523,548 | 100% | ||
gongyin | 0 | 3,423,370,521 | 100% | ||
maqiyue | 0 | 3,423,340,424 | 100% | ||
wenyi | 0 | 18,489,761,982 | 100% | ||
hivesteem | 0 | 1,856,297,181 | 100% | ||
hbi | 0 | 5,303,945,184 | 100% | ||
steemflag | 0 | 1,602,064,684 | 100% | ||
markwang | 0 | 18,699,634,233 | 100% | ||
abewhite | 0 | 0 | 5% | ||
thetacore | 0 | 56,517,739 | 10% | ||
gammacore | 0 | 24,335,103 | 10% | ||
kongregate | 0 | 0 | 10% | ||
challengethegods | 0 | 0 | 10% | ||
sigmacore | 0 | 40,278,307 | 10% | ||
knightcore | 0 | 348,754,113 | 10% | ||
v-56 | 0 | 0 | 5% | ||
psicore | 0 | 23,994,385 | 10% | ||
chess-evolved | 0 | 62,827,606 | 10% | ||
chessevolved | 0 | 94,639,487 | 10% | ||
game-of-kings | 0 | 466,814,929 | 10% | ||
alpha-and-omega | 0 | 40,317,947 | 10% | ||
zetacore | 0 | 41,780,594 | 10% | ||
mortalitymyth | 0 | 0 | 10% | ||
ryancoretotstceo | 0 | 0 | 9% | ||
kristiansen | 0 | 0 | 8.5% | ||
main-gi | 0 | 224,140,589 | 10% | ||
voidling | 0 | 0 | 8% | ||
praise-phoenix | 0 | 968,172 | 8% | ||
godoftomatoes | 0 | 2,664,610 | 9.9% | ||
enderluck | 0 | 0 | 7.5% | ||
eye-of-the-storm | 0 | 0 | 7.5% | ||
seven-sisters | 0 | 0 | 10% | ||
beware-the-queen | 0 | 13,331,053 | 9.5% | ||
e3gewinnt | 0 | 0 | 10% | ||
notkevin44x | 0 | 0 | 9.5% | ||
keeledraws | 0 | 0 | 9% | ||
xwyvernx | 0 | 0 | 9.9% | ||
bogdenceo | 0 | 0 | 10% | ||
nickxu | 0 | 20,074,242,893 | 100% | ||
zhouyu-sh | 0 | 17,598,972,662 | 100% | ||
jinshihai | 0 | 17,670,528,566 | 100% |