在昨天的市场大跌中，DeFi借贷平台的清算量达到了数亿美元。波场创始人孙宇晨称，避免了一笔Liquity上60万ETH的清算，「拯救了币圈」。社区有人猜测，如果这60万ETH被清算，ETH价格可能会跌破1000美元。对此，莱比特矿池CEO江卓尔发文表示，DeFi借贷平台的清算不会立即在市场上卖出，对市场影响有限。
In the fall of yesterday’s market, DeFi’s lending platform reached hundreds of millions of dollars. Sun Woo, the founder of the wavefield, said that a settlement of 600,000 ETH on Liquity had been avoided, “saving the currency ring.” Some in the community speculated that if the 600,000 ETH had been liquidated, the ETH price could have fallen by $1,000.
以下为江卓尔发文内容。
for Jiangchael.
撰文：江卓尔，莱比特矿池CEO
Author: CEO, Lebitt Minerals Pool, Jiangchallor
孙割在Liquity的60万个ETH如果被清算，ETH价格会被砸到1000以下吗？
If the 600,000 ETHs in Liquity were liquidated, would the ETH prices fall below 1,000?
江卓尔：目前Filecoin性能很差:莱比特矿池创始人江卓尔发今晚微博表示，“Filecoin不少人问，说一下。经我们评估，目前Filecoin的性能很差，不足以存储小电影，且经济模型错误（矿工靠部分GPU计算、而不是靠存储来获得奖励），因此我们没有任何参与Filecoin挖矿的计划。目前Filecoin矿机基本都是韭菜坑，各位谨慎参与，想挖矿的自己攒机就行。”[2020/5/27]
Jiang Tren: The current Filecoin performance is poor: the founder of Lebitt's pond, Jiang Chroné, said on Twitter this evening, “Filecoin is a lot of people asking, say, that, as we assess, Filecoin's performance is poor enough to store small films, and the economic model is wrong (the miners rely on some GPU calculations rather than on storage for reward), so we don't have any plans to participate in the Filecoin mining. The Filecoin mine is currently basically a pickle pit, and you can be careful to participate in it.”[20/205/527]
其实并不是这样，没那么可怕，讲故事是一种讲法，越耸人听闻，听众越多，讲原理是另一种讲法。
It's not that. It's not that scary. Storytelling is a way of telling. The more sensational, the more listeners, the more the theory is another way of telling.
1、DeFi的强平清算，和中心化交易所的爆仓类似，但又有所不同，交易所是一次性把爆仓单尸体以低一些的价格挂出来，并且由于：低一些挂单=往下砸盘=最新成交价降低，因此有可能导致下面的单子也爆掉，形成连环爆仓。
The strong liquidation of DeFi, similar to, but different from, a centralized exchange, which hangs the corpses of the blasted warehouse at lower prices at one time, and which may result in the explosion of the following list, as a result of the lower order = downfall = lower up-to-date offer.
声音 | 江卓尔：Facebook、IBM和摩根大通的加密货币尝试将影响世界半数人口与资金:莱比特矿池江卓尔发布微博称，Facebook从社交领域，IBM从计算领域，摩根大通从金融领域，（他们从）这几个目前世界上最关键的几个行业出发，做加密货币的尝试。 如果他们的尝试成功的话，将会影响到世界上超过一半的人口，超过一半的资金。[2019/3/26]
Sound: The encrypt currency attempts of Facebook, IBM, and Morgan Chase will affect half the world’s population and capital: Lebitt's mine, Jiangchael, tweets that Facebook from the social sphere, IBM from the computational field, Morgan Chase from the financial field, and (they) from the world’s most critical industries today, try to encrypt the currency. If their attempts succeed, they will affect more than half the world’s population, and more than half the money.[2019/3/26]
2、DeFi的抵押借贷在抵押率低于一定程度后，就会把单子挂出来，允许搬砖者参与清算，这个过程类似于爆仓。例如借$100U，在抵押物ETH的净值是$110时，你就可以去清算这个单子，用$100U换回价值$110的ETH，然后把$110的ETH卖到交易所，赚取$10的清算利润。
2. DeFi’s mortgages, when the mortgage rate is below a certain level, are put out, allowing brick movers to participate in liquidation, a process similar to that of a blast warehouse. For example, borrowing $100 U, when the net value of the mortgage ETH is $110, you can clear the bill, swap $100 U for an ETH with a value of $110, and then sell $110 to the exchange to earn $10 in liquidation profits.
声音 | 江卓尔：2019年全年等额法币定投是很好的投资方法:莱比特矿池CEO江卓尔微博称，我预测的 “3000美元” 和 “春节” 见底，是会都实现，还是实现一个，还是都不实现呢？这不重要，这本来就是短期猜测。币价长期看用户数，短期问上帝。正确的操作应该是 “2019年全年等额法币定投” ，确保在下个牛市周期还活着的主流币（最好是几个币的组合）。等额定投还有个好处，就是心态会很好。在等额定投时，即使你已经买了不少币了，但心里甚至还会隐隐期盼币价再跌一些，这样能买到更多便宜币。我猜底是3000美元，但我用长达1年的等额法币定投，来防止我判断错误。这样的操作，就叫 “轻判断，重风控”。[2018/12/20]
It doesn't matter if you look at the number of users for a long time, and ask God for a short time. The right thing to do is to “spent the value for a full year in 2019” and to ensure that the mainstream currency (preferably the combination of a few) is still alive in the next cattle cycle. The other advantage of the rating is that the mentality is good. When you wait for the deposit, even if you've already bought a lot of currency, you will expect the price to fall further, so you can buy more cheap currency. I guess the bottom is $3,000, but I use the equivalent for one year to avoid miscalculation.
3、但DeFi的最新币价不是像交易所一样，由买卖单直接交易产生，而是由预言机从外部输入。因此交易所的清算单，会直接把成交币价瞬间打下去，而DeFi的清算单虽然也会降低成交币价，但这个过程依靠清算者套利完成，有一定的延迟时间，并且是间接作用。
However, DeFi’s latest currency value is not generated by direct transactions on the purchase and purchase orders, but by the introduction of a pro forma machine from the outside. Thus, the clearing order of the exchange would simply strike down the value at hand, while DeFi’s settlement bill would also reduce the value at hand, but the process would depend on the liquidator’s arbitrage, with a certain delay, and would have an indirect effect.
声音 | 江卓尔：澳本聪成功煽动分叉 凭空造出了一个币:今天江卓尔发微博表示称，“BCH是扩容吵了3年的自然顺产结果，澳本聪直接在几个月凭空造出一个币出来，8月份时我都不相信BCH有必须分的巨大矛盾。当时相信社区里也没几个人觉得有如此巨大矛盾吧？然后澳本聪就成功煽动分出来了，你看，巨啊。”[2018/11/27]
"BCH is the natural product of three years of magnification, and he created a currency out of thin air, and I didn't believe that BCH had such a big contradiction in August. I didn't believe that there were so many people in the community who thought that there was such a big contradiction.
4、极端情况下，如果市场上搬砖清算者都耗光了资金，那不管有多大的清算单，都只是在系统里，不会把影响传到到其他DeFi和中心化交易所。孙割的60万ETH就是这样的情况。
In extreme cases, if the liquidators on the market run out of money, however large the clearing slips are only in the system, the effects will not be passed on to other DeFi and centralized exchanges. This is the case of the 600,000 ETHs of Sun-Che.
5、当Liquity的稳定池耗尽LUSD稳定币，整个系统抵押率低于150%时，就会开启究极模式——Recoverymode，所有的单子，哪怕高于110%的，从低到高，都会被清算，直到整个系统的抵押率恢复回150%为止，由此逼迫借款人尽快补钱进来。
5. When Liquity’s stable pool runs out of LUSD’s stable currency and the system’s mortgage rate is less than 150 per cent, the extreme model — Recoverymode — all lists, even higher than 110 per cent, will be liquidated from low to high, until the system’s mortgage rate is restored to 150 per cent, forcing borrowers to come in as quickly as possible.
6、Recoverymode就是孙割说的「已经开始排队毙了，我是排在队尾，前面已经有四万个eth被毙了」，孙割此时虽然高于110%，但也在排队毙的队列里，理论上可以被毙。但孙割即使什么都不做，系统把前面低抵押率的单子毙后，很可能整个系统抵押率就能恢复150%，从排队毙模式退出。
Six, Recoverymode is Sun Cho’s saying, “I'm already in line, I'm in line, I'm in line, I'm in front of 40,000 Eths,” and Sun Cho is in the line of more than 110%, but he can be killed in theory. But even if Sun Cho does nothing, when the system kills the first low mortgage, it is likely that the entire system will recover 150% of the mortgage and withdraw from the queue mode.
7、即使币价进一步下跌，系统抵押率不能恢复150%，不能从排队毙模式退出，在孙割的60万ETH被挂清算单时，搬砖清算者的资金已经不够，连孙割前面的清算单都还没吃完，暂时还轮不到孙割的60万ETH。
7. Even if currency prices fell further, the system mortgage rate could not be restored by 150 per cent, it could not be withdrawn from the queuing pattern. At the time that the 600,000 ETH from the grandson had been put on the settlement list, the liquidators were no longer adequately funded, even before the grandchild had finished the settlement bill, and for the time being, the 600,000 ETH from the grandkids had not been handed over.
即使把孙割前面的清算单吃完了，对这60万ETH也要一口一口慢慢吃，对交易所币价的影响，取决于搬砖清算者的资金，而搬砖清算者的资金此时显然不够。
Even after having finished the bill of settlement before Sun Cho, it would be necessary to eat the 600,000 ETH slowly, and the impact on exchange currency prices would depend on the money of the liquidator, which was clearly insufficient at the time.
并且，在币价重新上涨后，和交易所爆仓单尸体不会恢复成正常单不同，大部分的DeFi都会把未清算完毕的清算单，恢复成正常单。例如Liquity整个系统抵押率恢复150%后，就会从排队毙模式中退出。
And, after the currency price has risen again, unlike the stock-shares, most DeFi will restore the outstanding bills to the normal ones. For example, Liquity’s system-wide mortgage rate has been restored by 150%, and it will be withdrawn from the queuing pattern.
8、所以总结一下，如果孙割没及时补仓会怎么样？大概率什么都不会发生，因为：
So, to sum up, what happens if Sunchurch doesn't make up for it in time? Probably nothing happens because:
最低币价就维持了几分钟，几分钟后币价上升时，搬砖清算者连孙割前面的尸体也吃不完。
The lowest price was maintained for a few minutes, and when the price rose a few minutes later, the liquidators could not eat up even the bodies in front of their grandchildren.
就算吃完了孙割前面的尸体，对交易所抛压也只取决于搬砖清算者资金，而他们资金此时明显不够，且受ETH拥堵影响，搬砖效率很低。
Even after having finished cutting the body in front of Sun, the pressure on the exchange depends only on the funds of the liquidators, who are clearly under-funded at this time and are affected by ETH congestion and are less efficient in moving the bricks.
清算完孙割前面低抵押率的单子后，Liquity系统抵押率可能升回150%，从排队毙模式中退出
After clearing the list of low mortgage rates in front of Sun's harvest, Liquity's mortgage rate may rise back to 150 per cent and exit from line-up mode.
因此，大概率什么都不会发生，不会导致「ETH跌到1000」。只有几个条件凑齐：币价长时间处于低位+搬砖者资金充裕+ETH不堵，才有可能导致搬砖者把这60万ETH源源不断搬到交易所，影响交易所币价。
As a result, nothing is likely to happen, and this does not lead to a drop of ETH to 1000. Only a few conditions are met: the long period of low currency prices + the amount of money available for brick movers + ETH may lead to the movement of 600,000 ETHs into the exchange, affecting the exchange price.
9、孙割最大的风险在于：某个巨鲸盯上了他，在Liquity进入排队毙模式，且总抵押率严重低于150%时，直接用大量U，把Liquity的所有单子全部清算掉，那孙割就会在低价被人买走60万ETH。
9. The greatest risk is that, when a giant whale hits him, when Liquity enters the queue pattern and the total mortgage rate is significantly less than 150 per cent, the entire list of Liquity will be liquidated with a large amount of U, and the grandchild will be bought at a low price of 600,000 ETH.
但巨鲸一次性吃下60万ETH，大概率就是纯买入，因为拿到交易所套利砸盘的话，10%~20%的价格差不够砸，会自己把自己砸亏，所以也不会导致「ETH跌到1000」。
But a giant whale ate 600,000 ETH at once, probably at a rate of pure buy, because 10-20% of the price difference is not enough for the exchange arbitrage, it will lose itself, and it will not cause the ETH to fall to 1000.
PS：不知道这60万ETH是孙割的，还是孙割旗下用户的，切记：Noyourkey,NoyourETH
PS: I don't know if this 600,000 ETH was cut by Sun or by Sun's flag user, remember: Noyourkey, NoyourtH
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