11月23日消息，yearn finance（YFI）创始人Andre Cronje在今日公布了他的最新作品Deriswap，据悉，该项目将Swap、期权和借贷合并为具有高资本效率的单一合约，从而为用户提供一站式交易服务，截至目前，Deriswap正处于审核阶段，而AC本人也没有发布相关合约地址。
News dated 23 November & #xff0c; yearn finance（ YFI） founder Andre Cronje published his latest work today, Deriswap， known & #xff0c; the project combined Swap, options and borrowing into a single, capital-efficient contract & #xff0c; thus providing a one-stop trading service to users xff0c; as of now xff0c; Deriswap is in the audit phase xff0c; and AC itself has not issued the relevant contractual address.
以下是来自Andre Cronje发布的关于Deriswap的简单介绍：
Below is a brief introduction to Deriswap from Andre Cronje #xff1a;
我对资本效率越来越着迷，目前（defi市场）的流动性是割裂的。你可以在在下面的协议中选取一个：
I am becoming more and more obsessed with capital efficiency; now & #xff08; defi market & #xff09; liquidity is fragmented. You can choose a #xff1a in the agreement below.
互换交易（Uniswap、Sushiswap、Bancor等）
Exchange transactions & #xff08; Uniswap, Sushiswap, Bancor et al. & #xff09;
期权（Deribit、Hegic、Opyn、Primitive等）
Options & #xff08; Deribit, Hegic, Opyn, Primitive & #xff09;
借贷（Aave、Compound、DyDx等）
Lending & #xff08; Aave, Compound, DyDx et al. & #xff09;
Deriswap（目前正在审计当中），将Swap、期权以及借贷组合成了一个高资本效率的单一合约，允许两种资产之间进行互换、期权及借贷交互。
Deriswap（ currently under audit xff09; xff0c; making Swap, options and loan combinations a single, capital-efficient contract xff0c; and allowing swaps, options and borrowings between the two assets.
让我们来考虑一下ETH-BTC对。
Let's think about it.
Swap
该互换合约为标准的Uniswap x * y = k，流动性提供者（LP）提供ETH-BTC作为流动资金。交易者可以将ETH交换成BTC，反之亦然。LP则赚取交易费用。
The swap contract is the standard Uniswap x x * y & #61; k， liquidity provider & #xff08; LP& #xff09; providing ETH-BTC as liquidity. Dealers can exchange ETH for BTC & #xff0c; vice versa. LP earns transaction costs.
预言机
TWAP预言机被扩展为每30分钟读取数据，这允许我们报告在任意选定时间序列上的已实现方差、已实现波动率、隐含波动率以及价格。
The TWAP prophecy was expanded to read data every 30 minutes & #xff0c; this allows us to report realized deviations, realized fluctuations, implied fluctuations and prices on any selected time series.
期权
上述派生值允许我们使用Black Scholes期权定价模型对看涨/看跌期权进行报价。这些都是美式期权，可以在任何时间点结算。结算发生在pair资产中，因此看涨期权需要买入full value，看跌期权需要卖出full value。
These are US options & #xff0c; they can be settled at any point in time. The settlement takes place in Pair assets & #xff0c; therefore, the options need to be bought in full value & #xff0c; and the options need to be sold in full value.
将（swap）互换交易和期权结合起来是一种有趣的互动，期权是对波动性的一种交易，交易费用是对波动性的一种对冲。交易对pair波动率（+ve交易费用）抵消了结算期权的损失（-ve结算）。
The combination of xff08; swap） swaps and options is an interesting interaction xff0c; options are a transaction for volatility xff0c; transaction costs are a hedge against volatility. Trades vs. pair fluctuations xff08; 43; Ve transaction costs xff09; losses on settlement options are offset xff08;-ve settlements xff09;
此外，还应选择全额结算，因为LP对其资产对本身具有永续头寸，如果只结算利润即为永久性损失，但如果结算基础资产，则为无常损失。
In addition, xff0c; xff0c should also be selected for full settlement; xff0c; because LP has a permanent position for its assets xff0c; xff0c is a permanent loss if the profit is settled only; xff0c is an irregular loss if the underlying asset is settled xff0c;
结算可以ITM或OTM的方式进行。
Settlement may take the form of ITM or OTM.
期货
期货扩展和简化了期权，你可以支付基础额外费用，这允许你可以在用户定义的未来日期与另一对pair进行结算。
Futures extend and simplify options & #xff0c; you can pay the base extra & #xff0c; this allows you to settle with another pair at a user-defined future date.
借贷
贷款扩展和简化了期货，你支付了额外费用以及抵押品，这就为你提供了借入资产。然后，你可以在用户定义的的未来日期之前结算借用的资产，或者没收抵押资产。
The loan extends and simplifies futures & #xff0c; you pay extra costs and collateral & #xff0c; this provides you with borrowed assets. & #xff0c; you can settle the borrowed assets before the user-defined future date & #xff0c; or you confiscate the encumbered assets.
二级市场
借贷、期货以及期权都通过通过NFT进行代币化，从而允许二级市场的创建及交易。
Loans, futures and options are made by monetizing xff0c through NFT; thus, secondary markets are allowed to be created and traded.
结论
Deriswap为交易、期权、期货和借贷提供了一个综合的、高资本效率的市场，允许LP保持风险敞口并享受额外的费用及回报。
Deriswap provides an integrated and capital-efficient market for transactions, options, futures and lending & #xff0c; allows LP to maintain exposure to risk and to enjoy additional costs and returns.
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“from now on xff0c; carding activity using chain node APP participation xff0c; cash return of $100 xff0c for seven days; and chain coupon waiting for you. [Click to read original]”
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