Founder of Lorenzo Protocol @LorenzoProtocol $BANK, core initiator of Curated Exchange @curated_ex.
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这两天 @star_okx 发布的 Exchange OS 让 “人人都能开交易所” 成了全行业的话题，这是一个非常值得认真对待的新模式。
我和一些开发社区的朋友过去一段时间也在摸索这个方向，也和一些朋友们做了一个实验性的实现：
网站：curated.exchange
X：@curated_ex
Curated会在六月上测试网，将在测试稳定后开源。
“人人开交易所” 这个结构，在我们市场微观结构学术讨论中一般被称为：Decentralized Market Formation（DMF）。它要解决的核心问题是——长尾资产（成千上万的代币、RWA、小众资产）为什么从来没有过有效的价格发现和流动性。我前段时间把DMF完整的方法论写成了一篇 paper,发在 SSRN 上: papers.ssrn.com/sol3/papers.…
Curated实现方法和 Exchange OS 的核心区别,简单说是门槛的性质不同。
Exchange OS 用质押和成本作为开市场的门槛，每个 venue 各自流动性隔离，绑定自家的链和代币。
Curated 用知识作为门槛——许多独立Curator可以接近零门槛运营，类似经营电商网店。Curator各自凭借自己的专业知识筛选资产、彼此竞争，赚取手续费，但共享同一套流动性和去中心化可验证基础设施。筛得好的留住用户,筛得差的被取代。流动性全网共享,而不是每个交易所一座孤岛。Curator的客户端可以是典型的交易所形态，也可以是带有交易功能的变体，比如游戏、资讯平台、AI应用等等。
一句话：用判断筛选，而不是用钱筛选。
退一步看,这是加密行业一直在走的一条路。我曾经写过一篇《币圈文明进化史》:
最早是黑市(纯链上),没有规则,rugpull 是博弈论最优解;
然后是封建帝国(CEX),上币审美决定整个行业的资源流向;
再然后是华尔街殖民地,主权资本进场收割,好资产靠进口而非内生。
每一种形态都在为信任和秩序付费，但每一种都把权力集中在了少数人手里。
我们想摸索的，是加密资本市场的民主共和——开交易所的权力不属于某个交易所、某个委员会、某个资本巨头,而是属于每一个有判断力、愿意为自己上架的资产负责的普通人。
黑市靠掠夺填补制度的真空,理想主义者靠信仰填补。我们想试着把真空本身填上——中立、透明、人人可参与。
世界属于平凡的每一个人。
Introducing Curated
A platform where anyone can build an exchange — every exchange shares the same liquidity, and competition happens at asset curation.
The framework behind it, Decentralized Market Formation, is published as a methodology paper on SSRN: papers.ssrn.com/sol3/papers.…
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Since entering the crypto industry, many people have told me that it’s a high-leverage market.
But from my Wall Street training, I’ve always learned not to chase daily doubles — instead, to pursue stable, consistent returns of even 1% or 0.1%.
I don’t see this contrast as a contradiction, but rather as a complement to the crypto market. That’s why from the very beginning, Lorenzo’s goal has never been to offer the highest yield in the market, but to act as a crypto bank — a professional asset-management platform that provides steady returns capable of withstanding market cycles and volatility, helping our users manage and hedge against risk.
Yesterday, during the sharp market turbulence, Lorenzo’s sUSD1+ product was unaffected and in fact generated a 1.1% dailyized yield.
The post-10/11 recovery will not be achieved overnight, but the Lorenzo team is preparing to launch YLrz incentives and 10/11 reconstruction rewards to help everyone through this challenging period.
Stay SAFU.
从入行以来很多人都跟我说加密行业是一个高杠杆的市场，但从我在华尔街受到的训练却一直是，不要追求单日翻倍，而是能稳定持续获得1%甚至0.1%的利润。这种矛盾我认为不是一种坏事，而是对加密市场的一种互补，所以Lorenzo从创立之初的目标就不是提供全市场最高的收益，而是作为一个加密银行，通过专业的资产管理服务提供可以对抗周期和剧烈市场波动的稳健收益平台，帮助我们的用户对抗市场风险。Lorenzo的sUSD1+产品在昨天的剧烈市场震荡中没有受到影响反而产生了1.1%的日化收益。10/11的灾后重建不是一夕之功，Lorenzo团队正在筹备启动ylrz激励和10/11灾后重建激励帮助大家度过难关，stay SAFU。
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BNB builder人生：梭哈BNB上build项目，@BNBCHAIN @cz_binance @heyibinance 会carry hodlers当上人生赢家。除了持有BNB，Lorenzo的BNB理财产品也即将上线，all in未来50年最重要的价值投资 🚀
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It is our great honour to be the USD1 competition winner! Thanks the warm support and endorsement from @worldlibertyfi and @ZachWitkoff . USD1 is quickly becoming the best form of US dollar for the next generation global economy, and @LorenzoProtocol is thrilled to rebuild the whole financing infrastructure on top of USD1.
Congratulations to the winners of @worldlibertyfi trading competition @EGLL_american @liberty_bsc @TaggerAI @LorenzoProtocol. A big thank you to our co-sponsor @BUILDonBsc_AI and supporting partners @four_meme_ @Aster_DEX @lista_dao @BNBCHAIN @PancakeSwap. Let’s keep building together 🦅☝️.
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关于近期部分用户关注的“使用 enzoBTC 抵押借款、在高利率环境下未及时还清”的问题，统一作如下说明：
1. 为什么去中心化借贷协议的 LP 可能会暂时无法提取资金？
借贷协议本质上与银行相似——在流动性充足时，确实可随存随取；但由于资金需要被借出产生收益，协议内并不会保留全部存款。
以美国银行体系为例，2020 年前法定准备金率为 10%，意味着若有超过 10% 存款被同时提取，银行现金就可能被提空，但这并不等同于“暴雷”。历史上，J.P. Morgan、瑞士信贷、汇丰银行等大行都经历过挤兑压力，但均凭借流动性恢复与市场信心重建而渡过难关。
2. 为什么有用户在高利率下仍选择用 enzoBTC 抵押借贷？
经过与部分借贷用户的沟通，主要原因是资金回流存在时间差。当借贷协议出现流动性恐慌性流失 40% 时（远超中国 7.5% 与美国历史最高 12.5% 的准备金率），需要从市场中回收更多流动性，而这一过程并非即时。
目前链上数据显示，enzoBTC 借款人正以 每日 100–500 万美元 的速度还款，回款速度其实相当快。
市场普遍认为“利率越高，资金回流越快”，但在流动性急剧收缩的极端情况下，这一规律不再成立。过度加息反而可能让原本可偿还的债务变为坏账。事实是，enzoBTC 用户的债务仍在持续偿还中，并非不还，而是尚未全部清偿。
3. enzoBTC 是否可被清算？
目前各借贷协议中 enzoBTC 用户的 LTV尚未触及清算线，因此没有坏账产生。若未来确需清算，enzoBTC 当然可以被清算：
a. 所有底层 BTC 均在 Lorenzo 的托管与管理之下；
b. 当链上流动性不足时，借贷协议可通过 Lorenzo 官方平台赎回 BTC 以完成清算；
c. Lorenzo 也将在未来几天 增加 enzoBTC 在 DEX 上的流动性，进一步降低清算风险。
而对于那些因利益冲突或因未获“保护费”而借机 FUD Lorenzo 与 enzoBTC 的人，我只能送上一句：君子坦荡荡，小人常戚戚。趁市场动荡故意制造恐慌、谋取私利是最卑鄙的赚钱方法。
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We don’t talk much, but we build hard like crazy. Be a do-er, history will remember our efforts. 😎
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Clarification on Recent Concerns Regarding enzoBTC-Backed Borrowing and Loan Repayment under High Interest Rates
1. Why might LPs in decentralized lending protocols temporarily be unable to withdraw funds?
Lending protocols function similarly to banks — when liquidity is sufficient, deposits can indeed be freely withdrawn. However, since deposited funds are lent out to generate yield, not all liquidity remains in the protocol.
For example, before 2020, U.S. banks operated with a 10% reserve ratio, meaning that if withdrawals exceeded 10% of total deposits, cash reserves could be temporarily depleted. This does not indicate insolvency.
Historically, major institutions such as J.P. Morgan, Credit Suisse, and HSBC have all faced withdrawal pressure, yet each recovered as liquidity returned and market confidence was restored.
2. Why do some users continue to borrow with enzoBTC despite high interest rates?
After communicating with several borrowers, the primary reason is that capital repatriation takes time.
When a lending protocol experiences a 40% liquidity outflow — far beyond China’s 7.5% and the U.S. historical peak of 12.5% reserve ratios — it must recall liquidity from the broader market, which cannot happen instantly.
On-chain data shows that enzoBTC borrowers are repaying at a pace of USD 1–5 million per day, which is already quite rapid.
While it’s commonly assumed that higher interest rates speed up capital return, this principle breaks down in extreme liquidity contraction. Excessive rate hikes can even turn otherwise healthy loans into bad debt.
In reality, enzoBTC users are actively repaying — their loans are not “unpaid,” merely not yet fully settled.
3. Can enzoBTC be liquidated?
Currently, enzoBTC borrowers’ LTV ratios across lending protocols remain below liquidation thresholds, meaning no bad debt exists.
If liquidation ever becomes necessary, enzoBTC is fully liquidatable:
a. All underlying BTC is securely custodied and managed by Lorenzo;
b. When on-chain liquidity is insufficient, lending protocols can redeem BTC directly from the Lorenzo platform for repayment;
c. Lorenzo will also increase enzoBTC liquidity on DEXs in the coming days to further reduce liquidation risk.
As for those who spread FUD against Lorenzo and enzoBTC due to conflicts of interest or a lack of “protection fees,” there’s only one thing to say:
“The gentleman is calm and at ease; the petty man is anxious and fearful.”
Deliberately stirring panic amid market volatility for personal gain is not only dishonest — it’s disgraceful.
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Hope everyone enjoyed the hottest side event in HongKong last night, great to meet my inspiration @cz_binance again!
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“一个聪明人破产只有三种原因：酒、女人和杠杆。”
“There are only three ways a smart person can go broke: liquor, ladies, and leverage.”
——查理·芒格 (Charlie Munger)
1011事件对所有金融市场参与者的最大启示，就是如何管理杠杆。
在加密行业，加杠杆几乎是零门槛。借贷平台、合约交易所、甚至收益叠加型产品，都让杠杆像空气一样无处不在。
杠杆本身并非坏事。它是放大收益、提升资本效率、甚至实现风险对冲的重要工具。
但问题在于——当金融体系处于脆弱期，高杠杆往往就是危机的导火索。
The biggest lesson from the 1011 event is about leverage management.
In crypto, leverage is nearly frictionless — from borrowing platforms to perpetual contracts, it is everywhere and easy to access.
Leverage itself is not evil; it is a powerful tool to amplify returns, improve capital efficiency, and hedge risks.
Yet in fragile times, excessive leverage becomes the fuse that ignites financial crises.
1929年，美国券商与银行允许股民只用10%的保证金进行投资。
当股市暴跌时，连锁爆仓直接引发了美国长达十年的大萧条。
2008年，次贷市场的总规模高达数万亿美元，雷曼兄弟在破产前的资产负债率达到惊人的30:1，最终成为全球金融危机的引爆点。
而在我们眼前，2022年的3AC与FTX，用超高杠杆撬动了整个加密市场的多米诺骨牌，导致系统性崩盘。
In 1929, U.S. brokers and banks allowed investors to buy stocks with just 10% margin — when prices fell, cascading liquidations led to the Great Depression.
In 2008, the subprime mortgage market reached trillions, and Lehman Brothers’ leverage ratio of 30:1 turned into the spark of a global meltdown.
More recently, in 2022, 3AC and FTX used extreme leverage that toppled the entire crypto ecosystem like a line of dominoes.
高杠杆就像一根被拉到极限的橡皮筋。
在收益上升时它显得柔软而有弹性，但一旦超出承受力，就会最先崩断，反弹的那一刻，足以将整个市场砸得粉碎。
High leverage is like a rubber band stretched to its absolute limit.
It feels flexible and rewarding during good times, but when stretched too far, the snap can shatter the entire market.
1011这一天，再次敲响了警钟。
当一则关税消息就能引发连环清算与市场踩踏时，说明市场的脆弱性依旧存在。
在全面恢复之前，每个人都应该管理好自己的杠杆率。
因为在不确定的世界里，谁也无法预测下一个到来的是利好还是利空。
The events of 1011 sounded a fresh alarm.
When a single tariff headline can trigger cascading liquidations, it shows how fragile the market still is.
Until full recovery, everyone must manage their own leverage carefully — because in a world of uncertainty, no one knows whether the next wave brings fortune or collapse.
危机之后总会有重建，黑夜之后终将迎来黎明。
愿我们都能熬过风暴，在黎明时刻仍然站立。
After every crisis comes rebuilding; after every night, the dawn.
May we all survive the storm — and still be standing when the light returns.
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It's my honor to be invited as panelist on @BNBCHAIN Binance Incubation Alliance project panel in Nashville, come join us! lu.ma/yehr62kr
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Super thrilled to be the first and best LRT platform on Babylon
Per @Cointelegraph:
"The integration between Lorenzo Protocol and @babylon_chain represents a significant step towards realizing Bitcoin's full potential."
Read 👇
cointelegraph.com/press-rele…
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Well, let’s make investing cool again. JP Morgan and Goldman are the past — Lorenzo OTF is the new standard for investment and yield. Huge thanks to @worldlibertyfi for making the best stablecoin, USD1, a reality.
1/ USD1+ backed by WLFI USD1, is now live on BNB Chain testnet.
USD1+ OTF is a major step forward: our first on-chain traded fund powered by World Liberty Financial USD1, connecting on-chain capital with institutional-grade yield strategies.
It’s now piloting on @BNBChain, as we explore what scalable, institutional-grade DeFi infrastructure could look like within a leading ecosystem.
Let’s dive in 👇
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It’s the governance backbone of a real ecosystem changing how money moves.
Big day - @WorldLibertyFi just launched the $WLFI token. This isn’t some meme coin, it’s the governance backbone of a real ecosystem changing how money moves. Freedom + finance + America FIRST. Home Team. 🦅
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The best stablecoin finance product
We designed sUSD1+ OTF as a steady, risk-hedged yield product, built to keep user funds resilient through market volatility.
During the extreme market conditions, sUSD1+ OTF stayed stable, continuing to generate steady yield, with around 1.1% daily yield on Oct 10 and ~50% 7-day APY, helping protect user funds through the drawdown.
We remain focused on building reliable, real-yield systems that help users navigate every market cycle.
Start earning from just $20 → app.lorenzo-protocol.xyz/otf
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🧪 🧪 🧪 🧪 🧪 artgobblers.com/drawing/YTL9… Please check my Cat Samurai!
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This marks our ambition expanding BTC Fi into the @SuiNetwork ecosystem. Bitcoin liquidity is MOVing to supercharge the next generation blockchains!
Welcome @LorenzoProtocol aboard 👏 Through integration, users on #Sui can enjoy easier access to #Bitcoin liquidity in the form of Lorenzo's yield-bearing stBTC token, which is now fully available on #Cetus 🐳
There will be more possibilities for the combination of Sui & Bitcoin. Let's stay tuned 🔵🟠
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Thanks Navi for endorsing stBTC, stBTC is supposed to be your best yield bearing Bitcoin to hold, and your key to all crypto assets through lending! nitter.app/navi_protocol/status/1…
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