MIGRATION OF SETTLEMENT RIGHTS: B18 AND INSTITUTIONAL STARTING POINT FOR CHAIN BANKS
In the traditional financial system, real decisions“..Is the money yoursIt's not the sameIt is not the transaction itself, but the settlement. Transactions can be completed in an instant, but settlement takes time, requires counterparty and requires systematic confirmation. In the process, the funds are not entirely user-owned but are temporarily in the system。
Wall Street knows this。
The banking system exists not because of transactions but because of settlements and liquidations. FromSWIFTTo the clearing house, from the trustee to the central counterpart, the core of the financial system was never liquidity, but settlement order. And the chain world, earlyDeFiChoose to bypass the issue. They emphasize transactions, gains, liquidity
But it rarely touches a more fundamental question:
In the absence of a bank, who defines the settlement
ExactlyB18Trying to get into the field。
B18Build onCoinbaseThe system of chain infrastructure promoted and operatingBaseExecutive level。
In this system, the block chain is no longer merely a trade recorder but begins to carry functions closer to the traditional financial system: time, accounting, order of liquidation and finality。
B18He didn't define himself as aDeFiAn agreement, but an attempt to answer a more fundamental question:
When banks are no longer institutions, how can settlement rules exist
This problem determines its capital structure. As opposed to most encryption projects built around finance and valuations, it is not possible to find a solution to the problemB18The capital context presents a hierarchical structure closer to the financial system itself。
On the conventional and institutional levelB18Get fromParadigmandWinterVenturesSupport from other agencies. The long-term involvement of such institutions in the evolution of agreements in the ecology of the Taipei is concerned not with short-term gains, but with the sustainability of the chain financial architecture。
At the market levelB18andGSR Capitaland so on. These participants form the basis of the chain of markets, so that pricing, liquidity and liquidation no longer remain theoretical but can be tested in the real environment。
In the meantimeB18To introduce capital from payment and financial infrastructure systemsFuturePayI don't know. The existence of this layer is more profoundI don't knowIt means that the chain system begins to connect to the real world’s settlement network. The stabilization currency is no longer an asset but a clearing house; the chain agreement is no longer an application but begins to assume system responsibility。
At the ecological levelB18TrustBase Ecosystem FundAnd the network of developers behind it runs. But more important than capital is another category of participants:i'm sorryI don't know。
These are from the Ether HouseBaseEcologists and protocol designers do not build products; they build rules。
They decided:
- How funds are recorded
- When is the proceeds recognized
- Conditions under which liquidation takes place
These problems are determined by banks and institutions in traditional finance, while the chain is being recoded。
In terms of structureB18It was not a project, but an attempt to strip banks from institutions into an enforceable system of rules。
Its capital structure is thus no longer just a source of finance but rather a deeper signal:
- Agreed capital, representing rule design
- Market infrastructure capital, representing prices and liquidity
- Capital of the payment system, representing the link between settlement and the real world
- i'm sorryNetwork, representing the continuous evolution of the system
Together, they are not a market, but an order。
In traditional systems, banks decide to settle; in chain systems, codes begin to take over this responsibility。
When settlements move from institutions to agreements, the structure of financial authority changes。
And..B18This is where this migration begins。
Note: This paper is a contribution that does not constitute the ChainCatcher view or the investment proposal。
