流动性证明：更好的积分系统(Proof of Liquidity：Points, but better)
原文 Original Article： https://blog.berachain.com/blog/proof-of-liquidity-points-but-better
参与长期游戏 Playing longterm games
Liquidity is the lifeblood of onchain activity. Over the past cycle, we've seen several short-term approaches to acquiring liquidity, many of which have revolved around points and grants. Sometimes this liquidity is put to use productively in the ecosystem, but most of the time, it’s just used to hit some CEX listing metric or spur a short wave of onchain activity in hopes of ultimately affecting token price. The industry is fundamentally ruled by mercenary actors and correlated incentive design. Berachain believes that to build an ecosystem that stands the test of time, we must optimize for long-term games from the start.
流动性是链上活动的命脉。在过去的周期中，我们看到了几种获取流动性的短期方法，其中许多都是围绕积分和赠款展开的。有时，这种流动性会在生态系统中得到有效利用，但大多数时候，它只是用于达到某些 CEX 上市指标或刺激一小波链上活动，以期最终影响代币价格。行业从根本上是由唯利是图的参与者和相关的激励设计统治。 Berachain 认为，要建立一个经得起时间考验的生态系统，我们必须从一开始就针对长期游戏进行优化。
Recent TGEs highlight the one-sided relationship between those who provide liquidity and those who reward them, perhaps most readily seen in recent LRT launches. The protocol locks liquidity, benefits from it, and decides how LPs are rewarded. Some teams may brush frustrations off as entitled airdrop farmers, but others recognize that protocols use these deposit stats to demonstrate traction for private fundraising and forming partnerships without actually finding a way to make those users whole.
最近的 TGE 凸显了提供流动性的人和奖励流动性的人之间的片面关系，这也许在最近推出的LRT中最容易看到。协议锁定流动性，从中受益，并决定如何奖励LP。一些团队可能会因为有资格的空投农夫而将挫败感抛在脑后，但其他团队则认识到，协议使用这些存款统计数据来展示对私人筹款和建立合作伙伴关系的吸引力，但实际上并没有找到使这些用户受益的方法。
Aside from pissing off users and destroying public sentiment (which tends to snowball into price action), one of the biggest issues with the current meta is that, after launch, mercenary users simply withdraw their funds and move their liquidity to the next farm. As a new protocol pops up, liquidity gets sucked from existing ecosystems as users rush to extract fresh value - sometimes aptly described as “New Coin Good, Old Coin Bad.” Few can capture liquidity and users long-term, as the opportunity cost of keeping mercenary capital locked without receiving rewards is high. Obviously, this is a great strategy for quick user acquisition but a really poor one for user retention.
除了激怒用户和破坏公众情绪(这往往会滚雪球般导致价格“暴走”)之外，当前元数据的最大问题之一是，在发布后，雇佣兵用户只需撤回资金并将其流动性转移到下一个农场。随着新协议的出现，现有生态系统的流动性会被吸走，因为用户急于获取新的价值——有时被恰当地描述为“新币好，旧币坏”。很少有人能够长期捕获流动性和用户，因为锁定唯利是图的资本而不获得奖励的机会成本很高。显然，对于快速获取用户来说，这是一个很好的策略，但对于用户保留来说，这是一个非常糟糕的策略。
So, how does one ultimately tackle this problem? 那么，最终如何解决这一问题呢？
Berachain sees this as a two-part equation. First, give users and providers of liquidity as much flexibility and influence as possible, reducing the need to leave the protocol. Second, ensure that the stack of users, applications, and validators is aligned and that each party can benefit from the effort and/or capital expended on the chain. This is where Proof of Liquidity enters the equation—Berachain’s PoL makes liquidity liquid and realigns value flows across the network to reward the parties contributing the most to the ecosystem in a systemic way.
Berachain 认为这是一个由两部分组成的方程。首先，为流动性的用户和提供者提供尽可能多的灵活性和影响力，减少退出协议的需要。其次，确保用户、应用和验证器的堆栈保持一致，并且各方都可以从链上花费的精力和/或资本中受益。这就是流动性证明的作用——Berachain 的 PoL 使流动性具有流动性，并重新调整整个网络的价值流，以系统性的方式奖励对生态系统做出最大贡献的各方。
流动性证明基础知识 Proof of Liquidity 101
Proof of Liquidity is a mechanism for incentivizing and rewarding productive capital with BGT, Berachain’s governance/emissions token. Here’s a brief overview of how the three stakeholder groups participate in PoL:
流动性证明是一种通过 BGT(Berachain 的治理/排放代币)激励和奖励生产性资本的机制。以下是三个利益相关群体如何参与 PoL 的简要概述：
Validators: Earn block rewards based on the amount of BGT delegated to them and can earn applications’ tokens in exchange for directing BGT emissions to applications’ rewards vaults via “incentives.”
验证者：根据委托给他们的 BGT 数量赚取区块奖励，并可以通过“激励”将 BGT 排放引导至应用的奖励金库来赚取应用的代币。
Applications: Can set bounties on the validator marketplace for BGT rewards to incentivize validators to direct BGT emissions to them in exchange for a reward, usually in the form of the protocol’s native token. Applications and validators work together to bootstrap liquidity for an application’s token or the application itself.
应用：可以在验证者市场上为 BGT 奖励设置赏金，以激励验证者将 BGT 排放引导给他们以换取奖励，通常以协议原生代币的形式。应用和验证者协同工作，为应用的代币或应用本身引导流动性。
Users: Supply liquidity to eligible liquidity venues (pools, vaults, etc.) to accumulate BGT rewards and earn applicable LP fees. Users may also delegate BGT to a validator to earn a portion of the incentives received from applications receiving emissions from that validator.
用户：向符合条件的流动性场所(矿池、金库等)提供流动性，以积累 BGT 奖励并赚取适用的 LP 费用。用户还可以将 BGT 委托给验证者，以获得从该验证者接收排放的应用获得的部分激励。
As a user in proof of liquidity, instead of locking capital for the sole purpose of network security, capital is provided to the ecosystem to earn block rewards (BGT), which in turn may be delegated to a validator contributing to network security. Validators are incentivized to maximize BGT delegated, as their rewards for block-building (and commissions) scale with BGT. As a result, different strategies will emerge to optimize the attractiveness of delegation- this can be social (offering value through community and/or incubation) or economic (incentivizing delegators through a revenue share).
作为流动性证明的用户，不是仅仅为了网络安全而锁定资金，而是向生态系统提供资金以赚取区块奖励(BGT)，而区块奖励又可以委托给为网络安全做出贡献的验证者。验证者被激励最大化 BGT 委托，因为他们的区块构建(和佣金)奖励与 BGT 成比例。因此，将会出现不同的策略来优化委托的吸引力——这可以是社会性的(通过社区和/或孵化提供价值)或经济性的(通过收入分成激励委托者)。
Via a larger BGT delegation, validators can also work with more protocols through the aforementioned bounty marketplace. This allows them to access new revenue streams while helping new dApps on the chain bootstrap liquidity and user bases. Users will look for a validator that is incentive-aligned with them. For example, if a user is invested in protocol X, they’d probably prefer to delegate to a validator directing a portion of their emissions to a vault or LP corresponding to that protocol.
通过更大的 BGT 委托，验证者还可以通过上述赏金市场使用更多协议。这使他们能够获得新的收入来源，同时帮助链上的新 dApp 引导流动性和用户基础。用户将寻找与他们激励一致的验证器。例如，如果用户投资了 X 协议，他们可能更愿意委托给验证者，将其部分排放量定向到与该协议相对应的金库或 LP。
Game theory for stakeholders: 利益相关者的博弈论：
Validators: Win by maximizing BGT delegations and servicing protocol liquidity bounties, creating profitability through efficient collaboration with applications. 验证者：通过最大化 BGT 委托和服务协议流动性赏金来获胜，通过与应用的高效协作创造盈利能力。
Applications: Win by working with validators to bootstrap liquidity and directly incentivizing users with BGT emissions, enhancing capital efficiency compared to standard liquidity mining programs. 应用：通过与验证者合作引导流动性并通过 BGT 排放直接激励用户来获胜，与标准流动性挖矿计划相比提高资本效率。
Users: Win by providing liquidity to applications they use and delegating BGT emissions to aligned validators, earning incentives and maximizing returns on their stake. 用户：通过向他们使用的应用提供流动性并将 BGT 排放委托给一致的验证者来获胜，从而获得激励并最大化其股份回报。
Berachain has been described as a “playground for infinite economic games”.
Berachain 被描述为“无限经济游戏的游乐场”。
The alignment above is meant to allow Berachain to also serve as “an infinite playground for economic games” - same, same, but different.
上述调整旨在让 Berachain 也成为“经济游戏的无限游乐场”——相同，相同，但又不同。
PoL就是积分，但更高PoL is points, but better
Tokens having cash flows from the fees earned by their respective protocols will be one of the biggest unlocks for the crypto ecosystem. The only reason most don't is for fear of being incorrectly labeled as a security.
从各自协议赚取的费用中获得现金流的代币，将是加密生态系统最大的解锁之一。大多数人不这样做的唯一原因是担心被错误地标记为证券。
— Viktor Bunin 🛡️ (@ViktorBunin) May 20, 2024
Why do points kind of work (on a short term time horizon)? 为什么积分会起作用(在短期内)？
They offer an additional form of speculation prior to a token (the primary form) 他们在代币之前提供了另一种投机形式(主要形式)
They’re generally non-transferable and illiquid, making it harder for people to price them properly 它们通常不可转让且缺乏流动性，这使得人们更难对其进行适当定价
Protocols retroactively determine what those points will “cost” them- in terms of token allocation in “post” - once the value has already mostly been extracted from them (through metric boosting, via points farming) 协议追溯性地确定这些积分将会“花掉” - 就“过去”的代币分配而言 - 一旦大部分价值已经从它们中提取(通过指标提升，通过积分耕作)
On the other hand, 另一方面，
Users have no control over how points are distributed 用户无法控制积分的分配方式
Points lack any form of intrinsic floor value or ability to proxy for the potential value of their corresponding tokens 积分缺乏任何形式的内在底值或代表其相应代币潜在价值的能力
Points often have unknown or highly variable distribution periods, preventing anyone from effectively knowing ownership of “the pie” at any point 积分通常具有未知或高度可变的分配周期，从而阻止任何人在任何时候有效地了解“馅饼”的所有权
What if there was a way to systemically reward those contributing the most protocol value? Instead of participating in a one-sided game where the protocol holds all the cards, users participate in a transparent system where they can weigh the real opportunity cost of capital. Berachain’s proof of liquidity is points, but better.
如果有一种方法可以系统地奖励那些贡献最大协议价值的人呢？用户不是参与协议掌握所有牌的一边倒的游戏，而是参与一个透明的系统，在这个系统中他们可以权衡资本的 真实 机会成本。 Berachain 的流动性证明是积分，但更好。
Proof of liquidity is a mechanism that incentivizes sticky liquidity through systemic rewards for users who provide productive capital to the ecosystem. There’s no more free lunch for value extraction on either side. Any capital provided to the ecosystem is put to work, creating deeper liquidity and, as a result, better execution prices and outcomes for users and dApps. Proof of liquidity is a dance where validators, applications, and users interact to align financial and social interests through BGT- the governance token emission from the Berachain network. To earn BGT, users provide liquidity to ecosystem applications. As a user, BGT gives holders rights to a percentage of the fees generated from native dapp use, influences which reward vaults are incentivized through governance, and can be delegated to a validator to earn a portion of the validator’s incentives. BGT allows users who contributed value to the system to determine who should be rewarded the most.
流动性证明是一种通过对向生态系统提供生产性资本的用户，进行系统性奖励来激励粘性流动性的机制。双方都不再有免费的午餐可以获取价值。提供给生态系统的任何资本都会投入使用，创造更深层次的流动性，从而为用户和 dApp 带来更好的执行价格和结果。流动性证明是一种舞蹈—验证者、应用和用户通过 BGT(Berachain 网络发行的治理代币)进行交互，进而协调财务和社会利益。为了赚取 BGT，用户为生态系统应用提供流动性。作为用户，BGT 赋予持有者使用原生 dapp 使用所产生的一定比例费用的权利，影响通过治理激励哪些奖励金库，并且可以委托给验证者以获得验证者的一部分激励。 BGT 允许为系统贡献价值的用户决定谁应该获得最多奖励。
PoL is a more efficient way of allocating emissions/liquidity because it's recursive to the onchain activity of actual users and product growth instead of being the result of sybil usage. BGT is also adjustable in real-time and controlled by users, dApps, and validators, all seeking to align their game-theoretic optimal outcomes. New projects can be added via governance for eligibility to receive BGT emissions, creating a constant cycle with fluctuating incentives.
PoL 是一种更有效的分配排放/流动性的方式，因为它递归到实际用户的链上活动和产品增长，而不是 sybil 使用的结果。 BGT 也可以实时调整并由用户控制， dApp 和验证者都在寻求调整其博弈论的最佳结果。可以通过治理获得 BGT 排放资格来添加新项目，从而创建一个具有波动激励的恒定循环。
协议级激励调整 Berachain: Protocol-level incentive alignment
Crypto is inherently a game of aligning incentives and finding ways to maximize capital. In other ecosystems, the relationship between users, validators, and applications is fragmented at best. At its core, proof of liquidity makes it easier for applications to acquire users and liquidity and provides validators with differentiated revenue streams from collaborating with those protocols.
加密货币本质上是一种调整激励措施并寻找最大化资本的方法的游戏。在其他生态系统中，用户、验证者和应用之间的关系充其量是支离破碎的。从本质上讲，流动性证明使应用更容易获得用户和流动性，并通过与这些协议的合作为验证者提供差异化的收入流。
Points are the most popular method of bootstrapping onchain activity and growth, serving to value some future token that may exist in exchange for providing some action or liquidity to a network. However, the distribution and value of points are entirely determined by a single centralized entity and are inherently short-term, leaving a sudden liquidity vacuum and an imbalance between protocol security and economic activity. This leads to a snowball effect that ends with no new users, no new apps, and shrinking validator participation. Ultimately, Berachain’s Proof of Liquidity paradigm shifts the focus from short-term gains to sustainable, long-term growth. By creating an environment where value is distributed to those who contribute, players are incentivized to play long-term games.
积分是引导链上活动和增长的最流行的方法，用于对可能存在的某些未来代币进行估值，以换取为网络提供一些行动或流动性。然而，积分的分配和价值完全由单一中心化实体决定，本质上是短期的，导致突然出现流动性真空以及协议安全和经济活动之间的不平衡。这会导致滚雪球效应，最终导致没有新用户、没有新应用以及验证者参与度的减少。最终，Berachain 的流动性证明范式将重点从短期收益转向可持续的长期增长。通过创造一个将价值分配给贡献者的环境，玩家就会被激励去参与长期游戏。
Last updated
