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1.INTRODUCTION
1.1. LENDROID’S LENDING ORIGINS
The lender is the primary participant on the Lendroid platform. The protocol’s soundness is validated onlyby his sustained, profitable participation. The lender’s trust in the trust-independent protocol will power the creation of a global lending pool. To this end, innovative rules and fail safes have been put in place to not let down his basic expectations – of protecting his capital and earning risk-free interest in a low-friction manner [1][2].
In point of fact, Lendroid was initially intended as a decentralized lending platform. Broadly, the process was designed thus: A borrower pledges digital assets into an escrow account, and the lender defines specific terms for the loan – amount, interest rate, loan period, loan to value (LTV) – set in a smart contract. If the lender’s and borrower’s terms match, the smart contract is executed, locking in the collateral and releasing the funds to the borrower. If the borrower satisfies the loan obligations, his collateral is unlocked automatically. If the borrower defaults or the collateral drops below the agreed LTV,the collateral is liquidated [3].From here on, margin trading seemed a logical first-use case for Lendroid for two main reasons
a. A Rapidly Growing Market - Margin funding has soared, as recorded by some widely used exchangeslike Poloniex and Bitfinex. On the latter exchange alone, USD funding has increased from 14.8 Million to 168.5 million (Oct 2016 to Oct 2017); BTC loans have gone from USD 6.12 Million to USD 183 Million (Oct 2016 to Sep 2017); and ETH loans have risen from USD 834,192 to USD 88.29 Million (Oct 2016 to Sep 2017) [4].
b. Need for Trust Independence is Immediate - Centralized exchanges that enable margin trading are left with the onerous, dual responsibility of funds and collateral management as well as keeping the traders from defaulting [5][8]. In order to provide this service, it might be argued, centralized exchanges have bypassed the inherent strengths of the blockchain ecosystem [See Figure 1] – premised on decentralization, on absolute protection and anonymity by global consensus.
1.2. THE 0X SHIFT
Consider the three main functions provided by current public exchanges – Exchange (regular trading), Margin Trading, and Lending. Ever since 0x – a protocol for peer-to-peer exchange of ERC20 tokens [6] – rolled out, a wholly decentralized ecosystem comprising all three functions has begun to seem highly plausible. The catalysts for this development are the ‘Relayers’, incentivized entities that facilitate the hosting of order books on 0x. The orders themselves are settled on the Ethereum blockchain using smart contracts.The positive reception that has greeted 0x is the most recent illustration of the shift towards a wholly trust-independent, secure and decentralized exchange. The implications are tremendous, and new 0x relayers such as such as Ethfinex, Radar and The Ocean have already begun to enter the fray. However, where 0x has enabled the Exchange to function seamlessly, the Lending and Margin Trading functions remain outside of the ecosystem. These are the missing pieces that Lendroid brings together to create a comprehensive solution.
1.3. AN ETHICAL PARENTHESIS Ethical
considerations seldom find a place in discussions about the structure of new cryptoeconomic models. In the case of Lendroid, however, they assume unique context. This protocol aims to take forward a culture of fairness inherent in the blockchain ecosystem. Lendroid sets out to achieve total decentralization and true trust-independence at the most basic, reliable levels. Lendroid is not agnostic or indifferent to trust, which is after all, a positive phenomenon. It simply recognizes and leverages a paradox – trust abounds only in an environment that does not depend on it. To paraphrase a celebrated Google adage, on Lendroid the hope is that one ‘Can’t Be Evil’. Further on in this whitepaper, you will see that this end state is sought with a two-pronged approach –
a. Inviolability: Vital, sensitive, conventionally trust-dependent functions like fund management are executed on-chain and via publicly accessible, inviolable Ethereum smart contracts.
b. Symbiosis: Wherein the off-chain players are incentivized to carry out their functions and whose propensity for profit and growth is proportionate to that of the other players in the ecosystem.
1.4. LENDROID – AN OVERVIEW
A margin trader starts by depositing collateral. The trader is allowed to borrow up to a certain leverage to the point where the margin level is greater that the initial level (set through community governance).The borrowed funds come from the shared lending pool to which the lenders can submit offers. With the borrowed funds, the trader interacts with order-books to calibrate positions to reflect expectations from future price movements. The positions, while active, are held in the smart contract. Neither the collateral nor the tokens purchased using the borrowed funds can leave the margin account until the loans obligations are cleared by the margin trader. Once the traders feel it’s time to unwind their
position, the trader once again interacts with the order book. If the trader made a profit, he can repay the lenders and withdraw the profit along with his collateral. If a loss is incurred, the trader is expected to deposit the difference to compensate for the losses, repay the loans in full and only then withdraw collateral. However, the above mentioned is only a best-case scenario; other less favorable scenarios can also occur. What happens if the asset price in the open positions or the value of the collateral starts to drop? In a central exchange, such a situation would be manually solved by a margin call that the exchange would make to the trader, asking them to rebalance his margin account. In the decentralized context, this is handled by off-chaining such operations to a utility layer comprised of self-interested actors working to maintain stability within the network. One of the actors – Relayers – are based on a similar concept propagated by the 0x protocol [6]. The other – Wranglers – are an entirely original entity propounded by Lendroid. While a comprehensive description is provided in subsequent sections, a Wrangler’s role might be defined as one related to margin account monitoring. The Wrangler aids in margin-level maintenance, calls out margin accounts at liquidation levels (for which he is incentivised with a ‘bounty’) and, on liquidation, repays the Margin Trader’s loan to the Lender. We propose a network consisting of two types of actions: off-chain actions that propagate an intent and on-chain actions that confirm the intent, thereby committing the state of the network on the Ethereum blockchain.
1.5. HOW TO USE YOUR ORACLE
Use cases in the past have demonstrated the unviability of an Oracle-based approach on the Ethereum blockchain [7]. The drawbacks in terms of tag, efficacy of information and the
fact that an Oracle is a centralizing component make such an approach cumbersome and less than completely reliable. Despite this, Oracles currently remain the simplest means of bringing external data on-chain. On Lendroid, Oracles serve as a point of reference, and as a preventive against unwarranted triggers from Wranglers. An Oracle function is commissioned by the smart contract to independently verify what a Wrangler identifies as a Margin Account at liquidation level. The gas expense from this verification is borne by the Wrangler. However, the data provided by Oracle, even when it corroborates the Wrangler’s claim, does not result in liquidation of the account. It triggers a process unique to Lendroid. No information provided by the Oracle forms the basis for sensitive decisions that involve fund management or account liquidation. The fate of the margin account is determined by
a process that involves multiple actors, and with opposing interests. Such decisions are the result of a unique auction process, which will be elaborated in a separate chapter in this whitepaper. The crux is that this process is open to and involves wranglers other than just the one who identified the terminal account. It also involves the margin trader. These two sets of actors, with opposite intents, change positions, bid and quote towards something that is most in their economical interests, based on the external information they bring independently. Collusion is thus ruled out, the situation is no longer centrally driven and, most importantly, whatever external information the actors subscribe to is translated into an actual transaction when they bring it on-chain.
第一部分内容：项目介绍
1.1项目初衷
贷方是Lendroid平台的主要参与者， 而协议的健全和完善只有通过持续的，经济有效的参与才能得到保障。贷方的信任建立在独立的信任协议上，这将有助于建立一个全球性的贷款池。 为此，以创新的规则和故障保护为基本去实现使用者基本期望，同时能够保护使用者的资本，并以低摩擦的方式使其获得无风险的利益。
事实上，Lendroid最初是作为一个分步式的贷款平台。从广义上说，这个过程是这样设计的：借方将数字资产存入一个托管账户，贷方为贷款定义了具体的条款 - 金额，利率，贷款期限，贷款价值（LTV）这些条件被设置在智能合约里。 如果贷方和借方的条件匹配，智能合同就被执行，锁定抵押品并将资金释放给借方。 如果借方履行了贷款义务，他的抵押品将被自动解锁。如果借方违约或抵押品跌破协定的LTV，抵押品将被清算。从这里看，保证金交易似乎是Lendroid的第一个实用案例的两个主要原因是：
快速增长的市场 - 如Poloniex和Bitfinex等一些广泛使用的交易所记录的保证金资金飙升。就后者而言，美元资金已从1480万美元增加到1.685亿美元（2016年10月至2017年10月）。 BTC贷款已经从612万美元增长到了1.83亿美元（2016年10月至2017年9月）。 而ETH贷款从83.4192万美元上升到8829万美元（2016年10月至2017年9月）。
独立信任机制的急需-集中交易使得融资融券具有繁重的双重资金和担保管理责任，以及防止交易违约等。为了提供这种服务，有人可能会认为集中交易已经超越了区块链生态系统的固有优势（见图1） - 以分权为前提，以绝对保护和匿名为全球共识。
一个分步式的保证金交易协议 - 一个抵制审查制度的平台，可以在全球范围内访问，这有助于摆脱持有用户资金的中央保管人。此外，一个全球借贷者网络将增加流动性并且降低整体保证金交易成本。
1.2 去中心化交易所协议0X
考虑目前流行的交易所提供的三个主要功能 - 交易（常规交易），保证金交易和贷款。自从0x- ERC20令牌的点对点交换协议推出以来，一个完全的分步式生态系统，包括所有这三种功能开始显得非常合理。
作为发展的催化剂，中继者，是一个激励实体，有利于促进0X的订单簿的托管。订单本身使用智能合约在以太坊区块链上自动结算。人们对0x的积极接受是向独立、安全和分步的交易所转变的最现实的例证，同时也影响巨大。然而，在0x使得交易所能够无缝运行的情况下，贷款和保证金交易功能仍然在生态系统之外。这些是Lendroid汇集来创建全面解决方案的缺失部分。而Lendroin基于这些缺点创建了一个全面的解决方案。
1.3道德的包容
在讨论新的隐含经济模型的结构时，伦理方面的考虑很少找到位置。在Lendroid的情况下，他们假设独特的背景。该协议旨在推动区块链生态系统固有的公平文化。 Lendroid着手在最基本，最可靠的层面实现总的分权和真正的信任独立。Lendroid并不是不可知或无所谓的信任，毕竟这是一个积极的现象。它只是承认和利用一个悖论 - 信任只在一个不依赖于它的环境中才存在。为了解释一个著名的Google格言，在Lendroid上希望是“不能作恶”。
在本白皮书中，您将会看到，这个最终状态是通过双管齐下的方式来寻求的。
a.不可侵犯性：像基金管理这样的重要的，敏感的，传统上依赖于信任的功能通过链上和通过可公开访问，不可侵犯的以太坊智能合同执行。
b.共生：其中链外玩家被激励来履行其职能，其盈利和增长的倾向与生态系统中的其他参与者相称.
1.4 LENDROIN-概况
保证金交易者首先要存入抵押品。交易者可以借到一定的杠杆，杠杆比率可以是保证金水平高于初始水平(通过社区治理确定)的程度。
借入的资金来自共同的贷款池，贷款人可以向其提交要约。通过借来的资金，交易者与订单进行互动匹配，调整头寸用来反映对未来价格变动的预期。头寸在激活时，仍然被保留在智能合约中，抵押品和使用借入资金购买的代币都不能离开保证金账户，直到保证金交易者清偿了贷款义务为止。
一旦交易者觉得是时候解除头寸，交易者再次与订单簿交互。 如果交易者获利，他就可以偿还贷款人，并将利润和抵押品一起收回。如果发生亏损，交易者应将存入差额以弥补亏损，全额偿还贷款，然后撤回抵押品。 然而，上面提到的只是最好的情况，其他不太有利的情况也会发生。
如果持仓中的资产价格或抵押品的价值开始下降，会发生什么情况？
在中央交易所，这种情况将通过交易所向交易员发出保证金通知来手动解决，要求交易员重新平衡保证金账户。
在分散的环境中，这是通过链下的一个实用层来处理的，该实用层由致力于维护网络稳定的参与者组成，一起维护网络稳定。
其中主要角色之一叫做：中继者，它是基于一个类似概念0X协议。另一个是牧马人 - 是由Lendroid提供的完全独创的实体。虽然在随后的章节中提供了全面的描述，牧马人的角色可能被定义为与保证金账户监控相关的角色。 牧马人有助于维持保证金水平，和在清算水平的（用“赏金”激励他们）保证金账户，并在清算时偿还保证金交易者对贷款人的贷款。
我们提出了一个由两种行为组成的网络：传播目的的链下行为和确认目的的链上行为，从而在保证了以太坊区块链网络的状态。
1.5. 如何使用ORACLE
过去的用例证明了以太坊区块链中基于Oracle的方法的不可行性。标签，信息有效性和Oracle是一个集中组件这一事实使得这种方法很麻烦，而且不完全可靠。尽管如此，Oracles目前仍然是将外部数据链上链接的最简单手段。
在Lendroid上，Oracles作为一个参考点，并作为防止来自Wranglers的无端触发的一种预防。Oracle智能合约委托Oracle函数独立验证Wrangler标识为保证金账户在清算水平。 这笔验证费用的产生由牧马人负担。但是，ORacle所提供的数据，即使它证实了牧马人的索取，也不会导致账户被清算。 它触发一个Lendroid特有的过程。这将在本白皮书的单独章节中详细阐述。问题的关键在于，这个过程是开放的，并涉及到除了识别终端账户的人以外的其他人。它也涉及保证金交易者。 这两套具有相反意图的角色，根据他们独立带来的外部信息，改变立场，投标，以最经济利益的方式进行投标。因此，共谋被排除在外，这种情况不再是由中央驱动的，最重要的是，无论参与者订阅什么外部信息，当他们将其带入链上时，就会转化为实际的交易。
英文白皮书地址：https://www.lendroid.com/
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2018.02.04 今日立春
祝福一切重生的，迭代的，归零的，新纪元开始了，我看到了你们与我一起，都在路上.......
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