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伝統的金融に呑まれる分散型金融 / Decentralised Finance Engulfe...
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Kenji Saito
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November 11, 2024
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伝統的金融に呑まれる分散型金融 / Decentralised Finance Engulfed by Traditional Finance
2024年11月11日(月) に開催された SBI 金融経済研究所 FinTech 研究会での講演にて使用したスライドです。
Kenji Saito
PRO
November 11, 2024
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Transcript
Economics of crypto-assets — generated by Stable Diffusion XL v1.0
— ETF DAO — ( ) — ETF DAO — 2024-11-11 – p.1/18
BTC ETH ETF DAO — ETF DAO — 2024-11-11 –
p.2/18
a ( ) (proof of work) (proof of stake) (
) DAO a — — ETF DAO — 2024-11-11 – p.3/18
Bitcoin . . . : (i.e. ) ( ) :
: : ⇒ ( ) ← — ETF DAO — 2024-11-11 – p.4/18
৽ن ϒϩοΫ ܈ Ճ ίετϨδελʔ͖ ா ਖ਼౷ͳཤྺ ఏҊ͞ΕΔ৽͍͠ཤྺ ίετ େ
͕ ࢀ Ճ ݁Ռ B มߋແ͠ C ه D ॻ͖͑ ɾ৽͍͠ཤྺ͕͜Ε·Ͱͷཤྺʹੵ͞Εͨ ɹίετΛ૿େͤ͞ΔΑ͏ͳͷͰͳ͍ͷ ɹͳΒมߋੜ͡ͳ͍ɻ ɾίετ݁ՌతʹɺωΠςΟϒ҉߸ࢿ࢈ ݐͯͰଌΒΕΔɻ ɾாͷҡ࣋ʹࢀՃ͢Εɺ֬తʹେ͖ͳ ใुΛωΠςΟϒ҉߸ࢿ࢈ͰಘΒΕΔɻ ɾใुΛಘΔͨΊʹίετෛ୲ͰϚδϣϦςΟ ଆʹ͍ͳ͚ΕͳΒͳ͍ɻ — ETF DAO — 2024-11-11 – p.5/18
4 ( ) ( ) ( ; ) ( )
— ETF DAO — 2024-11-11 – p.6/18
( ) ೖྗ σδλϧͳΒԿͰΑ͍σʔλͷू߹ ແݶ ग़ྗ CJU ͳͲݻఆͷͷू߹ ༗ݶ ग़ྗʮμΠδΣετʯͱݺΕΔ
খ ͞ ͍ ॱ ʹ ฒ Μ Ͱ ͍ Δ ͱ ͠ ͯ খ ͞ ͍ ॱ ʹ ฒ Μ Ͱ ͍ Δ ͱ ͠ ͯ 4)"ͳͲͷؔ 4)"4FDVSF)BTI"MHPSJUIN Ұ༷ʹ ϋογϡؔͷੑ࣭ ภͬͯ Ϛοϐϯάʹ๏ଇੑ͕ແ͍Α͏ʹݟ͑ɺ ˠͷํʹ҆ՁʹܭࢉͰ͖Δ͕ɺ ٯͷํʹܭࢉͰ͖ͳ͍ Ұํੑ ҉߸ֶతϋογϡؔͷੑ࣭ ແݶΛ༗ݶʹϚοϐϯά͢ΔͷͰɺҟͳΔೖྗ͕ ಉ͡ग़ྗ݁ՌʹͳΔ߹͘͝رʹ͋Δ িಥ িಥ ͤ͞Δํ๏ ͕ݟ͔ͭͬͨ҉߸ֶతϋογϡ ؔ҆શͱݟͳ͞Εͳ͍ — ETF DAO — 2024-11-11 – p.7/18
( ) ൿີ伴 伴ϖΞ ͋Β͔͡Ί ੜ ൿີʹӅ࣋ͭ͠ ͋Β͔͡Ί͓͍ͯͯ͠Α͍ ॺ໊Λ࡞ͬͨͷެ։伴ʹ ରԠ͢Δൿີ伴Λ͑Δ୭
͔ ͢ͳΘͪॺ໊ऀ ͩ͠ɺ ݩͷσʔλॺ໊ޙCJU มΘͬ ͍ͯͳ͍ ͜ͷΈ͕ਖ਼͘͠ಈ࡞͢ΔͨΊʹɺ ड͚औͬͨެ։伴͕ຊʹॺ໊ऀͷͷ Ͱ͋Δͱ͍͏ԿΒ͔ͷূ໌͕ඞཁ ʲॺ໊ΞϧΰϦζϜʳ ೖྗݩͷσʔλɺ ൿີ伴 ग़ྗॺ໊ ʲॺ໊ݕূΞϧΰϦζϜʳ ೖྗݩͷσʔλɺ ॺ໊ɺ ެ։伴 ग़ྗ0,·ͨ/( ެ։伴 ॺ໊ऀ ॺ໊ ΞϧΰϦζϜ ॺ໊ݕূ ΞϧΰϦζϜ 0, ·ͨ /( Πϯλʔωοτ ݕূऀ ެ ެ։ ։伴 伴 ެ։ ެ։伴 ެ ެ։ ։伴 伴 ݩͷ σʔλ ݩͷ σʔλ ॺ໊ ॺ໊ — ETF DAO — 2024-11-11 – p.8/18
ϒϩοΫ O ࣌ؒ ϒϩοΫϔομʔ ͍ΖΜͳใ͕ೖ͍ͬͯΔ ϒϩοΫ O ͷ μΠδΣετ औҾ
σʔλ ެ։伴 ˍॺ໊ औҾ σʔλ ެ։伴 ˍॺ໊ औҾ σʔλ ެ։伴 ˍॺ໊ ʜʜ ϒϩοΫ O ϒϩοΫϔομʔ ͍ΖΜͳใ͕ೖ͍ͬͯΔ ϒϩοΫ O ͷ μΠδΣετ औҾ σʔλ ެ։伴 ˍॺ໊ औҾ σʔλ ެ։伴 ˍॺ໊ औҾ σʔλ ެ։伴 ˍॺ໊ ʜʜ ϒϩοΫͷμΠδΣετ ͦͷϒϩοΫΛҰҙʹࣔ͢ ࣝผࢠͱͯ͠༻͍ΒΕΔ औҾσʔλͷআͰϒϩοΫͷ ༰͕มΘΕɺͦͷμΠδΣετ มΘΔͷͰɺໃ६͕ੜ͡Δ औҾσʔλʹૹ৴ऀͷσδλϧ ॺ໊͕͍͍ͯΔͷͰվ͟Μ ࠔ͕ͩɺऔҾσʔλΛؙ͝ͱ আ͢Δ͜ͱͰ͖Δ ࣍ͷϒϩοΫʹμΠδΣετ͕ ֨ೲ͞Ε͍ͯΔ͜ͱͰɺखલͷ ϒϩοΫͷ༰ϩοΫ͞Εͯ ͍Δͱݴ͑Δ͕ʜ ܨ͕͍ͬͯΔϒϩοΫͷϔομʔ ͷதͷμΠδΣετΛ࣍ʑͱॻ͖ ͍͚͑ͯໃ६ͳ͘վ͟ΜͰ͖ ΔͷͰɺϒϩοΫΛ࡞Δ͜ͱࣗମ ʹେ͖ͳίετΛඞཁʹͯ͠कΔ Proof of Work ( ) : ( ) Proof of Stake ( ) : — ETF DAO — 2024-11-11 – p.9/18
( ) > ( ) → ( ) → <
( ) ( ) → ( ) → ⇒ — ETF DAO — 2024-11-11 – p.10/18
Bitcoin (∼2024 10 ) — ETF DAO — 2024-11-11 –
p.11/18
DAO ෦ࢿຊˢ͋Δ ɹɹɹɹˣͳ͍ தԝʹࣗಈ ɹɹɹɹɹWT ɹɹɹɹɹɹதԝʹਓؒ શͳ "* σʔϞϯ˞ ϑΥʔϥϜ˞
XFC αʔϏε ϩϘοτΛ %"0 %"QQ˞ ݹయత৫ ɹɹɹɹɹपลʹਓؒ ɹɹɹɹWT पลʹࣗಈ ˞%"QQεϚʔτίϯτϥΫτʹΑΔΞϓϦέʔγϣϯ %FDFOUSBMJ[FE"QQ ˞ϑΥʔϥϜਓʑ͕ಛఆͷʹ͍ͭͯٞͨ͠ΓใΛަͨ͠Γ͢Δ ˞σʔϞϯόοΫάϥϯυͰՔಇ͠ ΠϕϯτʹࣗಈతʹରԠ͢ΔϓϩάϥϜ . . . DAO : Decentralized Autonomous Organization ( ) Buterin DAO (2014) ↑ = + — ETF DAO — 2024-11-11 – p.12/18
Ձ֨ ྔ ڙڅ धཁ धཁ धཁ — ETF DAO
— 2024-11-11 – p.13/18
DAO ( ) ( ) ← — ETF DAO —
2024-11-11 – p.14/18
ETF — ETF DAO — 2024-11-11 – p.15/18
DAO DAO a b DAO DAO DAO a b —
ETF DAO — 2024-11-11 – p.16/18
( ) ҉߸ࢿ࢈ &5' ࣮ମ୯ʹ &5' ҉߸ࢿ࢈औҾ ࢿຊ͕࣮ࡍʹۦಈྗΛ ࣋ͭͨΊͷԼࢧ͑ ΫϦϓτք۾
Ұൠެऺ 11 ٕज़ ࣗࢄʹΑΓಈ࡞͢ΔாγεςϜ ɾωΠςΟϒ҉߸ࢿ࢈ݐͯࢿຊʹΑΔۦಈͱޚ ߹ಉձࣾܕ %"0 ࣮ମ୯ʹ߹ಉձࣾ ථʹΑΔ %"0 ֊ ߏ ᴹ Լ ʹ ج ͮ ͍ ͯ ্ ͕ ͋ Δ ETF — ETF DAO — 2024-11-11 – p.17/18
( ) : ( ) . . . . .
. ( ) — ETF DAO — 2024-11-11 – p.18/18