国际清算银行-Mariana项目：使用自动化做市商跨境交换CBDC批发（英）-2023.9-37页_987kb

Project Mariana Summary: Cross-Border Wholesale CBDC Exchange Using Automated Market-Makers

Executive Summary

Project Mariana is a proof-of-concept exploring the use of automated market-makers (AMMs) for cross-border foreign exchange (FX) trading and settlement using wholesale central bank digital currencies (wCBDCs). It builds on decentralized finance (DeFi) concepts and demonstrates the technical feasibility of a global interbank FX market with wCBDCs. Key benefits include simplifying trades, automating execution, reducing settlement risk, and increasing transparency, though challenges such as security vulnerabilities, operational complexities, and policy implications must be addressed further.

Project Overview

Objectives

• Primary goal: Create a 24/7 interbank wCBDC ecosystem for spot FX transactions using AMMs.
• Secondary goal: Understand liquidity-provider roles and parameters affecting market liquidity.

Architecture

• Core components: Domestic wCBDC platforms, bridges for interoperability, and a transnational network hosting an AMM.
• Domestic platforms (e.g., Euro, Singapore Dollar, Swiss Franc) connect via bridges to the transnational network.
• Central banks manage access, issuance, and redemption, while commercial banks facilitate trades and liquidity provision.

Solution Design

wCBDC Design

• wCBDCs implemented as smart contracts using the ERC-20 standard for interoperability.
• Features include issuance, redemption, pause capabilities, upgradeability, and transaction monitoring.

Bridge Design

• Bridges enable secure, automated transfer of wCBDCs between domestic platforms and the transnational network.
• Use relayers for consensus and safeguards to prevent denial-of-service attacks and ensure resilience.

AMM Design

• AMM is a decentralized exchange protocol using a hybrid function market-maker (HFMM) for pricing and liquidity.
• Calibrated to replicate FX market dynamics, minimize slippage, and align with FX Global Code principles.
• Supports instant PvP settlement, reduces counterparty risk, and provides transparent pricing.

Findings and Results

• Successfully demonstrated technical feasibility of trading wCBDCs across borders.
• Findings: AMM facilitates efficient FX trading with reduced settlement risk; liquidity requirements necessitate pre-funded pools.
• Results were validated through use cases (FX transactions, liquidity provision) and testing, showing lower costs with larger pools but increased complexity.

Operational and Policy Considerations

wCBDC Aspects

• Benefits: Improved manageability via smart contracts, interoperability.
• Challenges: Ongoing operational risks, security vulnerabilities, and questions on remuneration and access policies.

Bridge Aspects

• Benefits: Automated transfers enhance efficiency.
• Challenges: Complexity in development, communication reliability, and potential for cyber threats.

AMM Aspects

• Benefits: Instant settlement, transparency, and reduced credit risk.
• Challenges: Pre-funding liquidity is costly; differences from deferred net settlement in traditional FX markets require adaptation.

Conclusion

Project Mariana has successfully shown that AMMs can simplify and stabilize cross-border FX trading with wCBDCs, supporting future digital payment ecosystems. It highlights the need for more research on security, commercial viability, privacy-preserving mechanisms, and policy integration. Collaboration among stakeholders is crucial for wider adoption.

References

• Core areas for future work include evaluating AMM profitability, addressing liquidity funding costs, and ensuring interoperability in a tokenized financial system.