{"id":6049,"date":"2025-12-07T17:43:16","date_gmt":"2025-12-07T09:43:16","guid":{"rendered":"https:\/\/www.onchainhtx.com\/?p=6049"},"modified":"2025-12-07T17:43:16","modified_gmt":"2025-12-07T09:43:16","slug":"arthur-hayes%ef%bc%9a34-%e5%85%86%e7%be%8e%e5%85%83%e6%b6%8c%e5%85%a5%e7%a8%b3%e5%ae%9a%e5%b8%81%ef%bc%8cdefi-%e5%b0%86%e8%bf%8e%e4%bb%b7%e5%80%bc%e5%a4%a7%e7%88%86%e5%8f%91","status":"publish","type":"post","link":"https:\/\/www.onchainhtx.com\/?p=6049","title":{"rendered":"Arthur Hayes\uff1a34 \u5146\u7f8e\u5143\u6d8c\u5165\u7a33\u5b9a\u5e01\uff0cDeFi \u5c06\u8fce\u4ef7\u503c\u5927\u7206\u53d1"},"content":{"rendered":"

Arthur Hayes \u5728\u6700\u65b0\u6587\u7ae0\u4e2d\u9884\u6d4b\uff0c\u5230 2028 \u5e74\uff0c\u591a\u8fbe 34 \u5146\u7f8e\u5143\u5c06\u6d8c\u5165\u7a33\u5b9a\u5e01\u5e02\u573a\uff0c\u5e76\u56e0\u6b64\u63a8\u52a8 DeFi \u5e94\u7528\u8fbe\u5230\u5168\u65b0\u9ad8\u5ea6\uff0c\u5c4a\u65f6 ENA\u200b\u200b\u3001ETHFI\u3001HYPE \u5c06\u4e0a\u6da8 51 \u500d\u300134 \u500d \u548c 126 \u500d\u3002\u9700\u8981\u6ce8\u610f\u7684\u662f\uff0cArthur Hayes \u66fe\u8868\u793a\u4ed6\u7684\u9884\u6d4b\u51c6\u786e\u7387\u53ea\u6709 25%\u3002
\n
<\/p>\n

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\"\"<\/p>\n

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\"\"<\/p>\n

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\"\"<\/p>\n

\u6211\u4e8e 2018 \u5e74\u9996\u6b21\u524d\u5f80\u963f\u6839\u5ef7\uff0c\u4e4b\u540e\u5b9a\u671f\u4f1a\u53bb\u3002\u8fd9\u662f ARSUSD \u4ece 2018 \u5e74 9 \u6708\u5f00\u59cb\u6307\u6570\u5316\u4e3a 100 \u7684\u56fe\u8868\u3002\u963f\u6839\u5ef7\u6bd4\u7d22\u5728\u4e03\u5e74\u5185\u5bf9\u7f8e\u5143\u8d2c\u503c\u4e86 97% \u3002\u76ee\u524d\uff0c\u5f53\u6211\u53bb\u90a3\u91cc\u6ed1\u96ea\u65f6\uff0c\u6211\u6240\u6709\u670d\u52a1\u4eba\u5458\u7684\u8d39\u7528\u90fd\u7528 USDT \u652f\u4ed8\u3002<\/p>\n

\u8d1d\u68ee\u7279\u53d1\u73b0\u4e86\u4e00\u4e2a\u65b0\u5de5\u5177\u53ef\u4ee5\u89e3\u51b3\u4ed6\u7684\u95ee\u9898\u3002\u5b83\u53eb\u505a\u7a33\u5b9a\u5e01\u3002\u4e0e\u7f8e\u5143\u6302\u94a9\u7684\u7a33\u5b9a\u5e01\u73b0\u5728\u5f97\u5230\u4e86\u7f8e\u56fd\u8d22\u653f\u90e8\u7684\u63a8\u52a8\u3002\u5e1d\u56fd\u5c06\u652f\u6301\u9009\u5b9a\u7684\u53d1\u884c\u5546\uff0c\u56e0\u4e3a\u4ed6\u4eec\u5438\u8d70\u4e86\u6b27\u6d32\u7f8e\u5143\u548c\u5168\u7403\u5357\u65b9\u7684\u96f6\u552e\u5b58\u6b3e\u3002\u4e3a\u4e86\u7406\u89e3\u539f\u56e0\uff0c\u6211\u5c06\u5feb\u901f\u4ecb\u7ecd\u300c\u53ef\u63a5\u53d7\u7684\u300d\u4e0e\u7f8e\u5143\u6302\u94a9\u7684\u7a33\u5b9a\u5e01\u7684\u7ed3\u6784\u3002\u7136\u540e\uff0c\u6211\u4f1a\u8c08\u8c08\u5bf9\u4f20\u7edf\u91d1\u878d\uff08TradFi\uff09\u94f6\u884c\u4f53\u7cfb\u7684\u5f71\u54cd\u3002\u6700\u540e\uff0c\u8fd9\u4e5f\u662f\u4f60\u4eec\u8fd9\u4e9b degenerate\uff08\u5815\u843d\u8005\uff0c\u5e01\u5708\u672f\u8bed\uff0c\u6307\u9ad8\u98ce\u9669\u6295\u8d44\u8005\uff09\u6765\u8fd9\u91cc\u7684\u76ee\u7684\uff0c\u6211\u5c06\u9610\u8ff0\u4e3a\u4ec0\u4e48 \u201c\u7f8e\u56fd\u6cbb\u4e0b\u548c\u5e73\u201d \u652f\u6301\u7684\u7f8e\u5143\u7a33\u5b9a\u5e01\u7684\u5168\u7403\u91c7\u7528\u5c06\u63a8\u52a8 DeFi \u5e94\u7528\uff0c\u7279\u522b\u662f Ethena \u3001 Ether.fi \u548c Hyperliquid \u7684\u957f\u671f\u4f7f\u7528\u589e\u957f\u3002<\/p>\n

\u5982\u4f60\u6240\u77e5\uff0cMaelstrom\uff08\u4f5c\u8005\u6240\u5728\u673a\u6784\uff09\u4e0d\u662f\u514d\u8d39\u5e72\u7684\u3002\u6211\u4eec\u6301\u6709\u5927\u91cf\u3001\u5927\u91cf\u3001\u5927\u91cf\u90e8\u4f4d\u3002<\/p>\n

\u5982\u679c\u4f60\u5bf9\u7a33\u5b9a\u5e01\u8fd8\u4e0d\u591f\u4e86\u89e3\uff0c\u6211\u4f1a\u9884\u544a\u4e00\u4e2a\u6211\u4eec\u6b63\u5728\u63d0\u4f9b\u54a8\u8be2\u7684\u65b0\u7a33\u5b9a\u5e01\u57fa\u7840\u8bbe\u65bd\u9879\u76ee\u2014\u2014Codex\u2014\u2014\u6211\u76f8\u4fe1\u5b83\u5c06\u6210\u4e3a\u4ece\u5373\u5c06\u8fdb\u884c\u7684\u4ee3\u5e01\u751f\u6210\u4e8b\u4ef6\uff08TGE\uff09\u76f4\u5230\u672c\u8f6e\u5468\u671f\u7ed3\u675f\u8868\u73b0\u6700\u597d\u7684\u4ee3\u5e01\u3002<\/p>\n

\u4ec0\u4e48\u662f\u53ef\u63a5\u53d7\u7684\u7a33\u5b9a\u5e01\uff1f<\/p>\n

\u4e0e\u7f8e\u5143\u6302\u94a9\u7684\u7a33\u5b9a\u5e01\u7c7b\u4f3c\u72ed\u4e49\u94f6\u884c\uff08narrow bank\uff09\u3002\u7a33\u5b9a\u5e01\u53d1\u884c\u5546\u63a5\u53d7\u7f8e\u5143\u5e76\u5c06\u8fd9\u4e9b\u7f8e\u5143\u6295\u8d44\u4e8e\u65e0\u98ce\u9669\u503a\u52a1\u5de5\u5177\u3002\u7f8e\u5143\u540d\u4e49\u4e0a\u552f\u4e00\u65e0\u98ce\u9669\u7684\u503a\u52a1\u5de5\u5177\u662f\u56fd\u503a\u3002\u5177\u4f53\u6765\u8bf4\uff0c\u56e0\u4e3a\u53d1\u884c\u5546\u5fc5\u987b\u80fd\u591f\u5728\u6301\u6709\u8005\u8d4e\u56de\u65f6\u6309\u9700\u63d0\u4f9b\u5b9e\u4f53\u7f8e\u5143\uff0c\u7a33\u5b9a\u5e01\u53d1\u884c\u5546\u5c06\u53ea\u6295\u8d44\u4e8e\u77ed\u671f\u56fd\u503a\uff08T-bills\uff09\u3002\u77ed\u671f\u56fd\u503a\u7684\u671f\u9650\u4e0d\u5230\u4e00\u5e74\u3002\u56e0\u4e3a\u5b83\u51e0\u4e4e\u6ca1\u6709\u6216\u6839\u672c\u6ca1\u6709\u671f\u9650\u98ce\u9669\uff08duration risk\uff09\uff0c\u5b83\u7684\u4ea4\u6613\u5c31\u50cf\u73b0\u91d1\u4e00\u6837\u3002<\/p>\n

\u8ba9\u6211\u4eec\u6765\u770b\u4e00\u4e0b\u6d41\u7a0b\u3002<\/p>\n

\u521b\u5efa\u4e00\u4e2a\u5355\u4f4d\u7684\u7a33\u5b9a\u5e01\uff0c\u6211\u4ee5 Tether USD\uff08\u4ee3\u53f7\uff1aUSDT\uff09\u4e3a\u4f8b\uff1a<\/p>\n

1. \u6388\u6743\u53c2\u4e0e\u8005\uff08AP\uff09\u5c06\u7f8e\u5143\u7535\u6c47\u81f3 Tether \u7684\u94f6\u884c\u5e10\u6237\u3002<\/p>\n

2 \u3001 Tether \u6bcf\u5b58\u5165 1 \u7f8e\u5143\u5c31\u521b\u5efa 1 \u4e2a USDT \u3002<\/p>\n

3. \u4e3a\u4e86\u8d5a\u53d6\u7f8e\u5143\u6536\u76ca\uff0cTether \u8d2d\u4e70\u56fd\u503a\u3002<\/p>\n

\u5982\u679c AP \u7535\u6c47 1,000,000 \u7f8e\u5143\uff0c\u4ed6\u4eec\u4f1a\u6536\u5230 1,000,000USDT \u3002<\/p>\n

Tether \u8d2d\u4e70\u4ef7\u503c 1,000,000 \u7f8e\u5143\u7684\u56fd\u503a\u3002<\/p>\n

USDT \u4e0d\u652f\u4ed8\u5229\u606f\u3002<\/p>\n

\u4f46\u662f<\/p>\n

\u56fd\u503a\u652f\u4ed8\u7684\u5229\u7387\u57fa\u672c\u4e0a\u662f\u8054\u90a6\u57fa\u91d1\u5229\u7387\uff08Fed Funds rate\uff09\uff0c\u76ee\u524d\u4e3a 4.25% \u81f3 4.50%<\/p>\n

Tether \u7684\u51c0\u5229\u5dee\uff08NIM\uff09\u4e3a 4.25% \u81f3 4.50% \u3002<\/p>\n

\u4e3a\u4e86\u5438\u6536\u5b58\u6b3e\uff0cTether \u6216\u5173\u8054\u91d1\u878d\u673a\u6784\uff08\u5982\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240\uff09\u5c06\u5728\u50a8\u6237\u8d28\u62bc\uff08stake\uff09\u5176 USDT \u65f6\u652f\u4ed8\u90e8\u5206\u51c0\u5229\u5dee\u3002\u8d28\u62bc\u53ea\u662f\u610f\u5473\u8457\u4f60\u5c06 USDT \u9501\u5b9a\u4e00\u6bb5\u65f6\u95f4\u3002<\/p>\n

\u8d4e\u56de\u4e00\u4e2a\u5355\u4f4d\u7684\u7a33\u5b9a\u5e01\uff1a<\/p>\n

1 \u3001 AP \u5c06 USDT \u9001\u5230 Tether \u7684\u52a0\u5bc6\u94b1\u5305<\/p>\n

2 \u3001 Tether \u51fa\u552e\u76f8\u5f53\u4e8e USDT \u7f8e\u5143\u91d1\u989d\u7684\u56fd\u503a\u3002<\/p>\n

3 \u3001 Tether \u6bcf 1 USDT \u5411 AP \u7684\u94f6\u884c\u5e10\u6237\u53d1\u9001 1 \u7f8e\u5143\u3002<\/p>\n

4 \u3001 Tether \u9500\u6bc1 USDT\uff0c\u5c06\u5176\u4ece\u6d41\u901a\u4e2d\u79fb\u9664\u3002<\/p>\n

Tether \u7684\u5546\u4e1a\u6a21\u5f0f\u975e\u5e38\u7b80\u5355\u3002\u63a5\u6536\u7f8e\u5143\uff0c\u53d1\u884c\u5728\u516c\u94fe\u4e0a\u8fd0\u884c\u7684\u6570\u4f4d\u4ee3\u5e01\uff0c\u5c06\u7f8e\u5143\u6295\u8d44\u4e8e\u56fd\u503a\uff0c\u5e76\u8d5a\u53d6\u51c0\u5229\u5dee\u3002\u8d1d\u68ee\u7279\u5c06\u786e\u4fdd\u5e1d\u56fd\u900f\u8fc7\u6cd5\u5f8b\u9ed8\u8bb8\u652f\u6301\u7684\u53d1\u884c\u5546\u53ea\u80fd\u5c06\u7f8e\u5143\u5b58\u653e\u5728\u7279\u8bb8\u7684\u7f8e\u56fd\u94f6\u884c\u548c\/ \u6216\u6301\u6709\u56fd\u503a\u3002\u4e0d\u51c6\u641e\u4e9b\u82b1\u4fcf\u7684\u4e1c\u897f\u3002<\/p>\n

\u5bf9\u6b27\u6d32\u7f8e\u5143\u7684\u5f71\u54cd<\/p>\n

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\u771f\u6b63\u7684\u95ee\u9898\u662f\uff0c\u9ad8\u8fbe 34 \u5146\u7f8e\u5143\u7684\u7a33\u5b9a\u5e01\u5b58\u6b3e\u7684\u589e\u52a0\u5c06\u5982\u4f55\u63a8\u52a8 DeFi \u7684\u4f7f\u7528\u8fbe\u5230\u65b0\u7684\u9ad8\u5ea6\uff1f\u5982\u679c\u6709\u4e00\u4e2a\u53ef\u4fe1\u7684\u8bba\u70b9\u8868\u660e DeFi \u7684\u4f7f\u7528\u5c06\u4f1a\u589e\u52a0\uff0c\u90a3\u4e48\u54ea\u4e9b\u5783\u573e\u5e01\uff08shitcoins\uff09\u4f1a\u66b4\u6da8\uff1f<\/p>\n

\u7a33\u5b9a\u5e01\u6d41\u5411 DeFi<\/p>\n

\u8bfb\u8005\u5fc5\u987b\u7406\u89e3\u7684\u7b2c\u4e00\u4e2a\u6982\u5ff5\u662f\u8d28\u62bc\u3002\u8ba9\u6211\u4eec\u60f3\u50cf\u4e00\u4e0b\uff0c\u90a3 34 \u5146\u7f8e\u5143\u4e2d\u7684\u4e00\u90e8\u5206\u73b0\u5728\u4ee5\u7a33\u5b9a\u5e01\u7684\u5f62\u5f0f\u5b58\u5728\u3002\u4e3a\u7b80\u5355\u8d77\u89c1\uff0c\u6211\u4eec\u5047\u8bbe Tether \u7684 USDT \u83b7\u5f97\u4e86\u6240\u6709\u7684\u6d41\u5165\u8d44\u91d1\u3002\u7531\u4e8e\u9762\u4e34\u6765\u81ea Circle \u7b49\u5176\u4ed6\u53d1\u884c\u5546\u548c\u5927\u578b TBTF \u94f6\u884c\u7684\u6fc0\u70c8\u7ade\u4e89\uff0cTether \u5fc5\u987b\u5c06\u90e8\u5206\u51c0\u5229\u5dee\u8f6c\u79fb\u7ed9\u6301\u6709\u8005\u3002\u5b83\u900f\u8fc7\u4e0e\u4e00\u4e9b\u4ea4\u6613\u6240\u5408\u4f5c\u6765\u5b9e\u73b0\u8fd9\u4e00\u70b9\uff0c\u5728\u8fd9\u4e9b\u4ea4\u6613\u6240\uff0c\u8d28\u62bc\u5728\u5173\u8054\u4ea4\u6613\u6240\u94b1\u5305\u4e2d\u7684 USDT \u4f1a\u4ee5\u65b0\u94f8\u9020\u7684 USDT \u5355\u4f4d\u7684\u5f62\u5f0f\u4ea7\u751f\u4e00\u4e9b\u5229\u606f\u3002<\/p>\n

\u8ba9\u6211\u4eec\u6765\u770b\u4e00\u4e2a\u7b80\u5355\u7684\u4f8b\u5b50\u3002<\/p>\n

\u6765\u81ea\u83f2\u5f8b\u5bbe\u7684\u8d39\u5c14\u5357\u591a\u6709 1000 USDT \u3002 PDAX\uff0c\u4e00\u5bb6\u4f4d\u4e8e\u83f2\u5f8b\u5bbe\u7684\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240\uff0c\u63d0\u4f9b 2% \u7684\u8d28\u62bc USDT \u6536\u76ca\u7387\u3002 PDAX \u5728\u4ee5\u592a\u574a\u4e0a\u521b\u9020\u4e86\u4e00\u4e2a\u8d28\u62bc\u667a\u80fd\u5408\u7ea6\u3002\u8d39\u5c14\u5357\u591a\u900f\u8fc7\u5c06\u4ed6\u7684 1000 USDT \u53d1\u9001\u5230\u667a\u80fd\u5408\u7ea6\u5730\u5740\u6765\u8fdb\u884c\u8d28\u62bc\uff0c\u7136\u540e\u53d1\u751f\u4e86\u51e0\u4ef6\u4e8b\uff1a\u00b7<\/p>\n

1. \u4ed6\u7684 1000 USDT \u53d8\u6210\u4e86 1000 psUSDT\uff08PDAX Staked USDT\uff1bPDAX \u7684\u8d1f\u503a\uff09\u3002\u6700\u521d\uff0c1 USDT = 1 psUSDT\uff0c\u4f46\u6bcf\u5929 psUSDT \u90fd\u4f1a\u56e0\u5e94\u8ba1\u5229\u606f\u800c\u53d8\u5f97\u6bd4 USDT \u66f4\u6709\u4ef7\u503c\u3002\u4f8b\u5982\uff0c\u4f7f\u7528 2% \u7684\u5e74\u5229\u7387\u548c ACT\/365 \u5355\u5229\u4f1a\u8ba1\u6cd5\uff0cpsUSDT \u6bcf\u5929\u589e\u76ca\u7ea6 0.00005 \u3002\u4e00\u5e74\u540e\uff0c1 psUSDT = 1.02 USDT \u3002 \u00b7<\/p>\n

2 \u3001\u8d39\u5c14\u5357\u591a\u6536\u5230 1000 psUSDT \u5230\u4ed6\u7684\u4ea4\u6613\u6240\u94b1\u5305\u3002<\/p>\n

\u4e00\u4e9b\u5f3a\u5927\u7684\u4e8b\u60c5\u521a\u521a\u53d1\u751f\u4e86\u3002\u8d39\u5c14\u5357\u591a\u5c06\u4ed6\u7684 USDT \u9501\u5b9a\u5728 PDAX\uff0c\u5e76\u6536\u5230\u4e86\u4e00\u4e2a\u751f\u606f\u8d44\u4ea7\u4f5c\u4e3a\u56de\u62a5\u3002 psUSDT \u73b0\u5728\u5728 DeFi \u751f\u6001\u7cfb\u7edf\u4e2d\u53ef\u4ee5\u4f5c\u4e3a\u62b5\u62bc\u54c1\u3002\u8fd9\u610f\u5473\u8457\u4ed6\u53ef\u4ee5\u7528\u5b83\u4ea4\u6613\u53e6\u4e00\u79cd\u52a0\u5bc6\u8d27\u5e01\uff1b\u4ed6\u53ef\u4ee5\u4ee5\u5176\u4f5c\u4e3a\u62b5\u62bc\u501f\u6b3e\uff1b\u4ed6\u53ef\u4ee5\u7528\u5b83\u4f5c\u4e3a\u6760\u6746\u5728 DEX \u4e0a\u4ea4\u6613\u884d\u751f\u6027\u5546\u54c1\uff0c\u7b49\u7b49\u3002<\/p>\n

\u5f53\u8d39\u5c14\u5357\u591a\u4e00\u5e74\u540e\u60f3\u5c06\u4ed6\u7684 psUSDT \u8d4e\u56de\u4e3a USDT \u65f6\u4f1a\u53d1\u751f\u4ec0\u4e48\uff1f<\/p>\n

1. \u8d39\u5c14\u5357\u591a\u524d\u5f80 PDAX \u5e73\u53f0\uff0c\u900f\u8fc7\u5c06 1000 psUSDT \u53d1\u9001\u5230\u4ed6\u7684\u4ea4\u6613\u6240\u94b1\u5305\u548c\/ \u6216\u5c06\u7b2c\u4e09\u65b9 DeFi \u94b1\u5305\uff08\u5982 Metamask\uff09\u8fde\u63a5\u5230 PDAX dApp \u6765\u89e3\u9664\u8d28\u62bc\uff08unstake\uff09\u3002<\/p>\n

2 \u3001 psUSDT \u88ab\u9500\u6bc1\uff0c\u4ed6\u6536\u5230 1020 USDT \u3002<\/p>\n

\u652f\u4ed8\u7ed9\u8d39\u5c14\u5357\u591a\u989d\u5916 20 USDT \u7684\u5229\u606f\u4ece\u4f55\u800c\u6765\uff1f\u8fd9\u6765\u81ea Tether \u4e0e PDAX \u7684\u5408\u4f5c\u3002 Tether \u6709\u6b63\u7684\u51c0\u5229\u5dee\uff0c\u8fd9\u53ea\u662f\u4ece\u5176\u56fd\u503a\u6295\u8d44\u7ec4\u5408\u4e2d\u8d5a\u53d6\u7684\u5229\u606f\u6536\u5165\u3002 Tether \u7136\u540e\u7528\u8fd9\u4e9b\u7f8e\u5143\u521b\u5efa\u989d\u5916\u7684 USDT\uff0c\u5e76\u5c06\u4e00\u90e8\u5206\u53d1\u9001\u7ed9 PDAX \u4ee5\u5c65\u884c\u5176\u5408\u7ea6\u4e49\u52a1\u3002<\/p>\n

USDT\uff08\u57fa\u7840\u8d27\u5e01\uff09\u548c psUSDT\uff08\u751f\u606f\u8d27\u5e01\uff09\u90fd\u5728\u6574\u4e2a DeFi \u751f\u6001\u7cfb\u7edf\u4e2d\u6210\u4e3a\u53ef\u63a5\u53d7\u7684\u62b5\u62bc\u54c1\u3002\u56e0\u6b64\uff0c\u603b\u7a33\u5b9a\u5e01\u6d41\u91cf\u7684\u4e00\u5b9a\u767e\u5206\u6bd4\u5c06\u4e0e DeFi dApp \u4e92\u52a8\u3002\u603b\u9501\u5b9a\u4ef7\u503c TVL \u8861\u91cf\u8fd9\u79cd\u4ea4\u4e92\u4f5c\u7528\u3002\u6bcf\u5f53\u7528\u6237\u4e0e DeFi dApp \u4e92\u52a8\u65f6\uff0c\u4ed6\u4eec\u5fc5\u987b\u9501\u5b9a\u5176\u8d44\u672c\u4e00\u6bb5\u65f6\u95f4\uff0c\u8fd9\u7531 TVL \u8868\u793a\u3002 TVL \u5904\u4e8e\u4ea4\u6613\u91cf\u6216\u5176\u4ed6\u521b\u6536\u884c\u4e3a\u7684\u6f0f\u6597\u9876\u7aef\u3002\u56e0\u6b64\uff0cTVL \u662f DeFi dApp \u672a\u6765\u73b0\u91d1\u6d41\u7684\u9886\u5148\u6307\u6807\u3002<\/p>\n

\u5728\u6211\u4eec\u7814\u7a76 TVL \u5982\u4f55\u5f71\u54cd\u51e0\u4e2a\u9879\u76ee\u672a\u6765\u6536\u76ca\u4e4b\u524d\uff0c\u6211\u60f3\u89e3\u91ca\u4e00\u4e0b\u5373\u5c06\u4f7f\u7528\u7684\u8d22\u52a1\u6a21\u578b\u4e2d\u7684\u4e3b\u8981\u5047\u8bbe\u3002<\/p>\n

\u6211\u5f88\u5feb\u5c31\u4f1a\u63d0\u51fa\u4e09\u4e2a\u7b80\u5355\u800c\u5f3a\u5927\u7684\u8d22\u52a1\u6a21\u578b\uff0c\u7528\u4e8e\u4f30\u7b97 Ethena\uff08\u4ee3\u5e01\uff1aENA\uff09\u3001 Ether.fi\uff08\u4ee3\u5e01\uff1aETHFI\uff09\u548c Hyperliquid\uff08\u4ee3\u5e01\uff1aHYPE\uff09\u5230 2028 \u5e74\u5e95\u7684\u76ee\u6807\u4ef7\u3002\u6211\u9884\u6d4b\u5230 2028 \u5e74\u5e95\uff0c\u56e0\u4e3a\u90a3\u662f\u5ddd\u666e\u79bb\u4efb\u7684\u65f6\u5019\u3002\u6211\u7684\u57fa\u672c\u5047\u8bbe\u662f\uff0c\u84dd\u961f\uff08Team Blue\uff0c\u6307\u6c11\u4e3b\u515a\uff09\u8d62\u5f97\u603b\u7edf\u804c\u4f4d\u7684\u53ef\u80fd\u6027\u7565\u5927\u4e8e\u7ea2\u961f\uff08Team Red\uff0c\u6307\u5171\u548c\u515a\uff09\u3002\u90a3\u662f\u56e0\u4e3a\u5ddd\u666e\u4e0d\u53ef\u80fd\u5728\u56db\u5e74\u5185\u6210\u529f\u5730\u7ea0\u6b63\u56e0\u534a\u4e2a\u4e16\u7eaa\u7684\u8d27\u5e01\u3001\u7ecf\u6d4e\u548c\u5916\u4ea4\u653f\u7b56\u7d2f\u79ef\u800c\u5bf9\u5176\u57fa\u7840\u9009\u6c11\u9020\u6210\u7684\u4e0d\u516c\u3002\u86cb\u7cd5\u4e0a\u7684\u8001\u9f20\u836f\uff08rat poison on the cake\uff09\u662f\u6ca1\u6709\u4efb\u4f55\u653f\u6cbb\u5bb6\u4f1a\u5151\u73b0\u4ed6\u4eec\u6240\u6709\u7684\u7ade\u9009\u627f\u8bfa\u3002\u56e0\u6b64\uff0c\u7ea2\u961f\u5171\u548c\u515a\u4e00\u822c\u9009\u6c11\u7684\u6295\u7968\u7387\u5c06\u4f1a\u4e0b\u964d\u3002<\/p>\n

\u7ea2\u961f\u7684\u666e\u901a\u6210\u5458\u5c06\u5bf9\u4efb\u4f55\u5ddd\u666e\u7684\u7ee7\u4efb\u8005\u7ade\u9009\u603b\u7edf\u6f20\u4e0d\u5173\u5fc3\uff0c\u5e76\u4e14\u4e0d\u4f1a\u6709\u8db3\u591f\u591a\u7684\u4eba\u6570\u51fa\u6765\u6295\u7968\uff0c\u4ee5\u8d85\u8fc7\u90a3\u4e9b\u60a3\u6709\u5ddd\u666e\u7cbe\u795e\u9519\u4e71\u7efc\u5408\u5f81\uff08TDS\uff09\u7684\u65e0\u5b69\u732b\u5973\uff08childless cat ladies\uff09\u3002 TDS \u5c06\u56f0\u6270\u4efb\u4f55\u767b\u4e0a\u738b\u4f4d\u7684\u84dd\u961f\u6c11\u4e3b\u515a\u6210\u5458\uff0c\u5bfc\u81f4\u4ed6\u4eec\u91c7\u53d6\u5272\u9f3b\u5b50\u5410\u8138\uff08cut off their nose to spite their face\uff09\u7684\u8d27\u5e01\u653f\u7b56\uff0c\u53ea\u4e3a\u4e86\u8bc1\u660e\u4ed6\u4eec\u4e0e\u5ddd\u666e\u4e0d\u540c\u3002\u4f46\u6700\u7ec8\uff0c\u6ca1\u6709\u653f\u6cbb\u4eba\u7269\u80fd\u62b5\u6297\u5370\u949e\u7684\u8bf1\u60d1\uff0c\u800c\u4e0e\u7f8e\u5143\u6302\u94a9\u7684\u7a33\u5b9a\u5e01\u662f\u77ed\u671f\u56fd\u503a\u7684\u6700\u4f73\u4ef7\u683c\u4e0d\u654f\u611f\u4e70\u5bb6\u4e4b\u4e00\u3002\u56e0\u6b64\uff0c\u4ed6\u4eec\u6700\u521d\u53ef\u80fd\u4e0d\u4f1a\u5168\u5fc3\u5168\u610f\u5730\u652f\u6301\u7a33\u5b9a\u5e01\uff0c\u4f46\u65b0\u7687\u5e1d\u4f1a\u53d1\u73b0\u6ca1\u6709\u8fd9\u4e9b\u8d44\u672c\u4ed6\u4eec\u5176\u5b9e\u662f\u8d64\u88f8\u7684\uff0c\u5e76\u6700\u7ec8\u7ee7\u7eed\u6211\u5148\u524d\u8c08\u5230\u7684\u653f\u7b56\u3002\u8fd9\u79cd\u653f\u7b56\u6447\u6446\u5c06\u6233\u7834\u52a0\u5bc6\u6ce1\u6cab\uff0c\u5e76\u5bfc\u81f4\u53f2\u8bd7\u7ea7\u7684\u718a\u5e02\u3002<\/p>\n

\u6700\u540e\uff0c\u6211\u7684\u6a21\u578b\u4e2d\u63d0\u5230\u7684\u6570\u5b57\u662f\u5de8\u5927\u7684\u3002\u8fd9\u662f\u5168\u7403\u8d27\u5e01\u67b6\u6784\u767e\u5e74\u4e00\u9047\u7684\u53d8\u5316\u3002\u6211\u4eec\u4e2d\u7684\u5927\u591a\u6570\u4eba\uff0c\u9664\u975e\u5728\u4f59\u751f\u4e2d\u9759\u8109\u6ce8\u5c04\u5e72\u7ec6\u80de\u2026\u2026\u4e5f\u8bb8\uff0c\u5728\u6211\u4eec\u7684\u6295\u8d44\u751f\u6daf\u4e2d\u518d\u4e5f\u4e0d\u4f1a\u89c1\u8bc1\u8fd9\u6837\u7684\u4e8b\u4ef6\u4e86\u3002\u6211\u9884\u6d4b\u7684\u4e0a\u884c\u6f5c\u529b\u5c06\u6bd4 SBF\uff08Sam Bankman-Fried\uff09\u7684\u5b89\u975e\u4ed6\u547d\u4e60\u60ef\u8fd8\u8981\u5927\u3002\u4f60\u5c06\u518d\u4e5f\u770b\u4e0d\u5230\u4ece\u4e0e\u7f8e\u5143\u6302\u94a9\u7684\u7a33\u5b9a\u5e01\u6fc0\u589e\u4e2d\u83b7\u5229\u7684 DeFi \u652f\u67f1\u51fa\u73b0\u8fd9\u6837\u7684\u725b\u5e02\u3002<\/p>\n

\u56e0\u4e3a\u6211\u559c\u6b22\u7528\u4ee5\u96f6\u7ed3\u5c3e\u7684\u5341\u8fdb\u5236\u7684\u6570\u5b57\u6765\u9884\u6d4b\uff0c\u6211\u4f30\u8ba1\u5230 2028 \u5e74\uff0c\u6d41\u901a\u4e2d\u7684\u7f8e\u5143\u7a33\u5b9a\u5e01\u603b\u91cf\u5c06\u81f3\u5c11\u8fbe\u5230 10 \u5146\u7f8e\u5143\u3002\u8fd9\u4e2a\u6570\u5b57\u5f88\u5927\uff0c\u56e0\u4e3a\u8d1d\u68ee\u7279\u5fc5\u987b\u878d\u8d44\u7684\u8d64\u5b57\u662f\u5de8\u5927\u7684\u5e76\u4e14\u5448\u6307\u6570\u7ea7\u589e\u957f\u3002\u8d1d\u68ee\u7279\u8d8a\u591a\u4f7f\u7528\u56fd\u503a\u4e3a\u653f\u5e9c\u878d\u8d44\uff0c\u503a\u52a1\u5806\u589e\u957f\u5f97\u8d8a\u5feb\uff0c\u56e0\u4e3a\u4ed6\u5fc5\u987b\u6bcf\u5e74\u5c55\u671f\u503a\u52a1\u3002<\/p>\n

\u4e0b\u4e00\u4e2a\u5173\u952e\u5047\u8bbe\u662f\u8d1d\u68ee\u7279\u548c 2026 \u5e74 5 \u6708\u540e\u65b0\u4efb\u7684\u8054\u51c6\u4f1a\u4e3b\u5e2d\u6240\u9009\u62e9\u7684\u8054\u90a6\u57fa\u91d1\u5229\u7387\u6c34\u51c6\u3002\u8d1d\u68ee\u7279\u516c\u5f00\u8868\u793a\u8054\u90a6\u57fa\u91d1\u5229\u7387\u9ad8\u4e86 1.50%\uff0c\u800c\u5ddd\u666e\u901a\u5e38\u8981\u6c42\u964d\u606f 2.00% \u3002\u8003\u8651\u5230\u65e0\u8bba\u4e0a\u6da8\u6216\u4e0b\u8dcc\uff0c\u5f80\u5f80\u603b\u662f\u8fc7\u5ea6\u8c03\u6574\uff0c\u6211\u8ba4\u4e3a\u8054\u90a6\u57fa\u91d1\u5229\u7387\u5f88\u5feb\u5c31\u4f1a\u964d\u81f3 2.00% \u5de6\u53f3\u3002\u8fd9\u4e2a\u6570\u5b57\u5e76\u6ca1\u6709\u771f\u6b63\u7684\u4e25\u8c28\u6027\uff0c\u5c31\u50cf\u6240\u6709\u5efa\u5236\u6d3e\u7ecf\u6d4e\u5b66\u5bb6\u4e5f\u6beb\u65e0\u5934\u7eea\u4e00\u6837\u3002\u6211\u4eec\u90fd\u662f\u5728\u5373\u5174\u7f16\u9020\uff0c\u6240\u4ee5\u6211\u7684\u6570\u5b57\u548c\u4ed6\u4eec\u7684\u4e00\u6837\u597d\u3002\u4e00\u4e2a\u7834\u4ea7\u5e1d\u56fd\u7684\u653f\u6cbb\u548c\u7ecf\u6d4e\u73b0\u5b9e\u9700\u8981\u66f4\u4fbf\u5b9c\u7684\u8d44\u91d1\uff0c\u800c 2% \u7684\u8054\u90a6\u57fa\u91d1\u5229\u7387\u6b63\u597d\u63d0\u4f9b\u4e86\u8fd9\u4e00\u70b9\u3002<\/p>\n

\u6700\u540e\uff0c\u6211\u8ba4\u4e3a 10 \u5e74\u671f\u516c\u503a\u6b96\u5229\u7387\u4f1a\u843d\u5728\u54ea\u91cc\uff1f\u8d1d\u68ee\u7279\u7684\u76ee\u6807\u662f\u521b\u9020 3% \u7684\u5b9e\u9645\u6210\u957f\u3002\u52a0\u4e0a 2% \u7684\u8054\u90a6\u57fa\u91d1\u5229\u7387\uff08\u7406\u8bba\u4e0a\u4ee3\u8868\u957f\u671f\u901a\u81a8\uff09\uff0c\u6211\u4eec\u5f97\u5230 10 \u5e74\u671f\u6536\u76ca\u7387\u4e3a 5% \u3002\u6211\u5c06\u7528\u5b83\u6765\u8ba1\u7b97\u7ec8\u7aef\u6536\u76ca\u7684\u73b0\u503c\u3002<\/p>\n

\u4f7f\u7528\u8fd9\u4e9b\u5047\u8bbe\uff0c\u6211\u4eec\u5f97\u5230\u7d2f\u79ef\u73b0\u91d1\u6d41\u7684\u7ec8\u503c\uff08terminal value\uff09\u3002\u56e0\u4e3a\u8fd9\u4e9b\u73b0\u91d1\u6d41\u53ef\u4f5c\u4e3a\u56de\u8d2d\uff08buybacks\uff09\u63d0\u4f9b\u7ed9\u4ee3\u5e01\u6301\u6709\u8005\uff0c\u6211\u4eec\u53ef\u4ee5\u5c06\u5176\u7528\u4f5c\u7279\u5b9a\u9879\u76ee\u7684\u57fa\u672c\u4ef7\u503c\uff08fundamental value\uff09\u3002\u8fd9\u5c31\u662f\u6211\u8bc4\u4f30\u548c\u9884\u6d4b\u5b8c\u5168\u7a00\u91ca\u4f30\u503c\uff08FDV\uff09\u7684\u65b9\u5f0f\u3002\u7136\u540e\u6211\u5c06\u6211\u6a21\u578b\u672a\u6765\u7684\u8f93\u51fa\u4e0e\u5f53\u524d\u4ef7\u503c\u8fdb\u884c\u6bd4\u8f83\uff0c\u7136\u540e\uff0c\u556a\u55d2\uff0c\u4e0a\u884c\u6f5c\u529b\u5c31\u53d8\u5f97\u6e05\u6670\u4e86\u3002<\/p>\n

\u6240\u6709\u6a21\u578b\u8f93\u5165\u5747\u4e3a\u84dd\u8272\uff0c\u6240\u6709\u8f93\u51fa\u5747\u4e3a\u9ed1\u8272\u3002<\/p>\n

\u7a33\u5b9a\u5e01\u6d88\u8d39<\/p>\n

\u65b0\u7a33\u5b9a\u5e01\u7528\u6237\u6700\u91cd\u8981\u7684\u884c\u4e3a\u662f\u7528\u4e8e\u5546\u54c1\u548c\u670d\u52a1\u7684\u6d88\u8d39\u3002\u5230\u76ee\u524d\u4e3a\u6b62\uff0c\u6bcf\u4e2a\u4eba\u90fd\u4e60\u60ef\u4e86\u5728\u67d0\u79cd POS \u7cfb\u7edf\u4e0a\u70b9\u51fb\u624b\u673a\u6216\u91d1\u878d\u5361\/ \u4fe1\u7528\u5361\u6765\u652f\u4ed8\u4e1c\u897f\u3002\u4f7f\u7528\u7a33\u5b9a\u5e01\u5fc5\u987b\u540c\u6837\u7b80\u5355\u3002\u6709\u6ca1\u6709\u4e00\u4e2a\u4e13\u6848\u5141\u8bb8\u7528\u6237\u5c06\u7a33\u5b9a\u5e01\u5b58\u5165 dApp\uff0c\u5e76\u50cf\u4f7f\u7528 Visa \u91d1\u878d\u5361\/ \u4fe1\u7528\u5361\u4e00\u6837\u6d88\u8d39\uff1f\u5f53\u7136\u6709\uff0c\u5b83\u53eb\u505a Ether.fi Cash \u3002<\/p>\n

\u4e16\u754c\u5404\u5730\u7684\u7528\u6237\u53ef\u4ee5\u5728\u51e0\u5206\u949f\u5185\u6ce8\u518c\uff0c\u5b8c\u6210\u6ce8\u518c\u6d41\u7a0b\u540e\uff0c\u5c31\u62e5\u6709\u4e86\u4ed6\u4eec\u81ea\u5df1\u7684 Visa \u652f\u63f4\u7684\u7a33\u5b9a\u5e01\u6d88\u8d39\u5361\u3002\u4f60\u53ef\u4ee5\u5728\u624b\u673a\u4e0a\u4f7f\u7528\uff0c\u548c\/ \u6216\u900f\u8fc7\u5b9e\u4f53\u5361\u4f7f\u7528\u3002\u5c06\u7a33\u5b9a\u5e01\u5b58\u5165\u4f60\u7684 Ether.fi \u94b1\u5305\u540e\uff0c\u4f60\u53ef\u4ee5\u5728\u4efb\u4f55\u63a5\u53d7 Visa \u7684\u5730\u65b9\u6d88\u8d39\u3002 Ether.fi \u751a\u81f3\u53ef\u4ee5\u6839\u636e\u4f60\u7684\u7a33\u5b9a\u5e01\u4f59\u989d\u6269\u5c55\u4fe1\u7528\uff0c\u4ee5\u6da1\u8f6e\u589e\u538b\u4f60\u7684\u6d88\u8d39\u3002<\/p>\n

\u6211\u662f Ether.fi \u4e13\u6848\u7684\u987e\u95ee\u548c\u6295\u8d44\u8005\uff0c\u6240\u4ee5\u6211\u663e\u7136\u6709\u504f\u89c1\uff0c\u4f46\u6211\u7b49\u5f85\u4e00\u4e2a\u4f4e\u8d39\u7528\u7684\u79bb\u7ebf\u6d88\u8d39\u52a0\u5bc6\u89e3\u51b3\u65b9\u6848\u5df2\u7ecf\u8d85\u8fc7\u5341\u5e74\u4e86\u3002\u65e0\u8bba\u6211\u4f7f\u7528\u7f8e\u56fd\u8fd0\u901a\u5361\u8fd8\u662f Ether.fi \u73b0\u91d1\u5361\uff0c\u5ba2\u6237\u4f53\u9a8c\u90fd\u662f\u4e00\u6837\u7684\u3002\u8fd9\u5f88\u91cd\u8981\uff0c\u56e0\u4e3a\u7b2c\u4e00\u6b21\uff0c\u5168\u7403\u5357\u65b9\u7684\u8bb8\u591a\u4eba\u5c06\u4f7f\u7528\u7531\u7a33\u5b9a\u5e01\u548c Ether.fi \u652f\u63f4\u7684\u652f\u4ed8\u65b9\u5f0f\u5728\u4e16\u754c\u4efb\u4f55\u5730\u65b9\u4e3a\u5546\u54c1\u548c\u670d\u52a1\u4ed8\u6b3e\u3002<\/p>\n

\u771f\u6b63\u7684\u5229\u6da6\u5728\u4e8e\u6210\u4e3a\u4e00\u4e2a\u91d1\u878d\u8d85\u5e02\uff0c\u63d0\u4f9b\u94f6\u884c\u63d0\u4f9b\u7684\u8bb8\u591a\u4f20\u7edf\u4ea7\u54c1\u3002\u7136\u540e\uff0cEther.fi \u53ef\u4ee5\u5411\u50a8\u6237\u63d0\u4f9b\u989d\u5916\u7684\u4ea7\u54c1\u3002\u6211\u4e3a\u4e86\u8ba1\u7b97\u672a\u6765\u73b0\u91d1\u6d41\u91cf\u800c\u9884\u6d4b\u7684\u5173\u952e\u6bd4\u7387\u662f\u8d39\u7528\/ \u91d1\u5e93\u6bd4\u7387\uff08Fee \/ Vault Ratio\uff09\u3002\u6bcf\u5b58\u5165\u4e00\u7f8e\u5143\u7a33\u5b9a\u5e01\uff0cEther.fi \u80fd\u8d5a\u591a\u5c11\u6536\u5165\uff1f\u4e3a\u4e86\u5f97\u51fa\u4e00\u4e2a\u53ef\u4fe1\u7684\u6570\u5b57\uff0c\u6211\u67e5\u9605\u4e86\u4e16\u754c\u4e0a\u8fd0\u4f5c\u6700\u597d\u7684\u5546\u4e1a\u94f6\u884c\u6469\u6839\u5927\u901a\u7684\u6700\u65b0\u5e74\u5ea6\u6587\u4ef6\u3002\u5728 1.0604 \u5146\u7f8e\u5143\u7684\u5b58\u6b3e\u57fa\u7840\u4e0a\uff0c\u4ed6\u4eec\u8d5a\u53d6\u4e86 188 \u4ebf\u7f8e\u5143\u7684\u6536\u5165\uff0c\u5373\u8d39\u7528\/ \u4ef7\u503c\u6bd4\u7387\uff08Fee \/ Value Ratio\uff09\u4e3a 1.78% \u3002<\/p>\n

\"\"<\/p>\n

Ether.fi Cash \u91d1\u5e93\u767e\u5206\u6bd4\uff08Ether.fi Cash Vault %\uff09\uff1a \u8fd9\u4ee3\u8868\u5b58\u5165\u73b0\u91d1\u91d1\u5e93\u7684\u7a33\u5b9a\u5e01\u4f9b\u5e94\u91cf\u7684\u767e\u5206\u6bd4\u3002\u76ee\u524d\uff0c\u5728\u4ec5\u5b58\u5728\u56db\u4e2a\u6708\u540e\uff0c\u8be5\u767e\u5206\u6bd4\u4e3a 0.07% \u3002\u9274\u4e8e\u8be5\u4ea7\u54c1\u521a\u63a8\u51fa\uff0c\u6211\u76f8\u4fe1\u5230 2028 \u5e74\u6709\u53ef\u80fd\u5c06\u8be5\u767e\u5206\u6bd4\u589e\u957f\u5230 1.00% \u3002<\/p>\n

\u6211\u76f8\u4fe1 ETHFI \u53ef\u4ee5\u4ece\u76ee\u524d\u6c34\u51c6\u4e0a\u6da8 34 \u500d\u3002<\/p>\n

\u65e2\u7136\u5e73\u6c11\u4eec\u53ef\u4ee5\u82b1\u4ed6\u4eec\u7684\u7f8e\u5143\u4e86\uff0c\u6709\u6ca1\u6709\u529e\u6cd5\u83b7\u5f97\u6bd4\u8054\u90a6\u57fa\u91d1\u5229\u7387\u66f4\u9ad8\u7684\u6536\u76ca\u5462\uff1f<\/p>\n

\u7a33\u5b9a\u5e01\u501f\u8d37<\/p>\n

\u5728\u6570\u767e\u4e07\u4eba\u53ef\u4ee5\u51fa\u53bb\u6d88\u8d39\u7a33\u5b9a\u5e01\u8d2d\u4e70\u5496\u5561\u4e4b\u540e\uff0c\u4ed6\u4eec\u4f1a\u60f3\u8981\u8d5a\u53d6\u5229\u606f\u3002\u6211\u5df2\u7ecf\u8c08\u8fc7\u6211\u8ba4\u4e3a\u50cf Tether \u8fd9\u6837\u7684\u53d1\u884c\u5546\u5c06\u4f1a\u628a\u90e8\u5206\u51c0\u5229\u5dee\u652f\u4ed8\u7ed9\u6301\u6709\u8005\u3002\u4f46\u8fd9\u4e0d\u4f1a\u662f\u4e00\u4e2a\u5de8\u5927\u7684\u6570\u5b57\uff1b\u8bb8\u591a\u50a8\u84c4\u8005\u5c06\u4f1a\u5728\u4e0d\u8fc7\u5ea6\u627f\u62c5\u989d\u5916\u98ce\u9669\u7684\u60c5\u51b5\u4e0b\u5bfb\u627e\u66f4\u9ad8\u7684\u6536\u76ca\u7387\u3002\u52a0\u5bc6\u8d44\u672c\u5e02\u573a\u5185\u90e8\u662f\u5426\u6709\u65b0\u7684\u7a33\u5b9a\u5e01\u7528\u6237\u53ef\u4ee5\u6355\u6349\u7684\u5185\u751f\u6b96\u5229\u7387\uff08endogenous yield\uff09\uff1f\u5f53\u7136\u6709\uff0cEthena \u63d0\u4f9b\u4e86\u66f4\u9ad8\u6536\u76ca\u7684\u673a\u4f1a\u3002<\/p>\n

\u5728\u52a0\u5bc6\u8d44\u672c\u5e02\u573a\u5185\u5b89\u5168\u5730\u501f\u51fa\u8d44\u91d1\u53ea\u6709\u4e24\u79cd\u65b9\u5f0f\u3002\u900f\u8fc7\u884d\u751f\u6027\u5546\u54c1\u501f\u7ed9\u6295\u673a\u8005\uff0c\u6216\u501f\u7ed9\u52a0\u5bc6\u77ff\u5de5\u3002 Ethena \u4e13\u6ce8\u4e8e\u900f\u8fc7\u505a\u7a7a\u52a0\u5bc6\u8d27\u5e01\/ \u7f8e\u5143\u671f\u8d27\u548c\u6c38\u7eed\u5408\u7ea6\u6765\u5411\u505a\u591a\u52a0\u5bc6\u8d44\u672c\u7684\u6295\u673a\u8005\u51fa\u501f\u8d44\u91d1\u3002\u8fd9\u662f\u4e00\u79cd\u7b56\u7565\uff0c\u5f53\u6211\u5f53\u5e74\u5728 BitMEX \u63a8\u5e7f\u5b83\u65f6\uff0c\u6211\u79f0\u4e4b\u4e3a\u300c\u73b0\u8d37\u6301\u5229\u300d\uff08cash and carry\uff09\u3002\u6211\u968f\u540e\u5199\u4e86\u4e00\u7bc7\u9898\u4e3a \u201cDust on Crust\u201d \u7684\u6587\u7ae0\uff0c\u5728\u5176\u4e2d\u6211\u6073\u8bf7\u4e00\u4f4d\u52c7\u6562\u7684\u4f01\u4e1a\u5bb6\u5c06\u8fd9\u4e2a\u4ea4\u6613\u6253\u5305\uff0c\u5e76\u5c06\u5176\u4f5c\u4e3a\u4e00\u79cd\u5408\u6210\u7f8e\u5143\u3001\u9ad8\u6536\u76ca\u7684\u7a33\u5b9a\u5e01\u63d0\u4f9b\u3002 Ethena \u521b\u529e\u4eba Guy Young\uff09\u8bfb\u4e86\u90a3\u7bc7\u6587\u7ae0\uff0c\u968f\u540e\u7ec4\u5efa\u4e86\u4e00\u4e2a\u5168\u660e\u661f\u56e2\u961f\u6765\u5b8c\u6210\u8fd9\u9879\u8270\u5de8\u7684\u5de5\u4f5c\u5e76\u5c06\u5176\u53d8\u4e3a\u73b0\u5b9e\u3002\u5f53\u6211\u4eec\u542c\u5230\u76d6\u4f0a\u6b63\u5728\u5efa\u9020\u4ec0\u4e48\u65f6\uff0cMaelstrom \u4f5c\u4e3a\u521b\u59cb\u987e\u95ee\u52a0\u5165\u4e86\u3002 Ethena \u7684 USDe \u7a33\u5b9a\u5e01\u6210\u4e3a\u6709\u53f2\u4ee5\u6765\u6210\u957f\u6700\u5feb\u7684\u7a33\u5b9a\u5e01\uff0c\u5728\u4e0d\u5230 18 \u4e2a\u6708\u7684\u65f6\u95f4\u5185\u7d2f\u79ef\u4e86\u7ea6 135 \u4ebf\u7f8e\u5143\u7684\u5b58\u6b3e\u3002\u4ee5\u6d41\u901a\u4f9b\u5e94\u91cf\u8ba1\u7b97\uff0cUSDe \u73b0\u5728\u662f\u7b2c\u4e09\u5927\u7a33\u5b9a\u5e01\uff0c\u4ec5\u6b21\u4e8e Circle \u7684 USDC \u548c Tether \u7684 USDT \u3002 Ethena \u7684\u6210\u957f\u5982\u6b64\u5f3a\u52b2\uff0c\u4ee5\u81f3\u4e8e\u5230\u660e\u5e74\u5723\u6d3e\u7fe0\u514b\u8282\uff08St. Patty\u2018s Day\uff09\uff0cCircle \u6267\u884c\u957f\u6770\u91cc\u7c73\u00b7\u963f\u83b1\u5c14\uff08Jeremy Allaire\uff09\u5c06\u4f1a\u7528\u4e00\u54c1\u8131\u5065\u529b\u58eb\uff08Guinness\uff09\u5564\u9152\u6df9\u6ca1\u4ed6\u7684\u60b2\u4f24\uff0c\u56e0\u4e3a Ethena \u5c06\u6210\u4e3a\u4ec5\u6b21\u4e8e Tether \u7684\u7b2c\u4e8c\u5927\u7a33\u5b9a\u5e01\u53d1\u884c\u5546\u3002<\/p>\n

\u7531\u4e8e\u4ea4\u6613\u6240\u4ea4\u6613\u5bf9\u624b\u98ce\u9669\uff0c\u6295\u673a\u8005\u85c9\u5165\u7f8e\u5143\u505a\u591a\u52a0\u5bc6\u652f\u4ed8\u7684\u5229\u7387\u901a\u5e38\u9ad8\u4e8e\u56fd\u503a\u5229\u7387\u3002\u6211\u5728 2016 \u5e74\u4e0e BitMEX \u56e2\u961f\u521b\u5efa\u6c38\u7eed\u5408\u7ea6\u65f6\u8bbe\u5b9a\u4e86 10% \u7684\u4e2d\u6027\u5229\u7387\uff08neutral rate\uff09\u3002\u8fd9\u610f\u5473\u8457\u5982\u679c\u6c38\u7eed\u5408\u7ea6\u4ef7\u683c\u4e0e\u73b0\u8d27\u4ef7\u683c\u76f8\u7b49\uff0c\u591a\u5934\u5c06\u5411\u7a7a\u5934\u652f\u4ed8 10% \u7684\u5e74\u5316\u6536\u76ca\u7387\uff08APY\uff09\u3002\u9274\u4e8e\u6bcf\u4e2a\u6c38\u7eed\u5408\u7ea6\u4ea4\u6613\u6240\u90fd\u9010\u5b57\u590d\u5236\u4e86 BitMEX \u7684\u8bbe\u8ba1\uff0c\u5b83\u4eec\u90fd\u5177\u6709 10% \u7684\u4e2d\u6027\u5229\u7387\u3002\u8fd9\u4e00\u70b9\u5f88\u91cd\u8981\u7684\u539f\u56e0\u662f\uff0c10% \u8fdc\u9ad8\u4e8e\u76ee\u524d\u8054\u90a6\u57fa\u91d1\u5229\u7387\u7684\u4e0a\u9650 4.50% \u3002\u56e0\u6b64\uff0c\u8d28\u62bc\u7684 USDe \u6536\u76ca\u7387\u51e0\u4e4e\u5e94\u59cb\u7ec8\u9ad8\u4e8e\u8054\u90a6\u57fa\u91d1\u5229\u7387\u3002\u8fd9\u4e3a\u5e0c\u671b\u627f\u62c5\u4e00\u70b9\u989d\u5916\u98ce\u9669\u7684\u65b0\u7a33\u5b9a\u5e01\u50a8\u84c4\u8005\u63d0\u4f9b\u4e86\u673a\u4f1a\uff0c\u5e73\u5747\u8d5a\u53d6\u8d1d\u68ee\u7279\u6240\u63d0\u4f9b\u6536\u76ca\u7387\u7684\u4e24\u500d\u3002<\/p>\n

\u5728\u65b0\u7684\u7a33\u5b9a\u5e01\u5b58\u6b3e\u4e2d\uff0c\u6709\u4e00\u90e8\u5206\uff08\u4f46\u80af\u5b9a\u4e0d\u662f\u5168\u90e8\uff09\u5c06\u4f7f\u7528 Ethena \u8fdb\u884c\u50a8\u84c4\uff0c\u4ee5\u83b7\u5f97\u66f4\u9ad8\u7684\u6536\u76ca\u3002 Ethena \u6536\u53d6\u5229\u606f\u6536\u5165\u7684 20% \u4f5c\u4e3a\u5206\u6210\u3002\u4e0b\u9762\u662f\u4e00\u4e2a\u7b80\u5355\u7684\u6a21\u578b\uff1a<\/p>\n

\"\"<\/p>\n

USDe \u5e02\u573a\u5360\u6709\u7387\uff08USDe Market Share\uff09\uff1a \u76ee\u524d\uff0cCircle \u7684 USDC \u5360\u6d41\u901a\u7a33\u5b9a\u5e01\u603b\u91cf\u7684 25% \u5e02\u5360\u7387\u3002\u6211\u76f8\u4fe1 Ethena \u5c06\u8d85\u8d8a Circle\uff0c\u968f\u8457\u65f6\u95f4\u7684\u63a8\u79fb\uff0c\u6211\u4eec\u770b\u5230\u5728\u8fb9\u9645\u4e0a\uff0c\u968f\u8457 USDe \u83b7\u5f97\u5b58\u6b3e\uff0cUSDC \u4f1a\u6d41\u5931\u5b58\u6b3e\u3002\u56e0\u6b64\uff0c\u6211\u7684\u957f\u671f\u5047\u8bbe\u662f USDe \u83b7\u5f97 25% \u7684\u5e02\u573a\u4efd\u989d\uff0c\u7d27\u63a5\u8457 Tether \u7684 USDT \u4e4b\u540e\u3002<\/p>\n

\u5e73\u5747 USDe \u6536\u76ca\u7387\uff08Avg USDe Yield\uff09\uff1a \u9274\u4e8e\u5728\u6211\u9884\u6d4b\u7684\u957f\u671f\u60c5\u5883\u4e2d USDe \u4f9b\u5e94\u91cf\u4e3a 2.5 \u5146\u7f8e\u5143\uff0c\u8fd9\u5c06\u7ed9\u884d\u751f\u6027\u5546\u54c1\u548c\u73b0\u8d27\u4e4b\u95f4\u7684\u57fa\u5dee\uff08basis spread\uff09\u5e26\u6765\u4e0b\u884c\u538b\u529b\u3002\u968f\u8457 Hyperliquid \u6210\u4e3a\u6700\u5927\u884d\u751f\u6027\u5546\u54c1\u4ea4\u6613\u6240\uff0c\u5b83\u4eec\u5c06\u964d\u4f4e\u4e2d\u6027\u5229\u7387\u4ee5\u589e\u52a0\u5bf9\u6760\u6746\u7684\u9700\u6c42\u3002\u8fd9\u4e5f\u610f\u5473\u8457\u52a0\u5bc6\u884d\u751f\u6027\u5546\u54c1\u5e02\u573a\u7684\u672a\u5e73\u4ed3\u5408\u7ea6\uff08OI\uff09\u5c06\u5927\u5e45\u6210\u957f\u3002\u5982\u679c\u8fd8\u6709\u6570\u767e\u4e07\u7684 DeFi \u7528\u6237\u62e5\u6709\u6570\u4e07\u4ebf\u7f8e\u5143\u7684\u7a33\u5b9a\u5e01\u5b58\u6b3e\u53ef\u4f9b\u4f7f\u7528\uff0c\u4ed6\u4eec\u53ef\u4ee5\u5c06\u672a\u5e73\u4ed3\u5408\u7ea6\u63a8\u9ad8\u81f3\u6570\u4e07\u4ebf\u7f8e\u5143\uff0c\u8fd9\u662f\u5408\u7406\u7684\u3002<\/p>\n

\u6211\u76f8\u4fe1 ENA \u53ef\u4ee5\u4ece\u76ee\u524d\u6c34\u51c6\u4e0a\u6da8 51 \u500d\u3002<\/p>\n

\u65e2\u7136\u5e73\u6c11\u53ef\u4ee5\u8d5a\u53d6\u66f4\u591a\u7684\u5229\u606f\u6536\u5165\uff0c\u4ed6\u4eec\u5982\u4f55\u900f\u8fc7\u4ea4\u6613\u6446\u8131\u901a\u8d27\u81a8\u80c0\u5bfc\u81f4\u7684\u8d2b\u7a77\uff1f<\/p>\n

\u4ea4\u6613\u7a33\u5b9a\u5e01<\/p>\n

\u5168\u7403\u8d27\u5e01\u8d2c\u503c\u6700\u6709\u5bb3\u7684\u5f71\u54cd\u662f\uff0c\u5b83\u8feb\u4f7f\u6bcf\u4e2a\u4eba\uff0c\u5982\u679c\u8fd8\u6ca1\u6709\u62e5\u6709\u4e00\u5927\u5806\u91d1\u878d\u8d44\u4ea7\uff0c\u5c31\u53d8\u6210\u6295\u673a\u8005\u4ee5\u7ef4\u6301\u5176\u751f\u6d3b\u6c34\u5e73\u3002\u968f\u8457\u4e16\u754c\u4e0a\u66f4\u591a\u53d7\u82e6\u4e8e\u8086\u610f\u6cd5\u5e01\u8d2c\u503c\u7684\u4eba\u7fa4\u73b0\u5728\u900f\u8fc7\u7a33\u5b9a\u5e01\u5728\u94fe\u4e0a\u50a8\u84c4\uff0c\u4ed6\u4eec\u5c06\u4ea4\u6613\u552f\u4e00\u80fd\u8ba9\u4ed6\u4eec\u900f\u8fc7\u6295\u673a\u8d70\u51fa\u5fc5\u7136\u8d2b\u56f0\u7684\u8d44\u4ea7\u7c7b\u522b\u2014\u2014\u52a0\u5bc6\u8d27\u5e01\u3002\u76ee\u524d\u9996\u9009\u7684\u94fe\u4e0a\u4ea4\u6613\u573a\u6240\u662f Hyperliquid\uff08\u4ee3\u5e01\uff1aHYPE\uff09\uff0c\u5b83\u62e5\u6709 67% \u7684 DEX \u5e02\u573a\u4efd\u989d\u3002 Hyperliquid \u662f\u5982\u6b64\u5177\u6709\u53d8\u9769\u6027\uff0c\u4ee5\u81f3\u4e8e\u5b83\u6b63\u5728\u5feb\u901f\u5bf9\u6297\u50cf\u5e01\u5b89\u8fd9\u6837\u7684 CEX \u6210\u957f\u3002\u5728\u672c\u5468\u671f\u7ed3\u675f\u65f6\uff0cHyperliquid \u5c06\u6210\u4e3a\u4efb\u4f55\u7c7b\u578b\u7684\u6700\u5927\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240\uff0c\u800c Jeff Yan\uff08Hyperliquid \u521b\u59cb\u4eba\uff09\u53ef\u80fd\u4f1a\u6bd4\u5e01\u5b89\u521b\u59cb\u4eba\u548c\u524d\u9996\u5e2d\u6267\u884c\u5b98 CZ \u66f4\u5bcc\u6709\u3002\u65e7\u738b\u5df2\u6b7b\u3002\u65b0\u738b\u4e07\u5c81\uff01<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

DEX \u5c06\u541e\u566c\u6240\u6709\u5176\u4ed6\u7c7b\u578b\u4ea4\u6613\u6240\u7684\u7406\u8bba\u5e76\u4e0d\u65b0\u9c9c\u3002 Hyperliquid \u6848\u4f8b\u4e2d\u65b0\u7684\u662f\u56e2\u961f\u7684\u6267\u884c\u80fd\u529b\u3002 Jeff Yan \u5efa\u7acb\u4e86\u4e00\u4e2a\u5927\u7ea6\u5341\u4eba\u7684\u56e2\u961f\uff0c\u6bd4\u8be5\u9886\u57df\u4efb\u4f55\u5176\u4ed6\u4e2d\u5fc3\u5316\u6216\u53bb\u4e2d\u5fc3\u5316\u56e2\u961f\u90fd\u80fd\u66f4\u5feb\u5730\u4ea4\u4ed8\u66f4\u597d\u7684\u4ea7\u54c1\u3002<\/p>\n

\u7406\u89e3 Hyperliquid \u7684\u6700\u4f73\u65b9\u5f0f\u662f\u5c06\u5176\u89c6\u4e3a\u5e01\u5b89\u7684\u53bb\u4e2d\u5fc3\u5316\u7248\u672c\u3002\u56e0\u4e3a Tether \u548c\u5176\u4ed6\u7a33\u5b9a\u5e01\u4e3b\u8981\u4e3a\u5e01\u5b89\u7684\u94f6\u884c\u901a\u9053\u63d0\u4f9b\u52a8\u529b\uff0c\u6211\u4eec\u53ef\u4ee5\u5c06\u5e01\u5b89\u89c6\u4e3a Hyperliquid \u7684\u524d\u8eab\u3002 Hyperliquid \u4e5f\u5b8c\u5168\u4f9d\u8d56\u7a33\u5b9a\u5e01\u57fa\u7840\u8bbe\u65bd\u6765\u83b7\u53d6\u5b58\u6b3e\uff0c\u4f46\u5b83\u662f\u4e00\u79cd\u94fe\u4e0a\u4ea4\u6613\u4f53\u9a8c\u3002\u968f\u8457 HIP-3 \u7684\u63a8\u51fa\uff0cHyperliquid \u6b63\u5728\u8fc5\u901f\u8f6c\u53d8\u4e3a\u4e00\u4e2a\u65e0\u9700\u8bb8\u53ef\uff08permissionless\uff09\u7684\u884d\u751f\u6027\u5546\u54c1\u548c\u73b0\u8d27\u5de8\u5934\u3002\u4efb\u4f55\u60f3\u8981\u4e00\u4e2a\u5177\u6709\u5373\u65f6\u4fdd\u8bc1\u91d1\u8ba1\u7b97\uff08real-time margining\uff09\u7684\u6d41\u52a8\u6027\u4e2d\u592e\u9650\u4ef7\u8ba2\u5355\u7c3f\uff08central limit order book\uff09\u7684\u5e94\u7528\u7a0b\u5f0f\u90fd\u53ef\u4ee5\u900f\u8fc7 HIP-3 \u57fa\u7840\u8bbe\u65bd\u6574\u5408\u4efb\u4f55\u4ed6\u4eec\u60f3\u8981\u7684\u884d\u751f\u6027\u5546\u54c1\u5e02\u573a\u3002<\/p>\n

\u6211\u7684\u9884\u6d4b\u662f\uff0c\u5230\u672c\u5468\u671f\u7ed3\u675f\u65f6\uff0cHyperliquid \u5c06\u6210\u4e3a\u4efb\u4f55\u7c7b\u578b\u7684\u6700\u5927\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240\uff0c\u800c\u7a33\u5b9a\u5e01\u6d41\u901a\u91cf\u589e\u957f\u5230 10 \u5146\u7f8e\u5143\u5c06\u8d85\u7ea7\u52a9\u63a8\u8fd9\u4e00\u589e\u957f\u3002\u4ee5\u5e01\u5b89\u4e3a\u4f8b\uff0c\u6211\u4eec\u53ef\u4ee5\u9884\u6d4b\u7ed9\u5b9a\u7a33\u5b9a\u5e01\u4f9b\u5e94\u6c34\u51c6\u4e0b Hyperliquid \u7684\u65e5\u5747\u4ea4\u6613\u91cf\uff08ADV\uff09\u3002<\/p>\n

\u76ee\u524d\uff0c\u5e01\u5b89\u7684\u6c38\u7eed\u5408\u7ea6\u65e5\u5747\u4ea4\u6613\u91cf\u4e3a 730 \u4ebf\u7f8e\u5143\uff0c\u7a33\u5b9a\u5e01\u603b\u4f9b\u5e94\u91cf\u4e3a 2,770 \u4ebf\u7f8e\u5143\uff1b\u6bd4\u7387\u4e3a 26.4% \u3002\u4f60\u5c06\u5728\u6a21\u578b\u4e2d\u770b\u5230\u8fd9\u8868\u793a\u4e3a Hyperliquid ADV \u4efd\u989d\uff08Hyperliquid ADV Share\uff09\u3002<\/p>\n

\"\"<\/p>\n

\u6211\u76f8\u4fe1 HYPE \u53ef\u4ee5\u4ece\u5f53\u524d\u6c34\u51c6\u4e0a\u6da8 126 \u500d\u3002<\/p>\n

\u6700\u540e\uff0c\u6211\u60f3\u8c08\u8c08\u6211\u6700\u5174\u594b\u7684\u5783\u573e\u5e01\u7a33\u5b9a\u5e01\u9879\u76ee\uff0c\u56e0\u4e3a\u5b83\u5373\u5c06\u8fdb\u884c\u4ee3\u5e01\u53d1\u884c\u3002<\/p>\n

\u62b5\u62bc\u7a33\u5b9a\u5e01<\/p>\n

\u65e2\u7136\u6570\u767e\u4e07\u751a\u81f3\u53ef\u80fd\u6570 10 \u4ebf\u7684\u4eba\u4f7f\u7528\u7a33\u5b9a\u5e01\uff0c\u975e\u52a0\u5bc6\u4f01\u4e1a\u5c06\u5982\u4f55\u5229\u7528\u8fd9\u79cd\u65b0\u7684\u652f\u4ed8\u5f62\u5f0f\uff1f\u4e16\u754c\u4e0a\u5927\u591a\u6570\u4f01\u4e1a\u90fd\u5b58\u5728\u652f\u4ed8\u95ee\u9898\u3002\u5b83\u4eec\u88ab\u652f\u4ed8\u5904\u7406\u5546\u6536\u53d6\u8fc7\u9ad8\u7684\u8d39\u7528\uff0c\u800c\u4e14\u5f88\u591a\u65f6\u5019\u94f6\u884c\u6839\u672c\u4e0d\u613f\u610f\u4e0e\u5b83\u4eec\u6253\u4ea4\u9053\u3002\u4f46\u662f\u968f\u8457\u7a33\u5b9a\u5e01\u638c\u63e1\u5728\u66f4\u591a\u7528\u6237\u624b\u4e2d\uff0c\u4f01\u4e1a\u53ef\u4ee5\u5c06\u81ea\u5df1\u4ece\u8d2a\u5a6a\u7684\u4f20\u7edf\u91d1\u878d\u673a\u6784\u7684\u638c\u63a7\u4e2d\u89e3\u653e\u51fa\u6765\u3002\u867d\u7136\u8fd9\u662f\u4e00\u4e2a\u4f1f\u5927\u7684\u613f\u671b\uff0c\u4f46\u4f01\u4e1a\u9700\u8981\u4e00\u4e2a\u6613\u4e8e\u5b9e\u65bd\u7684\u6280\u672f\u6808\uff0c\u4f7f\u4ed6\u4eec\u80fd\u591f\u63a5\u53d7\u7a33\u5b9a\u5e01\u652f\u4ed8\uff0c\u7528\u672c\u5730\u8d27\u5e01\u652f\u4ed8\u4f9b\u5e94\u5546\u548c\u7a0e\u6b3e\uff0c\u5e76\u6b63\u786e\u6838\u7b97\u73b0\u91d1\u6d41\u3002<\/p>\n

Codex \u662f\u4e00\u4e2a\u4e3a\u7a33\u5b9a\u5e01\u63a8\u51fa\u7684\u4e13\u7528\u533a\u5757\u94fe\u4e13\u6848\u3002\u4ed6\u4eec\u76ee\u524d\u4e0d\u662f\u53d1\u884c\u5546\uff0c\u4f46\u63d0\u4f9b\u4f01\u4e1a\u5904\u7406\u7a33\u5b9a\u5e01\u5bf9\u7a33\u5b9a\u5e01\u3001\u7a33\u5b9a\u5e01\u5bf9\u6cd5\u5e01\u3001\u6cd5\u5e01\u5bf9\u7a33\u5b9a\u5e01\u652f\u4ed8\u7684\u80fd\u529b\u3002\u8bb0\u5f97\u8d39\u5c14\u5357\u591a\u548c\u4ed6\u7684\u70b9\u51fb\u519c\u573a\u3002\u4ed6\u9700\u8981\u5411\u4ed6\u7684\u4e00\u4e9b\u5458\u5de5\u652f\u4ed8\u6bd4\u7d22\u5230\u4ed6\u4eec\u7684\u5f53\u5730\u94f6\u884c\u5e10\u6237\u3002\u4f7f\u7528 Codex\uff0c\u8d39\u5c14\u5357\u591a\u53ef\u4ee5\u4ece\u5ba2\u6237\u90a3\u91cc\u63a5\u6536\u7a33\u5b9a\u5e01\uff0c\u5e76\u5c06\u90e8\u5206\u7a33\u5b9a\u5e01\u8f6c\u6362\u4e3a\u6bd4\u7d22\uff0c\u76f4\u63a5\u5b58\u5165\u672c\u5730\u94f6\u884c\u5e10\u6237\u3002 Codex \u5df2\u7ecf\u63a8\u51fa\u4e86\u6b64\u529f\u80fd\uff0c\u5e76\u5728\u7b2c\u4e00\u4e2a\u6708\u5b9e\u73b0\u4e86 1 \u4ebf\u7f8e\u5143\u7684\u4ea4\u6613\u91cf\u3002<\/p>\n

\u6211\u5bf9 Codex \u5982\u6b64\u5174\u594b\u7684\u539f\u56e0\u4e0e\u53bb\u4e2d\u4ecb\u4f20\u7edf\u91d1\u878d\u5168\u7403\u4ea4\u6613\u94f6\u884c\u4e1a\u52a1\u3002\u662f\u7684\uff0c\u8fd9\u662f\u4e00\u4e2a\u5e9e\u5927\u7684\u603b\u6f5c\u5728\u5e02\u573a\uff08TAM\uff09\uff0c\u4f46\u66f4\u5177\u53d8\u9769\u6027\u3001\u76ee\u524d\u65e0\u4eba\u6d89\u8db3\u7684\u4e1a\u52a1\u662f\u5411\u539f\u672c\u65e0\u6cd5\u83b7\u5f97\u8425\u8fd0\u8d44\u672c\u878d\u8d44\u7684\u4e2d\u5c0f\u4f01\u4e1a\uff08SME\uff09\u63d0\u4f9b\u4fe1\u8d37\u3002\u4eca\u5929\uff0cCodex \u53ea\u5411\u6700\u5b89\u5168\u7684\u652f\u4ed8\u670d\u52a1\u63d0\u4f9b\u8005\uff08PSP\uff09\u548c\u91d1\u878d\u79d1\u6280\u516c\u53f8\u63d0\u4f9b\u4e0d\u5230\u4e00\u5929\u7684\u4fe1\u8d37\uff0c\u4f46\u660e\u5929\uff0cCodex \u53ef\u4ee5\u5411\u4e2d\u5c0f\u4f01\u4e1a\u63d0\u4f9b\u66f4\u957f\u671f\u7684\u8d37\u6b3e\u3002\u5982\u679c\u4e2d\u5c0f\u4f01\u4e1a\u5b8c\u5168\u5728\u94fe\u4e0a\u8fd0\u4f5c\u5e76\u4f7f\u7528 Codex \u8fdb\u884c\u7a33\u5b9a\u5e01\u652f\u4ed8\uff0c\u5b83\u5c31\u53ef\u4ee5\u5b9e\u73b0\u4e09\u5f0f\u8bb0\u5e10\u6cd5\uff08triple-entry bookkeeping\uff09\u3002<\/p>\n

\u4e09\u5f0f\u8bb0\u5e10\u6cd5\u76f8\u5bf9\u4e8e\u590d\u5f0f\u8bb0\u5e10\u6cd5\u7684\u6539\u8fdb\u5728\u4e8e\uff0c\u7531\u4e8e\u6240\u6709\u6536\u5165\u548c\u652f\u51fa\u4ea4\u6613\u90fd\u5728\u94fe\u4e0a\uff0cCodex \u53ef\u4ee5\u5373\u65f6\u4e3a\u4e2d\u5c0f\u4f01\u4e1a\u8ba1\u7b97\u51c0\u6536\u76ca\u548c\u73b0\u91d1\u6d41\u91cf\u8868\uff0c\u4f7f\u7528\u4e0d\u53ef\u4f2a\u9020\u7684\u6570\u636e\u3002\u57fa\u4e8e\u8fd9\u4e9b\u4e0d\u53ef\u4f2a\u9020\u7684\u6570\u636e\uff0cCodex \u53ef\u4ee5\u6709\u4fe1\u5fc3\u5730\u5411\u4e2d\u5c0f\u4f01\u4e1a\u63d0\u4f9b\u8d37\u6b3e\uff0c\u76f8\u4fe1\u8be5\u4f01\u4e1a\u7684\u57fa\u672c\u9762\u5c06\u4f7f\u5176\u80fd\u591f\u6309\u65f6\u507f\u8fd8\u8d37\u6b3e\u672c\u606f\u3002\u76ee\u524d\uff0c\u5728\u5927\u591a\u6570\u53d1\u5c55\u4e2d\u56fd\u5bb6\uff0c\u4ee5\u53ca\u5728\u67d0\u79cd\u7a0b\u5ea6\u4e0a\u5728\u5df2\u5f00\u53d1\u56fd\u5bb6\uff0c\u4e2d\u5c0f\u4f01\u4e1a\u53d1\u73b0\u5f88\u96be\u6216\u4e0d\u53ef\u80fd\u83b7\u5f97\u94f6\u884c\u8d37\u6b3e\u3002\u94f6\u884c\u53ef\u4ee5\u7406\u89e3\u5730\u4e0d\u613f\u627f\u62c5\u98ce\u9669\uff0c\u56e0\u4e3a\u4ed6\u4eec\u62c5\u5fc3\u6536\u5230\u7684\u56de\u6eaf\u6027\u4f1a\u8ba1\u8d44\u6599\u662f\u5047\u7684\u3002\u56e0\u6b64\uff0c\u94f6\u884c\u53ea\u5411\u5927\u516c\u53f8\u6216\u653f\u6cbb\u76f8\u5173\u7684\u7cbe\u82f1\u653e\u6b3e\u3002<\/p>\n

\u6309\u7167\u6211\u7684\u8bbe\u60f3\uff0cCodex \u5c06\u900f\u8fc7\u4f7f\u7528\u7a33\u5b9a\u5e01\u57fa\u7840\u8bbe\u65bd\u4e3a\u4e2d\u5c0f\u4f01\u4e1a\u8d37\u6b3e\uff0c\u9996\u5148\u6210\u4e3a\u5bf9\u5168\u7403\u5357\u65b9\u6700\u5927\u548c\u6700\u6709\u5f71\u54cd\u529b\u7684\u91d1\u878d\u673a\u6784\uff0c\u7136\u540e\u662f\u9664\u7f8e\u56fd\u4ee5\u5916\u7684\u53d1\u8fbe\u56fd\u5bb6\u3002 Codex \u5c06\u771f\u6b63\u6210\u4e3a\u7b2c\u4e00\u5bb6\u771f\u6b63\u7684\u52a0\u5bc6\u94f6\u884c\u3002<\/p>\n

Codex \u8fd8\u5904\u4e8e\u8d77\u6b65\u9636\u6bb5\uff0c\u4f46\u5982\u679c\u521b\u529e\u4eba\u6210\u529f\uff0c\u4ed6\u4eec\u5c06\u8ba9\u4ed6\u4eec\u7684\u7528\u6237\u548c\u4ee3\u5e01\u6301\u6709\u8005\u53d8\u5f97\u8d85\u7ea7\u5bcc\u6709\u3002\u5728 Maelstrom \u627f\u62c5\u6b64\u987e\u95ee\u89d2\u8272\u4e4b\u524d\uff0c\u6211\u786e\u4fdd\u521b\u529e\u4eba\u51c6\u5907\u597d\u8ffd\u6c42\u7c7b\u4f3c\u4e8e Hyperliquid \u7684\u4ee3\u5e01\u7ecf\u6d4e\u5b66\uff08tokenomics\uff09\u7b56\u7565\u3002\u4ece\u7b2c\u4e00\u5929\u8d77\uff0c\u8d5a\u53d6\u7684\u6536\u5165\u5c06\u56de\u6d41\u7ed9\u4ee3\u5e01\u6301\u6709\u8005\u3002\u4ed6\u4eec\u53ef\u80fd\u4f1a\u8fdb\u884c\u4e00\u8f6e\u878d\u8d44\u3002\u4f46\u6211\u60f3\u786e\u4fdd\u4e16\u754c\u77e5\u9053\uff0c\u5df2\u7ecf\u6709\u4e00\u4e2a\u5b9e\u9645\u7684\u7a33\u5b9a\u5e01\u57fa\u7840\u8bbe\u65bd\u9879\u76ee\uff0c\u4eca\u5929\u6b63\u5728\u5904\u7406\u771f\u5b9e\u4ea4\u6613\u91cf\uff0c\u5e76\u4e14\u5373\u5c06\u8fdb\u884c\u4ee3\u5e01\u751f\u6210\u4e8b\u4ef6\uff08TGE\uff09\u3002\u662f\u65f6\u5019\u767b\u4e0a\u4e00\u8258\u8d85\u5149\u901f\uff08FTL\uff09\u98de\u8239\u4e86\u3002<\/p>\n

\u8d1d\u68ee\u7279\u7684\u63a7\u5236<\/p>\n

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\"\"\"\"<\/p>\n

\n","protected":false},"excerpt":{"rendered":"

Arthur Hayes \u5728\u6700\u65b0\u6587\u7ae0\u4e2d\u9884\u6d4b\uff0c\u5230 2028 \u5e74\uff0c\u591a\u8fbe 34 \u5146\u7f8e\u5143\u5c06\u6d8c\u5165\u7a33\u5b9a\u5e01\u5e02\u573a\uff0c\u5e76\u56e0\u6b64\u63a8\u52a8 …<\/p>\n","protected":false},"author":3,"featured_media":5985,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-6049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=\/wp\/v2\/posts\/6049","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6049"}],"version-history":[{"count":1,"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=\/wp\/v2\/posts\/6049\/revisions"}],"predecessor-version":[{"id":8621,"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=\/wp\/v2\/posts\/6049\/revisions\/8621"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=\/wp\/v2\/media\/5985"}],"wp:attachment":[{"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.onchainhtx.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}