{"id":6095,"date":"2025-12-16T22:31:16","date_gmt":"2025-12-16T14:31:16","guid":{"rendered":"https:\/\/www.dm-yq.com\/?p=6095"},"modified":"2025-12-16T22:31:16","modified_gmt":"2025-12-16T14:31:16","slug":"2400-%e4%ba%bf%e7%be%8e%e5%85%83%e7%a8%b3%e5%ae%9a%e5%b8%81%e5%b8%82%e5%9c%ba%e8%83%8c%e5%90%8e%e7%9a%84%e3%80%8c%e8%99%9a%e5%81%87%e7%b9%81%e8%8d%a3%e3%80%8d%ef%bc%9a31-%e4%ba%a4%e6%98%93%e9%87%8f","status":"publish","type":"post","link":"https:\/\/www.dm-yq.com\/?p=6095","title":{"rendered":"2,400 \u4ebf\u7f8e\u5143\u7a33\u5b9a\u5e01\u5e02\u573a\u80cc\u540e\u7684\u300c\u865a\u5047\u7e41\u8363\u300d\uff1a31% \u4ea4\u6613\u91cf\u6765\u81ea\u673a\u5668\u4eba"},"content":{"rendered":"<p>\u7a33\u5b9a\u5e01\u662f\u5426\u80fd\u591f\u91cd\u5851\u5168\u7403\u91d1\u878d\u683c\u5c40\u5df2\u4e0d\u518d\u662f\u4e00\u4e2a YES \/ NO \u7684\u95ee\u9898\uff0c\u800c\u662f\u300c\u5982\u4f55\u300d\u91cd\u5851 HOW \u7684\u95ee\u9898\u3002<\/p>\n<p>\u5728\u65e9\u671f\uff0c\u7a33\u5b9a\u5e01\u7684\u6210\u957f\u4ee5\u603b\u4f9b\u5e94\u91cf\uff08Supply\uff09\u6765\u8861\u91cf\uff0c\u5173\u952e\u6311\u6218\u5728\u4e8e\u80cc\u540e\u7684\u4fe1\u4efb\uff1a\u54ea\u4e9b\u53d1\u884c\u65b9\u53ef\u4fe1\u3001\u5408\u89c4\u4e14\u5177\u5907\u6269\u5bb9\u80fd\u529b\u3002\u76f8\u4fe1\u968f\u8457\u7f8e\u56fd Genius \u6cd5\u6848\u7684\u63d0\u51fa\uff0c\u8fd9\u4e2a\u95ee\u9898\u9a6c\u4e0a\u80fd\u591f\u89e3\u51b3\u3002<\/p>\n<p>\u968f\u8457\u53d1\u884c\u7684\u6807\u51c6\u5316\uff0c\u7a33\u5b9a\u5e01\u5e02\u573a\u8fdb\u5165\u4e0b\u4e00\u4e2a\u9636\u6bb5\uff0d\u4ece\u53d1\u884c\u8f6c\u5411\u5206\u9500\uff08from Mint to Distribution\uff09\u3002<\/p>\n<p>\u53d1\u884c\u65b9\u83b7\u5f97\u60ca\u4eba\u5229\u6da6\u7684\u65e5\u5b50\u5c48\u6307\u53ef\u6570\u2014\u2014\u5206\u9500\u65b9\u5f00\u59cb\u610f\u8bc6\u5230\u81ea\u5df1\u7684\u6760\u6746\u4f5c\u7528\uff0c\u5e76\u83b7\u5f97\u5e94\u6709\u7684\u4ef7\u503c\u4efd\u989d\u3002\u8fd9\u4e2a\u5728 Circle \u7684\u62db\u80a1\u8bf4\u660e\u4e66\u4e2d\u5df2\u7ecf\u5f88\u597d\u5730\u7ed9\u4e86\u7b54\u6848\u3002<\/p>\n<p>\u9274\u4e8e\u8fd9\u79cd\u8f6c\u53d8\uff0c\u6211\u4eec\u5e94\u8be5\u5148\u4e86\u89e3\u54ea\u4e9b\u5e94\u7528\u7a0b\u5f0f\u3001\u534f\u5b9a\u548c\u5e73\u53f0\u6b63\u5728\u5b9e\u73b0\u771f\u6b63\u7684\u6210\u957f\u53d8\u5f97\u8d8a\u6765\u8d8a\u91cd\u8981\uff0c\u5c24\u5176\u662f\u5bf9\u4e8e\u90a3\u4e9b\u5728\u52a0\u5bc6\u5e02\u573a\u5df2\u7ecf\u76f8\u5bf9\u6210\u719f\u7684\u94fe\u4e0a\u7a33\u5b9a\u5e01\u573a\u666f\u3002<\/p>\n<p>\u4e0a\u5468\uff0c\u6211\u4eec\u7f16\u8bd1\u4e86 Artemis\uff1a\u6765\u81ea\u7a33\u5b9a\u5e01\u652f\u4ed8\u91c7\u7528\u7684\u4e00\u7ebf\u6570\u636e\u4e00\u6587\uff0c\u4ece\u94fe\u4e0b\u652f\u4ed8\u7684\u7a33\u5b9a\u5e01\u573a\u666f\u51fa\u53d1\uff0c\u6765\u770b\u7a33\u5b9a\u5e01\u8fde\u7ed3\u4f20\u7edf\u91d1\u878d\u7684\u6f5c\u529b\u4e0e\u8def\u5f84\u3002<\/p>\n<p>\u4eca\u5929\uff0c\u6211\u4eec\u7ee7\u7eed\u4ece Artemis, The Future of Stablecoins, Usage, Revenue, and the Shift from Issuers to Distribution \u8fd9\u7bc7\u7a33\u5b9a\u5e01\u7814\u62a5\u6df1\u5165\uff0c\u91cd\u70b9\u5173\u6ce8\u4e0e\u94fe\u4e0a\u6d3b\u52a8\u76f8\u5173\u7684\u7a33\u5b9a\u5e01\u6355\u83b7\uff0c\u56e0\u4e3a\u6bcf\u4e2a\u7528\u4f8b\u90fd\u6709\u5176\u72ec\u7279\u7684\u80cc\u666f\u4ee5\u53ca\u5b9e\u8df5\u4e0a\u52a8\u6001\u5e02\u573a\u53d8\u5316\u4e2d\u7684\u4ef7\u503c\u7528\u4f8b\u3002<\/p>\n<p>\u5c3d\u7ba1\u7a33\u5b9a\u5e01\u5e02\u503c\u5df2\u8fbe 2,400 \u4ebf\u7f8e\u5143\uff0c\u5e74\u4ea4\u6613\u91cf\u9ad8\u8fbe 3.1 \u5146\u7f8e\u5143\uff0c\u4f46\u5927\u4f17\u5bf9\u5176\u666e\u53ca\u60c5\u51b5\u7684\u8ba4\u77e5\u5b58\u5728\u8bb8\u591a\u8bef\u89e3\u3002\u4e00\u65b9\u9762\uff0c\u53d1\u884c\u65b9\u4e3a\u62d3\u5c55\u5e02\u573a\uff0c\u4e0d\u60dc\u5411\u5206\u9500\u5546\u652f\u4ed8\u9ad8\u989d\u8d39\u7528\uff0c\u5982 Circle \u5728 2023 \u5e74\u5c31\u5411 Coinbase \u7b49\u5206\u9500\u5546\u652f\u4ed8\u4e86 9 \u4ebf\u7f8e\u5143\uff0c\u5360\u5176\u6536\u5165\u7684\u4e00\u534a\u4ee5\u4e0a\uff0c\u4ee5\u6b64\u5438\u5f15\u7528\u6237\u4f7f\u7528 USDC \u3002<\/p>\n<p>\u53e6\u4e00\u65b9\u9762\uff0c\u6240\u8c13\u7684 3.1 \u5146\u7f8e\u5143\u5e74\u4ea4\u6613\u91cf\u6781\u5177\u8bef\u5bfc\u6027\uff0c\u5176\u4e2d 31% \u6e90\u4e8e MEV \u673a\u5668\u4eba\u900f\u8fc7\u6bcf\u65e5\u6570\u5343\u6b21\u5faa\u73af\u64cd\u4f5c\uff0c\u53cd\u590d\u4f7f\u7528\u540c\u4e00\u7b14\u8d44\u91d1\u6240\u8d21\u732e\uff0c\u771f\u6b63\u7531\u4eba\u7c7b\u5b9e\u9645\u53c2\u4e0e\u7684\u4ea4\u6613\u91cf\u8fdc\u4f4e\u4e8e\u8868\u9762\u6570\u636e\u6240\u6697\u793a\u7684\u89c4\u6a21\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u7a33\u5b9a\u5e01\u9886\u57df\u8fd8\u5b58\u5728\u8d22\u5bcc\u8fc7\u5ea6\u96c6\u4e2d\u4e14\u9c9c\u4e3a\u4eba\u77e5\u7684\u73b0\u8c61\uff0c\u76ee\u524d\u867d\u6709 1.5 \u4ebf\u4e2a\u7a33\u5b9a\u5e01\u94b1\u5305\uff0c\u4f46 99% \u7684\u94b1\u5305\u4f59\u989d\u4e0d\u8db3 1 \u4e07\u7f8e\u5143\uff0c\u800c\u4ec5 2 \u4e07\u4e2a\u795e\u79d8\u94b1\u5305\u5c31\u638c\u63a7\u8457 760 \u4ebf\u7f8e\u5143\uff0c\u5360\u603b\u4f9b\u5e94\u91cf\u7684 32%\uff0c\u8fd9\u4e9b\u94b1\u5305\u65e2\u975e\u4ea4\u6613\u6240\u80cc\u540e\u4e5f\u975e DeFi \u534f\u8bae\uff0c\u88ab\u62a5\u544a\u5f52\u4e3a\u300c\u7070\u8272\u542b\u4e49\u5730\u5e26\u300d\uff0c\u80cc\u540e\u542b\u4e49\u5c1a\u4e0d\u660e\u786e\u3002<\/p>\n<p>\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u7a33\u5b9a\u5e01\u7684\u771f\u6b63\u7206\u53d1\u5f0f\u589e\u957f\u662f\u5728\u8fc7\u53bb\u516d\u4e2a\u6708\uff0c\u81ea\u590f\u5b63\u8d77\uff0cDeFi \u7a33\u5b9a\u5e01\u4ea4\u6613\u91cf\u4ece 1000 \u4ebf\u7f8e\u5143\u98d9\u5347\u81f3 6000 \u4ebf\u7f8e\u5143\uff0c\u540c\u65f6\uff0c\u4ec5 meme \u5e01\u4ea4\u6613\u5c31\u4ea7\u751f\u4e86 5000 \u4ebf\u7f8e\u5143\u7684\u7a33\u5b9a\u5e01\u6d41\u91cf\uff0c\u5360\u5e74\u4ea4\u6613\u91cf\u7684 12% \u3002<\/p>\n<p>\u7136\u800c\uff0c\u6211\u4eec\u8861\u91cf\u7a33\u5b9a\u5e01\u6210\u529f\u4e0e\u5426\u7684\u6807\u51c6\u5374\u672c\u672b\u5012\u7f6e\uff0c\u603b\u9501\u5b9a\u4ef7\u503c\uff08TVL\uff09\u4e0b\u964d\u6216\u8bb8\u5e76\u975e\u4f7f\u7528\u7387\u964d\u4f4e\uff0c\u53cd\u800c\u53ef\u80fd\u662f\u6280\u672f\u8fdb\u6b65\uff0c\u6548\u7387\u63d0\u5347\u7684\u4f53\u73b0\uff0c\u800c\u4ea4\u6613\u91cf\u4e0a\u5347\u4e5f\u53ef\u80fd\u4ec5\u610f\u5473\u8457\u673a\u5668\u4eba\u6d3b\u52a8\u7684\u589e\u52a0\uff0c\u6211\u4eec\u7528\u4e8e\u8ffd\u8e2a\u91c7\u7528\u7387\u7684\u5404\u4e2a\u6307\u6807\u90fd\u5b58\u5728\u6839\u672c\u6027\u95ee\u9898\u3002<\/p>\n<p>\u5f53\u4eba\u4eec\u8fd8\u5728\u4e89\u8bba USDC \u548c USDT \u7684\u5e02\u573a\u4efd\u989d\u65f6\uff0c\u771f\u6b63\u7684\u53d8\u9769\u5176\u5b9e\u6b63\u5728\u5206\u9500\u5c42\u9762\u6084\u6084\u53d1\u751f\u3002\u7531\u6b64\uff0c\u53ef\u80fd\u5c06\u5e26\u6765\u6574\u4e2a\u7a33\u5b9a\u5e01\u751f\u6001\u4ef7\u503c\u94fe\u7684\u91cd\u5851\u3002<\/p>\n<p>\u4e00\u3001\u7a33\u5b9a\u5e01\u7684\u4e0b\u4e00\u9636\u6bb5<\/p>\n<p>\u5728\u77ed\u77ed\u51e0\u5e74\u5185\uff0c\u7a33\u5b9a\u5e01\u5df2\u4ece\u5b9e\u9a8c\u6027\u4ea7\u54c1\u53d1\u5c55\u6210\u4e3a\u4e0d\u53ef\u6216\u7f3a\u7684\u91d1\u878d\u5de5\u5177\uff0c\u5176\u4ea7\u54c1\u5e02\u573a\u5951\u5408\u5ea6\u6bcb\u5eb8\u7f6e\u7591\u3002\u4f46\u5982\u4eca\uff0c\u6211\u4eec\u5df2\u8fdb\u5165\u4e00\u4e2a\u65b0\u65f6\u671f\uff0c\u5355\u9760\u53d1\u884c\u91cf\u548c\u6d41\u52a8\u6027\u4e0d\u8db3\u4ee5\u5e26\u6765\u6301\u7eed\u6210\u957f\u3002\u7a33\u5b9a\u5e01\u5e94\u7528\u7684\u4e0b\u4e00\u9636\u6bb5\u5c06\u6d89\u53ca\u65b0\u7684\u56e0\u7d20\uff0c\u5305\u62ec\u4e0e\u5408\u4f5c\u4f19\u4f34\u5171\u4eab\u7ecf\u6d4e\u6548\u76ca\u3001\u94fe\u4e0a\u548c\u94fe\u4e0b\u6574\u5408\u7684\u4fbf\u6377\u6027\uff0c\u4ee5\u53ca\u53ef\u7f16\u7a0b\u7279\u6027\u7684\u5229\u7528\u7a0b\u5ea6\u3002 \u2014\u2014Jelena Djuric\uff0cNoble \u8054\u5408\u521b\u59cb\u4eba\u517c\u9996\u5e2d\u6267\u884c\u5b98<\/p>\n<p>1.1 2400 \u4ebf\u4f9b\u5e94\u91cf\u80cc\u540e<\/p>\n<p>\u7a33\u5b9a\u5e01\u5df2\u6210\u4e3a\u52a0\u5bc6\u9886\u57df\u4f7f\u7528\u6700\u5e7f\u6cdb\u7684\u4ea7\u54c1\u4e4b\u4e00\uff0c\u5176\u4f9b\u5e94\u91cf\u8d85\u8fc7 2,400 \u4ebf\u7f8e\u5143\uff0c\u5e74\u94fe\u4e0a\u4ea4\u6613\u91cf\u8d85\u8fc7 7 \u5146\u7f8e\u5143\uff0c\u89c4\u6a21\u582a\u6bd4\u4f20\u7edf\u652f\u4ed8\u7f51\u7edc\uff0c\u4f46\u8bb8\u591a\u6570\u5b57\u503c\u5f97\u6df1\u7a76\u3002<\/p>\n<p>\u4f9b\u5e94\u91cf\uff08Supply\uff09\u53cd\u6620\u7684\u662f\u7a33\u5b9a\u5e01\u7684\u5b58\u5728\u91cf\uff0c\u800c\u975e\u4f7f\u7528\u91cf\u3001\u6d41\u5411\u6216\u7528\u9014\u3002\u540c\u65f6\uff0c\u4ea4\u6613\u91cf\uff08Volume\uff09\u53cd\u6620\u4e86\u94fe\u4e0a\u4eba\u5de5\u6d3b\u52a8\u548c\u673a\u5668\u4eba\u7a0b\u5f0f\u7684\u6df7\u5408\uff0c\u5374\u65e0\u6cd5\u6355\u6349\u94fe\u4e0b\u6570\u636e\u3002<\/p>\n<p>1.2 \u4f7f\u7528\u91cf\uff08Usage\uff09\u662f\u4e00\u4e2a\u65b0\u7684\u8baf\u53f7<\/p>\n<p>\u5e76\u975e\u6240\u6709\u7684\u7a33\u5b9a\u5e01\u90fd\u5904\u4e8e\u4ef7\u503c\u9ad8\u6548\u6d41\u8f6c\u7684\u72b6\u6001\uff0c\u6709\u4e9b\u7a33\u5b9a\u5e01\u88ab\u4f5c\u4e3a\u8282\u70b9\u9a8c\u8bc1\u6216 Staking \u7684\u5f62\u5f0f\u5904\u4e8e\u4f11\u7720\u72b6\u6001\uff0c\u800c\u53e6\u4e00\u4e9b\u5219\u662f\u8de8\u5e73\u53f0\u3001\u8de8\u7528\u6237\u3001\u8de8\u5730\u533a\u5b9e\u4f53\u7ecf\u6d4e\u6d3b\u52a8\u7684\u5173\u952e\u9a71\u52a8\u529b\u3002<\/p>\n<p>\u6b63\u5982\u300a2025 \u5e74\u7a33\u5b9a\u5e01\u73b0\u72b6\u300b\u6240\u8ff0\uff0c\u6211\u4eec\u770b\u5230\u7a33\u5b9a\u5e01\u5728\u4e0d\u540c\u751f\u6001\u7cfb\u7edf\u4e4b\u95f4\u6709\u660e\u663e\u5dee\u5f02\u3002\u4ee5\u592a\u574a\u4e0a\u7684\u7a33\u5b9a\u5e01\u5f80\u5f80\u7528\u4f5c DeFi \u62b5\u62bc\u54c1\u548c\u4ea4\u6613\u6d41\u52a8\u6027\uff0c\u800c\u6ce2\u573a\u4e0a\u7684\u7a33\u5b9a\u5e01\u5219\u66f4\u5e38\u7528\u4e8e\u65b0\u5174\u5e02\u573a\u7684\u6c47\u6b3e\u548c\u652f\u4ed8\u3002 USDC \u5728\u673a\u6784\u8d44\u91d1\u6d41\u4e2d\u5360\u6709\u66f4\u9ad8\u7684\u4efd\u989d\uff0c\u800c USDT \u5219\u51ed\u501f\u5176\u8986\u76d6\u7387\u548c\u53ef\u53ca\u6027\u800c\u84ec\u52c3\u53d1\u5c55\u3002<\/p>\n<p>\u8fd9\u4e9b\u4f7f\u7528\u6a21\u5f0f\u4e0d\u4ec5\u53cd\u6620\u4e86\u4ef7\u503c\u6d41\u5411\uff0c\u4e5f\u4e3a\u5efa\u6784\u8005\u63d0\u4f9b\u4e86\u7784\u51c6\u670d\u52a1\u4e0d\u8db3\u6216\u9ad8\u6210\u957f\u5229\u57fa\u5e02\u573a\u7684\u673a\u4f1a\u3002<\/p>\n<p>\u4e86\u89e3\u7a33\u5b9a\u5e01\u7684\u5e94\u7528\u573a\u666f\u53ca\u5176\u529f\u80fd\u6548\u7528\uff0c\u662f\u76ee\u524d\u8003\u8651\u7a33\u5b9a\u5e01\u7684\u6700\u6e05\u6670\u7684\u4fe1\u53f7\uff0c\u8868\u660e\u54ea\u4e9b\u5730\u65b9\u771f\u6b63\u91c7\u7528\u4e86\u7a33\u5b9a\u5e01\uff0c\u4ee5\u53ca\u4e0b\u4e00\u6ce2\u521b\u65b0\u6d6a\u6f6e\u5c06\u5728\u4f55\u5904\u5174\u8d77\u3002<\/p>\n<p>\u4e8c\u3001\u4ece\u673a\u6784\u53d1\u884c\u5230\u5e02\u573a\u5206\u9500<\/p>\n<p>\u7a33\u5b9a\u5e01\u5c06\u4f1a\u8fdb\u4e00\u6b65\u6210\u957f\uff0c\u76d1\u7ba1\u7684\u6e05\u6670\u5ea6\u6b63\u5728\u4e3a\u673a\u6784\u6295\u8d44\u8005\u6253\u5f00\u5927\u95e8\u3002\u7a33\u5b9a\u5e01\u7684\u4e0b\u4e00\u4e2a\u9636\u6bb5\u4e0d\u4ec5\u5173\u4e4e\u8c01\u62e5\u6709\u89c4\u6a21\uff0c\u8fd8\u5173\u4e4e\u7a33\u5b9a\u5e01\u4f9b\u5e94\u94fe\u4e2d\u6240\u6709\u53c2\u4e0e\u8005\u7684\u5546\u4e1a\u6a21\u5f0f\uff0c\u5305\u62ec\u53d1\u884c\u5546\u3001\u7ecf\u9500\u5546\u548c\u6301\u6709\u8005\u3002\u5728\u63a5\u4e0b\u6765\u7684 12-24 \u4e2a\u6708\u5185\uff0c\u6211\u4eec\u5fc5\u5c06\u770b\u5230\u4ef7\u503c\u94fe\u548c\u4ef7\u503c\u6355\u83b7\u7684\u53d8\u5316\u548c\u6311\u6218\u3002 \u2014\u2014Martin Carrica\uff0cAnchorage Digital \u7a33\u5b9a\u5e01\u526f\u603b\u88c1<\/p>\n<p>2.1 \u53d1\u884c\u65b9\u7684\u5386\u53f2\u4ef7\u503c\uff08Historical Value\uff09<\/p>\n<p>\u5728\u7a33\u5b9a\u5e01\u7684\u65e9\u671f\u65f6\u4ee3\uff0c\u4ef7\u503c\u83b7\u53d6\u4e3b\u8981\u96c6\u4e2d\u5728\u53d1\u884c\u65b9\u8eab\u4e0a\u3002\u5728\u5de8\u5927\u89c4\u6a21\u5316\u7684\u60c5\u51b5\u4e0b\u7ef4\u6301 1:1 \u7684\u951a\u5b9a\u7387\u662f\u4e00\u4e2a\u96be\u9898\uff0c\u5f88\u5c11\u6709\u53d1\u884c\u8005\u80fd\u591f\u5f88\u597d\u5730\u89e3\u51b3\u8fd9\u4e2a\u95ee\u9898\u3002<\/p>\n<p>Tether \u548c Circle \u4e4b\u6240\u4ee5\u80fd\u591f\u5360\u636e\u4e3b\u5bfc\u5730\u4f4d\uff0c\u4e0d\u4ec5\u662f\u56e0\u4e3a\u5b83\u4eec\u662f\u5148\u884c\u8005\uff0c\u8fd8\u56e0\u4e3a\u5b83\u4eec\u662f\u5c11\u6570\u80fd\u591f\u6301\u7eed\u7ba1\u7406\u5927\u89c4\u6a21\u53d1\u884c\u548c\u8d4e\u56de\u3001\u7ba1\u7406\u50a8\u5907\u3001\u4e0e\u94f6\u884c\u5408\u4f5c\u4f19\u4f34\u6574\u5408\u4ee5\u53ca\u62b5\u5fa1\u5e02\u573a\u538b\u529b\u7b49\u590d\u6742\u4efb\u52a1\u7684\u53d1\u884c\u65b9\u4e4b\u4e00\u3002<\/p>\n<p>\u900f\u8fc7\u50a8\u5907\u6536\u76ca\uff08\u4e3b\u8981\u662f\u77ed\u671f\u7f8e\u56fd\u56fd\u503a\u548c\u73b0\u91d1\u7b49\u4ef7\u7269\uff09\u6765\u5b9e\u73b0\u8d27\u5e01\u5316\uff0c\u5373\u4f7f\u662f\u5f88\u666e\u901a\u7684\u5229\u7387\u4e5f\u80fd\u8f6c\u5316\u4e3a\u5de8\u989d\u6536\u5165\u3002\u540c\u65f6\uff0c\u65e9\u671f\u7684\u6210\u529f\u4e0d\u65ad\u53e0\u52a0\uff1a\u56f4\u7ed5 USDT \u548c USDC \u6784\u5efa\u7684\u4ea4\u6613\u6240\u3001\u94b1\u5305\u548c DeFi \u534f\u8bae\uff0c\u5f3a\u5316\u4e86\u53d1\u884c\u548c\u6d41\u52a8\u6027\u7684\u7f51\u8def\u6548\u5e94\u3002<\/p>\n<p>2.2 \u5206\u9500\u5546\uff08Distribution\uff09\u4f5c\u4e3a\u91cd\u8981\u4ef7\u503c\u5c42<\/p>\n<p>\u53ef\u4fe1\u8d56\u6258\u7ba1\u3001\u6d41\u52a8\u6027\u548c\u8d4e\u56de\u4e0d\u518d\u662f\u5dee\u5f02\u5316\u56e0\u7d20\uff0c\u800c\u662f\u9884\u671f\u3002\u968f\u8457\u8d8a\u6765\u8d8a\u591a\u62e5\u6709\u7c7b\u4f3c\u80fd\u529b\u7684\u53d1\u884c\u65b9\u8fdb\u5165\u5e02\u573a\uff0c\u53d1\u884c\u65b9\u672c\u8eab\u7684\u91cd\u8981\u6027\u4e5f\u9010\u6e10\u964d\u4f4e\u3002<\/p>\n<p>\u91cd\u8981\u7684\u662f\u7528\u6237\u80fd\u7528\u7a33\u5b9a\u5e01\u505a\u4ec0\u4e48\u3002\u56e0\u6b64\uff0c\u7a33\u5b9a\u5e01\u7684\u4e3b\u5bfc\u6743\u6b63\u5728\u4ece\u53d1\u884c\u65b9\u8f6c\u79fb\u5230\u5206\u9500\u5546\u3002<\/p>\n<p>\u5206\u9500\u5546\u5c06\u7a33\u5b9a\u5e01\u6574\u5408\u5230\u5b9e\u9645\u7528\u4f8b\u4e2d\u7684\u94b1\u5305\u3001\u4ea4\u6613\u6240\u548c\u5e94\u7528\u7a0b\u5f0f\u73b0\u5728\u65e2\u62e5\u6709\u5f71\u54cd\u529b\uff0c\u53c8\u638c\u63e1\u8457\u6760\u6746\u3002\u4ed6\u4eec\u638c\u63a7\u8457\u7528\u6237\u5173\u7cfb\uff0c\u5851\u9020\u8457\u7528\u6237\u4f53\u9a8c\uff0c\u5e76\u4e14\u8d8a\u6765\u8d8a\u51b3\u5b9a\u54ea\u4e9b\u7a33\u5b9a\u5e01\u80fd\u591f\u83b7\u5f97\u5173\u6ce8\u3002<\/p>\n<p>\u800c\u4e14\u4ed6\u4eec\u6b63\u5728\u5c06\u8fd9\u4e00\u5730\u4f4d\u8d27\u5e01\u5316\u3002 Circle \u6700\u8fd1\u7684 IPO \u6863\u6848\u663e\u793a\uff1a\u5b83\u5411 Coinbase \u7b49\u5408\u4f5c\u4f19\u4f34\u652f\u4ed8\u4e86\u8fd1 9 \u4ebf\u7f8e\u5143\uff0c\u7528\u4e8e\u6574\u5408\u548c\u63a8\u5e7f USDC\uff0c\u8d85\u8fc7\u5176 2023 \u5e74\u603b\u6536\u5165\u7684\u4e00\u534a\u3002<\/p>\n<p>\u6ce8\u610f\uff0c\u5f53\u4e0b\u7684\u60c5\u51b5\u662f\u53d1\u884c\u65b9\u652f\u4ed8\u7ed9\u5206\u9500\u5546\uff0c\u800c\u4e0d\u662f\u53cd\u8fc7\u6765\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/06\/ef8ae1232a1aae31fdfa92a645c86a35.webp\" alt=\"\" width=\"972\" height=\"530\" \/><\/p>\n<p>(Circle S-1 Form)<\/p>\n<p>\u8bb8\u591a\u7ecf\u9500\u5546\u6b63\u5728\u8fdb\u4e00\u6b65\u63d0\u5347\u5176\u5e73\u53f0\u67b6\u6784\u3002 PayPal \u63a8\u51fa\u4e86 PYUSD\uff1bTelegram \u4e0e Ethena \u5408\u4f5c\uff1bMeta \u6b63\u5728\u518d\u6b21\u63a2\u7d22\u7a33\u5b9a\u5e01\u7684\u901a\u9053\uff1bStripe \u3001 Robinhood \u548c Revolut \u7b49\u91d1\u878d\u79d1\u6280\u5e73\u53f0\u6b63\u5728\u5c06\u7a33\u5b9a\u5e01\u76f4\u63a5\u5d4c\u5165\u5230\u652f\u4ed8\u3001\u50a8\u84c4\u548c\u4ea4\u6613\u529f\u80fd\u4e2d\u3002<\/p>\n<p>\u53d1\u884c\u5546\u4e5f\u672a\u505c\u6ede\u4e0d\u524d\u3002 Tether \u6b63\u5728\u5efa\u9020\u94b1\u5305\u548c\u652f\u4ed8\u901a\u9053\u3002 Circle \u6b63\u5728\u900f\u8fc7\u652f\u4ed8\u5e94\u7528\u7a0b\u5f0f\u4ecb\u9762 (APl) \u3001\u5f00\u53d1\u8005\u5de5\u5177\u548c\u57fa\u7840\u8bbe\u65bd\u6536\u8d2d\u5b9e\u73b0\u5168\u7aef\u5f0f\u53d1\u5c55\uff0c\u540c\u65f6\u63a8\u51fa Circle Payment Network\uff0c\u4ee5\u671f\u5f62\u6210\u7f51\u8def\u6548\u5e94\u3002<\/p>\n<p>\u4f46\u60c5\u52bf\u5df2\u7136\u660e\u6717\uff1a\u5206\u9500\u5982\u4eca\u5df2\u6210\u4e3a\u6218\u7565\u5236\u9ad8\u70b9\u3002<\/p>\n<p>\u6211\u4eec\u6b63\u5904\u4e8e\u4e00\u573a\u7ed3\u6784\u6027\u53d8\u9769\u4e4b\u4e2d\uff1a\u4e00\u79cd\u89c6\u89d2\u7684\u8f6c\u53d8\uff0c\u7a33\u5b9a\u5e01\u4e0d\u518d\u88ab\u89c6\u4e3a\u300c\u52a0\u5bc6\u8d27\u5e01\u300d\uff0c\u800c\u662f\u300c\u5168\u7403\u57fa\u7840\u8bbe\u65bd\u300d\uff1b\u4e00\u79cd\u6548\u7528\u7684\u8f6c\u53d8\uff0c\u91d1\u878d\u673a\u6784\u6b63\u5728\u5145\u5206\u5229\u7528\u8fd9\u4e9b\u65b0\u8f68\u9053\uff0c\u4ee5\u79ef\u6781\u91cd\u5851\u5176\u4ea7\u54c1\uff1b\u7ade\u4e89\u73af\u5883\u6b63\u5728\u65f6\u523b\u53d8\u5316\u3002<\/p>\n<p>\u2014\u2014Ran Goldi\uff0cFireblocks \u652f\u4ed8\u4e0e\u7f51\u8def\u8d44\u6df1\u526f\u603b\u88c1<\/p>\n<p>2.3 \u5efa\u6784\u53ef\u7a0b\u5f0f\u6027\u548c\u7cbe\u51c6\u6027<\/p>\n<p>\u968f\u8457\u7a33\u5b9a\u5e01\u7684\u666e\u53ca\uff0c\u65b0\u578b\u57fa\u7840\u8bbe\u65bd\u6b63\u5728\u6d8c\u73b0\u2014\u2014\u8fd9\u4e9b\u57fa\u7840\u8bbe\u65bd\u65e8\u5728\u5b9e\u73b0\u53ef\u7a0b\u5f0f\u5316\u3001\u5408\u89c4\u6027\u548c\u4ef7\u503c\u5171\u4eab\u3002\u5355\u9760\u53d1\u884c\u5df2\u4e0d\u518d\u662f\u5173\u952e\u3002\u4e3a\u4e86\u4fdd\u6301\u7ade\u4e89\u529b\uff0c\u7a33\u5b9a\u5e01\u5fc5\u987b\u80fd\u591f\u9002\u5e94\u63a8\u52a8\u4f7f\u7528\u7387\u7684\u5e73\u53f0\u7684\u9700\u6c42\u3002<\/p>\n<p>\u4e0b\u4e00\u4ee3\u7a33\u5b9a\u5e01\u5305\u542b\u53ef\u7f16\u7a0b\u529f\u80fd\uff0c\u4f8b\u5982\u52fe\u7a3d\u80fd\u529b\u3001\u5408\u89c4\u89c4\u5219\u548c\u6761\u4ef6\u8f6c\u79fb\u3002\u8fd9\u4e9b\u529f\u80fd\u4f7f\u7a33\u5b9a\u5e01\u80fd\u591f\u5145\u5f53\u5e94\u7528\u611f\u77e5\u8d44\u4ea7\uff0c\u65e0\u9700\u94fe\u4e0b\u534f\u8bae\u5373\u53ef\u81ea\u52a8\u5c06\u4ef7\u503c\u8def\u7531\u81f3\u5546\u5bb6\u3001\u5f00\u53d1\u8005\u3001\u6d41\u52a8\u6027\u63d0\u4f9b\u8005 (LP) \u6216\u5173\u8054\u516c\u53f8\u3002<\/p>\n<p>\u6bcf\u4e2a\u7528\u4f8b\u90fd\u6709\u5176\u72ec\u7279\u7684\u80cc\u666f\u3002\u6c47\u6b3e\u4f18\u5148\u8003\u8651\u901f\u5ea6\u548c\u8f6c\u6362\uff0cDeFi \u8981\u6c42\u53ef\u7ec4\u5408\u6027\u548c\u62b5\u62bc\u54c1\u7075\u6d3b\u6027\uff0c\u800c\u91d1\u878d\u79d1\u6280\u6574\u5408\u5219\u9700\u8981\u5408\u89c4\u6027\u548c\u53ef\u5ba1\u8ba1\u6027\u3002\u65b0\u5174\u7684\u57fa\u7840\u8bbe\u65bd\u5806\u53e0\u65e8\u5728\u6ee1\u8db3\u8fd9\u4e9b\u591a\u6837\u5316\u7684\u9700\u6c42\uff0c\u4f7f\u7a33\u5b9a\u5e01\u5c42\u80fd\u591f\u52a8\u6001\u5730\u9002\u5e94\u5176\u73af\u5883\uff0c\u800c\u4e0d\u662f\u63d0\u4f9b\u4e00\u5200\u5207\u7684\u89e3\u51b3\u65b9\u6848\u3002<\/p>\n<p>\u81f3\u5173\u91cd\u8981\u7684\u662f\uff0c\u8fd9\u79cd\u57fa\u7840\u8bbe\u65bd\u7684\u8f6c\u53d8\u80fd\u591f\u5b9e\u73b0\u66f4\u7cbe\u51c6\u7684\u4ef7\u503c\u83b7\u53d6\u3002\u53ef\u7f16\u7a0b\u7684\u6d41\u52a8\u610f\u5473\u8457\u4ef7\u503c\u53ef\u4ee5\u5728\u6574\u4e2a\u5806\u53e0\u4e2d\u5171\u4eab\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u7531\u53d1\u884c\u65b9\u56e4\u79ef\u3002\u7a33\u5b9a\u5e01\u6b63\u5728\u6210\u4e3a\u52a8\u6001\u7684\u91d1\u878d\u539f\u8bed\uff0c\u5e76\u53d7\u5230\u5176\u6240\u5904\u751f\u6001\u7cfb\u7edf\u7684\u6fc0\u52b1\u673a\u5236\u548c\u67b6\u6784\u7684\u5f71\u54cd\u3002<\/p>\n<p>\u4e09\u3001\u94fe\u4e0a\u7a33\u5b9a\u5e01\u7528\u4f8b<\/p>\n<p>\u968f\u8457\u7a33\u5b9a\u5e01\u7684\u4ef7\u503c\u83b7\u53d6\u5411\u4e0b\u6e38\u8f6c\u79fb\uff0c\u5b9a\u4e49\u5176\u5b9e\u9645\u7528\u9014\u7684\u662f\u5206\u9500\u5546\u3002<\/p>\n<p>\u94b1\u5305\u3001\u4ea4\u6613\u6240\u3001\u91d1\u878d\u79d1\u6280\u5e94\u7528\u7a0b\u5f0f\u3001\u652f\u4ed8\u5e73\u53f0\u548c DeFi \u534f\u8bae\u51b3\u5b9a\u4e86\u7528\u6237\u53ef\u4ee5\u770b\u5230\u54ea\u4e9b\u7a33\u5b9a\u5e01\u3001\u4ed6\u4eec\u5982\u4f55\u4e0e\u8fd9\u4e9b\u7a33\u5b9a\u5e01\u4e92\u52a8\uff0c\u4ee5\u53ca\u5b83\u4eec\u5728\u4f55\u5904\u521b\u9020\u6548\u7528\u3002\u8fd9\u4e9b\u5e73\u53f0\u5851\u9020\u4e86\u4f7f\u7528\u8005\u4f53\u9a8c\uff0c\u5e76\u63a7\u5236\u8457\u7a33\u5b9a\u5e01\u7ecf\u6d4e\u7684\u9700\u6c42\u65b9\u3002<\/p>\n<p>\u5206\u6790\u7a33\u5b9a\u5e01\u5728\u652f\u4ed8\u3001\u50a8\u84c4\u3001\u4ea4\u6613\u3001 DeFi \u548c\u6c47\u6b3e\u7b49\u9886\u57df\u7684\u5b9e\u9645\u4f7f\u7528\u60c5\u51b5\uff0c\u53ef\u4ee5\u63ed\u793a\u8c01\u5728\u521b\u9020\u4ef7\u503c\u3001\u6469\u64e6\u70b9\u5728\u54ea\u91cc\u4ee5\u53ca\u54ea\u4e9b\u5206\u9500\u7ba1\u9053\u6709\u6548\u3002\u672c\u62a5\u544a\u91cd\u70b9\u5173\u6ce8\u4e0e\u94fe\u4e0a\u6d3b\u52a8\u76f8\u5173\u7684\u7a33\u5b9a\u5e01\u7528\u4f8b\uff0c\u900f\u8fc7\u8ffd\u8e2a\u7a33\u5b9a\u5e01\u5728\u94b1\u5305\u548c\u5e73\u53f0\u4e0a\u7b49\u7684\u6d41\u52a8\u60c5\u51b5\uff0c\u6211\u4eec\u53ef\u4ee5\u6df1\u5165\u4e86\u89e3\u5f71\u54cd\u5176\u91c7\u7528\u7684\u57fa\u7840\u8bbe\u65bd\u548c\u6fc0\u52b1\u673a\u5236\u3002<\/p>\n<p>\u5728\u8fd9\u4e9b\u5df2\u77e5\uff08\u4e5f\u79f0\u4e3a\u300c\u6807\u8bb0\u300d\uff09\u53c2\u4e0e\u8005\u4e2d\uff0c\u76ee\u524d\u7a33\u5b9a\u5e01\u7684\u4f7f\u7528\u4e3b\u8981\u96c6\u4e2d\u5728\u4e09\u4e2a\u4e3b\u8981\u73af\u5883\uff1a<\/p>\n<p>\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240<br \/>\nDeFi \u534f\u5b9a<\/p>\n<p>\u4e0b\u8868\u663e\u793a\u4e86 2025 \u5e74 4 \u6708\u5404\u7c7b\u522b\u7684\u4f9b\u5e94\u91cf\u548c\u4ea4\u6613\u91cf\u5360\u6bd4\uff1a<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/06\/9436085c3d8ee149d4a0c2354c2b237e.webp\" alt=\"\" width=\"943\" height=\"313\" \/><\/p>\n<p>\u8fd9\u4e09\u7c7b\u5730\u5740\u5408\u8ba1\u5360\u7a33\u5b9a\u5e01\u603b\u4f9b\u5e94\u91cf\u7684 38%\uff0c\u4ea4\u6613\u91cf\u5360\u7a33\u5b9a\u5e01\u603b\u4ea4\u6613\u91cf\u7684 63% \u3002<\/p>\n<p>\u672a\u6807\u8bb0\u5730\u5740\u5360\u636e\u4e86\u5269\u4f59\u4f9b\u5e94\u91cf\u548c\u4ea4\u6613\u91cf\u7684\u5927\u90e8\u5206\u3002\u8fd9\u4e9b\u94b1\u5305\u672a\u76f4\u63a5\u4e0e\u77e5\u540d\u673a\u6784\u3001\u4ea4\u6613\u6240\u6216\u667a\u80fd\u5408\u7ea6\u5173\u8054\u3002\u6211\u4eec\u5c06\u5728\u672c\u62a5\u544a\u7684\u540e\u9762\u63a2\u8ba8\u672a\u6807\u8bb0\u5730\u5740\u7684\u8d8b\u52bf\u3002<\/p>\n<p>3.1 \u6574\u4f53\u7a33\u5b9a\u5e01\u5e02\u573a\u6982\u89c8<\/p>\n<p>\u7a33\u5b9a\u5e01\u603b\u4f9b\u5e94\u91cf\uff1a2,400 \u4ebf\u7f8e\u5143<\/p>\n<p>\u8fc7\u53bb 30 \u5929\uff0c\u7a33\u5b9a\u5e01\u603b\u4ea4\u6613\u91cf\uff1a3.1 \u5146\u7f8e\u5143<\/p>\n<p>\u50a8\u5907\u6536\u5165\uff1a100 \u4ebf\u7f8e\u5143<\/p>\n<p>A. Supply<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/06\/0fe1e0e41a1ee29a0cfd0c6fe622e281.webp\" alt=\"\" width=\"972\" height=\"644\" \/><\/p>\n<p>\u7a33\u5b9a\u5e01\u4f9b\u5e94\u91cf\uff08Supply\uff09\u7684\u5206\u5e03\u63ed\u793a\u4e86\u54ea\u4e9b\u5e73\u53f0\u548c\u7528\u4f8b\u5177\u6709\u8db3\u591f\u7684\u5438\u5f15\u529b\u6765\u5438\u5f15\u548c\u7559\u4f4f\u6d41\u901a\u91cf\u3002\u81ea 2023 \u5e74\u590f\u5b63\u4ee5\u6765\uff0c\u7a33\u5b9a\u5e01\u603b\u4f9b\u5e94\u91cf\u7a33\u6b65\u6500\u5347\uff0c\u4eca\u5e74\u521b\u4e0b\u5386\u53f2\u65b0\u9ad8\uff0c\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240 (CEX) \u3001 DeFi \u548c\u672a\u6807\u8bb0\u94b1\u5305\u7684\u4f9b\u5e94\u91cf\u5747\u5b9e\u73b0\u4e86\u9ad8\u589e\u957f\u3002<\/p>\n<p>\u5927\u591a\u6570\u7a33\u5b9a\u5e01\u4f9b\u5e94\u90fd\u96c6\u4e2d\u5728\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff0c\u5176\u4e2d\u5e01\u5b89\u5360\u636e\u76f8\u5f53\u5927\u7684\u9886\u5148\u5730\u4f4d\u3002 DeFi \u534f\u8bae\u548c\u53d1\u884c\u8005\u4e5f\u5360\u6709\u76f8\u5f53\u5927\u7684\u4efd\u989d\u3002<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/06\/0cf85ca93cf30e14bc6ab07fe8c3f86d.webp\" alt=\"\" width=\"972\" height=\"458\" \/><\/p>\n<p>B. Volume<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/06\/3d3e33a1cffeb7c19f09ae14663626f8.webp\" alt=\"\" width=\"972\" height=\"643\" \/><\/p>\n<p>\u81ea 2023 \u5e74\u590f\u5b63\u4ee5\u6765\uff0c\u7a33\u5b9a\u5e01\u7684\u603b\u4ea4\u6613\u91cf\u7a33\u6b65\u6500\u5347\uff0c\u5728\u5e02\u573a\u6d3b\u8dc3\u5ea6\u9ad8\u7684\u65f6\u5019\u4f1a\u51fa\u73b0\u5f02\u5e38\u6fc0\u589e\u3002 DeFi \u7684\u4ea4\u6613\u91cf\u589e\u5e45\u6700\u9ad8\uff0c\u800c MEV \u548c\u672a\u6807\u8bb0\u94b1\u5305\u7684\u4ea4\u6613\u91cf\u8f83\u9ad8\u4f46\u6ce2\u52a8\u8f83\u5927\u3002<\/p>\n<p>\u7a33\u5b9a\u5e01\u4ea4\u6613\u91cf\u6700\u9ad8\u7684\u5b9e\u4f53\u5f80\u5f80\u662f\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff0c\u5176\u6b21\u662f DeFi \u548c\u53d1\u884c\u673a\u6784\u3002 CEX \u4ea4\u6613\u91cf\u5e76\u672a\u53cd\u6620 CEX \u5e73\u53f0\u4e0a\u7684\u4ea4\u6613\uff0c\u56e0\u4e3a\u5927\u591a\u6570\u4ea4\u6613\u53d1\u751f\u5728\u94fe\u4e0b\u3002\u76f8\u53cd\uff0c\u5b83\u53cd\u6620\u4e86\u7528\u6237\u5145\u63d0\u3001\u4ea4\u6613\u6240\u95f4\u8f6c\u5e10\u4ee5\u53ca\u5185\u90e8\u8425\u8fd0\u6d3b\u52a8\u3002<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/06\/6a354ea93139074a047868bb26bd61a6.webp\" alt=\"\" width=\"972\" height=\"470\" \/><\/p>\n<p>3.2 \u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff08CEX\uff09<\/p>\n<p>\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u951a\u5b9a\u7684\u7a33\u5b9a\u5e01\u4f9b\u5e94\uff0c\u5728\u751f\u6001\u7cfb\u7edf\u4e2d\u5360\u636e\u4e86\u5f88\u5927\u4e00\u90e8\u5206\u6d41\u901a\u91cf\u3002\u5c31\u4ea4\u6613\u91cf\u800c\u8a00\uff0cDeFi \u534f\u8bae\u548c MEV \u9a71\u52a8\u7684\u53c2\u4e0e\u8005\u76ee\u524d\u6700\u4e3a\u6d3b\u8dc3\uff0c\u51f8\u663e\u4e86\u94fe\u4e0a\u5e94\u7528\u548c\u53ef\u7ec4\u5408\u57fa\u7840\u8bbe\u65bd\u65e5\u76ca\u589e\u957f\u7684\u4f5c\u7528\u3002<\/p>\n<p>\u5360\u7a33\u5b9a\u5e01\u603b\u4f9b\u5e94\u91cf\uff1a27%<\/p>\n<p>\u8fc7\u53bb 30 \u5929\uff0c\u5360\u7a33\u5b9a\u5e01\u603b\u4ea4\u6613\u91cf\uff1a11%<\/p>\n<p>\u50a8\u5907\u6536\u5165\uff1a30 \u4ebf\u7f8e\u5143<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/06\/dfa9f0402e920e3ff0e4a4cf866c597f.webp\" alt=\"\" width=\"972\" height=\"475\" \/><\/p>\n<p>\u81ea 2023 \u5e74\u5c40\u90e8\u4f4e\u70b9\u4ee5\u6765\uff0c\u9876\u7ea7\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240 (CEX) \u7684\u4f9b\u5e94\u91cf\u51e0\u4e4e\u7ffb\u4e86\u4e00\u756a\u3002 Coinbase \u3001 Binance \u548c Bybit \u7684\u4f9b\u5e94\u91cf\u5f80\u5f80\u4f1a\u968f\u5e02\u573a\u6ce2\u52a8\uff0c\u800c Kraken \u548c OKX \u7684\u4f9b\u5e94\u91cf\u5219\u6210\u957f\u5f97\u66f4\u4e3a\u7a33\u5b9a\u3002<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/06\/ecdecb78f633b892265e63496d60b4e7.webp\" alt=\"\" width=\"972\" height=\"672\" \/><\/p>\n<p>\u7531\u4e8e\u5927\u90e8\u5206\u6d3b\u52a8\u53d1\u751f\u5728\u94fe\u4e0b\uff08\u4e2d\u5fc3\u5316\u5e10\u672c\uff09\uff0c\u56e0\u6b64\u5f88\u96be\u83b7\u5f97\u6709\u5173\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240 (CEX) \u5982\u4f55\u4f7f\u7528\u7a33\u5b9a\u5e01\u7684\u5177\u4f53\u6570\u636e\u3002\u8d44\u91d1\u901a\u5e38\u96c6\u4e2d\u5728\u4e00\u8d77\uff0c\u5177\u4f53\u7528\u9014\u5f88\u5c11\u62ab\u9732\u3002\u8fd9\u79cd\u4e0d\u900f\u660e\u6027\u4f7f\u5f97\u8bc4\u4f30\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240 (CEX) \u5185\u7a33\u5b9a\u5e01\u4f7f\u7528\u60c5\u51b5\u7684\u5168\u9762\u6027\u53d8\u5f97\u5341\u5206\u56f0\u96be\u3002<\/p>\n<p>\u5f52\u5c5e\u4e8e\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240 (CEX) \u7684\u7a33\u5b9a\u5e01\u4ea4\u6613\u91cf\u53cd\u6620\u7684\u662f\u4e0e\u50a8\u503c\u3001\u63d0\u73b0\u3001\u4ea4\u6613\u6240\u95f4\u8f6c\u5e10\u548c\u6d41\u52a8\u6027\u64cd\u4f5c\u76f8\u5173\u7684\u94fe\u4e0a\u6d3b\u52a8\uff0c\u800c\u975e\u5185\u90e8\u4ea4\u6613\u3001\u4fdd\u8bc1\u91d1\u62b5\u62bc\u6216\u8d39\u7528\u7ed3\u7b97\u3002\u56e0\u6b64\uff0c\u6700\u597d\u5c06\u5176\u89c6\u4e3a\u7528\u6237\u4e0e\u4ea4\u6613\u6240\u4e92\u52a8\u7684\u6307\u6807\uff0c\u800c\u975e\u603b\u4ea4\u6613\u6d3b\u52a8\u7684\u8861\u91cf\u6807\u51c6\u3002<\/p>\n<p>3.3 \u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\uff08DeFi\uff09<\/p>\n<p>\u5360\u7a33\u5b9a\u5e01\u603b\u4f9b\u5e94\u91cf\uff1a11%<\/p>\n<p>\u8fc7\u53bb 30 \u5929\uff0c\u5360\u7a33\u5b9a\u5e01\u603b\u4ea4\u6613\u91cf\uff1a21%<\/p>\n<p>\u50a8\u5907\u6536\u5165\uff1a11 \u4ebf\u7f8e\u5143<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/06\/0d3370d5fa62aa9eb0b0985a05464f3f.webp\" alt=\"\" width=\"972\" height=\"597\" \/><\/p>\n<p>DeFi \u7a33\u5b9a\u5e01\u7684\u4f9b\u5e94\u6765\u81ea\u62b5\u62bc\u54c1\u3001\u6d41\u52a8\u6027\u63d0\u4f9b\u8005 (LP) \u8d44\u4ea7\uff0c\u4ee5\u53ca\u501f\u8d37\u5e02\u573a\u3001\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240 (DEX) \u548c\u884d\u751f\u6027\u5546\u54c1\u534f\u8bae\u7684\u7ed3\u7b97\u5c42\u3002\u8fc7\u53bb\u516d\u4e2a\u6708\uff0cCDP \u3001\u501f\u8d37\u3001\u6c38\u7eed\u5408\u7ea6\u548c\u8d28\u62bc\u7684\u4f9b\u5e94\u91cf\u51e0\u4e4e\u7ffb\u4e86\u4e00\u756a\u3002<\/p>\n<p>DEX \u7684\u4f9b\u5e94\u4efd\u989d\u5219\u5927\u5e45\u4e0b\u964d\uff0c\u8fd9\u5e76\u4e0d\u662f\u56e0\u4e3a DEX \u4f7f\u7528\u7387\u4e0b\u964d\uff0c\u800c\u662f\u56e0\u4e3a DEX \u7684\u8d44\u672c\u6548\u7387\u66f4\u9ad8\u3002\u968f\u8457 Hyperliquid \u7684\u706b\u7206\u4eba\u6c14\uff0c\u9501\u5b9a\u5728\u6c38\u7eed\u5408\u7ea6\u4e2d\u7684\u4f9b\u5e94\u91cf\u8fd1\u671f\u5927\u5e45\u589e\u52a0\u3002<\/p>\n<p>\u8fc7\u53bb\u516d\u4e2a\u6708\uff0cDeFi \u7a33\u5b9a\u5e01\u7684\u6708\u4ea4\u6613\u91cf\u5df2\u4ece\u7ea6 1,000 \u4ebf\u7f8e\u5143\u6210\u957f\u81f3 6,000 \u4ebf\u7f8e\u5143\u4ee5\u4e0a\uff0c\u8fd9\u4e3b\u8981\u5f97\u76ca\u4e8e\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240 (DEX) \u3001\u501f\u8d37\u5e02\u573a\u548c\u62b5\u62bc\u503a\u4ed3 (CDP) \u7684\u5927\u5e45\u6210\u957f\u3002<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/06\/247d017e29d0b54735ab51a053728ebe.webp\" alt=\"\" width=\"972\" height=\"635\" \/><\/p>\n<p>\u5728 DeFi \u9886\u57df\uff0c\u7a33\u5b9a\u5e01\u5e94\u7528\u5728\u4ee5\u4e0b\u51e0\u4e2a\u5173\u952e\u9886\u57df\uff1a<\/p>\n<p>DEX \u8d44\u91d1\u6c60<br \/>\n\u8d44\u4ea7\u62b5\u62bc\u503a\u6743<br \/>\n\u5176\u4ed6\uff08\u5305\u62ec\u6c38\u7eed\u5408\u7ea6\u3001\u8de8\u94fe\u548c\u8d28\u62bc\uff09<\/p>\n<p>\u6bcf\u4e2a\u9886\u57df\u5bf9\u7a33\u5b9a\u5e01\u7684\u4f7f\u7528\u65b9\u5f0f\u90fd\u6709\u6240\u4e0d\u540c\u2014\u2014\u65e0\u8bba\u662f\u4f5c\u4e3a\u6d41\u52a8\u6027\u3001\u62b5\u62bc\u54c1\u8fd8\u662f\u652f\u4ed8\u65b9\u5f0f\u2014\u2014\u8fd9\u90fd\u4f1a\u5f71\u54cd\u7528\u6237\u884c\u4e3a\u548c\u534f\u8bae\u5c42\u7684\u7ecf\u6d4e\u6548\u76ca\u3002<\/p>\n<p>A. DEX<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/06\/68e651e0f188c00f1843a2ef8ddd5f73.webp\" alt=\"\" width=\"972\" height=\"562\" \/><\/p>\n<p>\u96c6\u4e2d\u7684\u6d41\u52a8\u6027\u3001\u4ee5\u7a33\u5b9a\u5e01\u4e3a\u4e2d\u5fc3\u7684 DEX \u4ee5\u53ca\u8de8\u534f\u8bae\u53ef\u7ec4\u5408\u6027\u964d\u4f4e\u4e86 DEX \u7ef4\u6301\u9ad8\u7a33\u5b9a\u5e01\u6d6e\u52a8\u7684\u9700\u6c42\u3002<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/06\/4d80d83353d4fbabc6b1030d81def436.webp\" alt=\"\" width=\"972\" height=\"611\" \/><\/p>\n<p>DeFi \u4e2d\u7a33\u5b9a\u5e01\u7684\u4ea4\u6613\u91cf\u5927\u90e8\u5206\u6765\u81ea DEX \u3002 DEX \u5728\u603b\u4ea4\u6613\u91cf\u4e2d\u7684\u4efd\u989d\u968f\u8457\u5e02\u573a\u60c5\u7eea\u548c\u4ea4\u6613\u8d8b\u52bf\u800c\u6ce2\u52a8\uff0c\u6700\u8fd1 memecoin \u7684\u4ea4\u6613\u91cf\u98d9\u5347\u81f3 5000 \u4ebf\u7f8e\u5143\u4ee5\u4e0a\uff0c\u5360\u603b\u4ea4\u6613\u91cf\u7684 12% \u3002<\/p>\n<p>B. Lending Markets<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/06\/3615b0a08c08aaaabfea4b5299fc6b75.webp\" alt=\"\" width=\"972\" height=\"593\" \/><\/p>\n<p>\u5c3d\u7ba1\u501f\u8d37\u4e1a\u52a1\u5df2\u4ece\u5cf0\u503c\u56de\u843d\uff0c\u4f46 Aave \u5df2\u663e\u793a\u51fa\u5f3a\u52b2\u590d\u82cf\u52bf\u5934\uff0c\u800c Morpho \u3001 Spark \u548c Euler \u7b49\u65b0\u534f\u200b\u200b\u8bae\u4e5f\u83b7\u5f97\u4e86\u5173\u6ce8\u3002<\/p>\n<p>C. Collat\u200b\u200beralized Debt Positions<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/06\/336834b81e2ede8d167264bf16625e26.webp\" alt=\"\" width=\"972\" height=\"578\" \/><\/p>\n<p>MakerDAO \u7ee7\u7eed\u7ba1\u7406 DeFi \u4e2d\u6700\u5927\u7684\u7a33\u5b9a\u5e01\u5e93\u4e4b\u4e00\uff0c\u53d7\u9ad8\u50a8\u84c4\u7387\u63a8\u52a8\uff0cDAI \u7684\u91c7\u7528\u7387\u4e0d\u65ad\u63d0\u9ad8\u3002\u4ed6\u4eec\u6301\u6709\u6570\u5341\u4ebf\u7f8e\u5143\u7684\u7a33\u5b9a\u5e01\uff0c\u5728\u7ef4\u6301 DAI \u4e0e\u7f8e\u5143\u6302\u94a9\u65b9\u9762\u53d1\u6325\u5173\u952e\u4f5c\u7528\u3002<\/p>\n<p>D. Others<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/06\/7fe99a2f8aec1014486d8c008556ae17.webp\" alt=\"\" width=\"972\" height=\"569\" \/><\/p>\n<p>\u7a33\u5b9a\u5e01\u5728\u652f\u63f4 DeFi \u884d\u751f\u6027\u5546\u54c1\u3001\u5408\u6210\u8d44\u4ea7\u3001\u6c38\u7eed\u5408\u7ea6\u548c\u4ea4\u6613\u534f\u8bae\u65b9\u9762\u4e5f\u53d1\u6325\u5173\u952e\u4f5c\u7528\u3002<\/p>\n<p>\u968f\u8457\u65f6\u95f4\u7684\u63a8\u79fb\uff0c\u7a33\u5b9a\u5e01\u7684\u4f9b\u5e94\u5728\u5404\u79cd\u6c38\u7eed\u5408\u7ea6\u534f\u8bae\u4e4b\u95f4\u8f6e\u6362\uff0c\u76ee\u524d\u4e3b\u8981\u96c6\u4e2d\u5728 Hyperliquid \u3001 Jupiter \u548c Ethereal \u4e0a\u3002<\/p>\n<p>3.4 MEV \u77ff\u5de5\/ \u8282\u70b9\u9a8c\u8bc1<\/p>\n<p>\u5360\u7a33\u5b9a\u5e01\u603b\u4f9b\u5e94\u91cf\uff1a 1%<\/p>\n<p>\u8fc7\u53bb 30 \u5929\uff0c\u5360\u7a33\u5b9a\u5e01\u603b\u4ea4\u6613\u91cf\uff1a31%<\/p>\n<p>\u50a8\u5907\u6536\u5165\uff1a\/<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/06\/9a08537dd860eec7b8c7e6a83ee4d587.webp\" alt=\"\" width=\"972\" height=\"640\" \/><\/p>\n<p>MEV \u673a\u5668\u4eba\u900f\u8fc7\u91cd\u65b0\u6392\u5e8f\u4ea4\u6613\u6765\u83b7\u53d6\u4ef7\u503c\u3002\u5b83\u4eec\u7684\u9ad8\u9891\u884c\u4e3a\u5bfc\u81f4\u94fe\u4e0a\u4ea4\u6613\u91cf\u5360\u6bd4\u8fc7\u9ad8\uff0c\u800c\u4e14\u901a\u5e38\u91cd\u590d\u4f7f\u7528\u76f8\u540c\u7684\u8d44\u91d1\u3002<\/p>\n<p>\u4e0a\u56fe\u5c06 MEV \u9a71\u52a8\u7684\u6d3b\u52a8\u533a\u5206\u5f00\u6765\uff0c\u4ee5\u533a\u5206\u673a\u5668\u4eba\u4ea4\u6613\u91cf\u548c\u4eba\u5de5\u4ea4\u6613\u91cf\u3002 MEV \u4ea4\u6613\u91cf\u4f1a\u968f\u8457\u4ea4\u6613\u91cf\u9ad8\u5cf0\u671f\u800c\u6fc0\u589e\uff0c\u5e76\u968f\u8457\u533a\u5757\u94fe\u548c\u5e94\u7528\u7a0b\u5f0f\u8bd5\u56fe\u5bf9\u6297 MEV \u7b56\u7565\u800c\u6ce2\u52a8\u3002<\/p>\n<p>\u9884\u6d4b\u50cf MEV \u8fd9\u6837\u9ad8\u4ea4\u6613\u91cf\u3001\u4f4e\u6d6e\u52a8\u989d\u7528\u4f8b\u7684\u6536\u5165\u4e0d\u5982\u9884\u6d4b\u9ad8\u6d6e\u52a8\u989d\u7528\u4f8b\u90a3\u4e48\u7b80\u5355\u3002\u9884\u6d4b\u50a8\u5907\u91d1\u6536\u76ca\u7387\u5728\u8fd9\u91cc\u4e0d\u592a\u9002\u7528\uff0c\u4f46\u8fd9\u4e9b\u7528\u4f8b\u53ef\u4ee5\u91c7\u7528\u5404\u79cd\u53d8\u73b0\u7b56\u7565\uff0c\u4f8b\u5982\u4ea4\u6613\u8d39\u3001\u5229\u5dee\u6355\u83b7\u3001\u5d4c\u5165\u5f0f\u91d1\u878d\u670d\u52a1\u4ee5\u53ca\u7279\u5b9a\u5e94\u7528\u7a0b\u5f0f\u7684\u53d8\u73b0\u3002<\/p>\n<p>3.5 \u672a\u5f52\u5c5e\u94b1\u5305\uff08Unattributed Wallets\uff09<\/p>\n<p>\u5360\u7a33\u5b9a\u5e01\u603b\u4f9b\u5e94\u91cf\uff1a54%<\/p>\n<p>\u8fc7\u53bb 30 \u5929\uff0c\u5360\u7a33\u5b9a\u5e01\u603b\u4ea4\u6613\u91cf\uff1a35%<\/p>\n<p>\u50a8\u5907\u6536\u5165\uff1a56 \u4ebf\u7f8e\u5143<\/p>\n<p>\u672a\u6807\u6ce8\u94b1\u5305\u4e2d\u7684\u7a33\u5b9a\u5e01\u6d3b\u52a8\u66f4\u96be\u89e3\u91ca\uff0c\u56e0\u4e3a\u4ea4\u6613\u80cc\u540e\u7684\u610f\u56fe\u5fc5\u987b\u900f\u8fc7\u79c1\u4eba\u6570\u636e\u63a8\u65ad\u6216\u8bc1\u5b9e\u3002\u5373\u4fbf\u5982\u6b64\uff0c\u8fd9\u4e9b\u94b1\u5305\u5360\u636e\u4e86\u7a33\u5b9a\u5e01\u4f9b\u5e94\u7684\u7edd\u5927\u90e8\u5206\uff0c\u5e76\u4e14\u5f80\u5f80\u5360\u636e\u4e86\u4ea4\u6613\u91cf\u7684\u7edd\u5927\u90e8\u5206\u3002<\/p>\n<p>\u672a\u6807\u6ce8\u94b1\u5305\u7684\u6784\u6210\u5305\u62ec\uff1a<\/p>\n<p>\u8eab\u4efd\u4e0d\u660e\u7684\u673a\u6784<br \/>\n\u65b0\u521b\u4f01\u4e1a\u548c\u4e2d\u5c0f\u4f01\u4e1a<br \/>\n\u4f11\u7720\u6216\u88ab\u52a8\u6301\u6709\u8005<br \/>\n\u5c1a\u672a\u5f52\u7c7b\u7684\u667a\u80fd\u5408\u7ea6<\/p>\n<p>\u867d\u7136\u5f52\u56e0\u6a21\u578b\u5e76\u4e0d\u5b8c\u5584\uff0c\u4f46\u8fd9\u7c7b\u300c\u7070\u8272\u5730\u5e26\u300d\u94b1\u5305\u5728\u73b0\u5b9e\u4e16\u754c\u7684\u652f\u4ed8\u3001\u50a8\u84c4\u548c\u8425\u8fd0\u6d41\u7a0b\u4e2d\u5360\u636e\u7684\u4efd\u989d\u8d8a\u6765\u8d8a\u5927\uff0c\u5176\u4e2d\u8bb8\u591a\u6d41\u7a0b\u4e0e\u4f20\u7edf\u7684 DeFi \u6216\u4ea4\u6613\u6846\u67b6\u5e76\u4e0d\u5b8c\u5168\u5339\u914d\u3002<\/p>\n<p>\u4e00\u4e9b\u6700\u6709\u524d\u666f\u7684\u7528\u4f8b\u6b63\u5728\u6d8c\u73b0\uff0c\u5305\u62ec\uff1a<\/p>\n<p>P2P \u6c47\u6b3e<br \/>\n\u65b0\u521b\u4f01\u4e1a\u91d1\u5e93\u7ba1\u7406<br \/>\n\u901a\u81a8\u7ecf\u6d4e\u4f53\u4e2d\u4e2a\u4eba\u7684\u7f8e\u5143\u50a8\u84c4<br \/>\n\u8de8\u5883 B2B \u652f\u4ed8<br \/>\n\u7535\u5b50\u5546\u52a1\u4e0e\u5546\u5bb6\u7ed3\u7b97<br \/>\n\u6e38\u620f\u5185\u7ecf\u6d4e<\/p>\n<p>\u968f\u8457\u76d1\u7ba1\u900f\u660e\u5ea6\u7684\u63d0\u9ad8\u4ee5\u53ca\u4ee5\u652f\u4ed8\u4e3a\u4e2d\u5fc3\u7684\u57fa\u7840\u8bbe\u65bd\u6301\u7eed\u5438\u5f15\u8d44\u672c\uff0c\u8fd9\u4e9b\u65b0\u5174\u7528\u4f8b\u9884\u8ba1\u5c06\u8fc5\u901f\u6269\u5f20\uff0c\u5c24\u5176\u662f\u5728\u4f20\u7edf\u94f6\u884c\u670d\u52a1\u4e0d\u8db3\u7684\u5730\u533a\u3002<\/p>\n<p>\u76f8\u5173\u5185\u5bb9\u53ef\u89c1\uff1aArtemis\uff1a\u6765\u81ea\u7a33\u5b9a\u5e01\u652f\u4ed8\u91c7\u7528\u7684\u7b2c\u4e00\u7ebf\u6570\u636e<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/06\/a16b31215afdbedd15297e2a134b6a8a.webp\" alt=\"\" width=\"949\" height=\"537\" \/><\/p>\n<p>\u76ee\u524d\uff0c\u6211\u4eec\u5c06\u5173\u6ce8\u4ee5\u4e0b\u51e0\u4e2a\u9ad8\u9636\u8d8b\u52bf\uff1a<\/p>\n<p>\u5c3d\u7ba1\u672a\u5f52\u5c5e\u94b1\u5305\u6570\u91cf\u5e9e\u5927\uff08\u8d85\u8fc7 1.5 \u4ebf\u4e2a\uff09\uff0c\u4f46\u7edd\u5927\u591a\u6570\u94b1\u5305\u7684\u4f59\u989d\u5fae\u4e0d\u8db3\u9053\u3002\u8d85\u8fc7 60% \u7684\u672a\u5f52\u5c5e\u94b1\u5305\u6301\u6709\u7684\u7a33\u5b9a\u5e01\u4f59\u989d\u4e0d\u8db3 1 \u7f8e\u5143\uff0c\u800c\u6301\u6709\u8d85\u8fc7 100 \u4e07\u7f8e\u5143\u7a33\u5b9a\u5e01\u4f59\u989d\u7684\u94b1\u5305\u4e0d\u8db3 2 \u4e07\u4e2a\u3002<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/06\/4be999aa4cd5e19f6de477aadc0e6d76.webp\" alt=\"\" width=\"972\" height=\"570\" \/><\/p>\n<p>\u5f53\u6211\u4eec\u5c06\u7126\u70b9\u8f6c\u79fb\u5230\u6bcf\u4e2a\u94b1\u5305\u4f59\u989d\u65f6\uff0c\u60c5\u51b5\u5c31\u5b8c\u5168\u98a0\u5012\u4e86\u3002<\/p>\n<p>\u4f59\u989d\u8d85\u8fc7 100 \u4e07\u7f8e\u5143\u7684\u672a\u5f52\u5c5e\u94b1\u5305\u6570\u91cf\u4e0d\u5230 2 \u4e07\u4e2a\uff0c\u603b\u6301\u6709\u8d85\u8fc7 760 \u4ebf\u7f8e\u5143\uff0c\u5360\u7a33\u5b9a\u5e01\u603b\u4f9b\u5e94\u91cf\u7684 32% 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