{"id":6126,"date":"2025-12-23T03:19:16","date_gmt":"2025-12-22T19:19:16","guid":{"rendered":"https:\/\/www.dm-yq.com\/?p=6126"},"modified":"2025-12-23T03:19:16","modified_gmt":"2025-12-22T19:19:16","slug":"sec%e3%80%8c%e5%88%9b%e6%96%b0%e8%b1%81%e5%85%8d%e3%80%8d%e7%82%b9%e7%87%83-defi-%e7%94%9f%e6%80%81%ef%bc%9a%e9%a1%b6%e7%ba%a7%e5%8d%8f%e8%ae%ae-tvl%e3%80%81%e5%b8%81%e4%bb%b7%e4%b8%8a%e6%bc%94","status":"publish","type":"post","link":"https:\/\/www.dm-yq.com\/?p=6126","title":{"rendered":"SEC\u300c\u521b\u65b0\u8c41\u514d\u300d\u70b9\u71c3 DeFi \u751f\u6001\uff1a\u9876\u7ea7\u534f\u8bae TVL\u3001\u5e01\u4ef7\u4e0a\u6f14\u300c\u51b0\u4e0e\u706b\u4e4b\u6b4c\u300d"},"content":{"rendered":"

\u7f8e\u56fd\u76d1\u7ba1\u7684\u5bd2\u51ac\u4f3c\u4e4e\u6b63\u6084\u6084\u9000\u53bb\uff0c\u4e00\u7f15\u300c\u521b\u65b0\u8c41\u514d\u300d\u7684\u66d9\u5149\u7167\u8fdb\u4e86 DeFi \u9886\u57df\u3002 6 \u6708 9 \u65e5\uff0c\u7f8e\u56fd SEC \u4e3b\u5e2d Paul Atkins \u91ca\u653e\u6b63\u9762\u8baf\u53f7\uff0c\u9884\u793a DeFi \u5e73\u53f0\u6216\u5c06\u8fce\u6765\u66f4\u53cb\u5584\u7684\u53d1\u5c55\u571f\u58e4\u3002
\n
<\/p>\n

\u4f5c\u8005\uff1aFrank\uff0cPANews<\/p>\n

\u7f8e\u56fd\u76d1\u7ba1\u7684\u5bd2\u51ac\u4f3c\u4e4e\u6b63\u6084\u6084\u9000\u53bb\uff0c\u4e00\u7f15\u300c\u521b\u65b0\u8c41\u514d\u300d\u7684\u66d9\u5149\u7167\u8fdb\u4e86 DeFi \u9886\u57df\u3002 6 \u6708 9 \u65e5\uff0cSEC \u9ad8\u5c42\u91ca\u653e\u7684\u6b63\u9762\u8baf\u53f7\uff0c\u9884\u793a DeFi \u5e73\u53f0\u6216\u5c06\u8fce\u6765\u66f4\u53cb\u5584\u7684\u53d1\u5c55\u571f\u58e4\u3002<\/p>\n

\u7136\u800c\uff0c\u5728\u8fd9\u653f\u7b56\u6625\u98ce\u7684\u5439\u62c2\u4e0b\uff0cDeFi \u5e02\u573a\u5185\u90e8\u5374\u5448\u73b0\u51fa\u4e00\u756a\u8010\u4eba\u5bfb\u5473\u7684\u666f\u8c61\uff1a\u4e00\u65b9\u9762\uff0c\u4ee5 Aave \u4e3a\u4ee3\u8868\u7684\u9876\u7ea7\u534f\u8bae TVL \u5c61\u521b\u65b0\u9ad8\uff0c\u57fa\u672c\u9762\u6570\u636e\u5f3a\u52b2\uff1b\u53e6\u4e00\u65b9\u9762\uff0c\u4e0d\u5c11\u9876\u7ea7 DeFi \u534f\u8bae\u7684 TVL \u5374\u589e\u957f\u4e4f\u529b\uff0c\u4e14\u4ee3\u5e01\u4ef7\u683c\u4ecd\u4e0d\u53ca\u5e74\u521d\uff0c\u5e02\u573a\u7684\u300c\u4ef7\u503c\u53d1\u73b0\u300d\u4e4b\u8def\u4f3c\u4e4e\u4f9d\u65e7\u6f2b\u957f\u3002\u867d\u7136 DeFi \u4ee3\u5e01\u5728\u8fd1\u4e24\u5929\u5185\u8fce\u6765\u4e86\u5feb\u901f\u53cd\u5f39\uff0c\u4f46\u8fd9\u80cc\u540e\u7a76\u7adf\u662f\u77ed\u671f\u5e02\u573a\u60c5\u7eea\u7684\u6270\u52a8\uff0c\u8fd8\u662f\u6df1\u5c42\u4ef7\u503c\u903b\u8f91\u7684\u9a71\u4f7f\uff1f PANews \u805a\u7126 DeFi \u9876\u7ea7\u73a9\u5bb6\u4eec\u7684\u6700\u65b0\u52a8\u6001\u4e0e\u6570\u636e\u8868\u73b0\uff0c\u5256\u6790\u5176\u4e2d\u7684\u673a\u4f1a\u4e0e\u6311\u6218\u3002<\/p>\n

SEC \u91ca\u653e\u6b63\u9762\u8baf\u53f7\uff1aDeFi \u76d1\u7ba1\u8fce\u300c\u521b\u65b0\u8c41\u514d\u300d\u6846\u67b6<\/p>\n

\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u8fd1\u671f\u5bf9 DeFi \u76d1\u7ba1\u91ca\u653e\u51fa\u663e\u8457\u6b63\u9762\u8baf\u53f7\u3002\u5728 6 \u6708 9 \u65e5\u4e3e\u884c\u7684\u300cDeFi \u4e0e\u7f8e\u56fd\u7cbe\u795e\u300d\u52a0\u5bc6\u5706\u684c\u4f1a\u8bae\u4e0a\uff0cSEC \u4e3b\u5e2d Paul Atkins \u8868\u793a\uff0cDeFi \u7684\u57fa\u672c\u539f\u5219\u4e0e\u7f8e\u56fd\u7ecf\u6d4e\u81ea\u7531\u53ca\u79c1\u6709\u8d22\u4ea7\u6743\u7b49\u6838\u5fc3\u4ef7\u503c\u76f8\u7b26\uff0c\u5e76\u652f\u6301\u52a0\u5bc6\u8d44\u4ea7\u7684\u81ea\u6211\u6258\u7ba1\u3002\u4ed6\u5f3a\u8c03\uff0c\u533a\u5757\u94fe\u6280\u672f\u5b9e\u73b0\u4e86\u65e0\u9700\u4e2d\u4ecb\u7684\u91d1\u878d\u4ea4\u6613\uff0cSEC \u4e0d\u5e94\u963b\u788d\u6b64\u7c7b\u521b\u65b0\u3002<\/p>\n

\u6b64\u5916\uff0cAtkins \u4e3b\u5e2d\u9996\u6b21\u900f\u9732\u5df2\u6307\u793a\u5de5\u4f5c\u4eba\u5458\u7814\u7a76\u5236\u5b9a\u9488\u5bf9 DeFi \u5e73\u53f0\u7684\u300c\u521b\u65b0\u8c41\u514d\u300d\uff08innovation exemption\uff09\u653f\u7b56\u6846\u67b6\u3002\u8be5\u6846\u67b6\u65e8\u5728\u300c\u8fc5\u901f\u5141\u8bb8\u53d7 SEC \u7ba1\u8f96\u7684\u5b9e\u4f53\u548c\u975e\u7ba1\u8f96\u5b9e\u4f53\u5c06\u94fe\u4e0a\u4ea7\u54c1\u548c\u670d\u52a1\u63a8\u5411\u5e02\u573a\u300d\u3002\u4ed6\u4e5f\u660e\u786e\uff0c\u5efa\u6784\u81ea\u6211\u6258\u7ba1\u6216\u6ce8\u91cd\u9690\u79c1\u8f6f\u4f53\u7684\u5f00\u53d1\u8005\u4e0d\u5e94\u4ec5\u56e0\u53d1\u5e03\u4ee3\u7801\u800c\u627f\u62c5\u8054\u90a6\u8bc1\u5238\u6cd5\u4e0b\u7684\u8d23\u4efb\uff0c\u5e76\u63d0\u53ca SEC \u516c\u53f8\u91d1\u878d\u90e8\u5df2\u6f84\u6e05 PoW \u6316\u77ff\u548c PoS \u8d28\u62bc\u672c\u8eab\u4e0d\u6784\u6210\u8bc1\u5238\u4ea4\u6613\u3002<\/p>\n

SEC \u52a0\u5bc6\u4efb\u52a1\u7ec4\u8d1f\u8d23\u4eba Hester Peirce \u59d4\u5458\u4ea6\u8868\u8fbe\u652f\u6301\uff0c\u5f3a\u8c03\u4e0d\u5e94\u56e0\u4ed6\u4eba\u4f7f\u7528\u4ee3\u7801\u800c\u8ffd\u7a76\u4ee3\u7801\u53d1\u5e03\u8005\u7684\u8d23\u4efb\uff0c\u4f46\u4e5f\u8b66\u793a\u4e2d\u5fc3\u5316\u5b9e\u4f53\u4e0d\u5f97\u501f\u300c\u53bb\u4e2d\u5fc3\u5316\u300d\u6807\u7b7e\u89c4\u907f\u76d1\u7ba1\u3002<\/p>\n

\u5728 SEC \u5171\u548c\u515a\u59d4\u5458\u63a8\u52a8\u66f4\u53cb\u5584\u52a0\u5bc6\u653f\u7b56\u7684\u80cc\u666f\u4e0b\uff0c\u8fd9\u4e9b\u8868\u6001\u88ab\u5e02\u573a\u89c6\u4e3a\u91cd\u5927\u5229\u597d\uff0c\u4e00\u5ea6\u5f15\u53d1 DeFi \u4ee3\u5e01\u4ef7\u683c\u98d9\u6da8\u3002\u82e5\u300c\u521b\u65b0\u8c41\u514d\u300d\u5f97\u4ee5\u5b9e\u65bd\uff0c\u53ef\u671b\u4e3a\u7f8e\u56fd DeFi \u8ba1\u5212\u53d1\u5c55\u8425\u9020\u66f4\u5bbd\u677e\u4e14\u660e\u786e\u7684\u76d1\u7ba1\u73af\u5883\u3002<\/p>\n

\u6570\u636e\u590d\u76d8\uff1aTVL \u6210\u957f\u4e4f\u529b\uff0c\u4ee3\u5e01\u53cd\u5f39\u5f3a\u52b2<\/p>\n

\u5728\u4f1a\u8bae\u91ca\u653e\u76d1\u7ba1\u5229\u591a\u4e4b\u540e\uff0c\u6c89\u5bc2\u7684 DeFi \u7c7b\u4ee3\u5e01\u8fce\u6765\u4e86\u666e\u6da8\u884c\u60c5\u3002\u5c24\u5176\u662f Aave \u3001 LDO \u3001 UNI \u3001 COMP \u7b49\u9876\u7ea7\u9879\u76ee\u666e\u904d\u51fa\u73b0\u4e86 20%~40% \u5927\u5e45\u4e0a\u6da8\u3002\u4f46\u8fd9\u7a76\u7adf\u662f\u5355\u7eaf\u7684\u6d88\u606f\u9762\u5f15\u5bfc\u5e02\u573a\u7684\u6619\u82b1\u4e00\u73b0\u8fd8\u662f DeFi \u4ea7\u4e1a\u7684\u81ea\u7136\u6210\u957f\u7ed3\u679c\uff1f PANews \u5bf9\u9876\u7ea7\u7684\u524d 20 \u540d DeFi \u534f\u8bae\u7684\u8fd1\u534a\u5e74\u6570\u636e\u8fdb\u884c\u4e86\u590d\u76d8\u3002<\/p>\n

\"\"<\/p>\n

\u4ece\u6574\u4f53\u6765\u770b\uff0c\u8fd9\u4e9b\u9876\u7ea7 DeFi \u534f\u8bae\u5728 2025 \u5e74\u4e0a\u534a\u5e74\u7684 TVL \u91cf\u6210\u957f\u5e76\u4e0d\u660e\u663e\uff0c\u5176\u4e2d\u6709 7 \u4e2a\u534f\u8bae\u7684 TVL \u5728\u4e0a\u534a\u5e74\u8fd8\u51fa\u73b0\u4e86\u4e0b\u6ed1\u3002\u800c\u5728\u4e0a\u6da8\u7684\u534f\u8bae\u5f53\u4e2d\uff0c\u6709 5 \u4e2a\u7684\u6210\u957f\u4e0d\u8d85\u8fc7 5%\uff0c\u57fa\u672c\u4e0a\u5c5e\u4e8e\u539f\u5730\u8e0f\u6b65\u3002\u6210\u957f\u6700\u5feb\u7684\u662f\u8d1d\u83b1\u5fb7\u63a8\u51fa\u7684 BUIDL\uff0c\u8fd9\u4e2a\u534f\u5b9a\u4e0e\u4f20\u7edf\u610f\u4e49\u7684 DeFi \u534f\u5b9a\u5e76\u4e0d\u76f8\u540c\uff0c\u4e25\u683c\u610f\u4e49\u4e0a\u5c5e\u4e8e RWA \u7684\u8303\u7574\u3002\u5176\u4ed6\u7684\u534f\u8bae\u5f53\u4e2d\uff0c\u6210\u957f\u8f83\u4e3a\u660e\u663e\u7684\u662f Aave\uff0cTVL \u7a81\u7834 260 \u4ebf\u7f8e\u5143\uff0c\u8fbe\u5230\u4e86\u5386\u53f2\u65b0\u9ad8\uff0c\u4e14\u4e0a\u534a\u5e74\u6210\u957f\u4e86\u8d85\u8fc7 60 \u4ebf\u7f8e\u5143\u3002 Sky \u7cfb\u7684 Spark \u8fce\u6765\u4e86 72.97% \u7684\u6210\u957f\u3002<\/p>\n

\u6ce2\u573a\u751f\u6001\u867d\u7136\u5728\u4eca\u5e74\u7684\u7a33\u5b9a\u5e01\u5b9e\u73b0\u4e86\u6301\u7eed\u6210\u957f\uff0c\u4f46\u5176\u751f\u6001\u7684\u9876\u7ea7 DeFi \u534f\u8bae JustLend TVL \u6570\u636e\u5374\u5728\u4e0a\u534a\u5e74\u4e0b\u964d\u4e86 39.82%\uff0c\u6210\u4e3a\u964d\u5e45\u6700\u5927\u7684\u9876\u7ea7\u534f\u8bae\u3002\u6b64\u5916\uff0c\u50cf\u662f\u5e02\u573a\u5173\u6ce8\u5ea6\u6bd4\u8f83\u9ad8\u7684 Sky \u3001 Lido \u3001 EigenLayer \u3001 Uniswap \u7b49\u70ed\u95e8\u534f\u8bae\u5728\u4e0a\u534a\u5e74\u4e5f\u51fa\u73b0\u4e86\u4e0d\u540c\u7a0b\u5ea6\u7684\u4e0b\u6ed1\u3002<\/p>\n

\u4ee3\u5e01\u4ef7\u683c\u4f3c\u4e4e\u4e5f\u5728\u653e\u5927\u8fd9\u79cd\u4e0b\u6ed1\u6001\u52bf\uff0c\u524d 20 \u540d\u7684 DeFi \u534f\u8bae\u7684\u4ee3\u5e01\u4ef7\u683c\u5728 2025 \u5e74\u4e0a\u534a\u5e74\u5e73\u5747\u7684\u6700\u5927\u56de\u64a4\u8fbe\u5230\u4e86 57%\uff0c\u5373\u4fbf\u662f\u6700\u8fd1\u5e02\u573a\u56de\u6696\uff0c\u5404\u4e2a\u534f\u8bae\u7684\u4ee3\u5e01\u6709\u4e86\u5927\u5e45\u53cd\u5f39\u7684\u60c5\u51b5\u4e0b\uff0c\u7edd\u5927\u591a\u6570\u7684\u534f\u8bae\u4ee3\u5e01\u4ecd\u6ca1\u80fd\u56de\u5230 2025 \u5e74 1 \u6708 1 \u65e5\u7684\u4ef7\u683c\u6c34\u5e73\u3002\u5176\u4e2d\uff0c\u53ea\u6709 SKY \u7684\u6cbb\u7406\u4ee3\u5e01 MKR \u76f8\u6bd4 1 \u6708 1 \u65e5\u65f6\u4e0a\u6da8\u4e86 44.8%\uff0cAAVE \u5219\u52c9\u5f3a\u56de\u5230\u4e86 1 \u6708 1 \u65e5\u76f8\u4f3c\u7684\u4ef7\u683c\u3002\u6574\u4f53\u4e0a\uff0c\u8fd9\u4e9b\u4ee3\u5e01\u5e73\u5747\u8f83 1 \u6708 1 \u65e5\u4ef7\u683c\u8fd8\u662f\u4e0b\u8dcc\u4e86 24% \u3002<\/p>\n

\u4e0d\u8fc7\uff0c\u8fd9\u4e9b DeFi \u8ba1\u5212\u7684\u4ee3\u5e01\u4ef7\u683c\u666e\u904d\u90fd\u8fce\u6765\u4e86\u5927\u5e45\u53cd\u5f39\uff0c\u5e73\u5747\u4f4e\u70b9\u7684\u53cd\u5f39\u6da8\u5e45\u7ea6\u4e3a 95.59% \u3002\u5176\u4e2d ether.fi \u3001 Sky \u3001 Aave \u3001 EigenLayer \u3001 Pendle \u7b49\u51e0\u4e2a\u4ee3\u5e01\u7684\u53cd\u5f39\u5e45\u5ea6\u90fd\u5728 150% \u4ee5\u4e0a\u3002\u4ece\u8d70\u52bf\u6765\u770b\uff0c\u8fd9\u4e9b\u4ee3\u5e01\u7684\u8fd1\u671f\u4f4e\u70b9\u90fd\u96c6\u4e2d\u5728 4 \u6708 7 \u65e5\uff0c\u4e0e\u52a0\u5bc6\u5e02\u573a\u7684\u8d70\u52bf\u76f8\u4f3c\u3002\u4f46\u53cd\u5f39\u7684\u529b\u9053\u666e\u904d\u8981\u4f18\u4e8e\u5176\u4ed6\u7c7b\u578b\u7684\u4ee3\u5e01\u3002\u4e0d\u8fc7\uff0c\u65e0\u8bba\u662f\u4ece\u4ef7\u683c\u53cd\u5f39\u7684\u89d2\u5ea6\u6216\u8fd1\u534a\u5e74\u7684\u6574\u4f53\u8d70\u52bf\u6765\u770b\uff0c\u4ee3\u5e01\u4ef7\u683c\u7684\u8d70\u52bf\u4f3c\u4e4e\u4e0e\u8fd9\u4e9b DeFi \u534f\u8bae TVL \u7684\u8868\u73b0\u5e76\u6ca1\u6709\u76f4\u63a5\u5173\u8054\u3002<\/p>\n

Aave \u7a33\u8fdb\uff0cUni \u5347\u7ea7\uff0cSky \u8715\u53d8\uff0cEigenLayer \u518d\u8d77<\/p>\n

\u5728\u8fd9\u4e9b\u9879\u76ee\u5f53\u4e2d\uff0c\u6709\u4e00\u4e9b DeFi \u9879\u76ee\u7684\u8868\u73b0\u503c\u5f97\u91cd\u70b9\u5173\u6ce8\u3002<\/p>\n

Aave\uff1a\u4f5c\u4e3a DeFi \u534f\u8bae\u7684\u9f99\u5934\u9879\u76ee\uff0c\u5728\u4e0a\u534a\u5e74\u6570\u636e\u8868\u73b0\u4eae\u773c\uff0c\u591a\u6b21\u7a81\u7834\u5386\u53f2\u65b0\u9ad8\u3002\u4e14\u62d3\u5c55\u4e86 Aptos \u3001 Soneium \u7b49\u591a\u4e2a\u516c\u94fe\uff0c\u76ee\u524d\u652f\u63f4 18 \u6761\u516c\u94fe\u3002\u6b64\u5916\uff0c\u4e3a\u4e86\u63d0\u632f AAVE \u4ee3\u5e01\u4ef7\u683c\uff0cAave \u793e\u7fa4\u63a8\u51fa\u540d\u4e3a\u4e86\u300cAavenomics\u300d\u7684\u63d0\u6848\uff0c\u5305\u62ec\u6bcf\u5468 100 \u4e07\u7f8e\u5143\u7684\u4ee3\u5e01\u56de\u8d2d\u548c\u9488\u5bf9 Aave \u4e0e\u539f\u751f\u7a33\u5b9a\u5e01 GHO \u7684\u6536\u5165\u518d\u5206\u914d\uff0c\u6839\u636e\u63d0\u6848\uff0cAnti-GHO \u5956\u52b1\u7684 80% \u5c06\u5206\u914d\u7ed9 Aave \u8d28\u62bc\u8005\u3002<\/p>\n

\"\"<\/p>\n

\u4ece\u4ea7\u54c1\u7684\u5229\u7387\u7b49\u65b9\u9762\u6765\u770b\uff0cAave \u7684\u501f\u8d37\u5229\u7387\u90fd\u4e0d\u7b97\u9ad8\uff0c\u4f46\u6709\u8457\u66f4\u96c4\u539a\u7684\u6df1\u5ea6\uff0c\u8fd9\u4e5f\u4f7f\u5176\u83b7\u5f97\u4e86\u4e0d\u5c11\u5927\u6237\u7684\u504f\u597d\u3002 6 \u6708 10 \u65e5\uff0c\u5ddd\u666e\u5bb6\u65cf\u652f\u6301\u7684 World Liberty Financial \u4ece Aave \u501f\u5165\u4e86\u4ef7\u503c 750 \u4e07\u7f8e\u5143\u7684 USDT \u3002\u6574\u4f53\u6765\u770b\uff0c2025 \u5e74\u4e0a\u534a\u5e74\uff0cAave \u5728\u57fa\u672c\u9762\uff08TVL \u7b49\u6570\u636e\uff09\u548c\u5e02\u573a\u8868\u73b0\u65b9\u9762\u90fd\u5b9e\u73b0\u4e86\u4e0a\u6da8\u8d8b\u52bf\uff0c\u4ecd\u662f DeFi \u534f\u8bae\u53d1\u5c55\u7684\u6807\u51c6\u6a21\u677f\u3002<\/p>\n

Uniswap\uff1a\u00a0Uniswap \u5728 2025 \u5e74\u6b63\u5f0f\u4e0a\u7ebf\u4e86 V4 \u7248\u672c\uff0c\u5728\u6280\u672f\u4e0a\u5f15\u5165\u4e86 hooks \u3001 singleton \u673a\u5236\u7b49\u66f4\u591a\u7075\u6d3b\u7684\u81ea\u8ba2\u903b\u8f91\u5e76\u663e\u8457\u964d\u4f4e\u4e86 Gas \u8d39\u7528\u3002\u6b64\u5916\uff0cUnichain \u7684\u4e0a\u7ebf\u4e5f\u8fdb\u4e00\u6b65\u6269\u5c55\u529b Uniswap \u5728 DeFi \u751f\u6001\u7684\u7ade\u4e89\u529b\u3002<\/p>\n

\"\"<\/p>\n

\u867d\u7136\u4e0a\u534a\u5e74 Uniswap \u7684 TVL \u91cf\u6709\u6240\u4e0b\u6ed1\uff0c\u4f46\u4ed4\u7ec6\u89c2\u5bdf\u53ef\u4ee5\u53d1\u73b0\u8fd9\u79cd\u4e0b\u6ed1\u4e3b\u8981\u662f\u4ee5\u592a\u574a\u4ef7\u683c\u7684\u4e0b\u8dcc\u5bfc\u81f4\uff0c\u4ece ETH \u7684\u8d28\u62bc\u91cf\u6765\u770b\uff0c\u76f8\u8f83 1 \u6708\u4efd\u8fd8\u662f\u6709\u6240\u4e0a\u5347\u3002\u6b64\u5916\uff0cUnichain \u4e0a\u7ebf\u540e\u5feb\u901f\u5360\u9886\u4e86\u4e00\u5b9a\u7684\u5e02\u573a\uff0c\u5df2\u7ecf\u6210\u4e3a Uniswap \u4e0a TVL \u6392\u540d\u7b2c\u4e8c\u7684\u516c\u94fe\uff0c\u622a\u81f3 6 \u6708 11 \u65e5 TVL \u7ea6\u4e3a 5.46 \u4ebf\u7f8e\u5143\u3002<\/p>\n

Sky\uff1a\u4ece 2024 \u5e74\u5f00\u59cb\u7531 MakerDAO \u6539\u4e3a Sky \u540e\uff0cSky \u8fce\u6765\u4e86\u4e00\u6b21\u5168\u9762\u7684\u54c1\u724c\u5347\u7ea7\u4e4b\u8def\u3002\u867d\u7136\u5347\u7ea7\u540e\uff0cSky \u7684 TVL \u5f00\u59cb\u8d70\u5411\u4e0b\u6ed1\uff0c\u4f46\u751f\u6001\u5185\u7684\u53e6\u4e00\u4e2a\u534f\u8bae Spark \u5728 RWA \u65b9\u5411\u4e5f\u53d1\u6325\u51fa\u4e86\u65b0\u7684\u6f5c\u529b\uff0c\u8fd9\u4e24\u4e2a\u534f\u8bae\u76f8\u52a0\u7684 TVL \u91cf\u5c06\u8d85\u8fc7 110 \u4ebf\u7f8e\u5143\uff0c\u80fd\u591f\u6392\u5230\u524d\u4e09\u540d\u7684\u6c34\u5e73\u3002\u53e6\u5916\uff0c\u5176\u4ee3\u5e01 MKR \u7684\u4ef7\u683c\u5728 2025 \u5e74\u8868\u73b0\u4e5f\u8f83\u4e3a\u4eae\u773c\uff0c\u4ece\u6700\u4f4e\u7684 800 \u7f8e\u5143\u5de6\u53f3\u4e00\u8def\u4e0a\u6da8\u81f3 2,100 \u7f8e\u5143\uff0c\u6da8\u5e45\u8d85\u8fc7 170% \u3002\u4e0d\u8fc7\uff0cMakerDAO \u7684\u5347\u7ea7\u8ba1\u5212\u300c\u7ec8\u5c40\u4e4b\u6218\u300d\uff0c\u663e\u7136\u662f\u4e00\u6b21\u76f8\u5bf9\u590d\u6742\u7684\u91cd\u7ec4\uff0c\u4ece\u6cbb\u7406\u673a\u5236\u3001\u4ee3\u5e01\u7ecf\u6d4e\u5b66\u5230\u4ea7\u54c1\u7ec4\u5408\u5747\u6709\u6d89\u53ca\uff0c\u8fd9\u4e5f\u8ba9\u5e02\u573a\u5bf9\u5176\u5f88\u96be\u5f62\u6210\u4e00\u4e2a\u7b80\u5355\u7684\u8ba4\u77e5\uff0c\u5e76\u4e0d\u5229\u4e8e\u5e02\u573a\u7684\u4f20\u64ad\u3002<\/p>\n

\"\"<\/p>\n

EigenLayer\uff1a\u00a0EigenLayer \u5f00\u521b\u4e86\u300c\u518d\u8d28\u62bc\u300d\uff08restaking\uff09\u8fd9\u4e00\u65b0\u6982\u5ff5\uff0c\u81ea\u63a8\u51fa\u4ee5\u6765\uff0cEigenLayer \u7684 TVL \u5b9e\u73b0\u4e86\u7206\u70b8\u5f0f\u589e\u957f\u8fbe\u5230 124 \u4ebf\u7f8e\u5143\uff0c\u76ee\u524d\u5df2\u6210\u4e3a\u6392\u540d\u7b2c\u4e09\u7684 DeFi \u534f\u8bae\u3002\u867d\u7136 2024 \u5e74\u518d\u8d28\u62bc\u7684\u6982\u5ff5\u5728\u706b\u7206\u4e00\u9635\u540e\u5f00\u59cb\u7184\u706b\uff0cEigenLayer \u7684 TVL \u4e5f\u4e00\u5ea6\u8fdb\u5165\u4e0b\u6ed1\uff0c\u4e0d\u8fc7\u4ece 4 \u6708\u4efd\u4ee5\u6765\uff0cEigenLayer \u7684 TVL \u6570\u636e\u660e\u663e\u8fdb\u5165\u4e86\u65b0\u7684\u589e\u957f\u5468\u671f\uff0c\u4e0d\u5230 2 \u4e2a\u6708\u7684\u65f6\u95f4\u4ece 70 \u4ebf\u7f8e\u5143\u589e\u957f\u81f3 124 \u4ebf\u7f8e\u5143\uff0c\u589e\u5e45\u8fbe\u5230 77% \u3002\u892a\u53bb\u6982\u5ff5\u7684\u5916\u8863\uff0c\u6216\u8bb8\u518d\u8d28\u62bc\u7684\u771f\u5b9e\u4ef7\u503c\u6b63\u91cd\u65b0\u88ab\u5e02\u573a\u5b9a\u4e49\u3002<\/p>\n

\"\"<\/p>\n

Lido\uff1a\u4f5c\u4e3a\u6d41\u52a8\u6027\u8d28\u62bc\u9886\u57df\u7684\u9f99\u5934\u9879\u76ee\uff0cLido \u51ed\u501f stETH \u66fe\u5360\u636e\u5e02\u573a\u7684\u4e3b\u5bfc\uff0cTVL \u91cf\u5728 2024 \u5e74\u66fe\u4e00\u5ea6\u8fbe\u5230\u8fd1 400 \u4ebf\u7f8e\u5143\u3002\u4e0d\u8fc7\u81ea 2024 \u5e74\u4e0b\u534a\u5e74\u4ee5\u6765\uff0c\u968f\u8457\u4ee5\u592a\u574a L2 \u7684\u5feb\u901f\u6210\u957f\uff0c\u8fc7\u5ea6\u96c6\u4e2d\u4e8e\u4ee5\u592a\u574a\u4e3b\u7f51\u7684 Lido\uff08\u4ee5\u592a\u574a\u4e3b\u7f51\u5360\u6bd4\u8d85\u8fc7 99%\uff09\u5448\u73b0\u51fa\u9893\u52bf\uff0cTVL \u4e5f\u4e00\u8def\u4e0b\u6ed1\u3002\u5176\u4ee3\u5e01\u5728\u8fd1\u671f\u7684\u53cd\u5f39\u5f53\u4e2d\u4e5f\u4e0d\u7b97\u660e\u663e\uff0c\u4ece\u4f4e\u70b9\u5230 6 \u6708 10 \u65e5 61% \u7684\u6700\u5927\u6da8\u5e45\u8fdc\u4f4e\u4e8e\u524d 20 \u540d DeFi \u4ee3\u5e01\u7684\u5e73\u5747\u503c\u3002\u76ee\u524d Lido \u7684 TVL \u603b\u91cf\u4e22\u6392\u5728\u7b2c\u4e8c\u4ec5\u6b21\u4e8e Aave\uff0c\u5bf9 Lido \u6765\u8bf4\uff0c\u89c4\u6a21\u6548\u679c\u4ecd\u5728\u3002\u53ea\u662f\u5982\u4f55\u5feb\u901f\u8f6c\u578b\u9002\u7528\u4e8e\u66f4\u591a\u5e02\u573a\uff0c\u53ef\u80fd\u662f\u4fdd\u6301\u9886\u5148\u7684\u9996\u8981\u4efb\u52a1\u3002<\/p>\n

\"\"<\/p>\n

SEC \u7684\u76d1\u7ba1\u8f6c\u5411\uff0c\u65e0\u7591\u4e3a\u7f8e\u56fd DeFi \u5e02\u573a\u6ce8\u5165\u4e86\u4e00\u5242\u5f3a\u5fc3\u9488\u3002 \u56f0\u6270\u4e13\u6848\u65b9\u5df2\u4e45\u7684\u76d1\u7ba1\u4e0d\u786e\u5b9a\u6027\u53ef\u671b\u7f13\u89e3\uff0c\u50cf Uniswap \u8d39\u7528\u5f00\u5173\u8fd9\u7c7b\u60ac\u800c\u672a\u51b3\u7684\u521b\u65b0\u6216\u8bb8\u80fd\u771f\u6b63\u843d\u5730\u3002\u6570\u636e\u63ed\u793a\u7684\u8d8b\u52bf\u540c\u6837\u503c\u5f97\u6df1\u601d\uff1a\u5c3d\u7ba1\u4ee5\u592a\u574a\u4ecd\u662f TVL \u7684\u4e3b\u8981\u627f\u8f7d\u5730\uff0c\u4f46 DeFi \u7684\u53d1\u5c55\u52a8\u80fd\u5df2\u65e5\u76ca\u663e\u73b0\u5176\u72ec\u7acb\u6027\uff0c\u751a\u81f3\u5f00\u59cb\u53cd\u54fa\u5e95\u5c42\u516c\u94fe\u7684\u4ef7\u503c\uff0c\u6b63\u5982 Bitwise \u5206\u6790\u5e08 Danny Nelson \u6240\u8a00\uff0c\u300cDeFi \u751f\u6001\u6b63\u6210\u4e3a ETH \u4e0a\u6da8\u7684\u5f15\u64ce\u300d\u3002\u672a\u6765\uff0c\u76d1\u7ba1\u7684\u660e\u786e\u5316\u5c06\u5438\u5f15\u66f4\u591a\u4f20\u7edf\u91d1\u878d\u8d44\u672c\u4ee5\u66f4\u4f4e\u98ce\u9669\u504f\u597d\u8fdb\u5165 DeFi \u9886\u57df\uff0c\u5e26\u6765\u5b9d\u8d35\u7684\u65b0\u9c9c\u8840\u6db2\uff1b\u540c\u65f6\uff0c\u8d1d\u83b1\u5fb7\u7b49\u5de8\u5934\u63a8\u51fa\u72ec\u7279 DeFi \u4ea7\u54c1\u7684\u5c1d\u8bd5\uff0c\u65e2\u9884\u793a\u8457\u66f4\u5e7f\u9614\u7684\u878d\u5408\u524d\u666f\uff0c\u4e5f\u610f\u5473\u8457\u589e\u91cf\u5e02\u573a\u7684\u4e89\u593a\u5c06\u66f4\u4e3a\u6fc0\u70c8\u3002\u8fd9\u573a\u7531\u76d1\u7ba1\u677e\u7ed1\u5f00\u542f\u7684\u300c\u7ec8\u5c40\u4e4b\u6218\u300d\uff0c\u6216\u8bb8\u6b63\u662f DeFi \u8d70\u5411\u6210\u719f\u3001\u4e0e\u4f20\u7edf\u91d1\u878d\u6df1\u5ea6\u4ea4\u878d\u7684\u65b0\u8d77\u70b9\u3002<\/p>\n

\uff08\u4ee5\u4e0a\u5185\u5bb9\u83b7\u5408\u4f5c\u4f19\u4f34 PANews \u6388\u6743\u8282\u5f55\u53ca\u8f6c\u8f7d\uff0c\u539f\u6587\u8fde\u7ed3 \u00a0\uff09<\/p>\n","protected":false},"excerpt":{"rendered":"

\u7f8e\u56fd\u76d1\u7ba1\u7684\u5bd2\u51ac\u4f3c\u4e4e\u6b63\u6084\u6084\u9000\u53bb\uff0c\u4e00\u7f15\u300c\u521b\u65b0\u8c41\u514d\u300d\u7684\u66d9\u5149\u7167\u8fdb\u4e86 DeFi \u9886\u57df\u3002 6 \u6708 9 \u65e5\uff0c\u7f8e\u56fd SEC \u4e3b…<\/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-6126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/posts\/6126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6126"}],"version-history":[{"count":1,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/posts\/6126\/revisions"}],"predecessor-version":[{"id":8698,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/posts\/6126\/revisions\/8698"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/media\/5985"}],"wp:attachment":[{"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}