{"id":6135,"date":"2025-12-24T22:31:16","date_gmt":"2025-12-24T14:31:16","guid":{"rendered":"https:\/\/www.dm-yq.com\/?p=6135"},"modified":"2025-12-24T22:31:16","modified_gmt":"2025-12-24T14:31:16","slug":"%e7%9b%91%e7%ae%a1%e5%90%b9%e6%9a%96%e9%a3%8e%e3%80%81%e6%95%b0%e6%8d%ae%e9%9d%a2%e5%90%91%e5%a5%bd%ef%bc%8c%e4%bb%a5%e5%a4%aa%e5%b8%81%e6%ad%a3%e5%a4%84%e4%ba%8e%e6%9a%b4%e6%b6%a8%e5%89%8d%e5%a4%95","status":"publish","type":"post","link":"https:\/\/www.dm-yq.com\/?p=6135","title":{"rendered":"\u76d1\u7ba1\u5439\u6696\u98ce\u3001\u6570\u636e\u9762\u5411\u597d\uff0c\u4ee5\u592a\u5e01\u6b63\u5904\u4e8e\u66b4\u6da8\u524d\u5915"},"content":{"rendered":"

\u4ee5\u592a\u5e01\u6700\u8fd1\u7a81\u7834\u77ed\u671f\u963b\u529b\u4f4d\uff0c\u957f\u671f\u7d2f\u79ef\u7684\u7a7a\u5355\u6216\u8fdb\u4e00\u6b65\u52a9\u63a8\u4e0a\u6da8\u884c\u60c5\u5ef6\u7eed\u3002\u914d\u5408\u52a0\u5bc6\u8d27\u5e01\u76d1\u7ba1\u7684\u653e\u5bbd\uff0c\u7a33\u5b9a\u5e01\u5e02\u503c\u7684\u9010\u6b65\u589e\u52a0\uff0c\u4ee5\u592a\u5e01\u50a8\u5907\u7b56\u7565\u7684\u9010\u6b65\u6210\u957f\uff0c\u7f8e\u80a1\u5e02\u573a\u5bf9\u52a0\u5bc6\u4f01\u4e1a\u7684\u63a5\u7eb3\u7a0b\u5ea6\u4e0d\u65ad\u63d0\u9ad8\uff0c\u4ee5\u592a\u5e01\u4e2d\u957f\u671f\u6709\u53ef\u80fd\u7a81\u7834 14,000 \u7f8e\u5143\u3002
\n
<\/p>\n

\u6628\u65e5 ETH \u53ca\u751f\u6001\u84dd\u7b79\u6807\u7684\u8fce\u6765\u4ef7\u683c\u66b4\u6da8\uff0cETH \u4e0a\u6da8 6.4%\uff0c\u6211\u4eec\u5148\u524d\u7814\u7a76\u62a5\u544a\u4e2d\u63d0\u5230\u7684 UNI \u4e0a\u6da8 24.4% \u3001 AAVE \u4e0a\u6da8 13.1% \u3001 ENA \u4e0a\u6da8 6.6% \u3002\u672c\u8f6e Trend Research \u77e5\u884c\u5408\u4e00\uff0c\u4ece 1,400 \u7f8e\u5143\u5efa\u4ed3\u81f3\u4eca\uff0c\u770b\u597d\u5e76\u589e\u6301 ETH \u76f8\u5173\u6807\u7684\uff0c\u5e76\u5728\u8fd1\u671f\u8d2d\u5165 ETH \u770b\u6da8\u671f\u6743\uff0c\u6210\u4e3a\u5168\u7f51\u6700\u65e9\u660e\u724c\u770b\u597d\u5e76\u516c\u5f00\u6301\u4ed3\u5730\u5740\u7684\u4e8c\u7ea7\u6295\u8d44\u673a\u6784\u3002<\/p>\n

\u76ee\u524d\uff0c\u6211\u4eec\u4ecd\u770b\u597d ETH \u7684\u5e95\u5c42\u903b\u8f91\u662f\uff1a\u5ddd\u666e\u653f\u5e9c\u81f4\u529b\u4e8e\u5efa\u7acb\u7a33\u5b9a\u5e01\u4f53\u7cfb\uff0c\u5229\u7528\u533a\u5757\u94fe\u53bb\u4e2d\u5fc3\u5316\u3001\u94fe\u4e0a\u7b49\u7279\u70b9\uff0c\u5438\u6536\u5168\u4e16\u754c\u5176\u4ed6\u56fd\u5bb6\u7684 M2 \u6d41\u52a8\u6027\uff0c\u8fdb\u800c\u589e\u52a0\u5bf9\u7f8e\u503a\u7684\u9700\u6c42\u3002\u4e3a\u6b64\uff0c\u5ddd\u666e\u653f\u5e9c\u653e\u5bbd\u4e86\u52a0\u5bc6\u7684\u5b8f\u89c2\u76d1\u7ba1\uff0c\u63a8\u52a8\u76d1\u7ba1\u63aa\u65bd\u843d\u5730\u5b9e\u65bd\uff0c\u4ece\u5404\u4e2a\u65b9\u9762\u5bf9\u52a0\u5bc6\u8fdb\u884c\u89c4\u8303\uff0c\u4ee5\u5bb9\u7eb3\u66f4\u591a\u7684\u8d44\u91d1\u8fdb\u5165\u3002\u800c\u7a33\u5b9a\u5e01\u4ee5\u53ca\u94fe\u4e0a\u91d1\u878d\uff08DeFi\uff09\u6700\u91cd\u8981\u7684\u8bbe\u65bd\u5c31\u662f\u4ee5\u592a\u574a\u3002\u7a33\u5b9a\u5e01\u7684\u6d8c\u5165\u3001 RWA \u7684\u6301\u7eed\u53d1\u5c55\u90fd\u4f1a\u5e26\u6765 DeFi \u8fdb\u4e00\u6b65\u7684\u7e41\u8363\uff0c\u63a8\u52a8\u4ee5\u592a\u574a\u6d88\u8017\u7684\u589e\u52a0\u3001 GAS \u6536\u5165\u7684\u589e\u52a0\uff0c\u5e76\u63a8\u9ad8\u5176\u5e02\u503c\u3002<\/p>\n

\"\"<\/p>\n

\u4e00\u3001\u6301\u7eed\u4e50\u89c2\u7684\u52a0\u5bc6\u76d1\u7ba1
\n\u52a0\u5bc6\u76d1\u7ba1\u7406\u5ff5\u8f6c\u53d8<\/p>\n

\u5ddd\u666e\u653f\u5e9c\u5c5e\u4e8e\u52a0\u5bc6\u53cb\u597d\u653f\u5e9c\u3002 2025 \u5e74 4 \u6708\u4e0a\u4efb\u7684 SEC \u4e3b\u5e2d John Atkins \u5df2\u660e\u786e\u63a8\u52a8\u52a0\u5bc6\u8d44\u4ea7\u76d1\u7ba1\u8f6c\u578b\u3002<\/p>\n

1. \u7b80\u5316\u6d41\u7a0b\u7684\u516c\u5f00\u8868\u6001<\/p>\n

\u89c4\u5219\u4f18\u5148\u4e8e\u6267\u6cd5\uff1aAtkins \u6279\u8bc4\u524d\u4efb\u300c\u900f\u8fc7\u8bc9\u8bbc\u5b9a\u4e49\u5408\u89c4\u300d\u7684\u6a21\u5f0f\uff0c\u5f3a\u8c03\u5c06\u5236\u5b9a\u6e05\u6670\u3001\u53ef\u9884\u6d4b\u7684\u89c4\u5219\uff0c\u51cf\u5c11\u4ea7\u4e1a\u4e0d\u786e\u5b9a\u6027\u3002<\/p>\n

\u5206\u7c7b\u76d1\u7406\u67b6\u6784\uff1a\u8ba1\u5212\u5728 90 \u5929\u5185\u53d1\u5e03\u4ee3\u5e01\u5206\u7c7b\u6807\u51c6\uff0c\u5e76\u4e3a\u5408\u89c4\u8ba1\u5212\u8bbe\u7acb\u300c\u5b89\u5168\u6e2f\u300d\u5236\u5ea6\u3002<\/p>\n

2. \u957f\u671f\u653f\u7b56\u65b9\u5411<\/p>\n

\u94fe\u4e0a\u8bc1\u5238\u5408\u89c4\u5316\uff1aAtkins \u5728 2025 \u5e74 5 \u6708\u63d0\u51fa\u63a2\u7d22\u300c\u94fe\u4e0a\u8bc1\u5238\u4ea4\u6613\u6240\u4e0a\u5e02\u300d\uff0c\u53ef\u80fd\u91cd\u6784\u53d1\u884c\u4e0e\u4ea4\u6613\u6d41\u7a0b\u3002<\/p>\n

\u8de8\u90e8\u95e8\u534f\u4f5c\uff1a\u8ba1\u5212\u4e0e CFTC \u3001 FTC \u5408\u4f5c\u5efa\u7acb\u8054\u5408\u76d1\u7ba1\u6846\u67b6\uff0c\u51cf\u5c11\u7ba1\u8f96\u6743\u51b2\u7a81\u3002<\/p>\n

DeFi \u7b26\u5408\u7f8e\u56fd\u6838\u5fc3\u4ef7\u503c\u89c2\uff0c\u5c06\u63a8\u51fa\u300c\u521b\u65b0\u8c41\u514d\u300d\u6846\u67b6\u3002<\/p>\n

\u52a0\u5bc6\u76d1\u7ba1\u6cd5\u6848\u6846\u67b6\u8fdb\u4e00\u6b65\u5b8c\u5584\u4e0e\u653e\u677e<\/p>\n

1 \u3001\u300aCLARITY Act\u300b1 \u3001\u300aCLARITY \u6cd5\u6848\u300b<\/p>\n

\u300aCLARITY Act\u300b\u65e8\u5728\u5efa\u7acb\u52a0\u5bc6\u5e02\u573a\u7684\u7ed3\u6784\u6027\u76d1\u7ba1\u6cd5\u6848\uff0c\u6709\u6548\u89e3\u51b3\u76d1\u7ba1\u5177\u6709 3.3 \u5146\u7f8e\u5143\u89c4\u6a21\u7684\u6570\u4f4d\u8d44\u4ea7\u5e02\u573a\u3002\u5176\u76d1\u7ba1\u76ee\u6807\u4e00\u662f\u660e\u786e\u8d44\u4ea7\u5206\u7c7b\uff0c\u533a\u5206\u8bc1\u5238\u578b\u4ee3\u5e01\uff08\u53d7 SEC \u76d1\u7ba1\uff09\u3001\u5546\u54c1\u578b\u4ee3\u5e01\uff08\u53d7 CFTC \u76d1\u7ba1\uff09\u4ee5\u53ca\u8bb8\u53ef\u652f\u4ed8\u7a33\u5b9a\u5e01\uff0c\u89e3\u51b3\u957f\u671f\u4e89\u8bae\u7684\u300d\u8bc1\u5238 or \u5546\u54c1\u300d\u8ba4\u5b9a\u95ee\u9898\u3002\u4e8c\u662f\u89c4\u8303\u673a\u6784\u76d1\u7ba1\uff0c\u8981\u6c42\u6258\u7ba1\u6570\u4f4d\u8d44\u4ea7\u7684\u91d1\u878d\u673a\u6784\u6ee1\u8db3\u8d44\u672c\u50a8\u5907\u548c\u9694\u79bb\u5ba2\u6237\u8d44\u91d1\u8981\u6c42\uff0c\u9632\u8303\u7c7b\u4f3c FTX \u7684\u98ce\u9669\u3002\u8be5\u6cd5\u6848\u4e8e 2025 \u5e74 6 \u6708 11 \u65e5\uff0c\u4ee5 47 \u7968\u8d5e\u6210\u3001 6 \u7968\u53cd\u5bf9\u5728\u7f8e\u56fd\u4f17\u8bae\u9662\u59d4\u5458\u4f1a\u901a\u8fc7\uff0c\u5c06\u79fb\u4ea4\u81f3\u4f17\u8bae\u9662\u91d1\u878d\u670d\u52a1\u59d4\u5458\u4f1a\u8fdb\u884c\u4e0b\u4e00\u9636\u6bb5\u5ba1\u8bae\u3002<\/p>\n

\u6839\u636e\u8be5\u6cd5\u6848\uff0c\u6bd4\u7279\u5e01\u3001\u4ee5\u592a\u574a\u7b49\u4e3b\u6d41\u52a0\u5bc6\u8d27\u5e01\u5c5e\u4e8e\u5546\u54c1\u578b\u4ee3\u5e01\uff0c\u516c\u53f8\u80a1\u6743\u4ee3\u5e01\uff08\u4ee3\u8868\u516c\u53f8\u6240\u6709\u6743\u5e76\u4eab\u6709\u6295\u7968\u6743\u6216\u5206\u7ea2\u6743\uff09\u3001\u503a\u5238\u578b\u4ee3\u5e01\uff08\u627f\u8bfa\u56fa\u5b9a\u5229\u606f\u56de\u62a5\uff09\u3001\u6536\u76ca\u6743\u5206\u7ea2\u7684 DeFi \u6cbb\u7406\u4ee3\u5e01\uff08\u4f9d\u8d56\u9879\u76ee\u65b9\u6301\u7eed\u8fd0\u8425\uff09\u5c5e\u4e8e\u8bc1\u5238\u578b\u4ee3\u5e01\u3002\u8fd9\u5c06\u6539\u53d8\u5148\u524d\u6a21\u7cca\u4e0d\u6e05\u3001\u6267\u6cd5\u4e0d\u660e\uff0c\u65e0\u6240\u9002\u4ece\u7684\u72b6\u6001\u3002\u6743\u8d23\u4e49\u52a1\u7684\u660e\u786e\uff0c\u5c06\u6709\u5229\u4e8e\u4fc3\u8fdb DeFi \u5e73\u53f0\u7684\u7e41\u8363\u3002<\/p>\n

\u7c7b\u4f3c\u4e8e SOL \u8fd9\u4e00\u7c7b\u57fa\u7840\u8bbe\u65bd\u4e3b\u6d41\u4ee3\u5e01\uff0c\u6709\u53ef\u80fd\u88ab\u8ba4\u5b9a\u4e3a\u5546\u54c1\u7684\u673a\u7387\u6b63\u5728\u589e\u52a0\u3002 6 \u6708 11 \u65e5\uff0cSEC \u5df2\u8981\u6c42\u6f5c\u5728\u7684 Solana ETF \u53d1\u884c\u65b9\u5728\u4e0b\u5468\u5185\u63d0\u4ea4\u4fee\u8ba2\u540e\u7684 S-1 \u8868\u683c\u3002 SEC \u8868\u793a\u5c06\u5728\u63d0\u4ea4\u540e 30 \u5929\u5185\u5bf9 S-1 \u8868\u683c\u4f5c\u51fa\u56de\u9988\u3002\u8fd9\u663e\u793a\u76d1\u7ba1\u673a\u6784\u5bf9\u4e8e\u52a0\u5bc6\u5546\u54c1\u7684\u8ba4\u5b9a\u6b63\u5728\u653e\u677e\u548c\u52a0\u901f\u3002<\/p>\n

2 \u3001\u300aGenius Act\u300b2 \u3001\u300a\u5929\u624d\u6cd5\u6848\u300b<\/p>\n

\u300aGenius Act\u300b\u65e8\u5728\u586b\u8865\u7a33\u5b9a\u5e01\u76d1\u7ba1\u7a7a\u767d\uff0c\u52a0\u5f3a\u7f8e\u5143\u4e16\u754c\u8d27\u5e01\u5730\u4f4d\uff0c\u89e3\u51b3\u7f8e\u503a\u9700\u6c42\u56f0\u5883\u3002\u8fd9\u662f\u9996\u4e2a\u8054\u90a6\u5c42\u7ea7\u5bf9\u7a33\u5b9a\u5e01\u7684\u5168\u9762\u76d1\u7ba1\u6846\u67b6\uff0c\u660e\u786e\u53d1\u884c\u4e3b\u4f53\u8d44\u683c\u3001\u50a8\u5907\u8981\u6c42\u53ca\u8425\u8fd0\u89c4\u8303\u3002\u5f3a\u5236\u8981\u6c42\u7a33\u5b9a\u5e01\u4e0e\u7f8e\u5143 1:1 \u951a\u5b9a\uff0c\u63a8\u52a8\u7f8e\u5143\u900f\u8fc7\u7a33\u5b9a\u5e01\u6e17\u900f\u81f3\u5168\u7403\u52a0\u5bc6\u7ecf\u6d4e\u4e0e\u8de8\u56fd\u652f\u4ed8\u9886\u57df\uff0c\u5de9\u56fa\u7f8e\u5143\u5728\u56fd\u9645\u91d1\u878d\u4e2d\u7684\u4e3b\u5bfc\u6743\u3002\u900f\u8fc7\u5f3a\u5236\u50a8\u5907\u89c4\u5219\uff08\u8981\u6c42\u50a8\u5907\u8d44\u4ea7\u4e3a\u77ed\u671f\u7f8e\u503a\u6216\u73b0\u91d1\uff09\uff0c\u4e3a\u7f8e\u503a\u5e02\u573a\u521b\u9020\u7ed3\u6784\u6027\u9700\u6c42\uff0c\u5e76\u7f13\u89e3\u7f8e\u56fd\u8d22\u653f\u538b\u529b\u3002<\/p>\n

\u5728\u8fc7\u53bb\u6570\u5e74\u95f4\uff0c\u7a33\u5b9a\u5e01 USDT \u3001 USDC \u66fe\u591a\u6b21\u4f20\u51fa\u76d1\u7ba1\u98ce\u9669\u3001\u5151\u4ed8\u98ce\u9669\u7b49\uff0c\u5f15\u81f4\u8d85\u8fc7 10% \u7684\u8131\u951a\u3002\u5982\u679c\u80fd\u7eb3\u5165\u8054\u90a6\u76d1\u7ba1\uff0c\u65e0\u7591\u6709\u52a9\u4e8e\u52a0\u5f3a\u7a33\u5b9a\u5e01\u7684\u5b89\u5168\u548c\u4fe1\u7528\u3002\u540c\u65f6\uff0c\u8054\u90a6\u7acb\u6cd5\u6001\u5ea6\u660e\u786e\u540e\uff0c\u5c06\u6709\u66f4\u591a\u53d1\u884c\u8005\u53c2\u4e0e\u7a33\u5b9a\u5e01\u7684\u53d1\u884c\u4e2d\uff0c\u5438\u6536\u66f4\u591a\u8d44\u91d1\u8fdb\u5165\u52a0\u5bc6\u5e02\u573a\u3002\u6e23\u6253\u94f6\u884c\u9884\u6d4b\uff0c\u6cd5\u6848\u901a\u8fc7\u540e\u7a33\u5b9a\u5e01\u89c4\u6a21\u6216\u5c06\u589e\u52a0\u81f3 2028 \u5e74\u7684 2 \u5146\u7f8e\u5143\u3002<\/p>\n

3. \u5bf9\u4e8e\u52a0\u5bc6\u8d44\u4ea7\u53d1\u884c\u3001\u6258\u7ba1\u548c\u4ea4\u6613\u7684\u76d1\u7ba1\u653e\u677e\u8868\u6001<\/p>\n

SEC \u4e3b\u5e2d Atkins \u5728\u6f14\u8bb2\u4e2d\u63d0\u5230\uff0c\u5728\u52a0\u5bc6\u8d44\u4ea7\u7684\u4e09\u4e2a\u91cd\u70b9\u9886\u57df\u2014 \u2014 \u53d1\u884c\u3001\u6258\u7ba1\u548c\u4ea4\u6613\u90fd\u5c06\u8fdb\u884c\u66f4\u4e3a\u5bbd\u677e\u7684\u76d1\u7ba1\u3002<\/p>\n

\u53d1\u884c\u65b9\u9762\uff0cSEC \u5c06\u4e3a\u8bc1\u5238\u6216\u6295\u8d44\u5408\u7ea6\u7ea6\u675f\u4e0b\u52a0\u5bc6\u8d44\u4ea7\u7684\u53d1\u884c\u5236\u5b9a\u660e\u786e\u4e14\u5408\u7406\u7684\u6307\u5f15\u3002\u622a\u81f3\u76ee\u524d\uff0c\u53ea\u6709\u56db\u4e2a\u52a0\u5bc6\u8d44\u4ea7\u53d1\u884c\u65b9\u6839\u636e Regulation A \u53d1\u884c\u4e86\u8bc1\u5238\u3002 Regulation A \u662f\u7f8e\u56fd\u8bc1\u76d1\u4f1a\u63d0\u51fa\u7684\u5c0f\u578b\u4e13\u6848\u7b80\u5316\u53d1\u884c\u8c41\u514d\u673a\u5236\uff0c\u4e00\u5b9a\u91d1\u989d\u4ee5\u4e0b\u7684\u53d1\u884c\u4eba\u53ef\u4ee5\u900f\u8fc7\u8be5\u673a\u5236\u53d1\u884c\u80a1\u7968\u548c\u503a\u5238\u3002\u7531\u4e8e\u52a0\u5bc6\u8d44\u4ea7\u53d1\u884c\u6700\u5927\u7684\u653f\u7b56\u969c\u788d\u662f\u5bf9\u8d44\u4ea7\u6027\u8d28\u662f\u5426\u5c5e\u4e8e\u8bc1\u5238\u4ee5\u53ca\u5c5e\u4e8e\u4ec0\u4e48\u7c7b\u578b\u8bc1\u5238\u7684\u8ba4\u5b9a\u4e0d\u660e\u786e\uff0c\u56e0\u6b64\u53d1\u884c\u65b9\u62c5\u5fc3\u53d1\u884c\u52a0\u5bc6\u8d44\u4ea7\u89e6\u72af\u76f8\u5e94\u7684\u6cd5\u5f8b\u6761\u6b3e\uff0c\u8fd9\u5bfc\u81f4\u5f88\u5c11\u9879\u76ee\u4f1a\u4f7f\u7528\u8be5\u89c4\u5219\u3002 Atkins \u8981\u6c42\u8bc1\u76d1\u4f1a\u7684\u5de5\u4f5c\u4eba\u5458\u8003\u8651\u53ef\u4ee5\u900f\u8fc7\u5de5\u4f5c\u5c42\u9762\u7684\u4e1a\u52a1\u6307\u5bfc\u3001\u6ce8\u518c\u8c41\u514d\u548c\u5b89\u5168\u6e2f\u8fd9\u6837\u7684\u624b\u6bb5\uff0c\u8ba9\u7f8e\u56fd\u5883\u5185\u53d1\u884c\u52a0\u5bc6\u8d44\u4ea7\u53d8\u5f97\u6d41\u7545\u3002<\/p>\n

\u6258\u7ba1\u65b9\u9762\uff0c\u652f\u63f4\u6ce8\u518c\u4eba\u6709\u66f4\u5927\u7684\u81ea\u4e3b\u9009\u62e9\u6027\uff0c\u51b3\u5b9a\u5982\u4f55\u6258\u7ba1\u52a0\u5bc6\u8d44\u4ea7\u3002\u6295\u8d44\u987e\u95ee\u548c\u57fa\u91d1\u516c\u53f8\u53ef\u4ee5\u4f7f\u7528\u6bd4\u76ee\u524d\u6258\u7ba1\u4eba\u6280\u672f\u66f4\u5148\u8fdb\u7684\u81ea\u6211\u6258\u7ba1\u65b9\u6848\u6765\u4fdd\u5b58\u52a0\u5bc6\u8d44\u4ea7\u3002\u8fd9\u4e3b\u8981\u662f\u7531\u4e8e\u5386\u53f2\u539f\u56e0\uff0c\u4f20\u7edf\u6258\u7ba1\u4eba\u7684\u8d44\u8baf\u5316\u7a0b\u5ea6\u4e0d\u8db3\uff0c\u5e76\u4e0d\u80fd\u5f88\u597d\u5730\u9002\u5e94\u533a\u5757\u94fe\u7684\u9700\u6c42\u3002<\/p>\n

\u4ea4\u6613\u65b9\u9762\uff0c\u652f\u6301\u6295\u8d44\u4eba\u5728\u4ea4\u6613\u5e73\u53f0\u4e0a\u4ea4\u6613\u66f4\u5e7f\u6cdb\u7684\u79cd\u7c7b\uff0c\u4ea4\u6613\u5e73\u53f0\u53ef\u4ee5\u63d0\u4f9b\u8bc1\u5238\u8d44\u4ea7\u3001\u975e\u8bc1\u5238\u8d44\u4ea7\u7684\u4ea4\u6613\uff0c\u751a\u81f3\u63d0\u4f9b\u5176\u4ed6\u91d1\u878d\u670d\u52a1\u7684\u9500\u552e\u3002\u5df2\u8981\u6c42\u5de5\u4f5c\u4eba\u5458\u63a2\u7d22\u662f\u5426\u9700\u8981\u6307\u5b9a\u4e00\u4e9b\u6307\u5f15\u6216\u89c4\u5219\uff0c\u8ba9\u52a0\u5bc6\u8d44\u4ea7\u80fd\u591f\u5728\u5168\u56fd\u6027\u7684\u8bc1\u5238\u4ea4\u6613\u6240\u4e0a\u5e02\u548c\u4ea4\u6613\u3002<\/p>\n

4.DeFi \u53ef\u671b\u5b9e\u884c\u300c\u521b\u65b0\u8c41\u514d\u300d<\/p>\n

SEC \u4e3b\u5e2d Paul S. Atkins \u5728 2025 \u5e74 6 \u6708 9 \u65e5\u300aDeFi \u4e0e\u7f8e\u56fd\u7cbe\u795e\u300b\u5706\u684c\u4f1a\u8bae\u4e0a\u660e\u786e\u8868\u793a\uff1a\u300cDeFi \u7684\u57fa\u672c\u539f\u5219\uff08\u7ecf\u6d4e\u81ea\u7531\u3001\u79c1\u6709\u8d22\u4ea7\u6743\u3001\u53bb\u4e2d\u4ecb\u5316\uff09\u4e0e\u7f8e\u56fd\u6838\u5fc3\u4ef7\u503c\u89c2\u9ad8\u5ea6\u4e00\u81f4\uff0c\u533a\u5757\u94fe\u6280\u672f\u662f\u9769\u547d\u6027\u521b\u65b0\uff0cSEC \u4e0d\u5e94\u963b\u788d\u5176\u53d1\u5c55\u3002\u300d<\/p>\n

SEC \u6b63\u5728\u5236\u5b9a\u9488\u5bf9 DeFi \u7684\u6709\u6761\u4ef6\u8c41\u514d\u89c4\u5219\uff0c\u4ee5\u5feb\u901f\u5141\u8bb8\u6ce8\u518c\u65b9\u548c\u975e\u6ce8\u518c\u65b9\u5c06\u94fe\u4e0a\u4ea7\u54c1\u548c\u670d\u52a1\u63a8\u5411\u5e02\u573a\u3002\u521b\u65b0\u8c41\u514d\u53ef\u4ee5\u8ba9\u7f8e\u56fd\u6210\u4e3a\u300c\u5168\u7403\u52a0\u5bc6\u8d44\u672c\u300d\uff0c\u900f\u8fc7\u9f13\u52b1\u5f00\u53d1\u8005\u3001\u4f01\u4e1a\u5bb6\u548c\u5176\u4ed6\u613f\u610f\u9075\u5b88\u7279\u5b9a\u6761\u4ef6\u7684\u516c\u53f8\u5728\u7f8e\u56fd\u8fdb\u884c\u94fe\u4e0a\u6280\u672f\u521b\u65b0\u3002<\/p>\n

UNI \u5148\u524d\u5907\u53d7\u5408\u89c4\u5316\u7684\u56f0\u6270\uff0c\u867d\u7136\u662f\u94fe\u4e0a\u6700\u4e3a\u91cd\u8981\u7684 DEX\uff0c\u4f46\u5e01\u4ef7\u8868\u73b0\u4e0d\u4f73\u3002\u5982\u679c\u521b\u65b0\u8c41\u514d\u89c4\u5219\u80fd\u591f\u8fc5\u901f\u9002\u7528\uff0cUNI \u6216\u8bb8\u5c06\u6709\u671b\u662f\u7b2c\u4e00\u6279\u53d7\u76ca\u8005\u3002\u8fd9\u4e5f\u662f\u8be5\u5706\u684c\u4f1a\u8bae\u540e\uff0c\u5934\u90e8 DeFi \u5e01\u4ef7\u5927\u5e45\u4e0a\u6da8\u7684\u91cd\u8981\u539f\u56e0\u4e4b\u4e00\u3002<\/p>\n

5. \u4ee5\u592a\u574a ETF \u7684\u8d28\u62bc\u6279\u51c6\u9884\u671f<\/p>\n

2025 \u5e74 5 \u6708 29 \u65e5\uff0c\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u516c\u53f8\u91d1\u878d\u90e8\u53d1\u5e03\u58f0\u660e\uff0c\u660e\u786e\u6307\u51fa\u67d0\u4e9b\u57fa\u4e8e\u6743\u76ca\u8bc1\u660e\uff08PoS\uff09\u7684\u533a\u5757\u94fe\u534f\u8bae\u7684\u8d28\u62bc\u6d3b\u52a8\uff0c\u4e0d\u6784\u6210\u8bc1\u5238\u4ea4\u6613\u3002\u300aDeFi \u4e0e\u7f8e\u56fd\u7cbe\u795e\u300b\u5706\u684c\u4f1a\u8bae\u4e0a Atkins \u7684\u6f14\u8bb2\u4e2d\u4e5f\u8fdb\u4e00\u6b65\u660e\u786e\uff0c\u300c\u81ea\u613f\u53c2\u4e0e\u5de5\u4f5c\u91cf\u8bc1\u660e\uff08proof-of-work\uff09\u6216\u6743\u76ca\u8bc1\u660e\uff08proof-of-stake\uff09\u7f51\u7edc\u4f5c\u4e3a\u300c\u77ff\u5de5\u300d\u3001\u300c\u9a8c\u8bc1\u8005\u300d\u6216\u300c\u8d28\u62bc\u5373\u670d\u52a1\u300d\u63d0\u4f9b\u5546\uff0c\u4e0d\u5728\u8054\u90a6\u8bc1\u5238\u6cd5\u7684\u8303\u56f4\u4e4b\u5185\u3002<\/p>\n

\u5982\u679c SEC \u53ef\u80fd\u4f1a\u6279\u51c6\u5305\u542b\u8d28\u62bc\u6536\u76ca\u7684\u4ee5\u592a\u574a ETF\uff0c\u5c06\u4f7f\u673a\u6784\u6295\u8d44\u8005\u80fd\u591f\u900f\u8fc7 ETF \u83b7\u5f97 ETH \u8d28\u62bc\u6536\u76ca\uff0cETH \u5c06\u6210\u4e3a\u52a0\u5bc6\u4ea7\u4e1a\u7684\u300c\u503a\u5238\u300d\uff0c\u5929\u91cf\u7684\u4f20\u7edf\u673a\u6784\u8d44\u91d1\u5c06\u5408\u6cd5\u6d41\u5165 ETH \u3002\u4e00\u65b9\u9762\uff0c\u5927\u91cf ETH \u5c06\u4f1a\u88ab\u8d28\u62bc\u9501\u5b9a\uff0c\u4f7f\u5f97\u94fe\u4e0a\u91d1\u878d\u7684\u53bb\u4e2d\u5fc3\u5316\u548c\u5b89\u5168\u6027\u5c06\u8fdb\u4e00\u6b65\u63d0\u9ad8\uff0c\u53e6\u4e00\u65b9\u9762\u5408\u89c4\u5316\u7684\u94fe\u4e0a\u6536\u76ca\u5c06\u663e\u8457\u63d0\u5347 ETH \u7684\u9700\u6c42\uff0c\u63a8\u9ad8\u4ef7\u683c\u3002<\/p>\n

\u7efc\u4e0a\u53ef\u89c1\uff0c\u5ddd\u666e\u653f\u5e9c\u6b63\u5728\u5bf9\u52a0\u5bc6\u8d44\u4ea7\u548c\u5e02\u573a\u8fdb\u884c\u66f4\u7cfb\u7edf\u6027\u7684\u3001\u66f4\u6709\u9002\u5e94\u6027\u7684\u76d1\u7ba1\uff0c\u76d1\u7ba1\u8d8b\u4e8e\u660e\u786e\u548c\u5bbd\u677e\uff0c\u9f13\u52b1\u533a\u5757\u94fe\u521b\u65b0\uff0c\u4ee5\u5438\u6536\u66f4\u591a\u8d44\u91d1\u8fdb\u5165\u52a0\u5bc6\u3002<\/p>\n

\u4e8c\u3001\u4ee5\u592a\u574a\u4f9d\u7136\u662f\u94fe\u4e0a\u91d1\u878d\u6700\u91cd\u8981\u7684\u57fa\u5efa<\/p>\n

\u300cDeFi\u300d\u58f0\u660e\u548c\u5177\u4f53\u6cd5\u6848\u7684\u843d\u5730\uff0c\u672a\u6765\u5c06\u6253\u7834\u5408\u89c4\u7684\u58c1\u5792\uff0c\u6253\u5f00\u4f20\u7edf\u8d44\u91d1\u8fdb\u5165\u7684\u901a\u9053\uff0c\u5c06\u4f1a\u6709\u6570\u4ee5\u4e07\u4ebf\u7684\u589e\u91cf\u8d44\u91d1\u901a\u8fc7\u7a33\u5b9a\u5e01\u7684\u5f62\u5f0f\u6765\u5230\u94fe\u4e0a\u91d1\u878d\uff0c\u800c\u94fe\u4e0a\u91d1\u878d\u6700\u5927\uff0c\u6700\u5b89\u5168\u7684\u300c\u571f\u58e4\u300d\u4fbf\u662f\u4ee5\u592a\u574a\u3002<\/p>\n

\u4ee5\u592a\u574a\u57fa\u91d1\u4f1a\u529b\u63a8\u300cDefipunk\u300d<\/p>\n

\u4ee5\u592a\u574a\u57fa\u91d1\u4f1a 2030 \u8ba1\u5212\u4e2d\u660e\u786e\u6307\u51fa\uff0c\u5c06\u63a8\u52a8\u5efa\u7acb\u300cDefipunk\u300d\u7684\u8bc4\u4f30\u673a\u5236\u548c\u4fc3\u8fdb Defi \u8ba1\u5212\u7684\u76f8\u5173\u8f6c\u578b\u3002\u300cDefipunk\u300d\u6838\u5fc3\u5185\u5bb9\u56f4\u7ed5\u8457\u5efa\u6784\u7b26\u5408\u5bc6\u7801\u5e9e\u514b\uff08Cypherpunk\uff09\u539f\u5219\u7684 DeFi \u751f\u6001\u7cfb\u7edf\u5c55\u5f00\uff0c\u65e8\u5728\u900f\u8fc7\u6280\u672f\u624b\u6bb5\u4fdd\u969c\u4f7f\u7528\u8005\u81ea\u4e3b\u6743\u3001\u9690\u79c1\u548c\u6297\u5ba1\u67e5\u6027\u3002<\/p>\n

Defipunk \u7684\u6838\u5fc3\u539f\u5219\u5305\u62ec\uff1a\u4e00\u662f\u5b89\u5168\u6027\uff0c\u4f18\u5148\u9009\u62e9\u7ecf\u8fc7\u5b9e\u6218\u9a8c\u8bc1\u3001\u4e0d\u53ef\u7a9c\u6539\u4e14\u5f00\u6e90\u7684\u6280\u672f\u67b6\u6784\uff0c\u907f\u514d\u4f9d\u8d56\u4e2d\u5fc3\u5316\u4fe1\u4efb\u673a\u5236\uff08\u5982\u591a\u7b7e\u6216\u6cd5\u5f8b\u8ffd\u7d22\uff09\u3002\u4e8c\u662f\u91d1\u878d\u4e3b\u6743\uff0c\u5f3a\u8c03\u4f7f\u7528\u8005\u5bf9\u8d44\u4ea7\u7684\u5b8c\u5168\u63a7\u5236\u6743\uff0c\u652f\u6301\u65e0\u9700\u8bb8\u53ef\u7684\u81ea\u6211\u6258\u7ba1\u94b1\u5305\u548c\u94fe\u4e0a\u4ea4\u6613\uff0c\u51cf\u5c11\u5bf9\u4e2d\u4ecb\u7684\u4f9d\u8d56\u3002\u7b2c\u4e09\u662f\u6280\u672f\u4f18\u5148\u4e8e\u4fe1\u4efb\uff0c\u900f\u8fc7\u5bc6\u7801\u5b66\u5de5\u5177\u548c\u667a\u6167\u5408\u7ea6\u5b9e\u73b0\u53bb\u4fe1\u4efb\u5316\uff0c\u4f8b\u5982\u91c7\u7528\u96f6\u77e5\u8bc6\u8bc1\u660e\u7b49\u6280\u672f\u589e\u5f3a\u9690\u79c1\u4fdd\u62a4\u3002\u56db\u662f\u5f00\u6e90\u4e0e\u53ef\u7ec4\u5408\u6027\uff0c\u63a8\u52a8\u900f\u660e\u7a0b\u5f0f\u7801\u5f00\u53d1\uff0c\u786e\u4fdd\u534f\u8bae\u95f4\u7684\u4e92\u901a\u6027\uff0c\u9f13\u52b1\u6a21\u7ec4\u5316\u8bbe\u8ba1\u4ee5\u4fc3\u8fdb\u521b\u65b0\u3002<\/p>\n

\u4ee5\u592a\u574a\u57fa\u91d1\u4f1a\u5bf9\u4e8e DeFi \u7684\u53d1\u5c55\u6709\u5145\u5206\u7684\u9884\u671f\uff0c\u800c\u4ee5\u592a\u574a\u751f\u6001\u4e5f\u5927\u529b\u53d1\u5c55 DeFi \u76f8\u5173\u4e1a\u52a1\u3002\u4ee5\u592a\u574a\u5177\u5907\u6210\u4e3a\u65b0\u4e00\u4ee3\u94fe\u4e0a\u91d1\u878d\u5178\u8303\u7684\u57fa\u7840\u6761\u4ef6\u3002<\/p>\n

\u7a33\u5b9a\u5e01\u53d1\u884c\u4e0e\u5206\u5e03\u73b0\u72b6<\/p>\n

1. \u7a33\u5b9a\u5e01\u603b\u91cf<\/p>\n

\u5ddd\u666e\u4e0a\u4efb\u4ee5\u6765\uff0c\u7a33\u5b9a\u5e01\u603b\u91cf\u6210\u957f\u7ea6 760 \u4ebf\u7f8e\u5143\uff0c7 \u4e2a\u6708\u6da8\u5e45\u8d85\u8fc7 40% \u3002\u8fd9\u4e00\u589e\u901f\u663e\u8457\u8d85\u8fc7\u4e86 2023 \u5e74\u5e02\u573a\u590d\u82cf\u8d70\u725b\u671f\u95f4\u7684\u7a33\u5b9a\u5e01\u589e\u52a0\u603b\u91cf\u548c\u6da8\u5e45\u3002<\/p>\n

2023 \u5e74 9 \u6708\uff0c\u7a33\u5b9a\u5e01\u603b\u91cf\u8fbe\u5230\u8fd1\u56db\u5e74\u4ee5\u6765\u6700\u4f4e\u5e02\u503c\u7ea6 1,237 \u4ebf\u7f8e\u5143\uff0c\u81f3 2024 \u5e74 11 \u6708\u589e\u52a0\u81f3 1,737 \u4ebf\u7f8e\u5143\uff0c\u589e\u52a0 500 \u4ebf\u7f8e\u5143\uff0c13 \u4e2a\u6708\u6da8\u5e45\u7ea6 40% \u3002<\/p>\n

\"\"<\/p>\n

2. \u7a33\u5b9a\u5e01\u5728\u94fe\u4e0a\u7684\u5206\u5e03\u73b0\u72b6<\/p>\n

\u7ea6\u6709 50% \u7684\u7a33\u5b9a\u5e01\u5728\u4ee5\u592a\u574a\u4e0a\u6d41\u901a\uff0c31% \u5728 TRON \u4e0a\uff0c4.5% \u5728 Solana \u94fe\u4e0a\uff0c4% \u5728 BSC \u94fe\u4e0a\u3002\u4ee5\u592a\u574a\u5360\u6709\u7a33\u5b9a\u5e01\u6d41\u901a\u6027\u7684\u534a\u58c1\u6c5f\u5c71\u3002<\/p>\n

\"\"<\/p>\n

3. \u4e3b\u8981\u516c\u94fe\u7684\u751f\u6001\u73b0\u72b6\u53ca DeFi \u4e2d\u7684\u7a33\u5b9a\u5e01<\/p>\n

\"\"<\/p>\n

\u4ece\u4e0a\u56fe\u5bf9\u6bd4\u53ef\u77e5\uff0c\u4ee5\u592a\u574a\u4e0a\u6709\u8d85\u8fc7 50% \u7684\u8d44\u91d1\u6c89\u6dc0\u5728 DeFi \u534f\u8bae\u4e2d\uff0c\u62e5\u6709\u6700\u5927\u89c4\u6a21\u7684 DeFi TVL \u3002 Tron \u867d\u7136\u62e5\u6709\u5927\u91cf\u7684\u7a33\u5b9a\u5e01\uff0c\u4f46\u662f\uff0c\u5176\u4e3b\u8981\u7528\u4e8e\u652f\u4ed8\u65b9\u9762\uff0c\u751f\u6001\u534f\u8bae\u6570\u91cf\u5c11\uff0cDeFi TVL \u5360\u6bd4\u4ec5\u4e3a 6.5% \u3002 Solana \u548c BSC \u7684 DeFi TVL \u5360\u6bd4\u867d\u7136\u6bd4\u8f83\u9ad8\uff0c\u4f46\u5176\u7edd\u5bf9\u503c\u89c4\u6a21\u8f83\u5c0f\uff0c\u5176 DeFi \u57fa\u7840\u5efa\u7f6e\u6210\u719f\u7a0b\u5ea6\u4e00\u822c\u3002<\/p>\n

\u57fa\u4e8e\u4e0a\u8ff0\uff0c\u5f53\u7a33\u5b9a\u5e01\u6cd5\u6848\u901a\u8fc7\u540e\uff0c\u4ee5\u592a\u574a\u5c06\u6700\u6709\u53ef\u80fd\u627f\u63a5\u6700\u5927\u7684\u8d44\u91d1\u91cf\u8fdb\u5165\u3002<\/p>\n

\u65b0\u589e\u7a33\u5b9a\u5e01\u6d41\u5411<\/p>\n

\u76ee\u524d\u63a8\u6d4b\uff0c\u65b0\u589e\u7a33\u5b9a\u5e01\u5c06\u6709\u56db\u79cd\u6d41\u5411\uff1a<\/p>\n

1. \u6d41\u5411\u52a0\u5bc6\u5e02\u573a\u539f\u751f\u7684\uff0c\u5177\u6709\u66f4\u9ad8\u6536\u76ca\u7387\u7684 DeFi \u5e02\u573a<\/p>\n

Crypto \u7684\u9ad8\u6ce2\u52a8\u6027\u4f7f\u5f97\u94fe\u4e0a\u5177\u6709\u8bb8\u591a\u8fdc\u9ad8\u4e8e\u4f20\u7edf\u91d1\u878d\u5e02\u573a\u4e14\u8fdb\u5165\u4fbf\u5229\u7684 DeFi \u534f\u8bae\uff0c\u589e\u91cf\u7a33\u5b9a\u5e01\u8fdb\u5165\u94fe\u4e0a\u5fc5\u7136\u4f1a\u6709\u90e8\u5206\u8d44\u91d1\u4f1a\u81ea\u7531\u9009\u62e9\u66f4\u5177\u667a\u6167\u5316\u3001\u6548\u7387\u5316\u3001\u6536\u76ca\u5316\u7684\u6295\u8d44\u673a\u4f1a\u3002\u4ee5\u592a\u574a\u9ad8\u5ea6\u7684\u53bb\u4e2d\u5fc3\u5316\u3001\u5b89\u5168\u6027\u3001\u89c4\u6a21\u5316\u5c06\u6210\u4e3a\u589e\u91cf\u8d44\u91d1\u8fdb\u5165\u8fd9\u90e8\u5206\u7684\u9996\u9009\u3002\u5176\u4e2d\uff0cUNI \u4f5c\u4e3a\u6700\u5927\u7684\u94fe\u4e0a Dex \u3001 AAVE \u4f5c\u4e3a\u94fe\u4e0a\u6700\u5927\u7684\u501f\u8d37\u534f\u8bae\uff0c\u4fbf\u662f\u4e0d\u5bb9\u5ffd\u89c6\u7684\u84dd\u7b79\u6807\u7684\uff0c\u8bf8\u5982 COMP \u7b49\u4e1a\u52a1\u6570\u636e\u8f83\u597d\u7684\u5c0f\u5e02\u503c DeFi \u534f\u8bae\u4e5f\u503c\u5f97\u5173\u6ce8\u3002<\/p>\n

\u5728 DEX \u4e2d\uff0cUNI \u76ee\u524d\u5904\u4e8e\u660e\u663e\u4f18\u52bf\u5730\u4f4d\uff0cTVL51 \u4ebf\u7f8e\u5143\uff0c7 \u5929\u4ea4\u6613\u91cf 176 \u4ebf\u7f8e\u5143\uff0c7 \u5929\u8d39\u7528\u6536\u5165 1926 \u4e07\uff0c\u5176 TVL \u663e\u8457\u9ad8\u4e8e\u5176\u4ed6 DEX \u3002<\/p>\n

\u6bd4\u8f83\u7279\u6b8a\u7684\u662f Pancake\uff0c\u5176 7 \u5929\u4ea4\u6613\u91cf 334 \u4ebf\u7f8e\u5143\uff0c7 \u5929\u8d39\u7528\u6536\u5165 5681 \u4e07\u3002\u5176\u4ea4\u6613\u91cf\u663e\u8457\u9ad8\u4e8e UNI\uff0c\u4e3b\u8981\u53d7\u76ca\u4e8e\u5e01\u5b89 alpha \u5237\u91cf\u4ea4\u6613\u3002<\/p>\n

\"\"<\/p>\n

\u5728\u85c9\u8d37\u9886\u57df\uff0cAAVE \u5904\u4e8e\u7edd\u5bf9\u4f18\u52bf\u5730\u4f4d\uff0cTVL264 \u4ebf\uff0c7 \u5929\u8d39\u7528 1168 \u4e07\uff0c7 \u5929\u534f\u8bae\u6536\u5165 149 \u4e07\u3002\u5176\u4f59\u501f\u8d37\u5e02\u573a\u7684 TVL \u4e0d\u8db3 50 \u4ebf\u7f8e\u5143\u3002<\/p>\n

\"\"<\/p>\n

2. \u6d41\u5411\u4ee5\u7f8e\u56fd\u5408\u89c4\u673a\u6784\u4e3a\u4e3b\u642d\u5efa\u7684 RWA \u5e02\u573a<\/p>\n

\u8bb8\u591a\u4f20\u7edf\u8d44\u91d1\u8fdb\u5165\u94fe\u4e0a\u5e76\u4e0d\u4f1a\u8fc7\u591a\u53c2\u4e0e\u5230\u7ade\u4e89\u5e01\u7684\u884c\u60c5\u4e2d\uff0c\u800c\u662f\u4f1a\u8fdb\u5165\u5230\u7f8e\u56fd\u8fd9\u6ce2\u91d1\u878d\u521b\u65b0\u7684\u9f99\u5934\u673a\u6784\u4eec\u642d\u5efa\u7684 RWA \u5e02\u573a\uff0c\u4f8b\u5982\u8d1d\u83b1\u5fb7\u5728\u94fe\u4e0a\u53d1\u884c\u7684 BUILD \u57fa\u91d1\u7b49\u3002<\/p>\n

BUIDL \u57fa\u91d1\u4e3b\u8981\u6295\u8d44\u4e8e\uff1a\u73b0\u91d1\uff1a\u9ad8\u6d41\u52a8\u6027\u7684\u73b0\u91d1\u6216\u73b0\u91d1\u7b49\u4ef7\u7269\uff0c\u786e\u4fdd\u57fa\u91d1\u7684\u7a33\u5b9a\u6027\u548c\u5373\u65f6\u8d4e\u56de\u80fd\u529b\uff1b\u7f8e\u56fd\u56fd\u503a\uff1a\u77ed\u671f\u7f8e\u56fd\u56fd\u503a\uff0c\u4f5c\u4e3a\u4f4e\u98ce\u9669\u3001\u9ad8\u4fe1\u7528\u8bc4\u7ea7\u7684\u8d44\u4ea7\uff0c\u63d0\u4f9b\u7a33\u5b9a\u7684\u6536\u76ca\u6765\u6e90\u3002\u56de\u8d2d\u534f\u8bae\uff1a\u77ed\u671f\u501f\u8d37\u534f\u8bae\uff0c\u901a\u5e38\u4ee5\u56fd\u503a\u4e3a\u62b5\u62bc\uff0c\u786e\u4fdd\u57fa\u91d1\u7684\u6d41\u52a8\u6027\u548c\u6536\u76ca\u3002\u8fd9\u4e9b\u8d44\u4ea7\u7684\u7ec4\u5408\u65e8\u5728\u4fdd\u6301 BUIDL \u4ee3\u5e01\u7684\u7a33\u5b9a\u4ef7\u503c\uff08\u76ee\u6807\u4e3a 1 \u7f8e\u5143\/\u4ee3\u5e01\uff09\uff0c\u5e76\u900f\u8fc7\u6bcf\u65e5\u7d2f\u79ef\u7684\u6536\u76ca\u5411\u6295\u8d44\u8005\u5206\u7ea2\uff0c\u6bcf\u6708\u4ee5\u65b0\u4ee3\u5e01\u5f62\u5f0f\u53d1\u653e\u3002\u57fa\u91d1\u7531\u8d1d\u83b1\u5fb7\u91d1\u878d\u7ba1\u7406\u516c\u53f8\u7ba1\u7406\uff0c\u6258\u7ba1\u65b9\u4e3a\u7ebd\u7ea6\u6885\u9686\u94f6\u884c\uff0c\u4ee3\u5e01\u5316\u5e73\u53f0\u4e3a Securitize \u3002<\/p>\n

\u5e73\u53f0\u7ba1\u7406 TVL \u6700\u8fd1\u4e09\u4e2a\u6708\u5feb\u901f\u6210\u957f\uff0c2025 \u5e74 3 \u6708\u4efd\uff0cTVL \u521a\u7a81\u7834 10 \u4ebf\u7f8e\u5143\uff0c\u800c\u76ee\u524d\u5df2\u589e\u52a0\u81f3 28.7 \u4ebf\u7f8e\u5143\uff0c\u6da8\u5e45 187%\uff1b\u5176\u4e2d 26.87 \u4ebf\u7f8e\u5143\u5728\u4ee5\u592a\u574a\u4e0a\uff0c\u5360\u603b\u91cf 93% \u3002<\/p>\n

\"\"<\/p>\n

\u5e01\u5708\u539f\u751f\u9879\u76ee\u4e5f\u5bc6\u5207\u5173\u6ce8 RWA \u5e02\u573a\u3002 USDC \u53d1\u884c\u65b9 Circle \u6536\u8d2d\u4e86\u7f8e\u56fd\u6536\u76ca\u5e01\uff08USYC\uff09\u53d1\u884c\u65b9 Hashnote\uff0c\u6765\u8865\u8db3\u81ea\u5df1\u5728 RWA \u65b9\u9762\u7684\u4e1a\u52a1\u77ed\u677f\u3002<\/p>\n

Hashnote \u662f\u7531 Cumberland Labs \u6295\u8d44 500 \u4e07\u7f8e\u5143\u5b75\u5316\u7684\u65b0\u521b\u516c\u53f8\uff0c\u4e13\u6ce8\u4e8e\u4ee3\u5e01\u5316\u7f8e\u503a\u4ea7\u54c1\u3002\u5176\u6838\u5fc3\u4ea7\u54c1 USYC\uff08US YieldCoin\uff09\u900f\u8fc7\u951a\u5b9a\u77ed\u671f\u7f8e\u56fd\u56fd\u503a\uff0c\u622a\u81f3\u6536\u8d2d\u65f6\u89c4\u6a21\u8fbe 13 \u4ebf\u7f8e\u5143\u3002 Circle \u5c06 USYC \u4e0e USDC \u6df1\u5ea6\u7ed1\u5b9a\uff0c\u6253\u9020\u300c\u73b0\u91d1+\u6536\u76ca\u578b\u8d44\u4ea7\u300d\u7684\u95ed\u73af\uff0c\u6ee1\u8db3\u673a\u6784\u5bf9\u94fe\u4e0a\u62b5\u62bc\u54c1\u548c\u6536\u76ca\u5de5\u5177\u7684\u53cc\u91cd\u9700\u6c42\u3002<\/p>\n

\u9664\u4e86 BUIDL \u548c Circle \u4e4b\u5916\uff0c\u5927\u578b\u7684 RWA \u4e13\u6848\u8fd8\u5305\u62ec ENA \u548c ONDO \u3002 ENA \u7684\u95ee\u9898\u5728\u4e8e\u5176\u4e3b\u8981\u7528\u4e8e\u52a0\u5bc6\u4ee3\u5e01\u5408\u7ea6\u8d44\u91d1\u8d39\u7387\u5957\u5229\uff0c\u5e02\u573a\u89c4\u6a21\u53d7\u5230\u4ea4\u6613\u89c4\u6a21\u7684\u9650\u5236\uff0c\u5bf9\u4e8e\u5708\u5916\u8d44\u91d1\u8fd8\u6709\u4e00\u4e2a\u5b66\u4e60\u6210\u672c\u95ee\u9898\uff0c\u56e0\u6b64\u6700\u8fd1\u534a\u5e74\u6ca1\u6709\u592a\u5927\u589e\u957f\u3002 ONDO \u81ea 2025 \u5e74\u521d\u4ee5\u6765\uff0c\u4ece 6 \u4ebf\u589e\u81f3 13 \u4ebf\uff0c\u6210\u957f\u4e86\u7ea6 116% \u3002\u53ef\u89c1\uff0c\u867d\u7136\u7a33\u5b9a\u5e01\u6cd5\u6848\u5c1a\u672a\u5b8c\u5168\u901a\u8fc7\uff0c\u503a\u52a1\u4ee3\u5e01\u5316\u5374\u5df2\u7ecf\u6301\u7eed\u8fdb\u884c\u4e2d\u3002\u6b64\u5916\uff0cChainlink \u5728 RWA \u4e5f\u5341\u5206\u91cd\u8981\uff0c\u662f\u94fe\u4e0b\u8d44\u4ea7\u4e0a\u94fe\u4ee5\u53ca\u4e0e\u94fe\u4e0a Defi \u7684\u6574\u5408\u7684\u6700\u5927\u9884\u8a00\u673a\u3002<\/p>\n

3. \u6d41\u5411\u89e3\u51b3\u4f20\u7edf\u91d1\u878d\u6548\u7387\u7684\u652f\u4ed8\u9886\u57df<\/p>\n

\u4f20\u7edf\u8d44\u91d1\u6210\u4e3a\u7a33\u5b9a\u5e01\uff0c\u8fdb\u5165\u533a\u5757\u94fe\u4e00\u4e2a\u5f88\u91cd\u8981\u7684\u7528\u9014\u662f\u89e3\u51b3\u652f\u4ed8\u95ee\u9898\uff0c\u4f8b\u5982\u4f18\u5316\u4f20\u7edf\u7684 SWIFT \u652f\u4ed8\u4f53\u7cfb\uff0c\u63d0\u9ad8\u4ea4\u6613\u6548\u7387\u3002\u4f8b\u5982\u6469\u6839\u5927\u901a\u7684 Kinexys \u5e73\u53f0\uff08\u539f Onyx\uff09\uff0c\u4e13\u6ce8\u4e8e\u6279\u53d1\u652f\u4ed8\u3001\u8de8\u5883\u652f\u4ed8\u3001\u5916\u6c47\u4ea4\u6613\u548c\u8bc1\u5238\u7ed3\u7b97\u3002\u652f\u6301\u591a\u5e01\u79cd\u8de8\u5883\u652f\u4ed8\uff0c\u51cf\u5c11\u4e2d\u95f4\u5546\u548c\u7ed3\u7b97\u65f6\u95f4\u3002\u63d0\u4f9b\u6570\u4f4d\u8d44\u4ea7\u7684\u4ee3\u5e01\u5316\u529f\u80fd\uff0c\u63a2\u7d22\u7a33\u5b9a\u5e01\u548c\u4ee3\u5e01\u5316\u503a\u5238\u7684\u652f\u4ed8\u573a\u666f\u3002\u800c Kinexys \u4e5f\u662f\u57fa\u4e8e\u4ee5\u592a\u574a\u6280\u672f\u6808\uff0c\u5229\u7528\u5176\u667a\u6167\u5408\u7ea6\u548c\u5206\u6563\u5f0f\u5e10\u672c\u6280\u672f\u3002\u76ee\u524d Kinexys \u65e5\u5747\u4ea4\u6613\u91cf\u5df2\u8d85 20 \u4ebf\u7f8e\u5143\u3002<\/p>\n

4. \u6d41\u5411\u90e8\u5206\u52a0\u5bc6\u539f\u751f\u7684\u7092\u4f5c\u5e02\u573a<\/p>\n

\u5c11\u6570\u7684\u589e\u91cf\u8d44\u91d1\u4f1a\u5feb\u901f\u6d41\u5411\u52a0\u5bc6\u539f\u751f\u7684\u7ade\u4e89\u5e01\u7092\u4f5c\u5e02\u573a\u3002<\/p>\n

\u7efc\u4e0a\u53ef\u77e5\uff0c\u76f8\u5bf9\u4e8e\u5176\u4ed6\u94fe\u4e0a\u751f\u6001\uff0c\u4ee5\u592a\u574a\u53ca\u5176\u94fe\u4e0a DeFi \u662f\u7a33\u5b9a\u5e01\u589e\u91cf\u6700\u5927\u7684\u53bb\u5904\u3002\u94fe\u4e0a DeFi \u5728 2025 \u6216\u5c06\u8fce\u6765\u65b0\u7684\u300cDeFi Summer\u300d\u548c\u5bf9\u8d28\u62bc\u4fc3\u8fdb\u7f51\u8def\u5b89\u5168\u6027\u7684\u8fdb\u4e00\u6b65\u9700\u6c42\u3002\u540c\u65f6\uff0c6 \u6708 10 \u65e5 SEC \u7684\u300cDeFi\u300d\u58f0\u660e\uff0c\u6216\u4e3a ETH \u7684 ETF \u8d28\u62bc\u94fa\u8def\uff0c\u82e5\u672a\u6765\u6210\u529f\u901a\u8fc7\uff0cETH \u5c06\u6210\u4e3a\u52a0\u5bc6\u5e02\u573a\u7684\u300c\u503a\u5238\u300d\uff0c\u5f15\u53d1\u5927\u89c4\u6a21\u7684\u8d2d\u4e70\u3002\u4e00\u8fde\u4e32\u7684\u6539\u53d8\u6216\u5c06\u63a8\u52a8 ETH \u518d\u6b21\u8fdb\u5165\u901a\u7f29\u72b6\u6001\uff08\u76ee\u524d\u5e74\u901a\u81a8\u7387 0.697%\uff09\u3002<\/p>\n

\"\"<\/p>\n

\u4e09\u3001\u5408\u7ea6\u5e02\u573a\u6301\u4ed3\u65b0\u9ad8\uff0c\u7a7a\u5934\u60c5\u7eea\u4ecd\u5728\uff1b\u73b0\u8d27 ETF \u6301\u7eed\u6d41\u5165\uff0c\u9009\u62e9\u6743\u770b\u6da8<\/p>\n

1 \u3001\u5408\u7ea6\u6301\u4ed3\u65b0\u9ad8\uff0c\u8d44\u91d1\u6d3b\u8dc3<\/p>\n

\u76ee\u524d ETH \u8ddd\u79bb ATH \u8fd8\u6709\u7ea6 40% \u7684\u6da8\u5e45\uff0c\u4f46\u5168\u7f51\u5408\u7ea6\u6301\u80a1\u6765\u5230\u5386\u53f2\u65b0\u9ad8 370 \u4ebf\u7f8e\u91d1\uff0c\u5408\u7ea6\u5e02\u573a\u6d41\u52a8\u6027\u6781\u4f73\u3002<\/p>\n

\"\"<\/p>\n

2. \u5e02\u573a\u60c5\u7eea\u9ad8\u70b9\u5c1a\u672a\u5230\u6765<\/p>\n

\u540c\u65f6\uff0c\u76ee\u524d\u7684\u5e02\u573a\u60c5\u7eea\u5e76\u672a\u6765\u5230\u9ad8\u70b9\uff0c\u6050\u60e7\u8d2a\u5a6a\u6307\u6570\u521a\u4ece\u4e2d\u6027\u8f6c\u5230\u8d2a\u5a6a\uff0c\u573a\u5185\u60c5\u7eea\u7684\u9ad8\u70b9\u5e76\u672a\u5230\u6765\uff0c\u573a\u5916\u7684\u589e\u91cf\u8d44\u91d1\u8fd8\u672a\u5f00\u59cb\u8fdb\u5165\u3002<\/p>\n

\"\"<\/p>\n

3. \u4ea4\u6613\u6240\u505a\u7a7a\u4eba\u6570\u589e\u52a0<\/p>\n

\u4ece\u4ea4\u6613\u6240\u5408\u7ea6\u6301\u4ed3\u591a\u7a7a\u6bd4\u6765\u770b\uff0c\u591a\u7a7a\u6301\u4ed3\u4eba\u6570\u6bd4\u6301\u7eed\u4e0b\u964d\uff0c\u505a\u7a7a\u7684\u4eba\u6570\u6b63\u5728\u589e\u52a0\u3002\u540c\u65f6\uff0c\u6301\u4ed3\u6301\u7eed\u4e0a\u5347\uff0c\u56e0\u6b64\uff0c\u6574\u4f53\u505a\u7a7a\u7684\u90e8\u4f4d\u4e5f\u5904\u4e8e\u4e0a\u5347\u4e4b\u4e2d\u3002\u4f46\u662f\u591a\u7a7a\u6bd4\u4f8b\u4ecd\u5904\u4e8e\u76f8\u5bf9\u5e73\u8861\u72b6\u6001\uff0c\u8d44\u91d1\u8d39\u7387\u76f8\u5bf9\u7a33\u5b9a\u3002<\/p>\n

\"\"<\/p>\n

4. \u90e8\u5206\u4ea4\u6613\u6240 ETH \u73b0\u8d27\u6301\u4ed3\u4f4e\u4e8e\u5408\u7ea6\u6301\u4ed3\u91cf<\/p>\n

\u5728 4 \u6708\u5168\u7f51\u53d1\u5e03\u8d8b\u52bf\u53cd\u8f6c\u7814\u62a5\u65f6\uff0c\u6211\u4eec\u89c2\u5bdf\u5230\u90e8\u5206\u4ea4\u6613\u6240\u51fa\u73b0\u4e86 ETH \u6301\u6709\u91cf\u8fdc\u4f4e\u4e8e\u4ea4\u6613\u6240\u5408\u7ea6\u6301\u80a1\u3002\u76ee\u524d\uff0c\u8fd9\u4e2a\u60c5\u51b5\u4ecd\u7136\u5b58\u5728\uff0cBybit \u4ea4\u6613\u6240\u6301\u4ed3\u91cf\u4e3a 144 \u4e07\u679a\uff0c\u4ea4\u6613\u6240\u94b1\u5305\u4f59\u989d\u4e3a 31.6 \u4e07\u679a\uff0c\u4e3a\u4f59\u989d\u7684 4.5 \u500d\uff1bGate \u4ea4\u6613\u6240\u6301\u4ed3\u91cf\u4e3a 196 \u4e07\u679a\uff0c\u4ea4\u6613\u6240\u94b1\u5305\u4f59\u989d\u4e3a 16.6 \u4e07\u679a\uff0c\u4e3a\u4f59\u989d 11.8 \u500d\u3002 Bitget \u4ea4\u6613\u6240\u6301\u4ed3\u91cf\u4e3a 152 \u4e07\u679a\uff0c\u4f46\u4ea4\u6613\u6240\u94b1\u5305\u4f59\u989d\u6682\u672a\u63ed\u9732\u3002<\/p>\n

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

5.CME \u5408\u7ea6\u6301\u4ed3\u65b0\u9ad8<\/p>\n

\u4ece CME \u7684\u6570\u636e\u6765\u770b\uff0c\u76ee\u524d\u5728 CME \u7684 ETH \u4ea4\u6613\u91cf\u672a\u5230\u65b0\u9ad8\uff0c\u4f46\u672a\u5e73\u4ed3\u5408\u7ea6\u91cf\uff08OI\uff09\u6765\u5230\u8fd1\u5386\u53f2\u65b0\u9ad8\u7684\u4f4d\u7f6e\u3002\u4ece\u591a\u7a7a\u60c5\u51b5\u6765\u770b\uff0c\u975e\u5546\u4e1a\u4ea4\u6613\u8005\u591a\u5934\u6301\u4ed3 18,699 \u4efd\u5408\u7ea6\uff0c\u7a7a\u5934\u6301\u4ed3 19572 \u4efd\u5408\u7ea6\uff0c\u51c0\u5934\u5bf8\u4e3a 873 \u4efd\u5408\u7ea6\u7a7a\u5934\uff0c\u663e\u793a\u51fa\u671f\u8d27\u5e02\u573a\u6295\u673a\u8005\u770b\u7a7a\u60c5\u7eea\u5360\u591a\u3002\u82e5\u975e\u5546\u4e1a\u4ea4\u6613\u8005\u7a7a\u5934\u4e2d\u6709 30%-40% \u8fdb\u884c\u4e86\u5957\u4fdd\uff0c\u5219\u88f8\u7a7a\u5934\u5bf8\u5360 60%-70%\uff0c\u6309\u7167 2750 \u7f8e\u91d1\u7684\u4ef7\u683c\u8ba1\u7b97\uff0cCME \u4e0a\u6295\u673a\u8005\u88f8\u7a7a\u7684\u5934\u5bf8\u7ea6\u5728 16\u201318 \u4ebf\u7f8e\u91d1\u3002<\/p>\n

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

6 \u3001 AAVE \u501f\u51fa ETH 68 \u4ebf<\/p>\n

\u5728\u94fe\u4e0a\u6700\u5927\u7684\u501f\u8d37\u534f\u8bae AAVE \u6570\u636e\u53ef\u770b\u5230\uff0c\u76ee\u524d\u94fe\u4e0a ETH \u7684\u501f\u51fa\u91d1\u989d\u7ea6\u4e3a 68 \u4ebf\u7f8e\u91d1\uff0c\u8fd9\u4e9b\u501f\u51fa\u6839\u636e\u5e02\u573a\u5e38\u8bc6\u5e76\u4e0d\u4f1a\u5b8c\u5168\u5957\u4fdd\uff0c\u4f1a\u6709\u4e0d\u5c11\u90e8\u5206\u8fdb\u884c\u8457\u6760\u6746\u505a\u7a7a\uff0c\u6211\u4eec\u63a8\u6d4b\u8fd9\u90e8\u5206\u88f8\u7a7a\u7684\u91d1\u989d\u4e0d\u4f4e\u4e8e 10 \u4ebf\u7f8e\u91d1\u3002<\/p>\n

\"\"<\/p>\n

7. \u73b0\u8d27 ETF \u6301\u7eed\u51c0\u6d41\u5165\uff0c\u9009\u62e9\u6743\u5e02\u573a\u770b\u6da8<\/p>\n

\u900f\u8fc7\u671f\u8d27\u884d\u751f\u6027\u5546\u54c1\u6570\u636e\uff0c\u6211\u4eec\u8ba4\u4e3a\u76ee\u524d\u5e02\u573a\u7684\u770b\u7a7a\u60c5\u7eea\u4ecd\u5728\uff0c\u5e76\u5b58\u5728\u5341\u4ebf\u7b49\u7ea7\u7684\u88f8\u7a7a\u60c5\u51b5\uff0c\u4f46\u5728\u9009\u62e9\u6743\u548c\u73b0\u8d27\u5e02\u573a\u53cd\u6620\u4e86\u4e00\u5b9a\u7a0b\u5ea6\u7684\u770b\u6da8\u5e03\u5c40\u3002<\/p>\n

\u5728\u73b0\u8d27\u5e02\u573a\u4e0a\uff0cETH ETF \u9006\u8f6c\u5148\u524d\u7684\u5f31\u52bf\u72b6\u6001\uff0c\u8fd1 15 \u5929\u6301\u7eed\u51c0\u6d41\u5165\u3002 6 \u6708 10 \u65e5\u5355\u65e5\u51c0\u6d41\u5165\u8fbe 1.25 \u4ebf\u7f8e\u91d1\uff0c6 \u6708\u7d2f\u8ba1\u6d41\u5165 4.5 \u4ebf\u7f8e\u91d1\uff0c\u5176\u4e2d\uff0c\u8d1d\u83b1\u5fb7\u4e70\u8fdb 3.6 \u4ebf\u7f8e\u5143\uff0c\u662f\u8d2d\u4e70\u4e3b\u529b\uff0c\u663e\u793a\u51fa\u770b\u6da8\u8d8b\u52bf\u3002<\/p>\n

\"\"<\/p>\n

\u8d1d\u83b1\u5fb7 ETH \u73b0\u8d27 ETF \u6301\u80a1\u53d8\u52a8\u5982\u4e0b\uff0c\u81ea 2025 \u5e74 5 \u6708\u8d77\u5904\u4e8e\u6301\u7eed\u589e\u6301\u3002<\/p>\n

\"\"<\/p>\n

\u8d1d\u83b1\u5fb7\u6b63\u5356\u51fa\u90e8\u5206 BTC \u73b0\u8d27\uff0c\u8f6c\u800c\u4e70\u8fdb ETH \u73b0\u8d27\u3002<\/p>\n

Deribit \u663e\u793a\uff0c\u76ee\u524d\u672a\u5e73\u4ed3\u9009\u62e9\u6743\u4e2d\u4e70\u6743\u6570\u8fdc\u9ad8\u4e8e\u5356\u6743\u3002\u5728 6 \u6708 20 \u65e5\u524d\u4ea4\u5272\u7684\u9009\u62e9\u6743\u4e8c\u8005\u76f8\u5dee\u4e0d\u5927\uff0c\u4f46\u5728 6 \u6708 20 \u65e5\u4e4b\u540e\u4ea4\u6613\u7684\u9009\u62e9\u6743\u4e2d\u4e70\u6743\u663e\u8457\u9ad8\u4e8e\u770b\u8dcc\u3002<\/p>\n

\"\"<\/p>\n

\u6e05\u7b97\u76d1\u63a7\u663e\u793a\uff0c\u4ef7\u503c 21 \u4ebf\u7f8e\u5143\u7684 ETH \u7a7a\u5934\u5c06\u5728 3000 \u7f8e\u5143\u5904\u88ab\u6e05\u7b97\uff0c\u5e02\u573a\u5c06\u6324\u538b\u8fd9\u4e9b\u7a7a\u5934\uff0c\u77ed\u671f\u53ef\u671b\u63a8\u52a8 ETH \u4e0a\u6da8\u81f3 3000 \u7f8e\u5143\u3002<\/p>\n

8. \u4ee5\u592a\u574a\u91d1\u5e93 SBET \u5e26\u6765\u65b0\u7684\u9700\u6c42<\/p>\n

\u5728\u52a0\u5bc6\u53cb\u5584\u3001\u76d1\u7ba1\u5bbd\u677e\u7684\u60c5\u51b5\u4e0b\uff0c\u7f8e\u80a1\u5e02\u573a\u4e0a\u51fa\u73b0\u591a\u5bb6\u516c\u53f8\u6a21\u4eff MSTR \u7684\u6a21\u5f0f\uff0c\u8d2d\u4e70 BTC \u3001 ETH \u3001 SOL \u7b49\u4e3b\u6d41\u4ee3\u5e01\u4f5c\u4e3a\u5e95\u5c42\u8d44\u4ea7\u3002<\/p>\n

\u4ee5\u592a\u574a\u8054\u5408\u521b\u59cb\u4eba\u3001 ConsenSys \u521b\u59cb\u4eba\u517c\u9996\u5e2d\u6267\u884c\u5b98\u4e54\u00b7\u5362\u5bbe\uff08Joe Lubin\uff09\u5ba3\u5e03\uff0c\u4ed6\u5c06\u62c5\u4efb SharpLink Gaming\uff08\u80a1\u7968\u4ee3\u7801\uff1aSBET\uff09\u7684\u8463\u4e8b\u4f1a\u4e3b\u5e2d\uff0c\u5e76\u9886\u5bfc\u5176 4.25 \u4ebf\u7f8e\u5143\u7684\u4ee5\u592a\u574a\u91d1\u5e93\u6218\u7565\u3002\u4ee5\u592a\u574a\u91d1\u5e93\u5c06\u662f\u4e00\u4e2a\u4e3b\u52a8\u578b\u91d1\u5e93\uff0c\u9664\u4e86\u4eab\u53d7\u4ee3\u5e01\u4ef7\u683c\u4e0a\u6da8\u5e26\u6765\u7684\u6536\u76ca\u4e4b\u5916\uff0c\u5927\u90e8\u5206 ETH \u4ee3\u5e01\u5c06\u88ab\u7528\u4e8e\u8d28\u62bc\uff0c\u662f\u7f51\u8def\u5b89\u5168\u7684\u79ef\u6781\u53c2\u4e0e\u8005\uff0c\u6295\u8d44\u8005\u8fd8\u53ef\u4ee5\u83b7\u5f97\u81f3\u5c11 2% \u7684\u8d28\u62bc\u6536\u5165\u3002\u8fd9\u79cd\u6a21\u5f0f\u5c06\u4e3a ETH \u5e26\u6765\u65b0\u7684\u9700\u6c42\u3002<\/p>\n

9. \u52a0\u5bc6\u4f01\u4e1a\u5bc6\u96c6\u4e0a\u5e02\uff0c\u521b\u9020\u6301\u7eed\u8d44\u91d1\u70ed\u70b9<\/p>\n

\u7a33\u5b9a\u5e01 Circle \u4e8e 6 \u6708\u521d\u767b\u9646\u90a3\u65af\u8fbe\u514b\uff0c\u4e0a\u5e02\u5f53\u65e5\u6da8\u5e45\u8d85\u8fc7 200%\uff0c\u5f15\u53d1\u5e02\u573a\u8d44\u91d1\u5bf9\u4e8e\u5e01\u80a1\u7684\u9ad8\u5ea6\u70ed\u60c5\u3002\u591a\u5bb6\u52a0\u5bc6\u4f01\u4e1a\u900f\u9732\u5176\u7eb3\u65af\u8fbe\u514b\u4e0a\u5e02\u8ba1\u5212\u3002\u5f7c\u5f97\u00b7\u8482\u5c14\u53c2\u4e0e\u6295\u8d44\u7684\u52a0\u5bc6\u8d44\u4ea7\u4ea4\u6613\u6240 Bullish Global \u3001\u8001\u724c\u4ea4\u6613\u6240 Kraken \u3001\u52a0\u5bc6\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8 Galaxy Digital \u3001\u52a0\u5bc6\u8d27\u5e01\u6258\u7ba1\u548c\u673a\u6784\u670d\u52a1\u5546 Bitgo \u3001\u52a0\u5bc6\u6316\u77ff\u8bbe\u5907\u5236\u9020\u5546 Bgin Blockchain \u7b49\u5747\u6709\u4e0a\u5e02\u8ba1\u5212\uff0c\u90e8\u5206\u5df2\u7ecf\u63d0\u4ea4\u4e0a\u5e02\u7533\u8bf7\u3002\u8fd9\u4e9b\u9879\u76ee\u7684\u9646\u7eed\u4e0a\u5e02\uff0c\u5c06\u521b\u9020\u6301\u7eed\u7684\u8d44\u91d1\u70ed\u70b9\uff0c\u5c06\u6709\u66f4\u591a\u8d44\u91d1\u5173\u6ce8\u52a0\u5bc6\u8d44\u4ea7\uff0c\u5e76\u53c2\u4e0e\u5176\u4e2d\u3002<\/p>\n

\u7efc\u4e0a\uff0c\u6211\u4eec\u8ba4\u4e3a\uff0cETH \u5408\u7ea6\u6301\u80a1\u91cf\u5904\u4e8e\u9ad8\u4f4d\uff0c\u8d44\u91d1\u6d3b\u8dc3\uff1b\u5e02\u573a\u60c5\u7eea\u5347\u6e29\uff0c\u4f46\u5c1a\u672a\u8fdb\u5165\u8d2a\u5a6a\u6781\u503c\u9636\u6bb5\uff1b\u4ea4\u6613\u6240\u770b\u7a7a\u4eba\u6570\u5728\u589e\u52a0\uff0c\u4f46\u5c1a\u672a\u51fa\u73b0\u663e\u8457\u591a\u7a7a\u5931\u8861\u3002 ETH \u73b0\u8d27\u5904\u4e8e\u6301\u7eed\u6d41\u5165\u9636\u6bb5\uff0c\u9009\u62e9\u6743\u770b\u6da8\u3002\u800c\u4ef7\u683c\u7a81\u7834\u4e86\u5173\u952e\u7684\u652f\u963b\u4e92\u6362\u533a\uff0c\u5e76\u8fdb\u4e00\u6b65\u7a81\u7834\u77ed\u671f\u963b\u529b\u4f4d\uff0c\u957f\u671f\u7d2f\u79ef\u7684\u7a7a\u5355\u6216\u8fdb\u4e00\u6b65\u52a9\u63a8\u4e0a\u6da8\u884c\u60c5\u5ef6\u7eed\u3002\u914d\u5408\u4e0a\u6570\u4f4d\u8d27\u5e01\u76d1\u7ba1\u7684\u653e\u5bbd\uff0c\u7a33\u5b9a\u5e01\u5e02\u503c\u7684\u9010\u6b65\u589e\u52a0\uff0c\u7f8e\u80a1\u5e02\u573a\u4ee5\u592a\u574a\u91d1\u5e93\u7b56\u7565\u7684\u9010\u6b65\u6210\u957f\uff0c\u7f8e\u80a1\u5e02\u573a\u5bf9\u52a0\u5bc6\u4f01\u4e1a\u7684\u63a5\u7eb3\u7a0b\u5ea6\u4e0d\u65ad\u63d0\u9ad8\uff0cETH \u4e2d\u957f\u671f\u6709\u53ef\u80fd\u7a81\u7834 14,000 \u7f8e\u5143\u3002<\/p>\n

\u7f8e\u56fd\u5bf9\u52a0\u5bc6\u76d1\u7ba1\u8fdb\u4e00\u6b65\u7cfb\u7edf\u5316\u3001\u6807\u51c6\u5316\u3001\u660e\u786e\u5316\uff0c\u5e76\u7b80\u5316\u52a0\u5bc6\u8d44\u4ea7\u7684\u53d1\u884c\u3001\u6258\u7ba1\u548c\u4ea4\u6613\u7a0b\u5e8f\uff0c\u63a8\u52a8\u7a33\u5b9a\u5e01\u7684\u53d1\u884c\uff0c\u540c\u65f6\u63a2\u7d22 DeFi \u3001 RWA \u7b49\u521b\u65b0\u8d44\u4ea7\u7684\u5f00\u53d1\u3002\u8fd9\u4e00\u7cfb\u5217\u4e3e\u63aa\u90fd\u5c06\u6269\u5f20\u52a0\u5bc6\u8d44\u4ea7\u89c4\u6a21\u3002\u4ee5\u592a\u574a\u62e5\u6709\u6700\u6210\u719f\u7684\u94fe\u4e0a\u91d1\u878d\u751f\u6001\uff0c\u6700\u6709\u53ef\u80fd\u627f\u63a5\u7ecf\u7531\u7a33\u5b9a\u5e01\u5408\u89c4\u5316\u5e26\u6765\u7684\u8d44\u91d1\uff0c\u5efa\u7acb\u5728\u5176\u57fa\u7840\u4e4b\u4e0a\u7684 DeFi \u9879\u76ee\u548c RWA \u9879\u76ee\u4e5f\u5c06\u53d7\u76ca\u4e8e\u6b64\uff0c\u83b7\u5f97\u957f\u671f\u53d1\u5c55\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 | \u51fa\u5904\uff1a Cycle Trading\uff09<\/p>\n","protected":false},"excerpt":{"rendered":"

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