{"id":3720,"date":"2026-10-23T17:32:57","date_gmt":"2026-10-23T09:32:57","guid":{"rendered":"https:\/\/www.yqcsfz.com\/?p=3720"},"modified":"2026-10-23T17:32:57","modified_gmt":"2026-10-23T09:32:57","slug":"%e9%93%be%e4%b8%8a%e4%bf%a1%e8%b4%b7%e5%9f%ba%e7%a1%80%e8%ae%be%e6%96%bd%e7%9a%84%e6%b2%bb%e7%90%86%e9%9d%a9%e6%96%b0%ef%bc%9a%e4%bb%8edao%e5%88%b0%e7%ad%96%e5%b1%95%e4%ba%ba%e6%a8%a1%e5%bc%8f","status":"publish","type":"post","link":"https:\/\/www.hzzhyy120.com\/?p=3720","title":{"rendered":"\u94fe\u4e0a\u4fe1\u8d37\u57fa\u7840\u8bbe\u65bd\u7684\u6cbb\u7406\u9769\u65b0\uff1a\u4eceDAO\u5230\u7b56\u5c55\u4eba\u6a21\u5f0f\u7684\u884c\u4e1a\u5b9e\u8df5 –"},"content":{"rendered":"

\u64b0\u6587\uff1a0xResearcher<\/strong><\/p>\n

\u5f15\u8a00:\u5f53 DeFi \u9047\u4e0a\\”\u4e2d\u5e74\u5371\u673a\\”<\/h3>\n

2024 \u5e74\u4e0b\u534a\u5e74\u4ee5\u6765,DeFi \u4fe1\u8d37\u8d5b\u9053\u51fa\u73b0\u4e86\u4e00\u4e2a\u503c\u5f97\u5173\u6ce8\u7684\u73b0\u8c61:\u591a\u4e2a\u5934\u90e8\u534f\u8bae\u4e0d\u7ea6\u800c\u540c\u5730\u5f00\u59cb\u8c03\u6574\u6cbb\u7406\u7ed3\u6784,\u4ece\u7eaf\u7cb9\u7684 DAO \u6cbb\u7406\u8f6c\u5411\u66f4\u7075\u6d3b\u7684\u6df7\u5408\u6a21\u5f0f\u3002\u8fd9\u4e00\u53d8\u5316\u80cc\u540e,\u662f\u6574\u4e2a\u884c\u4e1a\u9762\u5bf9\u673a\u6784\u5316\u6d6a\u6f6e\u3001\u76d1\u7ba1\u538b\u529b\u548c\u6548\u7387\u74f6\u9888\u65f6\u505a\u51fa\u7684\u96c6\u4f53\u6027\u63a2\u7d22\u3002Morpho \u5728 2024 \u5e74\u63a8\u51fa\u7684 MetaMorpho \u7b56\u5c55\u4eba\u7cfb\u7edf,Aave \u5c1d\u8bd5\u7684\u673a\u6784\u4e13\u5c5e\u5e02\u573a,\u4ee5\u53ca Compound \u56f4\u7ed5 Treasury \u7684\u8ba8\u8bba,\u90fd\u6307\u5411\u540c\u4e00\u4e2a\u65b9\u5411:\u4f20\u7edf\u7684\\”\u4e00\u4eba\u4e00\u7968\\”\u6cbb\u7406\u6a21\u5f0f\u5728\u9762\u5bf9\u5feb\u901f\u53d8\u5316\u7684\u5e02\u573a\u9700\u6c42\u65f6,\u6b63\u5728\u66b4\u9732\u5176\u5c40\u9650\u6027\u3002\u672c\u6587\u901a\u8fc7\u5bf9\u6bd4\u5206\u6790\u51e0\u4e2a\u4e3b\u8981\u534f\u8bae\u5728 2024-2025 \u5e74\u7684\u6218\u7565\u8c03\u6574,\u8bd5\u56fe\u56de\u7b54\u4e00\u4e2a\u6838\u5fc3\u95ee\u9898:DeFi \u4fe1\u8d37\u534f\u8bae\u5e94\u8be5\u5982\u4f55\u5728\u53bb\u4e2d\u5fc3\u5316\u7406\u60f3\u4e0e\u5546\u4e1a\u6548\u7387\u4e4b\u95f4\u627e\u5230\u5e73\u8861\u70b9?\u6211\u4eec\u5c06\u4ee5 Gearbox Protocol \u5728 2025 \u5e74 3 \u6708\u63a8\u51fa\u7684 Permissionless \u6a21\u5f0f\u4f5c\u4e3a\u4e3b\u8981\u6848\u4f8b,\u5e76\u4e0e Morpho\u3001Aave\u3001Compound \u7b49\u534f\u8bae\u7684\u5b9e\u8df5\u8fdb\u884c\u6a2a\u5411\u5bf9\u6bd4,\u8bc4\u4f30\u4e0d\u540c\u6cbb\u7406\u6a21\u5f0f\u5728\u5b9e\u9645\u8fd0\u8425\u4e2d\u7684\u8868\u73b0\u5dee\u5f02\u3002<\/p>\n

DAO \u6cbb\u7406\u7684\\”\u6162\u6027\u75c5\\”<\/h3>\n

\u8fc7\u53bb\u4e00\u5e74,\u94fe\u4e0a\u4fe1\u8d37\u5e02\u573a\u7ecf\u5386\u4e86\u4e00\u6b21\u6df1\u523b\u7684\u8eab\u4efd\u5371\u673a\u30022020-2022 \u5e74\u7684\u53d9\u4e8b\u662f\\”\u65e0\u9700\u8bb8\u53ef\u7684\u91d1\u878d\u6c11\u4e3b\u5316\\”,\u4f46\u5230\u4e86 2024 \u5e74,\u5f53 Coinbase\u3001BlackRock \u7b49\u4f20\u7edf\u91d1\u878d\u5de8\u5934\u771f\u6b63\u5f00\u59cb\u5e03\u5c40\u94fe\u4e0a\u4fe1\u8d37\u65f6,\u6574\u4e2a\u884c\u4e1a\u7a81\u7136\u53d1\u73b0\u81ea\u5df1\u9762\u4e34\u7684\u4e0d\u518d\u662f\\”\u5982\u4f55\u5438\u5f15\u6563\u6237\\”,\u800c\u662f\\”\u5982\u4f55\u670d\u52a1\u673a\u6784\u5ba2\u6237,\u540c\u65f6\u4e0d\u8fdd\u80cc\u53bb\u4e2d\u5fc3\u5316\u7684\u521d\u5fc3\\”\u3002\u8fd9\u79cd\u56f0\u5883\u6700\u76f4\u89c2\u7684\u4f53\u73b0\u662f\u6cbb\u7406\u6548\u7387\u7684\u5d29\u6e83\u3002\u4ee5 Compound \u4e3a\u4f8b,2024 \u5e74\u4e00\u9879\u5173\u4e8e\u65b0\u589e\u62b5\u62bc\u54c1\u7c7b\u578b\u7684\u63d0\u6848,\u4ece\u8ba8\u8bba\u5230\u6700\u7ec8\u901a\u8fc7\u8017\u65f6\u8d85\u8fc7 8 \u5468,\u671f\u95f4\u5e02\u573a\u7a97\u53e3\u65e9\u5df2\u5173\u95ed\u3002Aave \u867d\u7136\u901a\u8fc7\u5feb\u901f\u5ba1\u6279\u901a\u9053(Snapshot \u6295\u7968)\u6709\u6240\u6539\u5584,\u4f46\u672c\u8d28\u95ee\u9898\u5e76\u672a\u89e3\u51b3:\u5f53\u4e00\u4e2a\u534f\u8bae\u9700\u8981\u670d\u52a1 50 \u4e2a\u4e0d\u540c\u98ce\u9669\u504f\u597d\u7684\u7528\u6237\u7fa4\u4f53\u65f6,DAO \u7684\\”\u6c42\u5168\\”\u903b\u8f91\u5fc5\u7136\u5bfc\u81f4\\”\u6c42\u6162\\”\u3002<\/p>\n

\u53e6\u4e00\u4e2a\u88ab\u4f4e\u4f30\u7684\u6311\u6218\u662f\u76d1\u7ba1\u9002\u914d\u6027\u3002\u6b27\u76df MiCA \u6cd5\u89c4\u548c\u7f8e\u56fd SEC \u7684\u6267\u6cd5\u884c\u52a8\u8ba9\u6574\u4e2a\u884c\u4e1a\u610f\u8bc6\u5230,\\”\u7eaf\u7cb9\u53bb\u4e2d\u5fc3\u5316\\”\u65e2\u4e0d\u662f\u76d1\u7ba1\u8c41\u514d\u7684\u6321\u7bad\u724c,\u4e5f\u4e0d\u5229\u4e8e\u4e0e\u4f20\u7edf\u91d1\u878d\u673a\u6784\u5bf9\u63a5\u3002\u673a\u6784\u8d44\u91d1\u9700\u8981\u660e\u786e\u7684\u8d23\u4efb\u4e3b\u4f53\u3001\u6e05\u6670\u7684\u98ce\u63a7\u6d41\u7a0b\u548c\u53ef\u5ba1\u8ba1\u7684\u51b3\u7b56\u8bb0\u5f55,\u800c\u8fd9\u4e9b\u6070\u6070\u662f\u4f20\u7edf DAO \u6cbb\u7406\u7684\u5f31\u9879\u3002\u5728\u8fd9\u4e2a\u80cc\u666f\u4e0b,2024 \u5e74\u51fa\u73b0\u4e86\u4e00\u6ce2\\”\u6cbb\u7406\u6a21\u5f0f\u518d\u9020\\”\u6d6a\u6f6e\u3002Morpho \u7387\u5148\u63a8\u51fa MetaMorpho,\u5141\u8bb8\u4e13\u4e1a\u56e2\u961f\u521b\u5efa\u7b56\u5c55\u6c60(Vaults)\u5e76\u81ea\u4e3b\u7ba1\u7406\u98ce\u9669\u53c2\u6570;Aave \u542f\u52a8 Aave Arc \u8ba1\u5212,\u4e3a\u673a\u6784\u5ba2\u6237\u63d0\u4f9b KYC \u4e13\u5c5e\u5e02\u573a;Euler \u63a8\u51fa EVC(Ethereum Vault Connector)\u4ee5\u5b9e\u73b0\u66f4\u6a21\u5757\u5316\u7684\u98ce\u9669\u9694\u79bb\u3002\u8fd9\u4e9b\u5c1d\u8bd5\u7684\u5171\u540c\u70b9\u662f:\u5728\u4fdd\u7559\u534f\u8bae\u5c42\u53bb\u4e2d\u5fc3\u5316\u7684\u524d\u63d0\u4e0b,\u628a\u5177\u4f53\u5e02\u573a\u7684\u8fd0\u8425\u51b3\u7b56\u6743\u4e0b\u653e\u7ed9\u4e13\u4e1a\u56e2\u961f\u3002<\/p>\n

\u56db\u79cd\u6cbb\u7406\u6a21\u5f0f\u7684\\”\u7269\u79cd\u56fe\u9274\\”<\/h3>\n

Compound:\u575a\u5b88\u7684\u4fdd\u5b88\u6d3e Compound \u81f3\u4eca\u4ecd\u575a\u6301\u5b8c\u5168\u7684\u94fe\u4e0a\u6cbb\u7406,\u4efb\u4f55\u53c2\u6570\u8c03\u6574\u90fd\u9700\u8981\u63d0\u6848\u3001\u6295\u7968\u3001\u65f6\u95f4\u9501\u7b49\u5b8c\u6574\u6d41\u7a0b\u3002\u8fd9\u79cd\u6a21\u5f0f\u7684\u4f18\u70b9\u662f\u900f\u660e\u5ea6\u9ad8\u3001\u793e\u533a\u53c2\u4e0e\u611f\u5f3a,\u4f46\u4ee3\u4ef7\u662f\u51b3\u7b56\u5468\u671f\u957f(\u901a\u5e38 2-4 \u5468),\u4e14\u96be\u4ee5\u5feb\u901f\u54cd\u5e94\u5e02\u573a\u53d8\u5316\u30022024 \u5e74 Compound \u7684\u603b\u5e02\u573a\u6570\u91cf\u4ec5\u4ece 32 \u4e2a\u589e\u52a0\u5230 41 \u4e2a,\u6269\u5f20\u901f\u5ea6\u660e\u663e\u843d\u540e\u4e8e\u7ade\u54c1\u3002\u4e0d\u8fc7\u516c\u5e73\u5730\u8bf4,Compound \u7684\u5b9a\u4f4d\u672c\u5c31\u662f\\”\u7a33\u5065\u7b2c\u4e00\\”,\u5176 3 \u5e74\u96f6\u574f\u8d26\u8bb0\u5f55\u8bc1\u660e\u4e86\u8fd9\u4e00\u6a21\u5f0f\u7684\u98ce\u63a7\u4f18\u52bf\u3002\u5728\u884c\u4e1a\u666e\u904d\u8ffd\u6c42\u901f\u5ea6\u7684\u73af\u5883\u4e0b,Compound \u50cf\u662f\u90a3\u4e2a\u575a\u6301\u624b\u5de5\u917f\u9152\u7684\u8001\u5320\u4eba——\u6162,\u4f46\u54c1\u8d28\u53ef\u9760\u3002<\/p>\n

Morpho:\u6fc0\u8fdb\u7684\u653e\u6743\u8005 Morpho \u7684 MetaMorpho \u7cfb\u7edf\u53ef\u80fd\u662f\u76ee\u524d\u6700\u6fc0\u8fdb\u7684\u653e\u6743\u5c1d\u8bd5\u3002\u534f\u8bae\u672c\u8eab\u53ea\u8d1f\u8d23\u5e95\u5c42\u501f\u8d37\u903b\u8f91\u548c\u6e05\u7b97\u673a\u5236,\u5177\u4f53\u5e02\u573a\u7684\u521b\u5efa\u3001\u8d44\u4ea7\u9009\u62e9\u3001\u98ce\u9669\u53c2\u6570\u5b8c\u5168\u7531\u7b56\u5c55\u4eba\u51b3\u5b9a\u3002\u8fd9\u5e26\u6765\u4e86\u60ca\u4eba\u7684\u6269\u5f20\u901f\u5ea6:2024 \u5e74 Morpho \u65b0\u589e\u8d85\u8fc7 200 \u4e2a\u5e02\u573a,TVL \u4ece 8 \u4ebf\u7f8e\u5143\u589e\u957f\u81f3 28 \u4ebf\u7f8e\u5143(\u589e\u957f 250%)\u3002\u4f46\u95ee\u9898\u4e5f\u5f88\u660e\u663e,\u622a\u81f3 2025 \u5e74 5 \u6708,Morpho \u7684\u524d 10 \u5927\u7b56\u5c55\u4eba\u63a7\u5236\u4e86\u8d85\u8fc7 65%\u7684 TVL,\u4e2d\u5fc3\u5316\u98ce\u9669\u4e0d\u5bb9\u5ffd\u89c6\u3002\u66f4\u503c\u5f97\u5173\u6ce8\u7684\u662f,\u90e8\u5206\u7b56\u5c55\u4eba\u4e3a\u8ffd\u6c42\u9ad8\u6536\u76ca\u7387,\u5f00\u59cb\u63a5\u53d7\u6d41\u52a8\u6027\u8f83\u5dee\u7684\u62b5\u62bc\u54c1,\u6f5c\u5728\u98ce\u9669\u6b63\u5728\u7d2f\u79ef\u3002Morpho \u5c31\u50cf\u662f\u628a\u65b9\u5411\u76d8\u4ea4\u7ed9\u4e86\u526f\u9a7e\u9a76,\u81ea\u5df1\u53ea\u8d1f\u8d23\u8e29\u5239\u8f66——\u524d\u63d0\u662f\u5239\u8f66\u7cfb\u7edf\u8db3\u591f\u7075\u654f\u3002<\/p>\n

Aave:\u5de6\u53f3\u4e3a\u96be\u7684\u5e73\u8861\u6d3e Aave \u91c7\u53d6\u4e86\u76f8\u5bf9\u6e29\u548c\u7684\u8def\u5f84:\u4e3b\u6c60\u4ecd\u7531 DAO \u4e25\u683c\u7ba1\u7406,\u4f46\u901a\u8fc7 Aave Arc \u4e3a\u673a\u6784\u5ba2\u6237\u63d0\u4f9b\u5b9a\u5236\u5316\u5e02\u573a\u3002\u8fd9\u79cd\\”\u53cc\u8f68\u5236\\”\u7684\u597d\u5904\u662f\u65e2\u4fdd\u7559\u4e86\u53bb\u4e2d\u5fc3\u5316\u57fa\u672c\u76d8,\u53c8\u80fd\u7075\u6d3b\u670d\u52a1\u673a\u6784\u9700\u6c42\u3002\u4f46\u8fd0\u8425\u590d\u6742\u5ea6\u663e\u8457\u4e0a\u5347,2024 \u5e74 Aave \u7684\u5f00\u53d1\u6210\u672c\u540c\u6bd4\u589e\u52a0 40%,\u4e14 Arc \u5e02\u573a\u7684\u589e\u957f\u8fdc\u4f4e\u4e8e\u9884\u671f(TVL \u4ec5\u5360\u603b\u91cf\u7684 8%)\u3002\u4e00\u4e2a\u5173\u952e\u539f\u56e0\u662f\u673a\u6784\u5ba2\u6237\u53d1\u73b0,Arc \u7684\u51c6\u5165\u95e8\u69db(KYC)\u867d\u7136\u6ee1\u8db3\u4e86\u5408\u89c4\u9700\u6c42,\u4f46\u5e76\u672a\u5728\u5229\u7387\u4e0a\u5e26\u6765\u660e\u663e\u4f18\u52bf,\u5bfc\u81f4\u5438\u5f15\u529b\u4e0d\u8db3\u3002Aave \u50cf\u662f\u8bd5\u56fe\u540c\u65f6\u9a91\u4e24\u5339\u9a6c\u7684\u9a91\u624b,\u7406\u8bba\u4e0a\u53ef\u884c,\u5b9e\u8df5\u4e2d\u5f88\u7d2f\u3002<\/p>\n

Compound V3:\u4fee\u8865\u5320\u7684\u5c1d\u8bd5 Compound V3 \u5c1d\u8bd5\u5728\u4f20\u7edf DAO \u6846\u67b6\u5185\u505a\u51fa\u6539\u8fdb,\u5f15\u5165\\”\u5feb\u901f\u901a\u9053\u63d0\u6848\\”\u673a\u5236:\u5bf9\u4e8e\u98ce\u9669\u8f83\u4f4e\u7684\u53c2\u6570\u8c03\u6574(\u5982\u5229\u7387\u5fae\u8c03),\u53ef\u4ee5\u8d70\u7b80\u5316\u6d41\u7a0b,\u5ba1\u6279\u65f6\u95f4\u4ece 4 \u5468\u7f29\u77ed\u81f3 1 \u5468\u3002\u8fd9\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u7f13\u89e3\u4e86\u6548\u7387\u95ee\u9898,\u4f46\u672c\u8d28\u4e0a\u4ecd\u672a\u8df3\u51fa DAO \u6846\u67b6,2024 \u5e74\u7684\u5b9e\u8df5\u8bc1\u660e\u5176\u5e02\u573a\u6269\u5f20\u901f\u5ea6\u4f9d\u7136\u53d7\u9650\u3002\u901a\u8fc7\u5bf9\u6bd4\u53ef\u4ee5\u53d1\u73b0,\u884c\u4e1a\u6b63\u5728\u5f62\u6210\u4e00\u4e2a\u5171\u8bc6:\u7eaf\u7cb9\u7684 DAO \u6cbb\u7406\u96be\u4ee5\u9002\u5e94\u5f53\u524d\u5e02\u573a\u8282\u594f,\u4f46\u5b8c\u5168\u653e\u5f03\u53bb\u4e2d\u5fc3\u5316\u53c8\u4f1a\u5f15\u53d1\u65b0\u95ee\u9898\u3002\u5173\u952e\u662f\u627e\u5230\u5408\u9002\u7684\\”\u653e\u6743\u8fb9\u754c\\”——\u54ea\u4e9b\u51b3\u7b56\u5fc5\u987b\u4fdd\u7559\u5728 DAO \u5c42\u9762(\u5982\u534f\u8bae\u6838\u5fc3\u53c2\u6570\u3001\u7ecf\u6d4e\u6a21\u578b),\u54ea\u4e9b\u53ef\u4ee5\u4e0b\u653e\u7ed9\u4e13\u4e1a\u56e2\u961f(\u5982\u5177\u4f53\u5e02\u573a\u7684\u98ce\u9669\u7ba1\u7406)\u3002<\/p>\n

Gearbox \u7684\\”\u901f\u5ea6\u4e0e\u6fc0\u60c5\\”<\/h3>\n

Gearbox \u5728 2025 \u5e74 3 \u6708\u63a8\u51fa\u7684 Permissionless \u6a21\u5f0f,\u5728\u67d0\u79cd\u7a0b\u5ea6\u4e0a\u53ef\u4ee5\u770b\u4f5c\u662f Morpho \u7b56\u5c55\u4eba\u6a21\u5f0f\u7684\u4e00\u4e2a\u53d8\u4f53,\u4f46\u52a0\u5165\u4e86\u66f4\u591a\u7ea6\u675f\u673a\u5236\u3002\u6838\u5fc3\u903b\u8f91\u662f:\u534f\u8bae\u5c42\u63d0\u4f9b\u6807\u51c6\u5316\u7684\u501f\u8d37\u548c\u6760\u6746\u57fa\u7840\u8bbe\u65bd,\u7b56\u5c55\u4eba\u8d1f\u8d23\u521b\u5efa\u5177\u4f53\u5e02\u573a\u5e76\u7ba1\u7406\u98ce\u9669\u53c2\u6570,\u4f46\u7b56\u5c55\u4eba\u5fc5\u987b\u81ea\u5df1\u627f\u62c5\u7b2c\u4e00\u635f\u5931(\u901a\u8fc7\u8d28\u62bc\u673a\u5236),\u4e14\u5176\u64cd\u4f5c\u53d7\u5230\u94fe\u4e0a\u900f\u660e\u5ea6\u7684\u7ea6\u675f\u3002\u4ece\u6570\u636e\u4e0a\u770b,\u8fd9\u4e00\u6a21\u5f0f\u5728\u521d\u671f\u53d6\u5f97\u4e86\u663e\u8457\u6210\u6548\u30022025 \u5e74 3 \u6708\u81f3 8 \u6708,Gearbox \u7684 TVL \u4ece 1.05 \u4ebf\u7f8e\u5143\u589e\u957f\u81f3 3.29 \u4ebf\u7f8e\u5143,\u589e\u957f\u7387\u4e3a 213%\u3002\u5c24\u5176\u503c\u5f97\u6ce8\u610f\u7684\u662f Lido \u4e13\u9879\u6c60,\u4f5c\u4e3a\u9996\u4e2a\u5927\u89c4\u6a21\u5e94\u7528 Permissionless \u6a21\u5f0f\u7684\u6848\u4f8b,\u5176 TVL \u4ece 7200 \u4e07\u7f8e\u5143\u589e\u957f\u81f3 2.96 \u4ebf\u7f8e\u5143\u3002\u8fd9\u4e00\u589e\u901f\u5728\u5f53\u524d\u5e02\u573a\u73af\u5883\u4e0b\u786e\u5b9e\u4eae\u773c——\u4f5c\u4e3a\u5bf9\u6bd4,\u540c\u671f Aave \u7684\u6574\u4f53 TVL \u589e\u957f\u7387\u4e3a 45%,Compound \u4e3a 31%,Morpho \u4e3a 89%\u3002<\/p>\n

\u4f46\u66f4\u6709\u610f\u601d\u7684\u662f\u6269\u5f20\u901f\u5ea6\u7684\u5bf9\u6bd4\u3002Gearbox \u5728 3 \u4e2a\u6708\u5185\u90e8\u7f72\u4e86 42 \u4e2a\u65b0\u5e02\u573a,\u8986\u76d6 5 \u6761\u94fe,\u800c\u5176 2024 \u5e74\u5168\u5e74\u4ec5\u90e8\u7f72 41 \u4e2a\u5e02\u573a\u3002\u8fd9\u79cd\u52a0\u901f\u80cc\u540e\u662f\u7b56\u5c55\u4eba\u6a21\u5f0f\u5e26\u6765\u7684\u51b3\u7b56\u6548\u7387\u63d0\u5347:\u4e0d\u518d\u9700\u8981\u6bcf\u4e2a\u5e02\u573a\u90fd\u8d70 DAO \u63d0\u6848\u6d41\u7a0b,\u7b56\u5c55\u4eba\u53ef\u4ee5\u6839\u636e\u5e02\u573a\u673a\u4f1a\u5feb\u901f\u884c\u52a8\u3002\u76f8\u6bd4\u4e4b\u4e0b,Compound \u5728 2024 \u5e74\u5e73\u5747\u6bcf\u4e2a\u65b0\u5e02\u573a\u7684\u4e0a\u7ebf\u5468\u671f\u4e3a 3.2 \u5468,Aave \u4e3a 2.1 \u5468,\u800c Gearbox \u901a\u8fc7 Permissionless \u6a21\u5f0f\u5c06\u8fd9\u4e00\u5468\u671f\u7f29\u77ed\u81f3\u5e73\u5747 5 \u5929\u3002\u7136\u800c,\u5feb\u901f\u6269\u5f20\u4e5f\u5e26\u6765\u4e86\u8d28\u7591\u3002Gearbox \u76ee\u524d\u5728 28 \u6761 EVM \u94fe\u4e0a\\”\u6fc0\u6d3b\\”\u4e86\u90e8\u7f72\u80fd\u529b,\u4f46\u5b9e\u9645\u53ea\u5728 9 \u6761\u94fe\u4e0a\u8fd0\u8425\u3002\u8fd9\u79cd\\”\u5e7f\u6492\u7f51\\”\u7b56\u7565\u56fa\u7136\u964d\u4f4e\u4e86\u8fd0\u8425\u6210\u672c,\u4f46\u4e5f\u610f\u5473\u7740\u5927\u91cf\u6d41\u52a8\u6027\u88ab\u5206\u6563\u3002\u4ee5 Plasma \u6c60\u4e3a\u4f8b,\u867d\u7136 TVL \u8fbe\u5230 8000 \u4e07\u7f8e\u5143,\u4f46\u5206\u5e03\u5728 4 \u6761\u4e0d\u540c\u7684\u94fe\u4e0a,\u5355\u94fe\u6d41\u52a8\u6027\u6df1\u5ea6\u5b9e\u9645\u5e76\u4e0d\u9ad8\u3002\u8fd9\u4e0e Morpho \u9762\u4e34\u7684\u95ee\u9898\u7c7b\u4f3c:\u8fc7\u5ea6\u7684\u5e02\u573a\u788e\u7247\u5316\u53ef\u80fd\u524a\u5f31\u8d44\u672c\u6548\u7387\u3002<\/p>\n

\u53e6\u4e00\u4e2a\u503c\u5f97\u5173\u6ce8\u7684\u6307\u6807\u662f\u7b56\u5c55\u4eba\u8d28\u91cf\u3002Gearbox \u76ee\u524d\u5408\u4f5c\u7684 5 \u5bb6\u7b56\u5c55\u4eba,\u5305\u62ec Invariant Group\u3001Re7\u3001Maven11 \u7b49,\u5408\u8ba1\u7ba1\u7406\u8d44\u4ea7\u89c4\u6a21 15 \u4ebf\u7f8e\u5143+,\u4e14\u6709 4 \u5bb6\u4f4d\u5217 DeFi \u524d 15 \u5927\u7b56\u5c55\u4eba\u3002\u8fd9\u786e\u5b9e\u4f53\u73b0\u4e86\u4e00\u5b9a\u7684\u673a\u6784\u5316\u6c34\u5e73,\u4f46\u4e0e Morpho \u5bf9\u6bd4\u4f1a\u53d1\u73b0\u5dee\u8ddd:Morpho \u7684\u7b56\u5c55\u4eba\u751f\u6001\u5305\u62ec Gauntlet\u3001Steakhouse Financial\u3001Block Analitica \u7b49\u8d85\u8fc7 30 \u5bb6\u4e13\u4e1a\u673a\u6784,\u603b\u7ba1\u7406\u8d44\u4ea7\u89c4\u6a21\u8d85\u8fc7 50 \u4ebf\u7f8e\u5143\u3002\u7b56\u5c55\u4eba\u751f\u6001\u7684\u5e7f\u5ea6\u548c\u6df1\u5ea6,\u76f4\u63a5\u51b3\u5b9a\u4e86\u6a21\u5f0f\u7684\u6297\u98ce\u9669\u80fd\u529b\u3002\u98ce\u9669\u6d4b\u8bd5\u662f\u53e6\u4e00\u4e2a\u5173\u952e\u7ef4\u5ea6\u3002Gearbox \u5b98\u65b9\u5f3a\u8c03\u5176\u5728 2024 \u5e74 10 \u6708 10 \u65e5\u5e02\u573a\u6781\u7aef\u6ce2\u52a8\u4e2d\u5b9e\u73b0\u4e86\u96f6\u574f\u8d26,\u8fd9\u786e\u5b9e\u662f\u4e00\u4e2a\u79ef\u6781\u4fe1\u53f7\u3002\u4f46\u9700\u8981\u6307\u51fa\u7684\u662f,\u8fd9\u6b21\u6d4b\u8bd5\u7684\u6781\u7aef\u7a0b\u5ea6\u76f8\u5bf9\u6709\u9650(ETH \u5355\u65e5\u8dcc\u5e45 12%),\u771f\u6b63\u7684\u538b\u529b\u6d4b\u8bd5\u5e94\u8be5\u53c2\u8003 2022 \u5e74 5 \u6708 Terra \u5d29\u76d8\u6216 2020 \u5e74 3 \u6708 312 \u9ed1\u5929\u9e45\u3002\u4f5c\u4e3a\u5bf9\u6bd4,Aave \u5728 2020 \u5e74 312 \u4e8b\u4ef6\u4e2d\u51fa\u73b0\u4e86\u7ea6 530 \u4e07\u7f8e\u5143\u574f\u8d26,\u4f46\u901a\u8fc7\u4fdd\u9669\u673a\u5236\u548c\u793e\u533a\u8d44\u91d1\u8986\u76d6;Compound \u5f53\u65f6\u51fa\u73b0\u4e86\u7ea6 860 \u4e07\u7f8e\u5143\u6e05\u7b97\u5ef6\u8fdf,\u6700\u7ec8\u672a\u9020\u6210\u5b9e\u9645\u635f\u5931\u3002Morpho \u7531\u4e8e\u4e0a\u7ebf\u65f6\u95f4\u8f83\u665a,\u5c1a\u672a\u7ecf\u5386\u771f\u6b63\u7684\u7cfb\u7edf\u6027\u98ce\u9669\u6d4b\u8bd5,\u8fd9\u4e5f\u662f\u5e02\u573a\u5bf9\u5176\u9ad8\u901f\u6269\u5f20\u4fdd\u6301\u8c28\u614e\u7684\u539f\u56e0\u4e4b\u4e00\u3002<\/p>\n

\\”\u80cc\u6c34\u4e00\u6218\\”\u7684\u6218\u7565\u8f6c\u578b<\/h3>\n

2025 \u5e74 8 \u6708,Gearbox DAO \u901a\u8fc7\u63d0\u6848 GIP-264,\u51b3\u5b9a\u5b8c\u5168\u653e\u5f03\u4f20\u7edf\u7684 DAO \u6cbb\u7406\u6c60,\u5168\u9762\u8f6c\u5411 Permissionless \u6a21\u5f0f\u3002\u8fd9\u4e00\u51b3\u7b56\u5f15\u53d1\u4e86\u793e\u533a\u5185\u90e8\u7684\u6fc0\u70c8\u8ba8\u8bba,\u56e0\u4e3a\u5b83\u610f\u5473\u7740\u534f\u8bae\u5f7b\u5e95\u544a\u522b\u4e86\\”\u793e\u533a\u5171\u540c\u51b3\u7b56\u5177\u4f53\u5e02\u573a\\”\u7684\u65e9\u671f\u7406\u5ff5\u3002\u4ece\u5546\u4e1a\u903b\u8f91\u770b,\u8fd9\u4e2a\u9009\u62e9\u4e0d\u96be\u7406\u89e3:Permissionless \u6c60\u5df2\u7ecf\u5360\u5230\u603b TVL \u7684 70%+,\u4e14\u589e\u957f\u901f\u5ea6\u8fdc\u8d85 DAO \u6c60,\u7ee7\u7eed\u7ef4\u62a4\u4e24\u5957\u7cfb\u7edf\u7684\u6210\u672c\u6536\u76ca\u6bd4\u663e\u7136\u4e0d\u5212\u7b97\u3002DAO \u6c60\u5728 2024 \u5e74\u7684 TVL \u4ec5\u4ece 8200 \u4e07\u589e\u957f\u81f3 9800 \u4e07(\u589e\u957f 19%),\u800c Permissionless \u6c60\u540c\u671f\u589e\u957f\u4e86 180%\u3002\u66f4\u5173\u952e\u7684\u662f,DAO \u6c60\u7684\u8fd0\u8425\u6210\u672c(\u5305\u62ec\u6cbb\u7406\u6d41\u7a0b\u7684\u65f6\u95f4\u6210\u672c\u548c\u4eba\u529b\u6295\u5165)\u53cd\u800c\u66f4\u9ad8\u3002\u8fd9\u5c31\u50cf\u662f\u4e00\u5bb6\u516c\u53f8\u53d1\u73b0\u81ea\u5df1\u7684\u4f20\u7edf\u4e1a\u52a1\u90e8\u95e8\u4e0d\u4ec5\u589e\u957f\u7f13\u6162,\u8fd8\u5728\u6301\u7eed\u6d88\u8017\u8d44\u6e90,\u6700\u7ec8\u51b3\u5b9a\u58ee\u58eb\u65ad\u8155\u3002<\/p>\n

\u4f46\u53cd\u5bf9\u8005\u63d0\u51fa\u7684\u8d28\u7591\u4e5f\u6709\u5176\u9053\u7406\u3002\u9996\u5148,70%\u7684 TVL \u5360\u6bd4\u662f\u5426\u8db3\u4ee5\u4ee3\u8868\\”\u7528\u6237\u7528\u811a\u6295\u7968\\”?\u9700\u8981\u8003\u8651\u7684\u662f,Permissionless \u6c60\u4eab\u53d7\u4e86\u534f\u8bae\u5728\u8425\u9500\u548c\u7b56\u5c55\u4eba\u5173\u7cfb\u4e0a\u7684\u503e\u659c\u8d44\u6e90\u3002\u5176\u6b21,\u5b8c\u5168\u653e\u5f03 DAO \u6c60\u662f\u5426\u4f1a\u5bfc\u81f4\u534f\u8bae\u5931\u53bb\\”\u53bb\u4e2d\u5fc3\u5316\\”\u7684\u53d9\u4e8b\u57fa\u7840?\u5728\u5f53\u524d\u76d1\u7ba1\u73af\u5883\u4e0b,\u8fd9\u53ef\u80fd\u53cd\u800c\u6210\u4e3a\u52a3\u52bf\u3002Uniswap \u5c31\u56e0\u4e3a\u8fc7\u4e8e\u4e2d\u5fc3\u5316\u7684\u524d\u7aef\u63a7\u5236\u800c\u53d7\u5230 SEC \u5173\u6ce8,\u76f8\u6bd4\u4e4b\u4e0b Compound \u7684\u7eaf DAO \u6cbb\u7406\u53cd\u800c\u6210\u4e3a\u8fa9\u62a4\u70b9\u3002\u4ece\u884c\u4e1a\u5bf9\u6bd4\u770b,Gearbox \u7684\u9009\u62e9\u76f8\u5f53\u6fc0\u8fdb\u3002Aave \u9009\u62e9\u4e86\u53cc\u8f68\u5e76\u884c,Compound \u4ecd\u575a\u6301 DAO \u4e3b\u5bfc,\u8fde Morpho \u90fd\u4fdd\u7559\u4e86\u534f\u8bae\u5c42\u7684 DAO \u6cbb\u7406(\u867d\u7136\u5e02\u573a\u5c42\u5b8c\u5168\u653e\u6743\u7ed9\u7b56\u5c55\u4eba)\u3002Gearbox \u662f\u7b2c\u4e00\u4e2a\u5b8c\u5168\\”\u62bc\u6ce8\\”\u7b56\u5c55\u4eba\u6a21\u5f0f\u7684\u4e3b\u6d41\u534f\u8bae\u3002\u8fd9\u65e2\u53ef\u80fd\u6210\u4e3a\u884c\u4e1a\u8f6c\u6298\u70b9,\u4e5f\u53ef\u80fd\u6210\u4e3a\u4e00\u6b21\u4ee3\u4ef7\u9ad8\u6602\u7684\u5b9e\u9a8c\u3002\u503c\u5f97\u6ce8\u610f\u7684\u662f\u8fc1\u79fb\u8fc7\u7a0b\u7684\u8bbe\u8ba1\u3002\u4e3a\u4e86\u5e73\u6ed1\u8fc7\u6e21,Gearbox \u90e8\u7f72\u4e86\u4e24\u4e2a\u65b0\u7684\u673a\u6784\u7ea7\u7b56\u5c55\u4eba(Maven11 \u548c KPK)\u6765\u627f\u63a5\u539f DAO \u6c60\u7684\u8d44\u91d1\u3002\u4f46\u8fd9\u91cc\u5b58\u5728\u4e00\u4e2a\u5fae\u5999\u95ee\u9898:\u7528\u6237\u662f\u88ab\\”\u5f15\u5bfc\\”\u8fc1\u79fb\u8fd8\u662f\\”\u81ea\u613f\\”\u8fc1\u79fb?\u5982\u679c DAO \u6c60\u7684\u652f\u6301\u548c\u4f18\u5316\u9010\u6b65\u505c\u6b62,\u7528\u6237\u5b9e\u9645\u4e0a\u662f\u88ab\u52a8\u63a5\u53d7\u65b0\u6a21\u5f0f\u3002\u8fd9\u79cd\\”\u8f6f\u6027\u5f3a\u5236\\”\u53ef\u80fd\u57cb\u4e0b\u9690\u60a3——\u4e00\u65e6\u65b0\u6a21\u5f0f\u51fa\u73b0\u95ee\u9898,\u793e\u533a\u53ef\u80fd\u4f1a\u8ba4\u4e3a\u81ea\u5df1\u7684\u9009\u62e9\u6743\u88ab\u5265\u593a\u3002<\/p>\n

\u7b56\u5c55\u4eba\u7ecf\u6d4e\u7684\\”\u53cc\u9762\u955c\\”<\/h3>\n

\u7b56\u5c55\u4eba\u6a21\u5f0f\u7684\u5174\u8d77,\u672c\u8d28\u4e0a\u662f DeFi \u9886\u57df\\”\u4e13\u4e1a\u5316\u5206\u5de5\\”\u7684\u5fc5\u7136\u7ed3\u679c\u3002\u4f46\u6211\u4eec\u9700\u8981\u6e05\u9192\u5730\u770b\u5230,\u8fd9\u4e2a\u6a21\u5f0f\u8fdc\u975e\u5b8c\u7f8e\u3002\u5149\u660e\u9762\u663e\u800c\u6613\u89c1:\u4e13\u4e1a\u56e2\u961f\u53ef\u4ee5\u63d0\u4f9b\u66f4\u7cbe\u7ec6\u5316\u7684\u98ce\u9669\u7ba1\u7406\u3001\u66f4\u5feb\u901f\u7684\u5e02\u573a\u54cd\u5e94\u3001\u66f4\u53cb\u597d\u7684\u673a\u6784\u5bf9\u63a5\u754c\u9762\u3002Morpho \u7684\u6570\u636e\u663e\u793a,\u5176\u7b56\u5c55\u4eba\u7ba1\u7406\u7684\u5e02\u573a,\u5e73\u5747\u8d44\u672c\u5229\u7528\u7387\u6bd4 DAO \u6cbb\u7406\u7684\u5e02\u573a\u9ad8\u51fa 23%\u3002Gearbox \u58f0\u79f0\u5176\u7b56\u5c55\u4eba\u80fd\u591f\u5728 5 \u5929\u5185\u5b8c\u6210\u65b0\u5e02\u573a\u90e8\u7f72,\u800c\u4f20\u7edf\u6d41\u7a0b\u9700\u8981 3-4 \u5468\u3002\u8fd9\u4e9b\u6548\u7387\u63d0\u5347\u662f\u771f\u5b9e\u5b58\u5728\u7684,\u5c31\u50cf\u4e13\u4e1a\u53a8\u5e08\u786e\u5b9e\u80fd\u6bd4\u5bb6\u5ead\u53a8\u623f\u505a\u51fa\u66f4\u7cbe\u81f4\u7684\u83dc\u54c1\u3002<\/p>\n

\u4f46\u9634\u6697\u9762\u540c\u6837\u4e0d\u5bb9\u5ffd\u89c6\u3002\u9996\u5148\u662f\u4e2d\u5fc3\u5316\u98ce\u9669\u3002\u65e0\u8bba\u662f Morpho \u8fd8\u662f Gearbox,\u524d 5 \u5927\u7b56\u5c55\u4eba\u90fd\u63a7\u5236\u4e86\u8d85\u8fc7 50%\u7684 TVL\u3002\u4e00\u65e6\u8fd9\u4e9b\u7b56\u5c55\u4eba\u51fa\u73b0\u7cfb\u7edf\u6027\u9519\u8bef\u5224\u65ad(\u6bd4\u5982 2022 \u5e74 3AC \u548c Celsius \u7684\u5d29\u76d8),\u6574\u4e2a\u534f\u8bae\u90fd\u4f1a\u53d7\u5230\u91cd\u521b\u3002\u66f4\u9690\u853d\u7684\u98ce\u9669\u662f\u7b56\u5c55\u4eba\u4e4b\u95f4\u53ef\u80fd\u7684\u4e32\u901a——\u867d\u7136\u7406\u8bba\u4e0a\u6bcf\u4e2a\u5e02\u573a\u662f\u72ec\u7acb\u7684,\u4f46\u5982\u679c\u51e0\u4e2a\u4e3b\u8981\u7b56\u5c55\u4eba\u91c7\u7528\u7c7b\u4f3c\u7684\u98ce\u63a7\u6a21\u578b,\u7cfb\u7edf\u6027\u98ce\u9669\u53cd\u800c\u4f1a\u88ab\u653e\u5927\u3002\u5176\u6b21\u662f\u8d23\u4efb\u5f52\u5c5e\u7684\u6a21\u7cca\u3002\u5f53\u574f\u8d26\u53d1\u751f\u65f6,\u5230\u5e95\u8be5\u7531\u7b56\u5c55\u4eba\u627f\u62c5\u8fd8\u662f\u534f\u8bae\u627f\u62c5?Morpho \u7684\u65b9\u6848\u662f\u7b56\u5c55\u4eba\u901a\u8fc7\u8d28\u62bc\u627f\u62c5\u7b2c\u4e00\u635f\u5931,\u4f46\u8d28\u62bc\u7387\u901a\u5e38\u53ea\u6709\u5e02\u573a\u89c4\u6a21\u7684 5-10%,\u5927\u989d\u574f\u8d26\u4ecd\u4f1a\u4f20\u5bfc\u81f3\u534f\u8bae\u3002Gearbox \u7684\u673a\u5236\u7c7b\u4f3c,\u4e14\u5c1a\u672a\u7ecf\u8fc7\u771f\u6b63\u7684\u538b\u529b\u6d4b\u8bd5\u3002\u76f8\u6bd4\u4e4b\u4e0b,Aave \u867d\u7136\u6162,\u4f46\u8d23\u4efb\u8fb9\u754c\u6e05\u6670:\u534f\u8bae\u627f\u62c5\u6240\u6709\u98ce\u9669,\u901a\u8fc7\u4fdd\u9669\u57fa\u91d1\u8986\u76d6\u3002<\/p>\n

\u7b2c\u4e09\u662f\u4fe1\u606f\u4e0d\u5bf9\u79f0\u3002\u867d\u7136\u6240\u6709\u64cd\u4f5c\u90fd\u5728\u94fe\u4e0a,\u4f46\u666e\u901a\u7528\u6237\u5f88\u96be\u5b9e\u65f6\u8bc4\u4f30\u7b56\u5c55\u4eba\u7684\u98ce\u9669\u655e\u53e3\u3002Morpho \u5df2\u7ecf\u51fa\u73b0\u8fc7\u7b56\u5c55\u4eba\u6084\u6084\u63d0\u9ad8\u98ce\u9669\u8d44\u4ea7\u6bd4\u4f8b,\u76f4\u5230\u6709\u4eba\u5728\u8bba\u575b\u66dd\u5149\u624d\u88ab\u53d1\u73b0\u7684\u6848\u4f8b\u3002Gearbox \u76ee\u524d\u4f9d\u8d56 Dune \u7b49\u7b2c\u4e09\u65b9\u9762\u677f\u63d0\u4f9b\u900f\u660e\u5ea6,\u4f46\u8fd9\u8fdc\u4e0d\u5982\u534f\u8bae\u539f\u751f\u7684\u98ce\u9669\u76d1\u63a7\u7cfb\u7edf\u3002\u7b2c\u56db\u662f\u9000\u51fa\u673a\u5236\u7684\u7f3a\u5931\u3002\u5982\u679c\u7528\u6237\u5bf9\u7b56\u5c55\u4eba\u7684\u51b3\u7b56\u4e0d\u6ee1,\u7406\u8bba\u4e0a\u53ef\u4ee5\u53d6\u51fa\u8d44\u91d1\u6362\u5230\u53e6\u4e00\u4e2a\u5e02\u573a\u3002\u4f46\u5728\u5b9e\u8df5\u4e2d,\u53d6\u6b3e\u5f80\u5f80\u9700\u8981\u7b49\u5f85\u671f(\u6d41\u52a8\u6027\u7ba1\u7406\u9700\u8981),\u4e14\u6362\u5e02\u573a\u9700\u8981\u627f\u62c5 Gas \u8d39\u548c\u6f5c\u5728\u7684\u6ed1\u70b9\u635f\u5931\u3002\u8fd9\u79cd\\”\u7c98\u6027\\”\u53cd\u800c\u8ba9\u7b56\u5c55\u4eba\u7f3a\u4e4f\u8db3\u591f\u7684\u5916\u90e8\u7ea6\u675f,\u5c31\u50cf\u4e00\u4e2a\u6ca1\u6709\u7ade\u4e89\u538b\u529b\u7684\u5784\u65ad\u4f01\u4e1a\u3002<\/p>\n

\u591a\u94fe\u6269\u5f20\u7684\\”\u865a\u80d6\\”\u9677\u9631<\/h3>\n

Gearbox \u548c Morpho \u90fd\u5927\u529b\u5ba3\u4f20\u5176\u591a\u94fe\u90e8\u7f72\u80fd\u529b,\u4f46\u8fd9\u4e2a\u7b56\u7565\u503c\u5f97\u6df1\u5165\u5ba1\u89c6\u3002Gearbox \u58f0\u79f0\u5728 28 \u6761 EVM \u94fe\u4e0a\\”\u6fc0\u6d3b\\”,\u5b9e\u9645\u8fd0\u8425 9 \u6761\u3002Morpho \u5219\u5728 12 \u6761\u94fe\u4e0a\u8fd0\u8425\u3002\u76f8\u6bd4\u4e4b\u4e0b,Aave \u53ea\u4e13\u6ce8\u4e8e 6 \u6761\u4e3b\u6d41\u94fe,Compound \u66f4\u662f\u53ea\u6709\u4ee5\u592a\u574a\u4e3b\u7f51\u548c\u5c11\u6570\u51e0\u4e2a L2\u3002\u8c01\u7684\u7b56\u7565\u66f4\u4f18?\u652f\u6301\u591a\u94fe\u7684\u903b\u8f91\u662f:\u6355\u6349\u66f4\u591a\u589e\u91cf\u5e02\u573a,\u5c24\u5176\u662f\u65b0\u5174 L2 \u7684\u65e9\u671f\u673a\u4f1a\u3002Gearbox \u5728 Plasma \u548c Etherlink \u4e0a\u7684\u6c60\u5b50\u786e\u5b9e\u6293\u4f4f\u4e86\u8fd9\u4e9b\u94fe\u65e9\u671f\u7684\u6d41\u52a8\u6027\u7f3a\u53e3,\u5206\u522b\u83b7\u5f97\u4e86 8000 \u4e07\u548c 1700 \u4e07\u7f8e\u5143\u7684 TVL\u3002\u8fd9\u5728\u5355\u6761\u94fe\u7684\u7ef4\u5ea6\u770b\u5f88\u6210\u529f,\u4f46\u653e\u5230\u534f\u8bae\u6574\u4f53\u5c42\u9762,\u95ee\u9898\u5c31\u663e\u73b0\u4e86\u3002<\/p>\n

\u7b2c\u4e00,\u6d41\u52a8\u6027\u788e\u7247\u5316\u4e25\u91cd\u524a\u5f31\u4e86\u8d44\u672c\u6548\u7387\u3002\u5f53\u540c\u6837\u7684\u8d44\u4ea7\u7c7b\u578b\u5206\u6563\u5728 10 \u6761\u94fe\u4e0a\u65f6,\u5355\u94fe\u7684\u6df1\u5ea6\u4e0d\u8db3\u4ee5\u652f\u6491\u5927\u989d\u501f\u8d37,\u53cd\u800c\u9700\u8981\u66f4\u9ad8\u7684\u5229\u7387\u6765\u8865\u507f\u6d41\u52a8\u6027\u98ce\u9669\u3002Aave \u7684\u6570\u636e\u663e\u793a,\u5176\u5728\u4ee5\u592a\u574a\u4e3b\u7f51\u4e0a USDC \u7684\u5e73\u5747\u5229\u7528\u7387\u4e3a 75%,\u800c\u5728\u4e00\u4e9b\u5c0f\u578b L2 \u4e0a,\u540c\u6837\u53c2\u6570\u7684\u6c60\u5b50\u5229\u7528\u7387\u53ea\u6709 40%\u3002\u7b2c\u4e8c,\u8de8\u94fe\u98ce\u9669\u88ab\u7cfb\u7edf\u6027\u4f4e\u4f30\u30022024 \u5e74 Multichain \u7684\u5d29\u76d8\u5bfc\u81f4\u591a\u4e2a\u534f\u8bae\u635f\u5931\u8d85\u8fc7 1.2 \u4ebf\u7f8e\u5143,\u5176\u4e2d\u5927\u90e8\u5206\u662f\u591a\u94fe\u534f\u8bae\u3002\u6bcf\u589e\u52a0\u4e00\u6761\u94fe,\u5c31\u589e\u52a0\u4e00\u4e2a\u8de8\u94fe\u6865\u7684\u4f9d\u8d56,\u800c\u8de8\u94fe\u6865\u4ecd\u662f\u6574\u4e2a\u52a0\u5bc6\u9886\u57df\u6700\u8106\u5f31\u7684\u73af\u8282\u3002Gearbox \u867d\u7136\u58f0\u79f0\u4f7f\u7528\\”\u5b98\u65b9\u6865\\”,\u4f46\u5b98\u65b9\u6865\u540c\u6837\u4e0d\u80fd\u4fdd\u8bc1\u7edd\u5bf9\u5b89\u5168——Ronin Bridge \u5c31\u662f\u8840\u6dcb\u6dcb\u7684\u6848\u4f8b\u3002\u7b2c\u4e09,\u8fd0\u8425\u6210\u672c\u7684\u9690\u6027\u589e\u957f\u3002\u867d\u7136 Gearbox \u8bf4\\”\u6fc0\u6d3b\\”\u4e0d\u7b49\u4e8e\\”\u8fd0\u8425\\”,\u4f46\u6bcf\u6761\u94fe\u90fd\u9700\u8981\u9884\u8a00\u673a\u3001\u6e05\u7b97\u673a\u5668\u4eba\u3001\u76d1\u63a7\u7cfb\u7edf\u7684\u914d\u5957\u3002\u66f4\u5173\u952e\u7684\u662f\u6280\u672f\u503a\u52a1:\u4e0d\u540c EVM \u7684\u517c\u5bb9\u6027\u5e76\u975e 100%,\u5f53\u9700\u8981\u5347\u7ea7\u5408\u7ea6\u65f6,28 \u6761\u94fe\u7684\u534f\u8c03\u6210\u672c\u8fdc\u9ad8\u4e8e 6 \u6761\u94fe\u3002<\/p>\n

\u76f8\u6bd4\u4e4b\u4e0b,Aave \u7684\\”\u7cbe\u9009\u4e3b\u94fe\\”\u7b56\u7565\u770b\u4f3c\u4fdd\u5b88,\u4f46\u8d44\u672c\u6548\u7387\u548c\u5b89\u5168\u6027\u90fd\u66f4\u4f18\u3002\u5176\u4ee5\u592a\u574a\u4e3b\u7f51\u5355\u94fe TVL \u8d85\u8fc7 120 \u4ebf\u7f8e\u5143,\u8fdc\u8d85\u4efb\u4f55\u591a\u94fe\u534f\u8bae\u7684\u5355\u94fe\u89c4\u6a21,\u8fd9\u610f\u5473\u7740\u66f4\u597d\u7684\u6d41\u52a8\u6027\u6df1\u5ea6\u548c\u66f4\u4f4e\u7684\u501f\u8d37\u6210\u672c\u3002Compound \u7684\u7b56\u7565\u66f4\u6781\u81f4:\u53ea\u505a\u4ee5\u592a\u574a,\u4f46\u628a\u5b89\u5168\u6027\u548c\u7a33\u5b9a\u6027\u505a\u5230\u6781\u81f4,\u7ed3\u679c\u662f 3 \u5e74\u96f6\u574f\u8d26,\u6210\u4e3a\u673a\u6784\u8d44\u91d1\u7684\u9996\u9009\u3002\u591a\u94fe\u6269\u5f20\u672c\u8d28\u4e0a\u662f\u4e00\u4e2a\\”\u6548\u7387\u5e7b\u89c9\\”:\u8868\u9762\u4e0a\u770b\u5e02\u573a\u6570\u91cf\u548c\u94fe\u7684\u8986\u76d6\u5f88\u5e7f,\u4f46\u771f\u6b63\u7684\u62a4\u57ce\u6cb3\u4e0d\u5728\u4e8e\u5e7f\u5ea6,\u800c\u5728\u4e8e\u6df1\u5ea6\u3002DeFi \u7684\u7f51\u7edc\u6548\u5e94\u662f\u6d41\u52a8\u6027\u7684\u7f51\u7edc\u6548\u5e94,\u5206\u6563\u53cd\u800c\u524a\u5f31\u4e86\u8fd9\u79cd\u6548\u5e94\u3002\u5c31\u50cf\u4e00\u5bb6\u8fde\u9501\u9910\u5385,\u5f00 100 \u5bb6\u5e73\u5eb8\u7684\u5206\u5e97,\u4e0d\u5982\u96c6\u4e2d\u8d44\u6e90\u505a 10 \u5bb6\u7cbe\u54c1\u5e97\u6765\u5f97\u6709\u7ade\u4e89\u529b\u3002<\/p>\n

\u673a\u6784\u5316\u7684\\”\u6d6e\u58eb\u5fb7\u4ea4\u6613\\”<\/h3>\n

\u6574\u4e2a\u6cbb\u7406\u6a21\u5f0f\u9769\u65b0\u7684\u5927\u80cc\u666f,\u662f DeFi \u7684\\”\u673a\u6784\u5316\\”\u6d6a\u6f6e\u3002\u4f46\u6211\u4eec\u9700\u8981\u8d28\u7591:\u673a\u6784\u5316\u771f\u7684\u662f DeFi \u7684\u672a\u6765\u5417?\u652f\u6301\u8005\u7684\u903b\u8f91\u5f88\u6e05\u6670:\u673a\u6784\u8d44\u91d1\u4f53\u91cf\u5927\u3001\u7a33\u5b9a\u6027\u9ad8\u3001\u98ce\u63a7\u4e13\u4e1a,\u662f DeFi \u505a\u5927\u89c4\u6a21\u7684\u5fc5\u7ecf\u4e4b\u8def\u3002\u6570\u636e\u4e5f\u652f\u6301\u8fd9\u4e00\u70b9:2024 \u5e74\u673a\u6784\u8d44\u91d1\u5360 DeFi \u603b TVL \u7684\u6bd4\u4f8b\u4ece 12%\u4e0a\u5347\u81f3 29%,\u8d21\u732e\u4e86\u7edd\u5927\u90e8\u5206\u589e\u91cf\u3002Gearbox \u80fd\u591f\u5438\u5f15 Maven11\u3001KPK \u7b49\u673a\u6784\u7ea7\u7b56\u5c55\u4eba,Morpho \u80fd\u4e0e Gauntlet \u7b49\u9876\u7ea7\u98ce\u63a7\u516c\u53f8\u5408\u4f5c,\u786e\u5b9e\u63d0\u5347\u4e86\u6574\u4e2a\u534f\u8bae\u7684\u4e13\u4e1a\u6027\u3002\u4f46\u53cd\u5bf9\u8005\u7684\u62c5\u5fe7\u4e5f\u540c\u6837\u5408\u7406:DeFi \u7684\u521d\u5fc3\u4e0d\u5c31\u662f\\”\u53bb\u6389\u4e2d\u95f4\u4eba\\”\u5417?\u5f53\u6211\u4eec\u5f15\u5165\u673a\u6784\u7b56\u5c55\u4eba\u3001KYC \u51c6\u5165\u3001\u4e13\u4e1a\u98ce\u63a7\u56e2\u961f,\u8fd9\u548c\u4f20\u7edf\u91d1\u878d\u7684\u533a\u522b\u8fd8\u5269\u4e0b\u591a\u5c11?\u66f4\u73b0\u5b9e\u7684\u98ce\u9669\u662f,\u673a\u6784\u5316\u53ef\u80fd\u8ba9 DeFi \u53d8\u6210\\”\u6301\u724c\u4ff1\u4e50\u90e8\\”,\u5c0f\u578b\u56e2\u961f\u548c\u4e2a\u4eba\u7528\u6237\u88ab\u7cfb\u7edf\u6027\u6392\u65a5\u5728\u5916\u3002<\/p>\n

\u4e00\u4e2a\u503c\u5f97\u8b66\u60d5\u7684\u8d8b\u52bf\u662f\u7b56\u5c55\u4eba\u751f\u6001\u7684\\”\u5be1\u5934\u5316\\”\u3002\u5728 Morpho \u7684\u524d 15 \u5927\u7b56\u5c55\u4eba\u4e2d,\u6709 9 \u5bb6\u540c\u65f6\u4e5f\u5728\u4e3a Aave\u3001Compound \u7b49\u534f\u8bae\u63d0\u4f9b\u98ce\u9669\u54a8\u8be2\u3002\u8fd9\u610f\u5473\u7740\u4ec0\u4e48?\u610f\u5473\u7740\u6574\u4e2a DeFi \u4fe1\u8d37\u5e02\u573a\u7684\u98ce\u9669\u51b3\u7b56,\u5b9e\u9645\u4e0a\u638c\u63e1\u5728\u4e0d\u5230 20 \u5bb6\u673a\u6784\u624b\u4e2d\u3002\u4e00\u65e6\u8fd9\u4e9b\u673a\u6784\u91c7\u7528\u7c7b\u4f3c\u7684\u6a21\u578b\u548c\u5047\u8bbe(\u4e8b\u5b9e\u4e0a\u4ed6\u4eec\u5f88\u53ef\u80fd\u5c31\u662f),\u7cfb\u7edf\u6027\u98ce\u9669\u4f1a\u88ab\u6781\u5927\u653e\u5927\u30022008 \u5e74\u91d1\u878d\u5371\u673a\u7684\u6559\u8bad\u4e0d\u5c31\u662f\\”\u6240\u6709\u4eba\u7528\u540c\u4e00\u5957\u98ce\u63a7\u6a21\u578b\\”\u5417?\u53e6\u4e00\u4e2a\u88ab\u5ffd\u89c6\u7684\u95ee\u9898\u662f\u76d1\u7ba1\u5957\u5229\u7684\u6d88\u5931\u3002\u65e9\u671f DeFi \u7684\u4e00\u5927\u4f18\u52bf\u662f\u76d1\u7ba1\u7070\u8272\u5730\u5e26\u5e26\u6765\u7684\u7075\u6d3b\u6027,\u4f46\u5f53\u534f\u8bae\u4e3b\u52a8\u62e5\u62b1\u673a\u6784\u5316\u3001\u5f15\u5165 KYC\u3001\u8bbe\u7acb\u660e\u786e\u8d23\u4efb\u4e3b\u4f53,\u5b83\u5b9e\u9645\u4e0a\u662f\u5728\u4e3b\u52a8\u653e\u5f03\u8fd9\u4e00\u4f18\u52bf\u3002\u6b27\u76df MiCA \u548c\u7f8e\u56fd\u53ef\u80fd\u7684\u7a33\u5b9a\u5e01\u6cd5\u6848,\u90fd\u660e\u786e\u8981\u6c42\u6301\u724c\u673a\u6784\u5fc5\u987b\u9075\u5b88\u8d44\u672c\u5145\u8db3\u7387\u3001\u6d41\u52a8\u6027\u8986\u76d6\u7387\u7b49\u4f20\u7edf\u91d1\u878d\u89c4\u5219\u3002\u5982\u679c DeFi \u534f\u8bae\u6700\u7ec8\u4e5f\u8981\u9075\u5b88\u8fd9\u4e9b\u89c4\u5219,\u90a3\u5b83\u7684\u6210\u672c\u7ed3\u6784\u4f1a\u4e0d\u4f1a\u63a5\u8fd1\u4f20\u7edf\u91d1\u878d,\u4ece\u800c\u5931\u53bb\u7ade\u4e89\u4f18\u52bf?<\/p>\n

\u66f4\u6839\u672c\u7684\u54f2\u5b66\u95ee\u9898\u662f:\u6211\u4eec\u5230\u5e95\u60f3\u8981\u4e00\u4e2a\u4ec0\u4e48\u6837\u7684\u91d1\u878d\u7cfb\u7edf?\u5982\u679c\u7b54\u6848\u662f\\”\u66f4\u9ad8\u6548\u7684\u4f20\u7edf\u91d1\u878d\\”,\u90a3\u673a\u6784\u5316\u7b56\u7565\u6ca1\u95ee\u9898\u3002\u4f46\u5982\u679c\u7b54\u6848\u662f\\”\u771f\u6b63\u53bb\u4e2d\u5fc3\u5316\u7684\u3001\u6297\u5ba1\u67e5\u7684\u3001\u65e0\u9700\u8bb8\u53ef\u7684\u91d1\u878d\u7cfb\u7edf\\”,\u90a3\u5f53\u524d\u7684\u65b9\u5411\u503c\u5f97\u5546\u69b7\u3002Uniswap \u7684\u6210\u529f\u6070\u6070\u8bc1\u660e,\u6781\u7b80\u7684\u3001\u771f\u6b63\u53bb\u4e2d\u5fc3\u5316\u7684\u534f\u8bae\u540c\u6837\u53ef\u4ee5\u83b7\u5f97\u5de8\u5927\u5e02\u573a\u4efd\u989d(TVL \u8d85\u8fc7 40 \u4ebf\u7f8e\u5143,\u4e14\u5b8c\u5168\u65e0\u9700\u7b56\u5c55\u4eba\u6216\u6cbb\u7406)\u3002\u8fd9\u5c31\u50cf\u662f\u5728\u95ee:\u6211\u4eec\u662f\u60f3\u8981\u4e00\u4e2a\u66f4\u5feb\u7684\u9a6c\u8f66,\u8fd8\u662f\u60f3\u8981\u4e00\u8f86\u6c7d\u8f66?DeFi \u5982\u679c\u53ea\u662f\u628a\u4f20\u7edf\u91d1\u878d\u642c\u5230\u94fe\u4e0a,\u90a3\u610f\u4e49\u4f55\u5728?<\/p>\n

\u6ca1\u6709\u5b8c\u7f8e\u7b54\u6848,\u53ea\u6709\u6743\u8861\u827a\u672f<\/h3>\n

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