{"id":702,"date":"2024-12-30T19:41:44","date_gmt":"2024-12-30T11:41:44","guid":{"rendered":"https:\/\/www.yixiangtian.com\/?p=702"},"modified":"2024-12-30T19:41:44","modified_gmt":"2024-12-30T11:41:44","slug":"%e7%9b%98%e7%82%b9-2025-%e5%b9%b4%e4%b8%83%e5%a4%a7-defi-%e8%b4%a8%e6%8a%bc%e5%8d%8f%e8%ae%ae","status":"publish","type":"post","link":"https:\/\/www.yunsiwang.com\/?p=702","title":{"rendered":"\u76d8\u70b9 2025 \u5e74\u4e03\u5927 DeFi \u8d28\u62bc\u534f\u8bae"},"content":{"rendered":"<div>\n<div>\n<div>\n<div>\n<div class=\"ql-editor\">\n<div class>\n<p><span>\u8d28\u62bc\u548c\u6316\u77ff<\/span>\u662f\u52a0\u5bc6\u8d27\u5e01\u751f\u6001\u7cfb\u7edf\u7684\u57fa\u77f3\uff0c\u5728\u7f51\u7edc\u5b89\u5168\u548c\u6295\u8d44\u8005\u53c2\u4e0e\u4e2d\u53d1\u6325\u7740\u5173\u952e\u4f5c\u7528\u3002\u901a\u8fc7\u53c2\u4e0e\u8d28\u62bc\uff0c\u4e2a\u4eba\u53ef\u4ee5\u4e3a\u533a\u5757\u94fe\u7f51\u7edc\u7684\u7a33\u5065\u6027\u505a\u51fa\u8d21\u732e\uff0c\u5e76\u91ca\u653e\u88ab\u52a8\u6536\u5165\u7684\u673a\u4f1a\u3002\u8d28\u62bc\u6709\u51e0\u4e2a\u597d\u5904\uff1a<\/p>\n<p><strong>\u4fc3\u8fdb\u52a0\u5bc6\u7ecf\u6d4e\u5b89\u5168<\/strong><\/p>\n<p>\u4ece\u672c\u8d28\u4e0a\u8bb2\uff0c\u8d28\u62bc\u6d89\u53ca\u9501\u5b9a\u4e00\u5b9a\u6570\u91cf\u7684\u52a0\u5bc6\u8d27\u5e01\u4ee5\u652f\u6301\u533a\u5757\u94fe\u7f51\u7edc\u7684\u8fd0\u884c\u3002\u6b64\u8fc7\u7a0b\u662f<span>\u6743\u76ca\u8bc1\u660e<\/span>(PoS) \u533a\u5757\u94fe\u4e0d\u53ef\u6216\u7f3a\u7684\u4e00\u90e8\u5206\uff0c\u5728 PoS \u533a\u5757\u94fe\u4e2d\uff0c\u9a8c\u8bc1\u8005\u6839\u636e\u5176\u8d28\u62bc\u7684\u52a0\u5bc6\u8d27\u5e01\u6570\u91cf\u6765\u786e\u8ba4\u4ea4\u6613\u3002\u6b64\u673a\u5236\u53ef\u786e\u4fdd\u7f51\u7edc\u5b89\u5168\uff0c\u5e76\u4f7f\u53c2\u4e0e\u8005\u7684\u5229\u76ca\u4e0e\u533a\u5757\u94fe\u7684\u5065\u5eb7\u548c\u7a33\u5b9a\u6027\u4fdd\u6301\u4e00\u81f4\u3002<\/p>\n<p><strong>\u8d5a\u53d6\u88ab\u52a8\u6536\u5165<\/strong><\/p>\n<p>\u9664\u4e86\u589e\u5f3a\u7f51\u7edc\u5b89\u5168\u6027\u4e4b\u5916\uff0c\u8d28\u62bc\u8fd8\u63d0\u4f9b\u4e86\u6781\u5177\u5438\u5f15\u529b\u7684\u7ecf\u6d4e\u6fc0\u52b1\uff1a\u83b7\u5f97\u88ab\u52a8\u6536\u5165\u7684\u673a\u4f1a\u3002\u901a\u8fc7\u8d28\u62bc\u8d44\u4ea7\uff0c\u6295\u8d44\u8005\u53ef\u4ee5\u83b7\u5f97\u5956\u52b1\uff0c\u901a\u5e38\u662f\u989d\u5916\u7684\u52a0\u5bc6\u8d27\u5e01\u4ee3\u5e01\u3002\u8fd9\u79cd\u6536\u5165\u6765\u6e90\u5bf9\u5bfb\u6c42\u5728\u4e0d\u8fdb\u884c\u4e3b\u52a8\u4ea4\u6613\u7684\u60c5\u51b5\u4e0b\u5b9e\u73b0\u6536\u76ca\u6700\u5927\u5316\u7684\u65b0\u624b\u548c\u7ecf\u9a8c\u4e30\u5bcc\u7684\u6295\u8d44\u8005\u90fd\u5177\u6709\u5438\u5f15\u529b\u3002&nbsp;<\/p>\n<p><strong>\u901a\u8fc7\u91cd\u65b0\u8d28\u62bc\u6765\u542f\u52a8\u65b0\u9879\u76ee<\/strong><\/p>\n<p>\u8d28\u62bc\u9886\u57df\u6700\u8fd1\u7684\u4e00\u9879\u521b\u65b0\u662f\u201cRestaking \u518d\u8d28\u62bc\u201d\uff0c\u5b83\u4f7f\u8d28\u62bc\u8d44\u4ea7\u53ef\u4ee5\u5728\u591a\u79cd\u534f\u8bae\u4e2d\u4f7f\u7528\u3002\u8fd9\u79cd\u65b9\u6cd5\u5141\u8bb8\u65b0\u9879\u76ee\u5229\u7528\u73b0\u6709\u7f51\u7edc\u7684\u5b89\u5168\u6027\u548c\u8d44\u672c\uff0c\u6709\u6548\u5730\u5f15\u5bfc\u5176\u53d1\u5c55\u3002\u4f8b\u5982\uff0c<span>EigenLayer<\/span>\u7b49\u5e73\u53f0\u901a\u8fc7\u5141\u8bb8\u7528\u6237\u8d28\u62bc\u5176 ETH \u6216<span>\u6d41\u52a8\u8d28\u62bc<\/span>\u4ee3\u5e01\u6765\u4fc3\u8fdb\u91cd\u65b0\u8d28\u62bc\uff0c\u5e76\u5c06\u52a0\u5bc6\u7ecf\u6d4e\u5b89\u5168\u6027\u6269\u5c55\u5230\u7f51\u7edc\u4e0a\u7684\u5176\u4ed6\u5e94\u7528\u7a0b\u5e8f\uff0c\u4ece\u800c\u83b7\u5f97\u66f4\u591a\u597d\u5904\u3002&nbsp;<\/p>\n<p>\u867d\u7136\u91cd\u65b0\u8d28\u62bc\u4e3a\u63d0\u9ad8\u6536\u76ca\u548c\u7f51\u7edc\u652f\u6301\u63d0\u4f9b\u4e86\u673a\u4f1a\uff0c\u4f46\u4e5f\u5e26\u6765\u4e86\u6295\u8d44\u8005\u5e94\u4ed4\u7ec6\u8003\u8651\u7684\u590d\u6742\u6027\u548c\u98ce\u9669\u3002<\/p>\n<p class=\"ql-align-justify\">\u968f\u7740 2025 \u5e74\u7684\u4e34\u8fd1\uff0cDeFi \u8d28\u62bc\u5c06\u7ee7\u7eed\u53d1\u5c55\uff0c\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u8bb8\u591a\u9009\u62e9\u3002\u672c\u6587\u65e8\u5728\u5f15\u5bfc\u8bfb\u8005\u4e86\u89e3\u9876\u7ea7 DeFi \u8d28\u62bc\u5e73\u53f0\u3002<\/p>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<h2><strong>\u4ec0\u4e48\u662f DeFi \u8d28\u62bc\uff1f<\/strong><\/h2>\n<p class=\"ql-align-justify\">DeFi \u8d28\u62bc\u6d89\u53ca\u5c06\u52a0\u5bc6\u8d27\u5e01\u8d44\u4ea7\u9501\u5b9a\u5230\u667a\u80fd\u5408\u7ea6\u4e2d\uff0c\u4ee5\u652f\u6301\u533a\u5757\u94fe\u7f51\u7edc\u7684\u8fd0\u8425\uff0c\u5c24\u5176\u662f\u90a3\u4e9b\u91c7\u7528\u6743\u76ca\u8bc1\u660e (PoS) \u5171\u8bc6\u673a\u5236\u7684\u533a\u5757\u94fe\u7f51\u7edc\u3002\u5728 PoS \u7f51\u7edc\u4e2d\uff0c\u9a8c\u8bc1\u8005\u4f1a\u6839\u636e\u4ed6\u4eec\u8d28\u62bc\u7684\u52a0\u5bc6\u8d27\u5e01\u6570\u91cf\u6765\u786e\u8ba4\u4ea4\u6613\u5e76\u521b\u5efa\u65b0\u533a\u5757\u3002\u4f20\u7edf\u8d28\u62bc\u901a\u5e38\u9700\u8981\u8bbe\u7f6e\u4e00\u4e2a\u5b8c\u6574\u8282\u70b9\u5e76\u6ee1\u8db3\u7f51\u7edc\u7684\u6700\u4f4e\u200b\u200b\u8d28\u62bc\u8981\u6c42\uff0c\u4ece\u800c\u4f7f\u53c2\u4e0e\u8005\u80fd\u591f\u9a8c\u8bc1\u4ea4\u6613\u5e76\u53c2\u4e0e\u7f51\u7edc\u5171\u8bc6\u4ee5\u83b7\u5f97\u5956\u52b1\u3002<\/p>\n<p class=\"ql-align-justify\"><strong>DeFi \u8d28\u62bc\u4e2d\u7684\u5173\u952e\u6982\u5ff5<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\"><strong>\u667a\u80fd\u5408\u7ea6\u4e0e\u8d28\u62bc\u5408\u7ea6\uff1a<\/strong>\u667a\u80fd\u5408\u7ea6\u662f\u5728\u533a\u5757\u94fe\u4e0a\u7f16\u7801\u7684\u81ea\u6267\u884c\u534f\u8bae\uff0c\u786e\u4fdd\u8d28\u62bc\u8fc7\u7a0b\u81ea\u52a8\u5316\u3001\u900f\u660e\u4e14\u5b89\u5168\u3002\u5f53\u4f60\u8d28\u62bc\u4ee3\u5e01\u65f6\uff0c\u4f60\u5b9e\u9645\u4e0a\u4fbf\u6210\u4e3a\u4e86\u7f51\u7edc\u7684\u9a8c\u8bc1\u8005\uff08\u6216\u59d4\u6258\u8005\uff09\uff0c\u5171\u540c\u7ef4\u62a4\u7f51\u7edc\u7684\u5b89\u5168\u6027\u548c\u7a33\u5b9a\u6027\u3002\u4f5c\u4e3a\u56de\u62a5\uff0c\u4f60\u5c06\u4ee5\u65b0\u4ee3\u5e01\u6216\u4ea4\u6613\u624b\u7eed\u8d39\u5206\u6210\u7684\u5f62\u5f0f\u83b7\u5f97\u5956\u52b1\u3002<\/li>\n<li class=\"ql-align-justify\"><strong>\u8d28\u62bc\u5956\u52b1\uff1a<\/strong>\u8d28\u62bc\u5956\u52b1\u901a\u5e38\u5305\u62ec\u65b0\u94f8\u9020\u7684\u4ee3\u5e01\u548c\u4ea4\u6613\u624b\u7eed\u8d39\u5206\u6210\uff0c\u4ee5\u6b64\u6fc0\u52b1\u53c2\u4e0e\u8005\u4e3a\u7f51\u7edc\u5b89\u5168\u548c\u8fd0\u8425\u505a\u51fa\u8d21\u732e\u3002<\/li>\n<li class=\"ql-align-justify\"><strong>\u60e9\u7f5a\u673a\u5236\uff1a<\/strong>\u4e3a\u4e86\u7ef4\u62a4\u7f51\u7edc\u5b8c\u6574\u6027\uff0cPoS \u7f51\u7edc\u5b9e\u65bd\u4e86\u60e9\u7f5a\u673a\u5236\u300c\u524a\u51cf\u300d\uff08Slashing\uff09\uff0c\u5982\u679c\u9a8c\u8bc1\u8005\u4ece\u4e8b\u6076\u610f\u6d3b\u52a8\u6216\u672a\u80fd\u5c65\u884c\u804c\u8d23\uff0c\u5219\u4f1a\u51cf\u5c11\u5176\u8d28\u62bc\u8d44\u91d1\u3002\u8fd9\u4e00\u673a\u5236\u65e8\u5728\u904f\u5236\u4e0d\u5f53\u884c\u4e3a\u7684\u53d1\u751f\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>DeFi \u8d28\u62bc vs. \u4e2d\u5fc3\u5316\u8d28\u62bc<\/strong><\/p>\n<p class=\"ql-align-justify\">\u5728\u6bd4\u8f83 DeFi \u8d28\u62bc\u4e0e\u4e2d\u5fc3\u5316\u8d28\u62bc\u670d\u52a1\u65f6\uff0c\u4ee5\u4e0b\u51e0\u4e2a\u5173\u952e\u56e0\u7d20\u8f83\u4e3a\u51f8\u663e\uff1a<\/p>\n<ul>\n<li class=\"ql-align-justify\"><strong>\u6240\u6709\u6743\uff1a<\/strong>&nbsp;DeFi \u8d28\u62bc\u5141\u8bb8\u7528\u6237\u4fdd\u7559\u5bf9\u5176\u8d44\u4ea7\u7684\u5b9e\u9645\u6240\u6709\u6743\uff0c\u56e0\u4e3a\u4ed6\u4eec\u53ef\u4ee5\u63a7\u5236\u81ea\u5df1\u7684\u79c1\u94a5\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u4e2d\u5fc3\u5316\u8d28\u62bc\u8981\u6c42\u7528\u6237\u5c06\u8d44\u4ea7\u59d4\u6258\u7ed9\u7b2c\u4e09\u65b9\uff0c\u4ece\u800c\u653e\u5f03\u4e86\u76f4\u63a5\u63a7\u5236\u6743\u3002<\/li>\n<li class=\"ql-align-justify\"><strong>\u900f\u660e\u5ea6\uff1a<\/strong>&nbsp;DeFi \u5e73\u53f0\u57fa\u4e8e\u5f00\u6e90\u667a\u80fd\u5408\u7ea6\u8fd0\u884c\uff0c\u63d0\u4f9b\u900f\u660e\u7684\u8d28\u62bc\u6d41\u7a0b\u548c\u5956\u52b1\u5206\u914d\u3002\u4e2d\u5fc3\u5316\u5e73\u53f0\u53ef\u80fd\u7f3a\u4e4f\u8fd9\u79cd\u900f\u660e\u5ea6\uff0c\u4f7f\u7528\u6237\u96be\u4ee5\u9a8c\u8bc1\u5956\u52b1\u662f\u5982\u4f55\u8ba1\u7b97\u548c\u5206\u914d\u7684\u3002<\/li>\n<li class=\"ql-align-justify\"><strong>\u5b89\u5168\u6027\u548c\u63a7\u5236\uff1a&nbsp;<\/strong>DeFi \u8d28\u62bc\u8ba9\u7528\u6237\u53ef\u4ee5\u66f4\u597d\u5730\u63a7\u5236\u81ea\u5df1\u7684\u8d44\u4ea7\uff0c\u51cf\u5c11\u5bf9\u4e2d\u4ecb\u673a\u6784\u7684\u4f9d\u8d56\uff0c\u5e76\u964d\u4f4e\u4ea4\u6613\u5bf9\u624b\u98ce\u9669\u3002\u4e2d\u5fc3\u5316\u8d28\u62bc\u6d89\u53ca\u5c06\u8d44\u4ea7\u59d4\u6258\u7ed9\u5e73\u53f0\uff0c\u5982\u679c\u5e73\u53f0\u906d\u5230\u653b\u51fb\uff0c\u5219\u53ef\u80fd\u5e26\u6765\u5b89\u5168\u98ce\u9669\u3002<\/li>\n<li class=\"ql-align-justify\"><strong>\u673a\u5236\uff1a<\/strong>\u5728 DeFi \u8d28\u62bc\u4e2d\uff0c\u7528\u6237\u5c06\u5176\u8d28\u62bc\u59d4\u6258\u7ed9\u65e0\u9700\u8bb8\u53ef\u7684\u9a8c\u8bc1\u8005\u7f51\u7edc\uff0c\u76f4\u63a5\u53c2\u4e0e\u7f51\u7edc\u7684\u5171\u8bc6\u673a\u5236\u3002\u4e2d\u5fc3\u5316\u8d28\u62bc\u5e73\u53f0\u5219\u662f\u5c06\u7528\u6237\u8d44\u91d1\u6c47\u96c6\u8d77\u6765\uff0c\u5e76\u4f7f\u7528\u5e73\u53f0\u9009\u5b9a\u7684\u9a8c\u8bc1\u8005\u8fdb\u884c\u8d28\u62bc\uff0c\u901a\u5e38\u4e0d\u4f1a\u62ab\u9732\u8be5\u8fc7\u7a0b\u7684\u5177\u4f53\u7ec6\u8282\u3002<\/li>\n<li class=\"ql-align-justify\"><strong>\u5b66\u4e60\u66f2\u7ebf\uff1a<\/strong>DeFi \u8d28\u62bc\u53ef\u80fd\u5f88\u590d\u6742\uff0c\u9700\u8981\u7528\u6237\u6d4f\u89c8\u5404\u79cd\u5e73\u53f0\u5e76\u7ba1\u7406\u79c1\u94a5\uff0c\u8fd9\u5bf9\u521d\u5b66\u8005\u6765\u8bf4\u53ef\u80fd\u9887\u5177\u6311\u6218\u6027\u3002\u4e2d\u5fc3\u5316\u5e73\u53f0\u63d0\u4f9b\u4e86\u66f4\u7528\u6237\u53cb\u597d\u3001\u7c7b\u4f3c\u4e8e Web2 \u7684\u4f53\u9a8c\uff0c\u4ee5\u727a\u7272\u53bb\u4e2d\u5fc3\u5316\u4e3a\u4ee3\u4ef7\u7b80\u5316\u4e86\u8d28\u62bc\u7684\u6d41\u7a0b\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u7ed3\u8bba<\/strong><\/p>\n<p class=\"ql-align-justify\">\u5728 DeFi \u548c\u4e2d\u5fc3\u5316\u8d28\u62bc\u5e73\u53f0\u4e4b\u95f4\u8fdb\u884c\u9009\u62e9\u53d6\u51b3\u4e8e\u4e2a\u4eba\u504f\u597d\uff0c\u5c24\u5176\u662f\u5728\u63a7\u5236\u3001\u900f\u660e\u5ea6\u548c\u6613\u7528\u6027\u65b9\u9762\u3002\u5728\u4e0b\u4e00\u8282\u4e2d\uff0c\u6211\u4eec\u5c06\u63a2\u8ba8\u6709\u671b\u5728 2025 \u5e74\u4ea7\u751f\u5f71\u54cd\u7684\u65b0\u5174 DeFi \u8d28\u62bc\u5e73\u53f0\uff0c\u5e76\u63d0\u4f9b\u89c1\u89e3\uff0c\u5e2e\u52a9\u60a8\u5728\u4e0d\u65ad\u53d8\u5316\u7684\u73af\u5883\u4e2d\u505a\u51fa\u660e\u667a\u7684\u51b3\u7b56\u3002<\/p>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<h2><strong>\u9996\u9009 DeFi \u8d28\u62bc\u5e73\u53f0<\/strong><\/h2>\n<p class=\"ql-align-justify\">\u4ee5\u4e0b\u662f\u6211\u4eec\u5373\u5c06\u8ba8\u8bba\u7684 DeFi \u8d28\u62bc\u534f\u8bae\u7684\u5168\u9762\u6982\u8ff0\uff0c\u91cd\u70b9\u4ecb\u7ecd\u5176\u4e3b\u8981\u529f\u80fd\u3001\u76f8\u5173\u4ee3\u5e01\u4ee5\u53ca\u5f53\u524d\u7684\u5e74\u5229\u7387\uff08APR\uff09\u6216\u5e74\u5316\u6536\u76ca\u7387\uff08APY\uff09\u3002<\/p>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/f33ba3cafe6e6bae79e2f107b669621c1734976822453.png\" alt=\"\u76d8\u70b9 2025 \u5e74\u4e03\u5927 DeFi \u8d28\u62bc\u534f\u8bae image 0\"><\/p>\n<h3 class=\"ql-align-justify\"><strong>Lido Finance<\/strong><\/h3>\n<p class=\"ql-align-justify\">Lido Finance \u662f\u4e00\u4e2a\u4e13\u6ce8\u4e8e\u6d41\u52a8\u6027\u8d28\u62bc\u670d\u52a1\u7684 DeFi \u534f\u8bae\u3002\u5b83\u4f7f\u7528\u6237\u80fd\u591f\u5728\u591a\u4e2a\u533a\u5757\u94fe\u7f51\u7edc\u4e0a\u8d28\u62bc\u5176\u6570\u5b57\u8d44\u4ea7\uff0c\u540c\u65f6\u4fdd\u6301\u6d41\u52a8\u6027\uff0c\u4ece\u800c\u6709\u6548\u89e3\u51b3\u4f20\u7edf\u8d28\u62bc\u7684\u9650\u5236\uff0c\u5982\u8d44\u4ea7\u9501\u5b9a\u548c\u9ad8\u51c6\u5165\u95e8\u69db\u3002\u901a\u8fc7\u4e3a\u4ee5\u592a\u574a\u53d1\u884c\u5982 stETH \u7b49\u6d41\u52a8\u6027\u8d28\u62bc\u4ee3\u5e01\uff08LSTs\uff09\uff0cLido \u5141\u8bb8\u7528\u6237\u8d5a\u53d6\u8d28\u62bc\u5956\u52b1\uff0c\u540c\u65f6\u5728\u66f4\u5e7f\u6cdb\u7684 DeFi \u751f\u6001\u7cfb\u7edf\u4e2d\u4f7f\u7528\u5176\u8d44\u4ea7\u3002<\/p>\n<p class=\"ql-align-justify\"><strong>\u4e3b\u8981\u7279\u70b9<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u6d41\u52a8\u6027\u8d28\u62bc\uff1a Lido \u7684\u6838\u5fc3\u670d\u52a1\u5141\u8bb8\u7528\u6237\u8d28\u62bc\u8d44\u4ea7\u800c\u65e0\u9700\u5c06\u5176\u9501\u5b9a\u3002\u5b83\u63d0\u4f9b\u8d28\u62bc\u4ee3\u5e01\u884d\u751f\u54c1\uff08\u4f8b\u5982 stETH\uff09\uff0c\u8fd9\u4e9b\u884d\u751f\u54c1\u53ef\u4ee5\u81ea\u7531\u8f6c\u79fb\u3001\u4ea4\u6613\u6216\u5728\u5176\u4ed6 DeFi \u534f\u8bae\u4e2d\u4f7f\u7528\u3002<\/li>\n<li class=\"ql-align-justify\">\u53bb\u4e2d\u5fc3\u5316\u6cbb\u7406\uff1a\u7531 Lido \u53bb\u4e2d\u5fc3\u5316\u81ea\u6cbb\u7ec4\u7ec7\uff08DAO\uff09\u7ba1\u7406\uff0cLido \u786e\u4fdd\u6709\u5173\u534f\u8bae\u53c2\u6570\u3001\u8282\u70b9\u8fd0\u8425\u5546\u9009\u62e9\u548c\u8d39\u7528\u7ed3\u6784\u7684\u51b3\u7b56\u7531 LDO \u4ee3\u5e01\u6301\u6709\u8005\u5171\u540c\u505a\u51fa\u3002<\/li>\n<li class=\"ql-align-justify\">\u5b89\u5168\u63aa\u65bd\uff1a Lido \u8058\u8bf7\u7ecf\u9a8c\u4e30\u5bcc\u7684\u8282\u70b9\u8fd0\u8425\u5546\uff0c\u5e76\u5b9a\u671f\u8fdb\u884c\u5ba1\u8ba1\uff0c\u4ee5\u7ef4\u62a4\u8d28\u62bc\u8fc7\u7a0b\u7684\u5b8c\u6574\u6027\u548c\u5b89\u5168\u6027\uff0c\u5e76\u6700\u5c0f\u5316\u98ce\u9669\uff0c\u5982\u60e9\u7f5a\u524a\u51cf\u3002<\/li>\n<li class=\"ql-align-justify\">DeFi \u96c6\u6210\uff1a Lido \u7684\u6d41\u52a8\u6027\u8d28\u62bc\u4ee3\u5e01\u5df2\u5728\u5404\u79cd DeFi \u5e73\u53f0\u4e0a\u88ab\u5e7f\u6cdb\u63a5\u53d7\uff0c\u4f7f\u7528\u6237\u80fd\u591f\u5728\u8d5a\u53d6\u8d28\u62bc\u5956\u52b1\u7684\u540c\u65f6\u53c2\u4e0e\u501f\u8d37\u548c\u6536\u76ca\u8015\u4f5c\u7b49\u6d3b\u52a8\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u652f\u6301\u7684\u8d28\u62bc\u4ee3\u5e01<\/strong><\/p>\n<p class=\"ql-align-justify\">Lido \u652f\u6301\u8de8\u4e0d\u540c\u7f51\u7edc\u7684\u591a\u79cd\u52a0\u5bc6\u8d27\u5e01\u8d28\u62bc\uff0c\u5305\u62ec\uff1a<\/p>\n<ul>\n<li class=\"ql-align-justify\">\u4ee5\u592a\u574a\uff08ETH\uff09\uff1a\u8d28\u62bc ETH \u5e76\u83b7\u5f97 stETH\u3002<\/li>\n<li class=\"ql-align-justify\">Polygon\uff08MATIC\uff09\uff1a\u8d28\u62bc MATIC \u5e76\u83b7\u5f97 stMATIC\u3002<\/li>\n<li class=\"ql-align-justify\">Solana\uff08SOL\uff09\uff1a\u8d28\u62bc SOL \u5e76\u83b7\u5f97 stSOL\u3002<\/li>\n<li class=\"ql-align-justify\">Polkadot\uff08DOT\uff09\uff1a\u8d28\u62bc DOT \u5e76\u83b7\u5f97 stDOT\u3002<\/li>\n<li class=\"ql-align-justify\">Kusama\uff08KSM\uff09\uff1a\u8d28\u62bc KSM \u5e76\u83b7\u5f97 stKSM\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>LDO \u4ee3\u5e01\u53ca\u5176\u6548\u7528<\/strong><\/p>\n<p class=\"ql-align-justify\">Lido \u7684\u539f\u751f\u4ee3\u5e01 LDO \u5728\u751f\u6001\u7cfb\u7edf\u4e2d\u53d1\u6325\u7740\u51e0\u4e2a\u5173\u952e\u4f5c\u7528\uff1a<\/p>\n<ul>\n<li class=\"ql-align-justify\">\u6cbb\u7406\uff1a LDO \u6301\u6709\u8005\u53c2\u4e0e Lido DAO\uff0c\u5bf9\u534f\u8bae\u5347\u7ea7\u3001\u8d39\u7528\u7ed3\u6784\u548c\u8282\u70b9\u8fd0\u8425\u5546\u7684\u9009\u62e9\u7b49\u5173\u952e\u51b3\u7b56\u8fdb\u884c\u6295\u7968\u3002<\/li>\n<li class=\"ql-align-justify\">\u6fc0\u52b1\uff1a LDO \u4ee3\u5e01\u53ef\u7528\u4e8e\u6fc0\u52b1\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u548c\u4e3a Lido \u534f\u8bae\u7684\u589e\u957f\u548c\u7a33\u5b9a\u505a\u51fa\u8d21\u732e\u7684\u7528\u6237\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u603b\u7ed3<\/strong><\/p>\n<p class=\"ql-align-justify\">Lido Finance \u76ee\u524d\u5df2\u5de9\u56fa\u5176\u5728 DeFi \u9886\u57df\u7684\u9886\u5148\u5730\u4f4d\u3002\u622a\u81f3 2024 \u5e74 12 \u6708\uff0c\u5176\u603b\u9501\u5b9a\u4ef7\u503c\uff08TVL\uff09\u5df2\u63a5\u8fd1 400 \u4ebf\u7f8e\u5143\u7684\u5386\u53f2\u6700\u9ad8\u6c34\u5e73\u3002<\/p>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/475eea0a9fe5e7c997b2cd79a7f5890a1734976822574.jpg\" alt=\"\u76d8\u70b9 2025 \u5e74\u4e03\u5927 DeFi \u8d28\u62bc\u534f\u8bae image 1\"><\/p>\n<p class=\"ql-align-center\"><em>Lido \u4f5c\u4e3a\u9886\u5148\u7684 LST \u5e73\u53f0\u7684\u4e3b\u5bfc\u5730\u4f4d\u65e5\u76ca\u589e\u5f3a | \u56fe\u8868\u6765\u81ea&nbsp;DefiLlama<\/em><\/p>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<p class=\"ql-align-justify\">\u8fd9\u4e00\u589e\u957f\u53cd\u6620\u51fa\u4eba\u4eec\u5bf9 Lido \u7684\u6d41\u52a8\u6027\u8d28\u62bc\u89e3\u51b3\u65b9\u6848\u53ca\u5176\u5728 DeFi \u751f\u6001\u7cfb\u7edf\u4e2d\u7684\u6574\u5408\u4fe1\u5fc3\u589e\u5f3a\u3002\u6b64\u5916\uff0c\u6700\u8fd1\u63a8\u51fa\u7684\u793e\u533a\u8d28\u62bc\u6a21\u5757\u901a\u8fc7\u5141\u8bb8\u65e0\u9700\u8bb8\u53ef\u7684\u8282\u70b9\u8fd0\u8425\u5546\u53c2\u4e0e\u589e\u5f3a\u4e86\u53bb\u4e2d\u5fc3\u5316\uff0c\u8fdb\u4e00\u6b65\u589e\u5f3a\u4e86\u7f51\u7edc\u7684\u5b89\u5168\u6027\u548c\u5f39\u6027\u3002<\/p>\n<p class=\"ql-align-justify\">Lido \u7684\u65d7\u8230\u8d28\u62bc\u7b56\u7565\u6d89\u53ca\u4e3a\u7528\u6237\u63d0\u4f9b\u53ef\u5728\u5404\u79cd DeFi \u5e73\u53f0\u4e0a\u4f7f\u7528\u7684\u6d41\u52a8\u6027\u8d28\u62bc\u4ee3\u5e01\u3002\u8be5\u7b56\u7565\u63d0\u4f9b\u4e86\u7075\u6d3b\u6027\u548c\u590d\u5408\u56de\u62a5\u7684\u6f5c\u529b\u3002\u968f\u7740 DeFi \u683c\u5c40\u7684\u4e0d\u65ad\u53d1\u5c55\uff0cLido \u59cb\u7ec8\u5904\u4e8e\u9886\u5148\u5730\u4f4d\uff0c\u63d0\u4f9b\u6ee1\u8db3\u52a0\u5bc6\u8d27\u5e01\u6295\u8d44\u8005\u591a\u6837\u5316\u9700\u6c42\u7684\u521b\u65b0\u89e3\u51b3\u65b9\u6848\u3002<\/p>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<h3 class=\"ql-align-justify\"><strong>Pendle Finance<\/strong><\/h3>\n<p class=\"ql-align-justify\">Pendle Finance \u662f\u4e00\u79cd\u5141\u8bb8\u7528\u6237\u5c06\u6536\u76ca\u8d44\u4ea7\u7684\u672a\u6765\u6536\u76ca\u4ee3\u5e01\u5316\u5e76\u8fdb\u884c\u4ea4\u6613\u7684 DeFi \u534f\u8bae\u3002\u901a\u8fc7\u5206\u79bb\u8d44\u4ea7\u7684\u672c\u91d1\u548c\u6536\u76ca\u90e8\u5206\uff0cPendle \u91c7\u7528\u66f4\u9ad8\u7ea7\u7684\u6536\u76ca\u7ba1\u7406\u7b56\u7565\uff0c\u5305\u62ec\u56fa\u5b9a\u6536\u76ca\u3001\u5bf9\u672a\u6765\u6536\u76ca\u53d8\u52a8\u7684\u6295\u673a\u4ee5\u53ca\u4ece\u8d28\u62bc\u8d44\u4ea7\u4e2d\u89e3\u9501\u6d41\u52a8\u6027\u3002\u8fd9\u79cd\u521b\u65b0\u65b9\u6cd5\u5c06\u4f20\u7edf\u91d1\u878d\u6982\u5ff5\uff08\u5982\u5229\u7387\u884d\u751f\u54c1\uff09\u5f15\u5165 DeFi \u9886\u57df\uff0c\u4e3a\u7528\u6237\u63d0\u4f9b\u5bf9\u5176\u6295\u8d44\u66f4\u5927\u7684\u63a7\u5236\u548c\u7075\u6d3b\u6027\u3002<\/p>\n<p class=\"ql-align-justify\"><strong>\u4e3b\u8981\u7279\u70b9<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u6536\u76ca\u4ee3\u5e01\u5316\uff1a Pendle \u5141\u8bb8\u7528\u6237\u5c06\u6536\u76ca\u4ee3\u5e01\u5305\u88c5\u6210\u6807\u51c6\u5316\u6536\u76ca\uff08SY\uff09\u4ee3\u5e01\uff0c\u7136\u540e\u5c06\u5176\u62c6\u5206\u4e3a\u672c\u91d1\u4ee3\u5e01\uff08PT\uff09\u548c\u6536\u76ca\u4ee3\u5e01\uff08YT\uff09\u3002\u8fd9\u79cd\u5206\u79bb\u4f7f\u5f97\u672c\u91d1\u548c\u672a\u6765\u6536\u76ca\u90e8\u5206\u53ef\u4ee5\u72ec\u7acb\u4ea4\u6613\uff0c\u4ece\u800c\u4fc3\u8fdb\u4e86\u9501\u5b9a\u56fa\u5b9a\u6536\u76ca\u6216\u6295\u673a\u6536\u76ca\u6ce2\u52a8\u7b49\u7b56\u7565\u7684\u5b9e\u65bd\u3002<\/li>\n<li class=\"ql-align-justify\">Pendle \u81ea\u52a8\u505a\u5e02\u5546\uff08AMM\uff09\uff1a Pendle \u7684 AMM \u4e13\u4e3a YT \u7b49\u968f\u65f6\u95f4\u8870\u51cf\u7684\u8d44\u4ea7\u800c\u8bbe\u8ba1\uff0c\u63d0\u4f9b\u4f18\u5316\u5b9a\u4ef7\u548c\u6700\u5c0f\u6ed1\u70b9\u3002\u5b83\u652f\u6301\u96c6\u4e2d\u6d41\u52a8\u6027\u548c\u52a8\u6001\u8d39\u7528\u7ed3\u6784\uff0c\u53ef\u63d0\u9ad8\u8d44\u672c\u6548\u7387\u5e76\u51cf\u5c11\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u7684\u65e0\u5e38\u635f\u5931\u3002<\/li>\n<li class=\"ql-align-justify\">vePENDLE \u6cbb\u7406\uff1a Pendle \u91c7\u7528\u6295\u7968\u6258\u7ba1\u4ee3\u5e01\u6a21\u578b\uff0c\u7528\u6237\u53ef\u4ee5\u9501\u5b9a PENDLE \u4ee3\u5e01\u4ee5\u63a5\u6536 vePENDLE\u3002\u8be5\u673a\u5236\u6388\u4e88\u6cbb\u7406\u6743\uff0c\u5141\u8bb8\u6301\u6709\u8005\u53c2\u4e0e\u534f\u8bae\u51b3\u7b56\u3001\u5411\u7279\u5b9a\u6d41\u52a8\u6027\u6c60\u63d0\u4f9b\u76f4\u63a5\u6fc0\u52b1\uff0c\u5e76\u8d5a\u53d6\u534f\u8bae\u6536\u5165\u7684\u4e00\u90e8\u5206\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u652f\u6301\u7684\u8d28\u62bc\u8d44\u4ea7<\/strong><\/p>\n<p class=\"ql-align-justify\">Pendle \u652f\u6301\u591a\u4e2a\u533a\u5757\u94fe\u7f51\u7edc\u4e2d\u591a\u79cd\u6536\u76ca\u8d44\u4ea7\uff0c\u5305\u62ec\uff1a<\/p>\n<ul>\n<li class=\"ql-align-justify\">\u4ee5\u592a\u574a\uff08ETH\uff09\uff1a Pendle \u5141\u8bb8\u5bf9 stETH\uff08Lido \u7684\u6d41\u52a8\u6027\u8d28\u62bc\u4ee3\u5e01\uff09\u7b49\u8d44\u4ea7\u8fdb\u884c\u4ee3\u5e01\u5316\u548c\u4ea4\u6613\u3002<\/li>\n<li class=\"ql-align-justify\">\u7a33\u5b9a\u5e01\uff1a Aave \u6216 Compound \u7b49\u501f\u8d37\u534f\u8bae\u7684\u4ee3\u5e01\uff08\u4f8b\u5982 USDC \u548c DAI\uff09\u53ef\u4ee5\u5728 Pendle \u7684\u751f\u6001\u7cfb\u7edf\u4e2d\u4f7f\u7528\u3002<\/li>\n<li class=\"ql-align-justify\">\u5176\u4ed6\u6536\u76ca\u4ee3\u5e01\uff1a\u5404\u79cd DeFi \u534f\u8bae\u4ea7\u751f\u7684\u8d44\u4ea7\u4e5f\u53ef\u4ee5\u96c6\u6210\u5230 Pendle \u7684\u5e73\u53f0\u4e0a\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>PENDLE \u4ee3\u5e01\u53ca\u5176\u6548\u7528<\/strong><\/p>\n<p class=\"ql-align-justify\">PENDLE \u4ee3\u5e01\u662f Pendle \u751f\u6001\u7cfb\u7edf\u4e2d\u7684\u539f\u751f\u5b9e\u7528\u548c\u6cbb\u7406\u4ee3\u5e01\u3002\u5176\u4e3b\u8981\u529f\u80fd\u5305\u62ec\uff1a<\/p>\n<ul>\n<li class=\"ql-align-justify\">\u6cbb\u7406\uff1a PENDLE \u6301\u6709\u8005\u53ef\u4ee5\u9501\u5b9a\u4ed6\u4eec\u7684\u4ee3\u5e01\u4ee5\u63a5\u6536 vePENDLE\uff0c\u4ece\u800c\u6388\u4e88\u4ed6\u4eec\u53c2\u4e0e\u534f\u8bae\u6cbb\u7406\u51b3\u7b56\u7684\u6295\u7968\u6743\uff0c\u4f8b\u5982\u63d0\u8bae\u548c\u6295\u7968\u5347\u7ea7\u3001\u8d39\u7528\u7ed3\u6784\u548c\u5176\u4ed6\u5173\u952e\u53c2\u6570\u3002<\/li>\n<li class=\"ql-align-justify\">\u6fc0\u52b1\u63aa\u65bd\uff1a PENDLE \u4ee3\u5e01\u6fc0\u52b1\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u548c\u7528\u6237\uff0c\u4fc3\u8fdb\u5e73\u53f0\u7684\u589e\u957f\u548c\u7a33\u5b9a\u3002\u6b64\u5916\uff0cvePENDLE \u6301\u6709\u8005\u53ef\u4ee5\u5c06\u6fc0\u52b1\u63aa\u65bd\u5f15\u5bfc\u81f3\u7279\u5b9a\u6d41\u52a8\u6027\u6c60\uff0c\u4ece\u800c\u63d0\u9ad8\u4ed6\u4eec\u7684\u56de\u62a5\u3002<\/li>\n<li class=\"ql-align-justify\">\u6536\u5165\u5206\u4eab\uff1a vePENDLE \u6301\u6709\u8005\u6709\u6743\u5206\u4eab\u534f\u8bae\u7684\u6536\u5165\uff0c\u4f7f\u793e\u533a\u7684\u5229\u76ca\u4e0e\u5e73\u53f0\u7684\u6210\u529f\u4fdd\u6301\u4e00\u81f4\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u603b\u7ed3<\/strong><\/p>\n<p class=\"ql-align-justify\">Pendle Finance \u901a\u8fc7\u5f15\u5165\u6536\u76ca\u4ee3\u5e01\u5316\u548c\u4e13\u95e8\u7528\u4e8e\u6536\u76ca\u4ea4\u6613\u7684 AMM\uff0c\u9010\u6e10\u6210\u4e3a DeFi \u9886\u57df\u7684\u91cd\u8981\u529b\u91cf\u3002\u622a\u81f3 2024 \u5e74 12 \u6708\uff0cPendle \u7684\u603b\u9501\u5b9a\u4ef7\u503c\uff08TVL\uff09\u5df2\u8d85\u8fc7 50 \u4ebf\u7f8e\u5143\uff08\u6570\u636e\u6765\u81ea&nbsp;DefiLlama\uff09\u3002<\/p>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/8f63d1565e19228113374685b268c60b1734976822678.jpg\" alt=\"\u76d8\u70b9 2025 \u5e74\u4e03\u5927 DeFi \u8d28\u62bc\u534f\u8bae image 2\"><\/p>\n<p class=\"ql-align-center\"><em>Pendle \u663e\u793a USDe \u4ee3\u5e01\u7684\u53ef\u53d8\u6536\u76ca | \u56fe\u7247\u6765\u81ea&nbsp;Pendle DApp<\/em><\/p>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<p class=\"ql-align-justify\">Pendle \u4e0e\u591a\u79cd DeFi \u534f\u8bae\u7684\u96c6\u6210\uff0c\u4ee5\u53ca\u5728\u4ee5\u592a\u574a\u548c Arbitrum \u7b49\u5404\u79cd\u533a\u5757\u94fe\u7f51\u7edc\u4e2d\u7684\u6269\u5c55\uff0c\u8fdb\u4e00\u6b65\u5de9\u56fa\u4e86\u5176\u5728 DeFi \u751f\u6001\u7cfb\u7edf\u4e2d\u4f5c\u4e3a\u6536\u76ca\u7ba1\u7406\u7684\u591a\u529f\u80fd\u548c\u4ef7\u503c\u5de5\u5177\u7684\u5730\u4f4d\u3002<\/p>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<h3 class=\"ql-align-justify\"><strong>EigenLayer<\/strong><\/h3>\n<p class=\"ql-align-justify\">EigenLayer \u662f\u57fa\u4e8e\u4ee5\u592a\u574a\u7684\u4e00\u79cd\u521b\u65b0\u534f\u8bae\uff0c\u5b83\u5f15\u5165\u4e86\u300c\u518d\u8d28\u62bc\u300d\u7684\u6982\u5ff5\uff0c\u5141\u8bb8\u7528\u6237\u91cd\u65b0\u5206\u914d\u5176\u5df2\u8d28\u62bc\u7684\u4ee5\u592a\u574a\uff08ETH\uff09\u6216\u6d41\u52a8\u6027\u8d28\u62bc\u4ee3\u5e01\uff08LSTs\uff09\uff0c\u4ee5\u589e\u5f3a\u6784\u5efa\u5728\u4ee5\u592a\u574a\u7f51\u7edc\u4e0a\u7684\u5176\u4ed6\u670d\u52a1\u7684\u5b89\u5168\u6027\u548c\u529f\u80fd\u3002\u901a\u8fc7\u5b9e\u73b0\u5df2\u8d28\u62bc\u8d44\u4ea7\u7684\u518d\u5229\u7528\uff0cEigenLayer \u4fc3\u8fdb\u4e86\u5171\u4eab\u5b89\u5168\u6a21\u578b\uff0c\u4ee5\u53ca\u65e0\u9700\u72ec\u7acb\u9a8c\u8bc1\u5668\u96c6\u5408\u7684\u5e94\u7528\u94fe\u548c Rollup \u6280\u672f\u7684\u53d1\u5c55\u3002<\/p>\n<p class=\"ql-align-justify\"><\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/05ca4f72fd233b094fce3d1a110f954e1734976822807.jpg\" alt=\"\u76d8\u70b9 2025 \u5e74\u4e03\u5927 DeFi \u8d28\u62bc\u534f\u8bae image 3\"><\/p>\n<p class=\"ql-align-justify\"><\/p>\n<p class=\"ql-align-justify\"><strong>\u4e3b\u8981\u7279\u70b9<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u518d\u8d28\u62bc\u673a\u5236\uff1a EigenLayer \u5141\u8bb8 ETH \u8d28\u62bc\u8005\u548c LST \u6301\u6709\u8005\u901a\u8fc7\u518d\u8d28\u62bc\u8d44\u4ea7\uff0c\u9009\u62e9\u9a8c\u8bc1\u65b0\u7684\u8f6f\u4ef6\u6a21\u5757\uff0c\u8fd9\u4e9b\u6a21\u5757\u88ab\u79f0\u4e3a\u4e3b\u52a8\u9a8c\u8bc1\u670d\u52a1\uff08AVSs\uff09\u3002\u6b64\u8fc7\u7a0b\u5c06\u4ee5\u592a\u574a\u7684\u5b89\u5168\u6027\u6269\u5c55\u5230\u66f4\u5e7f\u6cdb\u7684\u5e94\u7528\u4e2d\uff0c\u5305\u62ec\u6570\u636e\u53ef\u7528\u6027\u5c42\u3001\u9884\u8a00\u673a\u7f51\u7edc\u548c\u5171\u8bc6\u534f\u8bae\u3002<\/li>\n<li class=\"ql-align-justify\">\u65e0\u9700\u8bb8\u53ef\u7684\u4ee3\u5e01\u652f\u6301\uff1a EigenLayer \u5f15\u5165\u4e86\u65e0\u9700\u8bb8\u53ef\u7684\u4ee3\u5e01\u652f\u6301\uff0c\u4f7f\u4efb\u4f55 ERC-20 \u4ee3\u5e01\u90fd\u53ef\u4ee5\u4f5c\u4e3a\u53ef\u518d\u8d28\u62bc\u7684\u8d44\u4ea7\u6dfb\u52a0\u3002\u8fd9\u4e00\u6269\u5c55\u5141\u8bb8\u591a\u79cd\u4ee3\u5e01\u4e3a\u53bb\u4e2d\u5fc3\u5316\u7f51\u7edc\u7684\u5b89\u5168\u505a\u51fa\u8d21\u732e\uff0c\u4fc3\u8fdb\u8de8\u751f\u6001\u7cfb\u7edf\u5408\u4f5c\u7684\u540c\u65f6\uff0c\u589e\u5f3a\u4e86\u5404\u79cd\u4ee3\u5e01\u7684\u5b9e\u7528\u6027\u3002<\/li>\n<li class=\"ql-align-justify\">EigenDA\uff08\u6570\u636e\u53ef\u7528\u6027\u5c42\uff09\uff1a EigenLayer \u63d0\u4f9b EigenDA\uff0c\u8fd9\u662f\u4e00\u79cd\u7528\u4e8e Rollup \u548c\u5176\u4ed6\u7b2c 2 \u5c42\u89e3\u51b3\u65b9\u6848\u7684\u4f4e\u6210\u672c\u6570\u636e\u53ef\u7528\u6027\u89e3\u51b3\u65b9\u6848\u3002\u901a\u8fc7\u786e\u4fdd\u6570\u636e\u6613\u4e8e\u8bbf\u95ee\u4e14\u5b89\u5168\uff0cEigenDA \u63d0\u9ad8\u4e86\u57fa\u4e8e\u4ee5\u592a\u574a\u7684\u5e94\u7528\u7a0b\u5e8f\u7684\u53ef\u6269\u5c55\u6027\u548c\u6548\u7387\u3002<\/li>\n<li class=\"ql-align-justify\">\u6cbb\u7406\u548c\u7075\u6d3b\u6027\uff1a EigenLayer \u7684\u67b6\u6784\u5141\u8bb8 AVSs \u81ea\u5b9a\u4e49\u5176\u5b89\u5168\u53c2\u6570\uff0c\u5305\u62ec\u9009\u62e9\u7279\u5b9a\u7684\u4ee3\u5e01\u8fdb\u884c\u518d\u8d28\u62bc\u548c\u5b9a\u4e49\u524a\u51cf\u6761\u4ef6\u3002\u8fd9\u79cd\u7075\u6d3b\u6027\u4f7f\u670d\u52a1\u80fd\u591f\u6839\u636e\u5176\u72ec\u7279\u9700\u6c42\u5b9a\u5236\u5b89\u5168\u63aa\u65bd\uff0c\u4ece\u800c\u4fc3\u8fdb\u66f4\u5177\u5f39\u6027\u548c\u9002\u5e94\u6027\u7684\u751f\u6001\u7cfb\u7edf\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u652f\u6301\u7684\u518d\u62b5\u62bc\u8d44\u4ea7<\/strong><\/p>\n<p class=\"ql-align-justify\">EigenLayer \u652f\u6301\u591a\u79cd\u8d44\u4ea7\u8fdb\u884c\u518d\u8d28\u62bc\uff0c\u5305\u62ec\uff1a<\/p>\n<ul>\n<li class=\"ql-align-justify\">\u4ee5\u592a\u574a\uff08ETH\uff09\uff1a\u7528\u6237\u53ef\u4ee5\u901a\u8fc7\u518d\u8d28\u62bc\u5176\u539f\u751f\u8d28\u62bc\u7684 ETH\uff0c\u4ee5\u53c2\u4e0e\u4fdd\u969c\u5176\u4ed6\u670d\u52a1\u7684\u5b89\u5168\u3002<\/li>\n<li class=\"ql-align-justify\">\u6d41\u52a8\u8d28\u62bc\u4ee3\u5e01\uff08LSTs\uff09\uff1a stETH\u3001rETH \u7b49\u4ee3\u5e01\u53ef\u4ee5\u901a\u8fc7 EigenLayer \u8fdb\u884c\u518d\u8d28\u62bc\uff0c\u8ba9\u6301\u6709\u8005\u83b7\u5f97\u989d\u5916\u5956\u52b1\u3002<\/li>\n<li class=\"ql-align-justify\">ERC-20 \u4ee3\u5e01\uff1a\u901a\u8fc7\u65e0\u9700\u8bb8\u53ef\u7684\u4ee3\u5e01\u652f\u6301\uff0c\u4efb\u4f55 ERC-20 \u4ee3\u5e01\u73b0\u5728\u90fd\u53ef\u4ee5\u4f5c\u4e3a\u53ef\u518d\u8d28\u62bc\u7684\u8d44\u4ea7\u6dfb\u52a0\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>EIGEN \u4ee3\u5e01\u53ca\u5176\u6548\u7528<\/strong><\/p>\n<p class=\"ql-align-justify\">EigenLayer \u63a8\u51fa\u4e86 EIGEN \u4ee3\u5e01\uff0c\u8fd9\u662f\u4e00\u79cd\u901a\u7528\u7684\u4e3b\u4f53\u95f4\u5de5\u4f5c\u4ee3\u5e01\uff0c\u4e13\u4e3a\u589e\u5f3a EigenLayer \u6240\u652f\u6301\u7684 AVS \u5206\u53c9\u534f\u8bae\u7684\u5b89\u5168\u6027\u800c\u8bbe\u8ba1\u3002\u5728\u9762\u4e34\u6781\u7aef\u60c5\u51b5\uff0c\u5982\u6d3b\u8dc3\u653b\u51fb\u6216\u5b89\u5168\u6f0f\u6d1e\u65f6\uff0cEIGEN \u4ee3\u5e01\u80fd\u591f\u4fdd\u62a4\u8fd9\u4e9b\u534f\u8bae\uff0c\u786e\u4fdd\u533a\u5757\u94fe\u6a21\u5757\u5316\u5806\u6808\u7684\u5b8c\u6574\u6027\u4e0d\u53d7\u635f\u5bb3\u3002\u901a\u8fc7\u7ed3\u5408 EIGEN \u4ee3\u5e01\u4e0e\u518d\u8d28\u62bc\u7684 ETH\uff0cEigenLayer \u4e3a\u7528\u6237\u63d0\u4f9b\u4e86\u66f4\u9ad8\u5c42\u6b21\u7684\u52a0\u5bc6\u7ecf\u6d4e\u5b89\u5168\u4fdd\u969c\u3002<\/p>\n<p class=\"ql-align-justify\"><strong>\u603b\u7ed3\u548c\u8fd1\u671f\u4e8b\u4ef6<\/strong><\/p>\n<p class=\"ql-align-justify\">EigenLayer \u5728 DeFi \u9886\u57df\u8fc5\u901f\u83b7\u5f97\u5173\u6ce8\uff0c\u622a\u81f3 2024 \u5e74 12 \u6708\uff0c\u5176\u603b\u9501\u5b9a\u4ef7\u503c (TVL) \u5df2\u8fbe\u5230\u7ea6 201 \u4ebf\u7f8e\u5143\uff08\u901a\u8fc7 DefiLlama\uff09\u3002\u8fd9\u4e00\u589e\u957f\u51f8\u663e\u4e86\u8be5\u534f\u8bae\u7684\u5438\u5f15\u529b\uff0c\u5373\u8ba9\u7528\u6237\u80fd\u591f\u901a\u8fc7\u91cd\u65b0\u8d28\u62bc\u6765\u6700\u5927\u9650\u5ea6\u5730\u63d0\u9ad8\u5176\u8d28\u62bc\u8d44\u4ea7\u7684\u6548\u7528\u3002<\/p>\n<p class=\"ql-align-justify\">\u968f\u7740 EigenLayer \u7684\u4e0d\u65ad\u53d1\u5c55\uff0c\u5b83\u901a\u8fc7\u5176\u5f00\u521b\u6027\u7684\u91cd\u65b0\u8d28\u62bc\u534f\u8bae\u59cb\u7ec8\u5904\u4e8e\u589e\u5f3a\u4ee5\u592a\u574a\u5b89\u5168\u6027\u548c\u53ef\u6269\u5c55\u6027\u7684\u6700\u524d\u6cbf\uff0c\u4e3a\u7528\u6237\u548c\u5f00\u53d1\u4eba\u5458\u63d0\u4f9b\u4e86\u53c2\u4e0e\u548c\u6784\u5efa\u4ee5\u592a\u574a\u7f51\u7edc\u7684\u65b0\u673a\u4f1a\u3002<\/p>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<h3 class=\"ql-align-justify\"><strong>Ether.fi<\/strong><\/h3>\n<p class=\"ql-align-justify\">Ether.fi \u662f\u4e00\u4e2a\u53bb\u4e2d\u5fc3\u5316\u3001\u975e\u6258\u7ba1\u7684\u6d41\u52a8\u6027\u8d28\u62bc\u534f\u8bae\uff0c\u901a\u8fc7\u5141\u8bb8\u4ee5\u592a\u574a\u6301\u6709\u8005\u8d28\u62bc\u5176\u8d44\u4ea7\u540c\u65f6\u4fdd\u7559\u5bf9\u5176\u79c1\u94a5\u7684\u63a7\u5236\u6743\uff0c\u6765\u589e\u5f3a\u4ed6\u4eec\u7684\u80fd\u529b\u3002Ether.fi \u53d1\u884c\u4e86\u6d41\u52a8\u6027\u8d28\u62bc\u4ee3\u5e01 eETH\uff0c\u5176\u4f7f\u7528\u6237\u80fd\u591f\u8d5a\u53d6\u8d28\u62bc\u5956\u52b1\uff0c\u5e76\u53c2\u4e0e\u66f4\u5e7f\u6cdb\u7684 DeFi \u751f\u6001\u7cfb\u7edf\uff0c\u800c\u65e0\u9700\u627f\u62c5\u4f20\u7edf\u8d28\u62bc\u6240\u5e26\u6765\u7684\u9650\u5236\u3002\u8fd9\u79cd\u65b9\u6cd5\u589e\u5f3a\u4e86\u4ee5\u592a\u574a\u7f51\u7edc\u7684\u5b89\u5168\u6027\u3001\u53bb\u4e2d\u5fc3\u5316\u548c\u7528\u6237\u81ea\u4e3b\u6027\u3002<\/p>\n<p class=\"ql-align-justify\"><\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/a61bb3bf9ccf7a42437b5b0cfbeb0e3f1734976822871.jpg\" alt=\"\u76d8\u70b9 2025 \u5e74\u4e03\u5927 DeFi \u8d28\u62bc\u534f\u8bae image 4\"><\/p>\n<p class=\"ql-align-justify\"><\/p>\n<p class=\"ql-align-justify\"><strong>\u4e3b\u8981\u7279\u70b9<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u975e\u6258\u7ba1\u8d28\u62bc\uff1a\u4e0e\u8bb8\u591a\u8d28\u62bc\u670d\u52a1\u4e0d\u540c\uff0cEther.fi \u786e\u4fdd\u7528\u6237\u5728\u6574\u4e2a\u8d28\u62bc\u8fc7\u7a0b\u4e2d\u4fdd\u6301\u5bf9\u5176\u79c1\u94a5\u7684\u63a7\u5236\uff0c\u4ece\u800c\u663e\u8457\u964d\u4f4e\u6258\u7ba1\u98ce\u9669\u3002<\/li>\n<li class=\"ql-align-justify\">\u4f7f\u7528 eETH \u8fdb\u884c\u6d41\u52a8\u6027\u8d28\u62bc\uff1a\u5f53\u7528\u6237\u8d28\u62bc ETH \u65f6\uff0c\u4ed6\u4eec\u4f1a\u6536\u5230 eETH\uff0c\u8fd9\u662f\u4e00\u79cd\u4ee3\u8868\u5176\u8d28\u62bc\u8d44\u4ea7\u7684\u6d41\u52a8\u6027\u4ee3\u5e01\u3002\u6b64\u4ee3\u5e01\u53ef\u5728\u5404\u79cd DeFi \u5e73\u53f0\u4e0a\u7528\u4e8e\u501f\u8d37\u548c\u6536\u76ca\u8015\u4f5c\uff0c\u540c\u65f6\u7d2f\u79ef\u8d28\u62bc\u5956\u52b1\u3002<\/li>\n<li class=\"ql-align-justify\">\u4e0e EigenLayer \u96c6\u6210\uff1a Ether.fi \u4e0e EigenLayer \u5408\u4f5c\u63d0\u4f9b\u518d\u8d28\u62bc\u529f\u80fd\uff0c\u8ba9\u7528\u6237\u901a\u8fc7\u540c\u65f6\u4fdd\u62a4\u591a\u4e2a\u53bb\u4e2d\u5fc3\u5316\u5e94\u7528\uff08DApp\uff09\u6765\u83b7\u5f97\u989d\u5916\u5956\u52b1\u3002<\/li>\n<li class=\"ql-align-justify\">Operation Solo Staker\uff1a Ether.fi \u901a\u8fc7 Operation Solo Staker\uff08\u72ec\u7acb\u8d28\u62bc\u8005\u8fd0\u8425\uff09\u8ba1\u5212\u5141\u8bb8\u4e2a\u4eba\u64cd\u4f5c\u81ea\u5df1\u7684\u9a8c\u8bc1\u8005\u8282\u70b9\uff0c\u4ece\u800c\u4fc3\u8fdb\u53bb\u4e2d\u5fc3\u5316\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>ETHFI \u4ee3\u5e01\u53ca\u5176\u6548\u7528<\/strong><\/p>\n<p class=\"ql-align-justify\">Ether.fi \u7684\u539f\u751f\u4ee3\u5e01 ETHFI \u5728\u5e73\u53f0\u5185\u5177\u6709\u591a\u79cd\u529f\u80fd\uff1a<\/p>\n<ul>\n<li class=\"ql-align-justify\">\u6cbb\u7406\uff1a ETHFI \u6301\u6709\u8005\u6709\u6743\u53c2\u4e0e\u534f\u8bae\u7684\u6cbb\u7406\uff0c\u5f71\u54cd\u4e0e\u8d22\u5e93\u7ba1\u7406\u3001\u4ee3\u5e01\u6548\u7528\u548c\u751f\u6001\u7cfb\u7edf\u53d1\u5c55\u76f8\u5173\u7684\u51b3\u7b56\u3002<\/li>\n<li class=\"ql-align-justify\">\u6536\u5165\u5206\u4eab\uff1a\u534f\u8bae\u7684\u90e8\u5206\u6708\u5ea6\u6536\u5165\u7528\u4e8e\u56de\u8d2d ETHFI \u4ee3\u5e01\uff0c\u8fd9\u53ef\u80fd\u4f1a\u589e\u5f3a\u5176\u4ef7\u503c\u5e76\u4f7f\u4ee3\u5e01\u6301\u6709\u8005\u53d7\u76ca\u3002<\/li>\n<li class=\"ql-align-justify\">\u8d28\u62bc\u6fc0\u52b1\uff1a\u7528\u6237\u53ef\u4ee5\u8d28\u62bc\u4ed6\u4eec\u7684 ETHFI \u4ee3\u5e01\u6765\u83b7\u5f97\u989d\u5916\u5956\u52b1\uff0c\u8fdb\u4e00\u6b65\u6fc0\u52b1\u53c2\u4e0e\u5e76\u4e0e\u5e73\u53f0\u7684\u53d1\u5c55\u4fdd\u6301\u4e00\u81f4\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u603b\u7ed3\u548c\u8fd1\u671f\u4e8b\u4ef6<\/strong><\/p>\n<p class=\"ql-align-justify\">Ether.fi \u5df2\u6210\u4e3a DeFi \u9886\u57df\u7684\u91cd\u8981\u53c2\u4e0e\u8005\uff0c\u5176 TVL \u4e8e 2024 \u5e74 12 \u6708\u8d85\u8fc7 95.4 \u4ebf\u7f8e\u5143\uff0c\u4f7f\u5176\u6210\u4e3a\u4ee5\u592a\u574a\u751f\u6001\u7cfb\u7edf\u4e2d\u9886\u5148\u7684\u518d\u8d28\u62bc\u534f\u8bae\u4e4b\u4e00\u3002<\/p>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<h3 class=\"ql-align-justify\"><strong>Ethena Finance<\/strong><\/h3>\n<p class=\"ql-align-justify\">Ethena Finance \u662f\u4e00\u79cd\u57fa\u4e8e\u4ee5\u592a\u574a\u7684 DeFi \u534f\u8bae\uff0c\u63d0\u4f9b\u4e00\u79cd\u88ab\u79f0\u4e3a\u300cUSDe\u300d\u7684\u52a0\u5bc6\u539f\u751f\u5408\u6210\u7f8e\u5143\u3002\u4e0e\u4f9d\u8d56\u6cd5\u5b9a\u50a8\u5907\u7684\u4f20\u7edf\u7a33\u5b9a\u5e01\u4e0d\u540c\uff0cUSDe \u901a\u8fc7 delta \u5bf9\u51b2\u7b56\u7565\u548c\u52a0\u5bc6\u8d27\u5e01\u62b5\u62bc\u54c1\uff08\u4e3b\u8981\u662f\u4ee5\u592a\u574a\uff09\u7ef4\u6301\u5176\u6302\u94a9\uff0c\u8fd9\u79cd\u8bbe\u8ba1\u63d0\u4f9b\u4e86\u4e00\u79cd\u6297\u5ba1\u67e5\u548c\u53ef\u6269\u5c55\u7684\u89e3\u51b3\u65b9\u6848\u3002<\/p>\n<p class=\"ql-align-justify\"><\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/06a7f8ae6e1728a7a1c2e200b98a1de51734976822951.jpg\" alt=\"\u76d8\u70b9 2025 \u5e74\u4e03\u5927 DeFi \u8d28\u62bc\u534f\u8bae image 5\"><\/p>\n<p class=\"ql-align-justify\"><\/p>\n<p class=\"ql-align-justify\">Ethena Finance \u7684\u4e3b\u8981\u7279\u70b9<\/p>\n<ul>\n<li class=\"ql-align-justify\">\u5408\u6210\u7f8e\u5143\uff08USDe\uff09\uff1a USDe \u662f\u4e00\u79cd\u7531\u52a0\u5bc6\u8d44\u4ea7\u62b5\u62bc\u5e76\u901a\u8fc7 delta \u5bf9\u51b2\u8fdb\u884c\u7ba1\u7406\u7684\u5b8c\u5168\u652f\u6301\u5408\u6210\u7f8e\u5143\u3002\u8fd9\u79cd\u65b9\u6cd5\u786e\u4fdd\u4e86\u7a33\u5b9a\u6027\uff0c\u800c\u65e0\u9700\u4f9d\u8d56\u4f20\u7edf\u94f6\u884c\u7cfb\u7edf\uff0c\u4e3a DeFi \u9886\u57df\u63d0\u4f9b\u4e86\u4e00\u79cd\u6709\u5f39\u6027\u7684\u66ff\u4ee3\u65b9\u6848\u3002<\/li>\n<li class=\"ql-align-justify\">\u4e92\u8054\u7f51\u503a\u5238\uff08sUSDe\uff09\uff1a\u901a\u8fc7\u8d28\u62bc USDe\uff0c\u7528\u6237\u53ef\u4ee5\u83b7\u5f97 sUSDe\uff0c\u8fd9\u662f\u4e00\u79cd\u6536\u76ca\u8d44\u4ea7\uff0c\u534f\u8bae\u4f1a\u968f\u7740\u65f6\u95f4\u7d2f\u79ef\u4ea7\u751f\u7684\u6536\u5165\u3002\u6b64\u673a\u5236\u5141\u8bb8\u7528\u6237\u5728\u4fdd\u6301\u5bf9\u7a33\u5b9a\u8d44\u4ea7\u655e\u53e3\u7684\u540c\u65f6\u8d5a\u53d6\u88ab\u52a8\u6536\u5165\u3002<\/li>\n<li class=\"ql-align-justify\">Delta \u5bf9\u51b2\u673a\u5236\uff1a Ethena \u91c7\u7528 Delta \u5bf9\u51b2\uff0c\u5229\u7528\u884d\u751f\u54c1\u5e02\u573a\u7684\u7a7a\u5934\u5934\u5bf8\u6765\u62b5\u6d88\u62b5\u62bc\u8d44\u4ea7\u7684\u4ef7\u683c\u6ce2\u52a8\u3002\u8be5\u7b56\u7565\u7ef4\u6301 USDe \u4e0e\u7f8e\u5143\u6302\u94a9\uff0c\u786e\u4fdd\u5373\u4f7f\u5e02\u573a\u6ce2\u52a8\u4e5f\u80fd\u4fdd\u6301\u7a33\u5b9a\u3002<\/li>\n<li class=\"ql-align-justify\">\u975e\u6258\u7ba1\u548c\u53bb\u4e2d\u5fc3\u5316\uff1a Ethena \u7684\u8fd0\u884c\u4e0d\u4f9d\u8d56\u4e8e\u4f20\u7edf\u91d1\u878d\u57fa\u7840\u8bbe\u65bd\uff0c\u4e3a\u7528\u6237\u63d0\u4f9b\u5bf9\u5176\u8d44\u4ea7\u7684\u5b8c\u5168\u63a7\u5236\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u652f\u6301\u7684\u8d28\u62bc\u8d44\u4ea7<\/strong><\/p>\n<p class=\"ql-align-justify\">Ethena \u4e3b\u8981\u652f\u6301\u4ee5\u592a\u574a\u4f5c\u4e3a\u94f8\u9020 USDe \u7684\u62b5\u62bc\u54c1\u3002\u7528\u6237\u53ef\u4ee5\u5c06 ETH \u5b58\u5165\u534f\u8bae\u4ee5\u751f\u6210 USDe\uff0c\u7136\u540e\u8d28\u62bc\u4ee5\u63a5\u6536 sUSDe\uff0c\u4ece\u800c\u53c2\u4e0e\u534f\u8bae\u7684\u6536\u76ca\u751f\u6210\u673a\u5236\u3002<\/p>\n<p class=\"ql-align-justify\"><strong>ENA \u4ee3\u5e01\u53ca\u5176\u6548\u7528<\/strong><\/p>\n<p class=\"ql-align-justify\">Ethena \u7684\u539f\u751f\u6cbb\u7406\u4ee3\u5e01 ENA \u5728\u751f\u6001\u7cfb\u7edf\u4e2d\u53d1\u6325\u7740\u51e0\u4e2a\u5173\u952e\u4f5c\u7528\uff1a<\/p>\n<ul>\n<li class=\"ql-align-justify\">\u6cbb\u7406\uff1a ENA \u6301\u6709\u8005\u53ef\u4ee5\u53c2\u4e0e\u534f\u8bae\u6cbb\u7406\uff0c\u901a\u8fc7\u6295\u7968\u5f71\u54cd\u4e0e\u7cfb\u7edf\u5347\u7ea7\u3001\u53c2\u6570\u8c03\u6574\u548c\u6574\u4f53\u6218\u7565\u65b9\u5411\u76f8\u5173\u7684\u51b3\u7b56\u3002<\/li>\n<li class=\"ql-align-justify\">\u8d28\u62bc\u5956\u52b1\uff1a\u901a\u8fc7\u8d28\u62bc ENA\uff0c\u7528\u6237\u53ef\u4ee5\u83b7\u5f97 sENA\uff0c\u8fd9\u53ef\u80fd\u4f1a\u5728\u534f\u8bae\u5185\u7684\u6fc0\u52b1\u673a\u5236\u4e2d\u7d2f\u79ef\u989d\u5916\u5956\u52b1\u5e76\u63d0\u4f9b\u66f4\u9ad8\u7684\u5956\u52b1\u500d\u6570\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u603b\u7ed3<\/strong><\/p>\n<p class=\"ql-align-justify\">Ethena Finance \u5728 DeFi \u9886\u57df\u8fc5\u901f\u83b7\u5f97\u5173\u6ce8\u3002\u622a\u81f3 2024 \u5e74 12 \u6708\uff0c\u5176\u603b\u9501\u5b9a\u4ef7\u503c (TVL) \u8d85\u8fc7 59 \u4ebf\u7f8e\u5143\uff08\u901a\u8fc7 DefiLlama\uff09\u3002\u8fd9\u4e00\u589e\u957f\u53cd\u6620\u4e86\u4eba\u4eec\u5bf9 Ethena \u5408\u6210\u7f8e\u5143\u89e3\u51b3\u65b9\u6848\u548c\u521b\u65b0\u7684\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u65b9\u6cd5\u7684\u4fe1\u5fc3\u4e0d\u65ad\u589e\u5f3a\u3002<\/p>\n<p class=\"ql-align-justify\">Ethena \u7684\u4e00\u9879\u65d7\u8230\u529f\u80fd\u662f\u5176\u4e92\u8054\u7f51\u503a\u5238 (sUSDe)\uff0c\u5b83\u5141\u8bb8\u7528\u6237\u901a\u8fc7\u8d28\u62bc USDe \u8d5a\u53d6\u6536\u76ca\u3002\u8be5\u5de5\u5177\u7ed3\u5408\u4e86\u6d41\u52a8\u6027\u8d28\u62bc\u4ee5\u592a\u574a\u7684\u6536\u76ca\u548c\u884d\u751f\u54c1\u878d\u8d44\u5957\u5229\uff0c\u4e3a DeFi \u53c2\u4e0e\u8005\u63d0\u4f9b\u4e86\u7a33\u5b9a\u4e14\u6709\u56de\u62a5\u7684\u8d44\u4ea7\u3002<\/p>\n<p class=\"ql-align-justify\">Ethena \u521b\u5efa\u5408\u6210\u7f8e\u5143\u7684\u72ec\u7279\u65b9\u6cd5\u6446\u8131\u4e86\u4f20\u7edf\u91d1\u878d\u4f9d\u8d56\uff0c\u4f7f\u5176\u6210\u4e3a\u4e0d\u65ad\u53d1\u5c55\u7684 DeFi \u751f\u6001\u7cfb\u7edf\u4e2d\u7684\u91cd\u8981\u53c2\u4e0e\u8005\uff0c\u4e3a\u7528\u6237\u63d0\u4f9b\u7a33\u5b9a\u548c\u6536\u76ca\u521b\u9020\u7684\u521b\u65b0\u5de5\u5177\u3002<\/p>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<h3 class=\"ql-align-justify\"><strong>Jito<\/strong><\/h3>\n<p class=\"ql-align-justify\">Jito \u662f\u4e00\u4e2a\u8fd0\u884c\u5728 Solana \u533a\u5757\u94fe\u4e0a\u7684\u6d41\u52a8\u8d28\u62bc\u534f\u8bae\uff0c\u4e13\u6ce8\u4e8e\u6700\u5927\u5316\u53ef\u63d0\u53d6\u4ef7\u503c\uff08MEV\uff09\u7b56\u7565\u3002\u901a\u8fc7\u5141\u8bb8\u7528\u6237\u8d28\u62bc\u4ed6\u4eec\u7684 SOL \u4ee3\u5e01\u4ee5\u6362\u53d6 JitoSOL\u2014\u2014\u4e00\u79cd\u6d41\u52a8\u6027\u8d28\u62bc\u4ee3\u5e01\uff0cJito \u4f7f\u53c2\u4e0e\u8005\u80fd\u591f\u83b7\u5f97\u7531 MEV \u6536\u5165\u589e\u52a0\u7684\u8d28\u62bc\u5956\u52b1\u3002<\/p>\n<p class=\"ql-align-justify\"><\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/511a13e2a84453d41e160c0c2474f3e01734976823024.jpg\" alt=\"\u76d8\u70b9 2025 \u5e74\u4e03\u5927 DeFi \u8d28\u62bc\u534f\u8bae image 6\"><\/p>\n<p class=\"ql-align-justify\"><\/p>\n<p class=\"ql-align-justify\"><strong>Jito \u7684\u4e3b\u8981\u7279\u70b9<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">MEV \u9a71\u52a8\u7684\u8d28\u62bc\u5956\u52b1\uff1a Jito \u6574\u5408\u4e86 MEV \u7b56\u7565\u6765\u63d0\u9ad8\u8d28\u62bc\u5956\u52b1\u3002\u901a\u8fc7\u83b7\u53d6\u548c\u91cd\u65b0\u5206\u914d MEV \u5229\u6da6\uff0cJitoSOL \u6301\u6709\u8005\u53ef\u4ee5\u83b7\u5f97\u6bd4\u4f20\u7edf\u8d28\u62bc\u65b9\u6cd5\u66f4\u9ad8\u7684\u6536\u76ca\u3002<\/li>\n<li class=\"ql-align-justify\">\u4f7f\u7528 JitoSOL \u8fdb\u884c\u6d41\u52a8\u6027\u8d28\u62bc\uff1a\u8d28\u62bc SOL \u540e\uff0c\u7528\u6237\u5c06\u6536\u5230\u4ee3\u8868\u5176\u8d28\u62bc\u8d44\u4ea7\u7684 JitoSOL \u4ee3\u5e01\u3002\u8fd9\u4e9b\u4ee3\u5e01\u4fdd\u6301\u6d41\u52a8\u6027\uff0c\u5141\u8bb8\u7528\u6237\u53c2\u4e0e\u5404\u79cd DeFi \u6d3b\u52a8\u7684\u540c\u65f6\uff0c\u4ecd\u53ef\u83b7\u5f97\u8d28\u62bc\u5956\u52b1\u3002<\/li>\n<li class=\"ql-align-justify\">\u975e\u6258\u7ba1\u5e73\u53f0\uff1a Jito \u4f5c\u4e3a\u975e\u6258\u7ba1\u5e73\u53f0\u8fd0\u8425\uff0c\u786e\u4fdd\u7528\u6237\u4fdd\u7559\u5bf9\u5176\u8d44\u4ea7\u7684\u63a7\u5236\u6743\u3002<\/li>\n<li class=\"ql-align-justify\">\u589e\u5f3a\u7f51\u7edc\u6027\u80fd\uff1aJito \u901a\u8fc7\u4e13\u95e8\u4e0e\u8fd0\u884c\u4f18\u5316\u8f6f\u4ef6\u7684\u9a8c\u8bc1\u8005\u8fdb\u884c\u8d28\u62bc\uff0c\u6709\u52a9\u4e8e\u63d0\u9ad8\u7f51\u7edc\u6027\u80fd\u5e76\u51cf\u5c11 Solana \u533a\u5757\u94fe\u4e0a\u7684\u5783\u573e\u90ae\u4ef6\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u652f\u6301\u7684\u8d28\u62bc\u8d44\u4ea7<\/strong><\/p>\n<p class=\"ql-align-justify\">Jito \u4e3b\u8981\u652f\u6301 Solana \u4ee3\u5e01 SOL \u7684\u8d28\u62bc\u3002\u7528\u6237\u53ef\u4ee5\u8d28\u62bc\u4efb\u610f\u6570\u91cf\u7684 SOL \u5e76\u83b7\u5f97 JitoSOL \u4f5c\u4e3a\u56de\u62a5\u3002<\/p>\n<p class=\"ql-align-justify\"><strong>JTO \u4ee3\u5e01\u53ca\u5176\u7528\u9014<\/strong><\/p>\n<p class=\"ql-align-justify\">Jito \u63a8\u51fa\u4e86\u5176\u539f\u751f\u4ee3\u5e01 JTO\uff0c\u5b83\u5728\u751f\u6001\u7cfb\u7edf\u4e2d\u53d1\u6325\u591a\u79cd\u529f\u80fd\uff1a<\/p>\n<ul>\n<li class=\"ql-align-justify\">\u6cbb\u7406\uff1a JTO \u6301\u6709\u8005\u53ef\u4ee5\u53c2\u4e0e\u534f\u8bae\u6cbb\u7406\u3002<\/li>\n<li class=\"ql-align-justify\">\u8d28\u62bc\u5956\u52b1\uff1a\u901a\u8fc7\u8d28\u62bc JTO\uff0c\u7528\u6237\u53ef\u4ee5\u83b7\u5f97\u989d\u5916\u5956\u52b1\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u603b\u7ed3<\/strong><\/p>\n<p>Jito \u5728 Solana \u751f\u6001\u7cfb\u7edf\u4e2d\u7ecf\u5386\u4e86\u663e\u8457\u589e\u957f\u3002\u6839\u636e\u5176\u7f51\u7ad9\uff0c\u622a\u81f3 2024 \u5e74 12 \u6708\uff0c\u5df2\u6709\u8d85\u8fc7 1450 \u4e07\u4e2a SOL \u4ee3\u5e01\u901a\u8fc7 Jito \u8fdb\u884c\u8d28\u62bc\uff0c\u7ea6\u6709 204 \u540d Solana \u9a8c\u8bc1\u8005\u53c2\u4e0e\u5176\u4e2d\u3002\u8be5\u5e73\u53f0\u63d0\u4f9b\u7684\u8d28\u62bc\u5e74\u6536\u76ca\u7387 (APY) \u8d85\u8fc7 8%\uff0c\u53cd\u6620\u51fa\u5176\u5728\u6d41\u52a8\u6027\u8d28\u62bc\u5e02\u573a\u4e2d\u7684\u7ade\u4e89\u4f18\u52bf\u3002&nbsp;<\/p>\n<p>Jito \u7684\u4e00\u9879\u65d7\u8230\u529f\u80fd\u662f\u6574\u5408\u4e86 MEV \u7b56\u7565\u6765\u63d0\u9ad8\u8d28\u62bc\u5956\u52b1\u3002\u901a\u8fc7\u83b7\u53d6\u548c\u91cd\u65b0\u5206\u914d MEV \u5229\u6da6\uff0cJito \u63d0\u9ad8\u4e86\u7528\u6237\u7684\u6536\u76ca\uff0c\u540c\u65f6\u4fc3\u8fdb\u4e86 Solana \u7f51\u7edc\u7684\u6574\u4f53\u5065\u5eb7\u548c\u6548\u7387\u3002&nbsp;<\/p>\n<p class=\"ql-align-justify\">Jito \u5bf9\u5f00\u6e90\u5f00\u53d1\u7684\u627f\u8bfa\u901a\u8fc7\u53d1\u5e03 Jito-Solana \u5f97\u5230\u4f53\u73b0\uff0c\u8fd9\u662f Solana \u7684\u7b2c\u4e00\u4e2a\u7b2c\u4e09\u65b9 MEV \u589e\u5f3a\u9a8c\u8bc1\u5668\u5ba2\u6237\u7aef\u3002\u8fd9\u4e00\u4e3e\u63aa\u51f8\u663e\u4e86 Jito \u81f4\u529b\u4e8e\u63d0\u9ad8\u533a\u5757\u94fe\u6027\u80fd\u7684\u900f\u660e\u5ea6\u548c\u793e\u533a\u534f\u4f5c\u3002<\/p>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<h3 class=\"ql-align-justify\"><strong>Babylon<\/strong><\/h3>\n<p class=\"ql-align-justify\">Babylon \u662f\u4e00\u79cd\u5f00\u521b\u6027\u7684\u534f\u8bae\uff0c\u5b83\u5c06\u6bd4\u7279\u5e01\u8d28\u62bc\u5f15\u5165 DeFi \u751f\u6001\u7cfb\u7edf\u3002\u901a\u8fc7\u5141\u8bb8\u6bd4\u7279\u5e01\u6301\u6709\u8005\u76f4\u63a5\u8d28\u62bc\u5176\u8d44\u4ea7\uff0cBabylon \u8ba9\u7528\u6237\u5728\u8d5a\u53d6\u6536\u76ca\u7684\u540c\u65f6\uff0c\u8fd8\u4e3a\u6743\u76ca\u8bc1\u660e\u533a\u5757\u94fe\u7684\u5b89\u5168\u6027\u505a\u51fa\u4e86\u8d21\u732e\u3002\u8fd9\u79cd\u521b\u65b0\u65b9\u6cd5\u6d88\u9664\u4e86\u5c06 BTC \u6865\u63a5\u3001\u5305\u88c5\u6216\u8f6c\u79fb\u7ed9\u7b2c\u4e09\u65b9\u6258\u7ba1\u673a\u6784\u7684\u9700\u8981\uff0c\u4ece\u800c\u4fdd\u6301\u4e86\u6bd4\u7279\u5e01\u56fa\u6709\u7684\u5b89\u5168\u6027\u548c\u53bb\u4e2d\u5fc3\u5316\u3002<\/p>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" src=\"https:\/\/img.bitgetimg.com\/multiLang\/image\/social\/679ac958b8cade5b33076f501369d6621734976823119.jpg\" alt=\"\u76d8\u70b9 2025 \u5e74\u4e03\u5927 DeFi \u8d28\u62bc\u534f\u8bae image 7\"><\/p>\n<p class=\"ql-align-justify\"><\/p>\n<p class=\"ql-align-justify\"><strong>Babylon \u7684\u4e3b\u8981\u7279\u70b9<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u81ea\u6211\u6258\u7ba1\u8d28\u62bc\uff1aBabylon \u7684\u534f\u8bae\u5141\u8bb8 BTC \u6301\u6709\u8005\u8d28\u62bc\u8d44\u4ea7\uff0c\u800c\u65e0\u9700\u5c06\u63a7\u5236\u6743\u79fb\u4ea4\u7ed9\u5916\u90e8\u5b9e\u4f53\u3002\u7528\u6237\u4ee5\u81ea\u6211\u6258\u7ba1\u7684\u65b9\u5f0f\u9501\u5b9a\u5176\u6bd4\u7279\u5e01\uff0c\u786e\u4fdd\u5728\u6574\u4e2a\u8d28\u62bc\u8fc7\u7a0b\u4e2d\u62e5\u6709\u5b8c\u5168\u7684\u6240\u6709\u6743\u548c\u5b89\u5168\u6027\u3002<\/li>\n<li class=\"ql-align-justify\">\u4e0e PoS \u94fe\u96c6\u6210\uff1a\u901a\u8fc7\u8d28\u62bc BTC\uff0c\u7528\u6237\u53ef\u4ee5\u53c2\u4e0e\u4fdd\u62a4\u5404\u79cd PoS \u533a\u5757\u94fe\uff0c\u5305\u62ec\u5e94\u7528\u94fe\u548c\u53bb\u4e2d\u5fc3\u5316\u5e94\u7528\uff08DApp\uff09\u3002\u8fd9\u79cd\u96c6\u6210\u589e\u5f3a\u4e86\u8fd9\u4e9b\u7f51\u7edc\u7684\u5b89\u5168\u6027\uff0c\u5e76\u4f5c\u4e3a\u56de\u62a5\u5956\u52b1\u8d28\u62bc\u8005\u3002<\/li>\n<li class=\"ql-align-justify\">\u5feb\u901f\u89e3\u7ed1\uff1a Babylon \u91c7\u7528\u6bd4\u7279\u5e01\u65f6\u95f4\u6233\u534f\u8bae\uff0c\u4f7f\u8d28\u62bc\u7684 BTC \u80fd\u591f\u5feb\u901f\u89e3\u7ed1\u3002\u6b64\u529f\u80fd\u53ef\u786e\u4fdd\u7528\u6237\u65e0\u9700\u4f9d\u8d56\u793e\u4f1a\u5171\u8bc6\u5373\u53ef\u5feb\u901f\u63d0\u53d6\u8d44\u4ea7\uff0c\u4ece\u800c\u4fdd\u6301\u6d41\u52a8\u6027\u548c\u7075\u6d3b\u6027\u3002<\/li>\n<li class=\"ql-align-justify\">\u53ef\u6269\u5c55\u7684\u518d\u8d28\u62bc\uff1a\u8be5\u534f\u8bae\u7684\u6a21\u5757\u5316\u8bbe\u8ba1\u652f\u6301\u53ef\u6269\u5c55\u7684\u518d\u8d28\u62bc\uff0c\u5141\u8bb8\u5355\u4e2a BTC \u8d28\u62bc\u540c\u65f6\u4fdd\u62a4\u591a\u4e2a PoS \u94fe\u3002\u6b64\u529f\u80fd\u53ef\u6700\u5927\u9650\u5ea6\u5730\u63d0\u9ad8\u6536\u76ca\u6f5c\u529b\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u652f\u6301\u7684\u8d28\u62bc\u8d44\u4ea7<\/strong><\/p>\n<p class=\"ql-align-justify\">Babylon \u4e13\u6ce8\u4e8e\u5c06\u6bd4\u7279\u5e01\u7528\u4e8e\u8d28\u62bc\u76ee\u7684\u3002<\/p>\n<p class=\"ql-align-justify\"><strong>\u603b\u7ed3<\/strong><\/p>\n<p>Babylon \u5df2\u7ecf\u53d6\u5f97\u4e86\u91cd\u5927\u7684\u91cc\u7a0b\u7891\uff0c\u5305\u62ec\u6210\u529f\u542f\u52a8\u5176\u4e3b\u7f51\u548c\u542f\u52a8\u591a\u4e2a\u8d28\u62bc\u4e0a\u9650\u3002\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u8be5\u534f\u8bae\u7684\u603b\u9501\u5b9a\u4ef7\u503c (TVL) \u5728 2024 \u5e74 12 \u6708\u8d85\u8fc7\u4e86 57 \u4ebf\u7f8e\u5143\uff0c\u53cd\u6620\u4e86\u793e\u533a\u7684\u5f3a\u70c8\u91c7\u7528\u548c\u4fe1\u5fc3\u3002&nbsp;<\/p>\n<p>Babylon \u7684\u4e00\u5927\u7279\u8272\u662f\u5176\u81ea\u6258\u7ba1\u6bd4\u7279\u5e01\u8d28\u62bc\u673a\u5236\uff0c\u8be5\u673a\u5236\u5141\u8bb8\u7528\u6237\u5728\u4e0d\u635f\u5bb3\u8d44\u4ea7\u5b89\u5168\u7684\u60c5\u51b5\u4e0b\u83b7\u5f97\u6536\u76ca\u3002\u8fd9\u79cd\u65b9\u6cd5\u4ee3\u8868\u4e86\u5c06\u6bd4\u7279\u5e01\u878d\u5165 DeFi \u9886\u57df\u7684\u91cd\u5927\u8fdb\u6b65\uff0c\u4e3a BTC \u6301\u6709\u8005\u63d0\u4f9b\u4e86\u53c2\u4e0e\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u53d1\u5c55\u5e76\u4ece\u4e2d\u53d7\u76ca\u7684\u65b0\u673a\u4f1a\u3002&nbsp;<\/p>\n<p class=\"ql-align-justify\">\u603b\u800c\u8a00\u4e4b\uff0cBabylon \u7684\u521b\u65b0\u534f\u8bae\u91ca\u653e\u4e86\u6bd4\u7279\u5e01\u5728 DeFi \u751f\u6001\u7cfb\u7edf\u4e2d\u7684\u6f5c\u529b\uff0c\u5b9e\u73b0\u4e86\u5b89\u5168\u7684\u81ea\u6211\u6258\u7ba1\u8d28\u62bc\uff0c\u589e\u5f3a\u4e86 PoS \u533a\u5757\u94fe\u7684\u5b89\u5168\u6027\uff0c\u540c\u65f6\u4e3a BTC \u6301\u6709\u8005\u63d0\u4f9b\u4e86\u53ef\u89c2\u7684\u6536\u76ca\u3002<\/p>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<h2><strong>DeFi \u8d28\u62bc\u7684\u5229\u4e0e\u5f0a<\/strong><\/h2>\n<p class=\"ql-align-justify\"><strong>DeFi \u8d28\u62bc\u7684\u4f18\u52bf<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">1.\u901a\u8fc7\u6536\u76ca\u8015\u4f5c\u83b7\u5f97\u9ad8\u989d\u56de\u62a5\u7684\u6f5c\u529b\uff1aDeFi \u8d28\u62bc\u901a\u5e38\u63d0\u4f9b\u53ef\u89c2\u7684\u5956\u52b1\uff0c\u7279\u522b\u662f\u4e0e\u6536\u76ca\u8015\u4f5c\u7b56\u7565\u76f8\u7ed3\u5408\u65f6\u3002<\/li>\n<li class=\"ql-align-justify\">2.\u589e\u5f3a\u5bf9\u8d44\u91d1\u7684\u63a7\u5236\uff1a\u7528\u6237\u901a\u8fc7\u53bb\u4e2d\u5fc3\u5316\u94b1\u5305\u4fdd\u7559\u5bf9\u8d44\u91d1\u7684\u5b8c\u5168\u6240\u6709\u6743\uff0c\u65e0\u9700\u4f9d\u8d56\u7b2c\u4e09\u65b9\u6258\u7ba1\u673a\u6784\u3002<\/li>\n<li class=\"ql-align-justify\">3.\u53c2\u4e0e\u6cbb\u7406\uff1a\u8d28\u62bc\u6cbb\u7406\u4ee3\u5e01\u4f7f\u7528\u6237\u80fd\u591f\u5c31\u534f\u8bae\u51b3\u7b56\u8fdb\u884c\u6295\u7968\uff0c\u5e76\u5f71\u54cd\u5e73\u53f0\u7684\u672a\u6765\u53d1\u5c55\u3002<\/li>\n<li class=\"ql-align-justify\">4.\u5bf9\u7f51\u7edc\u5b89\u5168\u548c\u8fd0\u8425\u7684\u8d21\u732e\uff1a\u901a\u8fc7\u8d28\u62bc\uff0c\u7528\u6237\u53ef\u4ee5\u5e2e\u52a9\u4fdd\u62a4\u533a\u5757\u94fe\u7f51\u7edc\u5e76\u7ef4\u6301\u53bb\u4e2d\u5fc3\u5316\u7684\u8fd0\u8425\u3002<\/li>\n<li class=\"ql-align-justify\">5.\u6d41\u52a8\u6027\u8d28\u62bc\u4ee3\u5e01\uff1a\u6d41\u52a8\u6027\u8d28\u62bc\u4ee3\u5e01\u4f7f\u7528\u6237\u80fd\u591f\u8bbf\u95ee\u8d28\u62bc\u8d44\u672c\uff0c\u540c\u65f6\u7ee7\u7eed\u83b7\u5f97\u5956\u52b1\u3002<\/li>\n<li class=\"ql-align-justify\">6.\u6536\u76ca\u7b56\u7565\u7684\u7075\u6d3b\u6027\uff1aDeFi \u8d28\u62bc\u63d0\u4f9b\u4e86\u591a\u79cd\u521b\u65b0\u7b56\u7565\u7684\u673a\u4f1a\uff0c\u5982\u901a\u8fc7\u518d\u8d28\u62bc\u6216\u5229\u7528\u8d28\u62bc\u4ee3\u5e01\u53c2\u4e0e\u5176\u4ed6 DeFi \u6d3b\u52a8\u6765\u5b9e\u73b0\u590d\u5229\u3002<\/li>\n<li class=\"ql-align-justify\">7.\u8fdb\u5165\u65b0\u5174\u751f\u6001\u7cfb\u7edf\uff1a\u8d28\u62bc\u901a\u8fc7\u5e2e\u52a9\u5f15\u5bfc\u65b0\u7684\u534f\u8bae\u548c\u751f\u6001\u7cfb\u7edf\u6765\u652f\u6301\u521b\u65b0\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<p class=\"ql-align-justify\"><strong>DeFi \u8d28\u62bc\u7684\u98ce\u9669<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">1.\u667a\u80fd\u5408\u7ea6\u6f0f\u6d1e\uff1a\u667a\u80fd\u5408\u7ea6\u4e2d\u7684\u6076\u610f\u653b\u51fb\u6216\u6f0f\u6d1e\u53ef\u80fd\u5bfc\u81f4\u8d28\u62bc\u8d44\u4ea7\u7684\u635f\u5931\u3002<\/li>\n<li class=\"ql-align-justify\">2.\u6d41\u52a8\u6027\u6c60\u4e2d\u7684\u65e0\u5e38\u635f\u5931\uff1a\u4ee3\u5e01\u4ef7\u683c\u7684\u53d8\u5316\u53ef\u80fd\u4f1a\u964d\u4f4e\u6d41\u52a8\u6027\u6c60\u4e2d\u8d44\u4ea7\u7684\u4ef7\u503c\uff0c\u4ece\u800c\u5f71\u54cd\u6574\u4f53\u56de\u62a5\u3002<\/li>\n<li class=\"ql-align-justify\">3.\u4ee3\u5e01\u4ef7\u683c\u7684\u6ce2\u52a8\uff1a\u52a0\u5bc6\u8d27\u5e01\u7684\u6ce2\u52a8\u6027\u53ef\u80fd\u4f1a\u5f71\u54cd\u8d28\u62bc\u5956\u52b1\u7684\u4ef7\u503c\u3002<\/li>\n<li class=\"ql-align-justify\">4.\u524a\u51cf\u60e9\u7f5a\uff1a\u5728\u67d0\u4e9b\u7f51\u7edc\u4e2d\uff0c\u4e0d\u5f53\u7684\u9a8c\u8bc1\u8005\u884c\u4e3a\u53ef\u80fd\u4f1a\u5bfc\u81f4\u51cf\u5c11\u8d28\u62bc\u8d44\u91d1\u6570\u91cf\u7684\u60e9\u7f5a\u3002<\/li>\n<li class=\"ql-align-justify\">5.\u534f\u8bae\u7279\u5b9a\u98ce\u9669\uff1a\u65b0\u5174\u5e73\u53f0\u53ef\u80fd\u7f3a\u4e4f\u8db3\u591f\u7684\u5ba1\u8ba1\u6216\u7ecf\u9a8c\uff0c\u4ece\u800c\u589e\u52a0\u8fd0\u8425\u5931\u8d25\u7684\u98ce\u9669\u3002<\/li>\n<li class=\"ql-align-justify\">6.\u7f3a\u4e4f\u6d41\u52a8\u6027\uff1a\u8d28\u62bc\u8d44\u4ea7\u53ef\u80fd\u4f1a\u88ab\u9501\u5b9a\u4e00\u6bb5\u65f6\u95f4\uff0c\u4ece\u800c\u9650\u5236\u8d44\u91d1\u7684\u5373\u65f6\u53ef\u7528\u6027\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<p class=\"ql-align-justify\"><strong>\u964d\u4f4e DeFi \u8d28\u62bc\u98ce\u9669\u7684\u7b56\u7565<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">1.\u8de8\u591a\u4e2a\u5e73\u53f0\u5206\u6563\u8d28\u62bc\uff1a\u5c06\u4f60\u7684\u8d28\u62bc\u8d44\u4ea7\u5206\u6563\u5230\u4e0d\u540c\u7684\u534f\u8bae\u4e2d\uff0c\u4ee5\u964d\u4f4e\u5355\u4e00\u5e73\u53f0\u6545\u969c\u6240\u5e26\u6765\u7684\u5f71\u54cd\u3002<\/li>\n<li class=\"ql-align-justify\">2.\u7814\u7a76\u5e73\u53f0\u5ba1\u8ba1\u548c\u5b89\u5168\u5386\u53f2\uff1a\u9009\u62e9\u90a3\u4e9b\u6709\u826f\u597d\u5b89\u5168\u8bb0\u5f55\u548c\u5b9a\u671f\u63a5\u53d7\u7b2c\u4e09\u65b9\u5ba1\u8ba1\u7684\u5e73\u53f0\uff0c\u4ee5\u786e\u4fdd\u4f60\u7684\u8d44\u91d1\u5b89\u5168\u3002<\/li>\n<li class=\"ql-align-justify\">3.\u5173\u6ce8\u4ee3\u5e01\u7ecf\u6d4e\u5b66\u548c\u534f\u8bae\u53d8\u5316\uff1a\u5bc6\u5207\u76d1\u63a7\u4ee3\u5e01\u4f9b\u5e94\u91cf\u53d8\u5316\u3001\u5956\u52b1\u673a\u5236\u4ee5\u53ca\u53ef\u80fd\u5f71\u54cd\u4f60\u8d28\u62bc\u7b56\u7565\u7684\u6cbb\u7406\u51b3\u7b56\u3002<\/li>\n<li class=\"ql-align-justify\">4.\u5229\u7528\u6d41\u52a8\u6027\u8d28\u62bc\u9009\u62e9\uff1a\u4f7f\u7528\u63d0\u4f9b\u6d41\u52a8\u6027\u8d28\u62bc\u4ee3\u5e01\u7684\u534f\u8bae\uff0c\u5728\u8d5a\u53d6\u5956\u52b1\u7684\u540c\u65f6\u4fdd\u6301\u6d41\u52a8\u6027\u548c\u7075\u6d3b\u6027\u3002<\/li>\n<li class=\"ql-align-justify\">5.\u8bbe\u5b9a\u98ce\u9669\u9650\u989d\uff1a\u4e3a\u4e86\u7ba1\u7406\u98ce\u9669\u655e\u53e3\uff0c\u8bf7\u786e\u5b9a\u4f60\u6295\u8d44\u7ec4\u5408\u4e2d\u5206\u914d\u7ed9\u8d28\u62bc\u7684\u6700\u5927\u767e\u5206\u6bd4\uff0c\u5e76\u4e25\u683c\u9075\u5b88\u3002<\/li>\n<li class=\"ql-align-justify\">6.\u4f7f\u7528\u4fe1\u8a89\u826f\u597d\u7684\u94b1\u5305\u548c\u786c\u4ef6\u5b89\u5168\u8bbe\u5907\uff1a\u5c06\u60a8\u7684\u8d28\u62bc\u8d44\u4ea7\u5b58\u50a8\u5728\u5b89\u5168\u7684\u94b1\u5305\u4e2d\uff0c\u4ee5\u9632\u6b62\u6f5c\u5728\u7684\u9ed1\u5ba2\u653b\u51fb\u6216\u7f51\u7edc\u9493\u9c7c\u653b\u51fb\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<h3><strong>\u5982\u4f55\u5f00\u59cb DeFi \u8d28\u62bc\uff1a\u5206\u6b65\u6307\u5357<\/strong><\/h3>\n<p class=\"ql-align-justify\">DeFi \u8d28\u62bc\u5141\u8bb8\u4f60\u901a\u8fc7\u652f\u6301\u533a\u5757\u94fe\u7f51\u7edc\u6765\u8d5a\u53d6\u5956\u52b1\uff0c\u5c3d\u7ba1\u5177\u4f53\u6b65\u9aa4\u53ef\u80fd\u56e0\u534f\u8bae\u800c\u5f02\uff0c\u4f46\u4ee5\u4e0b\u5185\u5bb9\u63d0\u4f9b\u4e86\u4e00\u4e2a\u901a\u7528\u6307\u5357\uff1a<\/p>\n<p class=\"ql-align-justify\"><strong>\u7b2c\u4e00\u6b65\uff1a\u9009\u62e9\u8d28\u62bc\u534f\u8bae<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u7814\u7a76\u4e0d\u540c\u7684\u8d28\u62bc\u5e73\u53f0\uff0c\u9009\u62e9\u4e00\u4e2a\u4e0e\u4f60\u7684\u76ee\u6807\u76f8\u7b26\u7684\u5e73\u53f0\uff0c\u4f8b\u5982\u6d41\u52a8\u6027\u8d28\u62bc\uff08\u5982 Lido Finance \u6216 Jito\uff09\u6216\u6536\u76ca\u4ee3\u5e01\u5316\uff08\u5982 Pendle Finance\uff09\u3002<\/li>\n<li class=\"ql-align-justify\">\u8003\u8651\u652f\u6301\u7684\u8d44\u4ea7\u3001\u5b89\u5168\u63aa\u65bd\u548c\u6f5c\u5728\u56de\u62a5\u7b49\u56e0\u7d20\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u7b2c\u4e8c\u6b65\uff1a\u8bbe\u7f6e\u94b1\u5305<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u9009\u62e9\u4e00\u4e2a\u8ba1\u5212\u4f7f\u7528\u7684\u4e0e\u534f\u8bae\u517c\u5bb9\u7684\u975e\u6258\u7ba1\u94b1\u5305\uff0c\u4f8b\u5982\u57fa\u4e8e\u4ee5\u592a\u574a\u7684\u5e73\u53f0\u7684 MetaMask \u6216 Solana \u7684 Phantom\u3002<\/li>\n<li class=\"ql-align-justify\">\u901a\u8fc7\u5907\u4efd\u4f60\u7684\u52a9\u8bb0\u8bcd\uff0c\u5e76\u542f\u7528\u53cc\u91cd\u8eab\u4efd\u9a8c\u8bc1\u6765\u786e\u4fdd\u94b1\u5305\u7684\u5b89\u5168\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u7b2c\u4e09\u6b65\uff1a\u83b7\u53d6\u4ee3\u5e01<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u901a\u8fc7\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240\u8d2d\u4e70\u8d28\u62bc\u6240\u9700\u7684\u4ee3\u5e01\uff08\u4f8b\u5982 Lido \u7684 ETH\uff0cJito \u7684 SOL\uff09\u3002<\/li>\n<li class=\"ql-align-justify\">\u5c06\u4ee3\u5e01\u8f6c\u79fb\u5230\u4f60\u7684\u94b1\u5305\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u7b2c\u56db\u90e8\uff1a\u8fde\u63a5\u5230\u8d28\u62bc\u534f\u8bae<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u8bbf\u95ee\u8be5\u534f\u8bae\u7684\u5b98\u65b9\u7f51\u7ad9\u3002<\/li>\n<li class=\"ql-align-justify\">\u6309\u7167\u63d0\u793a\u6388\u6743\u8fde\u63a5\uff0c\u5c06\u4f60\u7684\u94b1\u5305\u8fde\u63a5\u5230\u5e73\u53f0\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u7b2c\u4e94\u6b65\uff1a\u8d28\u62bc\u8d44\u4ea7<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u9009\u62e9\u4f60\u60f3\u8981\u8d28\u62bc\u7684\u4ee3\u5e01\u5e76\u786e\u5b9a\u91d1\u989d\u3002<\/li>\n<li class=\"ql-align-justify\">\u786e\u8ba4\u8d28\u62bc\u4ea4\u6613\uff0c\u5e76\u786e\u4fdd\u4f60\u6709\u8db3\u591f\u7684\u8d44\u91d1\u6765\u652f\u4ed8\u4ea4\u6613\u8d39\u7528\u3002<\/li>\n<li class=\"ql-align-justify\">\u5728\u6d41\u52a8\u8d28\u62bc\u534f\u8bae\u4e2d\uff0c\u4f60\u5c06\u6536\u5230\u4e00\u4e2a\u884d\u751f\u4ee3\u5e01\uff08\u4f8b\u5982 stETH \u6216 JitoSOL\uff09\uff0c\u4f60\u53ef\u4ee5\u5728 DeFi \u751f\u6001\u7cfb\u7edf\u4e2d\u4f7f\u7528\u5b83\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><strong>\u7b2c\u516d\u6b65\uff1a\u76d1\u63a7\u548c\u7ba1\u7406\u4f60\u7684\u6743\u76ca<\/strong><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u901a\u8fc7\u4eea\u8868\u677f\u6216\u534f\u8bae\u7684\u754c\u9762\u5b9a\u671f\u8ddf\u8e2a\u4f60\u7684\u8d28\u62bc\u5956\u52b1\u548c\u6295\u8d44\u7ec4\u5408\u8868\u73b0\u3002<\/li>\n<li class=\"ql-align-justify\">\u8003\u8651\u5229\u7528\u50cf Pendle \u7b49\u534f\u8bae\u7684\u6536\u76ca\u4ee3\u5e01\u5316\u529f\u80fd\u6765\u5236\u5b9a\u989d\u5916\u7684\u7b56\u7565\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<h2 class=\"ql-align-justify\"><strong>\u5982\u4f55\u6700\u5927\u5316 DeFi 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Babylon\u3002\u6bcf\u79cd\u534f\u8bae\u90fd\u63d0\u4f9b\u57fa\u672c\u7684\u8d28\u62bc\u670d\u52a1\uff0c\u4f46\u90fd\u5177\u6709\u72ec\u7279\u7684\u529f\u80fd\uff0c\u4f8b\u5982\u6d41\u52a8\u6027\u8d28\u62bc\u3001\u6536\u76ca\u4ee3\u5e01\u5316\u3001\u91cd\u65b0\u8d28\u62bc\u6216\u6bd4\u7279\u5e01\u8d28\u62bc\u3002<\/p>\n<p>\u89e3\u9501\u5b9e\u9645\u5229\u6da6\u7684\u5173\u952e\u662f\u7406\u89e3\u5e76\u6709\u6548\u5229\u7528\u8fd9\u4e9b\u7a81\u51fa\u7684\u529f\u80fd\u3002\u65e0\u8bba\u662f\u901a\u8fc7\u7531 MEV \u63d0\u4f9b\u652f\u6301\u7684 Jito \u8d28\u62bc\u6765\u6700\u5927\u5316\u56de\u62a5\uff0c\u8fd8\u662f\u5728 EigenLayer \u4e0a\u8fdb\u884c\u91cd\u65b0\u8d28\u62bc\uff0c\u8fd8\u662f\u4f7f\u7528 Pendle \u63a2\u7d22\u521b\u65b0\u7b56\u7565\uff0cDeFi \u8d28\u62bc\u7684\u6210\u529f\u90fd\u9700\u8981\u660e\u667a\u7684\u51b3\u7b56\u548c\u6218\u7565\u89c4\u5212\u3002<\/p>\n<p 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