比特幣（BTC）聚焦

比特幣（BTC）於2024年從加密貨幣市場的其餘部分吸引了焦點，但特朗普政府正在迅速改變遊戲規則

Crypto data firm Kaiko Research has highlighted the potential for a rotation of interest away from Bitcoin (BTC) and towards other crypto assets in 2024, as the Trump administration’s administration quickly changes the rules of the game.

加密數據公司Kaiko Research強調了從比特幣（BTC）和2024年轉向其他加密資產的利益轉移的可能性，因為特朗普政府的政府迅速改變了遊戲規則。

While Bitcoin has certainly taken the spotlight this year, with its price movements dominating headlines and analysis, the decentralized finance (DeFi) sector may be performing even better than BTC, at least according to Kaiko.

儘管比特幣今年肯定引起了人們的關注，但其價格變動主導了頭條新聞和分析，但至少根據Kaiko的說法，分散的財務（DEFI）部門的表現可能比BTC更好。

The company’s own DeFi index (KSDEFI) has outpaced ether (ETH) since the instrument’s inception in October 2023, bringing in roughly 75% returns in that span of time. This is noteworthy given that most of the protocols included in the index are built on Ethereum.

自2023年10月該樂器成立以來，該公司自己的DEFI指數（KSDEFI）已經超過了以太（ETH），在這段時間內帶來了大約75％的回報。值得注意的是，索引中包含的大多數協議都是基於以太坊的。

“This outperformance may persist into the latter half of 2025, as several assets within the index benefit from strong tailwinds,” Kaiko research analysts Adam McCarthy and Dessislava Aubert wrote in a recent report. “This trend highlights the decreasing correlation between the DeFi index and ETH over time, as the decentralized finance sector continues to expand beyond the Ethereum ecosystem.”

Kaiko研究分析師Adam McCarthy和Dessislava Aubert在最近的一份報告中寫道：“這種表現可能會持續到2025年的下半年，因為該指數中的幾項資產受益於強烈的尾風。” “這種趨勢強調了隨著時間的推移，隨著時間的推移，Defi指數與ETH之間的相關性下降，因為分散的金融部門繼續擴展到以太坊生態系統之外。”

The index is composed of 11 DeFi tokens, the most heavily weighted being UNI, AAVE and ONDO. At least four of these tokens have powerful tailwinds for the rest of the year, the report said.

該索引由11個Defi令牌組成，最重的是Uni，Aave和Ondo。報告說，這些令牌中至少有四個在今年剩餘時間內具有強大的逆風。

For example, regulatory developments in the U.S. may open up possibilities for decentralized exchange Uniswap and decentralized lender Aave to implement fee switches for each of their respective tokens, meaning that protocol fees may end up getting distributed to UNI and AAVE holders.

例如，美國的監管發展可能會為分散的交易所UNISWAP和分散的貸方AAVE提供可能性，以實施各自代幣的費用轉換，這意味著協議費可能最終會分配給UNI和AAVE持有人。

“Insiders within the respective communities have been discussing this possibility for some time, and it could serve as a pivotal moment in the evolution of both protocols and their respective tokens,” the report said.

報告說：“一段時間以來，各自社區內的內部人士一直在討論這種可能性，並且可以作為協議及其各自的代幣演變的關鍵時刻。”

Tokenization protocol Ondo Finance, for its part, will likely benefit from an acceleration of the tokenization trend as Wall Street keeps wading deeper into crypto, the report said.

報告稱，隨著華爾街不斷進一步涉足加密貨幣，代幣化協議ondo Finance可能會受益於代幣化趨勢。

“Despite the promise of DeFi, 2020 saw limited progress due to regulatory constraints in key markets, which varied significantly across the globe,” the report said. “But, regulatory scrutiny is easing, and the sector now has abundant opportunities for growth.”

報告說：“儘管有前途的承諾，但2020年由於主要市場的監管限製而導致的進展有限，全球範圍內差異很大。” “但是，監管審查正在放鬆，該行業現在有很多增長機會。”