到2025年，比特幣將成為提供商的重點。

在當今的問題中，來自Redstone Oracles的MarcinKaímierczak打破了為什麼2025年對於Defi和鏈融資而言至關重要的一年。

Recent security breaches have rocked the crypto space, highlighting the fact that security will continue to need to be a key focus for providers.

最近的安全違規行為震撼了加密貨幣空間，強調了安全將繼續成為提供商的重點的事實。

In today’s issue, Marcin Kaźmierczak from Redstone Oracles breaks down why 2025 will be a critical year for DeFi and on-chain finance.

在當今的問題中，來自Redstone Oracles的MarcinKaímierczak打破了為什麼2025年對於Defi和鏈融資而言至關重要的一年。

Then, Kevin Tam looks at the institutional adoption of bitcoin as seen from the recent 13-F filings and highlights key positions in Ask and Expert.

然後，凱文·塔姆（Kevin Tam）從最近的13-F文件中可以看出比特幣的機構採用，並突出了Ask和專家中的關鍵立場。

-Sarah Morton

- 薩拉·莫頓（Sarah Morton）

You’re reading Crypto for Advisors, CoinDesk's weekly newsletter that unpacks digital assets for financial advisors. Subscribe here to get it every Thursday.

您正在閱讀Coindesk的顧問的Crypto，這是Coindesk的每週新聞通訊，該新聞通訊為財務顧問提供了數字資產。在此處訂閱每個星期四。

DeFi Renaissance - Why 2025 Will Be The Year of Decentralized And On-Chain Finance?

Defi Renaissance-為什麼2025年將是分散和鏈融資的一年？

The recent hack of ByBit for nearly 401.000 ETH, valued at about $1.5 billion at that time, exposed that security will play a tremendous role in further crypto adoption. Can institutions expand on-chain after such an incident? Undoubtedly. It’s a matter of gradual adoption alongside ensuring top-notch security procedures.

當時近401.000 ETH的BYBIT黑客攻擊價值約為15億美元，揭示了安全性將在進一步的加密採用中發揮巨大作用。發生此類事件後，機構可以擴大鍊接嗎？無疑。這是逐步採用的問題，並確保一流的安全程序。

Growing Adoption of Yield-Bearing Assets: Staking, Liquid Staking, Restaking and Liquid Restaking

越來越多的承重資產的採用：放入，液體浸泡，重新恢復和液體恢復

In traditional finance, yield-generating assets are typically seen as stronger long-term investments than non-productive ones since they provide investors with ongoing cash flow and income. This perspective helps explain why some investors prefer ether over bitcoin. Ether is seen as more “productive” because it powers a network supporting a wide range of decentralized applications, benefiting from network effects. Beyond that, ether can be staked to earn consistent yield, aligning well with traditional valuation methods that prioritize ongoing dividends. The rising interest in staking, especially in the context of yield-generating assets, is evident in the growth of liquid staking, which enables frictionless and capital-efficient staking. This trend accelerated further in 2024 with the emergence of liquid restaking — for instance, ether.fi, a leading liquid restaking platform, saw explosive growth last year, with over $8 billion worth of ether staked through its rails.

在傳統金融中，產生產量的資產通常被認為是長期投資比非生產性投資更強大，因為它們為投資者提供了持續的現金流量和收入。這種觀點有助於解釋為什麼有些投資者比比特幣更喜歡以太幣。 Ether被視為更“富有成效”，因為它為網絡效應提供了支持廣泛的分散應用程序的網絡，從而受益於網絡效應。除此之外，可以將以太固化為一致的收益率，與將持續股息確定優先級的傳統評估方法保持一致。在造成資產的產生資產的背景下，對積累的興趣不斷上升，這在液體含量的增長中顯而易見，這可以使摩擦和資本效率高效的均勻佔有。隨著液體重新生產的出現，這種趨勢在2024年進一步加速了，例如，領先的液體重新恢復平台Ether.fi去年看到了爆炸性的增長，其價值超過80億美元的以太幣在其軌道上固定。

Source: DeFi Llama, Total Value Locked in Ether.Fi

資料來源：Defi Llama，鎖定在Ether.fi中的總價值

The total amount of staked ether is expected to grow and play a significant role in DeFi. Around one-third of all ETH — or $90 billion — is staked, with further inflows anticipated from traditional financial institutions exploring staking. As staking becomes more accessible through FinTech applications, some investors may transition from custodial to non-custodial solutions as they gain a deeper understanding of blockchain technology.

預計將固定醚的總量在Defi中增長並發揮重要作用。大約有三分之一的ETH（或900億美元）被存放，並從傳統的金融機構探索Stage的傳統金融機構預期進一步流入。隨著通過金融科技應用程序變得更加易於使用，一些投資者可能會從保管方向轉變為非監護解決方案，因為他們對區塊鏈技術有了更深入的了解。

Stablecoin Growth

Stablecoin的生長

Global demand for U.S. dollar exposure is immense, and stablecoins are the most efficient way to meet it. Stablecoins like USDC expand access to dollar-denominated wealth preservation and streamline value exchange. In 2024, venture capital investments have flowed into stablecoin projects, and we anticipate further development in this space. Regulatory frameworks like the EU’s MiCA have provided more explicit guidelines, further legitimizing stablecoins and likely driving higher adoption next year. Additionally, stablecoins are being integrated into traditional financial systems. For example, Visa has begun using USDC on networks like Solana to facilitate faster and more efficient payments. Additionally, PayPal entered the market with PUSD, and Stripe made one of crypto’s most significant acquisitions by purchasing Bridge to expand its stablecoin operations. In 2024, the total stablecoin market capitalization reached an all-time high, exceeding $200 billion dollars, and continuing to set new records in 2025.

全球對美元敞口的需求是巨大的，穩定的是滿足它的最有效方法。像USDC這樣的Stablecoins擴展了以美元計價的財富保存和簡化價值交換的訪問權限。 2024年，風險投資投入到Stablecoin項目中，我們預計該領域會有進一步的發展。諸如歐盟雲母之類的監管框架提供了更明確的準則，進一步使穩定劑合法化，並可能在明年推動更高的採用。此外，穩定幣正在整合到傳統的金融系統中。例如，Visa已開始在Solana等網絡上使用USDC來促進更快，更有效的付款。此外，PayPal通過PUSD進入市場，Stripe通過購買橋樑擴大其穩定運營的橋樑，成為了加密貨幣最重要的收購之一。 2024年，Stablecoin的總市值達到了歷史最高水平，超過了2000億美元，並在2025年繼續創造新的記錄。

Source: DeFi Llama, Total Stablecoins Market Cap

資料來源：Defi Llama，總穩定市值

Enhanced Interoperability and User-Friendly Non-Custodial Solutions

增強的互操作性和用戶友好的非環境解決方案

A key challenge in DeFi is moving funds across networks to access different investments. By 2025, significant progress is anticipated toward eliminating the necessity of bridging funds by introducing a "one-click solution." This development should simplify the process for new DeFi users, likely attracting more participants to the space. Additionally, wallet providers are expected to improve the security of on-chain finance and streamline the onboarding process by eliminating cumbersome crypto-native setups. This shift, driven by innovations like the Account Abstraction movement, aims to make crypto more accessible and user-friendly for accessing on-chain finance. Currently, the irreversible nature of transactions and the prevalence of sophisticated scams deter many new users. However, improved security features should encourage more individuals to engage with decentralized finance.

DEFI的一個主要挑戰是將資金跨越網絡訪問不同的投資。到2025年，預計通過引入“一鍵式解決方案”來消除彌合資金的必要性將取得重大進展。這種開發應該簡化新的Defi用戶的過程，可能會吸引更多參與者進入該空間。此外，錢包提供商有望通過消除繁瑣的加密本地設置來提高鏈融資的安全性並簡化入職過程。這一轉變是由諸如Account Accort Arights Orgions之類的創新驅動的，旨在使加密貨幣更容易訪問和用戶友好，以訪問鏈融資。當前，交易的不可逆轉性和復雜騙局的普遍性阻止了許多新用戶。但是，改進的安全功能應鼓勵更多的人參與分散的金融。

Bitcoin Reaching $100K

比特幣達到$ 10萬美元

While simply holding bitcoin on its native network isn’t inherently linked to on-chain finance, we’re witnessing a growing integration of bitcoin with decentralized financial ecosystems. For example, roughly 0.5% of bitcoin’s total supply through staking protocol Babylon is now locked to secure Proof-of-Stake (POS) chains. The increased acceptance of bitcoin by large banks and some governments is anticipated to create trickle-down effects, changing the public’s perception of digital currencies.

雖然簡單地將比特幣放在其本地網絡上並不與鏈融資固有地聯繫在一起，但我們目睹了比特幣與分散金融生態系統的越來越多的一體化。例如，現在，通過放入協議巴比倫，比特幣總供應量的0.5％現在被鎖定以確保股份證明（POS）連鎖店。預計大型銀行和一些政府對比特幣對比特幣的接受程度不斷增加，從而改變了公眾對數字貨幣的看法。

This shift will reduce the association of crypto with speculative

這種轉變將減少加密與投機的關聯