在Defi中建立可持續資本形成

Defi從貝拉辛（Berachain），噸，羽流，索尼克（Sonic）等許多新區塊鏈的出現中得到了增強。

DeFi is heating up again with the emergence of a host of new blockchains. BeraChain, TON, Plume, Sonic and many others are launching in rapid succession, each one bringing with it a flood of incentives to attract users and liquidity. These new chains are promising high yields and interesting economic models, harkening back to the early days of yield farming in 2021.

隨著許多新區塊鏈的出現，Defi再次加熱。 Berachain，Ton，Plume，Sonic和其他許多人正在迅速連續推出，每個人都帶來了許多激勵措施，以吸引用戶和流動性。這些新的連鎖店是有希望的高收益和有趣的經濟模式，可以追溯到2021年產量耕種的初期。

But is any of this sustainable?

但是這種可持續性嗎？

As every new blockchain punches up and tries to build momentum, they inevitably confront the same dilemma: how to build ecosystems that survive beyond the end of their incentive programs.

隨著每個新區塊鏈的衝擊並試圖建立動力，他們不可避免地面臨著同樣的困境：如何建立生態系統，這些生態系統能夠在激勵計劃的末尾生存。

Incentives remain one of crypto’s most elegant bootstrapping tools—a neat solution to the cold-start problem of attracting users and liquidity. Yet, incentives are just a starting point. The ultimate goal is to build self-sustaining economic activity around DeFi protocols.

激勵措施仍然是加密貨幣最優雅的引導工具之一，這是吸引用戶和流動性的冷啟動問題的整潔解決方案。但是，激勵只是一個起點。最終的目標是圍繞違規協議建立自我維持的經濟活動。

While the broader DeFi market has evolved considerably, the foundational approach to this capital dynamic has changed little. For DeFi to thrive in this new phase, these strategies must be adapted to reflect the realities of today’s capital dynamics.

儘管更廣泛的Defi市場發展巨大，但這種資本動態的基礎方法幾乎沒有改變。為了使Defi在這個新階段蓬勃發展，必須對這些策略進行調整以反映當今資本動態的現實。

Some Key Challenges of Capital Formation in DeFi

Defi中資本形成的一些關鍵挑戰

Despite the obvious need, most incentive programs today end up failing or producing underwhelming results. The composition of the current DeFi market is very different from 2021 where it was relatively simple to run an incentive program. The market has changed and there are some key aspects to consider when thinking about capital formation in DeFi.

儘管有明顯的需求，但如今的大多數激勵計劃最終都失敗或產生了巨大的結果。與2021年相對簡單的激勵計劃相對簡單，目前的DEFI市場的組成非常不同。市場發生了變化，在思考Defi中的資本形成時，有一些關鍵方面需要考慮。

1. More Blockchains Than Relevant Protocols

1。比相關協議更多的區塊鏈

In traditional software ecosystems, platforms (layer-1s) typically give rise to a larger, diverse set of applications (layer-2s and beyond). But in today’s DeFi landscape, this dynamic is flipped. Dozens of new blockchains—including Movement, Berachain, Sei, Monad (upcoming), and more—have launched or are preparing to. And yet, the number of DeFi protocols that have achieved real traction is still limited to a few standout names like Ether.fi, Kamino, and Pendle. The result? A fragmented landscape where blockchains scramble to onboard the same small pool of successful protocols.

在傳統的軟件生態系統中，平台（第1層）通常會產生更大的，多樣化的應用程序（第2層及以後）。但是在當今的Defi景觀中，這種動態被翻轉了。許多新的區塊鏈 - 包括運動，貝拉契因，SEI，Monad（即將到來的）等等 - 已經推出或準備進行。然而，實現實際牽引力的DEFI協議的數量仍然僅限於Ether.fi，Kamino和Pendle等一些出色的名稱。結果？一個零散的景觀，區塊鏈爭奪在同一小型成功協議上的船上。

2. No New Degens in This Cycle

2。在這個週期中沒有新的degens

Despite the proliferation of chains, the number of active DeFi investors hasn’t kept pace. Users experience friction, complex financial mechanics, and poor wallet/exchange distribution have all limited the onboarding of new participants. As a friend of mine likes to say, “We haven’t minted many new degens this cycle.” The result is a fragmented capital base that continually chases yield across ecosystems, rather than driving deep engagement in any one.

儘管鏈條擴散，但活躍的Defi投資者的數量仍未保持步伐。用戶會遇到摩擦，複雜的金融機制和錢包/交換分銷差，都限制了新參與者的入門。正如我的一個朋友喜歡說：“這個週期我們還沒有鑄造許多新的Degens。”結果是一個零散的資本基礎，該基礎不斷追逐整個生態系統，而不是推動任何一個生態系統的參與度。

3. TVL Fragmentation

3。 TVL分裂

This capital fragmentation is now playing out in TVL (total value locked) statistics. With more chains and protocols chasing the same limited pool of users and capital, we’re seeing dilution rather than growth. Ideally, capital inflows should grow faster than the number of protocols and blockchains. Without that, capital simply gets spread thinner, undermining the potential impact of any individual ecosystem.

現在，這種資本碎片化正在TVL（總價值鎖定）統計數據中進行。隨著更多的鏈條和協議追逐相同的有限的用戶和資本，我們會看到稀釋而不是增長。理想情況下，資本流入應比協議和區塊鏈的數量更快。沒有這些，資本簡單地擴散了，破壞了任何個人生態系統的潛在影響。

4. Institutional Interest, Retail Rails

4.機構利益，零售鐵軌

Retail may dominate the DeFi narrative, but in practice, institutions drive most of the volume and liquidity. Ironically, many new blockchain ecosystems are ill-equipped to support institutional capital due to missing integrations, lack of custody support, and underdeveloped infrastructure. Without institutional rails, attracting meaningful liquidity becomes a steep uphill battle.

零售可能主導著偏見的敘述，但實際上，機構驅動了大部分的數量和流動性。具有諷刺意味的是，由於缺少整合，缺乏監護權支持和基礎設施欠發達的基礎設施，許多新的區塊鏈生態系統無法支持機構資本。沒有機構鐵軌，吸引有意義的流動性就成為一場艱苦的艱苦戰。

5. Incentive Inefficiencies and Market Misconfigurations

5。激勵效率低下和市場錯誤配置

It’s common to see new DeFi protocols launch with poorly configured markets including leading to pool imbalances, slippage issues, or mismatched incentives. These inefficiencies often result in campaigns that disproportionately benefit insiders and whales, leaving little behind in terms of long-term value creation.

通常，新的Defi協議啟動了，配置不佳的市場，包括導致池失衡，打滑問題或不匹配的激勵措施。這些效率低下通常會導致運動不成比例地使內部人員和鯨魚受益，而在長期創造的創造方面幾乎沒有落後。

Building Beyond Incentives

超越激勵措施

The holy grail of incentive programs is to catalyze organic activity that persists after the rewards dry up. While there’s no blueprint for guaranteed success, several foundational elements can increase the odds of building a durable DeFi ecosystem.

激勵計劃的聖杯是催化有機活動，這些活動在獎勵枯竭後持續存在。儘管沒有保證成功的藍圖，但幾個基礎元素可以增加構建耐用的自生態系統的機率。

1. Real Ecosystem Utility

1。真正的生態系統實用程序

The hardest but most important goal is building ecosystems with real, non-financial utility. Chains like TON, Unichain, and Hyperliquid are early examples where token utility extends beyond pure yield. Still, most new blockchains lack this kind of foundational utility and must rely heavily on incentives to attract attention.

最難但最重要的目標是建立具有真實的非財務用途的生態系統。像噸，Unichain和超液體之類的連鎖店是令牌實用程序超出純收益的早期例子。儘管如此，大多數新的區塊鏈都缺乏這種基礎效用，並且必須嚴重依靠激勵措施吸引人們的注意力。

2. Strong Stablecoin Base

2。堅固的穩定基礎

Stablecoins are the cornerstone of any functional DeFi economy. An effective approach often includes two leading stablecoins that anchor borrowing markets and create deep AMM (automated market maker) liquidity. Designing the right stablecoin mix is critical to unlocking early lending and trading activity.

穩定劑是任何功能性經濟的基石。一種有效的方法通常包括兩個領先的穩定穩定的穩定的穩定，它們錨定借貸市場並產生深度AMM（自動化的做市商）流動性。設計合適的穩定混合物對於解鎖早期貸款和交易活動至關重要。

3. Major Asset Liquidity

3。主要資產流動性

Alongside stablecoins, deep liquidity in blue-chip assets like BTC and ETH lowers the friction for large allocators. This liquidity is crucial for onboarding institutional capital and enabling capital-efficient DeFi strategies.

除了穩定的穩態外，BTC和ETH等藍籌資金資產中的深厚流動性降低了大型分配器的摩擦。這種流動性對於入職機構資本和實現資本效率的Defi策略至關重要。

4. DEX Liquidity Depth

4。 DEX流動性深度

Liquidity in AMM pools is frequently overlooked. But in practice, slippage risk can derail large trades and stifle activity. Building deep, resilient DEX liquidity is a prerequisite for any serious DeFi ecosystem.

AMM池中的流動性經常被忽略。但是實際上，滑倒風險會使大型交易和扼殺活動脫軌。建立深層，有彈性的DEX流動性是任何嚴重的偏見生態系統的先決條件。

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