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毫不奇怪,中心化產品和新興的 DeFi 專案正在牛市中調整其年收益率(APY)。
Cryptocurrency bull markets are typically characterized by a surge in investment opportunities, each promising astronomical returns. As bitcoin’s price continues to rise, it’s no surprise that both centralized exchanges and nascent decentralized finance (DeFi) protocols are advertising annual percentage yields (APYs) that are sure to turn heads.
加密貨幣多頭市場的典型特徵是投資機會激增,每個投資機會都有望帶來天文數字的回報。隨著比特幣價格持續上漲,中心化交易所和新興的去中心化金融(DeFi)協議都在宣傳肯定會引起人們關注的年收益率(APY)也就不足為奇了。
However, it’s crucial to approach these offers with a clear understanding of the risks involved and a realistic perspective on what bitcoin itself can offer.
然而,在清楚了解所涉及的風險並對比特幣本身可以提供什麼有現實的看法的情況下,對待這些報價至關重要。
Bitcoin, being a proof-of-work (PoW) asset, does not generate any native yield. This is in contrast to proof-of-stake (PoS) assets like ETH or SOL, which offer a passive return for simply holding the token.
比特幣作為一種工作量證明(PoW)資產,不會產生任何原生收益。這與 ETH 或 SOL 等權益證明 (PoS) 資產形成鮮明對比,後者只需持有代幣即可提供被動回報。
Despite bitcoin’s lack of inherent yield, centralized services are able to generate a passive return for their customers by engaging in activities such as proprietary trading or lending out customers’ deposits. For example, M2, WireX and CoinHold offer a modest 8% APY on bitcoin. This rate can be further increased to 15% on centralized platforms like EarnPark.
儘管比特幣缺乏固有收益,但中心化服務能夠透過自營交易或借出客戶存款等活動為客戶帶來被動回報。例如,M2、WireX 和 CoinHold 提供 8% 的比特幣年利率。在EarnPark等中心化平台上,這一比例可以進一步提高到15%。
It’s important to note that these APYs cannot be directly compared to fiat benchmarks like the US prime rate, which currently stands at 8%. Additionally, unlike PoS assets, holding BTC does not generate a passive yield in the form of more BTC.
值得注意的是,這些 APY 無法直接與美國最優惠利率等法定基準進行比較,目前美國最優惠利率為 8%。此外,與 PoS 資產不同,持有 BTC 不會產生更多 BTC 形式的被動收益。
For speculators seeking APYs in excess of 15%, there are even more degenerate yields on bitcoin available through less conventional offerings.
對於尋求超過 15% 的年化收益率的投機者來說,透過不太傳統的產品可以獲得更高的比特幣收益率。
Looping up yields through bitcoin-themed DeFi
透過以比特幣為主題的 DeFi 提高收益率
For those willing to engage in a complex and risky chain of protocols, bitcoin investors can earn outsized returns if everything goes according to plan.
對於那些願意參與複雜且有風險的協議鏈的人來說,如果一切按計劃進行,比特幣投資者可以獲得巨額回報。
By daisy-chaining a series of protocols — including Ethereum, ZeroLend, Lombard, Contango and Babylon — bitcoin investors can earn a 61% APR, which is currently denominated in a bitcoin-branded token called Lombard BTC, which is pegged to BTC and currently trades at nearly the same price.
透過菊花鏈一系列協議——包括以太坊、ZeroLend、Lombard、Contango 和Babylon——比特幣投資者可以獲得61% 的年利率,目前以名為Lombard BTC 的比特幣品牌代幣計價,該代幣與BTC 掛鉤,目前以幾乎相同的價格進行交易。
This setup essentially allows bitcoin holders to earn a high yield on their BTC without having to sell it or engage in any active trading strategies. However, it’s important to note that the risks of this strategy are also significantly amplified.
這種設定本質上允許比特幣持有者從他們的比特幣中獲得高收益,而無需出售它或參與任何活躍的交易策略。然而,值得注意的是,這種策略的風險也被顯著放大。
While the US dollar offers a risk-free interest rate of 4.53%, there is no such risk-free interest rate for BTC. Despite this, both conventional custodians and DeFi platforms are offering APRs and APYs that start in the high-single digits and reach into the high-double digits for bitcoin speculators.
雖然美元提供 4.53% 的無風險利率,但 BTC 卻沒有這樣的無風險利率。儘管如此,傳統託管機構和 DeFi 平台都為比特幣投機者提供從高個位數開始到高兩位數的年利率和年利率。
But as history has shown — with examples like Celsius, Voyager, Gemini Earn and other catastrophes — investors should never forget that high-yield bitcoin scams often come with the grave risk of total loss.
但正如歷史所表明的那樣——Celsius、Voyager、Gemini Earn和其他災難等例子——投資者永遠不應該忘記,高收益的比特幣騙局往往伴隨著完全損失的嚴重風險。
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