分散的金融（DEFI）需要現實檢查

協議通過令牌排放量追逐增長，這些排放有望讓人眼前一亮的年百分比（APY）（APY）

Decentralized finance (DeFi) protocols have chased growth through token emissions and promised annual percentage yields (APYs) for years, only to watch liquidity evaporate when incentives dry up. This strategy has left protocols in a vicious cycle of chasing mercenary capital, which is used to create artificial ecosystems that are doomed to collapse.

分散的金融（DEFI）方案已通過令牌排放來追逐增長，並承諾每年的年收益百分比（APY）多年，只是觀察激勵措施枯竭時流動性蒸發。該策略將協議留在了追逐僱傭資本的惡性循環中，該協議用於創建注定要崩潰的人工生態系統。

Launch a governance token, distribute it generously to liquidity providers to boost total value locked (TVL), celebrate the growth metrics and watch helplessly as yield farmers withdraw their capital and move to the next hot protocol. At least, that's how the last few years of DeFi played out.

啟動治理令牌，將其慷慨地分發給流動性提供商，以提高鎖定的總價值（TVL），慶祝增長指標，並無助地註視著屈服農民撤回資本並轉移到下一個熱門協議。至少，這就是Defi的最後幾年的表現。

But perhaps there's a better way to approach value creation and capital efficiency.

但是，也許有一種更好的方法來實現價值創造和資本效率。

DeFi protocols need to shift from extractive to regenerative economic models, and protocol-owned liquidity represents one of the most promising approaches to solving this problem. Rather than renting liquidity through emissions, protocols can build permanent capital bases that generate sustainable returns.

DEFI協議需要從提取性轉向再生經濟模型，而協議擁有的流動性代表了解決此問題的最有希望的方法之一。協議不是通過排放來租用流動性，而可以建立永久的資本基礎，從而產生可持續的回報。

When protocols own their liquidity, they become more resistant to capital flight during market downturns. They can generate consistent fee revenue that flows back to the protocol rather than temporary liquidity providers. Most importantly, they can create sustainable yield derived from actual economic activity rather than token inflation.

當協議擁有其流動性時，它們在市場下滑期間對資本飛行的抵抗力更具抵抗力。他們可以產生一致的費用收入，該收入流回協議，而不是臨時流動性提供者。最重要的是，它們可以創造出源自實際的經濟活動而不是代幣通貨膨脹的可持續收益。

Bridged assets usually sit there and don't contribute much toward the liquidity potential of connected blockchains. Through staking the bridge, assets in the bridge are redeployed into low-risk, yield-bearing strategies on Ethereum, which are used to bankroll boosted yields. This allows protocols to align participant incentives with long-term health, and it's a boost to capital efficiency.

橋接的資產通常坐在那裡，對連接區塊鏈的流動性潛力做出了很大的貢獻。通過鋪設橋樑，橋樑中的資產被重新部署為以太坊的低風險，承重的策略，這些策略用於增加產量。這使協議可以使參與者的激勵措施與長期健康狀況保持一致，這可以提高資本效率。

For DeFi to mature, protocols must prioritize real yield — returns generated from actual revenue rather than token emissions. This means developing products and services that create genuine user value and capture a portion of that value for the protocol and its long-term stakeholders.

為了使FEFI到成熟，協議必須優先考慮實際收益率 - 從實際收入而不是令牌排放產生的回報。這意味著開發創造真正的用戶價值的產品和服務，並為協議及其長期利益相關者捕獲該價值的一部分。

While sustainable yield models typically produce lower initial returns than emissions-based approaches, these returns are sustainable. Protocols engaging in this shift will build resilient foundations rather than chasing vanity metrics.

儘管可持續產量模型通常比基於排放的方法產生的初始回報較低，但這些回報是可持續的。參與這一轉變的協議將建立彈性基礎，而不是追逐虛榮心指標。

The alternative is continuing a cycle of boom-and-bust that undermines credibility and prevents mainstream adoption. DeFi cannot fulfill its promise of revolutionizing finance while relying on unsustainable economic models.

替代方案是繼續進行繁榮和破壞的循環，該循環破壞了信譽並防止主流採用。 Defi在依靠不可持續的經濟模式的同時無法實現其革命財務的承諾。

Instead of burning through tokens to buy time, protocols should be investing in long-term growth initiatives. This includes funding core development, improving security and expanding into new markets.

協議不應投資長期增長計劃，而不是燃燒以購買時間來購買時間。這包括資助核心開發，提高安全性並擴展到新市場。

To conclude, protocols that do this will amass treasuries designed to weather market cycles rather than deplete during downturns. They'll generate a yield from providing real utility rather than printing tokens. They'll prioritize building mindshare and mindshare will come through delivering value.

總而言之，執行此操作的協議將積累旨在天氣市場週期而不是在衰退期間耗盡的國庫。他們將通過提供真實的實用程序而不是打印代幣產生收益。他們將優先考慮建立思想和思維方式，並通過實現價值來實現。

This evolution requires a collective mindset shift from DeFi participants. Investors need to recognize the difference between sustainable and unsustainable yield. Builders need to design tokenomics that reward long-term alignment rather than short-term speculation. And users need to understand the true source of their returns.

這種演變需要集體的思維方式與Defi參與者的轉變。投資者需要認識到可持續和不可持續的收益率之間的區別。建築商需要設計獎勵長期一致而不是短期投機的代幣學。用戶需要了解其回報的真正來源。

The future of DeFi depends on getting these fundamentals right. It’s time to fix our broken yield model before we repeat the mistakes of the past.

Defi的未來取決於正確的基本面。現在是時候在重複過去的錯誤之前修復我們破裂的收益模型了。