比特幣漲勢降溫之際，DeFi 山寨幣飆升，標誌著加密市場範式轉變

隨著比特幣和以太幣的漲勢減弱，投資者開始關注替代代幣，尤其是來自 DeFi 子行業的代幣。多個 DeFi 代幣本週出現兩位數漲幅，包括 0x (ZRX)、aave (AAVE) 和maker (MKR)。這一增長歸因於多種因素，包括比特幣勢頭的降溫以及新 DeFi 項目即將發布。基於以太坊的去中心化交易所0x的升級以及主要去中心化交易所交易量的增加也促成了這一激增。然而，這種成長與先前的「替代季節」不同，分析師認為 DeFi 的潛力不僅限於流動性挖礦的高收益，這預示著其長期成長前景。

DeFi Altcoins Surge Amid Bitcoin's Cooling Rally: A Paradigm Shift in Cryptocurrency Markets

比特幣漲勢降溫之際，DeFi 山寨幣飆漲：加密貨幣市場的典範轉移

As the once-meteoric rise of Bitcoin and Ethereum plateaus, investors are turning their attention toward alternative cryptocurrencies, particularly those from the decentralized finance (DeFi) sector. This pivot has sparked a noticeable rally in multiple DeFi tokens, defying the broader market trend.

隨著比特幣和以太坊一度迅速崛起的停滯期，投資人正將注意力轉向替代加密貨幣，尤其是來自去中心化金融（DeFi）領域的加密貨幣。這一轉向引發了多種 DeFi 代幣的顯著反彈，違背了大盤趨勢。

Leading the charge is 0x (ZRX), aave (AAVE), and maker (MKR), each posting double-digit gains in the past 24 hours. At the time of writing, 0x was trading at $0.52, up by a remarkable 20.42%, while Maker's value had surged by nearly 160% year-to-date.

領先的是 0x (ZRX)、aave (AAVE) 和maker (MKR)，它們在過去 24 小時內均取得了兩位數的漲幅。截至撰寫本文時，0x 的交易價格為 0.52 美元，漲幅高達 20.42%，而 Maker 的價值今年迄今已飆升近 160%。

Industry analysts attribute this surge to several key factors. Ryan Watkins, research analyst at Messari, points to the cooling momentum in Bitcoin, providing DeFi tokens with room to breathe. Additionally, a flurry of exciting new releases in the DeFi ecosystem over the next two weeks has generated further momentum.

產業分析師將這種激增歸因於幾個關鍵因素。 Messari 研究分析師 Ryan Watkins 指出，比特幣的降溫勢頭為 DeFi 代幣提供了喘息的空間。此外，未來兩週 DeFi 生態系統中一系列令人興奮的新版本也產生了進一步的動力。

0x, an Ethereum-based decentralized exchange, recently announced its version 4 upgrade plan. This upgrade promises new customizable modules capable of executing trades seamlessly and optimizing gas efficiency. The vote for the upgrade is scheduled for January 16th, fueling anticipation among traders.

基於以太坊的去中心化交易所0x近日宣布了第4版升級計畫。此次升級預計將提供新的客製化模組，能夠無縫執行交易並優化燃氣效率。升級投票定於 1 月 16 日舉行，引發了交易者的期待。

Trading volumes on major decentralized exchanges have also witnessed a surge, growing by 95% to reach approximately $37.58 billion in the past month, according to data from Dune Analytics. On FTX, a leading derivatives exchange, perpetual futures for their DeFi index were also trading near their all-time high at press time.

根據 Dune Analytics 的數據，主要去中心化交易所的交易量也出現激增，過去一個月成長了 95%，達到約 375.8 億美元。在領先的衍生性商品交易所 FTX 上，截至發稿時，其 DeFi 指數的永續期貨交易價格也接近歷史高點。

However, this resurgence of DeFi tokens differs from previous alt seasons, such as the one that followed Bitcoin's bull run in 2017 or the "DeFi summer" boom fueled by excessive hype around high yields from liquidity mining. Peter Chan, lead trader for crypto trading firm OneBit Quant, believes there are no particularly exciting new projects attracting significant liquidity to altcoins.

然而，這次DeFi 代幣的復甦與之前的山寨幣季節有所不同，例如2017 年比特幣牛市之後的山寨幣季節，或者因流動性挖礦高收益的過度炒作而引發的“DeFi 夏季”熱潮。加密貨幣交易公司 OneBit Quant 的首席交易員 Peter Chan 認為，沒有特別令人興奮的新項目為山寨幣吸引大量流動性。

Instead, the current growth in DeFi has led many to question whether it will evolve into something far more substantial than merely a source of high returns through "yield farming." In an op-ed published by the Financial Times, Brian Brooks, the outgoing acting head of the U.S. Office of the Comptroller of the Currency (OCC), argued that "self-driving banks" could potentially become mainstream before self-driving cars.

相反，當前 DeFi 的成長讓許多人質疑它是否會演變成比僅僅透過「流動性挖礦」獲得高回報的來源更重要的東西。在英國《金融時報》發表的一篇專欄文章中，即將離任的美國貨幣監理署（OCC）代理局長布萊恩·布魯克斯（Brian Brooks）認為，「自動駕駛銀行」有可能在自動駕駛汽車之前成為主流。

Watkins believes that the DeFi sector is poised for continued growth and maturation. He anticipates increased adoption of layer 2 solutions, more interoperability between protocols, and cross-chain DeFi projects. Such fundamental improvements could drive long-term price growth for DeFi tokens.

Watkins 認為 DeFi 領域有望持續成長和成熟。他預計第 2 層解決方案的採用會增加，協定之間的互通性將增強，跨鏈 DeFi 專案也會增加。這種根本性的改善可能會推動 DeFi 代幣的長期價格成長。

This renewed interest in DeFi altcoins suggests a shift in investor sentiment. As Bitcoin's dominance wanes, investors are recognizing the potential of decentralized financial services, paving the way for a more diverse and dynamic cryptocurrency landscape.

人們對 DeFi 山寨幣重新產生興趣表明投資者情緒發生了轉變。隨著比特幣的主導地位減弱，投資者正在認識到去中心化金融服務的潛力，為更多樣化和動態的加密貨幣格局鋪平了道路。