DeFi 市場反彈：安全性與收益推動成長

DeFi 市場的信心和流動性正在復蘇，75% 的資金池提供 0-5% 的保守 APY。質押在 DeFi 中佔據主導地位，佔 TVL 的 80%，而貸款行業則在尋求更高回報的交易者的推動下迎來復甦。由於對無常損失的擔憂，去中心化交易所面臨溫和的成長，但資本效率的進步和「穩定」資金池的興起提供了提高收益和降低風險的潛力。在第 2 層匯總和去信任橋接模型的進步的推動下，橋接領域出現了顯著增長。對收益率組成部分的分析揭示了從基於獎勵的模型向活動驅動的收益率的轉變，這表明成熟的 DeFi 市場越來越受到真正的鏈上活動的支撐。

DeFi Market Regains Momentum: Safety and Yield Drive Growth

DeFi市場重拾動力：安全性與收益驅動成長

In a resounding resurgence of confidence, the decentralized finance (DeFi) market is witnessing a significant increase in liquidity and investor interest. Driven by a newfound emphasis on security and predictability, 75% of funds within DeFi pools now reside in conservative investments offering annual percentage yields (APYs) between 0-5%. This cautious approach, particularly evident in Ethereum staking pools, highlights investors' preference for stable and reliable returns.

隨著信心的徹底復甦，去中心化金融（DeFi）市場的流動性和投資者興趣顯著增加。在對安全性和可預測性的新重視的推動下，目前 DeFi 池中 75% 的資金屬於保守投資，年收益率 (APY) 在 0-5% 之間。這種謹慎的態度在以太坊質押池中尤其明顯，凸顯了投資人對穩定可靠報酬的偏好。

In a positive sign of recovery, the total value locked (TVL) in yield-generating DeFi protocols has surged from $26.5 billion in Q3 2023 to $59.7 billion in Q1 2024. This growth signals a renewed appetite for DeFi investments and a burgeoning sense of optimism among market participants.

產生收益的DeFi 協議的鎖定總價值(TVL) 已從2023 年第三季的265 億美元飆升至2024 年第一季的597 億美元，這是復甦的積極跡象。這種增長表明人們對DeFi 投資的興趣重新燃起，樂觀情緒日益高漲。市場​​參與者之間。

Staking Emerges as a Growth Engine

質押成為成長引擎

Staking, the process of safeguarding networks and validating blockchain transactions, has emerged as a cornerstone of DeFi's growth. Sparked by Ethereum's transition to Proof-of-Stake, the amount of staked Ether has doubled since the Merge, reflecting its growing importance within the DeFi ecosystem. Staking currently accounts for an impressive 80% of the TVL, underscoring its significance in driving DeFi's expansion.

質押是保護網路和驗證區塊鏈交易的過程，已成為 DeFi 成長的基石。在以太坊向權益證明過渡的推動下，自合併以來質押的以太幣數量翻了一番，反映出其在 DeFi 生態系統中日益重要的重要性。目前，質押佔 TVL 的比例高達 80%，凸顯了其在推動 DeFi 擴張方面的重要性。

Reststaking, facilitated by platforms like EigenLayer, has further bolstered staking's popularity. By allowing users to utilize their staked Ether to secure additional networks, restaking offers the potential for increased profits and risk diversification. EigenLayer's rapid ascent, with its TVL exceeding $12 billion, testifies to the interest in alternative staking options and investors' eagerness to maximize returns.

在 EigenLayer 等平台的推動下，再質押進一步提高了質押的受歡迎程度。透過允許用戶利用他們質押的以太幣來保護額外的網絡，重新質押提供了增加利潤和分散風險的潛力。 EigenLayer 的快速崛起，其 TVL 超過 120 億美元，證明了人們對替代性質押選擇的興趣以及投資者渴望最大化回報的渴望。

Revival in DeFi Lending

DeFi 借貸的復興

The DeFi lending sector is experiencing a renaissance, fueled by a risk-on sentiment and the pursuit of higher yield. Platforms like Aave and Compound are witnessing a resurgence in stablecoin borrowing rates, reaching double digits – a stark contrast to the subdued rates prevalent during the bear market. This uptrend is driven by traders leveraging stablecoins against their assets to explore DeFi opportunities while maximizing returns.

在風險偏好情緒和追求更高收益的推動下，DeFi 借貸產業正在經歷復興。 Aave和Compound等平台的穩定幣借貸利率正在復蘇，達到兩位數——與熊市期間普遍低迷的利率形成鮮明對比。這一上升趨勢是由交易者利用穩定幣與其資產來探索 DeFi 機會，同時實現最大回報所推動的。

Challenges and Opportunities in Market Making

做市的挑戰與機遇

Decentralized exchanges (DEXs) have experienced moderated growth, hampered by concerns over impermanent loss and its negative portrayal in the media. However, advancements in capital efficiency, notably the concentrated liquidity model, provide avenues for higher yields with lower capital requirements. Additionally, the rise of "stable" pools, which pair pegged assets to reduce volatility, demonstrates the ongoing adaptation and evolution within the DeFi market.

由於對無常損失的擔憂及其媒體的負面描述，去中心化交易所（DEX）的成長放緩。然而，資本效率的進步，特別是集中流動性模型，為以較低的資本需求獲得更高的收益率提供了途徑。此外，「穩定」池的興起，透過與錨定資產配對來減少波動性，表明 DeFi 市場正在不斷適應和演變。

Bridging Sector Gains Traction

橋樑產業受到關注

The bridging sector has witnessed substantial growth, propelled by the emergence of Layer 2 rollups and advancements in trustless bridging models. Third-party bridging protocols like Across and Synapse have capitalized on these developments, offering more secure and profitable bridging solutions. The evolution towards trustless models signifies a maturation in the bridging sector, promising a more integrated and efficient DeFi ecosystem.

在 Layer 2 Rollup 的出現和去信任橋接模型的進步的推動下，橋接領域出現了大幅成長。 Across 和 Synapse 等第三方橋接協定已經利用了這些發展，提供了更安全、更有利可圖的橋接解決方案。向去信任模型的演進標誌著橋接領域的成熟，有望形成更整合和高效的 DeFi 生態系統。

Shift Towards Activity-Driven Yields

轉向活動驅動的收益率

An analysis of yield components reveals a shift away from reward-based models towards activity-driven yields. This transition signals a maturing DeFi market, increasingly sustained by real on-chain activity. While incentives remain important for attracting new users and investments, the DeFi ecosystem is evolving towards a more complex and sophisticated yield structure.

對收益率組成部分的分析揭示了從基於獎勵的模型轉變為活動驅動的收益率的轉變。這一轉變標誌著 DeFi 市場日趨成熟，並且越來越多地受到真正的鏈上活動的支撐。雖然激勵措施對於吸引新用戶和投資仍然很重要，但 DeFi 生態系統正在朝著更複雜和完善的收益結構發展。

Conclusion

結論

The DeFi market is undergoing a profound transformation, characterized by a return to stability and a quest for yield. With a focus on safety, investors are gravitating towards conservative investments, while staking and restaking emerge as key drivers of growth. The lending sector is experiencing a resurgence, and bridging solutions are becoming more efficient and secure. Despite challenges in market making, the DeFi market is poised for continued growth and innovation. As the ecosystem matures, activity-driven yields and a shift towards real on-chain activity will shape the future of DeFi.

DeFi 市場正在經歷一場深刻的變革，其特點是回歸穩定和追求收益。由於注重安全性，投資者傾向於保守投資，而質押和再質押則成為成長的關鍵驅動力。貸款產業正在復甦，過渡解決方案也變得更有效率和安全。儘管做市面臨挑戰，但 DeFi 市場仍有望持續成長和創新。隨著生態系統的成熟，活動驅動的收益和向真正的鏈上活動的轉變將塑造 DeFi 的未來。