DeFi 即將迎來轉機嗎？儘管今年價格表現不佳，但該行業基本面強勁

金融作為一個行業，今年價格表現不佳，但生態系統基本面強勁，這讓一些人猜測 DeFi 是否會迎來轉機。

While decentralized finance (DeFi) tokens have largely underperformed BTC and ETH throughout 2024, the underlying fundamentals remained strong with resilient DeFi activity.

儘管 2024 年去中心化金融 (DeFi) 代幣的表現在很大程度上落後於 BTC 和 ETH，但由於 DeFi 活動富有彈性，其基本面仍然強勁。

MakerDAO (CRYPTO: MKR) and JTO, a different governance token for Solana’s leading liquid staking provider Jito, have both appreciated by about 24.8% so far in 2024. Leading the pack was AERO, the native token for Aerodrome, the largest decentralized exchange on Coinbase-incubated L2 Base, which has skyrocketed by almost 1,300%.

MakerDAO（加密貨幣：MKR）和JTO（Solana 領先的流動性質押提供商Jito 的另一種治理代幣）在2024 年迄今均升值了約24.8%。 ，Aerodrome 是全球最大的去中心化交易所。

On the other hand, LDO, the governance token for the dominant liquid staking provider Lido, has fallen 63.0%, from $2.92 on Jan. 1 to $1.08 at presstime, while CRV, the cryptocurrency that governs popular venue to swap stablecoins Curve Finance, has declined about 50.9%.

另一方面，LDO（主要流動性質押提供者Lido 的治理代幣）已下跌63.0%，從1 月1 日的2.92 美元跌至截至發稿時的1.08 美元，而CRV（管理流行的穩定幣交換場所Curve Finance 的加密貨幣）則下跌了63.0%。

Here’s a look at how some of the top DeFi tokens have fared in 2024:

以下是一些頂級 DeFi 代幣在 2024 年的表現：

The overall weak price performance of DeFi tokens stems in part from the challenges for the tokenomic models of smart contract protocols. DeFi projects are still fine-tuning their mechanisms for distributing value to token holders.

DeFi 代幣整體疲軟的價格表現部分源自於智慧合約協議的代幣經濟模型所面臨的挑戰。 DeFi 專案仍在微調其向代幣持有者分配價值的機制。

For instance, MakerDAO is overhauling its ecosystem with its Endgame launch, and is expected to introduce a new stablecoin, governance token, and sub-DAOs among other changes.

例如，MakerDAO 正在透過其 Endgame 的發布徹底改革其生態系統，預計將推出新的穩定幣、治理代幣和子 DAO 等變化。

Aave also passed a snapshot governance vote ten days ago aimed at creating “a clear path and roadmap related to the protocol ‘fee switch,’” which is intended to increase the utility of Aave’s token by enabling it to collect rewards from the protocol’s revenue.

Aave 十天前還通過了一次快照治理投票，旨在創建“與協議'費用轉換'相關的清晰路徑和路線圖”，旨在通過使其能夠從協議收入中收取獎勵來提高Aave 代幣的效用。

Meanwhile, the U.S. Securities and Exchange Commission has implied in a lawsuit against Ethereum software provider Consensys that Lido’s flagship product, stETH, is an unregistered security. A different lawsuit, initially filed last year in the US District Court for the Northern District of California, claims the protocol’s governance token, LDO, is also a security that hasn’t been registered with the SEC.

同時，美國證券交易委員會在針對以太坊軟體供應商 Consensys 的訴訟中暗示，Lido 的旗艦產品 stETH 是未註冊的證券。另一項訴訟最初於去年向美國加州北區地方法院提起，聲稱該協議的治理代幣 LDO 也是尚未在 SEC 註冊的證券。

Some have also pointed to the zero-sum relationship between DeFi and the ongoing memecoin frenzy, where resources such as attention and capital are split between the two.

有些人還指出 DeFi 與正在進行的 memecoin 狂熱之間的零和關係，注意力和資本等資源在兩者之間分配。

“DeFi bottoming out would require the memecoin cycle coming to an end, which I’m not sure when it’s going to happen,” Paul Vaden, a core contributor for the Lyra Foundation tasked with developing derivatives trading platform Lyra, told Unchained in a text message.

“DeFi bottoming out would require the memecoin cycle coming to an end, which I'm not sure when it's going to happen,” Paul Vaden, a core contributor for the Lyra Foundation tasked with developing derivatives trading platform Lyra, told Unchained in a text訊息.

Pump.Fun, a platform that enables people to create and gamble memecoins, is the 8th highest-fee-generating crypto project in the past 30 days, amassing $28.57 million ahead of Aave, Maker, Aerodrome, and Curve Finance, data from DefiLlama shows.

DefiLlama 的數據顯示，Pump.Fun 是一個讓人們能夠創建和賭博 memecoin 的平台，是過去 30 天內產生費用第八高的加密項目，籌集了 2857 萬美元，領先於 Aave、Maker、Aerodrome 和 Curve Finance。 。

However, according to the Alt Season Index, which tracks the percentage of the top 50 cryptocurrencies that outpaced BTC in the last 90 days, AAVE is the only DeFi token that has performed better.

然而，根據追蹤過去 90 天內超過 BTC 的前 50 種加密貨幣百分比的 Alt Season 指數，AAVE 是唯一表現更好的 DeFi 代幣。

“Despite the tokens of many DeFi projects underperforming BTC and ETH throughout 2024, the underlying fundamentals remained strong with resilient DeFi activity,” Toe Bautista, Research Analyst at crypto market maker GSR, told Unchained via email.

加密貨幣做市商 GSR 研究分析師 Toe Bautista 透過電子郵件告訴 Unchained：“儘管許多 DeFi 專案的代幣在 2024 年表現遜色於 BTC 和 ETH，但 DeFi 活動具有彈性，其基本面仍然強勁。”

“For example, Q2 DEX volumes reached $520 billion, outstanding borrows hit yearly highs of $16 billion in July, and the cumulative stablecoin market cap increased 28% year-to-date. Moreover, DeFi has gained market share, with the DEX vs. CEX spot volume ratio hitting an all-time high of 14% in July.” Bautista added.

「例如，第二季 DEX 交易量達到 5,200 億美元，7 月未償還借款達到 160 億美元的年度高點，穩定幣累計市值今年迄今成長了 28%。此外，DeFi 的市佔率也不斷增加，7 月 DEX 與 CEX 現貨量比率創下 14% 的歷史新高。包蒂斯塔補充道。

“DeFi as the sector with the strongest product-market fit in crypto reached [a] 3-year low lately relative to global crypto market cap. I expect this to bottom out over the coming months and make a great comeback as we enter a new interest rate cycle,” wrote CEO and founder of venture firm DeFiance Capital Arthur Cheong on X.

「相對於全球加密貨幣市值，DeFi 作為加密貨幣領域產品市場契合度最強的行業，最近跌至 3 年低點。我預計利率將在未來幾個月內觸底，並隨著我們進入新的利率週期而大幅反彈。

On the other hand, “most DeFi tokens are never going back to all-time highs,” Lyra’s Vaden argued. “I’m not really sure when DeFi will bottom, a lot of it still looks unattractive.”

另一方面，「大多數 DeFi 代幣永遠不會回到歷史高點，」Lyra 的 Vaden 認為。 “我不太確定 DeFi 何時會觸底，而且很多看起來仍然沒有吸引力。”

And yet Vaden and GSR’s Bautista pointed out DeFi’s reflexive behavior. “DeFi metrics are super reflexive,” says Vaden. ”As tokens start going up, metrics (volume/TVL/etc) go up and reinforce the narrative, so [there maybe a strong pump if ETH performs well.” In the same vein, Bautista noted that DeFi’s reflexive behavior suggests a potential upside if prices rebound.

然而 Vaden 和 GSR 的 Bautista 指出了 DeFi 的反射行為。 Vaden 表示：“DeFi 指標具有超強的反射性。” 「隨著代幣開始上漲，指標（交易量/TVL/等）也會上漲並強化敘事，因此[如果 ETH 表現良好，可能會有強勁的推動力。”同樣，Bautista 指出，如果價格反彈，DeFi 的反射性行為可能會帶來潛在的上漲空間。

Chris Eberle, a crypto angel investor, told Unchained over Telegram that “If there’s one thing I’ve learned in nearly eight years in crypto, [it’s that]

加密貨幣天使投資人 Chris Eberle 透過 Telegram 告訴 Unchained，「如果說我在近八年的加密貨幣領域學到了一件事的話，[那就是]