DeFi Vault：徹底改變自動化資產管理

DeFi 金庫正在徹底改變自動化資產管理，改變投資者在加密市場中最大化機會的方式。自2020年首次亮相以來，Yearn Finance和Compound等去中心化金融利基市場已利用智慧合約生態系統透過創新策略來優化回報。

DeFi Vaults: The Next Chapter in Automated Asset Management

DeFi 金庫：自動化資產管理的新篇章

How Far Have DeFi Vaults Come?

DeFi 金庫已經走了多遠？

Decentralized Finance (DeFi) vaults have emerged as a lucrative asset management tool for investors seeking to maximize crypto market opportunities. These DeFi niches gained popularity in the summer of 2020 when protocols like Yearn Finance, MakerDAO, and Compound debuted automated yield-bearing products. Most DeFi vaults today leverage automated smart contract ecosystems and algorithms to optimize returns through various strategies.

對於尋求最大化加密貨幣市場機會的投資者來說，去中心化金融（DeFi）金庫已成為一種利潤豐厚的資產管理工具。這些 DeFi 利基市場在 2020 年夏天受到歡迎，當時 Yearn Finance、MakerDAO 和 Compound 等協議推出了自動化收益產品。如今，大多數 DeFi 金庫都利用自動化智慧合約生態系統和演算法，透過各種策略來優化回報。

From Yield Farming to Complex Financial Products

從流動性挖礦到複雜的金融產品

DeFi vaults have evolved from simple yield farming vaults to offer more sophisticated multi-layered strategies. Yearn Finance, a pioneer in DeFi vaults, introduced the era of yield farming, allowing crypto users to invest hands-off. MakerDAO, around the same time, launched lending and borrowing vaults, enabling DeFi users to use their digital assets as collateral to mint DAI stablecoins. Today, DeFi vaults encompass a wide range of financial products, including options and undercollateralized lending.

DeFi 金庫已經從簡單的流動性挖礦金庫發展成為提供更複雜的多層策略。 Yearn Finance 是 DeFi 金庫的先驅，引入了流動性耕作時代，讓加密貨幣用戶可以不受干擾地進行投資。 MakerDAO 大約在同一時間推出了借貸金庫，使 DeFi 用戶能夠使用其數位資產作為抵押品來鑄造 DAI 穩定幣。如今，DeFi 金庫涵蓋了廣泛的金融產品，包括選擇權和抵押不足貸款。

Challenges of Early-Generation DeFi Vaults

早期 DeFi 金庫面臨的挑戰

Despite their role in propelling the DeFi market, DeFi vaults have faced challenges, primarily related to smart contracts and volatility. Lending vaults like MakerDAO require collateral, but sudden price drops can lead to liquidations. In March 2020, the infamous Black Thursday saw $6.65 million in collateral liquidated when ETH's price plummeted. Yearn Finance also suffered an exploit in which attackers made off with $11 million due to a misconfiguration.

儘管 DeFi 金庫在推動 DeFi 市場方面發揮了重要作用，但它也面臨著挑戰​​，主要與智能合約和波動性有關。像 MakerDAO 這樣的借貸金庫需要抵押品，但價格突然下跌可能會導致清算。 2020 年 3 月，臭名昭著的黑色星期四，ETH 價格暴跌，665 萬美元的抵押品被清算。 Yearn Finance 還遭受了一次攻擊，攻擊者因配置錯誤而盜取了 1100 萬美元。

The Future of DeFi Vaults

DeFi 金庫的未來

DeFi vaults continue to evolve to address these challenges and drive innovation. They are expanding beyond crypto markets into traditional assets through Real World Asset (RWA) tokenization. MANTRA Finance, for example, is developing a multi-asset ecosystem that will provide access to single-asset and multi-asset vaults. MakerDAO has also seen 80% of its fee revenue over the past year come from its RWA portfolio.

DeFi 金庫不斷發展以應對這些挑戰並推動創新。他們正在透過真實世界資產（RWA）代幣化從加密市場擴展到傳統資產。例如，MANTRA Finance 正在開發一個多資產生態系統，該生態系統將提供對單一資產和多資產金庫的存取。 MakerDAO 在過去一年 80% 的費用收入來自其 RWA 組合。

Beyond RWAs

超越 RWA

While RWAs offer potential, DeFi vaults must address other concerns to shape the next era of automated asset management. Security and volatility issues stemming from technical or fundamental shortcomings require attention. Upcoming and existing DeFi vaults must prioritize these aspects to define the future of digital asset management.

雖然 RWA 具有潛力，但 DeFi 金庫必須解決其他問題，以塑造下一個自動化資產管理時代。由於技術或基本面缺陷而產生的安全性和波動性問題需要關注。即將到來的和現有的 DeFi 金庫必須優先考慮這些方面，以定義數位資產管理的未來。