隨著貨幣互聯網的成熟，DeFi 將迎來「圍牆花園」時刻：dYdX 的 D'Haussy

dYdX 基金會的執行長認為 20 世紀 90 年代的網路與當今的去中心化金融 (DeFi) 有相似之處。

The CEO of the dYdX Foundation sees parallels between the internet of the 1990s and where Decentralized Finance (DeFi) is today.

dYdX 基金會的執行長認為 20 世紀 90 年代的網路與當今的去中心化金融 (DeFi) 有相似之處。

Regulations and increasing demand for consolidated products could propel growth in the niche decentralized finance sector (DeFi), one that’s stuck in a market lull in the past year but could have its “internet” moment as retail offerings grow.

監管和對整合產品不斷增長的需求可能會推動利基去中心化金融領域（DeFi）的增長，該領域在過去一年陷入市場平靜，但隨著零售產品的增長，可能會迎來“互聯網”時刻。

That’s the view held by Charles D’Haussy, CEO of the dYdX foundation, which supports the development of the onchain perpetual trading protocol dYdX – one of the first such platforms that currently boasts $266 million in locked value, according to DeFi Llama data, and has a $674 million market capitalization by token value.

這是dYdX 基金會執行長Charles D'Haussy 所持的觀點，該基金會支持鏈上永續交易協議dYdX 的開發，根據DeFi Llama 的數據，dYdX 是首批此類平台之一，目前擁有2.66 億美元的鎖定價值。

D’Haussy spoke to CoinDesk at the sidelines of the Hong Kong Fintech Week earlier this week, predicting growth in the DeFi market to be similar to the internet’s recent years - where people interact mainly using application instead of web explorers or browsers.

D'Haussy 在本週早些時候的香港金融科技週間隙接受 CoinDesk 採訪，預測 DeFi 市場的增長將類似於近年來互聯網的增長——人們主要使用應用程序而不是網絡瀏覽器或瀏覽器進行交互。

"The internet, in my opinion, is becoming the split internet, with walled gardens…People don’t go to web explorers; they go into apps,” he said in an interview with CoinDesk. "The internet’s evolution into silos shows a massive change in how web products are distributed, and DeFi needs to follow users into these spaces."

他在接受 CoinDesk 採訪時表示：「在我看來，互聯網正在成為分裂的互聯網，帶有圍牆花園……人們不再使用網絡瀏覽器，而是使用應用程式。互聯網向孤島的演變表明，網絡產品的分發方式發生了變化，而DeFi 需要跟隨用戶進入這些領域。

D’Haussy sees parallels between the regulatory evolution of the internet and DeFi.

D'Haussy 認為網路和 DeFi 的監管演變有相似之處。

In the 1990s, regulators struggled to understand and control the decentralized nature of the internet, seeking a "CEO of the internet" that didn’t exist, and eventually shifted focus to regulating access providers like AOL and ISPs, he explained.

他解釋說，在20 世紀90 年代，監管機構努力理解和控制互聯網的去中心化性質，尋找一個並不存在的“互聯網首席執行官”，並最終將重點轉向監管AOL 和ISP 等接入提供商。

While DeFi operates as an open, unpredictable financial ecosystem without central control, regulators will not target the protocols themselves but will instead focus on centralized finance (CeFi) platforms and other gateways as points of regulation, he argued.

他認為，雖然 DeFi 作為一個開放、不可預測的金融生態系統運行，沒有中央控制，但監管機構不會針對協議本身，而是將重點放在中心化金融（CeFi）平台和其他網關作為監管點。

“The distribution of DeFi is evolving. CeFi could fill the gaps by providing a bridge for users who want decentralized options within regulatory limits. When Binance or another exchange enables a non-custodial wallet, it lets users do more with DeFi than CeFi regulations alone allow,” D’Haussy said.

「DeFi 的分佈正在不斷發展。 CeFi 可以為想要在監管限制內實現去中心化選擇的用戶提供一座橋樑，從而填補這一空白。當幣安或其他交易所啟用非託管錢包時，它可以讓用戶使用 DeFi 做比 CeFi 法規單獨允許的更多事情。

And once the market figures out how to integrate CeFi and DeFi, working out the regulatory and technical challenges, we’ll have the future of finance, he concluded. Where will this happen? Probably in Hong Kong – one of crypto’s most strategic and important hubs.

他總結道，一旦市場弄清楚如何整合 CeFi 和 DeFi，解決監管和技術挑戰，我們將擁有金融的未來。這會在哪裡發生？可能在香港——加密貨幣最具戰略意義和最重要的中心之一。