DeFi 殖利率飆升，點燃復興希望

DeFi 收益率飆升，超過了傳統投資的回報，並重新引發了人們的興趣。 MakerDAO 的 DAI Savings Rate 提供 15% 的收益率，而像 Ethena Labs 這樣的企業在 DeFi 高風險領域的收益率高達 27%。隨著加密貨幣市場的復甦，這些收益率正在引起人們的關注，讓人回想起 2020 年「DeFi 之夏」的興奮。專家將這種成長歸因於機構對現實世界資產代幣化的需求以及聯準會利率政策的轉變，使得傳統投資的吸引力下降。然而，DeFi 高收益的可持續性仍然是一個爭論的話題，人們擔心市場條件不成熟和不可持續的高貸款價值比。

DeFi Yields Surge Past Traditional Investments, Igniting Hopes of a Renaissance

DeFi 殖利率飆升超越傳統投資，點燃復興的希望

In a striking reversal from the doldrums of 2023, decentralized finance (DeFi) yields have soared, eclipsing returns offered by conventional investments such as U.S. Treasuries. This resurgence has rekindled optimism for a resurgence of DeFi activity, potentially heralding a new "DeFi Summer" akin to the halcyon days of 2020.

與 2023 年的低迷相比，去中心化金融 (DeFi) 的殖利率飆升，超越了美國國債等傳統投資的回報。這種復甦重新點燃了人們對 DeFi 活動復甦的樂觀情緒，有可能預示著類似於 2020 年太平日子的新「DeFi 夏天」。

Yields Skyrocket, Outpacing Treasuries

殖利率飆升，超過國債

MakerDAO's DAI Savings Rate now provides users with a 15% yield, while riskier DeFi corners offer even more tantalizing returns, with Ethena Labs enticing depositors with a 27% return. By contrast, the median DeFi yield languished below 3% for most of 2023, dipping below 2% on several occasions.

MakerDAO 的 DAI Savings Rate 現在為用戶提供 15% 的收益率，而風險較高的 DeFi 角落則提供更誘人的回報，Ethena Labs 則以 27% 的回報吸引儲戶。相較之下，2023 年大部分時間 DeFi 殖利率中位數徘徊在 3% 以下，多次跌破 2%。

According to data from DefiLlama, the current DeFi yield average has jumped to nearly 6%, a significant increase from its recent lows. This surge has surpassed the Secured Overnight Financing Rate (SOFR), the benchmark interest rate used by banks to price U.S. dollar-denominated derivatives and loans, which currently hovers around 5.3%.

根據 DefiLlama 的數據，目前 DeFi 收益率平均已躍升至近 6%，較近期低點大幅上漲。這一飆升已經超過了有擔保隔夜融資利率（SOFR），這是銀行用來為美元計價衍生品和貸款定價的基準利率，目前該利率徘徊在 5.3% 左右。

Institutional Tailwinds Fuel Crypto Bull Market

機構順風推動加密貨幣多頭市

The renewed crypto bull market, which ignited with the arrival of spot bitcoin exchange-traded funds from BlackRock and Fidelity in January, has been bolstered by strong institutional support. Traditional financial firms have also shown keen interest in tokenizing real-world assets, representing ownership of conventional assets via blockchain-traded tokens.

隨著一月份貝萊德和富達的現貨比特幣交易所交易基金的到來，新一輪的加密貨幣牛市得到了強大的機構支持的支撐。傳統金融公司也對現實世界資產代幣化表現出濃厚的興趣，透過區塊鏈交易代幣代表傳統資產的所有權。

DeFi Regains Allure

DeFi 重拾吸引力

Over the past year, fixed-income products have offered competitive yields, prompting firms like JPMorgan, BlackRock, and Ondo Finance to focus their crypto efforts on tokenizing higher-yielding assets such as U.S. Treasuries and money-market funds.

在過去的一年裡，固定收益產品提供了具有競爭力的收益率，促使摩根大通、貝萊德和Ondo Finance 等公司將加密貨幣工作重點放在美國國債和貨幣市場基金等高收益資產的代幣化上。

However, in October, crypto and DeFi sentiment began to shift, as DeFi rates surpassed SOFR. Crypto-native DeFi products, rather than tokenized conventional financial products, regained their appeal.

然而，到了 10 月份，隨著 DeFi 利率超過 SOFR，加密貨幣和 DeFi 情緒開始轉變。加密原生 DeFi 產品，而不是代幣化的傳統金融產品，重新獲得了吸引力。

Market Volatility Impacts Rates

市場波動影響利率

The approval of spot bitcoin ETFs has accelerated this trend, mirroring the rise in interest rates that followed the Covid-19 crisis in early 2020. According to Lucas Vogelsang, CEO of Centrifuge, the market has undergone two complete reversals since then.

現貨比特幣 ETF 的批准加速了這一趨勢，反映出 2020 年初 Covid-19 危機後利率的上升。 Centrifuge 執行長 Lucas Vogelsang 表示，自那時以來，市場經歷了兩次徹底的逆轉。

"The bull market saw prices slowly start going up, and now, two months later, it's completely opposite again, in terms of looking at rates in DeFi and TradFi," Vogelsang said.

Vogelsang 表示：“牛市期間價格開始緩慢上漲，而兩個月後的現在，就 DeFi 和 TradFi 的利率而言，情況再次完全相反。”

Immaturity Reflects Funding Dynamics

不成熟反映了融資動態

The crypto industry's relatively small size limits the availability of capital for lending, resulting in high borrowing rates for those seeking leverage. Institutions, while interested in crypto, have not fully filled market demand.

加密產業規模相對較小，限制了借貸資本的可用性，導致尋求槓桿的人的借貸利率較高。機構雖然對加密貨幣感興趣，但尚未完全滿足市場需求。

"A money market off-chain wouldn't yield 12% just because there's a lack of supply; someone would fill it. On-chain, that's not the case," Vogelsang said. "It's a sign of immaturity in that way."

「鏈下貨幣市場不會因為供應不足就產生 12% 的收益率；有人會填補它。鏈上則不是這樣，」Vogelsang 說。 “這就是不成熟的表現。”

High Yields May Not Be Sustainable

高收益可能無法持續

While some DeFi lending rates appear unsustainably high, evoking memories of failed crypto projects, the loan-to-value (LTV) ratio remains relatively low on platforms like Morpho Labs.

雖然一些 DeFi 貸款利率似乎高得不可持續，讓人想起失敗的加密貨幣項目，但在 Morpho Labs 等平台上，貸款價值 (LTV) 比率仍然相對較低。

Rob Hadick, general partner at Dragonfly, believes that deposits, not lending, are driving the current yield surge. "I think that's because people want yield," Hadick said. "But there's not as much rehypothecation happening right now as there was a few years ago."

Dragonfly 的普通合夥人 Rob Hadick 認為，推動當前收益率飆升的是存款，而不是貸款。 「我認為這是因為人們想要收益，」哈迪克說。 “但現在發生的再抵押並不像幾年前那麼多。”

Hadick, whose firm invests in Ethena Labs, emphasizes that the high yields on that platform stem from a basis trade, rather than excessive leverage. "As the markets change, the rate might come down. But it's not like leverage in the traditional sense," Hadick said. "People are just going to unwind the trade when it's no longer economic, as opposed to 'I'm going to blow up and my collateral is gonna get liquidated.' That's not a thing that happens in this type of trading."

Hadick 的公司投資了 Ethena Labs，他強調該平台的高收益源於基礎交易，而不是過度槓桿化。 「隨著市場的變化，利率可能會下降。但這不像傳統意義上的槓桿，」哈迪克說。 “當交易不再經濟時，人們就會平倉，而不是‘我會崩潰，我的抵押品會被清算’。”在這種類型的交易中不會發生這種情況。”

Conclusion

結論

The resurgence of DeFi yields has ignited hopes for a revival of the burgeoning ecosystem. While the sustainability of these yields remains uncertain, the renewed enthusiasm for crypto and DeFi underscores the potential for the industry to continue its transformative journey.

DeFi 殖利率的復甦點燃了新興生態系統復興的希望。儘管這些收益率的可持續性仍不確定，但對加密貨幣和 DeFi 的新熱情凸顯了該行業繼續其變革之旅的潛力。