Frax Finance 的 1000 億美元賭博：白日夢還是主導之路？

Frax Finance's $100 Billion Ambition: A Pie in the Sky or a Visionary Plan?

Frax Finance 的 1000 億美元野心：天上掉下來的餡餅還是有遠見的計劃？

Frax Finance, a titan in the decentralized finance (DeFi) realm, has unveiled an audacious plan to propel the total value of crypto assets held on its Layer 2 blockchain, Fraxtal, to a staggering $100 billion by 2026. The current total value locked (TVL) on Fraxtal stands at a modest $13.2 million.

去中心化金融(DeFi) 領域的巨頭Frax Finance 宣布了一項大膽的計劃，旨在到2026 年將其第2 層區塊鏈Fraxtal 上持有的加密資產總價值提高到驚人的1000 億美元。目前鎖定的總價值 ( Fraxtal 上的 TVL）為 1320 萬美元。

Fraxtal's Path to $100 Billion: A Layer-Based Strategy

Fraxtal 的 1000 億美元之路：基於分層的策略

Frax's roadmap envisions the launch of 23 Layer 3 protocols within the next year, along with the introduction of new assets such as frxNEAR, frxTIA, and frxMETIS. These Layer 3 protocols serve as a critical foundation for decentralized applications, offering them a highly adaptable and interoperable network built upon Layer 2 scaling solutions.

Frax 的路線圖設想在明年內推出 23 個第 3 層協議，同時引入 frxNEAR、frxTIA 和 frxMETIS 等新資產。這些第 3 層協定是去中心化應用程式的關鍵基礎，為它們提供了基於第 2 層擴展解決方案所建構的高度適應性和可互通性的網路。

Boosting FXS Liquidity: A Tokenomics Puzzle

提高 FXS 流動性：通證經濟學難題

To bolster the liquidity of its native token, FXS, Frax proposes reintroducing a mechanism to distribute protocol revenue among its stakers. This involves activating the protocol fee switch, with half of the yield directed to veFXS (a derivative of FXS) and the remaining half used to procure FXS and other Frax assets, which are then paired in the FXS Liquidity Engine (FLE).

為了增強其原生代幣 FXS 的流動性，Frax 提議重新引入一種機制，在其利害關係人之間分配協議收入。這涉及啟動協議費用開關，一半的收益定向到 veFXS（FXS 的衍生性商品），剩餘的一半用於採購 FXS 和其他 Frax 資產，然後在 FXS 流動性引擎（FLE）中配對。

This strategy aims to simultaneously fortify Frax's balance sheet and enhance the liquidity of FXS and its paired assets. The roadmap also includes plans to fully back Frax's stablecoin, FRAX, which ranks among the top 10 cryptocurrencies pegged to the dollar globally, and to improve yields on staked FRAX (sFRAX).

此策略旨在同時強化 Frax 的資產負債表並增強 FXS 及其配對資產的流動性。路線圖還包括計劃全力支持 Frax 的穩定幣 FRAX（該幣位列全球與美元掛鉤的十大加密貨幣之一），並計劃提高質押 FRAX (sFRAX) 的收益率。

The DeFi Boom: A Rising Tide Lifts All Boats

DeFi 熱潮：水漲船高

The DeFi sector is currently riding a wave of popularity, with the total value of tokens (TVL) deposited on DeFi-centric blockchains reaching $100 billion. This marks the highest level since March 2022 and can be attributed in part to the recent rally in Bitcoin, fueled by the introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States.

DeFi 領域目前正掀起一股熱潮，以 DeFi 為中心的區塊鏈上存放的代幣（TVL）總價值達到 1000 億美元。這標誌著自 2022 年 3 月以來的最高水平，部分原因是比特幣最近在美國推出現貨比特幣交易所交易基金 (ETF) 的推動下上漲。

Questions to Ponder

需要思考的問題

• Can Frax Finance's Layer 2 strategy propel it to a $100 billion TVL?
• Will the reintroduction of protocol revenue distribution effectively boost FXS liquidity?
• Is the DeFi boom sustainable, or is it merely a temporary surge?

Frax Finance 的 Layer 2 策略能否推動其 TVL 達到 1000 億美元？重新引入協議收益分配是否會有效提升 FXS 流動性？DeFi 熱潮是否可持續，還是只是暫時的激增？