儘管市場放緩，但DeFi Lending仍然是最活躍的應用程序類型之一

輸入：Defi Lending繼續是多個鏈上最活躍的應用程序之一。該行業通過降低利率來適應市場放緩。

DeFi lending continues to be one of the most active types of apps on multiple chains. The sector is adapting to the market slowdown by lowering its interest rates.

Defi Lending仍然是多個鏈中最活躍的應用程序中最活躍的類型之一。該行業通過降低利率來適應市場放緩。

DeFi is lowering interest rates across the board, with all protocols shifting to the lower range of yield. DeFi lending protocols will usually adjust yield to reflect market conditions, pushing even Aave to go as low as 4.63%. Sky Protocol, formerly Maker, is down to 6.09%, from 12.5% near the peak of the market cycle.

DEFI正在降低總體利率，所有方案都將轉移到較低的收益範圍。 Defi貸款方案通常會調整收益率以反映市場狀況，甚至推動AAVE的速度低至4.63％。以前是製造商的天空協議從市場週期的頂峰附近的12.5％降至6.09％。

Yield and passive income is key at this stage of the crypto cycle, driven by a record stablecoin supply. Those newly minted assets are often used for lending, achieving potentially significant yield. In addition to using USDT and USDC in DeFi protocols, some specially created stablecoins offer their own forms of passive income or incentives.

在創紀錄的StableCoin供應驅動的加密週期的這一階段，收益和被動收入是關鍵。這些新近鑄造的資產通常用於貸款，可實現潛在的顯著產量。除了在DEFI協議中使用USDT和USDC外，一些專門創建的Stablecoins還提供了自己的被動收入或激勵措施。

The DeFi space still holds over $96B in total value locked, mostly on the Ethereum ecosystem. In the past two months, value locked increased, though protocols are more conservative, aiming to avoid contagion.

Defi空間仍然鎖定了總價值超過$ 96B，主要是在以太坊生態系統上。在過去的兩個月中，儘管協議更加保守，旨在避免傳染，但價值鎖定增加了。

The behavior of DeFi is also seen as a proxy signal for the overall health of the crypto market. Slowing DeFi activity reflects sentiment better than individual token rallies.

DEFI的行為也被視為加密市場整體健康狀況的代理信號。減慢的偏移活動比單個代幣集會更好地反映了情感。

Stablecoin yield poses risks

Stablecoin屈服構成風險

Stablecoin yield offerings are vulnerable, especially if they’re tied to new native assets and rely on a bull market. Some of those synthetic assets remain risky and de-peg, as in the case of sUSD.

Stablecoin產量的產品很容易受到傷害，尤其是當它們與新的本地資產相關並依靠牛市時。如SUSD，其中一些合成資產仍然存在風險和DE-PEG。

For that reason, some investors switch to USDC as the most conservative stablecoin, despite the low yields on Aave. In the coming years, yield-bearing stablecoins may receive additional scrutiny from regulators, as a new US bill has proposed a moratorium on this type of assets. Despite this, yield-bearing stablecoins are still trying to survive and mitigate risk, while smaller protocols continue to copy the same model with higher yield and risk levels.

因此，儘管AAVE的收益率較低，但一些投資者將其轉移到USDC作為最保守的Stablecoin。在接下來的幾年中，由於新的美國法案提出了這類資產的暫停，因此承擔屈服的穩定者可能會受到監管機構的額外審查。儘管如此，承重的穩定劑仍在試圖生存和減輕風險，而較小的協議繼續以較高的收率和風險水平來複製相同的模型。

The five major stablecoins offering yield as a native feature include Frax’s sfrxUSD and sFRAX, Ethena’s sUSDe, Sky sUSDS, and the remaining is sDAI from Maker. In the past month, all of the yield-bearing stablecoins decreased their offered interest rate to reflect lowered prices for Bitcoin (BTC) and Ethereum (ETH).

作為本地功能的五個主要穩定者提供的產量包括Frax的Sfrxusd和Sfrax，Ethena的Susde，Skyss，其餘的是Maker的SDAI。在過去的一個月中，所有承重穩定的穩定者都降低了其所提供的利率，以反映比特幣（BTC）和以太坊（ETH）價格降低的利率。

Ethena’s stablecoin still offers the highest yield at 10.77%, as the protocol continues to have regular inflows from its trading fee positions. For the most part, trading funding fees remain positive, allowing Ethena to service its yield.

Ethena的Stablecoin仍然提供最高的收益率為10.77％，因為該協議繼續從其交易費用頭寸開始定期流入。在大多數情況下，交易融資費仍然肯定，使埃塞納能夠服務其收益率。

Despite this, the market conditions in the past month led to a decreased USDe supply, down from over 6B tokens to 5.2B. Ethena remains sustainable by adjusting the supply of USDe, reflecting the overall mood of the crypto market.

儘管如此，過去一個月的市場狀況導致USD供應量下降，從超過6B令牌下降到5.2B。通過調整USDE的供應，Ethena保持可持續性，反映了加密市場的整體情緒。

DeFi reflects slower growth for all types of altcoins

DEFI反映了所有類型的Altcoins的增長較慢

DeFi is slowing down for the Ethereum and Solana ecosystem. On Ethereum, the lower ETH market price threatened multiple liquidations on major protocols. For Solana, Kamino Finance decreased its value, as fewer borrowers bet on memecoins or other Solana-based assets.

DeFi正在為以太坊和索拉納生態系統放慢腳步。在以太坊上，較低的ETH市場價格威脅著主要協議的多次清算。對於Solana而言，Kamino Finance降低了其價值，因為藉款人對Memecoins或其他基於Solana的資產下注。

The altcoin season index is at an all-time low, decreasing interest in speculative trading for smaller assets. Altcoins track the performance of BTC, though having a much lower downside.

Altcoin季節指數的歷史最低水平，對較小資產的投機交易的興趣降低。 AltCoins跟踪BTC的性能，儘管缺點較低。

The recent slowdown mostly affects legacy DeFi apps, which have already gone through multiple cycles of lowered yield. Currently, the DeFi lending market carries over $41B in value, down from a peak of nearly 50B in late 2024.

最近的放緩大部分會影響舊版應用程序，這些應用程序已經經歷了多個收益率降低的周期。目前，Defi Lending Market的價值超過41B美元，低於2024年底的近50B峰值。

Risky new chains still offer high yield

風險的新連鎖店仍然提供高收益

The lowered yield for big DeFi protocols and yield-bearing stablecoins creates demand for much riskier investments. Berachain (BERA) remains one of the outliers, offering up to 60% yield for its native token. The Dolomite lending platform offers yields as high as 94% for risky assets.

大型Defi協議和承重穩定的穩定的收益率降低會導致對更風險投資的需求。 Berachain（Bera）仍然是一個離群值之一，其原始令牌可提供高達60％的收益率。白雲巖貸款平台可提供高達94％的風險資產的收益率。

Sonic’s Ring Protocol offers up to 48% in stablecoin yields and as high as 150% for specific pairs.

Sonic的RING協議提供多達48％的穩定產率，而特定對的收益率高達150％。

High-yield protocols are at a much higher risk of depegging and liquidations. However, the new chains and protocols are trying to gain users, citing their advantage to the relatively low yield of top DeFi apps.

高收益協議的垂直和清算風險要高得多。但是，新的鏈條和協議正在嘗試獲取用戶，理由是它們的優勢是頂級Defi應用的相對較低的收益率。