2025年的第一季度講述了關於迪迪（Defi）進化的清晰故事。儘管主要貸款平台之間的收益率很大，但市場邊緣的創新表明了Defi的持續成熟和增長。

儘管產量下降，但主要的Stablecoin拱頂還是經歷了非凡的增長：

The first quarter of 2025 saw a clear narrative emerge in DeFi: yields compressed significantly across major lending platforms, but innovation at the market's edges demonstrated continued maturation and growth.

2025年第一季度的敘述出現了清晰的敘事：在主要貸款平台之間產生了顯著壓縮的收益，但市場邊緣的創新表明持續成熟和增長。

The Great Yield Compression

巨大的產量壓縮

DeFi yields declined sharply across all major lending platforms:

在所有主要貸款平台中，Defi的收益率急劇下降：

This compression signaled a market that had cooled considerably from late-2024's exuberance, with reduced borrower demand across main platforms.

這種壓縮表明，一個從2024年末的繁榮起來大大冷卻的市場，主要平台的借款人需求減少了。

TVL Paradox: Growth Despite Lower Yields

TVL悖論：儘管產量較低，但增長

Despite falling yields, major stablecoin vaults saw impressive growth:

儘管產量下降，但主要的Stablecoin保險庫的增長令人印象深刻：

With yields declining from nearly 15% to under 5%, one might expect capital to shift. However, the persistence of large vaunt TVL even with lower yields showcased institutional capital's increasing presence and comfort with DeFi protocols as legitimate financial infrastructure, not speculative vehicles.

隨著收益率從近15％下降到5％以下，人們可能希望資本轉移。但是，大型vaunt tvl的持續存在，即使產量較低，也表明了機構資本對法定協議的增加和舒適性作為合法的金融基礎設施，而不是投機工具。

Curators: DeFi's New Asset Managers

策展人：Defi的新資產經理

The emergence of curators was a significant development in DeFi lending. Protocols like Morpho and Euler saw individuals build, manage, and optimize lending vaults.

策展人的出現是Defi貸款的重大發展。 Morpho和Euler等協議看到個人建立，管理和優化貸款保險庫。

These curators acted as DeFi asset managers, evaluating markets, setting risk parameters, and optimizing capital allocation for enhanced returns. Unlike traditional service providers who advised protocols, curators actively managed capital deployment across lending opportunities.

這些策展人充當Defi Asset經理，評估市場，設定風險參數，並優化資本分配以增強回報。與為協議提供建議的傳統服務提供商不同，策展人在貸款機會上積極管理資本部署。

On platforms like Morpho and Euler, curators handled risk management functions: selecting assets for collateral, setting LTV ratios, choosing oracle price feeds, and setting supply caps. They essentially built targeted lending strategies optimized for specific risk-reward profiles, sitting between passive lenders and sources of yield.

在Morpho和Euler等平台上，策展人處理了風險管理功能：選擇抵押品的資產，設置LTV比率，選擇Oracle Price Feed和設置供應帽。他們基本建立了針對特定風險回報概況優化的目標貸款策略，位於被動貸方和產量來源之間。

Firms like Gauntlet, previously providing services to protocols like Aave or Compound, now directly managed nearly $750 million in TVL across several protocols. With performance fees ranging from 0-15%, this could mean around $100-750 million in annual revenue, offering significantly more upside than traditional service arrangements. According to a Morpho dashboard, curators had generated nearly 3 million in revenue and based on Q1 revenue are on track to do 7.8mm in 2025.

像Gauntlet這樣的公司以前為AAVE或COMPOUND等協議提供服務，現在直接在幾種協議中直接管理了近7.5億美元的TVL。績效費用從0-15％不等，這可能意味著年收入約為100-7億美元，比傳統服務安排提供的上漲空間要多得多。根據Morpho儀表板的說法，策展人的收入近300萬，基於第一季度的收入有望在2025年進行7.8mm。

The most successful curator strategies maintained higher yields, primarily by accepting higher-yielding collaterals at more aggressive LTV ratios, especially leveraging Pendle LP tokens. This approach demanded sophisticated risk management but delivered superior returns in the current compressed environment.

最成功的策展人策略保持了較高的收益率，主要是通過以更具侵略性的LTV比率接受更高的收益抵押品，尤其是利用Pendle LP令牌。這種方法需要復雜的風險管理，但在當前的壓縮環境中帶來了較高的回報。

As a point of comparison, yields on the largest USDC vaults on both Morpho and Euler outperformed the vaults.fyi benchmark, showing 5-8% base yields and 6-12% yields inclusive of token rewards.

作為比較的點，Morpho和Euler上最大的USDC保管庫的收益率優於庫。 FYI基準測試，顯示5-8％的基本收益率和6-12％的收益率包括代幣獎勵。

Protocol Stratification: A Layered Market

協議分層：分層市場

The compressed environment had created a distinct market structure:

壓縮環境創造了獨特的市場結構：

1. Blue-chip Infrastructure (Aave, Compound, Sky)

1。藍芯片基礎設施（AAVE，化合物，天空）

2. Infrastructure Optimizers & Strategy Providers

2。基礎設施優化者和戰略提供商

This two-tier relationship created a more dynamic market where strategy providers could rapidly iterate on yield opportunities without building core infrastructure. The yields ultimately available to users depended on both the efficiency of the base protocol and the sophistication of strategies deployed on top.

這種兩級關係創造了一個更具動態的市場，在這裡，戰略提供商可以在不建立核心基礎設施的情況下快速迭代產量機會。用戶最終可用的收益率取決於基本協議的效率和最高部署的策略的複雜性。

This restructured market meant users now navigated a more complex landscape, with the relationship between protocols and strategies determining yield potential. While blue-chip protocols offered simplicity and safety, the combination of optimizing protocols and specialized strategies provided yields comparable to what previously existed on platforms like Aave or Compound during higher rate environments.

這個重組的市場意味著用戶現在正在瀏覽更複雜的景觀，協議與決定收益潛力的策略之間的關係。儘管藍籌協議提供了簡單性和安全性，但優化協議和專業策略的組合提供的產量可與較高速率環境中AAVE或化合物等平台上的先前存在相當。

Chain by Chain: Where Yields Now Live

鏈條鏈：現在有生產的地方

Despite the emergence of L2s and alternative L1s, Ethereum mainnet still hosted many of the top yield opportunities, both inclusive and exclusive of token incentives. This persistence of Ethereum's yield advantage was notable in a market where incentive programs often shifted yield-seeking capital to newer chains.

儘管出現了L2S和替代L1，但以太坊Mainnet仍然擁有許多最高收益的機會，包括以及不包括代幣激勵措施。以太坊的產量優勢的這種持續存在在一個市場上易於轉移到新的連鎖店的市場中值得注意的。

Among mature chains (Ethereum, Arbitrum, Base, Polygon, Optimism), yields remained largely depressed across the board. Outside of mainnet, most of the attractive yield opportunities were concentrated on Base, highlighting its emerging role as a secondary yield hub.

在成熟的鏈條（以太坊，仲裁，基礎，多邊形，樂觀）中，產量在很大程度上仍然抑鬱了。在Mainnet之外，大多數有吸引力的產量機會集中在基礎上，強調了其作為繼發收益樞紐的新興作用。

Newer chains with substantial incentive programs (like Berachain and Sonic) displayed elevated yields, but the sustainability of these rates was questionable as incentives eventually diminished.

具有大量激勵計劃（例如Berachain和Sonic）的新連鎖店的收益率升高，但是由於激勵措施最終減少，這些費率的可持續性值得懷疑。

The DeFi Mullet: FinTech in the Front, DeFi in the Back

defi mullet：Fintech在前面，後面的Fefi

A significant development this quarter was Coinbase's introduction of Bitcoin-collateralized loans powered by Morpho on its Base network. This integration marked the emerging “DeFi Mullet” thesis - fintech interfaces in the front, DeFi infrastructure in the back.

本季度的一個重大發展是Coinbase在其基本網絡上啟動了由Morpho提供支持的比特幣 - 物質化貸款。這種集成標誌著新興的“ defi mullet”論文 - 正面的金融科技界面，背面的defi基礎架構。

As Coinbase's head of Consumer Products Max Branzburg stated: “This is a moment where we’re planting a flag that Coinbase is coming on-chain, and we’re bringing millions of users with their billions of dollars.” The integration brought Morpho's lending capabilities directly into Coinbase's user interface, allowing users to borrow up to $100,000 in USDC against their bitcoin holdings.

正如Coinbase的消費產品負責人Max Branzburg所說：“這是我們種植Coinbase即將出現的旗幟的時刻，我們正在為數百萬美元帶來數十億美元的用戶。”該集成將Morpho的貸款能力直接帶入了Coinbase的用戶界面，從而使用戶可以藉用超過100,000美元的USDC來與其比特幣持有量。

This approach embodied the view that billions would eventually use Ethereum and DeFi protocols without even knowing it - just as they use TCP/IP today without awareness. Traditional FinTech companies would increasingly adopt this strategy, keeping familiar interfaces while leveraging DeFi'

這種方法體現了這樣一種觀點，即數十億最終將使用以太坊和fefi協議，甚至不知道它 - 就像他們今天使用TCP/IP無知一樣。傳統的金融科技公司將越來越多地採用這種策略，在利用Defi'的同時保持熟悉的界面