實際收益 DeFi 協議：去中心化金融領域的典範轉移

去中心化金融（DeFi）領域在過去幾年中取得了巨大的成長，吸引了來自世界各地的用戶、開發者和投資者。

In the realm of decentralized finance (DeFi), a new wave of protocols is emerging, shifting away from inflationary token models and ushering in an era of real-yield mechanisms. This marks a departure from the traditional approach, where many DeFi protocols relied on distributing large quantities of native tokens as rewards for participation.

在去中心化金融（DeFi）領域，新一波協議正在興起，擺脫了通膨代幣模型，迎來了實際收益機制的時代。這標誌著與傳統方法的背離，傳統方法中許多 DeFi 協議依賴於分發大量原生代幣作為參與獎勵。

As a result of this practice, concerns arose regarding the sustainability of such rapid token creation and its potential to lead to devaluation of the token’s value over time. However, a new generation of protocols is now pivoting towards a more enduring approach.

這種做法的結果是，人們開始擔心這種快速代幣創建的可持續性及其可能導致代幣價值隨時間貶值的可能性。然而，新一代協議現在正在轉向更持久的方法。

This article delves into the inner workings of real-yield DeFi protocols, exploring how they differ from inflationary models and examining the strategies employed by platforms like GMX and Gains Network to generate real yield for their users.

本文深入研究了實際收益 DeFi 協議的內部運作，探討了它們與通膨模型的不同之處，並研究了 GMX 和 Gains Network 等平台為用戶產生實際收益所採用的策略。

We also highlight the advantages and risks associated with these protocols and discuss their potential to shape the future of DeFi.

我們也強調了與這些協議相關的優勢和風險，並討論了它們塑造 DeFi 未來的潛力。

Key Takeaways

重點

What Are Real-Yield DeFi Protocols?

什麼是實際收益 DeFi 協議？

In contrast to relying on inflationary issuance of native tokens, real-yield DeFi protocols distribute rewards based on the actual revenue generated from the platform's activities.

與依賴通膨發行原生代幣不同，實際收益的 DeFi 協議根據平台活動產生的實際收入來分配獎勵。

In traditional inflationary DeFi models, tokens are minted and distributed as rewards, often leading to a situation where the supply of tokens outpaces demand, causing inflation and, in some cases, devaluation.

在傳統的通貨膨脹 DeFi 模型中，代幣被鑄造並作為獎勵進行分配，通常會導致代幣供應超過需求的情況，從而導致通貨膨脹，在某些情況下甚至導致貨幣貶值。

In contrast, real-yield protocols generate revenue through activities such as:

相比之下，實際收益協議透過以下活動產生收入：

A portion of this revenue is then shared with liquidity providers, stakers, or token holders in the form of real yield, meaning that the rewards come from the platform's operational income and not from inflationary token issuance. This creates a more sustainable and potentially lucrative environment for participants, as rewards are tied directly to the protocol's economic activity.

然後，該收入的一部分以實際收益的形式與流動性提供者、利害關係人或代幣持有者分享，這意味著獎勵來自平台的營運收入，而不是來自通貨膨脹的代幣發行。這為參與者創造了一個更永續、更有利可圖的環境，因為獎勵與協議的經濟活動直接掛鉤。

Key Features of Real-Yield Protocols:

真實收益協議的主要特點：

How GMX Uses Revenue-Sharing for Real-Yield Rewards

GMX 如何利用收益分享來獲得實際收益獎勵

Among the most prominent platforms to adopt the real-yield model is GMX, a decentralized perpetual contract trading platform that allows users to trade with leverage while also providing liquidity to earn rewards.

採用真實收益模式的最著名平台之一是GMX，這是一個去中心化的永續合約交易平台，允許用戶進行槓桿交易，同時還提供流動性以賺取獎勵。

GMX's revenue-sharing mechanism has garnered attention for its ability to provide sustainable yields without relying on the creation of inflationary tokens.

GMX 的收益分享機制因其能夠在不依賴通膨代幣創建的情況下提供可持續收益的能力而受到關注。

GMX's Business Model

GMX的商業模式

Multiple streams contribute to GMX's revenue generation:

GMX 的創收有多種來源：

Revenue Distribution and Real-Yield Rewards

所得分配和實際收益獎勵

A portion of the fees generated from trading and liquidity provision is distributed to GMX token holders and liquidity providers in the form of real yield. The GMX protocol employs a multi-tiered distribution system:

交易和流動性提供產生的部分費用以實際收益的形式分配給 GMX 代幣持有者和流動性提供者。 GMX協定採用多層分發系統：

By relying on trading fees and liquidity provision rewards, GMX ensures that its yield generation is tied directly to the platform's activity. This approach eliminates the need for inflationary token issuance and promotes long-term sustainability for the project.

透過依靠交易費用和流動性提供獎勵，GMX 確保其收益產生直接與平台活動掛鉤。這種方法消除了通貨膨脹代幣發行的需要，並促進了專案的長期可持續性。

Gains Network’s Revenue Model and Real-Yield Structure

Gains Network的獲利模式與實質收益率結構

Another leading platform in the real-yield DeFi space, Gains Network operates as a decentralized platform for leveraged trading of various assets, including cryptocurrencies, stocks, commodities, and more.

Gains Network 是另一個實際收益 DeFi 領域的領先平台，它是一個去中心化平台，用於各種資產的槓桿交易，包括加密貨幣、股票、大宗商品等。

Much like GMX, Gains Network provides users with the opportunity to earn revenue by contributing liquidity to the platform or trading on it.

與 GMX 非常相似，Gains Network 為用戶提供了透過向平台貢獻流動性或在平台上進行交易來賺取收入的機會。

Gains Network's Business Model

增益網路的商業模式

Gains Network generates revenue through:

Gains Network 透過以下方式產生收入：

Revenue Sharing and Real-Yield Distribution

收入分享和實際收益分配

Gains Network utilizes a revenue-sharing model that rewards liquidity providers and token holders. The revenue generated by the platform is distributed as follows:

Gains Network 採用收益分享模式來獎勵流動性提供者和代幣持有者。平台產生的所得分配如下：

By linking rewards to actual revenue generation and trading volume, Gains Network aligns the interests of users with the platform's success, ensuring that rewards are sustainable and come from real economic activity.

透過將獎勵與實際收入和交易量聯繫起來，Gains Network 將用戶的利益與平台的成功結合起來，確保獎勵是可持續的並且來自真實的經濟活動。

Advantages of Real-Yield Protocols

真實收益協議的優點

1. Sustainability of Tokenomics

1. 通證經濟的可持續性

Unlike inflationary models, where rewards are often paid out through new token issuance, real-yield protocols distribute rewards generated from actual economic activity. This creates a more sustainable model because the rewards are tied to the platform's ability to generate revenue. The risk of token inflation and devaluation is significantly reduced.

與通膨模型不同，獎勵通常透過新的代幣發行來支付，實際收益協議分配實際經濟活動產生的獎勵。這創建了一個更永續的模式，因為獎勵與平台創造收入的能力掛鉤。代幣通膨和貶值的風險顯著降低。

2. Attractive for Long-Term Investors

2. 對長期投資者有吸引力

Real-yield protocols offer more predictable and reliable rewards for liquidity providers and token holders, making them attractive for long-term investors. Instead of relying on speculative growth in token prices, users can earn a share of actual revenue generated from platform activity.

實際收益協議為流動性提供者和代幣持有者提供更可預測和更可靠的獎勵，使其對長期投資者俱有吸引力。用戶可以從平台活動產生的實際收入中獲得一部分，而不是依賴代幣價格的投機性成長。

3. More Stable Token Prices

3. 更穩定的代幣價格

Since rewards are tied to revenue, real-yield protocols tend to exhibit more price stability in their native tokens compared to inflationary models. With fewer tokens being minted and distributed as rewards, the overall supply of tokens remains more controlled, reducing the risk of excessive dilution.

由於獎勵與收入掛鉤，因此與通膨模型相比，實際收益協議的原生代幣往往表現出更高的價格穩定性。隨著鑄造和作為獎勵分配的代幣數量減少，代幣的整體供應仍然受到更多控制，從而降低了過度稀釋的風險。

4. Transparency and Trust

4. 透明度和信任

Real-yield protocols often operate on decentralized platforms with transparent revenue models, where participants can directly observe how funds are generated and distributed. This transparency increases trust among users and encourages participation in liquidity provision and staking.

實際收益協議通常在具有透明收入模型的去中心化平台上運行，參與者可以直接觀察資金是如何產生和分配的。這種透明度增加了用戶之間的信任，並鼓勵參與流動性提供和質押。

Risks and Challenges of Real-Yield Models

實際效益模型的風險與挑戰

1. Revenue Volatility

1. 收入波動

The revenue generated by real-yield protocols depends on the platform's trading volume, liquidity, and other factors. Market conditions can cause trading volumes to fluctuate, leading to variability in the rewards distributed to participants. During market downt

實際收益協議產生的收入取決於平台的交易量、流動性和其他因素。市場狀況可能會導致交易量波動，從而導致分配給參與者的獎勵發生變化。市場低迷期間