隨著儲備實驗室引入分散的令牌作品集（DTFS），Rtoken Market在AUM中達到$ 14.6T

自1993年成立以來，全球交易所交易基金（ETF）市場已達到14.6萬億美元的資產（AUM）。

Key Insights:

關鍵見解：

* The global Exchange Traded Fund (ETF) market has reached $14.6 trillion in assets since its inception in 1993, with 27% of this increase occurring in 2024 alone.

*自1993年成立以來，全球交易所交易基金（ETF）市場的資產已達到14.6萬億美元，僅在2024年就發生了27％。

* As the ETF market continues to grow, it could potentially hit $30 trillion by 2029.

*隨著ETF市場的不斷增長，到2029年可能會達到30萬億美元。

* Despite rapid expansion, traditional ETFs remain centralized and opaque, controlled by large institutions like BlackRock, which restricts innovation, transparency, and investor participation.

*儘管迅速擴展，但傳統的ETF仍然集中且不透明，並由貝萊德（Blackrock）等大型機構控制，該機構限制了創新，透明度和投資者的參與。

* Reserve offers a decentralized alternative with Decentralized Token Folios (DTFs), commonly referred to as "onchain ETFs."

* Reserve提供了分散的替代方案，該替代方案與分散的代幣作品集（DTF），通常稱為“ OnChain ETF”。

* Unlike legacy ETFs, DTFs operate entirely onchain, which introduces unprecedented transparency, real-time data, and global accessibility for investors to track underlying assets, transaction histories, and portfolio compositions.

*與傳統ETF不同，DTFS完全on骨運行，它引入了前所未有的透明度，實時數據和全球可訪問性，供投資者跟踪基本資產，交易歷史記錄和投資組合組成。

* DTFs also empower users to create investment folios, enabling targeted exposure to rapidly emerging sectors such as DeFi, gaming, and artificial intelligence.

* DTF還使用戶能夠創建投資作品集，從而有針對性地接觸迅速的新興領域，例如DEFI，遊戲和人工智能。

* Reserve has become a leader in the DTF space, currently managing the largest TVL within the sector at $204 million.

* Reserve已成為DTF領域的領導者，目前管理該行業內最大的TVL，價格為2.04億美元。

* The DTF model represents a shift toward democratizing investment by removing gatekeepers and offering permissionless creation and redemption.

* DTF模型代表了通過刪除看門人並提供無權創造和贖回來使投資民主化投資的轉變。

* Investors can now quickly and easily capture strategic exposure to evolving crypto market narratives, significantly lowering the barriers that once limited financial innovation to large institutions.

*投資者現在可以快速，輕鬆地捕捉到不斷發展的加密市場敘事中的戰略曝光率，從而大大降低了曾經將金融創新限制在大型機構中的障礙。

Introduction:

介紹：

Since its inception in 1993, the global Exchange Traded Fund (ETF) market has rapidly expanded, accumulating over $14.6 trillion in assets. In 2024 alone, 27% of this staggering sum was added, highlighting the market's resilience and ongoing appeal. As the ETF market continues to grow, projections suggest it could potentially hit $30 trillion by 2029.

自1993年成立以來，全球交易所交易基金（ETF）市場已迅速擴大，積累了超過14.6萬億美元的資產。僅在2024年，就增加了這筆驚人的27％，突出了市場的韌性和持續的吸引力。隨著ETF市場的不斷增長，預測表明，到2029年可能會達到30萬億美元。

Despite this rapid expansion and the creation of diverse products, traditional ETFs remain largely centralized and opaque, with a few dominant institutions, such as BlackRock, controlling the majority of the market share and setting the agenda for innovation. This centralized structure poses limitations on the dynamic responsiveness of the market to emerging trends and technological advancements.

儘管迅速擴展和創造了各種產品，但傳統的ETF仍然在很大程度上集中且不透明，並擁有一些主要的機構，例如貝萊德，控制了大多數市場份額並為創新制定了議程。這種集中式結構對新興趨勢和技術進步的動態響應性產生了局限性。

However, a decentralized alternative is emerging in the form of Decentralized Token Folios (DTFs), commonly referred to as "onchain ETFs." Unlike legacy ETFs, which operate within the centralized financial system, DTFs are designed to function entirely onchain, inheriting the inherent transparency, security, and accessibility of blockchain technology.

然而，分散的替代方案是以分散的令牌作品集（DTF）的形式出現的，通常稱為“ OnChain ETF”。與在集中式金融系統中運行的傳統ETF不同，DTF旨在完全on骨運行，從而繼承了區塊鏈技術的固有透明度，安全性和可訪問性。

In contrast to traditional ETFs, where investors have limited visibility into transactional history or real-time data, DTFs provide a complete and immutable record of all transactions and asset movements. This level of transparency is unmatched in the traditional financial system, where data is typically scattered across multiple platforms and institutions, making it difficult to obtain a comprehensive view of market activity.

與傳統的ETF相比，投資者對交易歷史或實時數據的可見性有限，DTF提供了所有交易和資產變動的完整且不可變的記錄。這種透明度在傳統金融系統中是無與倫比的，在傳統金融系統中，數據通常散佈在多個平台和機構中，因此很難獲得對市場活動的全面看法。

Moreover, DTFs offer users the ability to easily create their own investment folios, enabling them to gain targeted exposure to rapidly emerging sectors within the digital asset market. This stands in stark contrast to the limited product offerings and high barriers to entry that characterize the traditional ETF market.

此外，DTF可以使用戶能夠輕鬆創建自己的投資作品集，從而使他們能夠在數字資產市場中有針對性地接觸到快速新興領域。這與有限的產品和高壁壘形成了鮮明的對比，而進入傳統ETF市場的進入壁壘則是鮮明的。

As the demand for innovative and accessible investment products continues to grow, DTFs are poised to play a pivotal role in shaping the future of asset management. With their decentralized and transparent design, DTFs offer a refreshing alternative to the traditional financial system, fostering greater participation, responsiveness, and resilience within the global investment landscape.

隨著對創新和可訪問投資產品的需求不斷增長，DTF準備在塑造資產管理的未來方面發揮關鍵作用。 DTF憑藉其分散和透明的設計，為傳統金融體系提供了一種令人耳目一新的替代方案，從而促進了全球投資格局中更大的參與，響應能力和韌性。

Reserve, a leading developer of DTFs, has become a prominent player in the DeFi space. Currently, Reserve manages the largest TVL within the DTF sector, with a total of $204 million in assets under management across its RTokens.

Reserve是DTFS的領先開發商，已成為Defi領域的傑出參與者。目前，Reserve管理DTF領域內最大的TVL，其RTOKENS的管理資產總計為2.04億美元。

The DTF model represents a critical evolution in asset management, shifting the paradigm from a few powerful institutions to a collective of individuals and institutions who can participate in and contribute to the financial markets. This model is powered by open-source code and community governance, fostering a more democratic and inclusive approach to investing.

DTF模型代表了資產管理中的關鍵發展，將範式從一些強大的機構轉移到一個可以參與並為金融市場做出貢獻的個人和機構的集體。該模型由開源法規和社區治理提供支持，促進了一種更民主和包容的投資方法。

With DTFs, investors can quickly and easily capture strategic exposure to evolving crypto market narratives, such as the rise of DeFi or the metaverse, significantly lowering the barriers that once limited financial innovation to large institutions. This positions Reserve as a pivotal force in the future of asset management, offering efficient and transparent investment products that cater to the diverse needs of today's global investors.

借助DTF，投資者可以快速，輕鬆地捕獲戰略性的曝光率，以不斷發展的加密市場敘事，例如Defi或Metaverse的興起，大大降低了曾經將金融創新限制在大型機構中的障礙。這將在資產管理的未來中保留為關鍵力量，提供有效且透明的投資產品，以滿足當今全球投資者的各種需求。

At the heart of Reserve's technology lie two distinct protocols: the Reserve Yield Protocol and the Reserve Index Protocol. Both protocols enable the creation of Decentralized Token Folios (DTFs), which are tokens redeemable 1:1 for a basket of other tokens. This concept extends beyond Reserve, serving as an ETF equivalent specifically tailored for DeFi.

儲備技術的核心是兩個不同的協議：儲備收益協議和儲備指數協議。這兩種協議都可以創建分散的令牌基本（DTF），這些代幣可兌換為其他令牌的1：1。這個概念超出了儲備，是專門針對Defi量身定制的ETF。

The Reserve Yield Protocol is designed to build Yield DTFs (Yield RTokens), which are primarily focused on capturing yield from the underlying tokens. An example of a well-known Yield RToken is the Web 3 Dollar (USD3

儲備金協議旨在建立產量DTF（收益率RTOKEN），主要側重於從基礎代幣中捕獲產量。眾所周知的收益率的一個例子是Web 3美元（USD3）