標題：簡介

Defi今天的狀態表明，Crypto在很大程度上耗盡了早期可尋址的市場 - 願意通過

Introduction

介紹

The state of DeFi today suggests crypto has largely exhausted its early addressable market—serving the segment of users willing to interact with protocols directly through self-custodial wallets.

Defi今天的狀態表明，Crypto在很大程度上耗盡了其早期可尋址的市場，從而使願意通過自我監測的錢包直接與協議進行交互的用戶部分。

Today, total value locked in DeFi sits at about $90B, down from over $180B in 2022, even with the circulating supply/market cap of stablecoins growing significantly.

如今，鎖定Defi的總價值約為90B美元，低於2022年的180B美元以上，即使穩定的穩定的供應/市值顯著增長。

DeFi’s inability to expand the pie and grow TVL can be attributed to three critical failures:

Defi無法擴展餡餅和成長TVL可以歸因於三個關鍵失敗：

* DeFi protocols have focused on building for other crypto users, not the broader 5B+ smartphone users who could be engaging with DeFi in the form of yield-bearing bonds, diversified portfolio trackers, or easily integrated DeFi derivatives.

* DEFI協議的重點是為其他加密用戶建立構建，而不是更廣泛的5B+智能手機用戶，他們可能以承重債券，多元化的投資組合跟踪器或易於集成的Defi衍生品的形式與Defi互動。

* CeFi institutions have largely failed to integrate with DeFi in meaningful ways that would allow them to deploy their capital more efficiently and creatively.

* CEFI機構在很大程度上未能以有意義的方式與Defi集成，從而使他們能夠更有效，更具創造力地部署資本。

* DeFi protocols have struggled to create products that are compelling to both technical and non-technical users, combining high yields with the ease of use that would attract a wider audience.

* DEFI協議一直在努力創建對技術用戶和非技術用戶都引人注目的產品，將高收益率與易於吸引更多受眾的使用相結合。

DeFi and CeFi must converge and embrace one another to create undeniably better alternatives to TradFi products with more compelling yields and crypto flexibility, while being seamlessly integrated into apps real people use daily. This fusion would finally allow DeFi to expand beyond previous highs and achieve mainstream adoption.

Defi和CEFI必須相互融合和擁抱，以創建具有更引人注目的產量和加密靈活性的Tradfi產品的更好的替代品，同時無縫地集成到Apps真實的人每天使用。這種融合最終將使Defi能夠超越以前的高點並實現主流採用。

In this report, I’ll outline why vaults, curators, and “DeFi mullets” may help DeFi cross the chasm, effectively ushering in what will later be seen as DeFi’s “ETF moment.”

在此報告中，我將概述為什麼保險庫，策展人和“ Defi Mullets”可能有助於Defi越過鴻溝，從而有效地迎來了後來被視為Defi的“ ETF時刻”的階段。

Blackrock, Vanguard & State Street: The Original Curators

貝萊德，先鋒街和州街：原始策展人

In the early ’90s, asset management was expensive, exclusive, and slow. Active mutual funds dominated the landscape despite charging high fees, being narrowly distributed through broker networks, and relying on brand rather than performance. While passive investing existed in the form of index mutual funds and institutional mandates, it was niche, clunky, and hard to access—requiring large minimums, no intraday trading, and limited distribution.

在90年代初期，資產管理昂貴，獨家且緩慢。積極的共同基金儘管收取高額費用，通過經紀人網絡狹窄分配，並依靠品牌而不是績效，但積極的共同基金以景觀為主導。儘管以指數共同基金和機構授權的形式存在被動投資，但它是利基市場，笨拙且難以訪問的 - 要求大量最低限度，沒有日內交易和有限的分配。

However, that all changed in 1993 when State Street launched SPY, the first U.S. ETF. For the first time, investors could buy the entire S&P 500 in a single, low-cost, liquid trade. Retail loved the access. Institutions loved the structure. Capital flooded in.

但是，這一切都在1993年街頭街（State Street）推出間諜（美國ETF）Spy時發生了變化。投資者首次可以通過單個低成本的流動貿易購買整個標準普爾500指數。零售喜歡通道。機構喜歡這種結構。資本淹沒了。

Since SPY’s launch, ETFs have gone from effectively zero to over $14T in AUM globally—including $10T in the U.S. alone—in just over 30 years. But the impact wasn’t just better packaging, ETFs fundamentally changed the economics of investing. They made market access cheaper, more efficient, and less reliant on intermediaries. Beta became commoditized, fees fell across the board, and distribution shifted from sales networks to self-directed platforms.

自間諜推出以來，全球AUM的ETF已在30多年的時間內從有效地從AUM中零增加到14噸以上的AUM（包括在美國僅在美國的$ 100T）。但是影響不僅僅是包裝更好，ETF從根本上改變了投資的經濟學。他們使市場訪問更便宜，更高效，並且對中間人的依賴程度較低。 Beta成為商品化，費用全面下降，並且分銷從銷售網絡轉移到了自我指導的平台。

The firms that leaned in early—BlackRock, Vanguard, and State Street—now dominate, managing ~74% of all U.S. ETF assets.

早期傾斜的公司（Blackrock，Vanguard和State Street）現在占主導地位，管理約74％的美國ETF資產。

More recently, we in crypto have felt the ETF effect too.

最近，我們在加密貨幣中也感受到了ETF效應。

Since launching in January 2024, U.S. spot Bitcoin ETFs have attracted over $92B in AUM, now holding 5.3% of total BTC supply across 12 products. The largest, BlackRock’s iShares Bitcoin Trust (IBIT), alone holds 572K BTC—more than 2.7% of supply—with nearly $47B in assets.

自2024年1月推出以來，美國現貨比特幣ETF吸引了AUM的92B美元以上，現在佔12種產品中BTC供應的5.3％。最大的是貝萊德的iShares比特幣信託（IBIT），僅持有572K BTC（佔供應量的2.7％以上），資產的資產近47B美元。

These ETFs didn’t generate new demand—they unlocked it, giving institutions a compliant, familiar wrapper to access BTC without touching native infrastructure.

這些ETF並未產生新的需求 - 它們解鎖了，為機構提供了一個合規，熟悉的包裝器，可以訪問BTC而不觸及本地基礎架構。

DeFi’s ETF Moment

Defi的ETF時刻

If ETFs were the infrastructure breakthrough that allowed traditional asset managers to scale passive investing and attract trillions in capital, then vaults and curators are playing that same role in DeFi today – albeit at a much smaller scale. It’s still early.

如果ETF是基礎設施的突破，使傳統的資產經理可以擴展被動投資並吸引數万億美元，那麼金庫和策展人在今天在Defi中扮演著相同的角色 - 儘管規模較小。還早。

Curators function like decentralized asset managers, but with some critical advantages: they’re non-custodial, liquid, and permissionless. Depositors don’t need to “hand over” their capital—they can enter or exit at will. And curator incentives scale directly with TVL.

策展人的功能像去中心化的資產管理人員，但具有一些關鍵的優勢：它們是無限制的，液體的和無許可的。儲戶無需“移交”其資本，他們可以隨意進入或退出。和策展人激勵措施直接使用TVL擴展。

In many ways, this is asset management reimagined for the internet of value:

在許多方面，這是對價值互聯網重新構想的資產管理：

* Like a mutual fund, a curator combines liquidity from multiple depositors to deploy into various protocols and strategies.

*像共同基金一樣，策展人結合了多個存款人的流動性，以部署為各種方案和策略。

* Like an ETF, a curator’s vault is a liquid derivative that can be traded on centralized exchanges or DeFi protocols.

*像ETF一樣，策展人的庫是可以在集中式交換或FEFI協議上進行交易的液體衍生物。

* Plans are already underway to launch structured products (e.g., yield-bearing notes) backed by DeFi vaults, which could form the building blocks for broader capital deployment from institutions.

*已經在開發以Defi Vaults支持的結構化產品（例如，承重票據）的計劃正在進行，這可能會構成機構中更廣泛的資本部署的基礎。

Top curators like Steakhouse and Gauntlet, for example, are already managing over $1B in TVL between them, each with their own strategies and product lines — from institutional-grade vaults to more

例如