由傳統銀行、資產管理公司和充當把關人的金融機構監管的全球金融體系

僅在正常營業時間內運作，並對客戶實施許多限制。匯款（尤其是國際匯款）可能需要數天時間才能完成，並且通常需要 SWIFT 代碼、路由號碼和其他複雜的識別碼。

The conventional worldwide financial system, overseen by asset managers, banks, and financial institutions serving as gatekeepers, operates solely during regular business hours and enforces numerous restrictions on customers. Money transfers, especially international ones, can take days to complete and often require SWIFT codes, routing numbers, and other complex identifiers. Trade settlements may take 1-3 days, with funds remaining in the financial institutions. These limitations are akin to trying to run a modern Formula 1 race on a horse-drawn carriage track - the legacy systems and infrastructure, built for a bygone era, struggle to keep pace with today's financial needs. Different countries have their own rules, and getting all these financial institutions to work together smoothly is a real challenge.

傳統的全球金融體係由充當看門人的資產管理公司、銀行和金融機構監管，僅在正常工作時間內運營，並對客戶施加許多限制。匯款（尤其是國際匯款）可能需要數天時間才能完成，並且通常需要 SWIFT 代碼、路由號碼和其他複雜的識別碼。貿易結算可能需要1-3天，資金仍留在金融機構。這些限制類似於試圖在馬車賽道上舉辦現代一級方程式比賽 - 為過去的時代而構建的遺留系統和基礎設施很難跟上當今的財務需求。不同的國家有自己的規則，讓所有這些金融機構順利合作是一個真正的挑戰。

In contrast, crypto platforms operate 24/7 and enable self-custody of funds. Crypto finance and DeFi facilitate instant, borderless peer-to-peer (P2P) transactions, creating a financial world that bypasses traditional centralized institutions. The increasing adoption of blockchain and digitized financial services is driving the DeFi market, which is expected to reach $450 billion by 2030, growing at a CAGR of 46%. Despite its multi-billion-dollar market size, the DeFi sector is only just starting to explore its potential compared to over one hundred trillion dollars in global bond markets alone, suggesting there is still a long way to go.

相比之下，加密貨幣平台全天候 (24/7) 運行，並實現資金的自我託管。加密金融和 DeFi 促進了即時、無邊界的點對點（P2P）交易，創造了一個繞過傳統中心化機構的金融世界。區塊鏈和數位化金融服務的日益普及正在推動 DeFi 市場的發展，預計到 2030 年該市場將達到 4,500 億美元，複合年增長率為 46%。儘管市場規模達數十億美元，但與全球債券市場超過一百萬億美元的規模相比，DeFi 領域才剛開始探索其潛力，這表明還有很長的路要走。

Innovations Boosting the DeFi ecosystem

創新推動 DeFi 生態系統發展

Stablecoins - Digital dollars, pegged to fiat (usually the dollar), offer the stability of fiat with the flexibility of crypto; leading players are Tether (USDT), USD Coin (USDC), and Dai (DAI).

穩定幣 - 與法定貨幣（通常是美元）掛鉤的數位美元，提供法定貨幣的穩定性和加密貨幣的靈活性；領先的參與者是 Tether (USDT)、USD Coin (USDC) 和 Dai (DAI)。

Lending and Borrowing Protocols - Facilitate peer-to-peer lending and borrowing of digital assets to help crypto holders earn returns on their holdings; notable players include Aave, Compound, and MakerDAO.

借貸協議－促進數位資產的點對點借貸，幫助加密貨幣持有者賺取其持有的報酬；著名的參與者包括 Aave、Compound 和 MakerDAO。

Yield generation mechanisms - enable crypto asset holders to maximize returns through strategies such as staking, liquid staking, and yield farming; players include Lido, Rocket Pool, and Curve Finance.

收益生成機制－使加密資產持有者能夠透過質押、流動性質押、流動性挖礦等策略實現收益最大化；參與者包括 Lido、Rocket Pool 和 Curve Finance。

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Cross-chain bridge platforms - Facilitate asset transfers between different blockchain ecosystems and help investors explore various networks to optimize returns; leading examples include Multichain (formerly Anyswap), Wormhole, and Hop Protocol.

跨鏈橋接平台－促進不同區塊鏈生態之間的資產轉移，幫助投資人探索各種網路以優化回報；領先的例子包括 Multichain（以前稱為 Anyswap）、Wormhole 和 Hop Protocol。

Decentralized exchanges (DEXs) - Enable peer-to-peer transactions while handling billions in daily trading volume: Uniswap, SushiSwap, and PancakeSwap.

去中心化交易所 (DEX) - 支援點對點交易，同時處理數十億的每日交易量：Uniswap、SushiSwap 和 PancakeSwap。

Maximize Asset Returns

資產回報最大化

Staking is when crypto holders lock their assets to participate as a node or validator on a blockchain. It is essentially putting your skin in the game - making a security deposit to validate blockchain transactions ethically by the network rules and help secure the network. As compensation, stakers earn extra coins, usually the same cryptocurrency they staked. The major drawback of staking, however, is illiquidity. Staked funds are locked up and cannot be traded or used for other investments during the staking period. Proof-of-Stake networks like Ethereum 2.0, Cardano, and Solana use these committed assets to secure the network and validate transactions.

質押是指加密貨幣持有者鎖定其資產以作為區塊鏈上的節點或驗證者參與。它本質上是讓你參與其中——存入保證金，透過網路規則以道德方式驗證區塊鏈交易，並幫助保護網路。作為補償，質押者可以賺取額外的硬幣，通常與他們質押的加密貨幣相同。然而，質押的主要缺點是流動性不足。質押資金在質押期間被鎖定，不能進行交易或用於其他投資。以太坊 2.0、Cardano 和 Solana 等權益證明網路使用這些承諾資產來保護網路並驗證交易。

Liquid staking resolves the illiquidity of staked assets by generating Liquid Staking Tokens (LSTs) that represent the cryptocurrency held in the Liquid Staking Protocol. These minted LSTs can be deployed on other protocols within the DeFi ecosystem to earn additional yields while the original staked crypto continues accruing staking rewards. This enables cryptocurrency owners to retain their ability to readily access funds and explore other investment options while still enjoying staking benefits. It's like having your cake and eating it, too - your cryptocurrency is staked, yet you have a token available for use. Imagine if you could use a proxy for your funds locked in a CD to engage in other financial activities while the actual money remains in the fixed deposit earning interest. Crypto makes this hypothetical scenario real, through liquid staking.

Liquid 質押透過產生代表 Liquid 質押協議中持有的加密貨幣的 Liquid 質押代幣（LST）來解決質押資產的流動性不足問題。這些鑄造的 LST 可以部署在 DeFi 生態系統內的其他協議上，以獲得額外的收益，同時原始質押的加密貨幣繼續獲得質押獎勵。這使得加密貨幣所有者能夠保留輕鬆獲取資金和探索其他投資選項的能力，同時仍然享受質押收益。這就像魚與熊掌兼得——你的加密貨幣被抵押，但你還有一個可用的代幣。想像一下，如果您可以使用鎖定在 CD 中的資金的代理來從事其他金融活動，而實際資金仍保留在定期存款中賺取利息。加密貨幣透過流動性質押使這種假設的場景成為現實。

The minted LSTs can be restaked/deposited on Liquid Restaking Protocols, which in turn create Liquid Restaking Tokens (LRTs), allowing the asset holder to earn additional returns. Some advanced protocols work directly with the underlying blockchain and create new tokens native to their systems, i.e., native Liquid Restaking Tokens (nLRTs) and recursive, composite, or leveraged liquid staking tokens. These tokens enable asset holders to earn both traditional Proof of Stake rewards and additional staking rewards.

鑄造的 LST 可以重新抵押/存入 Liquid 重新抵押協議，這反過來又創建 Liquid 重新抵押代幣（LRT），使資產持有者能夠獲得額外的回報。一些高級協議直接與底層區塊鏈合作，並創建其係統本機的新代幣，即本機流動性重新抵押代幣（nLRT）和遞歸、複合或槓桿流動性抵押代幣。這些代幣使資產持有者能夠獲得傳統的權益證明獎勵和額外的權益獎勵。

With a rapid pace of innovations in the DeFi ecosystem, platforms with unique implementations of liquid staking continue to emerge. One such platform is YieldNest.

隨著 DeFi 生態系統創新的快速發展，具有獨特流動質押實現的平台不斷湧現。 YieldNest 就是這樣的平台之一。

YieldNest revolutionizes the staking landscape with its innovative liquid restaking products, designed for optimal returns and simplified user experience. By utilizing Liquid Restaking Tokens (LRTs) and Native Liquid Restaking Tokens (n

YieldNest 憑藉其創新的液體重新質押產品徹底改變了質押格局，這些產品旨在實現最佳回報和簡化用戶體驗。透過利用流動性重新抵押代幣（LRT）和原生流動性重新抵押代幣（n