比特币（BTC）聚焦

比特币（BTC）于2024年从加密货币市场的其余部分吸引了焦点，但特朗普政府正在迅速改变游戏规则

Crypto data firm Kaiko Research has highlighted the potential for a rotation of interest away from Bitcoin (BTC) and towards other crypto assets in 2024, as the Trump administration’s administration quickly changes the rules of the game.

加密数据公司Kaiko Research强调了从比特币（BTC）和2024年转向其他加密资产的利益转移的可能性，因为特朗普政府的政府迅速改变了游戏规则。

While Bitcoin has certainly taken the spotlight this year, with its price movements dominating headlines and analysis, the decentralized finance (DeFi) sector may be performing even better than BTC, at least according to Kaiko.

尽管比特币今年肯定引起了人们的关注，但其价格变动主导了头条新闻和分析，但至少根据Kaiko的说法，分散的财务（DEFI）部门的表现可能比BTC更好。

The company’s own DeFi index (KSDEFI) has outpaced ether (ETH) since the instrument’s inception in October 2023, bringing in roughly 75% returns in that span of time. This is noteworthy given that most of the protocols included in the index are built on Ethereum.

自2023年10月该乐器成立以来，该公司自己的DEFI指数（KSDEFI）已经超过了以太（ETH），在这段时间内带来了大约75％的回报。值得注意的是，索引中包含的大多数协议都是基于以太坊的。

“This outperformance may persist into the latter half of 2025, as several assets within the index benefit from strong tailwinds,” Kaiko research analysts Adam McCarthy and Dessislava Aubert wrote in a recent report. “This trend highlights the decreasing correlation between the DeFi index and ETH over time, as the decentralized finance sector continues to expand beyond the Ethereum ecosystem.”

Kaiko研究分析师Adam McCarthy和Dessislava Aubert在最近的一份报告中写道：“这种表现可能会持续到2025年的下半年，因为该指数中的几项资产受益于强烈的尾风。” “这种趋势强调了随着时间的推移，随着时间的推移，Defi指数与ETH之间的相关性下降，因为分散的金融部门继续扩展到以太坊生态系统之外。”

The index is composed of 11 DeFi tokens, the most heavily weighted being UNI, AAVE and ONDO. At least four of these tokens have powerful tailwinds for the rest of the year, the report said.

该索引由11个Defi令牌组成，最重的是Uni，Aave和Ondo。报告说，这些令牌中至少有四个在今年剩余时间内具有强大的逆风。

For example, regulatory developments in the U.S. may open up possibilities for decentralized exchange Uniswap and decentralized lender Aave to implement fee switches for each of their respective tokens, meaning that protocol fees may end up getting distributed to UNI and AAVE holders.

例如，美国的监管发展可能会为分散的交易所UNISWAP和分散的贷方AAVE提供可能性，以实施各自代币的费用转换，这意味着协议费可能最终会分配给UNI和AAVE持有人。

“Insiders within the respective communities have been discussing this possibility for some time, and it could serve as a pivotal moment in the evolution of both protocols and their respective tokens,” the report said.

报告说：“一段时间以来，各自社区内的内部人士一直在讨论这种可能性，并且可以作为协议及其各自的代币演变的关键时刻。”

Tokenization protocol Ondo Finance, for its part, will likely benefit from an acceleration of the tokenization trend as Wall Street keeps wading deeper into crypto, the report said.

报告称，随着华尔街不断进一步涉足加密货币，代币化协议ondo Finance可能会受益于代币化趋势。

“Despite the promise of DeFi, 2020 saw limited progress due to regulatory constraints in key markets, which varied significantly across the globe,” the report said. “But, regulatory scrutiny is easing, and the sector now has abundant opportunities for growth.”

报告说：“尽管有前途的承诺，但2020年由于主要市场的监管限制而导致的进展有限，全球范围内差异很大。” “但是，监管审查正在放松，该行业现在有很多增长机会。”