在Defi中建立可持续资本形成

Defi从贝拉辛（Berachain），吨，羽流，索尼克（Sonic）等许多新区块链的出现中得到了增强。

DeFi is heating up again with the emergence of a host of new blockchains. BeraChain, TON, Plume, Sonic and many others are launching in rapid succession, each one bringing with it a flood of incentives to attract users and liquidity. These new chains are promising high yields and interesting economic models, harkening back to the early days of yield farming in 2021.

随着许多新区块链的出现，Defi再次加热。 Berachain，Ton，Plume，Sonic和其他许多人正在迅速连续推出，每个人都带来了许多激励措施，以吸引用户和流动性。这些新的连锁店是有希望的高收益和有趣的经济模式，可以追溯到2021年产量耕种的初期。

But is any of this sustainable?

但是这种可持续性吗？

As every new blockchain punches up and tries to build momentum, they inevitably confront the same dilemma: how to build ecosystems that survive beyond the end of their incentive programs.

随着每个新区块链的冲击并试图建立动力，他们不可避免地面临着同样的困境：如何建立生态系统，这些生态系统能够在激励计划的末尾生存。

Incentives remain one of crypto’s most elegant bootstrapping tools—a neat solution to the cold-start problem of attracting users and liquidity. Yet, incentives are just a starting point. The ultimate goal is to build self-sustaining economic activity around DeFi protocols.

激励措施仍然是加密货币最优雅的引导工具之一，这是吸引用户和流动性的冷启动问题的整洁解决方案。但是，激励只是一个起点。最终的目标是围绕违规协议建立自我维持的经济活动。

While the broader DeFi market has evolved considerably, the foundational approach to this capital dynamic has changed little. For DeFi to thrive in this new phase, these strategies must be adapted to reflect the realities of today’s capital dynamics.

尽管更广泛的Defi市场发展巨大，但这种资本动态的基础方法几乎没有改变。为了使Defi在这个新阶段蓬勃发展，必须对这些策略进行调整以反映当今资本动态的现实。

Some Key Challenges of Capital Formation in DeFi

Defi中资本形成的一些关键挑战

Despite the obvious need, most incentive programs today end up failing or producing underwhelming results. The composition of the current DeFi market is very different from 2021 where it was relatively simple to run an incentive program. The market has changed and there are some key aspects to consider when thinking about capital formation in DeFi.

尽管有明显的需求，但如今的大多数激励计划最终都失败或产生了巨大的结果。与2021年相对简单的激励计划相对简单，目前的DEFI市场的组成非常不同。市场发生了变化，在思考Defi中的资本形成时，有一些关键方面需要考虑。

1. More Blockchains Than Relevant Protocols

1。比相关协议更多的区块链

In traditional software ecosystems, platforms (layer-1s) typically give rise to a larger, diverse set of applications (layer-2s and beyond). But in today’s DeFi landscape, this dynamic is flipped. Dozens of new blockchains—including Movement, Berachain, Sei, Monad (upcoming), and more—have launched or are preparing to. And yet, the number of DeFi protocols that have achieved real traction is still limited to a few standout names like Ether.fi, Kamino, and Pendle. The result? A fragmented landscape where blockchains scramble to onboard the same small pool of successful protocols.

在传统的软件生态系统中，平台（第1层）通常会产生更大的，多样化的应用程序（第2层及以后）。但是在当今的Defi景观中，这种动态被翻转了。许多新的区块链 - 包括运动，贝拉契因，SEI，Monad（即将到来的）等等 - 已经推出或准备进行。然而，实现实际牵引力的DEFI协议的数量仍然仅限于Ether.fi，Kamino和Pendle等一些出色的名称。结果？一个零散的景观，区块链争夺在同一小型成功协议上的船上。

2. No New Degens in This Cycle

2。在这个周期中没有新的degens

Despite the proliferation of chains, the number of active DeFi investors hasn’t kept pace. Users experience friction, complex financial mechanics, and poor wallet/exchange distribution have all limited the onboarding of new participants. As a friend of mine likes to say, “We haven’t minted many new degens this cycle.” The result is a fragmented capital base that continually chases yield across ecosystems, rather than driving deep engagement in any one.

尽管链条扩散，但活跃的Defi投资者的数量仍未保持步伐。用户会遇到摩擦，复杂的金融机制和钱包/交换分销差，都限制了新参与者的入门。正如我的一个朋友喜欢说：“这个周期我们还没有铸造许多新的Degens。”结果是一个零散的资本基础，该基础不断追逐整个生态系统，而不是推动任何一个生态系统的参与度。

3. TVL Fragmentation

3。TVL分散

This capital fragmentation is now playing out in TVL (total value locked) statistics. With more chains and protocols chasing the same limited pool of users and capital, we’re seeing dilution rather than growth. Ideally, capital inflows should grow faster than the number of protocols and blockchains. Without that, capital simply gets spread thinner, undermining the potential impact of any individual ecosystem.

现在，这种资本碎片化正在TVL（总价值锁定）统计数据中进行。随着更多的链条和协议追逐相同的有限的用户和资本，我们会看到稀释而不是增长。理想情况下，资本流入应比协议和区块链的数量更快。没有这些，资本简单地扩散了，破坏了任何个人生态系统的潜在影响。

4. Institutional Interest, Retail Rails

4.机构利益，零售铁轨

Retail may dominate the DeFi narrative, but in practice, institutions drive most of the volume and liquidity. Ironically, many new blockchain ecosystems are ill-equipped to support institutional capital due to missing integrations, lack of custody support, and underdeveloped infrastructure. Without institutional rails, attracting meaningful liquidity becomes a steep uphill battle.

零售可能主导着偏见的叙述，但实际上，机构驱动了大部分的数量和流动性。具有讽刺意味的是，由于缺少整合，缺乏监护权支持和基础设施欠发达的基础设施，许多新的区块链生态系统无法支持机构资本。没有机构铁轨，吸引有意义的流动性就成为一场艰苦的艰苦战。

5. Incentive Inefficiencies and Market Misconfigurations

5。激励效率低下和市场错误配置

It’s common to see new DeFi protocols launch with poorly configured markets including leading to pool imbalances, slippage issues, or mismatched incentives. These inefficiencies often result in campaigns that disproportionately benefit insiders and whales, leaving little behind in terms of long-term value creation.

通常，新的Defi协议启动了，配置不佳的市场，包括导致池失衡，打滑问题或不匹配的激励措施。这些效率低下通常会导致运动不成比例地使内部人员和鲸鱼受益，而在长期创造的创造方面几乎没有落后。

Building Beyond Incentives

超越激励措施

The holy grail of incentive programs is to catalyze organic activity that persists after the rewards dry up. While there’s no blueprint for guaranteed success, several foundational elements can increase the odds of building a durable DeFi ecosystem.

激励计划的圣杯是催化有机活动，这些活动在奖励枯竭后持续存在。尽管没有保证成功的蓝图，但几个基础元素可以增加构建耐用的自生态系统的几率。

1. Real Ecosystem Utility

1。真正的生态系统实用程序

The hardest but most important goal is building ecosystems with real, non-financial utility. Chains like TON, Unichain, and Hyperliquid are early examples where token utility extends beyond pure yield. Still, most new blockchains lack this kind of foundational utility and must rely heavily on incentives to attract attention.

最难但最重要的目标是建立具有真实的非财务用途的生态系统。像吨，Unichain和超液体之类的连锁店是令牌实用程序超出纯收益的早期例子。尽管如此，大多数新的区块链都缺乏这种基础效用，并且必须严重依靠激励措施吸引人们的注意力。

2. Strong Stablecoin Base

2。坚固的稳定基础

Stablecoins are the cornerstone of any functional DeFi economy. An effective approach often includes two leading stablecoins that anchor borrowing markets and create deep AMM (automated market maker) liquidity. Designing the right stablecoin mix is critical to unlocking early lending and trading activity.

稳定剂是任何功能性经济的基石。一种有效的方法通常包括两个领先的稳定稳定的稳定的稳定，它们锚定借贷市场并产生深度AMM（自动化的做市商）流动性。设计合适的稳定混合物对于解锁早期贷款和交易活动至关重要。

3. Major Asset Liquidity

3。主要资产流动性

Alongside stablecoins, deep liquidity in blue-chip assets like BTC and ETH lowers the friction for large allocators. This liquidity is crucial for onboarding institutional capital and enabling capital-efficient DeFi strategies.

除了稳定的稳态外，BTC和ETH等蓝筹资金资产中的深厚流动性降低了大型分配器的摩擦。这种流动性对于入职机构资本和实现资本效率的Defi策略至关重要。

4. DEX Liquidity Depth

4。DEX流动性深度

Liquidity in AMM pools is frequently overlooked. But in practice, slippage risk can derail large trades and stifle activity. Building deep, resilient DEX liquidity is a prerequisite for any serious DeFi ecosystem.

AMM池中的流动性经常被忽略。但是实际上，滑倒风险会使大型交易和扼杀活动脱轨。建立深层，有弹性的DEX流动性是任何严重的偏见生态系统的先决条件。

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