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毫不奇怪,中心化产品和新兴的 DeFi 项目正在牛市中调整其年收益率(APY)。
Cryptocurrency bull markets are typically characterized by a surge in investment opportunities, each promising astronomical returns. As bitcoin’s price continues to rise, it’s no surprise that both centralized exchanges and nascent decentralized finance (DeFi) protocols are advertising annual percentage yields (APYs) that are sure to turn heads.
加密货币牛市的典型特点是投资机会激增,每一次投资机会都有望带来天文数字的回报。随着比特币价格持续上涨,中心化交易所和新兴的去中心化金融(DeFi)协议都在宣传肯定会引起人们关注的年收益率(APY)也就不足为奇了。
However, it’s crucial to approach these offers with a clear understanding of the risks involved and a realistic perspective on what bitcoin itself can offer.
然而,在清楚地了解所涉及的风险并对比特币本身可以提供什么有现实的看法的情况下,对待这些报价至关重要。
Bitcoin, being a proof-of-work (PoW) asset, does not generate any native yield. This is in contrast to proof-of-stake (PoS) assets like ETH or SOL, which offer a passive return for simply holding the token.
比特币作为一种工作量证明(PoW)资产,不会产生任何原生收益。这与 ETH 或 SOL 等权益证明 (PoS) 资产形成鲜明对比,后者只需持有代币即可提供被动回报。
Despite bitcoin’s lack of inherent yield, centralized services are able to generate a passive return for their customers by engaging in activities such as proprietary trading or lending out customers’ deposits. For example, M2, WireX and CoinHold offer a modest 8% APY on bitcoin. This rate can be further increased to 15% on centralized platforms like EarnPark.
尽管比特币缺乏固有收益,但中心化服务能够通过自营交易或借出客户存款等活动为客户带来被动回报。例如,M2、WireX 和 CoinHold 提供 8% 的比特币年利率。在EarnPark等中心化平台上,这一比例可以进一步提高到15%。
It’s important to note that these APYs cannot be directly compared to fiat benchmarks like the US prime rate, which currently stands at 8%. Additionally, unlike PoS assets, holding BTC does not generate a passive yield in the form of more BTC.
值得注意的是,这些 APY 不能直接与美国最优惠利率等法定基准进行比较,目前美国最优惠利率为 8%。此外,与 PoS 资产不同,持有 BTC 不会产生更多 BTC 形式的被动收益。
For speculators seeking APYs in excess of 15%, there are even more degenerate yields on bitcoin available through less conventional offerings.
对于寻求超过 15% 的年化收益率的投机者来说,通过不太传统的产品可以获得更高的比特币收益率。
Looping up yields through bitcoin-themed DeFi
通过以比特币为主题的 DeFi 提高收益率
For those willing to engage in a complex and risky chain of protocols, bitcoin investors can earn outsized returns if everything goes according to plan.
对于那些愿意参与复杂且有风险的协议链的人来说,如果一切按计划进行,比特币投资者可以获得巨额回报。
By daisy-chaining a series of protocols — including Ethereum, ZeroLend, Lombard, Contango and Babylon — bitcoin investors can earn a 61% APR, which is currently denominated in a bitcoin-branded token called Lombard BTC, which is pegged to BTC and currently trades at nearly the same price.
通过菊花链一系列协议——包括以太坊、ZeroLend、Lombard、Contango 和 Babylon——比特币投资者可以获得 61% 的年利率,目前以名为 Lombard BTC 的比特币品牌代币计价,该代币与 BTC 挂钩,目前以几乎相同的价格进行交易。
This setup essentially allows bitcoin holders to earn a high yield on their BTC without having to sell it or engage in any active trading strategies. However, it’s important to note that the risks of this strategy are also significantly amplified.
这种设置本质上允许比特币持有者从他们的比特币中获得高收益,而无需出售它或参与任何活跃的交易策略。然而,值得注意的是,这种策略的风险也被显着放大。
While the US dollar offers a risk-free interest rate of 4.53%, there is no such risk-free interest rate for BTC. Despite this, both conventional custodians and DeFi platforms are offering APRs and APYs that start in the high-single digits and reach into the high-double digits for bitcoin speculators.
虽然美元提供 4.53% 的无风险利率,但 BTC 却没有这样的无风险利率。尽管如此,传统托管机构和 DeFi 平台都为比特币投机者提供从高个位数开始到高两位数的年利率和年利率。
But as history has shown — with examples like Celsius, Voyager, Gemini Earn and other catastrophes — investors should never forget that high-yield bitcoin scams often come with the grave risk of total loss.
但正如历史所表明的那样——Celsius、Voyager、Gemini Earn和其他灾难等例子——投资者永远不应该忘记,高收益的比特币骗局往往伴随着完全损失的严重风险。
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