分散的金融（DEFI）需要现实检查

协议通过令牌排放量追逐增长，这些排放有望让人眼前一亮的年百分比（APY）（APY）

Decentralized finance (DeFi) protocols have chased growth through token emissions and promised annual percentage yields (APYs) for years, only to watch liquidity evaporate when incentives dry up. This strategy has left protocols in a vicious cycle of chasing mercenary capital, which is used to create artificial ecosystems that are doomed to collapse.

分散的金融（DEFI）方案已通过令牌排放来追逐增长，并承诺每年的年收益百分比（APY）多年，只是观察激励措施枯竭时流动性蒸发。该策略将协议留在了追逐雇佣资本的恶性循环中，该协议用于创建注定要崩溃的人工生态系统。

Launch a governance token, distribute it generously to liquidity providers to boost total value locked (TVL), celebrate the growth metrics and watch helplessly as yield farmers withdraw their capital and move to the next hot protocol. At least, that's how the last few years of DeFi played out.

启动治理令牌，将其慷慨地分发给流动性提供商，以提高锁定的总价值（TVL），庆祝增长指标，并无助地注视着屈服农民撤回资本并转移到下一个热门协议。至少，这就是Defi的最后几年的表现。

But perhaps there's a better way to approach value creation and capital efficiency.

但是，也许有一种更好的方法来实现价值创造和资本效率。

DeFi protocols need to shift from extractive to regenerative economic models, and protocol-owned liquidity represents one of the most promising approaches to solving this problem. Rather than renting liquidity through emissions, protocols can build permanent capital bases that generate sustainable returns.

DEFI协议需要从提取性转向再生经济模型，而协议拥有的流动性代表了解决此问题的最有希望的方法之一。协议不是通过排放来租用流动性，而可以建立永久的资本基础，从而产生可持续的回报。

When protocols own their liquidity, they become more resistant to capital flight during market downturns. They can generate consistent fee revenue that flows back to the protocol rather than temporary liquidity providers. Most importantly, they can create sustainable yield derived from actual economic activity rather than token inflation.

当协议拥有其流动性时，它们在市场下滑期间对资本飞行的抵抗力更具抵抗力。他们可以产生一致的费用收入，该收入流回协议，而不是临时流动性提供者。最重要的是，它们可以创造出源自实际的经济活动而不是代币通货膨胀的可持续收益。

Bridged assets usually sit there and don't contribute much toward the liquidity potential of connected blockchains. Through staking the bridge, assets in the bridge are redeployed into low-risk, yield-bearing strategies on Ethereum, which are used to bankroll boosted yields. This allows protocols to align participant incentives with long-term health, and it's a boost to capital efficiency.

桥接的资产通常坐在那里，对连接区块链的流动性潜力做出了很大的贡献。通过铺设桥梁，桥梁中的资产被重新部署为以太坊的低风险，承重的策略，这些策略用于增加产量。这使协议可以使参与者的激励措施与长期健康状况保持一致，这可以提高资本效率。

For DeFi to mature, protocols must prioritize real yield — returns generated from actual revenue rather than token emissions. This means developing products and services that create genuine user value and capture a portion of that value for the protocol and its long-term stakeholders.

为了使FEFI到成熟，协议必须优先考虑实际收益率 - 从实际收入而不是令牌排放产生的回报。这意味着开发创造真正的用户价值的产品和服务，并为协议及其长期利益相关者捕获该价值的一部分。

While sustainable yield models typically produce lower initial returns than emissions-based approaches, these returns are sustainable. Protocols engaging in this shift will build resilient foundations rather than chasing vanity metrics.

尽管可持续产量模型通常比基于排放的方法产生的初始回报较低，但这些回报是可持续的。参与这一转变的协议将建立弹性基础，而不是追逐虚荣心指标。

The alternative is continuing a cycle of boom-and-bust that undermines credibility and prevents mainstream adoption. DeFi cannot fulfill its promise of revolutionizing finance while relying on unsustainable economic models.

替代方案是继续进行繁荣和破坏的循环，该循环破坏了信誉并防止主流采用。 Defi在依靠不可持续的经济模式的同时无法实现其革命财务的承诺。

Instead of burning through tokens to buy time, protocols should be investing in long-term growth initiatives. This includes funding core development, improving security and expanding into new markets.

协议不应投资长期增长计划，而不是燃烧以购买时间来购买时间。这包括资助核心开发，提高安全性并扩展到新市场。

To conclude, protocols that do this will amass treasuries designed to weather market cycles rather than deplete during downturns. They'll generate a yield from providing real utility rather than printing tokens. They'll prioritize building mindshare and mindshare will come through delivering value.

总而言之，执行此操作的协议将积累旨在天气市场周期而不是在衰退期间耗尽的国库。他们将通过提供真实的实用程序而不是打印代币产生收益。他们将优先考虑建立思想和思维方式，并通过实现价值来实现。

This evolution requires a collective mindset shift from DeFi participants. Investors need to recognize the difference between sustainable and unsustainable yield. Builders need to design tokenomics that reward long-term alignment rather than short-term speculation. And users need to understand the true source of their returns.

这种演变需要集体的思维方式与Defi参与者的转变。投资者需要认识到可持续和不可持续的收益率之间的区别。建筑商需要设计奖励长期一致而不是短期投机的代币学。用户需要了解其回报的真正来源。

The future of DeFi depends on getting these fundamentals right. It’s time to fix our broken yield model before we repeat the mistakes of the past.

Defi的未来取决于正确的基本面。现在是时候在重复过去的错误之前修复我们破裂的收益模型了。