比特币涨势降温之际，DeFi 山寨币飙升，标志着加密市场范式转变

随着比特币和以太币的涨势减弱，投资者开始关注替代代币，尤其是来自 DeFi 子行业的代币。多个 DeFi 代币本周出现两位数涨幅，包括 0x (ZRX)、aave (AAVE) 和maker (MKR)。这一增长归因于多种因素，包括比特币势头的降温以及新 DeFi 项目即将发布。基于以太坊的去中心化交易所0x的升级以及主要去中心化交易所交易量的增加也促成了这一激增。然而，这种增长与之前的“替代季节”不同，分析师认为 DeFi 的潜力不仅仅局限于流动性挖矿的高收益，这预示着其长期增长前景。

DeFi Altcoins Surge Amid Bitcoin's Cooling Rally: A Paradigm Shift in Cryptocurrency Markets

比特币涨势降温之际，DeFi 山寨币飙升：加密货币市场的范式转变

As the once-meteoric rise of Bitcoin and Ethereum plateaus, investors are turning their attention toward alternative cryptocurrencies, particularly those from the decentralized finance (DeFi) sector. This pivot has sparked a noticeable rally in multiple DeFi tokens, defying the broader market trend.

随着比特币和以太坊一度迅速崛起的停滞期，投资者正在将注意力转向替代加密货币，尤其是来自去中心化金融（DeFi）领域的加密货币。这一转向引发了多种 DeFi 代币的显着反弹，违背了大盘趋势。

Leading the charge is 0x (ZRX), aave (AAVE), and maker (MKR), each posting double-digit gains in the past 24 hours. At the time of writing, 0x was trading at $0.52, up by a remarkable 20.42%, while Maker's value had surged by nearly 160% year-to-date.

领先的是 0x (ZRX)、aave (AAVE) 和maker (MKR)，它们在过去 24 小时内均取得了两位数的涨幅。截至撰写本文时，0x 的交易价格为 0.52 美元，涨幅高达 20.42%，而 Maker 的价值今年迄今已飙升近 160%。

Industry analysts attribute this surge to several key factors. Ryan Watkins, research analyst at Messari, points to the cooling momentum in Bitcoin, providing DeFi tokens with room to breathe. Additionally, a flurry of exciting new releases in the DeFi ecosystem over the next two weeks has generated further momentum.

行业分析师将这种激增归因于几个关键因素。 Messari 研究分析师 Ryan Watkins 指出，比特币的降温势头为 DeFi 代币提供了喘息的空间。此外，未来两周 DeFi 生态系统中一系列令人兴奋的新版本也产生了进一步的动力。

0x, an Ethereum-based decentralized exchange, recently announced its version 4 upgrade plan. This upgrade promises new customizable modules capable of executing trades seamlessly and optimizing gas efficiency. The vote for the upgrade is scheduled for January 16th, fueling anticipation among traders.

基于以太坊的去中心化交易所0x近日宣布了第4版升级计划。此次升级有望提供新的可定制模块，能够无缝执行交易并优化燃气效率。升级投票定于 1 月 16 日举行，这引发了交易者的期待。

Trading volumes on major decentralized exchanges have also witnessed a surge, growing by 95% to reach approximately $37.58 billion in the past month, according to data from Dune Analytics. On FTX, a leading derivatives exchange, perpetual futures for their DeFi index were also trading near their all-time high at press time.

根据 Dune Analytics 的数据，主要去中心化交易所的交易量也出现激增，过去一个月增长了 95%，达到约 375.8 亿美元。在领先的衍生品交易所 FTX 上，截至发稿时，其 DeFi 指数的永续期货交易价格也接近历史高点。

However, this resurgence of DeFi tokens differs from previous alt seasons, such as the one that followed Bitcoin's bull run in 2017 or the "DeFi summer" boom fueled by excessive hype around high yields from liquidity mining. Peter Chan, lead trader for crypto trading firm OneBit Quant, believes there are no particularly exciting new projects attracting significant liquidity to altcoins.

然而，这次 DeFi 代币的复苏与之前的山寨币季节有所不同，例如 2017 年比特币牛市之后的山寨币季节，或者因流动性挖矿高收益的过度炒作而引发的“DeFi 夏季”热潮。加密货币交易公司 OneBit Quant 的首席交易员 Peter Chan 认为，没有特别令人兴奋的新项目为山寨币吸引大量流动性。

Instead, the current growth in DeFi has led many to question whether it will evolve into something far more substantial than merely a source of high returns through "yield farming." In an op-ed published by the Financial Times, Brian Brooks, the outgoing acting head of the U.S. Office of the Comptroller of the Currency (OCC), argued that "self-driving banks" could potentially become mainstream before self-driving cars.

相反，当前 DeFi 的增长让许多人质疑它是否会演变成比仅仅通过“流动性挖矿”获得高回报的来源更重要的东西。在英国《金融时报》发表的一篇专栏文章中，即将离任的美国货币监理署（OCC）代理局长布莱恩·布鲁克斯（Brian Brooks）认为，“自动驾驶银行”有可能在自动驾驶汽车之前成为主流。

Watkins believes that the DeFi sector is poised for continued growth and maturation. He anticipates increased adoption of layer 2 solutions, more interoperability between protocols, and cross-chain DeFi projects. Such fundamental improvements could drive long-term price growth for DeFi tokens.

Watkins 认为 DeFi 领域有望持续增长和成熟。他预计第 2 层解决方案的采用会增加，协议之间的互操作性会增强，跨链 DeFi 项目也会增加。这种根本性的改善可能会推动 DeFi 代币的长期价格增长。

This renewed interest in DeFi altcoins suggests a shift in investor sentiment. As Bitcoin's dominance wanes, investors are recognizing the potential of decentralized financial services, paving the way for a more diverse and dynamic cryptocurrency landscape.

人们对 DeFi 山寨币重新产生兴趣表明投资者情绪发生了转变。随着比特币的主导地位减弱，投资者正在认识到去中心化金融服务的潜力，为更加多样化和动态的加密货币格局铺平了道路。