DeFi 市场反弹：安全性和收益推动增长

DeFi 市场的信心和流动性正在复苏，75% 的资金池提供 0-5% 的保守 APY。质押在 DeFi 中占据主导地位，占 TVL 的 80%，而贷款行业则在寻求更高回报的交易者的推动下迎来复苏。由于对无常损失的担忧，去中心化交易所面临着温和的增长，但资本效率的进步和“稳定”资金池的兴起提供了提高收益和降低风险的潜力。在第 2 层汇总和去信任桥接模型的进步的推动下，桥接领域出现了显着增长。对收益率组成部分的分析揭示了从基于奖励的模型向活动驱动的收益率的转变，这表明成熟的 DeFi 市场越来越受到真正的链上活动的支撑。

DeFi Market Regains Momentum: Safety and Yield Drive Growth

DeFi市场重拾动力：安全性和收益驱动增长

In a resounding resurgence of confidence, the decentralized finance (DeFi) market is witnessing a significant increase in liquidity and investor interest. Driven by a newfound emphasis on security and predictability, 75% of funds within DeFi pools now reside in conservative investments offering annual percentage yields (APYs) between 0-5%. This cautious approach, particularly evident in Ethereum staking pools, highlights investors' preference for stable and reliable returns.

随着信心的彻底复苏，去中心化金融（DeFi）市场的流动性和投资者兴趣显着增加。在对安全性和可预测性的新重视的推动下，目前 DeFi 池中 75% 的资金属于保守投资，年收益率 (APY) 在 0-5% 之间。这种谨慎的态度在以太坊质押池中尤其明显，凸显了投资者对稳定可靠回报的偏好。

In a positive sign of recovery, the total value locked (TVL) in yield-generating DeFi protocols has surged from $26.5 billion in Q3 2023 to $59.7 billion in Q1 2024. This growth signals a renewed appetite for DeFi investments and a burgeoning sense of optimism among market participants.

产生收益的 DeFi 协议的锁定总价值 (TVL) 已从 2023 年第三季度的 265 亿美元飙升至 2024 年第一季度的 597 亿美元，这是复苏的积极迹象。这种增长表明人们对 DeFi 投资的兴趣重新燃起，乐观情绪日益高涨。市场参与者之间。

Staking Emerges as a Growth Engine

质押成为增长引擎

Staking, the process of safeguarding networks and validating blockchain transactions, has emerged as a cornerstone of DeFi's growth. Sparked by Ethereum's transition to Proof-of-Stake, the amount of staked Ether has doubled since the Merge, reflecting its growing importance within the DeFi ecosystem. Staking currently accounts for an impressive 80% of the TVL, underscoring its significance in driving DeFi's expansion.

质押是保护网络和验证区块链交易的过程，已成为 DeFi 增长的基石。在以太坊向权益证明过渡的推动下，自合并以来质押的以太币数量翻了一番，反映出其在 DeFi 生态系统中日益重要的重要性。目前，质押占 TVL 的比例高达 80%，凸显了其在推动 DeFi 扩张方面的重要性。

Reststaking, facilitated by platforms like EigenLayer, has further bolstered staking's popularity. By allowing users to utilize their staked Ether to secure additional networks, restaking offers the potential for increased profits and risk diversification. EigenLayer's rapid ascent, with its TVL exceeding $12 billion, testifies to the interest in alternative staking options and investors' eagerness to maximize returns.

在 EigenLayer 等平台的推动下，再质押进一步提高了质押的受欢迎程度。通过允许用户利用他们质押的以太币来保护额外的网络，重新质押提供了增加利润和分散风险的潜力。 EigenLayer 的快速崛起，其 TVL 超过 120 亿美元，证明了人们对替代性质押选择的兴趣以及投资者渴望最大化回报的渴望。

Revival in DeFi Lending

DeFi 借贷的复兴

The DeFi lending sector is experiencing a renaissance, fueled by a risk-on sentiment and the pursuit of higher yield. Platforms like Aave and Compound are witnessing a resurgence in stablecoin borrowing rates, reaching double digits – a stark contrast to the subdued rates prevalent during the bear market. This uptrend is driven by traders leveraging stablecoins against their assets to explore DeFi opportunities while maximizing returns.

在风险偏好情绪和追求更高收益的推动下，DeFi 借贷行业正在经历复兴。 Aave和Compound等平台的稳定币借贷利率正在复苏，达到两位数——与熊市期间普遍低迷的利率形成鲜明对比。这一上升趋势是由交易者利用稳定币与其资产来探索 DeFi 机会，同时实现回报最大化所推动的。

Challenges and Opportunities in Market Making

做市的挑战和机遇

Decentralized exchanges (DEXs) have experienced moderated growth, hampered by concerns over impermanent loss and its negative portrayal in the media. However, advancements in capital efficiency, notably the concentrated liquidity model, provide avenues for higher yields with lower capital requirements. Additionally, the rise of "stable" pools, which pair pegged assets to reduce volatility, demonstrates the ongoing adaptation and evolution within the DeFi market.

由于对无常损失的担忧及其媒体的负面描述，去中心化交易所（DEX）的增长放缓。然而，资本效率的进步，特别是集中流动性模型，为以较低的资本要求获得更高的收益率提供了途径。此外，“稳定”池的兴起，通过与锚定资产配对来减少波动性，表明 DeFi 市场正​​在不断适应和演变。

Bridging Sector Gains Traction

桥梁行业受到关注

The bridging sector has witnessed substantial growth, propelled by the emergence of Layer 2 rollups and advancements in trustless bridging models. Third-party bridging protocols like Across and Synapse have capitalized on these developments, offering more secure and profitable bridging solutions. The evolution towards trustless models signifies a maturation in the bridging sector, promising a more integrated and efficient DeFi ecosystem.

在 Layer 2 Rollup 的出现和去信任桥接模型的进步的推动下，桥接领域出现了大幅增长。 Across 和 Synapse 等第三方桥接协议已经利用了这些发展，提供了更安全、更有利可图的桥接解决方案。向去信任模型的演变标志着桥接领域的成熟，有望形成更加集成和高效的 DeFi 生态系统。

Shift Towards Activity-Driven Yields

转向活动驱动的收益率

An analysis of yield components reveals a shift away from reward-based models towards activity-driven yields. This transition signals a maturing DeFi market, increasingly sustained by real on-chain activity. While incentives remain important for attracting new users and investments, the DeFi ecosystem is evolving towards a more complex and sophisticated yield structure.

对收益率组成部分的分析揭示了从基于奖励的模型向活动驱动的收益率的转变。这一转变标志着 DeFi 市场日趋成熟，并且越来越多地受到真正的链上活动的支撑。虽然激励措施对于吸引新用户和投资仍然很重要，但 DeFi 生态系统正在朝着更加复杂和完善的收益结构发展。

Conclusion

结论

The DeFi market is undergoing a profound transformation, characterized by a return to stability and a quest for yield. With a focus on safety, investors are gravitating towards conservative investments, while staking and restaking emerge as key drivers of growth. The lending sector is experiencing a resurgence, and bridging solutions are becoming more efficient and secure. Despite challenges in market making, the DeFi market is poised for continued growth and innovation. As the ecosystem matures, activity-driven yields and a shift towards real on-chain activity will shape the future of DeFi.

DeFi 市场正​​在经历一场深刻的变革，其特点是回归稳定和追求收益。由于注重安全性，投资者倾向于保守投资，而质押和再质押成为增长的关键驱动力。贷款行业正在复苏，过渡解决方案也变得更加高效和安全。尽管做市面临挑战，但 DeFi 市场仍有望持续增长和创新。随着生态系统的成熟，活动驱动的收益和向真正的链上活动的转变将塑造 DeFi 的未来。