DeFi 悖论：去中心化的承诺与中心化的趋势

去中心化金融（DeFi）作为一个革命性的概念被引入，有望通过创建一个没有银行、经纪人或其他中心化机构等中介机构的点对点金融生态系统来颠覆传统金融。

Decentralized finance (DeFi) was introduced as a revolutionary concept, promising to disrupt traditional finance by creating a peer-to-peer financial ecosystem without intermediaries such as banks, brokers, or other centralized institutions. The core idea behind DeFi is to leverage blockchain technology to build open, transparent, and decentralized financial services accessible to anyone with an internet connection.

去中心化金融（DeFi）作为一个革命性的概念被引入，有望通过创建一个没有银行、经纪人或其他中心化机构等中介机构的点对点金融生态系统来颠覆传统金融。 DeFi 背后的核心理念是利用区块链技术构建开放、透明、去中心化的金融服务，任何有互联网连接的人都可以使用。

However, as the DeFi market has evolved, a paradox has emerged: despite its foundations being built on decentralization, many DeFi platforms and protocols are exhibiting characteristics of centralization. This is in direct contrast to the initial promise of creating an entirely decentralized financial system. In this article, we will explore the reasons behind this trend, the challenges DeFi platforms face in achieving true decentralization, and the implications this has for the future of the DeFi market.

然而，随着 DeFi 市场的发展，一个悖论也出现了：尽管其基础是去中心化的，但许多 DeFi 平台和协议却呈现出中心化的特征。这与创建完全去中心化的金融体系的最初承诺形成鲜明对比。在本文中，我们将探讨这一趋势背后的原因、DeFi 平台在实现真正去中心化方面面临的挑战，以及这对 DeFi 市场的未来的影响。

Before diving into why decentralization is lacking in the DeFi market, it’s essential to understand what DeFi is and how it is supposed to work.

在深入探讨 DeFi 市场缺乏去中心化的原因之前，有必要了解 DeFi 是什么以及它应该如何运作。

DeFi refers to a set of financial services and products built on blockchain networks, primarily Ethereum, that aim to replicate traditional financial instruments such as lending, borrowing, trading, insurance, and asset management—without the need for a central authority. The idea is to provide financial services through smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. These smart contracts are transparent, immutable, and decentralized.

DeFi 是指建立在区块链网络（主要是以太坊）上的一组金融服务和产品，旨在复制传统的金融工具，如借贷、交易、保险和资产管理，而无需中央机构。这个想法是通过智能合约提供金融服务，智能合约是自动执行的合约，协议条款直接写入代码。这些智能合约是透明的、不可变的和去中心化的。

Key components of the DeFi ecosystem include:

DeFi 生态系统的关键组成部分包括：

* **Decentralized protocols:** These are the underlying blockchain networks and smart contracts that power DeFi applications, enabling users to interact with each other and perform various financial transactions without the involvement of a central authority. Examples include Ethereum, Aave, and Uniswap.

* **去中心化协议：** 这些是为 DeFi 应用程序提供支持的底层区块链网络和智能合约，使用户能够在没有中央机构参与的情况下相互交互并执行各种金融交易。例子包括以太坊、Aave 和 Uniswap。

* **Decentralized applications (dApps):** These are user-facing interfaces that allow users to access and interact with DeFi protocols in a convenient and intuitive way. Some popular dApps include MetaMask, Uniswap Interface, and Aave Web App.

* **去中心化应用程序（dApp）：** 这些是面向用户的界面，允许用户以方便直观的方式访问 DeFi 协议并与之交互。一些流行的 dApp 包括 MetaMask、Uniswap Interface 和 Aave Web App。

* **Decentralized exchanges (DEXs):** These are peer-to-peer marketplaces that facilitate the trading of cryptocurrencies without the need for a centralized intermediary. Instead, trades are executed directly between users through smart contracts. Examples include Uniswap, Sushiswap, and PancakeSwap.

* **去中心化交易所 (DEX)：** 这些是点对点市场，无需集中中介即可促进加密货币交易。相反，交易是通过智能合约在用户之间直接执行的。例子包括 Uniswap、Sushiswap 和 PancakeSwap。

* **Governance tokens:** Many DeFi protocols issue their own tokens, which serve as a native currency within the protocol and also grant holders the ability to participate in the governance of the protocol. By holding and using governance tokens, users can vote on changes to the protocol, such as interest rates, new features, and protocol upgrades.

* **治理代币：** 许多 DeFi 协议都会发行自己的代币，这些代币充当协议内的原生货币，并赋予持有者参与协议治理的能力。通过持有和使用治理代币，用户可以对协议的变更进行投票，例如利率、新功能和协议升级。

Decentralization in DeFi is crucial because it removes the need for trusted intermediaries. Users can interact directly with protocols, smart contracts, and other users without needing to trust any third party. This leads to greater financial inclusion, transparency, and security.

去中心化在 DeFi 中至关重要，因为它消除了对可信中介的需求。用户可以直接与协议、智能合约和其他用户交互，无需信任任何第三方。这将带来更大的金融包容性、透明度和安全性。

When DeFi protocols were first launched, the vision was clear: to create a financial ecosystem where users could maintain full control over their assets without relying on centralized financial institutions. This idea was particularly appealing because traditional finance has been heavily centralized for centuries, with banks and institutions controlling access to credit, capital markets, and payment systems.

当 DeFi 协议首次推出时，愿景很明确：创建一个金融生态系统，让用户可以在不依赖中心化金融机构的情况下保持对其资产的完全控制。这个想法特别有吸引力，因为几个世纪以来传统金融一直高度集中，银行和机构控制着信贷、资本市场和支付系统的准入。

The principles of decentralization in DeFi are supposed to manifest in several ways:

DeFi 的去中心化原则应该体现在以下几个方面：

* **Decentralized governance:** DeFi protocols are typically governed by a community of users who hold the protocol's governance tokens. This decentralized governance structure allows users to participate in decision-making and influence the direction of the protocol without the control of a single entity.

* **去中心化治理：** DeFi 协议通常由持有该协议治理代币的用户社区进行治理。这种去中心化的治理结构允许用户参与决策并影响协议的方向，而无需单个实体的控制。

* **Autonomous operation:** DeFi protocols are designed to function autonomously, without the need for manual intervention or centralized control. Once deployed on the blockchain, the protocol's rules and parameters are set and enforced automatically by the smart contracts.

* **自主运行：** DeFi 协议旨在自主运行，无需人工干预或集中控制。一旦部署在区块链上，协议的规则和参数将由智能合约自动设置和执行。

* **Open and permissionless access:** DeFi protocols are usually open to anyone with an internet connection, without the need for approval or authorization from a central entity. This inclusivity promotes a level playing field and fosters a diverse community of users.

* **开放且无需许可的访问：** DeFi 协议通常对任何有互联网连接的人开放，无需中央实体的批准或授权。这种包容性促进了公平的竞争环境并培育了多元化的用户社区。

* **Pseudonymous interactions:** DeFi protocols typically allow users to interact and perform transactions without revealing their real-world identities. This pseudonymity enhances privacy and protects users from discrimination or censorship.

* **假名交互：** DeFi 协议通常允许用户在不透露其真实身份的情况下进行交互和执行交易。这种假名增强了隐私并保护用户免受歧视或审查。

Despite these lofty goals, the DeFi market is struggling to achieve true decentralization. Let’s look at the key reasons why.

尽管有这些崇高的目标，但 DeFi 市场仍在努力实现真正的去中心化。让我们看看其中的关键原因。

Also, read – What Are Flash Loans In The DeFi Market And Its Top 4 Shocking Examples

另外，请阅读 – 什么是 DeFi 市场中的闪电贷及其 4 个令人震惊的例子

Centralization Trends in the DeFi Market

DeFi市场的中心化趋势

1. Concentration of Token Ownership and Governance Power

1. 代币所有权和治理权的集中

One of the most significant challenges to decentralization in DeFi is the concentration of token ownership. Many DeFi projects issue governance tokens, which are meant to give token holders the power to vote on protocol upgrades, changes to interest rates, and other crucial decisions. However, a large percentage of these tokens are often held by a small group of investors, early project backers, and venture capital firms.

DeFi 去中心化面临的最重大挑战之一是代币所有权的集中。许多 DeFi 项目都会发行治理代币，旨在赋予代币持有者对协议升级、利率变化和其他关键决策进行投票的权力。然而，这些代币的很大一部分通常由一小群投资者、早期项目支持者和风险投资公司持有。

For example, in some cases, it has been found that less than 10% of token holders control the majority of governance votes. This results in a centralization of decision-making

例如，在某些情况下，我们发现不到 10% 的代币持有者控制着大多数治理投票。这导致决策集中化