DeFi Vault：彻底改变自动化资产管理

DeFi 金库正在彻底改变自动化资产管理，改变投资者在加密市场中最大化机会的方式。自2020年首次亮相以来，Yearn Finance和Compound等去中心化金融利基市场已利用智能合约生态系统通过创新策略来优化回报。

DeFi Vaults: The Next Chapter in Automated Asset Management

DeFi 金库：自动化资产管理的新篇章

How Far Have DeFi Vaults Come?

DeFi 金库已经走了多远？

Decentralized Finance (DeFi) vaults have emerged as a lucrative asset management tool for investors seeking to maximize crypto market opportunities. These DeFi niches gained popularity in the summer of 2020 when protocols like Yearn Finance, MakerDAO, and Compound debuted automated yield-bearing products. Most DeFi vaults today leverage automated smart contract ecosystems and algorithms to optimize returns through various strategies.

对于寻求最大化加密货币市场机会的投资者来说，去中心化金融（DeFi）金库已成为一种利润丰厚的资产管理工具。这些 DeFi 利基市场在 2020 年夏天受到欢迎，当时 Yearn Finance、MakerDAO 和 Compound 等协议推出了自动化收益产品。如今，大多数 DeFi 金库都利用自动化智能合约生态系统和算法，通过各种策略来优化回报。

From Yield Farming to Complex Financial Products

从流动性挖矿到复杂的金融产品

DeFi vaults have evolved from simple yield farming vaults to offer more sophisticated multi-layered strategies. Yearn Finance, a pioneer in DeFi vaults, introduced the era of yield farming, allowing crypto users to invest hands-off. MakerDAO, around the same time, launched lending and borrowing vaults, enabling DeFi users to use their digital assets as collateral to mint DAI stablecoins. Today, DeFi vaults encompass a wide range of financial products, including options and undercollateralized lending.

DeFi 金库已经从简单的流动性挖矿金库发展成为提供更复杂的多层策略。 Yearn Finance 是 DeFi 金库的先驱，引入了流动性耕作时代，让加密货币用户可以不受干扰地进行投资。 MakerDAO 大约在同一时间推出了借贷金库，使 DeFi 用户能够使用其数字资产作为抵押品来铸造 DAI 稳定币。如今，DeFi 金库涵盖了广泛的金融产品，包括期权和抵押不足贷款。

Challenges of Early-Generation DeFi Vaults

早期 DeFi 金库面临的挑战

Despite their role in propelling the DeFi market, DeFi vaults have faced challenges, primarily related to smart contracts and volatility. Lending vaults like MakerDAO require collateral, but sudden price drops can lead to liquidations. In March 2020, the infamous Black Thursday saw $6.65 million in collateral liquidated when ETH's price plummeted. Yearn Finance also suffered an exploit in which attackers made off with $11 million due to a misconfiguration.

尽管 DeFi 金库在推动 DeFi 市场方面发挥了重要作用，但它也面临着挑战，主要与智能合约和波动性有关。像 MakerDAO 这样的借贷金库需要抵押品，但价格突然下跌可能会导致清算。 2020 年 3 月，臭名昭著的黑色星期四，ETH 价格暴跌，665 万美元的抵押品被清算。 Yearn Finance 还遭受了一次攻击，攻击者因配置错误而盗取了 1100 万美元。

The Future of DeFi Vaults

DeFi 金库的未来

DeFi vaults continue to evolve to address these challenges and drive innovation. They are expanding beyond crypto markets into traditional assets through Real World Asset (RWA) tokenization. MANTRA Finance, for example, is developing a multi-asset ecosystem that will provide access to single-asset and multi-asset vaults. MakerDAO has also seen 80% of its fee revenue over the past year come from its RWA portfolio.

DeFi 金库不断发展以应对这些挑战并推动创新。他们正在通过真实世界资产（RWA）代币化从加密市场扩展到传统资产。例如，MANTRA Finance 正在开发一个多资产生态系统，该生态系统将提供对单资产和多资产金库的访问。 MakerDAO 在过去一年中 80% 的费用收入来自其 RWA 组合。

Beyond RWAs

超越 RWA

While RWAs offer potential, DeFi vaults must address other concerns to shape the next era of automated asset management. Security and volatility issues stemming from technical or fundamental shortcomings require attention. Upcoming and existing DeFi vaults must prioritize these aspects to define the future of digital asset management.

虽然 RWA 具有潜力，但 DeFi 金库必须解决其他问题，以塑造下一个自动化资产管理时代。由于技术或基本面缺陷而产生的安全性和波动性问题需要引起关注。即将到来的和现有的 DeFi 金库必须优先考虑这些方面，以定义数字资产管理的未来。