随着货币互联网的成熟，DeFi 将迎来“围墙花园”时刻：dYdX 的 D'Haussy

dYdX 基金会的首席执行官认为 20 世纪 90 年代的互联网与当今的去中心化金融 (DeFi) 存在相似之处。

The CEO of the dYdX Foundation sees parallels between the internet of the 1990s and where Decentralized Finance (DeFi) is today.

dYdX 基金会的首席执行官认为 20 世纪 90 年代的互联网与当今的去中心化金融 (DeFi) 存在相似之处。

Regulations and increasing demand for consolidated products could propel growth in the niche decentralized finance sector (DeFi), one that’s stuck in a market lull in the past year but could have its “internet” moment as retail offerings grow.

监管和对整合产品不断增长的需求可能会推动利基去中心化金融领域（DeFi）的增长，该领域在过去一年陷入市场平静，但随着零售产品的增长，可能会迎来“互联网”时刻。

That’s the view held by Charles D’Haussy, CEO of the dYdX foundation, which supports the development of the onchain perpetual trading protocol dYdX – one of the first such platforms that currently boasts $266 million in locked value, according to DeFi Llama data, and has a $674 million market capitalization by token value.

这是 dYdX 基金会首席执行官 Charles D'Haussy 所持的观点，该基金会支持链上永续交易协议 dYdX 的开发，根据 DeFi Llama 的数据，dYdX 是首批此类平台之一，目前拥有 2.66 亿美元的锁定价值。按代币价值计算，其市值为 6.74 亿美元。

D’Haussy spoke to CoinDesk at the sidelines of the Hong Kong Fintech Week earlier this week, predicting growth in the DeFi market to be similar to the internet’s recent years - where people interact mainly using application instead of web explorers or browsers.

D'Haussy 在本周早些时候的香港金融科技周间隙接受 CoinDesk 采访，预测 DeFi 市场的增长将类似于近年来互联网的增长——人们主要使用应用程序而不是网络浏览器或浏览器进行交互。

"The internet, in my opinion, is becoming the split internet, with walled gardens…People don’t go to web explorers; they go into apps,” he said in an interview with CoinDesk. "The internet’s evolution into silos shows a massive change in how web products are distributed, and DeFi needs to follow users into these spaces."

他在接受 CoinDesk 采访时表示：“在我看来，互联网正在成为分裂的互联网，带有围墙花园……人们不再使用网络浏览器，而是使用应用程序。互联网向孤岛的演变表明，网络产品的分发方式发生了变化，而 DeFi 需要跟随用户进入这些领域。”

D’Haussy sees parallels between the regulatory evolution of the internet and DeFi.

D'Haussy 认为互联网和 DeFi 的监管演变有相似之处。

In the 1990s, regulators struggled to understand and control the decentralized nature of the internet, seeking a "CEO of the internet" that didn’t exist, and eventually shifted focus to regulating access providers like AOL and ISPs, he explained.

他解释说，在 20 世纪 90 年代，监管机构努力理解和控制互联网的去中心化性质，寻找一个并不存在的“互联网首席执行官”，并最终将重点转向监管 AOL 和 ISP 等接入提供商。

While DeFi operates as an open, unpredictable financial ecosystem without central control, regulators will not target the protocols themselves but will instead focus on centralized finance (CeFi) platforms and other gateways as points of regulation, he argued.

他认为，虽然 DeFi 作为一个开放、不可预测的金融生态系统运行，没有中央控制，但监管机构不会针对协议本身，而是将重点放在中心化金融（CeFi）平台和其他网关作为监管点。

“The distribution of DeFi is evolving. CeFi could fill the gaps by providing a bridge for users who want decentralized options within regulatory limits. When Binance or another exchange enables a non-custodial wallet, it lets users do more with DeFi than CeFi regulations alone allow,” D’Haussy said.

“DeFi 的分布正在不断发展。 CeFi 可以为想要在监管限制内实现去中心化选择的用户提供一座桥梁，从而填补这一空白。当币安或其他交易所启用非托管钱包时，它可以让用户使用 DeFi 做比 CeFi 法规单独允许的更多事情。”D'Haussy 说。

And once the market figures out how to integrate CeFi and DeFi, working out the regulatory and technical challenges, we’ll have the future of finance, he concluded. Where will this happen? Probably in Hong Kong – one of crypto’s most strategic and important hubs.

他总结道，一旦市场弄清楚如何整合 CeFi 和 DeFi，解决监管和技术挑战，我们将拥有金融的未来。这会在哪里发生？可能在香港——加密货币最具战略意义和最重要的中心之一。