Frax Finance 的 1000 亿美元赌博：白日梦还是主导之路？

Frax Finance's $100 Billion Ambition: A Pie in the Sky or a Visionary Plan?

Frax Finance 的 1000 亿美元野心：天上掉下来的馅饼还是有远见的计划？

Frax Finance, a titan in the decentralized finance (DeFi) realm, has unveiled an audacious plan to propel the total value of crypto assets held on its Layer 2 blockchain, Fraxtal, to a staggering $100 billion by 2026. The current total value locked (TVL) on Fraxtal stands at a modest $13.2 million.

去中心化金融 (DeFi) 领域的巨头 Frax Finance 公布了一项大胆的计划，旨在到 2026 年将其第 2 层区块链 Fraxtal 上持有的加密资产总价值提高到惊人的 1000 亿美元。目前锁定的总价值 ( Fraxtal 上的 TVL）为 1320 万美元。

Fraxtal's Path to $100 Billion: A Layer-Based Strategy

Fraxtal 的 1000 亿美元之路：基于分层的战略

Frax's roadmap envisions the launch of 23 Layer 3 protocols within the next year, along with the introduction of new assets such as frxNEAR, frxTIA, and frxMETIS. These Layer 3 protocols serve as a critical foundation for decentralized applications, offering them a highly adaptable and interoperable network built upon Layer 2 scaling solutions.

Frax 的路线图设想在明年内推出 23 个第 3 层协议，同时引入 frxNEAR、frxTIA 和 frxMETIS 等新资产。这些第 3 层协议是去中心化应用程序的关键基础，为它们提供了基于第 2 层扩展解决方案构建的高度适应性和可互操作性的网络。

Boosting FXS Liquidity: A Tokenomics Puzzle

提高 FXS 流动性：通证经济学难题

To bolster the liquidity of its native token, FXS, Frax proposes reintroducing a mechanism to distribute protocol revenue among its stakers. This involves activating the protocol fee switch, with half of the yield directed to veFXS (a derivative of FXS) and the remaining half used to procure FXS and other Frax assets, which are then paired in the FXS Liquidity Engine (FLE).

为了增强其原生代币 FXS 的流动性，Frax 提议重新引入一种机制，在其利益相关者之间分配协议收入。这涉及激活协议费用开关，一半的收益定向到 veFXS（FXS 的衍生品），剩余的一半用于采购 FXS 和其他 Frax 资产，然后在 FXS 流动性引擎（FLE）中配对。

This strategy aims to simultaneously fortify Frax's balance sheet and enhance the liquidity of FXS and its paired assets. The roadmap also includes plans to fully back Frax's stablecoin, FRAX, which ranks among the top 10 cryptocurrencies pegged to the dollar globally, and to improve yields on staked FRAX (sFRAX).

该策略旨在同时强化 Frax 的资产负债表并增强 FXS 及其配对资产的流动性。该路线图还包括计划全力支持 Frax 的稳定币 FRAX（该币位列全球与美元挂钩的十大加密货币之一），并计划提高质押 FRAX (sFRAX) 的收益率。

The DeFi Boom: A Rising Tide Lifts All Boats

DeFi 热潮：水涨船高

The DeFi sector is currently riding a wave of popularity, with the total value of tokens (TVL) deposited on DeFi-centric blockchains reaching $100 billion. This marks the highest level since March 2022 and can be attributed in part to the recent rally in Bitcoin, fueled by the introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States.

DeFi 领域目前正掀起一股热潮，以 DeFi 为中心的区块链上存放的代币（TVL）总价值达到 1000 亿美元。这标志着自 2022 年 3 月以来的最高水平，部分原因是比特币最近在美国推出现货比特币交易所交易基金 (ETF) 的推动下上涨。

Questions to Ponder

需要思考的问题

• Can Frax Finance's Layer 2 strategy propel it to a $100 billion TVL?
• Will the reintroduction of protocol revenue distribution effectively boost FXS liquidity?
• Is the DeFi boom sustainable, or is it merely a temporary surge?

Frax Finance 的 Layer 2 策略能否推动其 TVL 达到 1000 亿美元？重新引入协议收益分配是否会有效提升 FXS 流动性？ DeFi 热潮是否可持续，还是只是暂时的激增？