基本原理 Szn？

虽然还为时过早，但近期蓝筹 DeFi 协议的上升趋势（收入可观且大部分供应量处于流通状态）可能预示着一种转变

This recent uptrend for blue-chip DeFi protocols with substantial revenue and the majority of their supply in circulation may signal a shift from hype-driven narratives to a focus on fundamental metrics.

收入可观且大部分供应量处于流通状态的蓝筹 DeFi 协议最近的上升趋势可能标志着从炒作驱动的叙事转向关注基本指标。

This shift is likely a response to this cycle’s disillusionment with outrageous launch fully-diluted values (Launch FDV), which has led to a preference for older protocols with most of their tokens already unlocked over newly-launching protocols.

这种转变可能是对本周期对令人震惊的启动完全稀释值（Launch FDV）的幻灭的回应，这导致人们更喜欢旧协议，因为大多数代币已经解锁，而不是新启动的协议。

With the influence of institutional investors this cycle and their traditional processes of evaluation, protocols with solid fundamentals may see substantial returns as this bull run continues, making the industry more mature and thus increasing its longevity.

在机构投资者本轮周期及其传统评估流程的影响下，随着牛市的持续，具有坚实基础的协议可能会获得丰厚的回报，使行业更加成熟，从而延长其寿命。