尽管市场放缓，但DeFi Lending仍然是最活跃的应用程序类型之一

输入：Defi Lending继续是多个链上最活跃的应用程序之一。该行业通过降低利率来适应市场放缓。

DeFi lending continues to be one of the most active types of apps on multiple chains. The sector is adapting to the market slowdown by lowering its interest rates.

Defi Lending仍然是多个链中最活跃的应用程序中最活跃的类型之一。该行业通过降低利率来适应市场放缓。

DeFi is lowering interest rates across the board, with all protocols shifting to the lower range of yield. DeFi lending protocols will usually adjust yield to reflect market conditions, pushing even Aave to go as low as 4.63%. Sky Protocol, formerly Maker, is down to 6.09%, from 12.5% near the peak of the market cycle.

DEFI正在降低总体利率，所有方案都将转移到较低的收益范围。 Defi贷款方案通常会调整收益率以反映市场状况，甚至推动AAVE的速度低至4.63％。以前是制造商的天空协议从市场周期的顶峰附近的12.5％降至6.09％。

Yield and passive income is key at this stage of the crypto cycle, driven by a record stablecoin supply. Those newly minted assets are often used for lending, achieving potentially significant yield. In addition to using USDT and USDC in DeFi protocols, some specially created stablecoins offer their own forms of passive income or incentives.

在创纪录的StableCoin供应驱动的加密周期的这一阶段，收益和被动收入是关键。这些新近铸造的资产通常用于贷款，可实现潜在的显着产量。除了在DEFI协议中使用USDT和USDC外，一些专门创建的Stablecoins还提供了自己的被动收入或激励措施。

The DeFi space still holds over $96B in total value locked, mostly on the Ethereum ecosystem. In the past two months, value locked increased, though protocols are more conservative, aiming to avoid contagion.

Defi空间仍然锁定了总价值超过$ 96B，主要是在以太坊生态系统上。在过去的两个月中，尽管协议更加保守，旨在避免传染，但价值锁定增加了。

The behavior of DeFi is also seen as a proxy signal for the overall health of the crypto market. Slowing DeFi activity reflects sentiment better than individual token rallies.

DEFI的行为也被视为加密市场整体健康状况的代理信号。减慢的偏移活动比单个代币集会更好地反映了情感。

Stablecoin yield poses risks

Stablecoin屈服构成风险

Stablecoin yield offerings are vulnerable, especially if they’re tied to new native assets and rely on a bull market. Some of those synthetic assets remain risky and de-peg, as in the case of sUSD.

Stablecoin产量的产品很容易受到伤害，尤其是当它们与新的本地资产相关并依靠牛市时。如SUSD，其中一些合成资产仍然存在风险和DE-PEG。

For that reason, some investors switch to USDC as the most conservative stablecoin, despite the low yields on Aave. In the coming years, yield-bearing stablecoins may receive additional scrutiny from regulators, as a new US bill has proposed a moratorium on this type of assets. Despite this, yield-bearing stablecoins are still trying to survive and mitigate risk, while smaller protocols continue to copy the same model with higher yield and risk levels.

因此，尽管AAVE的收益率较低，但一些投资者将其转移到USDC作为最保守的Stablecoin。在接下来的几年中，由于新的美国法案提出了这类资产的暂停，因此承担屈服的稳定者可能会受到监管机构的额外审查。尽管如此，承重的稳定剂仍在试图生存和减轻风险，而较小的协议继续以较高的收率和风险水平来复制相同的模型。

The five major stablecoins offering yield as a native feature include Frax’s sfrxUSD and sFRAX, Ethena’s sUSDe, Sky sUSDS, and the remaining is sDAI from Maker. In the past month, all of the yield-bearing stablecoins decreased their offered interest rate to reflect lowered prices for Bitcoin (BTC) and Ethereum (ETH).

作为本地功能的五个主要稳定者提供的产量包括Frax的Sfrxusd和Sfrax，Ethena的Susde，Skyss，其余的是Maker的SDAI。在过去的一个月中，所有承重稳定的稳定者都降低了其所提供的利率，以反映比特币（BTC）和以太坊（ETH）价格降低的利率。

Ethena’s stablecoin still offers the highest yield at 10.77%, as the protocol continues to have regular inflows from its trading fee positions. For the most part, trading funding fees remain positive, allowing Ethena to service its yield.

Ethena的Stablecoin仍然提供最高的收益率为10.77％，因为该协议继续从其交易费用头寸开始定期流入。在大多数情况下，交易融资费仍然肯定，使埃塞纳能够服务其收益率。

Despite this, the market conditions in the past month led to a decreased USDe supply, down from over 6B tokens to 5.2B. Ethena remains sustainable by adjusting the supply of USDe, reflecting the overall mood of the crypto market.

尽管如此，过去一个月的市场状况导致USD供应量下降，从超过6B令牌下降到5.2B。通过调整USDE的供应，Ethena保持可持续性，反映了加密市场的整体情绪。

DeFi reflects slower growth for all types of altcoins

DEFI反映了所有类型的Altcoins的增长较慢

DeFi is slowing down for the Ethereum and Solana ecosystem. On Ethereum, the lower ETH market price threatened multiple liquidations on major protocols. For Solana, Kamino Finance decreased its value, as fewer borrowers bet on memecoins or other Solana-based assets.

DeFi正在为以太坊和索拉纳生态系统放慢脚步。在以太坊上，较低的ETH市场价格威胁着主要协议的多次清算。对于Solana而言，Kamino Finance降低了其价值，因为借款人对Memecoins或其他基于Solana的资产下注。

The altcoin season index is at an all-time low, decreasing interest in speculative trading for smaller assets. Altcoins track the performance of BTC, though having a much lower downside.

Altcoin季节指数的历史最低水平，对较小资产的投机交易的兴趣降低。 AltCoins跟踪BTC的性能，尽管缺点较低。

The recent slowdown mostly affects legacy DeFi apps, which have already gone through multiple cycles of lowered yield. Currently, the DeFi lending market carries over $41B in value, down from a peak of nearly 50B in late 2024.

最近的放缓大部分会影响旧版应用程序，这些应用程序已经经历了多个收益率降低的周期。目前，Defi Lending Market的价值超过41B美元，低于2024年底的近50B峰值。

Risky new chains still offer high yield

风险的新连锁店仍然提供高收益

The lowered yield for big DeFi protocols and yield-bearing stablecoins creates demand for much riskier investments. Berachain (BERA) remains one of the outliers, offering up to 60% yield for its native token. The Dolomite lending platform offers yields as high as 94% for risky assets.

大型Defi协议和承重稳定的稳定的收益率降低会导致对更风险投资的需求。 Berachain（Bera）仍然是一个离群值之一，其原始令牌可提供高达60％的收益率。白云岩贷款平台可提供高达94％的风险资产的收益率。

Sonic’s Ring Protocol offers up to 48% in stablecoin yields and as high as 150% for specific pairs.

Sonic的RING协议提供多达48％的稳定产率，而特定对的收益率高达150％。

High-yield protocols are at a much higher risk of depegging and liquidations. However, the new chains and protocols are trying to gain users, citing their advantage to the relatively low yield of top DeFi apps.

高收益协议的垂直和清算风险要高得多。但是，新的链条和协议正在尝试获取用户，理由是它们的优势是顶级Defi应用的相对较低的收益率。