在从疯狂到理性的过渡过程中

在从加密货币市场中从疯狂到合理性过渡到合理性的过程

In the process of transitioning from frenzy to rationality in the cryptocurrency market, and from conceptual speculation to value accumulation, the blockchain ecosystem is quietly undergoing a qualitative change. Over the past few years, DeFi (Decentralized Finance) has reshaped the rules of traditional finance with permissionless financial protocols, allowing capital to flow freely across the globe. Meanwhile, the exploration of RWA (Real World Assets) on the blockchain is attempting to bridge the gap between the traditional financial system and the blockchain world, mapping trillions of dollars of real assets onto the chain and further releasing financial efficiency.

在从加密货币市场中从疯狂到合理性的过渡过程，从概念投机到价值积累，区块链生态系统正在悄悄地经历定性的变化。在过去的几年中，DeFi（分散的财务）通过无许可的财务协议重塑了传统财务规则，从而使资本可以在全球范围内自由流动。同时，对区块链的RWA（现实世界资产）的探索正试图弥合传统金融体系与区块链世界之间的差距，将数万亿美元的实际资产映射到了连锁店中，并进一步释放了财务效率。

In this transformation, the flow of capital often hints at future trends. Recently, the frequent investments by WLFI, a company under former U.S. President Donald Trump's family, in the blockchain space have become a focal point in the market. Particularly, the continued investment in the SEI network not only reflects WLFI's long-term optimism towards the DeFi and RWA sectors but also indicates that traditional capital is accelerating its penetration into the on-chain world, injecting new narratives and confidence into the cryptocurrency market.

在这种转变中，资本的流程通常暗示未来的趋势。最近，在美国前总统唐纳德·特朗普（Donald Trump）的家人领导下的一家公司在区块链领域的频繁投资已成为市场上的重点。特别是，对SEI网络的持续投资不仅反映了WLFI对DEFI和RWA部门的长期乐观态度，而且还表明，传统资本正在加速其进入链界世界的渗透，向加密货币市场注入新的叙事并将其注入了信心。

Trump's Family Bet: The Resonance of Capital, Technology, and "Political Premium"

特朗普的家庭押注：资本，技术和“政治溢价”的共鸣

According to on-chain data, WLFI has made several significant purchases on the SEI network, with a total investment exceeding $225,000 in SEI tokens in just the past two months.

根据链链数据，WLFI在SEI网络上进行了几次大量购买，在过去的两个月中，总投资超过了SEI令牌225,000美元。

As a company closely related to the U.S. Trump family, WLFI's actions in the crypto market are more easily interpreted as a form of "political endorsement." The Trump family's favor towards SEI not only adds capital strength to SEI but also implicitly attaches a "political premium," attracting more attention from traditional investors.

作为一家与美国特朗普家族密切相关的公司，WLFI在加密市场中的行动更容易被解释为“政治认可”的一种形式。特朗普家族对SEI的支持不仅增加了SEI的资本实力，而且还隐含着“政治溢价”，从而吸引了传统投资者的更多关注。

However, WLFI's entry is not a blind pursuit of profit but a strategic choice based on SEI's technological advantages and ecological potential in the DeFi and RWA fields. SEI is becoming a hotbed of "new infrastructure" in the DeFi and RWA sectors due to its high throughput, low costs, and financial-grade infrastructure.

但是，WLFI的进入并不是对利润的盲目追求，而是基于SEI在Defi和RWA领域的技术优势和生态潜力的战略选择。由于其高吞吐量，低成本和金融级基础设施，SEI正成为Defi和RWA领域“新基础设施”的温床。

Technical Field: High Throughput + Low Cost, The Ideal Soil for DeFi and RWA

技术领域：高吞吐量 +低成本，是Defi和RWA的理想土壤

In the process of on-chainization of DeFi and RWA, the performance and cost of public chains are crucial. SEI's core advantage lies in its efficient and low-cost trading environment, making it an ideal platform for financial-grade applications:

在DEFI和RWA的链接过程中，公共连锁店的性能和成本至关重要。 SEI的核心优势在于其高效且低成本的交易环境，使其成为金融级应用程序的理想平台：

5 Gigas per second throughput: SEI can process thousands of transactions per second, far exceeding Ethereum and most public chains. This high performance gives it a significant advantage in high-frequency trading and liquidity protocols, especially suitable for high-frequency clearing scenarios in DeFi.

每秒吞吐量为5 gigas：SEI每秒可以处理数千笔交易，远远超过以太坊和大多数公共连锁店。这种高性能在高频交易和流动性方案中具有重要优势，尤其适用于DEFI中的高频清除方案。

Native trading matching engine: SEI's built-in on-chain trading matching mechanism optimizes order execution efficiency, significantly reduces slippage, and enhances capital utilization. This technological advantage makes it more competitive in on-chain order book DEX and RWA asset settlement.

本地交易匹配引擎：SEI内置的链上交易匹配机制优化了订单执行效率，大大降低了滑倒并增强了资本利用。这种技术优势使其在链订单DEX和RWA资产结算中更具竞争力。

Extremely low transaction costs: SEI's gas fees are far lower than Ethereum's, allowing DeFi and RWA projects to operate at a lower cost, attracting a large number of developers and institutions to settle in.

非常低的交易成本：SEI的汽油费远低于以太坊的费用，使Defi和RWA项目以较低的成本运营，吸引了大量开发商和机构来定居。

These series of technical features not only make SEI stand out in the DeFi sector but also provide a solid foundation for the on-chain mapping and circulation of RWA assets.

这些系列的技术功能不仅使SEI在Defi领域中脱颖而出，而且为RWA资产的链映射和循环提供了坚实的基础。

DeFi Explosion: Focus on Ecological Data

DEFI爆炸：关注生态数据

SEI's DeFi ecosystem is experiencing explosive growth. According to the Q4 data report released by Messari, SEI's on-chain trading volume reached approximately $1 billion in Q4 2024, with 65% coming from DeFi protocols. The TVL (Total Value Locked) increased by 3830.9% year-on-year, reaching $250 million. This indicates that even in a market environment with price fluctuations, real capital inflows on SEI are still significantly rising.

SEI的Defi生态系统正在经历爆炸性的增长。根据Messari发布的第四季度数据报告，SEI在2024年第四季度的链交易量达到约10亿美元，其中65％来自DEFI协议。 TVL（锁定的总价值）同比增长3830.9％，达到2.5亿美元。这表明，即使在价格波动的市场环境中，SEI的真正资本流入仍然显着上升。

In terms of specific protocol performance, the DeFi activity in the SEI ecosystem continues to rise: DragonSwap: As the flagship DEX of the SEI ecosystem, its daily trading volume grew by 815.9% in Q4, surpassing $10.1 million, with market activity continuously climbing. Yei Finance: SEI's native lending protocol, which accounted for 88.7% of SEI's DeFi Active Addresses (DAA) in Q4, with a TVL exceeding 21 million SEI, becoming one of the largest DeFi platforms on the SEI chain. Pit Finance: As a yield aggregator, its TVL reached $12.3 million at the end of Q4, demonstrating strong capital attraction.

在特定的协议性能方面，SEI生态系统中的DEFI活动继续上升：DragonsWap：随着SEI生态系统的旗舰DEX，其日常交易量在第四季度增长了815.9％，超过了1,0010万美元，市场活动不断攀升。 YEI财务：SEI的本机贷款协议，占SEI在第四季度的SEI Defi活动地址（DAA）的88.7％，TVL超过2100万SEI，成为SEI链上最大的DEFI平台之一。维修区金融：作为收益机聚合，其TVL在第四季度结束时达到了1,230万美元，表现出强大的资本吸引力。

It is worth noting that although SEI's token price fell by 14.4% in Q4, the TVL measured in SEI increased by 17.1%, indicating that more capital is continuously flowing into the SEI on-chain DeFi ecosystem.

值得注意的是，尽管SEI的代币价格在第四季度下跌了14.4％，但在SEI中测量的TVL增加了17.1％，这表明更多的资本不断流入SEI链链型生态系统。