2025年的第一季度讲述了关于迪迪（Defi）进化的清晰故事。尽管主要贷款平台之间的收益率很大，但市场边缘的创新表明了Defi的持续成熟和增长。

尽管产量下降，但主要的Stablecoin拱顶还是经历了非凡的增长：

The first quarter of 2025 saw a clear narrative emerge in DeFi: yields compressed significantly across major lending platforms, but innovation at the market's edges demonstrated continued maturation and growth.

2025年第一季度的叙述出现了清晰的叙事：在主要贷款平台之间产生了显着压缩的收益，但市场边缘的创新表明持续成熟和增长。

The Great Yield Compression

巨大的产量压缩

DeFi yields declined sharply across all major lending platforms:

在所有主要贷款平台中，Defi的收益率急剧下降：

This compression signaled a market that had cooled considerably from late-2024's exuberance, with reduced borrower demand across main platforms.

这种压缩表明，一个从2024年末的繁荣起来大大冷却的市场，主要平台的借款人需求减少了。

TVL Paradox: Growth Despite Lower Yields

TVL悖论：尽管产量较低，但增长

Despite falling yields, major stablecoin vaults saw impressive growth:

尽管产量下降，但主要的Stablecoin保险库的增长令人印象深刻：

With yields declining from nearly 15% to under 5%, one might expect capital to shift. However, the persistence of large vaunt TVL even with lower yields showcased institutional capital's increasing presence and comfort with DeFi protocols as legitimate financial infrastructure, not speculative vehicles.

随着收益率从近15％下降到5％以下，人们可能希望资本转移。但是，大型vaunt tvl的持续存在，即使产量较低，也表明了机构资本对法定协议的增加和舒适性作为合法的金融基础设施，而不是投机工具。

Curators: DeFi's New Asset Managers

策展人：Defi的新资产经理

The emergence of curators was a significant development in DeFi lending. Protocols like Morpho and Euler saw individuals build, manage, and optimize lending vaults.

策展人的出现是Defi贷款的重大发展。 Morpho和Euler等协议看到个人建立，管理和优化贷款保险库。

These curators acted as DeFi asset managers, evaluating markets, setting risk parameters, and optimizing capital allocation for enhanced returns. Unlike traditional service providers who advised protocols, curators actively managed capital deployment across lending opportunities.

这些策展人充当Defi Asset经理，评估市场，设定风险参数，并优化资本分配以增强回报。与为协议提供建议的传统服务提供商不同，策展人在贷款机会上积极管理资本部署。

On platforms like Morpho and Euler, curators handled risk management functions: selecting assets for collateral, setting LTV ratios, choosing oracle price feeds, and setting supply caps. They essentially built targeted lending strategies optimized for specific risk-reward profiles, sitting between passive lenders and sources of yield.

在Morpho和Euler等平台上，策展人处理了风险管理功能：选择抵押品的资产，设置LTV比率，选择Oracle Price Feed和设置供应帽。他们基本建立了针对特定风险回报概况优化的目标贷款策略，位于被动贷方和产量来源之间。

Firms like Gauntlet, previously providing services to protocols like Aave or Compound, now directly managed nearly $750 million in TVL across several protocols. With performance fees ranging from 0-15%, this could mean around $100-750 million in annual revenue, offering significantly more upside than traditional service arrangements. According to a Morpho dashboard, curators had generated nearly 3 million in revenue and based on Q1 revenue are on track to do 7.8mm in 2025.

像Gauntlet这样的公司以前为AAVE或COMPOUND等协议提供服务，现在直接在几种协议中直接管理了近7.5亿美元的TVL。绩效费用从0-15％不等，这可能意味着年收入约为100-7亿美元，比传统服务安排提供的上涨空间要多得多。根据Morpho仪表板的说法，策展人的收入近300万，基于第一季度的收入有望在2025年进行7.8mm。

The most successful curator strategies maintained higher yields, primarily by accepting higher-yielding collaterals at more aggressive LTV ratios, especially leveraging Pendle LP tokens. This approach demanded sophisticated risk management but delivered superior returns in the current compressed environment.

最成功的策展人策略保持了较高的收益率，主要是通过以更具侵略性的LTV比率接受更高的收益抵押品，尤其是利用Pendle LP令牌。这种方法需要复杂的风险管理，但在当前的压缩环境中带来了较高的回报。

As a point of comparison, yields on the largest USDC vaults on both Morpho and Euler outperformed the vaults.fyi benchmark, showing 5-8% base yields and 6-12% yields inclusive of token rewards.

作为比较的点，Morpho和Euler上最大的USDC保管库的收益率优于库。FYI基准测试，显示5-8％的基本收益率和6-12％的收益率包括代币奖励。

Protocol Stratification: A Layered Market

协议分层：分层市场

The compressed environment had created a distinct market structure:

压缩环境创造了独特的市场结构：

1. Blue-chip Infrastructure (Aave, Compound, Sky)

1。蓝芯片基础设施（AAVE，化合物，天空）

2. Infrastructure Optimizers & Strategy Providers

2。基础设施优化者和战略提供商

This two-tier relationship created a more dynamic market where strategy providers could rapidly iterate on yield opportunities without building core infrastructure. The yields ultimately available to users depended on both the efficiency of the base protocol and the sophistication of strategies deployed on top.

这种两级关系创造了一个更具动态的市场，在这里，战略提供商可以在不建立核心基础设施的情况下快速迭代产量机会。用户最终可用的收益率取决于基本协议的效率和最高部署的策略的复杂性。

This restructured market meant users now navigated a more complex landscape, with the relationship between protocols and strategies determining yield potential. While blue-chip protocols offered simplicity and safety, the combination of optimizing protocols and specialized strategies provided yields comparable to what previously existed on platforms like Aave or Compound during higher rate environments.

这个重组的市场意味着用户现在正在浏览更复杂的景观，协议与决定收益潜力的策略之间的关系。尽管蓝筹协议提供了简单性和安全性，但优化协议和专业策略的组合提供的产量可与较高速率环境中AAVE或化合物等平台上的先前存在相当。

Chain by Chain: Where Yields Now Live

链条链：现在有生产的地方

Despite the emergence of L2s and alternative L1s, Ethereum mainnet still hosted many of the top yield opportunities, both inclusive and exclusive of token incentives. This persistence of Ethereum's yield advantage was notable in a market where incentive programs often shifted yield-seeking capital to newer chains.

尽管出现了L2S和替代L1，但以太坊Mainnet仍然拥有许多最高收益的机会，包括以及不包括代币激励措施。以太坊的产量优势的这种持续存在在一个市场上易于转移到新的连锁店的市场中值得注意的。

Among mature chains (Ethereum, Arbitrum, Base, Polygon, Optimism), yields remained largely depressed across the board. Outside of mainnet, most of the attractive yield opportunities were concentrated on Base, highlighting its emerging role as a secondary yield hub.

在成熟的链条（以太坊，仲裁，基础，多边形，乐观）中，产量在很大程度上仍然抑郁了。在Mainnet之外，大多数有吸引力的产量机会集中在基础上，强调了其作为继发收益枢纽的新兴作用。

Newer chains with substantial incentive programs (like Berachain and Sonic) displayed elevated yields, but the sustainability of these rates was questionable as incentives eventually diminished.

具有大量激励计划（例如Berachain和Sonic）的新连锁店的收益率升高，但是由于激励措施最终减少，这些费率的可持续性值得怀疑。

The DeFi Mullet: FinTech in the Front, DeFi in the Back

defi mullet：Fintech在前面，后面的Fefi

A significant development this quarter was Coinbase's introduction of Bitcoin-collateralized loans powered by Morpho on its Base network. This integration marked the emerging “DeFi Mullet” thesis - fintech interfaces in the front, DeFi infrastructure in the back.

本季度的一个重大发展是Coinbase在其基本网络上启动了由Morpho提供支持的比特币 - 物质化贷款。这种集成标志着新兴的“ defi mullet”论文 - 正面的金融科技界面，背面的defi基础架构。

As Coinbase's head of Consumer Products Max Branzburg stated: “This is a moment where we’re planting a flag that Coinbase is coming on-chain, and we’re bringing millions of users with their billions of dollars.” The integration brought Morpho's lending capabilities directly into Coinbase's user interface, allowing users to borrow up to $100,000 in USDC against their bitcoin holdings.

正如Coinbase的消费产品负责人Max Branzburg所说：“这是我们种植Coinbase即将出现的旗帜的时刻，我们正在为数百万美元带来数十亿美元的用户。”该集成将Morpho的贷款能力直接带入了Coinbase的用户界面，从而使用户可以借用超过100,000美元的USDC来与其比特币持有量。

This approach embodied the view that billions would eventually use Ethereum and DeFi protocols without even knowing it - just as they use TCP/IP today without awareness. Traditional FinTech companies would increasingly adopt this strategy, keeping familiar interfaces while leveraging DeFi'

这种方法体现了这样一种观点，即数十亿最终将使用以太坊和fefi协议，甚至不知道它 - 就像他们今天使用TCP/IP无知一样。传统的金融科技公司将越来越多地采用这种策略，在利用Defi'的同时保持熟悉的界面