实际收益 DeFi 协议：去中心化金融领域的范式转变

去中心化金融（DeFi）领域在过去几年中取得了巨大的增长，吸引了来自世界各地的用户、开发者和投资者。

In the realm of decentralized finance (DeFi), a new wave of protocols is emerging, shifting away from inflationary token models and ushering in an era of real-yield mechanisms. This marks a departure from the traditional approach, where many DeFi protocols relied on distributing large quantities of native tokens as rewards for participation.

在去中心化金融（DeFi）领域，新一波协议正在兴起，摆脱了通胀代币模型，迎来了实际收益机制的时代。这标志着与传统方法的背离，传统方法中许多 DeFi 协议依赖于分发大量原生代币作为参与奖励。

As a result of this practice, concerns arose regarding the sustainability of such rapid token creation and its potential to lead to devaluation of the token’s value over time. However, a new generation of protocols is now pivoting towards a more enduring approach.

这种做法的结果是，人们开始担心这种快速代币创建的可持续性及其可能导致代币价值随时间贬值的可能性。然而，新一代协议现在正在转向更持久的方法。

This article delves into the inner workings of real-yield DeFi protocols, exploring how they differ from inflationary models and examining the strategies employed by platforms like GMX and Gains Network to generate real yield for their users.

本文深入研究了实际收益 DeFi 协议的内部运作，探讨了它们与通胀模型的不同之处，并研究了 GMX 和 Gains Network 等平台为用户产生实际收益所采用的策略。

We also highlight the advantages and risks associated with these protocols and discuss their potential to shape the future of DeFi.

我们还强调了与这些协议相关的优势和风险，并讨论了它们塑造 DeFi 未来的潜力。

Key Takeaways

要点

What Are Real-Yield DeFi Protocols?

什么是实际收益 DeFi 协议？

In contrast to relying on inflationary issuance of native tokens, real-yield DeFi protocols distribute rewards based on the actual revenue generated from the platform's activities.

与依赖通货膨胀发行原生代币不同，实际收益的 DeFi 协议根据平台活动产生的实际收入来分配奖励。

In traditional inflationary DeFi models, tokens are minted and distributed as rewards, often leading to a situation where the supply of tokens outpaces demand, causing inflation and, in some cases, devaluation.

在传统的通货膨胀 DeFi 模型中，代币被铸造并作为奖励进行分配，通常会导致代币供应超过需求的情况，从而导致通货膨胀，在某些情况下甚至导致货币贬值。

In contrast, real-yield protocols generate revenue through activities such as:

相比之下，实际收益协议通过以下活动产生收入：

A portion of this revenue is then shared with liquidity providers, stakers, or token holders in the form of real yield, meaning that the rewards come from the platform's operational income and not from inflationary token issuance. This creates a more sustainable and potentially lucrative environment for participants, as rewards are tied directly to the protocol's economic activity.

然后，该收入的一部分以实际收益的形式与流动性提供者、利益相关者或代币持有者分享，这意味着奖励来自平台的运营收入，而不是来自通货膨胀的代币发行。这为参与者创造了一个更可持续、更有利可图的环境，因为奖励与协议的经济活动直接相关。

Key Features of Real-Yield Protocols:

真实收益协议的主要特点：

How GMX Uses Revenue-Sharing for Real-Yield Rewards

GMX 如何利用收益分享来获得实际收益奖励

Among the most prominent platforms to adopt the real-yield model is GMX, a decentralized perpetual contract trading platform that allows users to trade with leverage while also providing liquidity to earn rewards.

采用真实收益模式的最著名平台之一是GMX，这是一个去中心化的永续合约交易平台，允许用户进行杠杆交易，同时还提供流动性以赚取奖励。

GMX's revenue-sharing mechanism has garnered attention for its ability to provide sustainable yields without relying on the creation of inflationary tokens.

GMX 的收益分享机制因其能够在不依赖通胀代币创建的情况下提供可持续收益的能力而受到关注。

GMX's Business Model

GMX的商业模式

Multiple streams contribute to GMX's revenue generation:

GMX 的创收有多种来源：

Revenue Distribution and Real-Yield Rewards

收入分配和实际收益奖励

A portion of the fees generated from trading and liquidity provision is distributed to GMX token holders and liquidity providers in the form of real yield. The GMX protocol employs a multi-tiered distribution system:

交易和流动性提供产生的部分费用以实际收益的形式分配给 GMX 代币持有者和流动性提供者。 GMX协议采用多层分发系统：

By relying on trading fees and liquidity provision rewards, GMX ensures that its yield generation is tied directly to the platform's activity. This approach eliminates the need for inflationary token issuance and promotes long-term sustainability for the project.

通过依靠交易费用和流动性提供奖励，GMX 确保其收益产生直接与平台活动挂钩。这种方法消除了通货膨胀代币发行的需要，并促进了项目的长期可持续性。

Gains Network’s Revenue Model and Real-Yield Structure

Gains Network的盈利模式和实际收益率结构

Another leading platform in the real-yield DeFi space, Gains Network operates as a decentralized platform for leveraged trading of various assets, including cryptocurrencies, stocks, commodities, and more.

Gains Network 是实际收益 DeFi 领域的另一个领先平台，它是一个去中心化平台，用于各种资产的杠杆交易，包括加密货币、股票、大宗商品等。

Much like GMX, Gains Network provides users with the opportunity to earn revenue by contributing liquidity to the platform or trading on it.

与 GMX 非常相似，Gains Network 为用户提供了通过向平台贡献流动性或在平台上进行交易来赚取收入的机会。

Gains Network's Business Model

增益网络的商业模式

Gains Network generates revenue through:

Gains Network 通过以下方式产生收入：

Revenue Sharing and Real-Yield Distribution

收入分享和实际收益分配

Gains Network utilizes a revenue-sharing model that rewards liquidity providers and token holders. The revenue generated by the platform is distributed as follows:

Gains Network 采用收益分享模式来奖励流动性提供者和代币持有者。平台产生的收入分配如下：

By linking rewards to actual revenue generation and trading volume, Gains Network aligns the interests of users with the platform's success, ensuring that rewards are sustainable and come from real economic activity.

通过将奖励与实际收入和交易量联系起来，Gains Network 将用户的利益与平台的成功结合起来，确保奖励是可持续的并且来自真实的经济活动。

Advantages of Real-Yield Protocols

真实收益协议的优点

1. Sustainability of Tokenomics

1. 通证经济的可持续性

Unlike inflationary models, where rewards are often paid out through new token issuance, real-yield protocols distribute rewards generated from actual economic activity. This creates a more sustainable model because the rewards are tied to the platform's ability to generate revenue. The risk of token inflation and devaluation is significantly reduced.

与通货膨胀模型不同，奖励通常通过新的代币发行来支付，实际收益协议分配实际经济活动产生的奖励。这创建了一个更可持续的模式，因为奖励与平台创收的能力挂钩。代币通胀和贬值的风险显着降低。

2. Attractive for Long-Term Investors

2. 对长期投资者有吸引力

Real-yield protocols offer more predictable and reliable rewards for liquidity providers and token holders, making them attractive for long-term investors. Instead of relying on speculative growth in token prices, users can earn a share of actual revenue generated from platform activity.

实际收益协议为流动性提供者和代币持有者提供更可预测和更可靠的奖励，使其对长期投资者具有吸引力。用户可以从平台活动产生的实际收入中获得一部分，而不是依赖代币价格的投机性增长。

3. More Stable Token Prices

3. 更稳定的代币价格

Since rewards are tied to revenue, real-yield protocols tend to exhibit more price stability in their native tokens compared to inflationary models. With fewer tokens being minted and distributed as rewards, the overall supply of tokens remains more controlled, reducing the risk of excessive dilution.

由于奖励与收入挂钩，因此与通胀模型相比，实际收益协议的原生代币往往表现出更高的价格稳定性。随着铸造和作为奖励分配的代币数量减少，代币的总体供应仍然受到更多控制，从而降低了过度稀释的风险。

4. Transparency and Trust

4. 透明度和信任

Real-yield protocols often operate on decentralized platforms with transparent revenue models, where participants can directly observe how funds are generated and distributed. This transparency increases trust among users and encourages participation in liquidity provision and staking.

实际收益协议通常在具有透明收入模型的去中心化平台上运行，参与者可以直接观察资金是如何产生和分配的。这种透明度增加了用户之间的信任，并鼓励参与流动性提供和质押。

Risks and Challenges of Real-Yield Models

实际收益模型的风险和挑战

1. Revenue Volatility

1. 收入波动

The revenue generated by real-yield protocols depends on the platform's trading volume, liquidity, and other factors. Market conditions can cause trading volumes to fluctuate, leading to variability in the rewards distributed to participants. During market downt

实际收益协议产生的收入取决于平台的交易量、流动性和其他因素。市场状况可能会导致交易量波动，从而导致分配给参与者的奖励发生变化。市场低迷期间