随着储备实验室引入分散的令牌作品集（DTFS），Rtoken Market在AUM中达到$ 14.6T

自1993年成立以来，全球交易所交易基金（ETF）市场已达到14.6万亿美元的资产（AUM）。

Key Insights:

关键见解：

* The global Exchange Traded Fund (ETF) market has reached $14.6 trillion in assets since its inception in 1993, with 27% of this increase occurring in 2024 alone.

*自1993年成立以来，全球交易所交易基金（ETF）市场的资产已达到14.6万亿美元，仅在2024年就发生了27％。

* As the ETF market continues to grow, it could potentially hit $30 trillion by 2029.

*随着ETF市场的不断增长，到2029年可能会达到30万亿美元。

* Despite rapid expansion, traditional ETFs remain centralized and opaque, controlled by large institutions like BlackRock, which restricts innovation, transparency, and investor participation.

*尽管迅速扩展，但传统的ETF仍然集中且不透明，并由贝莱德（Blackrock）等大型机构控制，该机构限制了创新，透明度和投资者的参与。

* Reserve offers a decentralized alternative with Decentralized Token Folios (DTFs), commonly referred to as "onchain ETFs."

* Reserve提供了分散的替代方案，该替代方案与分散的代币作品集（DTF），通常称为“ OnChain ETF”。

* Unlike legacy ETFs, DTFs operate entirely onchain, which introduces unprecedented transparency, real-time data, and global accessibility for investors to track underlying assets, transaction histories, and portfolio compositions.

*与传统ETF不同，DTFS完全on骨运行，它引入了前所未有的透明度，实时数据和全球可访问性，供投资者跟踪基本资产，交易历史记录和投资组合组成。

* DTFs also empower users to create investment folios, enabling targeted exposure to rapidly emerging sectors such as DeFi, gaming, and artificial intelligence.

* DTF还使用户能够创建投资作品集，从而有针对性地接触迅速的新兴领域，例如DEFI，游戏和人工智能。

* Reserve has become a leader in the DTF space, currently managing the largest TVL within the sector at $204 million.

* Reserve已成为DTF领域的领导者，目前管理该行业内最大的TVL，价格为2.04亿美元。

* The DTF model represents a shift toward democratizing investment by removing gatekeepers and offering permissionless creation and redemption.

* DTF模型代表了通过删除看门人并提供无权创造和赎回来使投资民主化投资的转变。

* Investors can now quickly and easily capture strategic exposure to evolving crypto market narratives, significantly lowering the barriers that once limited financial innovation to large institutions.

*投资者现在可以快速，轻松地捕捉到不断发展的加密市场叙事中的战略曝光率，从而大大降低了曾经将金融创新限制在大型机构中的障碍。

Introduction:

介绍：

Since its inception in 1993, the global Exchange Traded Fund (ETF) market has rapidly expanded, accumulating over $14.6 trillion in assets. In 2024 alone, 27% of this staggering sum was added, highlighting the market's resilience and ongoing appeal. As the ETF market continues to grow, projections suggest it could potentially hit $30 trillion by 2029.

自1993年成立以来，全球交易所交易基金（ETF）市场已迅速扩大，积累了超过14.6万亿美元的资产。仅在2024年，就增加了这笔惊人的27％，突出了市场的韧性和持续的吸引力。随着ETF市场的不断增长，预测表明，到2029年可能会达到30万亿美元。

Despite this rapid expansion and the creation of diverse products, traditional ETFs remain largely centralized and opaque, with a few dominant institutions, such as BlackRock, controlling the majority of the market share and setting the agenda for innovation. This centralized structure poses limitations on the dynamic responsiveness of the market to emerging trends and technological advancements.

尽管迅速扩展和创造了各种产品，但传统的ETF仍然在很大程度上集中且不透明，并拥有一些主要的机构，例如贝莱德，控制了大多数市场份额并为创新制定了议程。这种集中式结构对新兴趋势和技术进步的动态响应性产生了局限性。

However, a decentralized alternative is emerging in the form of Decentralized Token Folios (DTFs), commonly referred to as "onchain ETFs." Unlike legacy ETFs, which operate within the centralized financial system, DTFs are designed to function entirely onchain, inheriting the inherent transparency, security, and accessibility of blockchain technology.

然而，分散的替代方案是以分散的令牌作品集（DTF）的形式出现的，通常称为“ OnChain ETF”。与在集中式金融系统中运行的传统ETF不同，DTF旨在完全on骨运行，从而继承了区块链技术的固有透明度，安全性和可访问性。

In contrast to traditional ETFs, where investors have limited visibility into transactional history or real-time data, DTFs provide a complete and immutable record of all transactions and asset movements. This level of transparency is unmatched in the traditional financial system, where data is typically scattered across multiple platforms and institutions, making it difficult to obtain a comprehensive view of market activity.

与传统的ETF相比，投资者对交易历史或实时数据的可见性有限，DTF提供了所有交易和资产变动的完整且不可变的记录。这种透明度在传统金融系统中是无与伦比的，在传统金融系统中，数据通常散布在多个平台和机构中，因此很难获得对市场活动的全面看法。

Moreover, DTFs offer users the ability to easily create their own investment folios, enabling them to gain targeted exposure to rapidly emerging sectors within the digital asset market. This stands in stark contrast to the limited product offerings and high barriers to entry that characterize the traditional ETF market.

此外，DTF可以使用户能够轻松创建自己的投资作品集，从而使他们能够在数字资产市场中有针对性地接触到快速新兴领域。这与有限的产品和高壁垒形成了鲜明的对比，而进入传统ETF市场的进入壁垒则是鲜明的。

As the demand for innovative and accessible investment products continues to grow, DTFs are poised to play a pivotal role in shaping the future of asset management. With their decentralized and transparent design, DTFs offer a refreshing alternative to the traditional financial system, fostering greater participation, responsiveness, and resilience within the global investment landscape.

随着对创新和可访问投资产品的需求不断增长，DTF准备在塑造资产管理的未来方面发挥关键作用。 DTF凭借其分散和透明的设计，为传统金融体系提供了一种令人耳目一新的替代方案，从而促进了全球投资格局中更大的参与，响应能力和韧性。

Reserve, a leading developer of DTFs, has become a prominent player in the DeFi space. Currently, Reserve manages the largest TVL within the DTF sector, with a total of $204 million in assets under management across its RTokens.

Reserve是DTFS的领先开发商，已成为Defi领域的杰出参与者。目前，Reserve管理DTF领域内最大的TVL，其RTOKENS的管理资产总计为2.04亿美元。

The DTF model represents a critical evolution in asset management, shifting the paradigm from a few powerful institutions to a collective of individuals and institutions who can participate in and contribute to the financial markets. This model is powered by open-source code and community governance, fostering a more democratic and inclusive approach to investing.

DTF模型代表了资产管理中的关键发展，将范式从一些强大的机构转移到一个可以参与并为金融市场做出贡献的个人和机构的集体。该模型由开源法规和社区治理提供支持，促进了一种更民主和包容的投资方法。

With DTFs, investors can quickly and easily capture strategic exposure to evolving crypto market narratives, such as the rise of DeFi or the metaverse, significantly lowering the barriers that once limited financial innovation to large institutions. This positions Reserve as a pivotal force in the future of asset management, offering efficient and transparent investment products that cater to the diverse needs of today's global investors.

借助DTF，投资者可以快速，轻松地捕获战略性的曝光率，以不断发展的加密市场叙事，例如Defi或Metaverse的兴起，大大降低了曾经将金融创新限制在大型机构中的障碍。这将在资产管理的未来中保留为关键力量，提供有效且透明的投资产品，以满足当今全球投资者的各种需求。

At the heart of Reserve's technology lie two distinct protocols: the Reserve Yield Protocol and the Reserve Index Protocol. Both protocols enable the creation of Decentralized Token Folios (DTFs), which are tokens redeemable 1:1 for a basket of other tokens. This concept extends beyond Reserve, serving as an ETF equivalent specifically tailored for DeFi.

储备技术的核心是两个不同的协议：储备收益协议和储备指数协议。这两种协议都可以创建分散的令牌基本（DTF），这些代币可兑换为其他令牌的1：1。这个概念超出了储备，是专门针对Defi量身定制的ETF。

The Reserve Yield Protocol is designed to build Yield DTFs (Yield RTokens), which are primarily focused on capturing yield from the underlying tokens. An example of a well-known Yield RToken is the Web 3 Dollar (USD3

储备金协议旨在建立产量DTF（收益率RTOKEN），主要侧重于从基础代币中捕获产量。众所周知的收益率的一个例子是Web 3美元（USD3）