由传统银行、资产管理公司和充当把关人的金融机构监管的全球金融体系

仅在正常营业时间内运作，并对客户实施许多限制。汇款（尤其是国际汇款）可能需要数天时间才能完成，并且通常需要 SWIFT 代码、路由号码和其他复杂的标识符。

The conventional worldwide financial system, overseen by asset managers, banks, and financial institutions serving as gatekeepers, operates solely during regular business hours and enforces numerous restrictions on customers. Money transfers, especially international ones, can take days to complete and often require SWIFT codes, routing numbers, and other complex identifiers. Trade settlements may take 1-3 days, with funds remaining in the financial institutions. These limitations are akin to trying to run a modern Formula 1 race on a horse-drawn carriage track - the legacy systems and infrastructure, built for a bygone era, struggle to keep pace with today's financial needs. Different countries have their own rules, and getting all these financial institutions to work together smoothly is a real challenge.

传统的全球金融体系由充当看门人的资产管理公司、银行和金融机构监管，仅在正常工作时间内运营，并对客户施加许多限制。汇款（尤其是国际汇款）可能需要数天时间才能完成，并且通常需要 SWIFT 代码、路由号码和其他复杂的标识符。贸易结算可能需要1-3天，资金仍留在金融机构。这些限制类似于试图在马车赛道上举办现代一级方程式比赛 - 为过去的时代而构建的遗留系统和基础设施很难跟上当今的财务需求。不同的国家有自己的规则，让所有这些金融机构顺利合作是一个真正的挑战。

In contrast, crypto platforms operate 24/7 and enable self-custody of funds. Crypto finance and DeFi facilitate instant, borderless peer-to-peer (P2P) transactions, creating a financial world that bypasses traditional centralized institutions. The increasing adoption of blockchain and digitized financial services is driving the DeFi market, which is expected to reach $450 billion by 2030, growing at a CAGR of 46%. Despite its multi-billion-dollar market size, the DeFi sector is only just starting to explore its potential compared to over one hundred trillion dollars in global bond markets alone, suggesting there is still a long way to go.

相比之下，加密货币平台全天候 (24/7) 运行，并实现资金的自我托管。加密金融和 DeFi 促进了即时、无边界的点对点（P2P）交易，创造了一个绕过传统中心化机构的金融世界。区块链和数字化金融服务的日益普及正在推动 DeFi 市场的发展，预计到 2030 年该市场将达到 4500 亿美元，复合年增长率为 46%。尽管市场规模达数十亿美元，但与全球债券市场超过一百万亿美元的规模相比，DeFi 领域才刚刚开始探索其潜力，这表明还有很长的路要走。

Innovations Boosting the DeFi ecosystem

创新推动 DeFi 生态系统发展

Stablecoins - Digital dollars, pegged to fiat (usually the dollar), offer the stability of fiat with the flexibility of crypto; leading players are Tether (USDT), USD Coin (USDC), and Dai (DAI).

稳定币 - ​​与法定货币（通常是美元）挂钩的数字美元，提供法定货币的稳定性和加密货币的灵活性；领先的参与者是 Tether (USDT)、USD Coin (USDC) 和 Dai (DAI)。

Lending and Borrowing Protocols - Facilitate peer-to-peer lending and borrowing of digital assets to help crypto holders earn returns on their holdings; notable players include Aave, Compound, and MakerDAO.

借贷协议——促进数字资产的点对点借贷，帮助加密货币持有者赚取其持有的回报；著名的参与者包括 Aave、Compound 和 MakerDAO。

Yield generation mechanisms - enable crypto asset holders to maximize returns through strategies such as staking, liquid staking, and yield farming; players include Lido, Rocket Pool, and Curve Finance.

收益生成机制——使加密资产持有者能够通过质押、流动性质押、流动性挖矿等策略实现收益最大化；参与者包括 Lido、Rocket Pool 和 Curve Finance。

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Cross-chain bridge platforms - Facilitate asset transfers between different blockchain ecosystems and help investors explore various networks to optimize returns; leading examples include Multichain (formerly Anyswap), Wormhole, and Hop Protocol.

跨链桥接平台——促进不同区块链生态之间的资产转移，帮助投资者探索各种网络以优化回报；领先的例子包括 Multichain（以前称为 Anyswap）、Wormhole 和 Hop Protocol。

Decentralized exchanges (DEXs) - Enable peer-to-peer transactions while handling billions in daily trading volume: Uniswap, SushiSwap, and PancakeSwap.

去中心化交易所 (DEX) - 支持点对点交易，同时处理数十亿的每日交易量：Uniswap、SushiSwap 和 PancakeSwap。

Maximize Asset Returns

资产回报最大化

Staking is when crypto holders lock their assets to participate as a node or validator on a blockchain. It is essentially putting your skin in the game - making a security deposit to validate blockchain transactions ethically by the network rules and help secure the network. As compensation, stakers earn extra coins, usually the same cryptocurrency they staked. The major drawback of staking, however, is illiquidity. Staked funds are locked up and cannot be traded or used for other investments during the staking period. Proof-of-Stake networks like Ethereum 2.0, Cardano, and Solana use these committed assets to secure the network and validate transactions.

质押是指加密货币持有者锁定其资产以作为区块链上的节点或验证者参与。它本质上是让你参与其中——存入保证金，通过网络规则以道德方式验证区块链交易，并帮助保护网络。作为补偿，质押者可以赚取额外的硬币，通常与他们质押的加密货币相同。然而，质押的主要缺点是流动性不足。质押资金在质押期间被锁定，不能进行交易或用于其他投资。以太坊 2.0、Cardano 和 Solana 等权益证明网络使用这些承诺资产来保护网络并验证交易。

Liquid staking resolves the illiquidity of staked assets by generating Liquid Staking Tokens (LSTs) that represent the cryptocurrency held in the Liquid Staking Protocol. These minted LSTs can be deployed on other protocols within the DeFi ecosystem to earn additional yields while the original staked crypto continues accruing staking rewards. This enables cryptocurrency owners to retain their ability to readily access funds and explore other investment options while still enjoying staking benefits. It's like having your cake and eating it, too - your cryptocurrency is staked, yet you have a token available for use. Imagine if you could use a proxy for your funds locked in a CD to engage in other financial activities while the actual money remains in the fixed deposit earning interest. Crypto makes this hypothetical scenario real, through liquid staking.

Liquid 质押通过生成代表 Liquid 质押协议中持有的加密货币的 Liquid 质押代币（LST）来解决质押资产的流动性不足问题。这些铸造的 LST 可以部署在 DeFi 生态系统内的其他协议上，以获得额外的收益，同时原始质押的加密货币继续获得质押奖励。这使得加密货币所有者能够保留轻松获取资金和探索其他投资选择的能力，同时仍然享受质押收益。这就像鱼与熊掌兼得——你的加密货币被抵押，但你还有一个可用的代币。想象一下，如果您可以使用锁定在 CD 中的资金的代理来从事其他金融活动，而实际资金仍保留在定期存款中赚取利息。加密货币通过流动性质押使这种假设的场景成为现实。

The minted LSTs can be restaked/deposited on Liquid Restaking Protocols, which in turn create Liquid Restaking Tokens (LRTs), allowing the asset holder to earn additional returns. Some advanced protocols work directly with the underlying blockchain and create new tokens native to their systems, i.e., native Liquid Restaking Tokens (nLRTs) and recursive, composite, or leveraged liquid staking tokens. These tokens enable asset holders to earn both traditional Proof of Stake rewards and additional staking rewards.

铸造的 LST 可以重新抵押/存入 Liquid 重新抵押协议，这反过来又创建 Liquid 重新抵押代币（LRT），使资产持有者能够获得额外的回报。一些高级协议直接与底层区块链合作，并创建其系统本机的新代币，即本机流动性重新抵押代币（nLRT）和递归、复合或杠杆流动性抵押代币。这些代币使资产持有者能够获得传统的权益证明奖励和额外的权益奖励。

With a rapid pace of innovations in the DeFi ecosystem, platforms with unique implementations of liquid staking continue to emerge. One such platform is YieldNest.

随着 DeFi 生态系统创新的快速发展，具有独特流动质押实现的平台不断涌现。 YieldNest 就是这样的平台之一。

YieldNest revolutionizes the staking landscape with its innovative liquid restaking products, designed for optimal returns and simplified user experience. By utilizing Liquid Restaking Tokens (LRTs) and Native Liquid Restaking Tokens (n

YieldNest 凭借其创新的液体重新质押产品彻底改变了质押格局，这些产品旨在实现最佳回报和简化用户体验。通过利用流动性重新抵押代币（LRT）和原生流动性重新抵押代币（n