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DeFi TVL 已從活動轉向資產負債表基礎設施
這一比較突顯了 DeFi TVL 集中位置的結構性轉變。2021 年,頂級協議分散在去中心化交易所(DEX)、抵押品(CDPs)和收益聚合器之間。到 2025 年,TVL 主要集中在借貸、流動性質押和重質押協議,顯示出從以活動為驅動的原語轉向資產負債表基礎設施的趨勢,在這裡資本可以被被動部署長時間。
Aave、Lido 和重質押協議的主導地位表明,TVL 的增長更多是由資本效率和收益層疊推動,而非用戶需求。借貸在結構上符合這一點:過度抵押、可重用抵押品和槓桿循環機械性地膨脹 TVL。重質押更進一步,通過將已質押的資產貨幣化,增加額外收益,而不需要資本重新配置。
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