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Defiance CapitalçArthurćć ¶ä»ć äœç„ćäșș棫æŁćšæç€șDeFiçæœćšć€èăæèżïŒćæćž@tradetheflow_ćäș«äșäžçŻæćçèźșèż°ïŒèŻŽæäșDeFi 2.0ććŒčćŻèœćłć°ć°æ„çćć ă仄äžæŻä»ćŒșè°çäž»èŠæšćšć çŽ ççźèŠæŠèż°ïŒ
DeFiæŸèèżćïŒćžŠæ„äșæŽć„œçćŻæ©ć±æ§ăæčèżçćźć šæ§ä»„ćèŻžćŠRWAïŒçćźäžçè”äș§ïŒä»ŁćžććéŸäžäżĄèŽ·äș§ćçćæ°çšäŸă
æ»éä»ä»·ćŒïŒTVLïŒèȘ2023ćčŽ10æ仄æ„ć äčçż»äșäžćïŒć»äžćżćäș€ææïŒDEXïŒçäș€æéçžèŸäșäžćżćäș€æææç»ćąéżă
性ç©ćź¶ćŠBlackRockćPayPalæŁéèżä»Łćžććșéćçšłćźćžèżć „ćžćșïŒèĄšæäž»æ”æ„ććșŠçæé«ă
æèżçéæŻæćäșæ”ćšæ§ïŒäœżćŸDeFiæ¶çççžèŸäșäŒ ç»æè”æŽć ·ćžćŒćă
DeFićŠä»æŽć æçăćźć šïŒć·Čäžșäžäžæłąćąéżćć„œćć€ă
ćšæŽćčżæłçç»æ”çŻćąäžïŒJerome Powellç50äžȘćșçčçéæŻćŻèœæ ćżçèœŹæçčăM2äŸćșéćæŹĄäžćïŒæŻçčćžçŽ§éèżć»ćšæçè¶ćżïŒæç€șćŻèœćŒć§äžćșæç©çșżćŒççćžă
äžäșäșșèŠć称ïŒæżèżçéæŻćŸćŸéąç€șçç»æ”èĄ°éïŒæç»çć°çŒæżæČ»çŽ§ćŒ ć±ćżä»ç¶æŻäžȘæ 濧ăć°œçźĄèżäșéŁé©æŻçćźććšçïŒäœæ仏ä»ć€©äżæ积ææćșŠăèżćșććŒčæè§äžćïŒäŒŒäčæŁćšäžșäžćșćŻèœèź©èźžć€äșșæć°æèź¶ççŹçčäžæ¶šććć€ă
éŽäșæ仏ç»ćäșéżæççćžïŒćœććŻä»„ćçć°èź€äžșDeFi䌰ćŒćć°ćć¶ïŒæç€șèżäžéąććŻèœèą«äœäŒ°äșăćšæŹæäžïŒæ仏ć°ä»ç»ćźĄè§AAVEçć°äœïŒćč¶èŻäŒ°ć ¶ćšDeFićŒșćżć€èäžçæœćšè§èČă
AaveïŒćć€çćäșćïŒ
DeFiçTVLć·Čä»2022ćčŽçäœçč性ćč ććŒčïŒćąéżäș䞀ćć€ïŒèŸŸć°770äșżçŸć ăç¶èïŒć°œçźĄæèżäžæąć€ïŒćœćçTVLä»æŻ2021ćčŽçćł°ćŒïŒçșŠ1540äșżçŸć ïŒäœ50%ăèżèĄšæïŒć°œçźĄèŻ„éąćçć Žè¶Łćšćąć ïŒDeFi䌰ćŒä»èżäœäșäžäžèœźçćžçć· ćł°ă
Source: Bernstein
1. ćžćșéąćŻŒćäžæŽ»ćš
AaveæŻDeFiéąćçéąćŻŒè äčäžïŒć èźžçšæ·æ éäžä»ćłćŻć获ć ćŻèŽ§ćžăæćäœäžșETHLendäș2017ćčŽæšćșïŒćč¶äș2018ćčŽæŽćäžșAaveïŒèŻ„ćčłć°ćš2020ćčŽçDeFiçčèŁäžè·ćŸäșćšćïŒćč¶ćšèżć»äžćčŽäžć æźäșDeFić获ćžćșç50%仄äžç仜éąăć ¶æćç驱ćšććšäșæç»çćçș§ćæ°äș§ćçæšćșïŒäŸćŠGHOçšłćźćžïŒä»„ććąćŒșćźć šæ§ç4äșżçŸć âäżæ€äŒćźć šæšĄćâăâäč°ć „ćč¶ććâèźĄćéèżćé çšłćźçäč°ć „ććèżäžæ„æŻæäșéżæç代ćžćąéżă
Source: Token Terminal
ćš2024ćčŽïŒAaveçTVL蟟ć°äș130äșżçŸć ïŒèĄšæäșćŒșćČççšæ·éçșłçććŻčćčłć°æ„çćąćŒșç俥ćżăGHOçšłćźćžçæšćșäčćąć äșć ¶æ¶ć „æ„æșïŒèæèżćéEVMéŸćŠAptosçæ©ć±ćæćźœäșć ¶ćžćșèćŽă
Source: DeFiLlama
Source: X
Aaveç掻è·èŽ·æŹŸæèżäčææćąć ăæȘèłææ°æŽæ°ïŒAaveç掻è·èŽ·æŹŸäžș74äșżçŸć ïŒæŸèćąéżïŒć·©ćșäșć ¶ćšDeFić获ćžćșçäž»ćŻŒć°äœăèżäžȘćąéżćŸçäșć ¶ä»Łćžç»æ”ćŠçèżæè°æŽïŒćć°äșAAVE代ćžçéèććïŒćč¶ć°æ¶ć „èœŹćçšłćźćžç莚æŒè ïŒäœżèŻ„ćèźźćŻč获æčæŽć ·ćžćŒćă
2. äœäŒ°äžç§ŻçŽŻæœć
ć°œçźĄAaveć æźäž»ćŻŒć°äœïŒäœAavećć ¶ä»DeFiéĄčçźä»ç¶æŸćŸèą«äœäŒ°ăć äžȘæćïŒMichael Nadeauè§ŁéäșAaveçä»·æ ŒäžèŽčçšïŒP/FïŒæŻçäžș2.8ćïŒćčŽæ¶ć „äžș2.4äșżçŸć ăéŽäșć ¶93%ç代ćžäŸćșć·Čç»æ”éïŒAaveçžæŻć ¶ä»éĄčçźćŻèœéąäžŽèŸć°çæćźććïŒćšç»ćäș2.5ćčŽççæŽæćæćŻèœèżæ„äžæłąććŒčăæèżççȘç Žæç€șAavećŻèœæŁć€äșæ°çäžćè¶ćżçæ©æé¶æź”ïŒäœżć ¶æäžșéżæ积环çæćžćŒćè”äș§ăèżäžææŻè”°ćżïŒć äžć ¶ććźçćșæŹéąïŒæŻæäșć ¶æœćšä»·æ Œæąć€çèźșæźïŒć°€ć ¶æŻćšDeFiéĄčçźćæŹĄè·ćŸć łæłšæ¶ă
Source: @MichaelNadeau
Source: TradingView
3. æșæć Žè¶Ł
æșæć Žè¶ŁæèżïŒæșæćŻčAaveçć Žè¶Łäž»èŠćć ¶æšćșçAave Arc驱ćšïŒAave ArcæŻäžäžșćç知éèæșæèźŸèźĄçèźžćŻćDeFiäș§ćăçźćïŒèŻ„ćčłć°ćŻäŸè¶ èż30柶çœććć ŹćžèźżéźïŒć æŹCoinSharesăWintermutećGalaxy DigitalăéèżæäŸäžäžȘćè§ççŻćąèżèĄæ°ćè”äș§çć获ïŒAave ArcæšćšćŒ„ćäŒ ç»éèäžDeFiäčéŽçéžżæČïŒæäŸé«æ¶çæșäŒçćæ¶æ»Ąè¶łç知æ ćă
æ€ć€ïŒBernsteinæŁćŒć°Aaveæ·»ć ć°ć ¶æ°ćè”äș§ç»ćäžïŒć代äșGMXćSynthetixăéçæœćšççŸćœéæŻäžŽèżïŒèŸäœçäŒ ç»ć©çć°ćć°çŸć 莧ćžćžćșćșéæäŸçæ¶çïŒäœżDeFiçé«æ¶ççžæŻäčäžæŽć ·ćžćŒćïŒèżèæé«éæ±ă
ä»ćčŽETH ETFçæšćșäčćŻèœäžșDeFi枊æ„性éè”éæ”ć „ïŒAaveç±äșć ¶ćšä»„ć€Șćć获ćžćșçćŒșćżććšïŒæææäžșäž»èŠćçè ïŒćžćŒæ„èȘæșææè”è çæ°è”æŹă
4. ç«äșäŒćż
äžCompoundçç«äșćŻčæçžæŻïŒAaveä»„ć ¶ć€éŸèœććæŽćčżæłçè”äș§æŻæèè±éąèćșăć°œçźĄCompoundäž»èŠćšä»„ć€Șćäžèżè„ïŒäœAavećšPolygonăAvalanchećFantomççœç»äžäčæććšïŒèŠçéąæŽćčżïŒèŽčçšæŽäœïŒäș€æéćșŠæŽćż«ïŒćŻčçšæ·æŽć ·ćžćŒćă
æ€ć€ïŒAaveæŻææŽćčżæłçæ”æŒćç±»ćïŒä»äŒ ç»ć ćŻèŽ§ćžć°ä»Łćžćè”äș§ć莚æŒèĄçćăèżç§ć€æ ·ćçæäŸïŒćć äžéȘç”èŽ·æŹŸćGHOçšłćźćžçćèœïŒćžźć©Aaveæè·äșDeFićžćșäžæŽć€§ç仜éąïŒćč¶äżæäșć ¶ćšć获éąćçäž»ćŻŒć°äœă
5. ćłć°ć°æ„çćŹćć
ćłć°ć°æ„çćŹććAave 2030æŻAave Labsçæç„ææĄïŒæšćšć°ćèźźæ©ć±ć°ä»„ć€Șćäčć€ïŒćč¶ćšæȘæ„ć ćčŽć ćŒć „æ°ćèœăć łéźçźæ ć æŹïŒ
ć€éŸæ©ć±ïŒAaveæšćšæŻæéEVMéŸćč¶æ©ć±ć ¶ććšïŒæć»șäžäžȘçœç»äžćŻç„çè·šéŸDeFićčłć°ăèżć°ć èźžçšæ·ćšäžćçćșćéŸçæçł»ç»äžèźżéźAaveçæćĄïŒćąćŒșæ”ćšæ§ćč¶æé«çšæ·éçșłçă
Aave V4ćçș§ïŒćŒć „çćźäžçè”äș§éæăæŽé«çè”æŹæçćæčèżçæČ»çć·„ć ·ăéèżć°çćźäžçè”äș§äžć ¶ćççšłćźćžGHOéæïŒAaveæšćšć€æ ·ćć ¶æ”æŒććșçĄïŒäžșć ¶ć获æćĄæäŸæŽć€ççšłćźæ§ăèżäžäžŸæȘćŻèœäŒćžćŒæŽć€ççšæ·ćæșæïŒć°€ć ¶æŻéŁäș毻æŸæŽćźć šă仄çćźäžçäžșćșçĄçéèäș§ćççšæ·ă
äž»ćšçè”éæšĄćïŒäžä»„ćŸçćéĄŸæ§è”éæšĄćŒäžćïŒAaveæćșäșäžéĄčäž»ćšçéąçźæšĄćçšäșć ¶2030èźĄćïŒæćèźŸćźäșæ祟çćé ćçźæ ăćć§éąçźć æŹ1500äžGHOć25,000 stkAAVEïŒçšäșç 究ăćŒćććźć šćźĄèźĄă
Source: AAVE
Aaveçæ»äœçźæ æŻć°2030ćčŽć»șç«äžäžȘćŻæç»çăè·šéŸçăćè§çDeFiçæçł»ç»ïŒèœć€éćșćžćșćšæććïŒćč¶äœäžșé¶ćźćæșæçšæ·çæ žćżćșçĄèźŸæœă
ç涚çćșæŹéąć çŽ
Aaveæ§ć¶ç67%çDeFić获ćžćșïŒçźĄçç74äșżçŸć ç掻è·èŽ·æŹŸïŒäœżć ¶ćšDeFić获ćąéżäžć€äșæć©ć°äœă
Aavećšć€äžȘćșćéŸäžæŽ»è·ïŒArbitrumăAvalancheăBaseăBNB ChainăFantomăOptimismćPolygonïŒïŒćč¶èźĄćæ©ć±ć°AptosçéŸïŒćžćŒæŽć€çšæ·ćæ”ćšæ§ă
AaveçGHOçšłćźćžæŁćšè·ćŸćžćŒćïŒćąć äșćčłć°æ¶ć „ïŒäœżć ¶æ¶ć „æŽć ć€æ ·ććçšłćźă
Aave Arcäžäžșæșææè”è èźŸèźĄïŒć èźžä»ä»Źä»„ćè§çæčćŒćäžDeFiïŒćžźć©AavećžćŒć€§éçäŒ ç»éèæ”ć „ă
ETH ETFçæœćšæšćșćć©çéäœćŻèœćžćŒæŽć€è”éæ”ć „DeFiïŒç»Aave枊æ„性ćč æćć ¶TVLçæșäŒă
çè·çćșæŹéąć çŽ
AavećšDeFić获ćžćșäžć æèŸć€§ä»œéąïŒäœèżç§é«éäžćșŠæćłçä»»äœææŻéźéąăæșèœćçșŠæŒæŽæéćŻčAaveçç知èĄćšćŻèœćŻčæŽäžȘèĄäžäș§çäžææŻäŸçć·šć€§ćœ±ćă
ć°œçźĄGHOçćąéżä»€äșșéŒèïŒäœćŠæć ¶éçšæŸçŒæç«äșćŻčæççšłćźćžè·ćŸćžćŒćïŒèżćŻèœäŒæćźłAaveçæ¶ć „ïŒćč¶ććŒ±ć ¶ćšDeFiéąćçç«äșäŒćżă
ć šçç»æ”èĄ°éć°ćć°æ”ć „éŁé©è”äș§ïŒćŠć ćŻèŽ§ćžïŒçè”éïŒćč¶éć¶DeFićčłć°äžçć获掻ćšïŒćć°ćčłć°æ¶ć „ćTVLă
äžæćçș§çć°çŒæżæČ»éŁé©ćŻèœćąć äžçĄźćźæ§ććžćșæłąćšïŒäœżæè”è äžæżćäžDeFiă
ć°œçźĄçźćæ„çïŒéć¶æ§æłè§çćšè䌌äčäžć€ȘçŽ§èż«ïŒäœćŠæć šçèŸäžćć„œçć ćŻèŽ§ćžæżćșæćéäșșäžć°ïŒä»ç¶æŻäžäžȘæœćšçæ 濧ăćŻčçšłćźćžăć获ćèźźæDeFi掻ćšçæŽäž„æ Œè§ćźćŻèœäŒććŒ±äżĄćżćč¶ćć°ćAaveèżæ ·çćčłć°äžç掻ćšïŒçčć«æŻćšçŸćœćæŹ§ççć łéźćžćșăćŻćć łæłšćłć°ć°æ„çé䞟ćæżçèœŹććŻčäșèŻäŒ°èżäžéŁé©èłć łéèŠă
ć èŽŁćŁ°æ
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