Defi超出了投機產量的發展，嵌入了用戶友好的應用程序中並吸引機構資本。發現加密貸款和資產管理的趨勢。

Crypto Lenders, DeFi Adoption, and Assets Held: A New Era

加密貸款人，Fefi的收養和資產：一個新時代

DeFi is undergoing a quiet but significant transformation. Forget the wild west days of dubious yields and speculative frenzies; the current growth is fueled by DeFi becoming a seamless backend for user-facing applications and attracting serious institutional players. It's like DeFi grew up and got a real job.

Defi正在進行安靜但重大的轉變。忘記狂野的西部時代的可疑產量和投機性瘋狂；通過Defi成為面向用戶的應用程序並吸引認真的機構參與者的無縫後端，目前的增長源於目前的增長。就像Defi長大並找到了一份真正的工作。

The DeFi Mullet: Business in the Front, DeFi in the Back

defi mullet：正面的業務，後面的defi

One of the key trends is the “DeFi mullet” – fintech front-ends with DeFi backends. User-friendly apps are quietly embedding DeFi infrastructure to offer yield or loans, abstracting away the complexity for a smoother user experience. Coinbase lets you borrow against your Bitcoin, and Bitget Wallet offers a sweet 5% yield on USDC and USDT without ever leaving the app. Even PayPal is getting in on the action with PYUSD, offering yields close to 3.7%.

關鍵趨勢之一是“ Defi Mullet” - 具有Defi後端的Fintech前端。用戶友好的應用程序悄悄地嵌入了Defi基礎架構以提供產量或貸款，從而消除了複雜性，以獲得更平滑的用戶體驗。 Coinbase可以讓您借用比特幣，而Bitget Wallet則在不離開應用程序的情況下提供了USDC和USDT的甜蜜收益率為5％。即使是Paypal也正在與Pyusd一起採取行動，提供接近3.7％的收益率。

Crypto-friendly fintech firms like Robinhood or Revolut might just jump on this bandwagon, offering stablecoin credit lines and asset-backed loans through DeFi markets. Think of the new fee-based revenue streams!

像Robinhood或Revolut這樣對加密友好的金融科技公司可能會跳上這款潮流，通過Defi Markets提供Stablecoin信用額度和資產支持的貸款。想想新的基於費用的收入流！

Tokenized RWAs: Bridging the Gap

令牌rwas：彌合差距

DeFi protocols are increasingly using tokenized versions of real-world assets (RWAs) like U.S. Treasuries and credit funds. These tokenized assets can be used as collateral, earn yield, or be bundled into complex strategies. Pendle, for example, lets users split yield streams from principal and now manages over $4 billion in total value locked, mostly in tokenized stablecoin yield products. Ethena’s sUSDe and similar yield-bearing tokens are delivering returns above 8% through cash-and-carry trades, making it easy for end users.

Defi協議越來越多地使用如美國國債和信用基金等真實世界資產（RWA）的令牌化版本。這些令牌資產可以用作抵押品，賺取收益率或捆綁成複雜的策略。例如，Pendle使用戶可以將收益流與本金分開，現在管理超過40億美元的總價值鎖定，主要用於代幣化的Stablecoin收益產品。 Ethena的Susde和類似的承重代幣通過現金和攜帶交易提供了超過8％的回報，使最終用戶變得容易。

The Rise of On-Chain Asset Managers

鏈上資產經理的興起

Another critical trend is the rise of crypto-native asset managers. Firms like Gauntlet, Re7, and Steakhouse Financial are allocating capital across DeFi ecosystems using professionally managed strategies, similar to traditional asset managers. They're deeply involved in DeFi protocol governance, fine-tuning risk parameters, and deploying capital across various structured yield products, tokenized RWAs, and modular lending markets. This sector's capital under management has quadrupled since January, from $1 billion to over $4 billion.

另一個關鍵趨勢是加密本地資產經理的興起。 Gauntlet，RE7和Steakhouse Financial等公司正在使用專業託管的策略（類似於傳統資產經理）在跨偏見生態系統中分配資本。他們深入參與DEFI協議治理，微調風險參數，並在各種結構化產量產品，令牌RWA和模塊化貸款市場中部署資本。自1月份以來，該行業管理的資本已經三倍，從10億美元到超過40億美元。

Assets Held: Soaring High

資產持有：高高飆升

The total value locked (TVL) on top DeFi lending protocols like Aave, Euler, Spark, and Morpho has surged past $50 billion and is approaching $60 billion, growing 60% over the past year. This growth is fueled by institutionalization and increasingly sophisticated risk management tools.

諸如AAVE，Euler，Spark和Morpho之類的頂級貸款協議上的總價值鎖定（TVL）飆升了500億美元，接近600億美元，在過去一年中增長了60％。這種增長是由制度化和日益複雜的風險管理工具推動的。

Final Thoughts

最後的想法

DeFi is no longer just a playground for crypto enthusiasts; it's becoming a sophisticated financial ecosystem. With increased institutional participation, user-friendly interfaces, and innovative use cases for tokenized assets, DeFi is poised for continued growth and mainstream adoption. Who knows, maybe your grandma will be using DeFi next year. Stranger things have happened, right?

Defi不再只是加密愛好者的遊樂場。它已成為一個複雜的金融生態系統。隨著機構參與，用戶友好的界面以及用於令牌資產的創新用例，Defi有望持續增長和主流採用。誰知道，也許您的祖母將在明年使用Defi。陌生人的事情發生了，對嗎？