加密貸款人可能正在尋找本週期更可持續的產量，因為在分散融資（DEFI）貸款中的總價值繼續

加密用戶可能正在尋找這個週期的更可持續的收益，因為鎖定在分散融資（DEFI）貸款中的總價值繼續達到新高點

Crypto users could be looking for a more sustainable yield this cycle, as total value locked in decentralized finance (DeFi) lending continues to hit new highs while decentralized exchanges (DEXs) have lagged in comparison.

加密用戶可能正在尋找本週期更可持續的產量，因為分散融資（DEFI）貸款的總價值繼續達到新的高點，而分散的交流（DEX）卻落後了。

DeFi lending protocols are currently the leading DeFi vertical in TVL at $53.6 billion, representing 43% of the $124.6 billion locked across all DeFi protocols. The figure also surpasses liquid staking.

Defi Lending協議目前是TVL的領先垂直行業，為536億美元，佔所有DEFI協議中鎖定的1.246億美元中的43％。該圖還超過了液體含量。

Multichain lending protocol Aave currently holds $25 billion of locked value, accounting for nearly half of the DeFi lending market.

Multichain Lending Protogent AAVE目前持有250億美元的鎖定價值，佔DEFI貸款市場的近一半。

In stark contrast, DEXs, which once held nearly double the TVL of their closest competitor, have dropped from $85.3 billion in November 2021 to $21.5 billion today.

與之形成鮮明對比的是，Dexs曾經擁有幾乎是其最接近競爭對手的TVL的兩倍，已從2021年11月的853億美元下降到今天的215億美元。

Explaining the rise in DeFi lending and fall in DEX TVL, the founder of crypto fund Apollo Capital, Henrik Andersson, told Cointelegraph that lending is arguably the “only sustainable way to produce yield” in DeFi, as DEX liquidity pooling has largely become unprofitable due to impermanent loss.

Crypto Fund Apollo Capital的創始人Henrik Andersson解釋了Dex TVL的Defi貸款和下降，Henrik Andersson告訴Cointelegraph，貸款可以說是Defi中“唯一可持續的產生產量的可持續方式”，因為Dex流動性池在很大程度上由於無症無動物的損失而在很大程度上變得無效。

He also argued that the industry-leading DEX Uniswap v3’s more “capital efficient” design, relative to Uniswap v2, may have contributed to the DEX TVL fall, as liquidity providers can now earn more rewards with less upfront capital.

他還認為，相對於UNISWAP V2，行業領先的DEX UNISWAP V3更“資本效率”的設計可能會導致DEX TVL跌倒，因為流動性提供商現在可以以較少的前期資本獲得更多的獎勵。

Andersson also pointed out that the rise of intent-based swaps — a relatively new crosschain trading mechanism — may have further reduced the DEX TVL, as market makers typically source liquidity from centralized exchanges to facilitate these swaps.

安德森還指出，基於意圖的掉期的興起（一種相對較新的交叉鏈交易機制）可能會進一步降低DEX TVL，因為做市商通常會從集中式交流中獲得流動性來促進這些交換。

DeFi lending protocols like Aave and Compound Finance enable crypto users to lend assets to earn interest or borrow against collateral. Smart contracts manage deposits, loans and interest rates to ensure trustless transactions.

諸如AAVE和復合融資之類的貸款協議使加密用戶能夠借出資產來賺取利息或借入抵押品。智能合約管理存款，貸款和利率，以確保無信任的交易。

DeFi users who supply Ether (ETH) and Tether (USDT) on Aave, for example, currently earn an annual percentage yield of 1.86% and 3.17%, respectively.

例如，在AAVE上提供Ether（ETH）和Tether（USDT）的Defi用戶目前的年度百分比分別為1.86％和3.17％。

Providing stablecoins and Ether to DEX pools such as Uniswap’s can offer higher rewards; however, as Andersson pointed out, they’re far less sustainable, fluctuating by the day.

向諸如UnisWap之類的DEX池提供穩定的幣和以太幣可以提供更高的獎勵；但是，正如安德森（Andersson）指出的那樣，它們的可持續性遠不足，而且每天都在波動。

DeFi now dominates CeFi in crypto lending market

DEFI現在在加密貸款市場中占主導地位

DeFi-based crypto lending accounted for around 65% of the total market by the end of 2024 and has increased or maintained its market share against centralized lenders every quarter since Q4 2022, an April report from crypto investment firm Galaxy Digital showed.

加密投資公司Galaxy Digital的一份4月份的報告顯示，總部位於DEFI的加密貸款到2024年底佔了總市場的65％，自2022年第四季度以來，每個季度都增加了或維持其市場份額或維持其市場份額。

The fall started occurring around the time several centralized crypto lenders such as Genesis, Celsius Network, BlockFi and Voyager fell bankrupt, causing TVL to fall massively.

在幾個集中的加密貸款人，例如Genesis，Celsius Network，Blockfi和Voyager破產，導致TVL大規模下降。

Related: Bitcoin hits $103K but DeFi is a mixed bag: Finance Redefined

相關：比特幣達到$ 103K，但Defi是一個混合的包：財務重新定義

Their collective downfall led to an estimated 78% collapse in the size of the crypto lending market from the 2022 peak to the bear market trough, Galaxy noted.

Galaxy指出，他們的集體倒台導致估計從2022年峰到熊市市場的加密貸款市場的規模估計崩潰了78％。

However, it was DeFi lending protocols that led the resurgence in crypto lending activity, Galaxy noted, pointing to a nearly 960% increase in DeFi open borrows between Q4 2022 and Q4 2024.

但是，Galaxy指出，正是正是Defi Lending方案引發了加密貸款活動的複興，這表明在Q4 2022和Q4 2024之間，Defi Open藉口增長了近960％。

Galaxy said the strong recovery of the DeFi lending market is a testament to the design and risk management practices adopted by DeFi lending protocols while showcasing the benefits of algorithmic, overcollateralized and supply-and-demand-driven borrowing models.

Galaxy表示，Defi Lending Market的強勁復甦是Defi Lending協議所採用的設計和風險管理實踐的證明，同時展示了算法，過度集中和供應和需求驅動的借款模型。

Galaxy expects increased institutional participation and clearer regulations to drive the next wave of crypto lending adoption.

Galaxy預計機構的參與和更清晰的法規將推動下一波加密貸款採用。