分散的金融（DEFI）市場：主要趨勢和2025年前景

近年來，分散的金融（DEFI）部門經歷了顯著的增長和創新，將自己定位為更廣泛的加密貨幣生態系統中最具變革性的細分市場之一。

The decentralized finance (DeFi) sector has experienced remarkable growth and innovation in recent years, positioning itself as one of the most transformative segments within the broader cryptocurrency ecosystem. As of early 2025, the total value locked (TVL) in DeFi platforms consistently hovers above $60 billion, reflecting both sustained user interest and increasing institutional participation. Major DeFi protocols such as Aave, MakerDAO, and Compound continue to dominate the market, presenting a substantial share of lending, borrowing, and stablecoin activity.

近年來，分散的金融（DEFI）部門經歷了顯著的增長和創新，將自己定位為更廣泛的加密貨幣生態系統中最具變革性的細分市場之一。截至2025年初，DEFI平台中的總價值鎖定（TVL）始終徘徊在600億美元以上，這既反映了持續的用戶興趣又不斷增加機構參與。諸如AAVE，MAKERDAO和COMPOUND之類的主要DEFI協議繼續主導市場，並在貸款，借貸和Stablecoin活動中佔有很大一部分。

Key findings for 2025 highlight the following trends:

2025年的主要發現突出了以下趨勢：

* DeFi protocols have integrated with layer-2 scaling solutions to lower transaction costs and throughput, rendering DeFi applications more accessible to a broader user base. Arbitrum and Optimism have played a role in expanding the adoption of decentralized derivatives and decentralized exchanges (DEXs).

* DEFI協議已與第2層縮放解決方案集成，以降低交易成本和吞吐量，從而使更廣泛的用戶群更容易訪問Defi應用程序。仲裁和樂觀情緒在擴大分散衍生品和分散交流（DEX）的採用方面發揮了作用。

* The launch of Ethereum’s “Dencun” upgrade in 2024 is expected to drive down transaction costs further, with implications for user behavior and protocol usage in 2025.

*以太坊在2024年推出“ Dencun”升級將進一步推動交易成本，對2025年用戶行為和協議使用的影響。

* Major financial institutions are experimenting with decentralized protocols for liquidity management and settlement, particularly with stablecoins. This move is spurring new opportunities in fiat-linked tokens and real-world asset (RWA) tokenization.

*主要的金融機構正在嘗試使用分散的流動性管理和解決方案，尤其是使用Stablecoins。此舉激發了菲亞特連接的令牌和現實資產（RWA）令牌的新機會。

* Regulatory clarity is slowly emerging, with the European Union’s Markets in Crypto-Assets Regulation (MICA) rolling out gradually from 2024 and the U.S. Securities and Exchange Commission (SEC) engaging more actively with DeFi protocols. However, this process is presenting challenges for protocols that wish to operate across multiple jurisdictions.

*監管清晰度正在緩慢地出現，歐盟的加密資產管理（MICA）市場從2024年逐漸推出，美國證券交易委員會（SEC）（SEC）更積極地通過DEFI協議積極參與。但是，此過程對希望跨多個司法管轄區運作的協議提出了挑戰。

* The DeFi sector has also been subject to several high-profile hacks and exploits, leading to a focus on best practices in smart contract security and mitigation strategies.

* Defi行業還受到了幾個備受矚目的黑客攻擊和漏洞的影響，從而使專注於智能合同安全和緩解策略的最佳實踐。

Looking ahead, market analysts anticipate further growth in DeFi adoption through 2025 and beyond, driven by ongoing technological advancements, increasing regulatory clarity, and a growing roster of real-world asset integrations. Opportunities abound in areas such as on-chain derivatives, permissioned DeFi for institutions, and tokenized asset markets, with leading platforms actively piloting new products and partnerships to capture emerging demand. The sector’s resilience and adaptability underscore DeFi’s potential to play a central role in the future of global finance.

展望未來，市場分析師預計，在持續的技術進步，不斷提高的監管清晰度以及現實世界中資產集成的陣容越來越多的驅動下，直到2025年及以後的Defi採用會進一步增長。在鏈衍生物，機構允許D​​efi等領域以及令牌化資產市場中，領先的平台積極駕駛新產品和合作夥伴以捕獲新興需求。該行業的韌性和適應性強調了Defi在全球金融的未來中發揮核心作用的潛力。

Decentralized Finance (DeFi) platforms have undergone significant transformation since their emergence, evolving from experimental protocols to robust financial ecosystems commanding billions in total value locked (TVL). As of 2025, DeFi represents a mature segment of the crypto market, underpinned by a diverse range of protocols offering services such as lending, borrowing, trading, asset management, and synthetic assets. The global market has expanded beyond early adopters, with increased participation from retail and institutional investors.

自從出現以來，分散的金融（DEFI）平台已經發生了重大轉變，從實驗協議到強大的金融生態系統，指揮數十億個總價值鎖定（TVL）。截至2025年，DEFI代表了加密市場的成熟部分，以各種協議為基礎提供提供貸款，借貸，交易，資產管理和合成資產等服務的協議。零售和機構投資者的參與增加，全球市場已經超越了早期採用者。

The evolution of DeFi is closely tied to the development of blockchain infrastructure, particularly the Ethereum network, which remains the primary host for DeFi protocols. According to Ethereum Foundation, the network’s transition to proof-of-stake and subsequent scalability upgrades have lowered transaction costs and improved throughput, enabling a broader range of financial products and increased user adoption.

DEFI的演變與區塊鏈基礎架構的開發密切相關，尤其是以太坊網絡，該網絡仍然是DEFI協議的主要主機。根據以太坊基金會（Ethereum Foundation）的說法，該網絡向銷售證明和隨後的可伸縮性升級的過渡降低了交易成本並改善了吞吐量，從而實現了更廣泛的金融產品並增加了用戶的採用。

Major DeFi platforms such as Aave, Compound, and Uniswap continue to lead the sector, collectively accounting for a substantial share of the TVL. As of early 2025, TVL across all DeFi protocols remains resilient, fluctuating between $60-80 billion depending on market conditions, as reported on-chain by leading platforms. Uniswap, for instance, has solidified its position as the dominant decentralized exchange, with daily trading volumes rivaling those of some centralized exchanges.

諸如AAVE，複合和UnisWap之類的主要DEFI平台繼續領導該行業，共同考慮了TVL的很大一部分。截至2025年初，所有DEFI協議中的TVL仍然有彈性，根據市場條件的不同，根據市場條件，在60-800億美元之間波動，這是領先平台的鍊子。例如，UNISWAP鞏固了其作為主要分散交易所的地位，每日交易量與某些集中式交易所的交易量相媲美。

DeFi’s growth has also been propelled by the expansion into new blockchain ecosystems. Protocols like Polygon and Solana have attracted both developers and users through lower fees and higher transaction speeds, fostering cross-chain interoperability and composability.

Defi的增長也被擴展到新的區塊鏈生態系統中所推動。 Polygon和Solana等協議通過較低的費用和較高的交易速度吸引了開發人員和用戶，從而促進了跨鏈互操作性和合併性。

The current state of DeFi is characterized by ongoing innovation in risk management, security, and regulatory compliance. Protocols have introduced advanced features such as on-chain governance, automated risk assessment, and insurance offerings to address challenges from earlier years. Industry collaborations, such as those spearheaded by the DeFi Safety initiative, focus on setting standards for transparency and operational resilience.

當前的DEFI狀態的特徵是風險管理，安全和監管合規性的持續創新。協議引入了高級功能，例如鍊治理，自動化風險評估和保險產品，以應對早期的挑戰。行業合作，例如由Defi Safetiative率領的率領的，重點是設定透明度和運營彈性的標準。

Looking ahead, DeFi platforms are expected to further integrate with traditional financial institutions, spurred by regulatory clarity and the development of compliant DeFi products. The proliferation of real-world asset tokenization and institutional-grade protocols suggests that DeFi will play a significant role in the broader financial sector. The market outlook for the next few years projects steady growth, driven by technological advancements, user-centric innovations, and expanding global participation.

展望未來，預計Defi平台將進一步與傳統的金融機構一起，受到監管清晰度和合規性Defi產品的開發。實際資產令牌和機構級協議的擴散表明，DEFI將在更廣泛的金融領域發揮重要作用。在技​​術進步，以用戶為中心的創新和擴大全球參與的推動下，未來幾年的市場前景穩定增長。

The technological landscape of Decentralized Finance (DeFi) platforms continues to evolve rapidly in 2025, with core protocols and key innovations shaping the market’s structure and future prospects. At the heart of DeFi remain foundational smart contract platforms, particularly Ethereum, which maintains its status as the leading ecosystem for DeFi due to its mature developer community, robust infrastructure, and extensive protocol interoperability. The Ethereum network’s transition to proof-of-

分散融資（DEFI）平台的技術格局在2025年繼續迅速發展，核心協議和關鍵創新塑造了市場的結構和未來的前景。 Defi的核心仍然是基本的智能合同平台，尤其是以太坊，由於其成熟的開發人員社區，強大的基礎架構和廣泛的協議互操作性，因此保持其作為Defi領先的生態系統的地位。以太坊網絡過渡到證明