Defi貸款，資產和收養：革命在這裡，它戴著mult

在機構採用，諸如“ Defi Mullet”之類的創新策略以及現實世界資產的整合之類的創新策略的驅動下，Defi Lending正在激增。獲取這場金融革命的內部勺子！

DeFi lending is experiencing a renaissance, moving beyond speculative yields to become a foundational financial layer. The surge in institutional participation and innovative strategies are fueling this growth. Let's dive into the key trends and insights driving this transformation.

Defi Lending正在經歷文藝復興時期，超越了投機性收益率，成為基礎財務層。機構參與和創新策略的激增正在推動這一增長。讓我們研究推動這種轉變的關鍵趨勢和見解。

DeFi Lending TVL Skyrockets: Institutionalization is the Name of the Game

defi貸款tvl skyrocket：制度化是遊戲的名稱

The total value locked (TVL) across top DeFi lending protocols like Aave, Euler, Spark, and Morpho has surged past $50 billion, approaching $60 billion. This impressive 60% growth over the past year is attributed to rapid institutionalization and increasingly sophisticated risk management tools, according to a report by Artemis and Vaults.fyi. These platforms are evolving into modular financial networks, attracting serious players and serious capital.

在AAVE，Euler，Spark和Morpho等頂級貸款協議中，總價值鎖定（TVL）已飆升了500億美元，接近600億美元。根據Artemis和Vaults.fyi的報告，過去一年中，這種令人印象深刻的60％增長歸因於迅速的製度化和越來越複雜的風險管理工具。這些平台正在變成模塊化金融網絡，吸引了認真的參與者和認真的資本。

The 'DeFi Mullet': Fintech Front-End, DeFi Backend

“ defi mullet”：金融科技前端，defi後端

One of the most intriguing trends is the rise of the "DeFi mullet" – a strategy where user-facing applications seamlessly integrate DeFi infrastructure on their backend. This creates a familiar, user-friendly experience, hiding the complex DeFi operations under the hood. Think fintech front-end, DeFi backend.

最吸引人的趨勢之一是“ Defi Mullet”的興起，這是一種策略，面向用戶的應用程序無縫地將Defi Infrastructure在其後端集成。這創造了一種熟悉的用戶友好的體驗，將復雜的Defi操作隱藏在引擎蓋下。想想金融科技前端，Defi後端。

Coinbase, for example, allows users to borrow against their Bitcoin holdings through Morpho's backend infrastructure. Bitget Wallet offers a 5% yield on stablecoin holdings via Aave, all within the wallet app. Even PayPal is getting in on the action with PYUSD, offering yields near 3.7%.

例如，Coinbase允許用戶通過Morpho的後端基礎架構借用其比特幣持有量。 Bitget Wallet通過AAVE在錢包應用中提供了5％的stablecoin持有量。即使是PayPal也正在與Pyusd一起採取行動，提供的收益率接近3.7％。

The report suggests that other crypto-friendly fintech giants like Robinhood and Revolut may soon follow suit, offering services like stablecoin credit lines and asset-backed loans through DeFi markets. It's a win-win: new revenue streams for them, and broader adoption for DeFi.

該報告表明，像Robinhood和Revolut這樣對加密友好的金融科技巨頭可能很快效仿，從而通過Defi Markets提供諸如Stablecoin信用額度和資產支持的貸款之類的服務。這是雙贏的：對他們來說，新的收入來源，對Defi的收養更廣泛。

Real-World Assets (RWAs) Bridge the Gap

現實世界中的資產（RWAS）彌合了差距

The integration of tokenized real-world assets (RWAs) is another major catalyst for DeFi growth. DeFi protocols are increasingly incorporating tokenized US Treasuries, credit funds, and other traditional assets. These RWAs can be used as collateral for loans, earn yield directly within DeFi protocols, or be bundled into complex investment strategies, bridging the gap between traditional finance and the decentralized digital economy.

令牌化現實世界資產（RWA）的整合是Defi增長的另一個主要催化劑。 Defi協議越來越多地納入了令牌化的美國國庫，信用基金和其他傳統資產。這些RWA可以用作貸款的抵押品，直接在Defi協議中賺取收益，也可以捆綁成複雜的投資策略，從而彌合了傳統財務與分散的數字經濟之間的差距。

Platforms like Pendle, which allows users to split yield streams, now manage over $4 billion in TVL, largely in tokenized stablecoin yield products. Ethena's sUSDe and similar tokens offer returns exceeding 8% through sophisticated strategies, simplifying the experience for the end user.

Pendle之類的平台允許用戶分開收益流，現在管理超過40億美元的TVL，主要是在標記的Stablecoin收益產品中。 Ethena的Susde和類似代幣通過複雜的策略提供的收益超過8％，從而簡化了最終用戶的體驗。

On-Chain Asset Managers: The Pros Arrive

鍊鍊資產經理：專業人士到達

A less visible but vital trend is the emergence of crypto-native asset managers. Firms like Gauntlet, Re7, and Steakhouse Financial are allocating capital across DeFi ecosystems using professionally managed strategies, much like 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.

較不明顯但至關重要的趨勢是加密本地資產經理的出現。 Gauntlet，RE7和Steakhouse Financial等公司正在使用專業託管的策略（就像傳統資產經理一樣，都在跨越生態系統分配資本。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。

The capital under management within this sector has quadrupled since January, growing from $1 billion to over $4 billion. This underscores the rapid professionalization and institutionalization of DeFi investment strategies.

自1月份以來，該領域管理的資本已經三倍，從10億美元增長到超過40億美元。這強調了Defi投資策略的快速專業化和製度化。

Crypto-Backed Loans: Borrowing Reimagined

加密支持的貸款：借貸重新構想

Beyond institutional trends, the rise of crypto-backed loans is changing how individuals access capital. Bitcoin loans and other crypto-backed loans allow investors to access cash without selling their digital assets. It's a smarter, faster, and more flexible way to use crypto as a financial tool.

除了製度趨勢之外，加密支持的貸款的興起正在改變個人使用資本的方式。比特幣貸款和其他加密支持的貸款允許投資者在不出售其數字資產的情況下獲得現金。這是使用加密貨幣作為財務工具的更聰明，更快，更靈活的方法。

These loans use your cryptocurrency as collateral, allowing you to borrow cash without triggering tax events or giving up potential future gains. Plus, they often bypass traditional credit checks, opening up opportunities for freelancers, gig workers, and those outside major financial systems.

這些貸款將您的加密貨幣作為抵押品，使您可以藉入現金而不觸發稅收事件或放棄潛在的未來收益。另外，他們經常繞過傳統的信用檢查，為自由職業者，演出工人和主要金融系統之外的人打開機會。

Who Benefits from Crypto-Backed Loans?

誰能從加密支持的貸款中受益？

• Long-term crypto holders who don't want to sell
• Those needing quick access to cash
• Individuals without strong credit histories
• Anyone looking to diversify their investment strategy

The Future is Decentralized (and a Little Bit Funky)

未來是分散的（有點時髦）

DeFi lending is no longer a niche experiment; it's a growing force reshaping the financial landscape. With institutional adoption, innovative strategies like the "DeFi mullet," the integration of real-world assets, and the rise of crypto-backed loans, the future of finance is looking increasingly decentralized. So buckle up, grab your favorite stablecoin, and get ready for the ride. It's gonna be wild!

Defi貸款不再是一個利基實驗。這是一支重塑金融格局的力量。通過制度採用，諸如“ Defi Mullet”之類的創新策略，現實世界中資產的整合以及加密支持的貸款的興起，財務的未來看上去越來越分散。因此，搭扣，抓住您最喜歡的穩定蛋白，準備騎車。會很瘋狂！