Defi mullet：正面的金融科技，後面的分散財務（DEFI）

當今的金融科技公司提供了出色的用戶體驗，但受到傳統金融基礎設施的限制 - 孤立，緩慢，昂貴且僵化。

Today’s fintech companies offer excellent user experiences but are constrained by traditional financial infrastructure — siloed, slow, expensive and inflexible. Meanwhile, decentralized finance (DeFi) provides lightning-fast, cost-effective, interoperable infrastructure but lacks mainstream accessibility.

當今的金融科技公司提供了出色的用戶體驗，但受到傳統金融基礎設施的限制 - 孤立，緩慢，昂貴且僵化。同時，分散的金融（DEFI）提供了閃電，具有成本效益，可互操作的基礎設施，但缺乏主流可及性。

The solution? Combine fintech’s distribution and user experience with DeFi’s efficient back end. This creates the ultimate combo: the DeFi Mullet — fintech in the front, DeFi in the back.

解決方案？將金融科技的分銷和用戶體驗與DEFI的有效後端結合在一起。這創建了終極組合：defi mullet-在正面的金融科技，後面defi。

It’s no secret that fintech companies are heavily reliant on traditional financial (TradFi) infrastructure, which is siloed, slow to deploy and run, and costly to maintain. This inefficiency limits their control over costs and product offerings and has potential infrastructure risks. As such, fintechs have a strong incentive to transition to building on autonomous, credibly neutral public infrastructure.

金融科技公司密切依賴傳統金融（TradFI）基礎設施，這已經不是什麼秘密了，該基礎設施被孤立，部署和運行緩慢以及維護成本高昂。這種效率低下限制了他們對成本和產品產品的控制權，並具有潛在的基礎設施風險。因此，金融科技在過渡到自主，可靠的中性公共基礎設施的基礎上有很大的動力。

The power of DeFi is evident in stablecoins. While traditional international wire transfers cost $30–$50 and take one to five business days, stablecoin transfers cost mere cents and settle in seconds.

Defi的力量在Stablecoins中很明顯。雖然傳統的國際電線轉移的價格為30至50美元，並且需要花費一到五個工作日，但Stablecoin轉移的費用僅為美分，並在幾秒鐘內定居。

This revolutionary improvement in financial infrastructure extends beyond payments. DeFi provides 24/7/365 infrastructure for trading, lending and borrowing with instant settlement, open access and deep liquidity, enabling better price execution and yields.

這種金融基礎設施的革命性改善超出了付款。 Defi提供24/7/365的基礎設施，用於交易，貸款和借貸，即時和解，開放訪問和深厚的流動性，從而可以更好地執行和收益率。

Fintech companies can focus on creating exceptional user experiences with a compliance-ready front end that plugs into DeFi infrastructure. This will open up tremendous opportunities for innovation while driving more liquidity onchain, creating a positive feedback loop of embracing the DeFi Mullet.

金融科技公司可以專注於創建出色的用戶體驗，並以合規性的前端插入DEFI基礎架構。這將為創新帶來巨大的創新機會，同時推動更多的流動性OnChain，從而創造出積極的反饋循環，以擁抱Defi mullet。

Now is the time for mainstream adoption

現在是主流採用的時候了

Today’s DeFi ecosystem has proven its reliability for fintech integration. There are dozens of protocols that demonstrate this maturity, securely managing billions in loans through immutable, governance-minimized designs. DeFi infrastructure gives fintechs complete control over their infrastructure. This is particularly crucial after the recent Synapse bankruptcy that trapped Yotta user funds meant to be insured by the Federal Deposit Insurance Corporation.

當今的Defi生態系統已證明其對金融科技集成的可靠性。有數十種協議證明了這種成熟度，通過不變的，最小化的設計可牢固地管理數十億美元的貸款。 Defi基礎架構可以完全控制其基礎架構。在最近的突觸破產破產之後，這尤其至關重要，該破產將Yotta用戶資金困住了，該資金旨在由聯邦存款保險公司保險。

Institutions are also coming onchain. BlackRock has tokenized a fund via Securitize; Stripe has acquired Bridge for $1 billion to scale its stablecoin solutions; the US is creating a strategic Bitcoin (BTC) reserve; and clarity on regulation is opening the floodgates. The shift is step-by-step but tangible.

機構也即將到來。貝萊德通過證券化已將基金歸為基金； Stripe以10億美元的價格收購了Bridge，以擴展其STABLECOIN解決方案；美國正在創建戰略性比特幣（BTC）儲備；對監管的清晰度正在開放閘門。這種轉變是逐步的，但切實。

DeFi has arrived.

Defi到了。

The next phase

下一階段

For years to come, expect more products like crypto-backed loans to be released by fintech’s most advanced players, offering onchain saving accounts, onchain loans, instant international payments and more.

多年來，預計金融科技最先進的玩家將發布更多的產品，例如加密支持貸款，提供OnChain Save Saving帳戶，Onchain貸款，即時國際付款等。

This transformation will be invisible to users and powered by smart wallets and account abstraction that maintain the familiar Web2-like user experience at which fintech companies excel. Early adopters will gain significant advantages over competitors.

用戶將看不見這種轉換，並由智能錢包和帳戶抽象提供支持，這些錢可以維持熟悉的Web2式用戶體驗，而Fintech Companies在該方面表現出色。早期採用者將獲得與競爭對手相比的重要優勢。

Yet, unlike building on traditional finance, DeFi’s open infrastructure means even latecomers can benefit from existing network effects without starting from zero.

但是，與建立傳統金融不同，Defi的開放基礎架構意味著即使是後來的人也可以從現有的網絡效果中受益而不會從零開始。

Some skeptics argue that the involvement of fintechs and traditional institutions will erode decentralization, as protocols must comply with regulatory requirements. While this concern is understandable, the opposite is more likely.

一些懷疑論者認為，金融科技和傳統機構的參與將侵蝕下放化，因為協議必須遵守法規要求。儘管這種擔憂是可以理解的，但相反的可能性更大。

Expecting protocols to achieve compliance across every jurisdiction worldwide is unrealistic, especially given the vast regulatory fragmentation. Instead, regulating the apps that interface with users makes far more sense than the underlying protocols. For this regulatory model to work, however, protocols must remain credibly neutral.

期望在全球每個司法管轄區實現合規性的協議是不現實的，尤其是考慮到巨大的監管分裂。相反，調節與用戶接口的應用程序比基礎協議更有意義。但是，要使該監管模型起作用，協議必須保持可靠的中性。

A credibly neutral mechanism is one that:

一種可靠的中立機制是：

• Embeds no preference for specific individuals or outcomes.

•對特定的個體或結果不偏愛。

• Is open-source with publicly verifiable execution.

•是開源的，具有可公開可驗證的執行。

• Is simple and understandable.

•簡單易懂。

•

It changes infrequently.

它很少發生變化。

Examples like HTTP and SMTP highlight the power of credibly neutral protocols — they are free, open and unregulated, with only the clients being subject to oversight. The same logic should apply to governance-minimized, immutable DeFi protocols.

諸如HTTP和SMTP之類的示例突出了可信中性協議的力量 - 它們是免費的，開放和不受監管的，只有客戶受到監督的約束。相同的邏輯應適用於治理最少的，不可變的Fefi協議。

These constraints will push DeFi builders toward creating genuinely decentralized and trustless systems. Fintechs integrating DeFi protocols can build on top of the most neutral infrastructure and access its growing network effects.

這些限制將推動Defi構建者建立真正的分散和無信任的系統。集成DEFI協議的金融科技可以建立在最中性基礎架構之上，並訪問其不斷增長的網絡效應。

Let the mullet grow

讓mul蟲生長

The DeFi Mullet is more than just a meme — it’s a structural shift.

Defi Mullet不僅僅是模因，這是一種結構性轉變。

To scale, DeFi must meet users where they are: through regulated, user-friendly fintech channels. For fintechs to stay relevant, they must offer their customers the best user experience and opportunities, such as the best rates. Those who miss this opportunity risk being left behind in irrelevance, much like traditional retail banks lost market share to today’s fintechs.

為了擴展，DEFI必須與用戶相遇：通過受監管的，用戶友好的金融科技頻道。為了使金融科技保持相關性，他們必須為客戶提供最佳的用戶體驗和機會，例如最佳價格。那些錯過這種機會的人可能會無關緊要，就像傳統的零售銀行失去了當今金融科技的市場份額一樣。

This convergence isn’t just possible — it’s inevitable.

這種融合不僅是可能的，而且是不可避免的。