DeFi 協議現在賺取的費用比其基礎層網路更多

在這一日益增長的趨勢中，一些去中心化協議現在賺取的費用比其基礎層網路還要多。

DeFi protocols are now generating more in fees than their base layer networks in a growing trend.

目前，DeFi 協定產生的費用比其基礎層網路還要多，而且呈現不斷增長的趨勢。

According to Ethan Francis, head of protocol relations at Web3 infrastructure provider Particle Network, fees generated by decentralized finance (DeFi) projects will continue to grow in the next six to 12 months as a result of “chain abstraction,” in which end users conducting onchain transactions are not going to know which chains they are using.

Web3 基礎設施供應商 Particle Network 協議關係主管 Ethan Francis 表示，由於“鏈抽象”，去中心化金融 (DeFi) 項目產生的費用將在未來 6 到 12 個月內繼續增長，其中最終用戶進行鏈上交易不會知道他們正在使用哪些鏈。

“We’re moving into this future quite quickly, especially on the user experience level where eventually users are going to be able to access different protocols and applications in general from any chain,” Francis told Unchained in a conversation.

弗朗西斯在一次對話中告訴 Unchained：“我們正在很快進入這個未來，特別是在用戶體驗層面，最終用戶將能夠從任何鏈訪問不同的協定和應用程式。”

As a result, “over the next six [or] 12 months, these applications are going to have users from the entire ecosystem… My expectation is that with this movement and UX, fees will be significantly higher.”

因此，“在接下來的 6 個月或 12 個月內，這些應用程式將擁有來自整個生態系統的用戶……我的預期是，透過這一舉措和用戶體驗，費用將顯著提高。”

“Fee-based models are proving to be the champion of revenue models of crypto,” said Francis, pointing to how DeFi protocols are generating millions of dollars in fees on a weekly basis, sometimes more than the base layer blockchains.

Francis 表示：「事實證明，收費模式是加密貨幣收入模式的冠軍。」他指出 DeFi 協議每週產生數百萬美元的費用，有時甚至比基礎層區塊鏈還要多。

Here are the top five protocols by fees generated in the past week, outside of layer 1 blockchain networks:

以下是過去一周在第 1 層區塊鏈網路之外產生的費用排名前五名的協議：

1. Lido – $19.1 Million

1.麗都－1910萬美元

Lido, the leading liquid staking provider, is at the forefront of fee generation among crypto projects, surpassing even major layer 1 blockchain networks such as Bitcoin ($5.9 million), Ethereum ($16.2 million), Solana ($9.3 million), and Tron ($9.6 million), data from DefiLlama shows.

Lido 是領先的流動質押提供商，在加密貨幣項目中處於費用生成的最前沿，甚至超過了主要的第1 層區塊鏈網絡，例如比特幣（590 萬美元）、以太坊（1620 萬美元）、Solana（930 萬美元）和Tron（9.6 美元）百萬），DefiLlama 的數據顯示。

Lido is widely known for its flagship cryptocurrency, stETH, which enables holders to earn rewards by helping secure Ethereum while maintaining liquidity from their illiquid ETH. When someone decides to stake and contribute to Ethereum’s security, their ETH gets locked in a smart contract and can’t be used elsewhere. However, Lido users can use their stETH for a variety of different financial actions, such as supplying to liquidity pools or providing collateral on lending platforms.

Lido 以其旗艦加密貨幣 stETH 而聞名，該加密貨幣持有者可以透過幫助保護以太坊的安全，同時保持非流動性 ETH 的流動性來獲得獎勵。當有人決定抵押並為以太坊的安全做出貢獻時，他們的 ETH 就會被鎖定在智能合約中，並且不能在其他地方使用。然而，Lido 用戶可以使用他們的 stETH 進行各種不同的金融行為，例如向流動性池提供資金或在藉貸平台上提供抵押品。

According to Lido’s documents, the protocol generates fees by charging 10% on staking rewards, with the money being split between node operators and the DAO treasury. The treasury has an onchain portfolio of $328 million per Etherscan.

根據 Lido 的文件，該協議透過收取 10% 的質押獎勵來產生費用，這筆錢由節點運營商和 DAO 金庫分配。每個 Etherscan 的財政部擁有 3.28 億美元的鏈上投資組合。

2. Raydium – $18.0 Million

2. Raydium——1800萬美元

Raydium, an automated market maker (AMM) native to Solana, charges a small trading fee ranging from 0.01% to 1% each time a DeFi user swaps cryptocurrencies in a Raydium pool. This fee is divided up and then allocated to incentivize liquidity providers, fund RAY buybacks, and grow the protocol’s treasury, according to Raydium’s documents.

Raydium 是 Solana 原生的自動做市商 (AMM)，每當 DeFi 用戶在 Raydium 池中交換加密貨幣時，都會收取 0.01% 到 1% 不等的小額交易費用。根據 Raydium 的文件，這筆費用被分配，然後分配用於激勵流動性提供者、為 RAY 回購提供資金並增加協議的資金。

With a 24-hour trading volume of over $29.5 million, Raydium is one of the most popular venues on Solana on which to swap cryptocurrencies, especially memecoins. For example, memecoins inspired by Republican presidential candidate Donald Trump surviving an assassination attempt on Saturday dominate the top 10 liquidity pools by fees collected in past 24 hours. These liquidity pools include SOL-FIGHT, SOL-EAR, and SOL-DJT.

Raydium 的 24 小時交易量超過 2,950 萬美元，是 Solana 上最受歡迎的加密貨幣（尤其是 memecoin）交易場所之一。例如，受共和黨總統候選人唐納德·川普週六在一次暗殺企圖中倖存的啟發而產生的模因幣在過去 24 小時內收取的費用方面佔據了前 10 個流動性池的主導地位。這些流動性池包括 SOL-FIGHT、SOL-EAR 和 SOL-DJT。

3. Uniswap – $9.0 Million

3.Uniswap——900萬美元

Uniswap, the popular AMM on Ethereum, has since expanded to other networks such as Base, Arbitrum, and ZKsync. Fees paid by users are earmarked for liquidity providers, who are individuals or entities that deposit their crypto assets into Uniswap’s liquidity pools allowing users to trade without relying on a traditional middleman.

Uniswap 是以太坊上流行的 AMM，此後已擴展到 Base、Arbitrum 和 ZKsync 等其他網路。用戶支付的費用專門提供給流動性提供者，流動性提供者是將其加密資產存入 Uniswap 流動性池的個人或實體，允許用戶在不依賴傳統中間人的情況下進行交易。

Uniswap’s documents indicate that all token swaps have a 0.3% fee that goes toward liquidity providers. “Swapping fees are immediately deposited into liquidity reserves. This increases the value of liquidity tokens, functioning as a payout to all liquidity providers proportional to their share of the pool,” the exchange’s documents state.

Uniswap 的文件顯示，所有代幣互換均需向流動性提供者收取 0.3% 的費用。 「交換費立即存入流動性儲備。這增加了流動性代幣的價值，按照其在資金池中的份額按比例向所有流動性提供者支付費用，」該交易所的文件稱。

Uniswap has taken governance steps to implement protocol fees aimed at rewarding UNI token holders that have staked and delegated their tokens, but as of press time, fees go toward liquidity providers.

Uniswap 已採取治理措施來實施協議費用，旨在獎勵質押和委託代幣的 UNI 代幣持有者，但截至發稿時，費用將流向流動性提供者。

4. AAVE – $6.3 Million

4.AAVE——630萬美元

AAVE, the leading lending platform with almost $21 billion in locked liquidity across eight networks, according to its homepage, is also a top protocol by fees earned.

AAVE 是領先的借貸平台，根據其主頁顯示，在 8 個網路中擁有近 210 億美元的鎖定流動性，按所賺取的費用計算，AAVE 也是頂級協議。

“Users pay fees whenever they borrow, deposit, liquidate, or use flash loans. The Aave protocol splits fees between the Aave DAO and those who backstop the protocol’s risk in the Safety Module through staking the native token, AAVE,” wrote a Delphi Digital analyst in a 2023 research report.

「用戶在藉貸、存款、清算或使用閃電貸時都需要支付費用。 Aave 協議在 Aave DAO 和透過質押原生代幣 AAVE 來支持安全模組中協議風險的人之間分攤費用，」Delphi Digital 分析師在 2023 年的一份研究報告中寫道。

5. PancakeSwap – $5.7 Million

5. PancakeSwap——570萬美元

PancakeSwap, a protocol on BNB Chain similar to Raydium and Uniswap in that it is another venue on which to swap cryptocurrencies, is also among the top fee-generating platforms.

PancakeSwap 是 BNB 鏈上的協議，類似於 Raydium 和 Uniswap，因為它是交換加密貨幣的另一個場所，也是頂級費用產生平台之一。

According to CoinGecko, PancakeSwap’s V3 is the sixth-

據 CoinGecko 稱，PancakeSwap 的 V3 是第六個 -