DeFi 金庫即將迎來 2026 年繁榮：基礎設施成熟、收益率優化和流動性偏好塑造未來

隨著 2026 年的臨近，深入探討 DeFi 金庫、基礎設施和收益策略的未來，重點關注關鍵趨勢和機構採用。

DeFi Vaults Set for Explosive Growth by 2026, Signaling Maturing Infrastructure

到 2026 年，DeFi 金庫將出現爆炸式增長，標誌著基礎設施日趨成熟

The decentralized finance (DeFi) landscape is on the cusp of a significant transformation, with DeFi vaults projected to experience explosive growth by 2026. This surge is underpinned by a maturing DeFi infrastructure, increasing institutional interest, and a refined focus on yield optimization driven by evolving liquidity preferences. As we look towards 2026, the narrative around DeFi vaults is shifting from a niche experiment to a core component of digital asset management.

去中心化金融 (DeFi) 格局正處於重大轉型的風口浪尖，預計到 2026 年 DeFi 金庫將出現爆炸式增長。這種激增的基礎是 DeFi 基礎設施的成熟、機構興趣的增加以及不斷變化的流動性偏好驅動的對收益率優化的精細關注。展望 2026 年，圍繞 DeFi 金庫的敘述正在從利基實驗轉變為數字資產管理的核心組成部分。

The Resurgence of DeFi Vaults

DeFi 金庫的複興

Recent data indicates a strong comeback for DeFi vaults, with weekly deposits steadily climbing. Protocols like Morpho and Spark have seen vault deposits cross significant milestones, reaching levels not seen since their previous all-time highs. This resurgence is not merely a return to form but a sign of evolving market dynamics and user behavior, particularly as traditional asset managers increasingly engage with on-chain strategies.

最近的數據表明 DeFi 金庫強勁復甦，每周存款穩步攀升。 Morpho 和 Spark 等協議的金庫存款跨越了重要的里程碑，達到了自之前的歷史最高點以來的最高水平。這種複蘇不僅僅是形式的回歸，而且是市場動態和用戶行為不斷變化的標誌，特別是在傳統資產管理公司越來越多地採用鏈上策略的情況下。

Institutional Embrace and Evolving Infrastructure

制度擁抱和不斷發展的基礎設施

The engagement of established players like Bitwise, which is now curating non-custodial vaults on platforms like Morpho, signifies a pivotal moment. This move away from simply launching new funds or ETFs towards curating on-chain vaults reflects a deeper understanding and trust in DeFi’s underlying infrastructure. These vaults offer a compelling alternative to traditional financial products, providing self-custody, full transparency, and auditable on-chain activity. Similarly, Kraken’s launch of DeFi Earn, embedding vault-like strategies within its centralized exchange, democratizes access to sophisticated yield optimization strategies for a broader audience.

Bitwise 等老牌企業的參與標誌著一個關鍵時刻的到來，Bitwise 目前正在 Morpho 等平台上策劃非託管金庫。這種從簡單地推出新基金或 ETF 轉向管理鏈上金庫的轉變反映了人們對 DeFi 底層基礎設施的更深入的理解和信任。這些金庫提供了傳統金融產品的引人注目的替代方案，提供自我託管、完全透明和可審計的鏈上活動。同樣，Kraken 推出了 DeFi Earn，將類似金庫的策略嵌入其中心化交易所中，使更廣泛的受眾能夠民主地獲得複雜的收益優化策略。

Risk Curation and Transparency

風險管理和透明度

A key innovation driving the current wave of vault adoption is 'risk curation.' Unlike earlier iterations, modern vaults are increasingly managed by professional curators who define strategies and establish robust risk parameters. This includes setting exposure limits, asset whitelists, leverage caps, and specific unwind conditions. This professional oversight, akin to traditional asset management roles, brings a much-needed layer of sophistication and risk management to DeFi. The transparency inherent in blockchain technology, where positions are theoretically visible block by block, enhances this curated approach, offering users a clear understanding of how their capital is deployed and the associated trade-offs. The cautionary tales of past exploits, such as the Stream failure due to undisclosed opaque investments, underscore the importance of explicit disclosures and curated strategies.

推動當前金庫採用浪潮的一項關鍵創新是“風險管理”。與早期的迭代不同，現代金庫越來越多地由專業管理者管理，他們定義策略並建立強大的風險參數。這包括設置風險敞口限制、資產白名單、槓桿上限和特定解除條件。這種專業監督類似於傳統的資產管理角色，為 DeFi 帶來了急需的複雜性和風險管理層。區塊鏈技術固有的透明度，理論上每個區塊的頭寸都是可見的，增強了這種策劃方法，讓用戶清楚地了解他們的資本如何部署以及相關的權衡。過去的警示故事，例如由於未披露的不透明投資而導致的 Stream 失敗，強調了明確披露和策劃策略的重要性。

Yield Optimization and Liquidity Preferences

收益率優化和流動性偏好

As the DeFi ecosystem matures, the focus on yield optimization intensifies. Vaults are becoming central to this effort, pooling capital and deploying it across various strategies, primarily lending and liquidity provision. The effectiveness of these vaults is increasingly tied to understanding and catering to diverse liquidity preferences. Protocols that can offer flexible liquidity options while maximizing yield are poised to capture significant market share. The upcoming years, particularly leading up to 2026, will likely see further innovation in how vaults balance risk, yield, and liquidity provision to meet the demands of both institutional and retail investors.

隨著 DeFi 生態系統的成熟，對收益率優化的關注日益加強。金庫正在成為這一努力的核心，它匯集資金並將其部署到各種策略中，主要是貸款和流動性提供。這些金庫的有效性越來越依賴於理解和迎合不同的流動性偏好。能夠提供靈活的流動性選擇同時最大化收益率的協議有望佔據重要的市場份額。未來幾年，特別是到 2026 年，金庫可能會在平衡風險、收益率和流動性供應方面出現進一步創新，以滿足機構和散戶投資者的需求。

Regulation as a Catalyst?

監管作為催化劑？

Ironically, regulatory developments, such as restrictions on stablecoin issuers paying yield directly, could inadvertently accelerate vault adoption. If yield generation mechanisms are pushed outside of the stablecoin itself, vaults with their explicit risk disclosures and curated strategies become a natural and compliant outlet. However, the industry still faces challenges in standardization, including independent risk ratings and comparable disclosures, to prevent a race to the bottom in terms of risk-taking.

具有諷刺意味的是，監管的發展，例如對穩定幣發行人直接支付收益的限制，可能會無意中加速金庫的採用。如果收益生成機制被推到穩定幣本身之外，那麼具有明確風險披露和策劃策略的金庫就會成為一個自然且合規的出口。然而，該行業仍然面臨標準化方面的挑戰，包括獨立的風險評級和可比披露，以防止冒險方面的競底競爭。

The Road Ahead: Integration and Inclusion

未來之路：融合與包容

Beyond traditional DeFi, innovative applications are emerging, such as the partnership between Spacecoin and World Liberty Financial to build a satellite-powered DeFi ecosystem. This initiative aims to integrate stablecoin payments into satellite internet services, thereby improving financial access and connectivity in underserved regions. This represents a broader trend of blockchain technology intersecting with physical infrastructure, highlighting its potential for real-world utility and global financial inclusion.

除了傳統的 DeFi 之外，創新應用不斷湧現，例如 Spacecoin 與 World Liberty Financial 合作構建衛星驅動的 DeFi 生態系統。該舉措旨在將穩定幣支付整合到衛星互聯網服務中，從而改善服務欠缺地區的金融准入和連通性。這代表了區塊鏈技術與物理基礎設施交叉的更廣泛趨勢，凸顯了其在現實世界公用事業和全球金融包容性方面的潛力。

Looking ahead to 2026 and beyond, the trajectory of DeFi vaults, alongside the growth of robust DeFi infrastructure, promises a more integrated, optimized, and accessible financial future. It's an exciting time to watch these developments unfold!

展望 2026 年及以後，DeFi 金庫的發展軌跡以及強大的 DeFi 基礎設施的增長，有望帶來更加集成、優化和可訪問的金融未來。現在是觀看這些進展的激動人心的時刻！