逃離賭場：代幣化資產將如何拯救 DeFi 自身

Vitalik Buterin 是對的：今天的 DeFi 是一個循環投機經濟。 Chainlink 社群聯絡員 Zach Rynes（又稱 ChainLinkGod）表示，更大的機會在於將傳統資本市場引入鏈上，使加密貨幣成為主流。

Ethereum Co-Founder Vitalik Buterin’s recent observation that DeFi “feels like an ouroboros [a snake eating its own tail]” has sparked a lively discussion about the future of decentralized finance (DeFi).

以太坊聯合創始人 Vitalik Buterin 最近觀察到 DeFi“感覺就像一條銜尾蛇 [一條正在吃自己尾巴的蛇]”，引發了關於去中心化金融 (DeFi) 未來的熱烈討論。

In a CoinDesk column, Zach Rynes (aka ChainLinkGod) argues that DeFi’s current incarnation as a “circular casino” is unsustainable and will ultimately hit a wall. However, he believes that DeFi can still play a crucial role in scaling crypto adoption by focusing on tokenizing traditional capital markets.

在 CoinDesk 專欄中，Zach Rynes（又名 ChainLinkGod）認為 DeFi 目前作為「循環賭場」的化身是不可持續的，最終會碰壁。然而，他認為 DeFi 透過專注於傳統資本市場的代幣化，仍然可以在擴大加密貨幣採用方面發揮至關重要的作用。

According to Rynes, DeFi’s strength lies in its ability to create an on-chain financial system that provides the core primitives for an open, globally accessible and robust financial system, including payments, swaps, lending, derivatives, insurance and more.

Rynes 表示，DeFi 的優勢在於其能夠創建鏈上金融系統，為開放、全球可訪問且穩健的金融系統提供核心原語，包括支付、互換、借貸、衍生品、保險等。

Despite the initial product-market fit being largely limited to token gambling, the infrastructure and protocols that underpin DeFi are capable of handling a much wider range of assets.

儘管最初的產品市場契合度主要限於代幣賭博，但支撐 DeFi 的基礎設施和協議能夠處理更廣泛的資產。

To move beyond the casino stage, DeFi needs access to more assets that can be represented as tokens. While cryptocurrencies have brought DeFi this far, evolving past the casino stage requires seeking out where most of the capital in the world resides. And the answer is obvious.

為了超越賭場階段，DeFi 需要獲得更多可以以代幣形式表示的資產。雖然加密貨幣已經讓 DeFi 發展到了這一步，但要超越賭場階段，就需要尋找世界上大部分資本的所在地。答案是顯而易見的。

Tokenizing all the assets within the traditional financial system — bank deposits, commercial paper, treasuries, mutual funds, money market funds, stocks, futures, options, swaps, etcetera — would bring hundreds of trillions of dollars worth of capital on-chain.

將傳統金融體系中的所有資產（銀行存款、商業票據、國債、共同基金、貨幣市場基金、股票、期貨、選擇權、互換等）進行代幣化，將帶來價值數百萬億美元的鏈上資本。

One single firm, BlackRock, manages nearly five times more assets ($10.5 trillion) than the market capitalization of the entire crypto market ($2.2 trillion).

貝萊德（BlackRock）一家公司管理的資產（10.5 兆美元）幾乎是整個加密貨幣市場市值（2.2 兆美元）的五倍。

This capital could then be seamlessly integrated with existing on-chain finance protocols, effectively replacing token gambling with real-world financing.

然後，這些資本可以與現有的鏈上金融協議無縫集成，從而有效地用現實世界的融資取代代幣賭博。

Far from being a distant dream, many of the world’s largest financial institutions are actively preparing for a future where tokenization is the norm.

世界上許多最大的金融機構遠非一個遙遠的夢想，它們正在積極為代幣化成為常態的未來做準備。

In less than half a year, BlackRock’s tokenized fund on Ethereum, BUIDL, has surpassed $500 million in AUM, bringing the total value of tokenized government securities on public blockchains to over $1.5 billion.

在不到半年的時間裡，貝萊德在以太坊上的代幣化基金 BUIDL 的資產管理規模已超過 5 億美元，使公共區塊鏈上代幣化政府證券的總價值超過 15 億美元。

While this amount is still a small fraction of the value locked in the traditional system, the active participation of the world’s largest asset manager in a public blockchain ecosystem is highly significant.

雖然這筆金額仍然只是傳統系統中鎖定價值的一小部分，但全球最大的資產管理公司積極參與公共區塊鏈生態系統的意義非常重大。

Furthermore, stablecoins have demonstrated the genuine demand for tokenized assets. With over $150 billion of U.S. dollars tokenized on-chain and a monthly transfer volume of $1.4 trillion, stablecoin usage now rivals that of established payments networks like Visa.

此外，穩定幣已經證明了對代幣化資產的真正需求。憑藉超過 1500 億美元的鏈上代幣化和每月 1.4 兆美元的轉帳量，穩定幣的使用現在可以與 Visa 等成熟的支付網路相媲美。

While not often considered a tokenized asset, the only distinction between Circle’s USDC and BlackRock’s BUIDL is who collects the yield.

雖然通常不被視為代幣化資產，但 Circle 的 USDC 和 BlackRock 的 BUIDL 之間的唯一區別在於誰收取收益。

Stablecoins highlight the fundamental value of tokenization as they enable anyone to transfer dollars to anyone else in the world with just an internet connection. Transactions are settled in under a second and for less than a penny in fees.

穩定幣凸顯了代幣化的基本價值，因為它們使任何人都可以透過網路連線將美元轉移給世界上的任何其他人。交易在一秒鐘內完成，費用不到一分錢。

Anyone in a country with a hyper-inflating currency who has attempted to make a cross-border remittance payment or simply wants to conduct a financial transaction on a weekend or holiday will immediately recognize the advantages of stablecoins.

在貨幣極度膨脹的國家，任何試圖進行跨境匯款或只是想在週末或假期進行金融交易的人都會立即認識到穩定幣的優勢。

Although DeFi’s token gambling will never fully vanish, it is evident that the underlying infrastructure that presently enables DeFi will come to define the functioning of the world economy.

儘管 DeFi 的代幣賭博永遠不會完全消失，但很明顯，目前支援 DeFi 的底層基礎設施將決定世界經濟的運作。

The path forward is paved by embracing a simple truth: tokenized assets are a superior method of representing financial assets.

前進的道路是透過接受一個簡單的事實來鋪平的：代幣化資產是表示金融資產的優越方法。