以太坊，產量和未來：導航OnChain景觀

探索以太坊不斷發展的產量景觀，從飼養獎勵到屈服穩定劑，以及對Defi的未來意味著什麼。

Ethereum, Yield, and the Future: Navigating the Onchain Landscape

以太坊，產量和未來：導航OnChain景觀

Ethereum's staking yield is under pressure, but don't count it out! Alternative yield sources built on Ethereum are strengthening the network's long-term value. Let's dive in.

以太坊的積分產量承受著壓力，但不要算出來！基於以太坊建立的替代產量來源正在增強網絡的長期價值。讓我們潛水。

The Shifting Sands of Ethereum Yield

以太坊產量的轉移沙子

Fixed income has found a new home on the blockchain, and Ethereum is at the heart of it. Users stake their ETH to secure the network and earn a yield. But with Ethereum staking yields dropping below 3%, questions arise about its competitive edge.

固定收入在區塊鏈​​上找到了新家，以太坊是它的核心。用戶將其ETH存放以確保網絡並賺取收益。但是，隨著以太坊的積分產量下降到3％以下，有關其競爭優勢的問題出現了。

Ethereum Staking Yield: A Closer Look

以太坊的堆放產量：近距離看

Ethereum's staking yield, derived from consensus and execution-layer rewards, has been declining since the Merge in September 2022. The rise in total ETH staked (over 35 million!) has contributed to this decrease. Solo validators, who run their own nodes, earn the full yield, but most users opt for liquid staking protocols like Lido or custodial services, which charge fees that further reduce the yield.

自2022年9月合併以來，以太坊的積累收益率源自共識和執行層獎勵。運行自己的節點的獨奏驗證者可獲得全部收益率，但是大多數用戶選擇了液體飼養協議，例如Lido或Cansodial Services，收取費用以進一步降低收益率。

While Ethereum's yield may be lower than before, it still compares favorably to Solana. Plus, Ethereum's lower inflation rate means stakers face less dilution over time. However, the real challenge comes from alternative yield-bearing protocols.

儘管以太坊的產量可能低於以前，但它仍然與Solana相提並論。另外，以太坊的通貨膨脹率較低意味著Stakers隨著時間的流逝而面臨的稀釋率較小。但是，真正的挑戰來自替代屈服方案。

Yield-Bearing Stablecoins: A Rising Force

承重穩定的穩定力：一種上升的力量

Yield-bearing stablecoins are gaining popularity, offering dollar-pegged assets with passive income derived from US Treasury bills or synthetic strategies. sUSDe, sUSDS, SyrupUSDC, USDY, and OUSG dominate this market, each with different methods of generating yield.

承擔屈服的穩定劑正在越來越受歡迎，提供了以美國國庫賬單或合成策略衍生的被動收入的美元預資產。 Susde，Susds，Syrupusdc，Usdy和OUSG統治了這個市場，每個市場都採用不同的產生方法。

• sUSDe (Ethena): Uses a synthetic delta-neutral strategy, offering high yields but with elevated risk.
• sUSDS (Reflexer/Sky): Backed by sDAI and RWAs, focusing on decentralization and risk mitigation with a more conservative yield.
• SyrupUSDC (Maple Finance): Routes yield through tokenized Treasurys and MEV strategies, providing returns higher than most centralized alternatives.
• USDY & OUSG (Ondo Finance): Tokenize short-term Treasurys, targeting institutions with regulated, low-risk profiles.

These stablecoins combine the stability of the dollar with yield opportunities, experiencing significant growth and showing no signs of slowing down. The sector has grown by 235% over the past year!

這些穩定的人將美元的穩定性與產量機會相結合，經歷了顯著的增長，沒有放慢腳步的跡象。在過去的一年中，該行業增長了235％！

DeFi Lending: Still an Ethereum Stronghold

Defi貸款：仍然是以太雄性的據點

Decentralized lending platforms like Aave, Compound, and Morpho allow users to earn yield by supplying crypto assets to lending pools. Rates are algorithmically determined based on supply and demand, creating dynamic yields. Many of these platforms are built on Ethereum, further solidifying its position in the DeFi space.

分散的貸款平台（例如AAVE，化合物和Morpho）允許用戶通過向貸款池提供加密資產來賺取收益。費率是根據供求來確定算法的，創造了動態收益率。這些平台中的許多是建立在以太坊上的，進一步鞏固了其在Defi空間中的位置。

The Future is Bright (and Yieldy)

未來是光明的（和產量）

Ethereum remains the most trusted blockchain among traditional and crypto-native finance players. As DeFi and RWAs gain adoption, they drive up network usage and transaction fees, indirectly reinforcing ETH's long-term value. Ethereum may not be losing the yield battle—it may simply be winning it differently. As evidenced by the 35 million ETH staked in its Proof-of-Stake (PoS) system, which represents 28.3% of the total circulating supply, signaling growing investor confidence and a shift toward long-term holding strategies.

以太坊仍然是傳統和加密本地財務參與者中最受信任的區塊鏈。隨著Defi和RWA的採用，它們可以提高網絡使用和交易費用，這間接增強了ETH的長期價值。以太坊可能不會失去收益鬥爭，這可能只是在以不同的方式贏得勝利。這是3500萬ETH所證明的，其驗證證明（POS）系統佔循環供應總額的28.3％，信號增長了投資者的信心以及向長期持有策略的轉變。

BlackRock recently shifted its portfolio, purchasing over $100 million worth of ETH while reducing its Bitcoin holdings. This move underscores Ethereum’s growing appeal as a yield-generating asset. It's a bullish sign, for sure.

貝萊德（Blackrock）最近改變了其投資組合，購買了價值超過1億美元的ETH，同時減少了比特幣持有量。這一舉動強調了以太坊作為產生產生資產的日益吸引力。當然，這是看漲的標誌。

Final Thoughts: Keep Calm and Stake On

最終想法：保持冷靜和賭注

So, is Ethereum losing the yield battle? Nah, fam. It's evolving. With innovative yield-bearing stablecoins and DeFi lending protocols built on its infrastructure, Ethereum is positioning itself for long-term success. Keep an eye on those yields, and remember, this ain't financial advice. Just a friendly chat about the future of Ethereum. Keep stackin'!

那麼，以太坊會失去產量戰嗎？不，家族。它正在發展。通過創新的承重穩定的穩定性和基礎設施基礎的Defi貸款方案，以太坊正在為長期成功而定位。請密切關注這些收益率，並記住這不是財務建議。只是關於以太坊的未來的友好聊天。保持stackin'！