金融科技、交易所推動去中心化金融的大規模採用

Morpho Labs 執行長 Paul Frambot 認為 DeFi 的大規模採用將透過金融科技公司和中心化交易所實現。與傳統金融機構相比，這些實體有更大的動力轉向 DeFi 的基礎設施。他們擁有分銷管道和採用率，而 DeFi 為他們提供了擁有自己的金融基礎設施、增加利潤和降低營運成本的機會。透過與 Layer-2 解決方案合作，金融科技公司可以與 Web3 無縫連接，並為其用戶提供 DeFi 服務。

Decentralized Finance: Fintech and Exchanges as Catalysts for Mass Adoption

去中心化金融：金融科技和交易所作為大規模採用的催化劑

The path towards widespread adoption of decentralized finance (DeFi) intersects with fintech firms and centralized exchanges. These entities possess a unique blend of incentives and capabilities that position them as a formidable force in the transition to the new financial infrastructure. Paul Frambot, CEO of DeFi lending firm Morpho Labs, presents a compelling case for this disruptive alliance, arguing that it holds more potential for DeFi's growth than traditional finance (TradFi) incumbents.

廣泛採用去中心化金融（DeFi）的道路與金融科技公司和中心化交易所交叉。這些實體擁有獨特的激勵措施和能力，使它們成為向新金融基礎設施過渡的強大力量。 DeFi 借貸公司 Morpho Labs 的執行長 Paul Frambot 為這項顛覆性聯盟提供了令人信服的案例，認為與傳統金融 (TradFi) 現有企業相比，它對 DeFi 的成長具有更大的潛力。

Just as the automotive industry encompasses distribution and manufacturing sectors, so too does finance. Fintech companies, such as Revolut and Robinhood, serve as the distribution channels for digital financial services. However, they remain reliant on TradFi as the underlying infrastructure, a dependence that is destined to shift, according to Frambot.

正如汽車業涵蓋分銷和製造業一樣，金融業也是如此。 Revolut 和 Robinhood 等金融科技公司充當數位金融服務的分銷管道。然而，Frambot 表示，他們仍然依賴 TradFi 作為底層基礎設施，這種依賴注定會改變。

Several key indicators support the thesis that DeFi will scale through a symbiotic relationship between centralized crypto exchanges and fintech firms. Notably, many fintechs and exchanges have taken inspiration from the success of Coinbase's layer-2 blockchain, Base, and are actively pursuing collaborations or building their own layer-2 solutions. Robinhood's partnership with layer-2 blockchain Arbitrum, along with the growing adoption of wallet infrastructure by fintech firms, underscores the industry's readiness to embrace Web3.

幾個關鍵指標支持這樣的論點：DeFi 將透過中心化加密貨幣交易所和金融科技公司之間的共生關係來擴展。值得注意的是，許多金融科技公司和交易所從 Coinbase 的第 2 層區塊鏈 Base 的成功中獲得了靈感，並正在積極尋求合作或建立自己的第 2 層解決方案。 Robinhood 與第 2 層區塊鏈 Arbitrum 的合作，以及金融科技公司越來越多地採用錢包基礎設施，凸顯了該行業已做好擁抱 Web3 的準備。

"TradFi has very little appetite for migrating to DeFi," Frambot asserts, "primarily because they enjoy an unfair advantage within their existing infrastructure." Nonetheless, fintechs lack their own financial infrastructure, incurring significant fees to TradFi entities. By leveraging layer-2s andimmutable DeFi protocols, fintechs can establish ownership of their infrastructure, boosting profitability, efficiency, and cost optimization.

Frambot 斷言：“TradFi 對遷移到 DeFi 的興趣很小，主要是因為他們在現有基礎設施中享有不公平的優勢。”儘管如此，金融科技公司缺乏自己的金融基礎設施，導致 TradFi 實體產生大量費用。透過利用第 2 層和不可變的 DeFi 協議，金融科技公司可以建立其基礎設施的所有權，從而提高獲利能力、效率和成本優化。

Despite the potential for DeFi to revolutionize finance, Frambot expresses frustration with the sector's current focus on crypto-centric applications. "We're merely playing for crypto users who already possess crypto," he says. "The promise of an open financial infrastructure powering all financial services remains distant, and the financial incentives within the crypto realm disincentivize founders from expanding their horizons beyond this niche."

儘管 DeFi 有可能徹底改變金融業，但 Frambot 對該行業目前關注以加密貨幣為中心的應用程式表示失望。 「我們只是為已經擁有加密貨幣的加密貨幣用戶玩遊戲，」他說。 “為所有金融服務提供支持的開放式金融基礎設施的承諾仍然遙遠，加密領域內的財務激勵措施阻礙了創始人將視野擴展到這個利基市場之外。”

Frambot emphasizes the importance of neutral protocols as a key to DeFi's scalability, akin to the internet's global rails upon which various applications can seamlessly operate. Morpho Labs' own journey, from a successful optimization service leveraging DeFi giants like Aave to a base-level protocol akin to Uniswap, underscores this concept.

Frambot 強調中立協議作為 DeFi 可擴展性的關鍵的重要性，類似於互聯網的全球軌道，各種應用程式可以在其上無縫運行。 Morpho Labs 自己的旅程，從利用 Aave 等 DeFi 巨頭的成功優化服務，到類似於 Uniswap 的基礎級協議，都強調了這個概念。

According to Frambot, the traditional model of on-chain brokers or funds, such as Aave or Compound, faces inherent scalability limitations due to their mutable nature and reliance on complex risk management decisions. "A one-size-fits-all approach cannot accommodate the diverse compliance requirements globally," he says. "We need un-opinionated core protocols that allow for the creation of tailored financial products that cater to specific use cases."

Frambot 表示，傳統的鏈上經紀商或基金模式（例如 Aave 或 Compound）由於其可變性和對複雜風險管理決策的依賴，面臨著固有的可擴展性限制。 「一刀切的方法無法滿足全球多樣化的合規要求，」他說。 “我們需要不拘一格的核心協議，以便創建適合特定用例的客製化金融產品。”

In conclusion, the mass adoption of DeFi is poised to surge through a formidable alliance between fintech firms and centralized exchanges. These entities possess the distribution channels, adoption, and incentives to drive the shift towards decentralized financial infrastructure. Neutral protocols, devoid of opinions or biases, will serve as the foundation upon which a multitude of financial products and applications can flourish. With the realization of this vision, DeFi has the potential to revolutionize finance, making open and accessible financial services a reality for all.

總而言之，透過金融科技公司和中心化交易所之間的強大聯盟，DeFi 的大規模採用有望激增。這些實體擁有推動去中心化金融基礎設施轉變的分銷管道、採用和激勵措施。沒有意見或偏見的中立協議將成為眾多金融產品和應用程式蓬勃發展的基礎。隨著這個願景的實現，DeFi 有可能徹底改變金融業，讓開放且可訪問的金融服務成為所有人的現實。