基本原理 Szn？

雖然敘事和情緒確實在代幣的短期價格走勢中發揮巨大作用，但本週期的趨勢似乎正在回歸基本面。

Short-term price movements for tokens are undoubtedly influenced by narrative and sentiment. However, this cycle’s tides seem to be shifting back to fundamentals.

代幣的短期價格走勢無疑受到敘事和情緒的影響。然而，本週期的趨勢似乎正在回歸基本面。

There’s a consensus forming around the fact that the upside for many of the most hyped token drops was already captured long ago when VCs signed their token warrant deals. This building disillusionment, with multiple tokens launching with fully-diluted values (FDVs) above $10B, has been a driving force in the rise of memecoins this cycle. While memecoins may only have value as long as they capture attention, at least they don’t have swaths of tokens squirreled away to be dumped on the market at later dates.

人們已經達成共識，當創投公司簽署代幣認股權證交易時，許多最受炒作的代幣下跌的上行空間早已被捕捉到。隨著多種代幣的完全稀釋價值（FDV）超過 $10B，這種幻滅感不斷增強，一直是本週期 memecoin 崛起的驅動力。雖然迷因幣可能只有在引起關注時才有價值，但至少它們不會儲存大量代幣以便日後傾銷到市場上。

In the past month, older, revenue-generating protocols with most of their tokens already in circulation have also caught a bid. While this may be partially due to the inflow of institutional interest this cycle, there’s value in keeping a close eye on tokens with solid fundamentals, whether they be revenue-generating, have most of their tokens unlocked, or, ideally, have both of those properties.

在過去的一個月裡，大部分代幣已經流通的較舊的創收協議也受到了競購。雖然這可能部分是由於本週期機構興趣的流入，但密切關注具有堅實基本面的代幣是有價值的，無論它們是創收的，還是大部分代幣都已解鎖，或者理想情況下，兩者兼而有之特性。

This article will do just that, mapping out protocols and their tokens in all three categories to identify which may attract fundamental-focused investors. This list of 23 tokens is far from exhaustive, but we think there’s still plenty of value below. ?

本文將做到這一點，在所有三個類別中列出協議及其代幣，以確定哪些可能吸引關注基本面的投資者。這個包含 23 個代幣的清單遠非詳盡無遺，但我們認為下面仍然有很多價值。 ?

? Revenue-Generating & Mostly Unlocked

? 創造收入且大部分已解鎖

▪️ Lido: The largest liquid staking provider, with 29% of the total market share, Lido Finance has remained a key player in the Ethereum staking ecosystem. Over the past year, it generated $91M in revenue, with 100% of its tokens unlocked, 89% of which are in circulation.

▪️ Lido：最大的流動性質押提供商，佔據總市場份額的 29％，Lido Finance 仍然是以太坊質押生態系統的關鍵參與者。去年，它創造了 9,100 萬美元的收入，其代幣 100% 已解鎖，其中 89% 已流通。

While its market share had declined since 2023, when it staked one of every three ETH, its recent launch of the Lido Alliance, an initiative focused on making stETH a cornerstone of restaking, returned it to center stage. Symbiotic, a multi-asset restaking protocol backed by Lido’s founders and part of the Lido Alliance, and Mellow Finance, a stETH-centric restaking service also part of the Lido Alliance, have restored momentum to Lido staking, returning deposits to an uptrend after its peak and subsequent decline from February through May — in turn boosting the protocol’s revenue. Lido earns its keep by charging a 10% fee on staking rewards, which it keeps half. Lido is up 21% over the past week.

儘管自2023 年以來其市場份額有所下降，當時它質押了三分之一的ETH，但其最近推出的Lido Alliance（一項旨在使stETH 成為重新質押基石的舉措）使其重新回到了中心舞台。 Symbiotic 是由Lido 創始人和Lido 聯盟成員支持的多資產再質押協議，而Mellow Finance 是一家以stETH 為中心的再質押服務，也是Lido 聯盟的一部分，它們已經恢復了Lido 質押的勢頭，使存款恢復到上升趨勢。 Lido 透過收取 10% 的質押獎勵費用來賺取收入，其中一半。 Lido 過去一周上漲了 21%。

▪️ MakerDAO: Established in 2014, MakerDAO, the lending protocol and issuer of decentralized stablecoin DAI, has earned $271M in revenue over the past year, with 92.5% of its supply unlocked and in circulation

▪️ MakerDAO：MakerDAO 成立於 2014 年，是去中心化穩定幣 DAI 的借貸協議和發行者，過去一年的收入為 2.71 億美元，其中 92.5% 的供應量已解鎖並處於流通狀態

Over the past year, Maker has doubled down on its integration of RWAs, opening vaults for minting DAI against U.S. Treasuries and allocating funds from its treasury to the purchase of U.S. Treasuries and corporate bonds — an investment which has paid off handsomely, generating at times half of its total revenue. Currently, MakerDAO's RWA holdings exceed $2.2B. To expand on this, they have also announced the Spark Tokenization Grand Prix, an open competition to invest $1B in tokenized U.S. Treasury products, for which BlackRock, Securitize, and Ondo have all expressed their interest in participating. This will further increase their revenue, which they generate from borrowing fees, liquidation fees, and, of course, RWA deposits and holdings. Maker is up ~25% over this past week.

在過去的一年裡，Maker 加大了對RWA 的整合力度，開設了金庫來鑄造DAI 以對抗美國國債，並將其金庫中的資金用於購買美國國債和公司債券——這項投資獲得了豐厚的回報，有時會產生收益佔其總收入的一半。目前，MakerDAO 的 RWA 持有量超過 $2.2B。為了擴展這一點，他們還宣布了 Spark 代幣化大獎賽，這是一項投資 10 億美元代幣化美國國債產品的公開競賽，貝萊德、Securitize 和 Ondo 都表示有興趣參加。這將進一步增加他們的收入，這些收入來自借款費用、清算費用，當然還有 RWA 存款和持有量。 Maker 在過去一周上漲了約 25%。

MKR is the most under appreciated token in crypto but will not be for long-

MKR 是加密貨幣中最被低估的代幣，但這種情況不會持續太久——

Captures nearly 40% of all DeFi profits on Ethereum- #3 crypto app in revenue behind ETH, SOL

佔據以太坊上近 40% 的 DeFi 利潤 - 收入排名第三的加密貨幣應用程序，僅次於 ETH、SOL

- Largest holdings of RWAs of any protocol, Blackrock et al competing for allocation of portfolio

- 所有協議中最大的 RWA 持有量，Blackrock 等人競相分配投資組合

- Trades… pic.twitter.com/oJLTCH6Jlx

- 交易… pic.twitter.com/oJLTCH6Jlx

▪️ Aave: Over the past year, Aave, crypto’s largest decentralized lending market, has earned $55M in revenue, with 91% of its tokens unlocked, 93% of which are currently in circulation.

▪️ Aave：在過去的一年裡，加密貨幣最大的去中心化借貸市場 Aave 賺取了 5,500 萬美元的收入，其 91% 的代幣已解鎖，其中 93% 目前正在流通。

Beyond having $13.7B in TVL, Aave’s codebase also accounts for 75% of the value in DeFi lending protocols, meaning many other protocols have forked or incorporated its code into their projects. In May, Aave unveiled its plans to launch its v4 within three years, featuring a unified cross-chain liquidity layer powered by Chainlink’s Cross-Chain Interoperability Protocol (CCIP). This will allow borrowers to access instant liquidity across all supported networks, scaling Aave into a fully cross-chain liquidity protocol. Further, it plans to launch the Aave Network chain, which will serve as the hub for the protocol and its GHO stablecoin. Like Maker,

除了擁有 $13.7B 的 TVL 之外，Aave 的程式碼庫還佔 DeFi 借貸協議價值的 75%，這意味著許多其他協定已將其程式碼分叉或合併到他們的專案中。今年 5 月，Aave 公佈了在三年內推出 v4 的計劃，該版本的特點是由 Chainlink 的跨鏈互通性協定（CCIP）提供支援的統一跨鏈流動性層。這將使借款人能夠在所有支援的網路上獲得即時流動性，將 Aave 擴展為完全跨鏈的流動性協議。此外，它還計劃推出 Aave Network 鏈，該鏈將作為該協議及其 GHO 穩定幣的中心。就像創客一樣，