Polygon Labs首席執行官Marc Boiron呼籲對Defi協議管理流動性的基本轉變

在一次獨家採訪中，Boiron概述了Polygon對可持續發展的願景，強調了連鎖擁有的流動性和透明的經濟模式，這是前進的道路。

Polygon Labs CEO Marc Boiron has called for a fundamental shift in how decentralized finance (DeFi) protocols manage liquidity, labeling the sector’s ongoing liquidity crisis as “self-inflicted.”

Polygon Labs首席執行官Marc Boiron呼籲對分散融資（DEFI）協議如何管理流動性的方式進行根本性轉變，並將該行業持續的流動性危機標記為“自我造成的”。

In an exclusive interview with Cointelegraph, Boiron outlined Polygon’s vision for sustainable DeFi, highlighting chain-owned liquidity and transparent economic models as crucial.

在對Cointelegraph的獨家採訪中，Boiron概述了Polygon對可持續性Defi的願景，強調了連鎖擁有的流動性和透明的經濟模型至關重要。

Critiquing DeFi protocols for fueling a cycle of “mercenary capital,” Boiron highlighted the use of annual percentage yields (APYs) through token emissions to attract liquidity.

Boiron批評為加油“僱佣金”循環的DEFI方案強調了每年通過代幣排放的年度百分比（APY）來吸引流動性。

“It’s just renting liquidity; it’s not real loyalty,” said Boiron, adding that such strategies lead to fleeting liquidity, which vanishes when yields decrease or token prices falter. This dependence on short-term hype, he argued, hinders the sector’s stability and deters complete institutional adoption.

Boiron說：“這只是租用流動性；這不是真正的忠誠度。”他補充說，這種策略導致短暫的流動性，當收益降低或代幣價格降低時，這種流動性消失了。他認為，這種對短期炒作的依賴性阻礙了該部門的穩定性並阻止了完全採用的機構採用。

“We need to break that cycle and start thinking about how to build models where liquidity sticks around for the right reasons,” explained Boiron, suggesting Polygon’s POL token as a blueprint for this approach.

Boiron解釋說：“我們需要打破這個週期，並開始考慮如何建立流動性持續下去的模型，” Boiron解釋說，建議Polygon的Pol Token作為這種方法的藍圖。

This vision centers on chain-owned liquidity, where protocols build treasuries to directly hold liquidity positions, distinct from lending institutions or decentralized exchanges (DEXs). Unlike token emissions, which Boiron described as having "pros and cons," with the potential for fast liquidity acquisition but also token value dilution, owned liquidity offers substantial capital efficiency and long-term stability.

該願景集中在鏈持有的流動性上，該協議建立了國債直接保持流動性職位，這與貸款機構或分散交易所（DEX）不同。與Boiron所說的具有“利弊”的代幣排放不同，具有快速流動性的潛力和代幣的價值稀釋，擁有的流動性具有很大的資本效率和長期穩定性。

The only trade-off in the plan is time, as capturing fees, bond mechanisms, or limited emissions are required to build up a treasury.

計劃中唯一的權衡是時間，因為建立財政部需要捕獲費用，債券機製或有限的排放。

For traditional finance (TradFi), liquidity stability and predictability are prerequisites for full DeFi adoption.

對於傳統金融（TradFI），流動性穩定性和可預測性是完全採用的前提條件。

However, Boiron noted that these solutions are not just for institutions, as they align with broader outlooks on sustainable DeFi.

但是，Boiron指出，這些解決方案不僅適用於機構，因為它們符合對可持續發展的更廣泛的看法。

“These are good financial fundamentals that work for any protocol,” he said, adding that suggestions of Polygon’s strategy being too narrow to address DeFi’s broader issues are irrelevant.

他說：“這些是對任何方案都有效的良好財務基本原理，”他補充說，關於多邊形戰略太狹窄而無法解決Defi更廣泛的問題的建議是無關緊要的。

As Polygon pushes for a DeFi reset, Boiron expressed optimism about getting support from frameworks like Europe’s Markets in Crypto-Assets Regulation and evolving U.S. guidance.

隨著Polygon推動Defi重置，Boiron對從歐洲市場中獲得加密資產管理和不斷發展的美國指導的框架的支持表示樂觀。

“I think we are 12-18 months away from seeing a lot more institutional involvement in the space,” he predicted.

他預測：“我認為我們距離在該空間中看到更多的機構參與只有12-18個月。”

Looking to 2026, Boiron envisions a more stable DeFi ecosystem with less volatility, stronger community governance, and sophisticated financial products bridging TradFi and real-world assets. He highlighted how POL could reduce reliance on mercenary capital, fostering truer decentralization.

展望2026年，Boiron設想了一個更穩定的Defi生態系統，其波動性較小，社區治理更強大，精緻的金融產品架起了Tradfi和Real-World Assets。他強調了POL如何減少對僱傭資本的依賴，從而促進了Truer權力下放。

Boiron added that POL is the foundation for long-term growth, as it helps protocols focus on building better products and keeping users engaged, instead of constantly needing to plug liquidity gaps or dilute tokens to stay afloat.

Boiron補充說，POL是長期增長的基礎，因為它有助於協議專注於製造更好的產品並保持用戶的參與度，而不是不斷地需要填補流動性差距或稀釋令牌以保持生存。

“We want to see protocols build great products, not get into a vicious cycle where they are constantly battling to stay alive,” he said.

他說：“我們希望看到協議製造出色的產品，而不是進入一個惡性循環，在那裡他們一直在戰鬥以保持生命。”

Boiron’s core message to DeFi protocols is clear: “Sustainable economics always win in the long run.” While market pressures make it tempting to chase high APYs, he noted that surviving protocols from past cycles, such as MakerDAO (MKR) and Aave (AAVE), demonstrate the value of sustainability.

Boiron對Defi協議的核心信息很明確：“從長遠來看，可持續經濟學總是贏得勝利。”儘管市場壓力使追逐高處的壓力很容易，但他指出，從過去的周期（例如Makerdao（MKR）和AAVE）（AAVE）（AAVE）中倖存的協議表明了可持續性的價值。

“More teams are starting to get it,” said Boiron, urging the ecosystem to adopt models that prioritize long-term growth over fleeting buzz.

Boiron說：“越來越多的團隊開始得到它。”敦促生態系統採用優先考慮長期增長而不是短暫的嗡嗡聲的模型。

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