這是一個動蕩的世界。

今年，我們已經看到股票狂奔，因為黃金已經抽水，加密貨幣在中間被捕獲。

While gold is safe, it is not very hard-working. Unlike cash and treasuries, the yellow metal does not generate income. Now, more than ever, investors need to be able to earn yield on gold — particularly in the decentralized finance (DeFi) sector.

雖然黃金是安全的，但它不是很努力。與現金和國庫不同，黃色金屬不會產生收入。現在，投資者比以往任何時候都需要能夠賺取黃金的收益率，尤其是在分散的財務（DEFI）領域。

The only way to make money from gold is to buy low and sell high. Most investors don’t tend to buy gold like this. That’s for good reason — over the long term, gold’s performance is typically consistent, if not without a few peaks and troughs here and there, as we have recently seen.

從黃金中賺錢的唯一方法是低價購買高價。大多數投資者不會像這樣購買黃金。這是有充分理由的 - 從長遠來看，黃金的性能通常是一致的，即使不是我們最近看到的那樣，如果不是在這里和那裡沒有幾個峰和槽。

For example, after the 2008 financial crisis, the price of gold soared 148% but stagnated for nearly a decade before the COVID-19 pandemic triggered another rally, and it's likely we will see gold hold, if not fall from it's new record high once markets revive. While it remains an excellent hedge, gold’s long-term track record is not a growth story.

例如，在2008年的金融危機之後，黃金的價格飆升了148％，但停滯了近十年，直到19日大流行觸發了另一場集會，我們很可能會看到黃金持有，如果不是一旦恢復了新的紀錄，我們就會看到黃金持有。儘管它仍然是一個極好的樹籬，但Gold的長期往績並不是一個增長故事。

Investors prefer US Treasurys or high-yield savings accounts as part of a balanced portfolio. While gold may outperform these assets in uncertain times, it offers a better balance of security and predictable income over the long term.

投資者更喜歡美國財政部或高收益儲蓄帳戶，這是平衡投資組合的一部分。儘管黃金在不確定的時期可能勝過這些資產，但長期來提供了更好的安全和可預測收入的平衡。

This is where DeFi can bring innovation to the world’s oldest asset. DeFi can significantly modernize gold investing, offering the speed and transparency of blockchain-based transactions and the ability to earn returns.

在這裡，DeFi可以將創新帶入世界上最古老的資產。 DEFI可以顯著使黃金投資現代化，提供基於區塊鏈的交易的速度和透明度以及賺取回報的能力。

Currently, though, most tokenized gold is much the same as holding it in an exchange-traded fund (ETF). Stablecoin giants like Tether and Paxos have launched gold-backed tokens, which they say are fully backed by physical, audited gold reserves, yet offer no yield.

但是，目前，大多數代幣的黃金與在交易所交易基金（ETF）中持有它大致相同。 Tether和Paxos這樣的Stablecoin巨頭已經推出了帶有金牌的代幣，他們說這完全得到了物理，經過審計的黃金儲備的支持，但沒有產生收益。

Most DeFi investors prefer liquid, tradable assets like cryptocurrencies and stablecoins, which can generate attractive returns. Many would rather, for example, buy Tether’s USDt (USDT) stablecoin and stake it, earning rewards while still maintaining ownership.

大多數Defi投資者都喜歡流動性，可貿易資產（例如加密貨幣和穩定幣），它們可以產生有吸引力的回報。例如，許多人寧願購買Tether的USDT（USDT）Stablecoin並進行股權，並在保持所有權的同時獲得獎勵。

Perhaps this is why the market capitalization of gold-backed tokens remains modest. Tether Gold, the world’s most significant gold token, has a market capitalization of just under $835 million, for example, while Paxos Gold sits at around $799 million. Combined, this is equivalent to just 1% of the market cap of USDT.

也許這就是為什麼金牌代幣的市值仍然適中的原因。例如，世界上最重要的黃金代幣Tether Gold的市值不到8.35億美元，而Paxos Gold的市值為7.99億美元。結合在一起，這相當於USDT市值的1％。

To unlock gold’s full potential, we need to take tokenization a step further by creating a DeFi ecosystem where tokenized gold is actively put to work — borrowed, lent and integrated into yield-bearing strategies.

為了釋放黃金的全部潛力，我們需要通過創建一個積極地投入使用代幣的黃金來進一步將令牌化邁出一步 - 借用，借出並融入了承重策略。

One possibility is for companies such as gold miners is to issue tokenized versions of their reserves that can be turned into stablecoins that can then be staked to earn a yield. Leveraging protocols whose liquidity mechanisms enable the trading of stablecoins and real-world asset (RWA) tokens, holders could take advantage of further yield opportunities throughout the DeFi ecosystem.

對於黃金礦工等公司而言，一種可能性是發布其儲備的令牌版本，這些版本可以變成穩定的儲備金，然後可以將其固定為賺取收益率。利用其流動性機制的協議可以使Stablecoins和現實資產（RWA）代幣交易，持有人可以利用整個Fefi生態系統的進一步收益機會。

Beyond the benefits of yield opportunities, blockchain technology means investors in tokenized gold can benefit from the flexibility of 24-hour trading, near real-time price discovery and near-instant settlement without compromising the stability of the asset.

除了收益機會的好處之外，區塊鏈技術意味著，在代幣化黃金的投資者可以從24小時交易的靈活性，接近實時價格發現和近乎固定的解決方案中受益，而不會損害資產的穩定性。

It is, perhaps, ironic that — just as governments worldwide are starting to put their stamp of approval on digital finance — gold is becoming a highly desirable commodity again. The public’s interest in it will grow as governments essentially ratify digital finance. At the same time, the appetite for gold in these uncertain times will also increase.

也許具有諷刺意味的是，正如全世界政府開始對數字金融的認可一樣，黃金又重新成為一種非常可取的商品。隨著政府本質上批准數字融資，公眾對它的興趣將增長。同時，在這些不確定的時期黃金的胃口也將增加。

DeFi could bring these trends together and kickstart a natural evolution in gold ownership that provides a solid bridge between traditional and digital finance. While gold inside traditional markets attracts investors looking for stability, DeFi brings opportunities that don’t compromise that stability, as it presents new and unique yield opportunities.

Defi可以將這些趨勢融合在一起，並在黃金所有權中啟動自然發展，從而在傳統和數字融資之間提供堅實的橋樑。儘管傳統市場內的黃金吸引了尋求穩定性的投資者，但Defi帶來了不會損害這種穩定性的機會，因為它帶來了新的和獨特的收益機會。

Gold has captivated humanity for thousands of years. It’s the foundation of myths, the standard of wealth and the ultimate hedge against uncertainty. But in today’s financial world, it needs an upgrade.

黃金吸引了數千年的人類。這是神話的基礎，財富的標準和反對不確定性的最終對沖。但是在當今的金融界，它需要升級。

Through integrating gold into the DeFi ecosystem, we could unlock its true potential — not just as a store of value but as an income-generating asset. The world’s oldest safe haven asset is finally on the brink of a digital evolution.

通過將黃金集成到Defi生態系統中，我們可以解開其真正的潛力 - 不僅是一種價值存儲，而且作為創收資產。世界上最古老的避風港資產終於處於數字發展的邊緣。

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

本文是出於一般信息目的，不打算被視為法律或投資建議。這裡表達的觀點，思想和觀點是作者獨自一人，不一定反映或代表Cointelegraph的觀點和觀點。

Kevin Rusher, founder of RAAC.

RAAC的創始人Kevin Rusher。