Cardano DeFi：2025 年末稳定币激增和生态系统演变

在稳定币增长和创新协议的推动下，卡尔达诺的 DeFi 生态系统正在蓬勃发展。发现塑造卡尔达诺未来的主要趋势和见解。

Cardano DeFi: Stablecoin Surge & Ecosystem Evolution in Late 2025

Cardano DeFi：2025 年末稳定币激增和生态系统演变

Cardano's DeFi scene is heating up! With stablecoins gaining traction and exciting new projects emerging, the network is proving its resilience and potential as a credible liquidity hub. Let's dive into the latest happenings.

卡尔达诺的 DeFi 场景正在升温！随着稳定币的吸引力和令人兴奋的新项目的出现，该网络正在证明其作为可靠流动性中心的弹性和潜力。让我们深入了解最新动态。

TVL on the Rise

TVL 不断上升

According to Messari’s Q3 2025 report, Cardano's DeFi ecosystem is experiencing a remarkable recovery. The total value locked (TVL) jumped nearly 29% to $423.5 million, marking its strongest position since early 2022. This surge is driven by liquidity flowing into lending platforms, stablecoin protocols, and innovative decentralized exchanges.

根据 Messari 的 2025 年第三季度报告，Cardano 的 DeFi 生态系统正在经历显着的复苏。锁定总价值 (TVL) 跃升近 29%，达到 4.235 亿美元，创下 2022 年初以来的最高水平。这种飙升是由流入借贷平台、稳定币协议和创新去中心化交易所的流动性推动的。

Liqwid Leading the Charge

Liqwid 引领潮流

Liqwid Finance has emerged as a frontrunner, surpassing Minswap to become Cardano’s top DeFi protocol. Liqwid’s TVL soared by 50.8% QoQ to $101.6 million, fueled by its expanding lending markets and the adoption of qTokens.

Liqwid Finance 已成为领跑者，超越 Minswap 成为 Cardano 的顶级 DeFi 协议。在不断扩大的借贷市场和 qToken 的采用的推动下，Liqwid 的 TVL 环比飙升 50.8% 至 1.016 亿美元。

Stablecoins: The Backbone of Cardano's DeFi

稳定币：卡尔达诺 DeFi 的支柱

Stablecoins are becoming a cornerstone of Cardano's liquidity. The total stablecoin market cap on the network rose 21.5% QoQ to $38.1 million, indicating a growing demand for reliable settlement assets. USDM, USDA, and DJED are all playing significant roles in this growth.

稳定币正在成为卡尔达诺流动性的基石。该网络上的稳定币总市值环比增长 21.5% 至 3810 万美元，表明对可靠结算资产的需求不断增长。 USDM、USDA 和 DJED 在这一增长中都发挥着重要作用。

Privacy-Enabled Stability with DJED

DJED 的隐私稳定性

DJED, backed by ADA reserves, has become a key liquidity source for lending protocols. The upcoming Private DJED will extend this model into confidential transactions, balancing transparency, compliance, and user privacy.

DJED 在 ADA 储备的支持下，已成为借贷协议的关键流动性来源。即将推出的 Private DJED 将把这种模式扩展到保密交易，平衡透明度、合规性和用户隐私。

DEXs Evolving Beyond Token Swaps

DEX 的发展超越了代币互换

Cardano's DEX ecosystem is expanding beyond simple token swaps. Platforms like WingRiders and Splash are experiencing growth, while CSWAP is venturing into NFTs and real-world assets.

Cardano 的 DEX 生态系统正在扩展到简单的代币交换之外。 WingRiders 和 Splash 等平台正在经历增长，而 CSWAP 正在涉足 NFT 和现实世界资产。

A Diversifying Ecosystem

多元化的生态系统

Cardano's DeFi diversity score is on the rise, indicating that liquidity is spreading across a wider range of protocols. This makes the network more resilient to market shocks and volatility.

卡尔达诺的 DeFi 多样性得分正在上升，表明流动性正在更广泛的协议中扩散。这使得网络对市场冲击和波动更具弹性。

Looking Ahead

展望未来

With upcoming RWA launches, Private DJED integrations, and planned liquidity injections, Cardano's DeFi ecosystem is poised for further growth. The network could become one of the fastest-growing Layer-1 DeFi ecosystems, combining transparent governance, stablecoin growth, and privacy-driven financial innovation.

随着即将推出的 RWA、Private DJED 集成以及计划中的流动性注入，Cardano 的 DeFi 生态系统已准备好进一步发展。该网络可能成为增长最快的 Layer-1 DeFi 生态系统之一，结合透明治理、稳定币增长和隐私驱动的金融创新。

Cardano vs. the New Kids on the Block

卡尔达诺与街区里的新来者

While Cardano is making strides, it's worth noting the emergence of new DeFi projects like Mutuum Finance (MUTM). These projects are capturing attention with innovative approaches to lending and borrowing. While Cardano offers stability and a proven track record, these newcomers present potentially higher growth opportunities, albeit with more risk.

尽管 Cardano 正在取得长足进步，但值得注意的是 Mutuum Finance (MUTM) 等新 DeFi 项目的出现。这些项目通过创新的借贷方法引起了人们的关注。虽然卡尔达诺提供稳定性和良好的业绩记录，但这些新来者提供了潜在的更高增长机会，尽管风险更大。

Cardano is proving that it is a serious contender in the DeFi space, with strong growth in stablecoins, innovative projects, and a diversifying ecosystem. It's an exciting time to be watching (and participating in!) the Cardano DeFi evolution. So buckle up, grab your ADA, and get ready for the ride!

凭借稳定币、创新项目和多元化生态系统的强劲增长，卡尔达诺正在证明自己是 DeFi 领域的有力竞争者。现在是观看（并参与！）Cardano DeFi 演变的激动人心的时刻。因此，系好安全带，带上 ADA，准备好出发吧！