Defi超出了投机产量的发展，嵌入了用户友好的应用程序中并吸引机构资本。发现加密贷款和资产管理的趋势。

Crypto Lenders, DeFi Adoption, and Assets Held: A New Era

加密贷款人，Fefi的收养和资产：一个新时代

DeFi is undergoing a quiet but significant transformation. Forget the wild west days of dubious yields and speculative frenzies; the current growth is fueled by DeFi becoming a seamless backend for user-facing applications and attracting serious institutional players. It's like DeFi grew up and got a real job.

Defi正在进行安静但重大的转变。忘记狂野的西部时代的可疑产量和投机性疯狂；通过Defi成为面向用户的应用程序并吸引认真的机构参与者的无缝后端，目前的增长源于目前的增长。就像Defi长大并找到了一份真正的工作。

The DeFi Mullet: Business in the Front, DeFi in the Back

defi mullet：正面的业务，后面的defi

One of the key trends is the “DeFi mullet” – fintech front-ends with DeFi backends. User-friendly apps are quietly embedding DeFi infrastructure to offer yield or loans, abstracting away the complexity for a smoother user experience. Coinbase lets you borrow against your Bitcoin, and Bitget Wallet offers a sweet 5% yield on USDC and USDT without ever leaving the app. Even PayPal is getting in on the action with PYUSD, offering yields close to 3.7%.

关键趋势之一是“ Defi Mullet” - 具有Defi后端的Fintech前端。用户友好的应用程序悄悄地嵌入了Defi基础架构以提供产量或贷款，从而消除了复杂性，以获得更平滑的用户体验。 Coinbase可以让您借用比特币，而Bitget Wallet则在不离开应用程序的情况下提供了USDC和USDT的甜蜜收益率为5％。即使是Paypal也正在与Pyusd一起采取行动，提供接近3.7％的收益率。

Crypto-friendly fintech firms like Robinhood or Revolut might just jump on this bandwagon, offering stablecoin credit lines and asset-backed loans through DeFi markets. Think of the new fee-based revenue streams!

像Robinhood或Revolut这样对加密友好的金融科技公司可能会跳上这款潮流，通过Defi Markets提供Stablecoin信用额度和资产支持的贷款。想想新的基于费用的收入流！

Tokenized RWAs: Bridging the Gap

令牌rwas：弥合差距

DeFi protocols are increasingly using tokenized versions of real-world assets (RWAs) like U.S. Treasuries and credit funds. These tokenized assets can be used as collateral, earn yield, or be bundled into complex strategies. Pendle, for example, lets users split yield streams from principal and now manages over $4 billion in total value locked, mostly in tokenized stablecoin yield products. Ethena’s sUSDe and similar yield-bearing tokens are delivering returns above 8% through cash-and-carry trades, making it easy for end users.

Defi协议越来越多地使用如美国国债和信用基金等真实世界资产（RWA）的令牌化版本。这些令牌资产可以用作抵押品，赚取收益率或捆绑成复杂的策略。例如，Pendle使用户可以将收益流与本金分开，现在管理超过40亿美元的总价值锁定，主要用于代币化的Stablecoin收益产品。 Ethena的Susde和类似的承重代币通过现金和携带交易提供了超过8％的回报，使最终用户变得容易。

The Rise of On-Chain Asset Managers

链上资产经理的兴起

Another critical trend is the rise of crypto-native asset managers. Firms like Gauntlet, Re7, and Steakhouse Financial are allocating capital across DeFi ecosystems using professionally managed strategies, similar to traditional asset managers. They're deeply involved in DeFi protocol governance, fine-tuning risk parameters, and deploying capital across various structured yield products, tokenized RWAs, and modular lending markets. This sector's capital under management has quadrupled since January, from $1 billion to over $4 billion.

另一个关键趋势是加密本地资产经理的兴起。 Gauntlet，RE7和Steakhouse Financial等公司正在使用专业托管的策略（类似于传统资产经理）在跨偏见生态系统中分配资本。他们深入参与DEFI协议治理，微调风险参数，并在各种结构化产量产品，令牌RWA和模块化贷款市场中部署资本。自1月份以来，该行业管理的资本已经三倍，从10亿美元到超过40亿美元。

Assets Held: Soaring High

资产持有：高高飙升

The total value locked (TVL) on top DeFi lending protocols like Aave, Euler, Spark, and Morpho has surged past $50 billion and is approaching $60 billion, growing 60% over the past year. This growth is fueled by institutionalization and increasingly sophisticated risk management tools.

诸如AAVE，Euler，Spark和Morpho之类的顶级贷款协议上的总价值锁定（TVL）飙升了500亿美元，接近600亿美元，在过去一年中增长了60％。这种增长是由制度化和日益复杂的风险管理工具推动的。

Final Thoughts

最后的想法

DeFi is no longer just a playground for crypto enthusiasts; it's becoming a sophisticated financial ecosystem. With increased institutional participation, user-friendly interfaces, and innovative use cases for tokenized assets, DeFi is poised for continued growth and mainstream adoption. Who knows, maybe your grandma will be using DeFi next year. Stranger things have happened, right?

Defi不再只是加密爱好者的游乐场。它已成为一个复杂的金融生态系统。随着机构参与，用户友好的界面以及用于令牌资产的创新用例，Defi有望持续增长和主流采用。谁知道，也许您的祖母将在明年使用Defi。陌生人的事情发生了，对吗？