加密贷款人可能正在寻找本周期更可持续的产量，因为在分散融资（DEFI）贷款中的总价值继续

加密用户可能正在寻找这个周期的更可持续的收益，因为锁定在分散融资（DEFI）贷款中的总价值继续达到新高点

Crypto users could be looking for a more sustainable yield this cycle, as total value locked in decentralized finance (DeFi) lending continues to hit new highs while decentralized exchanges (DEXs) have lagged in comparison.

加密用户可能正在寻找本周期更可持续的产量，因为分散融资（DEFI）贷款的总价值继续达到新的高点，而分散的交流（DEX）却落后了。

DeFi lending protocols are currently the leading DeFi vertical in TVL at $53.6 billion, representing 43% of the $124.6 billion locked across all DeFi protocols. The figure also surpasses liquid staking.

Defi Lending协议目前是TVL的领先垂直行业，为536亿美元，占所有DEFI协议中锁定的1.246亿美元中的43％。该图还超过了液体含量。

Multichain lending protocol Aave currently holds $25 billion of locked value, accounting for nearly half of the DeFi lending market.

Multichain Lending Protogent AAVE目前持有250亿美元的锁定价值，占DEFI贷款市场的近一半。

In stark contrast, DEXs, which once held nearly double the TVL of their closest competitor, have dropped from $85.3 billion in November 2021 to $21.5 billion today.

与之形成鲜明对比的是，Dexs曾经拥有几乎是其最接近竞争对手的TVL的两倍，已从2021年11月的853亿美元下降到今天的215亿美元。

Explaining the rise in DeFi lending and fall in DEX TVL, the founder of crypto fund Apollo Capital, Henrik Andersson, told Cointelegraph that lending is arguably the “only sustainable way to produce yield” in DeFi, as DEX liquidity pooling has largely become unprofitable due to impermanent loss.

Crypto Fund Apollo Capital的创始人Henrik Andersson解释了Dex TVL的Defi贷款和下降，Henrik Andersson告诉Cointelegraph，贷款可以说是Defi中“唯一可持续的产生产量的可持续方式”，因为Dex流动性池在很大程度上由于无症无动物的损失而在很大程度上变得无效。

He also argued that the industry-leading DEX Uniswap v3’s more “capital efficient” design, relative to Uniswap v2, may have contributed to the DEX TVL fall, as liquidity providers can now earn more rewards with less upfront capital.

他还认为，相对于UNISWAP V2，行业领先的DEX UNISWAP V3更“资本效率”的设计可能会导致DEX TVL跌倒，因为流动性提供商现在可以以较少的前期资本获得更多的奖励。

Andersson also pointed out that the rise of intent-based swaps — a relatively new crosschain trading mechanism — may have further reduced the DEX TVL, as market makers typically source liquidity from centralized exchanges to facilitate these swaps.

安德森还指出，基于意图的掉期的兴起（一种相对较新的交叉链交易机制）可能会进一步降低DEX TVL，因为做市商通常会从集中式交流中获得流动性来促进这些交换。

DeFi lending protocols like Aave and Compound Finance enable crypto users to lend assets to earn interest or borrow against collateral. Smart contracts manage deposits, loans and interest rates to ensure trustless transactions.

诸如AAVE和复合融资之类的贷款协议使加密用户能够借出资产来赚取利息或借入抵押品。智能合约管理存款，贷款和利率，以确保无信任的交易。

DeFi users who supply Ether (ETH) and Tether (USDT) on Aave, for example, currently earn an annual percentage yield of 1.86% and 3.17%, respectively.

例如，在AAVE上提供Ether（ETH）和Tether（USDT）的Defi用户目前的年度百分比分别为1.86％和3.17％。

Providing stablecoins and Ether to DEX pools such as Uniswap’s can offer higher rewards; however, as Andersson pointed out, they’re far less sustainable, fluctuating by the day.

向诸如UnisWap之类的DEX池提供稳定的币和以太币可以提供更高的奖励；但是，正如安德森（Andersson）指出的那样，它们的可持续性远不足，而且每天都在波动。

DeFi now dominates CeFi in crypto lending market

DEFI现在在加密贷款市场中占主导地位

DeFi-based crypto lending accounted for around 65% of the total market by the end of 2024 and has increased or maintained its market share against centralized lenders every quarter since Q4 2022, an April report from crypto investment firm Galaxy Digital showed.

加密投资公司Galaxy Digital的一份4月份的报告显示，总部位于DEFI的加密贷款到2024年底占了总市场的65％，自2022年第四季度以来，每个季度都增加了或维持其市场份额或维持其市场份额。

The fall started occurring around the time several centralized crypto lenders such as Genesis, Celsius Network, BlockFi and Voyager fell bankrupt, causing TVL to fall massively.

在几个集中的加密贷款人，例如Genesis，Celsius Network，Blockfi和Voyager破产，导致TVL大规模下降。

Related: Bitcoin hits $103K but DeFi is a mixed bag: Finance Redefined

相关：比特币达到$ 103K，但Defi是一个混合的包：财务重新定义

Their collective downfall led to an estimated 78% collapse in the size of the crypto lending market from the 2022 peak to the bear market trough, Galaxy noted.

Galaxy指出，他们的集体倒台导致估计从2022年峰到熊市市场的加密贷款市场的规模估计崩溃了78％。

However, it was DeFi lending protocols that led the resurgence in crypto lending activity, Galaxy noted, pointing to a nearly 960% increase in DeFi open borrows between Q4 2022 and Q4 2024.

但是，Galaxy指出，正是正是Defi Lending方案引发了加密贷款活动的复兴，这表明在Q4 2022和Q4 2024之间，Defi Open借口增长了近960％。

Galaxy said the strong recovery of the DeFi lending market is a testament to the design and risk management practices adopted by DeFi lending protocols while showcasing the benefits of algorithmic, overcollateralized and supply-and-demand-driven borrowing models.

Galaxy表示，Defi Lending Market的强劲复苏是Defi Lending协议所采用的设计和风险管理实践的证明，同时展示了算法，过度集中和供应和需求驱动的借款模型。

Galaxy expects increased institutional participation and clearer regulations to drive the next wave of crypto lending adoption.

Galaxy预计机构的参与和更清晰的法规将推动下一波加密贷款采用。