分散的金融（DEFI）市场：主要趋势和2025年前景

近年来，分散的金融（DEFI）部门经历了显着的增长和创新，将自己定位为更广泛的加密货币生态系统中最具变革性的细分市场之一。

The decentralized finance (DeFi) sector has experienced remarkable growth and innovation in recent years, positioning itself as one of the most transformative segments within the broader cryptocurrency ecosystem. As of early 2025, the total value locked (TVL) in DeFi platforms consistently hovers above $60 billion, reflecting both sustained user interest and increasing institutional participation. Major DeFi protocols such as Aave, MakerDAO, and Compound continue to dominate the market, presenting a substantial share of lending, borrowing, and stablecoin activity.

近年来，分散的金融（DEFI）部门经历了显着的增长和创新，将自己定位为更广泛的加密货币生态系统中最具变革性的细分市场之一。截至2025年初，DEFI平台中的总价值锁定（TVL）始终徘徊在600亿美元以上，这既反映了持续的用户兴趣又不断增加机构参与。诸如AAVE，MAKERDAO和COMPOUND之类的主要DEFI协议继续主导市场，并在贷款，借贷和Stablecoin活动中占有很大一部分。

Key findings for 2025 highlight the following trends:

2025年的主要发现突出了以下趋势：

* DeFi protocols have integrated with layer-2 scaling solutions to lower transaction costs and throughput, rendering DeFi applications more accessible to a broader user base. Arbitrum and Optimism have played a role in expanding the adoption of decentralized derivatives and decentralized exchanges (DEXs).

* DEFI协议已与第2层缩放解决方案集成，以降低交易成本和吞吐量，从而使更广泛的用户群更容易访问Defi应用程序。仲裁和乐观情绪在扩大分散衍生品和分散交流（DEX）的采用方面发挥了作用。

* The launch of Ethereum’s “Dencun” upgrade in 2024 is expected to drive down transaction costs further, with implications for user behavior and protocol usage in 2025.

*以太坊在2024年推出“ Dencun”升级将进一步推动交易成本，对2025年用户行为和协议使用的影响。

* Major financial institutions are experimenting with decentralized protocols for liquidity management and settlement, particularly with stablecoins. This move is spurring new opportunities in fiat-linked tokens and real-world asset (RWA) tokenization.

*主要的金融机构正在尝试使用分散的流动性管理和解决方案，尤其是使用Stablecoins。此举激发了菲亚特连接的令牌和现实资产（RWA）令牌的新机会。

* Regulatory clarity is slowly emerging, with the European Union’s Markets in Crypto-Assets Regulation (MICA) rolling out gradually from 2024 and the U.S. Securities and Exchange Commission (SEC) engaging more actively with DeFi protocols. However, this process is presenting challenges for protocols that wish to operate across multiple jurisdictions.

*监管清晰度正在缓慢地出现，欧盟的加密资产管理（MICA）市场从2024年逐渐推出，美国证券交易委员会（SEC）（SEC）更积极地通过DEFI协议积极参与。但是，此过程对希望跨多个司法管辖区运作的协议提出了挑战。

* The DeFi sector has also been subject to several high-profile hacks and exploits, leading to a focus on best practices in smart contract security and mitigation strategies.

* Defi行业还受到了几个备受瞩目的黑客攻击和漏洞的影响，从而使专注于智能合同安全和缓解策略的最佳实践。

Looking ahead, market analysts anticipate further growth in DeFi adoption through 2025 and beyond, driven by ongoing technological advancements, increasing regulatory clarity, and a growing roster of real-world asset integrations. Opportunities abound in areas such as on-chain derivatives, permissioned DeFi for institutions, and tokenized asset markets, with leading platforms actively piloting new products and partnerships to capture emerging demand. The sector’s resilience and adaptability underscore DeFi’s potential to play a central role in the future of global finance.

展望未来，市场分析师预计，在持续的技术进步，不断提高的监管清晰度以及现实世界中资产集成的阵容越来越多的驱动下，直到2025年及以后的Defi采用会进一步增长。在链衍生物，机构允许D​​efi等领域以及令牌化资产市场中，领先的平台积极驾驶新产品和合作伙伴以捕获新兴需求。该行业的韧性和适应性强调了Defi在全球金融的未来中发挥核心作用的潜力。

Decentralized Finance (DeFi) platforms have undergone significant transformation since their emergence, evolving from experimental protocols to robust financial ecosystems commanding billions in total value locked (TVL). As of 2025, DeFi represents a mature segment of the crypto market, underpinned by a diverse range of protocols offering services such as lending, borrowing, trading, asset management, and synthetic assets. The global market has expanded beyond early adopters, with increased participation from retail and institutional investors.

自从出现以来，分散的金融（DEFI）平台已经发生了重大转变，从实验协议到强大的金融生态系统，指挥数十亿个总价值锁定（TVL）。截至2025年，DEFI代表了加密市场的成熟部分，以各种协议为基础提供提供贷款，借贷，交易，资产管理和合成资产等服务的协议。零售和机构投资者的参与增加，全球市场已经超越了早期采用者。

The evolution of DeFi is closely tied to the development of blockchain infrastructure, particularly the Ethereum network, which remains the primary host for DeFi protocols. According to Ethereum Foundation, the network’s transition to proof-of-stake and subsequent scalability upgrades have lowered transaction costs and improved throughput, enabling a broader range of financial products and increased user adoption.

DEFI的演变与区块链基础架构的开发密切相关，尤其是以太坊网络，该网络仍然是DEFI协议的主要主机。根据以太坊基金会（Ethereum Foundation）的说法，该网络向销售证明和随后的可伸缩性升级的过渡降低了交易成本并改善了吞吐量，从而实现了更广泛的金融产品并增加了用户的采用。

Major DeFi platforms such as Aave, Compound, and Uniswap continue to lead the sector, collectively accounting for a substantial share of the TVL. As of early 2025, TVL across all DeFi protocols remains resilient, fluctuating between $60-80 billion depending on market conditions, as reported on-chain by leading platforms. Uniswap, for instance, has solidified its position as the dominant decentralized exchange, with daily trading volumes rivaling those of some centralized exchanges.

诸如AAVE，复合和UnisWap之类的主要DEFI平台继续领导该行业，共同考虑了TVL的很大一部分。截至2025年初，所有DEFI协议中的TVL仍然有弹性，根据市场条件的不同，根据市场条件，在60-800亿美元之间波动，这是领先平台的链子。例如，UNISWAP巩固了其作为主要分散交易所的地位，每日交易量与某些集中式交易所的交易量相媲美。

DeFi’s growth has also been propelled by the expansion into new blockchain ecosystems. Protocols like Polygon and Solana have attracted both developers and users through lower fees and higher transaction speeds, fostering cross-chain interoperability and composability.

Defi的增长也被扩展到新的区块链生态系统中所推动。 Polygon和Solana等协议通过较低的费用和较高的交易速度吸引了开发人员和用户，从而促进了跨链互操作性和合并性。

The current state of DeFi is characterized by ongoing innovation in risk management, security, and regulatory compliance. Protocols have introduced advanced features such as on-chain governance, automated risk assessment, and insurance offerings to address challenges from earlier years. Industry collaborations, such as those spearheaded by the DeFi Safety initiative, focus on setting standards for transparency and operational resilience.

当前的DEFI状态的特征是风险管理，安全和监管合规性的持续创新。协议引入了高级功能，例如链治理，自动化风险评估和保险产品，以应对早期的挑战。行业合作，例如由Defi Safetiative率领的率领的，重点是设定透明度和运营弹性的标准。

Looking ahead, DeFi platforms are expected to further integrate with traditional financial institutions, spurred by regulatory clarity and the development of compliant DeFi products. The proliferation of real-world asset tokenization and institutional-grade protocols suggests that DeFi will play a significant role in the broader financial sector. The market outlook for the next few years projects steady growth, driven by technological advancements, user-centric innovations, and expanding global participation.

展望未来，预计Defi平台将进一步与传统的金融机构一起，受到监管清晰度和合规性Defi产品的开发。实际资产令牌和机构级协议的扩散表明，DEFI将在更广泛的金融领域发挥重要作用。在技​​术进步，以用户为中心的创新和扩大全球参与的推动下，未来几年的市场前景稳定增长。

The technological landscape of Decentralized Finance (DeFi) platforms continues to evolve rapidly in 2025, with core protocols and key innovations shaping the market’s structure and future prospects. At the heart of DeFi remain foundational smart contract platforms, particularly Ethereum, which maintains its status as the leading ecosystem for DeFi due to its mature developer community, robust infrastructure, and extensive protocol interoperability. The Ethereum network’s transition to proof-of-

分散融资（DEFI）平台的技术格局在2025年继续迅速发展，核心协议和关键创新塑造了市场的结构和未来的前景。 Defi的核心仍然是基本的智能合同平台，尤其是以太坊，由于其成熟的开发人员社区，强大的基础架构和广泛的协议互操作性，因此保持其作为Defi领先的生态系统的地位。以太坊网络过渡到证明