Defi贷款，资产和收养：革命在这里，它戴着mult

在机构采用，诸如“ Defi Mullet”之类的创新策略以及现实世界资产的整合之类的创新策略的驱动下，Defi Lending正在激增。获取这场金融革命的内部勺子！

DeFi lending is experiencing a renaissance, moving beyond speculative yields to become a foundational financial layer. The surge in institutional participation and innovative strategies are fueling this growth. Let's dive into the key trends and insights driving this transformation.

Defi Lending正在经历文艺复兴时期，超越了投机性收益率，成为基础财务层。机构参与和创新策略的激增正在推动这一增长。让我们研究推动这种转变的关键趋势和见解。

DeFi Lending TVL Skyrockets: Institutionalization is the Name of the Game

defi贷款tvl skyrocket：制度化是游戏的名称

The total value locked (TVL) across top DeFi lending protocols like Aave, Euler, Spark, and Morpho has surged past $50 billion, approaching $60 billion. This impressive 60% growth over the past year is attributed to rapid institutionalization and increasingly sophisticated risk management tools, according to a report by Artemis and Vaults.fyi. These platforms are evolving into modular financial networks, attracting serious players and serious capital.

在AAVE，Euler，Spark和Morpho等顶级贷款协议中，总价值锁定（TVL）已飙升了500亿美元，接近600亿美元。根据Artemis和Vaults.fyi的报告，过去一年中，这种令人印象深刻的60％增长归因于迅速的制度化和越来越复杂的风险管理工具。这些平台正在变成模块化金融网络，吸引了认真的参与者和认真的资本。

The 'DeFi Mullet': Fintech Front-End, DeFi Backend

“ defi mullet”：金融科技前端，defi后端

One of the most intriguing trends is the rise of the "DeFi mullet" – a strategy where user-facing applications seamlessly integrate DeFi infrastructure on their backend. This creates a familiar, user-friendly experience, hiding the complex DeFi operations under the hood. Think fintech front-end, DeFi backend.

最吸引人的趋势之一是“ Defi Mullet”的兴起，这是一种策略，面向用户的应用程序无缝地将Defi Infrastructure在其后端集成。这创造了一种熟悉的用户友好的体验，将复杂的Defi操作隐藏在引擎盖下。想想金融科技前端，Defi后端。

Coinbase, for example, allows users to borrow against their Bitcoin holdings through Morpho's backend infrastructure. Bitget Wallet offers a 5% yield on stablecoin holdings via Aave, all within the wallet app. Even PayPal is getting in on the action with PYUSD, offering yields near 3.7%.

例如，Coinbase允许用户通过Morpho的后端基础架构借用其比特币持有量。 Bitget Wallet通过AAVE在钱包应用中提供了5％的stablecoin持有量。即使是PayPal也正在与Pyusd一起采取行动，提供的收益率接近3.7％。

The report suggests that other crypto-friendly fintech giants like Robinhood and Revolut may soon follow suit, offering services like stablecoin credit lines and asset-backed loans through DeFi markets. It's a win-win: new revenue streams for them, and broader adoption for DeFi.

该报告表明，像Robinhood和Revolut这样对加密友好的金融科技巨头可能很快效仿，从而通过Defi Markets提供诸如Stablecoin信用额度和资产支持的贷款之类的服务。这是双赢的：对他们来说，新的收入来源，对Defi的收养更广泛。

Real-World Assets (RWAs) Bridge the Gap

现实世界中的资产（RWAS）弥合了差距

The integration of tokenized real-world assets (RWAs) is another major catalyst for DeFi growth. DeFi protocols are increasingly incorporating tokenized US Treasuries, credit funds, and other traditional assets. These RWAs can be used as collateral for loans, earn yield directly within DeFi protocols, or be bundled into complex investment strategies, bridging the gap between traditional finance and the decentralized digital economy.

令牌化现实世界资产（RWA）的整合是Defi增长的另一个主要催化剂。 Defi协议越来越多地纳入了令牌化的美国国库，信用基金和其他传统资产。这些RWA可以用作贷款的抵押品，直接在Defi协议中赚取收益，也可以捆绑成复杂的投资策略，从而弥合了传统财务与分散的数字经济之间的差距。

Platforms like Pendle, which allows users to split yield streams, now manage over $4 billion in TVL, largely in tokenized stablecoin yield products. Ethena's sUSDe and similar tokens offer returns exceeding 8% through sophisticated strategies, simplifying the experience for the end user.

Pendle之类的平台允许用户分开收益流，现在管理超过40亿美元的TVL，主要是在标记的Stablecoin收益产品中。 Ethena的Susde和类似代币通过复杂的策略提供的收益超过8％，从而简化了最终用户的体验。

On-Chain Asset Managers: The Pros Arrive

链链资产经理：专业人士到达

A less visible but vital trend is the emergence of crypto-native asset managers. Firms like Gauntlet, Re7, and Steakhouse Financial are allocating capital across DeFi ecosystems using professionally managed strategies, much like 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.

较不明显但至关重要的趋势是加密本地资产经理的出现。 Gauntlet，RE7和Steakhouse Financial等公司正在使用专业托管的策略（就像传统资产经理一样，都在跨越生态系统分配资本。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。

The capital under management within this sector has quadrupled since January, growing from $1 billion to over $4 billion. This underscores the rapid professionalization and institutionalization of DeFi investment strategies.

自1月份以来，该领域管理的资本已经三倍，从10亿美元增长到超过40亿美元。这强调了Defi投资策略的快速专业化和制度化。

Crypto-Backed Loans: Borrowing Reimagined

加密支持的贷款：借贷重新构想

Beyond institutional trends, the rise of crypto-backed loans is changing how individuals access capital. Bitcoin loans and other crypto-backed loans allow investors to access cash without selling their digital assets. It's a smarter, faster, and more flexible way to use crypto as a financial tool.

除了制度趋势之外，加密支持的贷款的兴起正在改变个人使用资本的方式。比特币贷款和其他加密支持的贷款允许投资者在不出售其数字资产的情况下获得现金。这是使用加密货币作为财务工具的更聪明，更快，更灵活的方法。

These loans use your cryptocurrency as collateral, allowing you to borrow cash without triggering tax events or giving up potential future gains. Plus, they often bypass traditional credit checks, opening up opportunities for freelancers, gig workers, and those outside major financial systems.

这些贷款将您的加密货币作为抵押品，使您可以借入现金而不触发税收事件或放弃潜在的未来收益。另外，他们经常绕过传统的信用检查，为自由职业者，演出工人和主要金融系统之外的人打开机会。

Who Benefits from Crypto-Backed Loans?

谁能从加密支持的贷款中受益？

• Long-term crypto holders who don't want to sell
• Those needing quick access to cash
• Individuals without strong credit histories
• Anyone looking to diversify their investment strategy

The Future is Decentralized (and a Little Bit Funky)

未来是分散的（有点时髦）

DeFi lending is no longer a niche experiment; it's a growing force reshaping the financial landscape. With institutional adoption, innovative strategies like the "DeFi mullet," the integration of real-world assets, and the rise of crypto-backed loans, the future of finance is looking increasingly decentralized. So buckle up, grab your favorite stablecoin, and get ready for the ride. It's gonna be wild!

Defi贷款不再是一个利基实验。这是一支重塑金融格局的力量。通过制度采用，诸如“ Defi Mullet”之类的创新策略，现实世界中资产的整合以及加密支持的贷款的兴起，财务的未来看上去越来越分散。因此，搭扣，抓住您最喜欢的稳定蛋白，准备骑车。会很疯狂！