Defi mullet：正面的金融科技，后面的分散财务（DEFI）

当今的金融科技公司提供了出色的用户体验，但受到传统金融基础设施的限制 - 孤立，缓慢，昂贵且僵化。

Today’s fintech companies offer excellent user experiences but are constrained by traditional financial infrastructure — siloed, slow, expensive and inflexible. Meanwhile, decentralized finance (DeFi) provides lightning-fast, cost-effective, interoperable infrastructure but lacks mainstream accessibility.

当今的金融科技公司提供了出色的用户体验，但受到传统金融基础设施的限制 - 孤立，缓慢，昂贵且僵化。同时，分散的金融（DEFI）提供了闪电，具有成本效益，可互操作的基础设施，但缺乏主流可及性。

The solution? Combine fintech’s distribution and user experience with DeFi’s efficient back end. This creates the ultimate combo: the DeFi Mullet — fintech in the front, DeFi in the back.

解决方案？将金融科技的分销和用户体验与DEFI的有效后端结合在一起。这创建了终极组合：defi mullet-在正面的金融科技，后面defi。

It’s no secret that fintech companies are heavily reliant on traditional financial (TradFi) infrastructure, which is siloed, slow to deploy and run, and costly to maintain. This inefficiency limits their control over costs and product offerings and has potential infrastructure risks. As such, fintechs have a strong incentive to transition to building on autonomous, credibly neutral public infrastructure.

金融科技公司密切依赖传统金融（TradFI）基础设施，这已经不是什么秘密了，该基础设施被孤立，部署和运行缓慢以及维护成本高昂。这种效率低下限制了他们对成本和产品产品的控制权，并具有潜在的基础设施风险。因此，金融科技在过渡到自主，可靠的中性公共基础设施的基础上有很大的动力。

The power of DeFi is evident in stablecoins. While traditional international wire transfers cost $30–$50 and take one to five business days, stablecoin transfers cost mere cents and settle in seconds.

Defi的力量在Stablecoins中很明显。虽然传统的国际电线转移的价格为30至50美元，并且需要花费一到五个工作日，但Stablecoin转移的费用仅为美分，并在几秒钟内定居。

This revolutionary improvement in financial infrastructure extends beyond payments. DeFi provides 24/7/365 infrastructure for trading, lending and borrowing with instant settlement, open access and deep liquidity, enabling better price execution and yields.

这种金融基础设施的革命性改善超出了付款。 Defi提供24/7/365的基础设施，用于交易，贷款和借贷，即时和解，开放访问和深厚的流动性，从而可以更好地执行和收益率。

Fintech companies can focus on creating exceptional user experiences with a compliance-ready front end that plugs into DeFi infrastructure. This will open up tremendous opportunities for innovation while driving more liquidity onchain, creating a positive feedback loop of embracing the DeFi Mullet.

金融科技公司可以专注于创建出色的用户体验，并以合规性的前端插入DEFI基础架构。这将为创新带来巨大的创新机会，同时推动更多的流动性OnChain，从而创造出积极的反馈循环，以拥抱Defi mullet。

Now is the time for mainstream adoption

现在是主流采用的时候了

Today’s DeFi ecosystem has proven its reliability for fintech integration. There are dozens of protocols that demonstrate this maturity, securely managing billions in loans through immutable, governance-minimized designs. DeFi infrastructure gives fintechs complete control over their infrastructure. This is particularly crucial after the recent Synapse bankruptcy that trapped Yotta user funds meant to be insured by the Federal Deposit Insurance Corporation.

当今的Defi生态系统已证明其对金融科技集成的可靠性。有数十种协议证明了这种成熟度，通过不变的，最小化的设计可牢固地管理数十亿美元的贷款。 Defi基础架构可以完全控制其基础架构。在最近的突触破产破产之后，这尤其至关重要，该破产将Yotta用户资金困住了，该资金旨在由联邦存款保险公司保险。

Institutions are also coming onchain. BlackRock has tokenized a fund via Securitize; Stripe has acquired Bridge for $1 billion to scale its stablecoin solutions; the US is creating a strategic Bitcoin (BTC) reserve; and clarity on regulation is opening the floodgates. The shift is step-by-step but tangible.

机构也即将到来。贝莱德通过证券化已将基金归为基金； Stripe以10亿美元的价格收购了Bridge，以扩展其STABLECOIN解决方案；美国正在创建战略性比特币（BTC）储备；对监管的清晰度正在开放闸门。这种转变是逐步的，但切实。

DeFi has arrived.

Defi到了。

The next phase

下一阶段

For years to come, expect more products like crypto-backed loans to be released by fintech’s most advanced players, offering onchain saving accounts, onchain loans, instant international payments and more.

多年来，预计金融科技最先进的玩家将发布更多的产品，例如加密支持贷款，提供OnChain Save Saving帐户，Onchain贷款，即时国际付款等。

This transformation will be invisible to users and powered by smart wallets and account abstraction that maintain the familiar Web2-like user experience at which fintech companies excel. Early adopters will gain significant advantages over competitors.

用户将看不见这种转换，并由智能钱包和帐户抽象提供支持，这些钱可以维持熟悉的Web2式用户体验，而Fintech Companies在该方面表现出色。早期采用者将获得与竞争对手相比的重要优势。

Yet, unlike building on traditional finance, DeFi’s open infrastructure means even latecomers can benefit from existing network effects without starting from zero.

但是，与建立传统金融不同，Defi的开放基础架构意味着即使是后来的人也可以从现有的网络效果中受益而不会从零开始。

Some skeptics argue that the involvement of fintechs and traditional institutions will erode decentralization, as protocols must comply with regulatory requirements. While this concern is understandable, the opposite is more likely.

一些怀疑论者认为，金融科技和传统机构的参与将侵蚀下放化，因为协议必须遵守法规要求。尽管这种担忧是可以理解的，但相反的可能性更大。

Expecting protocols to achieve compliance across every jurisdiction worldwide is unrealistic, especially given the vast regulatory fragmentation. Instead, regulating the apps that interface with users makes far more sense than the underlying protocols. For this regulatory model to work, however, protocols must remain credibly neutral.

期望在全球每个司法管辖区实现合规性的协议是不现实的，尤其是考虑到巨大的监管分裂。相反，调节与用户接口的应用程序比基础协议更有意义。但是，要使该监管模型起作用，协议必须保持可靠的中性。

A credibly neutral mechanism is one that:

一种可靠的中立机制是：

• Embeds no preference for specific individuals or outcomes.

•对特定的个体或结果不偏爱。

• Is open-source with publicly verifiable execution.

•是开源的，具有可公开可验证的执行。

• Is simple and understandable.

•简单易懂。

•

It changes infrequently.

它很少发生变化。

Examples like HTTP and SMTP highlight the power of credibly neutral protocols — they are free, open and unregulated, with only the clients being subject to oversight. The same logic should apply to governance-minimized, immutable DeFi protocols.

诸如HTTP和SMTP之类的示例突出了可信中性协议的力量 - 它们是免费的，开放和不受监管的，只有客户受到监督的约束。相同的逻辑应适用于治理最少的，不可变的Fefi协议。

These constraints will push DeFi builders toward creating genuinely decentralized and trustless systems. Fintechs integrating DeFi protocols can build on top of the most neutral infrastructure and access its growing network effects.

这些限制将推动Defi构建者建立真正的分散和无信任的系统。集成DEFI协议的金融科技可以建立在最中性基础架构之上，并访问其不断增长的网络效应。

Let the mullet grow

让mul虫生长

The DeFi Mullet is more than just a meme — it’s a structural shift.

Defi Mullet不仅仅是模因，这是一种结构性转变。

To scale, DeFi must meet users where they are: through regulated, user-friendly fintech channels. For fintechs to stay relevant, they must offer their customers the best user experience and opportunities, such as the best rates. Those who miss this opportunity risk being left behind in irrelevance, much like traditional retail banks lost market share to today’s fintechs.

为了扩展，DEFI必须与用户相遇：通过受监管的，用户友好的金融科技频道。为了使金融科技保持相关性，他们必须为客户提供最佳的用户体验和机会，例如最佳价格。那些错过这种机会的人可能会无关紧要，就像传统的零售银行失去了当今金融科技的市场份额一样。

This convergence isn’t just possible — it’s inevitable.

这种融合不仅是可能的，而且是不可避免的。