3 个 DeFi 协议将受益于贝莱德的新宣传

贝莱德正在投资 DeFi。我们看到了 Ondo 发生的事情，而 Blackrock 表示正在投资 Ondo 和 RWA 平台。

Blackrock is now investing in DeFi. We saw what happened to Ondo while Blackrock said it was investing in it and RWA platforms, in general.

贝莱德现在正在投资 DeFi。我们看到了 Ondo 发生的事情，而 Blackrock 表示正在投资 Ondo 和 RWA 平台。

Ondo is up 25% in the last 3 months. 3 months that have been dismal for alts. And Blackrock is doing it again. This time in DeFi. So which DeFi protocols will follow Ondo and buck the general market trend thanks to the new publicity from Blackrock? Stay tuned and we’ll show you 3 from this crypto sector to benefit from this news.

Ondo 在过去 3 个月内上涨了 25%。对于替代品来说这三个月是惨淡的。贝莱德又在这么做了。这次是在 DeFi 领域。那么，在贝莱德的新宣传下，哪些 DeFi 协议将跟随 Ondo 并逆势而行呢？请继续关注，我们将向您展示该加密货币领域的 3 个受益者。

1) Frax

1) 弗拉克斯

Thanks to exposure from BlackRock, many see DeFi making a comeback very soon. DeFi, like all financial platforms, needs a lot of money and scale to be successful. That’s because margins are small in this type of finance. For an institution to make more than 1 or 2% on a multi-million dollar transaction is rare.

由于贝莱德的曝光，许多人认为 DeFi 很快就会卷土重来。与所有金融平台一样，DeFi 需要大量资金和规模才能取得成功。这是因为此类金融的利润很小。对于一家机构来说，在数百万美元的交易中赚取超过 1% 或 2% 的利润是罕见的。

So with that in mind, let’s jump into one area we expect to grow. Staking and Restaking. Lido is by far the biggest player here. They continue to be around 30% of the total market for staked Ethereum. And they are the leader in liquid staking options. But they are not the only player here.

因此，考虑到这一点，让我们进入我们期望增长的一个领域。质押和重新质押。丽都是迄今为止最大的参与者。它们仍然占质押以太坊总市场的 30% 左右。他们是流动质押选项的领导者。但他们并不是这里唯一的玩家。

One further down the table that we also like is Frax. They are currently #23 at 0.48% of the market. And that sounds small. But that number means they are staking almost $490 million of ETH on their platform. They started liquid staking much later than Lido, Binance, and Coinbase. Those are the 3 leaders. Frax has its liquid staking coin, frxETH. Frax also has a crypto-collateralized stablecoin. We like this a lot and think we will need stablecoin options outside of Circle and Tether.

我们也喜欢表格的另一端是 Frax。目前，它们排名第 23 位，占据 0.48% 的市场份额。这听起来很小。但这个数字意味着他们在自己的平台上押注了近 4.9 亿美元的 ETH。他们开始流动性质押比 Lido、Binance 和 Coinbase 晚得多。这是三位领导人。 Frax 有其流动性质押代币 frxETH。 Frax 还拥有加密货币抵押的稳定币。我们非常喜欢这一点，并认为我们需要 Circle 和 Tether 之外的稳定币选择。

So, to be clear, the coin we are recommending from growth in DeFi is FXS (FraxShares). The last 3 months have been particularly unkind to FXS, as is true with most alts. In the last 90 days, FXS has lost half its value dropping from $5.10 down to $2.50. Circulating supply is 80.5 million out of just under 99 million total. Its market value is just under $200 million.

因此，需要明确的是，我们从 DeFi 的增长中推荐的代币是 FXS（FraxShares）。过去 3 个月对 FXS 来说尤其不利，大多数山寨币也是如此。在过去 90 天里，FXS 的价值已经缩水一半，从 5.10 美元跌至 2.50 美元。总流通量接近 9,900 万枚，其中流通量为 8,050 万枚。其市值略低于2亿美元。

Almost $13 million is part of the collateralization of the FRAX stablecoin. So that allocated FXS is not going anywhere. Also, as counter-intuitive as it sounds, we think even though the ETH ETF will NOT allow the funds to stake or restake, liquid staking markets will continue to grow. Maybe the ETF gives new awareness to new groups to try crypto as an investment, too. That would lead to new liquid staking growth as well. Here is an example:

FRAX 稳定币的抵押品中有近 1300 万美元。因此分配的 FXS 不会消失。此外，尽管听起来有悖常理，但我们认为，尽管 ETH ETF 不允许基金进行质押或重新质押，但流动性质押市场仍将继续增长。也许 ETF 也让新群体有了新的认识，尝试将加密货币作为一种投资。这也将导致新的流动质押增长。这是一个例子：

Going even further than that, our Partner Content Lead Stu thinks that Blackrock will try to set up its validator. That and fork a version of ETH that they can more easily manipulate. This is easier to do on PoS networks. After all, if Lido or Frax can have a liquid staking version of ETH, why can’t Blackrock which is much bigger, more powerful, and more market-connected?

更进一步，我们的合作伙伴内容主管 Stu 认为 Blackrock 将尝试建立其验证器。并分叉出一个他们可以更容易操纵的 ETH 版本。这在 PoS 网络上更容易做到。毕竟，如果 Lido 或 Frax 可以拥有流动性质押版本的 ETH，为什么规模更大、更强大、与市场联系更紧密的 Blackrock 就不能呢？

The important point here is that both the ETF and liquid staking should lead to more growth for ETH. And maybe, both things help each other grow. And if you think they will grow, then you should consider Frax’s FXS for your portfolio.

这里重要的一点是，ETF 和流动性质押都应该会带来 ETH 的更多增长。也许，这两件事可以互相帮助成长。如果您认为它们会增长，那么您应该考虑将 Frax 的 FXS 作为您的投资组合。

2) Compound (COMP)

2) 化合物 (COMP)

Now we move on to a traditional DeFi platform, Compound. Compound created the first AMMs in crypto. They are an OG. They have also collateralized over $2.2 billion across 8 EVM markets to make stablecoin borrowing easy and inexpensive. The idea here is that if Blackrock is going to invest solidly in DeFi, then DeFi infrastructure like Compound provides, will be one area that gets some of that funding.

现在我们转向传统的 DeFi 平台，Compound。 Compound 创建了加密领域的第一个 AMM。他们是一个 OG。他们还在 8 个 EVM 市场提供了超过 22 亿美元的抵押品，使稳定币借贷变得简单且廉价。这里的想法是，如果贝莱德要大力投资 DeFi，那么像Compound 提供的 DeFi 基础设施将成为获得部分资金的领域。

Just like liquid staking and restaking will as we discussed with Frax moments ago. Savvy investors will also see there are some opportunities here. You can borrow inexpensively and maybe deploy the stablecoins you borrow to earn more than your interest payments. That said, it’s not efficient given the LTV (loan to value) limitations, most of which are in the 75-80% range. Like this example of borrowing USDC on Base for a net 3.8%.

就像我们之前与 Frax 讨论的流动质押和重新质押一样。精明的投资者也会看到这里存在一些机会。您可以以低廉的成本借入资金，并且可以利用借入的稳定币赚取比利息还多的收入。也就是说，考虑到 LTV（贷款价值比）的限制（大部分在 75-80% 范围内），它的效率并不高。就像这个在 Base 上以净利率 3.8% 借入 USDC 的例子一样。

But still, if you need stablecoins for your favorite LP, you can get them at Compound while keeping your coin on deposit. We covered Compound quite a bit a couple of years ago during DeFi Summer. And they are just chugging along quietly making their platform better.

但是，如果您需要为您最喜欢的 LP 提供稳定币，您可以在Compound 获得它们，同时保留您的代币。几年前，我们在 DeFi 夏季期间介绍了Compound。他们只是默默地让他们的平台变得更好。

In the last year, the $COMP token is down 30%. Its market value is $350 million and it’s down almost 50% from its recent March high of $95 to $51. It

去年，$COMP 代币下跌了 30%。其市值为 3.5 亿美元，较近期 3 月份高点 95 美元至 51 美元下跌了近 50%。它