DeFi 金库即将迎来 2026 年繁荣：基础设施成熟、收益率优化和流动性偏好塑造未来

随着 2026 年的临近，深入探讨 DeFi 金库、基础设施和收益策略的未来，重点关注关键趋势和机构采用。

DeFi Vaults Set for Explosive Growth by 2026, Signaling Maturing Infrastructure

到 2026 年，DeFi 金库将出现爆炸式增长，标志着基础设施日趋成熟

The decentralized finance (DeFi) landscape is on the cusp of a significant transformation, with DeFi vaults projected to experience explosive growth by 2026. This surge is underpinned by a maturing DeFi infrastructure, increasing institutional interest, and a refined focus on yield optimization driven by evolving liquidity preferences. As we look towards 2026, the narrative around DeFi vaults is shifting from a niche experiment to a core component of digital asset management.

去中心化金融 (DeFi) 格局正处于重大转型的风口浪尖，预计到 2026 年 DeFi 金库将出现爆炸式增长。这种激增的基础是 DeFi 基础设施的成熟、机构兴趣的增加以及不断变化的流动性偏好驱动的对收益率优化的精细关注。展望 2026 年，围绕 DeFi 金库的叙述正在从利基实验转变为数字资产管理的核心组成部分。

The Resurgence of DeFi Vaults

DeFi 金库的复兴

Recent data indicates a strong comeback for DeFi vaults, with weekly deposits steadily climbing. Protocols like Morpho and Spark have seen vault deposits cross significant milestones, reaching levels not seen since their previous all-time highs. This resurgence is not merely a return to form but a sign of evolving market dynamics and user behavior, particularly as traditional asset managers increasingly engage with on-chain strategies.

最近的数据表明 DeFi 金库强劲复苏，每周存款稳步攀升。 Morpho 和 Spark 等协议的金库存款跨越了重要的里程碑，达到了自之前的历史最高点以来的最高水平。这种复苏不仅仅是形式的回归，而且是市场动态和用户行为不断变化的标志，特别是在传统资产管理公司越来越多地采用链上策略的情况下。

Institutional Embrace and Evolving Infrastructure

制度拥抱和不断发展的基础设施

The engagement of established players like Bitwise, which is now curating non-custodial vaults on platforms like Morpho, signifies a pivotal moment. This move away from simply launching new funds or ETFs towards curating on-chain vaults reflects a deeper understanding and trust in DeFi’s underlying infrastructure. These vaults offer a compelling alternative to traditional financial products, providing self-custody, full transparency, and auditable on-chain activity. Similarly, Kraken’s launch of DeFi Earn, embedding vault-like strategies within its centralized exchange, democratizes access to sophisticated yield optimization strategies for a broader audience.

Bitwise 等老牌企业的参与标志着一个关键时刻的到来，Bitwise 目前正在 Morpho 等平台上策划非托管金库。这种从简单地推出新基金或 ETF 转向管理链上金库的转变反映了人们对 DeFi 底层基础设施的更深入的理解和信任。这些金库提供了传统金融产品的引人注目的替代方案，提供自我托管、完全透明和可审计的链上活动。同样，Kraken 推出了 DeFi Earn，将类似金库的策略嵌入其中心化交易所中，使更广泛的受众能够民主地获得复杂的收益优化策略。

Risk Curation and Transparency

风险管理和透明度

A key innovation driving the current wave of vault adoption is 'risk curation.' Unlike earlier iterations, modern vaults are increasingly managed by professional curators who define strategies and establish robust risk parameters. This includes setting exposure limits, asset whitelists, leverage caps, and specific unwind conditions. This professional oversight, akin to traditional asset management roles, brings a much-needed layer of sophistication and risk management to DeFi. The transparency inherent in blockchain technology, where positions are theoretically visible block by block, enhances this curated approach, offering users a clear understanding of how their capital is deployed and the associated trade-offs. The cautionary tales of past exploits, such as the Stream failure due to undisclosed opaque investments, underscore the importance of explicit disclosures and curated strategies.

推动当前金库采用浪潮的一项关键创新是“风险管理”。与早期的迭代不同，现代金库越来越多地由专业管理者管理，他们定义策略并建立强大的风险参数。这包括设置风险敞口限制、资产白名单、杠杆上限和特定解除条件。这种专业监督类似于传统的资产管理角色，为 DeFi 带来了急需的复杂性和风险管理层。区块链技术固有的透明度，理论上每个区块的头寸都是可见的，增强了这种策划方法，让用户清楚地了解他们的资本如何部署以及相关的权衡。过去的警示故事，例如由于未披露的不透明投资而导致的 Stream 失败，强调了明确披露和策划策略的重要性。

Yield Optimization and Liquidity Preferences

收益率优化和流动性偏好

As the DeFi ecosystem matures, the focus on yield optimization intensifies. Vaults are becoming central to this effort, pooling capital and deploying it across various strategies, primarily lending and liquidity provision. The effectiveness of these vaults is increasingly tied to understanding and catering to diverse liquidity preferences. Protocols that can offer flexible liquidity options while maximizing yield are poised to capture significant market share. The upcoming years, particularly leading up to 2026, will likely see further innovation in how vaults balance risk, yield, and liquidity provision to meet the demands of both institutional and retail investors.

随着 DeFi 生态系统的成熟，对收益率优化的关注日益加强。金库正在成为这一努力的核心，它汇集资金并将其部署到各种策略中，主要是贷款和流动性提供。这些金库的有效性越来越依赖于理解和迎合不同的流动性偏好。能够提供灵活的流动性选择同时最大化收益率的协议有望占据重要的市场份额。未来几年，特别是到 2026 年，金库可能会在平衡风险、收益率和流动性供应方面出现进一步创新，以满足机构和散户投资者的需求。

Regulation as a Catalyst?

监管作为催化剂？

Ironically, regulatory developments, such as restrictions on stablecoin issuers paying yield directly, could inadvertently accelerate vault adoption. If yield generation mechanisms are pushed outside of the stablecoin itself, vaults with their explicit risk disclosures and curated strategies become a natural and compliant outlet. However, the industry still faces challenges in standardization, including independent risk ratings and comparable disclosures, to prevent a race to the bottom in terms of risk-taking.

具有讽刺意味的是，监管的发展，例如对稳定币发行人直接支付收益的限制，可能会无意中加速金库的采用。如果收益生成机制被推到稳定币本身之外，那么具有明确风险披露和策划策略的金库就会成为一个自然且合规的出口。然而，该行业仍然面临标准化方面的挑战，包括独立的风险评级和可比披露，以防止冒险方面的竞底竞争。

The Road Ahead: Integration and Inclusion

未来之路：融合与包容

Beyond traditional DeFi, innovative applications are emerging, such as the partnership between Spacecoin and World Liberty Financial to build a satellite-powered DeFi ecosystem. This initiative aims to integrate stablecoin payments into satellite internet services, thereby improving financial access and connectivity in underserved regions. This represents a broader trend of blockchain technology intersecting with physical infrastructure, highlighting its potential for real-world utility and global financial inclusion.

除了传统的 DeFi 之外，创新应用不断涌现，例如 Spacecoin 与 World Liberty Financial 合作构建卫星驱动的 DeFi 生态系统。该举措旨在将稳定币支付整合到卫星互联网服务中，从而改善服务欠缺地区的金融准入和连通性。这代表了区块链技术与物理基础设施交叉的更广泛趋势，凸显了其在现实世界公用事业和全球金融包容性方面的潜力。

Looking ahead to 2026 and beyond, the trajectory of DeFi vaults, alongside the growth of robust DeFi infrastructure, promises a more integrated, optimized, and accessible financial future. It's an exciting time to watch these developments unfold!

展望 2026 年及以后，DeFi 金库的发展轨迹以及强大的 DeFi 基础设施的增长，有望带来更加集成、优化和可访问的金融未来。现在是观看这些进展的激动人心的时刻！