逃离赌场：代币化资产将如何拯救 DeFi 自身

Vitalik Buterin 是对的：今天的 DeFi 是一个循环投机经济。 Chainlink 社区联络员 Zach Rynes（又名 ChainLinkGod）表示，更大的机会在于将传统资本市场引入链上，从而使加密货币成为主流。

Ethereum Co-Founder Vitalik Buterin’s recent observation that DeFi “feels like an ouroboros [a snake eating its own tail]” has sparked a lively discussion about the future of decentralized finance (DeFi).

以太坊联合创始人 Vitalik Buterin 最近观察到 DeFi“感觉就像一条衔尾蛇 [一条正在吃自己尾巴的蛇]”，引发了关于去中心化金融 (DeFi) 未来的热烈讨论。

In a CoinDesk column, Zach Rynes (aka ChainLinkGod) argues that DeFi’s current incarnation as a “circular casino” is unsustainable and will ultimately hit a wall. However, he believes that DeFi can still play a crucial role in scaling crypto adoption by focusing on tokenizing traditional capital markets.

在 CoinDesk 专栏中，Zach Rynes（又名 ChainLinkGod）认为 DeFi 目前作为“循环赌场”的化身是不可持续的，最终会碰壁。然而，他认为 DeFi 通过专注于传统资本市场的代币化，仍然可以在扩大加密货币采用方面发挥至关重要的作用。

According to Rynes, DeFi’s strength lies in its ability to create an on-chain financial system that provides the core primitives for an open, globally accessible and robust financial system, including payments, swaps, lending, derivatives, insurance and more.

Rynes 表示，DeFi 的优势在于其能够创建链上金融系统，为开放、全球可访问且稳健的金融系统提供核心原语，包括支付、互换、借贷、衍生品、保险等。

Despite the initial product-market fit being largely limited to token gambling, the infrastructure and protocols that underpin DeFi are capable of handling a much wider range of assets.

尽管最初的产品市场契合度主要限于代币赌博，但支撑 DeFi 的基础设施和协议能够处理更广泛的资产。

To move beyond the casino stage, DeFi needs access to more assets that can be represented as tokens. While cryptocurrencies have brought DeFi this far, evolving past the casino stage requires seeking out where most of the capital in the world resides. And the answer is obvious.

为了超越赌场阶段，DeFi 需要获得更多可以以代币形式表示的资产。虽然加密货币已经让 DeFi 发展到了这一步，但要超越赌场阶段，就需要寻找世界上大部分资本的所在地。答案是显而易见的。

Tokenizing all the assets within the traditional financial system — bank deposits, commercial paper, treasuries, mutual funds, money market funds, stocks, futures, options, swaps, etcetera — would bring hundreds of trillions of dollars worth of capital on-chain.

对传统金融体系中的所有资产（银行存款、商业票据、国债、共同基金、货币市场基金、股票、期货、期权、互换等）进行代币化，将带来价值数百万亿美元的链上资本。

One single firm, BlackRock, manages nearly five times more assets ($10.5 trillion) than the market capitalization of the entire crypto market ($2.2 trillion).

贝莱德（BlackRock）一家公司管理的资产（10.5 万亿美元）几乎是整个加密货币市场市值（2.2 万亿美元）的五倍。

This capital could then be seamlessly integrated with existing on-chain finance protocols, effectively replacing token gambling with real-world financing.

然后，这些资本可以与现有的链上金融协议无缝集成，从而有效地用现实世界的融资取代代币赌博。

Far from being a distant dream, many of the world’s largest financial institutions are actively preparing for a future where tokenization is the norm.

世界上许多最大的金融机构远非一个遥远的梦想，它们正在积极为代币化成为常态的未来做准备。

In less than half a year, BlackRock’s tokenized fund on Ethereum, BUIDL, has surpassed $500 million in AUM, bringing the total value of tokenized government securities on public blockchains to over $1.5 billion.

在不到半年的时间里，贝莱德在以太坊上的代币化基金 BUIDL 的资产管理规模已超过 5 亿美元，使公共区块链上代币化政府证券的总价值超过 15 亿美元。

While this amount is still a small fraction of the value locked in the traditional system, the active participation of the world’s largest asset manager in a public blockchain ecosystem is highly significant.

虽然这一数额仍然只是传统系统中锁定价值的一小部分，但全球最大的资产管理公司积极参与公共区块链生态系统的意义非常重大。

Furthermore, stablecoins have demonstrated the genuine demand for tokenized assets. With over $150 billion of U.S. dollars tokenized on-chain and a monthly transfer volume of $1.4 trillion, stablecoin usage now rivals that of established payments networks like Visa.

此外，稳定币已经证明了对代币化资产的真正需求。凭借超过 1500 亿美元的链上代币化和每月 1.4 万亿美元的转账量，稳定币的使用现在可以与 Visa 等成熟的支付网络相媲美。

While not often considered a tokenized asset, the only distinction between Circle’s USDC and BlackRock’s BUIDL is who collects the yield.

虽然通常不被视为代币化资产，但 Circle 的 USDC 和 BlackRock 的 BUIDL 之间的唯一区别在于谁收取收益。

Stablecoins highlight the fundamental value of tokenization as they enable anyone to transfer dollars to anyone else in the world with just an internet connection. Transactions are settled in under a second and for less than a penny in fees.

稳定币凸显了代币化的基本价值，因为它们使任何人都可以通过互联网连接将美元转移给世界上的任何其他人。交易在一秒内完成，费用不到一分钱。

Anyone in a country with a hyper-inflating currency who has attempted to make a cross-border remittance payment or simply wants to conduct a financial transaction on a weekend or holiday will immediately recognize the advantages of stablecoins.

在货币极度膨胀的国家，任何试图进行跨境汇款或只是想在周末或假期进行金融交易的人都会立即认识到稳定币的优势。

Although DeFi’s token gambling will never fully vanish, it is evident that the underlying infrastructure that presently enables DeFi will come to define the functioning of the world economy.

尽管 DeFi 的代币赌博永远不会完全消失，但很明显，目前支持 DeFi 的底层基础设施将决定世界经济的运作。

The path forward is paved by embracing a simple truth: tokenized assets are a superior method of representing financial assets.

前进的道路是通过接受一个简单的事实铺平的：代币化资产是表示金融资产的优越方法。