以太坊基金会、Morpho 协议和资金管理： DeFi 参与的新时代

探索以太坊基金会向 DeFi 的战略转变，重点关注其对 Morpho 协议的投资，以实现资金管理和可持续生态系统支持。

The Ethereum Foundation (EF) is making waves in the DeFi space, signaling a strategic shift towards decentralized treasury management. Their recent investments in Morpho protocol highlight a commitment to open-source principles and sustainable ecosystem growth.

以太坊基金会（EF）正在 DeFi 领域掀起波澜，标志着向去中心化财务管理的战略转变。他们最近对 Morpho 协议的投资凸显了对开源原则和可持续生态系统增长的承诺。

A New Chapter in Ethereum Foundation Asset Management

以太坊基金会资产管理的新篇章

The Ethereum Foundation's move to allocate a portion of its treasury to DeFi protocols like Morpho marks a significant departure from traditional methods. Facing criticism for past ETH sales, the EF is now exploring avenues to generate passive yield while actively supporting Ethereum's infrastructure.

以太坊基金会将其部分资金分配给 Morpho 等 DeFi 协议的举动标志着与传统方法的重大背离。面对过去 ETH 销售的批评，EF 现在正在探索产生被动收益的途径，同时积极支持以太坊的基础设施。

At the beginning of 2025, the foundation announced its intention to diversify its treasury assets, part of which had traditionally been held in ETH. Previously, the organization had been criticized for regularly selling ether to fund its operations.

2025 年初，该基金会宣布打算实现财务资产多元化，其中部分资产传统上以 ETH 持有。此前，该组织因定期出售以太币为其运营提供资金而受到批评。

Why Morpho?

为什么是闪蝶？

Morpho, a decentralized lending protocol on Ethereum, aligns perfectly with the EF's values of transparency and open-source development. The protocol's focus on peer-to-peer matching and efficient interest rate optimization makes it an attractive platform for institutional players like the EF.

Morpho 是以太坊上的去中心化借贷协议，与 EF 透明和开源开发的价值观完美契合。该协议专注于点对点匹配和高效的利率优化，这使其成为对 EF 等机构参与者有吸引力的平台。

‘Morpho is one of the pioneers of DeFi protocols and a follower of FLOSS principles. Both products — Morpho Vault v2 and Morpho Blue v1 — are distributed under the GPL2.0 license,’ representatives of the Ethereum Foundation noted on X.

Morpho 是 DeFi 协议的先驱之一，也是 FLOSS 原则的追随者。以太坊基金会的代表在 X 上指出，这两种产品——Morpho Vault v2 和 Morpho Blue v1——都是根据 GPL2.0 许可证分发的。

DeFi as Part of the Treasury Strategy

DeFi 作为财政战略的一部分

The EF's engagement with DeFi extends beyond Morpho, with investments in protocols like Compound and Spark. This diversified approach aims to balance capital deployment with ecosystem support, prioritizing audited and permissionless platforms.

EF 与 DeFi 的合作超出了 Morpho 的范围，还投资了诸如 Compound 和 Spark 等协议。这种多元化的方法旨在平衡资本部署与生态系统支持，优先考虑经过审计和无需许可的平台。

The Bigger Picture: Sustainability and Open Participation

更大的图景：可持续性和开放参与

The Ethereum Foundation's foray into DeFi is more than just a financial decision; it's a statement of trust in the Ethereum ecosystem. By actively participating in protocols like Morpho, the EF demonstrates how DeFi can be used for responsible liquidity management and fosters innovation within its own network.

以太坊基金会进军 DeFi 不仅仅是一个财务决策；这是对以太坊生态系统的信任声明。通过积极参与 Morpho 等协议，EF 展示了如何使用 DeFi 进行负责任的流动性管理并促进其网络内的创新。

Morpho and competitors in the DeFi lending market

Morpho 和 DeFi 借贷市场的竞争对手

At the time of publication, the liquidity locked in Morpho Blue v1 is about $4.6 billion, which is comparable to protocols such as Compound, Spark, and previous versions of Aave.

截至发稿时，Morpho Blue v1 锁定的流动性约为 46 亿美元，与 Compound、Spark 和之前版本的 Aave 等协议相当。

Although Morpho’s share is relatively small compared to the overall Ethereum lending market, analysts call it one of the most technologically advanced next-generation protocols.

尽管与整个以太坊借贷市场相比，Morpho 的份额相对较小，但分析师称其为技术最先进的下一代协议之一。

Final Thoughts

最后的想法

The Ethereum Foundation's journey into DeFi with Morpho is a fascinating development. It's not just about managing assets; it's about actively shaping the future of Ethereum. Here's to a future where DeFi and the Ethereum Foundation dance hand-in-hand, building a more open and sustainable ecosystem!

以太坊基金会通过 Morpho 进入 DeFi 的旅程是一个令人着迷的发展。这不仅仅是管理资产；这是关于积极塑造以太坊的未来。未来，DeFi 与以太坊基金会携手共舞，构建更加开放、可持续的生态系统！