探索以太坊不断发展的产量景观，从饲养奖励到屈服稳定剂，以及对Defi的未来意味着什么。

Ethereum, Yield, and the Future: Navigating the Onchain Landscape

以太坊，产量和未来：导航OnChain景观

Ethereum's staking yield is under pressure, but don't count it out! Alternative yield sources built on Ethereum are strengthening the network's long-term value. Let's dive in.

以太坊的积分产量承受着压力，但不要算出来！基于以太坊建立的替代产量来源正在增强网络的长期价值。让我们潜水。

The Shifting Sands of Ethereum Yield

以太坊产量的转移沙子

Fixed income has found a new home on the blockchain, and Ethereum is at the heart of it. Users stake their ETH to secure the network and earn a yield. But with Ethereum staking yields dropping below 3%, questions arise about its competitive edge.

固定收入在区块链上找到了新家，以太坊是它的核心。用户将其ETH存放以确保网络并赚取收益。但是，随着以太坊的积分产量下降到3％以下，有关其竞争优势的问题出现了。

Ethereum Staking Yield: A Closer Look

以太坊的堆放产量：近距离看

Ethereum's staking yield, derived from consensus and execution-layer rewards, has been declining since the Merge in September 2022. The rise in total ETH staked (over 35 million!) has contributed to this decrease. Solo validators, who run their own nodes, earn the full yield, but most users opt for liquid staking protocols like Lido or custodial services, which charge fees that further reduce the yield.

自2022年9月合并以来，以太坊的积累收益率源自共识和执行层奖励。运行自己的节点的独奏验证者可获得全部收益率，但是大多数用户选择了液体饲养协议，例如Lido或Cansodial Services，收取费用以进一步降低收益率。

While Ethereum's yield may be lower than before, it still compares favorably to Solana. Plus, Ethereum's lower inflation rate means stakers face less dilution over time. However, the real challenge comes from alternative yield-bearing protocols.

尽管以太坊的产量可能低于以前，但它仍然与Solana相提并论。另外，以太坊的通货膨胀率较低意味着Stakers随着时间的流逝而面临的稀释率较小。但是，真正的挑战来自替代屈服方案。

Yield-Bearing Stablecoins: A Rising Force

承重稳定的稳定力：一种上升的力量

Yield-bearing stablecoins are gaining popularity, offering dollar-pegged assets with passive income derived from US Treasury bills or synthetic strategies. sUSDe, sUSDS, SyrupUSDC, USDY, and OUSG dominate this market, each with different methods of generating yield.

承担屈服的稳定剂正在越来越受欢迎，提供了以美国国库账单或合成策略衍生的被动收入的美元预资产。 Susde，Susds，Syrupusdc，Usdy和OUSG统治了这个市场，每个市场都采用不同的产生方法。

• sUSDe (Ethena): Uses a synthetic delta-neutral strategy, offering high yields but with elevated risk.
• sUSDS (Reflexer/Sky): Backed by sDAI and RWAs, focusing on decentralization and risk mitigation with a more conservative yield.
• SyrupUSDC (Maple Finance): Routes yield through tokenized Treasurys and MEV strategies, providing returns higher than most centralized alternatives.
• USDY & OUSG (Ondo Finance): Tokenize short-term Treasurys, targeting institutions with regulated, low-risk profiles.

These stablecoins combine the stability of the dollar with yield opportunities, experiencing significant growth and showing no signs of slowing down. The sector has grown by 235% over the past year!

这些稳定的人将美元的稳定性与产量机会相结合，经历了显着的增长，没有放慢脚步的迹象。在过去的一年中，该行业增长了235％！

DeFi Lending: Still an Ethereum Stronghold

Defi贷款：仍然是以太雄性的据点

Decentralized lending platforms like Aave, Compound, and Morpho allow users to earn yield by supplying crypto assets to lending pools. Rates are algorithmically determined based on supply and demand, creating dynamic yields. Many of these platforms are built on Ethereum, further solidifying its position in the DeFi space.

分散的贷款平台（例如AAVE，化合物和Morpho）允许用户通过向贷款池提供加密资产来赚取收益。费率是根据供求来确定算法的，创造了动态收益率。这些平台中的许多是建立在以太坊上的，进一步巩固了其在Defi空间中的位置。

The Future is Bright (and Yieldy)

未来是光明的（和产量）

Ethereum remains the most trusted blockchain among traditional and crypto-native finance players. As DeFi and RWAs gain adoption, they drive up network usage and transaction fees, indirectly reinforcing ETH's long-term value. Ethereum may not be losing the yield battle—it may simply be winning it differently. As evidenced by the 35 million ETH staked in its Proof-of-Stake (PoS) system, which represents 28.3% of the total circulating supply, signaling growing investor confidence and a shift toward long-term holding strategies.

以太坊仍然是传统和加密本地财务参与者中最受信任的区块链。随着Defi和RWA的采用，它们可以提高网络使用和交易费用，这间接增强了ETH的长期价值。以太坊可能不会失去收益斗争，这可能只是在以不同的方式赢得胜利。这是3500万ETH所证明的，其验证证明（POS）系统占循环供应总额的28.3％，信号增长了投资者的信心以及向长期持有策略的转变。

BlackRock recently shifted its portfolio, purchasing over $100 million worth of ETH while reducing its Bitcoin holdings. This move underscores Ethereum’s growing appeal as a yield-generating asset. It's a bullish sign, for sure.

贝莱德（Blackrock）最近改变了其投资组合，购买了价值超过1亿美元的ETH，同时减少了比特币持有量。这一举动强调了以太坊作为产生产生资产的日益吸引力。当然，这是看涨的标志。

Final Thoughts: Keep Calm and Stake On

最终想法：保持冷静和赌注

So, is Ethereum losing the yield battle? Nah, fam. It's evolving. With innovative yield-bearing stablecoins and DeFi lending protocols built on its infrastructure, Ethereum is positioning itself for long-term success. Keep an eye on those yields, and remember, this ain't financial advice. Just a friendly chat about the future of Ethereum. Keep stackin'!

那么，以太坊会失去产量战吗？不，家族。它正在发展。通过创新的承重稳定的稳定性和基础设施基础的Defi贷款方案，以太坊正在为长期成功而定位。请密切关注这些收益率，并记住这不是财务建议。只是关于以太坊的未来的友好聊天。保持stackin'！