金融科技、交易所推动去中心化金融的大规模采用

Morpho Labs 首席执行官 Paul Frambot 认为 DeFi 的大规模采用将通过金融科技公司和中心化交易所实现。与传统金融机构相比，这些实体有更大的动力转向 DeFi 的基础设施。他们拥有分销渠道和采用率，而 DeFi 为他们提供了拥有自己的金融基础设施、增加利润和降低运营成本的机会。通过与 Layer-2 解决方案合作，金融科技公司可以与 Web3 无缝连接，并为其用户提供 DeFi 服务。

Decentralized Finance: Fintech and Exchanges as Catalysts for Mass Adoption

去中心化金融：金融科技和交易所作为大规模采用的催化剂

The path towards widespread adoption of decentralized finance (DeFi) intersects with fintech firms and centralized exchanges. These entities possess a unique blend of incentives and capabilities that position them as a formidable force in the transition to the new financial infrastructure. Paul Frambot, CEO of DeFi lending firm Morpho Labs, presents a compelling case for this disruptive alliance, arguing that it holds more potential for DeFi's growth than traditional finance (TradFi) incumbents.

广泛采用去中心化金融（DeFi）的道路与金融科技公司和中心化交易所交叉。这些实体拥有独特的激励措施和能力，使它们成为向新金融基础设施过渡的强大力量。 DeFi 借贷公司 Morpho Labs 的首席执行官 Paul Frambot 为这一颠覆性联盟提供了令人信服的案例，认为与传统金融 (TradFi) 现有企业相比，它对 DeFi 的增长具有更大的潜力。

Just as the automotive industry encompasses distribution and manufacturing sectors, so too does finance. Fintech companies, such as Revolut and Robinhood, serve as the distribution channels for digital financial services. However, they remain reliant on TradFi as the underlying infrastructure, a dependence that is destined to shift, according to Frambot.

正如汽车行业涵盖分销和制造行业一样，金融业也是如此。 Revolut 和 Robinhood 等金融科技公司充当数字金融服务的分销渠道。然而，Frambot 表示，他们仍然依赖 TradFi 作为底层基础设施，这种依赖注定会改变。

Several key indicators support the thesis that DeFi will scale through a symbiotic relationship between centralized crypto exchanges and fintech firms. Notably, many fintechs and exchanges have taken inspiration from the success of Coinbase's layer-2 blockchain, Base, and are actively pursuing collaborations or building their own layer-2 solutions. Robinhood's partnership with layer-2 blockchain Arbitrum, along with the growing adoption of wallet infrastructure by fintech firms, underscores the industry's readiness to embrace Web3.

几个关键指标支持这样的论点：DeFi 将通过中心化加密货币交易所和金融科技公司之间的共生关系进行扩展。值得注意的是，许多金融科技公司和交易所从 Coinbase 的第 2 层区块链 Base 的成功中获得了灵感，并正在积极寻求合作或构建自己的第 2 层解决方案。 Robinhood 与第 2 层区块链 Arbitrum 的合作，以及金融科技公司越来越多地采用钱包基础设施，凸显了该行业已做好拥抱 Web3 的准备。

"TradFi has very little appetite for migrating to DeFi," Frambot asserts, "primarily because they enjoy an unfair advantage within their existing infrastructure." Nonetheless, fintechs lack their own financial infrastructure, incurring significant fees to TradFi entities. By leveraging layer-2s andimmutable DeFi protocols, fintechs can establish ownership of their infrastructure, boosting profitability, efficiency, and cost optimization.

Frambot 断言：“TradFi 对迁移到 DeFi 的兴趣很小，主要是因为他们在现有基础设施中享有不公平的优势。”尽管如此，金融科技公司缺乏自己的金融基础设施，导致 TradFi 实体产生大量费用。通过利用第 2 层和不可变的 DeFi 协议，金融科技公司可以建立其基础设施的所有权，从而提高盈利能力、效率和成本优化。

Despite the potential for DeFi to revolutionize finance, Frambot expresses frustration with the sector's current focus on crypto-centric applications. "We're merely playing for crypto users who already possess crypto," he says. "The promise of an open financial infrastructure powering all financial services remains distant, and the financial incentives within the crypto realm disincentivize founders from expanding their horizons beyond this niche."

尽管 DeFi 有可能彻底改变金融业，但 Frambot 对该行业目前关注以加密货币为中心的应用程序表示失望。 “我们只是为已经拥有加密货币的加密货币用户玩游戏，”他说。 “为所有金融服务提供支持的开放式金融基础设施的承诺仍然遥远，加密领域内的财务激励措施阻碍了创始人将视野扩展到这个利基市场之外。”

Frambot emphasizes the importance of neutral protocols as a key to DeFi's scalability, akin to the internet's global rails upon which various applications can seamlessly operate. Morpho Labs' own journey, from a successful optimization service leveraging DeFi giants like Aave to a base-level protocol akin to Uniswap, underscores this concept.

Frambot 强调中立协议作为 DeFi 可扩展性的关键的重要性，类似于互联网的全球轨道，各种应用程序可以在其上无缝运行。 Morpho Labs 自己的旅程，从利用 Aave 等 DeFi 巨头的成功优化服务，到类似于 Uniswap 的基础级协议，都强调了这一概念。

According to Frambot, the traditional model of on-chain brokers or funds, such as Aave or Compound, faces inherent scalability limitations due to their mutable nature and reliance on complex risk management decisions. "A one-size-fits-all approach cannot accommodate the diverse compliance requirements globally," he says. "We need un-opinionated core protocols that allow for the creation of tailored financial products that cater to specific use cases."

Frambot 表示，传统的链上经纪商或基金模式（例如 Aave 或 Compound）由于其可变性和对复杂风险管理决策的依赖，面临着固有的可扩展性限制。 “一刀切的方法无法满足全球多样化的合规要求，”他说。 “我们需要不拘一格的核心协议，以便创建适合特定用例的定制金融产品。”

In conclusion, the mass adoption of DeFi is poised to surge through a formidable alliance between fintech firms and centralized exchanges. These entities possess the distribution channels, adoption, and incentives to drive the shift towards decentralized financial infrastructure. Neutral protocols, devoid of opinions or biases, will serve as the foundation upon which a multitude of financial products and applications can flourish. With the realization of this vision, DeFi has the potential to revolutionize finance, making open and accessible financial services a reality for all.

总之，通过金融科技公司和中心化交易所之间的强大联盟，DeFi 的大规模采用有望激增。这些实体拥有推动去中心化金融基础设施转变的分销渠道、采用和激励措施。没有意见或偏见的中立协议将成为众多金融产品和应用程序蓬勃发展的基础。随着这一愿景的实现，DeFi 有可能彻底改变金融业，让开放且可访问的金融服务成为所有人的现实。