基本原理 Szn？

虽然叙事和情绪确实在代币的短期价格走势中发挥着巨大作用，但本周期的趋势似乎正在回归基本面。

Short-term price movements for tokens are undoubtedly influenced by narrative and sentiment. However, this cycle’s tides seem to be shifting back to fundamentals.

代币的短期价格走势无疑受到叙事和情绪的影响。然而，本周期的趋势似乎正在回归基本面。

There’s a consensus forming around the fact that the upside for many of the most hyped token drops was already captured long ago when VCs signed their token warrant deals. This building disillusionment, with multiple tokens launching with fully-diluted values (FDVs) above $10B, has been a driving force in the rise of memecoins this cycle. While memecoins may only have value as long as they capture attention, at least they don’t have swaths of tokens squirreled away to be dumped on the market at later dates.

人们已经达成共识，即当风险投资公司签署代币认股权证交易时，许多最受炒作的代币下跌的上行空间早已被捕捉到。随着多种代币的完全稀释价值（FDV）超过 $10B，这种幻灭感不断增强，一直是本周期 memecoin 崛起的驱动力。虽然模因币可能只有在引起关注时才有价值，但至少它们不会储存大量代币以便日后倾销到市场上。

In the past month, older, revenue-generating protocols with most of their tokens already in circulation have also caught a bid. While this may be partially due to the inflow of institutional interest this cycle, there’s value in keeping a close eye on tokens with solid fundamentals, whether they be revenue-generating, have most of their tokens unlocked, or, ideally, have both of those properties.

在过去的一个月里，大部分代币已经流通的较旧的创收协议也受到了竞购。虽然这可能部分是由于本周期机构兴趣的流入，但密切关注具有坚实基本面的代币是有价值的，无论它们是创收的，还是大部分代币都已解锁，或者理想情况下，两者兼而有之特性。

This article will do just that, mapping out protocols and their tokens in all three categories to identify which may attract fundamental-focused investors. This list of 23 tokens is far from exhaustive, but we think there’s still plenty of value below. ?

本文将做到这一点，在所有三个类别中列出协议及其代币，以确定哪些可能吸引关注基本面的投资者。这个包含 23 个代币的列表远非详尽无遗，但我们认为下面仍然有很多价值。 ?

? Revenue-Generating & Mostly Unlocked

? 创收且大部分已解锁

▪️ Lido: The largest liquid staking provider, with 29% of the total market share, Lido Finance has remained a key player in the Ethereum staking ecosystem. Over the past year, it generated $91M in revenue, with 100% of its tokens unlocked, 89% of which are in circulation.

▪️ Lido：最大的流动性质押提供商，占据总市场份额的 29％，Lido Finance 仍然是以太坊质押生态系统的关键参与者。去年，它创造了 9100 万美元的收入，其代币 100% 已解锁，其中 89% 已流通。

While its market share had declined since 2023, when it staked one of every three ETH, its recent launch of the Lido Alliance, an initiative focused on making stETH a cornerstone of restaking, returned it to center stage. Symbiotic, a multi-asset restaking protocol backed by Lido’s founders and part of the Lido Alliance, and Mellow Finance, a stETH-centric restaking service also part of the Lido Alliance, have restored momentum to Lido staking, returning deposits to an uptrend after its peak and subsequent decline from February through May — in turn boosting the protocol’s revenue. Lido earns its keep by charging a 10% fee on staking rewards, which it keeps half. Lido is up 21% over the past week.

尽管自 2023 年以来其市场份额有所下降，当时它质押了三分之一的 ETH，但其最近推出的 Lido Alliance（一项旨在使 stETH 成为重新质押基石的举措）使其重新回到了中心舞台。 Symbiotic 是一种由 Lido 创始人和 Lido 联盟成员支持的多资产再质押协议，而 Mellow Finance 是一家以 stETH 为中心的再质押服务，也是 Lido 联盟的一部分，它们已经恢复了 Lido 质押的势头，使存款恢复到上升趋势。从 2 月到 5 月的峰值和随后的下降——反过来又增加了该协议的收入。 Lido 通过收取 10% 的质押奖励费用来赚取收入，其中一半。 Lido 过去一周上涨了 21%。

▪️ MakerDAO: Established in 2014, MakerDAO, the lending protocol and issuer of decentralized stablecoin DAI, has earned $271M in revenue over the past year, with 92.5% of its supply unlocked and in circulation

▪️ MakerDAO：MakerDAO 成立于 2014 年，是去中心化稳定币 DAI 的借贷协议和发行者，过去一年的收入为 2.71 亿美元，其中 92.5% 的供应量已解锁并处于流通状态

Over the past year, Maker has doubled down on its integration of RWAs, opening vaults for minting DAI against U.S. Treasuries and allocating funds from its treasury to the purchase of U.S. Treasuries and corporate bonds — an investment which has paid off handsomely, generating at times half of its total revenue. Currently, MakerDAO's RWA holdings exceed $2.2B. To expand on this, they have also announced the Spark Tokenization Grand Prix, an open competition to invest $1B in tokenized U.S. Treasury products, for which BlackRock, Securitize, and Ondo have all expressed their interest in participating. This will further increase their revenue, which they generate from borrowing fees, liquidation fees, and, of course, RWA deposits and holdings. Maker is up ~25% over this past week.

在过去的一年里，Maker 加大了对 RWA 的整合力度，开设了金库来铸造 DAI 以对抗美国国债，并将其金库中的资金用于购买美国国债和公司债券——这项投资获得了丰厚的回报，有时会产生收益占其总收入的一半。目前，MakerDAO 的 RWA 持有量超过 $2.2B。为了扩展这一点，他们还宣布了 Spark 代币化大奖赛，这是一项投资 10 亿美元代币化美国国债产品的公开竞赛，贝莱德、Securitize 和 Ondo 都表示有兴趣参加。这将进一步增加他们的收入，这些收入来自借款费用、清算费用，当然还有 RWA 存款和持有量。 Maker 在过去一周上涨了约 25%。

MKR is the most under appreciated token in crypto but will not be for long-

MKR 是加密货币中最被低估的代币，但这种情况不会持续太久——

Captures nearly 40% of all DeFi profits on Ethereum- #3 crypto app in revenue behind ETH, SOL

占据以太坊上近 40% 的 DeFi 利润 - 收入排名第三的加密货币应用程序，仅次于 ETH、SOL

- Largest holdings of RWAs of any protocol, Blackrock et al competing for allocation of portfolio

- 所有协议中最大的 RWA 持有量，Blackrock 等人竞相分配投资组合

- Trades… pic.twitter.com/oJLTCH6Jlx

- 交易… pic.twitter.com/oJLTCH6Jlx

▪️ Aave: Over the past year, Aave, crypto’s largest decentralized lending market, has earned $55M in revenue, with 91% of its tokens unlocked, 93% of which are currently in circulation.

▪️ Aave：在过去的一年里，加密货币最大的去中心化借贷市场 Aave 赚取了 5500 万美元的收入，其 91% 的代币已解锁，其中 93% 目前正在流通。

Beyond having $13.7B in TVL, Aave’s codebase also accounts for 75% of the value in DeFi lending protocols, meaning many other protocols have forked or incorporated its code into their projects. In May, Aave unveiled its plans to launch its v4 within three years, featuring a unified cross-chain liquidity layer powered by Chainlink’s Cross-Chain Interoperability Protocol (CCIP). This will allow borrowers to access instant liquidity across all supported networks, scaling Aave into a fully cross-chain liquidity protocol. Further, it plans to launch the Aave Network chain, which will serve as the hub for the protocol and its GHO stablecoin. Like Maker,

除了拥有 $13.7B 的 TVL 之外，Aave 的代码库还占 DeFi 借贷协议价值的 75%，这意味着许多其他协议已将其代码分叉或合并到他们的项目中。今年 5 月，Aave 公布了在三年内推出 v4 的计划，该版本的特点是由 Chainlink 的跨链互操作性协议（CCIP）提供支持的统一跨链流动性层。这将使借款人能够在所有支持的网络上获得即时流动性，将 Aave 扩展为完全跨链的流动性协议。此外，它还计划推出 Aave Network 链，该链将作为该协议及其 GHO 稳定币的中心。就像创客一样，