Polygon Labs首席执行官Marc Boiron呼吁对Defi协议管理流动性的基本转变

在一次独家采访中，Boiron概述了Polygon对可持续发展的愿景，强调了连锁拥有的流动性和透明的经济模式，这是前进的道路。

Polygon Labs CEO Marc Boiron has called for a fundamental shift in how decentralized finance (DeFi) protocols manage liquidity, labeling the sector’s ongoing liquidity crisis as “self-inflicted.”

Polygon Labs首席执行官Marc Boiron呼吁对分散融资（DEFI）协议如何管理流动性的方式进行根本性转变，并将该行业持续的流动性危机标记为“自我造成的”。

In an exclusive interview with Cointelegraph, Boiron outlined Polygon’s vision for sustainable DeFi, highlighting chain-owned liquidity and transparent economic models as crucial.

在对Cointelegraph的独家采访中，Boiron概述了Polygon对可持续性Defi的愿景，强调了连锁拥有的流动性和透明的经济模型至关重要。

Critiquing DeFi protocols for fueling a cycle of “mercenary capital,” Boiron highlighted the use of annual percentage yields (APYs) through token emissions to attract liquidity.

Boiron批评为加油“雇佣金”循环的DEFI方案强调了每年通过代币排放的年度百分比（APY）来吸引流动性。

“It’s just renting liquidity; it’s not real loyalty,” said Boiron, adding that such strategies lead to fleeting liquidity, which vanishes when yields decrease or token prices falter. This dependence on short-term hype, he argued, hinders the sector’s stability and deters complete institutional adoption.

Boiron说：“这只是租用流动性；这不是真正的忠诚度。”他补充说，这种策略导致短暂的流动性，当收益降低或代币价格降低时，这种流动性消失了。他认为，这种对短期炒作的依赖性阻碍了该部门的稳定性并阻止了完全采用的机构采用。

“We need to break that cycle and start thinking about how to build models where liquidity sticks around for the right reasons,” explained Boiron, suggesting Polygon’s POL token as a blueprint for this approach.

Boiron解释说：“我们需要打破这个周期，并开始考虑如何建立流动性持续下去的模型，” Boiron解释说，建议Polygon的Pol Token作为这种方法的蓝图。

This vision centers on chain-owned liquidity, where protocols build treasuries to directly hold liquidity positions, distinct from lending institutions or decentralized exchanges (DEXs). Unlike token emissions, which Boiron described as having "pros and cons," with the potential for fast liquidity acquisition but also token value dilution, owned liquidity offers substantial capital efficiency and long-term stability.

该愿景集中在链持有的流动性上，该协议建立了国债直接保持流动性职位，这与贷款机构或分散交易所（DEX）不同。与Boiron所说的具有“利弊”的代币排放不同，具有快速流动性的潜力和代币的价值稀释，拥有的流动性具有很大的资本效率和长期稳定性。

The only trade-off in the plan is time, as capturing fees, bond mechanisms, or limited emissions are required to build up a treasury.

计划中唯一的权衡是时间，因为建立财政部需要捕获费用，债券机制或有限的排放。

For traditional finance (TradFi), liquidity stability and predictability are prerequisites for full DeFi adoption.

对于传统金融（TradFI），流动性稳定性和可预测性是完全采用的前提条件。

However, Boiron noted that these solutions are not just for institutions, as they align with broader outlooks on sustainable DeFi.

但是，Boiron指出，这些解决方案不仅适用于机构，因为它们符合对可持续发展的更广泛的看法。

“These are good financial fundamentals that work for any protocol,” he said, adding that suggestions of Polygon’s strategy being too narrow to address DeFi’s broader issues are irrelevant.

他说：“这些是对任何方案都有效的良好财务基本原理，”他补充说，关于多边形战略太狭窄而无法解决Defi更广泛的问题的建议是无关紧要的。

As Polygon pushes for a DeFi reset, Boiron expressed optimism about getting support from frameworks like Europe’s Markets in Crypto-Assets Regulation and evolving U.S. guidance.

随着Polygon推动Defi重置，Boiron对从欧洲市场中获得加密资产管理和不断发展的美国指导的框架的支持表示乐观。

“I think we are 12-18 months away from seeing a lot more institutional involvement in the space,” he predicted.

他预测：“我认为我们距离在该空间中看到更多的机构参与只有12-18个月。”

Looking to 2026, Boiron envisions a more stable DeFi ecosystem with less volatility, stronger community governance, and sophisticated financial products bridging TradFi and real-world assets. He highlighted how POL could reduce reliance on mercenary capital, fostering truer decentralization.

展望2026年，Boiron设想了一个更稳定的Defi生态系统，其波动性较小，社区治理更强大，精致的金融产品架起了Tradfi和Real-World Assets。他强调了POL如何减少对雇佣资本的依赖，从而促进了Truer权力下放。

Boiron added that POL is the foundation for long-term growth, as it helps protocols focus on building better products and keeping users engaged, instead of constantly needing to plug liquidity gaps or dilute tokens to stay afloat.

Boiron补充说，POL是长期增长的基础，因为它有助于协议专注于制造更好的产品并保持用户的参与度，而不是不断地需要填补流动性差距或稀释令牌以保持生存。

“We want to see protocols build great products, not get into a vicious cycle where they are constantly battling to stay alive,” he said.

他说：“我们希望看到协议制造出色的产品，而不是进入一个恶性循环，在那里他们一直在战斗以保持生命。”

Boiron’s core message to DeFi protocols is clear: “Sustainable economics always win in the long run.” While market pressures make it tempting to chase high APYs, he noted that surviving protocols from past cycles, such as MakerDAO (MKR) and Aave (AAVE), demonstrate the value of sustainability.

Boiron对Defi协议的核心信息很明确：“从长远来看，可持续经济学总是赢得胜利。”尽管市场压力使追逐高处的压力很容易，但他指出，从过去的周期（例如Makerdao（MKR）和AAVE）（AAVE）（AAVE）中幸存的协议表明了可持续性的价值。

“More teams are starting to get it,” said Boiron, urging the ecosystem to adopt models that prioritize long-term growth over fleeting buzz.

Boiron说：“越来越多的团队开始得到它。”敦促生态系统采用优先考虑长期增长而不是短暂的嗡嗡声的模型。

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