利率衍生品多链协议 Spectra 的 TVL 飙升 600%

根据 DefiLlama 的数据，集中式收益交易和收益农业协议在 12 月份的锁定总价值 (TVL) 飙升了 600% 以上，在 12 月 30 日达到创纪录的 1.43 亿美元。

Spectra, a decentralized protocol for yield trading and farming, has seen a massive surge in total value locked (TVL) this December, increasing by over 600%. According to DefiLlama, the protocol reached a record high of $143 million on December 30.

Spectra 是一种用于收益交易和农业的去中心化协议，今年 12 月锁定的总价值 (TVL) 大幅飙升，增长了 600% 以上。据 DefiLlama 称，该协议在 12 月 30 日创下了 1.43 亿美元的历史新高。

Spectra initially launched its v1 protocol in Q1 2023 but later retired the project. After remaining largely dormant for over a year, the protocol relaunched with its v2 version in June 2024. Since then, Spectra has seen significant growth and expansion.

Spectra 最初于 2023 年第一季度推出了 v1 协议，但后来退出了该项目。在大致休眠一年多后，该协议于 2024 年 6 月重新推出 v2 版本。从那时起，Spectra 出现了显着的增长和扩展。

The protocol is designed to separate yield from principal assets, tokenize it, and enable users to leverage it for trading or other DeFi activities. Spectra is a multi-chain, EVM-focused protocol for interest rate derivatives.

该协议旨在将收益与主要资产分离，对其进行代币化，并使用户能够利用其进行交易或其他 DeFi 活动。 Spectra 是一个多链、以 EVM 为中心的利率衍生品协议。

Currently, the most popular platform for yield tokenization and trading is Pendle, which boasts a TVL of over $4.4 billion. The success of Pendle has inspired other DeFi projects to facilitate yield operations.

目前，最受欢迎的收益代币化和交易平台是 Pendle，其 TVL 超过 44 亿美元。 Pendle 的成功启发了其他 DeFi 项目促进收益操作。

For instance, users who choose to supply a stablecoin on Aave at an annual percentage yield (APY) of 5% might find that the rate drops to 3% the following day, impacting their anticipated earnings. Spectra allows users to lock in the 5% rate for a specific period, such as six months or one year, using the protocol.

例如，选择在 Aave 上以 5% 的年利率 (APY) 提供稳定币的用户可能会发现，第二天利率会降至 3%，从而影响他们的预期收入。 Spectra 允许用户使用该协议在特定时期（例如六个月或一年）锁定 5% 的利率。

Spectra's protocol primitives are the Yield Token (YT) and Principal Token (PT), which are minted on top of ERC-4626 interest-bearing tokens.

Spectra 的协议原语是收益代币 (YT) 和主体代币 (PT)，它们是在 ERC-4626 有息代币之上铸造的。

For example, aDAI is an interest-bearing token offered by Aave, representing the DAI stablecoin together with all future yields. Spectra splits aDAI into PT-aDAI and YT-aDAI, allowing users to trade the latter.

例如，aDAI 是 Aave 提供的计息代币，代表 DAI 稳定币以及所有未来收益。 Spectra 将 aDAI 拆分为 PT-aDAI 和 YT-aDAI，允许用户交易后者。

Moreover, users can deposit interest-bearing tokens into Spectra pools to earn additional yield.

此外，用户可以将生息代币存入Spectra池中以获得额外收益。

USR currently has the largest portion of deposits, accounting for 58%, followed by WETH with 27%.

USR 目前存款占比最大，占 58%，其次是 WETH，占 27%。

USR is a decentralized USD-pegged stablecoin launched by Resolv, which saw its TVL hit a new record at $326 million. We reported on the stablecoin over two weeks ago when it had a record $77 million in TVL.

USR 是 Resolv 推出的一种去中心化的与美元挂钩的稳定币，其 TVL 创下了 3.26 亿美元的新纪录。两周前我们报道了这款稳定币，当时它的 TVL 达到了创纪录的 7700 万美元。

With USR, WETH, and other tokens, Spectra is largely dominated by Ethereum, which has nearly $106 million in TVL. It is followed by Base, Arbitrum, and Optimism.

与 USR、WETH 和其他代币相比，Spectra 主要由以太坊主导，其 TVL 接近 1.06 亿美元。其次是基础、任意和乐观。

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