这是一个动荡的世界。

今年，我们已经看到股票狂奔，因为黄金已经抽水，加密货币在中间被捕获。

While gold is safe, it is not very hard-working. Unlike cash and treasuries, the yellow metal does not generate income. Now, more than ever, investors need to be able to earn yield on gold — particularly in the decentralized finance (DeFi) sector.

虽然黄金是安全的，但它不是很努力。与现金和国库不同，黄色金属不会产生收入。现在，投资者比以往任何时候都需要能够赚取黄金的收益率，尤其是在分散的财务（DEFI）领域。

The only way to make money from gold is to buy low and sell high. Most investors don’t tend to buy gold like this. That’s for good reason — over the long term, gold’s performance is typically consistent, if not without a few peaks and troughs here and there, as we have recently seen.

从黄金中赚钱的唯一方法是低价购买高价。大多数投资者不会像这样购买黄金。这是有充分理由的 - 从长远来看，黄金的性能通常是一致的，即使不是我们最近看到的那样，如果不是在这里和那里没有几个峰和槽。

For example, after the 2008 financial crisis, the price of gold soared 148% but stagnated for nearly a decade before the COVID-19 pandemic triggered another rally, and it's likely we will see gold hold, if not fall from it's new record high once markets revive. While it remains an excellent hedge, gold’s long-term track record is not a growth story.

例如，在2008年的金融危机之后，黄金的价格飙升了148％，但停滞了近十年，直到19日大流行触发了另一场集会，我们很可能会看到黄金持有，如果不是一旦恢复了新的纪录，我们就会看到黄金持有。尽管它仍然是一个极好的树篱，但Gold的长期往绩并不是一个增长故事。

Investors prefer US Treasurys or high-yield savings accounts as part of a balanced portfolio. While gold may outperform these assets in uncertain times, it offers a better balance of security and predictable income over the long term.

投资者更喜欢美国财政部或高收益储蓄帐户，这是平衡投资组合的一部分。尽管黄金在不确定的时期可能胜过这些资产，但长期来提供了更好的安全和可预测收入的平衡。

This is where DeFi can bring innovation to the world’s oldest asset. DeFi can significantly modernize gold investing, offering the speed and transparency of blockchain-based transactions and the ability to earn returns.

在这里，DeFi可以将创新带入世界上最古老的资产。 DEFI可以显着使黄金投资现代化，提供基于区块链的交易的速度和透明度以及赚取回报的能力。

Currently, though, most tokenized gold is much the same as holding it in an exchange-traded fund (ETF). Stablecoin giants like Tether and Paxos have launched gold-backed tokens, which they say are fully backed by physical, audited gold reserves, yet offer no yield.

但是，目前，大多数代币的黄金与在交易所交易基金（ETF）中持有它大致相同。 Tether和Paxos这样的Stablecoin巨头已经推出了带有金牌的代币，他们说这完全得到了物理，经过审计的黄金储备的支持，但没有产生收益。

Most DeFi investors prefer liquid, tradable assets like cryptocurrencies and stablecoins, which can generate attractive returns. Many would rather, for example, buy Tether’s USDt (USDT) stablecoin and stake it, earning rewards while still maintaining ownership.

大多数Defi投资者都喜欢流动性，可贸易资产（例如加密货币和稳定币），它们可以产生有吸引力的回报。例如，许多人宁愿购买Tether的USDT（USDT）Stablecoin并进行股权，并在保持所有权的同时获得奖励。

Perhaps this is why the market capitalization of gold-backed tokens remains modest. Tether Gold, the world’s most significant gold token, has a market capitalization of just under $835 million, for example, while Paxos Gold sits at around $799 million. Combined, this is equivalent to just 1% of the market cap of USDT.

也许这就是为什么金牌代币的市值仍然适中的原因。例如，世界上最重要的黄金代币Tether Gold的市值不到8.35亿美元，而Paxos Gold的市值为7.99亿美元。结合在一起，这相当于USDT市值的1％。

To unlock gold’s full potential, we need to take tokenization a step further by creating a DeFi ecosystem where tokenized gold is actively put to work — borrowed, lent and integrated into yield-bearing strategies.

为了释放黄金的全部潜力，我们需要通过创建一个积极地投入使用代币的黄金来进一步将令牌化迈出一步 - 借用，借出并融入了承重策略。

One possibility is for companies such as gold miners is to issue tokenized versions of their reserves that can be turned into stablecoins that can then be staked to earn a yield. Leveraging protocols whose liquidity mechanisms enable the trading of stablecoins and real-world asset (RWA) tokens, holders could take advantage of further yield opportunities throughout the DeFi ecosystem.

对于黄金矿工等公司而言，一种可能性是发布其储备的令牌版本，这些版本可以变成稳定的储备金，然后可以将其固定为赚取收益率。利用其流动性机制的协议可以使Stablecoins和现实资产（RWA）代币交易，持有人可以利用整个Fefi生态系统的进一步收益机会。

Beyond the benefits of yield opportunities, blockchain technology means investors in tokenized gold can benefit from the flexibility of 24-hour trading, near real-time price discovery and near-instant settlement without compromising the stability of the asset.

除了收益机会的好处之外，区块链技术意味着，在代币化黄金的投资者可以从24小时交易的灵活性，接近实时价格发现和近乎固定的解决方案中受益，而不会损害资产的稳定性。

It is, perhaps, ironic that — just as governments worldwide are starting to put their stamp of approval on digital finance — gold is becoming a highly desirable commodity again. The public’s interest in it will grow as governments essentially ratify digital finance. At the same time, the appetite for gold in these uncertain times will also increase.

也许具有讽刺意味的是，正如全世界政府开始对数字金融的认可一样，黄金又重新成为一种非常可取的商品。随着政府本质上批准数字融资，公众对它的兴趣将增长。同时，在这些不确定的时期黄金的胃口也将增加。

DeFi could bring these trends together and kickstart a natural evolution in gold ownership that provides a solid bridge between traditional and digital finance. While gold inside traditional markets attracts investors looking for stability, DeFi brings opportunities that don’t compromise that stability, as it presents new and unique yield opportunities.

Defi可以将这些趋势融合在一起，并在黄金所有权中启动自然发展，从而在传统和数字融资之间提供坚实的桥梁。尽管传统市场内的黄金吸引了寻求稳定性的投资者，但Defi带来了不会损害这种稳定性的机会，因为它带来了新的和独特的收益机会。

Gold has captivated humanity for thousands of years. It’s the foundation of myths, the standard of wealth and the ultimate hedge against uncertainty. But in today’s financial world, it needs an upgrade.

黄金吸引了数千年的人类。这是神话的基础，财富的标准和最终反对不确定性的对冲。但是在当今的金融界，它需要升级。

Through integrating gold into the DeFi ecosystem, we could unlock its true potential — not just as a store of value but as an income-generating asset. The world’s oldest safe haven asset is finally on the brink of a digital evolution.

通过将黄金集成到Defi生态系统中，我们可以解开其真正的潜力 - 不仅是一种价值存储，而且作为创收资产。世界上最古老的避风港资产终于处于数字发展的边缘。

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

本文是出于一般信息目的，不打算被视为法律或投资建议。这里表达的观点，思想和观点是作者独自一人，不一定反映或代表Cointelegraph的观点和观点。

Kevin Rusher, founder of RAAC.

RAAC的创始人Kevin Rusher。