{"id":177009,"date":"2025-11-23T15:35:22","date_gmt":"2025-11-23T15:35:22","guid":{"rendered":"https:\/\/ktromedia.com\/?p=177009"},"modified":"2025-11-23T15:35:22","modified_gmt":"2025-11-23T15:35:22","slug":"2025-%e5%b9%b4%e7%ac%ac%e4%b8%89%e5%ad%a3%e5%ba%a6%e6%9d%a0%e6%9d%86%e7%8e%87%e5%88%9b%e5%8e%86%e5%8f%b2%e6%96%b0%e9%ab%98%ef%bc%8c%e4%bb%8d%e6%af%94-2021-2022-%e5%b9%b4%e6%9b%b4%e5%81%a5","status":"publish","type":"post","link":"http:\/\/ktromedia.com\/?p=177009","title":{"rendered":"2025 \u5e74\u7b2c\u4e09\u5b63\u5ea6\u6760\u6746\u7387\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u4ecd\u6bd4 2021 &#8211; 2022 \u5e74\u201c\u66f4\u5065\u5eb7\u201d"},"content":{"rendered":"<div>\n<p><span style=\"font-weight: 400;\">\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u5df2\u6b63\u5f0f\u8d85\u8d8a 2021 \u5e74\u725b\u5e02\u7684\u6760\u6746\u72c2\u70ed\u3002\u6839\u636e Galaxy Digital 2025 \u5e74 11 \u6708\u7684\u4e00\u4efd\u62a5\u544a\uff0c\u52a0\u5bc6\u8d27\u5e01\u62b5\u62bc\u8d37\u6b3e\u603b\u989d\u5728 2025 \u5e74\u7b2c\u4e09\u5b63\u5ea6\u8fbe\u5230\u7834\u7eaa\u5f55\u7684 735.9 \u4ebf\u7f8e\u5143\uff0c\u8d85\u8fc7\u4e86 2021 \u5e74\u7b2c\u56db\u5b63\u5ea6\u521b\u4e0b\u7684 694 \u4ebf\u7f8e\u5143\u7684\u5cf0\u503c\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u5c3d\u7ba1\u5e02\u573a\u7ed3\u6784\u9ad8\u5ea6\u6ce2\u52a8\uff0c\u4f46\u5982\u4eca\u900f\u660e\u7684\u94fe\u4e0a\u534f\u8bae\u6b63\u5728\u4ece\u201c\u57fa\u4e8e\u4fe1\u4efb\u201d\u7684\u4fe1\u8d37\u8f6c\u5411\u201c\u57fa\u4e8e\u4ee3\u7801\u201d\u7684\u62b5\u62bc\u3002<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400;\">\u4e86\u89e3\u66f4\u591a\uff1a <\/span><a href=\"https:\/\/nftplazas.com\/what-is-euler\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">\u4ec0\u4e48\u662f\u6b27\u62c9\uff08EUL\uff09\uff1f\u6a21\u5757\u5316\u5f15\u64ce\u91cd\u5efa DeFi \u501f\u8d37<\/span><\/a><\/p>\n<\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"DeFi_Now_Leads\"\/><b>DeFi \u73b0\u5728\u5904\u4e8e\u9886\u5148\u5730\u4f4d<\/b><span class=\"ez-toc-section-end\"\/><\/h2>\n<p><span style=\"font-weight: 400;\">DeFi \u5df2\u7ecf\u6d88\u8017\u4e86\u501f\u8d37\u5e02\u573a\u3002 Galaxy \u7684\u6570\u636e\u663e\u793a\uff0cDeFi \u534f\u8bae\u76ee\u524d\u63a7\u5236\u7740\u6240\u6709\u52a0\u5bc6\u8d27\u5e01\u501f\u8d37\u6d3b\u52a8\u7684\u7ea6 66.88%\uff0c\u8fd9\u4e0e\u4e0a\u4e00\u4e2a\u5468\u671f\u7684\u4e2d\u5fc3\u5316\u4e3b\u5bfc\u5730\u4f4d\u5f62\u6210\u9c9c\u660e\u5bf9\u6bd4\u3002\u4ec5\u7b2c\u4e09\u5b63\u5ea6\uff0cDeFi \u5e94\u7528\u7684\u672a\u507f\u8d37\u6b3e\u7f8e\u5143\u4ef7\u503c\u5c31\u98d9\u5347 55.7%\uff0c\u8fbe\u5230 410 \u4ebf\u7f8e\u5143\u3002<\/span><\/p>\n<div id=\"attachment_91538\" style=\"width: 1647px\" class=\"wp-caption alignnone\"><img fetchpriority=\"high\" decoding=\"async\" aria-describedby=\"caption-attachment-91538\" class=\"lazyload size-full wp-image-91538\" src=\"https:\/\/ktromedia.com\/wp-content\/uploads\/2025\/11\/2025-\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6760\u6746\u7387\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u4ecd\u6bd4-2021-2022-\u5e74\u66f4\u5065\u5eb7.jpg\" alt=\"DeFi \u73b0\u5728\u5904\u4e8e\u9886\u5148\u5730\u4f4d\" width=\"1637\" height=\"924\"\/><\/p>\n<p id=\"caption-attachment-91538\" class=\"wp-caption-text\">\u7b2c\u4e09\u5b63\u5ea6 DeFi \u7684\u4e3b\u5bfc\u5730\u4f4d\u6709\u6240\u4e0a\u5347\uff0c\u800c CDP Stables \u7684\u7528\u6237\u9700\u6c42\u5374\u5728\u4e0b\u964d\u3002 \u2013 \u6765\u6e90\uff1a\u94f6\u6cb3\u7814\u7a76<\/p>\n<\/div>\n<p><span style=\"font-weight: 400;\">\u6709\u4e24\u79cd\u7279\u5b9a\u884c\u4e3a\u63a8\u52a8\u4e86\u8fd9\u79cd\u94fe\u4e0a\u7206\u70b8\u5f0f\u589e\u957f\u3002\u9996\u5148\uff0c\u4ea4\u6613\u8005\u79ef\u6781\u201c\u5faa\u73af\u201d\u8d44\u4ea7\uff0c\u7279\u522b\u662f\u501f\u7528\u4ee5\u592a\u574a\u6765\u5bf9\u6297 stETH \u7b49\u6d41\u52a8\u6027\u8d28\u62bc\u4ee3\u5e01\uff0c\u4ee5\u63d0\u9ad8\u6536\u76ca\u7387\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u201c\u79ef\u5206\u8015\u79cd\u201d\u626d\u66f2\u4e86\u501f\u8d37\u6fc0\u52b1\u3002\u7528\u6237\u73b0\u5728\u901a\u8fc7\u65b0\u7f51\u7edc\u8d37\u6b3e\u4e0d\u4ec5\u662f\u4e3a\u4e86\u6d41\u52a8\u6027\uff0c\u4e5f\u662f\u4e3a\u4e86\u6709\u8d44\u683c\u83b7\u5f97\u672a\u6765\u7684\u4ee3\u5e01\u7a7a\u6295\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u8be5\u62a5\u544a\u5f3a\u8c03\u4e86 DeFi \u672c\u8eab\u7684\u4e00\u4e2a\u4e3b\u8981\u652f\u70b9\u3002\u7528\u6237\u5df2\u7ecf\u653e\u5f03\u4e86\u50cf MakerDAO \u8fd9\u6837\u7684\u62b5\u62bc\u503a\u52a1\u5934\u5bf8\uff08CDP\uff09\uff0c\u8f6c\u800c\u91c7\u7528\u76f4\u63a5\u501f\u8d37\u6c60\u3002\u501f\u8d37\u5e94\u7528\u7a0b\u5e8f\uff08\u4f8b\u5982 Aave \u548c Morpho\uff09\u76ee\u524d\u5360\u636e\u4e86\u8d85\u8fc7 80% \u7684\u94fe\u4e0a\u501f\u8d37\u91cf\u3002 <\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Centralized_Lenders_Have_Changed\"\/><b>\u96c6\u4e2d\u8d37\u6b3e\u4eba\u5df2\u7ecf\u6539\u53d8<\/b><span class=\"ez-toc-section-end\"\/><\/h2>\n<p><span style=\"font-weight: 400;\">\u5728 DeFi \u98d9\u5347\u7684\u540c\u65f6\uff0c\u4e2d\u5fc3\u5316\u91d1\u878d\uff08CeFi\uff09\u4e5f\u51fa\u73b0\u4e86\u6709\u5e8f\u7684\u590d\u82cf\u3002 CeFi \u8d37\u6b3e\u8d26\u76ee\u5728\u7b2c\u4e09\u5b63\u5ea6\u589e\u957f\u4e86 37%\uff0c\u8fbe\u5230 244 \u4ebf\u7f8e\u5143\u3002\u7136\u800c\uff0c\u4e2d\u5fc3\u5316\u884c\u4e1a\u4ecd\u6bd4 2022 \u5e74\u5cf0\u503c\u4f4e\u7ea6 34%\uff0c\u53cd\u6620\u51fa\u673a\u6784\u91c7\u53d6\u8c28\u614e\u6001\u5ea6\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">CeFi \u683c\u5c40\u5df2\u5f97\u5230\u5927\u529b\u6574\u5408\u3002 Tether\u3001Nexo\u3001Galaxy Digital \u4e09\u5927\u5de8\u5934\u76ee\u524d\u63a7\u5236\u7740\u4e2d\u5fc3\u5316\u5e02\u573a 75% \u7684\u4efd\u989d\u3002\u4ec5 Tether \u4e00\u9879\u5c31\u5360\u4e86\u8be5\u6d3b\u52a8\u7684\u8fd1 60%\u3002<\/span><\/p>\n<div id=\"attachment_91539\" style=\"width: 1651px\" class=\"wp-caption alignnone\"><img decoding=\"async\" aria-describedby=\"caption-attachment-91539\" class=\"size-full wp-image-91539\" src=\"https:\/\/ktromedia.com\/wp-content\/uploads\/2025\/11\/1763912122_381_2025-\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6760\u6746\u7387\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u4ecd\u6bd4-2021-2022-\u5e74\u66f4\u5065\u5eb7.jpg\" alt=\"\u96c6\u4e2d\u8d37\u6b3e\u4eba\u5df2\u7ecf\u6539\u53d8\" width=\"1641\" height=\"927\"\/><img decoding=\"async\" aria-describedby=\"caption-attachment-91539\" class=\"lazyload size-full wp-image-91539\" src=\"https:\/\/ktromedia.com\/wp-content\/uploads\/2025\/11\/1763912122_381_2025-\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6760\u6746\u7387\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u4ecd\u6bd4-2021-2022-\u5e74\u66f4\u5065\u5eb7.jpg\" alt=\"\u96c6\u4e2d\u8d37\u6b3e\u4eba\u5df2\u7ecf\u6539\u53d8\" width=\"1641\" height=\"927\"\/><\/p>\n<p id=\"caption-attachment-91539\" class=\"wp-caption-text\">CeFi \u501f\u8d37\u5e02\u573a\u89c4\u6a21\u5728 2025 \u5e74\u7b2c\u4e09\u5b63\u5ea6\u663e\u7740\u589e\u957f\u3002 \u2013 \u6765\u6e90\uff1aGalaxy Research<\/p>\n<\/div>\n<p><span style=\"font-weight: 400;\">\u6362\u53e5\u8bdd\u8bf4\uff0c\u8fd9\u4e9b\u8d37\u6b3e\u7684\u6027\u8d28\u5df2\u7ecf\u6539\u53d8\u3002\u8be5\u884c\u4e1a\u5df2\u7ecf\u6d88\u9664\u4e86\u65e0\u62b5\u62bc\u3001\u201c\u63e1\u624b\u201d\u7684\u501f\u8d37\u505a\u6cd5\uff0c\u8fd9\u4e9b\u505a\u6cd5\u6ce8\u5b9a\u4e86 BlockFi \u548c Genesis \u7b49\u516c\u53f8\u7684\u5931\u8d25\u3002\u5982\u4eca\u7684\u4e2d\u5fc3\u5316\u8d37\u65b9\u8981\u6c42\u4e25\u683c\u7684\u8d85\u989d\u62b5\u62bc\uff0c\u4e3b\u8981\u63a5\u53d7\u6bd4\u7279\u5e01\u548c\u7a33\u5b9a\u5e01\u3002\u65b0\u51c6\u5219\u6d88\u9664\u4e86\u5f15\u53d12022\u5e74\u8513\u5ef6\u4e8b\u4ef6\u7684\u201c\u9690\u6027\u7834\u4ea7\u201d\u98ce\u9669\u3002\u5982\u679c\u501f\u6b3e\u4eba\u4eca\u5929\u7834\u4ea7\uff0c\u8d37\u65b9\u5c06\u7acb\u5373\u6301\u6709\u8d44\u4ea7\u4ee5\u5f25\u8865\u635f\u5931\u3002<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Volatility_Remains_King\"\/><b>\u4e3a\u4ec0\u4e48\u6ce2\u52a8\u6027\u4ecd\u7136\u662f\u738b\u9053<\/b><span class=\"ez-toc-section-end\"\/><\/h2>\n<p><span style=\"font-weight: 400;\">\u66f4\u5b89\u5168\u7684\u4fe1\u8d37\u7ed3\u6784\u5e76\u4e0d\u7b49\u4e8e\u7a33\u5b9a\u7684\u4ef7\u683c\u73af\u5883\u3002\u94f6\u6cb3\u62a5\u544a\u8be6\u7ec6\u4ecb\u7ecd\u4e86\u81ea\u52a8\u6760\u6746\u5982\u4f55\u9020\u6210\u5267\u70c8\u7684\u3001\u673a\u68b0\u7684\u4ef7\u683c\u8c03\u6574\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">2025 \u5e74 10 \u6708\u4e0a\u65ec\uff0c\u52a0\u5bc6\u8d27\u5e01\u671f\u8d27\u672a\u5e73\u4ed3\u5408\u7ea6 (OI) \u98d9\u5347\u81f3 2200 \u4ebf\u7f8e\u5143\u7684\u5386\u53f2\u65b0\u9ad8\u3002 10\u670810\u65e5\u5e02\u573a\u8fc5\u901f\u56de\u8c03\uff0c\u5f15\u53d1\u5386\u53f2\u4e0a\u6700\u5927\u7684\u6bcf\u65e5\u671f\u8d27\u6e05\u7b97\u4e8b\u4ef6\uff0c24\u5c0f\u65f6\u5185\u5e73\u4ed3\u8d85\u8fc7190\u4ebf\u7f8e\u5143\u3002<\/span><\/p>\n<div id=\"attachment_91540\" style=\"width: 1696px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-91540\" class=\"wp-image-91540 size-full\" src=\"https:\/\/ktromedia.com\/wp-content\/uploads\/2025\/11\/1763912122_498_2025-\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6760\u6746\u7387\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u4ecd\u6bd4-2021-2022-\u5e74\u66f4\u5065\u5eb7.jpg\" alt=\"\u4e3a\u4ec0\u4e48\u6ce2\u52a8\u6027\u4ecd\u7136\u662f\u738b\u9053\" width=\"1686\" height=\"924\"\/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-91540\" class=\"lazyload wp-image-91540 size-full\" src=\"https:\/\/ktromedia.com\/wp-content\/uploads\/2025\/11\/1763912122_498_2025-\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6760\u6746\u7387\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u4ecd\u6bd4-2021-2022-\u5e74\u66f4\u5065\u5eb7.jpg\" alt=\"\u4e3a\u4ec0\u4e48\u6ce2\u52a8\u6027\u4ecd\u7136\u662f\u738b\u9053\" width=\"1686\" height=\"924\"\/><\/p>\n<p id=\"caption-attachment-91540\" class=\"wp-caption-text\">Perps OI \u5728 10 \u6708\u521d\u8fbe\u5230\u9876\u5cf0\uff0c\u4f46\u5728\u5386\u53f2\u6027\u4e8b\u4ef6\u53d1\u751f\u540e\u8fc5\u901f\u4e0b\u964d\u3002 \u2013 \u6765\u6e90\uff1aCoinGlass<\/p>\n<\/div>\n<blockquote>\n<p><span style=\"font-weight: 400;\">\u4e86\u89e3\u66f4\u591a\uff1a <a href=\"https:\/\/nftplazas.com\/a-list-of-the-best-nft-marketplaces-and-platforms\/\" data-wpel-link=\"internal\">2025 \u5e74\u6700\u4f73 NFT \u5e02\u573a\uff1a\u9876\u7ea7\u5e73\u53f0\u56de\u987e<\/a><\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">\u8fd9\u6b21\u5386\u53f2\u6027\u7684\u6e05\u7b97\u4e8b\u4ef6\u662f 2025 \u5e74\u5e02\u573a\u7ed3\u6784\u7684\u5b8c\u7f8e\u6848\u4f8b\u7814\u7a76\u3002\u4e0e 2022 \u5e74\u4e0d\u540c\u7684\u662f\uff0c\u6ca1\u6709\u94f6\u884c\u7834\u4ea7\uff0c\u4e5f\u4e0d\u9700\u8981\u6551\u52a9\u3002\u8be5\u7cfb\u7edf\u5b8c\u5168\u6309\u7167\u8bbe\u8ba1\u8fd0\u884c\uff1a\u4ee3\u7801\u7acb\u5373\u6267\u884c\u6e05\u7b97\u4ee5\u4fdd\u62a4\u534f\u8bae\u507f\u4ed8\u80fd\u529b\u3002\u867d\u7136\u5f53\u524d\u7684\u5e02\u573a\u7ed3\u6784\u53ef\u4ee5\u9632\u6b62\u7cfb\u7edf\u6027\u4fe1\u8d37\u8513\u5ef6\uff0c\u4f46\u5b83\u4fdd\u8bc1\u4e86\u4ef7\u683c\u66b4\u8dcc\u5c06\u662f\u5267\u70c8\u3001\u5feb\u901f\u548c\u65e0\u60c5\u7684\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u603b\u800c\u8a00\u4e4b\uff0c\u52a0\u5bc6\u8d27\u5e01\u501f\u8d37\u683c\u5c40\u73b0\u5728\u5efa\u7acb\u5728\u6bd4 2021 \u5e74\u66f4\u575a\u5b9e\u7684\u57fa\u7840\u4e0a\uff0c\u5df2\u7ecf\u7528\u4ea4\u6613\u5bf9\u624b\u98ce\u9669\u6362\u53d6\u4e86\u6ce2\u52a8\u6027\u98ce\u9669\u3002\u5f53\u94fe\u4e0a\u6570\u636e\u8bc1\u660e\u62b5\u62bc\u54c1\u5b58\u5728\u65f6\uff0c\u6295\u8d44\u8005\u4e0d\u518d\u9700\u8981\u62c5\u5fc3\u8d37\u6b3e\u90e8\u95e8\u662f\u5426\u79d8\u5bc6\u7834\u4ea7\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u5e02\u573a\u6ce2\u52a8\u5f88\u5bb9\u6613\u51fa\u73b0\u5267\u70c8\u7684\u77ed\u671f\u4ef7\u683c\u51b2\u51fb\uff0c\u4f46\u7ed3\u6784\u4ecd\u7136\u5b58\u5728\u3002<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u5df2\u6b63\u5f0f\u8d85\u8d8a 2021 \u5e74\u725b\u5e02\u7684\u6760\u6746\u72c2\u70ed\u3002\u6839\u636e Galaxy Digital 2025 \u5e74 11 \u6708\u7684\u4e00\u4efd\u62a5\u544a\uff0c\u52a0\u5bc6\u8d27\u5e01\u62b5\u62bc\u8d37\u6b3e\u603b\u989d\u5728 2025 \u5e74\u7b2c\u4e09\u5b63\u5ea6\u8fbe\u5230\u7834\u7eaa\u5f55\u7684 735.9 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