在不到一年时间里，去中心化金融（DeFi）的总市值已从不到10亿美元增长至超过100亿美元，锁定在DeFi平台上的用户抵押资产从6月底开始飙升。
In less than a year, the total market value of decentralized finance (DeFi) has grown from less than $1 billion to more than $10 billion, with user mortgage assets locked on the DeFi platform rising sharply since the end of June.
但在9月，许多DeFi资产触达历史最高价，此后迎来大跌，在DeFi市值排行前十的公司中，Aave（LEND）下跌了23.6%，Yearn Finance（YFI）下跌了42.7%，而UMA和Compound（COMP）平均下跌了63%。根据加密货币市场数据公司Sentiment在10月8日发布的报告，DeFi资产的总市值损失四分之一以上，大多数领头Defi项目在过去7天录得两位数亏损。同日，DeFi Pulse指数（DPI）下跌20%。
In September, however, many DeFi assets hit historical highs and have since fallen sharply, with Aave (LEND) falling by 23.6 per cent in the top 10 companies with the market value of DeFi, YFI by 42.7 per cent in Yearn Finance, and UMA and Compound (COMP) by an average of 63 per cent. According to a report released on 8 October by the Encrypted Money Market Data Corporation, DeFi lost more than one quarter of the total market value of its assets, and most of the leading DeFi projects recorded double-digit losses over the past seven days. On the same day, the DeFi Pulse index (DPI) fell by 20 per cent.
在过去三个月里，DeFi市场的用户数量以可观速度增长。根据Dune Analytics数据，DeFi各项目平台的用户总数已接近50万，在过去三个月中增长超过两倍。其中以太坊上最大的去中心化交易所Uniswap是增长的主要动力，它通过智能合约让交易者自动置换资产，用户总数约39万，三个月前约7万，六个月前约4.5万，锁定的数字资产已从8月初的1亿多美元增长至22亿美元，在整个DeFi生态中占比约五分之一。
In the past three months, the number of users in the DeFi market has grown at a remarkable rate. According to Dune Analytics, the total number of users of the DeFi project platforms has been close to half a million, more than double the number of users in the last three months.
今年4月底，全球知名风投机构a16z宣布旗下加密货币基金完成5.15亿美元的募资，用于投资加密资产领域，并将DeFi作为其中一个重点。a16z此前曾有Facebook、Twitter、Skype等成功投资案例，不排斥投资具有颠覆性潜力的新事物。
At the end of April, a16z, a well-known global investment agency, announced the completion of $515 million in encrypted monetary funds to invest in encrypted assets, with DeFi as one of its priorities. A16z had previous successful investment cases, such as Facebook, Twitter, and Skype, and did not exclude new investments with destabilizing potential.
Binance首席执行官赵鹏近日在洛杉矶的区块链峰会上讨论了DeFi，直言DeFi终将取代CeFi，而Binance作为中心化的加密货币交易所很高兴被它“蚕食”。针对DeFi项目良莠不齐的局面，赵鹏指出，这些项目大多数最终都会失败，而且项目模仿者通过提供更高收益的模式竞争不可持续，最终收益率将保持在5%到15%之间，其中一些创新将比传统金融业务选项更有用。他还表示，Binance准备投入1亿美元用于投资DeFi项目。
The Chief Executive Officer of Binance, Zhao Peng, recently discussed DeFi at the block chain summit in Los Angeles, saying that DeFi would eventually replace CeFi, and Binance, a central and encrypted currency exchange, was pleased to be “grazed” by it. In response to the diversity of the DeFi project, Zhao Peng pointed out that most of these projects would ultimately fail and that competition by project copycats through models that provide higher returns would not be sustainable, and that some of these innovations would remain between 5 and 15 per cent more useful than traditional financial business options. He also indicated that Binance was ready to invest $100 million in the DeFi project.
100亿美元的庞氏骗局？
Ten-billion-dollar Ponzi scam?
DeFi市场火热背后，一面是投机驱动，一面是价值驱动，席卷市场的炒作热潮往往来源于前者，当前DeFi的发展轨迹让人回想起2017年加密货币发行热潮的幻灭。
Behind the heat of the DeFi market is one that is driven by speculation and one by value, and the current trajectories of DeFi, which often stem from the former, are reminiscent of the disillusionment of the encryption currency distribution boom of 2017.
如同加密货币领域泡沫一次次破裂，推动者很大程度上是炒币者。记者曾以投资者身份联系到币圈的某知名投资人，其对记者表示：“现在我们和项目方准备拉一个币，预计拉10倍，给投资者是3～5倍的回报率，时间周期大概在一个半月左右，20个以太坊起，最多500以太坊。我们会拉到3倍左右，叫你们抛。细则老规矩，百分之十的管理费。”
As in the case of a burst of bubbles in the crypto-currency sector, the promoter is largely a coin-blower. A journalist who contacted a well-known investor in the currency circle as an investor said to a journalist, “Now we're going to raise a dollar with the project, and we're going to do it 10 times, and we're going to give investors a three-to-five-fold return, about a month-and-a-half, and 20 of them are going to go up to 500. We're going to do it about three times, and we're going to ask you to drop it. The rule is 10 percent of the management fee.”
金融科技公司Two Prime的首席执行官兼联合创始人Marc Fleury表示，被骗的风险的确存在，但DeFi还为投资者提供了在当前疫情与经济危机中赚取收益的机会。“很多人之所以做骗局，也是因为有很多人对DeFi感兴趣，如果在任何项目上加上DeFi一词，炒作者可以骗来很多钱。很多行业仍然专注于炒作竞赛，它们也是庞氏骗局。”
Marc Fleury, Chief Executive Officer and co-founder of Two Prime, the financial technology company, said that there was a real risk of being deceived, but DeFi also offered investors an opportunity to earn money in the current epidemic and economic crisis. “Many people tricked because there was a lot of interest in DeFi, and if the word DeFi was added to any project, the author could get a lot of money.
他认为：“如果底层的实际支撑资产没有任何价值，那么只有当有新人加入时，流动性才会出现，这是庞氏骗局的定义。当支撑资产消失时，它才成为非法的庞氏骗局。但是如果有一个金字塔式的计划，人们参与其中，流动性就是地球上每一种金融工具的本质运作方式，这不一定是一件坏事。”
He said, "If the underlying underlying asset is of no value, then liquidity will occur only when new people join it, which is the definition of a Ponzi scheme. When the underlying asset disappears, it becomes an illegal Ponzi scheme. But if there is a pyramid-type scheme in which people participate, mobility is the essence of every financial instrument on Earth, which is not necessarily a bad thing."
疫情冲击下，全球各大经济体尤其是美国采取量化宽松政策，低利率促使投资者寻求其他方式来获取收益，也在一定程度上增加了人们对DeFi的兴趣。以太坊联合创始人Vitalik Buterin近日发推文表示，与DeFi相比，央行的行动无济于事。
Given the impact of the epidemic, large global economies, especially the United States, have adopted quantitative easing policies, with low interest rates prompting investors to seek alternative ways to reap the benefits, and to some extent to increase interest in DeFi. In recent tweets, Vitalik Buterin, the founder of the Tails coalition, said that the central bank’s actions were less effective than those of DeFi.
面对骗局风险的质疑声，DeFi的主要拥护者并不否认，但他们认为，随着新的投资者进入该领域，尽管存在一些欺诈风险，市场也会随之发展。相比2017年加密货币发行热潮导致众多炒币者巨额亏损，市场在涉及区块链和加密货币相关的投资者教育，以及机构认可度和政府监管方面已日趋成熟。
Faced with the challenge of fraud risk, DeFi’s main supporters do not deny it, but they believe that the market will grow as new investors enter the area, despite some fraud risks. The market is becoming more mature in terms of investor education in relation to block chains and encrypted money, as well as institutional recognition and government regulation, as compared to the huge losses of a large number of snobblers as a result of the boom in encryption in 2017.
“围绕DeFi的嗡嗡声充斥着骗局，因为这个行业有很多非常擅长多层营销并吸引新人将其骗取的人。但同时它的确可以带来收益。”上述金融科技公司创始人表示。
“The buzzing around DeFi is full of scams, because there are many people in the industry who are very good at marketing at multiple levels and attract new people to trick them. At the same time, it does bring benefits.” The founder of the financial technology company said above.
去中心化的元宇宙
目前，加密货币领域一直在争论DeFi是否代表金融的未来。
Currently, there is a debate in the area of cryptographic currency whether DeFi represents the future of finance.
DeFi通常是指基于以太坊数字资产和区块链金融智能合约的去中心化应用程序生态，通俗来讲，就像一系列基于区块链的金融软件，还可以像乐高一样拼凑组合，可以提供人们对资产的完全控制权，消除传统金融中介机构不透明、腐败与高额费用的缺点。就目前的发展现状来说，用户可以在不使用银行等金融机构中介的情况下进行借贷交易，赚取利息，收益率比银行提供的高，诞生以来基本在5%到20%之间。除了借贷，流行的DeFi项目还涉及带代币化的有形资产，如黄金、其他衍生品、保险等。
DeFi usually refers to the ecology of decentralized applications based on the ETA digital asset and block-chain financial intelligence contract, which, like a series of block-based financial software packages, can also be combined like Lego, providing complete control over assets and eliminating the disadvantages of traditional financial intermediaries’ opacity, corruption, and high costs. As far as current development is concerned, users can make lending transactions without using intermediaries such as banks, earning interest, yielding a higher rate than banks, which has been around 5 to 20% since birth. In addition to lending, popular DeFi projects involve money-based tangible assets, such as gold, other derivatives, insurance, etc.
也因为DeFi市值近几个月突飞猛进，作为其底层生态系统的提供者，以太坊的市值在2020年第三季度增长了60%，9月底已从250亿美元增长至405亿美元。前十大DeFi代币的市值则从12亿美元增长至53亿美元。DeFi项目的总市值第三季度已占区块链市场的十分之一以上。
And because the market value of DeFi has soared in recent months, as a provider of the underlying ecosystem, the market value of Taiku grew by 60% in the third quarter of 2020, from $25 billion to $40.5 billion at the end of September. The market value of the top ten DeFi tokens increased from $1.2 billion to $5.3 billion.
以太坊问世于2014年，是2017年加密货币发行热潮的重要平台，如今基于DeFi发展的势头，以太坊已经开始改变对区块链的叙事方式。有业内人士认为，这可能会影响散户和机构投资者的兴趣水平，也可能影响金融科技发展未来的技术考虑。
Given the momentum of DeFi today, it has begun to change the narrative of the block chain. In the view of some, this may affect the level of interest of the diaspora and institutional investors, as well as technological considerations for the future of financial science and technology.
金融是区块链的重要应用场景之一，中国人民大学监管科技与金融科技实验室执行主任、区块链研究院执行院长杨东认为，DeFi能够实现点对点的金融借贷，过去之所以没有实现，是因为资产的可信度核心来源于数据和画像，而这两项没有达到一定的准确度，但在区块链技术上能够实现，尤其是今年以来，数字化加剧，数据、画像的准确度也在不断提高，点对点的融资正在成为趋势，数据上链也正在成为趋势。
Finance is one of the important applications of the block chain. The Executive Director of the Laboratory for the Supervision of Science and Technology and Financial Science of the People's University of China and the Executive Director of the Block Chain Institute, Yang Dong, argued that DeFi had been able to achieve point-to-point financial borrowing, which had not been achieved in the past because the core of the assets'credibility was derived from data and drawings, which had not achieved a certain degree of accuracy, but that the block chain had been technically realized, especially since the current year, with increased digitization, the accuracy of data and graphics, the financing of point-to-points being a trend, and the data chain being a trend.
但今年9月，随着大多数与DeFi相关的代币从高位回落，业内人士已经开始思考去中心化金融的泡沫是否破裂。虽然DeFi在金融产品普惠和民主化方面有所进步，大多数所谓的智能协议现阶段仍然携带风险。
But in September this year, as most of the DeFi-related tokens fell from the top, practitioners began to wonder whether the bubble of decentralized finance had broken. While DeFi has made progress in the inclusion and democratization of financial products, most so-called smart agreements are still at risk at this stage.
未经审计的金融智能合约仍然容易遭到黑客攻击，并且已经出现了不少漏洞利用案例，还有黑客利用快速借贷操作在不同项目之间进行套利，包括bZx、Yam Finance、Bancor等DeFi平台都出现过问题。有遭遇损失的投资者认为，DeFi仍然处于起步阶段，即使它拥有极佳的处理流动性的能力，也极容易陷入泡沫之中。
Unaudited financial intelligence contracts remain vulnerable to hacking, and there have been many cases of exploitation of loopholes, as well as hackers using fast-lending to arbitrage between different projects, including BZx, Yam Finance, Bancor, etc. DeFi platforms have experienced problems. Lost investors argue that DeFi is still in the initial stages, and even with its excellent liquidity management capabilities, it is extremely vulnerable to bubbles.
此外，技术往往比监管先行一步。除了要与传统金融体系竞争，来自政治层面的后续制约也给DeFi带来风险，例如9月24日欧盟拟议的加密货币法规要求加密资产发行人承担一系列义务，以加强对消费者和投资者的保护，这可能会对没有可识别发行人的DeFi项目带来悖论性难题。
Moreover, technology tends to be a step ahead of regulation. In addition to competing with traditional financial systems, follow-up constraints at the political level pose risks to DeFi, for example, by imposing a series of obligations on the issuer of encrypted assets, as proposed by the EU on 24 September, to enhance the protection of consumers and investors, which could create a paradox for the DeFi project, where no issuer can be identified.
在诸多复杂因素交织下，区块链基础设施服务提供商Blockdarmon的CEO直接将DeFi的繁荣比作当年的ICO泡沫。然而另一边，DeFi项目公司DeFiner的CEO反驳认为，现在的市场比ICO繁荣时期更加成熟，“随着资金涌入DeFi领域，下一代金融体系会有更多新的应用程序。我们现在在市场上看到的DeFi狂热正在帮助我们实现改变金钱世界的使命。”
In a combination of complex factors, the CEO of Blockdarmon, a block chain infrastructure service provider, directly compared DeFi’s prosperity to the current ICO bubble. On the other side, however, the CEO of DeFi’s project, DeFiner, argues that the market is now more mature than in the ICO boom, and that “the next generation of financial systems will have more new applications as money flows into the DeFi field. The deFi fanatics we see in the market are helping us achieve our mission to change the world of money.”
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