{"id":7580,"date":"2021-06-27T12:04:02","date_gmt":"2021-06-27T12:04:02","guid":{"rendered":"http:\/\/43.153.210.228\/\/?p=7580"},"modified":"2021-06-27T12:04:02","modified_gmt":"2021-06-27T12:04:02","slug":"%e9%87%8d%e6%96%b0%e7%90%86%e8%a7%a3-defi%ef%bc%9a%e5%ae%83%e6%98%af%e4%bb%80%e4%b9%88%ef%bc%9f%e4%b8%ba%e4%bd%95%e9%87%8d%e8%a6%81%ef%bc%9f","status":"publish","type":"post","link":"http:\/\/43.153.210.228\/?p=7580","title":{"rendered":"\u91cd\u65b0\u7406\u89e3 DeFi\uff1a\u5b83\u662f\u4ec0\u4e48\uff1f\u4e3a\u4f55\u91cd\u8981\uff1f"},"content":{"rendered":"<p>Sinsotech&nbsp; \u6c34\u624b&nbsp; 2021-06-26 15:03:09&nbsp; \u53d1\u5e03\u5728 \u533a\u5757\u94fe\u793e\u533a 6682&nbsp; 0<br \/>DeFi \u6b63\u5728\u4ee5\u5438\u5f15\u6210\u5343\u4e0a\u4e07\u7684\u5de5\u7a0b\u5e08\u548c\u4f01\u4e1a\u5bb6\u7684\u65b9\u5f0f\u6784\u5efa\u65b0\u7684\u672a\u6765\u3002  <\/p>\n<p>\u5173\u4e8e\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\uff0c\u4e5f\u5373\u300cDeFi\u300d\uff0c\u6709\u5f88\u591a\u7684\u7092\u4f5c\u3001\u8bae\u8bba\u3001\u6000\u7591\u3001\u56f0\u60d1\u548c\u5174\u594b\u4e4b\u5904\u3002DeFi \u662f\u4e00\u4e2a\u7531\u57fa\u4e8e\u533a\u5757\u94fe\u7684\u4ea7\u54c1\u548c\u670d\u52a1\u9a71\u52a8\u7684\u751f\u6001\u7cfb\u7edf\uff0c\u4ee5\u81ea\u7531\u8bbf\u95ee\u3001\u81ea\u6cbb\u548c\u900f\u660e\u7684\u8f6f\u4ef6\u5e94\u7528\u53d6\u4ee3\u4f20\u7edf\u7684\u91d1\u878d\u4e2d\u4ecb\u3002  <\/p>\n<p>\u867d\u7136 DeFi \u8fd8\u5904\u4e8e\u8d77\u6b65\u9636\u6bb5 (\u4ec5\u8bde\u751f\u51e0\u5e74\u65f6\u95f4)\uff0c\u4f46\u5176\u76f8\u5173\u7684\u7ecf\u6d4e\u5df2\u7ecf\u975e\u5e38\u5e9e\u5927\u548c\u91cd\u8981\uff1a\u4f5c\u4e3a DeFi \u540e\u7aef\u57fa\u7840\u8bbe\u65bd\u7684\u4ee5\u592a\u574a\u5728\u4e0a\u4e00\u5b63\u5ea6\u7ed3\u7b97\u4e86\u7ea6 1.5 \u4e07\u4ebf\u7f8e\u5143\u7684\u4ea4\u6613\uff0c\u5360 Visa \u652f\u4ed8\u603b\u91cf\u7684 50%\uff1b\u53bb\u4e2d\u5fc3\u5316\u7684\u8d27\u5e01\u5e02\u573a (\u5982 Compound\u3001Aave \u7b49) \u6bcf\u6708\u53d1\u653e\u4ef7\u503c\u6570\u5341\u4ebf\u7f8e\u5143\u7684\u8d37\u6b3e\uff1b\u4e2a\u4eba\u548c\u4f01\u4e1a\u4f7f\u7528 Uniswap \u534f\u8bae\u7b49\u5e73\u53f0\u7684\u4ea4\u6613\u91cf\u7ea6\u5360\u5230 Coinbase \u7684 30%\u3002  <\/p>\n<p>\u4f46\u9996\u5148\uff0c\u662f\u4ec0\u4e48\u8ba9\u8fd9\u4e00\u5207\u6210\u4e3a\u53ef\u80fd\uff1f  <\/p>\n<p>DeFi \u662f\u4ec0\u4e48\uff1f\u5b83\u6765\u81ea\u54ea\u91cc\uff1f  <\/p>\n<p>DeFi \u5efa\u7acb\u5728\u8fc7\u53bb\u5341\u5e74\u533a\u5757\u94fe\u521b\u65b0\u7684\u4e09\u6ce2\u4e3b\u8981\u6d6a\u6f6e\u4e4b\u4e0a\uff0c\u6bcf\u4e00\u6ce2\u6d6a\u6f6e\u90fd\u4ece (\u4eba\u4eec\u5bf9\u533a\u5757\u94fe) \u6df1\u6df1\u7684\u6000\u7591\u5f00\u59cb\uff0c\u7136\u540e\u53d1\u5c55\u5230\u63a5\u53d7\u548c\u91c7\u7528\u3002  <\/p>\n<p>\u7b2c\u4e00\u6ce2\u6d6a\u6f6e\u662f\u7531\u6bd4\u7279\u5e01(2009 \u5e74\u53d1\u660e) \u5b9a\u4e49\u7684\uff0c\u5b83\u7ed9\u4e86\u6211\u4eec\u5206\u5e03\u5f0f\u8d26\u672c (\u4e5f\u5373\u533a\u5757\u94fe)\uff0c\u65e8\u5728\u4fc3\u8fdb\u975e\u4e3b\u6743\u6570\u5b57\u8d44\u4ea7\u7684\u70b9\u5bf9\u70b9\u8f6c\u79fb\u3002\u7b2c\u4e8c\u6ce2\u662f\u7531\u4ee5\u592a\u574a\u5b9a\u4e49\u7684\uff0c\u5b83\u4e5f\u624e\u6839\u4e8e (\u4e0e\u6bd4\u7279\u5e01) \u76f8\u540c\u7684\u5e95\u5c42\u5206\u5e03\u5f0f\u3001\u6297\u5ba1\u67e5\u7684\u67b6\u6784\uff1a\u7136\u800c\uff0c\u4e0e\u6bd4\u7279\u5e01\u4e0d\u540c\u7684\u662f\uff0c\u4ee5\u592a\u574a\u7684\u672c\u5730\u7f16\u7a0b\u8bed\u8a00(Solidity)\u53ef\u4ee5\u7528\u6765\u521b\u5efa\u4efb\u4f55\u53ef\u4ee5\u60f3\u5230\u7684\u5e94\u7528\u7a0b\u5e8f\uff0c\u8fd9\u8fdb\u800c\u5c06\u4ee5\u592a\u574a\u8f6c\u53d8\u6210\u4e00\u53f0\u5168\u7403\u53ef\u8bbf\u95ee\u7684\u8d85\u7ea7\u8ba1\u7b97\u673a\u3002\u7b2c\u4e09\u6ce2\u662f 2017 \u5e74\u7684\u9996\u6b21\u4ee3\u5e01\u53d1\u884c(1CO)\u70ed\u6f6e\uff0c\u8be5\u6d6a\u6f6e\u4e3a\u4e00\u7cfb\u5217\u9879\u76ee\u63d0\u4f9b\u4e86\u8d44\u91d1\uff0c\u5176\u4e2d\u4e00\u4e9b\u9879\u76ee\u5df2\u7ecf\u5f00\u59cb\u5151\u73b0\u5176\u5173\u4e8e\u521b\u5efa\u4e00\u4e2a\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u751f\u6001\u7cfb\u7edf\u7684\u627f\u8bfa\u3002  <\/p>\n<p>DeFi \u662f\u7b2c\u56db\u6ce2\u6d6a\u6f6e\uff0c\u5b83\u5efa\u7acb\u5728\u4e0a\u8ff0\u8fd9\u4e9b\u521b\u65b0\u7684\u7ed3\u5408\u4e4b\u4e0a\u3002  <\/p>\n<p>\u901a\u8fc7 DeFi\uff0c\u4e16\u754c\u4e0a\u4efb\u4f55\u4eba\u90fd\u53ef\u4ee5\u4f7f\u7528\u6613\u4e8e\u4e0b\u8f7d\u7684\u94b1\u5305\u6765\u501f\u8d37\u3001\u53d1\u9001\u6216\u8005\u4ea4\u6613\u57fa\u4e8e\u533a\u5757\u94fe\u7684\u8d44\u4ea7\uff0c\u800c\u65e0\u9700\u4f7f\u7528\u94f6\u884c\u6216\u8005\u7ecf\u7eaa\u5546\u3002\u5982\u679c\u4ed6\u4eec\u613f\u610f\uff0c\u4ed6\u4eec\u8fd8\u53ef\u4ee5\u63a2\u7d22\u66f4\u5148\u8fdb\u7684 (\u57fa\u4e8e\u533a\u5757\u94fe\u8d44\u4ea7\u7684) \u91d1\u878d\u6d3b\u52a8\uff0c\u6bd4\u5982\u6760\u6746\u4ea4\u6613\u3001\u7ed3\u6784\u6027\u4ea7\u54c1\u3001\u5408\u6210\u8d44\u4ea7\u3001\u4fdd\u9669\u627f\u4fdd\u3001\u505a\u5e02\u7b49\u7b49\uff0c\u540c\u65f6\u59cb\u7ec8\u4fdd\u6301\u5bf9\u81ea\u5df1\u8d44\u4ea7\u7684\u5b8c\u5168\u63a7\u5236\u3002  <\/p>\n<p>DeFi \u534f\u8bae\u9075\u5faa\u4e00\u4e9b\u5173\u952e\u6807\u51c6 (\u7279\u522b\u662f\u65e0\u987b\u8bb8\u53ef\u548c\u900f\u660e\u5ea6)\uff0c\u8fd9\u4e9b\u6807\u51c6\u53cd\u6620\u4e86\u4ee5\u592a\u574a\u7684\u4ef7\u503c\u89c2\u3002\u4ee5\u592a\u574a\u662f\u5f00\u6e90\u7684\u53bb\u4e2d\u5fc3\u5316\u8f6f\u4ef6\u5e73\u53f0\uff0c\u4e3a\u5927\u591a\u6570\u53bb\u4e2d\u5fc3\u5316\u5e94\u7528 (dApps) \u63d0\u4f9b\u57fa\u7840\u8bbe\u65bd\u3002  <\/p>\n<p>\u300c\u65e0\u987b\u8bb8\u53ef\u300d(Permissionless) \u7684\u7279\u6027\u540c\u65f6\u9762\u5411\u7ec8\u7aef\u7528\u6237\u548c\u5f00\u53d1\u8005\uff1aDeFi \u5e94\u7528\u53ef\u4ee5\u670d\u52a1\u4e8e\u4e16\u754c\u4e0a\u4efb\u4f55\u4e00\u4e2a\u6709\u4e92\u8054\u7f51\u8fde\u63a5\u7684\u4eba\uff0c\u65e0\u8bba\u5176\u79cd\u65cf\u3001\u6027\u522b\u3001\u5e74\u9f84\u3001\u8d22\u5bcc\u6216\u653f\u6cbb\u7acb\u573a\u3002\u6b64\u5916\uff0c\u4efb\u4f55\u5f00\u53d1\u4eba\u5458\u90fd\u53ef\u4ee5\u5b89\u5fc3\u5730\u5728\u8fd9\u4e9b\u5e73\u53f0\u4e4b\u4e0a\u8fdb\u884c\u6784\u5efa\uff0c\u56e0\u4e3a\u4ed6\u4eec\u77e5\u9053\u672a\u6765\u6ca1\u6709\u4e2d\u592e\u6743\u5a01\u673a\u6784\u80fd\u591f\u64a4\u9500\u5176\u8bbf\u95ee\u6743\u3002  <\/p>\n<p>\u300c\u900f\u660e\u300d(Transparent) \u662f\u6307 DeFi \u5e73\u53f0\u56fa\u6709\u7684\u53ef\u5ba1\u8ba1\u6027\uff1a\u56e0\u4e3a DeFi \u8f6f\u4ef6\u59cb\u7ec8\u662f\u6e90\u4ee3\u7801\u53ef\u7528\u6216\u5f00\u6e90\u7684\uff0c\u6240\u6709\u5e95\u5c42\u4ee3\u7801\u6c38\u8fdc\u53ef\u7528\u4e8e\u5ba1\u67e5\uff0c\u6240\u6709\u76f8\u5173\u8d44\u91d1\u90fd\u53ef\u8fdb\u884c\u5ba1\u8ba1\u3002\u6240\u6709\u7684\u4ea4\u6613\u90fd\u8bb0\u5f55\u5728\u533a\u5757\u94fe\u4e0a\uff0c\u8fd9\u4f7f\u5f97\u53ef\u4ee5\u65b9\u4fbf\u5730\u5ba1\u67e5\u7279\u5b9a\u7684\u4ea4\u6613\uff0c\u6216\u8005\u6210\u7acb\u4ee5\u6295\u8d44 (\u751a\u81f3\u8c03\u67e5) \u4e3a\u76ee\u7684\u7684\u6570\u636e\u5206\u6790\u4f01\u4e1a\u3002  <\/p>\n<p>DeFi \u7684\u7279\u70b9\u548c\u4f18\u70b9\u662f\u4ec0\u4e48\uff1f  <\/p>\n<p>DeFi \u7684\u4e24\u4e2a\u57fa\u672c\u7279\u6027 &#8212; \u65e0\u987b\u8bb8\u53ef\u548c\u900f\u660e &#8212; \u53ef\u4ee5\u8f6c\u5316\u4e3a\u591a\u4e2a\u5f3a\u5927\u7684\u7528\u4f8b\u3002  <\/p>\n<p>\u964d\u4f4e\u8fdb\u5165\u95e8\u69db\uff0c\u51cf\u5c11\u8f6c\u6362\u6210\u672c\uff0c\u63d0\u4f9b\u53ef\u9009\u62e9\u6027  <\/p>\n<p>\u57fa\u4e8e\u4ee5\u592a\u574a\u7684\u5e94\u7528\u5177\u6709\u65e0\u987b\u8bb8\u53ef\u7684\u5c5e\u6027\uff0c\u8fd9\u4f7f\u5f97\u80fd\u591f\u5bf9\u8fd9\u4e9b\u5e94\u7528\u7684\u4ee3\u7801\u5e93\u8fdb\u884c\u81ea\u7531\u65e0\u7f1d\u5730\u300c\u5206\u53c9\u300d(\u4e5f\u5373\u590d\u5236\u548c\u6539\u7f16)\uff0c\u4ece\u800c\u5c06\u521b\u4e1a\u8005\u7684\u8fdb\u5165\u95e8\u69db\u964d\u81f3\u96f6\u3002\u7ec8\u7aef\u7528\u6237\u662f\u8fd9\u79cd\u521b\u65b0\u73af\u5883\u7684\u4e3b\u8981\u53d7\u76ca\u8005\uff1a\u56e0\u4e3a\u6240\u6709\u5e94\u7528\u5171\u4eab\u76f8\u540c\u7684\u6570\u636e\u5e93 (\u4ee5\u592a\u574a\u533a\u5757\u94fe)\uff0c\u5728\u5e73\u53f0\u4e4b\u95f4\u79fb\u52a8\u8d44\u91d1\u662f\u5f88\u5bb9\u6613\u7684\u3002\u8fd9\u8feb\u4f7f\u9879\u76ee\u5728\u8d39\u7528\u548c\u7528\u6237\u4f53\u9a8c\u65b9\u9762\u5c55\u5f00\u65e0\u60c5\u7684\u7ade\u4e89\u3002  <\/p>\n<p>\u8fd9\u91cc\u7684\u4e00\u4e2a\u76f8\u5173\u4f8b\u5b50\u662f\u300c\u4ea4\u6613\u6240\u805a\u5408\u5668\u300d\u5e94\u7528\u7684\u5d1b\u8d77\uff1a\u901a\u8fc7\u4f7f\u7528\u516c\u5171 APIs\uff0c\u8fd9\u4e9b\u805a\u5408\u5668\u5229\u7528\u591a\u4e2a\u6d41\u52a8\u6027\u573a\u6240\uff0c\u5c06\u8ba2\u5355\u62c6\u5206\u5230\u5404\u4e2a\u5e73\u53f0\uff0c\u4e3a\u7ec8\u7aef\u7528\u6237\u63d0\u4f9b\u5c3d\u53ef\u80fd\u597d\u7684\u5151\u6362\u7387\u3002\u5728\u77ed\u77ed\u51e0\u4e2a\u6708\u7684\u65f6\u95f4\u91cc\uff0c\u8fd9\u4e9b\u805a\u5408\u5546\u52a0\u901f\u4e86DeFi \u8d70\u5411\u6700\u4f18\u4ef7\u683c\u6267\u884c\u7684\u8fdb\u7a0b\uff0c\u800c\u8fd9\u4e00\u6807\u51c6\u5bf9\u4e8e\u4ee5\u524d\u65e9\u671f\u7684\u7535\u5b50\u5316\u4ea4\u6613\u573a\u6240\u800c\u8a00\u9700\u8981\u901a\u8fc7\u6b63\u5f0f\u7684\u76d1\u7ba1\u624d\u80fd\u5b9e\u73b0\u3002  <\/p>\n<p>\u5c06 DeFi \u7684\u7ade\u4e89\u5e02\u573a\u4e0e\u76ee\u524d\u5b58\u5728\u7684\u4e2a\u4eba\u94f6\u884c\u4e1a\u52a1\u8fdb\u884c\u5bf9\u6bd4\uff0c\u540e\u8005\u7684\u5f00\u6237\u548c\u5173\u95ed\u8d26\u6237\u53ef\u80fd\u9700\u8981\u4e09\u5929\u65f6\u95f4\uff1b\u6216\u8005\u5c06 DeFi \u4e0e\u7ecf\u7eaa\u4e1a\u52a1\u8fdb\u884c\u6bd4\u8f83\uff0c\u5728\u4e0d\u540c\u5e73\u53f0\u4e4b\u95f4\u8f6c\u79fb\u8bc1\u5238\u9700\u8981\u957f\u8fbe 6 \u4e2a\u5de5\u4f5c\u65e5\u548c\u591a\u6b21\u901a\u8bdd\u3002\u518d\u52a0\u4e0a\u5176\u4ed6\u7e41\u91cd\u7684\u6761\u6b3e\uff0c\u8fd9\u4e9b\u300c\u8f6c\u6362\u6210\u672c\u300d(switching costs) \u963b\u788d\u4e86\u6d88\u8d39\u8005\u5c06\u4ed6\u4eec\u7684\u4e1a\u52a1\u8f6c\u79fb\u5230\u5176\u4ed6\u5730\u65b9\uff0c\u751a\u81f3\u4f34\u968f\u7740\u52a3\u8d28\u670d\u52a1\u7684\u75db\u82e6\u3002\u5b9e\u9645\u4e0a\uff0c\u5bf9\u4e2a\u4eba\u6d88\u8d39\u8005\u4e0d\u5229\u7684\u662f\uff0c\u4f20\u7edf\u91d1\u878d\u6b63\u671d\u7740\u622a\u7136\u76f8\u53cd\u7684\u65b9\u5411\u53d1\u5c55\uff0c\u81ea1990\u5e74\u4ee5\u6765\uff0c\u94f6\u884c\u6267\u7167\u7684\u6570\u91cf\u4ee5\u6bcf\u5e74 3.6% \u7684\u901f\u5ea6\u4e0b\u964d\uff0c\u9650\u5236\u4e86\u6d88\u8d39\u8005\u7684\u9009\u62e9\u3002  <\/p>\n<p>\u8bb0\u8d26\u900f\u660e\uff0c \u98ce\u9669\u8bc4\u4f30\u4e25\u8c28  <\/p>\n<p>DeFi \u4e2d\u7684\u8d44\u672c\u50a8\u5907\u7684\u53ef\u5ba1\u8ba1\u6027\u610f\u5473\u7740\u80fd\u591f\u5b9e\u73b0\u4e25\u683c\u7684\u98ce\u9669\u8bc4\u4f30\u548c\u98ce\u9669\u7ba1\u7406\u3002\u5bf9\u4e8e\u53bb\u4e2d\u5fc3\u5316\u7684\u8d27\u5e01\u5e02\u573a\u548c\u4fe1\u8d37\u8bbe\u65bd (\u5141\u8bb8\u7528\u6237\u83b7\u53d6\u70b9\u5bf9\u70b9\u7684\u3001\u6709\u62c5\u4fdd\u7684\u8d37\u6b3e)\uff0c\u7528\u6237\u53ef\u4ee5\u5728\u4efb\u4f55\u7ed9\u5b9a\u65f6\u95f4\u68c0\u67e5\u62b5\u62bc\u54c1\u7ec4\u5408\u7684\u8d28\u91cf\u548c\u7cfb\u7edf\u4e2d\u7684\u6760\u6746\u7a0b\u5ea6\u3002  <\/p>\n<p>\u8fd9\u4e0e\u5f53\u524d\u91d1\u878d\u4f53\u7cfb\u7684\u4e0d\u900f\u660e\u6027\u8d28\u5f62\u6210\u4e86\u9c9c\u660e\u5bf9\u6bd4\u3002\u76f4\u5230 2007-2008 \u5e74\u7684\u5168\u7403\u91d1\u878d\u5371\u673a\u4e4b\u540e\uff0c\u5206\u6790\u5e08\u548c\u76d1\u7ba1\u8005\u624d\u5f00\u59cb\u610f\u8bc6\u5230\uff0c\u7f8e\u56fd\u7684\u8d37\u6b3e\u4e0e\u5b58\u6b3e\u7684\u6bd4\u7387\u5df2\u7ecf\u8fbe\u5230 3.5\uff0c\u662f\u7b2c\u4e8c\u9ad8\u6760\u6746\u94f6\u884c\u4f53\u7cfb\u4fc4\u7f57\u65af\u7684\u4e24\u500d\u3002  <\/p>\n<p>\u534f\u8c03\u6fc0\u52b1\u673a\u5236\uff0c\u89e3\u51b3\u59d4\u6258\u4ee3\u7406\u95ee\u9898  <\/p>\n<p>\u4f7f\u7528\u65e0\u9700\u4fe1\u4efb\u7684\u3001\u53ef\u7f16\u7a0b\u7684\u6258\u7ba1\u8d26\u6237 (\u901a\u5e38\u79f0\u4e3a\u300c\u667a\u80fd\u5408\u7ea6\u300d) \u5141\u8bb8 DeFi \u534f\u8bae\u5728\u534f\u8bae\u5c42\u9762\u4e0a\u53d7\u5230\u4fdd\u969c\u3002  <\/p>\n<p>\u4e0e\u4e4b\u76f8\u6bd4\uff0c\u5728\u4f20\u7edf\u91d1\u878d\u4e2d\uff0c\u5f53\u7ba1\u7406\u5c42\u72af\u9519\u8bef\u65f6\uff0c\u80a1\u4e1c\u4f1a\u906d\u9047\u76f4\u63a5\u635f\u5931\u3002\u6700\u8fd1\u5bf9\u51b2\u57fa\u91d1 Archego \u7684\u7834\u4ea7\u5c31\u662f\u6700\u8fd1\u7684\u4e00\u4e2a\u4f8b\u5b50\uff1a\u745e\u58eb\u4fe1\u8d37\u94f6\u884c (Credit Suisse) \u56e0\u4e0e Archegos \u7684\u5f80\u6765\u635f\u5931\u4e86\u7ea6 47 \u4ebf\u7f8e\u5143\uff0c\u7ed9\u8be5\u884c\u7684\u6295\u8d44\u8005\u5e26\u6765\u5927\u91cf\u635f\u5931\uff0c\u867d\u7136\u8be5\u884c\u7684\u51e0\u540d\u9ad8\u7ba1\u79bb\u5f00\u4e86\u8be5\u884c\uff0c\u4f46\u4ed6\u4eec\u4e2a\u4eba\u5e76\u4e0d\u5bf9\u8fd9\u4e9b\u635f\u5931\u8d1f\u8d23\u3002\u800c\u5728 DeFi \u4e2d\uff0c\u76f4\u63a5\u95ee\u8d23\u5236\u5c06\u8f6c\u5316\u4e3a\u66f4\u597d\u7684\u98ce\u9669\u7ba1\u7406\u3002  <\/p>\n<p>\u73b0\u4ee3\u5316\u7684\u57fa\u7840\u8bbe\u65bd\uff0c\u63d0\u5347\u7684\u5e02\u573a\u6548\u7387\u548c\u7a33\u5065\u6027  <\/p>\n<p>\u7406\u60f3\u60c5\u51b5\u4e0b\uff0c\u5728\u4e92\u8054\u7f51\u65f6\u4ee3\uff0c\u8d44\u672c\u5e94\u8be5\u50cf\u4fe1\u606f\u4e00\u6837\u65e0\u7f1d\u6d41\u901a\u3002\u7279\u522b\u662f\uff0c\u7ed3\u7b97\u5e94\u8be5\u662f\u5373\u65f6\u7684\uff0c\u4ea4\u6613\u6210\u672c\u5e94\u8be5\u662f\u6700\u5c0f\u7684\uff0c\u670d\u52a1\u5e94\u8be5\u662f\u5168\u5929\u501924\u5c0f\u65f6\uff0c\u4e00\u54687\u5929\uff0c\u4e00\u5e74365\u5929\u3002\u800c\u6211\u4eec\u7684\u5168\u7403\u91d1\u878d\u4f53\u7cfb\u53ea\u5728\u671d\u4e5d\u665a\u4e94\u7684\u65f6\u95f4 (\u9664\u4e86\u5468\u672b\u548c\u8282\u5047\u65e5) \u5185\u8fd0\u4f5c\uff0c\u8fd9\u662f\u6ca1\u6709\u6548\u7387\u7684\u3002  <\/p>\n<p>\u4eba\u4eec\u5bf9\u73b0\u4ee3\u5316\u7684\u7ed3\u7b97\u57fa\u7840\u8bbe\u65bd\u660e\u663e\u5b58\u5728\u6f5c\u5728\u9700\u6c42\uff0c\u6b63\u5982\u4ee5\u592a\u574a\u4e0a\u5b63\u5ea6\u7ed3\u7b97\u4ea4\u6613\u989d\u4e3a 1.5 \u4e07\u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e 2019 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u7684 310 \u4ebf\u7f8e\u5143\u3002\u6211\u4eec\u6700\u8fd1\u8fd8\u770b\u5230\u4e86\u7531\u4e8e\u7f3a\u4e4f\u5373\u65f6\u7ed3\u7b97\u800c\u53ef\u80fd\u51fa\u73b0\u7684\u5e02\u573a\u6df7\u4e71\uff1a\u7531\u4e8e\u96be\u4ee5\u6ee1\u8db3\u8d44\u672c\u9700\u6c42\uff0c\u7ebf\u4e0a\u5238\u5546 Robinhood \u66fe\u4e00\u5ea6\u88ab\u8feb\u6682\u505c GameStop (GME) \u7684\u8d2d\u4e70\u8ba2\u5355\uff0c\u800c\u8fd9\u79cd\u8d44\u672c\u9700\u6c42\u672c\u8eab\u5c31\u662f T+2 \u7ed3\u7b97\u7684\u526f\u4ea7\u54c1 (T+2 \u7ed3\u7b97\u662f\u4e00\u79cd\u884c\u4e1a\u6807\u51c6\uff0c\u4ea4\u6613\u901a\u5e38\u9700\u8981\u4e24\u5929\u65f6\u95f4\u624d\u80fd\u6e05\u7b97)\u3002  <\/p>\n<p>\u6709\u6548\u7684\u5e02\u573a\u8fd8\u9700\u8981\u7a33\u5065\u7684\u57fa\u7840\u8bbe\u65bd\u3002\u533a\u5757\u94fe\u7684\u5206\u5e03\u5f0f\u7279\u6027\u4f7f\u5176\u5177\u6709\u4e0d\u53ef\u601d\u8bae\u7684\u5f39\u6027\uff1a\u81ea\u4ee5\u592a\u574a\u63a8\u51fa\u4ee5\u6765\u7684 6 \u5e74\u91cc\uff0c\u8be5\u7f51\u7edc (\u4ee5\u53ca\u5efa\u7acb\u5728\u5176\u4e0a\u7684\u5e94\u7528\u7a0b\u5e8f) \u62e5\u6709 100% \u7684\u6b63\u5e38\u8fd0\u884c\u65f6\u95f4\u3002\u4f46\u4e2d\u5fc3\u5316\u7684\u7c7b\u4f3c\u4ea7\u54c1\u5c31\u4e0d\u662f\u8fd9\u6837\u4e86\u3002\u5373\u4f7f\u5728\u4e2d\u5fc3\u5316\u7684\u3001\u65e2\u6709\u7684\u548c \/ \u6216\u88ab\u76d1\u7ba1\u7684\u60c5\u51b5\u4e0b\uff0c\u8fd9\u4e9b\u4e2d\u5fc3\u5316\u5b9e\u4f53 (\u65e0\u8bba\u662f\u4ea4\u6613\u6240\u8fd8\u662f\u652f\u4ed8\u7f51\u7edc) \u4e5f\u53ef\u80fd\u8868\u73b0\u51fa\u4e0d\u53ef\u9760\u6027\uff0c\u5c24\u5176\u662f\u5728\u9ad8\u6ce2\u52a8\u6027\u65f6\u671f\u3002  <\/p>\n<p>\u5168\u7403\u51c6\u5165\uff0c\u7edf\u4e00\u5e02\u573a  <\/p>\n<p>\u4ece\u672c\u8d28\u4e0a\u8bb2\uff0c\u56fd\u9645\u5e02\u573a\u62e5\u6709\u66f4\u5927\u7684\u6d41\u52a8\u6027\u6c60\uff0c\u80fd\u591f\u5927\u5927\u964d\u4f4e\u6240\u6709\u5e02\u573a\u53c2\u4e0e\u8005\u7684\u4ea4\u6613\u6210\u672c\u3002  <\/p>\n<p>\u4eca\u5929\uff0c\u53bb\u4e2d\u5fc3\u5316\u7684\u4ea4\u6613\u6240 (DEXs) \u53ef\u4ee5\u4e3a\u67d0\u4e9b\u8d44\u4ea7\u63d0\u4f9b\u6bd4\u5b64\u5c9b\u5f0f\u7684\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u6216\u670d\u52a1\u63d0\u4f9b\u5546\u66f4\u597d\u7684\u5151\u6362\u7387\u3002\u5728\u80a1\u7968\u5e02\u573a\uff0c\u50cf\u7f8e\u56fd\u5b58\u6258\u51ed\u8bc1 (ADR) \u8fd9\u6837\u7684\u91d1\u878d\u5de5\u5177\u4e3a\u8fdb\u5165\u5916\u6c47\u5e02\u573a\u67b6\u8d77\u4e86\u6865\u6881\uff0c\u4f46\u5374\u7ecf\u5e38\u906d\u53d7\u5de8\u5927\u7684\u6ea2\u4ef7\u548c\u7a00\u8584\u7684\u6d41\u52a8\u6027\u3002  <\/p>\n<p>\u5f53\u5e02\u573a\u5728\u5168\u7403\u8303\u56f4\u5185\u51c6\u5165\u65f6\uff0c\u5b83\u4e5f\u53ef\u4ee5\u5e26\u6765\u66f4\u591a\u7684\u91d1\u878d\u6743\u76ca\u3002\u76ee\u524d\uff0c\u4e00\u4e9b\u53d1\u5c55\u4e2d\u56fd\u5bb6\u5f80\u5f80\u88ab\u6392\u9664\u5728\u91d1\u878d\u670d\u52a1\u4e4b\u5916\uff0c\u539f\u56e0\u662f\u5efa\u7acb\u5f53\u5730\u4e1a\u52a1\u7684\u6210\u672c\u76f8\u5bf9\u4e8e\u9700\u6c42\u8f83\u9ad8\uff0c\u7f3a\u4e4f\u57fa\u7840\u8bbe\u65bd\u7b49\u3002\u4f46\u662f\u53bb\u4e2d\u5fc3\u5316\u7684\u91d1\u878d\u670d\u52a1\u53ef\u4ee5\u4e3a\u8fb9\u7f18\u4eba\u53e3\u670d\u52a1\uff0c\u63d0\u4f9b\u4fdd\u9669\u3001\u56fd\u9645\u652f\u4ed8\u3001\u7f8e\u5143\u8ba1\u4ef7\u7684\u50a8\u84c4\u8d26\u6237\u548c\u4fe1\u8d37\u7b49\u670d\u52a1\u3002  <\/p>\n<p>\u5b9e\u65f6\u6570\u636e  <\/p>\n<p>\u5728\u900f\u660e\u7684\u5171\u4eab\u6570\u636e\u5e93 (\u5373\u533a\u5757\u94fe\u7684\u5206\u5e03\u5f0f\u8d26\u672c) \u4e0a\u6784\u5efa\u91d1\u878d\u670d\u52a1\u7684\u4e00\u4e2a\u597d\u5904\u662f\uff0c\u6240\u6709\u76f8\u5173\u7684\u4ea4\u6613\u6570\u636e\u90fd\u662f\u5b9e\u65f6\u516c\u5f00\u53ef\u7528\u7684\u3002\u4f8b\u5982\uff0c\u5728 Uniswap \u534f\u8bae\u4e2d\uff0c\u6d41\u52a8\u6027\u63d0\u4f9b\u8005 (LPs) \u4ea7\u751f\u7684\u6536\u76ca\u53ef\u4ee5\u6309\u6bcf\u79d2\u7684\u7c92\u5ea6\u8fdb\u884c\u8ddf\u8e2a\u3002\u6295\u8d44\u8005\u53ef\u4ee5\u5229\u7528\u8fd9\u4e9b\u6570\u636e\u6765\u51b3\u5b9a\u5982\u4f55\u5206\u914d\u8d44\u91d1\uff0c\u4ece\u800c\u63d0\u4f9b\u66f4\u6709\u6548\u7684\u4ef7\u683c\u53d1\u73b0\u548c\u8d44\u6e90\u5206\u914d\uff0c\u800c\u76d1\u7ba1\u8005\u53ef\u4ee5\u76d1\u63a7\u5b9e\u65f6\u4ea4\u6613\u6570\u636e\uff0c\u4ee5\u8bc6\u522b\u4e0d\u6cd5\u7528\u6237\u6d3b\u52a8\u3002  <\/p>\n<p>\u8fd9\u4e0e\u4f20\u7edf\u8d44\u672c\u5e02\u573a\u622a\u7136\u4e0d\u540c\u3002\u4f20\u7edf\u8d44\u672c\u5e02\u573a\u5728\u516c\u53f8\u53d1\u5e03\u5b63\u5ea6\u6536\u76ca\u62a5\u544a\u4e4b\u524d\uff0c\u6295\u8d44\u8005\u5b8c\u5168\u88ab\u8499\u5728\u9f13\u91cc\u3002\u79c1\u6709\u5e02\u573a\u7684\u72b6\u51b5\u751a\u81f3\u66f4\u52a0\u7cdf\u7cd5\uff0c\u516c\u53f8\u7ecf\u5e38\u7be1\u6539\u81ea\u5df1\u7684\u8bb0\u8d26\u6307\u6807 (\u5982\u679c\u4ed6\u4eec\u51b3\u5b9a\u53d1\u5e03\u8fd9\u4e9b\u6307\u6807\u7684\u8bdd)\u3002\u5f88\u96be\u60f3\u8c61\u6295\u8d44\u8005\u5728\u9762\u5bf9\u8fc7\u671f\u7684\u6570\u636e\u65f6\u80fd\u505a\u51fa\u7406\u6027\u7684\u51b3\u5b9a\uff01\u76d1\u7ba1\u673a\u6784\u4e5f\u5728\u5f53\u524d\u7684\u4f53\u7cfb\u4e2d\u82e6\u82e6\u6323\u624e\uff0c\u53ef\u80fd\u8981\u7b49\u5f85\u6570\u5e74\u624d\u53d1\u73b0\u4e0d\u5f53\u884c\u4e3a\uff0c\u800c\u7b49\u5230\u53d1\u73b0\u65f6\u5f80\u5f80\u4e3a\u65f6\u5df2\u665a\uff0c\u6bd4\u5982 Greensill Capital \u7684\u7834\u4ea7\u548c Wirecard \u7684\u5047\u8d26\u4e8b\u4ef6\u6b63\u662f\u6700\u8fd1\u7684\u4e24\u4e2a\u6848\u4f8b\u7814\u7a76\u3002  <\/p>\n<p>\u6d88\u9664\u4ea4\u6613\u5bf9\u624b \/ \u4fe1\u7528\u98ce\u9669\uff0c\u964d\u4f4e\u5408\u89c4\u8d39\u7528  <\/p>\n<p>\u57fa\u4e8e\u5b9a\u4e49\uff0cDeFi \u5e73\u53f0\u662f\u300c\u81ea\u6211\u6258\u7ba1\u300d\u7684\uff1a\u7528\u6237\u6c38\u8fdc\u4e0d\u4f1a\u5c06\u4ed6\u4eec\u7684\u8d44\u4ea7\u6258\u7ba1\u7ed9\u67d0\u4e2a\u4e2d\u5fc3\u5316\u7684\u8fd0\u8425\u5546\u3002\u867d\u7136 DeFi \u4e00\u5f00\u59cb\u53ef\u80fd\u4f1a\u8ba9\u4e00\u4e9b\u4eba\u671b\u800c\u751f\u754f\uff0c\u4f46 DeFi \u7684\u81ea\u6211\u6258\u7ba1\u7279\u6027\u6709\u52a9\u4e8e\u6d88\u9664\u5bf9\u624b\u65b9\u548c\u4fe1\u7528\u98ce\u9669\uff0c\u5728\u4f20\u7edf\u91d1\u878d\u4e2d\uff0c\u8fd9\u79cd\u98ce\u9669\u4e0e\u91d1\u878d\u4ea4\u6613\u4e2d\u4e00\u65b9\u8fdd\u7ea6\u6216\u672a\u80fd\u5c65\u884c\u4ea4\u6613\u6216\u8d37\u6b3e\u4e49\u52a1\u6709\u5173\u3002\u5206\u6790\u4eba\u58eb\u4f30\u8ba1\uff0c\u81ea 2011 \u5e74\u4ee5\u6765\uff0c\u901a\u8fc7\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240 (CEXs) \u635f\u5931\u7684\u52a0\u5bc6\u8d27\u5e01\u603b\u4ef7\u503c\u8d85\u8fc7 70 \u4ebf\u7f8e\u5143\uff0c\u539f\u56e0\u53ef\u80fd\u662f\u9ed1\u5ba2\u653b\u51fb\uff0c\u4e5f\u53ef\u80fd\u662f\u8fd0\u8425\u5546\u6545\u610f\u643a\u7528\u6237\u8d44\u91d1\u6f5c\u9003\u7b49\u7b49\u3002DeFi \u662f\u4e00\u79cd\u8303\u5f0f\u8f6c\u53d8\uff0c\u5c06\u300c\u4e0d\u8981\u4f5c\u6076\u300d\u8f6c\u53d8\u4e3a\u300c\u65e0\u6cd5\u4f5c\u6076\u300d\u3002  <\/p>\n<p>\u81ea\u6211\u6258\u7ba1\u5bf9 DeFi \u5e94\u7528\u8fd0\u8425\u5546\u540c\u6837\u6709\u5229\uff0c\u4ed6\u4eec\u53ef\u4ee5\u56de\u907f\u4e0d\u5fc5\u8981\u7684\u8d23\u4efb\u548c\u5408\u89c4\u7ba1\u7406\u8d39\u7528\uff1a\u4f8b\u5982\uff0c\u7f8e\u56fd FinCen (\u91d1\u878d\u72af\u7f6a\u6267\u6cd5\u7f51\u7edc) \u53d1\u5e03\u7684\u52a0\u5bc6\u8d27\u5e01\u6307\u5357\u8981\u6c42\u6258\u7ba1\u7528\u6237\u8d44\u91d1\u7684\u516c\u53f8\u83b7\u5f97\u8d27\u5e01\u8f6c\u8d26\u8bb8\u53ef\u8bc1\uff0c\u8fd9\u901a\u5e38\u662f\u4e00\u4e2a\u8270\u96be\u7684\u8fc7\u7a0b\uff0c\u800c\u90a3\u4e9b\u4e0e\u81ea\u6258\u7ba1\u94b1\u5305\u4e92\u52a8\u7684 DeFi \u5e94\u7528\u53ef\u4ee5\u5728\u6ca1\u6709\u8bb8\u53ef\u8bc1\u7684\u60c5\u51b5\u4e0b\u8fd0\u8425\u3002  <\/p>\n<p>\u83b7\u5f97\u4e3b\u6d41\u91c7\u7528\u7684\u6311\u6218  <\/p>\n<p>\u4e0e\u4efb\u4f55\u4e0d\u65ad\u53d1\u5c55\u7684\u65b0\u6280\u672f\u4e00\u6837\uff0cDeFi \u4e5f\u9762\u4e34\u7740\u6311\u6218\u3002\u8fd9\u548c\u65e9\u671f\u7684\u4e92\u8054\u7f51\u6ca1\u6709\u4ec0\u4e48\u4e0d\u540c\uff0c\u5f53\u65f6\u7684\u7f51\u7edc\u8fde\u63a5\u901f\u5ea6\u6162\uff0c\u786c\u4ef6\u6602\u8d35\uff0c\u5373\u4f7f\u662f\u6700\u806a\u660e\u7684\u521b\u65b0\u8005\u4e5f\u5728\u652f\u6301\u56fe\u7247\u6216\u89c6\u9891\u65b9\u9762\u53d7\u5230\u63a3\u8098\uff0c\u800c\u5982\u4eca\u8fd9\u4e9b\u5df2\u7ecf\u5728\u7ebf\u4e0a\u793e\u4ea4\u6d3b\u52a8\u4e2d\u5e7f\u6cdb\u4f7f\u7528\u3002  <\/p>\n<p>\u53ef\u6269\u5c55\u6027  <\/p>\n<p>DeFi \u7684\u5e95\u5c42\u540e\u7aef\u57fa\u7840\u8bbe\u65bd\u4ee5\u592a\u574a\u5fc5\u987b\u7ee7\u7eed\u6269\u5c55\uff0c\u4ee5\u652f\u6301\u66f4\u9ad8\u7684\u5e26\u5bbd\u9700\u6c42\u3002\u4ee5\u592a\u574a\u6bcf\u5929\u5904\u7406\u7ea6 150 \u4e07\u7b14\u72ec\u7acb\u4ea4\u6613\uff0c\u76ee\u524d\u5df2\u8fbe\u5230\u6700\u5927\u5bb9\u91cf\uff0c\u4ea4\u6613\u8d39\u7528\u4e5f\u56e0\u6b64\u98d9\u5347\u3002  <\/p>\n<p>\u7136\u800c\uff0c\u6269\u5c55\u4e0d\u80fd\u4ee5\u727a\u7272\u5b89\u5168\u6027\u548c\u53bb\u4e2d\u5fc3\u5316\u4e3a\u4ee3\u4ef7\u3002\u7ecf\u8fc7\u591a\u5e74\u7684\u6df1\u5165\u7814\u53d1\uff0c\u591a\u79cd\u53ef\u6269\u5c55\u89e3\u51b3\u65b9\u6848\u5df2\u7ecf\u6216\u5373\u5c06\u4e0a\u7ebf\uff0c\u6709\u671b\u5728\u4fdd\u6301\u5176\u6838\u5fc3\u7279\u6027\u7684\u540c\u65f6\u51cf\u8f7b\u4ee5\u592a\u574a\u7684\u8d1f\u62c5\u3002  <\/p>\n<p>\u9700\u8981\u66f4\u597d\u7684\u7528\u6237\u4f53\u9a8c  <\/p>\n<p>\u5bf9\u4e8e\u666e\u901a\u7528\u6237\u6765\u8bf4\uff0cDeFi \u7684\u5165\u95e8\u4f53\u9a8c\u4ecd\u7136\u662f\u96be\u4ee5\u627f\u53d7\u7684\u3002\u5c06\u6cd5\u5e01 (\u7f8e\u5143\u3001\u6b27\u5143\u3001\u82f1\u9551\u7b49) \u8f6c\u79fb\u5230\u52a0\u5bc6\u7ecf\u6d4e\u7684\u8fc7\u7a0b\u4ecd\u7136\u5145\u6ee1\u6469\u64e6\uff0c\u6cd5\u5e01\u7684\u5165\u573a\u8303\u56f4\u4ecd\u7136\u5c40\u9650\u4e8e\u7279\u5b9a\u7684\u5730\u533a\uff0c\u5904\u7406\u8d39\u7528\u8fc7\u9ad8\u3002  <\/p>\n<p>\u5373\u4f7f\u5728\u6cd5\u5e01\u88ab\u8f6c\u6362\u4e3a\u52a0\u5bc6\u8d44\u4ea7\u4e4b\u540e\uff0c\u8d44\u4ea7\u4fdd\u7ba1\u548c\u94b1\u5305\u7ba1\u7406\u4e5f\u53ef\u80fd\u662f\u4ee4\u4eba\u751f\u754f\u7684\uff1a\u5fc5\u987b\u5b89\u88c5\u4e13\u95e8\u7684\u300c\u94b1\u5305\u300d\u6765\u76f4\u63a5\u4e0e\u4ee5\u592a\u574a\u7f51\u7edc\u4ea4\u4e92\uff0c\u8bb8\u591a\u94b1\u5305\u8981\u6c42\u7528\u6237\u4fdd\u62a4\u9ad8\u5ea6\u654f\u611f\u7684\u5bc6\u7801\u3001\u79c1\u94a5\u548c\u52a9\u8bb0\u8bcd\uff0c\u4e00\u65e6\u9057\u5931\u5c31\u6ca1\u6709\u8ffd\u7d22\u6743\u4e86\u3002  <\/p>\n<p>\u7136\u800c\uff0c\u6211\u4eec\u6709\u7406\u7531\u611f\u5230\u4e50\u89c2\u3002\u8be5\u884c\u4e1a\u6b63\u671d\u7740\u4fdd\u7ba1\u548c\u94b1\u5305\u65b9\u9762\u7684\u6700\u4f73\u8df5\u884c\u65b9\u5411\u53d1\u5c55\uff1a\u4f8b\u5982\uff0c\u300c\u667a\u80fd\u94b1\u5305\u300dArgent \u5b8c\u5168\u907f\u514d\u4e86\u52a9\u8bb0\u8bcd\uff0c\u5e76\u4e3a\u7528\u6237\u63d0\u4f9b\u4e86\u6bcf\u65e5\u652f\u51fa\u9650\u5236\uff0c\u4ee5\u53ca\u63d0\u4f9b\u5728\u8bbe\u5907\u9057\u5931\u65f6\u7684\u65e0\u7f1d\u300c\u793e\u4ea4\u300d\u6062\u590d\u65b9\u5f0f\u3002\u6211\u9884\u8ba1\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\uff0c\u6cd5\u5e01\u5165\u573a\u4e1a\u52a1\u5c06\u53d8\u5f97\u66f4\u5177\u7ade\u4e89\u529b\uff0c\u5176\u8d39\u7528\u3001\u8986\u76d6\u8303\u56f4\u548c\u5904\u7406\u65f6\u95f4\u5c06\u56e0\u6b64\u5f97\u5230\u6539\u5584\u3002  <\/p>\n<p>\u53bb\u4e2d\u5fc3\u5316\u5c5e\u6027  <\/p>\n<p>\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\uff0c\u300c\u79c1\u6709\u94fe\u300d\u662f\u9519\u8bef\u5730\u5bfb\u6c42\u65e9\u671f\u533a\u5757\u94fe\u6d6a\u6f6e\u7684\u4ea7\u7269\uff0c\u7c7b\u4f3c\u5730\uff0c\u4e2d\u5fc3\u5316\u7684\u91d1\u878d\u673a\u6784\u4e5f\u6709\u53ef\u80fd\u501f\u9274 DeFi \u8fd0\u52a8\uff0c\u5e76\u5728\u8fd9\u4e00\u8fc7\u7a0b\u4e2d\u505a\u51fa\u76f8\u5f53\u5927\u7684\u8ba9\u6b65\u3002\u5c3d\u7ba1\u5b83\u4eec\u770b\u8d77\u6765\u4e0e\u4ee5\u592a\u574a\u7b49\u5176\u4ed6\u667a\u80fd\u5408\u7ea6\u533a\u5757\u94fe\u76f8\u540c\uff0c\u4f46\u5176\u4e2d\u4e00\u4e9b\u94fe\u5b9e\u9645\u4e0a\u662f\u4e2d\u5fc3\u5316\u7684\uff0c\u4e13\u6ce8\u4e8e\u4e3a\u7528\u6237\u63d0\u4f9b\u66f4\u9ad8\u7684\u7f51\u7edc\u901f\u5ea6\u548c\u4f4e\u8d39\u7528\uff0c\u4f46\u540c\u65f6\u4e5f\u727a\u7272\u4e86\u65e0\u987b\u8bb8\u53ef\u3001\u4e2d\u7acb\u548c\u4e0d\u53ef\u7be1\u6539\u7684\u533a\u5757\u94fe\u5c5e\u6027\uff0c\u800c\u8fd9\u4e9b\u5c5e\u6027\u662f DeFi \u4ef7\u503c\u4e3b\u5f20\u7684\u6838\u5fc3\u3002\u5c3d\u7ba1\u5728\u6bcf\u4e00\u4e2a\u6280\u672f\u8d8b\u52bf\u4e2d\uff0c\u5fc5\u7136\u4f1a\u6709\u300c\u5f31\u300d\u6280\u672f\u5f62\u5f0f\u4f34\u968f\u7740\u5b83\u4eec\u5f3a\u5927\u7684\u6280\u672f\u5f62\u5f0f\u800c\u51fa\u73b0\uff0c\u4f46\u8fd9\u5e76\u4e0d\u662f\u6240\u8c13\u7684\u5f31\u6280\u672f\u5f62\u5f0f\u7684\u4f8b\u5b50\uff0c\u800c\u662f\u8bef\u5bfc\u6027\u8425\u9500\uff0c\u5c31\u50cf\u62ab\u7740\u65b0\u7f8a\u76ae\u7684\u8001\u72fc\u3002  <\/p>\n<p>\u4e0d\u96be\u60f3\u8c61\uff0c\u4e00\u4e9b\u4f20\u7edf\u7684\u91d1\u878d\u673a\u6784\uff0c\u5982\u5546\u4e1a\u94f6\u884c\u3001\u5927\u578b\u79d1\u6280\u516c\u53f8\uff0c\u4e0d\u53bb\u7814\u7a76\u5982\u4f55\u91c7\u7528\u6216\u6574\u5408 DeFi\uff0c\u800c\u662f\u91c7\u7528\u8bef\u5bfc\u6027\u7684\u6216\u8f83\u5f31\u7684\u7248\u672c\u3002\u867d\u7136\u8fd9\u4e9b\u4ea7\u54c1\u53ef\u80fd\u4f1a\u5e26\u6765\u6548\u7387\u7684\u589e\u91cf\u597d\u5904\uff0c\u4f46\u5b83\u4eec\u65e0\u6cd5\u6ee1\u8db3\u8fd9\u9879\u6280\u672f\u6240\u80fd\u63d0\u4f9b\u7684\u5168\u90e8\u6f5c\u529b\uff1a\u5168\u7403\u6027\u3001\u65e0\u987b\u8bb8\u53ef\u7684\u5168\u7403\u6d41\u52a8\u6027\u51c6\u5165\uff0c\u4ee5\u53ca\u5b8c\u5168\u6d88\u9664\u4ea4\u6613\u5bf9\u624b\u98ce\u9669\u3002  <\/p>\n<p>DeFi \u5df2\u7ecf\u5b58\u5728\uff0c\u5e76\u4e14\u4f1a\u4e00\u76f4\u5b58\u5728\u3002\u4e00\u4e9b\u6000\u7591\u8bba\u8005\u8ba4\u4e3a\u8fd9\u662f\u4e00\u573a\u7406\u60f3\u4e3b\u4e49\u8fd0\u52a8\uff0c\u6ce8\u5b9a\u6c38\u8fdc\u88ab\u7f6e\u4e8e\u4e92\u8054\u7f51\u7684\u9634\u5f71\u4e4b\u4e0b\u3002\u4f46\u7531\u4e8e\u5176\u56f4\u7ed5\u7ed3\u7b97\u6548\u7387\u3001\u98ce\u9669\u7ba1\u7406\u548c\u53ef\u8bbf\u95ee\u6027\u7684\u521b\u65b0\uff0cDeFi \u5f88\u53ef\u80fd\u6210\u4e3a\u91d1\u878d\u57fa\u7840\u8bbe\u65bd\u7684\u6838\u5fc3\u90e8\u5206\uff0c\u4e0d\u4ec5\u5bf9\u4e8e\u52a0\u5bc6\u8d27\u5e01\uff0c\u800c\u4e14\u53ef\u80fd\u662f\u5bf9\u4e8e\u6240\u6709\u5176\u4ed6\u7c7b\u522b\u7684\u5e02\u573a\uff1a\u5728\u4e0d\u4e45\u7684\u5c06\u6765\uff0c\u4eba\u4eec\u5c06\u4f7f\u7528 DeFi \u534f\u8bae\u6765\u51fa\u552e\u95e8\u7968\u3001\u82f9\u679c (Apple) \u80a1\u7968\u3001\u732a\u8089\u671f\u8d27\u3001\u889c\u5b50\u7b49\u7b49\uff0c\u8fd9\u5f88\u53ef\u80fd\u901a\u8fc7\u63d0\u4f9b\u5bf9\u8be5\u57fa\u7840\u8bbe\u65bd\u8bbf\u95ee\u7684\u95e8\u6237 (protals) \u6765\u5b9e\u73b0\uff0c\u4e14\u8fd9\u4e9b\u95e8\u6237\u6709\u7740\u72ec\u7acb\u7684\u76d1\u7ba1\u5236\u5ea6\u548c\u4e1a\u52a1\u6d3b\u52a8\u3002  <\/p>\n<p>DeFi \u4e0d\u4f1a\u50cf\u4e00\u4e9b\u94c1\u6746\u4fe1\u5f92\u53ef\u80fd\u8ba4\u4e3a\u7684\u90a3\u6837\u610f\u5473\u7740\u73b0\u6709\u91d1\u878d\u670d\u52a1\u4e1a\u7684\u7ec8\u7ed3 (\u5c31\u50cf\u4e92\u8054\u7f51\u6ca1\u6709\u5b8c\u5168\u627c\u6740\u5370\u5237\u4e1a\u4e00\u6837)\u3002\u4f46\u662f\uff0c\u5bf9\u4e8e\u4f20\u7edf\u91d1\u878d\u670d\u52a1\u548c\u5176\u5b83\u516c\u53f8\u6765\u8bf4\uff0cDeFi \u7684\u673a\u9047\u5c06\u5728\u4e8e\u5141\u8bb8\u5b83\u4eec\u4e13\u6ce8\u4e8e\u81ea\u5df1\u7684\u6838\u5fc3\u7ed3\u6784\u4f18\u52bf &#8212; \u6258\u7ba1\u4ea7\u54c1\u3001\u5927\u5b97\u7ecf\u7eaa\u4e1a\u52a1\u3001\u6cd5\u5e01\u5165\u573a\u6e20\u9053\u3001\u5ba2\u6237\u670d\u52a1\u7b49\u7b49\uff0c\u540c\u65f6\u76f4\u63a5\u4ece\u53bb\u4e2d\u5fc3\u5316\u534f\u8bae\u4e2d\u83b7\u53d6\u6d41\u52a8\u6027\u548c\u4ea7\u54c1\u3002  <\/p>\n<p>\u65e9\u671f\u7684\u6000\u7591\u8bba\u8005\u66fe\u8868\u793a\uff0c\u6ca1\u6709\u4eba\u4f1a\u4f7f\u7528\u6bd4\u7279\u5e01\u6216\u8ba4\u4e3a\u6bd4\u7279\u5e01\u6709\u4ef7\u503c\uff1b\u4f46\u5728\u77ed\u77ed\u5341\u591a\u5e74\u7684\u65f6\u95f4\u91cc\uff0c\u5b83\u5df2\u6210\u4e3a\u4ef7\u503c 1 \u4e07\u4ebf\u7f8e\u5143\u7684\u8d44\u4ea7\uff0c\u53ef\u4ee5\u4e0e\u9ec4\u91d1\u5ab2\u7f8e\uff0c\u5e76\u88ab\u51e0\u5bb6\u4e0a\u5e02\u516c\u53f8\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u6240\u6301\u6709\u3002\u540c\u6837\uff0c\u6279\u8bc4\u8005\u8ba4\u4e3a\u4ee5\u592a\u574a\u884c\u4e0d\u901a\uff0c\u5b83\u592a\u6162\u3001\u592a\u6602\u8d35\uff1b\u800c\u4eca\u5929\uff0c\u4ee5\u592a\u574a\u652f\u6301\u6570\u5343\u4e2a\u65e0\u987b\u8bb8\u53ef\u7684\u5e94\u7528\u7a0b\u5e8f\uff0c\u5b8c\u6210\u4e86\u4ef7\u503c\u6570\u4e07\u4ebf\u7f8e\u5143\u7684\u4ea4\u6613\uff0c\u4e3a\u4f20\u7edf\u91d1\u878d\u5de8\u5934\u63d0\u4f9b\u4e86\u57fa\u7840\u8bbe\u65bd\uff0c\u5e76\u4e3a\u5c16\u7aef\u5bc6\u7801\u5b66\u7814\u7a76\u505a\u51fa\u4e86\u5de8\u5927\u8d21\u732e\u3002\u5373\u4f7f 1CO \u70ed\u6f6e\u5931\u8d25\u4e86\uff0c\u8bb8\u591a\u4ee3\u5e01\u9500\u552e\u4e5f\u4e3a\u975e\u5e38\u91cd\u8981\u7684\u6280\u672f\u53d1\u5c55\u63d0\u4f9b\u4e86\u8d44\u91d1\uff0c\u5305\u62ec\u53bb\u4e2d\u5fc3\u5316\u5b58\u50a8 (\u8fd9\u662f\u8ba1\u7b97\u9886\u57df\u7684\u957f\u671f\u5723\u676f)\u3001\u7f51\u7edc\u4e92\u64cd\u4f5c\u6027\u3001\u6297\u64cd\u7eb5\u7684\u6570\u636e\u53cd\u9988\u548c\u53bb\u4e2d\u5fc3\u5316\u8ba1\u7b97\u3002<\/p>\n<p><a href=\"http:\/\/43.153.210.228\/\/wp-content\/uploads\/2021\/06\/553blockchainBTCwww.qkl91.com_.jpg\"><img loading=\"lazy\" decoding=\"async\" title=\"\u65f6\u5149\u7d20\u6750-\u9999\u8f66\u7f8e\u5973  (553)blockchainBTC\u6bd4\u7279\u5e01\u533a\u5757\u94fewww.qkl91.com\" style=\"border-top: 0px; border-right: 0px; border-bottom: 0px; border-left: 0px; display: inline\" border=\"0\" alt=\"\u65f6\u5149\u7d20\u6750-\u9999\u8f66\u7f8e\u5973  (553)blockchainBTC\u6bd4\u7279\u5e01\u533a\u5757\u94fewww.qkl91.com\" src=\"http:\/\/43.153.210.228\/\/wp-content\/uploads\/2021\/06\/553blockchainBTCwww.qkl91.com_thumb.jpg\" width=\"393\" height=\"588\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sinsotech&nbsp; \u6c34\u624b&nbsp; 2021-06-26 15:03:09&nbsp; \u53d1\u5e03\u5728  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