DeFi係我哋資金嘅未來，而DeFi協議就係整個DeFi世界嘅血液。咩係你2024年一定要用、或者起碼要密切留意嘅最重要、最具影響力嘅DeFi協議？睇晒呢篇文章，你就會知道。
去中心化金融（DeFi）產業近年增長得好快，已經由一個細小嘅利基市場，發展成為數百億美元嘅強大力量。呢種爆炸式增長唔只係曇花一現，而係預示緊我哋貨幣系統運作模式重大轉變。
打造呢個大轉變嘅正正就係去中心化金融基礎設施（DeFi）協議。佢哋成功顛覆咗傳統——設計出無需許可、公開透明、兼容性極高嘅金融交易模式。區塊鏈技術正正希望帶嚟嘅都係咁。
DeFi最終目標係打破地域和中介限制，降低交易成本，令全球更多人都用到創新金融產品同服務。
根據DeFi Pulse數據，2023年DeFi協議鎖倉總值（TVL）已經突破一千億美元，行業增長速度同用戶對去中心化平台嘅信心都可見一斑。
推動生態系統急速發展嘅，係一系列挑戰傳統金融規範嘅新型協議。當中包括借貸、交易、挖礦、收益農場同保險等多元化去中心化服務。
當然，呢個行業都有負面一面——DeFi技術專業又層次多，連有經驗投資者都可以被誤導。
喺DeFi生態入面協議多到眼花繚亂，即使最忠心嘅投資者同比特幣愛好者都可能無從入手。每個協議都有自己優劣同獨特玩法。
對新手嚟講，咁多選擇其實幾壓力。但要識得點樣行新金融世界之路，你一定要知道邊啲係行業龍頭。
DeFi結構剖析
DeFi協議運作複雜，而且喺一個更大嘅金融生態系統內部，所以要真正明白佢哋影響力，先要搞清楚DeFi協議本質。
咩係DeFi協議？
DeFi協議其實係一種建立喺區塊鏈技術上、仿效傳統金融服務並加以創新嘅去中心化應用程式（dApp）。協議運作方式係用智能合約（講明條件、程式自動執行），實現自動化、透明同毋須信任嘅交易。
DeFi協議點樣運作？
本質上，DeFi協議切斷咗中介角色，主打對等用戶間直接交易。智能合約就係協助用戶直接喺區塊鏈互動；只要合約條件達到，就會自動執行預設行為。冇人手介入，大家跟住同一套規則運作，大大減低舞弊或人為出錯嘅風險。
好似去中心化借貸系統，用戶可以將Bitcoin存落智能合約，然之後互相借貸，利率通常由供求以算法自動計算。
因為加密貨幣市值波動大，要借錢就必須提供抵押，抵押品價值通常都會高過貸款本金。
DeFi協議類型
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借貸協議：例如Aave、Compound、Venus，讓用戶出借資產賺息或用抵押品借錢。令信貸更民主化，條件比傳統銀行更吸引。
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去中心化交易所（DEX）：如Uniswap、Curve Finance，讓用戶直接用錢包交易加密貨幣。用自動做市商（AMM）提升流動性，取消傳統訂單簿同中介。
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挖礦同質押平台：收益農場即係借出或質押加密貨幣換取獎勵——多數係新平台token。Pendle、Lido等都創造咗更多數字資產回報模式。
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治理協議：平台容許用戶參與決策，持有token就可以對協議修改、收費架構等重要事項投票，例如MakerDAO同Compound。
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保險協議：如Nexus Mutual，補償智能合約失效或者DeFi生態內其他風險。
智能合約嘅角色
智能合約係DeFi協議骨幹。佢哋唔可更改、極透明，即係話一經部署就唔可以再改code，而且任何人都可以審查。高透明度俾用戶信心，減少對中心化權威依賴。
十大最具影響力DeFi協議
MakerDAO
由Rune Christensen喺2015年創立，MakerDAO係目前去中心化金融（DeFi）行業嘅先驅。
佢推出咗DAI——全球首批用美元錨定、以比特幣資產抵押嘅去中心化穩定幣之一。
基於以太坊網絡運作，MakerDAO用戶可以用ETH等資產鎖進智能合約（即Maker Vault），鑄造DAI。系統會用智能合約自動管理抵押率，確保DAI穩定同時維持與美元掛鉤。
DAI到2024年10月市值約53億美元，體現咗其喺DeFi生態圈強大接受度。治理token MKR市值約10億美元，MKR持有人可就重要議題如風險限制、可用抵押品種類、手續費等進行投票，保持平台去中心化精神。
MakerDAO創造咗去中心化穩定幣，令DeFi生態多咗穩定貨幣選擇，方便大家喺波動市場中進行交易。佢嘅治理結構就好似區塊鏈系統去中心化決策過程嘅典範。
MakerDAO大大促進咗金融民主化，任何人都可以用加密資產創造流動性，實踐DeFi推崇嘅核心理念。
Uniswap
Uniswap由Hayden Adams於2018年推岀，成功用自動做市商（AMM）模式徹底改變去中心化交易所（DEX）玩法。
構建喺以太坊區塊鏈上，Uniswap容許用戶直駁錢包兌換ERC-20代幣，完全毋須中介或傳統訂單簿——而係透過恆定乘積公式（x y = k）同流動池，令交易全自動、無需審批，促進自由順暢的Token兌換。
截至2024年10月，Uniswap治理Token UNI市值超過54億美元，每日平台平均交易量經常過十億美元。
流動性提供者可獲交易費分成，推高平台整體流動性同市場效率。
Uniswap打破門檻、降低限制，令更多人可以自由參與Token買賣，顯著提升咗整個DeFi生態偏的流動性。AMM模式已成為後來DEX發展藍本，其開創性Token上架流程更為新項目增加曝光機會，推動行業持續創新。
Aave
Aave原名ETHLend，由Stani Kulechov喺2017年創辦，2018年改名反映新路線。
Aave喺芬蘭文意思係「幽靈」，突出公開透明特點。主要運作喺以太坊，亦延伸至Polygon等區塊鏈網絡，主打分散式借貸，提供多款加密資產借貸。
原生治理Token AAVE，截至2024年10月市值約23億美元；協議總鎖倉價值（TVL）經常超過100億美元。
Aave引入過往冇見過嘅創新，例如閃電貸——即係一個以太坊交易內未償還嘅無抵押貸款。用戶即使冇資金都可以實現套利同複雜策略。
除此之外，用戶可以彈性選擇浮動或固定利率，靈活管理借貸成本。用戶存入平台可獲與資產掛鉤、帶息aToken。
Aave治理架構容許AAVE持有人參與協議參數同平台升級決策。
Aave極大推動咗DeFi借貸發展，提高資本效率，提供全新金融產品。憑其創新功能同用戶友好介面，吸引大量機構及零售用戶，成為去中心化金融普及關鍵。
Lido
Lido於2020年12月成立，由Jordan Fish、Vasiliy Shapovalov等創業團隊針對權益證明（PoS）區塊鏈上嘅質押問題提出方案。
Lido支持Ethereum、Solana等網絡，提供流動質押服務，用戶可以質押資產同時獲得流動性，經持有stToken反映質押資產。
截至2024年10月，Lido治理Token LDO市值超過10億美元，協議上質押資產總額超過100億美元。Lido令用戶可以收取質押獎勵之餘，資產唔會被鎖死，提升咗DeFi生態質押便利性。
Lido去中心化節點運營機制，進一步保障底層區塊鏈安全去中心。LDO持有人可參與…
governance of the system, therefore impacting choices on node operator choice and fee rates.
系統嘅治理，從而影響節點營運商選擇同收費率嘅決定。
Other DeFi systems can also make use of the st Tokens produced by Lido, therefore generating more yield chances and encouraging ecosystem interoperability.
其他DeFi系統都可以用Lido發行嘅st Token，帶來更多收益機會，並推動生態互通性。
Lido has fundamentally changed the DeFi scene by releasing the liquidity of staked assets, therefore allowing users to optimize their holdings' value and engage more actively in distributed finance events.
Lido從根本上改變咗DeFi生態，解放咗質押資產嘅流動性，令用戶可以優化手上資產嘅價值，更活躍參與去中心化金融活動。
Compound
Robert Leshner and Geoffrey Hayes launched Compound in 2017 as a DeFi technology enabling distributed lending and borrowing of cryptocurrency.
Robert Leshner同Geoffrey Hayes喺2017年創立咗Compound，係一個促成加密貨幣去中心化借貸嘅DeFi技術。
Compound, which runs on the Ethereum blockchain, uses algorithmically calculated interest rates based on real-time asset supply and demand.
Compound運行喺以太坊區塊鏈上，用演算法根據實時資產供求計算利率。
The governance token COMP has a market valuation of roughly $404 million as of October 2024; the TVL of the system regularly exceeds $5 billion.
治理代幣COMP截至2024年10月市值大約4.04億美元；而系統總鎖倉價值（TVL）經常超過50億美元。
Users of the platform get cTokens reflecting their investment when they provide assets, which over time build interest. Providing collateral allows borrowers to access money; the platform guarantees over-collateralization to help to reduce risks.
用戶供應資產時會收到代表投資額嘅cToken，呢啲cToken會隨時間賺取利息。借款人提供抵押品可以借錢，而平台要求過度抵押以降低風險。
By giving COMP tokens to consumers who either supply or borrow assets, compound popularized the idea of liquidity mining by motivating involvement and thereby improving the liquidity of the protocol. The governance structure lets COMP holders suggest and vote on protocol modifications, therefore promoting a community-driven method of development.
Compound透過俾COMP代幣做獎勵，畀提供同借用資產嘅人參與，令流動性挖礦概念普及化，加強協議流動性。而治理架構則俾COMP持有人建議同投票決定協議修改，推動社區主導發展。
Compound has helped the DeFi lending market develop and mature by streamlining the earning interest on cryptocurrency assets process and offering a safe borrowing platform. Its developments have affected many other procedures, so confirming its importance in the ecology.
Compound簡化咗加密資產賺息流程，提供安全借貸平台，推動DeFi借貸市場成熟。佢嘅創新影響咗好多其他協議，證明咗佢喺生態入面嘅重要地位。
Curve Finance
Michael Egorov launched Curve Finance in 2020; it is a distributed exchange focused in effective stablecoin trading.
Michael Egorov喺2020年創立咗Curve Finance，係一個專注穩定幣高效兌換嘅去中心化交易平台。
Operating on the Ethereum blockchain and supporting networks like Polygon, Curve swaps assets of similar value, such stablecoins or wrapped tokens using a special AMM technique tuned for low slippage and cheap costs.
Curve運行喺以太坊同Polygon等區塊鏈上，用一套專為低滑點和低成本而設計嘅AMM機制，交換價值接近嘅資產，例如穩定幣或者包裝代幣。
As of October 2024, Curve's governance token, CRV, has a market valuation of about $331 million; the TVL of the platform sometimes exceeds $10 billion. Trading fees and CRV token awards let liquidity providers motivate themselves to deliver assets to the liquidity pools of the platform.
截至2024年10月，Curve嘅治理代幣CRV約有3.31億美元市值；而平台TVL有時超過100億美元。提供流動性者可以收取交易費及CRV獎勵，從而激勵更多人投入資產落流動性池。
StableSwap algorithm of the protocol makes high-efficiency swaps between stablecoins and pegged assets possible, so it is an essential part for stablecoin liquidity in the DeFi market.
協議用嘅StableSwap算法令穩定幣同掛鈎資產之間高效率兌換成為可能，係DeFi市場穩定幣流動性重要一環。
Curve's governance model's time-weighted voting approach supports long-term stakeholders, therefore matching incentives with the continuous success of the protocol.
Curve嘅治理採用時間加權投票法，支持長期持有者，將激勵同協議長遠發展掛鈎。
Curve has become crucial infrastructure in distributed finance since it offers a consistent and quick platform for steady asset trading. Its interaction with other DeFi protocols guarantees general efficiency and interoperability, therefore confirming its part in the ecosystem.
Curve為穩定資產交易提供穩定快捷嘅平台，成為去中心化金融嘅基礎設施。佢同其他DeFi協議互通，確保高效同互操作性，鞏固咗生態中嘅地位。
dYdX
Antonio Juliano started dYdX in 2017; it is a distributed exchange with sophisticated trading tools including margin and perpetual contract trading using up to 25x leverage.
Antonio Juliano喺2017年創立咗dYdX，一個提供進階交易功能（例如孖展及最高25倍槓桿永續合約）嘅去中心化交易所。
Working on the Ethereum blockchain, dYdX uses Layer 2 scaling techniques—more especially, Zero-Knowledge Rollups from StarkWare—to improve transaction speed and lower costs.
dYdX運行喺以太坊區塊鏈，利用Layer 2擴容技術，特別係StarkWare嘅Zero-Knowledge Rollups，加快交易速度並減低成本。
The DYDX governance token has a market valuation as of October 2023 of $624 million.
截至2023年10月，DYDX治理代幣市值約為6.24億美元。
dYdX draws both seasoned traders and newbies looking for complex financial instruments by delivering sophisticated trading capabilities usually available in centralized exchanges to the dispersed world.
dYdX提供一般只有中心化交易所先有嘅複雜交易功能，吸引資深交易員同尋找進階工具新手參與去中心化世界。
Layer 2 implementation of the platform solves scalability problems, therefore allowing low-cost transactions and high throughput. DYDX token holders engage in governance, therefore impacting choices about token economics, features, and protocol characteristics.
平台嘅Layer 2實現解決咗擴容問題，支援低成本同高效率交易。DYDX代幣持有人可以參與治理，影響代幣經濟、功能同協議特性等決定。
The way dYdX expands the possibilities of distributed exchanges outside basic token swaps helps DeFi. Offering a strong platform for derivatives trading, it has drawn more liquidity and involvement in the DeFi ecosystem, hence bridging the distance between conventional finance and distributed platforms.
dYdX唔只得基本代幣兌換，擴展咗去中心化交易所嘅可能性，為DeFi生態帶嚟大量衍生品流動性同參與度，打破傳統金融同去中心化平台嘅界限。
Nexus Mutual
Hugh Karp launched Nexus Mutual in 2019 as a distributed insurance platform offering protection against smart contract failures and other DeFi risk sources. Operating on the Ethereum blockchain, Nexus Mutual uses a risk-sharing pool whereby members provide money used to reimburse claims.
Hugh Karp喺2019年創立Nexus Mutual，係一個去中心化保險平台，為智能合約失效同其他DeFi風險提供保障。Nexus Mutual運行於以太坊，以風險分擔池運作，成員集資用嚟賠償索償。
With a market value of maybe $205 million as of October 2024, Nexus Mutual's token, NXM having paid claims on various well-known events, the platform has been crucial in reducing DeFi participation risks and building user confidence in distributed systems.
Nexus Mutual代幣NXM截至2024年10月市值約2.05億美元。平台已為多宗知名事件賠償，對降低DeFi參與風險及建立用戶信心發揮咗好重要作用。
To join the mutual, members go through a Know Your Customer (KYC) verifying process. They evaluate claims and decide on payouts, therefore promoting a community-driven method of risk control. Nexus Mutual removes one of the main obstacles to entrance in DeFi—security issues by offering a distributed substitute for traditional insurance.
加入互助會要經過KYC認證。成員評估索償並決定賠償，實踐社區自治風險管理。Nexus Mutual以去中心化形式取代傳統保險，解決咗DeFi參與障礙之一——安全問題。
DeFi technologies have been more widely embraced in response to Nexus Mutual's safety net service. It is quite important for the resilience of the environment since it reduces hazards and offers a guarantee against any losses.
多得Nexus Mutual提供安全網，DeFi技術被更廣泛接納，降低潛在損失同風險，為整個生態賦予彈性。
Pendle
Launched in 2021 by TN Lee and his team, Pendle is a DeFi system aimed at tokenizing future yield, thereby empowering users over their yield management practices.
TN Lee及其團隊喺2021年推出Pendle，呢個DeFi系統主打「未來收益代幣化」，令用戶更有主導權管理收益。
Pendle allows users of Ethereum and Arbitrum to segregate yield-bearing assets into main and yield components, therefore enabling separate trading of each.
Pendle俾以太坊同Arbitrum用戶將收益型資產分拆主體及收益部分，可以分開交易。
Pendle's token, indicating its rising impact in the DeFi arena, has a market capitalization of roughly $656 million as of October 2024.
Pendle代幣喺2024年10月市值約為6.56億美元，體現其在DeFi領域影響力不斷提升。
Pendle presents fixed-income methods to distributed finance—a concept common in conventional finance but very new to DeFi—by allowing the trade of future yield.
Pendle為DeFi引入傳統金融常見嘅固定收益產品概念，例如讓用戶買賣未來收益。
Pendle's AMM is tailored especially for yield tokens, so enabling effective price discovery and liquidity. Locking in future yields or speculating on yield rates lets users be flexible and have chances for diversification.
Pendle AMM專為收益類代幣設計，提升價格發現及流動性。用戶可以鎖定未來回報或投機收益率，靈活分散資產。
Pendle increases the spectrum of financial instruments accessible to consumers by closing the distance between conventional fixed-income products and DeFi, hence strengthening the maturity and depth of the DeFi sector.
Pendle打通傳統固定收益產品同DeFi之間隔膜，豐富可用金融工具，深化同成熟咗整個DeFi市場。
Venus Protocol
Designed by the team behind Swipe Wallet—including Joselito Lizarondo—Venus is a DeFi lending and borrowing tool run on the Binance Smart Chain (BSC). Venus provides easily available DeFi services to a larger user base by using BSC's reduced fees and faster transaction rates than Ethereum.
Venus由Swipe Wallet團隊（包括Joselito Lizarondo）設計，係BSC（幣安智能鏈）上嘅DeFi借貸協議。利用BSC低手續費同快交易，令DeFi服務更易大規模普及。
Venus's governance token, XVS, has a market capitalization of about $125 million as of October 2024; the TVL of the protocol sometimes exceeds $3 billion. Venus lets users create VAI, a distributed stablecoin linked to the US dollar and supply and borrow a range of cryptocurrencies.
2024年10月，Venus治理代幣XVS市值大約1.25億美元，協議TVL有時達至30億美元。用戶可以透過Venus鑄造VAI（美元掛鉤去中心化穩定幣），同時借貸多款加密貨幣。
Users of the protocol pay interest on borrowed assets and earn interest on provided assets, therefore acting as a money market system. Maintaining a dispersed approach, Venus's governance model lets XVS token holders affect protocol settings and development decisions.
用戶借錢需付利息，供應資產可以賺利息，基本就係一個貨幣市場系統。協議治理由XVS持有人參與，維持去中心化決策。
Venus has been instrumental in extending the reach of distributed finance outside the Ethereum ecosystem by including DeFi lending and stablecoin features into BSC. DeFi services' inclusiveness and scalability are enhanced by its easy-to-use interface and connection with BSC's vast user base, therefore complementing the more general aim of democratizing banking.
Venus係以太坊以外令DeFi借貸同穩定幣服務拓展到BSC嘅關鍵推手。易用介面配合BSC龐大用戶群體，加強DeFi普及度同可擴展性，實踐金融民主化。
Final Thoughts
The financial systems are at a crossroads as a result of the fast rise of DeFi protocols. Along with shaking up the financial industry as we know it, these ten principles have paved the way for a new system that is more open, honest, and productive for everyone.
由於DeFi協議高速崛起，傳統金融體系正處於十字路口。呢十個協議唔單止撼動咗現有金融業，更為建立一個更開放、透明同高效嘅新體制鋪路。
Decentralized stablecoins from MakerDAO, AMM models from Uniswap, flash loans from Aave, and liquid staking from Lido are just a few examples of the distinctive innovations brought about by the various protocols.
例如MakerDAO分散穩定幣、Uniswap嘅AMM模式、Aave閃電貸、Lido流動質押等，都係唔同協議帶嚟嘅獨特創新。
Open access, reduced prices, and the promotion of financial sovereignty are the ways in which they overcome the shortcomings of conventional financing.
去中心化協議以開放接入、低成本同強調金融自主權，彌補傳統金融嘅不足。
Having said that, there are obstacles in the DeFi space. Persistent dangers include security holes, unclear regulations, and unpredictable markets. As the notorious 2016 DAO attack and other smart contract exploits have shown, young technologies are extremely vulnerable.
但係，DeFi領域都有唔少障礙，例如安全漏洞、不明確監管同市場波動都係長期風險。2016年DAO攻擊同其他智能合約入侵事件都證明新技術易受襲擊。
Protocol cooperation, enhanced security, and regulatory elucidation will play critical roles in the future development of the DeFi ecosystem.
未來DeFi生態發展，協議間合作、加強安全同監管明朗化將會變得更關鍵。
Steps toward resolving scalability and interoperability difficulties include the deployment of Layer 2 solutions and cross-chain interoperability efforts such as EigenLayer.
改善擴容同協議互通問題措施，包括推行Layer 2解決方案，同如EigenLayer咁嘅跨鏈互通工具。
All things considered, these protocols are at the front of the DeFi revolution, which is fundamentally altering the financial scene. They show how blockchain technology can make the financial system more fair. They have already begun to have an impact on the cryptocurrency market, and they will only become more pervasive as time goes on.
總括嚟講，呢啲協議係DeFi革命最前線，徹底改變緊金融格局。佢哋證明區塊鏈技術可以令金融系統更加公平，對加密市場已經產生影響，未來只會越來越普及。