{"id":3176,"date":"2025-09-11T15:57:00","date_gmt":"2025-09-11T07:57:00","guid":{"rendered":"https:\/\/www.benfen.org\/blog\/?p=3176"},"modified":"2025-11-27T16:14:22","modified_gmt":"2025-11-27T08:14:22","slug":"the-next-chapter-in-the-blockchain-landscape-a-new-web3-perspective-driven-by-stablecoins-and-rwas","status":"publish","type":"post","link":"https:\/\/www.benfen.org\/blog\/index.php\/zh\/the-next-chapter-in-the-blockchain-landscape-a-new-web3-perspective-driven-by-stablecoins-and-rwas\/","title":{"rendered":"\u7a33\u5b9a\u5e01\u4e0e RWA \u9a71\u52a8\u4e0b\u7684\u516c\u94fe\u65b0\u683c\u5c40"},"content":{"rendered":"\n

<\/i><\/span>\u6458\u8981<\/strong> <\/h2>\n\n\n\n

\u81ea2009\u5e74\u6bd4\u7279\u5e01\u521b\u4e16\u533a\u5757\u8bde\u751f\u4ee5\u6765\uff0cWeb3\u516c\u94fe\u9886\u57df\u5386\u7ecf\u4e86\u4ece\u5355\u4e00\u4ef7\u503c\u7ed3\u7b97\u5230\u56fe\u7075\u5b8c\u5907\u667a\u80fd\u5408\u7ea6\uff0c\u518d\u5230\u591a\u94fe\u5e76\u5b58\u7684\u7206\u53d1\u5f0f\u6f14\u8fdb\u3002\u4ee5\u592a\u574a\u957f\u671f\u51ed\u501f\u5176\u5148\u53d1\u4f18\u52bf\u548c\u5f3a\u5927\u7684DeFi\u751f\u6001\u7cfb\u7edf\uff0c\u7a33\u5750\u603b\u9501\u4ed3\u4ef7\u503c\uff08TVL\uff09\u7684\u5934\u628a\u4ea4\u6905\u3002\u7136\u800c\uff0c\u81ea2023\u5e74\u4e0b\u534a\u5e74\u8d77\uff0c\u4ee5Solana\u4e3a\u4ee3\u8868\u7684\u9ad8\u6027\u80fd\u516c\u94fe\u51ed\u501f\u6781\u81f4\u7684\u7528\u6237\u4f53\u9a8c\uff0c\u5728\u4ea4\u6613\u6d3b\u8dc3\u5ea6\u7ef4\u5ea6\u4e0a\u53d1\u8d77\u4e86\u5f3a\u6709\u529b\u7684\u6311\u6218\uff0c\u5f62\u6210\u4e86\u201c\u8d44\u91d1\u5728\u4ee5\u592a\u574a\uff0c\u6d41\u91cf\u5728\u4ea4\u66ff<\/strong>\u201d\u7684\u65b0\u683c\u5c40\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u4ee5Tron\u4e3a\u4ee3\u8868\u7684\u4e13\u6ce8\u4e8e\u7279\u5b9a\u573a\u666f\uff08\u7a33\u5b9a\u5e01\u7ed3\u7b97\uff09\u7684\u516c\u94fe\uff0c\u4e5f\u5728\u7279\u5b9a\u9886\u57df\u5f00\u8f9f\u4e86\u4e00\u4e2a\u91cd\u8981\u7684\u7ec6\u5206\u5e02\u573a\u3002<\/p>\n\n\n\n

\u672c\u62a5\u544a\u5c06\u901a\u8fc7\u56de\u987e\u4e3b\u6d41\u516c\u94fe\u7684\u6210\u957f\u8def\u5f84\uff0c\u5e76\u7ed3\u5408TVL\u4e0e\u94fe\u4e0a\u4ea4\u6613\u91cf\u4e24\u5927\u6838\u5fc3\u6307\u6807\uff0c\u5256\u6790\u516c\u94fe\u201c\u4e3b\u6d41\u4f4d\u6b21\u201d\u7684\u53d8\u8fc1\u903b\u8f91\u3002\u6211\u4eec\u8ba4\u4e3a\uff0c\u968f\u7740\u5e02\u573a\u5173\u6ce8\u70b9\u4ece\u6cdb\u5316\u7684DeFi\u5e94\u7528\u8f6c\u5411\u66f4\u5177\u4f53\u7684\u3001\u4e0e\u73b0\u5b9e\u4e16\u754c\u7ed3\u5408\u7684\u7a33\u5b9a\u5e01\u652f\u4ed8<\/strong>\u548cRWA\uff08\u771f\u5b9e\u4e16\u754c\u8d44\u4ea7\uff09<\/strong>\uff0c\u4f20\u7edf\u516c\u94fe\u5728\u6027\u80fd\u3001\u4e92\u64cd\u4f5c\u6027\u3001\u5408\u89c4\u4e0e\u9690\u79c1\u65b9\u9762\u7684\u4e0d\u8db3\u9010\u6e10\u66b4\u9732\u3002\u8fd9\u4e3a\u65b0\u4e00\u4ee3\u3001\u4e13\u4e3a\u8fd9\u4e9b\u573a\u666f\u8bbe\u8ba1\u7684\u9ad8\u6027\u80fd\u516c\u94fe\uff08\u5982BenFen\uff09<\/a>\u63d0\u4f9b\u4e86\u7ed3\u6784\u6027\u7684\u53d1\u5c55\u673a\u9047\u3002<\/p>\n\n\n\n

\n\n\n\n

<\/i><\/span>\u76ee\u5f55<\/strong> <\/h2>\n\n\n\n

\u4e00\u3001 \u4e3b\u6d41\u516c\u94fe\u6982\u89c8<\/strong><\/p>\n\n\n\n

    \n
  • 1.1 \u4e3b\u6d41\u516c\u94fe\u76d8\u70b9\uff1a\u662f\u8c01\u3001\u6709\u4ec0\u4e48\u201c\u770b\u5bb6\u672c\u9886\u201d\u3001\u5982\u4f55\u4e00\u8def\u957f\u5927<\/li>\n\n\n\n
  • 1.2 \u516c\u94fe\u201c\u4e3b\u6d41\u4f4d\u6b21\u201d\u600e\u4e48\u53d8\uff1a\u7528 TVL + \u4ea4\u6613\u91cf \u7684\u590d\u5408\u89c6\u89d2<\/li>\n\n\n\n
  • 1.3 \u6210\u529f\u516c\u94fe\u7684\u201c\u5171\u6027\u914d\u65b9\u201d<\/li>\n<\/ul>\n\n\n\n

    \u4e8c\u3001 \u706b\u70ed\u7684\u7a33\u5b9a\u5e01\u4e0eRWA\u4e3a\u4f55\u5728\u4f20\u7edf\u516c\u94fe\u4e0a\u201c\u7f3a\u5e2d\u201d<\/strong><\/p>\n\n\n\n

      \n
    • 2.1 \u76ee\u524d\u706b\u70ed\u7684\u7a33\u5b9a\u5e01\u548cRWA\u7b80\u8ff0\u53ca\u5176\u5927\u8d8b\u52bf\u4e0eWeb3\u63a8\u52a8\u4f5c\u7528<\/li>\n\n\n\n
    • 2.2 \u4e3b\u6d41\u516c\u94fe\u5bf9\u7a33\u5b9a\u5e01\u548cRWA\u7684\u4e0d\u8db3\u4e4b\u5904\n
        \n
      • 2.2.1 \u6269\u5c55\u6027\u4e0e\u6027\u80fd\u74f6\u9888<\/li>\n\n\n\n
      • 2.2.2 \u8de8\u94fe\u4e92\u64cd\u4f5c\u6027\u4e0d\u8db3<\/li>\n\n\n\n
      • 2.2.3 \u5408\u89c4\u548c\u76d1\u7ba1\u9002\u914d\u56f0\u96be<\/li>\n\n\n\n
      • 2.2.4 \u6570\u636e\u9690\u79c1\u548c\u5b89\u5168\u6027\u9700\u6c42<\/li>\n\n\n\n
      • 2.2.5 \u8d44\u4ea7\u4e0a\u94fe\u6d41\u7a0b\u4e0e\u57fa\u7840\u8bbe\u65bd\u4e0d\u5b8c\u5584<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n

        \u4e09\u3001 \u672c\u5206\u516c\u94fe\u5982\u4f55\u586b\u8865\u7a33\u5b9a\u5e01\u548cRWA\u7684\u57fa\u7840\u8bbe\u65bd\u7f3a\u5931<\/strong><\/p>\n\n\n\n

          \n
        • 3.1 Move\u8bed\u8a00\u2014\u2014\u5b89\u5168\u4e0e\u7075\u6d3b\u7684\u667a\u80fd\u5408\u7ea6\u5f00\u53d1\u57fa\u7840<\/li>\n\n\n\n
        • 3.2 \u4e00\u952e\u53d1\u884c\u7a33\u5b9a\u5e01\u4e0eRWA\u8d44\u4ea7<\/li>\n\n\n\n
        • 3.3 \u652f\u6301\u591a\u79cd\u7a33\u5b9a\u5e01\u53ca\u591a\u8d44\u4ea7\u5171\u5b58\u751f\u6001<\/li>\n\n\n\n
        • 3.4 \u7a33\u5b9a\u5e01\u76f4\u63a5\u652f\u4ed8Gas\u8d39\uff0c\u4f18\u5316\u7528\u6237\u4f53\u9a8c<\/li>\n\n\n\n
        • 3.5 \u672c\u5206\u516c\u94fe\u7684\u5408\u89c4\u4e0e\u9690\u79c1\u652f\u6301<\/li>\n\n\n\n
        • 3.6 \u751f\u6001\u5c55\u671b\uff1a\u8fde\u63a5\u4f20\u7edf\u91d1\u878d\u4e0eWeb3\u7684\u6865\u6881<\/li>\n<\/ul>\n\n\n\n

          \u56db\u3001 \u7ed3\u8bba<\/strong><\/p>\n\n\n\n

          \u4e94\u3001 \u53c2\u8003\u6587\u732e<\/strong><\/p>\n\n\n\n

          \n\n\n\n

          <\/i><\/span>\u4e00\u3001 \u4e3b\u6d41\u516c\u94fe\u6982\u89c8<\/strong> <\/h2>\n\n\n\n

          <\/i><\/span>1.1 \u4e3b\u6d41\u516c\u94fe\u76d8\u70b9\uff1a\u662f\u8c01\u3001\u6709\u4ec0\u4e48\u201c\u770b\u5bb6\u672c\u9886\u201d\u3001\u5982\u4f55\u4e00\u8def\u957f\u5927<\/strong> <\/h3>\n\n\n\n

          \u8981\u7406\u89e3\u516c\u94fe\u683c\u5c40\u7684\u672a\u6765\uff0c\u6211\u4eec\u5fc5\u987b\u9996\u5148\u56de\u987e\u90a3\u4e9b\u5b9a\u4e49\u4e86\u8fc7\u53bb\u548c\u73b0\u5728\u7684\u201c\u5de8\u5934\u201d\u4eec\u3002\u5b83\u4eec\u5404\u81ea\u51ed\u501f\u72ec\u7279\u7684\u201c\u770b\u5bb6\u672c\u9886\u201d\uff0c\u5728\u4e0d\u540c\u65f6\u671f\u6293\u4f4f\u4e86\u5e02\u573a\u673a\u9047\uff0c\u5171\u540c\u5851\u9020\u4e86\u4eca\u5929\u7684Web3\u4e16\u754c\u3002<\/p>\n\n\n\n

          <\/i><\/span>Bitcoin (2009\u2013)\uff1a\u6570\u5b57\u9ec4\u91d1\u4e0e\u6700\u7ec8\u7ed3\u7b97\u5c42<\/strong> <\/h4>\n\n\n\n

          \u4f5c\u4e3a\u6240\u6709\u52a0\u5bc6\u8d44\u4ea7\u7684\u4ef7\u503c\u4e4b\u6e90\uff0c\u6bd4\u7279\u5e01\u7684\u6838\u5fc3\u5b9a\u4f4d\u59cb\u7ec8\u662f\u53bb\u4e2d\u5fc3\u5316\u7684\u4ef7\u503c\u50a8\u85cf\uff08SoV\uff09\u548c\u6700\u7ec8\u7ed3\u7b97\u7f51\u7edc<\/strong>\u3002\u5176\u811a\u672c\u80fd\u529b\uff08Script\uff09\u7684\u6709\u9650\u6027\u662f\u4e00\u79cd\u523b\u610f\u7684\u8bbe\u8ba1\u9009\u62e9\uff0c\u65e8\u5728\u6700\u5927\u5316\u7f51\u7edc\u7684\u5b89\u5168\u6027\u548c\u7a33\u5b9a\u6027\uff0c\u8fd9\u4e5f\u51b3\u5b9a\u4e86DeFi\u5e76\u975e\u5176\u4e3b\u6218\u573a\u3002\u5c3d\u7ba1\u540e\u7eed\u901a\u8fc7\u95ea\u7535\u7f51\u7edc\u548cTaproot\u6fc0\u6d3b\u7b49\u65b9\u5f0f\u62d3\u5c55\u4e86\u5176\u53ef\u7f16\u7a0b\u6027\uff0c\u4f46\u5176\u4e3b\u8981\u7684\u94fe\u4e0a\u91d1\u878d\u6d3b\u52a8\uff0c\u66f4\u591a\u7684\u662f\u901a\u8fc7wBTC\u7b49\u5f62\u5f0f\u201c\u5916\u6ea2\u201d\u5230\u5176\u4ed6\u667a\u80fd\u5408\u7ea6\u94fe\u4e0a\u3002\u884c\u4e1a\u5bf9\u603b\u9501\u4ed3\u4ef7\u503c\uff08TVL\uff09\u7684\u7edf\u8ba1\u4e5f\u666e\u904d\u4e0d\u5c06\u5176\u7eb3\u5165\u4e3b\u6d41DeFi\u7ade\u4e89\u683c\u5c40\uff0c\u5404\u5927\u667a\u80fd\u5408\u7ea6\u94fe\u957f\u671f\u4e3b\u5bfc\u7740TVL\u6392\u884c\u699c [1]<\/code>\u3002<\/p>\n\n\n\n

          \n
          \"Overview<\/figure>\n<\/div><\/blockquote>\n\n\n\n

          \u3010\u56fe\u8868 1.1\uff1a\u4e3b\u6d41\u667a\u80fd\u5408\u7ea6\u94feTVL\u603b\u89c8\u3011<\/strong>
          (\u7d20\u6750\u6765\u6e90: DeFiLlama)<\/em><\/p>\n\n\n\n

          <\/i><\/span>\u4ee5\u592a\u574a Ethereum (2015\u2013)\uff1aDeFi\u4e16\u754c\u7684\u7edd\u5bf9\u6838\u5fc3<\/strong> <\/h4>\n\n\n\n

          \u4ee5\u592a\u574a\u662f\u65e0\u53ef\u4e89\u8bae\u7684\u901a\u7528\u667a\u80fd\u5408\u7ea6\u5e73\u53f0\u4e4b\u738b\u548cDeFi\u751f\u6001\u7684\u201c\u9f3b\u7956\u201d\uff0c\u88ab\u8a89\u4e3a\u201c\u4e16\u754c\u8ba1\u7b97\u673a\u201d\u3002\u4ece2017\u5e74\u7684ICO\u72c2\u6f6e\uff0c\u52302020\u5e74\u7684\u201cDeFi Summer\u201d\uff0c\u518d\u52302022\u5e74\u5386\u53f2\u6027\u7684\u201cThe Merge\u201d\u5171\u8bc6\u8f6c\u6362\uff0c\u4ee5\u592a\u574a\u59cb\u7ec8\u662fWeb3\u4e16\u754c\u521b\u65b0\u548c\u8d44\u91d1\u7684\u805a\u96c6\u5730\u3002\u5373\u4fbf\u57282024-2025\u5e74\u9762\u4e34L2\u751f\u6001\u5206\u6d41\u548c\u9ad8\u6027\u80fdL1\u7684\u6fc0\u70c8\u7ade\u4e89\uff0c\u5176TVL\u4efd\u989d\u4f9d\u7136\u957f\u671f\u4fdd\u6301\u5168\u7f51\u7b2c\u4e00 [2]<\/code>\uff0c\u662f\u52a0\u5bc6\u4e16\u754c\u7684\u201c\u8d44\u4ea7\u5b9a\u4ef7\u4e2d\u5fc3\u201d\u3002<\/p>\n\n\n\n

          \n
          \"Ethereum<\/figure>\n<\/div><\/blockquote>\n\n\n\n

          \u3010\u56fe\u8868 1.2\uff1a\u4ee5\u592a\u574aTVL\u5386\u53f2\u8d70\u52bf\u56fe\u3011<\/strong>
          (\u7d20\u6750\u6765\u6e90: DeFiLlama)<\/em><\/p>\n\n\n\n

          <\/i><\/span>BNB Chain \/ BSC (2020\u2013)\uff1aEVM\u517c\u5bb9\u7684\u666e\u60e0\u5148\u950b<\/strong> <\/h4>\n\n\n\n

          BNB Chain\uff08\u539fBSC\uff09\u51ed\u501f\u5176\u4f4e\u5ec9\u7684Gas\u8d39\u3001\u5b8c\u5168\u7684EVM\u517c\u5bb9\u6027\u4ee5\u53ca\u4e0e\u5e01\u5b89\u751f\u6001\u7684\u7d27\u5bc6\u8054\u7cfb<\/strong>\uff0c\u57282021\u5e74\u6625\u590f\u5b63\u8fc5\u901f\u5d1b\u8d77\u3002\u5b83\u6781\u5927\u5730\u964d\u4f4e\u4e86\u65b0\u7528\u6237\u548c\u9879\u76ee\u7684\u53c2\u4e0e\u95e8\u69db\uff0c\u6210\u4e3a\u627f\u63a5\u201c\u7f8a\u6bdb\u515a\u201d\u548c\u957f\u5c3e\u8d44\u4ea7\u7684\u7b2c\u4e00\u7ad9\uff0c\u5176TVL\u5e02\u5360\u7387\u57282021\u5e745\u6708\u4e00\u5ea6\u63a5\u8fd120%\u7684\u5cf0\u503c [3]<\/code>\u3002\u7136\u800c\uff0c\u968f\u7740Solana\u3001Terra\uff08\u5d29\u76d8\u524d\uff09\u3001Avalanche\u7b49\u591a\u94fe\u751f\u6001\u7684\u7e41\u8363\uff0c\u5176\u6d41\u91cf\u548c\u8d44\u91d1\u4e5f\u9010\u6e10\u88ab\u5206\u6d41\uff0c\u5e02\u573a\u4efd\u989d\u8d8b\u4e8e\u7a33\u5b9a\u3002<\/p>\n\n\n\n

          <\/i><\/span>Solana (2020\u2013)\uff1a\u6027\u80fd\u53d6\u80dc\u7684\u201c\u4ea4\u6613\u70ed\u5ea6\u738b\u8005\u201d<\/strong> <\/h4>\n\n\n\n

          Solana\u5219\u8d70\u4e86\u53e6\u4e00\u6761\u8def\u2014\u2014\u4ee5\u6781\u81f4\u6027\u80fd\u53d6\u80dc<\/strong>\u3002\u5176\u9ad8\u541e\u5410\u91cf\uff08TPS\uff09\u548c\u4f4e\u5ec9\u7684\u4ea4\u6613\u6210\u672c\uff0c\u4f7f\u5176\u5bf9\u9ad8\u9891\u4ea4\u6613\u3001DEX\u548cMeme\u5e01\u7b49\u5bf9\u6027\u80fd\u8981\u6c42\u6781\u9ad8\u7684\u573a\u666f\u975e\u5e38\u53cb\u597d\u3002\u8fd9\u4e00\u4f18\u52bf\u57282023\u5e74\u4e0b\u534a\u5e74\u5f00\u59cb\u7206\u53d1\uff0c\u636e\u7814\u7a76\u673a\u6784Kaiko\u7684\u6570\u636e\uff0c2024\u5e74\u671f\u95f4\uff0cSolana\u94fe\u4e0aDEX\u7684\u65e5\u4ea4\u6613\u91cf\u591a\u6b21\u77ed\u6682\u8d85\u8d8a\u4ee5\u592a\u574a [4]<\/code>\u3002Messari\u5728\u5176\u300aState of Solana Q4 2024\u300b\u62a5\u544a\u4e2d\u8fdb\u4e00\u6b65\u8bc1\u5b9e\u4e86\u8fd9\u4e00\u8d8b\u52bf\uff0c\u6307\u51fa\u8be5\u5b63\u5ea6Solana\u7684TVL\u98d9\u5347486%\uff0c\u8fbe\u523086\u4ebf\u7f8e\u5143 [5]<\/code>\u3002\u8fdb\u51652025\u5e74\uff0c\u636eCoinGecko\u62a5\u544a\uff0cSolana\u5728\u4e00\u6708\u4efd\u7684\u94fe\u4e0a\u4ea4\u6613\u4efd\u989d\u4e00\u5ea6\u8fbe\u5230\u60ca\u4eba\u768452%\uff0c\u5c3d\u7ba1\u540e\u7eed\u4ee5\u592a\u574a\u51ed\u501f\u6df1\u539a\u7684\u6d41\u52a8\u6027\u5728\u4e09\u6708\u4efd\u593a\u56de\u6708\u5ea6\u6842\u51a0\uff0c\u4f46Solana\u5df2\u7a33\u56fa\u4e86\u5176\u201c\u4ea4\u6613\u70ed\u5ea6\u738b\u8005\u201d\u7684\u5730\u4f4d [6]<\/code>\u3002<\/p>\n\n\n\n

          \n
          \"Share<\/figure>\n<\/div><\/blockquote>\n\n\n\n

          \u3010\u56fe\u8868 1.3\uff1a2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u4e3b\u8981\u516c\u94feDEX\u4ea4\u6613\u91cf\u4efd\u989d\u56fe\u3011<\/strong>
          (\u7d20\u6750\u6765\u6e90: CoinGecko 2025 Q1 Crypto Industry Report)<\/em><\/p>\n\n\n\n

          <\/i><\/span>Tron (2018\u2013)\uff1a\u201c\u7a33\u5b9a\u5e01\u7ed3\u7b97\u738b\u201d<\/strong> <\/h4>\n\n\n\n

          Tron\u5728\u55a7\u56a3\u7684DeFi\u548cMeme\u7ade\u4e89\u4e4b\u5916\uff0c\u6084\u7136\u5360\u636e\u4e86\u4e00\u4e2a\u81f3\u5173\u91cd\u8981\u7684\u751f\u6001\u4f4d\uff1a\u7a33\u5b9a\u5e01\uff0c\u7279\u522b\u662fUSDT\u7684\u5168\u7403\u96f6\u552e\u4e0e\u8de8\u5883\u7ed3\u7b97\u7f51\u7edc<\/strong>\u3002\u51ed\u501f\u5176\u6781\u4f4e\u7684\u8f6c\u8d26\u8d39\u7528\uff0cTron\u6210\u4e3a\u4e86\u5168\u7403\u8303\u56f4\u5185\u5c0f\u989d\u7a33\u5b9a\u5e01\u652f\u4ed8\u548c\u6c47\u6b3e\u7684\u9996\u9009\u4e3b\u9635\u5730\u3002\u636eCoinDesk Data\u62a5\u544a\uff0c\u81f32025\u5e74\u4e0a\u534a\u5e74\uff0cTron\u7f51\u7edc\u7684\u6708\u5ea6\u7a33\u5b9a\u5e01\u8f6c\u8d26\u989d\u5df2\u7a33\u5b9a\u57286000\u4ebf\u7f8e\u5143\u4ee5\u4e0a\uff0c\u5176\u4e2d\u8d85\u8fc760%\u7684\u4ea4\u6613\u989d\u4f4e\u4e8e1000\u7f8e\u5143\uff0c\u5145\u5206\u4f53\u73b0\u4e86\u5176\u5728\u96f6\u552e\u652f\u4ed8\u9886\u57df\u7684\u7edf\u6cbb\u529b [7]<\/code>\u3002<\/p>\n\n\n\n

          <\/i><\/span>\u5176\u4ed6\u4ee3\u8868\uff1a\u65b0\u52bf\u529b\u4e0eL2\u751f\u6001<\/strong> <\/h4>\n\n\n\n
            \n
          • \u65b0\u4e00\u4ee3\u516c\u94fe<\/strong>\uff1a\u4ee5Aptos\u3001Sui\u3001Sei\u7b49\u4e3a\u4ee3\u8868\uff0c\u540c\u6837\u4e3b\u6253\u9ad8\u6027\u80fd\u53d9\u4e8b\uff0c\u57282025\u5e74\u5176\u751f\u6001TVL\u4e5f\u5f00\u59cb\u5feb\u901f\u589e\u957f\uff0c\u8fdb\u5165\u201c\u53d1\u82bd\u671f\u201d [8]<\/code>\u3002<\/li>\n\n\n\n
          • \u4ee5\u592a\u574aL2<\/strong>\uff1aArbitrum\u3001Optimism\u3001Base\u7b49Layer2\u89e3\u51b3\u65b9\u6848\uff0c\u4f5c\u4e3a\u4ee5\u592a\u574a\u6269\u5bb9\u7684\u6838\u5fc3\u6218\u7565\uff0c\u627f\u62c5\u4e86\u5927\u91cf\u7684\u4ea4\u6613\u548cTVL\uff0c\u4e0eSolana\u5728\u201c\u4ea4\u6613\u6d3b\u8dc3\u5ea6\u201d\u5c42\u9762\u5f62\u6210\u4e86\u6301\u7eed\u7684\u62c9\u952f\u6218 [6]<\/code>\u3002<\/li>\n<\/ul>\n\n\n\n

            <\/i><\/span>1.2 \u516c\u94fe\u201c\u4e3b\u6d41\u4f4d\u6b21\u201d\u600e\u4e48\u53d8\uff1a\u7528 TVL + \u4ea4\u6613\u91cf \u7684\u590d\u5408\u89c6\u89d2<\/strong> <\/h3>\n\n\n\n

            \u5355\u4e00\u7684TVL\u6307\u6807\u5df2\u4e0d\u8db3\u4ee5\u5168\u9762\u8861\u91cf\u4e00\u4e2a\u516c\u94fe\u751f\u6001\u7684\u5065\u5eb7\u5ea6\u3002\u5c24\u5176\u57282020\u5e74DeFi Summer\u4e4b\u540e\uff0c\u4f34\u968f\u7740\u591a\u94fe\u751f\u6001\u7684\u7206\u53d1\uff0cTVL\uff08\u603b\u9501\u4ed3\u4ef7\u503c\uff09\u4f5c\u4e3a\u201c\u8d44\u91d1\u6743\u91cd\u201d\u7684\u8861\u91cf\u6807\u51c6\uff0c\u4e0e\u94fe\u4e0a\u4ea4\u6613\u91cf<\/strong>\u4f5c\u4e3a\u201c\u4f7f\u7528\u70ed\u5ea6\u201d\u7684\u8861\u91cf\u6807\u51c6\uff0c\u5171\u540c\u6784\u6210\u4e86\u89c2\u5bdf\u516c\u94fe\u7ade\u4e89\u683c\u5c40\u7684\u53cc\u8f68\u89c6\u89d2\u3002\u672c\u8282\u5c06\u805a\u7126\u4e8e2020\u5e74\u540e\uff0c\u901a\u8fc7\u8fd9\u4e24\u5927\u6838\u5fc3\u6307\u6807\uff0c\u5ba2\u89c2\u53cd\u6620\u516c\u94fe\u4e3b\u6d41\u4f4d\u6b21\u7684\u52a8\u6001\u53d8\u8fc1\u3002<\/p>\n\n\n\n

            \u65f6\u671f<\/td>#1 (ETH \u4f18\u52bf)<\/td>#2\uff08\u8d44\u91d1+\u70ed\u5ea6\uff09<\/td>#3\uff08\u8865\u5145\u9635\u5bb9\uff09<\/td><\/tr>
            2023 Q1\u2013Q2<\/td>ETH<\/td>BSC<\/td>Solana<\/td><\/tr>
            2023 Q3\u2013Q4<\/td>ETH<\/td>Tron \/ BSC<\/td>Solana<\/td><\/tr>
            2024 Q1\u2013Q3<\/td>ETH<\/td>Tron \/ BSC<\/td>Solana<\/td><\/tr>
            2024 Q4<\/td>ETH<\/td>Solana\uff08TVL\u548cDEX\u53cc\u4f4d\u9886\u5148\uff09<\/td>BSC<\/td><\/tr>
            2025 Q1\u2013Q2<\/td>ETH (~84B TVL)<\/td>Solana (~10B TVL + \u5f3aDEX\u91cf)<\/td>BSC (~7B TVL)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

            \u3010\u56fe\u8868 1.4\uff1a\u4e3b\u6d41\u516c\u94fe\u4f4d\u6b21\u53d8\u5316\u6982\u89c8 (2023 Q1 – 2025 Q2)\u3011<\/strong><\/p>\n\n\n\n

            <\/i><\/span>A. \u91cc\u7a0b\u7891 (2017\u20132022)\uff1a\u5960\u5b9a\u683c\u5c40\u7684\u6570\u6b21\u6d6a\u6f6e<\/strong> <\/h4>\n\n\n\n
              \n
            • 2017\u20132019\uff1a\u4ee5\u592a\u574a\u6807\u51c6\u786e\u7acb<\/strong> \u4ee5\u592a\u574a\u51ed\u501f\u5176\u56fe\u7075\u5b8c\u5907\u7684\u667a\u80fd\u5408\u7ea6\u529f\u80fd\uff0c\u6210\u4e3aICO\u548c\u65e9\u671fDeFi\u534f\u8bae\u7206\u53d1\u7684\u6838\u5fc3\u5e73\u53f0\uff0c\u4e8b\u5b9e\u4e0a\u786e\u7acb\u4e86\u667a\u80fd\u5408\u7ea6\u516c\u94fe\u7684\u6280\u672f\u6807\u51c6\u548c\u751f\u6001\u8303\u5f0f\u3002<\/li>\n\n\n\n
            • 2020\uff1aDeFi Summer<\/strong> \u4ee5\u592a\u574a\u751f\u6001\u5185\u7684\u501f\u8d37\uff08Compound, Aave\uff09\u548c\u4ea4\u6613\uff08Uniswap\uff09\u7b49\u6838\u5fc3\u5e94\u7528\u8fce\u6765\u7206\u53d1\u5f0f\u589e\u957f\uff0cTVL\u6982\u5ff5\u6df1\u5165\u4eba\u5fc3\u3002\u636eDappRadar\u6570\u636e\uff0c2021\u5e74\u5168\u884c\u4e1aTVL\u8fbe\u52301890\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f767%\uff0c\u5176\u4e2d\u4ee5\u592a\u574a\u957f\u671f\u5360\u636e\u7edd\u5bf9\u4e3b\u5bfc\u5730\u4f4d [9]<\/code>\u3002<\/li>\n\n\n\n
            • 2021\uff1a\u591a\u94fe\u5143\u5e74\u4e0eBSC\u7684\u9ad8\u5149\u65f6\u523b<\/strong> BNB Chain (BSC) \u51ed\u501f\u5176\u4f4e\u8d39\u7387\u548cEVM\u517c\u5bb9\u6027\uff0c\u6210\u529f\u6355\u83b7\u4e86\u4ee5\u592a\u574a\u5916\u6ea2\u7684\u5de8\u5927\u957f\u5c3e\u8d44\u4ea7\u548c\u7528\u6237\u9700\u6c42\uff0c\u5176TVL\u5e02\u5360\u7387\u5728\u5e74\u4e2d\u4e00\u5ea6\u63a5\u8fd120%\u3002\u540c\u5e74\u5e95\uff0cTerra\u51ed\u501f\u5176\u7b97\u6cd5\u7a33\u5b9a\u5e01UST\u548cAnchor\u534f\u8bae\u8fd120%\u7684\u50a8\u84c4\u5e74\u5229\u7387\uff0cTVL\u8d85\u8d8aBSC\uff0c\u6210\u4e3a\u5f53\u65f6\u7b2c\u4e8c\u5927\u516c\u94fe\uff0c\u5c55\u793a\u4e86\u5f3a\u5927\u8d44\u672c\u53d9\u4e8b\u7684\u5438\u91d1\u80fd\u529b [10]<\/code>\u3002<\/li>\n\n\n\n
            • 2022\uff1a\u683c\u5c40\u91cd\u5851<\/strong> \u4ee5\u592a\u574a\u6210\u529f\u5b8c\u6210\u201cThe Merge\u201d\u5171\u8bc6\u8f6c\u6362\uff0c\u6b63\u5f0f\u8fc8\u5165PoS\u65f6\u4ee3\u3002\u800c\u5728Terra\u5d29\u76d8\u540e\u7559\u4e0b\u7684\u5e02\u573a\u7a7a\u767d\u4e2d\uff0cTron\u51ed\u501f\u5176\u5e9e\u5927\u7684\u7a33\u5b9a\u5e01\u7ed3\u7b97\u91cf\u8fc5\u901f\u5d1b\u8d77\uff0c\u636eMessari\u62a5\u544a\uff0c\u5176\u4ef7\u503c\u7ed3\u7b97\u91cf\u5728\u8be5\u5e74\u5ea6\u7a33\u5c45\u5168\u7f51\u7b2c\u4e8c [11]<\/code>\u3002<\/li>\n<\/ul>\n\n\n\n

              <\/i><\/span>B. \u8fd1\u671f\u5927\u52bf (2023\u20132025)\uff1a\u53cc\u8f68\u535a\u5f08\u4e0e\u62c9\u952f<\/strong> <\/h4>\n\n\n\n

              \u8fdb\u51652023\u5e74\u540e\uff0c\u516c\u94fe\u7ade\u4e89\u7684\u7126\u70b9\u6108\u53d1\u6e05\u6670\uff1a\u4ee5\u592a\u574a\u7684TVL\u738b\u5ea7\u96be\u4ee5\u64bc\u52a8\uff0c\u4f46\u201c\u7b2c\u4e8c\/\u7b2c\u4e09\u540d\u201d\u7684\u4e89\u593a\u5f02\u5e38\u6fc0\u70c8\uff1b\u540c\u65f6\uff0c\u5728\u4ee3\u8868\u201c\u4f7f\u7528\u5f3a\u5ea6\u201d\u7684\u4ea4\u6613\u91cf\u7ef4\u5ea6\u4e0a\uff0cSolana\u53d1\u8d77\u4e86\u5f3a\u6709\u529b\u7684\u6311\u6218\uff0c\u524a\u5f31\u4e86\u4ee5\u592a\u574a\u7684\u7edd\u5bf9\u4f18\u52bf\u3002<\/p>\n\n\n\n

                \n
              • 2023 – 2024\u5e74\u4e2d (\u8f6e\u52a8\u671f)<\/strong>\uff1aTVL\u65b9\u9762\uff0cTron\u548cBNB Chain\u4ea4\u66ff\u5360\u636e\u7b2c\u4e8c\u3001\u4e09\u540d\u7684\u4f4d\u7f6e\uff0c\u800cSolana\u5728\u7ecf\u5386\u4f4e\u8c37\u540e\u5f00\u59cb\u5f3a\u52b2\u590d\u82cf\u3002\u4ea4\u6613\u91cf\u65b9\u9762\uff0cSolana\u5df2\u591a\u6b21\u5728\u65e5\/\u6708\u7ef4\u5ea6\u4e0a\u8d85\u8d8a\u4ee5\u592a\u574a\uff0c\u4f8b\u5982\u57282024\u5e745\u670810\u65e5\uff0c\u5176\u5355\u65e5DEX\u4ea4\u6613\u91cf\u8fbe\u523013\u4ebf\u7f8e\u5143\uff0c\u7565\u9ad8\u4e8e\u4ee5\u592a\u574a\u768412.9\u4ebf\u7f8e\u5143\uff0c\u5b9e\u73b0\u4e86\u65e5\u7ea7\u522b\u7684\u201c\u53cd\u8d85\u201d [4, 12]<\/code>\u3002<\/li>\n\n\n\n
              • 2024\u5e74Q4 (Solana\u7206\u53d1\u671f)<\/strong>\uff1a\u8fd9\u662f\u683c\u5c40\u53d8\u5316\u6700\u5267\u70c8\u7684\u65f6\u671f\u3002Messari\u6307\u51fa\uff0cSolana\u7684TVL\u5728\u8be5\u5b63\u5ea6\u8dc3\u5347\u81f3\u7ea686\u4ebf\u7f8e\u5143\uff0c\u5e76\u572811\u6708\u8d85\u8d8aTron\u6210\u4e3a\u5168\u7f51\u7b2c\u4e8c\u5927TVL\u516c\u94fe [5]<\/code>\u3002\u4ea4\u6613\u91cf\u65b9\u9762\u66f4\u662f\u60ca\u4eba\uff0c\u636eBinance Square\u5f15\u8ff0\u6570\u636e\uff0c\u8be5\u5b63\u5ea6Solana\u7684\u65e5DEX\u4ea4\u6613\u91cf\u4e00\u5ea6\u8fbe\u5230\u8fd139.8\u4ebf\u7f8e\u5143\uff0c\u8d85\u8fc7\u4e86\u4ee5\u592a\u574a\uff0817.1\u4ebf\u7f8e\u5143\uff09\u548cBase\uff0812.1\u4ebf\u7f8e\u5143\uff09\u7684\u603b\u548c [13]<\/code>\u3002<\/li>\n\n\n\n
              • 2025\u4e0a\u534a\u5e74 (\u62c9\u952f\u73b0\u8c61)<\/strong>\uff1aSolana\u7684\u4ea4\u6613\u70ed\u5ea6\u6301\u7eed\uff0c\u4f46\u4ee5\u592a\u574a\u5c55\u73b0\u51fa\u5176\u751f\u6001\u97e7\u6027\u3002\u636eCoinGecko\u62a5\u544a\uff0c\u867d\u7136Solana\u57281\u6708\u4efd\u5360\u636e\u4e86\u94fe\u4e0a\u4ea4\u6613\u4efd\u989d\u768452%\uff0c\u4f46\u4ee5\u592a\u574a\u57283\u6708\u4efd\u51ed\u501f630\u4ebf\u7f8e\u5143\u7684\u6708\u5ea6DEX\u4ea4\u6613\u91cf\u91cd\u593a\u9886\u5148\u5730\u4f4d\u2014\u2014\u8fd9\u662f\u81ea2024\u5e749\u6708\u4ee5\u6765\u9996\u6b21 [6, 15]<\/code>\u3002<\/li>\n\n\n\n
              • \u5e76\u884c\u8d8b\u52bf (Tron)<\/strong>\uff1a\u5728TVL\u548cDEX\u4ea4\u6613\u91cf\u7684\u6fc0\u70c8\u7ade\u4e89\u4e4b\u5916\uff0cTron\u4f5c\u4e3a\u201c\u652f\u4ed8\u6e05\u7b97\u94fe\u201d\u7684\u5730\u4f4d\u6301\u7eed\u5de9\u56fa\u3002\u81f32025\u5e74\u4e0a\u534a\u5e74\uff0c\u5176\u6708\u5ea6\u7a33\u5b9a\u5e01\u8f6c\u8d26\u989d\u7a33\u5b9a\u57286000\u4ebf\u7f8e\u5143\u4ee5\u4e0a\uff0c\u6210\u4e3a\u5168\u7403\u96f6\u552e\u4e0e\u8de8\u5883\u7a33\u5b9a\u5e01\u652f\u4ed8\u7684\u4e8b\u5b9e\u6807\u51c6\u94fe\u4e4b\u4e00 [7, 8]<\/code>\u3002<\/li>\n<\/ul>\n\n\n\n
                \n

                \u8981\u70b9\u603b\u7ed3<\/strong>\uff1a<\/p>\n\n\n\n

                  \n
                • \u8d44\u91d1\u6743\u91cd\uff08TVL\uff09<\/strong>\uff1aETH \u51e0\u4e4e\u5168\u7a0b\u7b2c\u4e00\uff0c2024 Q4\u20132025<\/strong> \u7684\u7b2c\u4e8c\u540d\u66f4\u591a\u7531 Solana\/Tron\/BSC<\/strong> \u8f6e\u6362\uff1b<\/li>\n\n\n\n
                • \u4f7f\u7528\u70ed\u5ea6\uff08\u4ea4\u6613\u91cf\/DEX\uff09<\/strong>\uff1aSolana<\/strong> \u5728\u591a\u4e2a\u65f6\u95f4\u7a97\u8d85\u8f66<\/strong>\uff0c\u5bf9\u201c\u6d3b\u8dc3\u5ea6\u4e0e\u53ef\u7528\u6027\u201d\u7684\u4e3b\u5bfc\u663e\u8457\u589e\u5f3a\uff1b<\/li>\n\n\n\n
                • \u652f\u4ed8\u6e05\u7b97\uff08\u7a33\u5b9a\u5e01\uff09<\/strong>\uff1aTron<\/strong> \u5728\u5168\u7403\u96f6\u552e\/\u8de8\u5883\u7a33\u5b9a\u5e01\u8f6c\u8d26\u4e2d\u5360\u4f18\uff0c\u6210\u4e3a\u201c\u652f\u4ed8\u5bfc\u5411\u201d\u7684\u57fa\u7840\u8bbe\u65bd\u3002<\/li>\n<\/ul>\n<\/blockquote>\n\n\n\n

                  <\/i><\/span>\u5173\u952e\u6570\u636e\u4e0e\u6848\u4f8b\u8865\u5145<\/strong> <\/h4>\n\n\n\n
                    \n
                  • Solana \u4ea4\u6613\u91cf\u7206\u53d1<\/strong>\uff1a2024\u5e74\u7b2c\u56db\u5b63\u5ea6\uff0cSolana\u5355\u65e5DEX\u4ea4\u6613\u91cf\u5cf0\u503c\u8fbe\u5230\u7ea639.8\u4ebf\u7f8e\u5143\uff0c\u8d85\u8fc7\u4e86\u4ee5\u592a\u574a\uff0817.1\u4ebf\u7f8e\u5143\uff09\u4e0eBase\uff0812.1\u4ebf\u7f8e\u5143\uff09\u7684\u603b\u548c[13]<\/code>\u3002\u4ece\u5168\u5e74\u6765\u770b\uff0c\u636eCoinspeaker\u62a5\u9053\uff0c2024\u5e74Solana\u7684\u6708\u5747DEX\u4ea4\u6613\u989d\u8fbe\u5230\u4e86\u7ea62580\u4ebf\u7f8e\u5143\uff0c\u8fdc\u8d85\u4ee5\u592a\u574a\u7684860\u4ebf\u7f8e\u5143 [14]<\/code>\u3002<\/li>\n\n\n\n
                  • \u77ed\u65f6\u8d85\u8d8a<\/strong>\uff1a\u65e9\u57282024\u5e745\u670810\u65e5\uff0cSolana\u7684\u5355\u65e5DEX\u4ea4\u6613\u91cf\u5c31\u5df2\u8fbe\u523013\u4ebf\u7f8e\u5143\uff0c\u7565\u9ad8\u4e8e\u4ee5\u592a\u574a\u768412.9\u4ebf\u7f8e\u5143\uff0c\u5b9e\u73b0\u4e86\u65e5\u7ea7\u522b\u7684\u201c\u53cd\u8d85\u201d [12]<\/code>\u3002<\/li>\n\n\n\n
                  • Tron \u7a33\u5b9a\u5e01\u8d26\u672c\u4e3b\u573a<\/strong>\uff1a\u81f32025\u5e74\u4e0a\u534a\u5e74\uff0cTron\u7f51\u7edc\u7684\u6708\u5ea6\u7a33\u5b9a\u5e01\u8f6c\u8d26\u989d\u6301\u7eed\u8d85\u8fc76000\u4ebf\u7f8e\u5143\uff0c\u5750\u5b9e\u4e86\u5176\u4f5c\u4e3a\u5168\u7403\u7a33\u5b9a\u5e01\u6838\u5fc3\u6d41\u8f6c\u8d26\u672c\u7684\u5730\u4f4d [8]<\/code>\u3002<\/li>\n<\/ul>\n\n\n\n

                    <\/i><\/span>\u80cc\u540e\u9a71\u52a8\u5206\u6790\uff1a\u4e3a\u4ec0\u4e48\u65f6\u6bb5\u4f4d\u6b21\u53d8\u5316\uff1f<\/strong> <\/h4>\n\n\n\n

                    \u516c\u94fe\u8d5b\u9053\u7684\u7ade\u4e89\uff0c\u8868\u9762\u4e0a\u662f\u6280\u672f\u548c\u6570\u636e\u7684\u6bd4\u62fc\uff0c\u5176\u80cc\u540e\u5219\u662f\u7528\u6237\u4f53\u9a8c\u3001\u573a\u666f\u5b9a\u4f4d\u3001\u8d44\u91d1\u53d9\u4e8b\u548c\u751f\u6001\u6d3b\u529b\u7684\u591a\u7ef4\u5ea6\u7efc\u5408\u535a\u5f08\u3002<\/p>\n\n\n\n

                    A. \u7528\u6237\u4f53\u9a8c\u9a71\u52a8\u6d41\u91cf<\/strong><\/p>\n\n\n\n

                    \u7f51\u7edc\u6027\u80fd\u548c\u4ea4\u6613\u6210\u672c\u662f\u7528\u6237\u6700\u76f4\u89c2\u7684\u611f\u53d7\uff0c\u4e5f\u662f\u6d41\u91cf\u8fc1\u79fb\u6700\u76f4\u63a5\u7684\u9a71\u52a8\u529b\u3002Solana\u4e4b\u6240\u4ee5\u80fd\u5728\u4ea4\u6613\u70ed\u5ea6\u4e0a\u6311\u6218\u4ee5\u592a\u574a\uff0c\u5176\u4f4e\u81f3\u7ea6$0.00025\u7684\u4ea4\u6613\u8d39\u7528\u662f\u6838\u5fc3\u539f\u56e0\u4e4b\u4e00\uff0c\u8fd9\u6781\u5927\u5730\u6ee1\u8db3\u4e86\u9ad8\u9891\u4ea4\u6613\u548cMeme\u5e01\u5468\u671f\u7528\u6237\u7684\u9700\u6c42 [16]<\/code>\u3002\u540c\u7406\uff0cBSC\u7684\u65e9\u671f\u5d1b\u8d77\u548cTron\u5728\u7a33\u5b9a\u5e01\u652f\u4ed8\u9886\u57df\u7684\u6210\u529f\uff0c\u90fd\u79bb\u4e0d\u5f00\u5176\u4f4e\u6210\u672c\u7684\u4ea4\u6613\u4f53\u9a8c\u3002<\/p>\n\n\n\n

                    B. \u573a\u666f\u5b9a\u4f4d\u5dee\u5f02<\/strong><\/p>\n\n\n\n

                    \u968f\u7740\u5e02\u573a\u6210\u719f\uff0c\u901a\u7528\u578b\u516c\u94fe\u5f00\u59cb\u5411\u7279\u5b9a\u4f18\u52bf\u9886\u57df\u5206\u5316\uff0c\u5f62\u6210\u4e86\u5dee\u5f02\u5316\u7684\u7528\u6237\u5fc3\u667a\uff1a<\/p>\n\n\n\n

                      \n
                    • \u4ee5\u592a\u574a<\/strong>: DeFi\u4e0eNFT\u7684\u201c\u91d1\u878d\u4e2d\u5fc3\u201d\u548c\u201c\u6587\u5316\u5c42\u201d\uff0c\u51ed\u501fL2\u751f\u6001\u7cfb\u7edf\u6269\u5c55\u5176\u5168\u80fd\u578b\u5b9a\u4f4d\u3002<\/li>\n\n\n\n
                    • Solana<\/strong>: \u9ad8\u9891\u4ea4\u6613\u4e0eMeme\u5e01\u5468\u671f\u7684\u201c\u6027\u80fd\u5f15\u64ce\u201d\uff0c\u4e13\u653b\u5bf9\u901f\u5ea6\u548c\u6210\u672c\u8981\u6c42\u6781\u81f4\u7684\u573a\u666f\u3002<\/li>\n\n\n\n
                    • Tron<\/strong>: \u7a33\u5b9a\u5e01\u7684\u201c\u5168\u7403\u652f\u4ed8\u7f51\u7edc\u201d\uff0c\u5728\u5c0f\u989d\u3001\u9ad8\u9891\u7684\u8de8\u5883\u652f\u4ed8\u548c\u96f6\u552e\u7ed3\u7b97\u9886\u57df\u6784\u7b51\u4e86\u6df1\u539a\u7684\u62a4\u57ce\u6cb3\u3002<\/li>\n<\/ul>\n\n\n\n

                      C. \u8d44\u91d1\u5bfc\u5411\u4e0e\u201c\u7206\u70b9\u6545\u4e8b\u201d<\/strong><\/p>\n\n\n\n

                      \u8d44\u672c\u548c\u7528\u6237\u603b\u662f\u8ffd\u9010\u6700\u5177\u5438\u5f15\u529b\u7684\u6545\u4e8b\u30022021\u5e74\uff0cBSC\u51ed\u501f\u201c\u4eba\u4eba\u90fd\u80fd\u53c2\u4e0e\u201d\u7684\u957f\u5c3e\u8d44\u4ea7\u70ed\u6f6e\uff0c\u5728\u9ad8\u5cf0\u671f\u5360\u636e\u4e8620%\u7684TVL\u4efd\u989d\u3002\u540c\u5e74\uff0cTerra\u5219\u4ee5Anchor\u534f\u8bae20%\u7684\u5e74\u5316\u6536\u76ca\u7387\u4e3a\u201c\u7206\u70b9\u6545\u4e8b\u201d\uff0c\u5728\u77ed\u65f6\u95f4\u5185\u5438\u7eb3\u5de8\u989d\u8d44\u91d1\u5e76\u767b\u9876TVL\u7b2c\u4e8c\uff0c\u5176\u540e\u7684\u5d29\u76d8\u4e5f\u4e3a\u5e02\u573a\u7559\u4e0b\u4e86\u6df1\u523b\u6559\u8bad\u30022024\u81f32025\u5e74\uff0cSolana\u51ed\u501f\u201c\u9ad8\u6027\u80fd\u627f\u8f7dMeme\u70ed\u70b9\u201d\u7684\u6545\u4e8b\uff0c\u6210\u529f\u62c9\u52a8\u4e86\u5176\u4ea4\u6613\u70ed\u5ea6\u66f2\u7ebf\u3002<\/p>\n\n\n\n

                      D. \u751f\u6001\u6d3b\u529b\u4e0e\u5934\u90e8\u5438\u9644\u529b<\/strong><\/p>\n\n\n\n

                      \u4e00\u4e2a\u516c\u94fe\u7684\u957f\u671f\u4ef7\u503c\uff0c\u6700\u7ec8\u7531\u5176\u751f\u6001\u5e94\u7528\u7684\u8d28\u91cf\u548c\u6d3b\u529b\u51b3\u5b9a\u3002\u4ee5\u592a\u574a\u7684\u62a4\u57ce\u6cb3\u7531Uniswap, Aave, Lido\u7b49\u4e00\u7cfb\u5217\u7ecf\u8fc7\u591a\u5e74\u8003\u9a8c\u7684DeFi\u57fa\u7840\u8bbe\u65bd\u6784\u6210\u3002Solana\u7684\u6d41\u91cf\u5219\u66f4\u591a\u7531Jupiter, Raydium\u7b49\u65b0\u5174\u7684\u3001\u4f53\u9a8c\u66f4\u4e1d\u6ed1\u7684DEX\u548c\u805a\u5408\u5668\u63a8\u52a8\u3002\u800cTron\u7684\u751f\u6001\u867d\u4e0d\u53ca\u524d\u4e24\u8005\u4e30\u5bcc\uff0c\u4f46\u5176\u5e9e\u5927\u7684\u7a33\u5b9a\u5e01\u8d44\u91d1\u6c60\u672c\u8eab\u5c31\u6784\u6210\u4e86\u6700\u5f3a\u7684\u5e94\u7528\u573a\u666f\uff0c\u5438\u5f15\u4e86\u6240\u6709\u4e0e\u7a33\u5b9a\u5e01\u7ed3\u7b97\u76f8\u5173\u7684\u9700\u6c42\u3002<\/p>\n\n\n\n

                      E. \u6570\u636e\u900f\u660e\u4e3a\u7ade\u4e89\u63d0\u4f9b\u8ffd\u6eaf<\/strong><\/p>\n\n\n\n

                      Messari\u3001DeFiLlama\u3001CoinGecko\u7b49\u7b2c\u4e09\u65b9\u6570\u636e\u548c\u7814\u7a76\u5e73\u53f0\u7684\u5d1b\u8d77\uff0c\u8ba9\u516c\u94fe\u95f4\u7684\u7ade\u4e89\u53d8\u5f97\u524d\u6240\u672a\u6709\u7684\u900f\u660e\u3002TVL\u3001\u4ea4\u6613\u91cf\u3001\u6d3b\u8dc3\u5730\u5740\u7b49\u6838\u5fc3\u6307\u6807\u88ab\u5b9e\u65f6\u91cf\u5316\u548c\u8ffd\u8e2a\uff0c\u8fd9\u4e0d\u4ec5\u4e3a\u793e\u533a\u548c\u7528\u6237\u63d0\u4f9b\u4e86\u5224\u65ad\u5404\u94fe\u4f18\u52a3\u7684\u51b3\u7b56\u5de5\u5177\uff0c\u4e5f\u53cd\u8fc7\u6765\u52a0\u5267\u4e86\u516c\u94fe\u5728\u6570\u636e\u8868\u73b0\u4e0a\u7684\u201c\u5185\u5377\u201d\u3002<\/p>\n\n\n\n

                      <\/i><\/span>1.3 \u6210\u529f\u516c\u94fe\u7684\u201c\u5171\u6027\u914d\u65b9\u201d<\/strong> <\/h3>\n\n\n\n

                      \u901a\u8fc7\u5bf9\u4e0a\u8ff0\u4e3b\u6d41\u516c\u94fe\u7684\u5174\u8870\u6c89\u6d6e\u8fdb\u884c\u590d\u76d8\uff0c\u6211\u4eec\u53ef\u4ee5\u53d1\u73b0\uff0c\u5c3d\u7ba1\u5404\u81ea\u7684\u201c\u7206\u70b9\u6545\u4e8b\u201d\u4e0d\u5c3d\u76f8\u540c\uff0c\u4f46\u90a3\u4e9b\u80fd\u591f\u5728\u6fc0\u70c8\u7ade\u4e89\u4e2d\u8131\u9896\u800c\u51fa\u3001\u7a33\u4f4f\u4e3b\u6d41\u4f4d\u6b21\u7684\u516c\u94fe\uff0c\u5176\u6210\u529f\u80cc\u540e\u5f80\u5f80\u9075\u5faa\u7740\u4e00\u5957\u5171\u901a\u7684\u201c\u914d\u65b9\u201d\u3002<\/p>\n\n\n\n

                      1. \u4f4e\u8d39\u7528 + \u9ad8\u541e\u5410\uff1a\u4ea4\u6613\u6d3b\u8dc3\u5ea6\u7684\u786c\u524d\u63d0<\/strong><\/p>\n\n\n\n

                      \u5728\u591a\u94fe\u7ade\u4e89\u65f6\u4ee3\uff0c\u7f51\u7edc\u6027\u80fd\u548c\u4ea4\u6613\u6210\u672c\u662f\u51b3\u5b9a\u7528\u6237\u201c\u7528\u811a\u6295\u7968\u201d\u7684\u6839\u672c\u524d\u63d0\u3002<\/p>\n\n\n\n

                      Solana\u57282024-2025\u5e74\u591a\u4e2a\u65f6\u95f4\u7a97\u53e3\u4e2dDEX\u4ea4\u6613\u91cf\u7684\u60ca\u4eba\u7206\u53d1\uff0c\u6700\u76f4\u63a5\u5730\u5370\u8bc1\u4e86\u8fd9\u4e00\u70b9 [4, 6, 12]<\/code>\u3002\u5f53\u4e00\u4e2a\u7f51\u7edc\u80fd\u591f\u63d0\u4f9b\u8db3\u591f\u4f4e\u5ec9\uff08\u8fd1\u4e4e\u96f6\u6210\u672c\uff09\u4e14\u9ad8\u6548\uff08\u79d2\u7ea7\u786e\u8ba4\uff09\u7684\u4ea4\u6613\u4f53\u9a8c\u65f6\uff0c\u5b83\u5c31\u5177\u5907\u4e86\u627f\u63a5\u5e02\u573a\u6700\u9ad8\u9891\u3001\u6700\u6295\u673a\u3001\u4e5f\u6700\u5177\u6d3b\u529b\u7684\u4ea4\u6613\u9700\u6c42\uff08\u5982Meme\u5e01\u4ea4\u6613\uff09\u7684\u786c\u6027\u6761\u4ef6\u3002<\/p>\n\n\n\n

                      2. \u660e\u786e\u7684\u201c\u4e3b\u6218\u573a\u201d\u5fc3\u667a\uff1a\u5dee\u5f02\u5316\u5b9a\u4f4d<\/strong><\/p>\n\n\n\n

                      \u968f\u7740\u5e02\u573a\u6210\u719f\uff0c\u8bd5\u56fe\u201c\u5305\u7f57\u4e07\u8c61\u201d\u7684\u901a\u7528\u578b\u516c\u94fe\uff0c\u82e5\u65e0\u7edd\u5bf9\u7684\u5148\u53d1\u4f18\u52bf\uff0c\u5f88\u96be\u4e0e\u9ad8\u5ea6\u4e13\u6ce8\u7684\u201c\u4e13\u79d1\u578b\u201d\u516c\u94fe\u7ade\u4e89\u3002\u6210\u529f\u7684\u516c\u94fe\u5f80\u5f80\u62e5\u6709\u4e00\u4e2a\u6781\u5176\u6e05\u6670\u3001\u6df1\u5165\u4eba\u5fc3\u7684\u5dee\u5f02\u5316\u5b9a\u4f4d\u3002<\/p>\n\n\n\n