随着收益率开始上升，机构最终可能会在2024年涉足DeFi。
Fidelity 的一份新报告称，随着收益率开始上升，机构最终可能会在 2024 年涉足 DeFi。
该报告涵盖了该资产管理公司对加密行业 2024 年的展望，重点关注了几个关键发展领域，包括比特币挖矿、稳定币和 DeFi。报告称：「如果 DeFi 收益率再次变得比 TradFi 收益率更具吸引力，并且出现更发达的基础设施，那么到 20...

<div>随着收益率开始上升，机构最终可能会在2024年涉足<a href="https://www.bitpush.news/articles/tag/defi" title="查看DeFi中的全部文章" rel="nofollow">DeFi</a>。 Fidelity 的一份新报告称，随着收益率开始上升，机构最终可能会在 2024 年涉足 DeFi。该报告涵盖了该资产管理公司对加密行业 2024 年的展望，重点关注了几个关键发展领域，包括比特币挖矿、稳定币和 DeFi。报告称：「如果 DeFi 收益率再次变得比 <a href="https://www.bitpush.news/articles/tag/tradfi" title="查看TradFi中的全部文章" rel="nofollow">TradFi</a> 收益率更具吸引力，并且出现更发达的基础设施，那么到 2024 年，人们可能会重新燃起兴趣。」大户在 DeFi 中曾一度赚不到钱，<a href="https://www.bitpush.news/articles/tag/rwa" title="查看RWA中的全部文章" rel="nofollow">RWA</a> 成救星这一预测是在 DeFi 投资者通过借出稳定币赚取的收益率超过美国国债收益率之际做出的。此前，Fidelity 也曾预测 2023 年机构投资者将开始有意义地参与 DeFi，但这一预测并未实现。究其根本原因，是大户在 Defi 中赚不到钱。虽然去中心化和安全性对 DeFi 来说固然重要，但不管是传统金融还是去中心化金融都离不开一个核心点，就是要能赚钱，尤其是要能让有钱的人赚钱。对于坐拥千万美金链上资产的鲸鱼和机构，这一点至关重要。让这些人赚钱，是 DeFi 面临的最现实的问题。自 LUNA 暴雷后，流动性问题就开始在整个加密市场蔓延开来。随后倒下的三箭资本也因市场活动减少而无法产生目标收益，导致大型客户撤资，并最终崩盘。据部分 3AC 前内部员工向 BlockBeats 透露，到公司运作后期，团队所管理的大规模资产几乎找不到任何可以产生预期收益的场景。年末的 FTX 暴雷，更让市场雪上加霜。据 FRED 数据，截至去年 8 月，美国一年期、两年期以及十年期国债的收益率分别为 5.37%、4.88% 和 3.97%。抛开收益率曲线不谈，无论是短期还是长期国债，收益率自 2021 年底便开始稳步上升。相较 Curve、Aave 等主流 DeFi 协议，即便是十年期国债目前的收益率也明显高出其平均收益率。<img alt="MakerDAO" src="https://images.bitpush.news/cn/20240220/170840466421714965.jpg">与之相对的，是 DeFi 逐步下滑的收益水平。据 DeFi Llama 数据显示，在 2022 年初至 2023 年 7 月间，DeFi 收益中值已从 6% 降至 2%，对于大户而言，这几乎已是无利可图。<img alt="MakerDAO" src="https://images.bitpush.news/cn/20240220/170840466422255531.jpg">对此，Fidelity 的最新报告称，去年「普遍的避险环境下，机构认为 DeFi 收益率提供的中个位数回报对于相关风险来说太低了」。且美联储在 2023 年加息的决定为机构提供了更好的、或者至少被认为更安全的选择，这也就进一步加剧了加密货币的流动性紧缩。当在链上无法产生足够的收益，将现实世界的收益带入 DeFi 是一个可行的解决方式，即 RWA（现实世界资产）。去年 6 月，在市场进入深熊后，Compound、<a href="https://www.bitpush.news/articles/tag/makerdao" title="查看MakerDAO中的全部文章" rel="nofollow">MakerDAO</a> 这两个老牌 DeFi 的代币乘着 RWA 叙事开始上涨，并创造出年内新高。此前，MakerDAO 创始人在 Tornado Cash 风波后发表的《Endgame》提案文章，就曾引起一轮关于 RWA 的讨论。后市场又有传闻，MakerDAO 通过用国库资金购买美国国债，收入在过去几月显著提升。而 Compound 创始人也在 6 月底宣布了自己创立的新公司 Superstate，专门负责将债券等资产带到链上，为潜在客户提供比肩现实世界的收益。香港合规浪潮下，RWA 的热度来到了新的高点。在国债收益率超过 DeFi 的收益率的基础前提下，加密货币投资者对代币化国债的需求不断增长，人们不仅希望通过这一叙事获得更好的链上收益，还希望依靠它吸引更多的传统资金进场，创造新一轮加密周期的风口。其中，MakerDAO 构建去中心化稳定币的其中一个关键部分正是将 RWA 作为抵押品。RWA 作为 MakerDAO 最重要的议题之一，不断地被社区探讨、验证，视为一种重要的解决方案。DeFi 收益率上升反超国债据 DLNews 的<a href="https://www.dlnews.com/articles/defi/fidelity-says-institutions-could-look-to-defi-for-yield/" rel="nofollow">一篇报道</a>，像 Aave 这样的 DeFi 借贷协议是同类中规模最大的，拥有超过 83 亿美元的存款，为投资者提供了一种利用其加密货币资产的简单方法。但要做到这一点，其他投资者必须存入稳定币以供他们借款。近几个月来，Aave 用户通过借出稳定币获得的收益率已经超过了 10 年期美国国债利率。据 FRED 数据，美国 10 年期利率目前约为 4.25%。对于 DeFi 中最大的与美元挂钩的稳定币 <a href="https://www.bitpush.news/articles/tag/usdt" title="查看USDT中的全部文章" rel="nofollow">USDT</a>，投资者可以通过 其赚取高达 14% 的收益。USDT 流通量超过 970 亿美元，这比 8 月份的 5% 左右有所增加。<img alt="MakerDAO" src="https://images.bitpush.news/cn/20240220/170840466590535899.jpg">其他稳定币的收益率也更高。Dai 是第三大稳定币，流通量约为 48 亿美元，Aave 储户的收益约为 8.5%，而第二大稳定币 Circle 的 <a href="https://www.bitpush.news/articles/tag/usdc" title="查看USDC中的全部文章" rel="nofollow">USDC</a> 的收益略低于 5%。DeFi 投资者通常将通过 Aave 等借贷协议提供的 DeFi 稳定币借贷利率视为该行业自身的无风险利率。这是因为它代表了评估所有其他 DeFi 头寸的基准回报。Aave 上向贷方提供的利率由协议的算法决定，收益率随着资产受借款人的欢迎程度而增加。如果美国国债收益率下降，这样的高收益率可能会吸引机构进入 DeFi。只要风险偏好持续存在，DeFi 投资者通过稳定币借贷所能获得的诱人收益在不久的将来就不太可能减弱。虽然整个 2023 年，随着 DeFi 投资者转向美国国债以赚取更高的收益率，与美元挂钩的稳定币受到了打击。但是，如果美联储按照预测在 2024 年底前将利率降低 0.75%，机构可能会开始寻找更有利可图的方式来赚更多钱，即投资 DeFi。RWA 故事还能讲下去吗？RWA 上链是为了将现实世界的资产所能创造的价值带进加密世界，从而迎合加密世界里用户和投资人的喜好。这两个世界之所以独立存在，除了区块链技术外，本质还是强监管的区别。这个本质区别才造就了加密世界里疯狂的财富效应，而财富效应才是大部分人被吸进加密世界的原因。而传统资产由于其资产属性和合规属性，实际上与加密世界是背道而驰的。然而，将 RWA 上链并不容易，这会涉及全新产品架构设计上的挑战，金融、法律合规和技术上的风险，以及未知的未知。RWA 之所以能引发一波关注热潮也正是因为在熊市的洗礼下，一部分赚到钱的巨鲸开始渴望现实世界里的稳定固定收益。就目前 RWA 的发展来看，其基本限于对国债，尤其对美国国债的敞口。这一方面降低了 DeFi 的抗监管能力，另一方面，也意味着一旦美联储反转，依靠美债的 RWA 协议将再次失灵，进入收益下降的不可逆趋势。而在许多人看来，美联储距离反转已经不远了。<ins></ins></div>

DeFi收益率反超国债，RWA叙事又要失灵了吗？

As yields start to rise, institutions may finally get involved in DeFi in 2024.
A new report from Fidelity claims that institutions may finally get involved in DeFi in 2024 as yields start to rise.
The report covers the asset manager’s outlook for the crypto industry in 2024, focusing on several key areas of development, including Bitcoin mining, stablecoins and DeFi. The report stated: “If DeFi yields become more attractive than TradFi yields again and a more developed infrastructure emerges, then by 20...

<div>As yields start to rise, institutions may finally get involved in <a href="https://www.bitpush.news/articles/tag/defi" title="View all articles in DeFi" rel="nofollow">DeFi</a> in 2024. A new report from Fidelity claims that institutions may finally get involved in DeFi in 2024 as yields start to rise. The report covers the asset manager’s outlook for the crypto industry in 2024, focusing on several key areas of development, including Bitcoin mining, stablecoins and DeFi. “If DeFi yields once again become more attractive than <a href="https://www.bitpush.news/articles/tag/tradfi" title="View all articles in TradFi" rel="nofollow">TradFi</a> yields and a more developed infrastructure emerges, there could be renewed interest by 2024,” the report said. Large investors once had trouble making money in DeFi, and<a href="https://www.bitpush.news/articles/tag/rwa" title="View all articles in RWA" rel="nofollow">RWA</a> became the savior The prediction comes as the yields DeFi investors earn by lending stablecoins exceed U.S. Treasury yields. Previously, Fidelity also predicted that institutional investors would begin to meaningfully participate in DeFi in 2023, but this prediction did not come true. The fundamental reason is that large investors cannot make money in Defi. Although decentralization and security are certainly important to DeFi, both traditional finance and decentralized finance are inseparable from one core point, which is to be able to make money, especially to enable rich people to make money. This is crucial for whales and institutions with tens of millions of dollars in on-chain assets. Letting these people make money is the most practical problem facing DeFi. Since the LUNA crash, liquidity problems have begun to spread throughout the entire crypto market. Sanjian Capital, which subsequently collapsed, was also unable to generate target returns due to reduced market activity, leading to the withdrawal of capital from large clients and its eventual collapse. According to some former internal employees of 3AC, they revealed to BlockBeats that by the end of the company’s operation, the large-scale assets managed by the team could hardly find any scenarios that could generate expected returns. The FTX thunderstorm at the end of the year made the market even worse. According to FRED data, as of August last year, the yields on US one-year, two-year and ten-year Treasury bonds were 5.37%, 4.88% and 3.97% respectively. Yield curve aside, yields have been rising steadily since the end of 2021, both on short-term and long-term Treasury bonds. Compared with mainstream DeFi protocols such as Curve and Aave, even the current yield of ten-year Treasury bonds is significantly higher than its average yield.<img alt="MakerDAO" src="https://images.bitpush.news/cn/20240220/170840466421714965.jpg"> In contrast, DeFi’s income level is gradually declining. According to DeFi Llama data, between the beginning of 2022 and July 2023, the median DeFi return has dropped from 6% to 2%, which is almost unprofitable for large investors.<img alt="MakerDAO" src="https://images.bitpush.news/cn/20240220/170840466422255531.jpg"> In this regard, Fidelity’s latest report stated that last year “under the general risk aversion environment, institutions believed that the mid-single-digit returns provided by DeFi yields were too low for the related risks.” And the Federal Reserve’s decision to raise interest rates in 2023 provides institutions with better, or at least considered safer, options, which further exacerbates the liquidity crunch in cryptocurrencies. When sufficient returns cannot be generated on the chain, bringing real-world returns into DeFi is a feasible solution, namely RWA (Real World Assets). In June last year, after the market entered a deep bear, Compound and <a href="https://www.bitpush.news/articles/tag/makerdao" title="View all articles in MakerDAO" rel="nofollow">MakerDAO</a> , two established DeFi tokens, began to rise on the back of the RWA narrative and set new highs for the year. Previously, the &quot;Endgame&quot; proposal article published by the founder of MakerDAO after the Tornado Cash controversy triggered a round of discussions about RWA. There are rumors in the market later that MakerDAO’s income has increased significantly in the past few months by using treasury funds to purchase U.S. Treasury bonds. The founder of Compound also announced his new company Superstate at the end of June, which is responsible for bringing assets such as bonds to the chain to provide potential customers with returns comparable to those in the real world. Under the wave of compliance in Hong Kong, the popularity of RWA has reached a new high. On the premise that the yield on government bonds exceeds the yield on DeFi, cryptocurrency investors’ demand for tokenized government bonds continues to grow. People not only hope to obtain better on-chain returns through this narrative, but also hope to rely on it to attract more Traditional funds have entered the market, creating a new round of crypto cycle. Among them, one of the key parts of MakerDAO&#39;s construction of a decentralized stable currency is to use RWA as collateral. As one of the most important issues of MakerDAO, RWA is constantly discussed and verified by the community and is regarded as an important solution. DeFi yields rise and overtake government bonds According to <a href="https://www.dlnews.com/articles/defi/fidelity-says-institutions-could-look-to-defi-for-yield/" rel="nofollow">a report</a> by DLNews, DeFi lending protocols like Aave are the largest of their kind, with over $8.3 billion in deposits, providing investors with an easy way to leverage their crypto assets. But to do this, other investors must deposit stablecoins for them to borrow against. In recent months, the yield Aave users can earn by lending stablecoins has exceeded the interest rate on the 10-year U.S. Treasury note. According to FRED data, the U.S. 10-year interest rate is currently about 4.25%. Investors can earn up to 14% on <a href="https://www.bitpush.news/articles/tag/usdt" title="View all articles in USDT" rel="nofollow">USDT</a> , the largest U.S. dollar-pegged stablecoin in DeFi. USDT has over $97 billion in circulation, which is an increase from around 5% in August.<img alt="MakerDAO" src="https://images.bitpush.news/cn/20240220/170840466590535899.jpg"> Other stablecoins also offer higher yields. Dai is the third-largest stablecoin, with a circulating supply of approximately $4.8 billion. Aave depositors earn approximately 8.5%, while Circle’s <a href="https://www.bitpush.news/articles/tag/usdc" title="View all articles in USDC" rel="nofollow">USDC</a> , the second-largest stablecoin, earns just under 5%. DeFi investors often view DeFi stablecoin lending rates offered through lending protocols such as Aave as the industry’s own risk-free rates. This is because it represents the baseline return against which all other DeFi positions are evaluated. The interest rates offered to lenders on Aave are determined by the protocol’s algorithms, with yields increasing as the asset becomes more popular with borrowers. If U.S. Treasury yields fall, such high yields may attract institutions into DeFi. As long as risk appetite persists, the attractive returns that DeFi investors can earn from lending on stablecoins are unlikely to wane in the near future. Although throughout 2023, USD-pegged stablecoins took a hit as DeFi investors turned to U.S. Treasuries to earn higher yields. However, if the Fed cuts interest rates by 0.75% by the end of 2024 as predicted, institutions may start looking for more profitable ways to make more money, namely investing in DeFi. Can the RWA story continue to be told? RWA is put on the chain to bring the value created by real-world assets into the crypto world, thereby catering to the preferences of users and investors in the crypto world. The reason why these two worlds exist independently, apart from blockchain technology, is essentially the difference between strong supervision. This essential difference creates the crazy wealth effect in the crypto world, and the wealth effect is the reason why most people are sucked into the crypto world. Traditional assets are actually contrary to the crypto world due to their asset attributes and compliance attributes. However, it is not easy to put RWA on the chain. It will involve new product architecture design challenges, financial, legal compliance and technical risks, as well as unknown unknowns. The reason why RWA can trigger a wave of attention is precisely because under the baptism of the bear market, some whale who made money began to long for stable fixed income in the real world. Judging from the current development of RWA, its exposure is basically limited to treasury bonds, especially US treasury bonds. On the one hand, this reduces DeFi&#39;s ability to resist regulation. On the other hand, it also means that once the Federal Reserve reverses course, the RWA protocol that relies on U.S. debt will fail again and enter an irreversible trend of declining returns. In the eyes of many, the Fed is not far away from a reversal.<ins></ins></div>

DeFi yields have surpassed government bonds, will the RWA narrative fail again?

At around 3:00 AM Beijing time on March 20th, Federal Reserve Chairman Jerome Powell delivered a speech at a press conference following the FOMC (Federal Open Market Committee) meeting, revealing the latest monetary policy developments to the market. At the same time, a major news item emerged: US President Donald Trump will deliver a speech at the Digital Asset Summit (DAS) tomorrow (March 20th), and according to intelligence at 4:34 AM, he will announce a "major update" to his cryptocurrency strategy at the event. This is the first time the current US President has appeared at a cryptocurrency conference. Driven by this series of events, the price of Bitcoin surged sharply today...

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Bitcoin Wavers as Fed Projects Two Rate Cuts in 2025, Holds Rates Steady

Here is the English translation:

As a result of a tweet by Sun Gege at dawn, "Tron meme szn", TRON announced that it will once again take up the BNB Chain's Meme banner, and forwarded the reply from pepeboost, claiming that this meme will be "not making a single cent" and then added a cryptic statement "three melons and two dates". This article will give you a glimpse of how TRON does memes.

On August 12 last year, TRON's DEX SUN.IO launched SunPump, bringing the first meme coin issuance platform to the ecosystem...

Nhà phân tích: Bitcoin vẫn có khả năng điều chỉnh hồi mức 70.000-74.000 đô la, các nhà đầu tư cần cảnh giác

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