{"id":1425,"date":"2025-07-23T03:05:19","date_gmt":"2025-07-22T19:05:19","guid":{"rendered":"https:\/\/www.db-hk.com\/?p=1425"},"modified":"2025-07-23T03:05:19","modified_gmt":"2025-07-22T19:05:19","slug":"%e5%85%b5%e5%ae%b6%e5%bf%85%e4%ba%89%e4%b9%8b%e5%9c%b0%ef%bc%9a%e7%a8%b3%e5%ae%9a%e5%b8%81","status":"publish","type":"post","link":"http:\/\/www.fubairui.net\/?p=1425","title":{"rendered":"\u5175\u5bb6\u5fc5\u4e89\u4e4b\u5730\uff1a\u7a33\u5b9a\u5e01"},"content":{"rendered":"<p><strong>\u524d\u8a00<\/strong><\/p>\n<p>\u636e CoinGecko \u6570\u636e\uff0c\u5f53\u524d\uff0c\u7a33\u5b9a\u5e01\u603b\u5e02\u503c\u5df2\u7a81\u7834 2000 \u4ebf\u7f8e\u5143\u5927\u5173\u3002\u4e0e\u6211\u4eec\u53bb\u5e74\u63d0\u53ca\u6b64\u8d5b\u9053\u65f6\u76f8\u6bd4\uff0c\u6574\u4f53\u5e02\u503c\u5df2\u63a5\u8fd1\u7ffb\u756a\u5e76\u7a81\u7834\u5386\u53f2\u524d\u9ad8\u3002\u66fe\u7ecf\u6211\u628a\u7a33\u5b9a\u5e01\u6bd4\u505a\u52a0\u5bc6\u4e16\u754c\u4e2d\u7684\u5173\u952e\u4e00\u73af\uff0c\u4f5c\u4e3a\u7a33\u5b9a\u7684\u4ef7\u503c\u5b58\u50a8\u624b\u6bb5\u5728\u5404\u79cd\u94fe\u4e0a\u6d3b\u52a8\u4e2d\u5145\u5f53\u5173\u952e\u5207\u5165\u53e3\u3002\u800c\u5982\u4eca\u7a33\u5b9a\u5e01\u5f00\u59cb\u8d70\u5411\u73b0\u5b9e\u4e16\u754c\uff0c\u5728\u96f6\u552e\u652f\u4ed8\u3001\u4f01\u4e1a\u95f4\u4ea4\u6613\uff08B2B\uff09\u4ee5\u53ca\u56fd\u9645\u8f6c\u8d26\u4e2d\u90fd\u4f53\u73b0\u51fa\u4e86\u8d85\u8d8a\u4f20\u7edf\u94f6\u884c\u7684\u91d1\u878d\u6548\u7387\u3002\u5728\u4e9a\u975e\u62c9\u7b49\u65b0\u5174\u5e02\u573a\u4e2d\uff0c\u7a33\u5b9a\u5e01\u7684\u5e94\u7528\u4ef7\u503c\u4e5f\u9010\u6e10\u5f97\u4ee5\u4f53\u73b0\uff0c\u6781\u5f3a\u7684\u91d1\u878d\u5305\u5bb9\u6027\u4f7f\u5f97\u7b2c\u4e09\u4e16\u754c\u56fd\u5bb6\u7684\u5c45\u6c11\u80fd\u6709\u6548\u5e94\u5bf9\u653f\u5e9c\u4e0d\u7a33\u5b9a\u5e26\u6765\u7684\u8d27\u5e01\u9ad8\u901a\u80c0\uff0c\u901a\u8fc7\u7a33\u5b9a\u5e01\u8fd8\u80fd\u53c2\u4e0e\u4e00\u4e9b\u5168\u7403\u6027\u7684\u91d1\u878d\u6d3b\u52a8\u4ee5\u53ca\u8ba2\u9605\u4f7f\u7528\u4e16\u754c\u6700\u524d\u6cbf\u7684\u865a\u62df\u670d\u52a1\uff08\u4f8b\u5982\u5728\u7ebf\u6559\u80b2\u3001\u5a31\u4e50\u3001\u4e91\u7b97\u3001AI \u4ea7\u54c1\uff09\u3002<\/p>\n<p>\u8fdb\u5165\u65b0\u5174\u5e02\u573a\uff0c\u6311\u6218\u4f20\u7edf\u652f\u4ed8\u662f\u7a33\u5b9a\u5e01\u7684\u4e0b\u4e00\u6b65\u3002\u5728\u53ef\u9884\u89c1\u7684\u5c06\u6765\uff0c\u7a33\u5b9a\u5e01\u7684\u5408\u89c4\u5316\u53ca\u52a0\u901f\u91c7\u7528\u5c06\u6210\u4e3a\u5fc5\u7136\uff0cAI \u7684\u6781\u901f\u53d1\u5c55\u4e5f\u5c06\u4fc3\u4f7f\u5bf9\u7a33\u5b9a\u5e01\u9700\u6c42\u7684\u8fdb\u4e00\u6b65\u52a0\u5f3a\uff08\u7b97\u529b\u8d2d\u4e70\u3001\u8ba2\u9605\u670d\u52a1\uff09\u3002\u76f8\u6bd4\u4e8e\u8fc7\u53bb\u8fd9\u4e24\u5e74\u7684\u53d1\u5c55\uff0c\u552f\u4e00\u4e0d\u53d8\u7684\u662f\uff0cTether \u548c Circle \u4f9d\u65e7\u5bf9\u8fd9\u6761\u8d5b\u9053\u6709\u6781\u9ad8\u7684\u7edf\u6cbb\u529b\uff0c\u66f4\u591a\u7684\u521d\u521b\u9879\u76ee\u5f00\u59cb\u5c06\u76ee\u5149\u8f6c\u5411\u7a33\u5b9a\u5e01\u7684\u4e0a\u4e0b\u6e38\u3002\u4f46\u6211\u4eec\u4eca\u5929\u8981\u8c08\u7684\u4f9d\u65e7\u8fd8\u662f\u7a33\u5b9a\u5e01\u7684\u53d1\u884c\u65b9\uff0c\u5728\u8fd9\u6761\u6781\u5ea6\u5185\u5377\u7684\u5343\u4ebf\u8d5b\u9053\u4e2d\u7a76\u7adf\u8fd8\u6709\u8c01\u80fd\u5206\u8d70\u4e0b\u4e00\u5757\u86cb\u7cd5\uff1f<\/p>\n<p><strong>\u4e00\u3001\u8d8b\u52bf\u7684\u6f14\u53d8<\/strong><\/p>\n<p>\u5728\u8fc7\u53bb\u6211\u4eec\u63d0\u53ca\u7a33\u5b9a\u5e01\u7684\u5206\u7c7b\u65f6\u4e00\u822c\u4f1a\u5c06\u5176\u5206\u4e3a\u4e09\u7c7b\uff1a<\/p>\n<ol class=\"wp-block-list\">\n<li>\u6cd5\u5e01\u62b5\u62bc\u7a33\u5b9a\u5e01\uff1a\u8fd9\u7c7b\u7a33\u5b9a\u5e01\u7531\u6cd5\u5b9a\u8d27\u5e01\uff08\u5982\u7f8e\u5143\u3001\u6b27\u5143\uff09\u4f5c\u4e3a\u50a8\u5907\u652f\u6301\uff0c\u901a\u5e38\u6309\u7167 1:1 \u7684\u6bd4\u4f8b\u53d1\u884c\u3002\u4f8b\u5982\uff0c\u6bcf\u4e00\u679a USDT \u6216 USDC \u90fd\u5bf9\u5e94\u7740\u53d1\u884c\u65b9\u94f6\u884c\u8d26\u6237\u4e2d\u5b58\u50a8\u7684\u4e00\u7f8e\u5143\u3002\u8fd9\u7c7b\u7a33\u5b9a\u5e01\u7684\u7279\u70b9\u662f\u76f8\u5bf9\u7b80\u5355\u76f4\u63a5\uff0c\u5e76\u4e14\u5728\u7406\u8bba\u4e0a\u80fd\u591f\u63d0\u4f9b\u9ad8\u5ea6\u7684\u4ef7\u683c\u7a33\u5b9a\u6027\uff1b<\/li>\n<li>\u8d85\u989d\u62b5\u62bc\u7a33\u5b9a\u5e01\uff1a\u6b64\u7c7b\u7a33\u5b9a\u5e01\u901a\u8fc7\u8d85\u989d\u62b5\u62bc\u5176\u4ed6\u6ce2\u52a8\u6027\u8f83\u5927\u4e14\u6d41\u52a8\u8f83\u597d\u7684\u4f18\u8d28\u52a0\u5bc6\u8d44\u4ea7\uff08\u5982 ETH\u3001BTC\uff09\u6765\u521b\u5efa\u3002\u4e3a\u4e86\u5e94\u5bf9\u6f5c\u5728\u7684\u4ef7\u683c\u6ce2\u52a8\u98ce\u9669\uff0c\u8fd9\u4e9b\u7a33\u5b9a\u5e01\u5f80\u5f80\u8981\u6c42\u66f4\u9ad8\u7684\u62b5\u62bc\u7387\uff0c\u5373\u62b5\u62bc\u54c1\u7684\u4ef7\u503c\u5fc5\u987b\u663e\u8457\u8d85\u8fc7\u6240\u94f8\u9020\u7684\u7a33\u5b9a\u5e01\u4ef7\u503c\u3002\u5178\u578b\u7684\u4ee3\u8868\u6709 Dai\u3001Frax \u7b49\uff1b<\/li>\n<li>\u7b97\u6cd5\u7a33\u5b9a\u5e01\uff1a\u901a\u8fc7\u7b97\u6cd5\u6765\u5b8c\u5168\u8c03\u8282\u5176\u4f9b\u5e94\u548c\u6d41\u901a\uff0c\u8fd9\u4e2a\u7b97\u6cd5\u63a7\u5236\u7740\u8d27\u5e01\u7684\u4f9b\u6c42\u5173\u7cfb\uff0c\u65e8\u5728\u4f7f\u7a33\u5b9a\u5e01\u7684\u4ef7\u683c\u4e0e\u53c2\u8003\u8d27\u5e01\uff08\u901a\u5e38\u662f\u7f8e\u5143\uff09\u6302\u94a9\u3002\u4e00\u822c\u6765\u8bf4\uff0c\u5f53\u4ef7\u683c\u4e0a\u6da8\u65f6\uff0c\u7b97\u6cd5\u4f1a\u53d1\u884c\u66f4\u591a\u7684\u786c\u5e01\uff0c\u800c\u5f53\u4ef7\u683c\u4e0b\u8dcc\u65f6\uff0c\u5219\u4f1a\u56de\u8d2d\u5e02\u573a\u4e0a\u7684\u66f4\u591a\u786c\u5e01\u3002\u5176\u4ee3\u8868\u6709 UST\uff08Luna \u7684\u7a33\u5b9a\u5e01\uff09\u3002<\/li>\n<\/ol>\n<p>\u5728 UST \u5d29\u76d8\u540e\u7684\u51e0\u5e74\u95f4\uff0c\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u4e3b\u8981\u90fd\u5728\u56f4\u7ed5\u4ee5\u592a\u574a LST \u8fdb\u884c\u5fae\u521b\u65b0\uff0c\u901a\u8fc7\u4e0d\u540c\u7684\u98ce\u9669\u5e73\u8861\u6784\u5efa\u51fa\u4e00\u4e9b\u7c7b\u8d85\u989d\u62b5\u62bc\u7684\u7a33\u5b9a\u5e01\u3002\u5173\u4e8e\u7b97\u7a33\u4e00\u8bcd\uff0c\u5219\u518d\u4e5f\u65e0\u4eba\u63d0\u53ca\u3002\u4e0d\u8fc7\u968f\u7740\u672c\u5e74\u521d Ethena \u7684\u6a2a\u7a7a\u51fa\u4e16\uff0c\u7a33\u5b9a\u5e01\u9010\u6e10\u7b03\u5b9a\u4e86\u65b0\u7684\u53d1\u5c55\u65b9\u5411\uff0c\u5373\u4f18\u8d28\u8d44\u4ea7\u7ed3\u5408\u4f4e\u98ce\u9669\u7406\u8d22\uff0c\u4ece\u800c\u901a\u8fc7\u8f83\u9ad8\u7684\u6536\u76ca\u7387\u5438\u5f15\u5927\u91cf\u7528\u6237\uff0c\u5728\u76f8\u5bf9\u56fa\u5316\u7684\u7a33\u5b9a\u5e01\u5e02\u573a\u683c\u5c40\u4e2d\u521b\u9020\u51fa\u4e00\u6b21\u864e\u53e3\u593a\u98df\u7684\u673a\u4f1a\uff0c\u800c\u6211\u5728\u4e0b\u6587\u4e2d\u63d0\u53ca\u7684\u4e09\u4e2a\u9879\u76ee\u5747\u5c5e\u4e8e\u6b64\u7c7b\u65b9\u5411\u3002<\/p>\n<p><strong>\u4e8c\u3001Ethena<\/strong><\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXcQR2Z-5KIY8DsX7Kv7VTm5AIMSP3RdsGTc2zoDThts5wTWLfGPW9_91R9D3JeQklf3cwe_1DN9Vhkex-AIwThBdI3rrtp5JpsdAs-DLX6SNfGFwpa1xqLT7963VidNQOMhqxdJjQ?key=Pgsd9N9TK_RXhZ0ZBaH7FgVi\" alt=\"\u5175\u5bb6\u5fc5\u4e89\u4e4b\u5730\uff1a\u7a33\u5b9a\u5e01\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXcQR2Z-5KIY8DsX7Kv7VTm5AIMSP3RdsGTc2zoDThts5wTWLfGPW9_91R9D3JeQklf3cwe_1DN9Vhkex-AIwThBdI3rrtp5JpsdAs-DLX6SNfGFwpa1xqLT7963VidNQOMhqxdJjQ?key=Pgsd9N9TK_RXhZ0ZBaH7FgVi\" alt=\"\u5175\u5bb6\u5fc5\u4e89\u4e4b\u5730\uff1a\u7a33\u5b9a\u5e01\" \/><\/figure>\n<p>Ethena \u662f\u81ea Terra Luna \u5d29\u76d8\u540e\u589e\u957f\u901f\u5ea6\u6700\u5feb\u7684\u975e\u6cd5\u5e01\u62b5\u62bc\u7a33\u5b9a\u5e01\u9879\u76ee\uff0c\u5176\u539f\u751f\u7a33\u5b9a\u5e01 USDe \u4ee5 55 \u4ebf\u7f8e\u5143\u7684\u4f53\u91cf\u8d85\u8d8a Dai \u6682\u5c45\u7b2c\u4e09\u3002\u9879\u76ee\u7684\u6574\u4f53\u601d\u8def\u57fa\u4e8e\u4ee5\u592a\u574a\u53ca\u6bd4\u7279\u5e01\u62b5\u62bc\u54c1\u7684 Delta Hedging\uff0cUSDe \u7684\u7a33\u5b9a\u6027\u662f\u901a\u8fc7 Ethena \u5728 Cex \u4e0a\u8fdb\u884c\u4e0e\u62b5\u62bc\u54c1\u4ef7\u503c\u7b49\u503c\u7684\u505a\u7a7a\u4ee5\u592a\u574a\u3001\u6bd4\u7279\u5e01\u5b9e\u73b0\u3002 \u8fd9\u662f\u4e00\u79cd\u98ce\u9669\u5bf9\u51b2\u7b56\u7565\uff0c\u65e8\u5728\u62b5\u6d88\u4ef7\u683c\u6ce2\u52a8\u5bf9 USDe \u4ef7\u503c\u7684\u5f71\u54cd\u3002 \u5982\u679c\u4e24\u8005\u4ef7\u683c\u4e0a\u6da8\uff0c\u505a\u7a7a\u5934\u5bf8\u4f1a\u4e8f\u635f\uff0c\u4f46\u62b5\u62bc\u54c1\u7684\u4ef7\u503c\u4e5f\u4f1a\u4e0a\u6da8\uff0c\u4ece\u800c\u62b5\u6d88\u4e8f\u635f\uff1b\u53cd\u4e4b\u4ea6\u7136\u3002\u6574\u4e2a\u64cd\u4f5c\u8fc7\u7a0b\u4f9d\u8d56\u573a\u5916\u7ed3\u7b97\u670d\u52a1\u5546\u6765\u5b9e\u73b0\uff0c\u4e5f\u5c31\u662f\u534f\u8bae\u8d44\u4ea7\u6258\u7ba1\u4e8e\u591a\u4e2a\u5916\u90e8\u5b9e\u4f53\u3002\u800c\u8be5\u9879\u76ee\u7684\u6536\u5165\u6765\u6e90\u4e3b\u8981\u6709\u4e09\u70b9\uff1a<\/p>\n<ol class=\"wp-block-list\">\n<li>\u4ee5\u592a\u574a\u8d28\u62bc\u6536\u76ca: \u7528\u6237\u62b5\u62bc\u7684 LST \u4f1a\u4ea7\u751f\u4ee5\u592a\u574a\u8d28\u62bc\u5956\u52b1\uff1b<\/li>\n<li>\u5bf9\u51b2\u4ea4\u6613\u6536\u76ca: Ethena Labs \u7684\u5bf9\u51b2\u4ea4\u6613\u53ef\u80fd\u4f1a\u4ea7\u751f\u8d44\u91d1\u8d39\u7387\uff08Funding Rate\uff09\u6216\u57fa\u5dee\u6536\u76ca\uff08Basis Spread\uff09\uff1b<\/li>\n<li>Liquid Stables \u7684\u56fa\u5b9a\u5956\u52b1\uff1a\u4ee5 USDC \u7684\u5f62\u5f0f\u653e\u5728 Coinbase \u6216\u8005\u4ee5\u5176\u4ed6\u7a33\u5b9a\u5e01\u7684\u5f62\u5f0f\u653e\u5728\u5176\u5b83\u4ea4\u6613\u6240\u83b7\u5f97\u5b58\u6b3e\u5229\u606f\u3002<\/li>\n<\/ol>\n<p>\u4e5f\u5c31\u662f\u8bf4 USDe \u7684\u672c\u8d28\u662f\u4e00\u4e2a\u5305\u88c5\u8fc7\u7684 Cex \u4f4e\u98ce\u9669\u91cf\u5316\u5bf9\u51b2\u7b56\u7565\u7406\u8d22\u4ea7\u54c1\uff0c\u7efc\u5408\u4e0a\u8bc9\u4e09\u70b9 Ethena \u5728\u884c\u60c5\u597d\u3001\u6d41\u52a8\u6027\u6781\u4f73\u7684\u65f6\u5019\u53ef\u4ee5\u63d0\u4f9b\u9ad8\u8fbe\u6570\u5341\u70b9\u7684\u6d6e\u52a8\u5e74\u5316\u6536\u76ca\u7387\uff08\u5f53\u524d\u4e3a 27%\uff09\uff0c\u8fd9\u6bd4\u5f53\u5e74 Anchor Protocol\uff08Terra \u4e2d\u7684\u53bb\u4e2d\u5fc3\u5316\u94f6\u884c\uff0920% \u7684 APY \u8fd8\u8981\u9ad8\u3002\u867d\u7136\u4e0d\u662f\u56fa\u5b9a\u5e74\u5316\u6536\u76ca\u7387\uff0c\u4f46\u5bf9\u4e8e\u4e00\u4e2a\u7a33\u5b9a\u5e01\u9879\u76ee\u6765\u8bb2\u4f9d\u65e7\u6781\u4e3a\u5938\u5f20\u3002\u90a3\u4e48\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0cEthena \u662f\u5426\u8ddf Luna \u4e00\u6837\u5b58\u5728\u6781\u9ad8\u7684\u98ce\u9669\uff1f<\/p>\n<p>\u4ece\u7406\u8bba\u4e0a\u8bb2 Ethena \u6700\u5927\u7684\u98ce\u9669\u6e90\u81ea Cex \u4e0e\u6258\u7ba1\u7684\u66b4\u96f7\uff0c\u4e0d\u8fc7\u8fd9\u79cd\u9ed1\u5929\u9e45\u60c5\u51b5\u662f\u65e0\u6cd5\u9884\u6599\u7684\u3002\u800c\u53e6\u4e00\u4e2a\u98ce\u9669\u5219\u9700\u8981\u8003\u8651\u6324\u5151\uff0cUSDe \u7684\u5927\u89c4\u6a21\u8d4e\u56de\u9700\u8981\u8db3\u91cf\u7684\u5bf9\u624b\u76d8\u5b58\u5728\uff0c\u4ee5 Ethena \u6781\u901f\u589e\u957f\u7684\u4f53\u91cf\u6765\u770b\uff0c\u8fd9\u79cd\u60c5\u51b5\u5e76\u975e\u4e0d\u53ef\u80fd\u5b58\u5728\u3002\u7528\u6237\u5feb\u901f\u629b\u552e USDe\uff0c\u5bfc\u81f4\u4e8c\u7ea7\u5e02\u573a\u4ef7\u683c\u8131\u94a9\u3002\u4e3a\u4e86\u6062\u590d\u4ef7\u683c\uff0c\u534f\u8bae\u9700\u8981\u5e73\u4ed3\u5e76\u51fa\u552e\u73b0\u8d27\u62b5\u62bc\u54c1\u6765\u56de\u8d2d USDe\uff0c\u6574\u4e2a\u8fc7\u7a0b\u53ef\u80fd\u5c06\u6d6e\u4e8f\u8f6c\u5316\u4e3a\u5b9e\u9645\u4e8f\u635f\uff0c\u5e76\u6700\u7ec8\u4f7f\u6574\u4e2a\u6076\u6027\u5faa\u73af\u52a0\u5267\u3002\u300c1\u300d\u5f53\u7136\u8fd9\u4e2a\u6982\u7387\u8981\u8fdc\u6bd4 UST \u5355\u5c42\u5c4f\u969c\u7834\u88c2\u7684\u6982\u7387\u5c0f\uff0c\u5176\u540e\u679c\u4e5f\u6ca1\u6709\u90a3\u4e48\u4e25\u91cd\uff0c\u53ea\u662f\u98ce\u9669\u4f9d\u65e7\u662f\u5b58\u5728\u7684\u3002<\/p>\n<p>Ethena \u5728\u5e74\u4e2d\u4e5f\u7ecf\u5386\u4e86\u5f88\u957f\u65f6\u95f4\u7684\u4f4e\u8c37\u671f\uff0c\u867d\u7136\u6536\u76ca\u5927\u5e45\u4e0b\u964d\uff0c\u5176\u8bbe\u8ba1\u903b\u8f91\u4e5f\u906d\u8d28\u7591\uff0c\u4f46\u786e\u5b9e\u4e5f\u6ca1\u6709\u51fa\u73b0\u7cfb\u7edf\u6027\u7684\u98ce\u9669\u3002\u4f5c\u4e3a\u672c\u8f6e\u7a33\u5b9a\u5e01\u7684\u5173\u952e\u521b\u65b0\uff0cEthena \u63d0\u4f9b\u4e86\u4e00\u79cd\u94fe\u4e0a\u4e0e Cex \u878d\u5408\u7684\u8bbe\u8ba1\u903b\u8f91\uff0c\u5c06\u4e3b\u7f51\u5408\u5e76\u5e26\u6765\u7684\u5927\u91cf LST \u8d44\u4ea7\u5f15\u5165\u4ea4\u6613\u6240\uff0c\u6210\u4e3a\u725b\u5e02\u4e2d\u7a00\u7f3a\u7684\u7a7a\u5934\u6d41\u52a8\u6027\uff0c\u4e5f\u4e3a\u4ea4\u6613\u6240\u63d0\u4f9b\u4e86\u5927\u91cf\u624b\u7eed\u8d39\u548c\u65b0\u9c9c\u8840\u6db2\u3002\u8be5\u9879\u76ee\u662f\u4e00\u79cd\u6298\u4e2d\u4f46\u5374\u6781\u4e3a\u6709\u8da3\u7684\u8bbe\u8ba1\u601d\u8def\uff0c\u5728\u5b9e\u73b0\u9ad8\u6536\u76ca\u7684\u540c\u65f6\uff0c\u53c8\u80fd\u4fdd\u6301\u8f83\u597d\u7684\u5b89\u5168\u6027\u3002\u672a\u6765\u968f\u7740\u8ba2\u5355\u7c3f Dex \u7684\u5d1b\u8d77\u5339\u914d\u4e0a\u66f4\u6210\u719f\u7684\u94fe\u62bd\u8c61\uff0c\u4e0d\u77e5\u662f\u5426\u6709\u673a\u4f1a\u6309\u8fd9\u4e2a\u601d\u8def\u5b9e\u73b0\u5b8c\u5168\u53bb\u4e2d\u5fc3\u5316\u7684\u7a33\u5b9a\u5e01\uff1f&nbsp;<\/p>\n<p><strong>\u4e09\u3001Usual<\/strong><\/p>\n<p>Usual \u662f\u4e00\u4e2a\u7531\u524d\u6cd5\u56fd\u56fd\u4f1a\u8bae\u5458 Pierre PERSON \u521b\u5efa\u7684 RWA \u7a33\u5b9a\u5e01\u9879\u76ee\uff0c\u6b64\u4eba\u8fd8\u66fe\u662f\u6cd5\u56fd\u603b\u7edf\u9a6c\u514b\u9f99\u7684\u987e\u95ee\u3002\u8be5\u9879\u76ee\u53d7 Binance Launchpool \u4e0a\u7ebf\u6d88\u606f\u7684\u5f71\u54cd\uff0c\u70ed\u5ea6\u5728\u8fd1\u671f\u5927\u5e45\u62c9\u5347\uff0c\u5176 TVL \u4e5f\u4ece\u5343\u4e07\u7ea7\u8fc5\u901f\u8dc3\u5347\u81f3 7 \u4ebf\u7f8e\u91d1\u5de6\u53f3\u3002\u9879\u76ee\u539f\u751f\u7a33\u5b9a\u5e01 USD0 \u91c7\u7528\u7684\u662f 1:1 \u7684\u51c6\u5907\u91d1\u5236\u5ea6\uff0c\u4e0d\u540c\u4e8e USDT \u548c USDC \u7684\u662f\u7528\u6237\u4e0d\u518d\u662f\u901a\u8fc7\u6cd5\u5e01\u53bb\u6362\u53d6\u7b49\u4ef7\u7684\u865a\u62df\u8d27\u5e01\uff0c\u800c\u662f\u901a\u8fc7\u6cd5\u5e01\u6362\u53d6\u7b49\u4ef7\u7684\u7f8e\u56fd\u56fd\u503a\uff0c\u8fd9\u4e5f\u5c31\u662f\u8be5\u9879\u76ee\u7684\u6838\u5fc3\u5356\u70b9\uff0c\u628a Tether \u83b7\u53d6\u7684\u6536\u76ca\u5171\u4eab\u51fa\u6765\u3002<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXdN5CYG1wKwRiknQ_BDrdI7SHKW9nLGSMcFhC_ntEBOQijDph0F8kU3Qjm1Ynv6nFWr9c5m3PIhTC3lPeklOhNCF_-ic4GcxTFfVlqe-PtTSMfjNEKfY2z-vVHcv73vURrwHGY34Q?key=Pgsd9N9TK_RXhZ0ZBaH7FgVi\" alt=\"\u5175\u5bb6\u5fc5\u4e89\u4e4b\u5730\uff1a\u7a33\u5b9a\u5e01\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXdN5CYG1wKwRiknQ_BDrdI7SHKW9nLGSMcFhC_ntEBOQijDph0F8kU3Qjm1Ynv6nFWr9c5m3PIhTC3lPeklOhNCF_-ic4GcxTFfVlqe-PtTSMfjNEKfY2z-vVHcv73vURrwHGY34Q?key=Pgsd9N9TK_RXhZ0ZBaH7FgVi\" alt=\"\u5175\u5bb6\u5fc5\u4e89\u4e4b\u5730\uff1a\u7a33\u5b9a\u5e01\" \/><\/figure>\n<p>\u5982\u4e0a\u56fe\u6240\u793a\uff0c\u5de6\u4fa7\u662f\u4f20\u7edf\u6cd5\u5e01\u62b5\u62bc\u7a33\u5b9a\u5e01\u7684\u8fd0\u884c\u903b\u8f91\u3002\u4ee5 Tether \u4e3a\u4f8b\uff0c\u7528\u6237\u5728\u5c06\u6cd5\u5e01\u94f8\u9020\u4e3a USDT \u7684\u8fc7\u7a0b\u4e2d\u4e0d\u4f1a\u83b7\u5f97\u4efb\u4f55\u5229\u606f\uff0c\u4ece\u67d0\u79cd\u7a0b\u5ea6\u4e0a\u8bf4\uff0cTether \u7684\u6cd5\u5e01\u4e5f\u53ef\u7b97\u662f\u300c\u7a7a\u624b\u5957\u767d\u72fc\u300d\u5f97\u6765\u7684\u3002\u800c\u8be5\u516c\u53f8\u901a\u8fc7\u5927\u91cf\u7684\u6cd5\u5e01\u8d2d\u4e70\u4f4e\u98ce\u9669\u7406\u8d22\u4ea7\u54c1\uff08\u4e3b\u8981\u662f\u7f8e\u56fd\u56fd\u503a\uff09\uff0c\u4ec5\u53bb\u5e74\u4e00\u5e74\u7684\u6536\u76ca\u5c31\u9ad8\u8fbe 62 \u4ebf\u7f8e\u5143\uff0c\u6700\u540e\u518d\u5c06\u8fd9\u4e9b\u6536\u76ca\u8f6c\u6295\u81f3\u9ad8\u98ce\u9669\u9886\u57df\u8fdb\u884c\u6295\u8d44\uff0c\u5b9e\u73b0\u8eba\u7740\u8d5a\u94b1\u3002<\/p>\n<p>\u800c\u53f3\u4fa7\u5219\u662f Usual \u7684\u8fd0\u884c\u903b\u8f91\uff0c\u5176\u6838\u5fc3\u7406\u5ff5\u662f Become An Owner, Not Just A User.\uff08\u6210\u4e3a\u6240\u6709\u8005\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u7528\u6237\u3002\uff09\u9879\u76ee\u7684\u8bbe\u8ba1\u4e5f\u56f4\u7ed5\u8fd9\u6b64\u7406\u5ff5\u8fdb\u884c\uff0c\u5c06\u57fa\u7840\u8bbe\u65bd\u6240\u6709\u6743\u91cd\u65b0\u5206\u914d\u7ed9\u603b\u9501\u4ed3\u4ef7\u503c\uff08TVL\uff09\u63d0\u4f9b\u8005\uff0c\u4e5f\u5c31\u662f\u7528\u6237\u7684\u6cd5\u5e01\u90fd\u5c06\u8f6c\u6362\u4e3a\u8d85\u77ed\u671f\u7f8e\u56fd\u56fd\u503a\u7684 RWA\uff0c\u6574\u4e2a\u5b9e\u73b0\u8fc7\u7a0b\u5219\u901a\u8fc7 USYC \u8fdb\u884c\uff08USYC \u7531 Hashnote \u8fd0\u8425\uff0c\u8be5\u516c\u53f8\u76ee\u524d\u662f\u8f83\u4e3a\u524d\u5217\u7684\u94fe\u4e0a\u673a\u6784\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8\uff0c\u7531 DRW \u7684\u5408\u4f19\u4eba\u652f\u6301\uff09\uff0c\u6700\u7ec8\u6536\u76ca\u8fdb\u5165\u534f\u8bae\u7684\u91d1\u5e93\uff0c\u5e76\u7531\u534f\u8bae\u4ee3\u5e01\u6301\u6709\u8005\u62e5\u6709\u5e76\u6cbb\u7406\u3002<\/p>\n<p>\u5176\u534f\u8bae\u4ee3\u5e01 USUAL \u4ee3\u5e01\u5c06\u5206\u914d\u7ed9\u9501\u5b9a\u7684 USD0 \u6301\u6709\u8005\uff08\u9501\u5b9a\u7684 USD0 \u5c06\u8f6c\u6362\u4e3a USD0++\uff09\uff0c\u5b9e\u73b0\u6536\u76ca\u5206\u4eab\u548c\u65e9\u671f\u5bf9\u9f50\u3002\u503c\u5f97\u6ce8\u610f\u7684\u662f\u8fd9\u4e2a\u9501\u5b9a\u5468\u671f\u957f\u8fbe\u56db\u5e74\uff0c\u548c\u7f8e\u56fd\u7684\u90e8\u5206\u4e2d\u671f\u56fd\u503a\u8d4e\u56de\u65f6\u95f4\u4e00\u81f4\uff08\u7f8e\u56fd\u4e2d\u957f\u671f\u56fd\u503a\u4e00\u822c\u4e3a 2 \u81f3 10 \u5e74\uff09\u3002<\/p>\n<p>Usual \u7684\u4f18\u52bf\u5728\u4e8e\u4fdd\u6301\u8d44\u672c\u6548\u7387\u7684\u540c\u65f6\u6253\u7834\u4e86 Tether \u53ca Circle \u7b49\u4e00\u4f17\u4e2d\u5fc3\u5316\u5b9e\u4f53\u5bf9\u4e8e\u7a33\u5b9a\u5e01\u7684\u63a7\u5236\uff0c\u5e76\u5c06\u6536\u76ca\u8fdb\u884c\u4e86\u5e73\u7b49\u7684\u5212\u5206\u3002\u4f46\u8f83\u957f\u7684\u9501\u5b9a\u5468\u671f\u4ee5\u53ca\u76f8\u5bf9\u5e01\u5708\u6765\u8bf4\u8f83\u4f4e\u7684\u6536\u76ca\u7387\uff0c\u4ece\u77ed\u671f\u6765\u770b\uff0c\u6216\u8bb8\u5f88\u96be\u8fbe\u5230 Ethena \u8fd9\u79cd\u77ed\u65f6\u95f4\u5185\u5927\u89c4\u6a21\u7684\u589e\u957f\uff0c\u5bf9\u4e8e\u6563\u6237\u800c\u8a00\u5438\u5f15\u529b\u53ef\u80fd\u66f4\u96c6\u4e2d\u4e8e Usual \u7684\u4ee3\u5e01\u4ef7\u503c\u3002\u53cd\u89c2\u957f\u671f\uff0cUSD0 \u5219\u66f4\u6709\u4f18\u52bf\uff0c\u4e00\u662f\u4fc3\u4f7f\u6ca1\u6709\u7f8e\u56fd\u94f6\u884c\u8d26\u6237\u7684\u4ed6\u56fd\u516c\u6c11\u80fd\u66f4\u5bb9\u6613\u7684\u6295\u8d44\u7f8e\u56fd\u56fd\u503a\u7ec4\u5408\uff1b\u4e8c\u662f\u6709\u66f4\u597d\u7684\u5e95\u5c42\u8d44\u4ea7\u4f5c\u4e3a\u652f\u6301\uff0c\u6574\u4f53\u89c4\u6a21\u80fd\u6bd4 Ethena \u5927\u975e\u5e38\u591a\uff1b\u4e09\u662f\u53bb\u4e2d\u5fc3\u5316\u7684\u6cbb\u7406\u65b9\u5f0f\u540c\u6837\u4e5f\u610f\u5473\u7740\u8be5\u7a33\u5b9a\u5e01\u4e0d\u518d\u90a3\u4e48\u5bb9\u6613\u88ab\u51bb\u7ed3\uff0c\u5bf9\u4e8e\u975e\u4ea4\u6613\u7528\u6237\u800c\u8a00\u5c06\u662f\u66f4\u4f18\u9009\u3002<\/p>\n<p><strong>\u56db\u3001f(x)Protocol V2<\/strong><\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXeXQuPW1pSugHB3-8Py7j1pBoAKeYcSrGoGZfWPx3Q0_943rAaY_TMI8FL4Vl-MkdtwZRtz_gYfK-Fcpazz1vF3Wi8JU4UggR-m1t5-8R4-gfniIsLIs_domljr0Ls5LpeQrcpANQ?key=Pgsd9N9TK_RXhZ0ZBaH7FgVi\" alt=\"\u5175\u5bb6\u5fc5\u4e89\u4e4b\u5730\uff1a\u7a33\u5b9a\u5e01\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXeXQuPW1pSugHB3-8Py7j1pBoAKeYcSrGoGZfWPx3Q0_943rAaY_TMI8FL4Vl-MkdtwZRtz_gYfK-Fcpazz1vF3Wi8JU4UggR-m1t5-8R4-gfniIsLIs_domljr0Ls5LpeQrcpANQ?key=Pgsd9N9TK_RXhZ0ZBaH7FgVi\" alt=\"\u5175\u5bb6\u5fc5\u4e89\u4e4b\u5730\uff1a\u7a33\u5b9a\u5e01\" \/><\/figure>\n<p>f(x)Protocol \u662f Aladdindao \u5f53\u524d\u7684\u6838\u5fc3\u4ea7\u54c1\uff0c\u6211\u4eec\u66fe\u5728\u53bb\u5e74\u7684\u6587\u7ae0\u4e2d\u5bf9\u8be5\u9879\u76ee\u6709\u8f83\u4e3a\u8be6\u5b9e\u7684\u4ecb\u7ecd\u3002\u76f8\u6bd4\u4e8e\u4e0a\u9762\u4e24\u4e2a\u660e\u661f\u9879\u76ee\uff0cf(x)Protocol \u7684\u540d\u6c14\u5219\u8981\u5c0f\u4e00\u4e9b\u3002\u590d\u6742\u7684\u8bbe\u8ba1\u4e5f\u7ed9\u5b83\u5e26\u6765\u4e86\u76f8\u5f53\u591a\u7684\u7f3a\u9677\uff0c\u4f8b\u5982\uff0c\u5bb9\u6613\u88ab\u653b\u51fb\u3001\u8d44\u672c\u6548\u7387\u4f4e\u4e0b\u3001\u4ea4\u6613\u6210\u672c\u9ad8\u3001\u7528\u6237\u8bbf\u95ee\u590d\u6742\u7b49\u7b49\u3002\u4f46\u6211\u4f9d\u7136\u8ba4\u4e3a\u8be5\u9879\u76ee\u662f 23 \u5e74\u718a\u5e02\u4e2d\u6240\u8bde\u751f\u7684\u6700\u503c\u5f97\u4e00\u63d0\u7684\u7a33\u5b9a\u5e01\u9879\u76ee\uff0c\u6211\u5728\u6b64\u5904\u5bf9\u4e8e\u8be5\u9879\u76ee\u518d\u8fdb\u884c\u4e00\u4e2a\u7b80\u5355\u7684\u4ecb\u7ecd\u3002\uff08\u8be6\u7ec6\u7684\u53ef\u4ee5\u53c2\u8003 f(x)Protocol v1 \u7684\u767d\u76ae\u4e66\uff09<\/p>\n<p>\u5728 V1 \u7248\u672c\u4e2d\uff0cf(x)Protocol \u521b\u5efa\u4e86\u4e00\u4e2a\u88ab\u79f0\u4e3a\u300c\u6d6e\u52a8\u7a33\u5b9a\u5e01\u300d\u7684\u6982\u5ff5\uff0c\u5373\u5c06\u5e95\u5c42\u8d44\u4ea7 stETH \u62c6\u89e3\u4e3a fETH \u52a0 xETH\u3002fETH \u662f\u4e00\u79cd\u300c\u6d6e\u52a8\u7a33\u5b9a\u5e01\u300d\uff0c\u5b83\u7684\u4ef7\u503c\u4e0d\u662f\u56fa\u5b9a\u4e0d\u53d8\u7684\uff0c\u800c\u662f\u4f1a\u8ddf\u968f\u4ee5\u592a\u574a\uff08ETH\uff09\u4ef7\u683c\u7684\u5c0f\u5e45\u53d8\u52a8\u3002 xETH \u5219\u662f\u4e00\u4e2a\u6760\u6746\u5316\u7684 ETH \u591a\u5934\u4ed3\u4f4d\uff0c\u5b83\u5438\u6536\u4e86\u5927\u90e8\u5206 ETH \u4ef7\u683c\u7684\u6ce2\u52a8\u3002\u8fd9\u610f\u5473\u7740 xETH \u6301\u6709\u8005\u5c06\u627f\u62c5\u66f4\u591a\u7684\u5e02\u573a\u98ce\u9669\u548c\u56de\u62a5\uff0c\u4f46\u540c\u65f6\u4e5f\u5e2e\u52a9\u7a33\u5b9a\u4e86 fETH \u7684\u4ef7\u503c\uff0c\u4f7f\u5f97 fETH \u76f8\u5bf9\u66f4\u52a0\u5e73\u7a33\u3002\u5728\u4eca\u5e74\u7684\u5e74\u521d\uff0c\u987a\u7740\u8fd9\u4e2a\u601d\u8def\uff0c\u8bbe\u8ba1\u51fa\u4e86\u518d\u5e73\u8861\u6c60\uff0c\u5728\u8fd9\u4e2a\u6846\u67b6\u5185\u53ea\u5b58\u5728\u4e00\u79cd\u6d41\u52a8\u6027\u5f3a\u4e14\u4e0e\u7f8e\u5143\u6302\u94a9\u7684\u7a33\u5b9a\u5e01\uff0c\u5373 fxUSD\u3002\u6240\u6709\u5176\u4ed6\u7a33\u5b9a\u6760\u6746\u5bf9\u4e2d\u7684\u7a33\u5b9a\u884d\u751f\u4ee3\u5e01\u4e0d\u518d\u5177\u6709\u72ec\u7acb\u6d41\u52a8\u6027\uff0c\u800c\u662f\u53ea\u80fd\u5b58\u5728\u4e8e\u518d\u5e73\u8861\u6c60\u4e2d\u6216\u4f5c\u4e3a fxUSD \u7684\u652f\u6301\u90e8\u5206\u3002<\/p>\n<ul class=\"wp-block-list\">\n<li>\u4e00\u7bee\u5b50 LSD\uff1afxUSD \u7531\u591a\u4e2a\u6d41\u52a8\u6027\u8d28\u62bc\u884d\u751f\u54c1\uff08LSDs\uff09\u5982 stETH\u3001sfrxETH \u7b49\u652f\u6301\u3002\u6bcf\u4e2a LSD \u90fd\u6709\u81ea\u5df1\u7684\u7a33\u5b9a \/ \u6760\u6746\u5bf9\u673a\u5236\uff1b<\/li>\n<li>\u94f8\u9020\u4e0e\u5151\u6362\uff1a\u5f53\u7528\u6237\u60f3\u8981\u94f8\u9020 fxUSD \u65f6\uff0c\u4ed6\u4eec\u53ef\u4ee5\u63d0\u4f9b LSD \u6216\u4ece\u76f8\u5e94\u7684\u518d\u5e73\u8861\u6c60\u4e2d\u63d0\u53d6\u7a33\u5b9a\u8d27\u5e01\u3002\u8fd9\u4e2a\u8fc7\u7a0b\u4e2d\uff0cLSD \u7528\u4e8e\u94f8\u9020\u8be5 LSD \u7684\u7a33\u5b9a\u884d\u751f\u54c1\uff0c\u7136\u540e\u8fd9\u4e9b\u7a33\u5b9a\u884d\u751f\u54c1\u88ab\u5b58\u5165 fxUSD \u50a8\u5907\u4e2d\u3002\u540c\u6837\u5730\uff0c\u7528\u6237\u4e5f\u53ef\u4ee5\u7528 fxUSD \u5151\u6362\u56de LSD\u3002<\/li>\n<\/ul>\n<p>\u6240\u4ee5\u7b80\u5355\u6765\u8bf4\u8be5\u9879\u76ee\u4e5f\u53ef\u89c6\u4e3a Ethena \u53ca\u65e9\u671f\u5bf9\u51b2\u7a33\u5b9a\u5e01\u7684\u8d85\u590d\u6742\u7248\uff0c\u53ea\u662f\u5728\u94fe\u4e0a\u573a\u666f\u4e2d\uff0c\u8fd9\u4e2a\u5e73\u8861\u3001\u5bf9\u51b2\u7684\u8fc7\u7a0b\u975e\u5e38\u7e41\u6742\u3002\u5148\u662f\u62c6\u5206\u6ce2\u52a8\uff0c\u518d\u662f\u5404\u79cd\u5e73\u8861\u673a\u5236\u4e0e\u6760\u6746\u7684\u4fdd\u8bc1\u91d1\uff0c\u5bf9\u4e8e\u7528\u6237\u8bbf\u95ee\u6240\u4ea7\u751f\u7684\u8d1f\u9762\u5f71\u54cd\u5df2\u7ecf\u8d85\u8fc7\u6b63\u5411\u5438\u5f15\u529b\u3002\u5728 V2 \u7248\u672c\u4e2d\uff0c\u6574\u4e2a\u8bbe\u8ba1\u91cd\u70b9\u8f6c\u5411\u4e86\u6d88\u9664\u6760\u6746\u5e26\u6765\u7684\u7e41\u6742\u6027\u4ee5\u53ca\u5bf9 fxUSD \u66f4\u597d\u7684\u652f\u6491\uff0c\u5728\u8fd9\u4e2a\u7248\u672c\u4e2d xPOSITION \u88ab\u5f15\u5165\uff0c\u8be5\u7ec4\u4ef6\u672c\u8d28\u4e0a\u662f\u4e00\u4e2a\u9ad8\u6760\u6746\u4ea4\u6613\u5de5\u5177\uff0c\u5373\u4e00\u79cd\u975e\u540c\u8d28\u5316\u7684\u3001\u5177\u6709\u9ad8\u8d1d\u5854\u503c\uff08\u5373\u5bf9\u5e02\u573a\u4ef7\u683c\u53d8\u52a8\u654f\u611f\u5ea6\u8f83\u9ad8\uff09\u7684\u6760\u6746\u591a\u5934\u4ed3\u4f4d\u4ea7\u54c1\u3002\u8fd9\u4e2a\u529f\u80fd\u5141\u8bb8\u7528\u6237\u5728\u65e0\u9700\u62c5\u5fc3\u4e2a\u522b\u6e05\u7b97\u6216\u652f\u4ed8\u8d44\u91d1\u8d39\u7528\u7684\u60c5\u51b5\u4e0b\u8fdb\u884c\u94fe\u4e0a\u7684\u9ad8\u6760\u6746\u4ea4\u6613\uff0c\u5e26\u6765\u7684\u597d\u5904\u663e\u800c\u6613\u89c1\u3002<\/p>\n<ul class=\"wp-block-list\">\n<li>\u56fa\u5b9a\u6760\u6746\u6bd4\u7387\uff1axPOSITION \u63d0\u4f9b\u4e86\u56fa\u5b9a\u7684\u6760\u6746\u6bd4\u4f8b\uff0c\u7528\u6237\u7684\u521d\u59cb\u4fdd\u8bc1\u91d1\u4e0d\u4f1a\u56e0\u4e3a\u5e02\u573a\u6ce2\u52a8\u800c\u88ab\u8ffd\u52a0\u8981\u6c42\uff0c\u4e5f\u4e0d\u4f1a\u7531\u4e8e\u6760\u6746\u7387\u7684\u53d8\u5316\u800c\u5bfc\u81f4\u610f\u5916\u7684\u6e05\u7b97\uff1b<\/li>\n<li>\u65e0\u6e05\u7b97\u98ce\u9669\uff1a\u4f20\u7edf\u7684\u6760\u6746\u4ea4\u6613\u5e73\u53f0\u53ef\u80fd\u4f1a\u56e0\u4e3a\u5e02\u573a\u7684\u5267\u70c8\u6ce2\u52a8\u800c\u5bfc\u81f4\u7528\u6237\u7684\u4ed3\u4f4d\u88ab\u5f3a\u5236\u5e73\u4ed3\uff0c\u4f46 f(x) Protocol V2 \u7684\u8bbe\u8ba1\u907f\u514d\u4e86\u8fd9\u79cd\u60c5\u51b5\u7684\u53d1\u751f\uff1b<\/li>\n<li>\u514d\u9664\u8d44\u91d1\u8d39\u7528\uff1a\u901a\u5e38\u60c5\u51b5\u4e0b\uff0c\u4f7f\u7528\u6760\u6746\u4f1a\u6d89\u53ca\u5230\u989d\u5916\u7684\u8d44\u91d1\u6210\u672c\uff0c\u5982\u501f\u5165\u8d44\u4ea7\u65f6\u4ea7\u751f\u7684\u5229\u606f\u3002\u7136\u800c\uff0cxPOSITION \u4e0d\u9700\u8981\u7528\u6237\u652f\u4ed8\u8fd9\u4e9b\u8d39\u7528\uff0c\u964d\u4f4e\u4e86\u6574\u4f53\u4ea4\u6613\u6210\u672c\u3002<\/li>\n<\/ul>\n<p>\u5728\u5168\u65b0\u7684\u7a33\u5b9a\u6c60\u4e2d\uff0c\u7528\u6237\u53ef\u4ee5\u4e00\u952e\u5b58\u5165 USDC \u6216 fxUSD\uff0c\u4e3a\u534f\u8bae\u7a33\u5b9a\u6027\u63d0\u4f9b\u6d41\u52a8\u6027\u652f\u6301\u3002\u4e0e V1 \u7248\u672c\u7684\u7a33\u5b9a\u6c60\u4e0d\u540c\uff0cV2 \u7248\u672c\u7a33\u5b9a\u6c60\u5145\u5f53\u4e86 USDC \u4e0e fxUSD \u4e4b\u95f4\u7684\u951a\u5b9a\uff0c\u53c2\u4e0e\u8005\u53ef\u4ee5\u5728 fxUSD\u2014USDC \u7684 AMM \u6c60\u4e2d\u8fdb\u884c\u4ef7\u683c\u5957\u5229\uff0c\u5e76\u5e2e\u52a9 fxUSD \u5b9e\u73b0\u7a33\u5b9a\u3002\u6574\u4e2a\u534f\u8bae\u7684\u6536\u5165\u6765\u6e90\u5219\u662f\u57fa\u4e8e\u5934\u5bf8\u7684\u5f00\u4ed3\u3001\u5e73\u4ed3\u3001\u6e05\u7b97\u3001\u518d\u5e73\u8861\u3001\u8d44\u91d1\u8d39\u4ee5\u53ca\u62b5\u62bc\u54c1\u6536\u76ca\u3002<\/p>\n<p>\u8be5\u9879\u76ee\u662f\u76ee\u524d\u5c11\u6709\u7684\u975e\u8d85\u989d\u62b5\u62bc\u4e14\u5b8c\u5168\u53bb\u4e2d\u5fc3\u5316\u7684\u7a33\u5b9a\u5e01\u9879\u76ee\uff0c\u5bf9\u4e8e\u7a33\u5b9a\u5e01\u800c\u8a00\uff0c\u5b83\u4f9d\u65e7\u663e\u5f97\u6709\u4e9b\u8fc7\u4e8e\u590d\u6742\uff0c\u5e76\u4e0d\u7b26\u5408\u7a33\u5b9a\u5e01\u7684\u6781\u7b80\u8bbe\u8ba1\u524d\u63d0\uff0c\u7528\u6237\u4e5f\u5fc5\u987b\u6709\u4e00\u5b9a\u7684\u57fa\u7840\u624d\u80fd\u5b89\u5fc3\u5165\u95e8\u3002\u5728\u6781\u7aef\u884c\u60c5\u4e0b\uff0c\u6324\u5151\u53d1\u751f\u65f6\u5404\u79cd\u62b5\u5fa1\u5c4f\u969c\u7684\u6846\u67b6\u8bbe\u8ba1\u540c\u6837\u53ef\u80fd\u53cd\u8fc7\u6765\u635f\u5bb3\u7528\u6237\u7684\u5229\u76ca\u3002\u4f46\u8be5\u9879\u76ee\u7684\u76ee\u6807\uff0c\u786e\u5b9e\u7b26\u5408\u6bcf\u4e2a\u52a0\u5bc6\u4eba\u5bf9\u7a33\u5b9a\u5e01\u7684\u7ec8\u6781\u6784\u60f3\uff0c\u4e00\u4e2a\u539f\u751f\u7684\u7531\u9876\u7ea7\u52a0\u5bc6\u8d44\u4ea7\u80cc\u4e66\u7684\u53bb\u4e2d\u5fc3\u5316\u7a33\u5b9a\u5e01\u3002<\/p>\n<p><strong>\u7ed3\u8bed<\/strong><\/p>\n<p>\u7a33\u5b9a\u5e01\u6c38\u8fdc\u662f\u5175\u5bb6\u5fc5\u4e89\u4e4b\u5730\uff0c\u4e5f\u662f Crypto \u4e2d\u95e8\u69db\u6781\u9ad8\u7684\u8d5b\u9053\uff0c\u5728\u53bb\u5e74\u7684\u6587\u7ae0\u300a\u9677\u5165\u6fd2\u6b7b\u5883\u5730\uff0c\u4f46\u7b97\u7a33\u5e76\u672a\u505c\u6b62\u521b\u65b0\u300b\u4e2d\u6211\u4eec\u7b80\u8981\u4ecb\u7ecd\u4e86\u7a33\u5b9a\u5e01\u7684\u524d\u4e16\u4eca\u751f\uff0c\u5e76\u5e0c\u671b\u80fd\u770b\u5230\u4e00\u4e9b\u66f4\u4e3a\u6709\u8da3\u7684\u53bb\u4e2d\u5fc3\u5316\u975e\u8d85\u62b5\u7a33\u5b9a\u5e01\u51fa\u73b0\u3002\u5982\u4eca\u4e00\u5e74\u534a\u8fc7\u53bb\u4e86\uff0c\u6211\u4eec\u5e76\u6ca1\u6709\u770b\u5230 f(x)Protocol \u4ee5\u5916\u7684\u521d\u521b\u9879\u76ee\u5728\u505a\u8fd9\u4e2a\u65b9\u5411\uff0c\u4f46\u503c\u5f97\u5e86\u5e78\u7684\u662f Ethena \u53ca Usual \u63d0\u4f9b\u4e86\u4e00\u4e9b\u6298\u4e2d\u601d\u8def\uff0c\u81f3\u5c11\u6211\u4eec\u80fd\u9009\u62e9\u4e00\u4e9b\u66f4\u4e3a\u7406\u60f3\uff0c\u66f4 Web3 \u7684\u7a33\u5b9a\u5e01\u4e86\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u524d\u8a00 \u636e CoinGecko \u6570\u636e\uff0c\u5f53\u524d\uff0c\u7a33\u5b9a\u5e01\u603b\u5e02\u503c\u5df2\u7a81\u7834 2000 \u4ebf\u7f8e\u5143\u5927\u5173\u3002\u4e0e\u6211\u4eec\u53bb\u5e74\u63d0\u53ca\u6b64\u8d5b\u9053\u65f6\u76f8\u6bd4 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1425","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts\/1425","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1425"}],"version-history":[{"count":1,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts\/1425\/revisions"}],"predecessor-version":[{"id":3079,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts\/1425\/revisions\/3079"}],"wp:attachment":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1425"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}