{"id":1478,"date":"2025-08-02T17:29:19","date_gmt":"2025-08-02T09:29:19","guid":{"rendered":"https:\/\/www.db-hk.com\/?p=1478"},"modified":"2025-08-02T17:29:19","modified_gmt":"2025-08-02T09:29:19","slug":"%e7%a6%8f%e5%b8%83%e6%96%af2025%e5%b9%b4%e5%8a%a0%e5%af%867%e5%a4%a7%e9%a2%84%e6%b5%8b%ef%bc%9a%e6%9b%b4%e5%a4%9a%e5%a4%a7%e5%9b%bd%e6%88%96%e5%b0%86%e5%b8%83%e5%b1%80%e6%af%94%e7%89%b9%e5%b8%81","status":"publish","type":"post","link":"http:\/\/www.fubairui.net\/?p=1478","title":{"rendered":"\u798f\u5e03\u65af2025\u5e74\u52a0\u5bc67\u5927\u9884\u6d4b\uff1a\u66f4\u591a\u5927\u56fd\u6216\u5c06\u5e03\u5c40\u6bd4\u7279\u5e01\u50a8\u5907\uff0c\u52a0\u5bc6\u603b\u5e02\u503c\u8d858\u4e07\u4ebf\u7f8e\u5143"},"content":{"rendered":"
2024 \u5e74\u662f\u6bd4\u7279\u5e01\u548c\u66f4\u5e7f\u6cdb\u7684\u52a0\u5bc6\u8d27\u5e01\u751f\u6001\u7cfb\u7edf\u7684\u5386\u53f2\u6027\u8f6c\u6298\u70b9\u3002\u8fd9\u4e00\u5e74\uff0c\u9996\u6279\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a ETF \u4e0a\u5e02\uff0c\u6807\u5fd7\u7740\u771f\u6b63\u7684\u673a\u6784\u91c7\u7528\u3002\u6bd4\u7279\u5e01\u9996\u6b21\u7a81\u7834 100,000 \u7f8e\u5143\u5927\u5173\uff0c\u800c\u7a33\u5b9a\u5e01\u7ee7\u7eed\u5de9\u56fa\u7f8e\u5143\u5728\u5168\u7403\u7684\u4e3b\u5bfc\u5730\u4f4d\u3002\u4e3a\u8fdb\u4e00\u6b65\u63a8\u52a8\u8fd9\u4e00\u52bf\u5934\uff0c\u83b7\u80dc\u7684\u7f8e\u56fd\u603b\u7edf\u5019\u9009\u4eba\u5c06\u5bf9\u6bd4\u7279\u5e01\u7684\u652f\u6301\u4f5c\u4e3a\u5176\u7ade\u9009\u6d3b\u52a8\u7684\u6838\u5fc3\u652f\u67f1\u3002<\/p>\n
\u603b\u7684\u6765\u8bf4\uff0c\u8fd9\u4e9b\u91cc\u7a0b\u7891\u5de9\u56fa\u4e86 2024 \u5e74\u6210\u4e3a\u52a0\u5bc6\u884c\u4e1a\u8bc1\u660e\u81ea\u5df1\u662f\u5168\u7403\u821e\u53f0\u4e0a\u4e0d\u53ef\u963b\u6321\u7684\u529b\u91cf\u7684\u4e00\u5e74\u3002\u968f\u7740\u884c\u4e1a\u5c06\u91cd\u70b9\u8f6c\u5411 2025 \u5e74\uff0c\u4ee5\u4e0b\u662f\u5bf9\u660e\u5e74\u53ef\u80fd\u53d1\u751f\u7684\u91cd\u5927\u4e8b\u4ef6\u7684\u4e03\u5927\u9884\u6d4b\u3002<\/p>\n
1\uff09\u4e03\u56fd\u96c6\u56e2\uff08G7\uff09\u6216\u91d1\u7816\u56fd\u5bb6\u4e2d\u7684\u4e00\u4e2a\u4e3b\u8981\u56fd\u5bb6\u5c06\u5efa\u7acb\u5e76\u5ba3\u5e03\u6218\u7565\u6bd4\u7279\u5e01\u50a8\u5907<\/strong><\/p>\n \u7279\u6717\u666e\u653f\u5e9c\u63d0\u8bae\u4e3a\u7f8e\u56fd\u5efa\u7acb\u6218\u7565\u6bd4\u7279\u5e01\u50a8\u5907 (SBR)\uff0c\u8fd9\u5f15\u53d1\u4e86\u5f88\u591a\u7684\u4e89\u8bba\u548c\u731c\u6d4b\u3002\u867d\u7136\u5c06\u6bd4\u7279\u5e01\u6dfb\u52a0\u5230\u7f8e\u56fd\u8d22\u653f\u90e8\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u4e2d\u9700\u8981\u76f8\u5f53\u5927\u7684\u653f\u6cbb\u610f\u613f\u548c\u56fd\u4f1a\u6279\u51c6\uff0c\u4f46\u4ec5\u4ec5\u63d0\u51fa\u8fd9\u4e00\u5021\u8bae\u5c31\u5177\u6709\u6df1\u8fdc\u7684\u5f71\u54cd\u3002<\/p>\n \u901a\u8fc7\u53d1\u51fa SBR \u53ef\u80fd\u6027\u7684\u4fe1\u53f7\uff0c\u7f8e\u56fd\u5b9e\u9645\u4e0a\u662f\u5728\u9080\u8bf7\u5176\u4ed6\u4e3b\u8981\u56fd\u5bb6\u8003\u8651\u91c7\u53d6\u7c7b\u4f3c\u4e3e\u63aa\u3002\u535a\u5f08\u8bba\u8868\u660e\uff0c\u8fd9\u4e9b\u56fd\u5bb6\u53ef\u80fd\u4f1a\u53d7\u5230\u6fc0\u52b1\u800c\u91c7\u53d6\u5148\u53d1\u5236\u4eba\u7684\u884c\u52a8\uff0c\u53ef\u80fd\u62a2\u5728\u7f8e\u56fd\u4e4b\u524d\u786e\u4fdd\u5728\u56fd\u5bb6\u50a8\u5907\u591a\u6837\u5316\u65b9\u9762\u53d6\u5f97\u6218\u7565\u4f18\u52bf\u3002\u6bd4\u7279\u5e01\u7684\u4f9b\u5e94\u6709\u9650\uff0c\u4ee5\u53ca\u5176\u4f5c\u4e3a\u6570\u5b57\u4ef7\u503c\u5b58\u50a8\u624b\u6bb5\u7684\u65b0\u5174\u4f5c\u7528\uff0c\u53ef\u80fd\u4f1a\u52a0\u5267\u5404\u56fd\u8fc5\u901f\u91c7\u53d6\u884c\u52a8\u7684\u7d27\u8feb\u6027\u3002<\/p>\n \u73b0\u5728\uff0c\u4e00\u573a\u300c\u8c01\u662f\u7b2c\u4e00\u4e2a\u300d\u7684\u7ade\u8d5b\u6b63\u5728\u4e0a\u6f14\uff0c\u770b\u54ea\u4e2a\u4e3b\u8981\u56fd\u5bb6\u4f1a\u7387\u5148\u5c06\u6bd4\u7279\u5e01\u7eb3\u5165\u5176\u56fd\u5bb6\u50a8\u5907\uff0c\u50cf\u6301\u6709\u9ec4\u91d1\u3001\u5916\u6c47\u548c\u56fd\u503a\u4e00\u6837\u6301\u6709\u6bd4\u7279\u5e01\uff0c\u8fdb\u884c\u8d44\u4ea7\u591a\u5143\u5316\u914d\u7f6e\u3002\u6b64\u4e3e\u4e0d\u4ec5\u5c06\u5de9\u56fa\u6bd4\u7279\u5e01\u4f5c\u4e3a\u5168\u7403\u50a8\u5907\u8d44\u4ea7\u7684\u5730\u4f4d\uff0c\u8fd8\u53ef\u80fd\u91cd\u5851\u56fd\u9645\u91d1\u878d\u7684\u683c\u5c40\uff0c\u5bf9\u7ecf\u6d4e\u548c\u5730\u7f18\u653f\u6cbb\u6743\u529b\u7ed3\u6784\u4ea7\u751f\u6df1\u8fdc\u7684\u5f71\u54cd\u3002\u4efb\u4f55\u4e3b\u8981\u7ecf\u6d4e\u4f53\u5efa\u7acb\u6218\u7565\u6027\u6bd4\u7279\u5e01\u50a8\u5907\u90fd\u53ef\u80fd\u6807\u5fd7\u7740\u4e3b\u6743\u8d22\u5bcc\u7ba1\u7406\u65b0\u65f6\u4ee3\u7684\u5f00\u59cb\u3002<\/p>\n 2\uff09\u7a33\u5b9a\u5e01\u5c06\u7ee7\u7eed\u589e\u957f\uff0c\u7ffb\u4e00\u756a\uff0c\u8d85\u8fc7 4000 \u4ebf\u7f8e\u5143<\/strong><\/p>\n \u7a33\u5b9a\u5e01\u5df2\u6210\u4e3a\u52a0\u5bc6\u8d27\u5e01\u6700\u6210\u529f\u7684\u4e3b\u6d41\u7528\u4f8b\u4e4b\u4e00\uff0c\u4e3a\u4f20\u7edf\u91d1\u878d\u548c\u52a0\u5bc6\u8d27\u5e01\u751f\u6001\u7cfb\u7edf\u67b6\u8d77\u4e86\u4e00\u5ea7\u6865\u6881\u3002\u5168\u7403\u6570\u767e\u4e07\u4eba\u4f7f\u7528\u7a33\u5b9a\u5e01\u8fdb\u884c\u6c47\u6b3e\u3001\u65e5\u5e38\u4ea4\u6613\uff0c\u5e76\u901a\u8fc7\u5229\u7528\u7f8e\u5143\u7684\u76f8\u5bf9\u7a33\u5b9a\u6027\u6765\u5bf9\u51b2\u5f53\u5730\u8d27\u5e01\u7684\u6ce2\u52a8\u3002<\/p>\n 2024 \u5e74\u7a33\u5b9a\u5e01\u7684\u6d41\u901a\u91cf\u8fbe\u5230\u5386\u53f2\u6700\u9ad8\u6c34\u5e73\uff0c\u8fbe\u5230 2000 \u4ebf\u7f8e\u5143\uff0c\u5e02\u573a\u9886\u5bfc\u8005\u4e3a Tether \u548c Circle\u3002\u8fd9\u4e9b\u6570\u5b57\u8d27\u5e01\u4f9d\u9760\u4ee5\u592a\u574a\u3001Solana \u548c Tron \u7b49\u533a\u5757\u94fe\u7f51\u7edc\u6765\u4fc3\u8fdb\u65e0\u7f1d\u3001\u65e0\u8fb9\u754c\u7684\u4ea4\u6613\u3002<\/p>\n \u5c55\u671b\u672a\u6765\uff0c\u7a33\u5b9a\u5e01\u7684\u589e\u957f\u6709\u671b\u5728 2025 \u5e74\u52a0\u901f\uff0c\u53ef\u80fd\u7ffb\u4e00\u756a\uff0c\u8d85\u8fc7 4000 \u4ebf\u7f8e\u5143\u3002\u7a33\u5b9a\u5e01\u4e13\u9879\u7acb\u6cd5\u7684\u901a\u8fc7\u5c06\u63a8\u52a8\u8fd9\u4e00\u589e\u957f\uff0c\u8fd9\u53ef\u80fd\u4f1a\u63d0\u4f9b\u6025\u9700\u7684\u76d1\u7ba1\u6e05\u6670\u5ea6\u5e76\u4fc3\u8fdb\u8be5\u884c\u4e1a\u7684\u521b\u65b0\u3002\u7f8e\u56fd\u76d1\u7ba1\u673a\u6784\u8d8a\u6765\u8d8a\u8ba4\u8bc6\u5230\u7a33\u5b9a\u5e01\u5728\u52a0\u5f3a\u7f8e\u5143\u5168\u7403\u4e3b\u5bfc\u5730\u4f4d\u3001\u5de9\u56fa\u5176\u4f5c\u4e3a\u4e16\u754c\u50a8\u5907\u8d27\u5e01\u5730\u4f4d\u65b9\u9762\u7684\u6218\u7565\u91cd\u8981\u6027\u3002<\/p>\n 3\uff09\u7531 L2 \u652f\u6301\u7684\u6bd4\u7279\u5e01 DeFi \u5c06\u6210\u4e3a\u4e3b\u8981\u589e\u957f\u8d8b\u52bf<\/strong><\/p>\n \u6bd4\u7279\u5e01\u6b63\u5728\u8d85\u8d8a\u5176\u4f5c\u4e3a\u4ef7\u503c\u5b58\u50a8\u7684\u89d2\u8272\uff0cStacks\u3001BOB\u3001Babylon\u3001CoreDAO \u7b49\u7b2c 2 \u5c42 (L2) \u7f51\u7edc\u91ca\u653e\u4e86\u84ec\u52c3\u53d1\u5c55\u7684\u6bd4\u7279\u5e01 DeFi \u751f\u6001\u7cfb\u7edf\u7684\u6f5c\u529b\u3002\u8fd9\u4e9b L2 \u589e\u5f3a\u4e86\u6bd4\u7279\u5e01\u7684\u53ef\u6269\u5c55\u6027\u548c\u53ef\u7f16\u7a0b\u6027\uff0c\u4f7f\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d (DeFi) \u5e94\u7528\u7a0b\u5e8f\u80fd\u591f\u5728\u6700\u5b89\u5168\u548c\u53bb\u4e2d\u5fc3\u5316\u7684\u533a\u5757\u94fe\u4e0a\u84ec\u52c3\u53d1\u5c55\u3002<\/p>\n 2024 \u5e74\u662f Stacks \u8f6c\u578b\u7684\u4e00\u5e74\uff0c\u63a8\u51fa\u4e86 Nakamoto \u5347\u7ea7\u7248\u548c sBTC\u3002Nakamoto \u5347\u7ea7\u7248\u8ba9 Stacks \u7ee7\u627f\u4e86 100% \u7684\u6bd4\u7279\u5e01\u786e\u5b9a\u6027\uff0c\u5e76\u5f15\u5165\u4e86\u66f4\u5feb\u7684\u533a\u5757\u901f\u5ea6\uff0c\u663e\u8457\u6539\u5584\u4e86\u7528\u6237\u4f53\u9a8c\u3002\u4e0e\u6b64\u540c\u65f6\uff0c 12 \u6708\u63a8\u51fa\u7684\u65e0\u9700\u4fe1\u4efb\u7684\u6bd4\u7279\u5e01\u6302\u94a9\u8d44\u4ea7 sBTC \u5b9e\u73b0\u4e86\u65e0\u7f1d\u53c2\u4e0e DeFi \u6d3b\u52a8\uff0c\u4f8b\u5982\u501f\u8d37\u3001\u4ea4\u6362\u548c\u8d28\u62bc\u2014\u2014\u6240\u6709\u8fd9\u4e9b\u90fd\u4ee5\u6bd4\u7279\u5e01\u7684\u5b89\u5168\u6027\u4e3a\u57fa\u7840\u3002<\/p>\n \u6b64\u524d\uff0c\u5bfb\u6c42 DeFi \u673a\u4f1a\u7684\u6bd4\u7279\u5e01\u6301\u6709\u8005\u88ab\u8feb\u5c06\u4ed6\u4eec\u7684\u6bd4\u7279\u5e01\u8f6c\u79fb\u5230\u4ee5\u592a\u574a\u7b49\u5176\u4ed6\u7f51\u7edc\u4e0a\u3002\u8fd9\u4e2a\u8fc7\u7a0b\u4f9d\u8d56\u4e8e WBTC (BitGo)\u3001BTCB (Binance) \u548c cbBTC (Coinbase) \u7b49\u4e2d\u5fc3\u5316\u6258\u7ba1\u673a\u6784\uff0c\u4f7f\u7528\u6237\u9762\u4e34\u4e2d\u5fc3\u5316\u548c\u5ba1\u67e5\u98ce\u9669\u3002\u6bd4\u7279\u5e01 L2 \u964d\u4f4e\u4e86\u8fd9\u4e9b\u98ce\u9669\uff0c\u63d0\u4f9b\u4e86\u4e00\u79cd\u66f4\u52a0\u53bb\u4e2d\u5fc3\u5316\u7684\u66ff\u4ee3\u65b9\u6848\uff0c\u8ba9\u6bd4\u7279\u5e01\u5728\u5176\u81ea\u5df1\u7684\u751f\u6001\u7cfb\u7edf\u4e2d\u539f\u751f\u8fd0\u884c\u3002<\/p>\n \u5c55\u671b 2025 \u5e74\uff0c\u6bd4\u7279\u5e01 DeFi \u5c06\u5448\u6307\u6570\u7ea7\u589e\u957f\u3002\u6211\u9884\u6d4b\uff0c\u6bd4\u7279\u5e01 L2 \u4e0a\u9501\u5b9a\u7684\u603b\u4ef7\u503c (TVL) \u5c06\u8d85\u8fc7\u76ee\u524d\u5c01\u88c5\u6bd4\u7279\u5e01\u884d\u751f\u54c1\u6240\u4ee3\u8868\u7684 240 \u4ebf\u7f8e\u5143\uff0c\u7ea6\u5360\u6bd4\u7279\u5e01\u603b\u4f9b\u5e94\u91cf\u7684 1.2%\u3002\u968f\u7740\u6bd4\u7279\u5e01\u5e02\u503c\u8fbe\u5230 2 \u4e07\u4ebf\u7f8e\u5143\uff0cL2 \u7f51\u7edc\u5c06\u4f7f\u7528\u6237\u80fd\u591f\u66f4\u5b89\u5168\u3001\u66f4\u9ad8\u6548\u5730\u91ca\u653e\u8fd9\u4e00\u5de8\u5927\u6f5c\u5728\u4ef7\u503c\uff0c\u5de9\u56fa\u6bd4\u7279\u5e01\u4f5c\u4e3a\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u57fa\u77f3\u7684\u5730\u4f4d\u3002<\/p>\n 4\uff09\u6bd4\u7279\u5e01 ETF \u5c06\u7ee7\u7eed\u6fc0\u589e\uff0c\u65b0\u7684\u4ee5\u52a0\u5bc6\u8d27\u5e01\u4e3a\u91cd\u70b9\u7684 ETF \u5c06\u4f1a\u51fa\u73b0<\/strong><\/p>\n \u73b0\u8d27\u6bd4\u7279\u5e01 ETF \u7684\u63a8\u51fa\u6807\u5fd7\u7740\u4e00\u4e2a\u5386\u53f2\u6027\u7684\u91cc\u7a0b\u7891\uff0c\u6210\u4e3a\u5386\u53f2\u4e0a\u6700\u6210\u529f\u7684 ETF \u9996\u6b21\u4eae\u76f8\u3002\u8fd9\u4e9b ETF \u5728\u63a8\u51fa\u7684\u7b2c\u4e00\u5e74\u5c31\u5438\u5f15\u4e86\u8d85\u8fc7 1080 \u4ebf\u7f8e\u5143\u7684\u8d44\u4ea7\u7ba1\u7406\u89c4\u6a21 (AUM)\uff0c\u663e\u793a\u51fa\u6563\u6237\u548c\u673a\u6784\u6295\u8d44\u8005\u65e0\u4e0e\u4f26\u6bd4\u7684\u9700\u6c42\u3002\u8d1d\u83b1\u5fb7\u3001\u5bcc\u8fbe\u548c Ark Invest \u7b49\u4e3b\u8981\u53c2\u4e0e\u8005\u5728\u5c06\u53d7\u76d1\u7ba1\u7684\u6bd4\u7279\u5e01\u98ce\u9669\u655e\u53e3\u5f15\u5165\u4f20\u7edf\u91d1\u878d\u5e02\u573a\u65b9\u9762\u53d1\u6325\u4e86\u5173\u952e\u4f5c\u7528\uff0c\u4e3a\u4ee5\u52a0\u5bc6\u8d27\u5e01\u4e3a\u91cd\u70b9\u7684 ETF \u7684\u521b\u65b0\u6d6a\u6f6e\u5960\u5b9a\u4e86\u57fa\u7840\u3002<\/p>\n \u7ee7\u6bd4\u7279\u5e01 ETF \u6210\u529f\u4e4b\u540e\uff0c\u4ee5\u592a\u574a ETF \u4e5f\u76f8\u7ee7\u9762\u4e16\uff0c\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u6295\u8d44\u5e02\u503c\u7b2c\u4e8c\u5927\u52a0\u5bc6\u8d27\u5e01\u7684\u673a\u4f1a\u3002\u5c55\u671b\u672a\u6765\uff0c\u6211\u9884\u8ba1\u8d28\u62bc\u5c06\u4e8e 2025 \u5e74\u9996\u6b21\u878d\u5165\u4ee5\u592a\u574a ETF\u3002\u8fd9\u4e00\u529f\u80fd\u5c06\u4f7f\u6295\u8d44\u8005\u80fd\u591f\u83b7\u5f97\u8d28\u62bc\u5956\u52b1\uff0c\u4ece\u800c\u8fdb\u4e00\u6b65\u589e\u5f3a\u8fd9\u4e9b\u57fa\u91d1\u7684\u5438\u5f15\u529b\u548c\u5b9e\u7528\u6027\u3002<\/p>\n \u9884\u8ba1\u5176\u4ed6\u52a0\u5bc6\u534f\u8bae\uff08\u5982 Solana\uff09\u7684 ETF \u5c06\u5f88\u5feb\u63a8\u51fa\uff0cSolana \u56e0\u5176\u9ad8\u6027\u80fd\u533a\u5757\u94fe\u3001\u84ec\u52c3\u53d1\u5c55\u7684 DeFi \u751f\u6001\u7cfb\u7edf\u4ee5\u53ca\u6e38\u620f\u3001NFT \u548c memecoin \u7684\u5feb\u901f\u589e\u957f\u800c\u95fb\u540d\u3002<\/p>\n \u6b64\u5916\uff0c\u6211\u4eec\u53ef\u80fd\u4f1a\u770b\u5230\u52a0\u6743\u52a0\u5bc6\u6307\u6570 ETF \u7684\u63a8\u51fa\uff0c\u65e8\u5728\u4e3a\u66f4\u5e7f\u6cdb\u7684\u52a0\u5bc6\u5e02\u573a\u63d0\u4f9b\u591a\u5143\u5316\u7684\u6295\u8d44\u3002\u8fd9\u4e9b\u6307\u6570\u53ef\u80fd\u5305\u62ec\u6bd4\u7279\u5e01\u3001\u4ee5\u592a\u574a\u3001Solana \u7b49\u8868\u73b0\u6700\u4f73\u7684\u8d44\u4ea7\u4ee5\u53ca\u65b0\u5174\u534f\u8bae\uff0c\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u5e73\u8861\u7684\u6295\u8d44\u7ec4\u5408\uff0c\u4ee5\u6355\u6349\u6574\u4e2a\u751f\u6001\u7cfb\u7edf\u7684\u589e\u957f\u6f5c\u529b\u3002\u8fd9\u6837\u7684\u521b\u65b0\u5c06\u4f7f\u52a0\u5bc6\u6295\u8d44\u66f4\u5bb9\u6613\u83b7\u5f97\u3001\u66f4\u9ad8\u6548\uff0c\u5e76\u5438\u5f15\u5e7f\u6cdb\u7684\u6295\u8d44\u8005\uff0c\u4ece\u800c\u8fdb\u4e00\u6b65\u63a8\u52a8\u8d44\u672c\u8fdb\u5165\u8be5\u9886\u57df\u3002<\/p>\n 5\uff09\u9664\u7279\u65af\u62c9\u5916\uff0c\u300c\u4e03\u5de8\u5934\u300d\uff08Magnificent Seven\uff09\u4e2d\u7684\u53e6\u4e00\u5bb6\u516c\u53f8\u4e5f\u5c06\u628a\u6bd4\u7279\u5e01\u6dfb\u52a0\u5230\u8d44\u4ea7\u8d1f\u503a\u8868\u4e2d<\/strong><\/p>\n \u7f8e\u56fd\u8d22\u52a1\u4f1a\u8ba1\u51c6\u5219\u59d4\u5458\u4f1a (FASB) \u63a8\u51fa\u4e86\u52a0\u5bc6\u8d27\u5e01\u7684\u516c\u5141\u4ef7\u503c\u4f1a\u8ba1\u89c4\u5219\uff0c\u8be5\u89c4\u5219\u81ea 2024 \u5e74 12 \u6708 15 \u65e5\u4e4b\u540e\u5f00\u59cb\u7684\u8d22\u653f\u5e74\u5ea6\u8d77\u751f\u6548\u3002\u8fd9\u4e9b\u65b0\u6807\u51c6\u8981\u6c42\u516c\u53f8\u4ee5\u516c\u5141\u5e02\u573a\u4ef7\u503c\u62a5\u544a\u5176\u6301\u6709\u7684\u6bd4\u7279\u5e01\u7b49\u52a0\u5bc6\u8d27\u5e01\uff0c\u5b9e\u65f6\u6355\u6349\u5e02\u573a\u6ce2\u52a8\u5e26\u6765\u7684\u6536\u76ca\u548c\u635f\u5931\u3002<\/p>\n \u6b64\u524d\uff0c\u6570\u5b57\u8d44\u4ea7\u88ab\u5f52\u7c7b\u4e3a\u65e0\u5f62\u8d44\u4ea7\uff0c\u8fd9\u8feb\u4f7f\u516c\u53f8\u51cf\u8bb0\u51cf\u503c\u8d44\u4ea7\uff0c\u540c\u65f6\u7981\u6b62\u786e\u8ba4\u672a\u5b9e\u73b0\u6536\u76ca\u3002\u8fd9\u79cd\u4fdd\u5b88\u7684\u505a\u6cd5\u5f80\u5f80\u4f4e\u4f30\u4e86\u516c\u53f8\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u52a0\u5bc6\u8d27\u5e01\u8d44\u4ea7\u7684\u771f\u5b9e\u4ef7\u503c\u3002\u65b0\u89c4\u5219\u89e3\u51b3\u4e86\u8fd9\u4e9b\u9650\u5236\uff0c\u4f7f\u8d22\u52a1\u62a5\u544a\u66f4\u52a0\u51c6\u786e\uff0c\u5e76\u4f7f\u52a0\u5bc6\u8d27\u5e01\u6210\u4e3a\u5bf9\u516c\u53f8\u8d22\u52a1\u66f4\u5177\u5438\u5f15\u529b\u7684\u8d44\u4ea7\u3002<\/p>\n \u4e03\u5de8\u5934\u2014\u2014\u82f9\u679c\u3001\u5fae\u8f6f\u3001\u8c37\u6b4c\u3001\u4e9a\u9a6c\u900a\u3001Nvidia\u3001\u7279\u65af\u62c9\u548c Meta\u2014\u2014\u603b\u5171\u62e5\u6709\u8d85\u8fc7 6000 \u4ebf\u7f8e\u5143\u7684\u73b0\u91d1\u50a8\u5907\uff0c\u8fd9\u4e3a\u5b83\u4eec\u63d0\u4f9b\u4e86\u6781\u5927\u7684\u7075\u6d3b\u6027\uff0c\u53ef\u4ee5\u5c06\u90e8\u5206\u8d44\u672c\u5206\u914d\u7ed9\u6bd4\u7279\u5e01\u3002\u968f\u7740\u4f1a\u8ba1\u6846\u67b6\u7684\u52a0\u5f3a\u548c\u76d1\u7ba1\u900f\u660e\u5ea6\u7684\u63d0\u9ad8\uff0c\u9664\u4e86\u7279\u65af\u62c9\u4e4b\u5916\uff0c\u8fd9\u4e9b\u79d1\u6280\u5de8\u5934\u4e4b\u4e00\u5f88\u6709\u53ef\u80fd\u5c06\u6bd4\u7279\u5e01\u6dfb\u52a0\u5230\u5176\u8d44\u4ea7\u8d1f\u503a\u8868\u4e2d\u3002<\/p>\n \u6b64\u4e3e\u5c06\u4f53\u73b0\u5ba1\u614e\u7684\u8d22\u52a1\u7ba1\u7406\uff1a<\/p>\n \u968f\u7740\u65b0\u4f1a\u8ba1\u89c4\u5219\u751f\u6548\u548c\u4f01\u4e1a\u8d22\u52a1\u7684\u9002\u5e94\uff0c\u6bd4\u7279\u5e01\u53ef\u80fd\u6210\u4e3a\u5168\u7403\u6700\u5927\u79d1\u6280\u516c\u53f8\u7684\u5173\u952e\u50a8\u5907\u8d44\u4ea7\uff0c\u8fdb\u4e00\u6b65\u4f7f\u5176\u5728\u5168\u7403\u91d1\u878d\u4f53\u7cfb\u4e2d\u7684\u4f5c\u7528\u5408\u6cd5\u5316\u3002<\/p>\n 6\uff09\u52a0\u5bc6\u8d27\u5e01\u603b\u5e02\u503c\u5c06\u8d85\u8fc7 8 \u4e07\u4ebf\u7f8e\u5143<\/strong><\/p>\n 2024 \u5e74\uff0c\u52a0\u5bc6\u8d27\u5e01\u603b\u5e02\u503c\u98d9\u5347\u81f3 3.8 \u4e07\u4ebf\u7f8e\u5143\u7684\u5386\u53f2\u65b0\u9ad8\uff0c\u6db5\u76d6\u4e86\u5e7f\u6cdb\u7684\u7528\u4f8b\uff0c\u5305\u62ec\u4f5c\u4e3a\u4ef7\u503c\u5b58\u50a8\u7684\u6bd4\u7279\u5e01\u3001\u7a33\u5b9a\u5e01\u3001DeFi\u3001NFT\u3001meme \u5e01\u3001GameFi\u3001SocialFi \u7b49\u3002\u8fd9\u79cd\u7206\u70b8\u5f0f\u589e\u957f\u53cd\u6620\u4e86\u8be5\u884c\u4e1a\u7684\u5f71\u54cd\u529b\u4e0d\u65ad\u6269\u5927\uff0c\u4ee5\u53ca\u57fa\u4e8e\u533a\u5757\u94fe\u7684\u89e3\u51b3\u65b9\u6848\u5728\u4e0d\u540c\u884c\u4e1a\u4e2d\u7684\u91c7\u7528\u65e5\u76ca\u589e\u591a\u3002<\/p>\n \u5230 2025 \u5e74\uff0c\u5f00\u53d1\u8005\u4eba\u624d\u6d8c\u5165\u52a0\u5bc6\u751f\u6001\u7cfb\u7edf\u7684\u901f\u5ea6\u9884\u8ba1\u5c06\u52a0\u5feb\uff0c\u63a8\u52a8\u65b0\u5e94\u7528\u7a0b\u5e8f\u7684\u521b\u5efa\uff0c\u8fd9\u4e9b\u5e94\u7528\u7a0b\u5e8f\u5c06\u5b9e\u73b0\u4ea7\u54c1\u4e0e\u5e02\u573a\u7684\u5951\u5408\uff0c\u5e76\u5438\u5f15\u6570\u767e\u4e07\u989d\u5916\u7528\u6237\u3002\u8fd9\u6ce2\u521b\u65b0\u6d6a\u6f6e\u53ef\u80fd\u4f1a\u50ac\u751f\u4eba\u5de5\u667a\u80fd (AI)\u3001\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d (DeFi)\u3001\u53bb\u4e2d\u5fc3\u5316\u7269\u7406\u57fa\u7840\u8bbe\u65bd\u7f51\u7edc (DePIN) \u7b49\u9886\u57df\u7684\u7a81\u7834\u6027\u53bb\u4e2d\u5fc3\u5316\u5e94\u7528\u7a0b\u5e8f (dApp)\uff0c\u4ee5\u53ca\u5176\u4ed6\u4ecd\u5904\u4e8e\u8d77\u6b65\u9636\u6bb5\u7684\u65b0\u5174\u9886\u57df\u3002<\/p>\n \u8fd9\u4e9b\u53d8\u9769\u6027\u7684 dApp \u63d0\u4f9b\u4e86\u5207\u5b9e\u7684\u5b9e\u7528\u6027\u5e76\u89e3\u51b3\u4e86\u73b0\u5b9e\u4e16\u754c\u7684\u95ee\u9898\uff0c\u5c06\u63a8\u52a8\u751f\u6001\u7cfb\u7edf\u5185\u91c7\u7528\u7387\u7684\u63d0\u9ad8\u548c\u7ecf\u6d4e\u6d3b\u52a8\u7684\u589e\u52a0\u3002\u968f\u7740\u7528\u6237\u7fa4\u7684\u6269\u5927\u548c\u8d44\u672c\u6d41\u5165\u8be5\u9886\u57df\uff0c\u8d44\u4ea7\u4ef7\u683c\u4e5f\u5c06\u968f\u4e4b\u4e0a\u6da8\uff0c\u5c06\u6574\u4f53\u5e02\u503c\u63a8\u5411\u524d\u6240\u672a\u6709\u7684\u9ad8\u5ea6\u3002\u51ed\u501f\u8fd9\u4e00\u52bf\u5934\uff0c\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u6709\u671b\u7a81\u7834 8 \u4e07\u4ebf\u7f8e\u5143\uff0c\u6807\u5fd7\u7740\u8be5\u884c\u4e1a\u7684\u6301\u7eed\u589e\u957f\u548c\u521b\u65b0\u3002<\/p>\n 7\uff09\u52a0\u5bc6\u521d\u521b\u4f01\u4e1a\u7684\u590d\u5174\uff0c\u7f8e\u56fd\u5c06\u91cd\u65b0\u6210\u4e3a\u5168\u7403\u52a0\u5bc6\u5f3a\u56fd<\/strong><\/p>\n \u7f8e\u56fd\u52a0\u5bc6\u884c\u4e1a\u6b63\u5904\u4e8e\u53d8\u9769\u6027\u590d\u5174\u7684\u8fb9\u7f18\u3002\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\u4e3b\u5e2d Gary Gensler \u5907\u53d7\u4e89\u8bae\u7684\u300c\u6267\u6cd5\u76d1\u7ba1\u300d\u65b9\u6cd5\u5c06\u968f\u7740\u4ed6\u660e\u5e74 1 \u6708\u7684\u79bb\u804c\u800c\u7ec8\u7ed3\uff0c\u8fd9\u79cd\u65b9\u6cd5\u627c\u6740\u4e86\u521b\u65b0\uff0c\u8feb\u4f7f\u8bb8\u591a\u52a0\u5bc6\u521d\u521b\u516c\u53f8\u8f6c\u79fb\u5230\u6d77\u5916\u3002\u4ed6\u7684\u7ee7\u4efb\u8005 Paul Atkins \u5e26\u6765\u4e86\u622a\u7136\u4e0d\u540c\u7684\u89c6\u89d2\u3002\u4f5c\u4e3a\u524d\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\u59d4\u5458 (2002-2008)\uff0cAtkins \u4ee5\u5176\u652f\u6301\u52a0\u5bc6\u7684\u7acb\u573a\u3001\u5bf9\u653e\u677e\u7ba1\u5236\u7684\u652f\u6301\u4ee5\u53ca\u5728\u652f\u6301\u52a0\u5bc6\u7684\u5021\u5bfc\u7ec4\u7ec7 Token Alliance \u7b49\u5021\u8bae\u4e2d\u7684\u9886\u5bfc\u800c\u95fb\u540d\u3002\u4ed6\u7684\u65b9\u6cd5\u627f\u8bfa\u5efa\u7acb\u4e00\u4e2a\u66f4\u5177\u534f\u4f5c\u6027\u7684\u76d1\u7ba1\u6846\u67b6\uff0c\u4fc3\u8fdb\u521b\u65b0\u800c\u4e0d\u662f\u6291\u5236\u521b\u65b0\u3002<\/p>\n \u300cOperation Chokepoint 2.0\u300d\u662f\u4e00\u9879\u79d8\u5bc6\u8ba1\u5212\uff0c\u65e8\u5728\u9650\u5236\u52a0\u5bc6\u8d27\u5e01\u521d\u521b\u516c\u53f8\u8fdb\u5165\u7f8e\u56fd\u94f6\u884c\u7cfb\u7edf\uff0c\u8be5\u8ba1\u5212\u7684\u7ed3\u675f\u4e3a\u52a0\u5bc6\u8d27\u5e01\u7684\u590d\u5174\u5960\u5b9a\u4e86\u57fa\u7840\u3002\u901a\u8fc7\u6062\u590d\u516c\u5e73\u4f7f\u7528\u94f6\u884c\u57fa\u7840\u8bbe\u65bd\u7684\u6743\u5229\uff0c\u7f8e\u56fd\u6b63\u5728\u521b\u9020\u4e00\u4e2a\u73af\u5883\uff0c\u8ba9\u533a\u5757\u94fe\u5f00\u53d1\u8005\u548c\u4f01\u4e1a\u5bb6\u80fd\u591f\u4e0d\u53d7\u8fc7\u5ea6\u9650\u5236\u5730\u84ec\u52c3\u53d1\u5c55\u3002<\/p>\n \u76d1\u7ba1\u6e05\u6670\u5ea6\uff1a\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\u9886\u5bfc\u5c42\u7684\u8f6c\u53d8\u548c\u5e73\u8861\u7684\u76d1\u7ba1\u653f\u7b56\u5c06\u51cf\u5c11\u521d\u521b\u4f01\u4e1a\u7684\u4e0d\u786e\u5b9a\u6027\uff0c\u4e3a\u521b\u65b0\u8425\u9020\u66f4\u53ef\u9884\u6d4b\u7684\u73af\u5883\u3002<\/p>\n 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