{"id":2622,"date":"2025-11-11T14:24:29","date_gmt":"2025-11-11T06:24:29","guid":{"rendered":"http:\/\/www.jineng168.com\/?p=2622"},"modified":"2025-11-11T14:24:29","modified_gmt":"2025-11-11T06:24:29","slug":"%e7%a8%b3%e5%ae%9a%e5%b8%81%e7%9a%84%e6%9c%aa%e6%9d%a5","status":"publish","type":"post","link":"http:\/\/www.jineng168.com\/?p=2622","title":{"rendered":"\u7a33\u5b9a\u5e01\u7684\u672a\u6765"},"content":{"rendered":"<h1 class=\"art_tit\">\u7a33\u5b9a\u5e01\u7684\u672a\u6765<\/h1>\n<div class=\"content_text\">\n<h3 class=\"customstyle_text\">\u5728\u52a0\u5bc6\u5e02\u573a\u4ece\u201c\u6982\u5ff5\u201d\u8f6c\u5411\u201c\u5b9e\u4e1a\u201d\u7684\u5173\u952e\u9636\u6bb5\uff0c\u7a33\u5b9a\u5e01\uff08stablecoins\uff09\u5c06\u662f\u8fde\u63a5\u94fe\u4e0a\u4e0e\u94fe\u4e0b\u91d1\u878d\u4e16\u754c\u7684\u5173\u952e\u4e00\u73af\u3002<\/span><\/p>\n<p>Artemis \u56e2\u961f\u7684\u62a5\u544a\u300aThe Future of 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class=\"customstyle_text\">\u7a33\u5b9a\u5e01\u662f\u5426\u4f1a\u91cd\u5851\u5168\u7403\u91d1\u878d\u5df2\u4e0d\u518d\u662f\u95ee\u9898\uff0c\u800c\u662f\u5982\u4f55\u91cd\u5851\u7684\u95ee\u9898\u3002<\/span><\/p>\n<p>\u5728\u65e9\u671f\uff0c\u7a33\u5b9a\u5e01\u7684\u589e\u957f\u4ee5\u603b\u4f9b\u5e94\u91cf\u6765\u8861\u91cf\u3002\u5173\u952e\u6311\u6218\u662f\u4fe1\u4efb\uff1a\u54ea\u4e9b\u53d1\u884c\u8005\u53ef\u4fe1\u3001\u5408\u89c4\u4e14\u5177\u5907\u6269\u5c55\u80fd\u529b\uff1f\u8fd9\u4e2a\u95ee\u9898\u5df2\u5f97\u5230\u89e3\u7b54\u3002\u5982\u4eca\u7684\u9886\u5148\u53d1\u884c\u8005\u5c55\u793a\u4e86\u8fd0\u8425\u97e7\u6027\uff0c\u65b0\u8fdb\u5165\u8005\u4e5f\u5e26\u7740\u673a\u6784\u652f\u6301\u548c\u76d1\u7ba1\u51c6\u5907\u8fdb\u5165\u5e02\u573a\u3002<\/p>\n<p><strong>\u968f\u7740\u53d1\u884c\u53d8\u5f97\u5546\u54c1\u5316\uff0c\u6743\u529b\u6b63\u4ece\u94f8\u5e01\u8f6c\u5411\u5206\u9500\u3002<\/strong><\/p>\n<p>\u53d1\u884c\u8005\u5c42\u9762\u60ca\u4eba\u5229\u6da6\u7684\u65e5\u5b50\u5df2\u5c48\u6307\u53ef\u6570\u2014\u2014\u5206\u9500\u5546\u5f00\u59cb\u610f\u8bc6\u5230\u81ea\u5df1\u7684\u5f71\u54cd\u529b\u5e76\u83b7\u53d6\u5e94\u5f97\u7684\u4ef7\u503c\u4efd\u989d\u3002<\/p>\n<p>\u9274\u4e8e\u8fd9\u79cd\u8f6c\u53d8\uff0c<strong>\u4e86\u89e3\u54ea\u4e9b\u5e94\u7528\u7a0b\u5e8f\u3001\u534f\u8bae\u548c\u5e73\u53f0\u6b63\u5728\u5b9e\u73b0\u771f\u6b63\u589e\u957f\u53d8\u5f97\u8d8a\u6765\u8d8a\u91cd\u8981<\/strong>\u3002\u7a33\u5b9a\u5e01\u662f\u5426\u5728\u63a8\u52a8\u771f\u5b9e\u652f\u4ed8\uff1f\u8de8\u5883\u8d44\u91d1\u6d41\u52a8\uff1f\u673a\u6784\u91d1\u878d\uff1f<\/p>\n<p>\u5728\u7ade\u4e89\u6fc0\u70c8\u7684\u7a33\u5b9a\u5e01\u9886\u57df\uff0c\u5206\u9500\u5546\u9700\u8981\u6355\u6349\u4ed6\u4eec\u521b\u9020\u7684\u4ef7\u503c\u624d\u80fd\u751f\u5b58\u3002\u6bcf\u4e00\u4e2a\u79fb\u52a8\u7a33\u5b9a\u5e01\u7684\u6570\u5b57\u94f6\u884c\u3001\u94b1\u5305\u6216\u91d1\u878d\u79d1\u6280\u516c\u53f8\u90fd\u5728\u4ea7\u751f\u6536\u76ca\u2014\u2014\u552f\u4e00\u7684\u95ee\u9898\u662f\u8c01\u5728\u4fdd\u7559\u5b83\u3002<\/p>\n<p>\u8ba4\u8bc6\u5230\u8fd9\u4e00\u70b9\u7684\u5efa\u8bbe\u8005\u6b63\u5728\u4ece\u9ed8\u8ba4\u9009\u62e9\u8f6c\u5411\u63d0\u4f9b\u53ef\u7f16\u7a0b\u6027\u3001\u5d4c\u5165\u5f0f\u91d1\u878d\u8f68\u9053\u548c\u6a21\u5757\u5316\u57fa\u7840\u8bbe\u65bd\u7684\u9009\u9879\u3002<\/p>\n<p>\u6b63\u5982\u65e9\u671f\u521b\u65b0\u7531\u50a8\u5907\u8d28\u91cf\u548c\u534f\u8bae\u5b89\u5168\u6027\u5b9a\u4e49\uff0c\u4e0b\u4e00\u65f6\u4ee3\u5c06\u7531\u4ea7\u54c1\u8bbe\u8ba1\u548c\u5206\u9500\u7b56\u7565\u5b9a\u4e49\u3002<\/p>\n<p><strong>\u90a3\u4e9b\u505a\u6b63\u786e\u4e8b\u60c5\u7684\u4eba\u5c06\u5b9a\u4e49\u91d1\u878d\u7684\u672a\u6765\u3002<\/strong><\/p>\n<h2 class=\"customstyle_text\">\u672c\u62a5\u544a\u65e8\u5728\u91cd\u65b0\u5b9a\u4e49\u6211\u4eec\u5bf9\u7a33\u5b9a\u5e01\u589e\u957f\u7684\u7406\u89e3\uff1a\u4ece\u53d1\u884c\u5230\u5b9e\u65bd\u3002<\/span><\/p>\n<p>\u8fd9\u662f\u8003\u5bdf\u7a33\u5b9a\u5e01\u7528\u4f8b\u6f14\u53d8\u666f\u89c2\u7684\u7cfb\u5217\u62a5\u544a\u4e2d\u7684\u7b2c\u4e00\u7bc7\uff0c\u6620\u5c04\u5173\u952e\u5e94\u7528\u7684\u5206\u9500\u60c5\u51b5\uff0c\u5e76\u4f30\u8ba1\u4e3b\u8981\u7c7b\u522b\u76f8\u5173\u7684\u57fa\u4e8e\u50a8\u5907\u7684\u6536\u5165\u3002<\/p>\n<p>\u901a\u8fc7\u5206\u6790\u4f7f\u7528\u6a21\u5f0f\u968f\u65f6\u95f4\u7684\u53d8\u5316\uff0c\u6211\u4eec\u63ed\u793a\u4e86\u7528\u4f8b\u7684\u6f14\u53d8\u2014\u2014\u4ee5\u53ca\u4ef7\u503c\u771f\u6b63\u88ab\u521b\u9020\u7684\u5730\u65b9\u3002\u867d\u7136\u672c\u62a5\u544a\u4e2d\u7684\u6570\u636e\u7a81\u51fa\u4e86\u8bb8\u591a\u6700\u5927\u53c2\u4e0e\u8005\uff0c\u4f46\u7531\u4e8e\u5f52\u56e0\u9650\u5236\uff0c\u5e76\u672a\u6355\u83b7\u6240\u6709\u5b9e\u4f53\u3002<\/p>\n<p>\u6211\u4eec\u7684\u76ee\u6807\u662f\u652f\u6301\u66f4\u660e\u667a\u7684\u5bf9\u8bdd\u3001\u53d1\u5c55\u548c\u6295\u8d44\uff0c\u6db5\u76d6\u65b0\u5174\u548c\u5df2\u5efa\u7acb\u7684\u7528\u4f8b\u3002<\/p>\n<h2 class=\"customstyle_text\"><strong>\u884c\u4e1a\u6d1e\u5bdf<\/strong><\/h2>\n<p>\u6211\u4eec\u6b63\u5904\u4e8e\u4e00\u573a\u5de8\u5927\u7684\u8f6c\u53d8\u4e2d\u2014\u2014\u89c6\u89d2\u7684\u8f6c\u53d8\uff0c\u7a33\u5b9a\u5e01\u4e0d\u518d\u88ab\u89c6\u4e3a\u201c\u52a0\u5bc6\u8d27\u5e01\u201d\uff0c\u800c\u662f\u201c\u5168\u7403\u57fa\u7840\u8bbe\u65bd\u201d\uff1b\u6548\u7528\u7684\u8f6c\u53d8\uff0c\u91d1\u878d\u5efa\u8bbe\u8005\u6b63\u5728\u79ef\u6781\u91cd\u5851\u4ed6\u4eec\u7684\u4ea7\u54c1\u4ee5\u5229\u7528\u8fd9\u4e9b\u65b0\u8f68\u9053\u3002\u7ade\u6280\u573a\u6b63\u5728\u6539\u53d8\uff1b\u505a\u597d\u51c6\u5907\u3002<em>&#8211; Ran Goldi, Fireblocks \u652f\u4ed8\u4e0e\u7f51\u7edc\u9ad8\u7ea7\u526f\u603b\u88c1<\/em><\/p>\n<p>\u7a33\u5b9a\u5e01\u7684\u589e\u957f\u5df2\u8fbe\u5230\u9003\u9038\u901f\u5ea6\uff0c\u76d1\u7ba1\u6e05\u6670\u5ea6\u6b63\u5728\u4e3a\u673a\u6784\u6253\u5f00\u5927\u95e8\u3002\u4e0b\u4e00\u4e2a\u524d\u6cbf\u4e0d\u4ec5\u4ec5\u662f\u4eca\u5929\u8c01\u62e5\u6709\u89c4\u6a21\u2014\u2014\u8fd8\u5173\u4e4e\u7a33\u5b9a\u5e01\u4f9b\u5e94\u94fe\u4e2d\u6240\u6709\u53c2\u4e0e\u8005\u7684\u5546\u4e1a\u6a21\u5f0f\uff0c\u4ece\u53d1\u884c\u8005\u3001\u5206\u9500\u5546\u5230\u6301\u6709\u8005\u3002\u5728\u672a\u6765\u00a012-24\u00a0\u4e2a\u6708\uff0c\u6211\u4eec\u80af\u5b9a\u4f1a\u770b\u5230\u4ef7\u503c\u94fe\u548c\u4ef7\u503c\u79ef\u7d2f\u7684\u53d8\u5316\u4e0e\u6311\u6218\u8005\u3002<em>&#8211; Martin Carrica, Anchorage Digital \u7a33\u5b9a\u5e01\u526f\u603b\u88c1<\/em><\/p>\n<p>\u7a33\u5b9a\u5e01\u662f\u65b0\u91d1\u878d\u5806\u6808\u7684\u7b2c\u4e00\u4e2a\u539f\u8bed\u3002\u6211\u4eec\u6240\u77e5\u7684\u91d1\u878d\u4e00\u5207\u90fd\u5728\u7a33\u5b9a\u5e01\u4e0a\u91cd\u5efa\u3002\u800c\u8d62\u5bb6\uff1f\u4ed6\u4eec\u5c06\u63a7\u5236\u5206\u9500\u3002<em>&#8211; Simon Taylor, Sardine \u6218\u7565\u4e0e\u5185\u5bb9\u8d1f\u8d23\u4eba<\/em><\/p>\n<p>\u7a33\u5b9a\u5e01\u5728\u77ed\u77ed\u51e0\u5e74\u5185\u4ece\u5b9e\u9a8c\u6027\u53d8\u4e3a\u5fc5\u4e0d\u53ef\u5c11\uff0c\u5176\u4ea7\u54c1\u5e02\u573a\u5951\u5408\u5ea6\u6bcb\u5eb8\u7f6e\u7591\u3002\u4f46\u6211\u4eec\u73b0\u5728\u8fdb\u5165\u4e86\u4e00\u4e2a\u65b0\u65f6\u671f\uff0c\u53d1\u884c\u548c\u6d41\u52a8\u6027\u672c\u8eab\u4e0d\u8db3\u4ee5\u5e26\u6765\u6301\u7eed\u589e\u957f\u3002\u7a33\u5b9a\u5e01\u91c7\u7528\u7684\u4e0b\u4e00\u9636\u6bb5\u5c06\u6d89\u53ca\u65b0\u56e0\u7d20\uff0c\u5305\u62ec\u4e0e\u5408\u4f5c\u4f19\u4f34\u5206\u4eab\u7ecf\u6d4e\u6548\u76ca\u3001\u94fe\u4e0a\u548c\u94fe\u4e0b\u6574\u5408\u7684\u4fbf\u5229\u6027\uff0c\u4ee5\u53ca\u53ef\u7f16\u7a0b\u6027\u529f\u80fd\u88ab\u5229\u7528\u7684\u7a0b\u5ea6\u3002<em>&#8211; Jelena Djuric, Noble \u8054\u5408\u521b\u59cb\u4eba\u517c\u9996\u5e2d\u6267\u884c\u5b98<\/em><\/p>\n<p>\u7a33\u5b9a\u5e01\u5df2\u88ab\u8bc1\u660e\u6781\u5177\u76c8\u5229\u80fd\u529b\uff0c\u65e0\u8bba\u662f\u901a\u8fc7\u00a0Tether\u00a0\u7684\u8d85\u989d\u6536\u76ca\u3001Stripe\u00a0\u7684\u00a0Bridge\u00a0\u6536\u8d2d\uff0c\u8fd8\u662f\u6bcf\u5e74\u00a010\u00a0\u4e07\u4ebf\u7f8e\u5143\u7684\u7ed3\u7b97\u91cf\uff0c\u5982\u4eca\u6b63\u5de9\u56fa\u5176\u4f5c\u4e3a\u5168\u7403\u91d1\u878d\u57fa\u7840\u8bbe\u65bd\u57fa\u7840\u7684\u5730\u4f4d\u3002<em>&#8211; Stefan Cohen, Bain Capital Crypto \u5408\u4f19\u4eba<\/em><\/p>\n<h2 class=\"customstyle_text\">\n<li>\n<p>\u7a33\u5b9a\u5e01\u666f\u89c2<\/p>\n<\/li>\n<li>\n<p>\u4ece\u94f8\u5e01\u5230\u5e02\u573a<\/p>\n<\/li>\n<li>\n<p>\u7528\u4f8b\u5206\u6790<\/p>\n<\/li>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u603b\u5e02\u573a<\/p>\n<\/li>\n<li>\n<p>\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff08CEXs\uff09<\/p>\n<\/li>\n<li>\n<p>\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\uff08DeFi\uff09<\/p>\n<\/li>\n<li>\n<p>\u6700\u5927\u63d0\u53d6\u4ef7\u503c\uff08MEV\uff09<\/p>\n<\/li>\n<li>\n<p>\u672a\u5f52\u56e0\u94b1\u5305 Unattributed Wallets<\/p>\n<\/li>\n<\/ul>\n<li>\n<p>\u7ed3\u8bba<\/p>\n<\/li>\n<\/ul>\n<h2 class=\"customstyle_text\">\u8d85\u8d8a\u5e02\u503c<\/span><\/strong><\/h3>\n<p class=\"customstyle_text\">\u7a33\u5b9a\u5e01\u5df2\u6210\u4e3a\u52a0\u5bc6\u8d27\u5e01\u4e2d\u6700\u5e7f\u6cdb\u4f7f\u7528\u7684\u4ea7\u54c1\u4e4b\u4e00\u3002\u4f9b\u5e94\u91cf\u8d85\u8fc7\u00a02400\u00a0\u4ebf\u7f8e\u5143\uff0c\u5e74\u5ea6\u94fe\u4e0a\u4ea4\u6613\u91cf\u8d85\u8fc7\u00a07\u00a0\u4e07\u4ebf\u7f8e\u5143\uff0c\u5b83\u4eec\u5728\u89c4\u6a21\u4e0a\u53ef\u4e0e\u4f20\u7edf\u652f\u4ed8\u7f51\u7edc\u5339\u654c\u3002\u4f46\u8fd9\u4e9b\u6570\u5b57\u8bb2\u8ff0\u4e86\u4e00\u4e2a\u4e0d\u5b8c\u6574\u7684\u6545\u4e8b\u3002<\/span><\/p>\n<p>\u4f9b\u5e94\u91cf\uff08Supply\uff09\u53cd\u6620\u7684\u662f\u7a33\u5b9a\u5e01\u7684\u5b58\u5728\u91cf\uff0c\u800c\u975e\u4f7f\u7528\u91cf\u3001\u6d41\u5411\u6216\u7528\u9014\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u4ea4\u6613\u91cf\uff08Volume\uff09\u53cd\u6620\u4e86\u94fe\u4e0a\u4eba\u5de5\u6d3b\u52a8\u548c\u673a\u5668\u4eba\u7a0b\u5e8f\u7684\u6df7\u5408\uff0c\u5374\u65e0\u6cd5\u6355\u6349\u94fe\u4e0b\u6570\u636e\u3002<\/p>\n<h3 class=\"customstyle_text\"><strong>\u4f7f\u7528\u91cf\uff08Usage\uff09\u662f\u65b0\u98ce\u5411<\/strong><\/h3>\n<p>\u5e76\u975e\u6240\u6709\u7a33\u5b9a\u5e01\u5728\u6d41\u52a8\u4e2d\u90fd\u662f\u5e73\u7b49\u7684\u3002\u4e00\u4e9b\u5904\u4e8e\u4f11\u7720\u72b6\u6001\u3002\u5176\u4ed6\u5219\u662f\u8de8\u5e73\u53f0\u3001\u7528\u6237\u548c\u5730\u533a\u771f\u5b9e\u7ecf\u6d4e\u6d3b\u52a8\u7684\u5173\u952e\u9a71\u52a8\u56e0\u7d20\u3002<\/p>\n<p>\u6b63\u5982\u300a\u00a02025\u00a0\u5e74\u7a33\u5b9a\u5e01\u72b6\u6001\u300b\u4e2d\u770b\u5230\u751f\u6001\u7cfb\u7edf\u4e4b\u95f4\u7684\u660e\u663e\u5dee\u5f02\u3002\u4ee5\u592a\u574a\u4e0a\u7684\u7a33\u5b9a\u5e01\u503e\u5411\u4e8e\u7528\u4f5c\u00a0DeFi\u00a0\u62b5\u62bc\u54c1\u548c\u4ea4\u6613\u6d41\u52a8\u6027\uff0c\u800c\u00a0Tron\u00a0\u4e0a\u7684\u7a33\u5b9a\u5e01\u66f4\u5e38\u7528\u4e8e\u65b0\u5174\u5e02\u573a\u7684\u6c47\u6b3e\u548c\u652f\u4ed8\u3002USDC\u00a0\u5728\u673a\u6784\u6d41\u52a8\u4e2d\u5360\u6bd4\u8f83\u9ad8\uff0c\u800c\u00a0USDT\u00a0\u5219\u51ed\u501f\u5176\u8986\u76d6\u8303\u56f4\u548c\u53ef\u8bbf\u95ee\u6027\u84ec\u52c3\u53d1\u5c55\u3002<\/p>\n<p>\u8fd9\u4e9b\u4f7f\u7528\u6a21\u5f0f\u4e0d\u4ec5\u53cd\u6620\u4e86\u4ef7\u503c\u6d41\u52a8\u7684\u65b9\u5411\uff1b<strong>\u8fd8\u4e3a\u6784\u5efa\u8005\u63d0\u4f9b\u4e86\u7784\u51c6\u670d\u52a1\u4e0d\u8db3\u6216\u9ad8\u589e\u957f\u5229\u57fa\u5e02\u573a\u7684\u673a\u4f1a\u3002<\/strong><\/p>\n<p>\u4e86\u89e3\u7a33\u5b9a\u5e01\u7684\u5b9e\u65bd\u5730\u70b9\u548c\u5b9e\u73b0\u7684\u529f\u80fd\uff0c\u73b0\u5728\u662f\u5224\u65ad\u91c7\u7528\u771f\u5b9e\u6027\u548c\u4e0b\u4e00\u6ce2\u521b\u65b0\u5c06\u51fa\u73b0\u7684\u6700\u6e05\u6670\u4fe1\u53f7\u3002<\/p>\n<h2 class=\"customstyle_text\">\u5728\u65e9\u671f\u7a33\u5b9a\u5e01\u65f6\u4ee3\uff0c\u4ef7\u503c\u6355\u83b7\u96c6\u4e2d\u5728\u53d1\u884c\u65b9\u8eab\u4e0a\u3002\u7ef4\u6301\u00a01:\u00a01\u00a0\u7684\u951a\u5b9a\u5728\u89c4\u6a21\u4e0a\u662f\u4e00\u4e2a\u96be\u9898\uff0c\u5f88\u5c11\u6709\u4eba\u80fd\u5f88\u597d\u5730\u89e3\u51b3\u3002<\/span><\/p>\n<p>Tether\u00a0\u548c\u00a0Circle\u00a0\u4e4b\u6240\u4ee5\u5360\u636e\u4e3b\u5bfc\u5730\u4f4d\uff0c\u4e0d\u4ec5\u56e0\u4e3a\u5b83\u4eec\u662f\u65e9\u671f\u8fdb\u5165\u8005\uff0c\u8fd8\u56e0\u4e3a\u5b83\u4eec\u662f\u5c11\u6570\u80fd\u591f\u6301\u7eed\u7ba1\u7406\u53d1\u884c\u548c\u8d4e\u56de\u3001\u50a8\u5907\u7ba1\u7406\u3001\u94f6\u884c\u5408\u4f5c\u4f19\u4f34\u6574\u5408\u4ee5\u53ca\u5e02\u573a\u538b\u529b\u751f\u5b58\u7684\u53d1\u884c\u65b9\u3002<\/p>\n<p>\u901a\u8fc7\u50a8\u5907\u6536\u76ca\uff08\u4e3b\u8981\u662f\u77ed\u671f\u7f8e\u56fd\u56fd\u503a\u548c\u73b0\u91d1\u7b49\u4ef7\u7269\uff09\u5b9e\u73b0\u8d27\u5e01\u5316\uff0c\u5373\u4f7f\u662f\u9002\u5ea6\u7684\u5229\u7387\u4e5f\u8f6c\u5316\u4e3a\u5de8\u5927\u7684\u6536\u5165\u3002\u65e9\u671f\u6210\u529f\u52a0\u500d\uff1a\u4ea4\u6613\u6240\u3001\u94b1\u5305\u548c\u00a0DeFi\u00a0\u534f\u8bae\u56f4\u7ed5\u00a0USDT\u00a0\u548c\u00a0USDC\u00a0\u6784\u5efa\uff0c\u5f3a\u5316\u4e86\u5206\u9500\u548c\u6d41\u52a8\u6027\u7684\u7f51\u7edc\u6548\u5e94\u3002<\/p>\n<h3 class=\"customstyle_text\"><strong>\u5206\u9500\u4f5c\u4e3a\u4ef7\u503c\u5c42<\/strong><\/h3>\n<p>\u53ef\u4fe1\u7684\u6258\u7ba1\u3001\u6d41\u52a8\u6027\u548c\u8d4e\u56de\u4e0d\u518d\u662f\u5dee\u5f02\u5316\u56e0\u7d20\u2014\u2014\u5b83\u4eec\u662f\u9884\u671f\u3002\u968f\u7740\u66f4\u591a\u53d1\u884c\u8005\u4ee5\u76f8\u4f3c\u80fd\u529b\u8fdb\u5165\u5e02\u573a\uff0c\u53d1\u884c\u8005\u672c\u8eab\u7684\u91cd\u8981\u6027\u964d\u4f4e\u3002\u91cd\u8981\u7684\u662f\u7528\u6237\u53ef\u4ee5\u7528\u7a33\u5b9a\u5e01\u505a\u4ec0\u4e48\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u6743\u529b\u6b63\u4ece\u53d1\u884c\u8005\u8f6c\u5411\u5206\u9500\u5546\u3002\u6574\u5408\u7a33\u5b9a\u5e01\u5230\u73b0\u5b9e\u4e16\u754c\u7528\u4f8b\u7684\u94b1\u5305\u3001\u4ea4\u6613\u6240\u548c\u5e94\u7528\u7a0b\u5e8f\u73b0\u5728\u62e5\u6709\u5f71\u54cd\u529b\u548c\u6760\u6746\u3002\u5b83\u4eec\u62e5\u6709\u7528\u6237\u5173\u7cfb\uff0c\u5851\u9020\u4f53\u9a8c\uff0c\u5e76\u65e5\u76ca\u51b3\u5b9a\u54ea\u4e9b\u7a33\u5b9a\u5e01\u83b7\u5f97\u7275\u5f15\u529b\u3002<\/p>\n<p>\u800c\u4e14\u5b83\u4eec\u6b63\u5728\u8d27\u5e01\u5316\u8fd9\u4e00\u5730\u4f4d\u3002Circle\u00a0\u6700\u8fd1\u7684\u00a0IPO\u00a0\u6587\u4ef6\u663e\u793a\uff0c\u5176\u5728\u00a02023\u00a0\u5e74\u5411\u00a0Coinbase\u00a0\u7b49\u5408\u4f5c\u4f19\u4f34\u652f\u4ed8\u4e86\u8fd1\u00a09\u00a0\u4ebf\u7f8e\u5143\u2014\u2014\u8d85\u8fc7\u5176\u603b\u6536\u5165\u7684\u4e00\u534a\u2014\u2014\u7528\u4e8e\u6574\u5408\u548c\u63a8\u5e7f\u00a0USDC\u3002<\/p>\n<p>\u5f53\u4e0b\u7684\u60c5\u51b5\u662f\u53d1\u884c\u65b9\u652f\u4ed8\u7ed9\u5206\u9500\u5546\uff0c\u800c\u4e0d\u662f\u53cd\u8fc7\u6765\u3002<\/p>\n<p>\u8bb8\u591a\u5206\u9500\u5546\u6b63\u5728\u8fdb\u4e00\u6b65\u4e0a\u884c\u3002PayPal\u00a0\u63a8\u51fa\u4e86\u00a0PYUSD\u3002Telegram\u00a0\u4e0e\u00a0Ethena\u00a0\u5408\u4f5c\u3002Meta\u00a0\u518d\u6b21\u63a2\u7d22\u7a33\u5b9a\u5e01\u8f68\u9053\u3002Stripe\u3001Robinhood\u00a0\u548c\u00a0Revolut\u00a0\u7b49\u91d1\u878d\u79d1\u6280\u5e73\u53f0\u6b63\u5728\u5c06\u7a33\u5b9a\u5e01\u76f4\u63a5\u5d4c\u5165\u652f\u4ed8\u3001\u50a8\u84c4\u548c\u4ea4\u6613\u529f\u80fd\u4e2d\u3002<\/p>\n<p>\u53d1\u884c\u8005\u5e76\u672a\u505c\u6ede\u4e0d\u524d\u3002Tether\u00a0\u6b63\u5728\u6784\u5efa\u94b1\u5305\u548c\u652f\u4ed8\u8f68\u9053\u3002Circle\u00a0\u901a\u8fc7\u652f\u4ed8\u00a0API\u3001\u5f00\u53d1\u8005\u5de5\u5177\u548c\u57fa\u7840\u8bbe\u65bd\u6536\u8d2d\u5168\u9762\u53d1\u5c55\u3002\u4f46\u52a8\u6001\u5f88\u6e05\u6670\uff1a\u5206\u9500\u73b0\u5728\u662f\u6218\u7565\u5236\u9ad8\u70b9\u3002<\/p>\n<h3 class=\"customstyle_text\"><strong>\u4e3a\u53ef\u7f16\u7a0b\u6027\u548c\u7cbe\u786e\u6027\u800c\u6784\u5efa<\/strong><\/h3>\n<p>\u968f\u7740\u7a33\u5b9a\u5e01\u91c7\u7528\u7684\u6269\u5c55\uff0c\u65b0\u57fa\u7840\u8bbe\u65bd\u6b63\u5728\u5174\u8d77\u2014\u2014\u4e3a\u53ef\u7f16\u7a0b\u6027\u3001\u5408\u89c4\u6027\u548c\u4ef7\u503c\u5171\u4eab\u800c\u6784\u5efa\u3002\u4ec5\u9760\u53d1\u884c\u5df2\u4e0d\u8db3\u4ee5\u5e94\u5bf9\u7ade\u4e89\u3002\u7a33\u5b9a\u5e01\u5fc5\u987b\u9002\u5e94\u63a8\u52a8\u4f7f\u7528\u7684\u5e73\u53f0\u9700\u6c42\u3002<\/p>\n<p>\u4e0b\u4e00\u4ee3\u7a33\u5b9a\u5e01\u5305\u62ec\u53ef\u7f16\u7a0b\u529f\u80fd\uff0c\u5982\u94a9\u5b50\u3001\u5408\u89c4\u89c4\u5219\u548c\u6761\u4ef6\u8f6c\u79fb\u3002\u8fd9\u4e9b\u529f\u80fd\u4f7f\u7a33\u5b9a\u5e01\u6210\u4e3a\u5e94\u7528\u611f\u77e5\u8d44\u4ea7\uff0c\u81ea\u52a8\u5c06\u4ef7\u503c\u8def\u7531\u5230\u5546\u5bb6\u3001\u5f00\u53d1\u8005\u3001\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u6216\u5173\u8054\u65b9\uff0c\u65e0\u9700\u94fe\u4e0b\u534f\u8bae\u3002<\/p>\n<p>\u6bcf\u4e2a\u7528\u4f8b\u90fd\u6709\u72ec\u7279\u7684\u80cc\u666f\u3002\u6c47\u6b3e\u4f18\u5148\u8003\u8651\u901f\u5ea6\u548c\u8f6c\u6362\uff0cDeFi\u00a0\u8981\u6c42\u53ef\u7ec4\u5408\u6027\u548c\u62b5\u62bc\u7075\u6d3b\u6027\uff0c\u91d1\u878d\u79d1\u6280\u6574\u5408\u9700\u8981\u5408\u89c4\u6027\u548c\u53ef\u5ba1\u8ba1\u6027\u3002\u65b0\u5174\u7684\u57fa\u7840\u8bbe\u65bd\u5806\u6808\u65e8\u5728\u670d\u52a1\u8fd9\u4e9b\u591a\u6837\u5316\u9700\u6c42\uff0c\u4f7f\u7a33\u5b9a\u5e01\u5c42\u80fd\u591f\u52a8\u6001\u9002\u5e94\u5176\u80cc\u666f\uff0c\u800c\u4e0d\u662f\u63d0\u4f9b\u4e00\u5200\u5207\u7684\u89e3\u51b3\u65b9\u6848\u3002<\/p>\n<p>\u81f3\u5173\u91cd\u8981\u7684\u662f\uff0c\u8fd9\u79cd\u57fa\u7840\u8bbe\u65bd\u8f6c\u53d8\u4f7f\u4ef7\u503c\u6355\u83b7\u66f4\u7cbe\u786e\u3002\u53ef\u7f16\u7a0b\u6d41\u610f\u5473\u7740\u4ef7\u503c\u53ef\u4ee5\u5728\u6574\u4e2a\u5806\u6808\u4e2d\u5171\u4eab\u2014\u2014\u4e0d\u4ec5\u4ec5\u7531\u53d1\u884c\u8005\u56e4\u79ef\u3002\u7a33\u5b9a\u5e01\u6b63\u5728\u6210\u4e3a\u52a8\u6001\u91d1\u878d\u539f\u8bed\uff0c\u53d7\u5176\u79fb\u52a8\u7684\u751f\u6001\u7cfb\u7edf\u7684\u6fc0\u52b1\u548c\u67b6\u6784\u5851\u9020\u3002<\/p>\n<h3 class=\"customstyle_text\">\n<li>\n<p><strong>\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240<\/strong><\/p>\n<\/li>\n<li>\n<p><strong>DeFi\u00a0\u534f\u8bae<\/strong><\/p>\n<\/li>\n<li>\n<p><strong>MEV\u00a0\u57fa\u7840\u8bbe\u65bd<\/strong><\/p>\n<\/li>\n<\/ul>\n<p>\u4e0b\u8868\u663e\u793a\u4e86\u00a02025\u00a0\u5e74\u00a04\u00a0\u6708\u5404\u5206\u7c7b\u7684\u4f9b\u5e94\u548c\u4ea4\u6613\u91cf\u4efd\u989d\uff1a<\/p>\n<p><img decoding=\"async\" alt=\"\u7a33\u5b9a\u5e01\u7684\u672a\u6765\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250614\/7e999a1c74ed83a14a7d506f2eac51fb.jpg\"><\/p>\n<p>\u8fd9\u4e09\u4e2a\u7c7b\u522b\u5171\u5360\u603b\u7a33\u5b9a\u5e01\u4f9b\u5e94\u7684\u00a038%\u00a0\u548c\u603b\u7a33\u5b9a\u5e01\u4ea4\u6613\u91cf\u7684\u00a063%\u00a0\u3002<\/p>\n<p>\u672a\u6807\u8bb0\u5730\u5740\u6784\u6210\u4e86\u5269\u4f59\u4f9b\u5e94\u548c\u4ea4\u6613\u91cf\u7684\u5927\u90e8\u5206\u3002\u8fd9\u4e9b\u662f\u672a\u76f4\u63a5\u94fe\u63a5\u5230\u5df2\u77e5\u673a\u6784\u3001\u4ea4\u6613\u6240\u6216\u667a\u80fd\u5408\u7ea6\u7684\u94b1\u5305\u3002\u6211\u4eec\u5c06\u5728\u672c\u62a5\u544a\u540e\u9762\u63a2\u8ba8\u672a\u6807\u8bb0\u5730\u5740\u7684\u8d8b\u52bf\u3002<\/p>\n<p>\u4e3a\u4e86\u4f30\u7b97\u4f9b\u5e94\u4e1a\u52a1\u7684\u6536\u5165\uff0c\u6211\u4eec\u91c7\u7528\u5f53\u524d\u7684\u6d6e\u5b58\u91d1\uff0c\u5e76\u6839\u636e\u5f53\u524d\u7f8e\u56fd\u6709\u6548\u8054\u90a6\u57fa\u91d1\u5229\u7387\u8ba1\u7b97\u51fa 4.33% \u7684\u5e74\u6536\u76ca\u7387\u3002\u5b9e\u9645\u4e0a\uff0c\u8bb8\u591a\u53d1\u884c\u65b9\u7684\u6536\u76ca\u7387\u4f1a\u66f4\u9ad8\uff0c\u4f46\u8fd9\u53ea\u662f\u4e00\u4e2a\u5927\u81f4\u7684\u53c2\u8003\u6807\u51c6\uff0c\u7528\u4e8e\u4f30\u7b97\u9884\u671f\u6536\u76ca\u7684\u5927\u6982\u6570\u503c\u3002<\/p>\n<h3 class=\"customstyle_text\">\n<p>\u7a33\u5b9a\u5e01\u4f9b\u5e94\u7684\u5206\u5e03\u63ed\u793a\u4e86\u54ea\u4e9b\u5e73\u53f0\u548c\u7528\u4f8b\u8db3\u591f\u5438\u5f15\u548c\u4fdd\u7559\u6d6e\u52a8\u3002<\/p>\n<p>\u603b\u4f9b\u5e94\u91cf\u81ea\u00a02023\u00a0\u5e74\u590f\u5b63\u4ee5\u6765\u7a33\u6b65\u6500\u5347\uff0c\u4eca\u5e74\u8fbe\u5230\u5386\u53f2\u65b0\u9ad8\uff0cCEX\u3001DeFi\u00a0\u548c\u672a\u6807\u8bb0\u94b1\u5305\u5747\u5b9e\u73b0\u9ad8\u589e\u957f\u3002<\/p>\n<p class=\"customstyle_text\">\n<p>\u5927\u90e8\u5206\u7a33\u5b9a\u5e01\u4f9b\u5e94\u90fd\u96c6\u4e2d\u5728\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff0c\u5176\u4e2d\u5e01\u5b89\u5360\u636e\u4e86\u76f8\u5f53\u5927\u7684\u9886\u5148\u5730\u4f4d\u3002DeFi \u534f\u8bae\u548c\u53d1\u884c\u65b9\u4e5f\u5360\u636e\u4e86\u76f8\u5f53\u5927\u7684\u4efd\u989d\u3002<\/p>\n<p class=\"customstyle_text\">\n<p>\u81ea\u00a02023\u00a0\u5e74\u590f\u5b63\u4ee5\u6765\uff0c\u7a33\u5b9a\u5e01\u7684\u603b\u4ea4\u6613\u91cf\u7a33\u6b65\u6500\u5347\uff0c\u5728\u5e02\u573a\u6d3b\u8dc3\u5ea6\u8f83\u9ad8\u65f6\u671f\u5c24\u5176\u4f1a\u51fa\u73b0\u5927\u5e45\u589e\u957f\u3002DeFi \u7684\u4ea4\u6613\u91cf\u589e\u5e45\u6700\u9ad8\uff0c\u800c MEV \u548c\u672a\u6807\u8bb0\u94b1\u5305\u7684\u4ea4\u6613\u91cf\u8f83\u9ad8\uff0c\u4f46\u6ce2\u52a8\u8f83\u5927\u3002<\/p>\n<p class=\"customstyle_text\">\n<p>\u7a33\u5b9a\u5e01\u4ea4\u6613\u91cf\u6700\u9ad8\u7684\u5b9e\u4f53\u5f80\u5f80\u662f\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff0c\u5176\u6b21\u662f DeFi \u548c\u53d1\u884c\u673a\u6784\u3002<\/p>\n<p>CEX \u4ea4\u6613\u91cf\u5e76\u4e0d\u53cd\u6620 CEX \u5e73\u53f0\u4e0a\u7684\u4ea4\u6613\uff0c\u56e0\u4e3a\u5927\u591a\u6570\u4ea4\u6613\u53d1\u751f\u5728\u94fe\u4e0b\u3002\u76f8\u53cd\uff0c\u5b83\u53cd\u6620\u4e86\u7528\u6237\u5145\u63d0\u3001\u4ea4\u6613\u6240\u95f4\u8f6c\u8d26\u4ee5\u53ca\u5185\u90e8\u8fd0\u8425\u6d3b\u52a8\u3002<\/p>\n<h3 class=\"customstyle_text\">\n<p><span>\u81ea 2023 \u5e74\u5c40\u90e8\u4f4e\u70b9\u4ee5\u6765\uff0c\u9876\u7ea7\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240 (CEX) \u7684\u4f9b\u5e94\u91cf\u51e0\u4e4e\u7ffb\u4e86\u4e00\u756a\u3002Coinbase\u3001\u5e01\u5b89\u548c Bybit \u7684\u4f9b\u5e94\u91cf\u5f80\u5f80\u968f\u5e02\u573a\u6ce2\u52a8\uff0c\u800c Kraken \u548c OkX \u7684\u4f9b\u5e94\u91cf\u5219\u589e\u957f\u8f83\u4e3a\u7a33\u5b9a\u3002<\/span><\/p>\n<p class=\"customstyle_text\">\n<p><span>\u7531\u4e8e\u5927\u90e8\u5206\u6d3b\u52a8\u53d1\u751f\u5728\u94fe\u4e0b\uff0c\u56e0\u6b64\u5f88\u96be\u83b7\u5f97\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240 (CEX) \u5982\u4f55\u4f7f\u7528\u7a33\u5b9a\u5e01\u7684\u5177\u4f53\u6570\u636e\u3002\u8d44\u91d1\u901a\u5e38\u96c6\u4e2d\u5230\u4e00\u8d77\uff0c\u5177\u4f53\u7528\u9014\u5f88\u5c11\u62ab\u9732\u3002\u8fd9\u79cd\u4e0d\u900f\u660e\u6027\u4f7f\u5f97\u8bc4\u4f30\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240 (CEX) \u5185\u7a33\u5b9a\u5e01\u4f7f\u7528\u60c5\u51b5\u7684\u5168\u9762\u6027\u53d8\u5f97\u5341\u5206\u56f0\u96be\u3002<\/span><\/p>\n<p>\u5f52\u5c5e\u4e8e\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240 (CEX) \u7684\u7a33\u5b9a\u5e01\u4ea4\u6613\u91cf\u53cd\u6620\u7684\u662f\u4e0e\u5145\u503c\u3001\u63d0\u73b0\u3001\u4ea4\u6613\u6240\u95f4\u8f6c\u8d26\u548c\u6d41\u52a8\u6027\u64cd\u4f5c\u76f8\u5173\u7684\u94fe\u4e0a\u6d3b\u52a8\uff0c\u800c\u975e\u5185\u90e8\u4ea4\u6613\u3001\u4fdd\u8bc1\u91d1\u62b5\u62bc\u6216\u8d39\u7528\u7ed3\u7b97\u3002\u56e0\u6b64\uff0c\u6700\u597d\u5c06\u5176\u89c6\u4e3a\u7528\u6237\u4e0e\u4ea4\u6613\u6240\u4e92\u52a8\u7684\u6307\u6807\uff0c\u800c\u975e\u603b\u4ea4\u6613\u6d3b\u52a8\u7684\u8861\u91cf\u6807\u51c6\u3002<\/p>\n<h3 class=\"customstyle_text\">\n<p><span>DeFi \u7a33\u5b9a\u5e01\u7684\u4f9b\u5e94\u6765\u81ea\u62b5\u62bc\u54c1\u3001\u6d41\u52a8\u6027\u63d0\u4f9b\u8005 (LP) \u8d44\u4ea7\u4ee5\u53ca\u501f\u8d37\u5e02\u573a\u3001\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240 (DEX) \u548c\u884d\u751f\u54c1\u534f\u8bae\u7684\u7ed3\u7b97\u5c42\u3002\u8fc7\u53bb 6 \u4e2a\u6708\uff0cCDP\u3001\u501f\u8d37\u3001\u6c38\u7eed\u5408\u7ea6\u548c\u8d28\u62bc\u7684\u4f9b\u5e94\u91cf\u51e0\u4e4e\u7ffb\u4e86\u4e00\u756a\u3002<\/span><\/p>\n<p>DEX \u7684\u4f9b\u5e94\u4efd\u989d\u5927\u5e45\u4e0b\u964d\uff0c\u539f\u56e0\u5e76\u975e DEX \u4f7f\u7528\u7387\u4e0b\u964d\uff0c\u800c\u662f\u56e0\u4e3a DEX \u7684\u8d44\u672c\u6548\u7387\u66f4\u9ad8\u3002<\/p>\n<p>\u968f\u7740 Hyperliquid \u7684\u706b\u7206\u4eba\u6c14\uff0c\u9501\u5b9a\u5728\u6c38\u7eed\u5408\u7ea6\u4e2d\u7684\u4f9b\u5e94\u91cf\u8fd1\u671f\u5927\u5e45\u589e\u52a0\u3002<\/p>\n<p class=\"customstyle_text\">\n<p><span>\u8fc7\u53bb\u00a06\u00a0\u4e2a\u6708\uff0cDeFi\u00a0\u6708\u5ea6\u7a33\u5b9a\u5e01\u4ea4\u6613\u91cf\u4ece\u7ea6\u00a01000\u00a0\u4ebf\u7f8e\u5143\u589e\u957f\u5230\u00a06000\u00a0\u4ebf\u7f8e\u5143\u4ee5\u4e0a\uff0c\u4e3b\u8981\u7531\u00a0DEX\u3001\u501f\u8d37\u548c\u00a0CDP\u00a0\u7684\u5de8\u5927\u589e\u957f\u5f15\u9886\u3002<\/span><\/p>\n<p><strong>\u5728 DeFi \u9886\u57df\uff0c\u7a33\u5b9a\u5e01\u90e8\u7f72\u5728\u4ee5\u4e0b\u51e0\u4e2a\u5173\u952e\u9886\u57df\uff1a<\/strong><\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>DEX \u6c60<\/p>\n<\/li>\n<li>\n<p>\u501f\u8d37\u5e02\u573a<\/p>\n<\/li>\n<li>\n<p>\u62b5\u62bc\u503a\u52a1\u5934\u5bf8<\/p>\n<\/li>\n<li>\n<p>\u5176\u4ed6\uff08\u5305\u62ec\u6c38\u7eed\u503a\u3001\u8fc7\u6865\u503a\u5238\u548c\u8d28\u62bc\uff09<\/p>\n<\/li>\n<\/ul>\n<p>\u8fd9\u4e9b\u7ec6\u5206\u5e02\u573a\u4ee5\u4e0d\u540c\u65b9\u5f0f\u4f7f\u7528\u7a33\u5b9a\u5e01\u2014\u2014\u65e0\u8bba\u662f\u4f5c\u4e3a\u6d41\u52a8\u6027\u3001\u62b5\u62bc\u54c1\u8fd8\u662f\u652f\u4ed8\u2014\u2014\u5851\u9020\u4e86\u7528\u6237\u884c\u4e3a\u548c\u534f\u8bae\u7ea7\u7ecf\u6d4e\u5b66\u3002<\/p>\n<p class=\"customstyle_text\">\n<p>\u96c6\u4e2d\u6d41\u52a8\u6027\u3001\u4e13\u6ce8\u4e8e\u7a33\u5b9a\u5e01\u7684\u00a0DEX\u00a0\u548c\u8de8\u534f\u8bae\u53ef\u7ec4\u5408\u6027\u964d\u4f4e\u4e86\u00a0DEX\u00a0\u7ef4\u6301\u9ad8\u7a33\u5b9a\u5e01\u6d6e\u52a8\u7684\u9700\u8981\u3002<\/p>\n<p class=\"customstyle_text\">\n<p>DeFi \u4e2d\u7a33\u5b9a\u5e01\u7684\u4ea4\u6613\u91cf\u4e3b\u8981\u6765\u81ea DEX\u3002DEX \u5728\u603b\u4ea4\u6613\u91cf\u4e2d\u7684\u5360\u6bd4\u4f1a\u968f\u7740\u5e02\u573a\u60c5\u7eea\u548c\u4ea4\u6613\u8d8b\u52bf\u800c\u6ce2\u52a8\uff0c\u8fd1\u671f memecoin \u7684\u4ea4\u6613\u91cf\u98d9\u5347\u81f3\u8d85\u8fc7 5000 \u4ebf\u7f8e\u5143\uff0c\u5360\u603b\u4ea4\u6613\u91cf\u7684 12%\u00a0\u3002<\/p>\n<p class=\"customstyle_text\">\n<p>\u5c3d\u7ba1\u501f\u8d37\u4e1a\u52a1\u5df2\u4ece\u5cf0\u503c\u56de\u843d\uff0c\u4f46 Aave \u5df2\u663e\u793a\u51fa\u5f3a\u52b2\u590d\u82cf\u52bf\u5934\uff0c\u800c Morpho\u3001Spark \u548c Euler \u7b49\u8f83\u65b0\u7684\u534f\u8bae\u4e5f\u83b7\u5f97\u4e86\u5173\u6ce8\u3002<\/p>\n<p class=\"customstyle_text\">\n<p><span>MakerDAO \u7ee7\u7eed\u7ba1\u7406\u7740 DeFi \u9886\u57df\u6700\u5927\u7684\u7a33\u5b9a\u5e01\u91d1\u5e93\u4e4b\u4e00\uff0c\u9ad8\u50a8\u84c4\u7387\u63a8\u52a8\u4e86 DAI \u7684\u91c7\u7528\u7387\u4e0d\u65ad\u4e0a\u5347\u3002\u4ed6\u4eec\u6301\u6709\u6570\u5341\u4ebf\u7f8e\u5143\u7684\u7a33\u5b9a\u5e01\uff0c\u8fd9\u4e9b\u7a33\u5b9a\u5e01\u5728\u7ef4\u6301 DAI \u4e0e\u7f8e\u5143\u6302\u94a9\u65b9\u9762\u53d1\u6325\u7740\u5173\u952e\u4f5c\u7528\u3002<\/span><\/p>\n<p class=\"customstyle_text\">\n<p>\u7a33\u5b9a\u5e01\u8fd8\u5728\u652f\u6301\u00a0DeFi\u00a0\u4e2d\u7684\u884d\u751f\u54c1\u3001\u5408\u6210\u8d44\u4ea7\u3001\u6c38\u7eed\u5408\u7ea6\u548c\u4ea4\u6613\u534f\u8bae\u4e2d\u53d1\u6325\u5173\u952e\u4f5c\u7528\u3002<\/p>\n<p>\u4f9b\u5e94\u91cf\u968f\u65f6\u95f4\u5728\u5404\u79cd\u6c38\u7eed\u5408\u7ea6\u534f\u8bae\u95f4\u8f6e\u6362\uff0c\u76ee\u524d\u4e3b\u8981\u96c6\u4e2d\u5728\u00a0Hyperliquid\u3001Jupiter\u00a0\u548c\u00a0Ethereal\u3002<\/p>\n<h3 class=\"customstyle_text\">\n<p>MEV \u673a\u5668\u4eba\u901a\u8fc7\u91cd\u65b0\u6392\u5e8f\u4ea4\u6613\u6765\u83b7\u53d6\u4ef7\u503c\u3002\u5b83\u4eec\u7684\u9ad8\u9891\u884c\u4e3a\u5bfc\u81f4\u94fe\u4e0a\u4ea4\u6613\u91cf\u5360\u6bd4\u8fc7\u9ad8\uff0c\u800c\u4e14\u901a\u5e38\u91cd\u590d\u4f7f\u7528\u76f8\u540c\u7684\u8d44\u91d1\u3002<\/p>\n<p>\u4e0a\u56fe\u5c06 MEV \u9a71\u52a8\u7684\u6d3b\u52a8\u533a\u5206\u5f00\u6765\uff0c\u4ee5\u533a\u5206\u673a\u5668\u4eba\u4ea4\u6613\u91cf\u548c\u4eba\u5de5\u4ea4\u6613\u91cf\u3002MEV \u4ea4\u6613\u91cf\u4f1a\u968f\u7740\u4ea4\u6613\u91cf\u9ad8\u5cf0\u671f\u800c\u6fc0\u589e\uff0c\u5e76\u968f\u7740\u533a\u5757\u94fe\u548c\u5e94\u7528\u7a0b\u5e8f\u8bd5\u56fe\u5bf9\u6297 MEV \u7b56\u7565\u800c\u6ce2\u52a8\u3002<\/p>\n<p>\u9884\u6d4b\u50cf\u00a0MEV \u8fd9\u6837\u9ad8\u4ea4\u6613\u91cf\u3001\u4f4e\u6d6e\u52a8\u989d\u7528\u4f8b\u7684\u6536\u5165\u4e0d\u5982\u9884\u6d4b\u9ad8\u6d6e\u52a8\u989d\u7528\u4f8b\u90a3\u4e48\u7b80\u5355\u3002\u9884\u6d4b\u50a8\u5907\u91d1\u6536\u76ca\u7387\u5728\u8fd9\u91cc\u4e0d\u592a\u9002\u7528\uff0c\u4f46\u8fd9\u4e9b\u7528\u4f8b\u53ef\u4ee5\u91c7\u7528\u5404\u79cd\u53d8\u73b0\u7b56\u7565\uff0c\u4f8b\u5982\u4ea4\u6613\u8d39\u3001\u5229\u5dee\u6355\u83b7\u3001\u5d4c\u5165\u5f0f\u91d1\u878d\u670d\u52a1\u4ee5\u53ca\u7279\u5b9a\u5e94\u7528\u7a0b\u5e8f\u7684\u53d8\u73b0\u3002<\/p>\n<h3 class=\"customstyle_text\">\n<li>\n<p>\u6563\u6237<\/p>\n<\/li>\n<li>\n<p>\u672a\u786e\u5b9a\u8eab\u4efd\u7684\u673a\u6784<\/p>\n<\/li>\n<li>\n<p>\u521d\u521b\u4f01\u4e1a\u548c\u4e2d\u5c0f\u4f01\u4e1a<\/p>\n<\/li>\n<li>\n<p>\u4f11\u7720\u6216\u88ab\u52a8\u6301\u6709\u8005<\/p>\n<\/li>\n<li>\n<p>\u5c1a\u672a\u5206\u7c7b\u7684\u667a\u80fd\u5408\u7ea6<\/p>\n<\/li>\n<\/ul>\n<p>\u867d\u7136\u5f52\u56e0\u6a21\u578b\u5e76\u4e0d\u5b8c\u5584\uff0c\u4f46\u8fd9\u79cd\u201c\u7070\u8272\u7a7a\u95f4\u201d\u7c7b\u522b\u7684\u94b1\u5305\u5728\u73b0\u5b9e\u4e16\u754c\u7684\u652f\u4ed8\u3001\u50a8\u84c4\u548c\u8fd0\u8425\u6d41\u7a0b\u4e2d\u6240\u5360\u7684\u4efd\u989d\u8d8a\u6765\u8d8a\u5927\uff0c\u5176\u4e2d\u8bb8\u591a\u5e76\u4e0d\u80fd\u5b8c\u5168\u6620\u5c04\u5230\u4f20\u7edf\u7684 DeFi \u6216\u4ea4\u6613\u6846\u67b6\u4e0a\u3002<\/p>\n<p>\u4e00\u4e9b\u6700\u6709\u524d\u666f\u7684\u7528\u4f8b\u6b63\u5728\u8fd9\u91cc\u51fa\u73b0\uff0c\u5305\u62ec\uff1a<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>P2P\u6c47\u6b3e<\/p>\n<\/li>\n<li>\n<p>\u521d\u521b\u4f01\u4e1a\u91d1\u5e93<\/p>\n<\/li>\n<li>\n<p>\u901a\u8d27\u81a8\u80c0\u7ecf\u6d4e\u4f53\u4e2d\u4e2a\u4eba\u7684\u7f8e\u5143\u50a8\u84c4<\/p>\n<\/li>\n<li>\n<p>\u8de8\u5883B2B\u652f\u4ed8<\/p>\n<\/li>\n<li>\n<p>\u7535\u5b50\u5546\u52a1\u548c\u5546\u5bb6\u7ed3\u7b97<\/p>\n<\/li>\n<li>\n<p>\u6e38\u620f\u5185\u7ecf\u6d4e<\/p>\n<\/li>\n<\/ul>\n<p>\u968f\u7740\u76d1\u7ba1\u900f\u660e\u5ea6\u7684\u63d0\u9ad8\u548c\u4ee5\u652f\u4ed8\u4e3a\u4e2d\u5fc3\u7684\u57fa\u7840\u8bbe\u65bd\u7ee7\u7eed\u5438\u5f15\u8d44\u672c\uff0c\u8fd9\u4e9b\u65b0\u5174\u7528\u4f8b\u9884\u8ba1\u5c06\u8fc5\u901f\u6269\u5927\u2014\u2014\u7279\u522b\u662f\u5728\u4f20\u7edf\u94f6\u884c\u670d\u52a1\u4e0d\u8db3\u7684\u5730\u533a\u3002<\/p>\n<p>\u6211\u4eec\u5c06\u5728\u672c\u7cfb\u5217\u7684\u7b2c\u4e8c\u90e8\u5206\u4e2d\u8be6\u7ec6\u63a2\u8ba8\u8fd9\u4e00\u90e8\u5206\u7684\u5185\u5bb9\u3002\u76ee\u524d\uff0c\u6211\u4eec\u5148\u6765\u770b\u4e00\u4e9b\u603b\u4f53\u8d8b\u52bf\uff1a<\/p>\n<p 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