{"id":2887,"date":"2025-12-15T04:48:29","date_gmt":"2025-12-14T20:48:29","guid":{"rendered":"http:\/\/www.jineng168.com\/?p=2887"},"modified":"2025-12-15T04:48:29","modified_gmt":"2025-12-14T20:48:29","slug":"%e4%bb%a5%e5%a4%aa%e5%9d%8a%e5%9f%ba%e9%87%91%e4%bc%9a%e6%88%98%e7%95%a5%e8%b0%83%e6%95%b4%ef%bc%9a%e8%b4%a2%e5%ba%93%e6%94%bf%e7%ad%96%e3%80%81%e5%85%b3%e9%94%ae%e6%8c%87%e6%a0%87%e5%92%8c%e8%b4%a3","status":"publish","type":"post","link":"http:\/\/www.jineng168.com\/?p=2887","title":{"rendered":"\u4ee5\u592a\u574a\u57fa\u91d1\u4f1a\u6218\u7565\u8c03\u6574\uff1a\u8d22\u5e93\u653f\u7b56\u3001\u5173\u952e\u6307\u6807\u548c\u8d23\u4efb\u53d8\u5316"},"content":{"rendered":"<h1 class=\"art_tit\">\u4ee5\u592a\u574a\u57fa\u91d1\u4f1a\u6218\u7565\u8c03\u6574\uff1a\u8d22\u5e93\u653f\u7b56\u3001\u5173\u952e\u6307\u6807\u548c\u8d23\u4efb\u53d8\u5316<\/h1>\n<div class=\"content_text\">\n<div class=\"quote\">                        EF \u7684\u8d44\u4ea7\u7ba1\u7406\u5c06\u7efc\u5408\u8003\u8651\u98ce\u9669\u3001\u671f\u9650\u548c\u6d41\u52a8\u6027\uff0c\u540c\u65f6\u786e\u4fdd\u4e0e\u4ee5\u592a\u574a\u7684\u6838\u5fc3\u539f\u5219\u4fdd\u6301\u4e00\u81f4\u3002                    <\/div>\n<p><span>\u4f5c\u8005\uff1aHsiao-Wei Wang<\/span><\/p>\n<p><span>\u7f16\u8bd1\uff1a\u6df1\u6f6eTechFlow<\/span><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250605\/4daf7fb82d625659a5ec094a593e6106.jpg\" \/><\/p>\n<p>\u611f\u8c22\u4ee5\u4e0b EF \u6210\u5458\u4e3a\u672c\u6587\u6863\u8349\u7a3f\u63d0\u4f9b\u4e86\u5b9d\u8d35\u7684\u610f\u89c1\u4e0e\u53cd\u9988\uff1aBastian Aue\u3001Vitalik Buterin\u3001Bogdan Popa\u3001Tomasz Sta\u0144czak\u3001Fredrik Svantes\u3001Yoav Weiss\u3001Dankrad Feist\u3001Tim Beiko\u3001Nicolas Consigny\u3001Nixo\u3001Alex Stokes\u3001Ladislaus \u548c Joseph Schweitzer\u3002<\/p>\n<p>\u540c\u65f6\u611f\u8c22 kpk\u3001Steakhouse Financial \u548c pcaversaccio \u4e3a\u672c\u6587\u6863\u63d0\u4f9b\u4e86\u5b9d\u8d35\u7684\u6d1e\u89c1\u5e76\u8fdb\u884c\u4e86\u6700\u7ec8\u5ba1\u9605\u3002<\/p>\n<p>\u4ee5\u592a\u574a\u57fa\u91d1\u4f1a\uff08EF\uff09\u81f4\u529b\u4e8e\u5f3a\u5316\u4ee5\u592a\u574a\u751f\u6001\u7cfb\u7edf\uff0c\u5e76\u59cb\u7ec8\u575a\u6301\u5176\u4e0d\u53ef\u59a5\u534f\u7684\u6838\u5fc3\u76ee\u6807\uff1a\u652f\u6301\u201c\u80fd\u591f\u5b8c\u5168\u6309\u7167\u7f16\u7a0b\u8fd0\u884c\u3001\u65e0\u505c\u673a\u3001\u65e0\u5ba1\u67e5\u3001\u65e0\u6b3a\u8bc8\u4e14\u65e0\u7b2c\u4e09\u65b9\u5e72\u9884\u7684\u5e94\u7528\u7a0b\u5e8f\u201d\u3002EF \u8d22\u5e93\uff08Treasury\uff09\u65e8\u5728\u7ef4\u62a4\u57fa\u91d1\u4f1a\u7684\u957f\u671f\u72ec\u7acb\u6027\u3001\u53ef\u6301\u7eed\u6027\u548c\u516c\u4fe1\u529b\u3002\u5728\u8d44\u672c\u5206\u914d\u4e0a\uff0cEF \u5728\u8ffd\u6c42\u8d85\u8d8a\u57fa\u51c6\u56de\u62a5\u7387\u7684\u540c\u65f6\uff0c\u4e13\u6ce8\u4e8e\u6269\u5c55\u5176\u4f5c\u4e3a\u4ee5\u592a\u574a\u751f\u6001\u7cfb\u7edf\u7ba1\u7406\u8005\u7684\u89d2\u8272\uff0c\u7279\u522b\u662f\u5bf9\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\uff08DeFi\uff09\u7684\u652f\u6301\u3002<\/p>\n<p>\u672c\u6587\u6863\u63d0\u4f9b\u4e86 EF \u8d22\u5e93\u7ba1\u7406\u7684\u653f\u7b56\u4e0e\u6307\u5bfc\uff0c\u5e76\u8ba8\u8bba\u4e86\u5173\u952e\u6307\u6807\u4e0e\u8003\u91cf\u56e0\u7d20\u3002<\/p>\n<h2>1.\u5b8f\u89c2\u653f\u7b56<\/h2>\n<p>\u4e3a\u4e86\u5b9e\u73b0\u5176\u76ee\u6807\uff0cEF \u5c06\u5236\u5b9a\u5e76\u5b9a\u671f\u4f18\u5316\u8d44\u4ea7\u8d1f\u503a\u7ba1\u7406\u653f\u7b56\u53ca\u9ad8\u5c42\u6b21\u7684\u8d44\u52a9\u5206\u914d\u6218\u7565\u3002EF \u7684\u8d44\u4ea7\u7ba1\u7406\u5c06\u7efc\u5408\u8003\u8651\u98ce\u9669\u3001\u671f\u9650\u548c\u6d41\u52a8\u6027\uff0c\u540c\u65f6\u786e\u4fdd\u4e0e\u4ee5\u592a\u574a\u7684\u6838\u5fc3\u539f\u5219\u4fdd\u6301\u4e00\u81f4\u3002<\/p>\n<p>\u6211\u4eec\u7684\u7ba1\u7406\u7b56\u7565\u805a\u7126\u4e8e\u4ee5\u4e0b\u4e24\u4e2a\u53d8\u91cf\uff1a<\/p>\n<ul>\n<li>\n<p><strong>A\uff1a\u5e74\u5ea6\u8fd0\u8425\u652f\u51fa\uff08\u4ee5\u5f53\u524d\u603b\u8d22\u5e93\u7684\u767e\u5206\u6bd4\u8868\u793a\uff09<\/strong><\/p>\n<\/li>\n<li>\n<p><strong>B\uff1a\u8fd0\u8425\u7f13\u51b2\u5e74\u9650\uff08\u4ee5\u50a8\u5907\u91d1\u53ef\u652f\u6301\u7684\u8fd0\u8425\u5e74\u9650\u8868\u793a\uff09<\/strong><\/p>\n<\/li>\n<\/ul>\n<p>\u516c\u5f0f\u5982\u4e0b\uff1a<\/p>\n<ul>\n<li>\n<p><strong>A \u00d7 B<\/strong>\uff1a\u51b3\u5b9a\u4ee5\u6cd5\u5e01\u8ba1\u4ef7\uff08\u94fe\u4e0a\u6216\u94fe\u4e0b\uff09\u7684\u76ee\u6807\u50a8\u5907\u91d1\u89c4\u6a21\uff0c\u8be5\u503c\u76f4\u63a5\u5f71\u54cd ETH \u7684\u51fa\u552e\u89c4\u6a21\u4e0e\u8282\u594f\u3002<\/p>\n<\/li>\n<li>\n<p><strong>(TotalTreasury &#8211; A \u00d7 B)<\/strong>\uff1a\u5b9a\u4e49 ETH \u50a8\u5907\u91d1\u7684\u4ef7\u503c\uff0c\u5c06\u8be5\u503c\u9664\u4ee5 ETH \u4ef7\u683c\u5373\u53ef\u5f97\u51fa\u6838\u5fc3\u6301\u4ed3\u7684 ETH \u6570\u91cf\u3002<\/p>\n<\/li>\n<\/ul>\n<p>EF \u7684\u8463\u4e8b\u4f1a\u548c\u7ba1\u7406\u5c42\u5c06\u5b9a\u671f\u91cd\u65b0\u8bc4\u4f30\u8fd9\u4e24\u4e2a\u53d8\u91cf\uff0c\u7ed3\u5408\u5e02\u573a\u52a8\u6001\u4e0e\u793e\u533a\u610f\u89c1\uff0c\u786e\u4fdd\u77ed\u671f\u8fd0\u8425\u4e0e\u957f\u671f\u6218\u7565\u4fdd\u6301\u4e00\u81f4\u3002\u6bcf\u6b21\u8bc4\u4f30\u8fd8\u5c06\u57fa\u4e8e\u4ee5\u4e0b\u4e24\u5927\u89c6\u89d2\uff1a<\/p>\n<ol start=\"1\">\n<li>\n<p>\u786e\u5b9a\u9700\u8981\u52a0\u5f3a\u751f\u6001\u7cfb\u7edf\u53c2\u4e0e\u7684\u5173\u952e\u5e74\u4efd\uff1b<\/p>\n<\/li>\n<li>\n<p>\u4fdd\u6301\u9006\u5468\u671f\u7acb\u573a\u2014\u2014\u5728\u5e02\u573a\u4f4e\u8ff7\u65f6\u52a0\u5927\u652f\u6301\u529b\u5ea6\uff0c\u5728\u725b\u5e02\u4e2d\u9002\u5ea6\u6536\u7f29\u652f\u6301\u3002<\/p>\n<\/li>\n<\/ol>\n<p>\u5f53\u524d\u76ee\u6807\u4e3a\uff1a<strong>A = \u8d22\u5e93\u7684 15% \u7528\u4e8e\u5e74\u5ea6\u8fd0\u8425\u652f\u51fa\uff1bB = 2.5 \u5e74\u7684\u8fd0\u8425\u7f13\u51b2\u5e74\u9650<\/strong>\u3002<\/p>\n<p>\u8fd9\u4e00\u653f\u7b56\u53cd\u6620\u4e86\u6211\u4eec\u5bf9 2025-2026 \u5e74\u53ef\u80fd\u6210\u4e3a\u4ee5\u592a\u574a\u53d1\u5c55\u7684\u5173\u952e\u5e74\u4efd\u7684\u4fe1\u5ff5\uff0c\u56e0\u6b64\u9700\u8981\u96c6\u4e2d\u8d44\u6e90\u5b8c\u6210\u91cd\u8981\u4efb\u52a1\u3002<\/p>\n<p><strong>EF<\/strong><strong> \u9884\u8ba1\u5c06\u957f\u671f\u627f\u62c5\u7ba1\u7406\u8005\u89d2\u8272<\/strong>\uff0c\u4f46\u5176\u804c\u8d23\u8303\u56f4\u5c06\u9010\u6b65\u7f29\u5c0f\u3002\u672a\u6765\u4e94\u5e74\u5185\uff0c\u6211\u4eec\u8ba1\u5212\u9010\u6b65\u7ebf\u6027\u964d\u4f4e\u5e74\u5ea6\u8fd0\u8425\u652f\u51fa\uff0c\u6700\u7ec8\u8fbe\u5230 5% \u7684\u957f\u671f\u57fa\u7ebf\u6c34\u5e73\uff0c\u8fd9\u4e00\u6bd4\u4f8b\u5728\u6350\u8d60\u57fa\u91d1\u7ec4\u7ec7\u4e2d\u8f83\u4e3a\u5e38\u89c1\u3002\u6b64\u8c03\u6574\u8def\u5f84\u53ca\u57fa\u7ebf\u5c06\u6839\u636e\u5b9e\u9645\u60c5\u51b5\u8fdb\u884c\u5ba1\u67e5\u548c\u4f18\u5316\u3002<\/p>\n<h2>2.\u52a0\u5bc6\u8d44\u4ea7\u653f\u7b56<\/h2>\n<p>EF \u5c06\u52aa\u529b\u5728\u7b26\u5408\u4ee5\u592a\u574a\u6838\u5fc3\u539f\u5219\u7684\u524d\u63d0\u4e0b\uff0c\u4e3a\u8d22\u5e93\u8d44\u4ea7\u83b7\u53d6\u5408\u7406\u56de\u62a5\u3002<\/p>\n<p>\u94fe\u4e0a\u6295\u8d44\u7ec4\u5408\u7684\u5173\u952e\u8003\u91cf\u5305\u62ec\u4f46\u4e0d\u9650\u4e8e\uff1a<\/p>\n<ul>\n<li>\n<p><strong>\u5b89\u5168\u6027\u4e0e\u53ef\u9760\u6027<\/strong>\uff1a\u4f18\u5148\u9009\u62e9\u7ecf\u8fc7\u4e25\u683c\u6d4b\u8bd5\u3001\u4e0d\u53ef\u7be1\u6539\u3001\u5df2\u5ba1\u8ba1\u4e14\u65e0\u9700\u8bb8\u53ef\u7684\u534f\u8bae\u3002\u652f\u6301\u4ee5\u592a\u574a DeFi \u751f\u6001\u4e2d\u5177\u6709\u6b63\u548c\u6548\u5e94\u7684\u53c2\u4e0e\u8005\u3002\u907f\u514d\u589e\u52a0\u4ee5\u592a\u574a\u6574\u4f53\u7cfb\u7edf\u6027\u98ce\u9669\uff0c\u540c\u65f6\u6301\u7eed\u8bc4\u4f30\u9879\u76ee\u7684\u6f5c\u5728\u653b\u51fb\u5411\u91cf\u4e0e\u98ce\u9669\uff0c\u5305\u62ec\u4f46\u4e0d\u9650\u4e8e\u667a\u80fd\u5408\u7ea6\u3001\u6cbb\u7406\u3001\u6258\u7ba1\uff08\u5982\u7a33\u5b9a\u5e01\uff09\u53ca\u9884\u8a00\u673a\u98ce\u9669\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u5408\u7406\u56de\u62a5\u4e0e\u98ce\u9669\u63a7\u5236<\/strong>\uff1a\u9009\u62e9\u6d41\u52a8\u6027\u8f83\u9ad8\u7684\u4fdd\u5b88\u9009\u9879\uff0c\u800c\u975e\u4e00\u5473\u8ffd\u6c42\u9ad8\u56de\u62a5\u3002\u4e0d\u4ec5\u8981\u9632\u8303\u8d44\u91d1\u635f\u5931\u98ce\u9669\uff0c\u8fd8\u9700\u5173\u6ce8\u6d41\u52a8\u6027\u4e0e\u6295\u8d44\u7ec4\u5408\u7075\u6d3b\u6027\u3002\u5bf9\u4e8e\u98ce\u9669\u7565\u9ad8\u7684\u6295\u8d44\uff0c\u5c06\u9650\u5236\u89c4\u6a21\u5e76\u91c7\u7528\u72ec\u7acb\u5206\u9694\u7684\u6295\u8d44\u65b9\u5f0f\u3002\u5728\u4efb\u4f55\u60c5\u51b5\u4e0b\uff0cEF \u90fd\u5c06\u786e\u4fdd\u53c2\u4e0e\u5355\u4e00\u9879\u76ee\u7684\u603b\u9501\u4ed3\u91cf\uff08TVL\uff09\u5360\u6bd4\u8f83\u4f4e\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u4ee5\u592a\u574a\u7684\u6df1\u5c42\u76ee\u6807<\/strong>\uff1a\u652f\u6301\u9ad8\u5ea6\u5b89\u5168\u3001\u53bb\u4e2d\u5fc3\u5316\u3001\u5f00\u6e90\u4e14\u7b26\u5408\u5bc6\u7801\u670b\u514b\u7cbe\u795e\u7684\u5e94\u7528\u3002\u5bc6\u7801\u670b\u514b\u5f0f DeFi \u5e94\u5177\u5907\u65e0\u9700\u8bb8\u53ef\u7684\u7279\u6027\uff1a\u65e0\u9ad8\u5899\u963b\u9694\u3002\u7406\u60f3\u7684\u534f\u8bae\u5e94\u5c3d\u91cf\u51cf\u5c11\u4fe1\u4efb\u9700\u6c42\u3001\u5177\u6709\u53ef\u7ec4\u5408\u6027\u5e76\u9ad8\u5ea6\u6ce8\u91cd\u9690\u79c1\u4fdd\u62a4\u3002<\/p>\n<\/li>\n<\/ul>\n<p>EF \u5c06\u6839\u636e\u5e02\u573a\u6761\u4ef6\u53d8\u5316\u3001\u5206\u6563\u6295\u8d44\u98ce\u9669\u6216\u65b0\u6536\u76ca\u673a\u4f1a\u7b49\u539f\u56e0\u9891\u7e41\u8c03\u6574\u8d44\u91d1\u5728\u4e0d\u540c\u534f\u8bae\u95f4\u7684\u5206\u914d\u3002\u8d44\u91d1\u64a4\u51fa\u5e94\u88ab\u7406\u89e3\u4e3a\u7b56\u7565\u8c03\u6574\uff0c\u800c\u975e\u5bf9\u9879\u76ee\u7684\u5426\u5b9a\u3002<\/p>\n<h3>2.1 \u4ee5\u592a\u5e01\uff08Ether\uff09\u51fa\u552e\u7b56\u7565<\/h3>\n<p>\u5728\u5168\u5e74\u5185\uff0cEF \u5c06\u5b9a\u671f\u8ba1\u7b97\u8d22\u5e93\u4e2d\u4ee5\u6cd5\u5e01\u8ba1\u4ef7\u8d44\u4ea7\u4e0e\u8fd0\u8425\u7f13\u51b2\u76ee\u6807\uff08\u201cB\u201d\uff09\u7684\u504f\u5dee\uff0c\u5e76\u51b3\u5b9a\u5728\u672a\u6765\u4e09\u4e2a\u6708\u5185\u662f\u5426\u9700\u8981\u51fa\u552e\u4ee5\u592a\u5e01\u4ee5\u53ca\u51fa\u552e\u6570\u91cf\u3002\u8fd9\u4e9b\u51fa\u552e\u901a\u5e38\u901a\u8fc7\u6cd5\u5e01\u51fa\u91d1\u901a\u9053\u6216\u94fe\u4e0a\u4e0e\u6cd5\u5e01\u8ba1\u4ef7\u8d44\u4ea7\u7684\u5151\u6362\u5b8c\u6210\u3002<\/p>\n<h3>2.2 \u4ee5\u592a\u5e01\u90e8\u7f72\u7b56\u7565<\/h3>\n<p>\u76ee\u524d\uff0cEF \u7684\u90e8\u7f72\u7b56\u7565\u5305\u62ec\u72ec\u7acb\u8d28\u62bc\uff08solo staking\uff09\u4ee5\u53ca\u5c06 wETH \u63d0\u4f9b\u7ed9\u6210\u719f\u7684\u501f\u8d37\u534f\u8bae\u3002\u6838\u5fc3\u90e8\u7f72\u4f1a\u88ab\u6301\u7eed\u91cd\u65b0\u8bc4\u4f30\uff0c\u4f46\u603b\u4f53\u4e0a\u4ee5\u957f\u671f\u6301\u6709\u4e3a\u76ee\u6807\u3002\u6b64\u5916\uff0cEF 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start=\"1\">\n<li>\n<p><strong>\u5373\u65f6\u6d41\u52a8\u6027\u8d44\u4ea7<\/strong>\uff1a\u73b0\u91d1\u53ca\u5176\u4ed6\u9ad8\u6d41\u52a8\u6027\u7684\u6cd5\u5e01\u8ba1\u4ef7\u5de5\u5177\uff0c\u7528\u4e8e\u6ee1\u8db3\u5b9e\u65f6\u8fd0\u8425\u9700\u6c42\uff1b<\/p>\n<\/li>\n<li>\n<p><strong>\u5339\u914d\u8d1f\u503a\u7684\u50a8\u5907<\/strong>\uff1a\u5b9a\u671f\u5b58\u6b3e\u3001\u6295\u8d44\u7ea7\u522b\u7684\u503a\u5238\u53ca\u5176\u4ed6\u4f4e\u98ce\u9669\u5de5\u5177\uff0c\u4ee5\u6ee1\u8db3\u957f\u671f\u4e49\u52a1\uff1b<\/p>\n<\/li>\n<li>\n<p><strong>\u4ee3\u5e01\u5316\u73b0\u5b9e\u4e16\u754c\u8d44\u4ea7\uff08RWA\uff09<\/strong>\uff1a\u6309\u7167\u4e0e\u539f\u751f\u52a0\u5bc6\u8d44\u4ea7\u76f8\u540c\u7684\u6218\u7565\u76ee\u6807\u548c\u98ce\u9669\u6307\u5f15\u8fdb\u884c\u7ba1\u7406\u3002<\/p>\n<\/li>\n<\/ol>\n<h2>4.\u900f\u660e\u5ea6\u653f\u7b56<\/h2>\n<p>EF \u7684\u8054\u5408\u6267\u884c\u8463\u4e8b\uff08Co-EDs\uff09\u5bf9\u8463\u4e8b\u4f1a\u8d1f\u8d23\uff0c\u9700\u7ba1\u7406\u8d22\u5e93\u5e76\u786e\u4fdd\u900f\u660e\u5ea6\u3001\u95ee\u8d23\u6027\u53ca\u77e5\u60c5\u76d1\u7763\u3002\u4e3a\u6b64\uff0cEF \u5efa\u7acb\u4e86\u7ed3\u6784\u5316\u7684\u5185\u90e8\u62a5\u544a\u673a\u5236\uff0c\u7531\u8d22\u52a1\u56e2\u961f\u8d1f\u8d23\u51c6\u5907\u548c\u7ef4\u62a4\u62a5\u544a\uff0c\u5e76\u6839\u636e\u8303\u56f4\u53ca\u654f\u611f\u6027\u8fdb\u884c\u5206\u53d1\u3002<\/p>\n<h3>4.1 \u5b63\u5ea6\u62a5\u544a<\/h3>\n<p>\u8d22\u52a1\u56e2\u961f\u5411\u8463\u4e8b\u4f1a\u548c\u7ba1\u7406\u5c42\u63d0\u4f9b\u5b63\u5ea6\u62a5\u544a\uff0c\u5185\u5bb9\u5305\u62ec\uff1a<\/p>\n<ul>\n<li>\n<p><strong>\u4e1a\u7ee9\u8868\u73b0<\/strong>\uff08\u7edd\u5bf9\u4e1a\u7ee9\u53ca\u4e0e\u57fa\u51c6\u7684\u5bf9\u6bd4\uff09\uff1b<\/p>\n<\/li>\n<li>\n<p><strong>\u6240\u6709\u5934\u5bf8<\/strong>\uff08\u81ea\u4e0a\u6b21\u62a5\u544a\u4ee5\u6765\u7684\u672a\u5e73\u4ed3\u53ca\u5df2\u5e73\u4ed3\u5934\u5bf8\uff09\uff1b<\/p>\n<\/li>\n<li>\n<p><strong>\u91cd\u5927\u4e8b\u4ef6\u6458\u8981<\/strong>\uff0c\u5305\u62ec\uff1a<\/p>\n<ul>\n<li>\n<p>\u8fd0\u8425\u60c5\u51b5\uff08\u6d41\u7a0b\u3001\u57fa\u7840\u8bbe\u65bd\u3001\u5b89\u5168\u66f4\u65b0\/\u4e8b\u4ef6\u7b49\uff09\uff1b<\/p>\n<\/li>\n<li>\n<p>\u751f\u6001\u53c2\u4e0e\uff08\u4f1a\u8bae\u3001\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u7b49\uff09\u3002<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>4.2 \u5e74\u5ea6\u62a5\u544a<\/h3>\n<p>\u5e74\u5ea6 EF \u62a5\u544a\u5c06\u5305\u62ec\u66f4\u591a\u4e0e\u8d22\u5e93\u76f8\u5173\u7684\u4fe1\u606f\uff0c\u4f8b\u5982\u8d22\u5e93\u4e3b\u8981\u5206\u914d\u7684\u6458\u8981\uff0c\u5305\u62ec\u6cd5\u5e01\u3001\u95f2\u7f6e ETH \u548c\u5df2\u90e8\u7f72 ETH \u7684\u767e\u5206\u6bd4\u5206\u5e03\u3002<\/p>\n<h2>5.\u5bc6\u7801\u670b\u514b\u76ee\u6807<\/h2>\n<p>\u4ee5\u592a\u574a\u57fa\u91d1\u4f1a\uff08EF\uff09\u901a\u8fc7\u7814\u7a76\u3001\u5021\u5bfc\u548c\u8d44\u672c\u90e8\u7f72\uff0c\u57fa\u4e8e\u5bc6\u7801\u670b\u514b\uff08Cypherpunk\uff09\u539f\u5219\uff0c\u81f4\u529b\u4e8e\u5efa\u7acb\u5e76\u5e94\u7528\u4e00\u4e2a\u5b9e\u7528\u7684\u8bc4\u4f30\u6846\u67b6\uff0c\u6211\u4eec\u79f0\u4e4b\u4e3a\u201cDefipunk\u201d\u3002\u8be5\u6846\u67b6\u5177\u6709\u4ee5\u4e0b\u7279\u6027\uff1a<\/p>\n<ul>\n<li>\n<p><strong>\u5b89\u5168\u6027<\/strong><\/p>\n<\/li>\n<li>\n<p><strong>\u5f00\u6e90<\/strong><\/p>\n<\/li>\n<li>\n<p><strong>\u91d1\u878d\u81ea\u4e3b\u6743<\/strong><\/p>\n<\/li>\n<li>\n<p><strong>\u6280\u672f\u89e3\u51b3\u65b9\u6848\u4f18\u4e8e\u4fe1\u4efb\u89e3\u51b3\u65b9\u6848<\/strong>\uff08\u4f8b\u5982\u591a\u7b7e\u673a\u5236\u3001\u591a\u4f9d\u8d56\u4e8e\u6cd5\u5f8b\u5f3a\u5236\u7684\u89e3\u51b3\u65b9\u6848\uff09<\/p>\n<\/li>\n<li>\n<p><strong>\u79ef\u6781\u90e8\u7f72\u52a0\u5bc6\u5de5\u5177\u4ee5\u4fdd\u62a4\u516c\u6c11\u81ea\u7531<\/strong><\/p>\n<\/li>\n<li>\n<p><strong>\u9690\u79c1\u4fdd\u62a4<\/strong><\/p>\n<\/li>\n<\/ul>\n<p>\u9690\u79c1\u5728\u66f4\u5e7f\u6cdb\u7684 DeFi \u9886\u57df\u4e2d\u5386\u6765\u88ab\u5ffd\u89c6\uff0c\u4f46\u5b83\u4f9d\u7136\u662f\u81f3\u5173\u91cd\u8981\u7684\u3002\u9690\u79c1\u4e0d\u4ec5\u80fd\u4fdd\u62a4\u5e02\u573a\u53c2\u4e0e\u8005\u514d\u53d7\u6570\u5b57\u76d1\u63a7\uff08\u4f8b\u5982\u62a2\u8dd1\u4ea4\u6613\u3001\u5939\u5fc3\u653b\u51fb\u3001\u6e05\u7b97\u72d9\u51fb\u3001\u5b9a\u5411\u9493\u9c7c\u3001\u753b\u50cf\u5206\u6790\u53ca\u57fa\u4e8e\u6570\u636e\u7684\u80c1\u8feb\uff09\uff0c\u8fd8\u53ef\u4ee5\u9632\u8303\u73b0\u5b9e\u4e2d\u7684\u7269\u7406\u5a01\u80c1\uff08\u5982\u9762\u5bf9\u9762\u7684\u80c1\u8feb\uff09\u3002<\/p>\n<h3>5.1 EF \u5e94\u79ef\u6781\u652f\u6301\u9879\u76ee\u5b9e\u73b0 Defipunk 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\u539f\u8bed\u7684\u8bbe\u8ba1\u7a7a\u95f4\uff0c\u5e76\u9650\u5236\u4e86\u4ee5\u9690\u79c1\u4e3a\u4e2d\u5fc3\u7684\u521b\u65b0\u3002<strong>\u4ee5\u592a\u574a\u57fa\u91d1\u4f1a\u5c06\u81f4\u529b\u4e8e\u62b5\u5fa1\u8fd9\u4e9b\u538b\u529b\u3002<\/strong><\/p>\n<p>\u901a\u8fc7\u7814\u7a76\u3001\u5021\u5bfc\u548c\u6218\u7565\u6027\u8d44\u672c\u90e8\u7f72\uff0cEF \u53ef\u4ee5\u5e2e\u52a9\u57f9\u80b2\u4e00\u4e2a\u4ee5\u592a\u574a\u539f\u751f\u7684\u91d1\u878d\u751f\u6001\u7cfb\u7edf\uff0c\u8fd9\u4e2a\u751f\u6001\u7cfb\u7edf\u80fd\u591f\u5728\u89c4\u6a21\u5316\u7684\u540c\u65f6\uff0c\u634d\u536b\u91d1\u878d\u81ea\u4e3b\u6743\uff0c\u5e76\u5728\u201c\u7535\u5b50\u65f6\u4ee3\u201d\u7ef4\u6301\u4e00\u4e2a\u5f00\u653e\u7684\u793e\u4f1a\u3002<\/p>\n<p>\u5c06\u8fd9\u4e00\u613f\u666f\u8f6c\u5316\u4e3a\u5b9e\u9645\u7684\u57fa\u7840\u8bbe\u65bd\u9700\u8981\u5927\u91cf\u52aa\u529b\u3002\u76ee\u524d\u6784\u5efa\u5bc6\u7801\u670b\u514b DeFi 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\u751f\u6001\u7cfb\u7edf\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\u4f9d\u8d56\u4e8e\u4e2d\u5fc3\u5316\u5143\u7d20\uff0c\u4f8b\u5982\u540e\u95e8\u5173\u95ed\u673a\u5236\u6216\u8d44\u91d1\u63d0\u53d6\u529f\u80fd\u3001\u5bf9\u591a\u7b7e\u6216\u591a\u65b9\u8ba1\u7b97\uff08MPC\uff09\u7684\u8fc7\u5ea6\u4f9d\u8d56\u3001\u5e7f\u6cdb\u4f7f\u7528\u7684\u767d\u540d\u5355\u3001\u4e2d\u5fc3\u5316\u4e14\u53d7\u76d1\u63a7\u7684\u7528\u6237\u754c\u9762\uff0c\u4ee5\u53ca\u94fe\u4e0a\u9690\u79c1\u7684\u666e\u904d\u7f3a\u5931\u2014\u2014\u8fd9\u4e9b\u90fd\u4f7f DeFi \u5e02\u573a\u548c\u53c2\u4e0e\u8005\u66b4\u9732\u4e8e\u7cfb\u7edf\u6027\u8106\u5f31\u6027\u4e4b\u4e2d\u3002<\/p>\n<p>\u9690\u79c1\u5c24\u5176\u9700\u8981\u88ab\u6b63\u786e\u5bf9\u5f85\u3002\u6b63\u5982\u300a\u5bc6\u7801\u670b\u514b\u5ba3\u8a00\u300b\u6240\u6307\u51fa\u7684\uff0c\u201c<strong>\u9690\u79c1\u8981\u60f3\u5e7f\u6cdb\u666e\u53ca\uff0c\u5fc5\u987b\u6210\u4e3a\u793e\u4f1a\u5951\u7ea6\u7684\u4e00\u90e8\u5206\u3002<\/strong>\u201d\u9690\u79c1\u5177\u6709\u5185\u5728\u7684\u7f51\u7edc\u6548\u5e94\uff0c\u4f46\u8fc4\u4eca\u4e3a\u6b62\u5374\u5f88\u5c11\u53d7\u5230\u5173\u6ce8\u3002\u8fd9\u8868\u660e\uff0c\u6765\u81ea EF \u7b49\u673a\u6784\u7684\u5f3a\u6709\u529b\u7684\u65e9\u671f\u652f\u6301\uff0c\u80fd\u591f\u5728\u5851\u9020\u4e00\u4e2a\u66f4\u6ce8\u91cd\u9690\u79c1\u7684 DeFi \u751f\u6001\u65b9\u9762\u53d1\u6325\u72ec\u7279\u4ef7\u503c\u3002<\/p>\n<p>EF \u5728\u5f15\u5bfc DeFi \u5411\u8fd9\u4e9b\u76ee\u6807\u6f14\u8fdb\u65b9\u9762\u5177\u6709\u72ec\u7279\u7684\u4f18\u52bf\u3002\u4f8b\u5982\uff1a<\/p>\n<ul>\n<li>\n<p>\u652f\u6301\u65e9\u671f DeFi \u534f\u8bae\u5f00\u53d1\u9690\u79c1\u529f\u80fd\uff1b<\/p>\n<\/li>\n<li>\n<p>\u9f13\u52b1\u6210\u719f\u534f\u8bae\u901a\u8fc7\u7814\u7a76\u5408\u4f5c\u3001\u6d41\u52a8\u6027\u652f\u6301\u3001\u5408\u6cd5\u6027\u8d4b\u80fd\u7b49\u8d44\u6e90\uff0c\u5f3a\u5316 Defipunk \u5c5e\u6027\uff1b<\/p>\n<\/li>\n<li>\n<p>\u63a8\u52a8\u53bb\u4e2d\u5fc3\u5316\u7528\u6237\u754c\u9762\u7684\u7814\u7a76\u4e0e\u5f00\u53d1\u3002<\/p>\n<\/li>\n<\/ul>\n<p>\u6709\u5173\u9879\u76ee\u652f\u6301\u7684\u66f4\u5b8c\u6574\u6807\u51c6\uff0c\u8bf7\u53c2\u89c1 \u00a75.3\u3002<\/p>\n<h3>5.2 Defipunk \u4ece\u81ea\u8eab\u5f00\u59cb<\/h3>\n<p>\u5021\u5bfc\u5f00\u6e90\u3001\u9690\u79c1\u4fdd\u62a4\u4ee5\u53ca\u5176\u4ed6 Defipunk \u76ee\u6807\u4e0d\u4ec5\u4ec5\u9002\u7528\u4e8e\u4ee5\u592a\u574a\u57fa\u91d1\u4f1a\uff08EF\uff09\u5916\u90e8\uff0c\u4e5f\u5305\u62ec EF \u81ea\u8eab\u7684\u5185\u90e8\u8fd0\u8425\u3002\u5728 EF \u7684\u8d22\u5e93\u7ba1\u7406\u4e2d\u8df5\u884c Defipunk \u539f\u5219\u662f\u8fc8\u5411\u8fd9\u4e00\u76ee\u6807\u7684\u91cd\u8981\u7b2c\u4e00\u6b65\u3002\u66f4\u5e7f\u6cdb\u5730\u8bf4\uff0cEF \u53ef\u4ee5\u4f7f\u7528\u5b89\u5168\u5de5\u5177\uff0c\u6784\u5efa\u652f\u6301\u6240\u6709\u5408\u683c\u8d21\u732e\u8005\uff08\u5305\u62ec\u533f\u540d\u548c\u5316\u540d\u53c2\u4e0e\u8005\uff09\u7684\u5ba1\u614e\u8fd0\u8425\u7ed3\u6784\uff0c\u5e76\u8fdb\u4e00\u6b65\u6539\u8fdb\u5176\u5b89\u5168\u6027\u548c\u9690\u79c1\u4fdd\u62a4\u5b9e\u8df5\u3002\u8fd9\u5c06\u5e2e\u52a9 EF \u575a\u5b88\u539f\u5219\uff0c\u540c\u65f6\u589e\u5f3a\u5176\u529b\u91cf\u3001\u7a33\u5b9a\u6027\u548c\u575a\u5b9a\u7acb\u573a\u7684\u80fd\u529b\u3002<\/p>\n<p>\u53c2\u4e0e\u8d22\u5e93\u7ba1\u7406\u7684\u5458\u5de5\u5e94\u4f7f\u7528\u5e76\/\u6216\u4e3a\u5f00\u6e90\u7684\u9690\u79c1\u4fdd\u62a4\u5de5\u5177\u505a\u51fa\u8d21\u732e\uff0c\u5c24\u5176\u662f\u5f53\u8fd9\u4e9b\u5de5\u5177\u7684\u4f7f\u7528\u9700\u8981\u63d0\u5347\u76f8\u5173\u6280\u80fd\u65f6\u3002\u901a\u8fc7\u5728\u81ea\u8eab\u6d3b\u52a8\u4e2d\u5207\u5b9e\u8d2f\u5f7b Defipunk \u539f\u5219\uff0cEF \u5c06\u4fdd\u6301\u76ee\u6807\u660e\u786e\uff0c\u5e76\u83b7\u5f97\u652f\u6301\u6574\u4e2a\u751f\u6001\u7cfb\u7edf\u8df5\u884c\u8fd9\u4e9b\u539f\u5219\u7684\u80fd\u529b\u3002<\/p>\n<h3>5.3 Defipunk \u8bc4\u4f30\u6807\u51c6<\/h3>\n<p>\u4ee5\u4e0b\u662f\u7528\u4e8e\u8bc4\u4f30\u534f\u8bae\u548c\u7528\u6237\u754c\u9762\uff08UI\uff09\u7684\u5177\u4f53\u6807\u51c6\uff0c\u65e8\u5728\u9f13\u52b1\u65b0\u9879\u76ee\u542f\u52a8\uff0c\u4ee5\u53ca\u73b0\u6709\u9879\u76ee\u6539\u8fdb\u3002\u8fd9\u4e9b\u6807\u51c6\u5c06\u9002\u7528\u4e8e EF \u6240\u6709\u672a\u6765\u7684\u94fe\u4e0a\u90e8\u7f72\u3002\u867d\u7136\u67d0\u4e9b\u6807\u51c6\uff08\u5982<strong>\u65e0\u8bb8\u53ef\u8bbf\u95ee\u3001\u81ea\u4e3b\u6258\u7ba1\u548c\u81ea\u7531<\/strong><strong>\u5f00\u6e90\u8f6f\u4ef6<\/strong>\uff09\u662f\u660e\u786e\u7684\u4e8c\u5143\u5224\u65ad\uff0c\u4f46\u5176\u4ed6\u6807\u51c6\u5219\u66f4\u4e3a\u590d\u6742\u3002\u76ee\u524d\uff0c\u9879\u76ee\u5e76\u4e0d\u9700\u8981\u5728\u6bcf\u4e2a\u7ef4\u5ea6\u4e0a\u90fd\u8fbe\u5230\u201c\u7406\u60f3\u201d\u72b6\u6001\u3002\u6211\u4eec\u66f4\u770b\u91cd\u53ef\u4fe1\u7684\u8fdb\u5c55\u548c\u6539\u8fdb\u8def\u7ebf\u56fe\uff0c\u800c\u975e\u4e00\u5f00\u59cb\u5c31\u8ffd\u6c42\u5b8c\u7f8e\u3002\u6211\u4eec\u516c\u5f00\u5206\u4eab\u8fd9\u4e00\u6846\u67b6\uff0c\u4ee5\u63d0\u9ad8 EF \u51b3\u7b56\u7684\u900f\u660e\u5ea6\uff0c\u5e76\u5728\u8fd9\u4e9b\u7ef4\u5ea6\u4e0a\u5efa\u7acb\u4e00\u81f4\u6027\uff0c\u540c\u65f6\u4e5f\u5e0c\u671b\u66f4\u5e7f\u6cdb\u7684\u793e\u533a\u80fd\u591f\u5728\u5f62\u6210\u81ea\u5df1\u7684\u89c2\u70b9\u65f6\u8003\u8651\u3001\u8c03\u6574\u6216\u5e94\u7528\u8fd9\u4e9b\u6807\u51c6\u3002<\/p>\n<ol start=\"1\">\n<li>\n<p><strong>\u65e0\u8bb8\u53ef\u8bbf\u95ee<\/strong> \u6838\u5fc3\u667a\u80fd\u5408\u7ea6\u662f\u5426\u5141\u8bb8\u4efb\u4f55\u4eba\u65e0\u9700 KYC\uff08\u8eab\u4efd\u8ba4\u8bc1\uff09\u6216\u767d\u540d\u5355\u5373\u53ef\u4ea4\u4e92\uff1f<\/p>\n<\/li>\n<li>\n<p><strong>\u81ea\u4e3b\u6258\u7ba1<\/strong> \u534f\u8bae\u662f\u5426\u5141\u8bb8\u7528\u6237\u4fdd\u6301\u81ea\u4e3b\u6258\u7ba1\uff0c\u5e76\u5c06\u5176\u8bbe\u4e3a\u9ed8\u8ba4\u9009\u9879\uff1f<\/p>\n<\/li>\n<li>\n<p><strong>\u81ea\u7531<\/strong><strong>\u5f00\u6e90\u8f6f\u4ef6<\/strong><strong>\uff08FLOSS\uff09<\/strong> \u5408\u7ea6\u4ee3\u7801\u662f\u5426\u4e3a\u81ea\u7531\u5f00\u6e90\uff0c\u4e14\u91c7\u7528 Copyleft \u8bb8\u53ef\u8bc1\uff08\u5982 AGPL\uff09\u6216\u5bbd\u677e\u8bb8\u53ef\u8bc1\uff08\u5982 MIT\u3001Apache\uff09\uff1f\u4ec5\u63d0\u4f9b\u6e90\u4ee3\u7801\uff08\u5982 BSL\uff09\u4e0d\u7b26\u5408\u8981\u6c42\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u9690\u79c1\u4fdd\u62a4<\/strong><\/p>\n<ol>\n<li>\n<p><strong>\u4ea4\u6613\u9690\u79c1<\/strong>\uff1a\u662f\u5426\u63d0\u4f9b\u5c4f\u853d\u4ea4\u6613\u6765\u6e90\/\u76ee\u7684\u5730\/\u91d1\u989d\u7684\u9009\u9879\uff1f<\/p>\n<\/li>\n<li>\n<p><strong>\u72b6\u6001\u9690\u79c1<\/strong>\uff1a\u7528\u6237\/\u4e2a\u4eba\u6570\u636e\u53ca\u4f4d\u7f6e\u4fe1\u606f\u662f\u5426\u5728\u94fe\u4e0a\u5f97\u5230\u5c4f\u853d\uff1f<\/p>\n<\/li>\n<li>\n<p><strong>\u6570\u636e\u9690\u79c1<\/strong>\uff1a\u534f\u8bae\u53ca\u5176\u5178\u578b\u7528\u6237\u754c\u9762\u662f\u5426\u907f\u514d\u4e0d\u5fc5\u8981\u5730\u6536\u96c6\u7528\u6237\u6570\u636e\uff08\u5982\u7528\u6237\u4ee3\u7406\uff09\u548c\u4e2a\u4eba\u6570\u636e\uff08\u5982 IP \u5730\u5740\uff09\uff1f<\/p>\n<\/li>\n<\/ol>\n<\/li>\n<li>\n<p><strong>\u5f00\u653e\u5f00\u53d1\u6d41\u7a0b<\/strong><\/p>\n<ol>\n<li>\n<p>\u5f00\u53d1\u8fc7\u7a0b\u662f\u5426\u5177\u6709\u5408\u7406\u7684\u900f\u660e\u6027\uff1f<\/p>\n<\/li>\n<li>\n<p>\u4ee3\u7801\u5e93\u662f\u5426\u516c\u5f00\u53ef\u8bbf\u95ee\u5e76\u79ef\u6781\u7ef4\u62a4\uff1f<\/p>\n<\/li>\n<li>\n<p>\u534f\u8bae\u53d8\u66f4\u662f\u5426\u6709\u6e05\u6670\u7684\u7406\u7531\u548c\u7248\u672c\u5386\u53f2\u8bb0\u5f55\uff1f<\/p>\n<\/li>\n<li>\n<p>\u5347\u7ea7\u3001\u53c2\u6570\u548c\u8def\u7ebf\u56fe\u7684\u51b3\u7b56\u8fc7\u7a0b\u662f\u5426\u5177\u6709\u53ef\u89c1\u6027\uff1f<\/p>\n<\/li>\n<\/ol>\n<\/li>\n<li>\n<p>\u6700\u5927\u9650\u5ea6\u53bb\u4fe1\u4efb\u7684\u6838\u5fc3\u903b\u8f91<\/p>\n<ol>\n<li>\n<p><strong>\u4e0d\u53ef\u53d8\u6027<\/strong> 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