DeFi（去中心化金融）係未來貨幣嘅趨勢，而DeFi協議就係成個DeFi世界嘅命脈。咁你應該用、或者最少要密切留意嘅十大重要DeFi協議，2024年有啲咩？一齊睇下本文詳解。
去中心化金融（DeFi）行業過去幾年爆炸性增長，由小眾慢慢變成市值數百億美元嘅行業。呢個急速擴張唔止係一時興起，而係代表金融體制將會大洗牌。
帶動呢場轉型嘅正正就係DeFi協議——一種重塑金融基礎架構嘅新型協議。佢地徹底顛覆傳統金融，實現無需許可、全面開放同高度互通嘅金融交易。我地一直期望區塊鏈帶嚟嘅未來就係咁。
DeFi最終目標，係透過去除中介人同降低交易成本，令全球更多人都可以用到金融產品與服務。
根據DeFi Pulse數據，2023年DeFi協議鎖定資產總值（TVL）已經突破1,000億美元。成個行業咁快增長，證明用戶對去中心化平台嘅信任。
而呢個生態圈增長背後，係一批新協議，開始挑戰舊有傳統金融標準。譬如借貸、託管、交易、收益農耕、保險等等，都有去中心化解決方案。
當然，DeFi都有負面一面。成個產業都好複雜，變化快速，即使資深投資者都可以被誤導。
即使最忠誠嘅投資者同比特幣信仰者，都會俾DeFi協議數量嚇親。每個選擇都有優缺點，各有特點。
太多選擇對新手嚟講都會好大壓力。你要識得行業座標人物，先易識點樣穿梭行走新興金融世界。
DeFi運作大解構
DeFi協議好複雜，背後牽涉成個金融生態，所以你要先了解佢地，先會明佢地點樣帶來影響。
咩叫DeFi協議？
DeFi協議，即係運用區塊鏈技術建構嘅去中心化應用（dApp），目標係仿效同升級傳統金融服務。呢啲協議以智能合約（Smart Contract）運作，條款直接寫入程式碼入面，實現自動、透明、無需信任嘅交易。
DeFi協議點運作？
本質上，DeFi協議係靠點對點交易，唔需要中介人。用戶透過智能合約，直接喺區塊鏈互動，只要觸發到設計條件，智能合約就會自動執行動作。因為過程冇人為參與，全部人都跟住一套規則行，欺詐同人為失誤風險都大大減少。
好似DeFi借貸系統，用戶可以將比特幣等資產存入智能合約，然後借畀其他人。利率一般由演算法按市場供求計算。
加密貨幣價格波動好大，所以攞借貸都要提供抵押品，有時抵押資產價值仲會高過借貸本金。
DeFi協議類型
-
借貸協議：例如Aave、Compound、Venus等，容許用戶以資產作抵押去賺利息或借取資產，打破傳統信貸壟斷，利率往往更吸引。
-
去中心化交易所（DEXs）：好似Uniswap、Curve Finance等，讓用戶直接用錢包交易加密貨幣，採用自動做市商（AMM）設計，唔需要持牌機構或訂單簿。
-
收益農耕及質押平台：Yield Farming包括借出或質押代幣以換取回報，通常係平台發行嘅新Token。Pendle、Lido提供創新增值方案。
-
治理協議：讓用戶參與重要決策，好似MakerDAO、Compound等，持有Token即可投票，決定協議參數、收費架構等。
-
保險協議：去中心化保險平台如Nexus Mutual，為智能合約漏洞等DeFi風險提供保障。
智能合約嘅角色
智能合約係DeFi協議骨幹。一經部署，合約碼唔可以被修改，全部人都可查閱，極高透明度。呢種透明同安全，建立起用戶信任，唔需要靠中央權威。
2024年十大最具影響力DeFi協議
MakerDAO
2015年由Rune Christensen創立，MakerDAO一直係去中心化金融領域先驅之一。
佢推出穩定幣DAI，成為最早同美金掛勾、由加密資產背書嘅去中心化穩定幣之一。
MakerDAO運行喺Ethereum網絡，用戶可以用Ether（ETH）等資產鎖倉於智能合約（Maker Vault），鑄造DAI。全靠智能合約維持DAI同美元匯率，並自動調整抵押率保障穩定。
截至2024年10月，DAI市值大約53億美元，好受DeFi生態圈歡迎。而治理代幣MKR市值約10億美元。MKR持有人可以投票決定風險上限、抵押品種類、手續費等重大事宜，貫徹去中心化精神。
MakerDAO推動去中心化穩定幣誕生，為DeFi提供咗重要支付工具，令用戶喺波動市況下都可以用穩定資產進行交易。治理結構亦為區塊鏈分散決策模範。
MakerDAO令金融更民主化——大家可以利用手上Crypto提高流動性，呼應DeFi去中介理念。
Uniswap
2018年由Hayden Adams創立，Uniswap以自動做市商（AMM）模式徹底改變去中心化交易所（DEXs）格局。
運行於Ethereum區塊鏈，用戶可以直接用錢包無需中介人或傳統訂單簿交易ERC-20代幣。Uniswap採用定積公式（x y = k）及流動池設計，實現無需審批隨時快速換幣。
截至2024年10月，Uniswap治理代幣UNI市值超過54億美元，每日交易量成億計。
流動性提供者可分得部份手續費，提升整個DeFi市場流動性及效率。
Uniswap打破Token交易門檻，開放式上幣讓新項目更易曝光。AMM模式深遠影響後來眾多DEX，鞏固其在去中心化金融核心地位。
Aave
最初由Stani Kulechov於2017年創立叫ETHLend，2018年改名Aave，意指芬蘭文「幽靈」，象徵開放與透明。
以太坊主網運行，並擴展到Polygon等多條鏈。Aave提供全面去中心化借貸服務，涵蓋各類加密資產。
截至2024年10月，原生代幣AAVE市值約23億美元，協議鎖倉（TVL）經常超過100億美元。
特色係創新服務如「閃電貸」（Flash Loans）——呢類貸款毋須抵押，只要一個以太坊交易之內還清即可，適合套利與高階金融策略。
可選浮動或固定利率，方便個人管理借貸成本。存入資產會收到生息代幣，代表資產持有權。
AAVE持有人可參與協議治理，決定平台參數和未來發展。
Aave大幅推動去中心化借貸發展，提升資本效率和產品多樣性。簡單易用設計，吸引機構及零售玩家，共同推進DeFi普及化。
Lido
2020年12月由Jordan Fish、Vasiliy Shapovalov等一眾創業人合作成立，主力針對權益證明鏈（PoS）質押代幣流動性問題。
覆蓋Ethereum、Solana等主流網絡，Lido推出流動性質押方案，用戶可質押資產換取代表持倉的流動質押代幣（stTokens），即時保留流動性。
Lido治理代幣LDO，2024年10月市值超過10億美元，整個協議管理逾100億美元質押資產。用戶可繼續收到質押獎勵之餘，質押資產都唔會鎖死，提升DeFi流動性同效率。
Lido嘅分散節點運營模式，兼顧區塊鏈去中心化與網絡安全。LDO持有人亦可參與治理，影響未來發展。
governance of the system, therefore impacting choices on node operator choice and fee rates.
系統嘅治理模式，因此會影響節點營運商選擇同埋收費率決策。
Other DeFi systems can also make use of the st Tokens produced by Lido, therefore generating more yield chances and encouraging ecosystem interoperability.
其他 DeFi 系統都可以利用 Lido 產生嘅 st Tokens，從而增加產生收益嘅機會同埋促進生態系統互通。
Lido has fundamentally changed the DeFi scene by releasing the liquidity of staked assets, therefore allowing users to optimize their holdings' value and engage more actively in distributed finance events.
Lido 根本改變咗 DeFi 生態，因為佢釋放咗質押資產嘅流動性，令用戶可以優化資產價值，更加積極參與去中心化金融活動。
Compound
Robert Leshner and Geoffrey Hayes launched Compound in 2017 as a DeFi technology enabling distributed lending and borrowing of cryptocurrency.
Robert Leshner 同 Geoffrey Hayes 喺 2017 年推出咗 Compound，提供去中心化加密貨幣借貸功能嘅 DeFi 技術。
Compound, which runs on the Ethereum blockchain, uses algorithmically calculated interest rates based on real-time asset supply and demand.
Compound 喺以太坊區塊鏈上運行，並用演算法按實時資產供需自動計算利率。
The governance token COMP has a market valuation of roughly $404 million as of October 2024; the TVL of the system regularly exceeds $5 billion.
截至 2024 年 10 月，治理代幣 COMP 嘅市值約為 4.04 億美元；而系統嘅總鎖倉價值（TVL）長期超過 50 億美元。
Users of the platform get cTokens reflecting their investment when they provide assets, which over time build interest. Providing collateral allows borrowers to access money; the platform guarantees over-collateralization to help to reduce risks.
用戶喺提供資產時會獲得 cToken，代表其投資並會累積利息。借款人需先提供抵押品先可以借錢，平台會實行超額抵押以降低風險。
By giving COMP tokens to consumers who either supply or borrow assets, compound popularized the idea of liquidity mining by motivating involvement and thereby improving the liquidity of the protocol. The governance structure lets COMP holders suggest and vote on protocol modifications, therefore promoting a community-driven method of development.
通過向供應或借用資產嘅用戶分發 COMP 代幣，Compound 推廣咗流動性挖礦概念，激勵更多人參與，令協議流動性提高。治理架構亦容許 COMP 持幣人提出及投票修改協議，以社群驅動發展。
Compound has helped the DeFi lending market develop and mature by streamlining the earning interest on cryptocurrency assets process and offering a safe borrowing platform. Its developments have affected many other procedures, so confirming its importance in the ecology.
Compound 令 DeFi 借貸市場逐漸成熟，簡化咗加密資產賺取利息嘅流程，亦提供穩妥借貸平台。佢嘅創新影響咗好多其他項目，證明咗其生態地位。
Curve Finance
Michael Egorov launched Curve Finance in 2020; it is a distributed exchange focused in effective stablecoin trading.
Michael Egorov 喺 2020 年創立 Curve Finance，係專注高效穩定幣交易嘅去中心化交易所。
Operating on the Ethereum blockchain and supporting networks like Polygon, Curve swaps assets of similar value, such stablecoins or wrapped tokens using a special AMM technique tuned for low slippage and cheap costs.
Curve 喺以太坊同支持 Polygon 等網絡運作，並利用專門自動化做市商（AMM）演算法換取價值相近嘅資產，如穩定幣或包裝代幣，從而實現低滑點、低交易費用。
As of October 2024, Curve's governance token, CRV, has a market valuation of about $331 million; the TVL of the platform sometimes exceeds $10 billion. Trading fees and CRV token awards let liquidity providers motivate themselves to deliver assets to the liquidity pools of the platform.
截至 2024 年 10 月，Curve 嘅治理代幣 CRV 市值約為 3.31 億美元，平台總鎖倉價值有時超過 100 億美元。流動性提供者可以賺到交易手續費及 CRV 代幣獎勵，有動力將資產提供到平台流動性池。
StableSwap algorithm of the protocol makes high-efficiency swaps between stablecoins and pegged assets possible, so it is an essential part for stablecoin liquidity in the DeFi market.
協議獨特嘅 StableSwap 演算法令穩定幣及掛鉤資產之間交換更加高效，所以亦成為 DeFi 市場穩定幣流動性不可或缺嘅部份。
Curve's governance model's time-weighted voting approach supports long-term stakeholders, therefore matching incentives with the continuous success of the protocol.
Curve 嘅治理機制採用時間加權投票方式，支持長期持幣者，從而令激勵一致同協議長遠成功掛鈎。
Curve has become crucial infrastructure in distributed finance since it offers a consistent and quick platform for steady asset trading. Its interaction with other DeFi protocols guarantees general efficiency and interoperability, therefore confirming its part in the ecosystem.
Curve 提供穩定資產交易嘅穩定而快捷平台，成為 DeFi 生態中重要基建；同其他 DeFi 協議互通，保證生態整體效率及兼容性，再次證明其重要角色。
dYdX
Antonio Juliano started dYdX in 2017; it is a distributed exchange with sophisticated trading tools including margin and perpetual contract trading using up to 25x leverage.
Antonio Juliano 喺 2017 年創辦咗 dYdX，係一間去中心化交易所，主打槓桿交易、永續合約等高級衍生產品，可提供高達 25 倍槓桿。
Working on the Ethereum blockchain, dYdX uses Layer 2 scaling techniques—more especially, Zero-Knowledge Rollups from StarkWare—to improve transaction speed and lower costs.
dYdX 以以太坊為基礎，採用 Layer 2 技術（特別係 StarkWare 提供嘅零知識 Rollups）加速處理交易及降低成本。
The DYDX governance token has a market valuation as of October 2023 of $624 million.
截至 2023 年 10 月，DYDX 治理代幣市值達 6.24 億美元。
dYdX draws both seasoned traders and newbies looking for complex financial instruments by delivering sophisticated trading capabilities usually available in centralized exchanges to the dispersed world.
dYdX 將本來只能喺中心化交易所先玩到嘅專業交易功能帶到去中心化平台，吸引有經驗交易員甚至初學者嘗試各種複雜金融工具。
Layer 2 implementation of the platform solves scalability problems, therefore allowing low-cost transactions and high throughput. DYDX token holders engage in governance, therefore impacting choices about token economics, features, and protocol characteristics.
Layer 2 極大解決咗平台可擴展性問題，令交易又快又平。DYDX 代幣持有人會參與治理，左右代幣經濟、功能同協議走向。
The way dYdX expands the possibilities of distributed exchanges outside basic token swaps helps DeFi. Offering a strong platform for derivatives trading, it has drawn more liquidity and involvement in the DeFi ecosystem, hence bridging the distance between conventional finance and distributed platforms.
dYdX 喺基本兌幣功能之外，進一步發掘去中心化交易所潛力。佢提供強勁衍生品交易平台，帶動流動性同參與度，拉近傳統金融同去中心化平台之間嘅距離。
Nexus Mutual
Hugh Karp launched Nexus Mutual in 2019 as a distributed insurance platform offering protection against smart contract failures and other DeFi risk sources. Operating on the Ethereum blockchain, Nexus Mutual uses a risk-sharing pool whereby members provide money used to reimburse claims.
Hugh Karp 喺 2019 年創立 Nexus Mutual，提供去中心化保險服務，包括智能合約風險同其他 DeFi 相關風險保障。平台喺以太坊運作，採用互助保險池，由會員集資，為索償事件賠付。
With a market value of maybe $205 million as of October 2024, Nexus Mutual's token, NXM having paid claims on various well-known events, the platform has been crucial in reducing DeFi participation risks and building user confidence in distributed systems.
截至 2024 年 10 月，Nexus Mutual 代幣 NXM 市值約 2.05 億美元。曾經賠償過多宗著名事件，對減低參與 DeFi 風險同提升用戶對去中心化系統信心十分重要。
To join the mutual, members go through a Know Your Customer (KYC) verifying process. They evaluate claims and decide on payouts, therefore promoting a community-driven method of risk control. Nexus Mutual removes one of the main obstacles to entrance in DeFi—security issues by offering a distributed substitute for traditional insurance.
新會員要通過 KYC 認證。會員會合力審核索償申請、決定賠付，推動社群共治方式管理風險。Nexus Mutual 提供去中心化嘅保險方案，有助解決 DeFi 最大阻力之一：安全疑慮。
DeFi technologies have been more widely embraced in response to Nexus Mutual's safety net service. It is quite important for the resilience of the environment since it reduces hazards and offers a guarantee against any losses.
Nexus Mutual 為市場提供咗安全網絡，推動咗 DeFi 技術廣泛應用。作為環境韌性中重要一環，佢有助減低風險同為損失提供保障。
Pendle
Launched in 2021 by TN Lee and his team, Pendle is a DeFi system aimed at tokenizing future yield, thereby empowering users over their yield management practices.
Pendle 由 TN Lee 團隊喺 2021 年推出，主打將未來收益代幣化，賦予用戶更大管理收益自主權。
Pendle allows users of Ethereum and Arbitrum to segregate yield-bearing assets into main and yield components, therefore enabling separate trading of each.
Pendle 支援以太坊同 Arbitrum，用戶可以將產生收益資產分拆為本金及收益兩部份，各自獨立買賣。
Pendle's token, indicating its rising impact in the DeFi arena, has a market capitalization of roughly $656 million as of October 2024.
截至 2024 年 10 月，Pendle 項目代幣市值約 6.56 億美元，反映在 DeFi 領域影響力不斷上升。
Pendle presents fixed-income methods to distributed finance—a concept common in conventional finance but very new to DeFi—by allowing the trade of future yield.
Pendle 將傳統金融常見嘅固定收益方式帶入 DeFi，容許未來收益交易，令市場更加豐富。
Pendle's AMM is tailored especially for yield tokens, so enabling effective price discovery and liquidity. Locking in future yields or speculating on yield rates lets users be flexible and have chances for diversification.
Pendle AMM 專為收益代幣而設，流動性充足，價格發現效率高。用戶可以鎖定未來收益，或投機收益率，比較有彈性，可以多元化資產組合。
Pendle increases the spectrum of financial instruments accessible to consumers by closing the distance between conventional fixed-income products and DeFi, hence strengthening the maturity and depth of the DeFi sector.
Pendle 拉近傳統定息產品與 DeFi 距離，擴闊咗可用金融工具範疇，令 DeFi 市場更成熟、更深度。
Venus Protocol
Designed by the team behind Swipe Wallet—including Joselito Lizarondo—Venus is a DeFi lending and borrowing tool run on the Binance Smart Chain (BSC). Venus provides easily available DeFi services to a larger user base by using BSC's reduced fees and faster transaction rates than Ethereum.
Venus 由 Swipe Wallet 團隊成員（包括 Joselito Lizarondo）設計，係 BSC（幣安智能鏈）上嘅 DeFi 借貸協議。得益於 BSC 低手續費同高交易速度，Venus 能夠向更多用戶提供易用 DeFi 服務。
Venus's governance token, XVS, has a market capitalization of about $125 million as of October 2024; the TVL of the protocol sometimes exceeds $3 billion. Venus lets users create VAI, a distributed stablecoin linked to the US dollar and supply and borrow a range of cryptocurrencies.
截至 2024 年 10 月，治理代幣 XVS 市值約 1.25 億美元，協議 TVL 有時超過 30 億美元。用戶可以生成與美元掛鉤的去中心化穩定幣 VAI，亦可以存入或借出多種加密貨幣。
Users of the protocol pay interest on borrowed assets and earn interest on provided assets, therefore acting as a money market system. Maintaining a dispersed approach, Venus's governance model lets XVS token holders affect protocol settings and development decisions.
協議用戶可以就借入資產支付利息，提供資產則可賺取利息，即係一個去中心化貨幣市場。維持去中心化做法，XVS 代幣持有人可參與治理、設定協議參數同作出發展決策。
Venus has been instrumental in extending the reach of distributed finance outside the Ethereum ecosystem by including DeFi lending and stablecoin features into BSC. DeFi services' inclusiveness and scalability are enhanced by its easy-to-use interface and connection with BSC's vast user base, therefore complementing the more general aim of democratizing banking.
Venus 令 DeFi 借貸同穩定幣功能由以太坊拓展到 BSC，大幅推動 DeFi 普及率及可擴展性。易用界面加上 BSC 大量用戶，推動咗普及金融服務目標。
Final Thoughts
The financial systems are at a crossroads as a result of the fast rise of DeFi protocols. Along with shaking up the financial industry as we know it, these ten principles have paved the way for a new system that is more open, honest, and productive for everyone.
金融體系因 DeFi 協議迅速興起而迎來關鍵轉捩點。呢十個協議不單動搖咗現有金融格局，更為一個更開放、透明同高效嘅新系統打好基礎。
Decentralized stablecoins from MakerDAO, AMM models from Uniswap, flash loans from Aave, and liquid staking from Lido are just a few examples of the distinctive innovations brought about by the various protocols.
由 MakerDAO 供應去中心化穩定幣、Uniswap AMM 模型、Aave 閃電貸、同 Lido 流動質押等等，各種協議都帶嚟咗獨特創新。
Open access, reduced prices, and the promotion of financial sovereignty are the ways in which they overcome the shortcomings of conventional financing.
開放接入、費用低廉、提倡金融主權，正正解決傳統金融諸多不足。
Having said that, there are obstacles in the DeFi space. Persistent dangers include security holes, unclear regulations, and unpredictable markets. As the notorious 2016 DAO attack and other smart contract exploits have shown, young technologies are extremely vulnerable.
不過，DeFi 世界亦有唔少挑戰，包括持續存在嘅安全漏洞、不明朗監管環境，以至市場波動。2016 年 DAO 攻擊等事件都顯示年輕技術容易被攻擊。
Protocol cooperation, enhanced security, and regulatory elucidation will play critical roles in the future development of the DeFi ecosystem.
未來 DeFi 生態發展，需要協議之間合作、提升安全性同監管明確化三方共進。
Steps toward resolving scalability and interoperability difficulties include the deployment of Layer 2 solutions and cross-chain interoperability efforts such as EigenLayer.
例如 Layer 2 解決方案、EigenLayer 等跨鏈互通方案，都係解決可擴展性同互操作性問題嘅重要一步。
All things considered, these protocols are at the front of the DeFi revolution, which is fundamentally altering the financial scene. They show how blockchain technology can make the financial system more fair. They have already begun to have an impact on the cryptocurrency market, and they will only become more pervasive as time goes on.
總括而言，呢批協議企喺 DeFi 革命最前線，根本性改變金融環境，亦證明區塊鏈技術有能力推動金融公平。佢哋對加密貨幣市場已經有明顯影響，將來只會越趨主流。