去中心化金融（DeFi）可謂神奇：無銀行、無信貸評分，只剩你和區塊鏈。這樣好處多多，尤其適合很多人最需要的事情——借錢。聽落好似唔可信？其實真係 WORK㗎！
DeFi 正顛覆傳統銀行系統。其核心是無需中介就能享有金融服務。
一切都由區塊鏈科技推動。仲有啲技術奇蹟例如智能合約，不過我哋稍後再講。
用 DeFi 借錢越來越受歡迎。點解？因為你可以唔使經歷繁瑣程序就得到流動資金。人們會用加密貨幣作為抵押品，直接喺 DeFi 平台借出資產。過程快、透明，仲多數更易入手。
係咪真咁簡單？傳統銀行要求查信用、長時間批核；DeFi 用智能合約同演算法，一刀切過程。你抵押嘅資產會被鎖住喺智能合約，無需中央機構都能確保安全同可信。
不過，就如你所料，唔係所有都咁完美無缺。DeFi 借貸有自己既風險同複雜性。
了解風險係入場前不可或缺，畢竟大家都係玩緊波動好大，而且仍處於發展初期的技術。
以下就係你借 DeFi 必備嘅終極 10 步指南。
1. 了解抵押品規則
喺 DeFi 世界，抵押品就係王道。打個唔太合適既比喻：有抵押品好似出入夜店見保安——無就真係入唔到去。
做法係咁：你先存入啲加密貨幣作抵押，然後按比例借出其他資產。
即係你有層樓，想借錢買第二層，你會用間樓做按揭換現金。
睇落簡單，但都唔好掉以輕心。
DeFi 借貸最棘手嘅係貸款價值比（LTV）。即你可借出既資產價值要參考抵押品價值。例如你存咗 $1000 嘅 ETH，如果平台 LTV 係 75%，就最多借 $750。
嚟緊重點——加密貨幣價格變化好快。如果抵押品價值跌咗，你有機會瞬間被清算。
所以大部分 DeFi 協議要求超額抵押。即你通常要存入多過你借出嘅資產，好似不可思議，但對協議係一種保障。
記得留意不同抵押品選擇。有啲協議只收主流幣種，例如 ETH 或 WBTC；有啲就靈活得多，連 altcoin 甚至 NFT 都可以。
最後，注意抵押品因子（collateral factor），即每種資產可以當抵押品用的比例，不同資產同協議都有唔同，記得做足功課！
在作任何重大決定前，先了解各種 DeFi 服務。
2. 留意利率波動
而家就要計下借錢成本。不同於阿公阿嫲銀行的傳統貸款，DeFi 利率隨時玩新 trick。
DeFi 利率大多數都係浮動，變得比變色龍仲快——因為完全受市場借貸池供求影響。
當需求高，借貸利率就會飆升；需求低利率就跌返落嚟，係咪同拍賣咁似？
仲有啲協議用演算法調整利率，按資金池利用率動態浮動，好似 Compound，當利用率低利率就低，之後會急速升高。等於貸款版「繁忙時段加價」。
記得分清 APR 同 APY：APR 只係簡單年利率，APY 加埋復利計算。DeFi 世界，常見超高 APY，因為利息自動加在本金再生息。
更有啲協議設有「借貸 APY」，即扣除你獎勵後的實際利率。
無錯，部分平台借錢都會獎你 token！
DeFi 真係超厲害，甚至有機會取代傳統銀行——不過至少未來幾年都仲未。
3. 小心清算風險
而家要講下 DeFi 借貸既「大魔王」——清算（liquidation），好多用戶，尤其新手夜晚都擔心會出事。
清算就係你抵押品價值跌穿協議設定下限時要被賣走，好似傳統金融的 margin call，不過更激烈。
譬如你借咗 $750 用 $1000 ETH 做抵押。如果 ETH 跌價，變成 $900，隨時被清算。
每個協議下限唔同，通常係借款額 150%。有啲全數清算，有啲只會清少少令你返回正常水平。
通常清算要收手續費或者罰款，即你唔止被迫還錢，仲賠埋啲抵押品。
市況波動大時，即使價格只是短暫跌穿，你都可能瞬間被清算，好睇你用邊隻 DeFi 協議。玩得大 D，風險就大 D。
預防清算方法：常留意健康指數（health factor），即距離清算有幾遠；如果下跌，快啲加抵押品或者減債。
有啲協議好貼心，如 Aave 設「Health Factor」提示有餘裕。MakerDAO 可預設自動加抵押，臨界時預先防守。
記住，DeFi 入面，你就係自己既風險管理員——冇人會同你「續期討價還價」。清算線一到，直接 GAME OVER。
4. 精明選用協議
不是所有 DeFi 借貸協議都一樣，有啲對新手非常唔友善。揀啱協議等於揀咗條康莊大道或者陷阱。
「大哥級」協議分別有：Aave、Compound 同 MakerDAO，呢三隻老資格又安全。
新興協議都有新玩法，例如 Liquity 可以零利息借錢，Alchemix 甚至可以預支未來收益，咁都可以？
安全最緊要，要睇下有冇受過大機構審計（audit）、多簽錢包（multi-sig）、漏洞賞金或保險等。
亦要關注治理模式（governance）：係咪真去中心化？定一小撮人話事？這會影響利率及協議升級等。
DeFi 唔只係虛擬銀行，更強調去中心化理念。
流動性一樣要睇，池資金夠深先至唔怕高滑點或搶唔到錢。
用戶體驗都重要，有啲介面滑順，有啲又煩又亂。唔想煩可考慮啲簡單啲既 DApp。
最後要諗下協議生態：有啲同其他 DeFi 服務連接，用嚟薅羊毛或槓桿增值。
最啱你既協議取決於自身需求——想要低利率？高 LTV? 抑或最穩抵押品？做多啲 Research！
5. 認清風險
好啦，要睇清事實。
DeFi 借貸其實唔簡單，要多做功課才可入場，否則隨時血本無歸。
幾個重大風險要知：
首當其衝，係智能合約風險。協議安全度取決於底層代碼，即使審過碼都不保萬一。過往都有人中過招。
第二，預言機風險。DeFi 全靠預言機俾價格數據，如果出事（被操控／失效），有機會莫名被清算或遇到其他「大鑊」。
監管風險唔可以無視。美國 SEC 及其他機構開始注意 DeFi，一紙令下隨時影響借貸策略。但老牌協議如 Aave、Compound、MakerDAO 相對安全，新興平台則較大風險。所以要做足資料搜集先好行動。
暫時損失（impermanent loss）都要提，如果你用借來的幣去做流動性。長遠會不知不覺蝕咗本金。
市場風險都唔可以忽略，加密市烈變動，一跌隨時變清算貨。
有啲協議仲有中心化風險。例如有 admin key，或者可隨時升級權力，萬一落入壞人手，後果不堪設想。唔好將大筆資產託付一個…… protocol that doesn’t appear to be a 100% trustworthy.
協議未必100%可靠。
Lastly, there's you. Yes, you. User error is a major risk in DeFi. One wrong click, one misplaced decimal point, and poof – your funds could be gone forever. Do a proper reasearch, be well prepared, do not make emotional decisions.
最後，就到你喇。係，講緊你。用戶錯誤係DeFi入面一個主要風險，一個錯誤嘅click，一個錯晒位嘅小數點，你啲資金隨時即刻冇晒。要做足資料搜集，準備充足，唔好情緒化咁做決定。
6. Master the Art of Leverage
Let's talk about everyone's favorite DeFi party trick – leverage. It's like financial steroids, capable of amplifying your gains... or your losses.
講下大家最鍾意嘅DeFi派對花式——槓桿。呢樣野好似財務類嘅類固醇，可以加倍你嘅盈利……同時都可以放大你嘅損失。
Here's the basic idea: you deposit some collateral, borrow against it, then use the borrowed funds as collateral to borrow more. Rinse and repeat until you're leveraged to the gills.
原理好簡單：你放啲抵押品，攞嚟借錢，然後用借返嚟嘅錢再做抵押再借。重複不停，直到你加槓桿加到爆。
Yes, that’s as complicated as playing chess, but the ones who know their game can win big time.
無錯，呢樣野同落棋差唔多咁複雜，但識game嘅人可以贏到好犀利。
Some traders use their borrowed funds to provide liquidity or yield farm, potentially earning more than the interest they're paying. It's like borrowing money to make money. You might look at this in a slightly different light, if you remember how traditional banks are making money.
有啲交易員會用借返嚟嘅錢去做流動性提供或者耕田（yield farm），有可能搵得多過佢哋比嘅利息。等於借錢搵錢。記住傳統銀行都係咁搵錢，你會望得更透。
Anyway, there are DeFi protocols for playing this kind of games.
總之，DeFi界有啲協議就係專玩呢啲game。
Platforms like dYdX and Fulcrum are built specifically for leverage trading. They let you take on leveraged positions with just a few clicks. It's like playing with financial dynamite.
好似dYdX同Fulcrum呢啲平台，專係做槓桿交易，你幾個click已經可以開槓桿倉。玩錢就好似玩炸藥咁刺激。
You need to remember, leverage is a double-edged sword. While it can multiply your gains, it can also amplify your losses. A small price movement in the wrong direction can wipe out your entire position. You need to become a pro to play this game.
要記住，槓桿係一把雙刃劍。幫你賺多同時可以令你輸得多。走錯一小步，原本全部倉都可以炒晒。唔正經學識啲野就唔好咁玩。
And don't forget about the cascading liquidations. In a market downturn, leveraged positions start getting liquidated, which drives prices down further, causing more liquidations. It's a vicious cycle that can turn a dip into a crash.
仲要提一提連鎖式清算（cascading liquidation）。市況一差，加槓桿嗰啲倉就會紛紛被清算，更加拉低價格，又會令更多倉俾清算，惡性循環，細回調都可能變大崩盤。
But DeFi is vast and diversified. Some protocols offer "flash loans" which let you borrow, use, and repay funds all in a single transaction.
但DeFi好闊又有好多玩法。有啲協議提供「閃電貸」（flash loan），俾你一個交易裏面借、用、還錢。
These can be used for arbitrage or to unwind complex leveraged positions.
可以用嚟套利，又或者解決啲複雜嘅槓桿倉位。
Remember, with great leverage comes great responsibility. Always use stop-loss orders and don't bet the farm on a leveraged position. And for the love of Satoshi, don't use leverage if you don't fully understand what you're doing.
記住，有大槓桿就有大責任。記得設止蝕，唔好All in槓桿倉。睇在Satoshi份上，你唔係100%明自己做緊乜就千祈唔好亂用槓桿。
7. Navigate the World of Stablecoins
In the wild world of DeFi borrowing, stablecoins are your best friend.
喺DeFi 借貸界咁大風大浪，穩定幣一定係你最大嘅好朋友。
These tokens are made to always maintain their peg to a real world currency, most often to U.S. Dollar. They’re like the calm in the storm of crypto volatility.
呢啲Token設計成永遠同現實貨幣掛鈎，通常都係同美金掛鈎。喺加密貨幣咁波動嘅市場入面，佢哋就係一片寧靜。
Most DeFi lending protocols let you borrow stablecoins against your volatile crypto assets. It's a popular way to access liquidity without selling your precious BTC or ETH.
絕大部分DeFi借貸協議都可以用你啲波動性資產做抵押嚟借穩定幣。咁就唔使賣走你最愛嘅BTC/ETH都可以拎到流動性，賺多條路。
But not all stablecoins are created equal. You've got your centralized stablecoins like USDT and USDC, which are backed by real-world assets. Then there are algorithmic stablecoins like DAI, which maintain their peg through smart contracts and collateralization. There are also gold-backed (and gold-pegged) stablecoins (like PAX Gold).
但唔係所有穩定幣都一樣。有啲係中心化（如USDT、USDC，背後有真資產），有啲係算法型（如DAI，用智能合約同抵押管理穩定），仲有啲係金本位穩定幣（例如PAX Gold）。
Some protocols even let you mint their own stablecoins. MakerDAO's DAI is the OG here, but newer platforms like Liquity with its LUSD are joining the party.
部分協議俾你自己鋳造穩定幣。最經典就係MakerDAO嘅DAI，近排有啲新平台好似Liquity（LUSD）都加入戰場。
Borrowing in stablecoins can be a solid strategy for avoiding liquidation risk.
借穩定幣可以好穩陣咁避開清算風險。
Since the value of your debt doesn't fluctuate, you only need to worry about the value of your collateral. So half of your headache is now gone. Not to shabby.
因為你個負債唔會變多變少，你只要理啲抵押品個價值就得，一下子煩惱少一半，都唔錯啦。
But beware of de-pegging events. Even stablecoins can lose their peg in extreme market conditions. Just ask anyone who was holding UST during the Terra collapse.
不過都要小心「脫錨」事件。極端市況之下，穩定幣都有機會失守跳脫。問下當年Terra爆煲時揸住UST啲人你就明。
Some protocols offer better rates for borrowing certain stablecoins. For example, you might get a lower interest rate for borrowing DAI compared to USDC on the same platform.
有啲協議借某啲穩定幣會有特惠利率，例如同一平台借DAI可能會平過借USDC。
And don't forget about yield opportunities. Many DeFi protocols offer juicy APYs for providing stablecoin liquidity. It's a way to put your borrowed funds to work.
唔好唔記得賺息機會。好多DeFi平台對穩定幣流動性都有高APY，借番來啲穩定幣仲可以拎去做野賺息。
Lastly, keep an eye on the regulatory landscape.
最後記住要睇清楚監管環境。
Stablecoins are in the crosshairs of regulators worldwide. A crackdown could shake up the entire DeFi lending ecosystem. USDC, for example, is complying with recent new European laws, while USDT is under fire.
穩定幣而家俾全球監管機構盯實。萬一收緊監管，成個DeFi借貸生態都會地震。好似USDC跟足歐洲新法例，但USDT就成日受質疑。
8. Explore Cross-Chain Borrowing
If you've read this far, you’re probably ready for more complex topic. Alright, strap in because we're about to go multi-dimensional.
睇到呢度，你都算有心機，應該Ready咗玩啲複雜野。係時候跳上多維空間，挑戰下自己。
Cross-chain borrowing is like DeFi on steroids, letting you access liquidity across different blockchains. While that may sound crazy, as we all get used to think in terms of solving problems within specific blockchains, it’s an amazing direction to move into.
跨鏈借貸就好似打咗類固醇嘅DeFi，俾你不同區塊鏈之間自由攞流動性。雖然聽落好似有啲科幻，但作為下個發展方向，真係好有前景。
Here's the deal: instead of being limited to borrowing assets on a single chain, cross-chain protocols let you use collateral on one chain to borrow assets on another.
玩法係：唔使再限死喺單一區塊鏈，用A鏈嘅資產做抵押，可以喺B鏈借錢。
It's like financial teleportation.
等於財富即時傳送。
Platforms like THORChain and RenVM are pioneers in this space. They use clever cryptographic tricks to enable trustless cross-chain transactions.
好似THORChain、RenVM呢啲平台打開咗先河，靠加密技術做到無需信任嘅跨鏈交易。
But why bother with cross-chain borrowing? For starters, it opens up a whole new world of arbitrage opportunities. You can take advantage of price differences between chains without actually moving your assets. Clever trick, isn’t it?
點解要用跨鏈借貸？第一，會有好多新嘅套利機會，唔洗搬資產都可以賺鏈與鏈之間嘅價格差，幾巧妙。
It also allows for more efficient use of capital. Got some ETH but need some Solana-based tokens? No need to sell and rebuy – just use cross-chain borrowing.
資本效率方面都大大提升。手頭有ETH，想要Solana上嘅Token？無需賣再買，直接跨鏈借貸就搞掂。
Layer 2 solutions are getting in on the action too. Protocols like dYdX on StarkWare let you borrow with the security of Ethereum but with lower fees and faster transactions.
Layer 2亦擺埋一份。好似StarkWare上面嘅dYdX，令你有以太坊級別安全，但手續費低、交易快。
Of course, new horizons bring new challenges. Cross-chain borrowing adds an extra layer of complexity and risk. You're not just dealing with smart contract risk on one chain, but on multiple chains plus the bridging mechanism.
不過新領域都有新風險。跨鏈借貸更加複雜，唔止一條鏈嘅智能合約風險，仲有另一條鏈加埋中間橋接嘅風險。
Interoperability is key in this space. Look for protocols that play well with others and have a track record of smooth cross-chain operations.
互通性係關鍵，要揀啲同其他協議「玩得埋」兼操作穩定嘅協議平台。
And don't forget about gas fees. While cross-chain borrowing can open up new opportunities, you need to factor in the cost of transactions on multiple chains.
唔好唔計跨鏈手續費。多條鏈都要計成本，千祈唔好看漏眼。
Lastly, keep an eye on emerging standards like the Inter-Blockchain Communication (IBC) protocol. These could make cross-chain borrowing even more seamless in the future.
最後要留意新標準，例如IBC（Inter-Blockchain Communication）協議，未來可以令跨鏈體驗更加流暢。
9. Maximize Your Borrowing Power
Here are some pro tips to squeeze every last drop of value out of your collateral.
以下有啲行家貼士，等你將抵押品嘅價值最大化。
First up: diversification. Don't put all your eggs in one basket. By spreading your collateral across different protocols, you can minimize the impact of a single liquidation event. The more assets you operate, the less are chances for them all to plummet simultaneously.
第一：分散投資，唔好雞蛋放晒同一籃。放啲抵押品喺唔同平台，可以分散清算風險，操作資產越多，全部同時大跌嘅機會越低。
Next, learn to play the interest rate game. Some protocols offer better rates for certain assets or during certain times. Keep an eye out for these opportunities and be ready to move your loans around. Yes, DeFi borrowing game is a full time job of reading news, forums, social networks etc. As Oliver Stone told us with the sequel of Wall Street movie, the money never sleeps.
第二，識得玩利率Game。唔同平台、唔同資產或唔同時間都有唔同嘅利率，要識得捉機會，唔怕搬嚟搬去。而家玩DeFi借貸，日日睇新聞、睇論壇、睇社交媒體都未夠。正如Oliver Stone 拍Wall Street續集時講：「錢唔會瞓覺」。
Collateral swapping is another nifty trick you should be aware of.
第三，抵押物交換（collateral swap）都係勁好用既技巧。
Some protocols let you switch out your collateral without closing your loan. It's like changing tires on a moving car – risky, but potentially rewarding. If you are good at your full time job (see above) you may be the first to sense that the storm is coming and it is time to jump of this specific asset.
有啲平台俾你唔洗清倉都可以換抵押品，等於部車行緊換緊胎——高風險但可能賺夠。如果你個full time job真係keep得好（見上面）你就會最快感覺到風暴要來，知幾時跳船。
Don't sleep on governance tokens. Many lending protocols reward borrowers with their native tokens. These can be sold for profit or used to participate in governance (and potentially vote for proposals that benefit borrowers).
唔好忽視管治Token。好多借貸協議會派管治Token做獎勵，呢啲Token可以賣錢或者參與投票（有機會幫自己度身訂造規則）。
Credit delegation is an advanced technique where you can borrow against someone else's collateral. It's like DeFi cosigning, but be careful – it requires a high level of trust.
Credit delegation即係信貸委託，進階玩法，用人哋資產做抵押你去借錢。好似DeFi cosign咁，但呢樣真係要高信任度，唔係隨便玩。
Some protocols offer flash loan functionality. While primarily used for arbitrage, clever borrowers can use flash loans to rebalance their positions or avoid liquidation in a pinch.
有啲協議有閃電貸，除咗套利之外，聰明嘅借貸者都可以用來rebalance持倉或者一時危急避免被清算。
Keep an eye on your health factor. As we mentioned above, this metric shows how close you are to liquidation. Some protocols offer tools to automate collateral additions if your health factor drops too low.
記得睇實你自己嘅health factor（健康指標），佢會顯示你幾接近被清算。有啲平台會自動幫你加抵押品，health factor太低就救你一命。
10. Stay Ahead of the Game
Here are some final advices you might find useful if you are seriously considering borrowing on DeFi.
如果你認真考慮用DeFi借貸，下面有啲最後建議俾你參考。
First things first: education is key. The DeFi landscape is evolving faster than a chameleon on a disco ball. Make it a habit to read DeFi news, follow key developers on Twitter, and participate in community discussions on Discord or forums. Whatever time you are spending there now isn’t enough, double it.
第一，最重要：學野！DeFi變化快過變色龍跳figure。每日睇DeFi新聞，Twitter跟開發者，Discord同論壇討論，一定要養成習慣。你而家用咗多少時間都唔夠，要double。
Keep an eye on protocol upgrades. Many DeFi lending platforms regularly roll out new features or tweaks to their models. These changes could significantly impact your borrowing strategy. Once again, a habit of reading news on daily basis is essential.
睇實協議有冇升級。好多DeFi借貸平台經常會有新功能或模型更改，隨時影響晒借貸策略。所以再講一次，每日睇消息必須做。
Don't sleep on governance proposals. If you're heavily invested in a particular protocol, make sure you're aware of upcoming votes. A single proposal could change interest rates, collateral factors, or even fundamental aspects of how the protocol works. It’s a community, so be a part of it.
睇實有冇管治提案。如果你重倉喺某個協議，要記得留意投票。一次投票就可以改晒利率、抵押率，甚至協議本質玩法。呢度係社區，記住要有參與感。
Be prepared for black swan events. The DeFi space has seen its fair share of hacks, exploits, and market meltdowns. Have a plan for what you'll do in case of such an emergency. This might include setting up alerts for sudden price movements or having a strategy for quickly exiting positions.
要有心理準備應對黑天鵝。在DeFi圈已經見過唔少hacks、漏洞同大崩盤。預先諗好有咩應急方案，例如設price alert，或者練一套快速離場嘅操作。
Consider using DeFi aggregators. Platforms like Zapper or Zerion can give you a bird's-eye view of your positions across multiple protocols. They can be a lifesaver when you're juggling multiple loans and collateral types.
不妨考慮用DeFi聚合器。好似Zapper、Zerion呢啲平台，可以一眼睇哂多協議持倉，對於有多個借貸同多類抵押好有幫助，救你一命。
Don't ignore the macro picture. DeFi doesn't exist in a vacuum. Keep an eye on broader crypto trends, regulatory developments, and even traditional finance news. All of these can impact DeFi borrowing markets. Read yellow.com on a daily basis, it’s good for you. No kidding.
最後唔好孤立睇DeFi。宏觀環境會有影響，要跟晒加密圈大勢、監管消息、傳統金融新聞。全部都會影響DeFi借貸市場。每日睇yellow.com，對你有著數，唔係呃你。Finally, don't get complacent. Just because a strategy worked yesterday doesn't mean it'll work tomorrow. Regularly review and adjust your borrowing positions to ensure they still align with your goals and risk tolerance. Don’t be afraid of experiments, just limit the amount of assets that be lost in case something goes awry.
最後，唔好自滿。某個策略噚日有用，唔代表聽日都一定得。記住要定期檢視同調整你嘅借貸倉位，確保佢哋仲同你嘅目標同風險承受能力一致。做實驗唔使怕，只係要控制好萬一出事時可能會蝕嘅資產數量。