{"id":1177,"date":"2026-01-23T17:54:06","date_gmt":"2026-01-23T09:54:06","guid":{"rendered":"https:\/\/www.benpay.com\/blog\/?p=1177"},"modified":"2026-01-23T17:54:08","modified_gmt":"2026-01-23T09:54:08","slug":"defi-stablecoin-yield-comparison-2026-which-protocol-fits-you-best","status":"publish","type":"post","link":"https:\/\/www.benpay.com\/blog\/index.php\/zh\/defi-stablecoin-yield-comparison-2026-which-protocol-fits-you-best\/","title":{"rendered":"2026 \u5e74 DeFi \u7a33\u5b9a\u5e01\u6536\u76ca\u5bf9\u6bd4\uff1a\u54ea\u6b3e\u534f\u8bae\u6700\u9002\u5408\u4f60\uff1f"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Unitas\u3001AAVE\u3001Compound\u3001Morpho\u3001 Sky\u3001 Ethena \u534f\u8bae\u7a33\u5b9a\u5e01\u6536\u76ca\u5206\u6790\u548c\u98ce\u9669\u6307\u5357<\/h2>\n\n\n\n<p>\u968f\u7740 DeFi\uff08\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\uff09\u751f\u6001\u7684\u6210\u719f\uff0c<strong>\u7a33\u5b9a\u5e01\u6536\u76ca\uff08Stablecoin Yield\uff09<\/strong> \u5df2\u6210\u4e3a\u7528\u6237\u53c2\u4e0e\u94fe\u4e0a\u91d1\u878d\u3001\u5b9e\u73b0\u8d44\u4ea7\u589e\u503c\u7684\u91cd\u8981\u65b9\u5f0f\u3002\u4e0e\u9ad8\u6ce2\u52a8\u8d44\u4ea7\u4e0d\u540c\uff0c\u7a33\u5b9a\u5e01\u6536\u76ca\u4ea7\u54c1\u901a\u5e38\u56f4\u7ed5<strong>\u501f\u8d37\u5229\u606f\u3001\u534f\u8bae\u50a8\u84c4\u5229\u7387\u6216\u4e2d\u6027\u5bf9\u51b2\u7b56\u7565<\/strong>\u5c55\u5f00\uff0c\u5728\u63a7\u5236\u6ce2\u52a8\u7684\u540c\u65f6\u83b7\u53d6\u53ef\u6301\u7eed\u56de\u62a5\u3002<\/p>\n\n\n\n<p>\u672c\u6587\u5c06\u89e3\u6790\u4e3b\u6d41 DeFi \u7a33\u5b9a\u5e01\u6536\u76ca\u534f\u8bae\uff1a<strong>Unitas\u3001AAVE\u3001Compound\u3001Morpho\u3001Sky\u3001Ethena<\/strong>\uff0c\u5e76\u4ecb\u7ecd\u5982\u4f55\u901a\u8fc7 <strong><a href=\"https:\/\/www.benpay.com\/\">BenPay DeFi \u8d5a\u5e01\uff08BenPay DeFi Earn)<\/a><\/strong>\u4e00\u7ad9\u5f0f\u76f4\u8fbe\u8fd9\u4e9b\u534f\u8bae\uff0c\u5b9e\u73b0\u8de8\u94fe\u7ba1\u7406\u4e0e\u6536\u76ca\u805a\u5408\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">DeFi \u534f\u8bae\u901f\u89c8\uff1a\u6536\u76ca\u3001\u98ce\u9669\u3001\u6d41\u52a8\u6027\u7b49<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">\u534f\u8bae<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7a33\u5b9a\u5e01<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u6536\u76ca\u7c7b\u578b<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u6536\u76ca\u6765\u6e90<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u6536\u76ca\u7279\u6027<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u98ce\u9669\u7b49\u7ea7<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u6d41\u52a8\u6027 &amp; \u8d4e\u56de<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u9002\u5408\u4eba\u7fa4<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Unitas<\/td><td class=\"has-text-align-center\" data-align=\"center\">USDu \/ SUSDu<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7b56\u7565\u578b\uff08Delta-Neutral\uff09<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4ea4\u6613\u8d39 + \u8d44\u91d1\u8d39\u7387\u6536\u76ca<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u9ad8\u5e74\u5316\uff0c\u5e02\u573a\u4e2d\u6027\uff0c\u6536\u76ca\u76f8\u5bf9\u7a33\u5b9a<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4e2d<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u5373\u65f6\u6216\u5ef6\u8fdf\uff0c\u7ea6 7-10 \u5929<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7a33\u5065\u504f\u8fdb\u9636\uff0c\u8ffd\u6c42\u9ad8\u6536\u76ca<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">AAVE<\/td><td class=\"has-text-align-center\" data-align=\"center\">USDC \/ USDT<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u501f\u8d37\u5229\u606f\u578b<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u8d85\u989d\u62b5\u62bc\u501f\u8d37\u5229\u606f<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u5e02\u573a\u5316\u5229\u7387\u6d6e\u52a8\uff0c\u53ef\u9009\u62e9\u7a33\u5b9a\u5229\u7387<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4e2d\u4f4e<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u6d41\u52a8\u6027\u5145\u8db3\u65f6\u53ef\u5373\u65f6\u8d4e\u56de<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7a33\u5065\u578b\u7528\u6237\uff0c\u504f\u4fdd\u5b88<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Compound<\/td><td class=\"has-text-align-center\" data-align=\"center\">USDC \/ USDT<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u501f\u8d37\u5229\u606f\u578b<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u8d85\u989d\u62b5\u62bc\u501f\u8d37\u5229\u606f + COMP \u5956\u52b1<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u5e02\u573a\u6d6e\u52a8\u5229\u7387\uff0c\u53ef\u7d2f\u79ef\u5229\u606f<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4e2d\u4f4e<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u5373\u65f6\u8d4e\u56de\uff0c\u53ef\u968f\u65f6\u8c03\u7528 cToken<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7a33\u5065\u578b\u7528\u6237\uff0c\u4f4e\u6ce2\u52a8\u504f\u597d<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Morpho<\/td><td class=\"has-text-align-center\" data-align=\"center\">USDC \/ USDT<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u501f\u8d37\u5229\u606f\u578b<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u673a\u6784\u501f\u8d37\u5229\u606f\u6536\u5165<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7d2f\u79ef\u578b\u4efd\u989d\uff0c\u81ea\u52a8\u589e\u503c<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4e2d\u4f4e<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u6d41\u52a8\u6027\u5145\u8db3\u65f6\u53ef\u5373\u65f6\u8d4e\u56de<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7a33\u5065\u578b\u7528\u6237\uff0c\u6d41\u52a8\u6027\u8981\u6c42\u9ad8<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Sky<\/td><td class=\"has-text-align-center\" data-align=\"center\">USDS<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u534f\u8bae\u50a8\u84c4\u5229\u7387\u578b<\/td><td class=\"has-text-align-center\" data-align=\"center\">Sky Savings Rate\uff08\u534f\u8bae\u76c8\u4f59+\u501f\u8d37\u8d39+RWA \u6536\u76ca\uff09<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u6536\u76ca\u5e73\u7a33\uff0c\u6ce2\u52a8\u5c0f<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4f4e<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u968f\u65f6\u8d4e\u56de\uff0c\u65e0\u9501\u5b9a\u671f<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4fdd\u5b88\u578b\u7528\u6237\uff0c\u957f\u671f\u914d\u7f6e<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Ethena<\/td><td class=\"has-text-align-center\" data-align=\"center\">USDe<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u7b56\u7565\u578b\uff08Delta-Neutral\uff09<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u6c38\u7eed\u5408\u7ea6\u8d44\u91d1\u8d39\u7387 + \u5bf9\u51b2<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u6536\u76ca\u4e0e\u5e02\u573a\u60c5\u7eea\u9ad8\u5ea6\u76f8\u5173<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u4e2d<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u8d4e\u56de\u7ea6 7-10 \u5929<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u8fdb\u9636\u578b\u7528\u6237\uff0c\u8ffd\u6c42\u9ad8\u6536\u76ca<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><em>\u9700\u8981\u6ce8\u610f\u7684\u98ce\u9669\u662f\u4ec0\u4e48\uff1f<\/em><\/p>\n\n\n\n<p><em>\u6240\u6709 DeFi \u7a33\u5b9a\u5e01\u6536\u76ca\u534f\u8bae\u5747\u5b58\u5728\u667a\u80fd\u5408\u7ea6\u98ce\u9669\u3001\u6e05\u7b97\u98ce\u9669\u6216\u7b56\u7565\u98ce\u9669\u3002\u4e0d\u540c\u534f\u8bae\u7684\u98ce\u9669\u6765\u6e90\u4e0d\u540c\uff0c\u672c\u6587\u4ec5\u505a\u673a\u5236\u89e3\u6790\uff0c\u4e0d\u6784\u6210\u4efb\u4f55\u6536\u76ca\u627f\u8bfa\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u4e3b\u6d41 DeFi \u534f\u8bae\u6df1\u5ea6\u89e3\u6790<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Unitas \u7a33\u5b9a\u5e01\u6536\u76ca\u5b89\u5168\u5417\uff1f\u590d\u5408\u7b56\u7565\u578b DeFi \u534f\u8bae\u89e3\u6790<\/h3>\n\n\n\n<p>Unitas \u534f\u8bae\u5728 Solana \u7f51\u7edc\u4e0a\u63d0\u4f9b\u4e86\u4e00\u79cd\u521b\u65b0\u7684 USD \u6536\u76ca\u673a\u5236\uff0c\u4e3b\u8981\u901a\u8fc7\u201c\u5e02\u573a\u4e2d\u6027\u201d\u7b56\u7565\u5b9e\u73b0\u3002<\/p>\n\n\n\n<p><strong>\u6536\u76ca\u6765\u6e90<\/strong><\/p>\n\n\n\n<p>Unitas \u7684\u6536\u76ca\u5e76\u975e\u6765\u81ea\u4f20\u7edf\u94f6\u884c\u5229\u606f\uff0c\u800c\u662f\u901a\u8fc7\u5176\u81ea\u7814\u7684\u6536\u76ca\u5f15\u64ce\u6355\u6349\u94fe\u4e0a\u4ea4\u6613\u7ea2\u5229\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Delta \u4e2d\u6027\u5957\u5229\uff1a<\/strong> \u534f\u8bae\u5229\u7528 Jupiter \u6d41\u52a8\u6027\u63d0\u4f9b\u8005 (JLP) \u6c60\u8fdb\u884c\u64cd\u4f5c\u3002\u5b83\u5b58\u5165 JLP \u4f5c\u4e3a\u62b5\u62bc\u54c1\uff0c\u5e76\u540c\u65f6\u5728\u6c38\u7eed\u5408\u7ea6\u5e02\u573a\u4e0a\u5f00\u51fa\u7b49\u503c\u7684\u7a7a\u5934\u5934\u5bf8\u3002<\/li>\n\n\n\n<li><strong>\u8d44\u91d1\u8d39\u7387 (Funding Rate)\uff1a<\/strong> \u901a\u8fc7 Delta \u4e2d\u6027\u7b56\u7565\uff0c\u534f\u8bae\u9501\u5b9a\u4e86\u6c38\u7eed\u5408\u7ea6\u7684\u8d44\u91d1\u8d39\u7387\u6536\u76ca\uff0c\u5c06\u4ea4\u6613\u9700\u6c42\u8f6c\u5316\u4e3a\u6301\u6709\u8005\u7684\u5229\u606f\u3002<\/li>\n\n\n\n<li><strong>\u6d41\u52a8\u6027\u9a71\u52a8\uff1a<\/strong> \u6536\u76ca\u8fd8\u6765\u6e90\u4e8e\u5e02\u573a\u6ce2\u52a8\u5e26\u6765\u7684\u4ea4\u6613\u624b\u7eed\u8d39\u548c\u5957\u5229\u673a\u4f1a\uff0c\u8fd9\u4f7f\u5f97\u6536\u76ca\u4e0e\u8d44\u4ea7\u4ef7\u683c\u6da8\u8dcc\u8131\u94a9\uff0c\u4ec5\u4e0e\u5e02\u573a\u6d3b\u8dc3\u5ea6\u6b63\u76f8\u5173\u3002<\/li>\n<\/ul>\n\n\n\n<p><strong>\u6536\u76ca\u7279\u6027<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u9ad8\u5e74\u5316\u6c34\u5e73\uff1a<\/strong> \u5728 2025 \u5e74\uff0cUnitas \u5b9e\u73b0\u4e86\u7ea6 <strong>16.7%<\/strong> \u7684\u5e74\u5316\u6536\u76ca\u7387\u3002<\/li>\n\n\n\n<li><strong>\u5e02\u573a\u4e2d\u6027\uff1a<\/strong> \u6536\u76ca\u5f15\u64ce\u65e8\u5728\u6d88\u9664\u4ef7\u683c\u6ce2\u52a8\u98ce\u9669\uff0c\u65e0\u8bba\u52a0\u5bc6\u5e02\u573a\u725b\u718a\uff0c\u53ea\u8981\u6709\u4ea4\u6613\u6d3b\u52a8\uff0c\u534f\u8bae\u5373\u53ef\u4ea7\u751f\u6536\u76ca\u3002<\/li>\n\n\n\n<li><strong>\u539f\u751f\u751f\u606f\uff1a<\/strong> \u7528\u6237\u53ea\u9700\u6301\u6709 Unitas \u7a33\u5b9a\u5e01\uff0c\u5373\u53ef\u5728 Solana \u94b1\u5305\u4e2d\u83b7\u5f97\u539f\u751f\u5206\u914d\u7684\u6536\u76ca\uff0c\u65e0\u9700\u4f20\u7edf\u91d1\u878d\u673a\u6784\u4ecb\u5165\u3002<\/li>\n<\/ul>\n\n\n\n<p><strong>\u98ce\u9669\u4e0e\u6d41\u52a8\u6027<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u8f83\u4f4e\u7684\u56de\u64a4\u98ce\u9669\uff1a<\/strong> \u534f\u8bae\u91c7\u7528\u6a21\u5757\u5316\u98ce\u9669\u63a7\u5236\u548c\u5b9e\u65f6\u76d1\u63a7\uff0c\u5728 2025 \u5e74\u7684\u6ce2\u52a8\u5e02\u573a\u4e2d\uff0c\u5176\u5386\u53f2\u6700\u5927\u56de\u64a4\u4e3a <strong>-0.16%<\/strong>\u3002<\/li>\n\n\n\n<li><strong>\u6d41\u52a8\u6027\u4fdd\u969c\uff1a<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>\u8d85\u989d\u50a8\u5907\uff1a<\/strong> \u534f\u8bae\u7531 USDT\u3001USDC \u7b49\u4e3b\u6d41\u7a33\u5b9a\u5e01\u63d0\u4f9b <strong>130% \u81f3 200%<\/strong> \u7684\u8d85\u989d\u50a8\u5907\u3002<\/li>\n\n\n\n<li><strong>\u968f\u65f6\u5151\u6362\uff1a<\/strong> \u7528\u6237\u53ef\u4ee5\u65e0\u8bb8\u53ef\u3001\u65e0\u6761\u4ef6\u5730\u5c06 Unitas \u7a33\u5b9a\u5e01\u5151\u6362\u56de\u57fa\u7840\u7684 USD \u7a33\u5b9a\u5e01\u3002<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">AAVE \u534f\u8bae\u6536\u76ca\u5982\u4f55\uff1f\u4f20\u7edf\u501f\u8d37\u578b DeFi \u534f\u8bae\u89e3\u6790<\/h3>\n\n\n\n<p>\u76f8\u6bd4 Unitas \u8fd9\u79cd\u590d\u6742\u7684\u201c\u5e02\u573a\u4e2d\u6027\u201d\u4ea4\u6613\u7b56\u7565\uff0cAave \u534f\u8bae\uff08\u5728 Solana\u3001Ethereum \u7b49\u94fe\u4e0a\uff09\u7684 USDT\/USDC \u6536\u76ca\u673a\u5236\u66f4\u4e3a\u4f20\u7edf\u4e14\u76f4\u89c2\u3002<\/p>\n\n\n\n<p><strong>\u6536\u76ca\u6765\u6e90<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u70b9\u5bf9\u6c60\u501f\u8d37\u5229\u606f\uff1a<\/strong> \u6536\u76ca\u5b8c\u5168\u6765\u81ea\u4e8e<strong>\u501f\u6b3e\u4eba\u652f\u4ed8\u7684\u5229\u606f<\/strong>\u3002\u5f53\u4f60\u5b58\u5165 USDT\/USDC \u65f6\uff0c\u4f60\u5b9e\u9645\u4e0a\u662f\u5411\u6d41\u52a8\u6027\u6c60\u63d0\u4f9b\u8d44\u91d1\uff0c\u501f\u6b3e\u4eba\u901a\u8fc7\u8d85\u989d\u62b5\u62bc\u5176\u4ed6\u8d44\u4ea7\uff08\u5982 SOL\u3001ETH\uff09\u6765\u501f\u8d70\u4f60\u7684\u7a33\u5b9a\u5e01\u5e76\u652f\u4ed8\u5229\u606f\u3002<\/li>\n\n\n\n<li><strong>\u6e05\u7b97\u7f5a\u91d1\u5206\u4eab\uff1a<\/strong> \u5f53\u501f\u6b3e\u4eba\u7684\u62b5\u62bc\u54c1\u4ef7\u503c\u4e0b\u8dcc\u89e6\u53d1\u6e05\u7b97\u65f6\uff0c\u90e8\u5206\u6e05\u7b97\u7f5a\u91d1\u4e5f\u4f1a\u5206\u914d\u7ed9\u534f\u8bae\u548c\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u3002<\/li>\n<\/ul>\n\n\n\n<p><strong>\u6536\u76ca\u7279\u6027<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u6ce2\u52a8\u6027\u6536\u76ca\uff1a<\/strong> \u6536\u76ca\u7387\uff08APY\uff09\u968f\u501f\u8d37\u5e02\u573a\u4f9b\u9700\u5b9e\u65f6\u6ce2\u52a8\u3002\n<ul class=\"wp-block-list\">\n<li><strong>\u9ad8\u9700\u6c42\u671f\uff1a<\/strong> \u5f53\u5e02\u573a\u725b\u5e02\u6216\u6760\u6746\u9700\u6c42\u65fa\u76db\u65f6\uff0cUSDT\/USDC \u7684\u6536\u76ca\u7387\u53ef\u80fd\u98d9\u5347\uff08\u5386\u53f2\u66fe\u77ed\u671f\u7a81\u7834 20%\uff09\u3002<\/li>\n\n\n\n<li><strong>\u5e73\u7a33\u671f\uff1a<\/strong> \u622a\u81f3 2026 \u5e74 1 \u6708\uff0c\u5e38\u89c4\u5e74\u5316\u6536\u76ca\u7387\u901a\u5e38\u5728 <strong>2.5% \u81f3 3.6%<\/strong> \u4e4b\u95f4\u6d6e\u52a8\u3002<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u900f\u660e\u4e14\u88ab\u52a8\uff1a<\/strong> \u65e0\u9700\u7528\u6237\u64cd\u4f5c\uff0c\u6536\u76ca\u968f\u533a\u5757\u4ea7\u751f\u5e76\u81ea\u52a8\u590d\u5229\u3002<\/li>\n<\/ul>\n\n\n\n<p><strong>\u98ce\u9669\u4e0e\u6d41\u52a8\u6027<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u574f\u8d26\u98ce\u9669\uff1a<\/strong> \u867d\u7136\u6709\u8d85\u989d\u62b5\u62bc\uff0c\u4f46\u5728\u6781\u7aef\u884c\u60c5\u4e0b\u62b5\u62bc\u54c1\u4ef7\u503c\u82e5\u8dcc\u7834\u501f\u6b3e\u989d\u4e14\u6e05\u7b97\u4e0d\u53ca\u65f6\uff0c\u53ef\u80fd\u4ea7\u751f\u574f\u8d26\u3002<\/li>\n\n\n\n<li><strong>\u667a\u80fd\u5408\u7ea6\u98ce\u9669\uff1a<\/strong> \u4f5c\u4e3a\u8001\u724c\u534f\u8bae\uff0c\u5b89\u5168\u6027\u867d\u9ad8\uff0c\u4f46\u4ecd\u5b58\u5728\u4ee3\u7801\u6f0f\u6d1e\u7684\u7406\u8bba\u53ef\u80fd\u3002<\/li>\n\n\n\n<li><strong>\u5b89\u5168\u6a21\u5757\u4fdd\u62a4\uff1a<\/strong> Aave \u8bbe\u6709\u201c\u5b89\u5168\u6a21\u5757\u201d\uff08Safety Module\uff09\uff0c\u901a\u8fc7\u62b5\u62bc\u7684 AAVE \u4ee3\u5e01\u4f5c\u4e3a\u4fdd\u9669\u57fa\u91d1\u6765\u5e94\u5bf9\u6f5c\u5728\u7f3a\u53e3\u3002<\/li>\n\n\n\n<li><strong>\u6781\u9ad8\u6d41\u52a8\u6027\uff1a<\/strong> \u7528\u6237\u901a\u5e38\u53ef\u4ee5\u968f\u65f6\u63d0\u53d6\u8d44\u91d1\u3002<\/li>\n\n\n\n<li><strong>\u5229\u7528\u7387\u9650\u5236\uff1a<\/strong> \u53ea\u6709\u5728\u8d44\u91d1\u6c60\u201c\u5229\u7528\u7387\u201d\u6781\u9ad8\uff08\u51e0\u4e4e\u6240\u6709\u94b1\u90fd\u88ab\u501f\u5149\uff09\u65f6\uff0c\u63d0\u53d6\u53ef\u80fd\u4f1a\u6709\u77ed\u671f\u5ef6\u8fdf\uff0c\u76f4\u5230\u6709\u501f\u6b3e\u4eba\u8fd8\u6b3e\u6216\u65b0\u5b58\u6b3e\u8fdb\u5165\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Compound \u7a33\u5b9a\u5e01\u6536\u76ca\u600e\u4e48\u589e\u503c\uff1f\u8d44\u91d1\u6c60\u501f\u8d37\u578b DeFi \u534f\u8bae\u89e3\u6790<\/h3>\n\n\n\n<p>\u57fa\u4e8e\u4f20\u7edf\u7684<strong>\u70b9\u5bf9\u6c60\u501f\u8d37\u6a21\u578b<\/strong>\uff0c\u6536\u76ca\u5b8c\u5168\u53d6\u51b3\u4e8e\u5e02\u573a\u5bf9\u7a33\u5b9a\u5e01\u7684\u9700\u6c42\uff0c\u800c\u975e\u590d\u6742\u7684\u4ea4\u6613\u7b56\u7565\u3002<\/p>\n\n\n\n<p><strong>\u6536\u76ca\u6765\u6e90<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u501f\u6b3e\u4eba\u652f\u4ed8\u7684\u5229\u606f\uff1a<\/strong> \u5c06 USDC \u6216 USDT \u5b58\u5165 Compound \u534f\u8bae\u540e\uff0c\u60a8\u7684\u8d44\u4ea7\u4f1a\u88ab\u653e\u5165\u4e00\u4e2a\u6d41\u52a8\u6027\u6c60\u3002\u6536\u76ca\u4e3b\u8981\u6765\u81ea\u5e0c\u671b\u501f\u7528\u8fd9\u4e9b\u7a33\u5b9a\u5e01\uff08\u901a\u5e38\u662f\u4e3a\u4e86\u8fdb\u884c\u6760\u6746\u4ea4\u6613\u6216\u6d41\u52a8\u6027\u6316\u77ff\uff09\u7684\u7528\u6237\u652f\u4ed8\u7684\u5229\u606f\u3002<\/li>\n\n\n\n<li><strong>COMP \u4ee3\u5e01\u5956\u52b1\uff08\u6709\u65f6\uff09\uff1a<\/strong> \u5386\u53f2\u4e0a\uff0cCompound \u4f1a\u901a\u8fc7\u5206\u53d1\u5176\u6cbb\u7406\u4ee3\u5e01 <strong>COMP<\/strong> \u6765\u6fc0\u52b1\u7528\u6237\u5b58\u6b3e\u548c\u501f\u6b3e\uff0c\u8fd9\u5728\u67d0\u4e9b\u65f6\u671f\u4f1a\u663e\u8457\u63d0\u9ad8\u5b9e\u9645\u6536\u76ca\u7387\u3002<\/li>\n<\/ul>\n\n\n\n<p><strong>\u6536\u76ca\u7279\u6027<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u5e02\u573a\u6d6e\u52a8\u5229\u7387\uff1a<\/strong> \u5229\u7387\u5b9e\u65f6\u6839\u636e\u8d44\u91d1\u6c60\u7684\u4f9b\u9700\u5173\u7cfb\u81ea\u52a8\u8c03\u6574\u3002\n<ul class=\"wp-block-list\">\n<li><strong>\u5f53\u524d\uff082026 \u5e74 1 \u6708\uff09\u6536\u76ca\u7387\uff1a<\/strong> \u901a\u5e38\u5728 <strong>2% \u81f3 4%<\/strong> \u5de6\u53f3\u6d6e\u52a8\u3002<\/li>\n\n\n\n<li><strong>\u6781\u7aef\u60c5\u51b5\uff1a<\/strong> \u5728\u5e02\u573a\u6781\u5ea6\u52a8\u8361\u3001\u501f\u6b3e\u9700\u6c42\u6fc0\u589e\u65f6\uff0c\u5e74\u5316\u6536\u76ca\u7387\u53ef\u80fd\u4f1a\u77ed\u671f\u98d9\u5347\u81f3 20% \u4ee5\u4e0a\u3002<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>cTokens\uff1a<\/strong> \u5b58\u5165\u8d44\u4ea7\u540e\uff0c\u60a8\u4f1a\u6536\u5230\u76f8\u5e94\u7684 cTokens\uff08\u4f8b\u5982\u5b58\u5165 USDC \u83b7\u5f97 cUSDC\uff09\uff0ccTokens \u7684\u4ef7\u503c\u4f1a\u968f\u7740\u8d5a\u53d6\u7684\u5229\u606f\u589e\u957f\uff0c\u4ee3\u8868\u60a8\u7684\u672c\u91d1\u548c\u6536\u76ca\u3002<\/li>\n<\/ul>\n\n\n\n<p><strong>\u98ce\u9669\u4e0e\u6d41\u52a8\u6027<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u98ce\u9669\uff1a<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>\u667a\u80fd\u5408\u7ea6\u98ce\u9669\uff1a<\/strong> \u5c3d\u7ba1 Compound \u7ecf\u8fc7\u591a\u6b21\u5ba1\u8ba1\u4e14\u662f\u8001\u724c\u534f\u8bae\uff0c\u4f46\u667a\u80fd\u5408\u7ea6\u6f0f\u6d1e\u7684\u98ce\u9669\u4f9d\u7136\u5b58\u5728\u3002<\/li>\n\n\n\n<li><strong>\u6e05\u7b97\u98ce\u9669\uff1a<\/strong> \u501f\u6b3e\u4eba\u4f7f\u7528\u8d85\u989d\u62b5\u62bc\uff0c\u4f46\u5982\u679c\u5e02\u573a\u4ef7\u683c\u66b4\u8dcc\uff0c\u6e05\u7b97\u673a\u5236\u53ef\u80fd\u65e0\u6cd5\u5b8c\u5168\u8986\u76d6\u6f5c\u5728\u635f\u5931\u3002<\/li>\n\n\n\n<li><strong>\u6cbb\u7406\u98ce\u9669\uff1a<\/strong> \u534f\u8bae\u53c2\u6570\u7531 COMP \u4ee3\u5e01\u6301\u6709\u8005\u901a\u8fc7\u6295\u7968\u51b3\u5b9a\uff0c\u53ef\u80fd\u5f71\u54cd\u672a\u6765\u7684\u6536\u76ca\u6a21\u578b\u6216\u98ce\u9669\u53c2\u6570\u3002<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u6d41\u52a8\u6027\uff1a<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>\u9ad8\u6d41\u52a8\u6027\uff1a<\/strong> USDC \u548c USDT \u5e02\u573a\u901a\u5e38\u6d41\u52a8\u6027\u5f88\u9ad8\uff0c\u7528\u6237\u53ef\u4ee5\u968f\u65f6\u63d0\u53d6\u5927\u90e8\u5206\u8d44\u91d1\u3002<\/li>\n\n\n\n<li><strong>\u5229\u7528\u7387\u9650\u5236\uff1a<\/strong> \u7c7b\u4f3c\u4e8e Aave\uff0c\u5982\u679c\u7edd\u5927\u90e8\u5206\u8d44\u91d1\u88ab\u501f\u51fa\uff0c\u63d0\u53d6\u8d44\u91d1\u53ef\u80fd\u4f1a\u9762\u4e34\u77ed\u671f\u7684\u7b49\u5f85\u3002<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Morpho \u7a33\u5b9a\u5e01\u6536\u76ca\u5b89\u5168\u5417\uff1f\u501f\u8d37\u578b DeFi \u534f\u8bae\u89e3\u6790<\/h3>\n\n\n\n<p>Morpho \u662f\u90e8\u7f72\u5728\u4ee5\u592a\u574a\u4e0a\u7684\u53bb\u4e2d\u5fc3\u5316\u501f\u8d37\u57fa\u7840\u8bbe\u65bd\u3002\u5176\u6838\u5fc3\u6a21\u5757 <strong>Morpho Blue<\/strong> \u63d0\u4f9b\u9ad8\u5ea6\u53ef\u5b9a\u5236\u7684\u501f\u8d37\u5e02\u573a\uff0c\u800c <strong>Morpho Vault<\/strong> \u5219\u5728\u6b64\u57fa\u7840\u4e0a\uff0c\u4e3a\u666e\u901a\u7528\u6237\u5c01\u88c5\u4e86\u81ea\u52a8\u5316\u7684\u8d44\u91d1\u914d\u7f6e\u4e0e\u98ce\u9669\u53c2\u6570\u7ba1\u7406\u3002<\/p>\n\n\n\n<p><strong>\u6536\u76ca\u6765\u6e90<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u501f\u8d37\u5229\u606f\u6536\u5165<\/strong>\uff1a\u7528\u6237\u8d44\u91d1\u5b58\u5165 Morpho Vault \u540e\uff0c\u88ab\u81ea\u52a8\u914d\u7f6e\u81f3\u5e95\u5c42\u8d85\u989d\u62b5\u62bc\u501f\u8d37\u5e02\u573a\uff0c\u501f\u6b3e\u4eba\u652f\u4ed8\u7684\u5229\u606f\u6784\u6210\u4e3b\u8981\u6536\u76ca\u6765\u6e90\u3002<\/li>\n\n\n\n<li>\u4e0d\u540c Vault \u7531\u7b2c\u4e09\u65b9 <strong>Risk Curators<\/strong>\uff08\u5982 Steakhouse\u3001Gauntlet\uff09\u8d1f\u8d23\u8bbe\u5b9a\u501f\u8d37\u53c2\u6570\u4e0e\u98ce\u9669\u7ea6\u675f\uff0c\u4f46\u8d44\u91d1\u59cb\u7ec8\u7531\u667a\u80fd\u5408\u7ea6\u6309\u89c4\u5219\u6267\u884c\u3002<\/li>\n<\/ul>\n\n\n\n<p><strong>\u6536\u76ca\u7279\u6027<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u7d2f\u79ef\u578b\u4efd\u989d\u8bbe\u8ba1<\/strong>\uff1aVault \u4efd\u989d\u672c\u8eab\u4f1a\u968f\u6536\u76ca\u589e\u957f\u800c\u5347\u503c\uff08\u7c7b\u4f3c wstETH\uff09\uff0c\u65e0\u9700\u624b\u52a8\u590d\u5229\uff0c\u5929\u7136\u5177\u5907\u590d\u5229\u6548\u679c\u3002<\/li>\n\n\n\n<li><strong>\u53c2\u6570\u5316\u98ce\u9669\u63a7\u5236<\/strong>\uff1a\u901a\u8fc7\u4e25\u683c\u7684 LLTV\uff08Loan-to-Value\uff09\u4e0e\u6e05\u7b97\u673a\u5236\uff0c\u964d\u4f4e\u574f\u8d26\u548c\u6781\u7aef\u5e02\u573a\u98ce\u9669\u3002<\/li>\n<\/ul>\n\n\n\n<p><strong>\u98ce\u9669\u4e0e\u6d41\u52a8\u6027<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u667a\u80fd\u5408\u7ea6\u98ce\u9669<\/strong>\uff1a\u534f\u8bae\u5df2\u63a5\u53d7\u591a\u8f6e\u5ba1\u8ba1\uff0c\u4f46\u4ecd\u5b58\u5728\u7406\u8bba\u4e0a\u7684\u5408\u7ea6\u98ce\u9669\u3002<\/li>\n\n\n\n<li><strong>\u6d41\u52a8\u6027\u6761\u4ef6\u8d4e\u56de<\/strong>\uff1a\u5728 Vault \u6d41\u52a8\u6027\u5145\u8db3\u7684\u60c5\u51b5\u4e0b\uff0c\u7528\u6237\u53ef\u968f\u65f6\u8d4e\u56de USDC \u6216 USDT\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Sky \u7a33\u5b9a\u5e01\u6536\u76ca\u673a\u5236\uff1aSSR \u50a8\u84c4\u5229\u7387\u9760\u8c31\u5417\uff1f<\/h3>\n\n\n\n<p>Sky \u534f\u8bae\uff08\u7531\u539f MakerDAO \u4f53\u7cfb\u6f14\u8fdb\u800c\u6765\uff09\u63a8\u51fa\u4e86\u65b0\u4e00\u4ee3\u7a33\u5b9a\u5e01 <strong>USDS<\/strong>\uff0c\u5e76\u901a\u8fc7 <strong>Sky Savings Rate\uff08SSR\uff09<\/strong> \u63d0\u4f9b\u5b98\u65b9\u50a8\u84c4\u6536\u76ca\u673a\u5236\u3002\u7528\u6237\u5c06 USDS \u5b58\u5165 SSR \u540e\uff0c\u83b7\u5f97 <strong>sUSDS<\/strong> \u2014\u2014 \u4e00\u79cd\u968f\u65f6\u95f4\u81ea\u52a8\u589e\u503c\u7684\u7d2f\u79ef\u578b\u51ed\u8bc1\u3002<\/p>\n\n\n\n<p><strong>\u6536\u76ca\u6765\u6e90<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Sky Savings Rate\uff08SSR\uff09<\/strong>\uff1a\u6536\u76ca\u6765\u81ea Sky \u534f\u8bae\u7684\u6574\u4f53\u8fd0\u8425\u6536\u5165\uff0c\u5305\u62ec\u94fe\u4e0a\u501f\u8d37\u4ea7\u751f\u7684\u8d39\u7528\u3001\u534f\u8bae\u76c8\u4f59\u4ee5\u53ca\u73b0\u5b9e\u4e16\u754c\u8d44\u4ea7\uff08\u5982\u7f8e\u56fd\u56fd\u503a\uff09\u5e26\u6765\u7684\u6536\u76ca\u3002<\/li>\n\n\n\n<li>SSR \u7531 <strong>Sky Governance<\/strong> \u51b3\u5b9a\u5e76\u52a8\u6001\u8c03\u6574\u3002<\/li>\n<\/ul>\n\n\n\n<p><strong>\u6536\u76ca\u7279\u6027<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u51c0\u503c\u589e\u957f\u578b\u8d44\u4ea7<\/strong>\uff1asUSDS \u6570\u91cf\u4fdd\u6301\u4e0d\u53d8\uff0c\u4f46\u5176\u53ef\u5151\u6362\u7684 USDS \u6570\u91cf\u968f\u65f6\u95f4\u589e\u52a0\u3002<\/li>\n\n\n\n<li><strong>\u6536\u76ca\u7a33\u5b9a\u6027\u8f83\u9ad8<\/strong>\uff1a\u76f8\u6bd4\u5e02\u573a\u5316\u501f\u8d37\u5229\u7387\uff0cSSR \u6ce2\u52a8\u901a\u5e38\u8f83\u5c0f\uff0c\u9002\u5408\u504f\u7a33\u5065\u7684\u957f\u671f\u914d\u7f6e\u3002<\/li>\n<\/ul>\n\n\n\n<p><strong>\u98ce\u9669\u4e0e\u6d41\u52a8\u6027<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u534f\u8bae\u4e0e\u6cbb\u7406\u98ce\u9669<\/strong>\uff1a\u6536\u76ca\u7387\u4f9d\u8d56 Sky \u534f\u8bae\u8fd0\u884c\u4e0e\u6cbb\u7406\u51b3\u7b56\u3002<\/li>\n\n\n\n<li><strong>\u9ad8\u6d41\u52a8\u6027<\/strong>\uff1a\u652f\u6301\u901a\u8fc7\u5b98\u65b9\u754c\u9762\u6216 DeFi \u5e02\u573a\u5c06 sUSDS \u5151\u6362\u4e3a USDS\uff0c\u901a\u5e38\u4e0d\u5b58\u5728\u9501\u5b9a\u671f\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Ethena USDe \u7a33\u5b9a\u5e01\u6536\u76ca\u4ece\u54ea\u6765\uff1f\u7b56\u7565\u578b DeFi \u534f\u8bae\u89e3\u6790<\/h3>\n\n\n\n<p>Ethena USDe \u662f\u4e00\u79cd<strong>\u5408\u6210\u7f8e\u5143\uff08Synthetic Dollar\uff09<\/strong>\uff0c\u5e76\u975e\u7531\u6cd5\u5e01\u50a8\u5907\u652f\u6301\uff0c\u800c\u662f\u901a\u8fc7 <strong>Delta-Neutral\uff08\u5e02\u573a\u4e2d\u6027\uff09\u7b56\u7565<\/strong>\u7ef4\u6301\u76f8\u5bf9\u7a33\u5b9a\u7684\u4ef7\u503c\u3002<\/p>\n\n\n\n<p><strong>\u6536\u76ca\u6765\u6e90<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u5bf9\u51b2\u8d44\u91d1\u8d39\u7387\uff08Funding Rate\uff09<\/strong>\uff1a\u534f\u8bae\u540c\u65f6\u6301\u6709\u73b0\u8d27\u8d44\u4ea7\u5e76\u5728\u6c38\u7eed\u5408\u7ea6\u5e02\u573a\u5efa\u7acb\u5bf9\u51b2\u5934\u5bf8\uff0c\u5728\u591a\u5934\u5360\u4f18\u7684\u5e02\u573a\u73af\u5883\u4e0b\uff0c\u7a7a\u5934\u53ef\u83b7\u5f97\u6b63\u5411\u8d44\u91d1\u8d39\u7387\u3002<\/li>\n\n\n\n<li>sUSDe \u6301\u6709\u8005\u7684\u6536\u76ca\u4ee5<strong>\u51c0\u503c\u7d2f\u79ef<\/strong>\u7684\u5f62\u5f0f\u4f53\u73b0\uff0c\u800c\u975e\u5b9a\u671f\u5206\u53d1\u3002<\/li>\n<\/ul>\n\n\n\n<p><strong>\u6536\u76ca\u7279\u6027<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e0e\u5e02\u573a\u60c5\u7eea\u76f8\u5173<\/strong>\uff1a\u5728\u9ad8\u6760\u6746\u3001\u591a\u5934\u6d3b\u8dc3\u7684\u5e02\u573a\u4e2d\uff0c\u6536\u76ca\u53ef\u80fd\u663e\u8457\u63d0\u9ad8\uff1b\u5728\u6781\u7aef\u884c\u60c5\u4e0b\uff0c\u6536\u76ca\u53ef\u80fd\u4e0b\u964d\u3002<\/li>\n\n\n\n<li><strong>\u975e\u56fa\u5b9a\u6536\u76ca\u6a21\u578b<\/strong>\uff1a\u5c5e\u4e8e\u7b56\u7565\u578b\u7a33\u5b9a\u5e01\u6536\u76ca\uff0c\u800c\u975e\u4f20\u7edf\u501f\u8d37\u5229\u606f\u3002<\/li>\n<\/ul>\n\n\n\n<p><strong>\u98ce\u9669\u4e0e\u6d41\u52a8\u6027<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u8d1f\u8d39\u7387\u4e0e\u6781\u7aef\u884c\u60c5\u98ce\u9669<\/strong>\uff1a\u82e5\u8d44\u91d1\u8d39\u7387\u957f\u671f\u4e3a\u8d1f\uff0c\u53ef\u80fd\u5bf9\u6536\u76ca\u4ea7\u751f\u538b\u529b\uff0c\u534f\u8bae\u901a\u8fc7\u51c6\u5907\u91d1\u4e0e\u4ed3\u4f4d\u7ba1\u7406\u8fdb\u884c\u7f13\u91ca\uff0c\u4f46\u4e0d\u6784\u6210\u7edd\u5bf9\u4fdd\u969c\u3002<\/li>\n\n\n\n<li><strong>\u8d4e\u56de\u673a\u5236<\/strong>\uff1asUSDe \u901a\u5e38\u5b58\u5728\u7ea6 <strong>7-10 \u5929\u5de6\u53f3\u7684\u8d4e\u56de\u51b7\u5374\u671f<\/strong>\uff1bUSDe \u672c\u8eab\u53ef\u5728 DEX \u4e2d\u5373\u65f6\u4ea4\u6613\uff08\u53ef\u80fd\u5b58\u5728\u6ed1\u70b9\uff09\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u7528\u6237\u7c7b\u578b\u4e0e\u534f\u8bae\u63a8\u8350<\/strong><\/h2>\n\n\n\n<p>\u5982\u679c\u4f60\u8ffd\u6c42<strong>\u7a33\u5065\u3001\u4f4e\u6ce2\u52a8<\/strong>\u7684\u7a33\u5b9a\u5e01\u6536\u76ca\uff0c<strong>Sky\u3001Morpho\u3001AAVE\u3001Compound<\/strong> \u534f\u8bae\u66f4\u9002\u5408\uff1b\u5982\u679c\u4f60\u613f\u610f\u627f\u53d7<strong>\u4e00\u5b9a\u5e02\u573a\u6ce2\u52a8\u4ee5\u8ffd\u6c42\u66f4\u9ad8\u56de\u62a5<\/strong>\uff0c<strong>Unitas<\/strong> \u534f\u8bae\u662f\u4e0d\u9519\u9009\u62e9\uff1b\u5982\u679c\u4f60\u80fd\u63a5\u53d7\u5e02\u573a\u60c5\u7eea\u76f8\u5173\u98ce\u9669\uff0c<strong>Ethena<\/strong> \u534f\u8bae\u53ef\u80fd\u63d0\u4f9b\u6700\u9ad8\u56de\u62a5\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">\u7528\u6237\u7c7b\u578b<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u63a8\u8350\u534f\u8bae<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u7a0d\u9ad8\u6536\u76ca \/ \u7a33\u5065\u504f\u8fdb\u9636<\/td><td class=\"has-text-align-center\" data-align=\"center\">Unitas<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u4fdd\u5b88\u578b \/ \u957f\u671f<\/td><td class=\"has-text-align-center\" data-align=\"center\">AAVE\u3001Compound<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u7a33\u5065\u578b \/ \u7075\u6d3b<\/td><td class=\"has-text-align-center\" data-align=\"center\">Sky\u3001Morpho<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u8fdb\u9636\u578b \/ \u7b56\u7565\u578b<\/td><td class=\"has-text-align-center\" data-align=\"center\">Ethena<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/www.benpay.com\/blog\/wp-content\/uploads\/2026\/01\/DeFi\u534f\u8bae\u63a8\u8350-1024x682.png\" alt=\"\" class=\"wp-image-1179\" style=\"width:600px\" srcset=\"https:\/\/www.benpay.com\/blog\/wp-content\/uploads\/2026\/01\/DeFi\u534f\u8bae\u63a8\u8350-1024x682.png 1024w, https:\/\/www.benpay.com\/blog\/wp-content\/uploads\/2026\/01\/DeFi\u534f\u8bae\u63a8\u8350-300x200.png 300w, https:\/\/www.benpay.com\/blog\/wp-content\/uploads\/2026\/01\/DeFi\u534f\u8bae\u63a8\u8350-768x512.png 768w, https:\/\/www.benpay.com\/blog\/wp-content\/uploads\/2026\/01\/DeFi\u534f\u8bae\u63a8\u8350.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\">BenPay DeFi \u8d5a\u5e01\uff1a\u4e00\u7ad9\u5f0f\u7a33\u5b9a\u5e01\u6536\u76ca\u5165\u53e3<\/h2>\n\n\n\n<p>\u5982\u679c\u4f60\u5df2\u7ecf\u7406\u89e3\u4e86 Unitas\u3001AAVE\u3001Compound\u3001Morpho\u3001Sky\u3001Ethena \u534f\u8bae\u7684\u6536\u76ca\u903b\u8f91\uff0c\u771f\u6b63\u7684\u96be\u70b9\u5728\u4e8e\uff1a<strong>\u5982\u4f55\u5728\u4e0d\u540c\u94fe\u3001\u4e0d\u540c\u7a33\u5b9a\u5e01\u548c\u4e0d\u540c\u8d4e\u56de\u89c4\u5219\u4e4b\u95f4\u9ad8\u6548\u5207\u6362\uff1f<\/strong><\/p>\n\n\n\n<p>\u5bf9\u666e\u901a\u7528\u6237\u6765\u8bf4\uff0cDeFi \u534f\u8bae\u7e41\u591a\u3001\u64cd\u4f5c\u590d\u6742\u3002\u800c <strong><a href=\"https:\/\/www.benpay.com\/defi-earn\/\">BenPay DeFi \u8d5a\u5e01<\/a><\/strong> \u6784\u5efa\u4e8e <strong><a href=\"https:\/\/www.benfen.org\/\" target=\"_blank\" rel=\"noopener\">BenFen \u516c\u94fe<\/a><\/strong>\u4e4b\u4e0a\uff0c\u5c06\u8fd9\u4e9b\u590d\u6742\u8def\u5f84<strong>\u538b\u7f29\u4e3a\u4e00\u6b21\u70b9\u51fb<\/strong>\uff0c\u6210\u4e3a<strong>\u76f4\u901a Unitas\u3001AAVE\u3001Compound\u3001Morpho\u3001Sky\u3001Ethena \u7b49\u4e3b\u6d41\u534f\u8bae\u7684\u5feb\u6377\u5165\u53e3<\/strong>\uff0c\u8ba9\u8d44\u4ea7\u8f7b\u677e\u589e\u503c\u3001\u6536\u76ca\u5168\u7a0b\u900f\u660e\u3002<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>\u4e3b\u8981\u529f\u80fd<\/strong>\uff1a<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e00\u7ad9\u5f0f\u63a5\u5165<\/strong>\uff1aUnitas \/ AAVE \/ Compound \/ Morpho \/ Sky \/ Ethena \u7b49\u534f\u8bae\u7edf\u4e00\u5165\u53e3\uff0c\u63d0\u4f9b\u591a\u6837\u5316\u6536\u76ca\u9009\u62e9\u3002<\/li>\n\n\n\n<li><strong>\u8de8\u94fe\u4fbf\u6377<\/strong>\uff1a\u6295\u5165 BUSD\uff08\u672c\u5206\u516c\u94fe\u751f\u6001\u7cfb\u7edf\u7684\u6838\u5fc3\u8d44\u4ea7\uff0c\u4e0e\u7f8e\u5143 1:1 \u951a\u5b9a\uff0c\u901a\u8fc7 USDT\/USDC \u8de8\u94fe\u94f8\u9020\uff09\uff0c\u53ef\u81ea\u52a8\u5151\u6362\u76ee\u6807\u534f\u8bae\u7a33\u5b9a\u5e01\uff0c\u5e76\u5728\u8d4e\u56de\u65f6\u8de8\u94fe\u8fd4\u56de\u3002<\/li>\n\n\n\n<li><strong>\u81ea\u52a8\u590d\u5229<\/strong>\uff1a\u6536\u76ca\u81ea\u52a8\u6eda\u5165\u672c\u91d1\uff0c<strong>\u96f6 Gas \u590d\u6295<\/strong>\uff0c\u6536\u76ca\u6700\u5927\u5316\u3002<\/li>\n\n\n\n<li><strong>\u98ce\u9669\u63a7\u5236<\/strong>\uff1a\u8d44\u4ea7\u5168\u7a0b\u94fe\u4e0a\u900f\u660e\uff0c\u7528\u6237\u638c\u63e1\u6700\u7ec8\u63a7\u5236\u6743\u3002<\/li>\n\n\n\n<li><strong>\u7075\u6d3b\u8d4e\u56de<\/strong>\uff1a\u652f\u6301\u90e8\u5206\u8d4e\u56de\uff0c\u63d0\u9ad8\u8d44\u91d1\u4f7f\u7528\u6548\u7387\u3002<\/li>\n<\/ul>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li><strong>\u6240\u6709\u6807\u7684\u6982\u89c8<\/strong>\uff1a<\/li>\n<\/ol>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>A. SOL USD \u8d5a\u5e01<\/strong><\/h4>\n\n\n\n<p><a href=\"https:\/\/unitas.so\/\" target=\"_blank\" rel=\"noopener\">\u67e5\u770b\u6807\u7684\u5b98\u7f51\uff1aUnitas<\/a><\/p>\n\n\n\n<p>\u6b64\u6807\u7684\u5e95\u5c42\u6765\u6e90\u4e3a Unitas \u534f\u8bae\uff0c\u5b83\u5728 Solana \u4e0a\u8fd0\u884c\u7740\u4e00\u5957\u7cbe\u5bc6\u7684\u4ea4\u6613\u7b56\u7565\uff0c\u65e8\u5728\u5265\u79bb\u5e02\u573a\u6da8\u8dcc\u98ce\u9669\uff0c\u6355\u83b7\u6536\u76ca\u3002<\/p>\n\n\n\n<p><strong>\u6838\u5fc3\u673a\u5236\u4e0e\u4f18\u52bf\uff1a<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u5e02\u573a\u4e2d\u6027\u7b56\u7565\uff1a<\/strong>Unitas \u901a\u8fc7\u5bf9\u51b2\u8bbe\u8ba1\uff0c\u964d\u4f4e\u5bf9 SOL \u7b49\u8d44\u4ea7\u4ef7\u683c\u6ce2\u52a8\u7684\u4f9d\u8d56\uff0c\u4f7f\u6536\u76ca\u66f4\u591a\u6765\u6e90\u4e8e\u5e02\u573a\u6d3b\u52a8\u672c\u8eab\uff0c\u800c\u975e\u65b9\u5411\u6027\u884c\u60c5\u5224\u65ad\u3002<\/li>\n\n\n\n<li><strong>\u94fe\u4e0a\u4ea4\u6613\u8d39\u6536\u76ca\uff1a<\/strong>\u534f\u8bae\u5c06\u90e8\u5206\u8d44\u91d1\u7528\u4e8e\u5728 Solana \u751f\u6001\u7684\u4e3b\u6d41\u4ea4\u6613\u5e73\u53f0\u4e2d\u63d0\u4f9b\u6d41\u52a8\u6027\uff0c\u4ece\u800c\u6301\u7eed\u83b7\u53d6\u4ea4\u6613\u624b\u7eed\u8d39\u6536\u76ca\u3002<\/li>\n\n\n\n<li><strong>\u8d44\u91d1\u8d39\u7387\u6536\u76ca\uff1a<\/strong>\u540c\u65f6\uff0cUnitas \u4f1a\u5728\u884d\u751f\u54c1\u5e02\u573a\u4e2d\u5efa\u7acb\u53cd\u5411\u5934\u5bf8\uff0c\u5728\u5bf9\u51b2\u5e02\u573a\u6ce2\u52a8\u98ce\u9669\u7684\u540c\u65f6\uff0c\u6355\u83b7\u7531\u5e02\u573a\u591a\u7a7a\u7ed3\u6784\u4ea7\u751f\u7684\u8d44\u91d1\u8d39\u7387\u6536\u5165\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u901a\u8fc7\u5c06<strong>\u4ea4\u6613\u8d39\u6536\u76ca<\/strong>\u4e0e<strong>\u8d44\u91d1\u8d39\u7387\u6536\u76ca<\/strong>\u8fd9\u4e24\u7c7b\u76f8\u5173\u6027\u8f83\u4f4e\u7684\u6536\u5165\u6765\u6e90\u7ed3\u5408\uff0cUnitas \u6784\u5efa\u4e86\u4e00\u79cd\u76f8\u5bf9\u66f4\u7a33\u5b9a\u3001\u4e5f\u66f4\u5177\u53ef\u9884\u6d4b\u6027\u7684\u6536\u76ca\u6a21\u578b\uff0c\u76f8\u8f83\u4e8e\u5355\u4e00\u4f9d\u8d56\u501f\u8d37\u5229\u7387\u7684\u6a21\u5f0f\uff0c\u5728\u4e0d\u540c\u5e02\u573a\u73af\u5883\u4e0b\u5177\u5907\u66f4\u597d\u7684\u9002\u5e94\u6027\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>B. AAVE USDC\/USDT \u8d5a\u5e01<\/strong><\/h4>\n\n\n\n<p><a href=\"https:\/\/app.aave.com\/reserve-overview\/?marketName=proto_mainnet_v3&amp;underlyingAsset=0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48\" target=\"_blank\" rel=\"noopener\">\u67e5\u770b\u6807\u7684\u5b98\u7f51\uff1aAAVE USDC<\/a> \/ <a href=\"https:\/\/app.aave.com\/reserve-overview\/?marketName=proto_mainnet_v3&amp;underlyingAsset=0xdac17f958d2ee523a2206206994597c13d831ec7\" target=\"_blank\" rel=\"noopener\">AAVE USDT<\/a><\/p>\n\n\n\n<p>\u6b64\u6807\u7684\u5e95\u5c42\u6765\u6e90\u4e3a AAVE\uff0c\u4e00\u4e2a\u8de8\u8d8a\u591a\u4e2a\u4e3b\u6d41\u533a\u5757\u94fe\u7684\u53bb\u4e2d\u5fc3\u5316\u501f\u8d37\u534f\u8bae\u3002<\/p>\n\n\n\n<p><strong>\u6838\u5fc3\u673a\u5236\u4e0e\u4f18\u52bf\uff1a<\/strong><\/p>\n\n\n\n<p><strong>\u5f00\u653e\u5f0f\u6d41\u52a8\u6027\u501f\u8d37\u5e02\u573a<\/strong>\uff1a\u60a8\u7684\u8d44\u4ea7\uff0c\u5728\u5f00\u653e\u7684\u6d41\u52a8\u6027\u5e02\u573a\u4e2d\u6301\u7eed\u589e\u503c\u3002<\/p>\n\n\n\n<p><strong>\u771f\u5b9e\u501f\u8d37\u5229\u606f\u6536\u76ca<\/strong>\uff1aAAVE \u7684\u8fd0\u4f5c\u673a\u5236\u5c31\u50cf\u4e00\u4e2a\u900f\u660e\u7684\u6570\u5b57\u94f6\u884c\u3002\u60a8\u7684\u7a33\u5b9a\u5e01\u5b58\u5165\u540e\uff0c\u4f1a\u6210\u4e3a\u8fd9\u4e2a\u5168\u7403\u5e02\u573a\u4e2d\u7684\u6d41\u52a8\u8d44\u91d1\uff0c\u4f9b\u4ea4\u6613\u8005\u548c\u5e94\u7528\u501f\u7528\u3002\u4f5c\u4e3a\u56de\u62a5\uff0cAAVE \u534f\u8bae\u4f1a\u5c06\u501f\u6b3e\u65b9\u652f\u4ed8\u7684\u5229\u606f\u5206\u914d\u7ed9\u6240\u6709\u5b58\u6b3e\u4eba\u3002<\/p>\n\n\n\n<p><strong>\u52a8\u6001\u5229\u7387\u673a\u5236<\/strong>\uff1a\u5229\u7387\u7531\u5e02\u573a\u7684\u7e41\u5fd9\u7a0b\u5ea6\u51b3\u5b9a\uff1b\u501f\u6b3e\u9700\u6c42\u8d8a\u9ad8\uff0c\u5b58\u6b3e\u56de\u62a5\u7387\u5c31\u8d8a\u9ad8\uff0c\u5e76\u76f4\u63a5\u7d2f\u79ef\u4e3a\u60a8\u7684\u8d44\u4ea7\u589e\u957f\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>C. Compound USDC\/USDT \u8d5a\u5e01<\/strong><\/h4>\n\n\n\n<p><a href=\"https:\/\/app.compound.finance\/markets\/usdc-mainnet\" target=\"_blank\" rel=\"noopener\">\u67e5\u770b\u6807\u7684\u5b98\u7f51\uff1aCompound USDC<\/a> \/ <a href=\"https:\/\/app.compound.finance\/markets\/usdt-mainnet\" target=\"_blank\" rel=\"noopener\">Compound USDT<\/a><\/p>\n\n\n\n<p>\u6b64\u6807\u7684\u5e95\u5c42\u6765\u6e90\u4e3a Compound\uff0c\u4e00\u4e2a\u90e8\u7f72\u5728\u4ee5\u592a\u574a\u7b49\u591a\u4e2a\u533a\u5757\u94fe\u4e0a\u4e45\u7ecf\u8003\u9a8c\u7684\u53bb\u4e2d\u5fc3\u5316\u501f\u8d37\u534f\u8bae\u3002<\/p>\n\n\n\n<p><strong>\u6838\u5fc3\u673a\u5236\u4e0e\u4f18\u52bf\uff1a<\/strong><\/p>\n\n\n\n<p><strong>\u8d44\u4ea7\u4efd\u989d\u968f\u8d44\u91d1\u6c60\u589e\u503c<\/strong>\uff1a\u5728 Compound \u7684\u501f\u8d37\u5e02\u573a\u4e2d\uff0c\u5f53\u60a8\u4f9b\u5e94\u8d44\u4ea7\u540e\uff0c\u60a8\u5c31\u62e5\u6709\u4e86\u5176\u8d44\u91d1\u6c60\u7684\u4e00\u90e8\u5206\u201c\u4efd\u989d\u201d\u3002<\/p>\n\n\n\n<p>\u968f\u7740\u501f\u6b3e\u4eba\u652f\u4ed8\u7684\u5229\u606f\u6e90\u6e90\u4e0d\u65ad\u5730\u6ce8\u5165\uff0c\u6574\u4e2a\u8d44\u91d1\u6c60\u7684\u603b\u4ef7\u503c\u4f1a\u8d8a\u6765\u8d8a\u9ad8\u3002\u60a8\u7684\u4efd\u989d\u5360\u6bd4\u4e0d\u53d8\uff0c\u56e0\u6b64\u60a8\u6240\u62e5\u6709\u7684\u90a3\u90e8\u5206\u4efd\u989d\uff0c\u5176\u4ef7\u503c\u4e5f\u968f\u4e4b\u6c34\u6da8\u8239\u9ad8\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>D. Morph\u043e USDC \u8d5a\u5e01<\/strong><\/h4>\n\n\n\n<p><a href=\"https:\/\/app.morpho.org\/ethereum\/vault\/0xBEEF01735c132Ada46AA9aA4c54623cAA92A64CB\/steakhouse-usdc?\" target=\"_blank\" rel=\"noopener\">\u67e5\u770b\u6807\u7684\u5b98\u7f51\uff1aMorpho USDC<\/a><\/p>\n\n\n\n<p>\u6b64\u6807\u7684\u5e95\u5c42\u5bf9\u63a5 <strong>Morpho \u534f\u8bae\u7684\u501f\u8d37\u91d1\u5e93<\/strong>\uff0c\u4ee5\u592a\u574a\u4e0a\u65b0\u4e00\u4ee3\u7684<strong>\u9ad8\u6548\u8d44\u91d1\u64ae\u5408\u7cfb\u7edf<\/strong>\u3002<\/p>\n\n\n\n<p><strong>\u6838\u5fc3\u673a\u5236\u4e0e\u4f18\u52bf\uff1a<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u673a\u6784\u7ea7\u98ce\u63a7 &amp; \u91d1\u5e93\u7ba1\u7406<\/strong>\uff1a\u4e0d\u540c\u4e8e\u4f20\u7edf\u8d44\u91d1\u6c60\uff0cMorpho \u91c7\u7528\u201c\u91d1\u5e93\u201d\u6a21\u5f0f\uff0c\u8d44\u91d1\u7531\u4e13\u4e1a\u673a\u6784\u7ba1\u7406\u4e0e\u5206\u914d\u3002<\/li>\n\n\n\n<li><strong>\u771f\u5b9e\u501f\u8d37\u9700\u6c42<\/strong>\uff1a\u8d44\u91d1\u4f1a\u88ab\u5206\u914d\u7ed9\u7ecf\u8fc7\u767d\u540d\u5355\u7b5b\u9009\u7684\u673a\u6784\u501f\u6b3e\u4eba\u6216\u53bb\u4e2d\u5fc3\u5316\u534f\u8bae\uff0c\u6536\u76ca\u76f4\u63a5\u6765\u6e90\u4e8e\u501f\u6b3e\u4eba\u652f\u4ed8\u7684\u5229\u606f\u3002<\/li>\n\n\n\n<li><strong>\u4efd\u989d\u81ea\u52a8\u589e\u503c<\/strong>\uff1a\u5f53\u91d1\u5e93\u6536\u5230\u5229\u606f\u540e\uff0cVault \u4efd\u989d\u4ef7\u683c\u968f\u4e4b\u4e0a\u6da8\uff0c\u65e0\u9700\u624b\u52a8\u590d\u5229\u3002<\/li>\n\n\n\n<li><strong>\u98ce\u9669\u7ba1\u7406<\/strong>\uff1aVault \u53c2\u6570\u7531 Risk Curators \u8bbe\u7f6e\uff0c\u667a\u80fd\u5408\u7ea6\u5168\u7a0b\u7ba1\u7406\u8d44\u91d1\uff0c\u964d\u4f4e\u6e05\u7b97\u4e0e\u574f\u8d26\u98ce\u9669\uff0c\u4f46\u4ecd\u5b58\u5728\u667a\u80fd\u5408\u7ea6\u98ce\u9669\u3002<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>E. Morph\u043e USDT \u8d5a\u5e01<\/strong><\/h4>\n\n\n\n<p><a href=\"https:\/\/app.morpho.org\/ethereum\/vault\/0x79FD640000F8563A866322483524a4b48f1Ed702\/gauntlet-usdt-core?\" target=\"_blank\" rel=\"noopener\">\u67e5\u770b\u6807\u7684\u5b98\u7f51\uff1aMorpho USDT<\/a><\/p>\n\n\n\n<p>\u6b64\u6807\u7684\u5e95\u5c42\u5bf9\u63a5 <strong>Morpho \u534f\u8bae\u7684\u501f\u8d37\u91d1\u5e93<\/strong>\uff0c\u901a\u8fc7\u667a\u80fd\u7b97\u6cd5\u5c06\u8d44\u91d1\u501f\u7ed9<strong>\u8d85\u989d\u62b5\u62bc\u7684\u673a\u6784\u501f\u6b3e\u4eba<\/strong>\uff0c\u5b9e\u73b0\u7a33\u5065\u7684\u501f\u8d37\u56de\u62a5\u3002<\/p>\n\n\n\n<p><strong>\u6838\u5fc3\u673a\u5236\u4e0e\u4f18\u52bf\uff1a<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u501f\u8d37\u5229\u606f\u6536\u76ca<\/strong>\uff1a\u6536\u76ca\u5b8c\u5168\u6765\u6e90\u4e8e\u501f\u6b3e\u4eba\u652f\u4ed8\u7684\u771f\u5b9e\u5229\u606f\uff0c\u5e02\u573a\u9700\u6c42\u589e\u52a0\u65f6\u5e74\u5316\u56de\u62a5\u4e5f\u53ef\u80fd\u63d0\u5347\u3002<\/li>\n\n\n\n<li><strong>\u4f18\u9009\u62b5\u62bc\u8d44\u4ea7<\/strong>\uff1a\u7ba1\u7406\u65b9\uff08Gauntlet\uff09\u5229\u7528\u98ce\u9669\u6a21\u578b\uff0c\u4ec5\u63a5\u53d7\u9ad8\u6d41\u52a8\u6027\u8d44\u4ea7\u4f5c\u4e3a\u62b5\u62bc\u54c1\uff0c\u4fdd\u969c\u672c\u91d1\u5b89\u5168\u3002<\/li>\n\n\n\n<li><strong>\u52a8\u6001\u8c03\u4f18 &amp; \u5b9e\u65f6\u589e\u503c<\/strong>\uff1a\u534f\u8bae\u901a\u8fc7\u667a\u80fd\u5408\u7ea6\u5b9e\u65f6\u76d1\u63a7\u5e02\u573a\uff0c\u6bcf\u4e00\u7b14\u501f\u51fa\u8d44\u91d1\u90fd\u6709\u8db3\u989d\u62b5\u62bc\uff0c\u8d44\u4ea7\u968f\u533a\u5757\u4ea7\u751f\u5229\u606f\u5b9e\u65f6\u589e\u503c\uff0c\u65e0\u9700\u624b\u52a8\u64cd\u4f5c\uff0c\u81ea\u52a8\u590d\u5229\u3002<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>F. Sky USD \u8d5a\u5e01<\/strong><\/h4>\n\n\n\n<p><a href=\"https:\/\/app.spark.fi\/\" target=\"_blank\" rel=\"noopener\">\u67e5\u770b\u6807\u7684\u5b98\u7f51\uff1aSky USD<\/a><\/p>\n\n\n\n<p>\u6b64\u6807\u7684\u5e95\u5c42\u5bf9\u63a5 <strong>Sky \u534f\u8bae\uff08\u539f MakerDAO\uff09\u7684\u5b98\u65b9\u50a8\u84c4\u7cfb\u7edf<\/strong>\uff0c\u88ab\u5e7f\u6cdb\u89c6\u4e3a <strong>DeFi \u7a33\u5b9a\u5e01\u4f53\u7cfb\u7684\u57fa\u77f3\u7ea7\u6536\u76ca\u65b9\u6848<\/strong>\u3002<\/p>\n\n\n\n<p><strong>\u6838\u5fc3\u673a\u5236\u4e0e\u4f18\u52bf\uff1a<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u7cfb\u7edf\u76c8\u4f59\u5206\u914d<\/strong>\uff1aSky \u534f\u8bae\u901a\u8fc7\u6295\u8d44\u7f8e\u56fd\u56fd\u503a\u53ca\u94fe\u4e0a\u4fe1\u8d37\u4e1a\u52a1\u83b7\u53d6\u771f\u5b9e\u6536\u5165\uff0c\u5e76\u5c06\u534f\u8bae\u7cfb\u7edf\u76c8\u4f59\u901a\u8fc7 Sky \u5b58\u6b3e\u5229\u7387\uff08SSR\uff09\u76f4\u63a5\u5206\u914d\u7ed9\u5b58\u6b3e\u7528\u6237\u3002<\/li>\n\n\n\n<li><strong>\u7d2f\u79ef\u578b\u8d44\u4ea7\u589e\u503c<\/strong>\uff1a\u7528\u6237\u6301\u6709\u7684\u5b58\u6b3e\u51ed\u8bc1\u4e3a\u7d2f\u79ef\u578b\u8d44\u4ea7\uff0c\u65e0\u9700\u4efb\u4f55\u64cd\u4f5c\uff0c\u5176\u5bf9 USD \u7684\u5151\u6362\u6c47\u7387\u4f1a\u968f\u65f6\u95f4\u5355\u8fb9\u4e0a\u6da8\uff0c\u5b9e\u73b0\u201c\u6570\u91cf\u4e0d\u53d8\u3001\u4ef7\u503c\u589e\u957f\u201d\u3002<\/li>\n\n\n\n<li><strong>\u7a33\u5065\u957f\u671f\u914d\u7f6e<\/strong>\uff1a\u80cc\u9760\u56fd\u503a\u8d44\u4ea7\u4e0e\u6210\u719f\u7684 DeFi \u98ce\u63a7\u4f53\u7cfb\uff0c\u6536\u76ca\u7a33\u5b9a\u6027\u8f83\u9ad8\uff0c\u9002\u5408\u957f\u671f\u6301\u6709\u4e0e\u4f4e\u7ef4\u62a4\u6210\u672c\u7684\u7a33\u5065\u914d\u7f6e\u3002<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>G. Ethena USDe \u8d5a\u5e01<\/strong><\/h4>\n\n\n\n<p><a href=\"https:\/\/ethena.fi\/\" target=\"_blank\" rel=\"noopener\">\u67e5\u770b\u6807\u7684\u5b98\u7f51\uff1aEthena USDe<\/a><\/p>\n\n\n\n<p>\u6b64\u6807\u7684\u5e95\u5c42\u6765\u6e90\u4e3a <strong>Ethena \u534f\u8bae<\/strong>\uff0c\u5176\u53d1\u884c\u7684\u662f\u4e00\u79cd <strong>\u201c\u5408\u6210\u7f8e\u5143\uff08Synthetic Dollar\uff09\u201d<\/strong>\u3002\u8be5\u6536\u76ca\u65b9\u6848\u4e0d\u4f9d\u8d56\u4f20\u7edf\u501f\u8d37\u5e02\u573a\uff0c\u800c\u662f\u901a\u8fc7\u7cbe\u5bc6\u7684\u5bf9\u51b2\u4ea4\u6613\u7b56\u7565\uff0c\u5b9e\u73b0\u7a33\u5b9a\u7684\u8d39\u7387\u6536\u76ca\u3002<\/p>\n\n\n\n<p><strong>\u6838\u5fc3\u673a\u5236\u4e0e\u4f18\u52bf\uff1a<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u671f\u73b0\u5957\u5229\uff08Delta-Neutral \u7b56\u7565\uff09<\/strong>\uff1aEthena \u91c7\u7528\u201c\u4e70\u5165\u73b0\u8d27 + \u5356\u51fa\u671f\u8d27\u201d\u7684 Delta \u4e2d\u6027\u7b56\u7565\u4ee5\u6b64\u62b5\u6d88\u5e01\u4ef7\u6da8\u8dcc\u98ce\u9669\uff0c\u53ea\u8d5a\u53d6\u8d39\u7387\u3002<\/li>\n\n\n\n<li><strong>\u591a\u91cd\u6536\u76ca\u53e0\u52a0<\/strong>\uff1a\u9664\u4e86\u8d39\u7387\u6536\u5165\uff0c\u5e95\u5c42\u7684\u4ee5\u592a\u574a\u8d44\u4ea7\u672c\u8eab\u4e5f\u4f1a\u4ea7\u751f\u8d28\u62bc\u5956\u52b1\u3002\u4e24\u4efd\u6536\u76ca\u53e0\u52a0\uff0c\u4e00\u8d77\u6784\u6210\u589e\u503c\u6765\u6e90\u3002<\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u6ce8\u610f\uff1a\u534f\u8bae\u7ecf\u8fc7\u591a\u8f6e\u5ba1\u8ba1\uff0c\u4f46\u94fe\u4e0a\u5408\u7ea6\u4ecd\u5b58\u5728\u6280\u672f\u98ce\u9669\uff0c\u7528\u6237\u5e94\u8c28\u614e\u8bc4\u4f30<\/p>\n<\/blockquote>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n<li><strong>\u64cd\u4f5c\u6d41\u7a0b\uff08\u7edf\u4e00\u6982\u89c8\uff09<\/strong>\uff1a<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u6295\u5165 BUSD<\/li>\n\n\n\n<li>\u8de8\u94fe\u5151\u6362\u81f3\u76ee\u6807\u534f\u8bae\u7a33\u5b9a\u5e01<\/li>\n\n\n\n<li>\u81ea\u52a8\u5b58\u5165 Vault \/ \u5408\u7ea6 \/ \u7b56\u7565\u6c60<\/li>\n\n\n\n<li>\u8d44\u4ea7\u968f\u6536\u76ca\u81ea\u52a8\u589e\u503c<\/li>\n\n\n\n<li>\u53d1\u8d77\u8d4e\u56de\n<ul class=\"wp-block-list\">\n<li>AAVE \/ Compound \/ Morpho \/ Sky\uff1a\u53ef\u5373\u65f6\u8d4e\u56de<\/li>\n\n\n\n<li>Solana \/ Ethena\uff1a\u7ea6 10 \u5929\u8d4e\u56de\u5468\u671f<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>\u81ea\u52a8\u8de8\u94fe\u5151\u6362\u56de BUSD<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"498\" src=\"https:\/\/www.benpay.com\/blog\/wp-content\/uploads\/2026\/01\/BenPay-DeFi\u8d5a\u5e01\u64cd\u4f5c\u6d41\u7a0b-1024x498.png\" alt=\"\" class=\"wp-image-1180\" style=\"width:600px\" srcset=\"https:\/\/www.benpay.com\/blog\/wp-content\/uploads\/2026\/01\/BenPay-DeFi\u8d5a\u5e01\u64cd\u4f5c\u6d41\u7a0b-1024x498.png 1024w, https:\/\/www.benpay.com\/blog\/wp-content\/uploads\/2026\/01\/BenPay-DeFi\u8d5a\u5e01\u64cd\u4f5c\u6d41\u7a0b-300x146.png 300w, https:\/\/www.benpay.com\/blog\/wp-content\/uploads\/2026\/01\/BenPay-DeFi\u8d5a\u5e01\u64cd\u4f5c\u6d41\u7a0b-768x374.png 768w, https:\/\/www.benpay.com\/blog\/wp-content\/uploads\/2026\/01\/BenPay-DeFi\u8d5a\u5e01\u64cd\u4f5c\u6d41\u7a0b.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<p>\u67e5\u770b\u8be6\u7ec6\u6b65\u9aa4\uff0c\u53ef\u4ee5\u524d\u5f80 <a href=\"https:\/\/support.benpay.com\/zh\/docs\/rT62A1g6\" target=\"_blank\" rel=\"noopener\">BenPay DeFi \u8d5a\u5e01\u64cd\u4f5c\u6307\u5357<\/a>\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">BenPay DeFi \u8d5a\u5e01 \u2014 \u7a33\u5b9a\u5e01\u6536\u76ca\u6807\u7684\u901f\u89c8<\/h3>\n\n\n\n<p>\u4e0b\u8868\u63d0\u4f9b\u4e86\u76ee\u524d\u901a\u8fc7 BenPay DeFi Earn \u53ef\u7528\u7684\u7a33\u5b9a\u5e01\u6536\u76ca\u7387\u7b56\u7565\u7684\u5feb\u901f\u6bd4\u8f83\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">\u6295\u8d44\u6807\u7684<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u6536\u76ca\u6765\u6e90<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u6295\u5165\u8d44\u4ea7<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u53c2\u8003\u5e74\u5316*<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u6536\u76ca\u7d2f\u79ef\u65b9\u5f0f<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u8d4e\u56de\u5468\u671f<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u9002\u5408\u4eba\u7fa4<\/td><\/tr><tr><td>Solana USD<\/td><td>\u4ea4\u6613\u624b\u7eed\u8d39\u3001\u534f\u8bae\u6536\u5165\u3001\u5bf9\u51b2\u7b56\u7565\u6536\u76ca<\/td><td rowspan=\"6\">BUSD\uff08\u7531 USDT \/ USDC \u8de8\u94fe 1:1 \u94f8\u9020\uff09<\/td><td>~13.06%<\/td><td rowspan=\"6\">\u5373\u65f6\u7d2f\u79ef<\/td><td>\u7ea6 10 \u5929<\/td><td>\u5bfb\u6c42\u76f8\u5bf9\u4f4e\u5e02\u573a\u76f8\u5173\u6027\u7684\u6536\u76ca\u7528\u6237<\/td><\/tr><tr><td>Aave USDT \/ USDC<\/td><td>\u501f\u8d37\u5229\u606f\uff08\u501f\u6b3e\u4eba\u5229\u606f\u5dee\uff09<\/td><td>~3.38%<\/td><td>\u5373\u65f6<\/td><td>\u53ef\u63a5\u53d7\u5229\u7387\u968f\u9700\u6c42\u53d8\u5316\u7684\u4fdd\u5b88\u578b\u7528\u6237<\/td><\/tr><tr><td>Compound USDT \/ USDC<\/td><td>\u501f\u8d37\u5229\u606f\uff08\u534f\u8bae\u6536\u76ca\u5206\u6210\uff09<\/td><td>~3.65%<\/td><td>\u5373\u65f6<\/td><td>\u7a33\u5b9a\u8d44\u91d1\u914d\u7f6e\u3001\u4f4e\u6ce2\u52a8\u504f\u597d\u7528\u6237<\/td><\/tr><tr><td>Morpho USDC \/ USDT<\/td><td>\u501f\u8d37\u5229\u606f\uff08\u673a\u6784\u7ea7 Vault + \u7b97\u6cd5\u914d\u7f6e\uff09<\/td><td>~4.13%<\/td><td>\u5373\u65f6<\/td><td>\u5bf9\u6d41\u52a8\u6027\u8981\u6c42\u8f83\u9ad8\u7684\u7a33\u5065\u578b\u7528\u6237<\/td><\/tr><tr><td>Sky USD<\/td><td>\u534f\u8bae\u7cfb\u7edf\u6027\u6536\u76ca\uff08\u7f8e\u503a + \u94fe\u4e0a\u4fe1\u8d37\uff09<\/td><td>~4%<\/td><td>\u5373\u65f6<\/td><td>\u504f\u597d\u957f\u671f\u6301\u6709\u3001\u4f4e\u7ef4\u62a4\u6210\u672c\u7684\u7528\u6237<\/td><\/tr><tr><td>Ethena USDe<\/td><td>\u73b0\u8d27\u2013\u671f\u8d27\u5957\u5229\uff08Delta-Neutral \u7b56\u7565\uff09<\/td><td>~4.36%<\/td><td>\u7ea6 10 \u5929<\/td><td>\u8ffd\u6c42\u66f4\u9ad8\u6536\u76ca\u3001\u80fd\u7406\u89e3\u7b56\u7565\u98ce\u9669\u7684\u7528\u6237<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong><em>*\u5e74\u5316\u6536\u76ca\u7387\u4e3a\u5386\u53f2\u533a\u95f4\u6216\u53c2\u8003\u6c34\u5e73\uff0c\u5b9e\u9645\u6536\u76ca\u4ee5\u94fe\u4e0a\u5b9e\u65f6\u8868\u73b0\u4e3a\u51c6\uff0c\u4e0d\u6784\u6210\u4efb\u4f55\u6536\u76ca\u627f\u8bfa\u3002<\/em><\/strong><\/p>\n\n\n\n<p>\u5982\u679c\u4f60\u5e0c\u671b\u5728\u4e0d\u9891\u7e41\u5207\u6362\u94fe\u548c\u534f\u8bae\u7684\u60c5\u51b5\u4e0b\uff0c\u7edf\u4e00\u7ba1\u7406\u7a33\u5b9a\u5e01\u6536\u76ca\uff0c\u53ef\u4ee5\u901a\u8fc7 BenPay DeFi \u8d5a\u5e01 \u4e00\u7ad9\u5f0f\u53c2\u4e0e\u4e0a\u8ff0\u7b56\u7565\uff0c\u5168\u7a0b\u94fe\u4e0a\u900f\u660e\u3001\u6536\u76ca\u81ea\u52a8\u590d\u5229\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u603b\u7ed3<\/h2>\n\n\n\n<p>\u901a\u8fc7 <strong><a href=\"https:\/\/www.benpay.com\/defi-earn\/\">BenPay DeFi \u8d5a\u5e01<\/a><\/strong>\uff0c\u7528\u6237\u53ef\u4ee5\u6839\u636e\u81ea\u8eab\u98ce\u9669\u504f\u597d\uff0c\u5728<strong>\u57fa\u7840\u5efa\u8bbe\u578b\uff08AAVE \/ Compound\uff09\u3001\u7a33\u5065\u578b\uff08Sky \/ Morpho\uff09\u3001\u7b56\u7565\u578b\uff08Ethena\uff09\u4e0e\u590d\u5408\u7b56\u7565\u578b\uff08Unitas\uff09DeFi \u534f\u8bae<\/strong>\u4e4b\u95f4\u7075\u6d3b\u914d\u7f6e\uff0c\u5b9e\u73b0\u8d44\u4ea7\u6301\u7eed\u589e\u503c\u3002\u6574\u4e2a\u6d41\u7a0b<strong>\u94fe\u4e0a\u900f\u660e\u3001\u8de8\u94fe\u7b80\u5316\u3001\u975e\u6258\u7ba1<\/strong>\uff0c\u65e0\u9700\u638c\u63e1\u590d\u6742 DeFi \u64cd\u4f5c\u5373\u53ef\u8f7b\u677e\u53c2\u4e0e\u3002<\/p>\n\n\n\n<p>\u98ce\u9669\u987b\u77e5\uff1a\u672c\u6587\u4ec5\u7528\u4e8e\u673a\u5236\u4ecb\u7ecd\uff0c\u4e0d\u6784\u6210\u4efb\u4f55\u6295\u8d44\u5efa\u8bae\u3002DeFi \u534f\u8bae\u5b58\u5728\u667a\u80fd\u5408\u7ea6\u53ca\u5e02\u573a\u98ce\u9669\uff0c\u7528\u6237\u5e94\u81ea\u884c\u8bc4\u4f30\u5e76\u8c28\u614e\u53c2\u4e0e\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>2026 \u5e74 DeFi \u7a33\u5b9a\u5e01\u6536\u76ca\u5bf9\u6bd4\u6307\u5357\uff0c\u6df1\u5ea6\u89e3\u6790 Unitas\u3001AAVE\u3001Compound\u3001Morpho\u3001Sky\u3001Ethena \u7684\u6536\u76ca\u6765\u6e90\u3001\u98ce\u9669\u4e0e\u6d41\u52a8\u6027\uff0c\u5e2e\u52a9\u4f60\u627e\u5230\u6700\u9002\u5408\u7684\u7a33\u5b9a\u5e01\u6536\u76ca\u7b56\u7565\uff0c\u5e76\u4e86\u89e3 BenPay DeFi \u8d5a\u5e01\u7684\u4e00\u7ad9\u5f0f\u6536\u76ca\u65b9\u6848\u3002<\/p>\n","protected":false},"author":1,"featured_media":1178,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[81],"tags":[226],"class_list":["post-1177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-updates-zh","tag-defi-stablecoins"],"_links":{"self":[{"href":"https:\/\/www.benpay.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/1177","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benpay.com\/blog\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benpay.com\/blog\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benpay.com\/blog\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benpay.com\/blog\/index.php\/wp-json\/wp\/v2\/comments?post=1177"}],"version-history":[{"count":2,"href":"https:\/\/www.benpay.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/1177\/revisions"}],"predecessor-version":[{"id":1182,"href":"https:\/\/www.benpay.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/1177\/revisions\/1182"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.benpay.com\/blog\/index.php\/wp-json\/wp\/v2\/media\/1178"}],"wp:attachment":[{"href":"https:\/\/www.benpay.com\/blog\/index.php\/wp-json\/wp\/v2\/media?parent=1177"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benpay.com\/blog\/index.php\/wp-json\/wp\/v2\/categories?post=1177"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benpay.com\/blog\/index.php\/wp-json\/wp\/v2\/tags?post=1177"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}