Uniswap и Aave лидируют в росте комиссий DeFi до $600 млн

cryptonews.ruPublicado a 2025-05-06Actualizado a 2025-10-07

Acryptoinvest.news: В сентябре DeFi-протоколы сгенерировали около 600 миллионов долларов комиссий, что свидетельствует о восстановлении после 12-месячного минимума в 340 миллионов долларов, зафиксированного в марте. Это на 76% больше, чем шесть месяцев назад, причём лидерами по объёму комиссий стали такие известные игроки, как Uniswap, Aave и Ethena.

Восстановление доходов от комиссий совпадает с более широким изменением подхода протоколов к токеномике: они отходят от идей мемности и виральности, которые доминировали в конце 2024 года, в сторону более традиционных финансовых показателей.

Принятие программ обратного выкупа можно рассматривать как попытку протоколов привести их в соответствие с показателями, знакомыми традиционным инвесторам, поскольку институциональное участие на крипторынках продолжает расти.

Другие проекты, включая Ethena, Ether. fi и Maple, пилотируют аналогичные механизмы накопления стоимости своих нативных токенов по мере распространения предложений об обратном выкупе среди держателей токенов, что свидетельствует о растущем распространении этой тенденции в DeFi. Это контрастирует с тем, что преобладало в конце 2024 года, когда внимание было сосредоточено скорее на мемах с вирусным маркетингом и вовлечением сообщества, чем на фундаментальном получении дохода.

Хотя обратный выкуп и распределение доходов выполняют функции, схожие с традиционными финансами, важно отличать криптотокены от акций. Помимо накопления стоимости, токены выполняют различные функции, включая права управления, доступ к протоколам и использование сети. По мере того, как всё больше протоколов перенимают токеномику, основанную на доходах, рынок, возможно, вступает в фазу, когда фундаментальные показатели играют более важную роль в оценке по сравнению с предыдущими циклами.

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