Hyperliquid、Ethena、Aave 三巨头论道：DeFi 的未来在哪里？

marsbitPublicado a 2025-10-19Actualizado a 2025-10-20

编者按：DeFi 作为加密行业最具变革性的领域之一，正在从早期的实验性协议，逐步演化为全球金融基础设施的重要组成部分。

本文整理自 2025 年 Token2049 期间的一场圆桌讨论。论坛由 Dragonfly 合伙人 Haseeb Qureshi 主持，邀请了三位来自 DeFi 核心协议的代表人物：JEFF（Hyperliquid）、GUY（Ethena）和 STANI（Aave）。

三位嘉宾围绕稳定币的泛化趋势、永续合约的未来、链上收益产品的主流化路径、DeFi 与 CeFi 的融合、系统性风险管理，以及 DeFi 协议的「集团化」演化进行了深入探讨，分享了他们对行业热点的判断与态度。

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