渠道红利走到尽头，DeFi 协议靠什么抵御巨头收割？

Foresight NewsPublished on 2026-06-22Last updated on 2026-06-22

Abstract

文章探讨了在渠道红利逐渐消失的背景下，DeFi协议如何应对大型科技公司的竞争与整合压力。作者以Coinbase、Stripe和Kraken为例，分析了这些巨头通过自建或收购底层基础设施（如公链、稳定币发行平台、衍生品交易牌照）来控制利润分配，从而对依赖其流量的开源协议形成“价值收割”。文中重点分析了Coinbase与其借贷协议Morpho的共生与博弈关系：Coinbase利用Base链赚取排序费，而其部分核心借贷产品又构建在Morpho之上，形成相互牵制。类似地，Stripe收购Bridge以掌控稳定币收益，Kraken收购NinjaTrader以获取关键牌照。文章指出，开源协议的生存关键在于“多链部署”和“深度嵌入”。像Uniswap和Morpho这样跨多条区块链部署的协议，即使在某条链上被巨头扶持的竞品挤压，也能依靠其他链的业务存活。同时，当协议的技术和安全体系变得至关重要、替换成本极高时（如Morpho之于Coinbase的借贷产品），便能形成对巨头的制衡。最终，行业格局取决于巨头纵向整合的速度与开源协议横向扩张速度之间的博弈。虽然存在巨头垄断的风险，但那些提前完成多链布局、并深度嵌入企业核心系统的协议，仍有望在巨头生态中保持不可或缺的地位。

撰文:Thejaswini M A

编译:Saoirse,Foresight News

s《好家伙》(Goodfellas)里 Ray Liotta 有一句台词:「少废话,给钱。」这句话撕碎了《教父》这类作品里美化黑手党道义的浪漫滤镜,赤裸裸展现出有组织犯罪冷酷、寄生、唯利是图的本质。接下来,我将用相近的逻辑,聊聊大型科技公司。

掌控利润,你才能掌控价值。想要实现这一点,你甚至不需要打造一条公链协议或是一个项目。这是一场没有规则的利润争夺战。但我们不能苛责 Coinbase、Stripe 或是 Kraken 做出这样的选择。

从最根本的商业逻辑来看,它们的操作如同一次精明的地产布局:抢先拿下流量分发渠道。如今它们手握渠道话语权,居高临下地发问:「到底谁掌握议价权?」

Coinbase 自建了区块链;Stripe 耗资 11 亿美元收购基础设施,而这笔资产它本可以租用;Kraken 斥资 15 亿美元收购衍生品交易平台;苹果打造 App Store。这套打法的逻辑是:让其他人开拓市场、承担早期风险,等赛道盈利空间足够可观时,再把底层基础设施收入囊中。本文探讨的核心问题:当流量分发渠道不再具备核心价值时,行业会走向何方?

Coinbase 手握 1.1 亿完成身份验证的用户。多年来,它面向用户推出的借贷产品一直依托开源协议 Morpho 搭建,所有协议手续费都归 Morpho 所有。后来 Coinbase 推出自家二层区块链 Base。Morpho 选择部署在 Base 上,只因 Coinbase 的海量用户能带来交易体量。如今 Base 上每一笔交易产生的排序费,全部流入 Coinbase 口袋,而非 Morpho。

Base 在 2024 年创造 7600 万美元净排序费收入,2025 年为 7400 万美元。2026 年 2 月之前,根据授权协议,Coinbase 需要向 Optimism 分走一部分收益。但最终 Coinbase 切断合作,切换为自研底层架构,如今 6400 万美元的收益完全自留。与此同时,Morpho 依旧扎根 Base,发展态势良好,协议锁仓资产规模达 25 亿美元。只不过 Morpho 处理的每一笔业务,都要给 Coinbase 分润。

Base 月度排序费收入,数据来源 DeFiLlama

Coinbase 依托 Morpho 底层架构,推出规模 3 亿美元的比特币抵押借贷产品。其发行的封装比特币 cbBTC 是 Morpho 内部体量最大的抵押资产,占协议全部锁仓资产的 38%。这就形成了一种互相牵制的格局:Morpho 掌握 Coinbase 信贷产品的底层核心能力,Coinbase 则能从 Morpho 所有业务中抽取收益分成,双方都很难轻易割裂合作。

再看 Stripe 的案例:2025 年初,它斥资 11 亿美元收购 Bridge。在此之前,Stripe 的稳定币业务一直依托 Circle 的基础设施开展。Circle 掌握稳定币发行权,还能赚取储备抵押资产产生的浮息收益。彼时 Stripe 所有千亿级稳定币交易带来的收益,全都流向 Circle。收购 Bridge 彻底扭转了这一局面。Bridge 发行自有稳定币 USDB,抵押物为贝莱德货币市场基金。切换至 USDB 后,这笔规模庞大的储备孳息全部留在 Stripe 生态内部。Stripe 年支付交易规模高达 1.4 万亿美元,长期租用竞品的收益底层,每年损失数亿美元利润。

Patrick Collison 曾将稳定币称作「金融业的常温超导体」。花 11 亿美元全资拿下这套底层工具,远比持续向对手缴纳过路费划算。

单纯现货交易所存在天然增长天花板,用户仅能交易数百种代币。但 Kraken 想要吸引机构投资者与专业散户,这类群体主要通过期货与清算衍生品开展交易。运营衍生品业务需要取得美国商品期货交易委员会注册资质、全美期货协会会员资格、经纪交易商牌照,整套合规体系需要数年搭建;即便从零自主搭建,监管部门也可能出于各类不可控理由驳回资质申请。

这也是 Kraken 盯上 NinjaTrader 的原因。2025 年 1 月 15 亿美元的收购,不仅带来 170 万个入金交易账户,更关键的是直接拿到了 Kraken 难以快速自研落地的全套经纪交易商牌照。

通过收购现成合规资质,Kraken 彻底摆脱对外部合作方的依赖。如今它完整持有全部技术体系与牌照,无需依附他人,也不用耗费数年等待监管审批。

有人会说:大企业吞并小型协议,这不是行业常态吗?有什么新鲜的?

Morpho 总锁仓资产规模 64 亿美元,其中 33.08 亿美元部署在以太坊,24.88 亿美元部署在 Base。倘若 Coinbase 决定下架 Morpho,改用自研借贷协议,Morpho 将直接流失 39% 的锁仓资产;但它在以太坊仍保留 52% 的存量,同时持续布局 Hyperliquid L1、Monad、Arbitrum 等多条公链,整体业务依旧能稳定运转。

Morpho 各公链锁仓资产分布,数据来源 DeFiLlama

Base 公链上的 Aerodrome 案例,直观展现出公链运营方扶持自有竞品带来的行业影响。Aerodrome 是 Base 原生去中心化交易所,架构专为 Base 优化。Coinbase Ventures 持有约 2000 万美元 AERO 代币,这是它规模最大的流动性代币投资;同时项目方通过锁定 AERO 代币投票,引导流动性流向 Coinbase 旗下产品,包括 cbBTC 资金池。Aerodrome 承接 Base 约 51% 的去中心化交易所交易量,2024 年 9 月峰值占比 77%。跨 44 条公链部署的 Uniswap 是 Base 第二大 DEX,占据 30% 交易量。即便在单条链失去龙头地位,Uniswap 也并未消亡:2025 年它在 Base 完成 2120 亿美元交易额,全链月均交易规模预估 730 亿美元。

Base 去中心化交易所交易量占比,数据来源 DeFiLlama

这个案例印证:多链布局是协议的天然护城河。仅部署在单条公链的项目,命运完全受制于链运营方 —— 对方随时可以扶持竞品挤压你的生存空间;而多链部署的协议,即便失去某一条公链市场,其余赛道的业务仍能正常运转。Morpho 目睹 Uniswap 在 Base 被 Aerodrome 分流流量后,迅速铺开多条公链部署。大型流量平台可以向下渗透布局底层,开源协议则能横向拓展多条公链分散风险。

如果你依赖不属于自己的底层基础设施,你就没有真正掌控自己的生意。掌控底层的一方,手握碾压你的议价权,能定义你的产品体验,最终左右你的运营稳定性。对这类体量的企业而言,这种依附关系每天都在实打实损耗利润。这套商业逻辑并非加密行业独有:亚马逊依托 AWS 建立壁垒,苹果当年受制于英特尔芯片路线规划,耗费多年自研定制芯片摆脱束缚。

所有人都能实时查到 Coinbase 从 Base 排序费中赚取多少收益,也能清晰查看 Morpho 在各条公链的锁仓资产规模。这种价值掠夺全程公开透明,是亚马逊这类传统互联网企业的内部基建利润无法做到的。

行业存在一种潜在走向:未来市场由 Coinbase、Stripe、Kraken 以及少数银行几大巨头全盘把控。它们打通从底层协议到支付卡片的全产业链,开源协议仅用来填补巨头尚未布局的细分空白赛道。这是金融科技一条完全有可能落地的发展路径。开源技术不再是自由广阔的创新沃土,只会沦为巨型企业还没想好如何变现的微小缝隙里的修补胶带。就像一句调侃:「看这个优质开源小协议,我们直接在它上面搭一套商业化体系收割流量。」

但我更偏向乐观判断:结合当下多起收购案例来看,这种全垄断格局的概率并没有看上去那么高。底层协议很难像流量渠道一样被巨头独占。Morpho 仅需数周就能完成一条新公链的部署;一套经过实战检验、深度嵌入机构业务的借贷协议,替换成本极高,外人很难直观感知。Coinbase 规模 3 亿美元的比特币借贷产品依旧依托 Morpho,因为从零复刻 Morpho 的安全体系需要数年时间,还会带来 Coinbase 不愿承担的安全风险。

能熬过这轮巨头整合浪潮的协议,都满足一个核心条件:在流量巨头搭建自有生态前完成全多链布局,深度嵌入各大企业后端系统,使得替换自身的经济成本高到无法承受。即便是手握海量用户的流量巨头 Robinhood,也选择接入第三方零知识证明永续合约交易所 Lighter 作为交易底层。Robinhood Ventures 参与了 Lighter 6800 万美元融资,创始人 Vlad Tenev 与项目方保持密切沟通。

倘若只有流量渠道能构筑壁垒,Robinhood 本可以像 Coinbase 一样全部自研底层。但它没有这么做:兼顾中心化交易所交易速度、且可零知识验证撮合逻辑是一套难度极高的细分技术难题,Lighter 团队耗时一年多才攻克;Robinhood 测算后认为,直接采购成熟技术的使用权,远比从零自研更划算。

目前 Morpho 占据这种双向制衡的有利位置,Uniswap 则是这条路线的先行者。机构扩张的速度,与开源协议横向多链扩张的速度相互博弈,最终结果将决定行业格局走向。

Stripe、Coinbase 这类巨头的底层业务,现阶段依旧依托开源技术。短期来看开源协议尚能安稳立足,两年后行业格局如何,我们再重新审视。

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What is $M

Understanding Mantis ($M): A New Era in Cross-Chain Interoperability In the continually evolving landscape of Web3 and cryptocurrency, new projects strive to offer innovative solutions aimed at enhancing the user experience and expanding functional possibilities within the decentralized financial ecosystem. One such project garnering attention is Mantis ($M), a pioneering protocol founded on the principles of cross-chain interoperability and intent-based settlements. This article delves into the essential aspects of Mantis, including its core functionality, creators, investment backing, innovative features, and critical milestones. What is Mantis ($M)? Mantis is described as a multi-domain intent settlement protocol that simplifies cross-chain interactions, enabling users to execute complex financial transactions across various blockchain platforms seamlessly. The protocol operates through three primary layers: Intent Expression: Users can articulate their transaction goals using natural language facilitated by the DISE LLM, an advanced AI language model. For instance, a user might express a desire to swap Ethereum (ETH) for Solana (SOL) with a specific slippage tolerance of 1%. Execution: This layer employs a network of solvers that compete to fulfill user intents. Transactions are executed using mechanisms such as Coincidence of Wants (CoWs) and Order Flow Auctions (OFAs), which ensure that user demands are met optimally. Settlement: Leveraging the Inter-Blockchain Communication (IBC) protocol, Mantis enables atomic cross-chain transactions, allowing users to operate across various supported chains, including Ethereum, Solana, and Cosmos. Mantis is engineered to introduce native yield generation for idle assets, employing cryptographic proofs to maintain the integrity of transactions throughout the entire process. Creators & Development Team Mantis was conceived by the Composable Foundation, a research-driven organization notable for its emphasis on blockchain interoperability solutions. This foundation collaborates with esteemed academic institutions, including Harvard University and the University of Lisbon, contributing to extensive research and development efforts that inform Mantis's architecture and functionality. The Composable Foundation’s commitment to fostering innovation in the blockchain space positions Mantis as a robust solution for the growing demand for interoperability among multiple blockchain networks. Investors & Backing While specific details about individual investors have not been publicly disclosed, Mantis enjoys substantial backing from various entities, including: Ecosystem grants from IBC-enabled chains, which support the protocol's growth and integration within decentralized finance ecosystems. Strategic partnerships with infrastructure providers that enhance Mantis's network capabilities and deployment strategies. Funding through the Composable Foundation's treasury, ensuring sustained financial support for ongoing development and operational costs. These collaborative efforts reflect a consensus among stakeholders about the importance of enhancing cross-chain functionality and the potential utility of Mantis's infrastructural innovations. Key Innovations Mantis sets itself apart through several pioneering innovations that enhance its functionality and utility: Chain-Agnostic Intents: Users can initiate transactions from any supported chain while settling on another. This flexibility empowers users, driving increased interaction among different platforms. AI-Powered Interface: The integration of DISE LLM allows users to conduct complex DeFi operations using natural language, thereby simplifying interactions and making blockchain technology accessible to a broader audience. Cross-Domain MEV Capture: Mantis creates an internal market for maximal extractable value (MEV) through competitions among solvers. This innovative approach allows for greater efficiency and value extraction in complex transactions. Modular Settlement Layer: The protocol supports various verification methods, including zero-knowledge proofs and optimistic rollups, providing a versatile framework that can adapt to emerging blockchain technologies. Historical Timeline Mantis's development is marked by several critical milestones that chart its trajectory and growth: | Year | Milestone | |————|————————————————————————-| | 2022 | Initial concept development within the Composable Foundation's research division. | | Q3 2024 | Launch of the testnet with bridging capabilities between Solana and Ethereum. | | Q1 2025 | Anticipated Token Generation Event (TGE) alongside the mainnet launch. | | Q2 2025 | Expected integration of DISE LLM and expansion of cross-chain capabilities. | | 2025 H2 | Planned support for over 15 chains through further IBC upgrades. | This timeline outlines Mantis's evolution, from conceptual discussions to active implementation and future growth phases. Ecosystem Growth Strategy Mantis's strategy for ecosystem growth includes several initiatives designed to encourage user participation and developer engagement: Credits System: Users can earn protocol credits by providing liquidity and engaging in referral programs. These credits are redeemable for incentives in the future, fostering a robust user community. Modular Software Development Kit (SDK): This toolkit empowers developers to create applications based on intent-driven models utilizing Mantis's infrastructure, thus promoting innovation within its ecosystem. Governance Model: As the protocol matures, $M token holders will have a voice in protocol governance, allowing them to vote on proposed upgrades and changes, thereby enhancing community engagement and decentralization. Mantis represents a significant advancement in the realm of cross-chain architecture. By seamlessly integrating advanced AI algorithms with a robust settlement framework, Mantis seeks to tackle the problems of fragmentation within multi-chain ecosystems. Its innovative approach prioritizes improved user experiences while adhering to the foundational principles of decentralization and security, setting a new standard for the future interoperability of blockchain technologies. As Mantis continues its journey of growth and implementation, it promises to be a project to watch closely in the competitive landscape of Web3 and decentralized finance. With its focus on crossing boundaries and elevating user engagement, Mantis is poised to be an integral part of the future developments in the cryptocurrency space.

328 Total ViewsPublished 2025.03.18Updated 2025.03.18

How to Buy M

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7.5k Total ViewsPublished 2025.07.02Updated 2026.06.02

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