DeFi收益市场解读：Pendle TVL暴涨10倍，Convex锁仓量增长17.5%

Odaily星球日报2024-07-31 tarihinde yayınlandı2024-07-31 tarihinde güncellendi

Özet

在DL的收益类别中，有500多个协议，目前总共拥有79.5亿美元的TVL。

原文作者：OurNetwork

原文编译：深潮 TechFlow

今天我们将讨论“收益型”协议，这是 DeFi 协议的一种分类，其命名由 DeFiLlama 创造。虽然这个术语确实有些模糊，但我们目前想不出更合适的词汇，所以我们就用这个术语。在 DL 的收益类别中，有 500 多个协议，目前总共拥有 79.5 亿美元的 TVL——这比 2021 年 11 月下降了 74% 之多，但对于一个新的去中心化金融系统来说，仍然令人印象深刻。

DeFi收益市场解读：Pendle TVL暴涨10倍，Convex锁仓量增长17.5%

尽管市场不断变化，传统参与者与新进入的协议争夺相同的链上资本，但一些显著的赢家已经显现出来。固定利率借贷协议 Pendle 在 2024 年上半年表现卓越，成为整体类别的领导者，TVL 从 3 亿美元增长到 35 亿美元，增长了 10 倍，尽管 DeFi 市场的整体规模有所下降。PENDLE 代币的价值在年初至今也上涨了三倍。该协议目前在收益类别中占据 44% 的 TVL，并有望收取 2260 万美元的年化费用。综合考虑，这是一个了不起的成就，我期待看到更多链上研究来解释他们是如何实现这一目标的。

DeFi收益市场解读：Pendle TVL暴涨10倍，Convex锁仓量增长17.5%

温馨提醒：这些 DeFi 收益对世界上任何拥有钱包和互联网连接的人都是可用的！我鼓励你尝试一些链上的协议来为自己赚取收益。接下来，让我们更深入地探讨这个类别。

DeFi 收益

Convex、Stake DAO、Tranchess、Pendle、Aura

DeFi收益市场解读：Pendle TVL暴涨10倍，Convex锁仓量增长17.5%

① Convex

MarcoV | Website | Dashboard

Convex 锁定的 CRV 在 7 月达到了 3.85 亿 (+ 17.5% )

  • Convex 使 Curve.fi 的流动性提供者在不锁定 CRV 的情况下赚取增强的 CRV 和流动性挖矿奖励。另一方面，它向 CRV 锁定者提供交易费用和增强的 CRV 份额，从而提高资本效率。最近，由于 CRV 大规模清算导致价格下跌，Convex 锁定的 CRV 总量在一个月内迅速增加到超过 3.84 亿 (+ 17.5% )。如下面的图表所示，Convex 仍然是锁定 CRV 的最大实体。

DeFi收益市场解读：Pendle TVL暴涨10倍，Convex锁仓量增长17.5%

Dune Analytics - @Marcov

  • 用户通过锁定 CVX 可以访问 Convex 锁定的 CRV，从而获得协议收益（当前为 0.05% ）和贿赂（当前约为 15% ）。你还可以质押 CVX，获得 5.25% 的收益。在 7 月，我们可以看到锁定的 CVX 数量略有减少，而质押的 CVX 数量略有增加。

DeFi收益市场解读：Pendle TVL暴涨10倍，Convex锁仓量增长17.5%

Dune Analytics - @Marcov

  • 通过将锁定的总 CVX 除以 Convex 锁定的 CRV 数量，可以得到每个锁定的 CVX 对应的 CRV 代币数量，由于锁定的 CRV 增加和锁定的 CRV 略有减少，这一数字增加到了 7.43 。这意味着锁定 1 个 CVX 代币可以访问 7.43 个锁定的 CRV。

DeFi收益市场解读：Pendle TVL暴涨10倍，Convex锁仓量增长17.5%

Dune Analytics - @Marcov

② Stake DAO

Hubert | Website | Dashboard

Stake DAO 锁定的 CRV 超过 1 亿

  • Stake DAO 是在你的加密货币上生成收益的首选平台。在 Stake DAO 上，你可以获得来自多个协议的收益机会，例如：Curve（去中心化交易所和借贷）、Pendle、PancakeSwap、Yearn、Balancer、F(x)。它允许用户在多个链上进行流动性提供、借贷和杠杆操作，并获得比直接使用这些协议更好的奖励。

DeFi收益市场解读：Pendle TVL暴涨10倍，Convex锁仓量增长17.5%

DeFiLlama

  • 这种优越的收益得益于 Stake DAO 在基础协议治理代币中的份额，在提供流动性时可以获得增强的奖励。例如，在 Curve 上，Stake DAO 刚刚达到锁定 1 亿 CRV 的水平，是继 Convex 之后第二个达到此水平的持有者。

DeFi收益市场解读：Pendle TVL暴涨10倍，Convex锁仓量增长17.5%

Dune Analytics - @Marcov

  • Stake DAO 不仅集成了 Curve，还与十多个协议合作。它的成功与其优越的 peg 维护和更广泛的流动质押衍生品的实用性密切相关。

DeFi收益市场解读：Pendle TVL暴涨10倍，Convex锁仓量增长17.5%

defiwars.xyz

  • 交易级别 Alpha：最后，Stake DAO 最近推出了 OnlyBoost，这是一款简化决策的产品，帮助用户寻找特定池的最佳收益，通过将用户存款分配到不同的“增强器”（例如 Convex 和 Stake DAO）来最大化收益。在这笔交易中，用户在 crvUSD 借贷池中存入了 56 万美元。这些资金被分割： 30.3 万美元通过 Convex， 25.7 万美元通过 Stake DAO。这使得该池保持了 2.5 倍的增强和最佳收益。

③ Tranchess

Anthony Loya | Website | Dashboard

Tranchess 解锁了 1.0158 亿 CHESS 代币，约为 1408 万美元

  • Tranchess 是一个 DeFi 协议，提供通过 QUEEN、BISHOP、ROOK 和 CHESS 代币增强收益的产品，支持 BTC、ETH 和 BNB 等多种风险配置资产。CHESS 是治理代币，而 veCHESS 代表锁定的 CHESS 代币，授予投票权和奖励。Tranchess V2 引入即时交换和增加的返利池，提升了资产配置的灵活性。

DeFi收益市场解读：Pendle TVL暴涨10倍，Convex锁仓量增长17.5%

DeFiLlama

  • 在此期间，资产价格波动显著， 2023 年 12 月达到最高点 0.1954 美元，随后下跌， 2024 年 7 月部分回升至 0.1399 美元。交易量显示出显著的峰值，特别是在 2023 年 7 月 11 日和 2023 年 11 月 11 日，表明市场活动显著。流动性保持相对停滞，从 2023 年 7 月的 103 万美元逐渐减少到 2024 年 7 月的 25.36 万美元。过去几个月的重大解锁事件伴随着价格急剧下降和低交易量，例如在 2024 年 4 月 6 日和 2024 年 6 月 2 日。总体而言，市场表现出动态行为，并在 2024 年 7 月中旬出现恢复趋势。

DeFi收益市场解读：Pendle TVL暴涨10倍，Convex锁仓量增长17.5%

DeFiLlama

  • CHESS 代币的解锁量巨大，约为 1.0158 亿，并且根据 DefiLlama 的数据，质押量也有所减少。从 2024 年 3 月 28 日起，质押金额从 1229 万美元降至截至 2024 年 7 月 30 日的 635 万美元。该协议质押量下降的原因有多个。首先，流动质押代币（LRTs）的引入及新质押模型在 DeFi 领域内造成了更大竞争。

DeFi收益市场解读：Pendle TVL暴涨10倍，Convex锁仓量增长17.5%

Dune Analytics - @dragon_cat

  • 交易级别 Alpha：进入 6 月后，Tranchess 的质押者中出现了许多六位数的资金，这反映出该协议仍然对一些质押者具有吸引力。例如，一个用户账户在 2024 年 6 月 3 日质押了 331, 700.55 美元的 eQUEEN。

④ Pendle

Dan Anthony | Website | Dashboard

Pendle 在“收益”类别中领先，TVL 达到 35 亿美元

Pendle 是一个将收益代币拆分为本金代币（PT）和收益代币（YT）的协议，自 1 月以来交易量超过 245 亿美元，月增长率达到 96% 。

DeFi收益市场解读：Pendle TVL暴涨10倍，Convex锁仓量增长17.5%

analytics.pendle.finance

  • Pendle 目前的 TVL 为 30 亿美元，曾达到 67 亿美元。TVL 的下降是由于池在 6 月底到期，Pendle 解决了超过 30 亿美元的收益。

DeFi收益市场解读：Pendle TVL暴涨10倍，Convex锁仓量增长17.5%

analytics.pendle.finance

  • Pendle 目前在 Ethena 的 sUSDe TVL 中占据约 40% （6 亿美元），使我们成为迄今为止 sUSDe 的最大持有者。

DeFi收益市场解读：Pendle TVL暴涨10倍，Convex锁仓量增长17.5%

analytics.pendle.finance

  • 交易级别 Alpha：Tron 的创始人 Justin Sun 购买了 PT-eETH 和 PT-pufETH 以获得固定收益。此链接显示了 Justin Sun 在 Pendle 的仪表盘。交易通过多笔交易进行。

⑤ Aura

Owen Fernau | Website | Dashboard

Aura 吸引了 70% 的 Balancer 投票锁定的 BAL (veBAL) 代币

  • Aura Finance 是一个 TVL 超过 4 亿美元的协议，建立在去中心化交易所 Balancer 上，后者的 TVL 超过 8 亿美元。Aura 与三个关键实体对接：BAL 质押者、Balancer 流动性提供者（LP）和 AURA 持有者，所有这些实体都可以从该协议中获得收益。Aura 吸引了所有“投票锁定”的 BAL (veBAL) 的 70% ，veBAL 是赋予用户在 Balancer 平台上投票和获取费用的代币。用户通过 auraBAL 获得这些好处，质押或用于流动性提供时，auraBAL 会从 Aura 中获得额外收益。

DeFi收益市场解读：Pendle TVL暴涨10倍，Convex锁仓量增长17.5%

Dune Analytics - @aura_finance

  • Aura 发行的 veBAL 版本 auraBAL 与 80/20 BAL/ETH Balancer LP 代币之间的挂钩脱离了 1: 1 的比例（veBAL 是通过 80/20 BAL/ETH LP 代币铸造的）。这两种代币之间的比例在 6 月达到了高达 90% 的 auraBAL。理想的挂钩比例是 50: 50 。

DeFi收益市场解读：Pendle TVL暴涨10倍，Convex锁仓量增长17.5%

Dune Analytics - @aura_finance

  • 自 2022 年 7 月协议启动以来，Aura 几乎每个月都产生了超过 25 万美元的收入，只有一个月例外。在 2022 年 8 月，协议的收入达到了 835 万美元，创下了最高记录。

DeFi收益市场解读：Pendle TVL暴涨10倍，Convex锁仓量增长17.5%

Dune Analytics - @aura_finance

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