IOSG：链上收益全景，从生息稳定币到加密信用产品的演进

marsbit2026-03-10 tarihinde yayınlandı2026-03-10 tarihinde güncellendi

Özet

IOSG研究报告分析了链上收益市场的发展趋势。熊市中，以稳定币为基础的固定收益产品更受青睐，投资者偏好稳定收益和低风险，推动生息稳定币增长。协议发展呈现前后端分化趋势，大型DeFi协议开始构建自有钱包和应用以控制流量入口，同时新公链和项目对自有稳定币的需求为生息协议带来新机会。研究覆盖18种链上收益产品，包括国债衍生品、质押、流动性质押代币、生息稳定币等，并从APY、流动性、提款时间和风险等角度评估。收益模式分为八类，风险维度包括协议风险、参与方风险、策略风险和流动性风险。美国降息预期将导致国债收益率下降，促使稳定币纳入更广泛的RWA资产，如房屋抵押贷款和GPU融资等现实世界资产收益来源多元化。机构采用链上收益主要通过端到端服务和优先股等加密信用产品实现，为传统投资者提供加密市场收益敞口。总体而言，链上收益市场正从单纯APY竞争转向多元化收益来源和风险管理，现实世界资产和独家加密原生收益来源成为关键优势。

作者| Turbo @IOSG & James @Surf

TL; DR

熊市中以稳定币为基础的固定收益产品会更受青睐

牛市时所有产品 TVL 上涨,但熊市中表现分化明显。熊市中投资者倾向于更稳定的收益和更低的底层风险,这推动了生息稳定币的增长

协议向前端与后端发展

大型 DeFi 协议开始构建自己的钱包和移动应用以控制流量入口。加密行业正进入应用时代,零售用户可通过移动应用获取金融服务
新 L1/L2 和 DeFi 项目对自有稳定币的需求将推动生息协议向“后端”模式发展,为生息协议带来巨大需求

降息、国债收益下降与代替性 RWA 收益源的崛起

预计的降息会导致国债收益率下降。这会促使稳定币将更广泛的 RWA 资产纳入底层资产
现实世界业务和金融产品可以成为稳固的收益来源,即使在前端较弱的情况下也能成为该生息协议的特殊优势。

当前链上收益全景

我们研究了 18 种链上收益产品,涵盖多种收益来源。包括代币化国债及其衍生品、原生质押(ETH/SOL)、流动性质押代币(LST)如 Lido 和 Jito、生息稳定币(sUSDe、SyrupUSD)、协议收入分成模式(JLP、SKY)、DeFi 策略和生态激励(Lido GGV、SIUSD/LIUSD、asBNB)、DEX LP(Uniswap)、做市(HLP)以及 RWA 产品(PRIME、USDai、USP)。对于每个产品,本文均从 APY、流动性、提款时间和主要风险等维度进行了评估。

▲ 来源:IOSG;数据截至 2025 年 11 月,USP、SIUSD、LIUSD 数据为 2026 年 1 月

▲ Source: Surf

收益模式

链上收益有八种不同机制,各自有不同的收益,风险和受市场影响敏感度:

共识奖励(ETH/SOL 质押、LST)提供稳定的,协议级保障收益。资金费率套利和协议收入受市场周期影响,牛市强劲,熊市压缩。借贷和 RWA 收益引入对手盘风险但也相对稳定。LP 可以捕获交易费。DeFi 策略和生态激励聚合多个协议收益,同时也有智能合约风险。

风险分层

产品主要有以下四个维度的风险:

协议风险:技术风险,包括智能合约风险
参与方风险:对中心化实体或链下参与者的依赖市场
策略风险:资产价格波动或策略问题的敞口
流动性风险:TVL 深度和提款机制

极低风险层有代币化国债和成熟借贷。低风险产品如原生质押和流动性质押衍生品引入智能合约风险,但其代码已经非常成熟,该风险较低。中风险产品通过 DeFi策略聚合或协议收入分成增加了协议复杂性,同时面临代币价格波动和收益变动风险。高风险产品呈现多重叠加风险,资金费率策略在熊市面临收益减少,做市 Vault 面临市场操纵风险,新兴 RWA 协议则引入第三方参与者,导致不透明性和流动性有限的问题。

关键结论与链上收益的未来

以稳定币为基础/相对固定利率产品是熊市的首选

我们深入分析了不同收益产品在牛熊市中的 TVL 和 APY 表现。选取 stETH(质押)、JitoSOL(质押)、sUSDS(借贷)、WETH/USDT(Uniswap DEX LP)、SyrupUSDC(Maple 借贷)和 sUSDE(Ethena 资金费率策略)作为不同收益产品的代表。牛市大约在 6 月至 10 月,之后市场转熊。

▲ Source: DeFiLlama

从 TVL 数据看,牛市期间所有产品的 TVL 均上涨。但在熊市中,stETH、sUSDE 和 JitoSOL 的 TVL 下降,而 sUSDS 和 SyrupUSDC 的 TVL 上升。

▲ Source: DeFiLlama

WETH/USDT 池和 stETH 的 APY 在不同市场环境下相对稳定。JitoSOL、SyrupUSDC、sUSDE 和 sUSDS 的 APY 均有所下降,其中 sUSDE 和 SyrupUSDC 降幅显著。图表还显示,APY 越高的产品波动性也越大。sUSDS 的 APY 更多由治理驱动而非市场驱动,因此大部分时间保持稳定。

总体而言,熊市中稳定币为基础的收益产品将吸引更多关注,流动性更高。非稳定币支持的收益产品在熊市会因底层资产价格下跌而遭遇 TVL 下降。投资者也倾向于更稳定的收益和更低的底层风险,这也推动了生息稳定币 TVL 的增长。

在熊市中,相对固定利率的产品是更合理的选择。尽管 sUSDS 不受市场驱动,但其 APY 在中期内稳定可预测。sUSDE 的 APY 受市场条件影响波动过大,在熊市中可能大幅下降,因此不是理想选择。

这也说明,在评估链上收益机会时,仅看 APY 并不能全面反映潜在回报。底层资产在决定实际表现中起着关键作用,尤其对于 JLP(SOL、BTC、ETH 组成的指数基金)、asBNB 和 SKY 等产品。这些情况下,代币价格波动往往超过 APY 本身,使得资产选择与收益率同等重要。不过,部分投资者可通过对冲策略缓解这一风险,例如在 CEX 或 DEX 上做空等值底层资产,从而隔离底层资产价格波动并仅捕获生息收益。

协议向前端与后端发展

过去,通过国债 4% 的收益,稳定币是现金流极好的生意。然而,收益型稳定币是将几乎 100% 国债收益分享给用户的产品,这对传统稳定币带来一些挑战。自 2024 年以来,生息稳定币的市场份额稳步上升。如果我们看排名前三的原生收益稳定币和排名前三的无原生收益稳定币(USDT、USDC、PYUSD、USDe、USDS、USDY)的供应量,有原生收益的稳定币市场份额从 0.1% 上升至 7.6%,峰值达到 11.5%。

▲ Source: Artemis

这就是为什么许多 DeFi 协议开始控制流量入口,并尝试建立自己的分发渠道。许多大型 DeFi 协议正在构建自己的钱包或移动应用,以此控制入口。

这也显示出一个趋势:加密行业正进入应用时代。零售用户可以通过移动应用获取金融服务,这对 Web2 用户来说是更便捷的 Web3 入门方式。这些应用还可以提供无助记词服务,以降低学习门槛。

L1 和 DeFi 项目对自有稳定币的需求将成为生息协议未来增长的重要催化剂。生息协议也可能被推向“后端”模式。

鉴于当前稳定币供给情况,如果所有 L1 区块链都部署自己的稳定币而非依赖 USDT 或 USDC,其收入可能翻2-3倍。这对项目方而言有很大激励。此趋势已经明朗,MegaETH、Jupiter、Hyperliquid、BNB 都在做自己的稳定币,这将为生息协议带来巨大需求。

Ethena 已经看到了这一趋势。他们提供稳定币即服务(Stablecoin-as-a-Service),为这些项目带来国债收益。协议和链通过部署自己的稳定币,可以产生可观的稳定收入流。

▲ Source: DeFiLlama

降息,国债收益下降与代替性RWA收益源的崛起

受美国货币政策的影响,链上收益格局也会发生变化。

▲ Source: FOMC

特朗普总统提名 Kevin Warsh 接替鲍威尔担任美联储主席,若获批准,预计将于 2026 年 5 月完成交接。

新任美联储主席的提名预计将加速降息进程,导致美国国债(T-Bill)收益率下降。

▲ Source: FOMC participants’ assessments of appropriate monetary policy: Midpoint of target rangeor target level for the federal funds rate; Dec 10th 2025

这会促使稳定币将更广泛的RWAs资产纳入底层资产,进而使其底层资产更多元化。Figure 的 PRIME 是将 HELOC 收益上链的典型案例。HELOC(房屋净值信用额度)是一种贷款,允许房主以房屋为抵押进行借款、消费和按需还款。PRIME 代币持有者为 HELOC 贷款提供资金,固定收益率为 8%。

▲ Source: Kamino

还有一类是将现实世界业务上链作为收益来源。USDai 是将 GPU 融资上链的方式。USDai 的收益来源是借款人的贷款还款,具体来说,是 GPU 基础设施运营商通过抵押 GPU 硬件获得融资后的月度还款。

私人信贷也日益受到关注,这也是一个 APY 有吸引力的稳固收益来源。Craftt 和 Pareto 等项目允许链上用户通过向机构和企业出借资产来赚取收益。这类收益也有坚实的现实业务支撑。

这些例子表明,现实世界业务和金融产品可以成为稳固的收益来源。即使在前端较弱的情况下,这也可以成为生息协议的特殊优势。

加密原生的收益来源也在竞争激烈的市场中变得越来越重要。提供独家收益流的产品具有特殊价值。例如,asBNB 提供 Binance Launchpad 收益敞口,这是仅在 BSC 生态内可获得的收益来源。

同样,当收入分成模式有透明的收入基本面支撑时,这类模式也很有吸引力。JLP 和 HLP 的成功表明,用户愿意将资金投入直接分享真实协议收入的产品。

机构采用链上收益:端到端服务与 Crypto 信用产品 (优先股)

随着机构采用浪潮,许多机构可能会尝试捕获链上收益或加密收入。关键在于提供端到端服务。

DeFi 协议的端到端服务

例如,Ether.fi 提供机构质押服务,核心是端到端资产管理。他们提供非托管和托管两种质押选项,还提供名为"白手套"(white-glove)的服务,这是一项端到端质押服务,提供受控环境,包含年度审计、KYC 合规和月度报表。该 ETH 基金也是 CIMA 注册基金。在质押之上,机构还可参与 DeFi 借贷和其他协议的固定收益。

优先股是基于 Crypto 的一种 “国债”,是向机构分配加密收益的重要方式

DAT 的优先股作为机构获取链上收益的一种途径其实被低估了,本质上来讲,这其实是基于 Crypto 的一种信用债务资产,和国债是类似产品。国债是基于国家信用和能力创造的一种债务,而 DAT 公司基于 Crypto 资产创造的了信用市场,优先股是基于该信用市场创造的一种信用债务产品。优先股通过股息为传统机构提供加密收益。主要有两种收益类型:长期 CAGR 和包括质押在内的 DeFi 收益。

Strategy 的 STRC 提供年化 11.5% 的股息,可按月现金支付,可在大多数主流券商平台交易。Strategy 的基础在于比特币的 CAGR。其假设是 BTC 是抗通胀资产,并认为实际通胀率约为8%。STRF 及其他类似优先股产品如 STRD 和 STRK 将抗通胀部分的收益带给投资者。投资者还可选择8%收益的 STRK,有机会转换为 MSTR 以捕获更多比特币上涨空间。

▲ Base information about STRC; Source: Strategy

传统金融中有类似的抗通胀产品,如 TIPS(政府发行的通胀保值债券)。TIPS 随通胀上升、随通缩下降。他们会使用美国劳工统计局统计的 CPI(消费者价格指数)调整 TIPS 。尽管 TIPS 利率低于通胀率(2.7%),但这是扣除通胀后的实际收益,因为本金会根据通胀率调整,实际收益约为 4%。

▲ Interest rate of TIPS; Source: Treasurydirect.gov

有趣的是,Saturn Labs 这类稳定币项目正将 DAT 的稳定收益上链作为稳定币的收益来源。在数字资产时代和美联储降息周期中,这可能是一种链上国债替代选择。

优先股股息也可以成为向股票投资者分配聚合链上收益的方式。Solana DAT Forward Industries 将其几乎全部 SOL 持仓(超过 687 万枚 SOL)进行质押,获得约 7% 的质押收益。他们还将约 25% 的 SOL 转换为 fwdSOL(LST),以获得更大的 DeFi 流动性和收益机会。尽管他们尚未宣布这些收益将通过优先股分配给投资者,但他们有能力提供约 7% 的收益,并利用链上协议产生更高收益。DeFi Development Company 提供 C 系列永久优先股,年化股息率为 10%。根据当前链上收益率和 SOL 质押率,他们有能力负担这些股息。

İlgili Sorular

Q根据文章，熊市中哪种类型的链上收益产品更受投资者青睐？

A熊市中，以稳定币为基础的固定收益产品更受投资者青睐，因为投资者倾向于更稳定的收益和更低的底层风险，这推动了生息稳定币的增长。

Q文章中提到DeFi协议在控制流量入口方面采取了什么策略？

A许多大型DeFi协议开始构建自己的钱包和移动应用以控制流量入口，这表明加密行业正进入应用时代，零售用户可以通过移动应用获取金融服务。

Q预计的美联储降息将对链上稳定币的收益来源产生什么影响？

A预计的降息会导致美国国债收益率下降，这会促使稳定币将更广泛的现实世界资产（RWA）纳入底层资产，以实现资产多元化并维持收益。

Q文章中提到哪些现实世界业务或金融产品可以作为链上收益的稳固来源？

A现实世界业务和金融产品如HELOC（房屋净值信用额度）、GPU融资、私人信贷等可以作为稳固的收益来源，即使在前端较弱的情况下也能成为生息协议的特殊优势。

Q机构采用链上收益的主要方式有哪些？

A机构采用链上收益的主要方式包括通过DeFi协议提供的端到端服务（如机构质押和资产管理）以及投资基于Crypto的信用产品如优先股，后者通过股息为传统机构提供加密收益。

İlgili Okumalar

The Trillion-Yuan Market Cap 'Yi Zhong Tian': Who is the True Value King?

The article analyzes the three leading Chinese optical module companies, collectively nicknamed "Yi Zhong Tian": Xinyisheng, Zhongji Innolight, and TFC Optical Communication. It evaluates their "cost-performance" not by current stock price, but through three lenses: PEG ratio (growth vs. valuation), earnings quality, and premium/discount for certainty. Xinyisheng shows the most attractive PEG ratio and high profitability, but its valuation reflects discounts for risks like high customer concentration and reliance on overseas markets. Zhongji Innolight, the most expensive, commands a premium for its market leadership, dominant share in key products like 800G/1.6T modules, and higher earnings certainty, though it faces geopolitical risks. TFC Optical, as an upstream component supplier ("water seller"), has the highest gross margin and bets on the long-term CPO/NPO architecture trend, but trades at a high valuation with more stable, less explosive growth. The core argument is that while these companies dominate module assembly, the true profit pool and technological moat lie upstream in laser and switch chips, currently controlled by U.S. firms like Lumentum and Coherent. The long-term "cost-performance" for these Chinese leaders hinges on whether the domestic industry, exemplified by companies like Yuanjie Technology, can successfully move up the value chain into high-power laser chips. Otherwise, their high growth may remain confined to the lower-margin assembly segment.

marsbit10 dk önce

The Trillion-Yuan Market Cap 'Yi Zhong Tian': Who is the True Value King?

marsbit10 dk önce

Has the Crypto Market Bottomed? Here's What Institutions Think

The crypto market is in a period of significant debate, with leading institutions offering differing views on whether a bottom has been reached. Three prominent firms have published detailed analyses: * **Galaxy Digital** argues Bitcoin has **not yet bottomed**. Their analysis of 13 historical indicators across six dimensions (valuation, profit-taking, miner pressure, etc.) shows only four are fully met. They project a potential bottom range between $30k and $54k. * **NYDIG** states a bottom is **possible but not likely**. While metrics are close to historic bear market extremes, they note the absence of a classic panic-selling event. They also suggest increased institutional adoption may have structurally altered the market cycle, potentially leading to a shallower downturn. * **Standard Chartered Bank** asserts the **bottom has already occurred** at around $59k. They cite two key factors: potential US-Iran diplomatic progress and the anticipated SpaceX IPO, which they believe absorbed capital and caused ETF selling pressure that is now subsiding. They forecast a year-end price target of $100k. Despite the surface-level disagreement, the reports share critical common ground more valuable for long-term investors: 1. All three believe the market bottom will form **within this year**. 2. All agree the current price is **closer to the bottom than to previous highs**. 3. All maintain a **bullish long-term outlook** for Bitcoin and a new cycle. The core takeaway is that while the exact bottom price ($40k, $50k, or $60k) is debated, the consensus is that a bottom is imminent. For long-term holders, the primary focus should not be pinpointing the absolute low, but on the future potential for prices to reach $100k, $200k, or higher. The fundamental thesis for Bitcoin—sovereign debt accumulation, inflation, declining trust in centralized institutions, global digitization, and improved accessibility—remains intact and is arguably strengthening. The overall landscape is viewed as more favorable than in previous crypto winters.

marsbit20 dk önce

Has the Crypto Market Bottomed? Here's What Institutions Think

marsbit20 dk önce

The 'Chip' Challenge and Breakthroughs in China's Optical Industry Chain

China's Photonics Industry: Bottlenecks and Breakthroughs In the global AI race, computing chips dominate the narrative, but the underlying bottleneck increasingly defining the scale of AI clusters is light—or more specifically, optical connectivity. Optical modules, which translate electrical signals to light and vice versa, are crucial for connecting thousands of GPUs in AI data centers, preventing data congestion and ensuring efficient model training. High-speed modules (800G, 1.6T) are now standard, with performance hinging on advanced DSP (Digital Signal Processor) chips. This is where a critical dependency lies. Two US giants—Marvell and Broadcom—collectively dominate over 90% of the high-end DSP chip market. Chinese optical module leaders like Zhongji Innolight and Eoptolink rely on these chips to manufacture modules for overseas AI customers, primarily in North America. While this creates a supply chain vulnerability, complete decoupling is difficult. Marvell derives over half its revenue from Greater China, and the US firms depend on Chinese partners for chip packaging and optical components. The risk from laser chips (e.g., from Lumentum), another key component, is considered more manageable due to multiple global suppliers and faster progress in domestic alternatives from companies like YOFC and Accelink. To mitigate risks, China's industry is pursuing a multi-pronged strategy: diversifying supply chains and locking in long-term orders; fostering a domestic market ecosystem to adopt homegrown DSPs from firms like Huawei HiSilicon and CETC; accelerating R&D in high-speed DSPs and advanced packaging; and investing in next-gen technologies like silicon photonics and Co-Packaged Optics (CPO) to reduce reliance on discrete DSPs. The ultimate solution lies not in short-term博弈 but in persistent advancement of domestic high-end chip R&D and manufacturing. While challenges remain in performance, certification, and ecosystem building, China's vast domestic market and manufacturing base provide a crucial buffer, buying time for the industry to achieve greater technological independence.

marsbit33 dk önce

The 'Chip' Challenge and Breakthroughs in China's Optical Industry Chain

marsbit33 dk önce

Behind SpaceX's $2 Trillion Market Cap: Why Does Musk Always Have the Next Move Planned?

On June 12th, SpaceX debuted on the Nasdaq, reaching a valuation that briefly touched $2 trillion. This marked the culmination of a 24-year journey from its founding in 2002, driven by Elon Musk's frustration at the high cost of buying rockets. The company's path was defined by early failures, with its first three Falcon 1 launches ending in explosions before a successful 2008 flight opened the era of commercial spaceflight. Key to its model was a fixed-price NASA contract, incentivizing cost reduction. SpaceX mastered rocket reusability, first achieving a Falcon 9 landing in 2015, which drastically cut launch costs. This enabled its profitable Starlink satellite internet constellation, envisioned years before reusability was proven, to create an internal market for frequent launches. Similarly, the next-generation Starship rocket was in development long before its first flight, with its business case evolving from Mars colonization to supporting the emerging concept of in-orbit data centers for AI—a story now central to its valuation. The company's recent IPO, a reversal of its long-standing "no IPO" stance, is funding this ambitious "space-based compute" vision. While major tech players like Google, Blue Origin, and others are investing heavily, significant technical and cost hurdles remain. Ultimately, SpaceX's history is one of creating its own demand: first with Starlink and now with space-based AI compute, betting that its next rocket will enable its next giant market.

marsbit36 dk önce

Behind SpaceX's $2 Trillion Market Cap: Why Does Musk Always Have the Next Move Planned?

marsbit36 dk önce

USDe Circumvents GENIUS Act Yield Ban: How Synthetic Dollars Became Crypto's Most Successful Gray Area?

In drafting the GENIUS Act, Congress prohibited licensed payment stablecoin issuers from paying interest or yield to holders—a rule that forced changes for USDC. However, Ethena's USDe, a rapidly growing "yield dollar," operates outside this regulation. USDe is a delta-neutral synthetic dollar backed by crypto collateral and hedged perpetual futures positions, generating yield from funding rates rather than traditional reserves. Because it doesn't fit the legal definition of a payment stablecoin, the GENIUS Act's restrictions do not apply. USDe's supply peaked above $14 billion in 2025, making it a top-three dollar-denominated crypto asset. Its model carries distinct risks, notably dependence on sustained positive funding rates and vulnerability during market deleveraging events, as seen in a brief depeg in October 2025. Regulatory approaches differ: Germany's BaFin banned USDe sales, viewing it as an unregistered security, while U.S. institutional capital, like Janus Henderson, has embraced it for treasury management. The GENIUS Act defined and regulated payment stablecoins but left synthetic dollars like USDe in a gray area. The unresolved question is whether future regulations will address this category or if yield will continue migrating to undefined spaces.

marsbit38 dk önce

USDe Circumvents GENIUS Act Yield Ban: How Synthetic Dollars Became Crypto's Most Successful Gray Area?

marsbit38 dk önce

İşlemler

Spot

Futures

Popüler Makaleler

TURBO Nasıl Satın Alınır

HTX.com’a hoş geldiniz! TURBO (TURBO) satın alma işlemlerini basit ve kullanışlı bir hâle getirdik. Adım adım açıkladığımız rehberimizi takip ederek kripto yolculuğunuza başlayın. 1. Adım: HTX Hesabınızı OluşturunHTX'te ücretsiz bir hesap açmak için e-posta adresinizi veya telefon numaranızı kullanın. Sorunsuzca kaydolun ve tüm özelliklerin kilidini açın. Hesabımı Aç2. Adım: Kripto Satın Al Bölümüne Gidin ve Ödeme Yönteminizi SeçinKredi/Banka Kartı: Visa veya Mastercard'ınızı kullanarak anında TURBO (TURBO) satın alın.Bakiye: Sorunsuz bir şekilde işlem yapmak için HTX hesap bakiyenizdeki fonları kullanın.Üçüncü Taraflar: Kullanımı kolaylaştırmak için Google Pay ve Apple Pay gibi popüler ödeme yöntemlerini ekledik.P2P: HTX'teki diğer kullanıcılarla doğrudan işlem yapın.Borsa Dışı (OTC): Yatırımcılar için kişiye özel hizmetler ve rekabetçi döviz kurları sunuyoruz.3. Adım: TURBO (TURBO) Varlıklarınızı SaklayınTURBO (TURBO) satın aldıktan sonra HTX hesabınızda saklayın. Alternatif olarak, blok zinciri transferi yoluyla başka bir yere gönderebilir veya diğer kripto para birimlerini takas etmek için kullanabilirsiniz.4. Adım: TURBO (TURBO) Varlıklarınızla İşlem YapınHTX'in spot piyasasında TURBO (TURBO) ile kolayca işlemler yapın.Hesabınıza erişin, işlem çiftinizi seçin, işlemlerinizi gerçekleştirin ve gerçek zamanlı olarak izleyin. Hem yeni başlayanlar hem de deneyimli yatırımcılar için kullanıcı dostu bir deneyim sunuyoruz.

273 Toplam GörüntülenmeYayınlanma 2024.12.10Güncellenme 2026.06.02

Tartışmalar

HTX Topluluğuna hoş geldiniz. Burada, en son platform gelişmeleri hakkında bilgi sahibi olabilir ve profesyonel piyasa görüşlerine erişebilirsiniz. Kullanıcıların TURBO (TURBO) fiyatı hakkındaki görüşleri aşağıda sunulmaktadır.