{"id":2383,"date":"2025-12-02T00:29:44","date_gmt":"2025-12-01T16:29:44","guid":{"rendered":"https:\/\/www.yixiangtian.com\/?p=2383"},"modified":"2025-12-02T00:29:44","modified_gmt":"2025-12-01T16:29:44","slug":"vaneck-2025%e5%b9%b4%e5%8d%81%e5%a4%a7%e9%a2%84%e6%b5%8b%ef%bc%9a%e7%be%8e%e5%9b%bd%e9%80%9a%e8%bf%87btc%e6%88%98%e7%95%a5%e5%82%a8%e5%a4%87%ef%bc%8c%e7%89%9b%e5%b8%82%e5%b0%86%e5%9c%a8%e6%98%8e","status":"publish","type":"post","link":"http:\/\/www.yixiangtian.com\/?p=2383","title":{"rendered":"VanEck 2025\u5e74\u5341\u5927\u9884\u6d4b\uff1a\u7f8e\u56fd\u901a\u8fc7BTC\u6218\u7565\u50a8\u5907\uff0c\u725b\u5e02\u5c06\u5728\u660e\u5e74\u5e95\u65b0\u9ad8"},"content":{"rendered":"<h1 class=\"art_tit\">VanEck 2025\u5e74\u5341\u5927\u9884\u6d4b\uff1a\u7f8e\u56fd\u901a\u8fc7BTC\u6218\u7565\u50a8\u5907\uff0c\u725b\u5e02\u5c06\u5728\u660e\u5e74\u5e95\u65b0\u9ad8<\/h1>\n<div class=\"content_text\">\n<p>\u539f\u6587\u4f5c\u8005\uff1aMatthew Sigel\u00a0&amp;\u00a0Patrick Bush<\/p>\n<p>\u539f\u6587\u7f16\u8bd1\uff1a\u6df1\u6f6e\u00a0TechFlow<\/p>\n<p>\u8bf7\u6ce8\u610f\uff0cVanEck \u53ef\u80fd\u6301\u6709\u4e0b\u8ff0\u6570\u5b57\u8d44\u4ea7\u3002<\/p>\n<p>\u5728\u5f00\u59cb\u8c08\u8bba\u6211\u4eec\u5bf9 2025 \u5e74\u7684\u5c55\u671b\u4e4b\u524d\uff0c\u8ba9\u6211\u4eec\u5148\u56de\u987e\u4e00\u4e0b 2024 \u5e74\u7684\u9884\u6d4b\u8868\u73b0\u3002\u5728 2023 \u5e74\u5e95\u63d0\u51fa\u7684\u00a015 \u9879\u9884\u6d4b\u4e2d\uff0c\u6211\u4eec\u7684\u81ea\u8bc4\u5206\u662f 8.5\/15\u00a0\u3002\u867d\u7136 56.6% \u7684\u51c6\u786e\u7387\u5e76\u4e0d\u5b8c\u7f8e\uff0c\u4f46\u8fd9\u5df2\u7ecf\u8db3\u591f\u8ba9\u6211\u4eec\u7ee7\u7eed\u201c\u7559\u5728\u8d5b\u573a\u201d\u3002\u968f\u7740\u6bd4\u7279\u5e01 (BTC) \u7a81\u7834 10 \u4e07\u7f8e\u5143\u548c\u4ee5\u592a\u574a (ETH) \u7a81\u7834 4000 \u7f8e\u5143\uff0c\u5373\u4fbf\u6709\u4e9b\u9884\u6d4b\u672a\u80fd\u5b8c\u5168\u547d\u4e2d\uff0c\u00a02024 \u5e74\u4f9d\u7136\u662f\u52a0\u5bc6\u8d27\u5e01\u5386\u53f2\u4e0a\u503c\u5f97\u94ed\u8bb0\u7684\u4e00\u5e74\u3002<\/p>\n<h2>2024 \u5e74\u9884\u6d4b\u56de\u987e<\/h2>\n<p>\u6211\u4eec\u5728 2024 \u5e74\u7684\u9884\u6d4b\u4e2d\uff0c\u6210\u529f\u62bc\u4e2d\u4e86\u591a\u4e2a\u5173\u952e\u8d8b\u52bf\uff0c\u5305\u62ec\uff1a<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u6bd4\u7279\u5e01\u73b0\u8d27 ETP \u7684\u9996\u6b21\u63a8\u51fa<\/p>\n<\/li>\n<li>\n<p>\u6bd4\u7279\u5e01\u51cf\u534a\u987a\u5229\u5b8c\u6210<\/p>\n<\/li>\n<li>\n<p>\u4ee5\u592a\u574a\u4ecd\u7136\u6392\u540d\u7b2c\u4e8c\uff0c\u4ec5\u6b21\u4e8e\u6bd4\u7279\u5e01<\/p>\n<\/li>\n<li>\n<p>\u6bd4\u7279\u5e01\u5728 2024 \u5e74\u7b2c\u56db\u5b63\u5ea6\u521b\u5386\u53f2\u65b0\u9ad8<\/p>\n<\/li>\n<li>\n<p>L2 \u4e3b\u5bfc\u4ee5\u592a\u574a\u6d3b\u52a8\uff08\u4f46 L2 TVL \u4ecd\u4f4e\u4e8e\u4ee5\u592a\u574a\uff09<\/p>\n<\/li>\n<li>\n<p>\u7a33\u5b9a\u5e01\u5e02\u503c\u521b\u4e0b\u5386\u53f2\u65b0\u9ad8<\/p>\n<\/li>\n<li>\n<p>\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u4ea4\u6613\u91cf\u5360\u6bd4\u8fbe\u5230\u65b0\u7eaa\u5f55<\/p>\n<\/li>\n<li>\n<p>Solana (SOL) \u8868\u73b0\u4f18\u4e8e\u4ee5\u592a\u574a (ETH)<\/p>\n<\/li>\n<li>\n<p>DePIN \u7f51\u7edc\u91c7\u7528\u7387\u589e\u957f<\/p>\n<\/li>\n<\/ul>\n<p>\u867d\u7136\u90e8\u5206\u9884\u6d4b\u672a\u80fd\u5b8c\u5168\u5b9e\u73b0\uff0c\u4f46\u6574\u4f53\u8d8b\u52bf\u4f9d\u7136\u9a8c\u8bc1\u4e86\u6211\u4eec\u7684\u5206\u6790\u65b9\u5411<\/p>\n<h2>2025 \u5e74\u5341\u5927\u52a0\u5bc6\u8d27\u5e01\u9884\u6d4b<\/h2>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u52a0\u5bc6\u725b\u5e02\u5c06\u5728\u7b2c\u4e00\u5b63\u5ea6\u8fbe\u5230\u4e2d\u671f\u9ad8\u70b9\uff0c\u5e76\u5728\u5e74\u5e95\u521b\u4e0b\u65b0\u9ad8<\/p>\n<\/li>\n<li>\n<p>\u7f8e\u56fd\u901a\u8fc7\u6218\u7565\u50a8\u5907\u548c\u653f\u7b56\u652f\u6301\u8fdb\u4e00\u6b65\u62e5\u62b1\u6bd4\u7279\u5e01<\/p>\n<\/li>\n<li>\n<p>\u4ee3\u5e01\u5316\u8bc1\u5238\u7684\u603b\u4ef7\u503c\u7a81\u7834 500 \u4ebf\u7f8e\u5143<\/p>\n<\/li>\n<li>\n<p>\u7a33\u5b9a\u5e01\u7684\u65e5\u4ea4\u6613\u7ed3\u7b97\u91cf\u8fbe\u5230 3000 \u4ebf\u7f8e\u5143<\/p>\n<\/li>\n<li>\n<p>AI \u667a\u80fd\u4f53\u7684\u94fe\u4e0a\u6d3b\u52a8\u8d85\u8fc7 100 \u4e07\u4e2a<\/p>\n<\/li>\n<li>\n<p>\u6bd4\u7279\u5e01\u7b2c\u4e8c\u5c42\u7f51\u7edc\u7684\u603b\u9501\u4ed3\u4ef7\u503c (TVL) \u8fbe\u5230 10 \u4e07 BTC<\/p>\n<\/li>\n<li>\n<p>\u4ee5\u592a\u574a\u7684 Blob \u7a7a\u95f4\u8d39\u7528\u6536\u5165\u8fbe\u5230 10 \u4ebf\u7f8e\u5143<\/p>\n<\/li>\n<li>\n<p>DeFi \u4ea4\u6613\u91cf\u521b\u4e0b 4 \u4e07\u4ebf\u7f8e\u5143\u65b0\u9ad8\uff0c\u603b\u9501\u4ed3\u4ef7\u503c\u8fbe\u5230 2000 \u4ebf\u7f8e\u5143<\/p>\n<\/li>\n<li>\n<p>NFT \u5e02\u573a\u590d\u82cf\uff0c\u5e74\u5ea6\u4ea4\u6613\u989d\u8fbe\u5230 300 \u4ebf\u7f8e\u5143<\/p>\n<\/li>\n<li>\n<p>\u53bb\u4e2d\u5fc3\u5316\u5e94\u7528\uff08DApp\uff09\u4ee3\u5e01\u7684\u8868\u73b0\u9010\u6e10\u8ffd\u8d76\u4e3b\u6d41\u516c\u94fe\u4ee3\u5e01<\/p>\n<\/li>\n<\/ul>\n<p>\u63a5\u4e0b\u6765\uff0c\u6211\u4eec\u5c06\u6df1\u5165\u63a2\u8ba8\u5176\u4e2d\u4e00\u4e9b\u5173\u952e\u9884\u6d4b\u7684\u80cc\u666f\u4e0e\u903b\u8f91\u3002<\/p>\n<h2>1. \u52a0\u5bc6\u725b\u5e02\u5728\u7b2c\u4e00\u5b63\u5ea6\u8fbe\u5230\u4e2d\u671f\u9ad8\u70b9\uff0c\u5e76\u5728\u7b2c\u56db\u5b63\u5ea6\u521b\u4e0b\u65b0\u9ad8<\/h2>\n<p>\u6211\u4eec\u8ba4\u4e3a\uff0c\u00a02025 \u5e74\u7684\u52a0\u5bc6\u8d27\u5e01\u725b\u5e02\u5c06\u6301\u7eed\u53d1\u5c55\uff0c\u5e76\u5728\u7b2c\u4e00\u5b63\u5ea6\u8fbe\u5230\u7b2c\u4e00\u4e2a\u9ad8\u5cf0\u3002\u5728\u8fd9\u4e00\u5468\u671f\u7684\u9876\u70b9\uff0c\u6211\u4eec\u9884\u8ba1\u6bd4\u7279\u5e01 (BTC) \u7684\u4ef7\u683c\u5c06\u8fbe\u5230\u7ea6 18 \u4e07\u7f8e\u5143\uff0c\u800c\u4ee5\u592a\u574a (ETH) \u7684\u4ef7\u683c\u5c06\u7a81\u7834 6000 \u7f8e\u5143\u3002\u5176\u4ed6\u77e5\u540d\u9879\u76ee\u5982 Solana (SOL) \u548c Sui (SUI) \u7684\u4ef7\u683c\u53ef\u80fd\u5206\u522b\u8d85\u8fc7 500 \u7f8e\u5143\u548c 10 \u7f8e\u5143\u3002<\/p>\n<p>\u5728\u7b2c\u4e00\u4e2a\u9ad8\u70b9\u4e4b\u540e\uff0c\u6211\u4eec\u9884\u8ba1 BTC \u5c06\u56de\u8c03 30%\u00a0\uff0c\u800c\u5c71\u5be8\u5e01\u7684\u8dcc\u5e45\u53ef\u80fd\u66f4\u5927\uff0c\u8fbe\u5230 60%\u00a0\uff0c\u53cd\u6620\u51fa\u5e02\u573a\u5728\u590f\u5b63\u7684\u6574\u5408\u3002\u7136\u800c\uff0c\u79cb\u5b63\u53ef\u80fd\u4f1a\u51fa\u73b0\u590d\u82cf\uff0c\u4e3b\u8981\u4ee3\u5e01\u91cd\u65b0\u83b7\u5f97\u52a8\u529b\uff0c\u5e76\u5728\u5e74\u5e95\u524d\u518d\u6b21\u7a81\u7834\u5386\u53f2\u9ad8\u70b9\u3002\u4e3a\u4e86\u5224\u65ad\u5e02\u573a\u63a5\u8fd1\u9876\u90e8\u7684\u65f6\u673a\uff0c\u6211\u4eec\u5c06\u5173\u6ce8\u4ee5\u4e0b\u5173\u952e\u4fe1\u53f7\uff1a<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u6301\u7eed\u7684\u9ad8\u8d44\u91d1\u8d39\u7387\uff1a\u5f53\u4ea4\u6613\u8005\u501f\u8d37\u62bc\u6ce8 BTC \u4ef7\u683c\u4e0a\u6da8\u65f6\uff0c\u4ed6\u4eec\u613f\u610f\u4e3a\u8d85\u8fc7 10% \u7684\u8d44\u91d1\u8d39\u7387\u652f\u4ed8\u4e09\u4e2a\u6708\u6216\u66f4\u957f\u65f6\u95f4\uff0c\u8fd9\u8868\u660e\u5b58\u5728\u6295\u673a\u8fc7\u70ed\u3002<\/p>\n<\/li>\n<\/ul>\n<p><img alt=\"VanEck 2025\u5e74\u5341\u5927\u9884\u6d4b\uff1a\u7f8e\u56fd\u901a\u8fc7BTC\u6218\u7565\u50a8\u5907\uff0c\u725b\u5e02\u5c06\u5728\u660e\u5e74\u5e95\u65b0\u9ad8\"><\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u8fc7\u591a\u7684\u672a\u5b9e\u73b0\u5229\u6da6\uff1a\u5982\u679c\u6301\u6709 BTC \u7684\u6295\u8d44\u8005\u4e2d\u6709\u5927\u6bd4\u4f8b\u5904\u4e8e\u663e\u8457\u7684\u8d26\u9762\u6536\u76ca\u72b6\u6001\uff08\u5229\u6da6\u4e0e\u6210\u672c\u6bd4\u7387\u8fbe\u5230 70% \u6216\u66f4\u9ad8\uff09\uff0c\u8fd9\u8868\u660e\u5e02\u573a\u5904\u4e8e\u72c2\u70ed\u72b6\u6001\u3002<\/p>\n<\/li>\n<li>\n<p>\u5e02\u503c\u76f8\u5bf9\u4e8e\u5df2\u5b9e\u73b0\u4ef7\u503c\u7684\u9ad8\u4f30\uff1a\u5f53 MVRV\uff08\u5e02\u503c\u4e0e\u5df2\u5b9e\u73b0\u4ef7\u503c\u7684\u6bd4\u7387\uff09\u5206\u6570\u8d85\u8fc7 5 \u65f6\uff0c\u8bf4\u660e BTC \u4ef7\u683c\u8fdc\u9ad8\u4e8e\u5e73\u5747\u8d2d\u4e70\u4ef7\u683c\uff0c\u901a\u5e38\u8868\u660e\u5e02\u573a\u8fc7\u70ed\u3002<\/p>\n<\/li>\n<li>\n<p>\u6bd4\u7279\u5e01\u4e3b\u5bfc\u5730\u4f4d\u4e0b\u964d\uff1a\u5982\u679c\u6bd4\u7279\u5e01\u5728\u603b\u52a0\u5bc6\u5e02\u573a\u4e2d\u7684\u5360\u6bd4\u4f4e\u4e8e 40%\u00a0\uff0c\u610f\u5473\u7740\u6295\u673a\u8d44\u91d1\u8f6c\u5411\u66f4\u9ad8\u98ce\u9669\u7684\u5c71\u5be8\u5e01\uff0c\u8fd9\u662f\u5178\u578b\u7684\u5468\u671f\u540e\u671f\u884c\u4e3a\u3002<\/p>\n<\/li>\n<li>\n<p>\u4e3b\u6d41\u6295\u673a\uff1a\u5f53\u5927\u91cf\u975e\u52a0\u5bc6\u9886\u57df\u7684\u670b\u53cb\u5f00\u59cb\u8be2\u95ee\u53ef\u7591\u9879\u76ee\u65f6\uff0c\u901a\u5e38\u662f\u5e02\u573a\u63a5\u8fd1\u9876\u90e8\u7684\u53ef\u9760\u4fe1\u53f7\u3002<\/p>\n<\/li>\n<\/ul>\n<p>\u8fd9\u4e9b\u6307\u6807\u5728\u5386\u53f2\u4e0a\u90fd\u662f\u5e02\u573a\u72c2\u70ed\u7684\u53ef\u9760\u4fe1\u53f7\uff0c\u5b83\u4eec\u5c06\u6307\u5bfc\u6211\u4eec\u5728 2025 \u5e74\u7684\u5e02\u573a\u5468\u671f\u4e2d\u5236\u5b9a\u5c55\u671b\u3002<\/p>\n<p><img alt=\"VanEck 2025\u5e74\u5341\u5927\u9884\u6d4b\uff1a\u7f8e\u56fd\u901a\u8fc7BTC\u6218\u7565\u50a8\u5907\uff0c\u725b\u5e02\u5c06\u5728\u660e\u5e74\u5e95\u65b0\u9ad8\"><\/p>\n<h2>2.\u7f8e\u56fd\u901a\u8fc7\u6218\u7565\u50a8\u5907\u548c\u52a0\u5bc6\u8d27\u5e01\u91c7\u7eb3\u8fdb\u4e00\u6b65\u62e5\u62b1\u6bd4\u7279\u5e01<\/h2>\n<p>\u5510\u7eb3\u5fb7\u00b7\u7279\u6717\u666e\u7684\u5f53\u9009\u5df2\u7ecf\u4e3a\u52a0\u5bc6\u5e02\u573a\u6ce8\u5165\u4e86\u663e\u8457\u52a8\u529b\uff0c\u5176\u653f\u5e9c\u4efb\u547d\u4e86\u591a\u4f4d\u652f\u6301\u52a0\u5bc6\u8d27\u5e01\u7684\u9886\u5bfc\u4eba\u62c5\u4efb\u5173\u952e\u804c\u4f4d\uff0c\u5305\u62ec\u526f\u603b\u7edf JD Vance\u3001\u56fd\u5bb6\u5b89\u5168\u987e\u95ee Michael Waltz\u3001\u5546\u52a1\u90e8\u957f Howard Lutnick\u3001\u8d22\u653f\u90e8\u957f Mary Bessent\u3001\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u4e3b\u5e2d Paul Atkins\u3001\u8054\u90a6\u5b58\u6b3e\u4fdd\u9669\u516c\u53f8\uff08FDIC\uff09\u4e3b\u5e2d Jelena McWilliams\uff0c\u4ee5\u53ca\u536b\u751f\u4e0e\u516c\u5171\u670d\u52a1\u90e8\u957f RFK Jr \u7b49\u3002\u8fd9\u4e9b\u4efb\u547d\u4e0d\u4ec5\u6807\u5fd7\u7740\u53cd\u52a0\u5bc6\u653f\u7b56\uff08\u5982\u5bf9\u52a0\u5bc6\u516c\u53f8\u7684\u7cfb\u7edf\u6027\u53bb\u94f6\u884c\u5316\uff09\u7684\u7ec8\u7ed3\uff0c\u4e5f\u9884\u793a\u7740\u4e00\u4e2a\u5c06\u6bd4\u7279\u5e01\u5b9a\u4f4d\u4e3a\u6218\u7565\u8d44\u4ea7\u7684\u653f\u7b56\u6846\u67b6\u7684\u5f00\u59cb\u3002<\/p>\n<h3>\u52a0\u5bc6 ETP\uff1a\u5b9e\u7269\u521b\u5efa\u3001\u8d28\u62bc\u548c\u65b0\u7684\u73b0\u8d27\u6279\u51c6<\/h3>\n<p>\u65b0\u7684 SEC \u9886\u5bfc\u5c42\uff08\u6216\u53ef\u80fd\u662f\u5546\u54c1\u671f\u8d27\u4ea4\u6613\u59d4\u5458\u4f1a CFTC\uff09\u5c06\u5728\u7f8e\u56fd\u6279\u51c6\u591a\u4e2a\u65b0\u7684\u73b0\u8d27\u52a0\u5bc6\u4ea4\u6613\u6240\u4ea4\u6613\u4ea7\u54c1 (ETP)\uff0c\u5305\u62ec VanEck \u7684 Solana \u4ea7\u54c1\u3002\u4ee5\u592a\u574a ETP \u7684\u529f\u80fd\u5c06\u6269\u5c55\u5230\u5305\u62ec\u8d28\u62bc\uff0c\u4ece\u800c\u8fdb\u4e00\u6b65\u589e\u5f3a\u5176\u5bf9\u6301\u6709\u8005\u7684\u5b9e\u7528\u6027\uff0c\u540c\u65f6\u4ee5\u592a\u574a\u548c\u6bd4\u7279\u5e01 ETP \u90fd\u5c06\u652f\u6301\u5b9e\u7269\u521b\u5efa\/\u8d4e\u56de\u3002SEC \u89c4\u5219 SAB 121 \u7684\u5e9f\u9664\uff08\u65e0\u8bba\u662f\u901a\u8fc7 SEC \u8fd8\u662f\u56fd\u4f1a\uff09\u5c06\u4e3a\u94f6\u884c\u548c\u7ecf\u7eaa\u5546\u6258\u7ba1\u73b0\u8d27\u52a0\u5bc6\u8d27\u5e01\u94fa\u5e73\u9053\u8def\uff0c\u4ece\u800c\u8fdb\u4e00\u6b65\u5c06\u6570\u5b57\u8d44\u4ea7\u6574\u5408\u5230\u4f20\u7edf\u91d1\u878d\u57fa\u7840\u8bbe\u65bd\u4e2d\u3002<\/p>\n<h3>\u4e3b\u6743\u6bd4\u7279\u5e01\u91c7\u7eb3\uff1a\u8054\u90a6\u3001\u5dde\u548c\u6316\u77ff\u6269\u5c55<\/h3>\n<p>\u6211\u4eec\u9884\u6d4b\uff0c\u5230 2025 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\u6765\u5b9e\u73b0\uff0c\u5c3d\u7ba1\u4e24\u515a\u7acb\u6cd5\u4ecd\u662f\u4e00\u4e2a\u672a\u77e5\u6570\u3002\u540c\u65f6\uff0c\u5dde\u653f\u5e9c\u53ef\u80fd\u4f1a\u72ec\u7acb\u884c\u52a8\uff0c\u5c06\u6bd4\u7279\u5e01\u89c6\u4e3a\u5bf9\u6297\u8d22\u653f\u4e0d\u786e\u5b9a\u6027\u7684\u4e00\u79cd\u5bf9\u51b2\u5de5\u5177\uff0c\u6216\u5438\u5f15\u52a0\u5bc6\u6295\u8d44\u548c\u521b\u65b0\u7684\u624b\u6bb5\u3002<\/p>\n<p>\u5728\u6bd4\u7279\u5e01\u6316\u77ff\u65b9\u9762\uff0c\u4f7f\u7528\u653f\u5e9c\u8d44\u6e90\u6316\u77ff\u7684\u56fd\u5bb6\u6570\u91cf\u9884\u8ba1\u5c06\u8fbe\u5230\u4e24\u4f4d\u6570\uff08\u76ee\u524d\u4e3a\u4e03\u4e2a\uff09\uff0c\u8fd9\u5f97\u76ca\u4e8e\u91d1\u7816\u56fd\u5bb6\u5bf9\u52a0\u5bc6\u8d27\u5e01\u7684\u91c7\u7eb3\u4e0d\u65ad\u589e\u52a0\u3002\u8fd9\u4e00\u8d8b\u52bf\u53d7\u5230\u4fc4\u7f57\u65af\u8868\u6001\u8ba1\u5212\u4f7f\u7528\u52a0\u5bc6\u8d27\u5e01\u7ed3\u7b97\u56fd\u9645\u8d38\u6613\u7684\u63a8\u52a8\uff0c\u8fdb\u4e00\u6b65\u51f8\u663e\u6bd4\u7279\u5e01\u7684\u5168\u7403\u5f71\u54cd\u529b\u3002<\/p>\n<p><img alt=\"VanEck 2025\u5e74\u5341\u5927\u9884\u6d4b\uff1a\u7f8e\u56fd\u901a\u8fc7BTC\u6218\u7565\u50a8\u5907\uff0c\u725b\u5e02\u5c06\u5728\u660e\u5e74\u5e95\u65b0\u9ad8\"><\/p>\n<p>\u6211\u4eec\u9884\u8ba1\u8fd9\u79cd\u652f\u6301\u6bd4\u7279\u5e01\u7684\u7acb\u573a\u5c06\u6ce2\u53ca\u66f4\u5e7f\u6cdb\u7684\u7f8e\u56fd\u52a0\u5bc6\u751f\u6001\u7cfb\u7edf\u3002\u968f\u7740\u76d1\u7ba1\u7684\u660e\u786e\u6027\u548c\u6fc0\u52b1\u63aa\u65bd\u5438\u5f15\u4eba\u624d\u548c\u516c\u53f8\u56de\u5f52\uff0c\u7f8e\u56fd\u7684\u5168\u7403\u52a0\u5bc6\u5f00\u53d1\u8005\u5360\u6bd4\u5c06\u4ece 19% \u4e0a\u5347\u5230 25%\u00a0\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u7f8e\u56fd\u7684\u6bd4\u7279\u5e01\u6316\u77ff\u6d3b\u52a8\u5c06\u84ec\u52c3\u53d1\u5c55\uff0c\u7f8e\u56fd\u5728\u5168\u7403\u6316\u77ff\u7b97\u529b\u4e2d\u7684\u4efd\u989d\u5c06\u4ece 2024 \u5e74\u7684 28% \u589e\u52a0\u5230 2025 \u5e74\u5e95\u7684 35%\u00a0\uff0c\u8fd9\u5f97\u76ca\u4e8e\u5ec9\u4ef7\u80fd\u6e90\u548c\u6f5c\u5728\u7684\u7a0e\u6536\u4f18\u60e0\u653f\u7b56\u3002\u8fd9\u4e9b\u8d8b\u52bf\u5c06\u5171\u540c\u5de9\u56fa\u7f8e\u56fd\u5728\u5168\u7403\u6bd4\u7279\u5e01\u7ecf\u6d4e\u4e2d\u7684\u9886\u5bfc\u5730\u4f4d\u3002<\/p>\n<h3>\u7f8e\u56fd\u4e0a\u5e02\u516c\u53f8\u6bd4\u7279\u5e01\u7b97\u529b\u5360\u6bd4\u5c06\u8fbe\u00a035%\u00a0<\/h3>\n<p><img alt=\"VanEck 2025\u5e74\u5341\u5927\u9884\u6d4b\uff1a\u7f8e\u56fd\u901a\u8fc7BTC\u6218\u7565\u50a8\u5907\uff0c\u725b\u5e02\u5c06\u5728\u660e\u5e74\u5e95\u65b0\u9ad8\"><\/p>\n<h3>\u4f01\u4e1a\u6bd4\u7279\u5e01\u6301\u6709\u91cf\uff1a\u6709\u671b\u589e\u957f 43%\u00a0<\/h3>\n<p>\u5728\u4f01\u4e1a\u91c7\u7eb3\u65b9\u9762\uff0c\u6211\u4eec\u9884\u8ba1\u516c\u53f8\u5c06\u7ee7\u7eed\u4ece\u6563\u6237\u624b\u4e2d\u79ef\u7d2f\u6bd4\u7279\u5e01\u3002\u76ee\u524d\uff0c\u6709 68 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2025\u5e74\u5341\u5927\u9884\u6d4b\uff1a\u7f8e\u56fd\u901a\u8fc7BTC\u6218\u7565\u50a8\u5907\uff0c\u725b\u5e02\u5c06\u5728\u660e\u5e74\u5e95\u65b0\u9ad8\"><\/p>\n<h2>3.\u4ee3\u5e01\u5316\u8bc1\u5238\u7684\u4ef7\u503c\u8d85\u8fc7 500 \u4ebf\u7f8e\u5143<\/h2>\n<h3>2024 \u5e74\u94fe\u4e0a\u8bc1\u5238\u589e\u957f 61%\u00a0<\/h3>\n<p><img alt=\"VanEck 2025\u5e74\u5341\u5927\u9884\u6d4b\uff1a\u7f8e\u56fd\u901a\u8fc7BTC\u6218\u7565\u50a8\u5907\uff0c\u725b\u5e02\u5c06\u5728\u660e\u5e74\u5e95\u65b0\u9ad8\"><\/p>\n<h3>\u94fe\u4e0a\u8bc1\u5238\u5728 2024 \u5e74\u589e\u957f\u4e86 61%\u00a0<\/h3>\n<p>\u52a0\u5bc6\u8d27\u5e01\u7684\u57fa\u7840\u8bbe\u65bd\u627f\u8bfa\u901a\u8fc7\u63d0\u9ad8\u6548\u7387\u3001\u53bb\u4e2d\u5fc3\u5316\u548c\u66f4\u5927\u7684\u900f\u660e\u5ea6\u6765\u6539\u5584\u91d1\u878d\u7cfb\u7edf\u3002\u6211\u4eec\u76f8\u4fe1\uff0c\u00a02025 \u5e74\u5c06\u6210\u4e3a\u4ee3\u5e01\u5316\u8bc1\u5238\u7206\u53d1\u7684\u4e00\u5e74\u3002\u76ee\u524d\uff0c\u533a\u5757\u94fe\u4e0a\u5df2\u6709\u7ea6 120 \u4ebf\u7f8e\u5143\u7684\u4ee3\u5e01\u5316\u8bc1\u5238\uff0c\u5176\u4e2d\u5927\u90e8\u5206\uff0895 \u4ebf\u7f8e\u5143\uff09\u662f Figure \u7684\u534a\u8bb8\u53ef\u533a\u5757\u94fe Provenance \u4e0a\u7684\u4ee3\u5e01\u5316\u79c1\u4eba\u4fe1\u8d37\u8bc1\u5238\u3002<\/p>\n<p>\u672a\u6765\uff0c\u6211\u4eec\u770b\u5230\u4ee3\u5e01\u5316\u8bc1\u5238\u5728\u516c\u94fe\u4e0a\u63a8\u51fa\u7684\u5de8\u5927\u6f5c\u529b\u3002\u6211\u4eec\u8ba4\u4e3a\uff0c\u6295\u8d44\u8005\u6709\u8bb8\u591a\u52a8\u673a\u63a8\u52a8\u4ee3\u5e01\u5316\u80a1\u7968\u6216\u503a\u52a1\u8bc1\u5238\u5b8c\u5168\u5728\u94fe\u4e0a\u53d1\u884c\u3002\u6211\u4eec\u9884\u6d4b\uff0c\u50cf DTCC \u8fd9\u6837\u7684\u5b9e\u4f53\u5c06\u5728\u672a\u6765\u4e00\u5e74\u5185\u652f\u6301\u4ee3\u5e01\u5316\u8d44\u4ea7\u5728\u516c\u5171\u533a\u5757\u94fe\u548c\u79c1\u6709\u5c01\u95ed\u57fa\u7840\u8bbe\u65bd\u4e4b\u95f4\u65e0\u7f1d\u8fc7\u6e21\u3002\u8fd9\u79cd\u52a8\u6001\u5c06\u4fc3\u6210\u9488\u5bf9\u94fe\u4e0a\u6295\u8d44\u8005\u7684 AML\/KYC\uff08\u53cd\u6d17\u94b1\/\u4e86\u89e3\u4f60\u7684\u5ba2\u6237\uff09\u6807\u51c6\u7684\u5efa\u7acb\u3002\u4f5c\u4e3a\u4e00\u4e2a\u5927\u80c6\u7684\u9884\u6d4b\uff0c\u6211\u4eec\u9884\u8ba1 Coinbase \u5c06\u91c7\u53d6\u524d\u6240\u672a\u6709\u7684\u6b65\u9aa4\uff0c\u5c06\u5176 COIN \u80a1\u7968\u4ee3\u5e01\u5316\u5e76\u90e8\u7f72\u5230\u5176 BASE \u533a\u5757\u94fe\u4e0a\u3002<\/p>\n<h2>4.\u7a33\u5b9a\u5e01\u6bcf\u65e5\u7ed3\u7b97\u91cf\u8fbe\u5230 3000 \u4ebf\u7f8e\u5143<\/h2>\n<h3>2024 \u5e74\u6bcf\u6708\u7a33\u5b9a\u5e01\u8f6c\u8d26\uff08\u7f8e\u5143\uff09\u540c\u6bd4\u589e\u957f 180%\u00a0<\/h3>\n<p><img alt=\"VanEck 2025\u5e74\u5341\u5927\u9884\u6d4b\uff1a\u7f8e\u56fd\u901a\u8fc7BTC\u6218\u7565\u50a8\u5907\uff0c\u725b\u5e02\u5c06\u5728\u660e\u5e74\u5e95\u65b0\u9ad8\"><\/p>\n<p>\u6765\u6e90\uff1aArtemis XYZ\uff0c\u6570\u636e\u622a\u81f3 2024 \u5e74 12 \u6708 6 \u65e5\u3002<\/p>\n<p>\u8fc7\u53bb\u7684\u8868\u73b0\u4e0d\u80fd\u4fdd\u8bc1\u672a\u6765\u7684\u7ed3\u679c\u3002<\/p>\n<p>\u7a33\u5b9a\u5e01\u5c06\u4ece\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u4e2d\u7684\u5c0f\u4f17\u89d2\u8272\u8dc3\u5347\u4e3a\u5168\u7403\u5546\u4e1a\u7684\u6838\u5fc3\u7ec4\u6210\u90e8\u5206\u3002\u5230 2025 \u5e74\u5e95\uff0c\u6211\u4eec\u9884\u8ba1\u7a33\u5b9a\u5e01\u6bcf\u65e5\u7ed3\u7b97\u91cf\u5c06\u8fbe\u5230 3000 \u4ebf\u7f8e\u5143\uff0c\u76f8\u5f53\u4e8e\u76ee\u524d DTCC \u4ea4\u6613\u91cf\u7684 5%\u00a0\uff0c\u800c 2024 \u5e74 11 \u6708\u7684\u65e5\u7ed3\u7b97\u91cf\u7ea6\u4e3a 1000 \u4ebf\u7f8e\u5143\u3002\u968f\u7740\u4e3b\u8981\u79d1\u6280\u516c\u53f8\uff08\u5982 Apple \u548c Google\uff09\u4ee5\u53ca\u652f\u4ed8\u7f51\u7edc\uff08Visa \u548c Mastercard\uff09\u7684\u91c7\u7528\uff0c\u7a33\u5b9a\u5e01\u5c06\u91cd\u65b0\u5b9a\u4e49\u652f\u4ed8\u7ecf\u6d4e\u5b66\u3002<\/p>\n<p>\u9664\u4e86\u4ea4\u6613\u7528\u9014\uff0c\u6c47\u6b3e\u5e02\u573a\u4e5f\u5c06\u8fce\u6765\u7206\u53d1\u5f0f\u589e\u957f\u3002\u4f8b\u5982\uff0c\u7f8e\u56fd-\u58a8\u897f\u54e5\u4e4b\u95f4\u7684\u7a33\u5b9a\u5e01\u8f6c\u8d26\u53ef\u80fd\u4ece\u6bcf\u6708 8000 \u4e07\u7f8e\u5143\u589e\u957f\u5230 4 \u4ebf\u7f8e\u5143\uff0c\u589e\u5e45\u8fbe 5 \u500d\u3002\u539f\u56e0\u5728\u4e8e\u5176\u901f\u5ea6\u3001\u6210\u672c\u8282\u7ea6\u4ee5\u53ca\u8d8a\u6765\u8d8a\u591a\u7684\u4eba\u5c06\u7a33\u5b9a\u5e01\u89c6\u4e3a\u5b9e\u7528\u5de5\u5177\u800c\u975e\u5b9e\u9a8c\u6027\u6280\u672f\u3002\u5c3d\u7ba1\u533a\u5757\u94fe\u91c7\u7528\u4ecd\u5728\u8ba8\u8bba\u4e2d\uff0c\u7a33\u5b9a\u5e01\u5b9e\u9645\u4e0a\u662f\u533a\u5757\u94fe\u6280\u672f\u7684\u201c\u7279\u6d1b\u4f0a\u6728\u9a6c\u201d\u3002<\/p>\n<h2>5.AI \u667a\u80fd\u4f53\u7684\u94fe\u4e0a\u6d3b\u52a8\u8d85\u8fc7 100 \u4e07\u4e2a\u667a\u80fd\u4f53<\/h2>\n<h3>AI \u667a\u80fd\u4f53\u5728 5 \u5468\u5185\u7684\u603b\u6536\u5165\u8fbe\u5230 870 \u4e07\u7f8e\u5143<\/h3>\n<p><img alt=\"VanEck 2025\u5e74\u5341\u5927\u9884\u6d4b\uff1a\u7f8e\u56fd\u901a\u8fc7BTC\u6218\u7565\u50a8\u5907\uff0c\u725b\u5e02\u5c06\u5728\u660e\u5e74\u5e95\u65b0\u9ad8\"><\/p>\n<p>\u6765\u6e90\uff1aDune @jdhpyer\uff0c\u6570\u636e\u622a\u81f3 2024 \u5e74 12 \u6708 6 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\u8fd9\u6837\u7684\u534f\u8bae\u4e3a\u4efb\u4f55\u4eba\u63d0\u4f9b\u4e86\u521b\u5efa\u94fe\u4e0a AI \u667a\u80fd\u4f53\u7684\u5de5\u5177\u3002Virtuals \u5141\u8bb8\u975e\u6280\u672f\u4eba\u5458\u8bbf\u95ee\u53bb\u4e2d\u5fc3\u5316\u7684 AI \u8d21\u732e\u8005\uff08\u5982\u5fae\u8c03\u4e13\u5bb6\u3001\u6570\u636e\u96c6\u63d0\u4f9b\u8005\u548c\u6a21\u578b\u5f00\u53d1\u8005\uff09\uff0c\u4ece\u800c\u4f7f\u666e\u901a\u7528\u6237\u4e5f\u80fd\u521b\u5efa\u81ea\u5df1\u7684\u667a\u80fd\u4f53\u3002\u8fd9\u79cd\u6a21\u5f0f\u5c06\u5bfc\u81f4\u5927\u91cf\u667a\u80fd\u4f53\u7684\u6d8c\u73b0\uff0c\u5176\u521b\u5efa\u8005\u53ef\u4ee5\u5c06\u667a\u80fd\u4f53\u51fa\u79df\u4ee5\u4ea7\u751f\u6536\u5165\u3002<\/p>\n<p>\u76ee\u524d\uff0c\u667a\u80fd\u4f53\u7684\u6784\u5efa\u4e3b\u8981\u96c6\u4e2d\u5728 DeFi \u9886\u57df\uff0c\u4f46\u6211\u4eec\u76f8\u4fe1 AI \u667a\u80fd\u4f53\u5c06\u8d85\u8d8a\u91d1\u878d\u6d3b\u52a8\u3002\u4f8b\u5982\uff0c\u8fd9\u4e9b\u667a\u80fd\u4f53\u53ef\u4ee5\u88ab\u7528\u4f5c\u793e\u4ea4\u5a92\u4f53\u4e0a\u7684\u5f71\u54cd\u8005\u3001\u6e38\u620f\u4e2d\u7684\u865a\u62df\u73a9\u5bb6\uff0c\u4ee5\u53ca\u6d88\u8d39\u8005\u5e94\u7528\u4e2d\u7684\u4e92\u52a8\u52a9\u624b\u6216\u4f19\u4f34\u3002\u50cf\u00a0Bixby\u00a0\u548c\u00a0Terminal of Truths\u00a0\u8fd9\u6837\u7684\u667a\u80fd\u4f53\u5df2\u7ecf\u6210\u4e3a\u91cd\u8981\u7684 X\/Twitter \u5f71\u54cd\u8005\uff0c\u5206\u522b\u62e5\u6709 9.2 \u4e07\u548c 19.7 \u4e07\u7c89\u4e1d\u3002\u56e0\u6b64\uff0c\u6211\u4eec\u9884\u8ba1 2025 \u5e74\u5c06\u8bde\u751f\u8d85\u8fc7 100 \u4e07\u4e2a\u65b0\u7684\u667a\u80fd\u4f53\u3002<\/p>\n<h2>6.\u6bd4\u7279\u5e01\u7b2c\u4e8c\u5c42\u7f51\u7edc (L2) \u7684\u603b\u9501\u4ed3\u4ef7\u503c (TVL) \u8fbe\u5230 10 \u4e07 BTC<\/h2>\n<h3>\u6bd4\u7279\u5e01 L2 \u7684 TVL \u8fbe\u5230 3 \u4e07 BTC\uff0c\u00a02024 \u5e74\u540c\u6bd4\u589e\u957f 600%\u00a0<\/h3>\n<p><img alt=\"VanEck 2025\u5e74\u5341\u5927\u9884\u6d4b\uff1a\u7f8e\u56fd\u901a\u8fc7BTC\u6218\u7565\u50a8\u5907\uff0c\u725b\u5e02\u5c06\u5728\u660e\u5e74\u5e95\u65b0\u9ad8\"><\/p>\n<p>\u6765\u6e90\uff1aDefillama\uff0c\u6570\u636e\u622a\u81f3 2024 \u5e74 12 \u6708 6 \u65e5\u3002<\/p>\n<p>\u8fc7\u53bb\u7684\u8868\u73b0\u4e0d\u80fd\u4fdd\u8bc1\u672a\u6765\u7684\u7ed3\u679c\u3002\u6587\u4e2d\u63d0\u5230\u7684\u8bc1\u5238\u4e0d\u6784\u6210\u4e70\u5165\u6216\u5356\u51fa\u7684\u63a8\u8350\u3002<\/p>\n<p>\u6211\u4eec\u6b63\u5728\u5bc6\u5207\u5173\u6ce8\u6bd4\u7279\u5e01\u7b2c\u4e8c\u5c42 (L2) \u533a\u5757\u94fe\u7684\u5d1b\u8d77\uff0c\u8fd9\u4e9b\u7f51\u7edc\u5bf9\u6539\u9020\u6bd4\u7279\u5e01\u751f\u6001\u7cfb\u7edf\u5177\u6709\u5de8\u5927\u6f5c\u529b\u3002\u901a\u8fc7\u6269\u5c55\u6bd4\u7279\u5e01\u7684\u529f\u80fd\uff0c\u8fd9\u4e9b L2 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\u4ebf\u7f8e\u5143\u3002\u76ee\u524d\uff0c\u6709\u8d85\u8fc7 75 \u4e2a\u6bd4\u7279\u5e01 L2 \u9879\u76ee\u6b63\u5728\u5f00\u53d1\u4e2d\uff0c\u4f46\u53ea\u6709\u5c11\u6570\u53ef\u80fd\u5728\u957f\u671f\u5185\u5b9e\u73b0\u663e\u8457\u7684\u91c7\u7528\u3002<\/p>\n<p>\u8fd9\u79cd\u5feb\u901f\u589e\u957f\u53cd\u6620\u4e86 BTC \u6301\u6709\u8005\u5bf9\u6536\u76ca\u751f\u6210\u548c\u8d44\u4ea7\u66f4\u5e7f\u6cdb\u7528\u9014\u7684\u5f3a\u70c8\u9700\u6c42\u3002\u968f\u7740\u94fe\u62bd\u8c61\u6280\u672f\u548c\u6bd4\u7279\u5e01 L2 \u9010\u6e10\u6210\u719f\u4e3a\u6700\u7ec8\u7528\u6237\u53ef\u7528\u7684\u4ea7\u54c1\uff0c\u6bd4\u7279\u5e01\u5c06\u6210\u4e3a DeFi \u7684\u91cd\u8981\u7ec4\u6210\u90e8\u5206\u3002\u4f8b\u5982\uff0cSui \u4e0a\u7684 Ika \u5e73\u53f0\u6216 Near \u4f7f\u7528\u7684 Infinex \u94fe\u62bd\u8c61\u6280\u672f\u5c55\u793a\u4e86\u521b\u65b0\u7684\u591a\u94fe\u89e3\u51b3\u65b9\u6848\u5982\u4f55\u589e\u5f3a\u6bd4\u7279\u5e01\u4e0e\u5176\u4ed6\u751f\u6001\u7cfb\u7edf\u7684\u4e92\u64cd\u4f5c\u6027\u3002<\/p>\n<p>\u901a\u8fc7\u652f\u6301\u5b89\u5168\u9ad8\u6548\u7684\u94fe\u4e0a\u501f\u8d37\u3001\u501f\u6b3e\u548c\u5176\u4ed6\u65e0\u9700\u8bb8\u53ef\u7684 DeFi \u89e3\u51b3\u65b9\u6848\uff0c\u6bd4\u7279\u5e01 L2 \u548c\u62bd\u8c61\u6280\u672f\u5c06\u628a\u6bd4\u7279\u5e01\u4ece\u88ab\u52a8\u7684\u4ef7\u503c\u50a8\u5b58\u5de5\u5177\u8f6c\u53d8\u4e3a\u53bb\u4e2d\u5fc3\u5316\u751f\u6001\u7cfb\u7edf\u7684\u6d3b\u8dc3\u53c2\u4e0e\u8005\u3002\u968f\u7740\u91c7\u7528\u89c4\u6a21\u7684\u6269\u5927\uff0c\u8fd9\u4e9b\u6280\u672f\u5c06\u91ca\u653e\u94fe\u4e0a\u6d41\u52a8\u6027\u3001\u8de8\u94fe\u521b\u65b0\u4ee5\u53ca\u66f4\u4e3a\u4e00\u4f53\u5316\u7684\u91d1\u878d\u672a\u6765\u7684\u5de8\u5927\u6f5c\u529b\u3002<\/p>\n<h2>7.\u4ee5\u592a\u574a Blob \u7a7a\u95f4\u8d39\u7528\u6536\u5165\u8fbe\u5230 10 \u4ebf\u7f8e\u5143<\/h2>\n<h3>\u4ee5\u592a\u574a\u6bcf\u65e5 Blob \u7a7a\u95f4\u7684\u751f\u6210\u91cf<\/h3>\n<p><img alt=\"VanEck 2025\u5e74\u5341\u5927\u9884\u6d4b\uff1a\u7f8e\u56fd\u901a\u8fc7BTC\u6218\u7565\u50a8\u5907\uff0c\u725b\u5e02\u5c06\u5728\u660e\u5e74\u5e95\u65b0\u9ad8\"><\/p>\n<p>\u6765\u6e90\uff1aDune @hildobby\uff0c\u6570\u636e\u622a\u81f3 2024 \u5e74 12 \u6708 6 \u65e5\u3002<\/p>\n<p>\u8fc7\u53bb\u7684\u8868\u73b0\u4e0d\u80fd\u4fdd\u8bc1\u672a\u6765\u7684\u7ed3\u679c\u3002<\/p>\n<p>\u4ee5\u592a\u574a\u793e\u533a\u6b63\u5728\u79ef\u6781\u8ba8\u8bba\u5176 Layer-2 (L2) \u7f51\u7edc\u662f\u5426\u80fd\u901a\u8fc7 Blob \u7a7a\u95f4\u4e3a\u4ee5\u592a\u574a\u4e3b\u7f51\u5e26\u6765\u8db3\u591f\u7684\u4ef7\u503c\u3002Blob \u7a7a\u95f4\u662f\u4ee5\u592a\u574a\u6269\u5c55\u8def\u7ebf\u56fe\u4e2d\u7684\u5173\u952e\u7ec4\u6210\u90e8\u5206\uff0c\u4f5c\u4e3a\u4e00\u79cd\u4e13\u95e8\u7684\u6570\u636e\u5c42\uff0cL2 \u53ef\u4ee5\u5411\u4ee5\u592a\u574a\u63d0\u4ea4\u5176\u4ea4\u6613\u5386\u53f2\u7684\u538b\u7f29\u7248\u672c\uff0c\u5e76\u6309\u6bcf\u4e2a Blob \u652f\u4ed8 ETH \u8d39\u7528\u3002\u5c3d\u7ba1\u8fd9\u79cd\u67b6\u6784\u652f\u6491\u4e86\u4ee5\u592a\u574a\u7684\u53ef\u6269\u5c55\u6027\uff0c\u4f46\u76ee\u524d L2 \u5411\u4e3b\u7f51\u652f\u4ed8\u7684\u4ef7\u503c\u8f83\u5c11\uff0c\u5176\u6bdb\u5229\u7387\u7ea6\u4e3a 90%\u00a0\u3002\u8fd9\u5f15\u53d1\u4e86\u4eba\u4eec\u5bf9\u4ee5\u592a\u574a\u7ecf\u6d4e\u4ef7\u503c\u53ef\u80fd\u8fc7\u5ea6\u8f6c\u79fb\u5230 L2 \u7684\u62c5\u5fe7\uff0c\u4ece\u800c\u5bfc\u81f4\u4e3b\u7f51\u7684\u5229\u7528\u7387\u4e0b\u964d\u3002<\/p>\n<p>\u5c3d\u7ba1\u6700\u8fd1 Blob \u7a7a\u95f4\u7684\u589e\u957f\u653e\u7f13\uff0c\u4f46\u6211\u4eec\u9884\u8ba1\u5230 2025 \u5e74\u5176\u4f7f\u7528\u91cf\u5c06\u5927\u5e45\u589e\u52a0\uff0c\u4e3b\u8981\u7531\u4ee5\u4e0b\u4e09\u5927\u56e0\u7d20\u9a71\u52a8\uff1a<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>L2 \u7684\u7206\u53d1\u5f0f\u91c7\u7528\uff1a\u4ee5\u592a\u574a L2 \u7684\u4ea4\u6613\u91cf\u4ee5\u5e74\u5316\u8d85\u8fc7 300% \u7684\u901f\u5ea6\u589e\u957f\uff0c\u7528\u6237\u8fc1\u79fb\u5230\u4f4e\u6210\u672c\u3001\u9ad8\u541e\u5410\u91cf\u7684\u73af\u5883\u4e2d\u8fdb\u884c DeFi\u3001\u6e38\u620f\u548c\u793e\u4ea4\u5e94\u7528\u3002\u968f\u7740\u66f4\u591a\u9762\u5411\u6d88\u8d39\u8005\u7684 dApp \u5728 L2 \u4e0a\u51fa\u73b0\uff0c\u66f4\u591a\u4ea4\u6613\u5c06\u56de\u6d41\u5230\u4ee5\u592a\u574a\u8fdb\u884c\u6700\u7ec8\u7ed3\u7b97\uff0c\u4ece\u800c\u663e\u8457\u589e\u52a0\u5bf9 Blob \u7a7a\u95f4\u7684\u9700\u6c42\u3002<\/p>\n<\/li>\n<li>\n<p>Rollup \u6280\u672f\u4f18\u5316\uff1aRollup \u6280\u672f\u7684\u8fdb\u6b65\uff08\u5982\u6539\u8fdb\u7684\u6570\u636e\u538b\u7f29\u548c\u964d\u4f4e\u5c06\u6570\u636e\u63d0\u4ea4\u5230 Blob \u7a7a\u95f4\u7684\u6210\u672c\uff09\u5c06\u9f13\u52b1 L2 \u5728\u4ee5\u592a\u574a\u4e0a\u5b58\u50a8\u66f4\u591a\u7684\u4ea4\u6613\u6570\u636e\uff0c\u4ece\u800c\u5728\u4e0d\u727a\u7272\u53bb\u4e2d\u5fc3\u5316\u7684\u60c5\u51b5\u4e0b\u89e3\u9501\u66f4\u9ad8\u7684\u541e\u5410\u91cf\u3002<\/p>\n<\/li>\n<li>\n<p>\u9ad8\u8d39\u7528\u4f7f\u7528\u573a\u666f\u7684\u5f15\u5165\uff1a\u4f01\u4e1a\u7ea7\u5e94\u7528\u3001\u57fa\u4e8e zk-rollup \u7684\u91d1\u878d\u89e3\u51b3\u65b9\u6848\u4ee5\u53ca\u4ee3\u5e01\u5316\u7684\u73b0\u5b9e\u8d44\u4ea7\u7684\u5174\u8d77\u5c06\u63a8\u52a8\u9ad8\u4ef7\u503c\u4ea4\u6613\uff0c\u8fd9\u4e9b\u4ea4\u6613\u4f18\u5148\u8003\u8651\u5b89\u5168\u6027\u548c\u4e0d\u53ef\u53d8\u6027\uff0c\u56e0\u6b64\u613f\u610f\u652f\u4ed8 Blob \u7a7a\u95f4\u8d39\u7528\u3002<\/p>\n<\/li>\n<\/ul>\n<p>\u5230 2025 \u5e74\u5e95\uff0c\u6211\u4eec\u9884\u8ba1 Blob \u7a7a\u95f4\u8d39\u7528\u5c06\u8d85\u8fc7 10 \u4ebf\u7f8e\u5143\uff0c\u800c\u76ee\u524d\u51e0\u4e4e\u53ef\u4ee5\u5ffd\u7565\u4e0d\u8ba1\u3002\u8fd9\u4e00\u589e\u957f\u5c06\u5de9\u56fa\u4ee5\u592a\u574a\u4f5c\u4e3a\u53bb\u4e2d\u5fc3\u5316\u5e94\u7528\u6700\u7ec8\u7ed3\u7b97\u5c42\u7684\u89d2\u8272\uff0c\u540c\u65f6\u589e\u5f3a\u5176\u4ece\u8fc5\u901f\u6269\u5c55\u7684 L2 \u751f\u6001\u7cfb\u7edf\u4e2d\u6355\u83b7\u4ef7\u503c\u7684\u80fd\u529b\u3002Blob \u7a7a\u95f4\u4e0d\u4ec5\u5c06\u6269\u5c55\u7f51\u7edc\uff0c\u8fd8\u5c06\u6210\u4e3a\u4ee5\u592a\u574a\u7684\u91cd\u8981\u6536\u5165\u6765\u6e90\uff0c\u5e73\u8861\u4e3b\u7f51\u4e0e L2 \u4e4b\u95f4\u7684\u7ecf\u6d4e\u5173\u7cfb\u3002<\/p>\n<h2>8.DeFi \u521b\u5386\u53f2\u65b0\u9ad8\uff1aDEX \u4ea4\u6613\u91cf\u8fbe 4 \u4e07\u4ebf\u7f8e\u5143\uff0cTVL \u8fbe 2000 \u4ebf\u7f8e\u5143<\/h2>\n<h3>DeFi \u603b\u9501\u4ed3\u4ef7\u503c (TVL)<\/h3>\n<p><img alt=\"VanEck 2025\u5e74\u5341\u5927\u9884\u6d4b\uff1a\u7f8e\u56fd\u901a\u8fc7BTC\u6218\u7565\u50a8\u5907\uff0c\u725b\u5e02\u5c06\u5728\u660e\u5e74\u5e95\u65b0\u9ad8\"><\/p>\n<p>\u6765\u6e90\uff1aDefillama\uff0c\u6570\u636e\u622a\u81f3 2024 \u5e74 12 \u6708 6 \u65e5\u3002<\/p>\n<p>\u8fc7\u53bb\u7684\u8868\u73b0\u4e0d\u80fd\u4fdd\u8bc1\u672a\u6765\u7684\u7ed3\u679c\u3002<\/p>\n<p>\u5c3d\u7ba1\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240 (DEX) \u7684\u4ea4\u6613\u91cf\u5728\u7edd\u5bf9\u503c\u548c\u76f8\u5bf9\u4e8e\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240 (CEX) \u7684\u6bd4\u4f8b\u4e0a\u90fd\u521b\u4e0b\u65b0\u9ad8\uff0c\u4f46\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d (DeFi) \u7684\u603b\u9501\u4ed3\u4ef7\u503c (TVL) \u4ecd\u6bd4\u5386\u53f2\u5cf0\u503c\u4f4e 24%\u00a0\u3002\u6211\u4eec\u9884\u8ba1\uff0c\u00a02025 \u5e74 DEX \u4ea4\u6613\u91cf\u5c06\u8d85\u8fc7 4 \u4e07\u4ebf\u7f8e\u5143\uff0c\u5360 CEX \u73b0\u8d27\u4ea4\u6613\u91cf\u7684 20%\u00a0\uff0c\u8fd9\u5f97\u76ca\u4e8e\u4e0e AI \u76f8\u5173\u7684\u4ee3\u5e01\u7684\u666e\u53ca\u4ee5\u53ca\u65b0\u578b\u9762\u5411\u6d88\u8d39\u8005\u7684 dApp \u7684\u51fa\u73b0\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u4ee3\u5e01\u5316\u8bc1\u5238\u548c\u9ad8\u4ef7\u503c\u8d44\u4ea7\u7684\u6d8c\u5165\u5c06\u6210\u4e3a\u63a8\u52a8 DeFi \u589e\u957f\u7684\u50ac\u5316\u5242\uff0c\u4e3a\u751f\u6001\u7cfb\u7edf\u5e26\u6765\u65b0\u7684\u6d41\u52a8\u6027\u548c\u66f4\u5e7f\u6cdb\u7684\u7528\u9014\u3002\u56e0\u6b64\uff0c\u6211\u4eec\u9884\u8ba1 DeFi \u7684\u603b\u9501\u4ed3\u4ef7\u503c (TVL) \u5230\u5e74\u5e95\u5c06\u53cd\u5f39\u81f3\u8d85\u8fc7 2000 \u4ebf\u7f8e\u5143\u3002<\/p>\n<p>\u8fd9\u79cd\u589e\u957f\u4e0d\u4ec5\u53cd\u6620\u4e86\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u7684\u590d\u82cf\uff0c\u4e5f\u6807\u5fd7\u7740\u5176\u5728\u5168\u7403\u91d1\u878d\u7cfb\u7edf\u4e2d\u5730\u4f4d\u7684\u63d0\u5347\u3002\u901a\u8fc7\u5f15\u5165\u66f4\u591a\u7528\u6237\u53cb\u597d\u7684 dApp \u548c\u521b\u65b0\u7684\u91d1\u878d\u5de5\u5177\uff0cDeFi \u5c06\u5438\u5f15\u65b0\u7684\u8d44\u672c\u6d41\u5165\uff0c\u5de9\u56fa\u5176\u4f5c\u4e3a\u4f20\u7edf\u91d1\u878d\u66ff\u4ee3\u65b9\u6848\u7684\u5730\u4f4d\u3002<\/p>\n<h2>9.NFT \u5e02\u573a\u590d\u82cf\uff1a\u4ea4\u6613\u91cf\u8fbe\u5230 300 \u4ebf\u7f8e\u5143<\/h2>\n<h3>2024 \u5e74 NFT \u4ea4\u6613\u91cf\u4e0b\u964d\uff1b\u6211\u4eec\u9884\u8ba1 2025 \u5e74\u5c06\u53cd\u5f39<\/h3>\n<p><img alt=\"VanEck 2025\u5e74\u5341\u5927\u9884\u6d4b\uff1a\u7f8e\u56fd\u901a\u8fc7BTC\u6218\u7565\u50a8\u5907\uff0c\u725b\u5e02\u5c06\u5728\u660e\u5e74\u5e95\u65b0\u9ad8\"><\/p>\n<p>\u6765\u6e90\uff1a\u6570\u636e\u622a\u81f3 2024 \u5e74 12 \u6708 6 \u65e5\u3002<\/p>\n<p>\u8fc7\u53bb\u7684\u8868\u73b0\u4e0d\u80fd\u4fdd\u8bc1\u672a\u6765\u7684\u7ed3\u679c\u3002\u6587\u4e2d\u63d0\u5230\u7684\u8bc1\u5238\u4e0d\u6784\u6210\u4e70\u5165\u6216\u5356\u51fa\u7684\u63a8\u8350\u3002<\/p>\n<p>2022-2023 \u5e74\u7684\u718a\u5e02\u5bf9 NFT \u9886\u57df\u9020\u6210\u4e86\u4e25\u91cd\u6253\u51fb\uff0c\u4ea4\u6613\u91cf\u81ea 2023 \u5e74\u4ee5\u6765\u4e0b\u964d\u4e86 39%\u00a0\uff0c\u76f8\u6bd4 2022 \u5e74\u66f4\u662f\u66b4\u8dcc\u4e86 84%\u00a0\u3002\u5c3d\u7ba1\u53ef\u66ff\u4ee3\u4ee3\u5e01 (Fungible Token) \u7684\u4ef7\u683c\u5728 2024 \u5e74\u5f00\u59cb\u590d\u82cf\uff0c\u4f46\u5927\u591a\u6570 NFT \u7684\u8868\u73b0\u4ecd\u7136\u843d\u540e\uff0c\u76f4\u5230 11 \u6708\u624d\u8fce\u6765\u8f6c\u6298\u70b9\uff0c\u6b64\u524d\u5176\u4ef7\u683c\u75b2\u8f6f\u4e14\u6d3b\u52a8\u91cf\u4f4e\u8ff7\u3002\u5c3d\u7ba1\u9762\u4e34\u8fd9\u4e9b\u6311\u6218\uff0c\u4e00\u4e9b\u5177\u6709\u5f3a\u5927\u793e\u533a\u7ebd\u5e26\u7684\u9879\u76ee\u901a\u8fc7\u8d85\u8d8a\u6295\u673a\u4ef7\u503c\uff0c\u9006\u52bf\u800c\u4e0a\u3002<\/p>\n<p>\u4f8b\u5982\uff0cPudgy Penguins \u6210\u529f\u901a\u8fc7\u6536\u85cf\u73a9\u5177\u8f6c\u578b\u4e3a\u6d88\u8d39\u54c1\u724c\uff0c\u800c Miladys \u5728\u8bbd\u523a\u4e92\u8054\u7f51\u6587\u5316\u9886\u57df\u83b7\u5f97\u4e86\u6587\u5316\u5f71\u54cd\u529b\u3002\u540c\u6837\uff0cBored Ape Yacht Club (BAYC) \u7ee7\u7eed\u4f5c\u4e3a\u4e00\u4e2a\u4e3b\u5bfc\u7684\u6587\u5316\u529b\u91cf\u53d1\u5c55\uff0c\u5438\u5f15\u4e86\u54c1\u724c\u3001\u540d\u4eba\u548c\u4e3b\u6d41\u5a92\u4f53\u7684\u5e7f\u6cdb\u5173\u6ce8\u3002<\/p>\n<p>\u968f\u7740\u52a0\u5bc6\u8d22\u5bcc\u7684\u56de\u5347\uff0c\u6211\u4eec\u9884\u8ba1\u65b0\u5bcc\u7528\u6237\u5c06\u591a\u5143\u5316\u6295\u8d44\u4e8e NFT\uff0c\u4e0d\u4ec5\u662f\u4f5c\u4e3a\u6295\u673a\u6027\u6295\u8d44\uff0c\u8fd8\u5305\u62ec\u5177\u6709\u6301\u4e45\u6587\u5316\u548c\u5386\u53f2\u610f\u4e49\u7684\u8d44\u4ea7\u3002\u50cf CryptoPunks \u548c Bored Ape Yacht Club (BAYC) \u8fd9\u6837\u7684\u6210\u719f\u7cfb\u5217\u7531\u4e8e\u5176\u5f3a\u5927\u7684\u6587\u5316\u5f71\u54cd\u529b\u548c\u76f8\u5173\u6027\uff0c\u5c06\u4ece\u8fd9\u4e00\u8f6c\u53d8\u4e2d\u83b7\u76ca\u3002\u5c3d\u7ba1 BAYC \u548c CryptoPunks \u7684\u4ea4\u6613\u91cf\u4ecd\u6bd4\u5386\u53f2\u5cf0\u503c\u4f4e 90% \u548c 66%\u00a0\uff08\u4ee5 ETH \u8ba1\uff09\uff0c\u4f46 Pudgy Penguins \u548c Miladys \u7b49\u5176\u4ed6\u9879\u76ee\u7684\u4ef7\u683c\u5df2\u7ecf\u8d85\u8fc7\u4e86\u4e4b\u524d\u7684\u6700\u9ad8\u70b9\u3002<\/p>\n<p>\u4ee5\u592a\u574a\u7ee7\u7eed\u4e3b\u5bfc NFT \u9886\u57df\uff0c\u6258\u7ba1\u4e86\u5927\u591a\u6570\u91cd\u8981\u7cfb\u5217\u30022024 \u5e74\uff0c\u4ee5\u592a\u574a\u5360\u636e\u4e86 71% \u7684 NFT \u4ea4\u6613\u4efd\u989d\uff0c\u6211\u4eec\u9884\u8ba1\u8fd9\u4e00\u6bd4\u4f8b\u5c06\u5728 2025 \u5e74\u4e0a\u5347\u81f3 85%\u00a0\u3002\u8fd9\u79cd\u4e3b\u5bfc\u5730\u4f4d\u4e5f\u53cd\u6620\u5728\u5e02\u503c\u6392\u540d\u4e2d\uff0c\u4ee5\u592a\u574a\u94fe\u4e0a\u7684 NFT \u5360\u636e\u4e86\u524d 10 \u540d\u4e2d\u7684\u5168\u90e8\u4f4d\u7f6e\uff0c\u4ee5\u53ca\u524d 20 \u540d\u4e2d\u7684 16 \u4e2a\u4f4d\u7f6e\uff0c\u7a81\u663e\u4e86\u4ee5\u592a\u574a\u5728 NFT 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[&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2383","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"http:\/\/www.yixiangtian.com\/index.php?rest_route=\/wp\/v2\/posts\/2383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.yixiangtian.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.yixiangtian.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.yixiangtian.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.yixiangtian.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2383"}],"version-history":[{"count":1,"href":"http:\/\/www.yixiangtian.com\/index.php?rest_route=\/wp\/v2\/posts\/2383\/revisions"}],"predecessor-version":[{"id":4138,"href":"http:\/\/www.yixiangtian.com\/index.php?rest_route=\/wp\/v2\/posts\/2383\/revisions\/4138"}],"wp:attachment":[{"href":"http:\/\/www.yixiangtian.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.yixiangtian.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2383"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.yixiangtian.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}