{"id":4256,"date":"2026-09-16T03:33:36","date_gmt":"2026-09-15T19:33:36","guid":{"rendered":"https:\/\/www.sjzylove.com\/?p=4256"},"modified":"2026-09-16T03:33:36","modified_gmt":"2026-09-15T19:33:36","slug":"arthur-hayes%e5%a4%a7%e8%83%86%e9%a2%84%e6%b5%8b%ef%bc%9a10%e4%b8%87%e4%ba%bf%e7%a8%b3%e5%ae%9a%e5%b8%81%e6%b5%aa%e6%bd%ae%e6%9d%a5%e8%a2%ad%ef%bc%8cena%e3%80%81ethfi%e3%80%81hype%e5%b0%86%e8%bf%8e","status":"publish","type":"post","link":"https:\/\/www.zsmjt.com\/?p=4256","title":{"rendered":"Arthur Hayes\u5927\u80c6\u9884\u6d4b\uff1a10\u4e07\u4ebf\u7a33\u5b9a\u5e01\u6d6a\u6f6e\u6765\u88ad\uff0cENA\u3001ETHFI\u3001HYPE\u5c06\u8fce\u53f2\u8bd7\u7ea7\u589e\u957f"},"content":{"rendered":"<div>\n<p><img decoding=\"async\" alt=\"Scott Bessent\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/28\/1756355993872568.jpg\"><\/p>\n<p>\u7f8e\u56fd\u8d22\u653f\u90e8\u957f Scott Bessent \u503c\u5f97\u4e00\u4e2a\u65b0\u5916\u53f7\u3002\u6211\u4e4b\u524d\u7ed9\u4ed6\u8d77\u4e86\u4e2a\u5916\u53f7\u53eb BBC\uff0c\u5373\u201cBig Bessent Cock\u201d\u7684\u7f29\u5199\u3002\u662f\u7684\uff0c\u4ed6\u90a3\u6839\u201c\u62c6\u8fc1\u5927\u5c4c\u201d\u6b63\u5728\u6467\u6bc1\u5168\u7403\u91d1\u878d\u751f\u6001\u7cfb\u7edf\u7684\u73b0\u72b6\uff0c\u4f46\u8fd9\u4e2a\u7ef0\u53f7\u5e76\u4e0d\u80fd\u5b8c\u5168\u4f53\u73b0\u4ed6\u7684\u5389\u5bb3\u4e4b\u5904\u3002\u6211\u8ba4\u4e3a\u4ed6\u9700\u8981\u4e00\u4e2a\u66f4\u8d34\u5207\u7684\u540d\u5b57\uff0c\u6765\u5f62\u5bb9\u4ed6\u5c06\u7ed9\u8fd9\u4e2a\u865a\u5047\u91d1\u878d\u4f53\u7cfb\u4e2d\u4e24\u4e2a\u975e\u5e38\u91cd\u8981\u7684\u7ec4\u6210\u90e8\u5206\u5e26\u6765\u7684\u75db\u82e6\uff1a\u6b27\u6d32\u7f8e\u5143\uff08Eurodollar\uff09\u94f6\u884c\u4f53\u7cfb\u548c\u5916\u56fd\u4e2d\u592e\u94f6\u884c\u3002<\/p>\n<p>\u5c31\u50cf\u7535\u5f71\u300a\u6c89\u9ed8\u7684\u7f94\u7f8a\u300b\u91cc\u7684\u8fde\u73af\u6740\u624b\u4e00\u6837\uff08\u8fd9\u90e8\u4ed6\u5988\u7684\u7ecf\u5178\u4e4b\u4f5c\uff0c\u503c\u5f97\u4efb\u4f55\u6ca1\u770b\u8fc7\u7684\u5e74\u8f7b\u4eba\u6765\u4e00\u573a\u201cNetflix and Chill\u201d\uff09\uff0cScott \u201c\u6c34\u725b\u6bd4\u5c14\u201d Bessent \u5373\u5c06\u706d\u7edd\u6b27\u6d32\u7f8e\u5143\u94f6\u884c\u4f53\u7cfb\uff0c\u5e76\u63a7\u5236\u5916\u56fd\u7684\u975e\u7f8e\u5143\u5b58\u6b3e\u3002\u6b63\u5982\u5974\u96b6\u548c\u8bad\u7ec3\u6709\u7d20\u7684\u519b\u56e2\u7ef4\u7cfb\u4e86\u201c\u7f57\u9a6c\u548c\u5e73\u201d\uff08Pax Romana\uff09\uff0c\u5974\u96b6\u548c\u7f8e\u5143\u9738\u6743\u5219\u7ef4\u7cfb\u7740\u201c\u7f8e\u56fd\u548c\u5e73\u201d\uff08Pax Americana\uff09\u3002\u201c\u7f8e\u56fd\u548c\u5e73\u201d\u7684\u5974\u5f79\u6027\u8d28\u5e76\u4e0d\u4ec5\u4ec5\u662f\u5386\u53f2\u4e0a\u8fd0\u9001\u975e\u6d32\u4eba\u53bb\u6458\u68c9\u82b1\uff1b\u73b0\u4ee3\u7684\u97ad\u5b50\u662f\u201c\u6bcf\u6708\u8fd8\u6b3e\u201d\uff0c\u4e00\u4ee3\u53c8\u4e00\u4ee3\u7684\u5e74\u8f7b\u4eba\u5fc3\u7518\u60c5\u613f\u5730\u80cc\u4e0a\u8db3\u4ee5\u538b\u57ae\u4eba\u751f\u7684\u503a\u52a1\uff0c\u53bb\u6362\u53d6\u6beb\u65e0\u4ef7\u503c\u7684\u6587\u51ed\uff0c\u5e0c\u671b\u4ed6\u4eec\u4e5f\u80fd\u5728<strong>\u9ad8\u76db<\/strong>\u3001<strong>\u6c99\u5229\u6587\u00b7\u514b\u4f26\u5a01\u5c14\u5f8b\u5e08\u4e8b\u52a1\u6240<\/strong>\u6216<strong>\u9ea6\u80af\u9521<\/strong>\u5de5\u4f5c\u3002\u8fd9\u662f\u4e00\u79cd\u66f4\u666e\u904d\u3001\u66f4\u9634\u9669\u3001\u6700\u7ec8\u4e5f\u66f4\u6709\u6548\u7684\u63a7\u5236\u624b\u6bb5\u3002\u4e0d\u5e78\u7684\u662f\uff0c\u73b0\u5728\u7f8e\u56fd\u6709\u4e86\u4eba\u5de5\u667a\u80fd\uff0c\u8fd9\u4e9b\u503a\u52a1\u201c\u9a74\u5b50\u201d\u4eec\u5373\u5c06\u5931\u4e1a\u2026\u2026\u8fd8\u662f\u7a7f\u4e0a\u4f60\u7684\u84dd\u9886\u5de5\u88c5\u5427\uff0c\u8001\u5144\u3002<\/p>\n<p>\u6211\u8dd1\u9898\u4e86\u3002<\/p>\n<p>\u201c\u7f8e\u56fd\u548c\u5e73\u201d\u5bf9\u5168\u7403\u50a8\u5907\u8d27\u5e01\u2014\u2014\u7f8e\u5143\u7684\u63a7\u5236\uff0c\u662f\u6211\u8fd9\u7bc7\u6587\u7ae0\u5c06\u8981\u8ba8\u8bba\u7684\u6838\u5fc3\u3002\u5386\u4efb\u7f8e\u56fd\u8d22\u653f\u90e8\u957f\u90fd\u66fe\u6325\u821e\u8fc7\u8fd9\u6839\u7f8e\u5143\u5927\u68d2\uff0c\u4f46\u6210\u8d25\u4e0d\u4e00\u3002\u5176\u4e2d\u6700\u663e\u8457\u7684\u5931\u8d25\u5c31\u662f\u5141\u8bb8\u4e86\u6b27\u6d32\u7f8e\u5143\u4f53\u7cfb\u7684\u51fa\u73b0\u3002<\/p>\n<p>\u6b27\u6d32\u7f8e\u5143\u4f53\u7cfb\u51fa\u73b0\u5728 20 \u4e16\u7eaa 50 \u5e74\u4ee3\u548c 60 \u5e74\u4ee3\uff0c\u76ee\u7684\u662f\u4e3a\u4e86\u89c4\u907f\u7f8e\u56fd\u7684\u8d44\u672c\u7ba1\u5236\uff08\u4f8b\u5982\uff0cQ \u6761\u4f8b\uff09\uff0c\u7ed5\u5f00\u7ecf\u6d4e\u5236\u88c1\uff08\u82cf\u8054\u9700\u8981\u4e00\u4e2a\u5730\u65b9\u5b58\u653e\u5176\u7f8e\u5143\uff09\uff0c\u5e76\u5728\u4e8c\u6218\u540e\u5168\u7403\u7ecf\u6d4e\u590d\u82cf\u65f6\u4e3a\u975e\u7f8e\u56fd\u7684\u8d38\u6613\u6d41\u52a8\u63d0\u4f9b\u94f6\u884c\u4e1a\u52a1\u3002\u5f53\u65f6\u7684\u8d27\u5e01\u5f53\u5c40\u672c\u53ef\u4ee5\u8ba4\u8bc6\u5230\u5411\u5916\u56fd\u4eba\u4f9b\u5e94\u7f8e\u5143\u7684\u5fc5\u8981\u6027\uff0c\u5e76\u5141\u8bb8\u7f8e\u56fd\u56fd\u5185\u7684\u8d27\u5e01\u4e2d\u5fc3\u94f6\u884c\u4e3b\u5bfc\u8fd9\u9879\u4e1a\u52a1\uff0c\u4f46\u56fd\u5185\u7684\u653f\u6cbb\u548c\u7ecf\u6d4e\u8003\u91cf\u8981\u6c42\u91c7\u53d6\u5f3a\u786c\u7acb\u573a\u3002\u7ed3\u679c\uff0c\u6b27\u6d32\u7f8e\u5143\u4f53\u7cfb\u5728\u63a5\u4e0b\u6765\u7684\u51e0\u5341\u5e74\u91cc\u53d1\u5c55\u5230\u4e86\u4e00\u4e2a\u672a\u77e5\u7684\u89c4\u6a21\uff0c\u5e76\u6210\u4e3a\u4e00\u80a1\u4e0d\u53ef\u5ffd\u89c6\u7684\u529b\u91cf\u3002\u636e\u4f30\u8ba1\uff0c\u5927\u7ea6\u6709 10 \u5230 13 \u4e07\u4ebf\u7f8e\u5143\u7684\u6b27\u6d32\u7f8e\u5143\u5728\u5404\u79cd\u975e\u7f8e\u56fd\u94f6\u884c\u5206\u884c\u4e2d\u6d41\u52a8\u3002\u8fd9\u90e8\u5206\u8d44\u672c\u7684\u6f6e\u8d77\u6f6e\u843d\u5f15\u53d1\u4e86\u4e8c\u6218\u540e\u65f6\u4ee3\u7684\u5404\u79cd\u91d1\u878d\u5371\u673a\uff0c\u800c\u8fd9\u4e9b\u5371\u673a\u603b\u662f\u9700\u8981\u5370\u949e\u6765\u89e3\u51b3\u3002\u4e9a\u7279\u5170\u5927\u8054\u50a8\u5728 2024 \u5e74 8 \u6708\u53d1\u8868\u7684\u4e00\u7bc7\u9898\u4e3a\u300a\u79bb\u5cb8\u7f8e\u5143\u4e0e\u7f8e\u56fd\u653f\u7b56\u300b\u7684\u8bba\u6587\u5c31\u8ba8\u8bba\u4e86\u8fd9\u4e00\u73b0\u8c61\u3002<\/p>\n<p>\u5bf9\u201c\u6c34\u725b\u6bd4\u5c14\u201dBessent \u6765\u8bf4\uff0c\u6b27\u6d32\u7f8e\u5143\u4f53\u7cfb\u7684\u95ee\u9898\u6709\u4e24\u65b9\u9762\u3002\u7b2c\u4e00\u4e2a\u95ee\u9898\u662f\uff0c\u4ed6\u5b8c\u5168\u4e0d\u6e05\u695a\u5230\u5e95\u6709\u591a\u5c11\u6b27\u6d32\u7f8e\u5143\u5b58\u5728\uff0c\u4ee5\u53ca\u5b83\u4eec\u4e3a\u54ea\u4e9b\u9879\u76ee\u63d0\u4f9b\u8d44\u91d1\u3002\u7b2c\u4e8c\u4e2a\u95ee\u9898\uff0c\u4e5f\u662f\u6700\u91cd\u8981\u7684\uff0c\u662f\u8fd9\u4e9b\u6b27\u6d32\u7f8e\u5143\u5b58\u6b3e\u5e76\u6ca1\u6709\u88ab\u7528\u6765\u8d2d\u4e70\u4ed6\u90a3\u4e9b<strong>\u72d7\u5c4e\u4e00\u6837\u7684\u56fd\u503a<\/strong>\u3002Bessent \u6709\u6ca1\u6709\u529e\u6cd5\u89e3\u51b3\u8fd9\u4e24\u4e2a\u95ee\u9898\u5462\uff1f\u8bf7\u5148\u8bb0\u4f4f\u8fd9\u4e2a\u95ee\u9898\uff0c\u6211\u63a5\u4e0b\u6765\u4f1a\u7b80\u5355\u8c08\u8c08\u975e\u7f8e\u56fd\u6563\u6237\u50a8\u6237\u6301\u6709\u7684\u5916\u5e01\u3002<\/p>\n<p><strong>\u53bb\u7f8e\u5143\u5316\u662f\u771f\u5b9e\u5b58\u5728\u7684<\/strong>\u3002\u5b83\u4ece 2008 \u5e74\u5f00\u59cb\u771f\u6b63\u542f\u52a8\uff0c\u5f53\u65f6\u7f8e\u56fd\u7684\u91d1\u878d\u4e3b\u5bb0\u4eec\u51b3\u5b9a\uff0c\u4e0e\u5176\u8ba9\u94f6\u884c\u548c\u91d1\u878d\u673a\u6784\u56e0\u5176\u7cdf\u7cd5\u7684\u62bc\u6ce8\u800c\u5012\u95ed\uff0c\u4e0d\u5982\u901a\u8fc7\u5f00\u542f\u65e0\u9650\u91cf\u5316\u5bbd\u677e\uff08QE Infinity\uff09\u6765\u62ef\u6551\u5b83\u4eec\u3002[1] \u8981\u7406\u89e3\u6301\u6709\u6570\u4e07\u4ebf\u7f8e\u5143\u8d44\u4ea7\u7684\u5168\u7403\u5404\u56fd\u592e\u884c\u7684\u53cd\u5e94\uff0c\u4e00\u4e2a\u6709\u7528\u7684\u6307\u6807\u662f\u5176\u50a8\u5907\u4e2d\u9ec4\u91d1\u7684\u767e\u5206\u6bd4\u3002\u50a8\u5907\u4e2d\u9ec4\u91d1\u7684\u767e\u5206\u6bd4\u8d8a\u9ad8\uff0c\u5bf9\u7f8e\u56fd\u653f\u5e9c\u7684\u4fe1\u4efb\u5ea6\u5c31\u8d8a\u4f4e\u3002<\/p>\n<p><img decoding=\"async\" alt=\"Scott Bessent\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/28\/1756356038163041.jpg\"><\/p>\n<p>\u5982\u4f60\u6240\u89c1\uff0c2008 \u5e74\u540e\uff0c\u592e\u884c\u50a8\u5907\u4e2d\u7684\u9ec4\u91d1\u767e\u5206\u6bd4\u89e6\u5e95\u53cd\u5f39\uff0c\u5e76\u5f00\u59cb\u4e86\u957f\u671f\u7684\u4e0a\u5347\u8d8b\u52bf\u3002<\/p>\n<p><img decoding=\"async\" alt=\"Scott Bessent\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/28\/1756356059299309.jpg\"><\/p>\n<p>\u8fd9\u662f TLT US ETF\uff08\u8ffd\u8e2a 20 \u5e74\u6216\u66f4\u957f\u671f\u7684\u7f8e\u56fd\u56fd\u503a\uff09\u9664\u4ee5\u9ec4\u91d1\u4ef7\u683c\u7684\u56fe\u8868\u3002\u6211\u4ece 2009 \u5e74\u5f00\u59cb\u5c06\u5176\u6307\u6570\u5316\u4e3a 100\u3002\u81ea 2009 \u5e74\u4ee5\u6765\uff0c\u7f8e\u56fd\u56fd\u503a\u76f8\u5bf9\u4e8e\u9ec4\u91d1\u5df2\u7ecf<strong>\u8d2c\u503c\u4e86\u8fd1 80%<\/strong>\u3002\u7f8e\u56fd\u653f\u5e9c\u7684\u8d27\u5e01\u653f\u7b56\u5c31\u662f\u62ef\u6551\u5176\u94f6\u884c\u7cfb\u7edf\uff0c\u7136\u540e\u5751\u5bb3\u56fd\u5185\u5916\u7684\u503a\u52a1\u6301\u6709\u4eba\u3002\u96be\u602a\u5916\u56fd\u592e\u884c\u5f00\u59cb\u6a21\u4eff\u53f2\u9ad8\u6cbb\u53d4\u53d4\uff08Scrooge McDuck\uff09\u90a3\u6837\u56e4\u79ef\u9ec4\u91d1\u3002\u7f8e\u56fd\u603b\u7edf\u7279\u6717\u666e\u6253\u7b97\u91c7\u53d6\u7c7b\u4f3c\u7684\u7b56\u7565\uff0c\u4f46\u9664\u4e86\u5751\u5bb3\u503a\u5238\u6301\u6709\u4eba\uff0c\u4ed6\u8fd8\u76f8\u4fe1\u4ed6\u53ef\u4ee5\u901a\u8fc7\u5173\u7a0e\u6765\u5bf9\u5916\u56fd\u8d44\u672c\u548c\u8d38\u6613\u6d41\u52a8\u5f81\u7a0e\uff0c\u4ece\u800c\u201c\u8ba9\u7f8e\u56fd\u518d\u6b21\u4f1f\u5927\u201d\u3002<\/p>\n<p>Bessent \u5b9e\u5728\u6ca1\u4ec0\u4e48\u529e\u6cd5\u8bf4\u670d\u5404\u56fd\u592e\u884c\u7684\u50a8\u5907\u7ba1\u7406\u8005\u8d2d\u4e70\u66f4\u591a\u7684\u7f8e\u56fd\u56fd\u503a\u3002\u7136\u800c\uff0c\u5728\u5168\u7403\u5357\u65b9\uff08Global South\uff09\u5b58\u5728\u7740\u4e00\u4e2a\u5728\u7f8e\u5143\u65b9\u9762\u670d\u52a1\u4e0d\u8db3\u7684\u5e9e\u5927\u7fa4\u4f53\uff0c\u4ed6\u4eec\u975e\u5e38\u5e0c\u671b\u80fd\u62e5\u6709\u4e00\u4e2a<strong>\u6b63\u6536\u76ca\u7684\u7f8e\u5143\u8d27\u5e01\u8d26\u6237<\/strong>\u3002\u5982\u4f60\u6240\u77e5\uff0c\u4e0e\u6bd4\u7279\u5e01\u548c\u9ec4\u91d1\u76f8\u6bd4\uff0c\u6240\u6709\u6cd5\u5b9a\u8d27\u5e01\u90fd\u662f\u5783\u573e\u3002\u8bdd\u867d\u5982\u6b64\uff0c\u5982\u679c\u4f60\u8eab\u5904\u6cd5\u5e01\u4f53\u7cfb\u5185\uff0c\u6700\u597d\u7684\u6cd5\u5e01\u5c31\u662f\u7f8e\u5143\u3002\u7edf\u6cbb\u7740\u4e16\u754c\u5927\u591a\u6570\u4eba\u53e3\u7684\u56fd\u5185\u76d1\u7ba1\u673a\u6784\u5f3a\u8feb\u4ed6\u4eec\u7684\u5e73\u6c11\u62e5\u6709\u901a\u80c0\u9ad8\u4f01\u7684\u5783\u573e\u8d27\u5e01\uff0c\u5e76\u9650\u5236\u4ed6\u4eec\u8fdb\u5165\u7f8e\u5143\u91d1\u878d\u7cfb\u7edf\u3002\u5982\u679c\u80fd\u9003\u79bb\u4ed6\u4eec\u672c\u56fd\u90a3\u7cdf\u7cd5\u7684\u653f\u5e9c\u503a\u5238\u5e02\u573a\uff0c\u8fd9\u4e9b\u5e73\u6c11\u4f1a\u613f\u610f\u4ee5 Bessent \u63d0\u4f9b\u7684\u4efb\u4f55\u6536\u76ca\u7387\u8d2d\u4e70\u7f8e\u56fd\u56fd\u5e93\u5238\uff08T-bills\uff09\u3002Bessent \u6709\u6ca1\u6709\u529e\u6cd5\u4e3a\u8fd9\u4e9b\u4eba\u63d0\u4f9b\u94f6\u884c\u670d\u52a1\u5462\uff1f<\/p>\n<p><img decoding=\"async\" alt=\"Scott Bessent\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/28\/1756356066614419.jpg\"><\/p>\n<p>\u6211\u7b2c\u4e00\u6b21\u53bb\u963f\u6839\u5ef7\u662f\u5728 2018 \u5e74\uff0c\u4e4b\u540e\u4e5f\u5b9a\u671f\u56de\u53bb\u3002\u8fd9\u662f\u4e00\u5f20\u4ece 2018 \u5e74 9 \u6708\u5f00\u59cb\u5c06\u963f\u6839\u5ef7\u6bd4\u7d22\u5bf9\u7f8e\u5143\u6307\u6570\u5316\u4e3a 100 \u7684\u56fe\u8868\u3002\u5728\u4e03\u5e74\u65f6\u95f4\u91cc\uff0c\u963f\u6839\u5ef7\u6bd4\u7d22\u5bf9\u7f8e\u5143<strong>\u8d2c\u503c\u4e86 97%<\/strong>\u3002\u73b0\u5728\uff0c\u5f53\u6211\u53bb\u90a3\u91cc\uff08\u4e3b\u8981\u662f\u4e3a\u4e86\u6ed1\u96ea\uff09\u65f6\uff0c\u6211\u7ed9\u6240\u6709\u670d\u52a1\u4eba\u5458\u652f\u4ed8\u7684\u90fd\u662f USDT\u3002<\/p>\n<p>\u201c\u6c34\u725b\u6bd4\u5c14\u201dBessent \u627e\u5230\u4e86\u4e00\u4e2a\u80fd\u89e3\u51b3\u4ed6\u95ee\u9898\u7684\u65b0\u5de5\u5177\u3002\u5b83\u53eb\u505a<strong>\u7a33\u5b9a\u5e01\uff08stablecoin\uff09<\/strong>\u3002\u4e0e\u7f8e\u5143\u6302\u94a9\u7684\u7a33\u5b9a\u5e01\u73b0\u5728\u6b63\u53d7\u5230\u7f8e\u56fd\u8d22\u653f\u90e8\u7684\u63a8\u5e7f\u3002\u5e1d\u56fd\u5c06\u652f\u6301\u7279\u5b9a\u7684\u53d1\u884c\u5546\uff0c\u8ba9\u4ed6\u4eec\u50cf\u5438\u5c18\u5668\u4e00\u6837\u5438\u8d70\u6b27\u6d32\u7f8e\u5143\u548c\u5168\u7403\u5357\u65b9\u7684\u96f6\u552e\u5b58\u6b3e\u3002\u4e3a\u4e86\u7406\u89e3\u539f\u56e0\uff0c\u6211\u5c06\u5feb\u901f\u4ecb\u7ecd\u4e00\u4e2a\u201c\u53ef\u63a5\u53d7\u7684\u201d\u7f8e\u5143\u6302\u94a9\u7a33\u5b9a\u5e01\u7684\u7ed3\u6784\u3002\u7136\u540e\uff0c\u6211\u5c06\u8c08\u8c08\u5b83\u5bf9\u4f20\u7edf\u91d1\u878d\uff08TradFi\uff09\u94f6\u884c\u4f53\u7cfb\u7684\u5f71\u54cd\u3002\u6700\u540e\uff0c\u4e5f\u662f\u4f60\u4eec\u8fd9\u7fa4\u201c\u8d4c\u5f92\u201d\uff08degens\uff09\u6700\u5173\u5fc3\u7684\uff0c\u6211\u5c06\u9610\u8ff0\u4e3a\u4ec0\u4e48\u7531\u201c\u7f8e\u56fd\u548c\u5e73\u201d\u652f\u6301\u7684\u7f8e\u5143\u6302\u94a9\u7a33\u5b9a\u5e01\u7684\u5168\u7403\u91c7\u7528\uff0c\u5c06\u63a8\u52a8 DeFi \u5e94\u7528\uff08\u7279\u522b\u662f <strong>Ethena<\/strong>\u3001<strong>Ether.fi<\/strong> \u548c <strong>Hyperliquid<\/strong>\uff09\u7684\u4f7f\u7528\u51fa\u73b0\u957f\u671f\u589e\u957f\u3002<\/p>\n<p>\u5982\u4f60\u6240\u77e5\uff0cMaelstrom \u4ece\u4e0d\u505a\u514d\u8d39\u7684\u4e70\u5356\u3002\u6211\u4eec\u6301\u6709\u5927\u91cf\u7684\u3001\u5927\u91cf\u7684\u3001\u4ed6\u5988\u7684\u66f4\u591a\u7684\u4ed3\u4f4d\u3002<\/p>\n<p>\u5982\u679c\u4f60\u5bf9\u7a33\u5b9a\u5e01\u8fd8\u6ca1\u770b\u8fc7\u763e\uff0c\u6211\u5c06\u9884\u544a\u4e00\u4e2a\u6211\u4eec\u6b63\u5728\u63d0\u4f9b\u54a8\u8be2\u7684\u65b0\u7a33\u5b9a\u5e01\u57fa\u7840\u8bbe\u65bd\u9879\u76ee\u2014\u2014<strong>Codex<\/strong>\u2014\u2014\u6211\u76f8\u4fe1\u5b83\u5c06\u662f\u8868\u73b0\u6700\u597d\u7684\u4ee3\u5e01\uff1b\u4ece\u5b83\u5373\u5c06\u5230\u6765\u7684 TGE\uff08\u4ee3\u5e01\u751f\u6210\u4e8b\u4ef6\uff09\u76f4\u5230\u672c\u8f6e\u5468\u671f\u7684\u7ed3\u675f\u3002<\/p>\n<h3><\/h3>\n<h3><strong>\u4ec0\u4e48\u662f\u201c\u53ef\u63a5\u53d7\u7684\u201d\u7a33\u5b9a\u5e01\uff1f<\/strong><\/h3>\n<p>\u4e00\u4e2a\u7f8e\u5143\u6302\u94a9\u7684\u7a33\u5b9a\u5e01\u7c7b\u4f3c\u4e8e\u4e00\u4e2a<strong>\u72ed\u4e49\u94f6\u884c\uff08narrow bank\uff09<\/strong>\u3002\u7a33\u5b9a\u5e01\u53d1\u884c\u5546\u63a5\u53d7\u7f8e\u5143\uff0c\u5e76\u5c06\u8fd9\u4e9b\u7f8e\u5143\u6295\u8d44\u4e8e\u65e0\u98ce\u9669\u7684\u503a\u52a1\u5de5\u5177\u3002\u5728\u540d\u4e49\u7f8e\u5143\u65b9\u9762\uff0c\u552f\u4e00\u7684\u65e0\u98ce\u9669\u503a\u52a1\u5de5\u5177\u662f\u7f8e\u56fd\u56fd\u503a\u3002\u5177\u4f53\u6765\u8bf4\uff0c\u56e0\u4e3a\u53d1\u884c\u5546\u5fc5\u987b\u80fd\u591f\u5728\u6301\u6709\u8005\u8d4e\u56de\u65f6\u6309\u9700\u63d0\u4f9b\u5b9e\u4f53\u7f8e\u5143\uff0c\u7a33\u5b9a\u5e01\u53d1\u884c\u5546\u53ea\u4f1a\u6295\u8d44\u4e8e\u7f8e\u56fd\u56fd\u5e93\u5238\uff08T-bills\uff09\u3002T-bill \u7684\u671f\u9650\u5c11\u4e8e\u4e00\u5e74\u3002\u56e0\u4e3a\u5b83\u51e0\u4e4e\u6ca1\u6709\u4e45\u671f\u98ce\u9669\uff0c\u5176\u4ea4\u6613\u7279\u6027\u5c31\u50cf\u73b0\u91d1\u4e00\u6837\u3002<\/p>\n<p>\u8ba9\u6211\u4eec\u6765\u770b\u770b\u6d41\u7a0b\u3002<\/p>\n<p><strong>\u521b\u5efa\u4e00\u4e2a\u5355\u4f4d\u7684\u7a33\u5b9a\u5e01\uff0c\u6211\u5c06\u4ee5 Tether USD\uff08\u4ee3\u7801\uff1aUSDT\uff09\u4e3a\u4f8b\uff1a<\/strong><\/p>\n<ol>\n<li>\u6388\u6743\u53c2\u4e0e\u8005\uff08AP\uff09\u5c06\u7f8e\u5143\u7535\u6c47\u5230 Tether \u7684\u94f6\u884c\u8d26\u6237\u3002<\/li>\n<li>Tether \u6bcf\u6536\u5230\u4e00\u7f8e\u5143\u5b58\u6b3e\uff0c\u5c31\u521b\u9020\u4e00\u4e2a\u5355\u4f4d\u7684 USDT\u3002<\/li>\n<li>\u4e3a\u4e86\u4ece\u8fd9\u4e9b\u7f8e\u5143\u4e2d\u8d5a\u53d6\u6536\u76ca\uff0cTether \u8d2d\u4e70 T-bills\u3002<\/li>\n<li>\u5982\u679c\u4e00\u4e2a AP \u7535\u6c47\u4e86 1,000,000 \u7f8e\u5143\uff0c\u4ed6\u4eec\u4f1a\u6536\u5230 1,000,000 USDT\u3002<\/li>\n<li>Tether \u8d2d\u4e70\u4ef7\u503c 1,000,000 \u7f8e\u5143\u7684 T-bills\u3002<\/li>\n<li>USDT \u4e0d\u652f\u4ed8\u5229\u606f\u3002<\/li>\n<li>\u4f46\u662f T-bills \u652f\u4ed8\u7684\u5229\u7387\u57fa\u672c\u4e0a\u5c31\u662f\u8054\u90a6\u57fa\u91d1\u5229\u7387\uff08Fed Funds rate\uff09\uff0c\u76ee\u524d\u662f 4.25% \u5230 4.50%\u3002<\/li>\n<li>Tether \u7684\u51c0\u606f\u5dee\uff08NIM\uff09\u4e3a 4.25% \u5230 4.50%\u3002<\/li>\n<li>\u4e3a\u4e86\u5438\u5f15\u5b58\u6b3e\uff0cTether \u6216\u50cf\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240\u8fd9\u6837\u7684\u5173\u8054\u91d1\u878d\u673a\u6784\uff0c\u4f1a\u5728\u50a8\u6237\u8d28\u62bc\uff08stake\uff09\u5176 USDT \u65f6\uff0c\u652f\u4ed8\u4e00\u90e8\u5206 NIM\u3002\u8d28\u62bc\u4ec5\u4ec5\u610f\u5473\u7740\u4f60\u5c06\u4f60\u7684 USDT \u9501\u5b9a\u4e00\u6bb5\u65f6\u95f4\u3002<\/li>\n<\/ol>\n<p><strong>\u8d4e\u56de\u4e00\u4e2a\u5355\u4f4d\u7684\u7a33\u5b9a\u5e01\uff1a<\/strong><\/p>\n<ol>\n<li>AP \u5c06 USDT \u53d1\u9001\u5230 Tether \u7684\u52a0\u5bc6\u94b1\u5305\u3002<\/li>\n<li>Tether \u5356\u51fa\u4e0e USDT \u91d1\u989d\u76f8\u7b49\u7684 T-bills\u3002<\/li>\n<li>Tether \u6bcf\u6536\u5230\u4e00\u4e2a USDT\uff0c\u5c31\u5411 AP \u7684\u94f6\u884c\u8d26\u6237\u53d1\u9001\u4e00\u7f8e\u5143\u3002<\/li>\n<li>Tether \u9500\u6bc1 USDT\uff0c\u5c06\u5176\u4ece\u6d41\u901a\u4e2d\u79fb\u9664\u3002<\/li>\n<\/ol>\n<p>Tether \u7684\u5546\u4e1a\u6a21\u5f0f\u975e\u5e38\u7b80\u5355\u3002\u63a5\u6536\u7f8e\u5143\uff0c\u53d1\u884c\u4e00\u4e2a\u5728\u516c\u94fe\u4e0a\u8fd0\u884c\u7684\u6570\u5b57\u4ee3\u5e01\uff0c\u5c06\u7f8e\u5143\u6295\u8d44\u4e8e T-bills\uff0c\u7136\u540e\u8d5a\u53d6 NIM\u3002Bessent \u5c06\u786e\u4fdd\u90a3\u4e9b\u5e1d\u56fd\u901a\u8fc7\u6cd5\u5f8b\u9ed8\u8bb8\u652f\u6301\u7684\u53d1\u884c\u5546\uff0c\u53ea\u80fd\u5c06\u7f8e\u5143\u5b58\u653e\u5728\u7279\u8bb8\u7684\u7f8e\u56fd\u94f6\u884c\u548c\/\u6216\u7f8e\u56fd\u56fd\u503a\u4e2d\u3002<strong>\u4e0d\u80fd\u6709\u4efb\u4f55\u732b\u817b<\/strong>\u3002<\/p>\n<h3><\/h3>\n<h3><strong>\u5bf9\u6b27\u6d32\u7f8e\u5143\u7684\u5f71\u54cd<\/strong><\/h3>\n<p>\u5728\u7a33\u5b9a\u5e01\u51fa\u73b0\u4e4b\u524d\uff0c\u5f53\u6b27\u6d32\u7f8e\u5143\u94f6\u884c\u673a\u6784\u9677\u5165\u56f0\u5883\u65f6\uff0c\u7f8e\u8054\u50a8\u548c\u7f8e\u56fd\u8d22\u653f\u90e8\u603b\u662f\u4f1a\u51fa\u624b\u76f8\u6551\u3002\u4e00\u4e2a\u8fd0\u8f6c\u826f\u597d\u7684\u6b27\u6d32\u7f8e\u5143\u5e02\u573a\u5bf9\u5e1d\u56fd\u7684\u5065\u5eb7\u81f3\u5173\u91cd\u8981\u3002\u4f46\u73b0\u5728\uff0c\u6709\u4e86\u4e00\u4e2a\u65b0\u5de5\u5177\uff0c\u8ba9 Bessent \u80fd\u591f\u5438\u6536\u8fd9\u4e9b\u8d44\u91d1\u6d41\u3002\u5728\u5b8f\u89c2\u5c42\u9762\u4e0a\uff0cBessent \u5fc5\u987b\u63d0\u4f9b\u4e00\u4e2a\u7406\u7531\uff0c\u8ba9\u6b27\u6d32\u7f8e\u5143\u5b58\u6b3e\u8f6c\u79fb\u5230\u94fe\u4e0a\u3002<\/p>\n<p>\u4f8b\u5982\uff0c\u5728 2008 \u5e74\u5168\u7403\u91d1\u878d\u5371\u673a\u671f\u95f4\uff0c\u7f8e\u8054\u50a8<strong>\u79d8\u5bc6\u5730\u5411\u5916\u56fd\u94f6\u884c\u8d37\u51fa\u4e86\u6570\u5341\u4ebf\u7f8e\u5143<\/strong>\uff0c\u8fd9\u4e9b\u94f6\u884c\u56e0\u6b21\u7ea7\u62b5\u62bc\u8d37\u6b3e\u53ca\u5176\u76f8\u5173\u884d\u751f\u54c1\u7684\u5d29\u6e83\u800c\u51fa\u73b0\u7f8e\u5143\u77ed\u7f3a\u3002[2] \u7ed3\u679c\uff0c\u6b27\u6d32\u7f8e\u5143\u50a8\u6237\u76f8\u4fe1\uff0c\u5373\u4f7f\u4ed6\u4eec\u7684\u94b1\u5728\u6280\u672f\u4e0a\u5904\u4e8e\u7f8e\u56fd\u76d1\u7ba1\u7684\u91d1\u878d\u4f53\u7cfb\u4e4b\u5916\uff0c\u7f8e\u56fd\u653f\u5e9c\u4e5f\u542b\u84c4\u5730\u62c5\u4fdd\u4e86\u4ed6\u4eec\u7684\u8d44\u91d1\u3002\u5982\u679c\u5ba3\u5e03\u5728\u4e0b\u4e00\u6b21\u91d1\u878d\u5371\u673a\u53d1\u751f\u65f6\uff0c\u975e\u7f8e\u56fd\u94f6\u884c\u5206\u884c\u5c06\u4e0d\u4f1a\u5f97\u5230\u7f8e\u8054\u50a8\u6216\u8d22\u653f\u90e8\u7684\u4efb\u4f55\u5e2e\u52a9\uff0c\u8fd9\u5c06\u628a\u6b27\u6d32\u7f8e\u5143\u5b58\u6b3e\u91cd\u65b0\u5bfc\u5411\u7a33\u5b9a\u5e01\u53d1\u884c\u5546\u7684\u6000\u62b1\u3002\u5982\u679c\u4f60\u89c9\u5f97\u8fd9\u5f88\u7275\u5f3a\uff0c<strong>\u5fb7\u610f\u5fd7\u94f6\u884c<\/strong>\u7684\u4e00\u4f4d\u7b56\u7565\u5e08\u5199\u4e86\u4e00\u7bc7\u6587\u7ae0\uff0c\u516c\u5f00\u8d28\u7591\u7f8e\u56fd\u662f\u5426\u4f1a<strong>\u6b66\u5668\u5316\u7f8e\u5143\u4e92\u6362\u989d\u5ea6<\/strong>\uff0c\u4ee5\u8feb\u4f7f\u6b27\u6d32\u4eba\u505a\u7279\u6717\u666e\u653f\u5e9c\u8981\u6c42\u4ed6\u4eec\u505a\u7684\u4e8b\u60c5\u3002\u4f60\u6700\u597d\u76f8\u4fe1\uff0c\u7279\u6717\u666e\u975e\u5e38\u4e50\u610f\u901a\u8fc7\u6709\u6548\u5730\u201c\u53bb\u94f6\u884c\u5316\u201d\u6765\u9609\u5272\u6b27\u6d32\u7f8e\u5143\u5e02\u573a\u3002\u6b63\u662f\u8fd9\u4e9b\u673a\u6784\u5728\u4ed6\u7b2c\u4e00\u4efb\u671f\u540e\u201c\u53bb\u94f6\u884c\u5316\u201d\u4e86\u4ed6\u7684\u5bb6\u65cf\uff1b\u73b0\u5728\u662f\u62a5\u590d\u7684\u65f6\u5019\u4e86\u3002\u56e0\u679c\u62a5\u5e94\uff0c\u5c61\u8bd5\u4e0d\u723d\u3002<\/p>\n<p>\u6ca1\u6709\u4e86\u62c5\u4fdd\uff0c\u6b27\u6d32\u7f8e\u5143\u50a8\u6237\u4f1a\u4e3a\u4e86\u81ea\u8eab\u5229\u76ca\uff0c\u5c06\u8d44\u91d1\u8f6c\u79fb\u5230\u50cf USDT \u8fd9\u6837\u7684\u7f8e\u5143\u6302\u94a9\u7a33\u5b9a\u5e01\u4e2d\u3002Tether \u5c06\u5176\u6240\u6709\u8d44\u4ea7\u90fd\u4ee5\u7f8e\u56fd\u94f6\u884c\u5b58\u6b3e\u548c\/\u6216 T-bills \u7684\u5f62\u5f0f\u6301\u6709\u3002\u6839\u636e\u6cd5\u5f8b\uff0c\u7f8e\u56fd\u653f\u5e9c\u62c5\u4fdd\u6240\u6709\u5b58\u653e\u5728\u516b\u5bb6\u201c\u5927\u5230\u4e0d\u80fd\u5012\u201d\uff08TBTF\uff09\u94f6\u884c\u7684\u5b58\u6b3e\uff1b\u5728 2023 \u5e74\u533a\u57df\u6027\u94f6\u884c\u5371\u673a\u4e4b\u540e\uff0c\u7f8e\u8054\u50a8\u548c\u8d22\u653f\u90e8\u5b9e\u9645\u4e0a\u62c5\u4fdd\u4e86\u4efb\u4f55\u7f8e\u56fd\u94f6\u884c\u6216\u5206\u884c\u7684\u6240\u6709\u5b58\u6b3e\u3002T-bills \u7684\u8fdd\u7ea6\u98ce\u9669\u4e5f\u4e3a\u96f6\uff0c\u56e0\u4e3a\u7f8e\u56fd\u653f\u5e9c\u6c38\u8fdc\u4e0d\u4f1a\u81ea\u613f\u7834\u4ea7\uff0c\u5b83\u603b\u662f\u53ef\u4ee5\u5370\u7f8e\u5143\u6765\u507f\u8fd8 T-bill \u6301\u6709\u4eba\u3002\u56e0\u6b64\uff0c\u7a33\u5b9a\u5e01\u5b58\u6b3e\u5728\u540d\u4e49\u7f8e\u5143\u4e0a\u662f<strong>\u65e0\u98ce\u9669\u7684<\/strong>\uff0c\u4f46\u73b0\u5728\u6b27\u6d32\u7f8e\u5143\u5b58\u6b3e\u5374<strong>\u4e0d\u662f<\/strong>\u4e86\u3002<\/p>\n<p>\u5f88\u5feb\uff0c\u7f8e\u5143\u6302\u94a9\u7684\u7a33\u5b9a\u5e01\u53d1\u884c\u5546\u5c06\u9762\u4e34 10 \u5230 13 \u4e07\u4ebf\u7f8e\u5143\u7684\u6d8c\u5165\uff0c\u5e76\u968f\u540e\u8d2d\u4e70 T-bills\u3002\u7a33\u5b9a\u5e01\u53d1\u884c\u5546\u5c06\u6210\u4e3a\u201c\u6c34\u725b\u6bd4\u5c14\u201dBessent \u90a3\u4e9b\u72d7\u5c4e\u7968\u636e\u7684<strong>\u4ef7\u683c\u4e0d\u654f\u611f\u7684\u6d77\u91cf\u4e70\u5bb6<\/strong>\uff01<\/p>\n<p>\u5373\u4f7f\u7f8e\u8054\u50a8\u4e3b\u5e2d\u90a3\u4e2a\u8f6f\u86cb\u3001\u9f9f\u516c\u3001\u5a4a\u5b50\u517b\u7684\u9c8d\u5a01\u5c14\u7ee7\u7eed\u963b\u6320\u7279\u6717\u666e\u7684\u8d27\u5e01\u8bae\u7a0b\uff0c\u62d2\u7edd\u964d\u606f\u3001\u7ed3\u675f\u91cf\u5316\u7d27\u7f29\u5e76\u91cd\u542f\u91cf\u5316\u5bbd\u677e\uff0cBessent \u4e5f\u53ef\u4ee5\u4ee5\u4f4e\u4e8e\u8054\u90a6\u57fa\u91d1\u5229\u7387\u7684\u5229\u7387\u53d1\u884c T-bills\u3002\u4ed6\u53ef\u4ee5\u8fd9\u6837\u505a\uff0c\u56e0\u4e3a\u7a33\u5b9a\u5e01\u53d1\u884c\u5546\u5982\u679c\u60f3\u76c8\u5229\uff0c\u5c31\u5fc5\u987b\u8d2d\u4e70\u4ed6\u6240\u51fa\u552e\u7684\u4efb\u4f55\u4e1c\u897f\uff0c\u65e0\u8bba\u6536\u76ca\u7387\u5982\u4f55\u3002\u51e0\u6b65\u68cb\u4e0b\u6765\uff0cBessent \u5c31\u63a7\u5236\u4e86\u6536\u76ca\u7387\u66f2\u7ebf\u7684\u524d\u7aef\u3002\u7f8e\u8054\u50a8\u7684\u5b58\u5728\u5df2\u7ecf\u6ca1\u6709\u610f\u4e49\u4e86\u3002\u4e5f\u8bb8\u534e\u76db\u987f\u7279\u533a\u7684\u67d0\u4e2a\u5e7f\u573a\u4e0a\u4f1a\u77d7\u7acb\u8d77\u4e00\u5ea7 Bessent \u7684\u96d5\u50cf\uff0c\u98ce\u683c\u7c7b\u4f3c\u4e8e\u5207\u5229\u5c3c\u7684\u300a\u73c0\u5c14\u4fee\u65af\u4e0e\u7f8e\u675c\u838e\u7684\u5934\u9885\u300b\uff0c\u6807\u9898\u662f\u300aBessent \u4e0e\u6765\u81ea\u54f2\u57fa\u5c14\u5c9b\u7684\u602a\u7269\u4e4b\u5934\u300b\u3002<\/p>\n<h3><\/h3>\n<h3><strong>\u5bf9\u5357\u534a\u7403\u7684\u542f\u793a<\/strong><\/h3>\n<p>\u7f8e\u56fd\u7684\u793e\u4ea4\u5a92\u4f53\u516c\u53f8\u5c06\u6210\u4e3a\u7279\u6d1b\u4f0a\u6728\u9a6c\uff0c\u6467\u6bc1\u5916\u56fd\u592e\u884c\u63a7\u5236\u5176\u5e73\u6c11\u8d27\u5e01\u4f9b\u5e94\u7684\u80fd\u529b\u3002\u5728\u5168\u7403\u5357\u65b9\uff0c\u897f\u65b9\u793e\u4ea4\u5a92\u4f53\u5e73\u53f0\uff08Facebook\u3001Instagram\u3001WhatsApp \u548c X\uff09\u7684\u6e17\u900f\u662f\u5168\u9762\u7684\u3002<\/p>\n<p>\u6211\u6709\u4e00\u534a\u7684\u4eba\u751f\u662f\u5728\u4e9a\u592a\u5730\u533a\u5ea6\u8fc7\u7684\u3002\u5c06\u50a8\u6237\u7684\u672c\u5730\u8d27\u5e01\u8f6c\u6362\u4e3a\u7f8e\u5143\u6216\u7f8e\u5143\u7b49\u4ef7\u7269\uff08\u4f8b\u5982\u6e2f\u5e01\uff09\uff0c\u4ee5\u4fbf\u8d44\u672c\u80fd\u591f\u83b7\u5f97\u7f8e\u5143\u6536\u76ca\u548c\u6295\u8d44\u7f8e\u56fd\u80a1\u7968\uff0c\u662f\u8be5\u5730\u533a\u6295\u8d44\u94f6\u884c\u4e1a\u52a1\u7684\u5f88\u5927\u4e00\u90e8\u5206\u3002<\/p>\n<p>\u5730\u65b9\u8d27\u5e01\u5f53\u5c40\u50cf\u6253\u5730\u9f20\u4e00\u6837\uff0c\u6253\u51fb\u90a3\u4e9b\u5141\u8bb8\u8d44\u672c\u5916\u6d41\u7684\u4f20\u7edf\u91d1\u878d\u673a\u6784\u3002\u653f\u5e9c\u9700\u8981\u5c06\u5e73\u6c11\u548c\u90e8\u5206\u975e\u653f\u6cbb\u5173\u8054\u7684\u5bcc\u4eba\u7684\u8d44\u672c\u5708\u7981\u8d77\u6765\uff0c\u4ee5\u4fbf\u4ed6\u4eec\u53ef\u4ee5\u901a\u8fc7\u901a\u8d27\u81a8\u80c0\u7a0e\u6765\u5265\u524a\u4ed6\u4eec\uff0c\u6276\u6301\u8868\u73b0\u4e0d\u4f73\u7684\u201c\u56fd\u5bb6\u51a0\u519b\u201d\u4f01\u4e1a\uff0c\u5e76\u4e3a\u91cd\u5de5\u4e1a\u63d0\u4f9b\u4f4e\u606f\u8d37\u6b3e\u3002\u5373\u4f7f Bessent \u60f3\u5229\u7528\u7f8e\u56fd\u7684\u5927\u578b\u8d27\u5e01\u4e2d\u5fc3\u94f6\u884c\u4f5c\u4e3a\u5148\u950b\uff0c\u4e3a\u8fd9\u4e9b\u6025\u9700\u5e2e\u52a9\u7684\u4eba\u63d0\u4f9b\u94f6\u884c\u670d\u52a1\uff0c\u5730\u65b9\u76d1\u7ba1\u673a\u6784\u4e5f\u7981\u6b62\u8fd9\u6837\u505a\u3002\u4f46\u8fd8\u6709\u53e6\u4e00\u79cd\u66f4\u6709\u6548\u7684\u65b9\u5f0f\u6765\u83b7\u53d6\u8fd9\u4e9b\u8d44\u672c\u3002<\/p>\n<p>\u9664\u4e86\u4e2d\u56fd\u5927\u9646\uff0c\u6bcf\u4e2a\u4eba\u90fd\u5728\u4f7f\u7528\u897f\u65b9\u7684\u793e\u4ea4\u5a92\u4f53\u516c\u53f8\u3002\u5982\u679c WhatsApp \u4e3a\u6bcf\u4e2a\u7528\u6237\u63a8\u51fa\u4e00\u4e2a\u52a0\u5bc6\u94b1\u5305\u4f1a\u600e\u4e48\u6837\uff1f\u5728\u5e94\u7528\u5185\uff0c\u7528\u6237\u53ef\u4ee5\u65e0\u7f1d\u5730\u53d1\u9001\u548c\u63a5\u6536\u50cf USDT \u8fd9\u6837\u7684\u7ecf\u6279\u51c6\u7684\u7a33\u5b9a\u5e01\u3002\u6709\u4e86\u8fd9\u4e2a WhatsApp \u7a33\u5b9a\u5e01\u94b1\u5305\uff0c\u5982\u679c\u7528\u6237\u8fd8\u53ef\u4ee5\u5411\u5404\u79cd\u516c\u94fe\u4e0a\u7684\u4efb\u4f55\u5176\u4ed6\u94b1\u5305\u6c47\u6b3e\u5462\uff1f<\/p>\n<p>\u8ba9\u6211\u4eec\u901a\u8fc7\u4e00\u4e2a\u865a\u6784\u7684\u4f8b\u5b50\u6765\u8bf4\u660e WhatsApp \u5982\u4f55\u80fd\u4e3a\u5168\u7403\u5357\u65b9\u6570\u5341\u4ebf\u4eba\u63d0\u4f9b\u4e00\u4e2a\u6570\u5b57\u7f8e\u5143\u94f6\u884c\u8d26\u6237\u3002<\/p>\n<p>Fernando \u662f\u4e00\u4e2a\u5728\u83f2\u5f8b\u5bbe\u519c\u6751\u7ecf\u8425\u201c\u70b9\u51fb\u519c\u573a\u201d\u7684\u83f2\u5f8b\u5bbe\u4eba\u3002\u57fa\u672c\u4e0a\uff0c\u4ed6\u4e3a\u793e\u4ea4\u5a92\u4f53\u5f71\u54cd\u8005\u5236\u9020\u865a\u5047\u7684\u7c89\u4e1d\u548c\u6d41\u91cf\u3002\u56e0\u4e3a\u4ed6\u6240\u6709\u7684\u5ba2\u6237\u90fd\u5728\u83f2\u5f8b\u5bbe\u5883\u5916\uff0c\u4ed6\u53d1\u73b0\u6536\u6b3e\u65e2\u56f0\u96be\u53c8\u6602\u8d35\u3002WhatsApp \u6210\u4e86\u4ed6\u7684\u4e3b\u8981\u652f\u4ed8\u65b9\u5f0f\uff0c\u56e0\u4e3a\u5b83\u63d0\u4f9b\u4e86\u4e00\u4e2a\u53ef\u4ee5\u53d1\u9001\u548c\u63a5\u6536 USDT \u7684\u94b1\u5305\u3002\u4ed6\u7684\u5ba2\u6237\u4e5f\u4f7f\u7528 WhatsApp\uff0c\u4ed6\u4eec\u975e\u5e38\u4e50\u610f\u505c\u6b62\u4f7f\u7528\u90a3\u4e9b\u7cdf\u7cd5\u7684\u94f6\u884c\u3002\u53cc\u65b9\u90fd\u5bf9\u8fd9\u79cd\u5b89\u6392\u611f\u5230\u6ee1\u610f\uff0c\u4f46\u8fd9\u5374<strong>\u7ed5\u5f00\u4e86\u5f53\u5730\u7684\u83f2\u5f8b\u5bbe\u94f6\u884c\u7cfb\u7edf<\/strong>\u3002<\/p>\n<p>\u8fc7\u4e86\u4e00\u6bb5\u65f6\u95f4\uff0c\u83f2\u5f8b\u5bbe\u592e\u884c\u6ce8\u610f\u5230\uff0c\u94f6\u884c\u4f53\u7cfb\u4e2d\u4e00\u4e2a\u5e9e\u5927\u4e14\u4e0d\u65ad\u589e\u957f\u7684\u8d44\u91d1\u6d41\u6d88\u5931\u4e86\u3002\u4ed6\u4eec\u610f\u8bc6\u5230 WhatsApp \u5df2\u7ecf\u5728\u4ed6\u4eec\u7684\u7ecf\u6d4e\u4e2d\u4f20\u64ad\u4e86\u7f8e\u5143\u6302\u94a9\u7684\u7a33\u5b9a\u5e01\u3002\u592e\u884c\u5b9e\u9645\u4e0a\u5df2\u7ecf<strong>\u5931\u53bb\u4e86\u5bf9\u8d27\u5e01\u4f9b\u5e94\u7684\u63a7\u5236<\/strong>\u3002\u7136\u800c\uff0c\u4ed6\u4eec\u5bf9\u6b64\u4e5f\u65e0\u80fd\u4e3a\u529b\u3002\u963b\u6b62\u83f2\u5f8b\u5bbe\u4eba\u4f7f\u7528 WhatsApp \u6700\u6709\u6548\u7684\u65b9\u6cd5\u662f\u5207\u65ad\u4e92\u8054\u7f51\u3002\u9664\u6b64\u4e4b\u5916\uff0c\u5373\u4f7f\u5411\u5f53\u5730\u7684 Facebook \u9ad8\u7ba1\u65bd\u538b\uff08\u5982\u679c\u5b58\u5728\u7684\u8bdd\uff09\uff0c\u4e5f\u65e0\u6d4e\u4e8e\u4e8b\u3002\u9a6c\u514b\u00b7\u624e\u514b\u4f2f\u683c\u5728\u590f\u5a01\u5937\u7684\u67d0\u4e2a\u5730\u5821\u91cc\u7edf\u6cbb\u7740\u4ed6\u7684\u5e1d\u56fd\u3002\u800c\u4e14\u4ed6\u5df2\u7ecf\u5f97\u5230\u4e86\u7279\u6717\u666e\u653f\u5e9c\u7684\u795d\u798f\uff0c\u53ef\u4ee5\u5728\u5168\u7403\u8303\u56f4\u5185\u5411 Meta \u7528\u6237\u63a8\u51fa\u7a33\u5b9a\u5e01\u529f\u80fd\u3002\u4efb\u4f55\u4e0d\u5229\u4e8e\u7f8e\u56fd\u79d1\u6280\u516c\u53f8\u7684\u4e92\u8054\u7f51\u6cd5\u5f8b\u90fd\u4f1a\u5bfc\u81f4\u7279\u6717\u666e\u653f\u5e9c\u5f81\u6536\u9ad8\u989d\u5173\u7a0e\u3002\u7279\u6717\u666e\u5df2\u7ecf<strong>\u5a01\u80c1\u6b27\u76df<\/strong>\uff0c\u9664\u975e\u4ed6\u4eec\u653e\u5f03\u5176\u201c\u6b67\u89c6\u6027\u201d\u7684\u4e92\u8054\u7f51\u7acb\u6cd5\uff0c\u5426\u5219\u5c06\u5f81\u6536\u66f4\u9ad8\u7684\u5173\u7a0e\u3002<\/p>\n<p>\u5373\u4f7f\u83f2\u5f8b\u5bbe\u653f\u5e9c\u80fd\u591f\u4ece Android \u548c iOS \u5e94\u7528\u5546\u5e97\u4e2d\u79fb\u9664 WhatsApp\uff0c\u6709\u52a8\u673a\u7684\u7528\u6237\u901a\u8fc7\u4f7f\u7528 VPN \u7ed5\u8fc7\u5c01\u9501\u4e5f\u662f\u5c0f\u4e8b\u4e00\u6869\u3002\u5f53\u7136\uff0c\u4efb\u4f55\u5f62\u5f0f\u7684\u6469\u64e6\u90fd\u4f1a\u6291\u5236\u4e92\u8054\u7f51\u5e73\u53f0\u7684\u4f7f\u7528\uff0c\u4f46\u793e\u4ea4\u5a92\u4f53\u57fa\u672c\u4e0a\u662f\u5927\u4f17\u7684\u4e00\u79cd\u6210\u763e\u6027\u836f\u7269\u3002\u5728\u7ecf\u5386\u4e86\u5341\u591a\u5e74\u7684\u6301\u7eed\u591a\u5df4\u80fa\u51b2\u51fb\u540e\uff0c\u5e73\u6c11\u4eec\u4f1a\u627e\u5230\u4efb\u4f55\u53d8\u901a\u529e\u6cd5\u6765\u7ee7\u7eed\u6467\u6bc1\u4ed6\u4eec\u7684\u5927\u8111\u3002<\/p>\n<p>\u6700\u540e\uff0cBessent \u53ef\u4ee5\u6325\u821e\u4ed6\u7684\u5236\u88c1\u6b66\u5668\u3002\u4e9a\u6d32\u7684\u7cbe\u82f1\u4eec\u90fd\u628a\u94b1\u85cf\u5728\u7f8e\u5143\u79bb\u5cb8\u94f6\u884c\u4e2d\u5fc3\u3002\u4ed6\u4eec\u663e\u7136\u4e0d\u5e0c\u671b\u81ea\u5df1\u7684\u8d22\u5bcc\u56e0\u672c\u56fd\u7684\u8d27\u5e01\u653f\u7b56\u800c\u8d2c\u503c\u3002\u4ed6\u4eec\u662f\u201c\u7167\u6211\u8bf4\u7684\u505a\uff0c\u522b\u7167\u6211\u505a\u7684\u505a\u201d\u3002\u5047\u8bbe\u83f2\u5f8b\u5bbe\u603b\u7edf\u5c0f\u9a6c\u79d1\u65af\uff08Bongbong Marcos\uff09\u5a01\u80c1 Meta\u3002Bessent \u53ef\u4ee5\u7acb\u5373\u53cd\u51fb\uff0c\u5236\u88c1\u4ed6\u548c\u4ed6\u7684\u4e00\u4f19\u4eba\uff0c\u4ece\u800c\u51bb\u7ed3\u4ed6\u4eec\u6570\u5341\u4ebf\u7f8e\u5143\u7684\u79bb\u5cb8\u8d22\u5bcc\uff0c\u9664\u975e\u4ed6\u4eec\u5c48\u670d\u5e76\u5141\u8bb8\u7a33\u5b9a\u5e01\u5728\u56fd\u5185\u6269\u6563\u3002\u4ed6\u7684\u6bcd\u4eb2\u4f0a\u6885\u5c14\u8fbe\uff08Imelda\uff09\u975e\u5e38\u6e05\u695a\u7f8e\u56fd\u6cd5\u5f8b\u7684\u624b\u81c2\u6709\u591a\u957f\uff0c\u5979\u66fe\u56e0\u88ab\u6307\u63a7\u4e0e\u5df2\u6545\u4e08\u592b\u3001\u524d\u72ec\u88c1\u8005\u8d39\u8fea\u5357\u5fb7\u00b7\u9a6c\u79d1\u65af\uff08Ferdinand Marcos\uff09\u632a\u7528\u83f2\u5f8b\u5bbe\u653f\u5e9c\u8d44\u91d1\u8d2d\u4e70\u7ebd\u7ea6\u5e02\u623f\u5730\u4ea7\u800c\u6253\u8d62\u4e86 RICO \u8bc9\u8bbc\u3002\u6211\u8ba4\u4e3a\u5c0f\u9a6c\u79d1\u65af\u4e0d\u60f3\u518d\u6765\u7b2c\u4e8c\u8f6e\u3002[3]<\/p>\n<p>\u5982\u679c\u6211\u7684\u8bba\u70b9\u662f\u6b63\u786e\u7684\uff0c\u5e76\u4e14\u7a33\u5b9a\u5e01\u662f\u201c\u7f8e\u56fd\u548c\u5e73\u201d\u8d27\u5e01\u653f\u7b56\u7684\u4e00\u90e8\u5206\uff0c\u65e8\u5728\u6269\u5927\u7f8e\u5143\u7684\u4f7f\u7528\uff0c\u90a3\u4e48\u5e1d\u56fd\u5c06\u4fdd\u62a4\u7f8e\u56fd\u79d1\u6280\u5de8\u5934\u514d\u53d7\u5730\u65b9\u76d1\u7ba1\u673a\u6784\u7684\u62a5\u590d\uff0c\u56e0\u4e3a\u5b83\u4eec\u6b63\u5728\u4e3a\u5e73\u6c11\u63d0\u4f9b\u7f8e\u5143\u94f6\u884c\u670d\u52a1\u3002\u800c\u8fd9\u4e9b\u56fd\u5bb6\u7684\u653f\u5e9c\u5bf9\u6b64\u65e0\u80fd\u4e3a\u529b\u3002<\/p>\n<p>\u5047\u8bbe\u6211\u731c\u5bf9\u4e86\uff0c\u90a3\u4e48\u5168\u7403\u5357\u65b9\u6f5c\u5728\u7684\u7a33\u5b9a\u5e01\u5b58\u6b3e\u7684\u6f5c\u5728\u5e02\u573a\u603b\u989d\uff08TAM\uff09\u662f\u591a\u5c11\uff1f\u5168\u7403\u5357\u65b9\u6700\u53d1\u8fbe\u7684\u56fd\u5bb6\u96c6\u56e2\u662f\u91d1\u7816\u56fd\u5bb6\uff08BRICS\uff09\u3002[4] \u8ba9\u6211\u4eec\u6392\u9664\u4e2d\u56fd\uff0c\u56e0\u4e3a\u5b83\u7981\u6b62\u4e86\u897f\u65b9\u7684\u793e\u4ea4\u5a92\u4f53\u516c\u53f8\u3002\u95ee\u9898\u662f\uff0c\u5bf9\u5f53\u5730\u8d27\u5e01\u94f6\u884c\u5b58\u6b3e\u7684\u6700\u4f73\u4f30\u8ba1\u662f\u591a\u5c11\u3002\u6211\u95ee\u4e86 Perplexity\uff0c\u5b83\u7ed9\u51fa\u7684\u6570\u5b57\u662f 4 \u4e07\u4ebf\u7f8e\u5143\u3002\u6211\u77e5\u9053\u8fd9\u53ef\u80fd\u6709\u4e89\u8bae\uff0c\u4f46\u8ba9\u6211\u4eec\u628a\u4f7f\u7528\u6b27\u5143\u7684\u6b27\u6d32\u7a77\u56fd\u4e5f\u52a0\u5230\u8fd9\u4e2a\u7fa4\u4f53\u4e2d\u3002\u6211\u76f8\u4fe1\u6b27\u5143\u662f\u4e00\u4e2a\u884c\u5c38\u8d70\u8089\uff0c\u56e0\u4e3a\u5fb7\u56fd\u4f18\u5148\u7136\u540e\u6cd5\u56fd\u4f18\u5148\u7684\u7ecf\u6d4e\u653f\u7b56\u5c06\u5206\u88c2\u8fd9\u4e2a\u8d27\u5e01\u8054\u76df\u3002\u968f\u7740\u5373\u5c06\u5230\u6765\u7684\u8d44\u672c\u7ba1\u5236\uff0c\u5230\u672c\u4e16\u7eaa\u672b\uff0c\u6b27\u5143\u552f\u4e00\u6709\u7528\u7684\u5730\u65b9\u5c31\u662f\u652f\u4ed8 Berghain \u7684\u95e8\u7968\u548c Shellona \u7684\u6700\u4f4e\u6d88\u8d39\u3002\u5f53\u6211\u4eec\u52a0\u4e0a\u6b27\u6d32 16.74 \u4e07\u4ebf\u7f8e\u5143\u7684\u94f6\u884c\u5b58\u6b3e\u65f6\uff0c\u603b\u989d\u63a5\u8fd1 <strong>34 \u4e07\u4ebf\u7f8e\u5143<\/strong>\u53ef\u4f9b\u4e89\u593a\u3002<\/p>\n<h3><\/h3>\n<h3><strong>\u8981\u4e48\u641e\u5927\uff0c\u8981\u4e48\u56de\u5bb6<\/strong><\/h3>\n<p>\u201c\u6c34\u725b\u6bd4\u5c14\u201dBessent \u6709\u4e00\u4e2a\u9009\u62e9\uff1a\u8981\u4e48\u641e\u5927\uff0c\u8981\u4e48\u5c31\u50cf\u6c11\u4e3b\u515a\u90a3\u6837\u754f\u9996\u754f\u5c3e\u3002\u4ed6\u60f3\u8ba9\u5171\u548c\u515a\u5728 2026 \u5e74\u4e2d\u671f\u9009\u4e3e\u4ee5\u53ca\u6700\u91cd\u8981\u7684 2028 \u5e74\u603b\u7edf\u9009\u4e3e\u4e2d\u83b7\u80dc\u5417\uff1f\u6211\u76f8\u4fe1\u4ed6\u60f3\uff0c\u5982\u679c\u662f\u8fd9\u6837\uff0c\u552f\u4e00\u7684\u80dc\u5229\u4e4b\u8def\u5c31\u662f\u4e3a\u7279\u6717\u666e\u63d0\u4f9b\u8d44\u91d1\uff0c\u8ba9\u4ed6\u80fd\u6bd4 Mamdani \u548c AOC \u8fd9\u7c7b\u4eba\u7ed9\u5e73\u6c11\u63d0\u4f9b\u66f4\u591a\u7684\u514d\u8d39\u798f\u5229\u3002[5] \u56e0\u6b64\uff0cBessent \u9700\u8981\u627e\u5230\u4e00\u4e2a\u5bf9\u4ef7\u683c\u4e0d\u654f\u611f\u7684\u56fd\u503a\u4e70\u5bb6\u3002\u663e\u7136\uff0c\u9274\u4e8e\u4ed6\u5bf9\u8fd9\u9879\u6280\u672f\u7684\u516c\u5f00\u652f\u6301\u58f0\u660e\uff0c\u4ed6\u76f8\u4fe1\u7a33\u5b9a\u5e01\u662f\u89e3\u51b3\u65b9\u6848\u7684\u4e00\u90e8\u5206\u3002\u4f46\u4ed6\u9700\u8981\u4e00\u8def\u8d70\u5230\u5e95\u3002<\/p>\n<p>\u5982\u679c\u6b27\u6d32\u7f8e\u5143\u4ee5\u53ca\u5168\u7403\u5357\u65b9\u548c\u6b27\u6d32\u7a77\u56fd\u7684\u5b58\u6b3e\u4e0d\u6d41\u5165\u7a33\u5b9a\u5e01\uff0c\u4ed6\u5fc5\u987b\u7528\u4ed6\u90a3\u6839\u9576\u6ee1\u661f\u661f\u7684\u5927\u68d2\u6765\u201c\u4ffe\u65af\u9ea6\u201d\u4ed6\u4eec\u3002<strong>\u8981\u4e48\u628a\u7f8e\u5143\u6d82\u5728\u76ae\u80a4\u4e0a\uff0c\u8981\u4e48\u5c31\u518d\u6b21\u906d\u53d7\u5236\u88c1\u3002<\/strong><\/p>\n<ul>\n<li><strong>10 \u5230 13 \u4e07\u4ebf\u7f8e\u5143<\/strong>\u7684 T-bill \u8d2d\u4e70\u529b\u6765\u81ea\u62c6\u9664\u6b27\u6d32\u7f8e\u5143\u4f53\u7cfb\u3002<\/li>\n<li><strong>21 \u4e07\u4ebf\u7f8e\u5143<\/strong>\u7684 T-bill \u8d2d\u4e70\u529b\u6765\u81ea\u5168\u7403\u5357\u65b9\u548c\u6b27\u6d32\u7a77\u56fd\u7684\u96f6\u552e\u5b58\u6b3e\u3002<\/li>\n<li><strong>\u603b\u8ba1 = 34 \u4e07\u4ebf\u7f8e\u5143<\/strong><\/li>\n<\/ul>\n<p>\u663e\u7136\uff0c\u5e76\u975e\u6240\u6709\u8fd9\u4e9b\u8d44\u672c\u90fd\u4f1a\u6d41\u5165\u7f8e\u5143\u6302\u94a9\u7684\u7a33\u5b9a\u5e01\uff0c\u4f46\u81f3\u5c11\u6211\u4eec\u6709\u4e00\u4e2a\u5de8\u5927\u7684\u6f5c\u5728\u5e02\u573a\u603b\u989d\uff08TAM\uff09\u3002<\/p>\n<p>\u771f\u6b63\u7684\u95ee\u9898\u662f\uff0c\u589e\u52a0\u9ad8\u8fbe 34 \u4e07\u4ebf\u7f8e\u5143\u7684\u7a33\u5b9a\u5e01\u5b58\u6b3e\u5c06\u5982\u4f55\u63a8\u52a8 DeFi \u7684\u4f7f\u7528\u8fbe\u5230\u65b0\u7684\u9ad8\u5ea6\uff1f\u5982\u679c\u6709\u4e00\u4e2a\u53ef\u4fe1\u7684\u8bba\u70b9\u8ba4\u4e3a DeFi \u7684\u4f7f\u7528\u5c06\u4f1a\u589e\u52a0\uff0c\u90a3\u4e48\u54ea\u4e9b\u201c\u5783\u573e\u5e01\u201d\uff08shitcoins\uff09\u4f1a\u201c\u5f15\u7206\u5168\u573a\u201d\uff08Pump Up The Jam\uff09\uff1f<\/p>\n<h3><\/h3>\n<h3><strong>\u4ece\u7a33\u5b9a\u5e01\u5230 DeFi \u7684\u6d41\u52a8<\/strong><\/h3>\n<p>\u8bfb\u8005\u5fc5\u987b\u7406\u89e3\u7684\u7b2c\u4e00\u4e2a\u6982\u5ff5\u662f<strong>\u8d28\u62bc\uff08staking\uff09<\/strong>\u3002\u8ba9\u6211\u4eec\u60f3\u8c61\u4e00\u4e0b\uff0c\u90a3 34 \u4e07\u4ebf\u7f8e\u5143\u4e2d\u7684\u4e00\u90e8\u5206\u73b0\u5728\u4ee5\u7a33\u5b9a\u5e01\u7684\u5f62\u5f0f\u5b58\u5728\u3002\u4e3a\u7b80\u5355\u8d77\u89c1\uff0c\u6211\u4eec\u5047\u8bbe Tether \u7684 USDT \u63a5\u6536\u4e86\u6240\u6709\u7684\u6d41\u5165\u8d44\u91d1\u3002\u7531\u4e8e\u6765\u81ea Circle \u548c\u5927\u578b TBTF \u94f6\u884c\u7b49\u5176\u4ed6\u53d1\u884c\u5546\u7684\u6fc0\u70c8\u7ade\u4e89\uff0cTether \u5fc5\u987b\u5c06\u5176\u90e8\u5206 NIM \u4f20\u9012\u7ed9\u6301\u6709\u8005\u3002\u5b83\u901a\u8fc7\u4e0e\u51e0\u5bb6\u4ea4\u6613\u6240\u5408\u4f5c\u6765\u5b9e\u73b0\u8fd9\u4e00\u70b9\uff0c\u5373\u5728\u5173\u8054\u4ea4\u6613\u6240\u7684\u94b1\u5305\u4e2d\u8d28\u62bc\u7684 USDT \u4f1a\u4ee5\u65b0\u94f8\u9020\u7684 USDT \u5355\u4f4d\u7684\u5f62\u5f0f\u83b7\u5f97\u4e00\u4e9b\u5229\u606f\u3002<\/p>\n<p>\u8ba9\u6211\u4eec\u6765\u770b\u4e00\u4e2a\u7b80\u5355\u7684\u4f8b\u5b50\u3002<\/p>\n<p>\u6765\u81ea\u83f2\u5f8b\u5bbe\u7684 Fernando \u62e5\u6709 1,000 USDT\u3002\u603b\u90e8\u4f4d\u4e8e\u83f2\u5f8b\u5bbe\u7684\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240 PDAX \u4e3a\u8d28\u62bc\u7684 USDT \u63d0\u4f9b 2% \u7684\u6536\u76ca\u7387\u3002PDAX \u5728\u4ee5\u592a\u574a\u4e0a\u521b\u5efa\u4e86\u4e00\u4e2a\u8d28\u62bc\u667a\u80fd\u5408\u7ea6\u3002Fernando \u901a\u8fc7\u5c06\u5176\u53d1\u9001\u5230\u667a\u80fd\u5408\u7ea6\u5730\u5740\u6765\u8d28\u62bc\u4ed6\u7684 1,000 USDT\uff0c\u7136\u540e\u4f1a\u53d1\u751f\u51e0\u4ef6\u4e8b\uff1a<\/p>\n<ol>\n<li>\u4ed6\u7684 1,000 USDT \u53d8\u6210\u4e86 1,000 psUSDT\uff08PDAX Staked USDT\uff1bPDAX \u7684\u4e00\u9879\u8d1f\u503a\uff09\u3002\u6700\u521d\uff0c1 USDT = 1 psUSDT\uff0c\u4f46\u6bcf\u5929 psUSDT \u90fd\u4f1a\u56e0\u5e94\u8ba1\u5229\u606f\u800c\u6bd4 USDT \u66f4\u6709\u4ef7\u503c\u3002\u4f8b\u5982\uff0c\u4f7f\u7528 2% \u7684\u5e74\u5229\u7387\u548c ACT\/365 \u7684\u5355\u5229\u8ba1\u7b97\uff0cpsUSDT \u6bcf\u5929\u589e\u503c\u7ea6 0.00005\u3002\u4e00\u5e74\u540e\uff0c1 psUSDT = 1.02 USDT\u3002<\/li>\n<li>Fernando \u5728\u4ed6\u7684\u4ea4\u6613\u6240\u94b1\u5305\u4e2d\u6536\u5230 1,000 psUSDT\u3002<\/li>\n<\/ol>\n<p>\u4e00\u4ef6\u5f3a\u5927\u7684\u4e8b\u60c5\u521a\u521a\u53d1\u751f\u3002Fernando \u5c06\u4ed6\u7684 USDT \u9501\u5b9a\u5728 PDAX\uff0c\u5e76\u4f5c\u4e3a\u56de\u62a5\u83b7\u5f97\u4e86\u4e00\u4e2a<strong>\u8ba1\u606f\u8d44\u4ea7<\/strong>\u3002psUSDT \u73b0\u5728\u662f DeFi \u751f\u6001\u7cfb\u7edf\u4e2d\u53ef\u63a5\u53d7\u7684\u62b5\u62bc\u54c1\u3002\u8fd9\u610f\u5473\u7740\u4ed6\u53ef\u4ee5\u7528\u5b83\u6765\u4ea4\u6613\u53e6\u4e00\u79cd\u52a0\u5bc6\u8d27\u5e01\uff1b\u4ed6\u53ef\u4ee5\u7528\u5b83\u6765\u501f\u8d37\uff1b\u4ed6\u53ef\u4ee5\u7528\u5b83\u4f5c\u4e3a\u6760\u6746\u5728 DEX \u4e0a\u4ea4\u6613\u884d\u751f\u54c1\uff0c\u7b49\u7b49\u3002<\/p>\n<p>\u5f53 Fernando \u4e00\u5e74\u540e\u60f3\u5c06\u4ed6\u7684 psUSDT \u8d4e\u56de\u4e3a USDT \u65f6\u4f1a\u53d1\u751f\u4ec0\u4e48\uff1f<\/p>\n<ol>\n<li>Fernando \u524d\u5f80 PDAX \u5e73\u53f0\uff0c\u901a\u8fc7\u5c06\u5176\u53d1\u9001\u5230\u4ed6\u7684\u4ea4\u6613\u6240\u94b1\u5305\u548c\/\u6216\u5c06\u50cf Metamask \u8fd9\u6837\u7684\u7b2c\u4e09\u65b9 DeFi \u94b1\u5305\u8fde\u63a5\u5230 PDAX dApp \u6765\u89e3\u9664\u8d28\u62bc 1,000 psUSDT\u3002<\/li>\n<li>psUSDT \u88ab\u9500\u6bc1\uff0c\u4ed6\u6536\u5230 1,020 USDT\u3002<\/li>\n<\/ol>\n<p>\u652f\u4ed8\u7ed9 Fernando \u989d\u5916 20 USDT \u7684\u5229\u606f\u4ece\u54ea\u91cc\u6765\uff1f\u8fd9\u6765\u81ea\u4e8e Tether \u4e0e PDAX \u7684\u5408\u4f5c\u3002Tether \u6709\u4e00\u4e2a\u6b63\u7684 NIM\uff0c\u8fd9\u53ea\u662f\u4ece\u5176 T-bill \u6295\u8d44\u7ec4\u5408\u4e2d\u83b7\u5f97\u7684\u5229\u606f\u6536\u5165\u3002\u7136\u540e\uff0cTether \u7528\u8fd9\u4e9b\u7f8e\u5143\u521b\u9020\u989d\u5916\u7684 USDT\uff0c\u5e76\u5c06\u5176\u4e00\u90e8\u5206\u53d1\u9001\u7ed9 PDAX \u4ee5\u5c65\u884c\u5176\u5408\u540c\u4e49\u52a1\u3002<\/p>\n<p>USDT\uff08\u57fa\u7840\u8d27\u5e01\uff09\u548c psUSDT\uff08\u8ba1\u606f\u8d27\u5e01\uff09\u90fd\u6210\u4e3a\u6574\u4e2a DeFi \u751f\u6001\u7cfb\u7edf\u4e2d\u53ef\u63a5\u53d7\u7684\u62b5\u62bc\u54c1\u3002\u56e0\u6b64\uff0c\u603b\u7a33\u5b9a\u5e01\u6d41\u91cf\u7684\u67d0\u4e2a\u767e\u5206\u6bd4\u5c06\u4e0e DeFi dApp \u4e92\u52a8\u3002<strong>\u603b\u9501\u5b9a\u4ef7\u503c\uff08TVL\uff09<\/strong> \u8861\u91cf\u4e86\u8fd9\u79cd\u4e92\u52a8\u3002\u6bcf\u5f53\u7528\u6237\u4e0e DeFi dApp \u4e92\u52a8\u65f6\uff0c\u4ed6\u4eec\u5fc5\u987b\u5c06\u8d44\u672c\u9501\u5b9a\u4e00\u6bb5\u65f6\u95f4\uff0c\u8fd9\u7531 TVL \u8868\u793a\u3002TVL \u5904\u4e8e\u4ea4\u6613\u91cf\u6216\u5176\u4ed6\u521b\u6536\u884c\u4e3a\u6f0f\u6597\u7684\u9876\u7aef\u3002\u56e0\u6b64\uff0c<strong>TVL \u662f DeFi dApp \u672a\u6765\u73b0\u91d1\u6d41\u7684\u9886\u5148\u6307\u6807<\/strong>\u3002<\/p>\n<p>\u5728\u6211\u4eec\u7814\u7a76 TVL \u5982\u4f55\u5f71\u54cd\u51e0\u4e2a\u9879\u76ee\u7684\u672a\u6765\u6536\u76ca\u4e4b\u524d\uff0c\u6211\u60f3\u89e3\u91ca\u4e00\u4e0b\u5373\u5c06\u5230\u6765\u7684\u8d22\u52a1\u6a21\u578b\u4e2d\u4f7f\u7528\u7684\u4e3b\u8981\u5047\u8bbe\u3002<\/p>\n<h3><\/h3>\n<h3><strong>\u6a21\u578b\u5047\u8bbe<\/strong><\/h3>\n<p>\u6211\u5c06\u5f88\u5feb\u4ecb\u7ecd\u4e09\u4e2a\u7b80\u5355\u800c\u5f3a\u5927\u7684\u8d22\u52a1\u6a21\u578b\uff0c\u5b83\u4eec\u5c06\u4f30\u7b97\u5230 2028 \u5e74\u5e95 <strong>Ethena<\/strong>\uff08\u4ee3\u5e01\uff1a$ENA\uff09\u3001<strong>Ether.fi<\/strong>\uff08\u4ee3\u5e01\uff1a$ETHFI\uff09\u548c <strong>Hyperliquid<\/strong>\uff08\u4ee3\u5e01\uff1a$HYPE\uff09\u7684\u76ee\u6807\u4ef7\u683c\u3002\u6211\u5c06\u9884\u6d4b\u5230 2028 \u5e74\u5e95\uff0c\u56e0\u4e3a\u90a3\u662f\u7279\u6717\u666e\u79bb\u4efb\u7684\u65f6\u5019\u3002\u6211\u7684\u57fa\u672c\u60c5\u51b5\u662f\uff0c\u6c11\u4e3b\u515a\u8d62\u5f97\u603b\u7edf\u804c\u4f4d\u7684\u53ef\u80fd\u6027\u7565\u9ad8\u4e8e\u5171\u548c\u515a\u3002\u8fd9\u662f\u56e0\u4e3a\u7279\u6717\u666e\u4e0d\u53ef\u80fd\u5728\u56db\u5e74\u5185\u6210\u529f\u7ea0\u6b63\u4ed6\u4e3a\u4ed6\u7684\u652f\u6301\u8005\u6240\u72af\u4e0b\u7684\u9519\u8bef\uff0c\u8fd9\u4e9b\u9519\u8bef\u662f\u534a\u4e2a\u4e16\u7eaa\u4ee5\u6765\u8d27\u5e01\u3001\u7ecf\u6d4e\u548c\u5916\u4ea4\u653f\u7b56\u7d2f\u79ef\u7684\u7ed3\u679c\u3002\u9526\u4e0a\u6dfb\u82b1\u7684\u6bd2\u836f\u662f\uff0c\u6ca1\u6709\u54ea\u4e2a\u653f\u5ba2\u4f1a\u9075\u5b88\u6240\u6709\u7684\u7ade\u9009\u627f\u8bfa\u3002\u56e0\u6b64\uff0c\u5171\u548c\u515a\u7684\u9009\u6c11\u6295\u7968\u7387\u5c06\u4f1a\u4e0b\u964d\u3002<\/p>\n<p>\u5171\u548c\u515a\u7684\u666e\u901a\u9009\u6c11\u5c06\u5bf9\u4efb\u4f55\u7279\u6717\u666e\u5f0f\u7684\u7ee7\u4efb\u8005\u7ade\u9009\u603b\u7edf\u90fd\u6f20\u4e0d\u5173\u5fc3\uff0c\u5e76\u4e14\u4e0d\u4f1a\u4ee5\u8db3\u591f\u5927\u7684\u6570\u91cf\u51fa\u73b0\u6765\u8d85\u8fc7\u90a3\u4e9b\u60a3\u6709\u201c\u7279\u6717\u666e\u7d0a\u4e71\u7efc\u5408\u75c7\u201d\uff08TDS\uff09\u7684\u65e0\u5b50\u5973\u732b\u5973\u58eb\u4eec\u3002TDS \u5c06\u6298\u78e8\u4efb\u4f55\u767b\u4e0a\u738b\u4f4d\u7684\u6c11\u4e3b\u515a\u4eba\uff0c\u5bfc\u81f4\u4ed6\u4eec\u91c7\u53d6\u81ea\u65ad\u5176\u81c2\u7684\u8d27\u5e01\u653f\u7b56\uff0c\u53ea\u662f\u4e3a\u4e86\u8bc1\u660e\u4ed6\u4eec\u4e0e\u7279\u6717\u666e\u4e0d\u540c\u3002\u4f46\u6700\u7ec8\uff0c\u6ca1\u6709\u54ea\u4e2a\u653f\u5ba2\u80fd\u6297\u62d2\u5370\u949e\uff0c\u800c\u7f8e\u5143\u6302\u94a9\u7684\u7a33\u5b9a\u5e01\u662f\u77ed\u671f\u56fd\u503a\u7684\u6700\u4f73\u4ef7\u683c\u4e0d\u654f\u611f\u4e70\u5bb6\u4e4b\u4e00\u3002\u56e0\u6b64\uff0c\u4ed6\u4eec\u6700\u521d\u53ef\u80fd\u4e0d\u4f1a\u5168\u5fc3\u5168\u610f\u5730\u652f\u6301\u7a33\u5b9a\u5e01\uff0c\u4f46\u65b0\u7687\u5e1d\u4f1a\u53d1\u73b0\u6ca1\u6709\u8fd9\u4e9b\u8d44\u672c\u4ed6\u4eec\u662f\u76f8\u5f53\u8d64\u88f8\u7684\uff0c\u5e76\u6700\u7ec8\u7ee7\u7eed\u6211\u4e4b\u524d\u8c08\u5230\u7684\u653f\u7b56\u3002\u8fd9\u79cd\u653f\u7b56\u7684\u6447\u6446\u5c06\u6233\u7834\u52a0\u5bc6\u8d27\u5e01\u6ce1\u6cab\uff0c\u5e76\u5bfc\u81f4\u4e00\u573a\u53f2\u8bd7\u822c\u7684\u718a\u5e02\u3002<\/p>\n<p>\u6700\u540e\uff0c\u6211\u7684\u6a21\u578b\u4e2d\u63d0\u5230\u7684\u6570\u5b57\u662f\u5de8\u5927\u7684\u3002\u8fd9\u662f\u5168\u7403\u8d27\u5e01\u67b6\u6784\u767e\u5e74\u4e00\u9047\u7684\u53d8\u9769\u3002\u6211\u4eec\u5927\u591a\u6570\u4eba\uff0c\u9664\u975e\u6211\u4eec\u4f59\u751f\u90fd\u9759\u8109\u6ce8\u5c04\u5e72\u7ec6\u80de\u2026\u2026\u4e5f\u8bb8\uff0c\u5728\u6211\u4eec\u7684\u6295\u8d44\u751f\u6daf\u4e2d\u518d\u4e5f\u89c1\u4e0d\u5230\u8fd9\u6837\u7684\u4e8b\u4ef6\u4e86\u3002\u6211\u9884\u6d4b\u7684\u4e0a\u6da8\u6f5c\u529b\u5c06\u6bd4 SBF \u7684\u5b89\u975e\u4ed6\u547d\u763e\u8fd8\u5927\u3002\u4f60\u518d\u4e5f\u89c1\u4e0d\u5230\u8fd9\u6837\u4e00\u4e2a\u4ece\u7f8e\u5143\u6302\u94a9\u7a33\u5b9a\u5e01\u6269\u6563\u4e2d\u83b7\u5229\u7684 DeFi \u652f\u67f1\u7684\u725b\u5e02\u4e86\u3002<\/p>\n<p>\u56e0\u4e3a\u6211\u559c\u6b22\u7528\u4ee5\u96f6\u7ed3\u5c3e\u7684\u5341\u8fdb\u5236\u6570\u8fdb\u884c\u9884\u6d4b\uff0c\u6211\u4f30\u8ba1\u5230 2028 \u5e74\uff0c\u6d41\u901a\u4e2d\u7684\u7f8e\u5143\u6302\u94a9\u7a33\u5b9a\u5e01\u603b\u989d\u5c06\u81f3\u5c11\u8fbe\u5230 <strong>10 \u4e07\u4ebf\u7f8e\u5143<\/strong>\u3002\u8fd9\u4e2a\u6570\u5b57\u5f88\u5927\uff0c\u56e0\u4e3a Bessent \u5fc5\u987b\u878d\u8d44\u7684\u8d64\u5b57\u662f\u5de8\u5927\u7684\uff0c\u5e76\u4e14\u5448\u6307\u6570\u7ea7\u589e\u957f\u3002Bessent \u8d8a\u662f\u4f7f\u7528 T-bills \u4e3a\u653f\u5e9c\u878d\u8d44\uff0c\u503a\u52a1\u5806\u79ef\u7684\u901f\u5ea6\u5c31\u8d8a\u5feb\uff0c\u56e0\u4e3a\u4ed6\u5fc5\u987b\u6bcf\u5e74\u6eda\u52a8\u503a\u52a1\u3002<\/p>\n<p>\u4e0b\u4e00\u4e2a\u5173\u952e\u5047\u8bbe\u662f Bessent \u548c 2026 \u5e74 5 \u6708\u540e\u7684\u65b0\u4efb\u7f8e\u8054\u50a8\u4e3b\u5e2d\u4f1a\u9009\u62e9\u4ec0\u4e48\u6837\u7684\u8054\u90a6\u57fa\u91d1\u5229\u7387\u6c34\u5e73\u3002Bessent \u66fe\u516c\u5f00\u8868\u793a\uff0c\u8054\u90a6\u57fa\u91d1\u5229\u7387\u8fc7\u9ad8\u4e86 1.50%\uff0c\u800c\u7279\u6717\u666e\u5219\u7ecf\u5e38\u8981\u6c42\u964d\u606f 2.00%\u3002\u9274\u4e8e\u5728\u4e0a\u6da8\u548c\u4e0b\u8dcc\u65f6\u603b\u662f\u4f1a\u8d85\u8c03\uff0c\u6211\u8ba4\u4e3a\u8054\u90a6\u57fa\u91d1\u5229\u7387\u5c06\u5f88\u5feb\u964d\u81f3 2.00% \u5de6\u53f3\u3002\u8fd9\u4e2a\u6570\u5b57\u5e76\u6ca1\u6709\u4ec0\u4e48\u4e25\u683c\u7684\u4f9d\u636e\uff0c\u5c31\u50cf\u90a3\u4e9b\u5efa\u5236\u6d3e\u7ecf\u6d4e\u5b66\u5bb6\u4e5f\u4e00\u65e0\u6240\u77e5\u4e00\u6837\u3002\u6211\u4eec\u90fd\u5728\u5373\u5174\u7f16\u9020\uff0c\u6240\u4ee5\u6211\u7684\u6570\u5b57\u548c\u4ed6\u4eec\u7684\u4e00\u6837\u597d\u3002\u4e00\u4e2a\u7834\u4ea7\u5e1d\u56fd\u7684\u653f\u6cbb\u548c\u7ecf\u6d4e\u73b0\u5b9e\u9700\u8981\u66f4\u4fbf\u5b9c\u7684\u8d44\u91d1\uff0c\u800c 2% \u7684\u8054\u90a6\u57fa\u91d1\u5229\u7387\u63d0\u4f9b\u4e86\u8fd9\u4e00\u70b9\u3002<\/p>\n<p>\u6700\u540e\uff0c\u6211\u8ba4\u4e3a 10 \u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\u4f1a\u843d\u5728\u54ea\u91cc\uff1fBessent \u7684\u76ee\u6807\u662f\u521b\u9020 3% \u7684\u5b9e\u9645\u589e\u957f\u3002\u5c06\u5176\u52a0\u5230 2% \u7684\u8054\u90a6\u57fa\u91d1\u5229\u7387\u4e0a\uff08\u7406\u8bba\u4e0a\u4ee3\u8868\u957f\u671f\u901a\u80c0\u5de6\u53f3\uff09\uff0c\u6211\u4eec\u5f97\u5230 5% \u7684 10 \u5e74\u671f\u6536\u76ca\u7387\u3002\u6211\u5c06\u7528\u8fd9\u4e2a\u6765\u8ba1\u7b97\u7ec8\u7aef\u6536\u76ca\u7684\u73b0\u503c\u3002<\/p>\n<p>\u4f7f\u7528\u8fd9\u4e9b\u5047\u8bbe\uff0c\u6211\u4eec\u5f97\u51fa\u4e86\u7d2f\u8ba1\u73b0\u91d1\u6d41\u7684\u7ec8\u7aef\u4ef7\u503c\u3002\u56e0\u4e3a\u8fd9\u4e9b\u73b0\u91d1\u6d41\u53ef\u4ee5\u901a\u8fc7\u56de\u8d2d\u63d0\u4f9b\u7ed9\u4ee3\u5e01\u6301\u6709\u8005\uff0c\u6211\u4eec\u53ef\u4ee5\u5c06\u5176\u7528\u4f5c\u7279\u5b9a\u9879\u76ee\u7684<strong>\u57fa\u672c\u4ef7\u503c<\/strong>\u3002\u8fd9\u5c31\u662f\u6211\u8bc4\u4f30\u548c\u9884\u6d4b FDV \u7684\u65b9\u5f0f\u3002[6] \u7136\u540e\u6211\u5c06\u6211\u7684\u6a21\u578b\u7684\u672a\u6765\u8f93\u51fa\u4e0e\u5f53\u524d\u4ef7\u503c\u8fdb\u884c\u6bd4\u8f83\uff0c\u77a7\uff0c\u4e0a\u6da8\u6f5c\u529b\u5c31\u53d8\u5f97\u6e05\u6670\u4e86\u3002<\/p>\n<p>\u6240\u6709\u6a21\u578b\u8f93\u5165\u4e3a<strong>\u84dd\u8272<\/strong>\uff0c\u6240\u6709\u8f93\u51fa\u4e3a<strong>\u9ed1\u8272<\/strong>\u3002<\/p>\n<h3><\/h3>\n<h3><strong>\u82b1\u6389\u5b83 (Spend It)<\/strong><\/h3>\n<p>\u65b0\u7684\u7a33\u5b9a\u5e01\u7528\u6237\u6700\u91cd\u8981\u7684\u884c\u4e3a\u662f\u5728\u5546\u54c1\u548c\u670d\u52a1\u4e0a\u8fdb\u884c\u6d88\u8d39\u3002\u73b0\u5728\uff0c\u6bcf\u4e2a\u4eba\u90fd\u4e60\u60ef\u4e8e\u5728\u67d0\u79cd\u9500\u552e\u70b9\u7cfb\u7edf\u4e0a\u8f7b\u89e6\u624b\u673a\u6216\u501f\u8bb0\u5361\/\u4fe1\u7528\u5361\u6765\u652f\u4ed8\u3002\u4f7f\u7528\u7a33\u5b9a\u5e01\u4e5f\u5fc5\u987b\u540c\u6837\u7b80\u5355\u3002\u6709\u6ca1\u6709\u4e00\u4e2a\u9879\u76ee\u5141\u8bb8\u7528\u6237\u5c06\u4ed6\u4eec\u7684\u7a33\u5b9a\u5e01\u5b58\u5165\u4e00\u4e2a dApp\uff0c\u5e76\u50cf\u4f7f\u7528 Visa \u501f\u8bb0\u5361\/\u4fe1\u7528\u5361\u4e00\u6837\u6d88\u8d39\u5b83\u4eec\uff1f\u5f53\u7136\u6709\uff0c\u5b83\u53eb <strong>Ether.fi Cash<\/strong>\u3002<\/p>\n<p>\u6765\u81ea\u4e16\u754c\u5404\u5730\u7684\u7528\u6237\u53ef\u4ee5\u5728\u51e0\u5206\u949f\u5185\u6ce8\u518c\uff0c\u5b8c\u6210\u5165\u804c\u6d41\u7a0b\u540e\uff0c\u5c31\u62e5\u6709\u4e86\u81ea\u5df1\u7684\u7531 Visa \u652f\u6301\u7684\u7a33\u5b9a\u5e01\u6d88\u8d39\u5361\u3002\u4f60\u53ef\u4ee5\u5728\u624b\u673a\u4e0a\u4f7f\u7528\u5b83\uff0c\u4e5f\u53ef\u4ee5\u901a\u8fc7\u5b9e\u4f53\u5361\u4f7f\u7528\u3002\u5c06\u7a33\u5b9a\u5e01\u5b58\u5165\u4f60\u7684 Ether.fi \u94b1\u5305\u540e\uff0c\u4f60\u53ef\u4ee5\u5728\u4efb\u4f55\u63a5\u53d7 Visa \u7684\u5730\u65b9\u6d88\u8d39\u3002Ether.fi \u751a\u81f3\u53ef\u4ee5\u6839\u636e\u4f60\u7684\u7a33\u5b9a\u5e01\u4f59\u989d\u63d0\u4f9b\u4fe1\u8d37\uff0c\u4ee5\u589e\u5f3a\u4f60\u7684\u6d88\u8d39\u80fd\u529b\u3002<\/p>\n<p>\u6211\u662f Ether.fi \u9879\u76ee\u7684\u987e\u95ee\u548c\u6295\u8d44\u8005\uff0c\u6240\u4ee5\u6211\u663e\u7136\u6709\u504f\u89c1\uff0c\u4f46\u6211\u5df2\u7ecf\u7b49\u4e86\u5341\u591a\u5e74\uff0c\u5e0c\u671b\u80fd\u6709\u4e00\u4e2a\u4f4e\u8d39\u7528\u7684\u89e3\u51b3\u65b9\u6848\u6765\u5728\u7ebf\u4e0b\u6d88\u8d39\u6211\u7684\u52a0\u5bc6\u8d27\u5e01\u3002\u65e0\u8bba\u6211\u4f7f\u7528\u6211\u7684\u7f8e\u56fd\u8fd0\u901a\u5361\u8fd8\u662f Ether.fi Cash \u5361\uff0c\u5ba2\u6237\u4f53\u9a8c\u90fd\u662f\u4e00\u6837\u7684\u3002\u8fd9\u5f88\u91cd\u8981\uff0c\u56e0\u4e3a\u8fd9\u662f\u7b2c\u4e00\u6b21\uff0c\u5168\u7403\u5357\u65b9\u7684\u8bb8\u591a\u4eba\u5c06\u80fd\u591f\u4f7f\u7528\u7a33\u5b9a\u5e01\u548c Ether.fi \u5728\u4e16\u754c\u4efb\u4f55\u5730\u65b9\u652f\u4ed8\u5546\u54c1\u548c\u670d\u52a1\u3002<\/p>\n<p>\u771f\u6b63\u7684\u6f5c\u529b\u5728\u4e8e\u6210\u4e3a\u4e00\u4e2a<strong>\u91d1\u878d\u8d85\u5e02<\/strong>\uff0c\u63d0\u4f9b\u94f6\u884c\u63d0\u4f9b\u7684\u8bb8\u591a\u4f20\u7edf\u4ea7\u54c1\u3002\u7136\u540e\uff0cEther.fi \u53ef\u4ee5\u5411\u50a8\u6237\u63d0\u4f9b\u989d\u5916\u7684\u4ea7\u54c1\u3002\u6211\u4e3a\u4e86\u8ba1\u7b97\u672a\u6765\u73b0\u91d1\u6d41\u800c\u9884\u6d4b\u7684\u5173\u952e\u6bd4\u7387\u662f<strong>\u8d39\u7528\/\u91d1\u5e93\u6bd4\u7387\uff08Fee \/ Vault Ratio\uff09<\/strong>\u3002\u6bcf\u5b58\u5165\u4e00\u7f8e\u5143\u7684\u7a33\u5b9a\u5e01\uff0cEther.fi \u80fd\u8d5a\u53d6\u591a\u5c11\u6536\u5165\uff1f\u4e3a\u4e86\u5f97\u51fa\u4e00\u4e2a\u7ad9\u5f97\u4f4f\u811a\u7684\u6570\u5b57\uff0c\u6211\u67e5\u9605\u4e86\u4e16\u754c\u4e0a\u7ecf\u8425\u6700\u597d\u7684\u5546\u4e1a\u94f6\u884c\u6469\u6839\u5927\u901a\u7684\u6700\u65b0\u5e74\u5ea6\u6587\u4ef6\u3002\u5728 1,0604 \u4ebf\u7f8e\u5143\u7684\u5b58\u6b3e\u57fa\u7840\u4e0a\uff0c\u4ed6\u4eec\u8d5a\u53d6\u4e86 188 \u4ebf\u7f8e\u5143\u7684\u6536\u5165\uff0c\u5373<strong>\u8d39\u7528\/\u4ef7\u503c\u6bd4\u7387<\/strong>\u4e3a 1.78%\u3002<\/p>\n<p><img decoding=\"async\" alt=\"Scott Bessent\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/28\/1756356124851399.jpg\"><\/p>\n<p><strong>Ether.fi Cash \u91d1\u5e93\u767e\u5206\u6bd4\uff1a<\/strong> \u8fd9\u4ee3\u8868\u5b58\u5165\u73b0\u91d1\u91d1\u5e93\u7684\u7a33\u5b9a\u5e01\u4f9b\u5e94\u91cf\u7684\u767e\u5206\u6bd4\u3002\u76ee\u524d\uff0c\u5728\u4ec5\u4ec5\u5b58\u5728\u56db\u4e2a\u6708\u540e\uff0c\u8fd9\u4e2a\u767e\u5206\u6bd4\u662f 0.07%\u3002\u9274\u4e8e\u8be5\u4ea7\u54c1\u521a\u521a\u63a8\u51fa\uff0c\u6211\u76f8\u4fe1\u5230 2028 \u5e74\u6709\u7a7a\u95f4\u5c06\u8be5\u767e\u5206\u6bd4\u589e\u957f\u5230 1.00%\u3002<\/p>\n<p>\u6211\u76f8\u4fe1 <strong>$ETHFI<\/strong> \u53ef\u4ee5\u4ece\u5f53\u524d\u6c34\u5e73\u4e0a\u6da8 <strong>34 \u500d<\/strong>\u3002<\/p>\n<p>\u73b0\u5728\u5e73\u6c11\u53ef\u4ee5\u82b1\u6389\u4ed6\u4eec\u7684\u7f8e\u5143\u4e86\uff0c\u6709\u6ca1\u6709\u529e\u6cd5\u83b7\u5f97\u6bd4\u8054\u90a6\u57fa\u91d1\u5229\u7387\u66f4\u9ad8\u7684\u6536\u76ca\u5462\uff1f<\/p>\n<h3><\/h3>\n<h3><strong>\u501f\u51fa\u5b83 (Lend It)<\/strong><\/h3>\n<p>\u5728\u6570\u767e\u4e07\u4eba\u80fd\u591f\u51fa\u53bb\u7528\u7a33\u5b9a\u5e01\u4e70\u5496\u5561\u4e4b\u540e\uff0c\u4ed6\u4eec\u4f1a\u60f3\u8981\u8d5a\u53d6\u5229\u606f\u3002\u6211\u5df2\u7ecf\u8c08\u5230\u6211\u76f8\u4fe1\u50cf Tether \u8fd9\u6837\u7684\u53d1\u884c\u5546\u4f1a\u5c06\u5176\u90e8\u5206 NIM \u652f\u4ed8\u7ed9\u6301\u6709\u8005\u3002\u4f46\u8fd9\u4e0d\u4f1a\u662f\u4e00\u4e2a\u5de8\u5927\u7684\u6570\u5b57\uff1b\u8bb8\u591a\u50a8\u6237\u4f1a\u5bfb\u6c42\u66f4\u9ad8\u7684\u6536\u76ca\uff0c\u800c\u4e0d\u60f3\u627f\u62c5\u592a\u591a\u7684\u989d\u5916\u98ce\u9669\u3002\u5728\u52a0\u5bc6\u8d44\u672c\u5e02\u573a\u5185\uff0c\u6709\u6ca1\u6709\u4e00\u79cd\u5185\u751f\u6536\u76ca\u53ef\u4f9b\u65b0\u7684\u7a33\u5b9a\u5e01\u7528\u6237\u83b7\u53d6\uff1f\u5f53\u7136\u6709\uff0c<strong>Ethena<\/strong> \u63d0\u4f9b\u4e86\u66f4\u9ad8\u6536\u76ca\u7684\u673a\u4f1a\u3002<\/p>\n<p>\u5728\u52a0\u5bc6\u8d44\u672c\u5e02\u573a\u5185\u5b89\u5168\u5730\u501f\u94b1\u53ea\u6709\u4e24\u79cd\u65b9\u5f0f\u3002\u901a\u8fc7\u884d\u751f\u54c1\u501f\u7ed9\u6295\u673a\u8005\uff0c\u6216\u8005\u501f\u7ed9\u52a0\u5bc6\u77ff\u5de5\u3002Ethena \u4e13\u6ce8\u4e8e\u901a\u8fc7\u505a\u7a7a\u52a0\u5bc6\u8d27\u5e01\/\u7f8e\u5143\u671f\u8d27\u548c\u6c38\u7eed\u5408\u7ea6\uff08perp\uff09\uff0c\u5e76\u6301\u6709\u52a0\u5bc6\u8d27\u5e01\u591a\u5934\u5934\u5bf8\u6765\u5411\u6295\u673a\u8005\u653e\u8d37\u3002\u8fd9\u662f\u6211\u5728 BitMEX \u63a8\u5e7f\u65f6\u79f0\u4e4b\u4e3a\u201c\u73b0\u91d1\u4e0e\u5957\u5229\u201d\uff08cash and carry\uff09\u7684\u7b56\u7565\u3002\u6211\u968f\u540e\u5199\u4e86\u4e00\u7bc7\u9898\u4e3a\u300a\u5c18\u57c3\u843d\u5b9a\u300b\u7684\u6587\u7ae0\uff0c\u6073\u8bf7\u4e00\u4f4d\u6709\u80c6\u8bc6\u7684\u4f01\u4e1a\u5bb6\u5c06\u8fd9\u79cd\u4ea4\u6613\u6253\u5305\uff0c\u5e76\u4f5c\u4e3a\u4e00\u79cd\u5408\u6210\u7f8e\u5143\u3001\u9ad8\u6536\u76ca\u7684\u7a33\u5b9a\u5e01\u63d0\u4f9b\u3002Ethena \u7684\u521b\u59cb\u4eba Guy Young \u8bfb\u4e86\u90a3\u7bc7\u6587\u7ae0\uff0c\u968f\u540e\u7ec4\u5efa\u4e86\u4e00\u4e2a\u660e\u661f\u56e2\u961f\u6765\u5b8c\u6210\u8fd9\u9879\u8270\u82e6\u7684\u5de5\u4f5c\uff0c\u5e76\u5c06\u5176\u53d8\u4e3a\u73b0\u5b9e\u3002\u5f53\u6211\u4eec\u542c\u8bf4 Guy \u5728\u505a\u4ec0\u4e48\u65f6\uff0cMaelstrom \u7b7e\u7ea6\u6210\u4e3a\u521b\u59cb\u987e\u95ee\u3002Ethena \u7684 USDe \u7a33\u5b9a\u5e01\u6210\u4e3a\u6709\u53f2\u4ee5\u6765\u589e\u957f\u6700\u5feb\u7684\u7a33\u5b9a\u5e01\uff0c\u5728\u4e0d\u5230 18 \u4e2a\u6708\u7684\u65f6\u95f4\u91cc\u5438\u6536\u4e86\u7ea6 135 \u4ebf\u7f8e\u5143\u7684\u5b58\u6b3e\u3002\u5c31\u6d41\u901a\u4f9b\u5e94\u91cf\u800c\u8a00\uff0cUSDe \u73b0\u5728\u662f\u7b2c\u4e09\u5927\u7a33\u5b9a\u5e01\uff0c\u4ec5\u6b21\u4e8e Circle \u7684 USDC \u548c Tether \u7684 USDT\u3002Ethena \u7684\u589e\u957f\u5982\u6b64\u5f3a\u52b2\uff0c\u5230\u660e\u5e74\u5723\u5e15\u7279\u91cc\u514b\u8282\uff0cCircle \u7684 CEO Jeremy Allaire \u5c06\u4f1a\u559d\u7740\u4e00\u676f\u5409\u5c3c\u65af\u9ed1\u5564\u9152\u6765\u6df9\u6ca1\u4ed6\u7684\u60b2\u4f24\uff0c\u56e0\u4e3a Ethena \u5c06\u6210\u4e3a\u4ec5\u6b21\u4e8e Tether \u7684\u7b2c\u4e8c\u5927\u7a33\u5b9a\u5e01\u53d1\u884c\u5546\u3002<\/p>\n<p>\u7531\u4e8e\u4ea4\u6613\u6240\u7684\u4ea4\u6613\u5bf9\u624b\u98ce\u9669\uff0c\u6295\u673a\u8005\u4e3a\u501f\u5165\u7f8e\u5143\u505a\u591a\u52a0\u5bc6\u8d27\u5e01\u800c\u652f\u4ed8\u7684\u5229\u7387\u901a\u5e38\u9ad8\u4e8e T-bills\u3002\u5f53\u6211\u5728 2016 \u5e74\u4e0e BitMEX \u56e2\u961f\u4e00\u8d77\u521b\u5efa perp \u65f6\uff0c\u6211\u5c06\u4e2d\u6027\u5229\u7387\u8bbe\u5b9a\u4e3a 10%\u3002\u8fd9\u610f\u5473\u7740\u5982\u679c perp \u4ef7\u683c\u7b49\u4e8e\u73b0\u8d27\u4ef7\u683c\uff0c\u591a\u5934\u5c06\u5411\u7a7a\u5934\u652f\u4ed8 10% \u7684 APY\u3002\u9274\u4e8e\u6bcf\u4e2a perp \u4ea4\u6613\u6240\u90fd\u9010\u5b57\u590d\u5236\u4e86 BitMEX \u7684\u8bbe\u8ba1\uff0c\u5b83\u4eec\u90fd\u5177\u6709 10% \u7684\u4e2d\u6027\u5229\u7387\u3002\u8fd9\u4e4b\u6240\u4ee5\u91cd\u8981\uff0c\u662f\u56e0\u4e3a 10% \u8fdc\u9ad8\u4e8e\u76ee\u524d\u8054\u90a6\u57fa\u91d1\u5229\u7387 4.50% \u7684\u4e0a\u9650\u3002\u56e0\u6b64\uff0c\u8d28\u62bc\u7684 USDe \u6536\u76ca\u7387\u51e0\u4e4e\u603b\u662f\u4f1a\u9ad8\u4e8e\u8054\u90a6\u57fa\u91d1\u5229\u7387\u3002\u8fd9\u4e3a\u5e0c\u671b\u627f\u62c5\u4e00\u70b9\u989d\u5916\u98ce\u9669\u7684\u65b0\u7a33\u5b9a\u5e01\u50a8\u6237\u63d0\u4f9b\u4e86\u673a\u4f1a\uff0c\u5e73\u5747\u53ef\u4ee5\u83b7\u5f97\u201c\u6c34\u725b\u6bd4\u5c14\u201dBessent \u6240\u63d0\u4f9b\u6536\u76ca\u7387\u7684\u4e24\u500d\u3002[7]<\/p>\n<p>\u4e00\u4e9b\uff0c\u4f46\u80af\u5b9a\u4e0d\u662f\u5168\u90e8\uff0c\u65b0\u7684\u7a33\u5b9a\u5e01\u5b58\u6b3e\u5c06\u4f7f\u7528 Ethena \u8fdb\u884c\u50a8\u84c4\uff0c\u4ee5\u83b7\u5f97\u66f4\u9ad8\u7684\u6536\u76ca\u3002Ethena \u4ece\u5229\u606f\u6536\u5165\u4e2d\u62bd\u53d6 20% \u7684\u5206\u6210\u3002\u4e0b\u9762\u662f\u4e00\u4e2a\u7b80\u5355\u7684\u6a21\u578b\uff1a<\/p>\n<p><img decoding=\"async\" alt=\"Scott Bessent\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/28\/1756356150599057.jpg\"><\/p>\n<p><strong>USDe \u5e02\u573a\u4efd\u989d\uff1a<\/strong> \u76ee\u524d\uff0cCircle \u7684 USDC \u5360\u603b\u7a33\u5b9a\u5e01\u6d41\u901a\u91cf\u7684 25% \u5e02\u573a\u4efd\u989d\u3002\u6211\u76f8\u4fe1 Ethena \u5c06\u8d85\u8fc7 Circle\uff0c\u800c\u4e14\u6211\u4eec\u5df2\u7ecf\u770b\u5230\uff0c\u5728\u8fb9\u9645\u4e0a\uff0cUSDC \u7684\u5b58\u6b3e\u5728\u51cf\u5c11\uff0c\u800c USDe \u5728\u589e\u52a0\u3002\u56e0\u6b64\uff0c\u6211\u7684\u957f\u671f\u5047\u8bbe\u662f USDe \u5c06\u5728 Tether \u7684 USDT \u4e4b\u540e\u5360\u636e 25% \u7684\u5e02\u573a\u4efd\u989d\u3002 <strong>\u5e73\u5747 USDe \u6536\u76ca\u7387\uff1a<\/strong> \u9274\u4e8e\u5728\u8fd9\u4e2a\u957f\u671f\u60c5\u666f\u4e2d\uff0c\u6211\u9884\u6d4b USDe \u4f9b\u5e94\u91cf\u4e3a 2.5 \u4e07\u4ebf\u7f8e\u5143\uff0c\u8fd9\u5c06\u5bf9\u884d\u751f\u54c1\u548c\u73b0\u8d27\u4e4b\u95f4\u7684\u57fa\u5dee\u4ef7\u65bd\u52a0\u4e0b\u884c\u538b\u529b\u3002\u968f\u7740 Hyperliquid \u6210\u4e3a\u4efb\u4f55\u7c7b\u578b\u7684\u6700\u5927\u884d\u751f\u54c1\u4ea4\u6613\u6240\uff0c\u4ed6\u4eec\u5c06\u964d\u4f4e\u4e2d\u6027\u5229\u7387\u4ee5\u589e\u52a0\u5bf9\u6760\u6746\u7684\u9700\u6c42\u3002\u8fd9\u4e5f\u610f\u5473\u7740\u52a0\u5bc6\u884d\u751f\u54c1\u5e02\u573a\u7684\u672a\u5e73\u4ed3\u5408\u7ea6\uff08OI\uff09\u5c06\u5927\u5e45\u589e\u957f\u3002\u5982\u679c DeFi \u7528\u6237\u6570\u91cf\u589e\u52a0\u6570\u767e\u4e07\uff0c\u5e76\u4e14\u4ed6\u4eec\u62e5\u6709\u6570\u4e07\u4ebf\u7f8e\u5143\u7684\u7a33\u5b9a\u5e01\u5b58\u6b3e\uff0c\u4ed6\u4eec\u53ef\u4ee5\u5c06 OI \u63a8\u9ad8\u5230\u6570\u4e07\u4ebf\u7f8e\u5143\uff0c\u8fd9\u662f\u5408\u4e4e\u903b\u8f91\u7684\u3002<\/p>\n<p>\u6211\u76f8\u4fe1 <strong>$ENA<\/strong> \u53ef\u4ee5\u4ece\u5f53\u524d\u6c34\u5e73\u4e0a\u6da8 <strong>51 \u500d<\/strong>\u3002<\/p>\n<p>\u73b0\u5728\u5e73\u6c11\u53ef\u4ee5\u8d5a\u53d6\u66f4\u591a\u7684\u5229\u606f\u6536\u5165\u4e86\uff0c\u4ed6\u4eec\u5982\u4f55\u901a\u8fc7\u4ea4\u6613\u6446\u8131\u901a\u80c0\u5bfc\u81f4\u7684\u8d2b\u56f0\uff1f<\/p>\n<h3><\/h3>\n<h3><strong>\u4ea4\u6613\u5b83 (Trade It)<\/strong><\/h3>\n<p>\u5168\u7403\u8d27\u5e01\u8d2c\u503c\u6700\u6709\u5bb3\u7684\u5f71\u54cd\u662f\uff0c\u5b83\u8feb\u4f7f\u6bcf\u4e2a\u4eba\u90fd\u6210\u4e3a\u6295\u673a\u8005\uff0c\u4ee5\u7ef4\u6301\u4ed6\u4eec\u7684\u751f\u6d3b\u6c34\u5e73\uff0c\u5982\u679c\u4ed6\u4eec\u8fd8\u6ca1\u6709\u5927\u91cf\u7684\u91d1\u878d\u8d44\u4ea7\u7684\u8bdd\u3002\u968f\u7740\u4e16\u754c\u4e0a\u66f4\u5927\u90e8\u5206\u7684\u4eba\uff0c\u90a3\u4e9b\u5728\u8086\u610f\u6cd5\u5e01\u8d2c\u503c\u4e0b\u53d7\u82e6\u6700\u6df1\u7684\u4eba\uff0c\u73b0\u5728\u901a\u8fc7\u7a33\u5b9a\u5e01\u5728\u94fe\u4e0a\u50a8\u84c4\uff0c\u4ed6\u4eec\u5c06\u4ea4\u6613\u552f\u4e00\u7684\u8d44\u4ea7\u7c7b\u522b\u2014\u2014\u52a0\u5bc6\u8d27\u5e01\uff0c\u8fd9\u4e3a\u4ed6\u4eec\u63d0\u4f9b\u4e86\u901a\u8fc7\u6295\u673a\u6446\u8131\u6ce8\u5b9a\u8d2b\u56f0\u7684\u80fd\u529b\u3002\u76ee\u524d\u94fe\u4e0a\u4ea4\u6613\u7684\u9996\u9009\u573a\u6240\u662f <strong>Hyperliquid<\/strong>\uff08\u4ee3\u5e01\uff1a$HYPE\uff09\uff0c\u5b83\u62e5\u6709 67% \u7684 DEX \u5e02\u573a\u4efd\u989d\u3002Hyperliquid \u662f\u5982\u6b64\u5177\u6709\u53d8\u9769\u6027\uff0c\u4ee5\u81f3\u4e8e\u5b83\u6b63\u5728\u8fc5\u901f\u589e\u957f\uff0c\u4e0e\u50cf\u5e01\u5b89\u8fd9\u6837\u7684 CEX \u7ade\u4e89\u3002\u5230\u672c\u5468\u671f\u7ed3\u675f\u65f6\uff0cHyperliquid \u5c06\u6210\u4e3a\u4efb\u4f55\u7c7b\u578b\u7684\u6700\u5927\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240\uff0c\u800c Jeff Yan \u53ef\u80fd\u4f1a\u6bd4\u5e01\u5b89\u7684\u521b\u59cb\u4eba\u517c\u524d CEO CZ \u66f4\u5bcc\u6709\u3002\u56fd\u738b\u5df2\u6b7b\uff0c\u56fd\u738b\u4e07\u5c81\uff01<\/p>\n<p><img decoding=\"async\" alt=\"Scott Bessent\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/28\/1756356176945101.jpg\"><\/p>\n<p><img decoding=\"async\" alt=\"Scott Bessent\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/28\/1756356188101528.jpg\"><\/p>\n<p>DEX \u5c06\u541e\u566c\u6240\u6709\u5176\u4ed6\u7c7b\u578b\u4ea4\u6613\u6240\u7684\u7406\u8bba\u5e76\u4e0d\u65b0\u9c9c\u3002Hyperliquid \u7684\u65b0\u9896\u4e4b\u5904\u5728\u4e8e\u56e2\u961f\u7684\u6267\u884c\u80fd\u529b\u3002Jeff Yan \u5efa\u7acb\u4e86\u4e00\u4e2a\u5927\u7ea6\u5341\u4eba\u7684\u56e2\u961f\uff0c\u4ed6\u4eec\u4ee5\u6bd4\u8be5\u9886\u57df\u4efb\u4f55\u5176\u4ed6\u4e2d\u5fc3\u5316\u6216\u53bb\u4e2d\u5fc3\u5316\u56e2\u961f\u66f4\u5feb\u7684\u901f\u5ea6\u63a8\u51fa\u66f4\u597d\u7684\u4ea7\u54c1\u3002<\/p>\n<p>\u601d\u8003 Hyperliquid \u7684\u6700\u4f73\u65b9\u5f0f\u662f\u5c06\u5176\u89c6\u4e3a\u5e01\u5b89\u7684\u53bb\u4e2d\u5fc3\u5316\u7248\u672c\u3002\u56e0\u4e3a Tether \u548c\u5176\u4ed6\u7a33\u5b9a\u5e01\u4e3b\u8981\u4e3a\u5e01\u5b89\u7684\u94f6\u884c\u6e20\u9053\u63d0\u4f9b\u52a8\u529b\uff0c\u6211\u4eec\u53ef\u4ee5\u5c06\u5e01\u5b89\u89c6\u4e3a Hyperliquid \u7684\u524d\u8eab\u3002Hyperliquid \u4e5f\u5b8c\u5168\u4f9d\u8d56\u7a33\u5b9a\u5e01\u57fa\u7840\u8bbe\u65bd\u8fdb\u884c\u5b58\u6b3e\uff0c\u4f46\u5b83\u662f\u4e00\u79cd\u94fe\u4e0a\u4ea4\u6613\u4f53\u9a8c\u3002\u968f\u7740 HIP-3 \u7684\u63a8\u51fa\uff0cHyperliquid \u6b63\u5728\u8fc5\u901f\u8f6c\u53d8\u4e3a\u4e00\u4e2a\u65e0\u9700\u8bb8\u53ef\u7684\u884d\u751f\u54c1\u548c\u73b0\u8d27\u5de8\u5934\u3002\u4efb\u4f55\u60f3\u8981\u4e00\u4e2a\u5177\u6709\u5b9e\u65f6\u4fdd\u8bc1\u91d1\u8ba1\u7b97\u7684\u6d41\u52a8\u6027\u4e2d\u592e\u9650\u4ef7\u8ba2\u5355\u7c3f\u7684\u5e94\u7528\u7a0b\u5e8f\uff0c\u90fd\u53ef\u4ee5\u5c06\u4ed6\u4eec\u60f3\u8981\u7684\u4efb\u4f55\u884d\u751f\u54c1\u5e02\u573a\u4e0e HIP-3 \u57fa\u7840\u8bbe\u65bd\u96c6\u6210\u3002<\/p>\n<p>\u6211\u7684\u9884\u6d4b\u662f\uff0c\u5230\u672c\u5468\u671f\u7ed3\u675f\u65f6\uff0cHyperliquid \u5c06\u662f\u4efb\u4f55\u7c7b\u578b\u7684\u6700\u5927\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240\uff0c\u800c\u7a33\u5b9a\u5e01\u6d41\u901a\u91cf\u589e\u957f\u5230 10 \u4e07\u4ebf\u7f8e\u5143\u5c06\u6781\u5927\u5730\u63a8\u52a8\u8fd9\u4e00\u589e\u957f\u3002\u4ee5\u5e01\u5b89\u4e3a\u4f8b\uff0c\u6211\u4eec\u53ef\u4ee5\u9884\u6d4b\u5728\u7ed9\u5b9a\u7a33\u5b9a\u5e01\u4f9b\u5e94\u6c34\u5e73\u4e0b Hyperliquid \u7684\u65e5\u5747\u4ea4\u6613\u91cf\uff08ADV\uff09\u3002<\/p>\n<p>\u76ee\u524d\uff0c\u5e01\u5b89\u7684 perp ADV \u4e3a 730 \u4ebf\u7f8e\u5143\uff0c\u800c\u603b\u7a33\u5b9a\u5e01\u4f9b\u5e94\u91cf\u4e3a 2770 \u4ebf\u7f8e\u5143\uff1b\u8be5\u6bd4\u7387\u4e3a 26.4%\u3002\u4f60\u5c06\u5728\u6a21\u578b\u4e2d\u770b\u5230\u8fd9\u8868\u793a\u4e3a <strong>Hyperliquid ADV \u4efd\u989d<\/strong>\u3002<\/p>\n<p><img decoding=\"async\" alt=\"Scott Bessent\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/28\/1756356210237514.jpg\"><\/p>\n<p>\u6211\u76f8\u4fe1 <strong>$HYPE<\/strong> \u53ef\u4ee5\u4ece\u5f53\u524d\u6c34\u5e73\u4e0a\u6da8 <strong>126 \u500d<\/strong>\u3002<\/p>\n<p>\u6700\u540e\uff0c\u6211\u60f3\u8c08\u8c08\u6211\u6700\u5174\u594b\u7684\u90a3\u4e2a\u201c\u5783\u573e\u5e01\u201d\u7a33\u5b9a\u5e01\u9879\u76ee\uff0c\u56e0\u4e3a\u5b83\u5373\u5c06\u63a8\u51fa\u4ee3\u5e01\u3002<\/p>\n<h3><\/h3>\n<h3><strong>\u62b5\u62bc\u5b83 (Collateralize It)<\/strong><\/h3>\n<p>\u73b0\u5728\u6709\u6570\u767e\u4e07\u751a\u81f3\u6570\u5341\u4ebf\u66f4\u591a\u7684\u4eba\u4f7f\u7528\u7a33\u5b9a\u5e01\uff0c\u975e\u52a0\u5bc6\u4f01\u4e1a\u5c06\u5982\u4f55\u5229\u7528\u8fd9\u79cd\u65b0\u7684\u652f\u4ed8\u65b9\u5f0f\uff1f\u4e16\u754c\u5404\u5730\u7684\u5927\u591a\u6570\u4f01\u4e1a\u90fd\u5b58\u5728\u652f\u4ed8\u95ee\u9898\u3002\u4ed6\u4eec\u88ab\u652f\u4ed8\u5904\u7406\u5546\u6536\u53d6\u9ad8\u6602\u7684\u8d39\u7528\uff0c\u800c\u4e14\u5f88\u591a\u65f6\u5019\u94f6\u884c\u6839\u672c\u4e0d\u4e0e\u4ed6\u4eec\u6253\u4ea4\u9053\u3002\u4f46\u968f\u7740\u7a33\u5b9a\u5e01\u638c\u63e1\u5728\u66f4\u591a\u7528\u6237\u624b\u4e2d\uff0c\u4f01\u4e1a\u53ef\u4ee5\u4ece\u8d2a\u5a6a\u7684\u4f20\u7edf\u91d1\u878d\u673a\u6784\u7684\u9b54\u722a\u4e2d\u89e3\u653e\u51fa\u6765\u3002\u867d\u7136\u8fd9\u662f\u4e00\u4e2a\u4f1f\u5927\u7684\u613f\u666f\uff0c\u4f46\u4f01\u4e1a\u9700\u8981\u4e00\u4e2a\u6613\u4e8e\u5b9e\u65bd\u7684\u6280\u672f\u5806\u6808\uff0c\u4f7f\u4ed6\u4eec\u80fd\u591f\u63a5\u53d7\u7a33\u5b9a\u5e01\u652f\u4ed8\uff0c\u4ee5\u5f53\u5730\u8d27\u5e01\u652f\u4ed8\u4f9b\u5e94\u5546\u548c\u7a0e\u6b3e\uff0c\u5e76\u6b63\u786e\u6838\u7b97\u73b0\u91d1\u6d41\u3002<\/p>\n<p><strong>Codex<\/strong> \u662f\u4e00\u4e2a\u5df2\u7ecf\u4e3a\u7a33\u5b9a\u5e01\u63a8\u51fa\u4e86\u4e13\u7528\u533a\u5757\u94fe\u7684\u9879\u76ee\u3002\u4ed6\u4eec\u76ee\u524d\u4e0d\u662f\u53d1\u884c\u5546\uff0c\u4f46\u4e3a\u4f01\u4e1a\u63d0\u4f9b\u4e86\u5904\u7406\u7a33\u5b9a\u5e01\u5bf9\u7a33\u5b9a\u5e01\u3001\u7a33\u5b9a\u5e01\u5bf9\u6cd5\u5e01\u4ee5\u53ca\u6cd5\u5e01\u5bf9\u7a33\u5b9a\u5e01\u652f\u4ed8\u7684\u80fd\u529b\u3002\u8fd8\u8bb0\u5f97 Fernando \u548c\u4ed6\u7684\u70b9\u51fb\u519c\u573a\u5417\uff1f\u4ed6\u9700\u8981\u7528\u6bd4\u7d22\u5411\u4ed6\u7684\u4e00\u4e9b\u5458\u5de5\u7684\u5f53\u5730\u94f6\u884c\u8d26\u6237\u652f\u4ed8\u5de5\u8d44\u3002\u4f7f\u7528 Codex\uff0cFernando \u53ef\u4ee5\u4ece\u4ed6\u7684\u5ba2\u6237\u90a3\u91cc\u63a5\u6536\u7a33\u5b9a\u5e01\uff0c\u5e76\u5c06\u8fd9\u4e9b\u7a33\u5b9a\u5e01\u7684\u4e00\u90e8\u5206\u8f6c\u6362\u4e3a\u6bd4\u7d22\uff0c\u76f4\u63a5\u5b58\u5165\u5f53\u5730\u94f6\u884c\u8d26\u6237\u3002Codex \u5df2\u7ecf\u63a8\u51fa\u4e86\u8fd9\u4e00\u529f\u80fd\uff0c\u5e76\u5728\u7b2c\u4e00\u4e2a\u6708\u5c31\u5b9e\u73b0\u4e86 1 \u4ebf\u7f8e\u5143\u7684\u4ea4\u6613\u91cf\u3002<\/p>\n<p>\u6211\u4e4b\u6240\u4ee5\u5bf9 Codex \u5982\u6b64\u5174\u594b\uff0c\u4e0e\u98a0\u8986\u4f20\u7edf\u91d1\u878d\u7684\u5168\u7403\u4ea4\u6613\u94f6\u884c\u4e1a\u52a1\u65e0\u5173\u3002\u662f\u7684\uff0c\u8fd9\u662f\u4e00\u4e2a\u5de8\u5927\u7684 TAM\uff0c\u4f46\u66f4\u5177\u98a0\u8986\u6027\u7684\u4e1a\u52a1\uff0c\u4e5f\u662f\u6ca1\u6709\u4eba\u6b63\u5728\u653b\u51fb\u7684\uff0c\u662f\u5411\u90a3\u4e9b\u65e0\u6cd5\u83b7\u5f97\u8425\u8fd0\u8d44\u91d1\u878d\u8d44\u7684\u4e2d\u5c0f\u4f01\u4e1a\u63d0\u4f9b\u4fe1\u8d37\u3002\u4eca\u5929\uff0cCodex \u53ea\u5411\u6700\u5b89\u5168\u7684 PSP \u548c\u91d1\u878d\u79d1\u6280\u516c\u53f8\u63d0\u4f9b\u4e0d\u5230\u4e00\u5929\u7684\u4fe1\u8d37\uff0c\u4f46\u660e\u5929\uff0cCodex \u53ef\u4ee5\u5411\u4e2d\u5c0f\u4f01\u4e1a\u63d0\u4f9b\u66f4\u957f\u671f\u7684\u8d37\u6b3e\u3002\u5982\u679c\u4e00\u4e2a\u4e2d\u5c0f\u4f01\u4e1a\u5b8c\u5168\u5728\u94fe\u4e0a\uff0c\u5e76\u4f7f\u7528 Codex \u4ee5\u7a33\u5b9a\u5e01\u8fdb\u884c\u652f\u4ed8\uff0c\u5b83\u53ef\u4ee5\u5b9e\u73b0<strong>\u4e09\u5f0f\u8bb0\u8d26\u6cd5<\/strong>\u3002<\/p>\n<p>\u4e09\u5f0f\u8bb0\u8d26\u6cd5\u76f8\u5bf9\u4e8e\u590d\u5f0f\u8bb0\u8d26\u6cd5\u7684\u6539\u8fdb\u5728\u4e8e\uff0c\u56e0\u4e3a\u6536\u5165\u548c\u652f\u51fa\u4ea4\u6613\u90fd\u5728\u94fe\u4e0a\uff0cCodex \u53ef\u4ee5\u5b9e\u65f6\u4e3a\u4e2d\u5c0f\u4f01\u4e1a\u8ba1\u7b97\u51c0\u6536\u5165\u548c\u73b0\u91d1\u6d41\u91cf\u8868\uff0c\u4f7f\u7528<strong>\u4e0d\u53ef\u4f2a\u9020\u7684\u6570\u636e<\/strong>\u3002\u57fa\u4e8e\u8fd9\u4e9b\u4e0d\u53ef\u4f2a\u9020\u7684\u6570\u636e\uff0cCodex \u53ef\u4ee5\u6709\u4fe1\u5fc3\u5730\u5411\u4e2d\u5c0f\u4f01\u4e1a\u8d37\u6b3e\uff0c\u76f8\u4fe1\u8be5\u4e1a\u52a1\u7684\u57fa\u672c\u9762\u5c06\u5141\u8bb8\u8be5\u4e1a\u52a1\u6309\u65f6\u507f\u8fd8\u8d37\u6b3e\u548c\u5229\u606f\u3002\u76ee\u524d\uff0c\u5728\u5927\u591a\u6570\u53d1\u5c55\u4e2d\u56fd\u5bb6\uff0c\u4ee5\u53ca\u5728\u67d0\u79cd\u7a0b\u5ea6\u4e0a\u5728\u53d1\u8fbe\u56fd\u5bb6\uff0c\u4e2d\u5c0f\u4f01\u4e1a\u53d1\u73b0\u5f88\u96be\u6216\u4e0d\u53ef\u80fd\u83b7\u5f97\u94f6\u884c\u8d37\u6b3e\u3002\u94f6\u884c\u53ef\u4ee5\u7406\u89e3\u5730\u4e0d\u60f3\u627f\u62c5\u98ce\u9669\uff0c\u56e0\u4e3a\u4ed6\u4eec\u62c5\u5fc3\u4ed6\u4eec\u6536\u5230\u7684\u56de\u987e\u6027\u4f1a\u8ba1\u6570\u636e\u662f\u5047\u7684\u3002\u56e0\u6b64\uff0c\u94f6\u884c\u53ea\u5411\u5927\u516c\u53f8\u6216\u6709\u653f\u6cbb\u5173\u7cfb\u7684\u7cbe\u82f1\u8d37\u6b3e\u3002<\/p>\n<p>\u5728\u6211\u7684\u8bbe\u60f3\u4e2d\uff0cCodex \u5c06\u9996\u5148\u6210\u4e3a\u5168\u7403\u5357\u65b9\u6700\u5927\u548c\u6700\u5177\u5f71\u54cd\u529b\u7684\u91d1\u878d\u673a\u6784\uff0c\u7136\u540e\u662f\u9664\u7f8e\u56fd\u5916\u7684\u53d1\u8fbe\u4e16\u754c\uff0c\u901a\u8fc7\u4f7f\u7528\u7a33\u5b9a\u5e01\u57fa\u7840\u8bbe\u65bd\u4e3a\u4e2d\u5c0f\u4f01\u4e1a\u627f\u9500\u8d37\u6b3e\u3002<strong>Codex \u5c06\u771f\u6b63\u6210\u4e3a\u7b2c\u4e00\u5bb6\u771f\u6b63\u7684\u52a0\u5bc6\u94f6\u884c\u3002<\/strong><\/p>\n<p>Codex \u5c1a\u5904\u4e8e\u8d77\u6b65\u9636\u6bb5\uff0c\u4f46\u5982\u679c\u4ed6\u4eec\u6210\u529f\uff0c\u521b\u59cb\u4eba\u5c06\u4f7f\u4ed6\u4eec\u7684\u7528\u6237\u548c\u4ee3\u5e01\u6301\u6709\u8005\u53d8\u5f97\u8d85\u7ea7\u5bcc\u6709\u3002\u5728 Maelstrom \u62c5\u4efb\u8fd9\u4e2a\u987e\u95ee\u89d2\u8272\u4e4b\u524d\uff0c\u6211\u786e\u4fdd\u4e86\u521b\u59cb\u4eba\u51c6\u5907\u597d\u63a8\u884c\u7c7b\u4f3c\u4e8e Hyperliquid \u7684\u4ee3\u5e01\u7ecf\u6d4e\u5b66 playbook\u3002\u4ece\u7b2c\u4e00\u5929\u8d77\uff0c\u8d5a\u53d6\u7684\u6536\u5165\u5c06\u56de\u6d41\u7ed9\u4ee3\u5e01\u6301\u6709\u8005\u3002\u4ed6\u4eec\u53ef\u80fd\u4f1a\u8fdb\u884c\u4e00\u8f6e\u878d\u8d44\u3002 \u4f46\u6211\u60f3\u786e\u4fdd\u4e16\u754c\u77e5\u9053\uff0c\u5df2\u7ecf\u6709\u4e00\u4e2a\u5b9e\u9645\u7684\u7a33\u5b9a\u5e01\u57fa\u7840\u8bbe\u65bd\uff0c\u4eca\u5929\u6b63\u5728\u505a\u771f\u5b9e\u7684\u4ea4\u6613\u91cf\uff0c\u5e76\u4e14\u5373\u5c06 TGE\u3002\u662f\u65f6\u5019\u767b\u4e0a FTL \u5b87\u5b99\u98de\u8239\u4e86\u3002<\/p>\n<h3><\/h3>\n<h3><strong>\u201c\u6c34\u725b\u6bd4\u5c14\u201dBessent \u7684\u7edf\u6cbb<\/strong><\/h3>\n<p>\u201c\u6c34\u725b\u6bd4\u5c14\u201dBessent \u5c06\u5728\u591a\u5927\u7a0b\u5ea6\u4e0a\u6050\u5413\u4e16\u754c\u5404\u5730\u7684\u6b27\u6d32\u7f8e\u5143\u548c\u975e\u7f8e\u5143\u94f6\u884c\u50a8\u6237\uff0c\u53d6\u51b3\u4e8e\u7f8e\u56fd\u653f\u5e9c\u7684\u652f\u51fa\u8f68\u8ff9\u3002\u6211\u975e\u5e38\u6709\u4fe1\u5fc3\uff0cBessent \u7684\u8001\u677f\uff0c\u7f8e\u56fd\u603b\u7edf\u7279\u6717\u666e\uff0c\u65e0\u610f\u5e73\u8861\u9884\u7b97\u3001\u51cf\u7a0e\u6216\u524a\u51cf\u5f00\u652f\u3002\u6211\u77e5\u9053\u8fd9\u4e00\u70b9\uff0c\u56e0\u4e3a\u7279\u6717\u666e\u544a\u8beb\u4ed6\u7684\u5171\u548c\u515a\u540c\u50da\u4e0d\u8981\u8fc7\u4e8e\u75f4\u8ff7\u4e8e\u524a\u51cf\u5f00\u652f\u3002\u4ed6\u7528\u4e0d\u90a3\u4e48\u542b\u84c4\u7684\u8bdd\u6253\u8da3\u8bf4\uff0c\u4ed6\u4eec\u5728 2026 \u5e74\u8fd8\u6709\u4e00\u573a\u9009\u4e3e\u8981\u8d62\u3002\u7279\u6717\u666e\u9664\u4e86\u80dc\u5229\u4e4b\u5916\u6ca1\u6709\u5176\u4ed6\u610f\u8bc6\u5f62\u6001\u3002\u5728\u4e00\u4e2a\u665a\u671f\u8d44\u672c\u4e3b\u4e49\u6c11\u4e3b\u5171\u548c\u56fd\uff0c\u653f\u6cbb\u8d62\u5bb6\u5c31\u662f\u7528\u597d\u5904\u6362\u53d6\u9009\u7968\u3002\u56e0\u6b64\uff0c\u201c\u6c34\u725b\u6bd4\u5c14\u201dBessent \u5c06\u6a2a\u884c\u65e0\u5fcc\uff0c\u800c\u4e14\u5468\u56f4\u6ca1\u6709\u53f2\u8fbe\u7433\u8b66\u5b98\u6765\u963b\u6b62\u4ed6\u3002<\/p>\n<p>\u968f\u7740\u653f\u5e9c\u8d64\u5b57\u7ee7\u7eed\u6269\u5927\uff0c\u201c\u7f8e\u56fd\u548c\u5e73\u201d\u7684\u9738\u6743\u5730\u4f4d\u4e0b\u964d\uff0c\u81f3\u5c11\u5728\u589e\u52a0\u7a0e\u6536\u6240\u9700\u7684\u89c4\u6a21\u4e0a\uff0c\u589e\u957f\u5c06\u662f\u7a00\u7f3a\u7684\u3002\u56e0\u6b64\uff0cBessent \u5c06\u628a\u8d8a\u6765\u8d8a\u591a\u7684\u503a\u52a1\u585e\u8fdb\u5e02\u573a\u7684\u5589\u5499\u3002\u7136\u800c\uff0c\u5f53\u638c\u6743\u8005\u7684\u660e\u786e\u653f\u7b56\u662f\u524a\u5f31\u4e00\u79cd\u8d27\u5e01\u65f6\uff0c\u5e02\u573a\u4e0d\u60f3\u6301\u6709\u4ee5\u8be5\u8d27\u5e01\u8ba1\u4ef7\u7684\u503a\u52a1\u3002\u56e0\u6b64\uff0c\u5229\u7528\u7a33\u5b9a\u5e01\u4f5c\u4e3a T-bill \u7684\u201c\u6c34\u69fd\u201d\uff0c\u662f\u65f6\u5019<strong>\u628a\u7f8e\u5143\u6d82\u5728\u76ae\u80a4\u4e0a\u4e86\uff0c\u5426\u5219\u5c31\u518d\u6b21\u906d\u53d7\u5236\u88c1<\/strong>\u3002<\/p>\n<p>Bessent \u5c06\u5e7f\u6cdb\u800c\u731b\u70c8\u5730\u6325\u821e\u4ed6\u7684\u5236\u88c1\u5927\u68d2\uff0c\u4ee5\u786e\u4fdd\u7f8e\u5143\u6302\u94a9\u7684\u7a33\u5b9a\u5e01\u5c06 sequestered \u5728\u6b27\u6d32\u7f8e\u5143\u548c\u975e\u7f8e\u56fd\u96f6\u552e\u94f6\u884c\u5b58\u6b3e\u4e2d\u7684\u8d44\u672c\u5e26\u56de\u5bb6\u3002\u4ed6\u5c06\u6388\u6743\u50cf\u624e\u514b\u4f2f\u683c\u548c\u9a6c\u65af\u514b\u8fd9\u6837\u7684\u79d1\u6280\u5927\u4f6c\uff0c\u5411\u90a3\u8fb9\u672a\u5f00\u5316\u7684\u91ce\u86ee\u90e8\u843d\u4f20\u64ad\u798f\u97f3\u3002\u800c\u8fd9\u4e9b\u201c\u5144\u5f1f\u5be1\u5934\u201d\uff08Broligarchs\uff09\u5c06\u5f88\u4e50\u610f\u5730\u5c06\u81ea\u5df1\u5305\u88f9\u5728\u56fd\u65d7\u4e2d\uff0c\u5e76\u5411\u4ed6\u4eec\u7684\u975e\u7f8e\u56fd\u7528\u6237\u63a8\u5e7f\u7f8e\u5143\u6302\u94a9\u7684\u7a33\u5b9a\u5e01\uff0c\u65e0\u8bba\u5f53\u5730\u76d1\u7ba1\u673a\u6784\u662f\u5426\u559c\u6b22\uff0c\u56e0\u4e3a\u4ed6\u4eec\u662f<strong>\u7231\u56fd\u8005<\/strong>\uff01<\/p>\n<p>\u5982\u679c\u6211\u662f\u5bf9\u7684\uff0c\u6211\u4eec\u5c06\u770b\u5230\u4ee5\u4e0b\u4e3b\u9898\u7684\u65b0\u95fb\u5934\u6761\uff1a<\/p>\n<ul>\n<li>\u9700\u8981\u5bf9\u79bb\u5cb8\u7f8e\u5143\u5e02\u573a\uff08\u5373\u6b27\u6d32\u7f8e\u5143\uff09\u8fdb\u884c\u76d1\u7ba1<\/li>\n<li>\u5c06\u592e\u884c\u7f8e\u5143\u4e92\u6362\u989d\u5ea6\u7684\u4f7f\u7528\u4e0e\u7f8e\u8054\u50a8\u548c\/\u6216\u8d22\u653f\u90e8\u8054\u7cfb\u8d77\u6765\uff0c\u4ee5\u5411\u7f8e\u56fd\u79d1\u6280\u516c\u53f8\u5f00\u653e\u6570\u5b57\u5e02\u573a\u7684\u67d0\u4e9b\u65b9\u9762<\/li>\n<li>\u63d0\u51fa\u6cd5\u89c4\uff0c\u8981\u6c42\u7a33\u5b9a\u5e01\u53d1\u884c\u5546\u5c06\u7f8e\u5143\u5b58\u653e\u5728\u7f8e\u56fd\u94f6\u884c\u5206\u884c\u548c\/\u6216 T-bills \u4e2d<\/li>\n<li>\u9f13\u52b1\u7a33\u5b9a\u5e01\u53d1\u884c\u5546\u5728\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u6240\u4e0a\u5e02<\/li>\n<li>\u7f8e\u56fd\u5927\u578b\u79d1\u6280\u516c\u53f8\u5728\u5176\u793e\u4ea4\u5a92\u4f53\u5e94\u7528\u4e2d\u6dfb\u52a0\u52a0\u5bc6\u94b1\u5305<\/li>\n<li>\u7279\u6717\u666e\u653f\u5e9c\u6210\u5458\u5173\u4e8e\u4f7f\u7528\u7a33\u5b9a\u5e01\u7684\u666e\u904d\u79ef\u6781\u8a00\u8bba<\/li>\n<\/ul>\n<p>Maelstrom \u5c06\u7ee7\u7eed\u975e\u5e38\u770b\u597d\u7a33\u5b9a\u5e01\u5782\u76f4\u9886\u57df\uff0c\u56e0\u4e3a\u6211\u4eec\u5728 $ENA\u3001$ETHFI \u548c $HYPE \u4e2d\u6709\u6301\u4ed3\u3002\u6211\u4eec\u603b\u662f\u5c55\u671b\u672a\u6765\uff1b\u56e0\u6b64\uff0c\u4f60\u5c06\u542c\u5230\u66f4\u591a\u5173\u4e8e Codex \u7684\u6d88\u606f\uff0c\u56e0\u4e3a\u6211\u76f8\u4fe1\u5b83\u5c06\u6210\u4e3a\u7a33\u5b9a\u5e01\u57fa\u7840\u8bbe\u65bd\u7684\u4e3b\u89d2\u3002<\/p>\n<p>\u628a\u90a3\u74f6\u7f8e\u5143\u4e73\u6db2\u9012\u8fc7\u6765\uff0c\u6211\u6709\u70b9\u5e72\u3002<\/p>\n<p>[1] QE \u6307\u7684\u662f\u91cf\u5316\u5bbd\u677e\uff0c\u5373\u4e2d\u592e\u94f6\u884c\u901a\u8fc7\u8d2d\u4e70\u653f\u5e9c\u503a\u5238\u6765\u521b\u9020\u94f6\u884c\u50a8\u5907\u7684\u8fc7\u7a0b\u3002\u7f8e\u56fd\u8054\u90a6\u50a8\u5907\u59d4\u5458\u4f1a\u4e3b\u5e2d\u672c\u00b7\u4f2f\u5357\u514b\u4e8e 2008 \u5e74\u542f\u52a8\u4e86\u65e0\u9650\u91cf\u5316\u5bbd\u677e\u3002<\/p>\n<p>[2] \u6211\u4eec\u4e4b\u6240\u4ee5\u77e5\u9053\u8fd9\u6b21\u79d8\u5bc6\u5e72\u9884\uff0c\u662f\u56e0\u4e3a\u7f8e\u56fd\u7684\u300a\u4fe1\u606f\u81ea\u7531\u6cd5\u300b\u8bc9\u8bbc\u3002<\/p>\n<p>[3] \u5982\u679c\u4f60\u60f3\u770b\u4e00\u90e8\u5173\u4e8e\u6574\u4e2a\u4e8b\u4ef6\u7684\u5f15\u4eba\u5165\u80dc\u7684\u7eaa\u5f55\u7247\uff0c\u6211\u5f3a\u70c8\u63a8\u8350\u300a\u56fd\u738b\u5236\u9020\u8005\u300b\u3002 <\/p>\n<p>[4] BRICS \u6307\u7684\u662f\u5df4\u897f\u3001\u4fc4\u7f57\u65af\u3001\u5370\u5ea6\u3001\u4e2d\u56fd\u548c\u5357\u975e\u3002 <\/p>\n<p>[5] Zohran Mamdani\uff08\u7ade\u9009\u7ebd\u7ea6\u5e02\u5e02\u957f\uff09\u548c Alexandria Ocasio-Cortez \u201cAOC\u201d\uff08\u7ebd\u7ea6\u5e02\u56fd\u4f1a\u5973\u8bae\u5458\uff09\u662f\u4e24\u4f4d\u4e3b\u8981\u7684\u6c11\u4e3b\u515a\u653f\u6cbb\u5bb6\uff0c\u4ed6\u4eec\u7684\u653f\u7eb2\u975e\u5e38\u793e\u4f1a\u4e3b\u4e49\u4f46\u5f88\u53d7\u6b22\u8fce\u3002 [6] FDV \u6307\u7684\u662f\u5b8c\u5168\u7a00\u91ca\u4f30\u503c\uff08Fully Diluted Valuation\uff09\u3002 <\/p>\n<p>[7] \u4ed6\u4eec\u627f\u62c5\u7684\u989d\u5916\u98ce\u9669\u662f Ethena \u51fa\u552e\u884d\u751f\u54c1\u5408\u7ea6\u7684\u4ea4\u6613\u6240\u7684\u4ea4\u6613\u5bf9\u624b\u98ce\u9669\u3002<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u7f8e\u56fd\u8d22\u653f\u90e8\u957f Scott Bessent \u503c\u5f97\u4e00\u4e2a\u65b0\u5916\u53f7\u3002\u6211\u4e4b\u524d\u7ed9\u4ed6\u8d77\u4e86\u4e2a\u5916\u53f7\u53eb BBC\uff0c\u5373\u201cBig Bess&#8230;<\/p>\n","protected":false},"author":2,"featured_media":2710,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-4256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=\/wp\/v2\/posts\/4256","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4256"}],"version-history":[{"count":1,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=\/wp\/v2\/posts\/4256\/revisions"}],"predecessor-version":[{"id":6800,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=\/wp\/v2\/posts\/4256\/revisions\/6800"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=\/wp\/v2\/media\/2710"}],"wp:attachment":[{"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}