{"id":4364,"date":"2026-10-07T17:57:36","date_gmt":"2026-10-07T09:57:36","guid":{"rendered":"https:\/\/www.sjzylove.com\/?p=4364"},"modified":"2026-10-07T17:57:36","modified_gmt":"2026-10-07T09:57:36","slug":"sec%e5%a3%b0%e6%98%8e%e6%b5%81%e5%8a%a8%e6%80%a7%e8%b4%a8%e6%8a%bc%e4%b8%8d%e8%a2%ab%e8%a7%86%e4%b8%ba%e8%af%81%e5%88%b8%ef%bc%8cdefi%e4%b8%8e%e5%8d%8e%e5%b0%94%e8%a1%97%e7%9a%84%e8%b5%84%e6%9c%ac","status":"publish","type":"post","link":"https:\/\/www.zsmjt.com\/?p=4364","title":{"rendered":"SEC\u58f0\u660e\u6d41\u52a8\u6027\u8d28\u62bc\u4e0d\u88ab\u89c6\u4e3a\u8bc1\u5238\uff0cDeFi\u4e0e\u534e\u5c14\u8857\u7684\u8d44\u672c\u91cd\u6784\u65f6\u523b"},"content":{"rendered":"
\n

\u4e00\u3001\u76d1\u7ba1\u7684\u201c\u5206\u6c34\u5cad\u201d\uff1aSEC\u4e3a\u4f55\u5411\u6d41\u52a8\u6027\u8d28\u62bc\u4f4e\u5934\uff1f\u200b\u200b<\/strong><\/h2>\n

\"SEC\"<\/p>\n

SEC \u5173\u4e8e\u67d0\u4e9b\u52a0\u5bc6\u8d27\u5e01\u6d41\u52a8\u6027\u8d28\u62bc\u6d3b\u52a8\u7684\u5de5\u4f5c\u4eba\u5458\u58f0\u660e\u6458\u5f55\u3002\u6765\u6e90\uff1aSEC<\/em><\/p>\n

2025\u5e748\u67086\u65e5\uff0c\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u6084\u7136\u53d1\u5e03\u4e86\u4e00\u4efd\u98a0\u8986\u6027\u7684\u200b\u200b\u300a\u6d41\u52a8\u6027\u8d28\u62bc\u6d3b\u52a8\u6307\u5357\u300b\u200b\u200b\uff0c\u9996\u6b21\u660e\u786e\uff1a\u200b\u200b\u7279\u5b9a\u573a\u666f\u4e0b\u7684\u6d41\u52a8\u6027\u8d28\u62bc\u4ee3\u5e01\uff08Liquid Staking Tokens, LST\uff09\u4e0d\u6784\u6210\u8bc1\u5238\u53d1\u884c\u200b\u200b\uff0c\u76f8\u5173\u670d\u52a1\u65b9\u65e0\u9700\u4f9d\u636e\u300a\u8bc1\u5238\u6cd5\u300b\u6ce8\u518c\u3002\u8fd9\u4efd\u6307\u5357\u7684\u6f5c\u53f0\u8bcd\u662f\u2014\u2014\u4ee5\u592a\u574a\u3001Solana\u7b49\u4e3b\u6d41\u516c\u94fe\u7684\u8d28\u62bc\u751f\u6001\u7ec8\u4e8e\u83b7\u5f97\u4e86\u201c\u5408\u89c4\u901a\u884c\u8bc1\u201d\u3002<\/span><\/p>\n

SEC\u7684\u6838\u5fc3\u903b\u8f91\u5728\u4e8e\u200b\u200b\u7ecf\u6d4e\u5b9e\u8d28\u7684\u5207\u5272\u200b\u200b\uff1a<\/strong><\/p>\n

    \n
  • \u200b\u200b\u8d28\u62bc\u6536\u636e\u4ee3\u5e01\uff08\u5982stETH\u3001mSOL\uff09\u200b\u200b \u4ec5\u4f5c\u4e3a\u201c\u6240\u6709\u6743\u51ed\u8bc1\u201d\uff0c\u5176\u53d1\u884c\u4e0e\u4ea4\u6613\u4e0d\u6d89\u53ca\u201c\u6295\u8d44\u5408\u540c\u201d\u5c5e\u6027\u3002\u53ea\u8981\u7528\u6237\u5b58\u5165\u52a0\u5bc6\u8d44\u4ea7\u7684\u884c\u4e3a\u72ec\u7acb\u4e8e\u4efb\u4f55\u201c\u4f9d\u8d56\u4ed6\u4eba\u52aa\u529b\u83b7\u5229\u201d\u7684\u627f\u8bfa\uff0c\u5373\u4e0d\u89e6\u53d1\u8c6a\u5a01\u6d4b\u8bd5\uff08Howey Test\uff09\u3002<\/span><\/li>\n
  • \u200b\u200b\u76d1\u7ba1\u8fb9\u754c\u6e05\u6670\u5316\u200b\u200b\uff1aSEC\u70b9\u540dLido\u3001Marinade Finance\u3001JitoSOL\u7b49\u534f\u8bae\u7b26\u5408\u8c41\u514d\u6761\u4ef6\uff0c\u56e0\u5176\u529f\u80fd\u9650\u4e8e\u201c\u884c\u653f\u6027\u670d\u52a1\u201d\uff08\u5982\u4ee3\u5e01\u94f8\u9020\u3001\u5956\u52b1\u5206\u914d\uff09\uff0c\u800c\u975e\u4e3b\u52a8\u7ba1\u7406\u6216\u6536\u76ca\u62c5\u4fdd\u3002<\/span><\/li>\n<\/ul>\n

    \u8fd9\u4e00\u8f6c\u53d8\u80cc\u540e\u662f\u200b\u200b\u653f\u6cbb\u4e0e\u5e02\u573a\u7684\u53cc\u91cd\u535a\u5f08\u200b\u200b\uff1a<\/strong><\/p>\n

      \n
    • \u200b\u200bSEC\u4e3b\u5e2d\u4fdd\u7f57\u00b7\u963f\u7279\u91d1\u65af\u200b\u200b\u4e00\u6539\u524d\u4efb\u201c\u6267\u6cd5\u76d1\u7ba1\u201d\u98ce\u683c\uff0c\u63a8\u52a8\u201cProject Crypto\u201d\u8ba1\u5212\uff0c\u5c06\u8d28\u62bc\u89c6\u4e3a\u201c\u7f51\u7edc\u5b89\u5168\u670d\u52a1\u201d\u800c\u975e\u6295\u673a\u5de5\u5177\u3002<\/span><\/li>\n
    • \u200b\u200b\u300aCLARITY\u6cd5\u6848\u300b\u7684\u5012\u903c\u200b\u200b\uff1a\u56fd\u4f1a\u62df\u5c06\u8282\u70b9\u8fd0\u8425\u3001\u8d28\u62bc\u3001\u81ea\u6258\u7ba1\u94b1\u5305\u6392\u9664\u5728\u201c\u8bc1\u5238\u7ecf\u7eaa\u4eba\u201d\u5b9a\u4e49\u5916\uff0c\u8feb\u4f7fSEC\u62a2\u6ee9\u89c4\u5219\u5236\u5b9a\u6743\u3002<\/span><\/li>\n<\/ul>\n

      \u200b\u200b\u4e8c\u3001\u89e3\u5256\u6d41\u52a8\u6027\u8d28\u62bc\uff1a\u4e3a\u4f55\u5b83\u662fDeFi\u7684\u201c\u6d41\u52a8\u6027\u5f15\u64ce\u201d\uff1f\u200b\u200b<\/strong><\/h2>\n

      \u200b\u200b1. \u673a\u5236\uff1a\u4ece\u8d44\u4ea7\u9501\u6b7b\u5230\u8d44\u672c\u88c2\u53d8\u200b\u200b<\/strong><\/p>\n

      \u6d41\u52a8\u6027\u8d28\u62bc\u5141\u8bb8\u8d28\u62bc\u8005\u4f7f\u7528\u66ff\u4ee3\u4ee3\u5e01\u6765\u4fdd\u6301\u5176\u8d28\u62bc\u4ee3\u5e01\u7684\u6d41\u52a8\u6027\uff0c\u5e76\u53ef\u4ee5\u4f7f\u7528\u8be5\u66ff\u4ee3\u4ee3\u5e01\u901a\u8fc7 DeFi \u534f\u8bae\u8d5a\u53d6\u989d\u5916\u6536\u76ca\u3002<\/span><\/p>\n

      \u5728\u6df1\u5165\u63a2\u8ba8\u6d41\u52a8\u6027\u8d28\u62bc\u4e4b\u524d\uff0c\u6211\u4eec\u5148\u6765\u4e86\u89e3\u4e00\u4e0b\u8d28\u62bc\u53ca\u5176\u76f8\u5173\u95ee\u9898\u3002\u8d28\u62bc\u662f\u6307\u5c06\u52a0\u5bc6\u8d27\u5e01\u9501\u5b9a\u5728\u533a\u5757\u94fe\u7f51\u7edc\u4e2d\u4ee5\u7ef4\u6301\u5176\u8fd0\u884c\uff0c\u5e76\u4f7f\u8d28\u62bc\u8005\u80fd\u591f\u83b7\u5f97\u6536\u76ca\u3002\u7136\u800c\uff0c\u8d28\u62bc\u8d44\u4ea7\u5728\u8d28\u62bc\u671f\u95f4\u901a\u5e38\u4f1a\u53d8\u5f97\u7f3a\u4e4f\u6d41\u52a8\u6027\uff0c\u56e0\u4e3a\u5b83\u4eec\u65e0\u6cd5\u5151\u6362\u6216\u8f6c\u79fb\u3002<\/span><\/p>\n

      \u6d41\u52a8\u6027\u8d28\u62bc (Liquid Staking) \u4f7f\u52a0\u5bc6\u8d27\u5e01\u6301\u6709\u8005\u80fd\u591f\u5728\u4e0d\u653e\u5f03\u5176\u6301\u6709\u8d44\u4ea7\u63a7\u5236\u6743\u7684\u60c5\u51b5\u4e0b\u53c2\u4e0e\u8d28\u62bc\u3002\u8fd9\u5f7b\u5e95\u6539\u53d8\u4e86\u7528\u6237\u8fdb\u884c\u8d28\u62bc\u7684\u65b9\u5f0f\u3002Lido \u7b49\u9879\u76ee\u5f15\u5165\u4e86\u6d41\u52a8\u6027\u8d28\u62bc\uff0c\u4ee5\u4ee3\u5e01\u548c\u884d\u751f\u54c1\u7684\u5f62\u5f0f\u63d0\u4f9b\u8d28\u62bc\u8d44\u4ea7\u7684\u4ee3\u5e01\u5316\u8868\u793a\u3002 <\/span><\/p>\n

      \u5b83\u5141\u8bb8\u7528\u6237\u83b7\u5f97\u8d28\u62bc\u7684\u4f18\u52bf\uff0c\u540c\u65f6\u4fdd\u7559\u4ea4\u6613\u7684\u7075\u6d3b\u6027\uff0c\u53ef\u4ee5\u5728\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d (DeFi) \u5e94\u7528\u7a0b\u5e8f\u4e2d\u4ea4\u6613\u8fd9\u4e9b\u4ee3\u5e01\u6216\u5c06\u5176\u8f6c\u79fb\u7ed9\u5176\u4ed6\u7528\u6237\u3002<\/span><\/p>\n

      <\/p>\n

      \u200b\u200b2. \u4e0e\u59d4\u6258\u8d28\u62bc\u7684\u201c\u6743\u529b\u4e4b\u4e89\u201d\u200b\u200b<\/strong><\/p>\n

      \u59d4\u6258\u8bc1\u660e (DPoS) \u7f51\u7edc\u4e2d\u7684\u7528\u6237\u901a\u8fc7\u6295\u7968\u9009\u51fa\u81ea\u5df1\u559c\u6b22\u7684\u4ee3\u8868\u3002\u7136\u800c\uff0c\u6d41\u52a8\u6027\u8d28\u62bc (liquid staking) \u7684\u76ee\u7684\u662f\u8ba9\u8d28\u62bc\u8005\u89c4\u907f\u6700\u4f4e\u8d28\u62bc\u95e8\u69db\u548c\u4ee3\u5e01\u9501\u5b9a\u7684\u673a\u5236\u3002<\/span><\/p>\n

      \"SEC\"<\/p>\n

      \u867d\u7136DPoS\u7684\u57fa\u672c\u6982\u5ff5\u501f\u9274\u4e86\u6743\u76ca\u8bc1\u660e\uff08PoS\uff09\uff0c\u4f46\u5176\u6267\u884c\u65b9\u5f0f\u5374\u6709\u6240\u4e0d\u540c\u3002\u5728DPoS\u4e2d\uff0c\u7f51\u7edc\u7528\u6237\u6709\u6743\u9009\u4e3e\u4ee3\u8868\uff0c\u4ed6\u4eec\u88ab\u79f0\u4e3a\u201c\u89c1\u8bc1\u4eba\u201d\u6216\u201c\u533a\u5757\u751f\u4ea7\u8005\u201d\uff0c\u8d1f\u8d23\u533a\u5757\u9a8c\u8bc1\u3002\u53c2\u4e0e\u5171\u8bc6\u6d41\u7a0b\u7684\u4ee3\u8868\u6570\u91cf\u6709\u9650\uff0c\u53ef\u4ee5\u901a\u8fc7\u6295\u7968\u8fdb\u884c\u8c03\u6574\u3002DPoS\u4e2d\u7684\u7f51\u7edc\u7528\u6237\u53ef\u4ee5\u5c06\u81ea\u5df1\u7684\u4ee3\u5e01\u96c6\u4e2d\u5230\u4e00\u4e2a\u6743\u76ca\u6c60\u4e2d\uff0c\u5e76\u4f7f\u7528\u4ed6\u4eec\u7684\u7efc\u5408\u6295\u7968\u6743\u6765\u6295\u7968\u9009\u51fa\u81ea\u5df1\u504f\u597d\u7684\u4ee3\u8868\u3002<\/span><\/p>\n

      \u53e6\u4e00\u65b9\u9762\uff0c\u6d41\u52a8\u6027\u8d28\u62bc\u65e8\u5728\u964d\u4f4e\u6295\u8d44\u95e8\u69db\uff0c\u5e76\u4e3a\u8d28\u62bc\u8005\u63d0\u4f9b\u4e00\u79cd\u89c4\u907f\u4ee3\u5e01\u9501\u5b9a\u673a\u5236\u7684\u65b9\u6cd5\u3002\u533a\u5757\u94fe\u901a\u5e38\u5bf9\u8d28\u62bc\u6709\u6700\u4f4e\u8981\u6c42\u3002\u4f8b\u5982\uff0c\u4ee5\u592a\u574a\u8981\u6c42\u4efb\u4f55\u60f3\u8981\u5efa\u7acb\u9a8c\u8bc1\u5668\u8282\u70b9\u7684\u4eba\u81f3\u5c11\u8d28\u62bc 32 \u4e2a\u4ee5\u592a\u5e01\u3002\u5b83\u8fd8\u9700\u8981\u7279\u5b9a\u7684\u8ba1\u7b97\u673a\u786c\u4ef6\u3001\u8f6f\u4ef6\u3001\u65f6\u95f4\u548c\u4e13\u4e1a\u77e5\u8bc6\uff0c\u8fd9\u540c\u6837\u9700\u8981\u5927\u91cf\u7684\u6295\u8d44\u3002<\/span><\/p>\n

      \"SEC\"<\/p>\n

      \u8fd9\u4e00\u6a21\u5f0f\u5f15\u7206\u4e86\u5e02\u573a\u589e\u957f\uff1a\u6d41\u52a8\u6027\u8d28\u62bc\u534f\u8bae\u603b\u9501\u4ed3\u989d\uff08TVL\uff09\u5df2\u200b\u200b\u7a81\u7834670\u4ebf\u7f8e\u5143\u200b\u200b\uff0c\u5176\u4e2d\u4ee5\u592a\u574a\u5360\u6bd476%\uff08510\u4ebf\u7f8e\u5143\uff09\uff0cLido\u72ec\u536031%\u5e02\u573a\u4efd\u989d\u3002<\/span><\/p>\n

      <\/p>\n

      \u200b\u200b\u4e09\u3001<\/strong>\u6d41\u52a8\u6027\u8d28\u62bc\u5982\u4f55\u8fd0\u4f5c<\/strong><\/h2>\n

      \u6d41\u52a8\u6027\u8d28\u62bc\u65e8\u5728\u6d88\u9664\u8d28\u62bc\u95e8\u69db\uff0c\u4f7f\u6301\u6709\u8005\u80fd\u591f\u5229\u7528\u6d41\u52a8\u6027\u4ee3\u5e01\u83b7\u5229\u3002<\/p>\n

      \u6743\u76ca\u6c60\u5141\u8bb8\u7528\u6237\u4f7f\u7528\u667a\u80fd\u5408\u7ea6<\/span>\u5c06\u591a\u4e2a\u5c0f\u989d\u6743\u76ca\u5408\u5e76\u4e3a\u4e00\u4e2a\u5927\u989d\u6743\u76ca\uff0c\u667a\u80fd\u5408\u7ea6\u4e3a\u6bcf\u4e2a\u6743\u76ca\u6301\u6709\u8005\u63d0\u4f9b\u76f8\u5e94\u7684\u6d41\u52a8\u4ee3\u5e01\uff08\u4ee3\u8868\u5176\u5728\u6c60\u4e2d\u7684\u4efd\u989d\uff09\u3002<\/p>\n

      \u8be5\u673a\u5236\u6d88\u9664\u4e86\u6210\u4e3a\u8d28\u62bc\u8005\u7684\u95e8\u69db\u3002\u6d41\u52a8\u6027\u8d28\u62bc\u5219\u66f4\u8fdb\u4e00\u6b65\uff0c\u4f7f\u8d28\u62bc\u8005\u80fd\u591f\u83b7\u5f97\u53cc\u91cd\u6536\u76ca\u3002\u4e00\u65b9\u9762\uff0c\u4ed6\u4eec\u53ef\u4ee5\u4ece\u8d28\u62bc\u7684\u4ee3\u5e01\u4e2d\u83b7\u5229\uff1b\u53e6\u4e00\u65b9\u9762\uff0c\u4ed6\u4eec\u53ef\u4ee5\u901a\u8fc7\u8fdb\u884c\u4ea4\u6613\u3001\u501f\u8d37\u6216\u5176\u4ed6\u4efb\u4f55\u91d1\u878d\u6d3b\u52a8\uff0c\u5229\u7528\u6d41\u52a8\u6027\u4ee3\u5e01\u83b7\u5229\uff0c\u4e14\u4e0d\u5f71\u54cd\u5176\u539f\u6709\u7684\u8d28\u62bc\u4ed3\u4f4d\u3002<\/p>\n

      \u4ee5 Lido \u4e3a\u4f8b\uff0c\u5c06\u6709\u52a9\u4e8e\u6211\u4eec\u66f4\u597d\u5730\u7406\u89e3\u6d41\u52a8\u6027\u8d28\u62bc\u7684\u8fd0\u4f5c\u65b9\u5f0f\u3002Lido \u662f\u9488\u5bf9 PoS \u8d27\u5e01\u7684\u6d41\u52a8\u6027\u8d28\u62bc\u89e3\u51b3\u65b9\u6848\uff0c\u652f\u6301\u591a\u4e2a PoS \u533a\u5757\u94fe\uff0c\u5305\u62ec\u4ee5\u592a\u574a\u3001Solana\u3001Kusama\u3001Polkadot \u548cPolygon\u3002Lido\u901a\u8fc7\u6709\u6548\u964d\u4f4e\u8fdb\u5165\u95e8\u69db\u4ee5\u53ca\u5c06\u8d44\u4ea7\u9501\u5b9a\u5728\u5355\u4e00\u534f\u8bae\u4e2d\u7684\u76f8\u5173\u6210\u672c\uff0c\u4e3a\u4f20\u7edf PoS \u8d28\u62bc\u5e26\u6765\u7684\u969c\u788d\u63d0\u4f9b\u4e86\u4e00\u79cd\u521b\u65b0\u7684\u89e3\u51b3\u65b9\u6848\u3002<\/p>\n

      \"SEC\"<\/p>\n

      Lido \u662f\u4e00\u4e2a\u57fa\u4e8e\u667a\u80fd\u5408\u7ea6\u7684\u8d28\u62bc\u6c60\u3002\u7528\u6237\u5c06\u8d44\u4ea7\u5b58\u5165\u5e73\u53f0\uff0c\u5373\u53ef\u901a\u8fc7\u534f\u8bae\u8d28\u62bc\u5230 Lido \u533a\u5757\u94fe\u4e0a\u3002Lido \u5141\u8bb8 ETH \u6301\u6709\u8005\u8d28\u62bc\u6700\u4f4e\u95e8\u69db\uff0832 ETH\uff09\u7684\u4e00\u5c0f\u90e8\u5206\uff0c\u4ee5\u83b7\u5f97\u533a\u5757\u5956\u52b1<\/span>\u3002\u5c06\u8d44\u91d1\u5b58\u5165 Lido \u7684\u8d28\u62bc\u6c60\u667a\u80fd\u5408\u7ea6\u540e\uff0c\u7528\u6237\u5c06\u83b7\u5f97 Lido Staked ETH (stETH)\uff0c\u8fd9\u662f\u4e00\u79cd\u517c\u5bb9 ERC-20 \u7684\u4ee3\u5e01\uff0c\u5b58\u5165\u65f6\u751f\u6210\uff0c\u63d0\u53d6\u65f6\u9500\u6bc1\u3002<\/p>\n

      \u8be5\u534f\u8bae\u5c06\u8d28\u62bc\u7684 ETH \u5206\u914d\u7ed9 Lido \u7f51\u7edc\u4e2d\u7684\u9a8c\u8bc1\u8005\uff08\u8282\u70b9\u8fd0\u8425\u5546\uff09\uff0c\u968f\u540e\u5b58\u5165\u4ee5\u592a\u574a\u4fe1\u6807\u94fe\u8fdb\u884c\u9a8c\u8bc1\u3002\u8fd9\u4e9b\u8d44\u91d1\u968f\u540e\u88ab\u4fdd\u5b58\u5728\u667a\u80fd\u5408\u7ea6\u4e2d\uff0c\u9a8c\u8bc1\u8005\u65e0\u6cd5\u8bbf\u95ee\u8be5\u5408\u7ea6\u3002\u901a\u8fc7 Lido \u8d28\u62bc\u534f\u8bae\u5b58\u5165\u7684 ETH \u4f1a\u88ab\u5206\u6210 32 \u4e2a ETH \u7684\u96c6\u5408\uff0c\u7531\u7f51\u7edc\u4e0a\u7684\u6d3b\u8dc3\u8282\u70b9\u8fd0\u8425\u5546\u4fdd\u7ba1\u3002<\/p>\n

      \u8fd9\u4e9b\u8fd0\u8425\u5546\u4f7f\u7528\u516c\u5171\u9a8c\u8bc1\u5bc6\u94a5\u6765\u9a8c\u8bc1\u6d89\u53ca\u7528\u6237\u8d28\u62bc\u8d44\u4ea7\u7684\u4ea4\u6613\u3002\u8fd9\u79cd\u673a\u5236\u5141\u8bb8\u7528\u6237\u7684\u8d28\u62bc\u8d44\u4ea7\u5206\u5e03\u5728\u591a\u4e2a\u9a8c\u8bc1\u5668\u4e0a\uff0c\u4ece\u800c\u964d\u4f4e\u5355\u70b9\u6545\u969c\u548c\u5355\u4e2a\u9a8c\u8bc1\u5668\u8d28\u62bc\u5e26\u6765\u7684\u98ce\u9669\u3002 <\/p>\n

      \u8d28\u62bc\u8005\u5c06 Solana \u7684SOL\u3001MATIC\u3001DOT\u3001KSM\u7b49\u4ee3\u5e01\u5b58\u5165 Lido \u7684\u667a\u80fd\u5408\u7ea6\uff0c\u5373\u53ef\u5206\u522b\u83b7\u5f97 stSOL\u3001stMATIC\u3001stDOT \u548c stKSM\u3002stToken \u53ef\u7528\u4e8eDeFi \u6536\u76ca\u8d5a\u53d6<\/span>\u3001\u63d0\u4f9b\u6d41\u52a8\u6027\u3001\u5728\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240 (DEX)<\/span>\u8fdb\u884c\u4ea4\u6613\u4ee5\u53ca\u8bb8\u591a\u5176\u4ed6\u7528\u4f8b\u3002<\/p>\n

      <\/p>\n

      \u56db\u3001SEC\u6307\u5357\u7684\u201c\u591a\u7c73\u8bfa\u6548\u5e94\u201d\uff1a\u8c01\u5728\u72c2\u6b22\uff1f\u8c01\u5728\u8b66\u60d5\uff1f\u200b\u200b<\/strong><\/h2>\n

      \u200b\u200b1. \u673a\u6784\uff1a\u4ece\u65c1\u89c2\u8005\u5230\u201c\u8d28\u62bc\u5de8\u9cb8\u201d\u200b\u200b<\/strong><\/p>\n

        \n
      • \u200b\u200bETF\u53d1\u884c\u5546\u7684\u8d28\u62bc\u9769\u547d\u200b\u200b\uff1aRex Shares\u7387\u5148\u63a8\u51fa\u7f8e\u56fd\u9996\u53ea\u200b\u200bSolana\u8d28\u62bcETF\u200b\u200b\uff0c\u901a\u8fc7\u5f00\u66fc\u5b50\u516c\u53f8\u6301\u6709SOL\u5e76\u8d28\u62bc\u81f3\u5c1150%\u4ed3\u4f4d\uff1b\u8d1d\u83b1\u5fb7\u3001VanEck\u7b49\u4ee5\u592a\u574aETF\u7533\u8bf7\u8005\u6b63\u7d27\u6025\u4fee\u8ba2\u65b9\u6848\uff0c\u52a0\u5165\u8d28\u62bc\u6761\u6b3e\u2014\u2014\u5206\u6790\u5e08\u9884\u6d4b\u83b7\u6279\u6982\u7387\u8d8595%\u3002<\/span><\/li>\n
      • \u200b\u200b\u4e0a\u5e02\u516c\u53f8\u201c\u56e4\u5e01\u751f\u606f\u201d\u6f6e\u200b\u200b\uff1a<\/span><\/li>\n
      • \u6bd4\u7279\u5e01\u77ff\u4e1a\u516c\u53f8Bit Digital\u6e05\u4ed3\u77ff\u673a\uff0c\u8f6c\u5411\u4ee5\u592a\u574a\u8d28\u62bc\uff1b<\/span><\/li>\n
      • SharpLink Gaming\u5c0619.8\u4e07\u679aETH\uff08\u7ea65\u4ebf\u7f8e\u5143\uff09\u5168\u6570\u8d28\u62bc\uff0c\u5355\u5468\u8d5a\u53d6102 ETH\u6536\u76ca\uff1b<\/span><\/li>\n
      • BitMine\u52df\u96c62.5\u4ebf\u7f8e\u5143\u6210\u7acbETH\u8d28\u62bc\u57fa\u91d1\uff0c\u7531\u534e\u5c14\u8857\u8001\u5175Tom Lee\u64cd\u76d8\u3002<\/span><\/li>\n<\/ul>\n

        \u200b\u200b\u534e\u5c14\u8857\u7684\u65b0\u7b97\u76d8\u200b\u200b\uff1a\u56fd\u503a\u6536\u76ca\u7387\u4ec54%\uff0c\u800c\u8d28\u62bcETH\u53ef\u83b75%\u6536\u76ca+\u8d44\u4ea7\u5347\u503c\u6f5c\u529b\u2014\u2014\u8fd9\u662f\u201c\u56fa\u6536+\u201d\u7684\u52a0\u5bc6\u7248\u672c\u3002<\/span><\/p>\n

        <\/p>\n

        \u200b\u200b2. DeFi\u7684\u5408\u89c4\u5316\u62d0\u70b9\u200b\u200b<\/strong><\/p>\n

          \n
        • \u200b\u200bLST\u7684\u201c\u4e8c\u7ea7\u5e02\u573a\u201d\u7206\u53d1\u200b\u200b\uff1a\u673a\u6784\u53ef\u5c06stETH\u7b49\u4ee3\u5e01\u7eb3\u5165\u8d44\u4ea7\u8d1f\u503a\u8868\uff0c\u6216\u4f5c\u4e3a\u884d\u751f\u54c1\u62b5\u62bc\u54c1\u3002Alluvial CEO\u9884\u8a00\uff1a\u201c\u8d28\u62bc\u4ee3\u5e01\u7684\u8bc1\u5238\u8c41\u514d\uff0c\u5c06\u50ac\u751f\u200b\u200b\u4e07\u4ebf\u7ea7\u94fe\u4e0a\u56fd\u503a\u5e02\u573a\u200b\u200b\u201d\u3002<\/span><\/li>\n
        • \u200b\u200b\u96f6\u552e\u5165\u53e3\u9769\u547d\u200b\u200b\uff1aRobinhood\u5df2\u5411\u7f8e\u56fd\u7528\u6237\u5f00\u653eETH\u3001SOL\u8d28\u62bc\uff1bKraken\u501fBabylon\u534f\u8bae\u5b9e\u73b0\u200b\u200b\u6bd4\u7279\u5e01\u975e\u6258\u7ba1\u8d28\u62bc\u200b\u200b\uff08\u7528\u6237BTC\u4ecd\u9a7b\u7559\u4e3b\u7f51\uff0c\u901a\u8fc7Tapscript\u9501\u5b9a\u8d5a\u53d6\u6536\u76ca\uff09\u3002<\/span><\/li>\n<\/ul>\n

          <\/p>\n

          \u7ec8\u5c40\uff1a\u5f53\u534e\u5c14\u8857\u63a5\u7ba1\u8d28\u62bc\u5e1d\u56fd\u200b\u200b<\/strong><\/h2>\n

          SEC\u7684\u653e\u884c\u5b9e\u4e3a\u4e00\u573a\u200b\u200b\u673a\u6784\u5408\u89c4\u5316\u7684\u5e8f\u5e55\u200b\u200b\uff1a<\/span><\/p>\n

            \n
          1. \u200b\u200b\u8d28\u62bc\u5373\u670d\u52a1\uff08StaaS\uff09\u200b\u200b \u5c06\u53d6\u4ee3\u6563\u6237\u6316\u77ff\uff0c\u6210\u4e3a\u8d1d\u83b1\u5fb7\u3001\u5bcc\u8fbe\u7b49\u8d44\u7ba1\u5de8\u5934\u7684\u6807\u51c6\u914d\u7f6e\uff1b<\/span><\/li>\n
          2. \u200b\u200bLST\u884d\u751f\u54c1\u200b\u200b\uff08\u5982\u671f\u8d27\u3001\u671f\u6743\uff09\u767b\u9646CME\u3001ICE\uff0c\u5438\u5f15\u5bf9\u51b2\u57fa\u91d1\u5bf9\u51b2\u8d28\u62bc\u6536\u76ca\u6ce2\u52a8\uff1b<\/span><\/li>\n
          3. \u200b\u200b\u4e3b\u6743\u57fa\u91d1\u7684\u5165\u573a\u200b\u200b\uff1a\u963f\u8054\u914b\u7b49\u57fa\u91d1\u6b63\u6d4b\u8bd5\u8d28\u62bc\u578bETF\uff0c\u89c6\u5176\u4e3a\u201c\u6570\u5b57\u7248\u4e3b\u6743\u503a\u5238\u201d\u3002<\/span><\/li>\n<\/ol>\n

            \u800c\u8fd9\u4e00\u5207\u7684\u7ec8\u6781\u76ee\u6807\uff0c\u662f\u5c06\u4ee5\u592a\u574a\u3001Solana\u7b49PoS\u94fe\u6539\u9020\u6210\u200b\u200b\u5168\u7403\u8d44\u672c\u7684\u201c\u6570\u5b57\u503a\u5e02\u201d\u200b\u200b\u2014\u2014\u5728\u8fd9\u91cc\uff0c\u8d28\u62bc\u6536\u76ca\u662f\u65b0\u7684\u56fd\u503a\u6536\u76ca\u7387\uff0cLST\u662f\u65b0\u7684T-Bills\uff0c\u800cSEC\u7684\u5370\u7ae0\uff0c\u4e0d\u8fc7\u662f\u534e\u5c14\u8857\u6253\u5f00\u91d1\u5e93\u7684\u94a5\u5319\u3002<\/span><\/p>\n

            \u200b\u200b\u5386\u53f2\u4ece\u4e0d\u91cd\u590d\uff0c\u4f46\u62bc\u97f5\u200b\u200b\uff1a1688\u5e74\uff0c\u4f26\u6566\u5496\u5561\u9986\u7684\u627f\u9500\u5546\u7528\u8d22\u5bcc\u62c5\u4fdd\u8fdc\u6d0b\u5546\u8239\uff1b2025\u5e74\uff0cSEC\u7528\u4e00\u7eb8\u6307\u5357\u62c5\u4fdd\u4e86\u4ee3\u7801\u4e4b\u6d77\u7684\u822a\u884c\u5b89\u5168\u3002<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

            \u4e00\u3001\u76d1\u7ba1\u7684\u201c\u5206\u6c34\u5cad\u201d\uff1aSEC\u4e3a\u4f55\u5411\u6d41\u52a8\u6027\u8d28\u62bc\u4f4e\u5934\uff1f\u200b\u200b SEC \u5173\u4e8e\u67d0\u4e9b\u52a0\u5bc6\u8d27\u5e01\u6d41\u52a8\u6027\u8d28\u62bc\u6d3b\u52a8\u7684\u5de5\u4f5c\u4eba\u5458\u58f0\u660e\u6458…<\/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-4364","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\/4364","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=4364"}],"version-history":[{"count":1,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=\/wp\/v2\/posts\/4364\/revisions"}],"predecessor-version":[{"id":6912,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=\/wp\/v2\/posts\/4364\/revisions\/6912"}],"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=4364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zsmjt.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}