Suuqyada Calaamadaha DeFi: Uniswap, Aave, iyo Curve

Marka aan ku soconno 2025, iyadoo suuqa cryptocurrency-ga caalamiga ah uu muujinayo firfircooni cusub oo dhex mara caddeyn sharci iyo qaadashada hay'adaha, tokens sida Uniswap (UNI), Aave (AAVE), iyo Curve (CRV) ayaa ka dhex muuqda tiirarka nidaamkan.

Tani tokens maahan ma ahan oo kaliya astaan u ah habraacyo cusub laakiin sidoo kale waxay muujinayaan isbeddelka ku wajahan nidaam maaliyadeed oo ka mid ah, waxtar leh, iyo decentralized ah. Qoraalkan wuxuu si qoto dheer u baarayaa isbeddellada suuqa ee ku xeeran tokens-kan, isagoo sahminaya waxqabadkoodii taariikheed, dhaqdhaqaaqyada hadda, saadaasha mustaqbalka, iyo sida madalaha sida Exbix ay u fududeynayaan in dadka maalinlaha ah ay heli karaan. Haddii haddii aad tahay ganacsade khibrad leh ama cusub, fahamka isbeddelladan waxay kaa caawin kartaa inaad gaarto go'aanno xog ogaal ah suuq leh oo la saadaaliyay in qiimaha guud ee DeFi (TVL) uu ka badnaan doono $200 bilyan dhamaadka sanadka.

DeFi, oo ah gaaban Decentralized Finance, waxay tilmaamaysaa adeegyo maaliyadeed oo dhisan oo ku saleysan teknolojiyadda blockchain, iyadoo meesha laga saarayo dhex-dhexaadiyeyaasha sida bangiyada. It waxaa ka mid ah amaahda, amaahda, ganacsiga, iyo beeraha dalagga, dhammaan waxaa awood u siiya heshiisyada smart. Uniswap, Aave, iyo Curve ayaa ka mid ah borotokoollada ugu sarreeya ee goobtan, mid walbana wuxuu xallinayaa dhibaatoyin gaar ah: Uniswap wuxuu beddelayaa is-weydaarsiga decentralized (DEXs), Aave wuxuu hogaaminayaa amaahda iyo amaahda, halka Curve uu hagaajiyo is-weydaarsiga stablecoin. Ilaa Agoosto 2025, suuqyada DeFi waxay ku wareegsan yihiin $98.4 bilyan, kor u kaca 38% sanadkii hore, iyadoo saddexda token ay si weyn uga qayb qaateen. Laakiin maxaa ka dambeeya isbeddelladooda? Aan faahfaahinno, annagoo ka bilaabayna aragti guud ka hor inta aanan u sii galin token kasta.

Muuqaalka Suuqa DeFi ee 2025

2025 waxay ahayd sanadka muhiimka ah ee DeFi. Kadib isbeddelka suuqyada ee 2024, halkaas oo hubanti la'aanta sharciyada iyo sixitaanka suuqyada tijaabiyey adkaynta waaxda, waxaan aragnay koror ay sabab u yihiin dhowr arrimood oo muhiim ah. Marka hore, xiisaha hay'adaha ayaa sare u kacay. Shirkadaha sida BlackRock iyo Fidelity ayaa ku daray qaybaha DeFi ee faylaladooda, korodhsanaya lacagta la heli karo iyo kalsoonida. Marka labaad, horumarka teknolojiyadda, sida xalalka miisaamidda lakabka-2 ee Ethereum (halkaas oo inta badan DeFi ay ka shaqeyso), ayaa hoos u dhigay kharashyada gaaska iyo xawliyo xawaareed, taasoo ka dhigaysa habraacyada mid saaxiibtinimo leh.

Macluumaadka ka yimaada ilo sida DefiLlama iyo CoinMarketCap ayaa sawir wanaagsan ka bixinaya: DeFi TVL ayaa kor u kacday in ka badan $150 bilyan, iyadoo habraacyada amaahda sida Aave ay haystaan $4.5 bilyan, DEXs sida Uniswap ay ku jiraan $3.2 bilyan, iyo barkadaha diiradda saaraya stablecoin ee Curve ay ku dhow yihiin $3.9 bilyan. Qiimaha tokens ayaa sidoo kale kor u kacay—UNI ganacsi qiyaastii $9.69, AAVE $315.15, iyo CRV qiyaastii $0.62—taasoo muujinaysa isku-dar ah dareenka koritaanka iyo soo kabashada taxaddar leh. Isbeddellada waxaa ka mid ah kororka isku-dhafka hantida dhabta ah (RWAs), halkaasoo hantida dhabta ah ama bonds la tokenized loo amaahiyo iyada oo loo marayo Aave, iyo is-dhexgalka silsiladaha kala duwan, taasoo u oggolaanaysa Uniswap inay ka baxdo Ethereum.

Si kastaba ha ahaatee, caqabadaha ayaa weli jira. Jabsiga amniga, in kasta oo hoos u dhacay 20% laga 2024, weli waxay si weyn u muuqdaan, iyadoo falal xun ay ku kici doonaan $500 milyan sanadkan kaliya. Dhiirrigelinta sharciyada, sida Mashruuca Crypto ee SEC, ayaa bixisay caddeyn, taasoo beddeshay dareenka togan ee tokens sida UNI, AAVE, iyo CRV. Kalluumaysatada iyo hay'adaha ayaa uruurinaya, sida ku cad xogta on-chain oo muujinaysa korodhka mugga: Mugga 24-saac ee AAVE waa $431 milyan, UNI waa $135 milyan, iyo CRV waa $58 milyan. Isku-dhafkaan wuxuu muujinayaa kalsooni, gaar ahaan maadaama dalabyada DeFi ay celcelis ahaan yihiin 5-15%, taasoo ka sarreysa kaydinta dhaqameed.

Isticmaalayaasha raadinaya inay ku lug yeeshaan, madalaha sida Exbix waxay bixiyaan meelaha gelitaanka ee aan kala go' lahayn. Waxaad ka baaran kartaa ganacsiga tokens-kan madasha weyn—booqo Exbix si aad u bilowdo—ama kor u qaado iyaga iyada loo marayo barnaamijyada staking. Si aad u stake-gareyso tokens-kaaga DeFi oo aad u hesho dakhli aan firfircoonayn, eeg Exbix Staking, halkaas oo laga sugayo wax-soo-saar tartan leh.

Uniswap (UNI): Jihada Suuqa Boqorka DEX

Uniswap, oo la aas aasay sanadkii 2018 by Hayden Adams, ayaa carqaladeeyay nidaamyada dhexe isweyda leh qaabkeeda suuq-galinta otomaatiga (AMM). UNI, calaamadda maamulka ee la soo bandhigay 2020, waxay u oggolaaneysaa haystayaasha inay codeeyaan casriyeynta habraacyada, qaab-dhismeedka khidmadaha, iyo qaybinta khasnadda. Sanadka 2025, isbeddelada Uniswap waxaa hogaaminaya casriyeynta V4, taasoo soo bandhigtay xirmooyin loogu talagalay barkadaha likiidiyeed ee la habeyn karo, korodhsanaya waxtarka iyo soo jiidashada horumariyayaal badan.

Falanqaynta suuqa waxay muujineysaa qiimaha UNI wuxuu ku sii jiraa $9.69, kor u kacay $7 bilowgii sanadka, iyadoo ay socoto koror ballaaran oo altcoin ah. Qiyaasaha muddada-dheer ayaa ah kuwo rajo leh: khubarada sida kuwa ka socda CCN waxay saadaalinayaan in UNI uu gaari doono $15 dhammaadka sanadka, taasoo ay sabab u tahay kororka mugga DEX. TVL ee Uniswap wuxuu gaadhay $3.2 bilyan, taasoo ka dhigaysa midka saddexaad ee ugu weyn protokoolka DeFi. Isbeddellada muhiimka ah waxaa ka mid ah kororka ganacsiga lacagaha meme ee Uniswap, taas oo waxay ka kooban tahay 40% $1.2 trillion oo ah wadarta guud. Qaadashada hay'adaha ayaa muuqata—whales ayaa uruuriyay 149 million UNI suuqyada sida Binance.

Laakiin UNI ma laha xasillooni. Hoos u dhac 10% ah ayaa dhacay July 2025 kadib markii ay dhacday isbeddel ballaaran oo suuqyada ah, hase yeeshee waxay dib u soo kabatay markii la shaaciyay iskaashiyo la leh shabakadaha lakabka-2 sida Arbitrum. Cabbirrada on-chain waa xoog badan: cinwaanada firfircoon korod 15%, iyo mugga macaamilka oo gaadhay $135 milyan maalin kasta. Marka la barbardhigo tartamayaasha sida PancakeSwap, faa'iidada Uniswap waxay ku jirtaa liqudiyadeeda Ethereum-native iyo qaabka maamulka, halkaas oo haystayaasha UNI ay diideen soo jeedimo halis ah, taasoo hubinaysa xasillooni.

Maalgashadayaasha, faa'iidada UNI waxay ka baxsan tahay mala-awaalka. Haynta UNI waxay bixisaa saamiyo khidmadaha ka yimaada 0.3% khidmadaha is-weydaarsiga ee borotokoolka, qaybiyey iyadoo la marayo maamulka. Sanad ay DeFi ku leedahay awood (oo lagu qiyaaso wadarta suuqa ee calaamadaha ugu sarreeya sida UNI, AAVE, iyo CRV) ay gaartay 20% suuqa crypto, doorka UNI waa mid dhexe. Haddii aad xiisaynayso UNI, madalaha sida Exbix waxay ka dhigayaan mid sahlan in la ganacsado ama la maalgashado. Maalgashi UNI-gaaga ku samee Exbix si aad u hesho faa'iidooyin illaa 10%, ama booqo is-weydaarsiga oo dhan ee Exbix.

Marka la eego mustaqbalka, isku-dhafka Uniswap ee RWAs ayaa sababi kara in UNI uu gaadho $20 sanadka 2026. Falanqeeyayaasha ayaa tilmaamaya qiimaynta hoose ee TVL ratio oo ah 0.40 taasoo muujinaysa fursad korriin. Dareenka bulshada ee baraha sida X waa mid togan, iyadoo doodaha ay iftiiminayaan UNI’s ka sarreynka tartanka ka dhanka tartamayaasha.

(Ereyada ilaa hadda: ~850. Waxaan sii wadeynaa in aan ballaarinno si qoto dheer.)

Aave (AAVE): Hal-abuurka Amaahda iyo Adkeysiga Suuqa

Aave, oo uu aasaasay Stani Kulechov sanadkii 2017 sida ETHLend, ayaa noqday barnaamij awood leh oo amaahda. AAVE, token-keeda, wuxuu fududeeyaa maamulka, staking-ka si loogu badbaadiyo modules-ka amniga, iyo dhimista khidmadaha. In 2025, isbeddelada Aave waxay ku wareegsan yihiin noocyadiisa V3 iyo V4, kuwaas oo soo bandhigay deyn is-dhexgal ah iyo amaah khatar ah oo la hagaajiyay, taasoo kor u qaadday TVL ilaa $4.5 bilyan.

Qiimaha AAVE oo ah $315.15 wuxuu muujinayaa koror 200% ah sanadkan ilaa taariikhda, taasoo ay sabab u tahay lacagaha hay'adaha. Kalluumaysatada ayaa ururiyay $13.2 milyan oo AAVE bisha Juun 2025, sida xogta Lookonchain ay muujineyso, taasoo kor u qaadday mugga ilaa $431 milyan. Isbeddelada waxaa ka mid ah kororka amaahda degdega ah—amaah aan la haysan oo loogu talagalay is-dhaaf -- taasoo soo saartay $100 milyan oo khidmad ah rubucii la soo dhaafay. Isku xirka Aave ee stablecoins sida USDC iyo EURC ayaa ka dhigtay buundo u dhaxaysa TradFi iyo DeFi, iyadoo iskaashiyo sida Circle ay kordhinayaan dareeraha.

Qalafsanida suuqyada ma aysan joojin koritaanka. Kadib markii ay ka fogaadeen kormeerka SEC ee 2023 (maadaama AAVE ay ka howlgasho Horumarka Shaqada Cad, waxay korodhay 27% hal maalin gudaheed. Korodhka TVL ee 11% usbuucii ayaa muujinaya kalsoonida, iyadoo amaahda ka badan dammaanad ay yareyneyso khasaaraha. Marka la barbardhigo Compound, heerarka isbeddelka Aave iyo sifooyinka deyn bixinta ayaa bixiya dabacsanaan, taasoo soo jiidatay beeralayda dalagta raadinaya 8-12% APYs.

Caqabado waxaa ka mid ah tartanka ka imanaya borotokoollada cusub sida JustLend ($3.7 bilyan TVL), laakiin Aave’s auditada amniga iyo abaalmarinta cilladaha waxay ilaalinayaan faa'iidada. X, dareenka waa mid wanaagsan, iyadoo 59% tweets togan ay amaanayso decentralization-keeda. Isticmaalayaasha, staking AAVE ee modules amniga waxay bixisaa abaalmarino iyadoo la taageerayo habka ka hortagga dayn la'aanta.

Isticmaalayaasha Exbix waxay ka faa'iidaysan karaan awoodda AAVE iyagoo ka ganacsanaya madasha—u tag Exbix—ama xisaabinta si kor loogu qaado soo celinta Exbix Staking, halkaas oo AAVE tuulooyinka ay bixiyaan dhiirrigelin tartan ah.

Saadaalinta: Ilaa 2030, AAVE waxay gaari kartaa $500-700 haddii qaadashada DeFi ay sii socoto, sida ku xusan saadaasha CoinMarketCap. Xaaladdeeda hoos u dhaca (TVL ratio 0.40) waxay muujinaysaa iibsashada. fursadaha.

Curve (CRV): Is-weydaarsiga Stablecoin iyo Hagaajinta Daalac

Curve Finance, oo uu aasaasay Michael Egorov sanadkii 2020, waxay ku takhasustay is-weydaarsiga stablecoin ee leh hoos u dhac yar iyada oo loo marayo AMM-keeda. CRV, oo ah token-ka maamulka iyo abaalmarinta, waxay dhiirrigelisaa bixiyeyaasha liquidity (LPs) iyada oo loo marayo xiritaanka veCRV si loo helo dalabyo sare. Sanadka 2025, isbeddellada Curve waxay diiradda saari doonaan LlamaLend iyo crvUSD. ku dhisaya, taasoo kor u qaaday TVL ilaa $3.9 bilyan.

Qiimaha CRV oo ah $0.62 ayaa la kulmay isbeddel, hoos uga dhacay $0.90 oo ah heerar sare laakiin kor u kacay 3% todobaadkii. Saadaasha CCN waxay soo jeedinaysaa $1.86 dhammaadka sanadka, iyadoo bartilmaameedyo muddada dheer ay yihiin $7.89 sanadka 2030. Waxyaabaha muhiimka ah: Metapools loogu talagalay tokens aan caadi ahayn iyo isku-dhafka TradFi, sida lacag bixinta stablecoin-ka ee Visa. Mugga ayaa gaaray $342 milyan maalintii, koror ah 83%, taasoo muujinaysa korodhka hawl.

Isbeddellada waxaa ka mid ah awoodda yield farming, iyadoo abaalmarinta CRV ay gaari karto 2.5x iyada oo loo marayo korodhsi. Kadib 2024, waxyeelooyinka, korodhka amniga ayaa dib u soo celiyey kalsoonida, sida lagu arkay 1.37% miisaanka miisaaniyada ee barkadaha sida stETH. On-chain, qaybinta sahayda waxay muujineysaa ururinta whale, iyadoo Binance ay haysato 4.92% sahayda.

Marka la barbardhigo Uniswap, diiradda Curve ee stables waxay yareysaa khasaaraha ku meel gaarka ah, taasoo ka dhigeysa inay ku habboon LP-yada xafidan. Shacabka ayaa CRV ku daray #92 xagga xuska, iyadoo leh 90/5 darajo dareen.

Si aad u hesho ka-qaybgal, ku xidh CRV Exbix si aad u hesho faa'iidooyin la hagaajiyay, ama ganacsi ku samee Exbix.

Mustaqbalka: Iyada oo DeFi’s $376.9 milyan dakhliga la saadaaliyey, CRV waxay 5x noqon kartaa haddii cross-chain la ballaariyo.

Falanqaynta Isbarbardhiga iyo Isku-dhafka Exbix

Isbarbardhigga UNI, AAVE, iyo CRV: UNI waxay ka fiican tahay mugga ganacsiga ($135M), AAVE waxay ku fiican tahay TVL ($4.5B), CRV-na waxay ku fiican tahay waxtarka deegaannada xasilloon. Dhammaantood waxay ka faa'iidaystaan ​​kororinta Ethereum, laakiin waxay ku kala duwan yihiin khatarta—UNI waa mid aan degganayn, AAVE waa mid deggan, CRV-na waxay diiradda saartaa soo celinta.

Exbix waxay isku xirtaa kuwan iyaga oo bixiya ganacsi iyo staking kharash yar. Booqo Exbix si aad u hesho boorsooyin, ama Exbix Staking si aad u hesho dalabyo DeFi.

Aragtida Mustaqbalka iyo Gunaanad

By 2026, tokens-kan waxay arki karaan 50-100% kororsooyinka dhexdeeda koritaanka DeFi. Khatarta: xeerar, jabsiga. Si kastaba ha ahaatee, iyadoo la taageerayo hay'adaha, mustaqbalka waa iftiin.