Izitayela Zemboni Ye-DeFi Tokens: I-Uniswap, i-Aave, ne-Curve
Emhlabeni ohlale ushintsha wezezimali ezizimele (DeFi), imikhakha embalwa ibambe umcabango wabathengi nabasunguli njengamaDeFi tokens. Njengoba sihamba ngo-2025, imakethe ye-cryptocurrency yomhlaba ibonisa ukuvuselelwa phakathi kokucaciswa kwemithetho nokwamukelwa kwezinhlangano, ama-tokens afana ne-Uniswap (UNI), Aave (AAVE), kanye ne-Curve (CRV) akhanya njengemigqomo yalolu hlelo.
Lezi zimpawu azimele kuphela imithetho emisha kodwa futhi zikhombisa ushintsho oluya ohlelweni lwezezimali oluhlanganisayo, olusebenza kahle, nolungaphansi kokuphatha. Le ndatshana ihlola ngokujulile izitayela zemakethe ezihambisana nalezi zimpawu, ibheka ukusebenza kwazo emlandweni, izimo zamanje, ukubikezela kwangomuso, nokuthi izinkundla ezifana ne-Exbix zenza kanjani zibe lula ukufinyelela kubasebenzisi bemihla ngemihla. Noma ungumthengisi osezingeni eliphezulu noma omusha, ukuqonda lezi zindlela kungakusiza ukwenza izinqumo ezihlakaniphile emakethe ebonakala izobona inani eliphelele elivaliwe le-DeFi (TVL) lidlula ama-$200 billion ngonyaka ophelile.DeFi, okukhuluma ngakho i-Decentralized Finance, kubhekisela kumkhakha wezinsizakalo zezezimali ezakhiwe ngobuchwepheshe be-blockchain, ukhipha abaphakathi njengamabhange. It kubandakanya ukulinda, ukuboleka, ukuhweba, kanye nokufuya inzalo, konke kusekelwe kumakontileka akhumbulayo. I-Uniswap, i-Aave, ne-Curve zingezinye zezimiso eziphambili kule ndawo, ngayinye ibhekana nezinkinga ezithile: I-Uniswap iguqula izimakethe ezizimele (DEXs), i-Aave ihola ekubolekeni nasekulindeni, kanti i-Curve ithuthukisa ukushintshisana kwe-stablecoin. Njengoba kuqhubeka no-Agasti 2025, isamba semakethe ye-DeFi sikhuphuka sisondele ku-$98.4 billion, sikhuphuka 38% kusukela konyaka odlule, lapho lezi zimpawu ezintathu zibe nomthelela omkhulu. Kodwa yini ehambisa lezi zimo? Ake sihlukanise, siqale ngombono obanzi ngaphambi kokungena emzimbeni wempawu ngayinye.
Umfanekiso Womhlaba WamaDeFi ngo-2025
U-2025 ubuyile unyaka obalulekile kumaDeFi. Ngemva kokungazinzi kuka-2024, lapho ukungaqiniseki kwemithetho nezilungiso zemakethe uhlolwe ukumelana komkhakha, sibonile ukukhuphuka okwenziwe yizinto eziningi ezibalulekile. Okokuqala, intshisekelo yezikhungo ikhuphukile kakhulu. Izinkampani ezifana neBlackRock neFidelity zifake izici zeDeFi ezinhlelweni zazo, zandise uketshezi nokwethembeka. Okwesibili, ukuthuthuka kwezobuchwepheshe, njengokuxazulula ukwandiswa kwe-layer-2 ku-Ethereum (lapho iningi le-DeFi lisebenza khona), kwehlisile izindleko ze-gas futhi ukuphucula isivinini sokuhweba, kwenza imikhankaso ibe lula kubasebenzisi.
Idatha evela emithonjeni efana ne-DefiLlama ne-CoinMarketCap ibonisa isithombe esihle: i-DeFi TVL ikhuphukile iye phezulu kuka-$150 billion, nezinhlelo zokuboleka ezifana ne-Aave ziphethe u-$4.5 billion, ama-DEXs afana ne-Uniswap enenani le-$3.2 billion, kanye nezikhwama ezigxile kumasstablecoin ze-Curve ezizungeze u-$3.9 billion. Amanani ama-token alandela lesi sikhathi—ukuhweba kwe-UNI cishe $9.69, i-AAVE ikwi $315.15, kanti i-CRV ikwi $0.62—kubonisa umoya ophakeme wokuthemba kanye nokubuyiselwa okucautious. Imithetho ibandakanya ukukhula kokuhlanganiswa kwezimpahla zangempela (RWAs), lapho izakhiwo ezithokozisayo noma amabhondi zikhishwa nge-Aave, kanye nokuhambisana kwezinhlelo ezihlukene, okuvumela i-Uniswap ukuba ikhulise ngaphandle kwe-Ethereum.
Nokho, izinselelo ziyaqhubeka. Ukuhlaselwa kokuphepha, nakuba kwehle ngo-20% kusukela ngo-2024, kusabakhona izinselelo ezinkulu, lapho ukuhweba okuthile kubiza u-$500 million kulonyaka kuphela. Izimo ezithuthukisayo zokulawula, njenge-SEC’s Project Crypto, zikhulise ukuqonda, zishintsha umqondo ube muhle kuma-tokens afana ne-UNI, AAVE, kanye ne-CRV. Abathengisi abakhulu nezikhungo ziyaqoqana, njengoba kuboniswa idatha ye-on-chain ekhombisa ukukhula kwezinga lokuhweba: i-AAVE’s 24-hour volume ikwi-$431 million, i-UNI ikwi-$135 million, kanti i-CRV ikwi R$58 million. Lokhu kuqoqosho kukhombisa ukuzethemba, ikakhulukazi njengoba izinzuzo ze-DeFi ziphakathi kuka-5-15%, ziphumelela izinsiza ezijwayelekile.
Kubasebenzisi abafuna ukujoyina, amapulatifomu afana ne-Exbix anikeza amathuba okungena kalula. Ungahlola ukuhweba ngalezi zimpawu epulatifomini enkulu—vakashela i-Exbix ukuze uqale—noma uthuthukise ukubuyiselwa ngokusebenzisa izinhlelo zokubambisana. Ukuze ubambe ama-DeFi tokens akho futhi uthole imali engenayo, bheka Exbix Staking, lapho izinzuzo ezikhangayo zilindelekile.
Uniswap (UNI): Umkhakha Wokuhweba Wenkosi ye-DEX
U-Uniswap, owethulwe ngo-2018 nguHayden Adams, uphephula izinhlelo eziphakathi. ukushintshanisa ngomqondo wayo wokwenziwa kwemakethe (AMM). I-UNI, uphawu lwayo lokuphatha olwethulwe ngo-2020, ivumela abaphathi ukuba bavote ngezithuthukisi zephrothokholi, izakhiwo zamakhokhelo, kanye nezabelo zezimali. Ngonyaka ka-2025, izitayela ze-Uniswap zikhokhelwa ukwenziwa kwayo kwe-V4, ethule izixhumi zokwenza kube lula ukwakha ama-pool amanzi, kuthuthukisa ukusebenza kahle futhi kudonse abathuthukisi abaningi.
Uhlaziyo lwemakethe lukhombisa INTA’s intengo igcina ibalulekile ku-$9.69, ikhuphuke ukusuka ku-$7 ekuqaleni konyaka, phakathi kokunyuka okuphelele kwe-altcoin. Ukuqagela kwesikhathi eside kukhombisa ukukhula: ochwepheshe abafana nalabo be-CCN bakhomba ukuthi i-UNI izofinyelela ku-$15 ngonyaka ophelile, ngenxa yokwanda kokuhweba kwe-DEX. I-TVL ye-Uniswap imele ku-$3.2 billion, iyenza ibe yi-protocol ye-DeFi yesithathu ngobukhulu. Imikhuba ebalulekile ifaka phakathi ukwanda kokuhweba kwe-meme coin ku-Uniswap, okukhombisa ibhalwe ngu-40% we-$1.2 trillion kumjikelezo wawo wonke. Ukwamukelwa kwezimali ezinkulu kubonakala—ama-whales aqoqe ama-149 million UNI ezinkampanini ezifana ne-Binance.
Kodwa i-UNI ayinakho ukungaguquguquki. Ukwehla okungu-10% ngoJulayi 2025 kulandela ukulungiswa kwemakethe enkulu, kodwa yavuselelwa ngemicimbi yokubambisana nezinhlelo ze-layer-2 ezifana ne-Arbitrum. Izinombolo ezitholakala ku-chain ziqinile: amakheli asebenzayo ngaphezulu kuka-15%, futhi ivolumu yokuhweba ifinyelela ku-$135 million nsuku zonke. Uma kuqhathaniswa nabancintisana nabo njengePancakeSwap, inzuzo ye-Uniswap ibonakala kwi-ethereyamu-native liquidity kanye nemodeli yokuphatha, lapho abanikazi be-UNI bephumelele ukuveto iziphakamiso ezibucayi, kuqinisekisa ukuzinza.
Kwabanikazi bezimali, ukusebenza kwe-UNI kudlula ukucabanga. Ukubamba i-UNI kunikeza izingxenye zamakhono avela kumakhono we-0.3% swap fees, distributed ngokuphathwa. Ngonyaka lapho ubukhulu be-DeFi (okulinganiswa njengemali emakethe ye-top tokens efana ne-UNI, AAVE, kanye ne-CRV) kufinyelele ku-20% yemakethe ye-crypto, indima ye-UNI ibalulekile. Uma ubheka i-UNI, amapulatifomu afana ne-Exbix enza kube lula ukuhweba noma ukufaka imali. Faka imali yakho ye-UNI ku-Exbix ngemivuzo kuze kube ngu-10%, noma uhlole yonke imakethe ku Exbix.
Ukubheka phambili, ukuhlanganiswa kwe-Uniswap ne-RWAs kungase kusheshise i-UNI ibe ngu-$20 ngonyaka ka-2026. Abahlaziyi bakhomba ukungabizi kwayo—i-TVL ratio engu-0.40—okukhombisa ithuba lokukhula. Imizwa yomphakathi ezinkundleni ezifana no-X iyakhanya, ngezinkulumo ezikhombisa UNI’s ukuphumelela ngokumelene nezimbangi.
(Inani lamagama kuze kube manje: ~850. Siqhubeka nokwandisa ukuze sithole ub depth.)
Aave (AAVE): Ukuhweba Okusha Nokumelana Nemboni
Aave, eyasungulwa nguStani Kulechov ngo-2017 njenge-ETHLend, isiphenduke ibe yiphrothokholi yokubolekisa enamandla. I-AAVE, uphawu lwayo, ikwazi ukuhlela, ukuhweba ukuze kuqinisekiswe ukuphepha, nokunciphisa izindleko. Ku 2025, amajelo e-Aave ajolise kumjikelezo wayo we-V3 ne-V4, owethule ukuhweba okuphakathi kwezinkanyezi kanye nokubolekwa okwenziwe ngengozi, okwandisa i-TVL ibe ngu-$4.5 billion.
Intengo ye-AAVE engu-$315.15 ibonisa ukukhula okungu-200% kusukela ekuqaleni konyaka, okuvuselelwango ngukufakwa kwezimali ezinkulu. Ama-whale aqoqe u-$13.2 million ku-AAVE ngoJuni 2025, ngokwedatha ye-Lookonchain, akhuphula izinga lokuhweba labe ngu-$431 million. Amajelo afaka phakathi ukukhula kwemalimboleko ezisheshayo—ukubolekwa okungabazweli—okwakhiqize imali engu-$100 million emalini yokuhlawula esikhathini esedlule. Ukuhlanganiswa kwe-Aave nezimali ezizinzile ezifana ne-USDC ne-EURC kusebenze njengomhubhe phakathi kwe-TradFi ne-DeFi, ngokubambisana ne-Circle okwandisa ukuhlinzeka ngemali.
Ubunzima bemakethe abukhuthazanga ukukhula. Ngemuva kokugwema ukuhlolwa kwe-SEC ngo-2023 (njengoba i-AAVE isebenza ku I-Proof-of-Work izimpande), ikhuphuke ngo-27% ngosuku olulodwa. Ukukhuphuka kwe-TVL ngo-11% ngeviki kukhombisa ukwethemba, lapho izikweletu eziphezulu zinciphisa ukuwa. Uma kuqhathaniswa ne-Compound, izinga eliguquguqukayo le-Aave kanye nezici zokwabelana ngesikweletu zinikeza ukuhamba, zikhanga abalimi bezinzuzo abafuna ama-APY angama-8-12%.
Izinkinga zifaka phakathi ukuncintisana nezinhlelo ezintsha ezifana ne-JustLend ($3.7 billion TVL), kodwa i-Aave’s ukuhlola ukuphepha kanye nemivuzo yama-bug kuqhubeka nokugcina umkhawulo wayo. Ku-X, umoya ubukhali, lapho ama-tweet angu-59% ephakamisa kahle ukuhwebelana kwayo. Kubasebenzisi, ukuhwebelana kwe-AAVE ezindaweni zokuphepha kukhipha imivuzo ngenkathi kuvikela leli phrothokholi ekuphuthumeni.
Abasebenzisi be-Exbix bangasebenzisa amandla e-AAVE ngokuhweba epulatifini—hamba uye ku-Exbix—noma ukugembula ukuze uthole ukubuyiselwa okwandisiwe ku Exbix Staking, lapho ama-pool e-AAVE ehlinzeka ngezikhuthazo ezikhangayo.
Izibalo: Ngonyaka ka-2030, i-AAVE ingafinyelela ku-$500-700 uma ukwamukelwa kwe-DeFi kuqhubeka, ngokwezimpendulo ze-CoinMarketCap. Isimo sayo esingaphansi kwenani (TVL ratio 0.40) sikhomba ukuthenga amathuba.
Curve (CRV): Ukushintshisana Kwe-Stablecoin Nokuthuthukiswa Kwezimali
Curve Finance, eyasungulwa nguMichael Egorov ngo-2020, igxile ekushintshiseni kwe-stablecoin okune-slippage ephansi nge-AMM yayo. I-CRV, uphawu lokuphatha kanye nemivuzo, ikhuthaza abahlinzeki be-liquidity (LPs) ngokuvikela i-veCRV ukuze kuthuthukiswe imivuzo. Ngonyaka ka-2025, amathrendi e-Curve agxile ku-LlamaLend kanye ne-crvUSD. kuqalwa, kuthuthukisa i-TVL ibe yizigidi eziyi-$3.9.
Intengo ye-CRV etholakala ku-$0.62 ibonile ukungazinzi, yehlile kusuka phezulu ku-$0.90 kodwa ikhuphukile ngo-3% evikini. Ukuhlela okuvela ku-CCN kukhombisa u-$1.86 ngonyaka ophelile, nezinhlelo zesikhathi eside zifika ku-$7.89 ngo-2030. Izizathu ezisemqoka: Imetapools yezimpawu ezingaziwa kanye nokuhlanganiswa ne-TradFi, njengokukhokha nge-stablecoin nge-Visa. Izinga lokuhweba lifinyelele ku-$342 million nsuku zonke, ukukhuphuka okungu-83%, kukhombisa ukukhula okwandayo umsebenzi.
Izitayela zihlanganisa ubuholi bokuvuna, ngokuthola ama-CRV aphakanyisiwe afinyelela ku-2.5x. Ngemva kokuhlola kwe-2024, ukuthuthukiswa kokuphepha kubuyisile ukuzethemba, njengoba kuboniswe kumazinga e-1.37% wokulinganisa ezitshalweni ezifana ne-stETH. Ku-on-chain, ukusabalalisa kokuhlinzekwa kukhombisa ukuhlanganiswa kwezimali ezinkulu, lapho i-Binance ibamba u-4.92% wokuhlinzekwa.
Uma kuqhathaniswa ne-Uniswap, ukugxila kwe-Curve kwe-stables kunciphisa ukulahleka okungapheli, okwenza kube ifanele ama-LP anok conservatism. I-social buzz ibeka i-CRV #92 emishinini, enesikhawu sokwazisa esingu-90/5.
Ukuze uthole ukuzibandakanya, beka i-CRV ku-Exbix ukuthola inzuzo ethuthukisiwe, noma uthengise ku- Exbix.
Ikusasa: Nge-DeFi’s $376.9 million imali ethulweni, i-CRV ingakhula ngama-5x uma i-cross-chain ikhuliswa.
Uhlaziyo Oluhlanganyelwe Nokuhlanganiswa ne-Exbix
Ukuqhathanisa i-UNI, i-AAVE, ne-CRV: i-UNI ikhangwa kakhulu emalini yokuhweba ($135M), i-AAVE ku-TVL ($4.5B), i-CRV ikakhulukazi ekusebenzeni kwezinto ezizinzile. Zonke zithola inzuzo ezithuthukisweni ze-Ethereum, kodwa zihluke emngciphekweni—i-UNI iyashintsha, i-AAVE izinzile, i-CRV igxile emalini yokubuyisela.
i-Exbix ixhuma lokhu ngokunikeza ukuhweba okuphansi nezindleko zokubamba. Vakashela ku-Exbix ngephothifoliyo, noma Exbix Staking ye-DeFi yields.
Umbono Wesikhathi Esizayo Nokuphetha
Ngokwe-2026, lezi zimpawu zingabona ukwanda okungama-50-100% ukuzu uthole izinzuzo phakathi kokukhula kwe-DeFi. Izingozi: ukuhlela, ukuhlaselwa. Nokho, ngokuxhaswa kwezikhungo, ikusasa likhanya.
