DeFi 2025 年链上收益达 80 亿美元,AMM 手续费贡献超半

UNI-2,86%
MET0,51%
RAY-3,11%
AAVE-5,05%

Gate News 消息,3 月 26 日,据研究员 Vadym 分析,DeFi 于 2025 年产生约 80 亿美元链上收益。其中,AMM 交易手续费为最大收益来源,约 42 亿美元,Uniswap、Meteora 及 Raydium 合计占比 62%。借贷利息位居第二,约 17.6 亿美元,Aave、Morpho 等货币市场贡献超 DeFi 总 TVL 的 60%,但约半数借贷需求属循环杠杆操作。RWA 贡献 6 至 9 亿美元,美国国债占 RWA 市场约 41%。永续合约资金费率贡献约 3 亿美元,主要来自 Ethena。数据显示,以太坊生态中逾半稳定币存款收益低于美国国债利率,保险承保、链上期权等潜在收益来源仍未充分开发。以 Sky(前身 MakerDAO)为例,其约 70% 收入源自链下资产,反映 TradFi 收益正通过许可渠道加速流入 DeFi。

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