{"id":2749,"date":"2025-06-05T09:17:06","date_gmt":"2025-06-05T09:17:06","guid":{"rendered":"https:\/\/theexchain.com\/?p=2749"},"modified":"2025-06-06T03:08:45","modified_gmt":"2025-06-06T03:08:45","slug":"%e7%a9%a9%e5%ae%9a%e5%b9%a3","status":"publish","type":"post","link":"https:\/\/theexchain.com\/zh\/%e7%a9%a9%e5%ae%9a%e5%b9%a3\/","title":{"rendered":"4.\u7a69\u5b9a\u5e63"},"content":{"rendered":"

4.1 \u7a69\u5b9a\u5e63\u7684\u5b9a\u7fa9\u8207\u4f5c\u7528<\/h2>\n\n\n\n

\u5b78\u7fd2\u76ee\u6a19\uff1a<\/strong> \u77ad\u89e3\u7a69\u5b9a\u5e63\u7684\u5b58\u5728\u548c\u89e3\u6c7a\u554f\u984c\u7684\u4f5c\u7528\u3002<\/p>\n\n\n\n

\u52a0\u5bc6\u8ca8\u5e63\u50f9\u683c\u6ce2\u52d5\u7684\u554f\u984c<\/h4>\n\n\n\n

\u50b3\u7d71\u52a0\u5bc6\u8ca8\u5e63\uff08\u5982\u6bd4\u7279\u5e63\u548c\u4ee5\u592a\u574a\uff09\u4ee5\u50f9\u683c\u6975\u5ea6\u6ce2\u52d5\u800c\u8457\u7a31\u3002\u9019\u7a2e\u9ad8\u6ce2\u52d5\u6027\u4f7f\u5176\u5f88\u96e3\u7528\u65bc\u65e5\u5e38\u4ea4\u6613\u6216\u4f5c\u70ba\u53ef\u9760\u7684\u50f9\u503c\u5132\u5b58\u5a92\u4ecb\uff0c\u9650\u5236\u4e86\u5176\u5728\u4e3b\u6d41\u5546\u696d\u548c\u91d1\u878d\u9818\u57df\u7684\u61c9\u7528\u3002<\/p>\n\n\n\n

\u7a69\u5b9a\u5e63\u7684\u5b9a\u7fa9\u8207\u76ee\u6a19<\/h4>\n\n\n\n

\u7a69\u5b9a\u5e63\u662f\u4e00\u7a2e\u7279\u6b8a\u985e\u578b\u7684\u52a0\u5bc6\u8ca8\u5e63\uff0c\u65e8\u5728\u5c07\u5176\u50f9\u683c\u8207\u76f8\u5c0d\u7a69\u5b9a\u7684\u8cc7\u7522\u6216\u4e00\u7c43\u5b50\u8cc7\u7522\u639b\u9264\uff0c\u4ee5\u7dad\u6301\u50f9\u683c\u7a69\u5b9a\u3002\u6700\u5e38\u898b\u7684\u639b\u9264\u8cc7\u7522\u662f\u6cd5\u5b9a\u8ca8\u5e63\uff08\u5982\u7f8e\u5143\u6216\u6b50\u5143\uff09\uff0c\u4f46\u4e5f\u53ef\u4ee5\u5305\u62ec\u5546\u54c1\uff0c\u5982\u9ec3\u91d1\uff0c\u751a\u81f3\u5176\u4ed6\u52a0\u5bc6\u8ca8\u5e63\u3002\u7406\u60f3\u60c5\u6cc1\u4e0b\uff0c\u8207\u7f8e\u5143\u639b\u9264\u7684\u7a69\u5b9a\u5e63\u7684\u50f9\u503c\u61c9\u8a72\u59cb\u7d42\u63a5\u8fd1 $1\u3002<\/p>\n\n\n\n

\u7a69\u5b9a\u5e63\u5728\u52a0\u5bc6\u8ca8\u5e63\u751f\u614b\u7cfb\u7d71\u4e2d\u7684\u91cd\u8981\u6027<\/h4>\n\n\n\n
    \n
  • \u50f9\u503c\u5132\u5b58\uff1a<\/strong> \u5728\u5e02\u5834\u6ce2\u52d5\u671f\u9593\uff0c\u6295\u8cc7\u8005\u53ef\u5c07\u5176\u4ed6\u52a0\u5bc6\u8ca8\u5e63\u8f49\u63db\u70ba\u7a69\u5b9a\u5e63\uff0c\u4ee5\u5c0d\u6c96\u98a8\u96aa\u4e26\u9396\u5b9a\u50f9\u503c\u3002<\/li>\n\n\n\n
  • \u4ea4\u63db\u5a92\u4ecb\uff1a<\/strong> \u5728\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\u6240\u4e2d\u901a\u5e38\u7528\u4f5c\u5b9a\u50f9\u548c\u4ea4\u6613\u5c0d\uff0c\u65b9\u4fbf\u4e0d\u540c\u52a0\u5bc6\u8ca8\u5e63\u4e4b\u9593\u7684\u4ea4\u6613\u3002<\/li>\n\n\n\n
  • \u4ed8\u6b3e\u5de5\u5177\uff1a<\/strong> \u7531\u65bc\u5176\u50f9\u683c\u7a69\u5b9a\uff0c\u66f4\u9069\u5408\u65e5\u5e38\u652f\u4ed8\u548c\u8de8\u5883\u532f\u6b3e\uff0c\u53ef\u964d\u4f4e\u532f\u7387\u98a8\u96aa\u548c\u4ea4\u6613\u6210\u672c\u3002<\/li>\n\n\n\n
  • DeFi \u7684\u57fa\u790e\uff1a<\/strong> \u5b83\u5011\u5728\u5206\u6563\u5f0f\u91d1\u878d (DeFi) \u61c9\u7528\u4e2d\u626e\u6f14\u6838\u5fc3\u89d2\u8272\uff0c\u4f8b\u5982\u501f\u8cb8\u3001\u6d41\u52d5\u8cc7\u91d1\u4f9b\u61c9\u548c\u884d\u751f\u54c1\u4ea4\u6613\u3002<\/li>\n\n\n\n
  • \u50b3\u7d71\u91d1\u878d\u8207\u52a0\u5bc6\u4e16\u754c\u7684\u6a4b\u6a11\u3002<\/strong><\/li>\n<\/ul>\n\n\n\n

    4.2 \u4e0d\u540c\u985e\u578b\u7684\u7a69\u5b9a\u5e63<\/h2>\n\n\n\n

    \u5b78\u7fd2\u76ee\u6a19\uff1a<\/strong> \u5340\u5206\u4e26\u77ad\u89e3\u6cd5\u5b9a\u8ca8\u5e63\u62b5\u62bc\u3001\u52a0\u5bc6\u8ca8\u5e63\u62b5\u62bc\u548c\u6f14\u7b97\u6cd5\u7a69\u5b9a\u5e63\u7684\u6a5f\u5236\u3002<\/p>\n\n\n\n

    \"\"<\/figure>\n\n\n\n

    \u6cd5\u5b9a\u62b5\u62bc\u7a69\u5b9a\u5e63<\/h4>\n\n\n\n

    \u9019\u662f\u6700\u5e38\u898b\u7684\u7a69\u5b9a\u5e63\u985e\u578b\u3002\u767c\u884c\u5546\u8072\u7a31\uff0c\u767c\u884c\u7684\u6bcf\u500b\u7a69\u5b9a\u5e63\u90fd\u7531\u9280\u884c\u6216\u5176\u4ed6\u91d1\u878d\u6a5f\u69cb\u5132\u5099\u7684\u7b49\u984d\u6cd5\u5b9a\u8ca8\u5e63\uff08\u5982\u73fe\u91d1\u6216\u77ed\u671f\u653f\u5e9c\u50b5\u5238\uff09\u652f\u6301\u3002\u7406\u8ad6\u4e0a\uff0c\u4f7f\u7528\u8005\u53ef\u4ee5 1:1 \u7684\u6bd4\u4f8b\u5c07\u7a69\u5b9a\u5e63\u8d16\u56de\u6cd5\u5b9a\u8ca8\u5e63\u3002<\/p>\n\n\n\n

      \n
    • \u7bc4\u4f8b\uff1a<\/strong> USDT (Tether)\u3001USDC (USD Coin)\u3001BUSD (Binance USD\uff0c\u5df2\u505c\u6b62\u767c\u884c\u65b0\u5e63)\u3002<\/li>\n\n\n\n
    • \u7279\u6027\uff1a<\/strong> \u76f8\u5c0d\u5bb9\u6613\u7406\u89e3\uff0c\u4f46\u6709\u8cf4\u767c\u884c\u4eba\u7684\u900f\u660e\u5ea6\u4ee5\u53ca\u5132\u5099\u7684\u771f\u5be6\u6027\u548c\u7a3d\u6838\u3002<\/li>\n<\/ul>\n\n\n\n

      \u52a0\u5bc6\u8ca8\u5e63\u62b5\u62bc\u7a69\u5b9a\u5e63<\/h4>\n\n\n\n

      \u9019\u4e9b\u7a69\u5b9a\u5e63\u7531\u5176\u4ed6\u52a0\u5bc6\u8ca8\u5e63\uff08\u5982 ETH \u6216 BTC\uff09\u4f5c\u70ba\u62b5\u62bc\u54c1\u3002\u7531\u65bc\u62b5\u62bc\u54c1\u7684\u50f9\u683c\u6ce2\u52d5\uff0c\u5b83\u5011\u901a\u5e38\u9700\u8981\u300c\u8d85\u984d\u62b5\u62bc\u300d\uff08\u4f8b\u5982\uff0c\u9396\u5b9a\u50f9\u503c $150 \u7684 ETH \u4f86\u9444\u9020\u50f9\u503c $100 \u7684\u7a69\u5b9a\u5e63\uff09\uff0c\u4ee5\u964d\u4f4e\u62b5\u62bc\u54c1\u50f9\u683c\u4e0b\u8dcc\u7684\u98a8\u96aa\u3002\u5982\u679c\u62b5\u62bc\u54c1\u50f9\u503c\u4f4e\u65bc\u67d0\u500b\u81e8\u754c\u503c\uff0c\u53ef\u80fd\u6703\u88ab\u6e05\u7b97\u3002<\/p>\n\n\n\n

        \n
      • \u7bc4\u4f8b\uff1a<\/strong> DAI (\u7531 MakerDAO \u767c\u884c)\u3002<\/li>\n\n\n\n
      • \u7279\u6027\uff1a<\/strong> \u66f4\u5206\u6563\uff08\u7279\u5225\u662f\u7576\u62b5\u62bc\u54c1\u548c\u6e05\u7b97\u6d41\u7a0b\u7531\u667a\u6167\u5408\u7d04\u81ea\u52d5\u5316\u6642\uff09\uff0c\u4f46\u6a5f\u5236\u66f4\u8907\u96dc\uff0c\u4e14\u53d7\u62b5\u62bc\u8cc7\u7522\u7684\u6ce2\u52d5\u6027\u5f71\u97ff\u3002<\/li>\n<\/ul>\n\n\n\n

        \u6f14\u7b97\u6cd5\u7a69\u5b9a\u5e63<\/h4>\n\n\n\n

        \u9019\u4e9b\u7a69\u5b9a\u5e63\u8f03\u5c11\u4f9d\u8cf4\u50b3\u7d71\u6216\u52a0\u5bc6\u8cc7\u7522\u4f5c\u70ba\u62b5\u62bc\u54c1\uff0c\u4e26\u4f7f\u7528\u6f14\u7b97\u6cd5\u548c\u667a\u6167\u5951\u7d04\u81ea\u52d5\u8abf\u6574\u5176\u4f9b\u61c9\u91cf\uff0c\u4ee5\u7dad\u6301\u50f9\u683c\u7a69\u5b9a\u3002\u7576\u50f9\u683c\u8d85\u904e\u639b\u9264\u503c\u6642\uff0c\u7cfb\u7d71\u6703\u589e\u52a0\u4f9b\u61c9\u91cf\uff1b\u7576\u50f9\u683c\u4f4e\u65bc\u639b\u9264\u503c\u6642\uff0c\u7cfb\u7d71\u6703\u56de\u8cfc\u6216\u71d2\u6bc0\u4ee3\u5e63\u3002\u6709\u4e9b\u6f14\u7b97\u6cd5\u7a69\u5b9a\u5e63\u53ef\u80fd\u6703\u4f7f\u7528\u96d9\u4ee3\u7528\u5e63\u6a21\u5f0f (\u4e00\u500b\u7a69\u5b9a\u5e63\u548c\u4e00\u500b\u6cbb\u7406\u6216\u80a1\u6b0a\u4ee3\u7528\u5e63)\u3002<\/p>\n\n\n\n

          \n
        • \u7bc4\u4f8b\uff1a<\/strong> (Formerly) UST (TerraUSD)\u3001Ampleforth (AMPL)\u3002<\/li>\n\n\n\n
        • \u7279\u6027\uff1a<\/strong> \u7406\u8ad6\u4e0a\u80fd\u5920\u9054\u5230\u9ad8\u5ea6\u5206\u6563\u548c\u8cc7\u672c\u6548\u7387\uff0c\u4f46\u5176\u8a2d\u8a08\u975e\u5e38\u8907\u96dc\uff0c\u5f88\u5bb9\u6613\u51fa\u73fe\u300c\u6b7b\u4ea1\u87ba\u65cb\u300d\uff0c\u5c0e\u81f4\u812b\u8026\u5d29\u6f70\uff08\u5982 UST\/LUNA \u4e8b\u4ef6\uff09\u3002<\/li>\n<\/ul>\n\n\n\n

          \u5546\u54c1\u62b5\u62bc\u7a69\u5b9a\u5e63<\/h4>\n\n\n\n

          \u9019\u4e9b\u8ca8\u5e63\u8207\u9ec3\u91d1\u6216\u77f3\u6cb9\u7b49\u5be6\u7269\u5546\u54c1\u639b\u9264\uff0c\u767c\u884c\u6a5f\u69cb\u6301\u6709\u76f8\u61c9\u6578\u91cf\u7684\u5be6\u7269\u5546\u54c1\u4f5c\u70ba\u5132\u5099\u3002<\/p>\n\n\n\n

            \n
          • \u7bc4\u4f8b\uff1a<\/strong> PAX Gold (PAXG)\u3001Tether Gold (XAUT)\u3002<\/li>\n<\/ul>\n\n\n\n

            \u6df7\u5408\u7a69\u5b9a\u5e63<\/h4>\n\n\n\n

            \u9019\u4e9b\u6a5f\u5236\u7d50\u5408\u4e86\u4e0a\u8ff0\u591a\u7a2e\u6a5f\u5236\uff0c\u4f8b\u5982\u90e8\u5206\u4ee5\u6cd5\u5b9a\u8ca8\u5e63\u62b5\u62bc\uff0c\u90e8\u5206\u4ee5\u6f14\u7b97\u6cd5\u8abf\u6574\u3002<\/p>\n\n\n\n

            4.3 \u7a69\u5b9a\u5e63\u7684\u6a5f\u5236<\/h2>\n\n\n\n

            \u5b78\u7fd2\u76ee\u6a19\uff1a<\/strong> \u6df1\u5165\u77ad\u89e3\u4e0d\u540c\u985e\u578b\u7684\u7a69\u5b9a\u5e63\u5982\u4f55\u7dad\u6301\u50f9\u683c\u7a69\u5b9a\u3002<\/p>\n\n\n\n

            Fiat-Collateralized\uff1a<\/h4>\n\n\n\n
              \n
            • \u5132\u5099\u8cc7\u7522\u8207\u5be9\u8a08\u900f\u660e\u5ea6\uff1a<\/strong> \u767c\u884c\u5546\uff08\u5982 Tether \u7684 USDT\u3001Circle \u7684 USDC\uff09\u8072\u7a31\u6bcf\u767c\u884c\u4e00\u679a\u7a69\u5b9a\u5e63\uff0c\u5c31\u6703\u6301\u6709\u7b49\u91cf\u7684\u6cd5\u5e63\u8cc7\u7522\u4f5c\u70ba\u5132\u5099\u3002\u70ba\u4e86\u7dad\u6301\u5e02\u5834\u4fe1\u5fc3\uff0c\u767c\u884c\u5546\u901a\u5e38\u6703\u5b9a\u671f\u767c\u4f48\u5132\u5099\u8b49\u660e\u5831\u544a\u6216\u63a5\u53d7\u7b2c\u4e09\u65b9\u5be9\u8a08\u3002\u4f7f\u7528\u8005\u53ef\u900f\u904e\u5e02\u5834\u5957\u5229\u5354\u52a9\u7a69\u5b9a\u50f9\u683c\uff1a\u7576\u4e00\u500b\u7a69\u5b9a\u5e63\u7684\u50f9\u683c\u8d85\u904e $1 \u6642\uff0c\u5957\u5229\u8005\u6703\u8cb7\u5165\u5132\u5099\u8cc7\u7522\uff0c\u4e26\u9444\u9020\u65b0\u7684\u7a69\u5b9a\u5e63\u51fa\u552e\uff1b\u7576\u50f9\u683c\u8dcc\u7834 $1 \u6642\uff0c\u4ed6\u5011\u6703\u8cb7\u5165\u7a69\u5b9a\u5e63\u8d16\u56de\u6cd5\u5b9a\u8ca8\u5e63\u3002<\/li>\n<\/ul>\n\n\n\n

              \u52a0\u5bc6\u8ca8\u5e63\u62b5\u62bc\uff1a<\/h4>\n\n\n\n
                \n
              • \u904e\u5ea6\u62b5\u62bc\u8207\u667a\u6167\u5951\u7d04\uff1a<\/strong> \u4ee5 MakerDAO \u7684 DAI \u70ba\u4f8b\uff0c\u7528\u6236\u53ef\u4ee5\u5c07 ETH \u548c\u5176\u4ed6\u52a0\u5bc6\u8ca8\u5e63\u9396\u5b9a\u5728 Maker \u5354\u8b70\u91d1\u5eab\u4e2d\uff0c\u4f5c\u70ba\u501f\u7528\uff08\u9444\u9020\uff09DAI \u7684\u62b5\u62bc\u54c1\u3002\u70ba\u4e86\u7de9\u885d\u62b5\u62bc\u54c1\u7684\u50f9\u683c\u6ce2\u52d5\uff0c\u8a72\u5354\u5b9a\u8981\u6c42\u8d85\u984d\u62b5\u62bc\uff08\u4f8b\u5982\uff0c\u6700\u4f4e\u62b5\u62bc\u7387\u70ba 150%\uff09\u3002\u5982\u679c\u62b5\u62bc\u54c1\u50f9\u503c\u56e0\u5e02\u5834\u4f4e\u8ff7\u800c\u63a5\u8fd1\u6e05\u7b97\u81e8\u754c\u503c\uff0c\u7528\u6236\u5fc5\u9808\u589e\u52a0\u66f4\u591a\u62b5\u62bc\u54c1\u6216\u511f\u9084 DAI\uff1b\u5426\u5247\uff0c\u62b5\u62bc\u54c1\u5c07\u88ab\u667a\u80fd\u5408\u7d04\u81ea\u52d5\u6e05\u7b97\uff0c\u4ee5\u511f\u9084\u50b5\u52d9\u4e26\u7a69\u5b9a DAI \u50f9\u503c\u3002DAI \u7684\u50f9\u683c\u7a69\u5b9a\u4e5f\u6709\u8cf4\u65bc\u5957\u5229\u8005\u548c\u6cbb\u7406\u6a5f\u5236\uff08\u5982\u8abf\u6574\u7a69\u5b9a\u8cbb\u7528\uff09\u3002<\/li>\n<\/ul>\n\n\n\n

                \u7b97\u6cd5\u7a69\u5b9a\u5e63\uff1a<\/h4>\n\n\n\n
                  \n
                • \u4f9b\u61c9\u8abf\u7bc0\u6a5f\u5236\uff1a<\/strong> \u9019\u4e9b\u7a69\u5b9a\u5e63\u8a66\u5716\u900f\u904e\u985e\u4f3c\u4e2d\u592e\u9280\u884c\u516c\u958b\u5e02\u5834\u64cd\u4f5c\u7684\u65b9\u5f0f\u4f86\u63a7\u5236\u8ca8\u5e63\u4f9b\u61c9\u3002\n
                    \n
                  • \u7576\u7a69\u5b9a\u4ee3\u5e63\u50f9\u683c > \u639b\u9264\u50f9\u683c (\u4f8b\u5982 $1)\uff1a\u7cfb\u7d71\u589e\u52a0\u4f9b\u61c9\u91cf (\u4f8b\u5982\uff1a\u5206\u767c\u65b0\u4ee3\u5e63\u7d66\u6301\u6709\u8005\u6216\u964d\u4f4e\u9444\u5e63\u6210\u672c)\uff0c\u9f13\u52f5\u92b7\u552e\u4ee5\u964d\u4f4e\u50f9\u683c\u3002<\/li>\n\n\n\n
                  • \u7576\u7a69\u5b9a\u5e63\u50f9\u683c < \u639b\u9264\u50f9\u683c (\u4f8b\u5982 $1)\uff1a\u7cfb\u7d71\u6e1b\u5c11\u4f9b\u61c9 (\u4f8b\u5982\uff1a\u56de\u8cfc\u4e26\u71d2\u6bc0\u4ee3\u5e63\u6216\u589e\u52a0\u9444\u5e63\u6210\u672c\/\u9f13\u52f5\u71d2\u5e63)\uff0c\u4fc3\u4f7f\u8cfc\u8cb7\u62ac\u9ad8\u50f9\u683c\u3002<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n

                    \u6b64\u6a5f\u5236\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\u4f9d\u8cf4\u5e02\u5834\u53c3\u8207\u8005\u7684\u7406\u6027\u884c\u70ba\u4ee5\u53ca\u5c0d\u7cfb\u7d71\u7684\u6301\u7e8c\u4fe1\u5fc3\uff0c\u800c\u5728\u58d3\u529b\u6e2c\u8a66\u4e0b\uff0c\u9019\u5df2\u7d93\u8b49\u660e\u662f\u975e\u5e38\u8106\u5f31\u7684\u3002<\/p>\n\n\n\n

                    4.4 \u7a69\u5b9a\u5e63\u7684\u5be6\u969b\u61c9\u7528<\/h2>\n\n\n\n

                    \u5b78\u7fd2\u76ee\u6a19\uff1a<\/strong> \u63a2\u7d22\u7a69\u5b9a\u5e63\u5728\u5404\u7a2e\u60c5\u6cc1\u4e0b\u7684\u5177\u9ad4\u7528\u9014\u3002<\/p>\n\n\n\n

                      \n
                    1. \u4ea4\u6613\u6240\u4ea4\u6613\u548c\u5b9a\u50f9\uff1a<\/strong> \u7a69\u5b9a\u5e63\uff08\u5c24\u5176\u662f USDT \u548c USDC\uff09\u662f\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\u6240\u4e2d\u6700\u5e38\u7528\u7684\u4ea4\u6613\u5c0d\u4e4b\u4e00\u3002\u8a31\u591a\u52a0\u5bc6\u8ca8\u5e63\u76f4\u63a5\u4ee5\u7a69\u5b9a\u5e63\u8a08\u50f9\uff0c\u65b9\u4fbf\u4ea4\u6613\u8005\u8a08\u7b97\u76c8\u8667\u548c\u5957\u5229\u3002<\/li>\n\n\n\n
                    2. \u8de8\u5883\u652f\u4ed8\u548c\u532f\u6b3e\uff1a<\/strong> \u8207\u50b3\u7d71\u9280\u884c\u96fb\u532f\u76f8\u6bd4\uff0c\u4f7f\u7528\u7a69\u5b9a\u5e63\u9032\u884c\u8de8\u5883\u652f\u4ed8\u53ef\u4ee5\u66f4\u5feb\uff08\u5728\u5e7e\u5206\u9418\u5167\u7d50\u7b97\uff09\u3001\u66f4\u4fbf\u5b9c\uff08\u8cbb\u7528\u66f4\u4f4e\uff09\uff0c\u800c\u4e14\u5168\u5929\u5019\u53ef\u7528\u3002<\/li>\n\n\n\n
                    3. DeFi \u751f\u614b\u7cfb\u7d71\u7684\u6838\u5fc3\uff1a<\/strong>\n
                        \n
                      • \u501f\u8cb8\u5e73\u53f0\uff1a<\/strong> \u4f7f\u7528\u8005\u53ef\u4ee5\u900f\u904e\u5b58\u5165\u7a69\u5b9a\u5e63\u8cfa\u53d6\u5229\u606f\uff0c\u6216\u4f7f\u7528\u5176\u4ed6\u52a0\u5bc6\u8ca8\u5e63\u4f5c\u70ba\u62b5\u62bc\u4f86\u501f\u5165\u7a69\u5b9a\u5e63\u3002<\/li>\n\n\n\n
                      • \u6d41\u52d5\u8cc7\u91d1\u6e96\u5099\uff1a<\/strong> \u5728\u5206\u6563\u5f0f\u4ea4\u6613\u6240 (DEX) \u4e0a\uff0c\u7a69\u5b9a\u5e63\u901a\u5e38\u6703\u8207\u5176\u4ed6\u52a0\u5bc6\u8ca8\u5e63\u7d44\u6210\u4ea4\u6613\u5c0d\uff0c\u8b93\u6d41\u901a\u91cf\u63d0\u4f9b\u8005\u8cfa\u53d6\u4ea4\u6613\u8cbb\u7528\u3002<\/li>\n\n\n\n
                      • \u7522\u91cf\u8015\u4f5c\uff1a<\/strong> \u4f7f\u7528\u8005\u53ef\u900f\u904e\u63d0\u4f9b\u7a69\u5b9a\u5e63\u6d41\u52d5\u6027\u6216\u53c3\u8207 DeFi \u5354\u5b9a\u5167\u7684\u6524\u5206\uff0c\u8cfa\u53d6\u6cbb\u7406\u4ee3\u5e63\u7b49\u734e\u52f5\u3002<\/li>\n\n\n\n
                      • \u884d\u751f\u5de5\u5177\u4ea4\u6613\uff1a<\/strong> \u8a31\u591a DeFi \u884d\u751f\u5de5\u5177\u90fd\u4ee5\u7a69\u5b9a\u5e63\u5b9a\u50f9\u548c\u7d50\u7b97\u3002<\/li>\n<\/ul>\n<\/li>\n\n\n\n
                      • \u8cc7\u7522\u5c0d\u6c96\u8207\u6ce2\u52d5\u6027\u7de9\u89e3\uff1a<\/strong> \u5728\u52a0\u5bc6\u8ca8\u5e63\u5e02\u5834\u5927\u5e45\u6ce2\u52d5\u671f\u9593\uff0c\u6295\u8cc7\u8005\u53ef\u4ee5\u5c07\u5176\u4e0d\u7a69\u5b9a\u7684\u52a0\u5bc6\u8ca8\u5e63\u8f49\u63db\u70ba\u7a69\u5b9a\u5e63\uff0c\u4ee5\u66ab\u6642\u5c0d\u6c96\u5e02\u5834\u98a8\u96aa\uff0c\u540c\u6642\u7b49\u5f85\u66f4\u597d\u7684\u5165\u5e02\u9ede\u3002<\/li>\n\n\n\n
                      • \u85aa\u8cc7\u652f\u4ed8\u548c\u5546\u696d\u7d50\u7b97\uff1a<\/strong> \u8d8a\u4f86\u8d8a\u591a\u7684\u5340\u584a\u93c8\u5c08\u6848\u548c\u5c0d\u52a0\u5bc6\u8ca8\u5e63\u53cb\u597d\u7684\u4f01\u696d\u958b\u59cb\u4f7f\u7528\u7a69\u5b9a\u5e63\u4f86\u652f\u4ed8\u54e1\u5de5\u85aa\u6c34\u6216\u7d50\u7b97\u5546\u696d\u5925\u4f34\u4e4b\u9593\u7684\u4ea4\u6613\u3002<\/li>\n\n\n\n
                      • \u904a\u6232\u548c NFT \u5e02\u5834\uff1a<\/strong> \u7a69\u5b9a\u5e63\u4e5f\u5e38\u7528\u65bc\u8cfc\u8cb7\u904a\u6232\u5167\u7684\u8cc7\u7522\u6216 NFT\u3002<\/li>\n<\/ol>\n\n\n\n

                        4.5 \u7a69\u5b9a\u5e63\u7684\u98a8\u96aa\u8207\u6311\u6230<\/h2>\n\n\n\n

                        \u5b78\u7fd2\u76ee\u6a19\uff1a<\/strong> \u8b58\u5225\u8207\u7a69\u5b9a\u5e63\u76f8\u95dc\u7684\u812b\u8026\u3001\u5132\u5099\u7ba1\u7406\u3001\u76e3\u7ba1\u548c\u667a\u6167\u5408\u7d04\u7684\u6f5b\u5728\u98a8\u96aa\u3002<\/p>\n\n\n\n

                        \u812b\u96e2\u98a8\u96aa<\/h4>\n\n\n\n

                        \u9019\u662f\u7a69\u5b9a\u5e63\u7684\u6838\u5fc3\u98a8\u96aa\u3002\u5373\u4f7f\u662f\u8a2d\u8a08\u826f\u597d\u7684\u7a69\u5b9a\u5e63\uff0c\u5728\u6975\u7aef\u5e02\u5834\u689d\u4ef6\u3001\u5132\u5099\u91d1\u4e0d\u8db3\u3001\u9280\u884c\u64e0\u63d0\u3001\u767c\u884c\u8005\u5931\u53bb\u4fe1\u4efb\u6216\u5957\u5229\u6a5f\u5236\u5931\u6548\u7684\u60c5\u6cc1\u4e0b\uff0c\u4e5f\u53ef\u80fd\u504f\u96e2\u5176\u806f\u7e6b\u50f9\u503c\u3002<\/p>\n\n\n\n

                          \n
                        • UST\/LUNA \u6848\u4f8b\u5206\u6790\uff1a<\/strong> 2022 \u5e74 5 \u6708\uff0c\u6f14\u7b97\u6cd5\u7a69\u5b9a\u5e63 TerraUSD (UST) \u53ca\u5176\u59ca\u59b9\u4ee3\u5e63 LUNA \u7d93\u6b77\u4e86\u6b7b\u4ea1\u87ba\u65cb\uff0c\u5c0e\u81f4\u56b4\u91cd\u812b\u5e63\u4e26\u6700\u7d42\u5d29\u6f70\uff0c\u5e02\u503c\u84b8\u767c\u4e0a\u5343\u5104\u7f8e\u5143\u3002\u9019\u6b21\u4e8b\u4ef6\u66b4\u9732\u4e86\u7d14\u6f14\u7b97\u6cd5\u7a69\u5b9a\u5e63\u5728\u6c92\u6709\u8db3\u5920\u5916\u90e8\u62b5\u62bc\u54c1\u7684\u60c5\u6cc1\u4e0b\u7684\u91cd\u5927\u6f0f\u6d1e\u3002<\/li>\n<\/ul>\n\n\n\n

                          \u5132\u5099\u900f\u660e\u5ea6\u8207\u7ba1\u7406\u98a8\u96aa (\u4e3b\u8981\u91dd\u5c0d\u6cd5\u5b9a\u62b5\u62bc\u54c1)<\/h4>\n\n\n\n
                            \n
                          • \u767c\u884c\u4eba\u662f\u5426\u771f\u6b63\u6301\u6709\u5145\u8db3\u4e14\u512a\u8cea\u7684\u5132\u5099\u8cc7\u7522\uff1f<\/li>\n\n\n\n
                          • \u5132\u5099\u7684\u7d44\u6210\u662f\u5426\u660e\u78ba\uff0c\u7a3d\u6838\u5831\u544a\u662f\u5426\u53ef\u4fe1\u4e14\u983b\u7e41\uff1f<\/li>\n\n\n\n
                          • \u5132\u5099\u662f\u5426\u6709\u88ab\u51cd\u7d50\u6216\u632a\u7528\u7684\u98a8\u96aa\uff1f<\/li>\n\n\n\n
                          • \u5982\u679c\u5927\u91cf\u4f7f\u7528\u8005\u540c\u6642\u5617\u8a66\u8d16\u56de\uff0c\u767c\u884c\u4eba\u80fd\u5426\u4ee5\u8db3\u5920\u7684\u6d41\u52d5\u6027\u56de\u61c9\uff1f<\/li>\n<\/ul>\n\n\n\n

                            \u6cd5\u898f\u653f\u7b56\u7684\u4e0d\u78ba\u5b9a\u6027<\/h4>\n\n\n\n

                            \u7a69\u5b9a\u5e63\u7684\u5168\u7403\u76e3\u7ba1\u6846\u67b6\u4ecd\u5728\u767c\u5c55\u4e2d\uff0c\u5404\u570b\u7684\u614b\u5ea6\u4e0d\u76e1\u76f8\u540c\u3002\u672a\u4f86\u53ef\u80fd\u6703\u63a8\u51fa\u66f4\u56b4\u683c\u7684\u6cd5\u898f\uff0c\u5f71\u97ff\u7a69\u5b9a\u5e63\u7684\u767c\u884c\u3001\u6d41\u901a\u548c\u4f7f\u7528\u3002\u4f8b\u5982\uff0c\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703 (SEC) \u5df2\u5c0d BUSD \u7684\u767c\u884c\u5546 Paxos \u63a1\u53d6\u884c\u52d5\uff0c\u5c0e\u81f4\u65b0\u5e63\u505c\u6b62\u767c\u884c\u3002<\/p>\n\n\n\n

                            \u667a\u6167\u5951\u7d04\u8207\u6f14\u7b97\u6cd5\u7455\u75b5\u98a8\u96aa (\u4e3b\u8981\u91dd\u5c0d\u52a0\u5bc6\u8ca8\u5e63\u62b5\u62bc\u8207\u6f14\u7b97\u6cd5)<\/h4>\n\n\n\n
                              \n
                            • \u667a\u6167\u578b\u5951\u7d04\u53ef\u80fd\u5305\u542b\u53ef\u80fd\u88ab\u99ed\u5ba2\u5229\u7528\u7684\u7de8\u78bc\u6f0f\u6d1e\u3002<\/li>\n\n\n\n
                            • \u6f14\u7b97\u6cd5\u6a21\u578b\u7684\u8a2d\u8a08\u53ef\u80fd\u5b58\u5728\u7f3a\u9677\uff0c\u7121\u6cd5\u9069\u61c9\u6240\u6709\u5e02\u5834\u689d\u4ef6\u6216\u60e1\u610f\u653b\u64ca\u3002<\/li>\n\n\n\n
                            • Oracles (\u70ba\u667a\u6167\u578b\u5951\u7d04\u63d0\u4f9b\u5916\u90e8\u8cc7\u6599) \u53ef\u80fd\u6703\u88ab\u64cd\u63a7\u6216\u5931\u6557\uff0c\u5c0e\u81f4\u4e0d\u6b63\u78ba\u7684\u50f9\u683c\u994b\u5165\u548c\u6e05\u7b97\u3002<\/li>\n<\/ul>\n\n\n\n

                              \u5c0e\u81f4\u51cd\u7d50\u7684\u96c6\u4e2d\u5316\u98a8\u96aa (\u4e3b\u8981\u91dd\u5c0d\u6cd5\u5e63\u62b5\u62bc)<\/h4>\n\n\n\n

                              \u4e00\u4e9b\u4e2d\u5fc3\u5316\u7684\u7a69\u5b9a\u5e63\u767c\u884c\u5546\uff08\u5982 USDT \u548c USDC \u7684\u767c\u884c\u5546\uff09\u53ef\u4ee5\u6839\u64da\u6cd5\u5f8b\u8981\u6c42\u51cd\u7d50\u7279\u5b9a\u4f4d\u5740\u4e0a\u7684\u8cc7\u7522\uff0c\u9019\u8207\u5340\u584a\u93c8\u7684\u53bb\u4e2d\u5fc3\u5316\u548c\u62b5\u5236\u5be9\u67e5\u7684\u7cbe\u795e\u76f8\u77db\u76fe\u3002<\/p>\n\n\n\n

                              \u4ea4\u6613\u5c0d\u624b\u98a8\u96aa<\/h4>\n\n\n\n

                              \u5373\u4f7f\u7a69\u5b9a\u5e63\u672c\u8eab\u8a2d\u8a08\u826f\u597d\uff0c\u5982\u679c\u5132\u5b58\u65bc\u4e0d\u5b89\u5168\u7684\u4ea4\u6613\u6240\u6216\u9322\u5305\u4e2d\uff0c\u4ecd\u7136\u6703\u9762\u81e8\u88ab\u76dc\u7684\u98a8\u96aa\u3002<\/p>\n\n\n\n

                              \u8cc7\u7522\u6d41\u52d5\u6027\u8207\u5408\u898f\u6027<\/h4>\n\n\n\n

                              \u4e00\u4e9b\u65b0\u8208\u7684\u7a69\u5b9a\u5e63\u53ef\u80fd\u6703\u56e0\u70ba\u5e02\u503c\u8f03\u5c0f\u6216\u5730\u7406\u9650\u5236\u800c\u9762\u81e8\u6d41\u52d5\u6027\u4e0d\u8db3\u6216\u5e02\u5834\u63a5\u53d7\u5ea6\u4f4e\u7684\u554f\u984c\uff0c\u4f7f\u5f97\u5728\u4e0d\u540c\u5e73\u53f0\u4e4b\u9593\u81ea\u7531\u514c\u63db\u5177\u6709\u6311\u6230\u6027\u3002<\/p>\n\n\n\n

                              4.6 \u7a69\u5b9a\u5e63\u7684\u8fd1\u671f\u767c\u5c55\u8da8\u52e2<\/h2>\n\n\n\n

                              \u5b78\u7fd2\u76ee\u6a19\uff1a<\/strong> \u77ad\u89e3\u76ee\u524d\u7a69\u5b9a\u5e63\u5e02\u5834\u7684\u6f14\u8b8a\u53ca\u6f5b\u5728\u7684\u672a\u4f86\u767c\u5c55\u65b9\u5411\u3002<\/p>\n\n\n\n

                              \u589e\u5f37\u900f\u660e\u5ea6\u8207\u5132\u5099\u7a3d\u6838<\/h4>\n\n\n\n

                              \u5728\u591a\u6b21\u5e02\u5834\u885d\u64ca\u548c\u76e3\u7ba1\u5be9\u67e5\u4e4b\u5f8c\uff0c\u4e3b\u6d41\u7a69\u5b9a\u5e63\u767c\u884c\u5546\uff08\u5c24\u5176\u662f\u6cd5\u5e63\u62b5\u62bc\uff09\u8d8a\u4f86\u8d8a\u6ce8\u91cd\u63d0\u9ad8\u5176\u5132\u5099\u7684\u900f\u660e\u5ea6\uff0c\u4f8b\u5982\u66f4\u983b\u7e41\u5730\u767c\u5e03\u8a73\u7d30\u7684\u5132\u5099\u7d44\u6210\u5831\u544a\uff0c\u4e26\u63a5\u53d7\u66f4\u56b4\u683c\u7684\u7b2c\u4e09\u65b9\u5be9\u8a08\u3002<\/p>\n\n\n\n

                              \u4e2d\u592e\u9280\u884c\u6578\u4f4d\u8ca8\u5e63 (CBDC) \u7814\u7a76\u8207\u767c\u5c55<\/h4>\n\n\n\n

                              \u5168\u7403\u8a31\u591a\u4e2d\u592e\u9280\u884c\u90fd\u5728\u7a4d\u6975\u7814\u7a76\u6216\u8a66\u884c\u4ed6\u5011\u7684\u6578\u4f4d\u8ca8\u5e63\u3002CBDC \u7684\u51fa\u73fe\u53ef\u80fd\u6703\u5c0d\u73fe\u6709\u7684\u79c1\u4eba\u7a69\u5b9a\u5e63\u5e02\u5834\u7522\u751f\u6df1\u9060\u7684\u5f71\u97ff\uff0c\u6709\u53ef\u80fd\u6703\u9020\u6210\u7af6\u722d\uff0c\u4e26\u4fc3\u9032\u6574\u500b\u6578\u4f4d\u652f\u4ed8\u751f\u614b\u7cfb\u7d71\u7684\u767c\u5c55\u3002<\/p>\n\n\n\n

                              \u9010\u6b65\u91d0\u6e05\u6cd5\u898f\u67b6\u69cb<\/h4>\n\n\n\n

                              \u4e3b\u8981\u7d93\u6fdf\u9ad4\uff08\u5982\u7f8e\u570b\u3001\u6b50\u76df\u3001\u82f1\u570b\u3001\u65b0\u52a0\u5761\u3001\u9999\u6e2f\uff09\u6b63\u52a0\u901f\u5236\u5b9a\u91dd\u5c0d\u7a69\u5b9a\u5e63\u7684\u6cd5\u898f\uff0c\u6db5\u84cb\u767c\u884c\u8a31\u53ef\u8b49\u3001\u5132\u5099\u91d1\u8981\u6c42\u3001\u6d88\u8cbb\u8005\u4fdd\u8b77\u548c\u53cd\u6d17\u9322\u3002\u9019\u6709\u52a9\u65bc\u5e02\u5834\u7684\u6a19\u6e96\u5316\uff0c\u540c\u6642\u6709\u53ef\u80fd\u63d0\u9ad8\u5408\u898f\u9580\u6abb\u3002<\/p>\n\n\n\n

                              DeFi \u751f\u614b\u7cfb\u7d71\u5c0d\u7a69\u5b9a\u5e63\u7684\u9700\u6c42\u6301\u7e8c\u589e\u9577<\/h4>\n\n\n\n

                              \u5118\u7ba1\u5e02\u5834\u6ce2\u52d5\u4e0d\u5b9a\uff0cDeFi \u5354\u8b70\u5c0d\u53ef\u9760\u4e14\u6d41\u52d5\u6027\u9ad8\u7684\u7a69\u5b9a\u5e63\u4ecd\u6709\u5f37\u5927\u7684\u9700\u6c42\u3002\u8207\u6b64\u540c\u6642\uff0cDeFi \u9818\u57df\u4e5f\u5728\u63a2\u7d22\u66f4\u5275\u65b0\u7684\u53bb\u4e2d\u5fc3\u5316\u7a69\u5b9a\u5e63\u6a21\u5f0f\uff0c\u8a66\u5716\u5728\u7a69\u5b9a\u6027\u3001\u53bb\u4e2d\u5fc3\u5316\u548c\u8cc7\u672c\u6548\u7387\u4e4b\u9593\u53d6\u5f97\u66f4\u597d\u7684\u5e73\u8861\u3002<\/p>\n\n\n\n

                              \u591a\u93c8\u90e8\u7f72\u8207\u8de8\u93c8\u4e92\u64cd\u4f5c\u6027<\/h4>\n\n\n\n

                              \u4e3b\u6d41\u7a69\u5b9a\u5e63\u50be\u5411\u65bc\u5728\u591a\u500b\u5340\u584a\u93c8\u7db2\u7d61\u4e0a\u767c\u884c\uff08\u4f8b\u5982\uff0cUSDT \u548c USDC \u5b58\u5728\u65bc Ethereum\u3001Tron\u3001Solana \u7b49\uff09\uff0c\u4ee5\u64f4\u5927\u5176\u61c9\u7528\u7bc4\u570d\u548c\u7528\u6236\u7fa4\u3002\u8de8\u93c8\u6a4b\u63a5\u548c\u4e92\u64cd\u4f5c\u6027\u5354\u5b9a\u7684\u767c\u5c55\u4e5f\u4fc3\u9032\u4e86\u7a69\u5b9a\u5e63\u5728\u4e0d\u540c\u93c8\u4e4b\u9593\u66f4\u9806\u66a2\u7684\u8f49\u79fb\u3002<\/p>\n\n\n\n

                              \u8207\u50b3\u7d71\u91d1\u878d\u6574\u5408<\/h4>\n\n\n\n

                              \u4e00\u4e9b\u7a69\u5b9a\u5e63\u5c08\u6848\u548c\u652f\u4ed8\u516c\u53f8\uff08\u5982\u767c\u884cPYUSD\u7684PayPal\uff09\u6b63\u52aa\u529b\u5c07\u7a69\u5b9a\u5e63\u6574\u5408\u5230\u50b3\u7d71\u652f\u4ed8\u7cfb\u7d71\u548c\u91d1\u878d\u670d\u52d9\u4e2d\uff0c\u4fc3\u9032\u5176\u5728\u771f\u5be6\u652f\u4ed8\u5834\u666f\u4e2d\u7684\u61c9\u7528\u3002<\/p>\n\n\n\n

                              \u91cd\u65b0\u8a55\u4f30\u6f14\u7b97\u6cd5\u7a69\u5b9a\u5e63<\/h4>\n\n\n\n

                              UST \u5d29\u6f70\u5f8c\uff0c\u5e02\u5834\u5c0d\u65bc\u7d14\u6f14\u7b97\u6cd5\u7a69\u5b9a\u5e63\u7684\u4fe1\u5fc3\u53d7\u5230\u56b4\u91cd\u885d\u64ca\u3002\u6f14\u7b97\u6cd5\u7a69\u5b9a\u5e63\u7684\u672a\u4f86\u8a2d\u8a08\u53ef\u80fd\u6703\u5f37\u8abf\u6df7\u5408\u62b5\u62bc\u54c1\u3001\u66f4\u5065\u5168\u7684\u98a8\u96aa\u63a7\u5236\u6a5f\u5236\u6216\u8207\u5be6\u9ad4\u7d93\u6fdf\u7684\u9023\u7d50\u3002<\/p>\n\n\n\n

                              \u7e3d\u800c\u8a00\u4e4b\uff0c\u7a69\u5b9a\u5e63\u88ab\u8996\u70ba\u9023\u63a5\u50b3\u7d71\u91d1\u878d\u8207\u6578\u4f4d\u8cc7\u7522\u4e16\u754c\u7684\u91cd\u8981\u6a4b\u6a11\uff0c\u6e96\u5099\u91cd\u5851\u5168\u7403\u8cc7\u672c\u5e02\u5834\u7684\u904b\u4f5c\u3002\u5118\u7ba1\u9762\u81e8\u6311\u6230\uff0c\u5176\u5de8\u5927\u7684\u6f5b\u529b\u548c\u7a4d\u6975\u7684\u6a5f\u69cb\u53c3\u8207\u9810\u793a\u8457\u672a\u4f86\u5145\u6eff\u6a5f\u6703\u3002<\/p>","protected":false},"excerpt":{"rendered":"

                              4.1 Definition and Role of Stablecoins Learning Objective: Understand the existence and problem-solving role of stablecoins. The Problem of Cryptocurrency Price Volatility Traditional cryptocurrencies (such as Bitcoin and Ethereum) are known for their extreme price volatility. This high volatility makes them difficult to use as a medium for everyday transactions or as a reliable store […]<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[32],"tags":[],"class_list":["post-2749","post","type-post","status-publish","format-standard","hentry","category-academy"],"_links":{"self":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/posts\/2749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/comments?post=2749"}],"version-history":[{"count":6,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/posts\/2749\/revisions"}],"predecessor-version":[{"id":2807,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/posts\/2749\/revisions\/2807"}],"wp:attachment":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/media?parent=2749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/categories?post=2749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/tags?post=2749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}