Aave ki te Compound ki te Morpho: He Whakatauranga Pukapuka DeFi
He whakataurite whānui o ngā torohanga DeFi e toru e rangatira ana. Mārama ki ā rātou hanganga, ngā reiti APY, ngā tauira haumaru, me te mea tika mō tō rautaki.
Whakaahuatanga Whakarāpopototanga DeFi
DeFi lending allows anyone to supply crypto assets to a lending protocol and earn interest, or borrow assets by posting collateral. Unlike traditional bank lending, there are no credit checks, no intermediaries, and no geographic restrictions. Smart contracts enforce the rules automatically, and interest rates adjust algorithmically based on supply and demand.
I te wā e tuku rawa ana koe, ka whiwhi koe APY ka utua e ngā kaiwhakaoti. Ka whakatauritea ngā reiti pānga e te reiti whakamahinga o ia mākete: te ōrau o ngā rawa i tukuna e kua wakaaia ināianei. Ko te whakamahinga tiketike e tohu ana i te hiahia nui mō te wakaa, ā, ka piki ngā reiti. Ko te whakamahinga iti e tohu ana i te nui o te tuku, ā, ka heke ngā reiti.
Kua whakakapi nui ngā nama DeFi. Hei nama $1,000 i te USDC, tērā pea koe e hiahia ana ki te tāpiri $1,500 o te ETH. Mēnā ka heke te uara o tō taonga whakakapi ki raro i te pae tawhiti o te whakakōkiri, ka utu aunoa ngā kaiwhakakōkiri i tō nama, ka tono i tō taonga whakakapi i te utu hekenga. Kua tiaki tēnei tikanga i ngā pūnaha nama nui kia noho haumaru i ngā pakanga mākete katoa mai i te 2020.
Ko te whakapae DeFi te kāwai nui rawa atu i te pūtea korekore, me te nui atu i $45 billion i te uara katoa kua mau (TVL) i roto i ngā tikanga katoa i te marama o Poutū-te-rangi 2026. E toru ngā tikanga e rangatira ana i tēnei āhua: Aave, Compound, me Morpho. Ia mea ka whāia he ara rerekē tino mō te raru kotahi, ā, ko te mārama ki ō rātou rerekētanga he mea nui mō te whakapai ake i tō rautaki hua.
Whakapūtea & Whiwhi
Whakaurua ngā rawa crypto ki ngā pūkete whakapae, ka whiwhi pānga huringa e utu ana e ngā kaiwhiwhi, ka whakakotahitia aunoa.
Whiwhi Mā te Ārai
Tukuna ngā rawa i whakakapi nui ki te wakaawe i ngā moni pūmau, rānei i ētahi atu tohu, me te kore hoko i ōu taonga.
Reiti Tātaitanga
Ka whakarerekē aunoa ngā reiti pānga i runga i te whakamahinga o te mākete, e whakakotahi ana i te tuku me te hiahia i te wā tūturu.
Aave: Te Kaiārahi Mākete
He Aave te kaupapa tukanga tuku moni DeFi nui rawa atu i runga i te TVL, me te nui o $18 billion kua kati i ngā whatunga blockchain 12+ . I whakatūhia e Stani Kulechov i te tau 2017 hei ETHLend, he papatono tuku moni ā-tāwhana i runga i te Ethereum, i hurihia te ingoa o te kaupapa ki Aave (te reo Finnish mō te "ghost") i te tau 2020, ā, i huri ki te tauira tuku moni i runga i te pūreke, ā, ka riro hei tauira matua mō te tuku DeFi.
Aave V3, i whakarewatia i te marama o Poutū-te-rangi 2022, ā, ināianei ko te putanga rangatira, i whakaurua he maha ngā āhuatanga hou. Aratau Whakapakari (E-Mode) e whakaaetia ana ngā ōrau nama ki te uara tiketike ake i te wā e poaka ana i ngā rawa e hono ana (hei tauira, poaka USDT ki te taura USDC ki te 97% LTV). Aratau Motuhake e whakaaetia ana te kaupapa kia rārangi i ngā rawa hou me ngā tawhā mōrearea kua whakahaere, e whakaiti ana i te pānga pea o ngā tohu hihiri, kāore anō kia whakamātau. Tūwhera e whakaaetia ana te whakawhiti pūtea whakawhiti-aho, e āhei ana ngā kaiwhakamahi ki te neke i ngā tūnga i waenganui i ngā whatunga kia māmā.
I whakatū a Aave ngā nama tere, ngā nama kāore he taura me tonoa me te utu i roto i tētahi whakawhitinga kotahi. Kua āhei ngā nama tere ki te hanga i tētahi pūnaha katoa o ngā rautaki whakawhitinga utu, whakakāhore, me te whakawhiti taura, e tukatuka i ngā piriona i te rahi.
Ka whakarewa hoki te kaupapa GHO, he moni pūmau korekore i hangaia e ngā kaiwhiwhi Aave. Ko te reiti pānga o GHO' ka whakaritea e te kāwanatanga Aave, kaua e ngā kaha mākete, e waihanga ana i tētahi puna moni hou mō te kaupapa i te wā e tuku ana i ngā kaiwhiwhi i tētahi utu pūtea e taea te matapae. Te AAVE tohu kāwanatanga ka whakamahia mō te kāwanatanga kaupapa me te whakatūpato i te Safety Module, e mahi ana hei pūkete i te nama kino.
Ngā Kaha Matua
- TVL nui rawa me te māmāwai hohonu i te tuku kāri i DeFi
- 12+ ngā mokowā: Ethereum, Arbitrum, Optimism, Polygon, Avalanche, Base, BNB Chain, me ētahi atu
- Māri tere, E-Mode, me te moni pūmau GHO
- Te tikanga DeFi i arotakehia te nuinga me te Pūnaha Haumaru hei tautoko
Tau Tūturu (Marama 2026)
- Utu Uara Katoa$18.2B
- APY Tukunga USDC3.5 - 6.2%
- Ngā Aho Ka tautokohia12+
- Ngā taonga tautokona150+
- Tōkena ManaAAVE
Compound: Te Pione
Ko Compound te kaupapa here i waihanga i te whakapae pūtea DeFi i runga i te pūreke. I whakatūria e Robert Leshner me Geoffrey Hayes i te tau 2018, ka whakaurua e Compound te ariā o ngā reiti pānga rorohiko me ngā tūranga whakapae kua whakaitia (cTokens) i riro hei paerewa mō te ahumahi katoa. Ka whai i te hoahoa taketake a Compound ngā kaupapa here a Aave, Morpho, me ngā tini atu.
I te marama o Hune 2020, i whakarewa e Compound te COMP tohu whakahaere, ā, i tūāhua i te kāhua waiwai, me te tohatohanga i ngā tohu COMP ki ngā kaiwhakarato me ngā kaiwhiwhi. I whakatūria tēnei auahatanga kotahi te "DeFi Summer" ā, i whakaawea i te nuinga o ngā tohatohanga tohu i muri i te pūnaha.
Compound III (ka kīia hoki ko Comet), i whakarewahia i te 2022, e whakaatu ana i tētahi panonitanga nui i te tauira rawa pūhohoro taketake. Mā te kore e whakaaetia ngā kaiwhakamahi ki te tuku me te nama i tētahi rawa kua rārangi, ka arotahi a Compound III ki te he rawa kotahi e taea te nama mō ia mākete (i te nuinga ko USDC). Ka tukuna e ngā kaiwhakamahi ngā rawa tiaki (ETH, WBTC, COMP, aha atu) hei nama i te USDC. Ka whakaiti tēnei māmā i te mōrearea nui mā te whakakore i te pānga o ngā rawa i waenganui, ā, ka māmā ake te mātakitaki me te arotake i te tikanga.
Kei te arotahi a Compound haere haere ki te te whakaae a-rohe. Ko te Treasury a Compound (inaianei ko Superstate) tētahi o ngā hua tuatahi i tuku urunga whakahaere ki ngā hua DeFi mō ngā kaihoko a-rohe. Ko te arotahi a protocol's ki te māmā, te waehere i whakamātau, me ngā tawhā mōrearea e tiakina ana, ka whakaaetia hei kōwhiringa pai mō ngā treasury me ngā pūtea e hiahia ana ki te whakamarama i te whakaata DeFi ki ngā rōpū hāngai.
Ngā Kaha Matua
- Te rārangi roa rawa (kua ora mai i te 2018, kāore he takahi nui)
- Compound III: he tauira taonga kotahi māmā ake e whakaiti i te mōrearea
- He whakaae a-rohe kaha me te tūnga whakahaere
- Māmā, pūtake waehere iti e māmā ana ki te arotake me te tātahi
Tau Tūturu (Marama 2026)
- Utu Katoa Kua Kati$3.8B
- APY Tukunga USDC3.0 - 5.5%
- Ngā Ake Tautokohia5 (Ethereum, Arbitrum, Polygon, Base, Optimism)
- Ngā Mākete Compound IIIUSDC, USDT, WETH
- Tōkena ManaCOMP
Aukati i te uaua. Whiwhi 7% APY i runga i te USDC.
Ka araho a Coinstancy i tō USDC puta noa i ngā tikanga tuku kāri nui pērā i a Aave, Compound, me Morpho. He whakakotahi ia rā, kāore he ārai, he tango tere.
Tīmata ki te whiwhi 7% APYMorpho: Te Whakarite
Morpho he mea hou rawa o ngā torohanga toru, i whakatūria i te tau 2022 e Paul Frambot me tētahi rōpū rangahau nō te Ecole Polytechnique me te Telecom Paris. I timata a Morpho hei whakapai ake o ngā utu i runga i te Aave me te Compound: i whakakotahi i ngā kaiwhakarato me ngā kaiwhakaoti i te āhua tangata ki te tangata hei whakakore i te rerekētanga i waenga i ngā utu tuku me ngā utu nama, e tuku ana i ngā kaiwhakarato i ngā hua tiketike me ngā kaiwhakaoti i ngā utu iti.
I te tau 2024, i whakarewa te tīma Morpho Blue, he pūtake kāri motuhake e whakaaro anō i te kāri DeFi i te tīmata. He Morpho Blue kāri atamai māmā, kāore e taea te whakarerekē e waihanga ana i ngā rārangi 650 noa o te Solidity. Kāore i a ia he tukanga rārangi taonga e whakahaerehia e te kāwanatanga. Mēnā, ka taea e te tangata katoa te hanga mākete kāri mā te tautuhi i tētahi taonga nama, tētahi taonga tiaki, tētahi LTV whakakāhore, tētahi pūkenga, me tētahi tauira reiti pānga. Ko tēnei hoahoa kore whakaaetanga, modular e mahi ai a Morpho Blue hei papamahi iho kāri kaua i te tikanga kotahi nui.
MetaMorpho Vaults he whakarapopotanga e aro ana ki te kaiwhakamahi i hangaia i runga i te Morpho Blue. Ka waihanga ngā kaitiaki pouaka (ngā tohunga mōrearea, DAO, ngā tikanga) i ngā pouaka e tohatoha ana i te pūtea ki ngā mākete Morpho Blue maha i runga i tētahi rautaki mōrearea/whakahoki. Ka tāpui ngā kaiwhakamahi ki tētahi pouaka, ka whiwhi hua kua whakapai ake me te kore e hiahia ki te arotake i ngā mākete takitahi. Ko tēnei wehe i waenganui i te pūtake kāri (Morpho Blue) me te papanga whakahaere mōrearea (ngā pouaka) te auahatanga hoahoa matua a Morpho.
Morpho kua tipu tere, e hipa ana $5 billion in TVL i te tīmata o 2026. He paerewa whaihua o tōna mahi e taea te ine: Ko ngā reiti tuku USDC i runga i Morpho he 0.5-2% teitei ake i ngā reiti ōrite i Aave, Compound, nā te whakataurite tangata‑ki‑tangata me te hoahoa māmā ake e whakaiti ana i te rerekētanga o ngā reiti pānga. I whakarewaia te tohu kāwanatanga MORPHO i te tau 2024 mō te kāwanatanga o te tikanga.
Ngā Kaha Matua
- Ngā reiti tuku teitei rawa mā te whakapai ake o ngā reiti tangata‑ki‑tangata
- Morpho Blue: korekore, i whakamana ā-ture 650‑rārangi
- Hoahoa pouaka modular me ngā rautaki mōrearea kua whiriwhiri
- Wāhanga mākete kore whakaaetanga mō tūranga rawa katoa
Tau Tūturu (Marama 2026)
- Utu Katoa Kua Kati$5.1B
- APY Tukunga USDC4.0 - 8.0%
- Ngā Ake Tautokohia3 (Ethereum, Base, Polygon)
- Mākete Morpho Blue500+
- Tāra WhakahaereMORPHO
Ripanga Whakatauranga Taipitopito
He wehewehenga tata i waenganui i te Aave V3, Compound III, me Morpho Blue i ia āhuatanga e whai kiko ana mō ngā kaiwhakarato me ngā kaiwhakaoti.
| Āhuatanga | Aave V3 | Compound III | Morpho Kahurangi |
|---|---|---|---|
| TVL | $18.2B | $3.8B | $5.1B |
| APY Tukunga USDC | 3.5 - 6.2% | 3.0 - 5.5% | 4.0 - 8.0% |
| APY Whakapae USDC | 4.5 - 8.0% | 4.0 - 7.0% | 4.5 - 8.5% |
| Hanganga | Kua kohia, rawa maha | Rawa kotahi (Comet) | Mātāmua modular + pūpū |
| Ngā aho | 12+ (Ethereum, Arbitrum, Optimism, Polygon, Base, Avalanche, etc.) | 5 (Ethereum, Arbitrum, Polygon, Base, Optimism) | 3 (Ethereum, Base, Polygon) |
| Ngā Tāra Tautokohia | 150+ (kāwanatanga-rārangi) | ~15 taonga whakakotahi | Tētahi (kore whakaaetanga) |
| Whakahaere | tohatoha AAVE, pōti i runga i te aho | tohatoha COMP, pōti i runga i te aho | tohatoha MORPHO, kaitiaki whare |
| Āhuatanga ahurei | Māri tere, Aratau-E, GHO, tūwhera | Māmā o te taonga kotahi, utu COMP | Whakatauranga P2P, whare MetaMorpho, kirimana kore whakarerekē |
| Utu Kaupapa | 0% (ka taea e te kāwanatanga te whakahohe) | āhua pūtea (10-25%) | 0% i Morpho Blue, utu whare rerekē |
| Arotakenga | Trail of Bits, Certora, SigmaPrime, ABDK, Peckshield | OpenZeppelin, Trail of Bits, ChainSecurity | Spearbit, Cantina, manatokanga ā-ture e Certora |
| Atawhai Kirimana Atamai | Ka taea te whakahoutanga mā te kāwanatanga | Ka taea te whakahoutanga mā te kāwanatanga | Kore whakarerekē (kāore e taea te whakahoutanga) |
Ko tēhea Kōtaha e me kōwhiri e koe?
Ko te kōtaha tino pai e whakawhirinaki ana ki ōu whāinga. Anei he wehewehenga i runga i te horopaki whakamahinga hei āwhina i a koe ki te whakatau.
Mō te Whakapau Māmā, Tūturu
Kōwhiria: Compound III. Ko tōna tauira kotahi-ā-tuku te mea māmā rawa ki te mārama me te whakamahi. Tukua te taura, whiwhi USDC, ā, kua oti. Ngā tawhā iti hei whirihora, mōtika iti o te pānga whakawhiringa rawa. He pai mō ngā kaiwhakamahi e whai wāhi ki te māmā me te hītori kua whakamana.
Mō te APY teitei i runga i ngā Moni Tūturu
Kōwhiria: Morpho Blue (via MetaMorpho vaults). Ka tukuna e te whakataurite a‑muri‑a‑muri a Morpho's me te hoahoanga modular ngā reiti tuku teitei rawa i runga i te USDC me ētahi atu moni pūmau. Tīpakohia he pouaka i whakatūria e tētahi kaiwhakahaere mōrearea rongonui pērā i a Gauntlet, Steakhouse, rānei Re7 Labs mō ngā hua kua whakatikahia mō te mōrearea tino pai.
Mō te Whakamahi Rōpū & Pūtea
Kōwhiria: Aave V3 rānei Compound III. He roa te hītori o te rua, he arotake whānui, ā, he tukanga kāwanatanga kua whakatūria e te rōpū hāngai. Ka tuku a Aave i te nui ake o te ngawari me te E-Mode me ngā mākete rawa maha. Ka tuku a Compound i te māmā, ā, ka māmā te pūrongo mōrearea. He maha ngā whakahaere e whakamahi ana i te rua.
Mō ngā Kaihanga & Kaiwhakatere Kaupapa
Kōwhiria: Morpho Blue. Ko tōna hanga mākete kāore he whakaaetanga me te korekore, he mataiti iti o te kirimana, e tino pai ana hei tūāpapa mō te hanga hua whakapae hou. Hangaia ngā mākete ritenga mō tētahi takirua rawa, hanga whare pupuri me ngā rautaki mōrearea whaiaro, rānei whakauru te whakapae ki tō kaupapa kāore he taumaha whakahaere. He pai hoki a Aave V3 mō ngā whakauru nā te nui o tōna waiwai me tōna noho i ngā aho maha.
Mō te Uru Maha-Aho
Kōwhiri: Aave V3. Me ngā whakatūnga i runga i ngā aho 12+, ko Aave te tikanga kāri kotahi anake e whai ana i te āwhina ā-ao mō ngā aho maha. Mēnā e hiahia ana koe ki te tuku kāri me te nama i runga i Arbitrum, Avalanche, Base, me Polygon i te kotahi papamahi, ko Aave te kōwhiringa anake.
Me pēhea te whakamahi a Coinstancy i ēnei tikanga
Ko te whakamahi tika i Aave, Compound, me Morpho e hiahiatia ana he pūkete Web3, ETH mō ngā utu hinu, te mārama ki ngā ōritanga pūtea, me te aroturuki tonu hei whakapai ake i ngā hua. Ka whakakore katoa e Coinstancy i tēnei uaua.
Ka tukuna e koe te USDC ki Coinstancy, ka tohua tō pūtea ki ngā whai wāhitanga kāri nui rawa atu i Aave, Compound, me Morpho. Ka whakahou tonu te papatono i ngā tohatohanga i te wā e huri ana ngā reiti, ka hopu i te APY pai rawa e wātea ana i ngā wā katoa, kāore e hiahiatia ana he whakakōrero ā-ringa.
Te hua: 7% APY i runga i te USDC me te whakakotahi ia rā, kāore he wā ārai, me ngā tango tere. Ka whiwhi koe i ngā painga hua o ngā rautaki tuku nama DeFi matatini me te kore e hiahia ki te mārama i ngā tikanga o te kaupapa, ki te whakahaere utu hinu, ki te aromatawai mōrearea o te kirimana atamai i a koe anō.
He tino kaha tēnei mō ngā kaiwhakamahi kua pānui i tēnei aratohu, kua mārama ki ngā painga me ngā mōrearea o ngā tikanga, engari kāore e hiahia ana ki te whakapau wā ki te whakahaere i ngā tūnga i ngā papanga toru rerekē me ngā aho maha. Ka whakahaere a Coinstancy i te papanga whakapai ake kia āhei koe ki te arotahi ki tō rautaki pūtea whānui.
He aha te kōwhiri i waenganui i ngā tikanga?
Ka hoatu a Coinstancy i te whakaaturanga ki ngā hua o Aave, Compound, me Morpho i roto i tētahi tāke USDC kotahi. 7% APY, te whakakotahi o ia rā, kāore he ārai.
Open Your AccountTe Anamata o te Whakaurunga DeFi
Kei te tere te whanaketanga o te whakaurunga DeFi, ā, he maha ngā ahunga e hanga ana i te whakatipuranga hou o ngā tikanga me ngā hua.
Whakaurunga Modular
Kua whakaatu a Morpho Blue i te kaha o te wehe i te pūtake kāriha i te papanga whakahaere mōrearea. Kei te riro tēnei ara modular hei paerewa ahumahi. Mā te whakakāhore i ngā tikanga kotahi e whakahaere ana i ngā mea katoa mai i te waihanga mākete ki ngā tawhā mōrearea ki te whakawātea, e ārahi ana te ao ki ngā papanga motuhake: ngā kirimana kāriha taketake (pērā i a Morpho Blue), ngā pouaka whakahaere mōrearea (pērā i a MetaMorpho), me ngā whatunga orākura e taea ana te whakakotahi ā‑kore.
Ahakoa, kei te neke haere a Aave i tēnei ara, me ngā tono mō te whakahaere mōrearea modular me ngā whirihoranga mākete e taea te whakarite i ngā putanga heke mai. Heoi anō, ko Euler V2, Silo Finance, me ētahi atu tikanga e puta mai ana, he mea hanga hoki i runga i ngā mātāpono modular.
Utu rawa ao-tūturu (RWA)
Ko te tokeniwhanga o ngā taonga ao-tūturu, tae atu ki ngā nama pūtea kāwanatanga, ngā nama pakihi, te whenua, me ngā nama, e whakatuwhera ana i ngā mākete kāriha hou. Kua whakauru kē a Aave me Morpho i te taura pūtea RWA, e āhei ana i ngā kaiwhakamahi ki te nama i runga i ngā nama T-tokeniwhanga, me te tuku pūtea ki ngā mākete e tautokohia ana e ngā puna moni ao-tūturu.
Ka taea e tēnei whakakotahitanga o te pūtea tuku iho me te DeFi te whakawhānui nui i te mākete e taea te whiwhi mō ngā tikanga kāriha. Mā te tau 2027, e matapae ana ngā tātaritanga ka taea e te kāriha tautokohia e RWA te whakatau i te 20-30% o te TVL katoa o te DeFi.
Kāriha kāore i te nui o te taura pūtea & Kāriha i runga i te mana reputa
Āianei, ko te katoa o ngā whakapae nui a DeFi e hiahiatia ana te nui ake o te taura: me tāpiri i te uara nui ake i te mea e muku ana koe. He whakakāhore pūtea tēnei, ā, ka aukati i te āhei o DeFi ki te whakataetae ki ngā whakapae tuku iho. E maha ngā tikanga e whakamātau ana i ngā tauira whakapae kāore i te nui o te taura, e whakamahi ana i te mana o te aho, ngā pūkete whiwhinga, me ngā tiaki a ngā rōpū hei whakaiti i ngā whakapae e hiahiatia ana.
Kei te āhei kē te āhuatanga tuku nama a Aave's ki ngā kaiwhiwhi nama e whakawhirinaki ana ki te uru ki ngā nama kāore i te whakakapi i te taura mā te kaiwhakawhiwhi. Ka tipu haere ngā pūnaha tuakiri me te manaaki i runga i te aho, ka tūmanako ka riro te tuku nama kāore i te whakakapi i te taura hei wāhi tipu nui, i te tuatahi mō ngā kaiwhiwhi nama whakahaere, ā, ka tae ki ngā kaiwhakamahi hokohoko.
Ngā Pātai Auau
He aha te kaupapa tuku nama DeFi e te APY teitei rawa?
He haumaru ake a Aave i a Compound, i a Morpho?
Ka taea e au te whakamahi i Aave, Compound, me Morpho i te wā kotahi?
He aha te pā ki te kaiwhiwhi moni mēnā ka rahua i Aave, i Compound?
Me whai au i te mōhiotanga hangarau ki te whakamahi i ēnei tikanga?
Me pēhea te whakamahi a Coinstancy i ēnei tikanga kāri?
Haere tonu ki te ako
Tirohia ngā aratohu e pā ana ki ngā kaupapa me ngā ariā kua whakarapopototia i tēnei whakataurite.
Aratohu Morpho
Rere hohonu ki te Morpho Blue, ngā whare MetaMorpho, te whakapai ake o ngā reiti tangata‑ki‑tangata, me te ara ki te whakapiki i ngā hua nama.
Pānui Aratohu AratohuAratohu Hua Stablecoin
Kei hea e whiwhi ai i ngā utu pai rawa mō ngā moni pūmua i te tau 2026. Whakataurua ngā papatono, ngā rautaki, me ngā mōrearea.
Pānui Aratohu AratohuAratohu Katoa mō Aave
Katoa mō Aave V3: tuku, nama, nama tere, moni pūmau GHO, me te whakahaere.
Pānui AratohuWhiwhi 7% APY i runga i te USDC
Ka whakakotahi a Coinstancy i ngā mea pai rawa o Aave, Compound, me Morpho hei wheako hua kotahi, ngawari. He whakakotahi ia rā, kāore he here, he tango tere.