DeFi Протоколs Deep Dive
Comprehensive guide to major DeFi protocols: DEXes, lending platforms, liquid staking, and yield optimization. Compare TVL, yields, and risks across the ecosystem.
DeFi Протокол Landscape
Decentralized Finance (DeFi) has evolved from experimental smart contracts to a $150B+ ecosystem offering every traditional financial service in a permissionless, transparent way. This guide covers the major protocol categories and how to use them.
How DEX (AMM) Works
User Initiates Обменять
You want to swap 1 ETH for USDC on Uniswap
TVL by Категория
Liquid staking has become the largest DeFi category, followed by lending and DEXes.
DeFi TVL by Категория
Data as of Январь 2026. Source: DeFiLlama
Explore DeFi Протоколs
Browse and compare protocols by category. Click each protocol to see detailed metrics.
Кредитование Протоколs Explained
How Кредитование Works
- 1. Supply assets to earn interest
- 2. Borrow against your collateral
- 3. Maintain health factor above liquidation threshold
- 4. Repay loan anytime to unlock collateral
Ключевые метрики
- LTV (Loan-to-Стоимость): Макс borrow % of collateral value
- Liquidation Threshold: LTV where position gets liquidated
- Utilization Rate: % of supplied assets being borrowed
- Health Factor: Position safety ratio (must stay >1)
Liquid Стейкинг
Liquid staking lets you stake ETH or SOL while receiving a liquid derivative token (stETH, jitoSOL) that can be used in DeFi. You earn staking rewards while maintaining capital efficiency.
Доходность Optimization
Доходность protocols help maximize returns through auto-compounding, boosting, or yield tokenization.
Pendle - Доходность Торговля
Splits yield-bearing tokens into Principal (PT) and Доходность (YT) tokens. Lock in fixed yields or speculate on variable rates.
Yearn - Доходность Vaults
Automated strategies that rotate capital across DeFi protocols to maximize yield while auto-compounding returns.
Convex - Curve Boosting
Максimizes Curve LP yields by aggregating veCRV voting power. Earn boosted CRV rewards without locking CRV yourself.
Доходность Comparison
Compare yields across protocols and understand the risk/return tradeoffs.
DeFi Доходность Comparison
Compare yields across different protocols and risk levels
| Протокол | Актив | APY | Тип | Риск |
|---|---|---|---|---|
| Ethena | sUSDe | 15% | Доходность Токен | Высокий |
| GMX | GLP | 12.5% | Perp LP | Высокий |
| Jito | SOL | 7.5% | Стейкинг | Низкий |
| Pendle | PT-stETH | 4.8% | Fixed Доходность | Средний |
| Aave | USDC | 4.5% | Кредитование | Низкий |
| Lido | ETH | 3.2% | Стейкинг | Низкий |
| Curve | stETH/ETH | 2.1% | LP | Средний |
| Aave | ETH | 1.8% | Кредитование | Низкий |
APYs are variable and change frequently. Последнее обновление: Январь 2026
Understanding DeFi Рискs
DeFi offers high yields but comes with significant risks. Understanding these is crucial before deploying capital.
DeFi Риск Assessment
Bugs or vulnerabilities in protocol code can lead to loss of funds. Even audited protocols have been hacked.
Mitigation: Use battle-tested protocols, check audit reports, diversify across protocols
LPs can lose value compared to holding when prices diverge. Worse in volatile pairs.
Mitigation: Use stable pairs, monitor IL, consider concentrated liquidity positions
Attackers can manipulate price feeds to exploit lending and perpetual protocols.
Mitigation: Use protocols with decentralized oracles (Chainlink), avoid protocols with DEX-only price feeds
Токен holders can vote to change protocol parameters, potentially harming users.
Mitigation: Monitor governance proposals, understand timelock periods
Низкий liquidity can cause slippage or prevent withdrawals during market stress.
Mitigation: Check TVL trends, avoid protocols with declining liquidity
Regulations could restrict access to protocols or affect token values.
Mitigation: Understand jurisdiction, use decentralized frontends
Before You Invest
Use this checklist to evaluate any DeFi protocol before depositing funds.