Malalimang Pagsusuri sa DeFi Protocols
Comprehensive gabay to major DeFi protocols: DEXes, lending platforms, liquid staking, and yield optimization. Compare TVL, yields, and risks across the ecosystem.
Landscape ng DeFi Protocol
Decentralized Finance (DeFi) has evolved from experimental smart contracts to a $150B+ ecosystem offering every traditional financial service in a permissionless, transparent way. This gabay covers the major protocol categories and how to use them.
How DEX (AMM) Works
User Initiates Swap
Gusto mong mag-swap ng 1 ETH for USDC on Uniswap
TVL by Category
Naging pinakamalaking kategorya ng DeFi ang liquid staking, sinusundan ng lending at mga DEX.
DeFi TVL ayon sa Kategorya
Datos simula noong Enero 2026. Pinagmulan: DeFiLlama
Mag-explore ng mga DeFi Protocol
Browse at compare protocols by category. Click bawat protocol to see detailed metrics.
Paliwanag ng mga Lending Protocol
Paano Gumagana ang Lending
- 1. Supply assets to earn interest
- 2. Borrow against your collateral
- 3. Maintain health factor sa itaas ng liquidation threshold
- 4. Repay loan kahit kailan para i-unlock ang collateral
Key Metrics
- LTV (Loan-to-Value): Pinakamataas na % ng pautang sa halaga ng collateral
- Liquidation Threshold: LTV kung saan nali-liquidate ang posisyon
- Utilization Rate: % ng supplied assets na hiniram
- Health Factor: Ratio ng kaligtasan ng posisyon (dapat manatili sa >1)
Liquid Staking
Liquid staking lets you stake ETH o SOL habang receiving a liquid derivative token (stETH, jitoSOL) iyon ay maaaring gamitin in DeFi. Ikaw earn staking rewards habang maintaining capital efficiency.
Yield Optimization
Yield protocols help maximize returns sa pamamagitan ng auto-compounding, boosting, o yield tokenization.
Pendle - Yield Trading
Splits yield-bearing tokens into Principal (PT) at Yield (YT) tokens. Lock in fixed yields o speculate on variable rates.
Yearn - Yield Vaults
Automated strategies iyon rotate capital sa buong DeFi protocols to maximize yield habang auto-compounding returns.
Convex - Curve Boosting
Maximizes Curve LP yields by aggregating veCRV voting power. Earn boosted CRV rewards nang walang locking CRV iyongself.
Paghahambing ng Yield
Ihambing ang yields across protocols and understand the panganib/return tradeoffs.
Paghahambing ng DeFi Yield
Ihambing ang yields across different protocols and panganib levels
| Protocol | Asset | APY | Type | Risk |
|---|---|---|---|---|
| Ethena | sUSDe | 15% | Yield Token | High |
| GMX | GLP | 12.5% | Perp LP | High |
| Jito | SOL | 7.5% | Staking | Low |
| Pendle | PT-stETH | 4.8% | Fixed Yield | Medium |
| Aave | USDC | 4.5% | Lending | Low |
| Lido | ETH | 3.2% | Staking | Low |
| Curve | stETH/ETH | 2.1% | LP | Medium |
| Aave | ETH | 1.8% | Lending | Low |
APYs are variable and change frequently. Huling na-update: January 2026
Pag-unawa sa mga DeFi Risk
DeFi offers mataas na yields but comes with makabuluhang risks. Understanding mga ito ay crucial bago ang deploying capital.
DeFi panganib Assessment
Mga bug o kahinaan in protocol code ay maaaring humantong sa pagkawala ng mga pondo. Kahit ang mga na-audit na protocol ay na-hack na.
Mitigation: Use battle-tested protocols, check audit reports, diversify across protocols
LPs ay maaaring mawalan ng halaga kumpara sa pag-hold kapag humiwalay ang mga presyo. Mas malala sa mga volatile na pares.
Mitigation: Use stable pairs, monitor IL, consider concentrated liquidity positions
Attackers ay maaaring manipulahin ang mga price feed para pagsamantalahan ang lending and perpetual protocols.
Mitigation: Use protocols with decentralized oracles (Chainlink), avoid protocols with DEX-only price feeds
Ang mga may hawak ng token ay maaaring bumoto para baguhin ang mga parameter ng protocol, na posibleng makapinsala sa mga user.
Mitigation: Monitor governance proposals, understand timelock periods
Mababang liquidity ay maaaring magdulot ng slippage o pumigil sa mga withdrawal sa panahon ng market stress.
Mitigation: Check TVL trends, avoid protocols with declining liquidity
Ang mga regulasyon ay maaaring limitahan ang access to protocols o makaapekto sa halaga ng token.
Mitigation: Understand jurisdiction, use decentralized frontends
Bago Ka Mag-invest
Gamitin ang this checklist to evaluate any DeFi protocol before depositing funds.