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HKIMR Applied Research Report No.1\/2024.<\/p>\n<p><a id=\"\u6ce8\" name=\"\u6ce8\"><\/a>\u3010\u6ce82\u3011 Aramonte, S., Huang, W., &amp; Schrimpf, A. \uff082021\uff09. &#8220;DeFi risks and the decentralisation illusion&#8221;. 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2023\uff09\uff0c\u80ea\u5217\u6709\u5173DeFi\u7684\u6761\u6587\u3002 \u7279\u533a\u653f\u5e9c\u8ba4\u540c\u865a\u62df\u8d44\u4ea7\u7684\u5408\u6cd5\u6027\u53ca\u5176\u5728\u91d1\u878d\u4e1a\u7684\u89d2\u8272\uff0c\u5e76\u6b22\u8fce\u670d\u52a1\u63d0\u4f9b\u5546\u5728\u9999\u6e2f\u843d\u6237\uff0c\u540c\u65f6\u5f3a\u8c03\u8bbe\u7acb\u9002\u65f6\u548c\u5fc5\u8981\u7684\u9632\u8303\u63aa\u65bd\u3002\u9999\u6e2f\u91d1\u878d\u5b66\u9662\u884c\u653f\u603b\u88c1\u51af\u6bb7\u8bfa\u8868\u793a\uff0c\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u548c\u5143\u5b87\u5b99\u76f8\u5173\u7684\u65b0\u5174\u79d1\u6280\uff0c\u4e0e\u66f4\u5e7f\u6cdb\u7684\u865a\u62df\u8d44\u4ea7\u548cWeb 3.0\u53d1\u5c55\u606f\u606f\u76f8\u5173\uff0c\u6709\u671b\u4e3a\u91d1\u878d\u670d\u52a1\u4e1a\u5e26\u6765\u5404\u79cd\u673a\u9047\u3002\u5e02\u573a\u53c2\u4e0e\u8005\u5219\u8ba4\u4e3a\uff0c\u660e\u786e\u7684\u76d1\u7ba1\u6846\u67b6\u3001\u5f3a\u5927\u7684\u91d1\u878d\u57fa\u7840\u8bbe\u65bd\u548c\u7f51\u7edc\uff0c\u4ee5\u53ca\u5177\u5907\u533a\u5757\u94fe\u76f8\u5173\u6280\u80fd\u7684\u4eba\u624d\uff0c\u5bf9\u4fc3\u8fdb\u672c\u6e2fDeFi\u548c\u865a\u62df\u8d44\u4ea7\u5e02\u573a\u7684\u8fdb\u4e00\u6b65\u53d1\u5c55\u81f3\u5173\u91cd\u8981\u3002 \u3010\u6ce81\u3011 Hong Kong Institute for Monetary and Financial Research. &quot;Decentralised Finance:\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"google-site-verification\" content=\"google-site-verification=MjdkluDgHpNk2vz5slbwER2Gusw2rUDQuVULMERWzLo\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/216483\/\" \/>\n\t<meta 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3.0\u751f\u6001\u5708\u7684\u91cd\u8981\u677f\u5757\u3002\u8fd1\u5e74\u865a\u62df\u8d44\u4ea7\u9a97\u6848\u4e0d\u65f6\u51fa\u73b0\uff0c\u8b66\u52a1\u5904\u53cd\u8bc8\u9a97\u534f\u8c03\u4e2d\u5fc32023\u5e7412\u6708\u7684\u6570\u636e\u663e\u793a\uff0c\u4ee5\u6570\u91cf\u6392\u540d\u4f9d\u6b21\u4e3a\u6295\u8d44\u9a97\u6848\u3001\u6c42\u804c\u9a97\u6848\u53ca\u7535\u8bdd\u9a97\u6848\uff0c\u5f53\u4e2d\u6295\u8d44\u9a97\u6848\u5347\u5e45\u8f83\u4e3a\u663e\u8457\u3010\u8868\u3011\u3002 \u865a\u62df\u8d44\u4ea7\u5e02\u573a\u4e00\u518d\u53d1\u751f\u5927\u89c4\u6a21\u8bc8\u9a97\u4e8b\u4ef6\uff0c\u96be\u514d\u4ee4\u90e8\u5206\u6295\u8d44\u8005\u5bf9\u65b0\u7ecf\u6d4e\u4ea7\u751f\u6212\u5fc3\u3002\u53bb\u5e74\u4e00\u573aJPEX\u91d1\u878d\u5927\u6848\uff0c\u77ac\u95f4\u52a0\u6df1\u6e2f\u4eba\u5bf9\u865a\u62df\u8d44\u4ea7\u6295\u8d44\u7684\u8ba4\u8bc6\uff0c\u8bc1\u5238\u53ca\u671f\u8d27\u4e8b\u52a1\u76d1\u5bdf\u59d4\u5458\u4f1a\u56e0\u800c\u5b9a\u671f\u516c\u5e03\u865a\u62df\u8d44\u4ea7\u4ea4\u6613\u5e73\u53f0\u7684\u53ef\u7591\u540d\u5355\uff0c\u4ee5\u53ca\u6b63\u5728\u7533\u8bf7\u724c\u7167\u7684\u670d\u52a1\u63d0\u4f9b\u5546\u540d\u5355\u3002 \u65b0\u5174\u91d1\u878d\u7684\u4f18\u52bf \u5728\u4f20\u7edf\u91d1\u878d\u5e02\u573a\u4e0a\uff0c\u6295\u8d44\u6d3b\u52a8\u4f9d\u8d56\u4eba\u9645\u4e92\u52a8\u3002\u7531\u4e8e\u62c5\u5fc3\u7ade\u4e89\u5bf9\u624b\u6216\u4f1a\u6a21\u4eff\uff0c\u516c\u53f8\u6709\u6743\u62d2\u7edd\u62ab\u9732\u5176\u4ea4\u6613\u6a21\u5f0f\u7684\u7ec6\u8282\uff0c\u5f62\u6210\u4fe1\u606f\u4e0d\u5bf9\u79f0\uff08Asymmetric Information\uff09\u3002\u73b0\u4ee3\u91d1\u878d\u5e02\u573a\u9ad8\u6548\u8fd0\u4f5c\uff0c\u6781\u4e3a\u590d\u6742\uff0c\u56e0\u6b64\u6709\u5fc5\u8981\u5728\u6295\u8d44\u5173\u7cfb\u4e2d\u52a0\u5165\u5951\u7ea6\u4fe1\u4efb\uff08Contractual Trust\uff09\uff0c\u610f\u5373\u4e00\u65b9\u76f8\u4fe1\u53e6\u4e00\u65b9\u4f1a\u5c65\u884c\u5408\u7ea6\u4e49\u52a1\u3002\u5951\u7ea6\u4f7f\u6295\u8d44\u8005\u80fd\u51c6\u786e\u5730\u8bc4\u4f30\u98ce\u9669\u548c\u56de\u62a5\uff0c\u6709\u52a9\u4e8e\u5404\u65b9\u8bc4\u4f30\u98ce\u9669\uff0c\u5305\u62ec\u53d7\u6258\u4eba\u7684\u6f5c\u5728\u6536\u76ca\u548c\u635f\u5931\u3002 \u79d1\u6280\u65e5\u65b0\u6708\u5f02\uff0c\u4ea6\u4e3a\u91d1\u878d\u754c\u5e26\u6765\u7ffb\u5929\u8986\u5730\u7684\u6539\u53d8\u3002\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\uff08Decentralized Finance\uff0c\u7b80\u79f0DeFi\uff09\u5c5e\u65b0\u5174\u91d1\u878d\u6280\u672f\uff0c\u4e0d\u5fc5\u4f9d\u8d56\u4f20\u7edf\u91d1\u878d\u4e2d\u4ecb\u673a\u6784\uff0c\u800c\u80fd\u63d0\u4f9b\u91d1\u878d\u670d\u52a1\uff0c\u4e3a\u4f20\u7edf\u91d1\u878d\u4f53\u7cfb\u63d0\u4f9b\u66f4\u5177\u6210\u672c\u6548\u76ca\u3001\u66f4\u5b89\u5168\u7684\u66ff\u4ee3\u65b9\u6848\u3002DeFi\u590d\u5236\u4e86\u8bb8\u591a\u4f20\u7edf\u91d1\u878d\u670d\u52a1\uff0c\u5305\u62ec\u4ea4\u6613\u6240\u3001\u501f\u8d37\u3001\u4fdd\u9669\u548c\u8d44\u4ea7\u7ba1\u7406\uff0c\u4f46\u4e0d\u53d7\u5236\u4e8e\u4e2d\u592e\u673a\u6784\u3002\u518d\u8005\uff0cDeFi\u7684\u4fe1\u4efb\u673a\u5236\u5efa\u57fa\u4e8e\u667a\u80fd\u5408\u7ea6\uff0c\u662f\u533a\u5757\u94fe\u4e0a\u4e00\u7ec4\u5236\u5b9a\u534f\u8bae\u7684\u7a0b\u5e8f\u4ee3\u7801\uff0c\u4ece\u800c\u964d\u4f4e\u6210\u672c\u548c\u4eba\u4e3a\u9519\u8bef\u7684\u53ef\u80fd\u6027\uff0c\u53ef\u5f25\u8865\u4f20\u7edf\u91d1\u878d\u5236\u5ea6\u7684\u4e0d\u8db3\u3002 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\u7136\u800c\uff0c\u968f\u7740\u4e3b\u8981\u52a0\u5bc6\u8d44\u4ea7\u670d\u52a1\u63d0\u4f9b\u5546\u5148\u540e\u5012\u95ed\uff0c\u66b4\u9732\u4e86\u6563\u6237\u5982\u4f55\u8f7b\u6613\u5730\u88ab\u4e00\u4e9b\u4e0d\u5408\u903b\u8f91\u7684\u9ad8\u56de\u62a5\u6240\u5438\u5f15\uff0c\u800c\u52a0\u5bc6\u8d27\u5e01\u7684\u6781\u9ad8\u533f\u540d\u6027\u8d28\u4ea6\u6613\u88ab\u4e0d\u6cd5\u4e4b\u5f92\u5229\u7528\uff0c\u5e02\u573a\u8106\u5f31\u7684\u4e00\u9762\u9010\u6e10\u6d6e\u73b0\uff0c\u6295\u8d44\u60c5\u7eea\u968f\u4e4b\u8f6c\u4e3a\u8d1f\u9762\uff0c\u4e8e\u662f\u8fce\u6765\u300c\u52a0\u5bc6\u5bd2\u51ac\u300d\uff08Crypto Winter\uff09\u3002 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2023\uff09\uff0c\u80ea\u5217\u6709\u5173DeFi\u7684\u6761\u6587\u3002 \u7279\u533a\u653f\u5e9c\u8ba4\u540c\u865a\u62df\u8d44\u4ea7\u7684\u5408\u6cd5\u6027\u53ca\u5176\u5728\u91d1\u878d\u4e1a\u7684\u89d2\u8272\uff0c\u5e76\u6b22\u8fce\u670d\u52a1\u63d0\u4f9b\u5546\u5728\u9999\u6e2f\u843d\u6237\uff0c\u540c\u65f6\u5f3a\u8c03\u8bbe\u7acb\u9002\u65f6\u548c\u5fc5\u8981\u7684\u9632\u8303\u63aa\u65bd\u3002\u9999\u6e2f\u91d1\u878d\u5b66\u9662\u884c\u653f\u603b\u88c1\u51af\u6bb7\u8bfa\u8868\u793a\uff0c\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u548c\u5143\u5b87\u5b99\u76f8\u5173\u7684\u65b0\u5174\u79d1\u6280\uff0c\u4e0e\u66f4\u5e7f\u6cdb\u7684\u865a\u62df\u8d44\u4ea7\u548cWeb 3.0\u53d1\u5c55\u606f\u606f\u76f8\u5173\uff0c\u6709\u671b\u4e3a\u91d1\u878d\u670d\u52a1\u4e1a\u5e26\u6765\u5404\u79cd\u673a\u9047\u3002\u5e02\u573a\u53c2\u4e0e\u8005\u5219\u8ba4\u4e3a\uff0c\u660e\u786e\u7684\u76d1\u7ba1\u6846\u67b6\u3001\u5f3a\u5927\u7684\u91d1\u878d\u57fa\u7840\u8bbe\u65bd\u548c\u7f51\u7edc\uff0c\u4ee5\u53ca\u5177\u5907\u533a\u5757\u94fe\u76f8\u5173\u6280\u80fd\u7684\u4eba\u624d\uff0c\u5bf9\u4fc3\u8fdb\u672c\u6e2fDeFi\u548c\u865a\u62df\u8d44\u4ea7\u5e02\u573a\u7684\u8fdb\u4e00\u6b65\u53d1\u5c55\u81f3\u5173\u91cd\u8981\u3002 \u3010\u6ce81\u3011 Hong Kong Institute for Monetary and Financial Research. &quot;Decentralised Finance:\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/216483\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2024-07-25T09:44:56+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2024-07-30T08:26:30+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"\u6295\u8d44\u65e0\u7586\u754c \u89c4\u7ba1\u65b0\u5b89\u6392 - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u4e00\u822c\u5e02\u6c11\u4e5f\u8bb8\u5e76\u4e0d\u4e3a\u610f\uff0c\u9999\u6e2f\u6b63\u8fdb\u5165\u7b2c\u4e09\u4ee3\u4e92\u8054\u7f51\uff08Web 3.0\uff09\u65f6\u4ee3\u3002\u7279\u533a\u653f\u5e9c\u8fd1\u5e74\u79ef\u6781\u63a8\u52a8Web 3.0\u53d1\u5c55\uff0c\u800c\u6570\u7801\u6e2f\u4eca\u5e745\u6708\u5ba3\u5e03\u5728\u300c\u6570\u7801\u6e2f\u6295\u8d44\u8005\u7f51\u7edc\u300d\u4e4b\u4e0b\u6210\u7acb\u300cWeb 3.0\u6295\u8d44\u5708\u300d\uff0c\u4ee5\u4fc3\u8fdb\u76f8\u5173\u6295\u8d44\u9879\u76ee\u3002\u6b64\u7b49\u4e0e\u65f6\u5e76\u8fdb\u7684\u65b0\u7337\u6709\u8d56\u4e8e\u7f51\u7edc\u5b89\u5168\u548c\u5bf9\u6d88\u8d39\u8005\u3001\u6295\u8d44\u8005\u7684\u4fdd\u969c\u3002 Web 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\u5728\u4f20\u7edf\u91d1\u878d\u5e02\u573a\u4e0a\uff0c\u6295\u8d44\u6d3b\u52a8\u4f9d\u8d56\u4eba\u9645\u4e92\u52a8\u3002\u7531\u4e8e\u62c5\u5fc3\u7ade\u4e89\u5bf9\u624b\u6216\u4f1a\u6a21\u4eff\uff0c\u516c\u53f8\u6709\u6743\u62d2\u7edd\u62ab\u9732\u5176\u4ea4\u6613\u6a21\u5f0f\u7684\u7ec6\u8282\uff0c\u5f62\u6210\u4fe1\u606f\u4e0d\u5bf9\u79f0\uff08Asymmetric Information\uff09\u3002\u73b0\u4ee3\u91d1\u878d\u5e02\u573a\u9ad8\u6548\u8fd0\u4f5c\uff0c\u6781\u4e3a\u590d\u6742\uff0c\u56e0\u6b64\u6709\u5fc5\u8981\u5728\u6295\u8d44\u5173\u7cfb\u4e2d\u52a0\u5165\u5951\u7ea6\u4fe1\u4efb\uff08Contractual Trust\uff09\uff0c\u610f\u5373\u4e00\u65b9\u76f8\u4fe1\u53e6\u4e00\u65b9\u4f1a\u5c65\u884c\u5408\u7ea6\u4e49\u52a1\u3002\u5951\u7ea6\u4f7f\u6295\u8d44\u8005\u80fd\u51c6\u786e\u5730\u8bc4\u4f30\u98ce\u9669\u548c\u56de\u62a5\uff0c\u6709\u52a9\u4e8e\u5404\u65b9\u8bc4\u4f30\u98ce\u9669\uff0c\u5305\u62ec\u53d7\u6258\u4eba\u7684\u6f5c\u5728\u6536\u76ca\u548c\u635f\u5931\u3002 \u79d1\u6280\u65e5\u65b0\u6708\u5f02\uff0c\u4ea6\u4e3a\u91d1\u878d\u754c\u5e26\u6765\u7ffb\u5929\u8986\u5730\u7684\u6539\u53d8\u3002\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\uff08Decentralized Finance\uff0c\u7b80\u79f0DeFi\uff09\u5c5e\u65b0\u5174\u91d1\u878d\u6280\u672f\uff0c\u4e0d\u5fc5\u4f9d\u8d56\u4f20\u7edf\u91d1\u878d\u4e2d\u4ecb\u673a\u6784\uff0c\u800c\u80fd\u63d0\u4f9b\u91d1\u878d\u670d\u52a1\uff0c\u4e3a\u4f20\u7edf\u91d1\u878d\u4f53\u7cfb\u63d0\u4f9b\u66f4\u5177\u6210\u672c\u6548\u76ca\u3001\u66f4\u5b89\u5168\u7684\u66ff\u4ee3\u65b9\u6848\u3002DeFi\u590d\u5236\u4e86\u8bb8\u591a\u4f20\u7edf\u91d1\u878d\u670d\u52a1\uff0c\u5305\u62ec\u4ea4\u6613\u6240\u3001\u501f\u8d37\u3001\u4fdd\u9669\u548c\u8d44\u4ea7\u7ba1\u7406\uff0c\u4f46\u4e0d\u53d7\u5236\u4e8e\u4e2d\u592e\u673a\u6784\u3002\u518d\u8005\uff0cDeFi\u7684\u4fe1\u4efb\u673a\u5236\u5efa\u57fa\u4e8e\u667a\u80fd\u5408\u7ea6\uff0c\u662f\u533a\u5757\u94fe\u4e0a\u4e00\u7ec4\u5236\u5b9a\u534f\u8bae\u7684\u7a0b\u5e8f\u4ee3\u7801\uff0c\u4ece\u800c\u964d\u4f4e\u6210\u672c\u548c\u4eba\u4e3a\u9519\u8bef\u7684\u53ef\u80fd\u6027\uff0c\u53ef\u5f25\u8865\u4f20\u7edf\u91d1\u878d\u5236\u5ea6\u7684\u4e0d\u8db3\u3002 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3.0\u53d1\u5c55\u606f\u606f\u76f8\u5173\uff0c\u6709\u671b\u4e3a\u91d1\u878d\u670d\u52a1\u4e1a\u5e26\u6765\u5404\u79cd\u673a\u9047\u3002\u5e02\u573a\u53c2\u4e0e\u8005\u5219\u8ba4\u4e3a\uff0c\u660e\u786e\u7684\u76d1\u7ba1\u6846\u67b6\u3001\u5f3a\u5927\u7684\u91d1\u878d\u57fa\u7840\u8bbe\u65bd\u548c\u7f51\u7edc\uff0c\u4ee5\u53ca\u5177\u5907\u533a\u5757\u94fe\u76f8\u5173\u6280\u80fd\u7684\u4eba\u624d\uff0c\u5bf9\u4fc3\u8fdb\u672c\u6e2fDeFi\u548c\u865a\u62df\u8d44\u4ea7\u5e02\u573a\u7684\u8fdb\u4e00\u6b65\u53d1\u5c55\u81f3\u5173\u91cd\u8981\u3002 \u3010\u6ce81\u3011 Hong Kong Institute for Monetary and Financial Research. \"Decentralised 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3.0\u53d1\u5c55\u606f\u606f\u76f8\u5173\uff0c\u6709\u671b\u4e3a\u91d1\u878d\u670d\u52a1\u4e1a\u5e26\u6765\u5404\u79cd\u673a\u9047\u3002\u5e02\u573a\u53c2\u4e0e\u8005\u5219\u8ba4\u4e3a\uff0c\u660e\u786e\u7684\u76d1\u7ba1\u6846\u67b6\u3001\u5f3a\u5927\u7684\u91d1\u878d\u57fa\u7840\u8bbe\u65bd\u548c\u7f51\u7edc\uff0c\u4ee5\u53ca\u5177\u5907\u533a\u5757\u94fe\u76f8\u5173\u6280\u80fd\u7684\u4eba\u624d\uff0c\u5bf9\u4fc3\u8fdb\u672c\u6e2fDeFi\u548c\u865a\u62df\u8d44\u4ea7\u5e02\u573a\u7684\u8fdb\u4e00\u6b65\u53d1\u5c55\u81f3\u5173\u91cd\u8981\u3002 \u3010\u6ce81\u3011 Hong Kong Institute for Monetary and Financial Research. &quot;Decentralised Finance:","og:url":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/216483\/","article:published_time":"2024-07-25T09:44:56+00:00","article:modified_time":"2024-07-30T08:26:30+00:00","twitter:card":"summary_large_image","twitter:title":"\u6295\u8d44\u65e0\u7586\u754c \u89c4\u7ba1\u65b0\u5b89\u6392 - HKU Business 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\u5728\u4f20\u7edf\u91d1\u878d\u5e02\u573a\u4e0a\uff0c\u6295\u8d44\u6d3b\u52a8\u4f9d\u8d56\u4eba\u9645\u4e92\u52a8\u3002\u7531\u4e8e\u62c5\u5fc3\u7ade\u4e89\u5bf9\u624b\u6216\u4f1a\u6a21\u4eff\uff0c\u516c\u53f8\u6709\u6743\u62d2\u7edd\u62ab\u9732\u5176\u4ea4\u6613\u6a21\u5f0f\u7684\u7ec6\u8282\uff0c\u5f62\u6210\u4fe1\u606f\u4e0d\u5bf9\u79f0\uff08Asymmetric Information\uff09\u3002\u73b0\u4ee3\u91d1\u878d\u5e02\u573a\u9ad8\u6548\u8fd0\u4f5c\uff0c\u6781\u4e3a\u590d\u6742\uff0c\u56e0\u6b64\u6709\u5fc5\u8981\u5728\u6295\u8d44\u5173\u7cfb\u4e2d\u52a0\u5165\u5951\u7ea6\u4fe1\u4efb\uff08Contractual Trust\uff09\uff0c\u610f\u5373\u4e00\u65b9\u76f8\u4fe1\u53e6\u4e00\u65b9\u4f1a\u5c65\u884c\u5408\u7ea6\u4e49\u52a1\u3002\u5951\u7ea6\u4f7f\u6295\u8d44\u8005\u80fd\u51c6\u786e\u5730\u8bc4\u4f30\u98ce\u9669\u548c\u56de\u62a5\uff0c\u6709\u52a9\u4e8e\u5404\u65b9\u8bc4\u4f30\u98ce\u9669\uff0c\u5305\u62ec\u53d7\u6258\u4eba\u7684\u6f5c\u5728\u6536\u76ca\u548c\u635f\u5931\u3002 \u79d1\u6280\u65e5\u65b0\u6708\u5f02\uff0c\u4ea6\u4e3a\u91d1\u878d\u754c\u5e26\u6765\u7ffb\u5929\u8986\u5730\u7684\u6539\u53d8\u3002\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\uff08Decentralized Finance\uff0c\u7b80\u79f0DeFi\uff09\u5c5e\u65b0\u5174\u91d1\u878d\u6280\u672f\uff0c\u4e0d\u5fc5\u4f9d\u8d56\u4f20\u7edf\u91d1\u878d\u4e2d\u4ecb\u673a\u6784\uff0c\u800c\u80fd\u63d0\u4f9b\u91d1\u878d\u670d\u52a1\uff0c\u4e3a\u4f20\u7edf\u91d1\u878d\u4f53\u7cfb\u63d0\u4f9b\u66f4\u5177\u6210\u672c\u6548\u76ca\u3001\u66f4\u5b89\u5168\u7684\u66ff\u4ee3\u65b9\u6848\u3002DeFi\u590d\u5236\u4e86\u8bb8\u591a\u4f20\u7edf\u91d1\u878d\u670d\u52a1\uff0c\u5305\u62ec\u4ea4\u6613\u6240\u3001\u501f\u8d37\u3001\u4fdd\u9669\u548c\u8d44\u4ea7\u7ba1\u7406\uff0c\u4f46\u4e0d\u53d7\u5236\u4e8e\u4e2d\u592e\u673a\u6784\u3002\u518d\u8005\uff0cDeFi\u7684\u4fe1\u4efb\u673a\u5236\u5efa\u57fa\u4e8e\u667a\u80fd\u5408\u7ea6\uff0c\u662f\u533a\u5757\u94fe\u4e0a\u4e00\u7ec4\u5236\u5b9a\u534f\u8bae\u7684\u7a0b\u5e8f\u4ee3\u7801\uff0c\u4ece\u800c\u964d\u4f4e\u6210\u672c\u548c\u4eba\u4e3a\u9519\u8bef\u7684\u53ef\u80fd\u6027\uff0c\u53ef\u5f25\u8865\u4f20\u7edf\u91d1\u878d\u5236\u5ea6\u7684\u4e0d\u8db3\u3002 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2023\uff09\uff0c\u80ea\u5217\u6709\u5173DeFi\u7684\u6761\u6587\u3002 \u7279\u533a\u653f\u5e9c\u8ba4\u540c\u865a\u62df\u8d44\u4ea7\u7684\u5408\u6cd5\u6027\u53ca\u5176\u5728\u91d1\u878d\u4e1a\u7684\u89d2\u8272\uff0c\u5e76\u6b22\u8fce\u670d\u52a1\u63d0\u4f9b\u5546\u5728\u9999\u6e2f\u843d\u6237\uff0c\u540c\u65f6\u5f3a\u8c03\u8bbe\u7acb\u9002\u65f6\u548c\u5fc5\u8981\u7684\u9632\u8303\u63aa\u65bd\u3002\u9999\u6e2f\u91d1\u878d\u5b66\u9662\u884c\u653f\u603b\u88c1\u51af\u6bb7\u8bfa\u8868\u793a\uff0c\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u548c\u5143\u5b87\u5b99\u76f8\u5173\u7684\u65b0\u5174\u79d1\u6280\uff0c\u4e0e\u66f4\u5e7f\u6cdb\u7684\u865a\u62df\u8d44\u4ea7\u548cWeb 3.0\u53d1\u5c55\u606f\u606f\u76f8\u5173\uff0c\u6709\u671b\u4e3a\u91d1\u878d\u670d\u52a1\u4e1a\u5e26\u6765\u5404\u79cd\u673a\u9047\u3002\u5e02\u573a\u53c2\u4e0e\u8005\u5219\u8ba4\u4e3a\uff0c\u660e\u786e\u7684\u76d1\u7ba1\u6846\u67b6\u3001\u5f3a\u5927\u7684\u91d1\u878d\u57fa\u7840\u8bbe\u65bd\u548c\u7f51\u7edc\uff0c\u4ee5\u53ca\u5177\u5907\u533a\u5757\u94fe\u76f8\u5173\u6280\u80fd\u7684\u4eba\u624d\uff0c\u5bf9\u4fc3\u8fdb\u672c\u6e2fDeFi\u548c\u865a\u62df\u8d44\u4ea7\u5e02\u573a\u7684\u8fdb\u4e00\u6b65\u53d1\u5c55\u81f3\u5173\u91cd\u8981\u3002 \u3010\u6ce81\u3011 Hong Kong Institute for Monetary and Financial Research. &quot;Decentralised 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