{"id":216491,"date":"2024-07-25T17:44:58","date_gmt":"2024-07-25T09:44:58","guid":{"rendered":"https:\/\/www.hkubs.hku.hk\/research\/thought-leadership\/216483\/"},"modified":"2024-07-30T16:24:43","modified_gmt":"2024-07-30T08:24:43","slug":"216483","status":"publish","type":"thought-leadership","link":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/216483\/","title":{"rendered":"\u6295\u8cc7\u7121\u7586\u754c \u898f\u7ba1\u65b0\u5b89\u6392"},"content":{"rendered":"<h2>\u6295\u8cc7\u7121\u7586\u754c \u898f\u7ba1\u65b0\u5b89\u6392<\/h2>\n<p>&nbsp;<\/p>\n<p>\u4e00\u822c\u5e02\u6c11\u4e5f\u8a31\u4e26\u4e0d\u70ba\u610f\uff0c\u9999\u6e2f\u6b63\u9032\u5165\u7b2c\u4e09\u4ee3\u4e92\u806f\u7db2\uff08Web 3.0\uff09\u6642\u4ee3\u3002\u7279\u5340\u653f\u5e9c\u8fd1\u5e74\u7a4d\u6975\u63a8\u52d5Web 3.0\u767c\u5c55\uff0c\u800c\u6578\u78bc\u6e2f\u4eca\u5e745\u6708\u5ba3\u5e03\u5728\u300c\u6578\u78bc\u6e2f\u6295\u8cc7\u8005\u7db2\u7d61\u300d\u4e4b\u4e0b\u6210\u7acb\u300cWeb 3.0\u6295\u8cc7\u5708\u300d\uff0c\u4ee5\u4fc3\u9032\u76f8\u95dc\u6295\u8cc7\u9805\u76ee\u3002\u6b64\u7b49\u8207\u6642\u4e26\u9032\u7684\u65b0\u7337\u6709\u8cf4\u65bc\u7db2\u7d61\u5b89\u5168\u548c\u5c0d\u6d88\u8cbb\u8005\u3001\u6295\u8cc7\u8005\u7684\u4fdd\u969c\u3002<\/p>\n<p>Web 3.0\u7684\u4f86\u81e8\u6703\u70ba\u5e02\u6c11\u7684\u751f\u6d3b\u548c\u6295\u8cc7\u65b9\u5f0f\u5e36\u4f86\u4ec0\u9ebc\u6539\u8b8a\uff1f\u865b\u64ec\u8cc7\u7522\u5e02\u5834\u662f\u5168\u7403\u91d1\u878d\u57ce\u5e02\u5fc5\u722d\u4e4b\u5730\uff0c\u9999\u6e2f\u6191\u85c9\u5176\u570b\u969b\u91d1\u878d\u4e2d\u5fc3\u7684\u5730\u4f4d\uff0c\u81ea\u80fd\u5728\u5e02\u5834\u4e0a\u4f54\u4e00\u5e2d\u4f4d\uff0c\u800c\u7279\u5340\u653f\u5e9c\u5728\u6276\u690d\u696d\u754c\u767c\u5c55\u4e4b\u9918\uff0c\u5247\u5fc5\u9808\u5236\u5b9a\u4e00\u5957\u91cf\u9ad4\u88c1\u8863\u7684\u76e3\u7ba1\u67b6\u69cb\u3002<\/p>\n<p>&nbsp;<\/p>\n<h5>\u865b\u64ec\u6295\u8cc7\u7684\u9677\u9631<\/h5>\n<p>&nbsp;<\/p>\n<p>\u865b\u64ec\u8cc7\u7522\u662fWeb 3.0\u751f\u614b\u5708\u7684\u91cd\u8981\u677f\u584a\u3002\u8fd1\u5e74\u865b\u64ec\u8cc7\u7522\u9a19\u6848\u4e0d\u6642\u51fa\u73fe\uff0c\u8b66\u52d9\u8655\u53cd\u8a50\u9a19\u5354\u8abf\u4e2d\u5fc32023\u5e7412\u6708\u7684\u6578\u64da\u986f\u793a\uff0c\u4ee5\u6578\u91cf\u6392\u540d\u4f9d\u6b21\u70ba\u6295\u8cc7\u9a19\u6848\u3001\u6c42\u8077\u9a19\u6848\u53ca\u96fb\u8a71\u9a19\u6848\uff0c\u7576\u4e2d\u6295\u8cc7\u9a19\u6848\u5347\u5e45\u8f03\u70ba\u986f\u8457\u3010\u8868\u3011\u3002<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-216477\" src=\"https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2024\/07\/sheet.png\" alt=\"\" width=\"742\" height=\"299\" srcset=\"https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2024\/07\/sheet.png 742w, https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2024\/07\/sheet-300x121.png 300w\" sizes=\"(max-width: 742px) 100vw, 742px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>\u865b\u64ec\u8cc7\u7522\u5e02\u5834\u4e00\u518d\u767c\u751f\u5927\u898f\u6a21\u8a50\u9a19\u4e8b\u4ef6\uff0c\u96e3\u514d\u4ee4\u90e8\u5206\u6295\u8cc7\u8005\u5c0d\u65b0\u7d93\u6fdf\u7522\u751f\u6212\u5fc3\u3002\u53bb\u5e74\u4e00\u5834JPEX\u91d1\u878d\u5927\u6848\uff0c\u77ac\u9593\u52a0\u6df1\u6e2f\u4eba\u5c0d\u865b\u64ec\u8cc7\u7522\u6295\u8cc7\u7684\u8a8d\u8b58\uff0c\u8b49\u5238\u53ca\u671f\u8ca8\u4e8b\u52d9\u76e3\u5bdf\u59d4\u54e1\u6703\u56e0\u800c\u5b9a\u671f\u516c\u5e03\u865b\u64ec\u8cc7\u7522\u4ea4\u6613\u5e73\u53f0\u7684\u53ef\u7591\u540d\u55ae\uff0c\u4ee5\u53ca\u6b63\u5728\u7533\u8acb\u724c\u7167\u7684\u670d\u52d9\u63d0\u4f9b\u8005\u540d\u55ae\u3002<\/p>\n<p>&nbsp;<\/p>\n<h5>\u65b0\u8208\u91d1\u878d\u7684\u512a\u52e2<\/h5>\n<p>&nbsp;<\/p>\n<p>\u5728\u50b3\u7d71\u91d1\u878d\u5e02\u5834\u4e0a\uff0c\u6295\u8cc7\u6d3b\u52d5\u4f9d\u8cf4\u4eba\u969b\u4e92\u52d5\u3002\u7531\u65bc\u64d4\u5fc3\u7af6\u722d\u5c0d\u624b\u6216\u6703\u6a21\u4eff\uff0c\u516c\u53f8\u6709\u6b0a\u62d2\u7d55\u62ab\u9732\u5176\u4ea4\u6613\u6a21\u5f0f\u7684\u7d30\u7bc0\uff0c\u5f62\u6210\u8cc7\u8a0a\u4e0d\u5c0d\u7a31\uff08Asymmetric Information\uff09\u3002\u73fe\u4ee3\u91d1\u878d\u5e02\u5834\u9ad8\u6548\u904b\u4f5c\uff0c\u6975\u70ba\u8907\u96dc\uff0c\u56e0\u6b64\u6709\u5fc5\u8981\u5728\u6295\u8cc7\u95dc\u4fc2\u4e2d\u52a0\u5165\u5951\u7d04\u4fe1\u4efb\uff08Contractual Trust\uff09\uff0c\u610f\u5373\u4e00\u65b9\u76f8\u4fe1\u53e6\u4e00\u65b9\u6703\u5c65\u884c\u5408\u7d04\u7fa9\u52d9\u3002\u5951\u7d04\u4f7f\u6295\u8cc7\u8005\u80fd\u6e96\u78ba\u5730\u8a55\u4f30\u98a8\u96aa\u548c\u56de\u5831\uff0c\u6709\u52a9\u65bc\u5404\u65b9\u8a55\u4f30\u98a8\u96aa\uff0c\u5305\u62ec\u53d7\u8a17\u4eba\u7684\u6f5b\u5728\u6536\u76ca\u548c\u640d\u5931\u3002<\/p>\n<p>\u79d1\u6280\u65e5\u65b0\u6708\u7570\uff0c\u4ea6\u70ba\u91d1\u878d\u754c\u5e36\u4f86\u7ffb\u5929\u8986\u5730\u7684\u6539\u8b8a\u3002\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\uff08Decentralized Finance\uff0c\u7c21\u7a31DeFi\uff09\u5c6c\u65b0\u8208\u91d1\u878d\u6280\u8853\uff0c\u4e0d\u5fc5\u4f9d\u8cf4\u50b3\u7d71\u91d1\u878d\u4e2d\u4ecb\u6a5f\u69cb\uff0c\u800c\u80fd\u63d0\u4f9b\u91d1\u878d\u670d\u52d9\uff0c\u70ba\u50b3\u7d71\u91d1\u878d\u9ad4\u7cfb\u63d0\u4f9b\u66f4\u5177\u6210\u672c\u6548\u76ca\u3001\u66f4\u5b89\u5168\u7684\u66ff\u4ee3\u65b9\u6848\u3002DeFi\u8907\u88fd\u4e86\u8a31\u591a\u50b3\u7d71\u91d1\u878d\u670d\u52d9\uff0c\u5305\u62ec\u4ea4\u6613\u6240\u3001\u501f\u8cb8\u3001\u4fdd\u96aa\u548c\u8cc7\u7522\u7ba1\u7406\uff0c\u4f46\u4e0d\u53d7\u5236\u65bc\u4e2d\u592e\u6a5f\u69cb\u3002\u518d\u8005\uff0cDeFi\u7684\u4fe1\u4efb\u6a5f\u5236\u5efa\u57fa\u65bc\u667a\u80fd\u5408\u7d04\uff0c\u662f\u5340\u584a\u93c8\u4e0a\u4e00\u7d44\u5236\u5b9a\u5354\u8b70\u7684\u7a0b\u5f0f\u78bc\uff0c\u5f9e\u800c\u964d\u4f4e\u6210\u672c\u548c\u4eba\u70ba\u932f\u8aa4\u7684\u53ef\u80fd\u6027\uff0c\u53ef\u5f4c\u88dc\u50b3\u7d71\u91d1\u878d\u5236\u5ea6\u7684\u4e0d\u8db3\u3002<\/p>\n<p>&nbsp;<\/p>\n<h5>\u76db\u590f\u7a81\u8f49\u5bd2\u51ac<\/h5>\n<p>&nbsp;<\/p>\n<p>\u57fa\u65bc\u9810\u671f\u56de\u5831\u7387\u9ad8\u53ca\u6295\u8cc7\u7684\u9748\u6d3b\u6027\uff0cDeFi\u57282020\u81f32021\u5e74\u662f\u52a0\u5bc6\u8cc7\u7522\u4e2d\u589e\u9577\u6700\u5feb\u7684\u9818\u57df\u3002\u9019\u6bb5\u671f\u9593\u88ab\u7a31\u70ba\u300cDeFi\u76db\u590f\u300d\uff08DeFi Summer\uff09\uff0cDeFi\u7522\u54c1\u548c\u670d\u52d9\u7684\u5e02\u503c\u5f9e2020\u5e746\u6708\u768445\u5104\u7f8e\u5143\u6fc0\u589e\u52302021\u5e7411\u6708\u76841665\u5104\u7f8e\u5143\uff0c\u5275\u4e0b\u6b77\u53f2\u65b0\u9ad8\u3002\u540c\u6642\uff0c\u8207DeFi\u5354\u8b70\u9023\u7d50\u7684\u52a0\u5bc6\u8cc7\u7522\u9322\u5305\u7e3d\u6578\uff0c\u5f9e\u7d0420\u842c\u500b\u589e\u81f3\u7d04500\u842c\u500b<a href=\"#\u8a3b\">\u3010\u8a3b1\u3011<\/a>\u3002<\/p>\n<p>\u7136\u800c\uff0c\u96a8\u7740\u4e3b\u8981\u52a0\u5bc6\u8cc7\u7522\u670d\u52d9\u63d0\u4f9b\u5546\u5148\u5f8c\u5012\u9589\uff0c\u66b4\u9732\u4e86\u6563\u6236\u5982\u4f55\u8f15\u6613\u5730\u88ab\u4e00\u4e9b\u4e0d\u5408\u908f\u8f2f\u7684\u9ad8\u56de\u5831\u6240\u5438\u5f15\uff0c\u800c\u52a0\u5bc6\u8ca8\u5e63\u7684\u6975\u9ad8\u533f\u540d\u6027\u8cea\u4ea6\u6613\u88ab\u4e0d\u6cd5\u4e4b\u5f92\u5229\u7528\uff0c\u5e02\u5834\u8106\u5f31\u7684\u4e00\u9762\u9010\u6f38\u6d6e\u73fe\uff0c\u6295\u8cc7\u60c5\u7dd2\u96a8\u4e4b\u8f49\u70ba\u8ca0\u9762\uff0c\u65bc\u662f\u8fce\u4f86\u300c\u52a0\u5bc6\u5bd2\u51ac\u300d\uff08Crypto Winter\uff09\u3002<\/p>\n<p>\u52a0\u5bc6\u8cc7\u7522\u50f9\u683c\u5f9e2021\u5e74\u5e95\u7684\u9ad8\u5cf0\u4e0b\u8dcc\uff0c\u5e45\u5ea6\u9ad8\u905475%\uff0c\u800cDeFi\u7684\u5e02\u503c\u52302022\u5e74\u5e95\u4e0b\u8dcc\u81f3320\u5104\u7f8e\u5143\u3010\u5716\u3011\u3002\u7136\u800c\uff0cDeFi\u4ecd\u662f\u52a0\u5bc6\u8cc7\u7522\u751f\u614b\u7cfb\u7d71\u4e2d\u7684\u4e00\u500b\u5c0f\u5206\u652f\uff1b\u622a\u81f32024\u5e743\u6708\uff0cDeFi\u5e02\u5834\u5e02\u503c\u70ba1137\u5104\u7f8e\u5143\uff0c\u50c5\u4f54\u52a0\u5bc6\u8cc7\u7522\u7e3d\u5e02\u503c\uff082.73\u842c\u5104\u7f8e\u5143\uff09\u76844.1%\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-216480\" src=\"https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2024\/07\/graph.png\" alt=\"\" width=\"672\" height=\"430\" srcset=\"https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2024\/07\/graph.png 672w, https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2024\/07\/graph-300x192.png 300w\" sizes=\"(max-width: 672px) 100vw, 672px\" \/><\/p>\n<p>&nbsp;<\/p>\n<h5>DeFi\u5148\u5929\u4e0d\u8db3\u8207\u6f5b\u5728\u98a8\u96aa<\/h5>\n<p>&nbsp;<\/p>\n<p>\u986f\u800c\u6613\u898b\uff0cDeFi\u5e02\u5834\u6b20\u7f3a\u4fdd\u969c\u6295\u8cc7\u8005\u7684\u5468\u5168\u63aa\u65bd\u3002DeFi\u548c\u52a0\u5bc6\u8cc7\u7522\u5e02\u5834\u767c\u5c55\u8fc5\u901f\uff0c\u52a0\u4e0a\u7121\u5206\u570b\u754c\uff0c\u76e3\u7ba1\u6d41\u65bc\u5206\u6563\u3002DeFi\u7684\u7279\u9ede\u662f\u53ef\u5f9e\u501f\u8cb8\u548c\u4ea4\u6613\u5e73\u53f0\u7372\u5f97\u9ad8\u69d3\u687f<a href=\"#\u8a3b\">\u3010\u8a3b2\u3011<\/a>\uff0c\u85c9\u6b64\u5728\u6295\u5165\u4e00\u5b9a\u7684\u521d\u59cb\u8cc7\u91d1\u5f8c\uff0c\u8cfc\u8cb7\u66f4\u591a\u8cc7\u7522\uff1b\u4f46\u7576\u50b5\u52d9\u6700\u7d42\u9700\u8981\u6e1b\u5c11\uff0c\u7531\u65bc\u6295\u8cc7\u8667\u640d\u6216\u62b5\u62bc\u54c1\u8cb6\u503c\uff0c\u6295\u8cc7\u8005\u5c31\u6703\u88ab\u8feb\u62cb\u552e\u8cc7\u7522\uff0c\u5c0d\u50f9\u683c\u9020\u6210\u9032\u4e00\u6b65\u7684\u4e0b\u884c\u58d3\u529b\uff0c\u4ee5\u81f42022\u5e74DeFi\u5e02\u503c\u4e0b\u8dcc\u6642\uff0c\u6295\u8cc7\u8005\u640d\u5931\u6158\u91cd\u3002<\/p>\n<p>\u8207\u6b64\u540c\u6642\uff0c\u5340\u584a\u93c8\u7684\u7121\u570b\u754c\u6027\u4e5f\u884d\u751f\u4e86\u5408\u898f\u548c\u5408\u6cd5\u6027\u554f\u984c\uff0c\u5404\u53f8\u6cd5\u7ba1\u8f44\u5340\u5728DeFi\u5e02\u5834\u7684\u7acb\u6cd5\u548c\u57f7\u6cd5\u65b9\u9762\u7f3a\u4e4f\u51dd\u805a\u529b\u3002\u7531\u65bcDeFi\u548c\u52a0\u5bc6\u8cc7\u7522\u5e02\u5834\u5177\u5168\u7403\u6027\uff0cDeFi\u5be6\u9ad4\u3001\u53c3\u8207\u8005\u548c\u6d3b\u52d5\u5f80\u5f80\u8de8\u8d8a\u591a\u500b\u7ba1\u8f44\u5340\uff0c\u76e3\u7ba1\u6a19\u6e96\u4e5f\u5c31\u9b06\u7dca\u4e0d\u4e00\uff1b\u4e0d\u5408\u898f\u7684\u71df\u904b\u5546\u548c\u670d\u52d9\u63d0\u4f9b\u8005\u5f97\u4ee5\u947d\u7a7a\u5b50\uff0c\u9077\u5f80\u76e3\u7ba1\u8584\u5f31\u6216\u6beb\u7121\u76e3\u7ba1\u7684\u570b\u5bb6\uff0c\u800c\u91d1\u878d\u76e3\u7ba1\u6a5f\u69cb\u4ea6\u96e3\u4ee5\u6536\u96c6\u76f8\u95dc\u8a0a\u606f\uff0c\u5927\u5927\u7a92\u7919\u5c0d\u6295\u8cc7\u8005\u7684\u4fdd\u969c\u3002<\/p>\n<p>\u52a0\u5bc6\u8cc7\u7522\u6b20\u7f3a\u7d71\u4e00\u5b9a\u7fa9\u548c\u5206\u985e\u6a19\u6e96\uff0c\u4ee4\u5404\u570b\u91d1\u878d\u76e3\u7ba1\u6a5f\u69cb\u5728\u5206\u6790\u548c\u9451\u5b9a\u5404\u7a2e\u52a0\u5bc6\u8cc7\u7522\u7522\u54c1\u7684\u771f\u507d\u6642\u6311\u6230\u91cd\u91cd\u3002\u7531\u65bc\u667a\u80fd\u5408\u7d04\u4e0d\u53ef\u7be1\u6539\uff0c\u667a\u80fd\u5408\u7d04\u7a0b\u5f0f\u78bc\u4e2d\u4e00\u65e6\u5b58\u5728\u932f\u8aa4\u6216\u6f0f\u6d1e\uff0c\u5f8c\u679c\u5c31\u4e0d\u582a\u8a2d\u60f3\u3002\u91d1\u878d\u667a\u80fd\u5408\u7d04\u82e5\u51fa\u73fe\u7cfe\u7d1b\uff0c\u8ffd\u7d22\u6b0a\u4ea6\u96e3\u4ee5\u884c\u4f7f\u3002<\/p>\n<p>&nbsp;<\/p>\n<h5>\u898f\u7ba1\u65b9\u5411\u8207\u6295\u8cc7\u8005\u4fdd\u969c<\/h5>\n<p>&nbsp;<\/p>\n<p>\u91dd\u5c0dDeFi\u4ee5\u81f3\u6574\u500b\u865b\u64ec\u8cc7\u7522\u5e02\u5834\uff0c\u74b0\u7403\u91d1\u878d\u7576\u5c40\u90fd\u5728\u63d0\u5021\u300c\u76f8\u540c\u6d3b\u52d5\u3001\u76f8\u540c\u98a8\u96aa\u3001\u76f8\u540c\u76e3\u7ba1\u300d\u7684\u539f\u5247\uff0c\u5c0d\u65bc\u6027\u8cea\u548c\u98a8\u96aa\u4e00\u6a23\u7684\u696d\u52d9\u6d3b\u52d5\uff0c\u76e3\u7ba1\u90fd\u4e00\u8996\u540c\u4ec1\uff0c\u4ee5\u78ba\u4fdd\u6240\u6709\u4f01\u696d\u516c\u5e73\u7af6\u722d\u3002\u7ba1\u6cbb\u7522\u751f\u554f\u984c\uff0c\u7686\u56e0\u8072\u7a31\u70ba\u5206\u6563\u5f0f\u7684DeFi\u5354\u8b70\u5be6\u5c6c\u96c6\u4e2d\u5f0f\uff0c\u800c\u5f15\u8d77\u865b\u5047\u9673\u8ff0\u548c\u9053\u5fb7\u98a8\u96aa\u3002\u6240\u6709DeFi\u5e73\u53f0\u90fd\u6709\u4e2d\u592e\u7ba1\u7406\u6846\u67b6\uff0c\u6982\u8ff0\u5982\u4f55\u8a2d\u5b9a\u7b56\u7565\u548c\u71df\u904b\u512a\u5148\u4e8b\u9805\uff0c\u5176\u4e2d\u4ee5\u300c\u7ba1\u6cbb\u4ee3\u5e63\u300d\u6301\u6709\u8005\uff08\u901a\u5e38\u662f\u5e73\u53f0\u958b\u767c\u8005\uff09\u70ba\u672c\u7684\u96c6\u4e2d\u5316\u8981\u7d20\uff0c\u53ef\u4ee5\u4f5c\u70ba\u627f\u8a8dDeFi\u5e73\u53f0\u985e\u4f3c\u516c\u53f8\u7b49\u6cd5\u5f8b\u5be6\u9ad4\u7684\u57fa\u790e\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u570b\u969b\u7d44\u7e54\u4e5f\u91dd\u5c0dDeFi\u5e02\u5834\u7684\u7368\u7279\u6027\u63d0\u51fa\u5177\u9ad4\u5efa\u8b70\uff0c\u4ee5\u964d\u4f4eDeFi\u5c0d\u91d1\u878d\u7a69\u5b9a\u9020\u6210\u7684\u98a8\u96aa\u3002\u91d1\u878d\u7a69\u5b9a\u59d4\u54e1\u6703\u548c\u7d93\u6fdf\u5408\u4f5c\u8207\u767c\u5c55\u7d44\u7e54\u5f37\u8abf\u6301\u7e8c\u76e3\u5bdfDeFi\u767c\u5c55\u53ca\u56b4\u9632\u5176\u5916\u6ea2\u98a8\u96aa\u7684\u91cd\u8981\u6027\u3002\u570b\u969b\u8b49\u5238\u4e8b\u52d9\u76e3\u5bdf\u59d4\u54e1\u6703\u7d44\u7e54\u5247\u8981\u6c42\u5c0d\u300cDeFi\u5b89\u6392\u300d\u884c\u4f7f\u91cd\u5927\u63a7\u5236\u6216\u5f71\u97ff\u7684\u95dc\u9375\u53c3\u8207\u8005\u89e3\u6c7a\u5229\u76ca\u885d\u7a81\u3001\u91cd\u5927\u98a8\u96aa\u548c\u62ab\u9732\u554f\u984c\u3002\u7531\u65bcDeFi\u4ecd\u8655\u65bc\u767c\u5c55\u521d\u968e\uff0c\u5c08\u9580\u91dd\u5c0dDeFi\u6d3b\u52d5\u7684\u6cd5\u898f\u4ecd\u4e0d\u591a\u898b\uff0c\u76f8\u95dc\u7684\u4f8b\u5b50\u662f\u963f\u5e03\u624e\u6bd4\u570b\u969b\u91d1\u878d\u4e2d\u5fc3\u91d1\u878d\u670d\u52d9\u76e3\u7ba1\u5c40\u57282023\u5e74\u767c\u5e03\u7684\u57fa\u790e\u6cd5\u898f\uff08DLTFR 2023\uff09\uff0c\u81da\u5217\u6709\u95dcDeFi\u7684\u689d\u6587\u3002<\/p>\n<p>\u7279\u5340\u653f\u5e9c\u8a8d\u540c\u865b\u64ec\u8cc7\u7522\u7684\u5408\u6cd5\u6027\u53ca\u5176\u5728\u91d1\u878d\u696d\u7684\u89d2\u8272\uff0c\u4e26\u6b61\u8fce\u670d\u52d9\u63d0\u4f9b\u8005\u5728\u9999\u6e2f\u843d\u6236\uff0c\u540c\u6642\u5f37\u8abf\u8a2d\u7acb\u9069\u6642\u548c\u5fc5\u8981\u7684\u9632\u7bc4\u63aa\u65bd\u3002\u9999\u6e2f\u91d1\u878d\u5b78\u9662\u884c\u653f\u7e3d\u88c1\u99ae\u6bb7\u8afe\u8868\u793a\uff0c\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u548c\u5143\u5b87\u5b99\u76f8\u95dc\u7684\u65b0\u8208\u79d1\u6280\uff0c\u8207\u66f4\u5ee3\u6cdb\u7684\u865b\u64ec\u8cc7\u7522\u548cWeb 3.0\u767c\u5c55\u606f\u606f\u76f8\u95dc\uff0c\u6709\u671b\u70ba\u91d1\u878d\u670d\u52d9\u696d\u5e36\u4f86\u5404\u7a2e\u6a5f\u9047\u3002\u5e02\u5834\u53c3\u8207\u8005\u5247\u8a8d\u70ba\uff0c\u660e\u78ba\u7684\u76e3\u7ba1\u6846\u67b6\u3001\u5f37\u5927\u7684\u91d1\u878d\u57fa\u790e\u8a2d\u65bd\u548c\u7db2\u7d61\uff0c\u4ee5\u53ca\u5177\u5099\u5340\u584a\u93c8\u76f8\u95dc\u6280\u80fd\u7684\u4eba\u624d\uff0c\u5c0d\u4fc3\u9032\u672c\u6e2fDeFi\u548c\u865b\u64ec\u8cc7\u7522\u5e02\u5834\u7684\u9032\u4e00\u6b65\u767c\u5c55\u81f3\u95dc\u91cd\u8981\u3002<\/p>\n<p>&nbsp;<\/p>\n<p><a id=\"\u8a3b\" name=\"\u8a3b\"><\/a>\u3010\u8a3b1\u3011 Hong Kong Institute for Monetary and Financial Research. &#8220;Decentralised Finance: Current Landscape and Regulatory Developments&#8221;. HKIMR Applied Research Report No.1\/2024.<\/p>\n<p><a id=\"\u8a3b\" name=\"\u8a3b\"><\/a>\u3010\u8a3b2\u3011 Aramonte, S., Huang, W., &amp; Schrimpf, A. \uff082021\uff09. &#8220;DeFi risks and the decentralisation illusion&#8221;. BIS Quarterly Review.<\/p>\n<p>&nbsp;<\/p>\n<p>\u8b1d\u570b\u751f\u535a\u58eb<br \/>\n\u6e2f\u5927\u7d93\u7ba1\u5b78\u9662\u91d1\u878d\u5b78\u9996\u5e2d\u8b1b\u5e2b\u3001\u65b0\u754c\u9109\u8b70\u5c40\u7576\u7136\u57f7\u884c\u59d4\u54e1<\/p>\n<p>\u7ae0\u9834\u829d\u5973\u58eb<br \/>\n\u9999\u6e2f\u5927\u5b78\u9644\u5c6c\u5b78\u9662\u9ad8\u7d1a\u8b1b\u5e2b\u3001\u7d93\u6fdf\u53ca\u5546\u5b78\u90e8\u52a9\u7406\u4e3b\u4efb<\/p>\n<p>\u4f55\u654f\u6dd9\u5148\u751f<br \/>\n\u9999\u6e2f\u5927\u5b78\u9644\u5c6c\u5b78\u9662\u8b1b\u5e2b<\/p>\n<p>\uff08\u672c\u6587\u540c\u6642\u65bc\u4e8c\u96f6\u4e8c\u56db\u5e74\u4e03\u6708\u4e8c\u5341\u56db\u65e5\u8f09\u65bc\u300a\u4fe1\u5831\u300b\u300c\u9f8d\u864e\u5c71\u4e0b\u300d\u5c08\u6b04\uff09<\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"tags":[],"class_list":["post-216491","thought-leadership","type-thought-leadership","status-publish","hentry","leadership-topic-categories-hkej-column-tc","in-the-media-topic-categories-faculty-tc"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/thought-leadership\/216491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/thought-leadership"}],"about":[{"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/types\/thought-leadership"}],"version-history":[{"count":2,"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/thought-leadership\/216491\/revisions"}],"predecessor-version":[{"id":216568,"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/thought-leadership\/216491\/revisions\/216568"}],"wp:attachment":[{"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/media?parent=216491"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/tags?post=216491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}