加密货币 & DeFi 词汇表

存款在一年内的回报率，包含复利。APY 计算已支付利息所产生的利息，因此在相同名义利率下，只要发生复利，APY 就高于 APR。复利计算越频繁，两者差距越大。.

The simple annual interest rate, without compounding. APR ignores the reinvestment of interest already earned. In DeFi, protocols often quote an APR when rewards must be claimed and reinvested by hand. For the same nominal rate, APR is always lower than or equal to APY.

A type of decentralized exchange that prices assets with a mathematical formula instead of an order book. Anyone can deposit tokens into a liquidity pool and earn a share of the trading fees. Uniswap, Balancer and Curve are well-known AMM protocols.

A trading mechanism where orders are collected over a short window and settled together in a single transaction. All trades of the same token pair in a batch receive the same clearing price. CoW Swap uses batch auctions, which keeps orders out of the public mempool and limits MEV.

Moving tokens from one blockchain to another. Most bridges lock tokens on the source chain and mint a matching amount of a wrapped version on the destination chain; others use liquidity pools on both sides. A bridge adds its own smart contract and custody risk on top of the chains it connects.

Assets a borrower deposits as security for a loan. DeFi lending protocols require over-collateralization: the deposit must be worth more than the loan. If the collateral value falls below the protocol's threshold, part of it is sold to repay the debt (see Liquidation).

Interest calculated on both the original deposit and the interest already earned. In DeFi, auto-compounding vaults claim rewards and reinvest them automatically, which raises the effective APY. The standard formula is A = P(1 + r/n)^(nt), where n is the number of compounding periods per year and t the number of years.

An organization run through smart contracts and votes by token holders rather than by a central management team. A DAO typically controls a protocol treasury, approves upgrades and sets parameters such as fees. MakerDAO (rebranded Sky in 2024), Aave DAO and CoW DAO are examples.

一种由智能合约而非中心化运营方运行的交易所。交易直接从用户钱包结算，因此用户在交易执行前始终保有资产托管权。大多数 DEX 是 AMM；其他如 CoW Swap 则采用批量拍卖，并在多个流动性来源之间路由订单。.

Financial services (lending, borrowing, trading, asset management) built on public blockchains with smart contracts instead of banks or brokers. DeFi protocols run around the clock and can be used by anyone with a crypto wallet. They carry smart contract, oracle and market risks that a bank deposit does not.

The most common token standard on Ethereum. ERC-20 defines the functions every fungible token must implement, including transfer, approve and balanceOf, so that wallets and protocols can handle any token in the same way. USDC, USDT, DAI and AAVE on Ethereum are ERC-20 tokens.

The fee paid to a blockchain network to process a transaction. On Ethereum, gas is priced in gwei (one billionth of an ETH) and rises when the network is busy. Layer 2 networks such as Arbitrum and Base charge much lower gas fees than Ethereum mainnet because they bundle many transactions into one.

一种赋予持有者对协议决策投票权的代币，例如升级、费用水平、资金支出和风险参数。示例包括 AAVE、BAL、COW、COMP 和 MKR。持有治理代币本身并不赋予您分享协议收入的权利。.

The loss a liquidity provider faces when the relative price of the deposited tokens changes after the deposit, compared with simply holding those tokens. The loss only becomes permanent when the position is withdrawn. Pools of tokens that track the same price, such as two US dollar stablecoins, have very little impermanent loss.

一种基础区块链，通过自身的共识机制处理和最终确认自己的交易。比特币、以太坊、Solana 和 Kaspa 都是 Layer 1 网络。Layer 2 网络依赖 Layer 1 来获得安全性和最终结算。.

构建在 Layer 1 区块链之上的网络，用于以更快速度和更低成本处理交易。L2 在主链之外执行交易，并将结果回传至主链，从而继承其大部分安全性。Arbitrum、Optimism 和 Base 是广泛使用的以太坊 L2。.

A DeFi application where users lend and borrow crypto. Lenders deposit tokens into a pool and earn interest; borrowers post collateral and pay interest. Rates move with supply and demand in each pool. Aave, Compound and Morpho are major lending protocols.

The forced sale of a borrower's collateral when its value falls below the protocol's required ratio. Liquidation protects lenders from bad debt. On Aave, a position can be liquidated once its health factor drops below 1. The borrower loses part of the collateral plus a liquidation penalty paid to the liquidator.

一种持有两种或多种代币储备的智能合约，以便交易者可以在它们之间进行兑换。流动性提供者将代币存入池中，并赚取交易费用的一部分。定价公式（例如 Uniswap v2 使用的恒定乘积公式）根据储备设定汇率。.

在DEX上向流动性池存入代币的用户。LP按其在池中的份额比例赚取交易费用，并获得LP代币（或在Uniswap v3上的头寸NFT）作为其存款的凭证。为波动性交易对提供流动性会使LP面临无常损失。.

The extra profit that block producers or specialized bots (searchers) can capture by reordering, inserting or excluding transactions in a block. Common forms are front-running and sandwich attacks on DEX trades. CoW Swap limits MEV by settling orders in batch auctions instead of the public mempool.

A service that feeds external data, such as asset prices, into smart contracts. Lending protocols rely on price oracles to value collateral. Chainlink and Pyth are widely used oracle networks. A wrong or delayed price can trigger incorrect liquidations, so oracle design is a key risk factor.

A consensus mechanism in which validators lock up (stake) the network's token as collateral for the right to propose and confirm blocks. Validators who break the rules can lose part of their stake (see Slashing). PoS uses far less energy than Proof of Work. Ethereum switched to PoS in September 2022.

A consensus mechanism in which miners compete to solve a computational puzzle; the winner adds the next block and earns the block reward. PoW requires large amounts of computing power and electricity, which is what makes rewriting the chain expensive. Bitcoin and Kaspa use Proof of Work.

权益证明网络中的一种惩罚机制，当验证者违反规则（例如签署两个冲突的区块）时，会销毁其部分质押。在以太坊上，被罚没的验证者还会被强制退出网络。罚没是 PoS 网络让不当行为付出代价的方式；委托者通常会分担损失。.

The difference between the price you expect when you submit a trade and the price you actually get. It happens when the market moves before execution or when the trade is large relative to the pool's liquidity. A higher slippage tolerance lets a trade go through in fast markets, but at a worse price.

A program stored on a blockchain that runs automatically when its conditions are met. Smart contracts power every DeFi application, from lending pools to DEXs. Their code is usually immutable once deployed, so bugs cannot be patched easily. This is why independent audits matter.

A cryptocurrency designed to hold a fixed value, usually one US dollar. Stablecoins can be backed by fiat reserves (USDC, USDT), by crypto collateral (DAI, GHO) or by an algorithm. They are the base asset of most DeFi yields because they remove price volatility from the return. A stablecoin can lose its peg if its reserves or collateral fail.

锁定代币以帮助保护权益证明网络，从而获得奖励。大多数持有者将代币委托给验证者，而不是自己运行验证节点。奖励因网络而异，并随质押供应比例、代币通胀和验证者佣金而变化；每个网络都会公布其实时利率。质押的代币通常需要经过一段解绑期才能出售。.

The total value of the assets deposited in a DeFi protocol's smart contracts, usually expressed in US dollars. TVL is a common measure of a protocol's size and adoption. It moves with token prices as well as with deposits and withdrawals, so compare it over time rather than at one point. DefiLlama publishes live TVL for most protocols.

The share of a lending pool's deposits that is currently borrowed. Interest rates rise with utilization, and steeply above an optimal level set per asset by governance, so that lenders keep enough free liquidity to withdraw. On Aave, that optimal level is typically set between 80% and 90% depending on the asset.

权益证明网络中的参与者，在锁定质押作为抵押后提出并确认区块。在以太坊上，验证者需要32 ETH；在大多数其他网络上，代币持有者将代币委托给验证者，验证者从奖励中抽取佣金。验证者因正确工作而获得奖励，并因停机或不当行为而受到惩罚或罚没。.

A smart contract that runs an automated yield strategy for depositors. Users deposit tokens and the vault lends them, provides liquidity or compounds rewards according to its strategy. Beefy, Yearn and Morpho vaults are examples. A vault adds its own smart contract and strategy risk on top of the protocols it uses.

Software or a hardware device that holds your private keys and lets you sign blockchain transactions. Hot wallets such as MetaMask and Rabby run in a browser or on a phone. Hardware wallets such as Ledger and Trezor keep keys offline, which lowers the risk of theft by malware. You need a wallet to use DeFi directly.

A DeFi protocol that deposits user funds into yield strategies across several protocols and reinvests the rewards automatically. Aggregators save users gas and manual work, but add another layer of smart contract risk. Beefy Finance and Yearn are yield aggregators.

Moving crypto between lending pools, liquidity pools and staking positions to earn the highest available return, often including protocol token rewards. Yield farming needs active management and an understanding of each protocol's risks. Advertised rates can fall quickly as more capital enters a pool.