za-aa-lim

一、项目基础概况

AAVE是基于以太坊的去中心化借贷协议，核心提供无抵押/过度抵押的点对点借贷服务，支持多链部署，是DeFi领域借贷赛道的头部项目之一。协议采用链上智能合约自动完成资金匹配、利率调节、清算机制，无中心化中介，其原生代币AAVE主要用于协议治理、质押挖矿、风险准备金计提等场景。

截至2026年2月，AAVE已部署至以太坊、Arbitrum、Optimism、Polygon等主流公链及Layer2网络，支持BTC、ETH、USDC、USDT等超20种主流加密资产的借贷交易，协议核心清算机制、利率模型经多次迭代，已形成成熟的风险管控体系。

二、核心运营数据

（一）总锁仓量（TVL）及链上分布

AAVE协议整体总锁仓量为42.8亿美元，较上月环比小幅波动2.1%，锁仓量在去中心化借贷赛道中仍位居前列。
各链上TVL分布占比：

TVL为借贷协议核心指标，反映协议内质押的资产总规模，以太坊主网仍为核心锁仓阵地，Layer2网络占比合计超30%，体现协议对链上扩容生态的适配性。

（二）借贷规模与资金利用率

1. 协议总借贷余额：18.6亿美元，借贷资产以稳定币（USDC/USDT）为主，占比达62.7%，其次为ETH（21.3%）、BTC（8.9%），其他小众资产占比7.1%；
2. 资金利用率：整体为43.4%，稳定币资金利用率达58.2%，非稳定币（BTC/ETH）资金利用率为31.6%，稳定币因借贷需求刚性，利用率显著高于非稳定币；
3. 24小时借贷交易额：8960万美元，较7日均值小幅下降1.8%，市场交易活跃度保持平稳。

（三）利率水平

AAVE采用动态利率模型，利率随借贷需求实时调整，当前主流资产借贷利率（年化）：

- 稳定币（USDC/USDT）存款利率：2.8%-3.2%，借贷利率：4.5%-5.1%；
- ETH：存款利率：1.5%-1.8%，借贷利率：3.8%-4.2%；
- BTC：存款利率：1.2%-1.5%，借贷利率：3.5%-3.9%。

（四）清算数据

近30天协议累计清算金额为2140万美元，清算率为0.115%，较上月0.108%小幅上升，主要因近期BTC/ETH价格小幅波动导致部分抵押资产平仓。
清算资产类型以ETH抵押借稳定币为主，占比达73.2%，清算触发价格均在协议预设的安全阈值内，未出现系统性清算风险。

三、代币基本面分析

（一）代币发行与流通

AAVE代币总供应量为1600万枚，无额外增发机制，代币发行采用社区挖矿、团队预留、生态基金、投资者分配等方式，且团队及投资者预留代币均有锁仓解锁周期，无短期大额解锁压力。
当前流通供应量为1285万枚，流通率为80.3%，剩余未流通代币主要为生态基金（15.2%）、团队预留（4.5%），解锁周期均在6个月以上。

（二）代币持仓与分布

1. 前100名地址持仓占比：68.7%，其中前10名地址持仓占比39.2%，以去中心化交易所流动性池、协议国库、大型机构钱包为主，无单一地址持仓占比超5%，代币持仓集中度适中；
2. 交易所持仓占比：18.3%，较上月下降1.2%，交易所流通量小幅减少，无明显大额抛售迹象。

（三）代币应用场景

1. 治理权：AAVE持有者可参与协议提案投票，包括新资产上线、利率模型调整、链上部署、风险准备金使用等核心决策；
2. 质押挖矿：质押AAVE至协议可获得部分借贷手续费分成，当前质押年化收益约2.1%-2.5%；
3. 风险准备金：协议提取10%的借贷手续费作为风险准备金，当出现极端清算风险时，由AAVE代币持有者共同承担，同时准备金也可通过AAVE代币回购销毁补充。

四、生态发展与行业格局

（一）协议近期生态动作

1. 多链适配：2026年1月，AAVE完成对Base Layer2网络的部署测试，预计Q2正式上线，进一步拓展Layer2生态布局；
2. 资产扩容：近期新增2种合规化RWA（现实世界资产）代币的借贷支持，推动DeFi与RWA领域的融合，丰富协议资产类型；
3. 机制优化：对协议利率模型进行小幅调整，提高非稳定币的存款利率，提升资金利用率，吸引更多非稳定币资产质押。

（二）去中心化借贷赛道行业格局

当前去中心化借贷赛道总TVL为196.5亿美元，AAVE以42.8亿美元TVL占比21.8%，位居赛道第一，头部效应显著。
赛道竞争格局（饼图参考）：AAVE（21.8%）、Compound（18.3%）、ApeSwap（9.6%）、MakerDAO（8.9%）、其他协议（41.4%）。
行业特征：头部协议占据近50%市场份额，中小协议主要聚焦细分赛道（如小众资产借贷、特色利率模型），AAVE凭借多链布局、资产丰富度、风险管控能力，保持赛道领先地位。

（三）行业协同与挑战

1. 协同性：AAVE与主流公链、Layer2网络保持深度合作，同时与去中心化交易所（Uniswap、Curve）形成资金互通，提升协议流动性；
2. 行业挑战：近期加密市场整体流动性小幅收缩（参考ODAILY 2026.2.06行业资讯），去中心化借贷赛道整体TVL较去年四季度下降3.2%，同时部分中心化交易所推出杠杆借贷产品，对去中心化借贷赛道形成一定分流。

五、风险维度客观分析

1. 市场风险：加密资产价格大幅波动可能导致协议清算率上升，若出现极端行情，可能引发连锁清算，考验协议风险准备金及质押体系；
2. 技术风险：作为智能合约协议，存在合约漏洞、黑客攻击等技术风险，尽管AAVE经多次安全审计，但仍无法完全规避链上技术风险；
3. 行业竞争风险：中心化交易所借贷产品、其他去中心化借贷协议的创新机制（如更低手续费、更灵活利率），可能分流AAVE的资金及用户；
4. 监管风险：全球加密行业监管政策仍在完善，若借贷赛道出现针对性监管政策，可能影响协议的资产上线、地域部署等动作。

六、报告总结

AAVE作为去中心化借贷赛道的头部项目，核心运营数据保持平稳，TVL、借贷规模均位居赛道前列，多链布局及资产丰富度形成较强的行业壁垒。代币层面无短期大额解锁压力，持仓集中度适中，治理及应用场景清晰，协议生态仍在持续拓展（如Base网络部署、RWA资产扩容）。

从行业维度看，AAVE虽保持头部地位，但仍面临市场流动性收缩、行业竞争、监管政策等客观挑战。
$AAVE
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The World Liberty Financial project, which is supported by the Trump family is doing something with money. It wants to bring the old way of handling money and the new way that uses computers. The World Liberty Financial project is trying to connect finance and decentralized finance by offering a special kind of money that is stable and safe and by letting the community make some of the decisions. The World Liberty Financial project is really, about making traditional finance and decentralized finance work together.
The ecosystem is made up of two types of tokens. Each of these tokens has a different job. The ecosystem uses these two tokens to work. The token model is what the ecosystem is built on. Each token in the ecosystem serves a purpose that is very important.
1. USD1: The Ecosystem’s "Currency"
The USD1 is a kind of money for the project. It is like the dollars we use every day. The USD1 was introduced in March 2025. The main idea of the USD1 is to be a version of the dollar that people can use easily. The USD1 is very important, for the WLF ecosystem because it helps people buy and sell things. The USD1 is the unit of money that people use in the WLF ecosystem.
Fundamental Analysis
*. Reserves: The currency is tied to the US Dollar at a one to one ratio. Is completely backed by really good assets that can be easily sold like US Treasury bills, cash deposits and money market funds. This means that for every unit of the currency there is an amount of US Dollar backing it which includes these high quality assets, like US Treasury bills, cash deposits and money market funds.
*. Transparency: The reserves for this project are kept safe by BitGo Trust, which's a company that the US government regulates. This project is really open about what it does. It gets other companies to check on it every month to make sure that the value of the money is secure and that people can trust it. The project is, about being transparent so it makes sure that the reserves are safe and that is why it uses BitGo Trust to hold the reserves.
* Utility:
* DeFi Liquidity: Used for lending and borrowing on the WLF platform (built on Aave v3 architecture).
* Cross-border Payments: Designed for near-instant, low-fee international settlements.
* Zero Fees: This is really great because it does not charge any fees when you add or take out money, which's a big deal for people who do this a lot, with the Zero Fees system of Zero Fees.
* Blockchain Infrastructure: This thing is really cool because it works with lots of chains like Ethereum and BNB Chain and Solana and Tron. It uses something called Chainlinks Cross-Chain Interoperability Protocol or CCIP for short to make sure that transfers between these networks are really secure. The Blockchain Infrastructure is about making it easy to move stuff between these different Blockchain Infrastructure networks, like Ethereum and BNB Chain and Solana and Tron using the Blockchain Infrastructure and Chainlinks CCIP.
2. WLFI: The Ecosystem’s "Governance"
WLFI is the token that runs the platform. It is different from USD1 because its value can go up and down a lot. The value of WLFI is connected to how well the platform does how many people use it and the power to make decisions on the platform. WLFI is really dependent on the platform. Its value can change quickly. WLFI is a token because its value is tied to the growth of the platform and the adoption of WLFI, by users.
Fundamental Analysis
* The main job of WLFI is to let people who own it vote on changes to the system. These changes can be things like adjusting the interest rate adding assets or deciding how to use the treasury. The people who own WLFI get to vote on these kinds of things like changes to the interest rate or what assets to add. WLFI is really about giving people a say in how the system works so it is, like a governance- utility.
Supply & Tokenomics: Total Supply: 100 billion tokens.
* The Anti-Whale Mechanism is a thing. It has a rule that says no single wallet or group can have more than 5% of the total voting power. This rule is like a 5% voting cap. The Anti-Whale Mechanism does this to help make sure the Anti-Whale Mechanism is fair and that the Anti-Whale Mechanism is not controlled by one person or group. This helps the Anti-Whale Mechanism be more decentralized. The Anti-Whale Mechanism is about making sure the Anti-Whale Mechanism is fair, for everyone.
* Market Evolution: At first WLFI was something that you could not give to someone or sell because the people in charge wanted to focus on how to make decisions for the project.. Then the people who were part of the community got to vote on it. They decided that WLFI should be something that people can buy and sell on big websites, like Binance and this all happened at the end of 2025 and the beginning of 2026.
* The thing about this protocol is that it has a way to deal with potential. It does this by using some of the money it gets from transaction fees and interest to buy and burn its own tokens. This means that, over time there will be fewer of these tokens floating around which is what we mean by potential of the protocol. The protocols deflationary potential is really important because it helps to reduce the number of tokens in circulation.
3. The WLF Ecosystem: DeFi & Web3 Integration
The World Liberty Financial ecosystem is more than just two tokens; it is a full-stack Web3 financial platform.
Key Components:
*. Borrowing: The main idea of the platform is that it is a place where people can lend or borrow money. People can put in their USD1 to get some money back or they can use other Lending and Borrowing crypto assets as a guarantee to borrow money from the platform. The Lending and Borrowing platform is, like a market where people can deal with each other without a man.
* TradFi-DeFi Bridge: By incorporating Real-World Assets (RWAs) and maintaining strict US regulatory compliance, WLF aims to bring institutional capital into the on-chain world.
#WLFI $USD1
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$WLFI
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