在列举具体的DeFi协议之前，我们再来说说DeFi的概念。DeFi并不是一个事先被定义好的概念，然后由各项协议去填充其具体的内容。事实上抵押发行资产、去中心化交易的功能在DeFi之前就已经出现了，DeFi只是一个回溯性的概念。我们把在区块链上实现某些金融功能的协议放到DeFi协议概念之内，这样来看，DeFi简单来说是特指在区块链上实现金融功能的这种做法。
In fact, the function of collateralizing assets, decentralizing transactions, which predates DeFi, is a retroactive concept. We put the agreement to achieve certain financial functions on the block chain within the DeFi concept, so that DeFi simply refers to the practice of performing financial functions on the block chain.
还要注意的是，这里的“去中心化”并不是指”点对点（peer to peer）”。去中心化并不是“去中介化”，例如不通过银行、交易所来进行借贷和交易。大部分DeFi协议恰恰具有很强的中心化特征，例如借贷协议、去中心化交易所。这里的去中心化需要以区块链的方式来理解，它的特征包括：
It is also important to note that “decentralization” here does not mean “peer to peer”. Decentralization is not “de-intermediate”, for example, borrowing and trading without banks and exchanges. Most of the DeFi agreements have very central features, such as loan agreements, de-centralized exchanges. Decentralization here needs to be understood in the form of a block chain:
1.?区块链本身的“去中心化”性质，无需许可（permissionless）即可使用协议。任何人只要通过自己的钱包就可以与协议交互，这一点是由区块链本身的性质所带来的。
The “decentralized” nature of the block chain itself does not require a permit (permissionless) to use the agreement.
2.?DeFi协议以DAO方式来治理。这里的去中心化指一种“民主”的治理方式：协议会释放治理代币，代币的持有数量作为投票权重，可以投票参与协议参数修改、提案审核、协议版本更新等。类似公司股东大会，但以一种去中心化的方式实现。
The DeFi agreement is governed by the DAO. Decentralization here refers to a “democratic” form of governance: the agreement will release the currency of governance, the amount of money held in that currency as the voting weight, and may vote for changes in the parameters of the agreement, the examination of proposals, the updating of the version of the agreement, etc.
3.?任何人都能开发自己的DeFi协议。区块链作为DeFi的试验田，任何人都可以进行智能合约的开发，新的想法都可以做成智能合约参与市场竞争。这个意义上的去中心化表示垄断者无法通过政策避免竞争者入场。
3. Any person can develop his or her own DeFi agreement. As a pilot field for DeFi, a block chain can develop smart contracts, and new ideas can be used as smart contracts to compete in the market. Decentralization in this sense means that a monopolist cannot avoid a competitor’s entry through policy.
接下来的讨论中，将对DeFi各细分领域的代表项目进行简要的介绍。介绍将侧重于项目核心机制的概括，不会讨论太多细节。各个项目的治理方式和代币经济学通常与项目机制无关，因此也不会做过多讨论。
In the ensuing discussion, there will be a brief introduction to the representational items in the deFi sub-areas. The introduction will focus on the contours of the project’s core mechanisms and will not discuss much detail.
借贷作为一项最基本的金融活动，理所应当地出现在了DeFi领域。在DeFi借贷协议出现之前，CEX（中心化交易所）就已经提供相应的服务了，例如以一种代币作为抵押借出另一种代币。加密货币领域的借贷需求主要集中在以下几方面：
Borrowing, as a basic financial activity, is rightly in the area of DeFi. Prior to the advent of the DeFi loan agreement, the CEX (centralized exchange) had already provided the appropriate services, such as lending another currency as collateral.
1.?借出某种代币用以做空，以便在更低的价格买入且偿还债务后获利。交易员在看空此代币，或者某交易所此代币价格高于市场价时进行此操作。
A trader does so when the currency is emptied or the price of the currency is higher than the market price.
2.?借出某种代币以捕捉投资机会。某些新的投资机会（例如ICO、高收益的挖矿机会）需要特定的代币，而投资者又不愿意失去仓位时，可选择抵押手中的代币借出所需代币。
2. Lend a currency to capture investment opportunities. Some new investment opportunities (e.g. ICO, high-yield mining opportunities) require a specific currency, and investors may choose to borrow the currency in their possession if they do not want to lose their position.
3.?增加投资杠杆。例如ETH长期持有者，通过抵押ETH借出稳定币后继续购买ETH以增加ETH仓位。
3. Increasing investment leverage. For example, long-term ETH holders continue to purchase ETH to increase the ETH position by collateralizing ETH to lend stable currency.
4.?长期投资者借出资金以支付生活开支。长期看好某代币，但又需要资金维持日常消费，则可以抵押代币借出稳定币。
4. Long-term investors lend funds to cover their living expenses.
抵押物支持的借贷逻辑简单且基本不依赖链下的环节，是一种较为适合代码实现的借贷方式，所以目前的借贷协议主要是以抵押物支持借贷来实现的。无抵押的贷款仍然在探索阶段。
Mortgage-backed lending logic is simple and largely non-dependent on the chain, and is a more code-friendly way of lending, so the current loan agreement is mainly made with collateral to support borrowing. Non-collateral lending is still at the exploratory stage.
下面简要介绍借贷领域的若干代表性项目。
A few representative projects in the area of lending are briefly described below.
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