---
title: "什么是 DeFi (Decentralised Finance)？"
canonical: https://wavect.io/zh/glossary/defi/
language: zh
description: "由公有区块链上的 Smart Contract 而非银行或券商运行的金融服务（交易、借出、借入）。"
image: "https://wavect.io/img/general/bak/open_graph_preview.jpg"
---

技术

# DeFi

Decentralised Finance

由公有区块链上的 Smart Contract 而非银行或券商运行的金融服务（交易、借出、借入）。

最近审阅: 2026-06-02 审阅人 [Kevin Riedl](/zh/team/kevin-riedl/) [wiki ↗](https://www.wikidata.org/wiki/Q139796365)

DeFi 用代码取代金融交易中的中介。去中心化交易所（DEX）不靠券商撮合交易，而是使用自动做市商：一个在资金池中持有两种资产、并按公式为兑换定价的 [Smart Contract](/zh/glossary/smart-contract/) 。借贷协议不靠银行决定谁能获得贷款，而是让任何人凭借锁入合约的抵押品借款，抵押品常常是一种 [稳定币](/zh/glossary/stablecoin/) ，利率由供需算法设定。没有人审批你；合约只是执行。

真正的创新在于可组合性。因为每个协议都是同一条链上的公共合约，它们可以像乐高一样拼接在一起。一个协议中的头寸可以作为另一个协议的抵押品，再被包装并在第三个协议中交易，全部在一笔交易中完成。这是传统金融体系凭其封闭的 API 和结算延迟所做不到的。这也是 DeFi 故障会连锁的原因：当一块积木崩塌，堆叠在其上的一切也随之崩塌。

风险真实而具体。Smart Contract 风险：一个漏洞会掏空资金池，且没有退款机制。预言机风险：协议依赖价格喂价，被操纵的预言机会让攻击者凭借虚假抵押品借款。

创始人最低估的风险是监管，而不是技术。在欧盟，一家在 DeFi 轨道上构建、或提供 DeFi 相邻服务的企业，可能落入 MiCA、反洗钱义务以及牌照要求之内，「去中心化」并不能让你豁免。监管机构越来越多地去看谁在实际控制一个协议并从中获利，而不是看营销话术。如果你的模型假定 DeFi 的无需许可特性意味着没有合规负担，那就在上线前把一次法律评审算进成本，因为把分类搞错，比合约工作本身昂贵得多。我们交付过触及 DeFi 轨道的支付基础设施（Scramble），我们的立场是：对于那一小部分需要无需许可、可组合金融的用例，DeFi 很强大；而对于所有把它当作收益赌场的人，它是一种负担。我们的 [区块链工作](/zh/services/blockchain/) 从你属于哪一种开始。

// FAQ

## 常见问题

### 什么是 DeFi？

由 Smart Contract 而非银行或券商运行的金融服务：在自动做市商上交易、凭链上抵押品借款、通过借出赚取收益。合约执行规则；没有中介审批交易。

### DeFi 真正的风险有哪些？

Smart Contract 风险（漏洞掏空资金且无退款）、预言机风险（被操纵的价格喂价让攻击者凭虚假抵押品借款）、连锁风险（可组合性意味着一块积木崩塌会拖垮堆叠其上的一切）。这些不是边缘情况，而是主要的损失途径。

### DeFi 对我的业务值得吗？

只有当你需要银行轨道无法提供的无需许可、可组合的金融时才值得。对大多数企业而言，受监管的支付处理商更便宜、更安全、集成更快。DeFi 只在一小部分用例中配得上它的风险，在其他任何地方都是负担。

相关术语

- [智能合约](/zh/glossary/smart-contract/)
- [Web3](/zh/glossary/web3/)
- [Stablecoin](/zh/glossary/stablecoin/)
- [Blockchain](/zh/glossary/blockchain/)

相关服务

- [区块链](/zh/services/blockchain/)

相关案例研究

- [Scramble Pay](/zh/case-studies/scramble-pay/)

相关指南

- [如何挑选软件开发公司](/zh/software-development-guide/how-to-choose-a-software-agency/)

聊聊

## Structured Data

```json
{
  "@context": "https://schema.org",
  "@graph": [
    {
      "@id": "https://wavect.io/#organization",
      "@type": [
        "Organization",
        "ProfessionalService",
        "LocalBusiness"
      ],
      "employee": [
        {
          "@id": "https://wavect.io/team/kevin-riedl/#person",
          "@type": "Person",
          "jobTitle": "Managing Director",
          "name": "Kevin Riedl",
          "url": "https://wavect.io/team/kevin-riedl/",
          "worksFor": {
            "@id": "https://wavect.io/#organization",
            "@type": [
              "Organization",
              "ProfessionalService",
              "LocalBusiness"
            ]
          }
        },
        {
          "@id": "https://wavect.io/team/christof-jori/#person",
          "@type": "Person",
          "jobTitle": "Managing Director",
          "name": "Christof Jori",
          "url": "https://wavect.io/team/christof-jori/",
          "worksFor": {
            "@id": "https://wavect.io/#organization",
            "@type": [
              "Organization",
              "ProfessionalService",
              "LocalBusiness"
            ]
          }
        }
      ],
      "founder": [
        {
          "@id": "https://wavect.io/team/kevin-riedl/#person",
          "@type": "Person",
          "jobTitle": "Managing Director",
          "name": "Kevin Riedl",
          "url": "https://wavect.io/team/kevin-riedl/",
          "worksFor": {
            "@id": "https://wavect.io/#organization",
            "@type": [
              "Organization",
              "ProfessionalService",
              "LocalBusiness"
            ]
          }
        },
        {
          "@id": "https://wavect.io/team/christof-jori/#person",
          "@type": "Person",
          "jobTitle": "Managing Director",
          "name": "Christof Jori",
          "url": "https://wavect.io/team/christof-jori/",
          "worksFor": {
            "@id": "https://wavect.io/#organization",
            "@type": [
              "Organization",
              "ProfessionalService",
              "LocalBusiness"
            ]
          }
        }
      ],
      "legalRepresentative": [
        {
          "@id": "https://wavect.io/team/kevin-riedl/#person",
          "@type": "Person",
          "jobTitle": "Managing Director",
          "name": "Kevin Riedl",
          "url": "https://wavect.io/team/kevin-riedl/",
          "worksFor": {
            "@id": "https://wavect.io/#organization",
            "@type": [
              "Organization",
              "ProfessionalService",
              "LocalBusiness"
            ]
          }
        },
        {
          "@id": "https://wavect.io/team/christof-jori/#person",
          "@type": "Person",
          "jobTitle": "Managing Director",
          "name": "Christof Jori",
          "url": "https://wavect.io/team/christof-jori/",
          "worksFor": {
            "@id": "https://wavect.io/#organization",
            "@type": [
              "Organization",
              "ProfessionalService",
              "LocalBusiness"
            ]
          }
        }
      ],
      "name": "Wavect GmbH",
      "subjectOf": {
        "@id": "https://wavect.io/verified-claims.json#dataset",
        "@type": "Dataset",
        "creator": {
          "@id": "https://wavect.io/#organization",
          "@type": [
            "Organization",
            "ProfessionalService",
            "LocalBusiness"
          ]
        },
        "description": "A machine-readable registry of quantitative and qualitative claims published by Wavect, with review dates, localized page appearances and public third-party citations where available.",
        "inLanguage": "en",
        "isAccessibleForFree": true,
        "license": "https://creativecommons.org/licenses/by/4.0/",
        "name": "Wavect verified publication claims",
        "url": "https://wavect.io/verified-claims.json"
      },
      "url": "https://wavect.io/"
    },
    {
      "@id": "https://wavect.io/team/kevin-riedl/#person",
      "@type": "Person",
      "jobTitle": "Managing Director",
      "name": "Kevin Riedl",
      "sameAs": [
        "https://www.wikidata.org/wiki/Q139796365",
        "https://www.linkedin.com/in/wsdt",
        "https://github.com/wsdt"
      ],
      "url": "https://wavect.io/team/kevin-riedl/",
      "worksFor": {
        "@id": "https://wavect.io/#organization",
        "@type": [
          "Organization",
          "ProfessionalService",
          "LocalBusiness"
        ]
      }
    },
    {
      "@id": "https://wavect.io/team/christof-jori/#person",
      "@type": "Person",
      "jobTitle": "Managing Director",
      "name": "Christof Jori",
      "sameAs": [
        "https://www.wikidata.org/wiki/Q139796367",
        "https://www.linkedin.com/in/jocr77/",
        "https://github.com/jo-chris"
      ],
      "url": "https://wavect.io/team/christof-jori/",
      "worksFor": {
        "@id": "https://wavect.io/#organization",
        "@type": [
          "Organization",
          "ProfessionalService",
          "LocalBusiness"
        ]
      }
    },
    {
      "@id": "https://wavect.io/#website",
      "@type": "WebSite",
      "inLanguage": [
        "en",
        "de",
        "es",
        "zh"
      ],
      "name": "Wavect",
      "potentialAction": {
        "@type": "SearchAction",
        "query-input": "required name=search_term_string",
        "target": {
          "@type": "EntryPoint",
          "urlTemplate": "https://wavect.io/search/?q={search_term_string}"
        }
      },
      "publisher": {
        "@id": "https://wavect.io/#organization",
        "@type": [
          "Organization",
          "ProfessionalService",
          "LocalBusiness"
        ]
      },
      "url": "https://wavect.io/"
    }
  ]
}
```

```json
{
  "@context": "https://schema.org",
  "@graph": [
    {
      "@id": "https://wavect.io/zh/glossary/defi/#term",
      "@type": "DefinedTerm",
      "alternateName": [],
      "description": "由公有区块链上的 Smart Contract 而非银行或券商运行的金融服务（交易、借出、借入）。",
      "inDefinedTermSet": "https://wavect.io/zh/glossary/#termset",
      "name": "DeFi",
      "termCode": "defi",
      "url": "https://wavect.io/zh/glossary/defi/"
    },
    {
      "@id": "https://wavect.io/zh/glossary/defi/#webpage",
      "@type": "WebPage",
      "about": {
        "@id": "https://wavect.io/#organization",
        "@type": [
          "Organization",
          "ProfessionalService",
          "LocalBusiness"
        ]
      },
      "author": {
        "@id": "https://wavect.io/team/kevin-riedl/#person",
        "@type": "Person",
        "name": "Kevin Riedl",
        "url": "https://wavect.io/team/kevin-riedl/"
      },
      "dateModified": "2026-06-02",
      "description": "由公有区块链上的 Smart Contract 而非银行或券商运行的金融服务（交易、借出、借入）。",
      "headline": "DeFi",
      "inLanguage": "zh",
      "isPartOf": {
        "@id": "https://wavect.io/#website",
        "@type": "WebSite"
      },
      "lastReviewed": "2026-06-02",
      "mainEntity": {
        "@id": "https://wavect.io/zh/glossary/defi/#term"
      },
      "mentions": [
        {
          "@id": "https://wavect.io/#organization",
          "@type": [
            "Organization",
            "ProfessionalService",
            "LocalBusiness"
          ]
        },
        {
          "@type": "Service",
          "name": "区块链",
          "url": "https://wavect.io/zh/services/blockchain/"
        }
      ],
      "name": "DeFi",
      "reviewedBy": {
        "@id": "https://wavect.io/team/christof-jori/#person",
        "@type": "Person",
        "name": "Christof Jori",
        "url": "https://wavect.io/team/christof-jori/"
      },
      "speakable": {
        "@type": "SpeakableSpecification",
        "cssSelector": [
          ".gls-single__h1",
          ".gls-single__tldr"
        ]
      },
      "url": "https://wavect.io/zh/glossary/defi/"
    },
    {
      "@type": "BreadcrumbList",
      "itemListElement": [
        {
          "@type": "ListItem",
          "item": "https://wavect.io/zh/",
          "name": "首页",
          "position": 1
        },
        {
          "@type": "ListItem",
          "item": "https://wavect.io/zh/glossary/",
          "name": "技术、产品与合作模式术语表",
          "position": 2
        },
        {
          "@type": "ListItem",
          "item": "https://wavect.io/zh/glossary/defi/",
          "name": "DeFi",
          "position": 3
        }
      ]
    }
  ]
}
```

```json
{
  "@context": "https://schema.org",
  "@type": "FAQPage",
  "mainEntity": [
    {
      "@type": "Question",
      "acceptedAnswer": {
        "@type": "Answer",
        "text": "由 Smart Contract 而非银行或券商运行的金融服务：在自动做市商上交易、凭链上抵押品借款、通过借出赚取收益。合约执行规则；没有中介审批交易。"
      },
      "name": "什么是 DeFi？"
    },
    {
      "@type": "Question",
      "acceptedAnswer": {
        "@type": "Answer",
        "text": "Smart Contract 风险（漏洞掏空资金且无退款）、预言机风险（被操纵的价格喂价让攻击者凭虚假抵押品借款）、连锁风险（可组合性意味着一块积木崩塌会拖垮堆叠其上的一切）。这些不是边缘情况，而是主要的损失途径。"
      },
      "name": "DeFi 真正的风险有哪些？"
    },
    {
      "@type": "Question",
      "acceptedAnswer": {
        "@type": "Answer",
        "text": "只有当你需要银行轨道无法提供的无需许可、可组合的金融时才值得。对大多数企业而言，受监管的支付处理商更便宜、更安全、集成更快。DeFi 只在一小部分用例中配得上它的风险，在其他任何地方都是负担。"
      },
      "name": "DeFi 对我的业务值得吗？"
    }
  ],
  "speakable": {
    "@type": "SpeakableSpecification",
    "cssSelector": [
      ".faq-question",
      ".faq-answer"
    ]
  }
}
```