DeFi是去中心化金融（Decentralized Finance）的缩写，通常指基于以太坊的金融智能合约组成的去中心化应用程序（DApps）。简单来说，它是基于区块链构建的财务软件。
DeFi is an acronym for decentralized finance, usually a decentralised application based on a Taiyo financial intelligence contract (DApps). In short, it is a financial software based on block chains.
那么具体来说，DeFi是什么？它一般是指基于智能合约平台（例如以太坊）构建的加密资产、金融类智能合约以及协议。
So, specifically, what is DeFi? It generally refers to encrypted assets, financial-type smart contracts and protocols based on smart contract platforms (e.g. the Etherms).
DeFi旨在建立一个对所有人开放的金融体系，并最大限度地减少一个人信任和依赖中央政府的需要。互联网，密码学和区块链等技术为我们提供了建立和控制金融系统的工具，不再需要中央机构。
DeFi aims to create a financial system that is open to all and minimizes the need for one person to trust and rely on the central government. Technologies like the Internet, cryptology and block chains provide us with the tools to build and control the financial system, and central institutions are no longer needed.
几乎所有DeFi应用程序都基于以太网区块链，这是世界上最受欢迎的可编程区块链。以太坊是一个区块链网络，维护着一个共享的数字价值分类账。
Almost all of the DeFi applications are based on the Ether Net block chain, which is the most popular programmable block chain in the world. Ether is a block chain network that maintains a shared digital value ledger.
开发人员在以太坊上编写可以在区块链上创建，存储和管理数字资产（也称为通证）的应用程序。这些程序被称为智能合约或去中心化应用（DApps）。它们是由以太坊区块链强制执行的合同或协议。你可以建立复杂的不可逆转的协议，而且不再需要公证人、监督者。
The developers prepare applications that can be created on the block chain to store and manage digital assets (also referred to as transients). These are called smart contracts or decentralised applications (DApps). They are contracts or agreements enforced by the section chain.
2017年以前，以太坊就像一颗定时炸弹，大家对以太坊并不是很了解，国内通过以太坊IC0融资的项目你可以轻松计算出它们的数量，进入2017年，以太坊全面爆发。
By 2017, Ether was like a time bomb, you were not very familiar with Ether, and you could easily calculate their numbers through the Itho-financed projects in the country, going into 2017, where the Ether was full-blown.
依托以太坊的独角兽，Uniswap的创始人Hayden Adams，在2017年底参照着Vitalik Buterin 2016年提出的DEX想法，着手开发DEX并将这个想法成为现实。
At the end of 2017, Hayden Adams, founder of Uniswap, began to develop and make reality the DEX, drawing on the DEX idea proposed by Vitalik Buterin in 2016.
Uniswap 的独特之处在于它解决了订单簿交易所中非流动资产的高点差问题。之所以存在这个问题，是因为专业做市商几乎没有动力为交易量非常低的资产提供流动性。但是，使用 Uniswap，任何人都可以通过将资产存入池中并根据交易量赚取费用来成为做市商。这种模型的一个缺点是大订单会出现大幅滑点，因为随着需求数量的增加支付的价格也会增加。
Uniswap is unique in that it solves the problem of high margins of non-moveable assets on order book exchanges. The problem arises because professional marketers have little incentive to provide liquidity for very low-volume assets. But, using Uniswap, anyone can become a marketer by depositing assets in a pool and earning fees based on the volume of transactions.
自从2020年6月DeFi觉醒，Uniswap带动了流动性暴涨，成为了当时最热门的DEX。
Since DeFi's awakening in June 2020, Uniswap has driven a surge in mobility, making it the hottest DEX at the time.
DEXs?可以为某些资产提供比孤岛式的中心化交易所或服务提供商更好的兑换率。在股票市场，像美国存托凭证 (ADR) 这样的金融工具为进入外汇市场架起了桥梁，但却经常遭受巨大的溢价和稀薄的流动性。
DEXs? A better exchange rate for certain assets than for an island-based centralized exchange or service provider. In stock markets, financial instruments like the American Depository Certificate (ADR) provide a bridge to foreign exchange markets, but often suffer huge premiums and thin liquidity.
当市场在全球范围内准入时，它也可以带来更多的金融权益。目前，一些发展中国家往往被排除在金融服务之外，原因是建立当地业务的成本相对于需求较高，缺乏基础设施等。但是去中心化的金融服务可以为边缘人口服务，提供保险、国际支付、美元计价的储蓄账户和信贷等服务。
At present, some developing countries are often excluded from financial services because of the higher costs of establishing local operations relative to demand and the lack of infrastructure. But decentralized financial services can serve marginalized populations by providing services such as insurance, international payments, dollar-denominated savings accounts and credit.
在透明的共享数据库 (即区块链的分布式账本) 上构建金融服务的一个好处是，所有相关的交易数据都是实时公开可用的。例如，在 Uniswap 协议中，流动性提供者 (LPs) 产生的收益可以按每秒的粒度进行跟踪。投资者可以利用这些数据来决定如何分配资金，从而提供更有效的价格发现和资源分配，而监管者可以监控实时交易数据，以识别不法用户活动。
One of the benefits of constructing financial services on a transparent shared database (i.e. a distributed account of the block chain) is that all relevant transaction data are publicly available in real time. For example, in the Uniswap agreement, the benefits generated by a liquid provider (LPs) can be tracked at the particle size of a second. Investors can use these data to decide how to allocate funds, thus providing more efficient price discovery and resource allocation, while regulators can monitor real-time transaction data to identify illicit user activity.
与任何不断发展的新技术一样，DeFi 也面临着挑战。这和早期的互联网没有什么不同，当时的网络连接速度慢，硬件昂贵，即使是最聪明的创新者也在支持图片或视频方面受到掣肘，而如今这些已经在线上社交活动中广泛使用。
As with any new and evolving technology, DeFi faces challenges. This is no different from the early Internet, where Internet connectivity was slow, hardware was expensive and even the smartest innovators were constrained in supporting pictures or videos, which are now widely used online in social networking.
DeFi 已经存在，并且会一直存在。一些怀疑论者认为这是一场理想主义运动，注定永远被置于互联网的阴影之下。但由于其围绕结算效率、风险管理和可访问性的创新，DeFi 很可能成为金融基础设施的核心部分，不仅对于加密货币，而且可能是对于所有其他类别的市场：在不久的将来，人们将使用 DeFi 协议来出售门票、苹果 (Apple) 股票、猪肉期货、袜子等等，这很可能通过提供对该基础设施访问的门户 (protals) 来实现，且这些门户有着独立的监管制度和业务活动。
DeFi already exists, and will always exist. Some skeptics believe that it is an idealistic movement that is destined to remain forever under the shadow of the Internet.
DeFi 不会像一些铁杆信徒可能认为的那样意味着现有金融服务业的终结 (就像互联网没有完全扼杀印刷业一样)。但是，对于传统金融服务和其它公司来说，DeFi 的机遇将在于允许它们专注于自己的核心结构优势 -- 托管产品、大宗经纪业务、法币入场渠道、客户服务等等，同时直接从去中心化协议中获取流动性和产品。
DeFi does not mean the end of the existing financial services (as the Internet does not completely stifle the printing industry) as some hardcore believers may think. But, for traditional financial services and other companies, the opportunity for DeFi would be to allow them to focus on their own core structural advantages -- hosting products, large-scale brokering, French currency entry channels, customer services, etc. -- while at the same time obtaining liquidity and products directly from decentralizing agreements.
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