{"id":157322,"date":"2026-04-25T11:21:49","date_gmt":"2026-04-25T08:21:49","guid":{"rendered":""},"modified":"2026-04-25T11:21:49","modified_gmt":"2026-04-25T08:21:49","slug":"%d8%ae%d8%b3%d8%a7%d8%a6%d8%b1-%d8%a7%d9%84%d8%aa%d9%85%d9%88%d9%8a%d9%84-%d8%a7%d9%84%d9%84%d8%a7%d9%85%d8%b1%d9%83%d8%b2%d9%8a-%d8%a3%d8%b9%d9%84%d9%89-%d8%a8%d9%80-8500-%d9%85%d9%86-%d8%ae%d8%b1","status":"publish","type":"post","link":"https:\/\/www.arabcryptocap.io\/blog\/defi\/%d8%ae%d8%b3%d8%a7%d8%a6%d8%b1-%d8%a7%d9%84%d8%aa%d9%85%d9%88%d9%8a%d9%84-%d8%a7%d9%84%d9%84%d8%a7%d9%85%d8%b1%d9%83%d8%b2%d9%8a-%d8%a3%d8%b9%d9%84%d9%89-%d8%a8%d9%80-8500-%d9%85%d9%86-%d8%ae%d8%b1\/","title":{"rendered":"\u062e\u0633\u0627\u0626\u0631 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a \u0623\u0639\u0644\u0649 \u0628\u0640 8,500% \u0645\u0646 \u062e\u0631\u0648\u0642 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a \u0644\u0643\u0644 \u062f\u0648\u0644\u0627\u0631 \u0645\u062a\u062f\u0627\u0648\u0644"},"content":{"rendered":"<p>\u0623\u0639\u062a\u0642\u062f \u0623\u0646 \u0623\u0635\u0639\u0628 \u0633\u0624\u0627\u0644 \u064a\u0648\u0627\u062c\u0647 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a (DeFi) \u0641\u064a \u0639\u0627\u0645 2026 \u0647\u0648 \u0647\u0644 \u0627\u0644\u062d\u0644\u0645 \u0627\u0644\u0623\u0635\u0644\u064a \u0644\u0627 \u064a\u0632\u0627\u0644 \u062d\u064a\u0627\u064b\u061f<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter-rtl ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><span class=\"ez-toc-title\" style=\"cursor:inherit\">\u0645\u062d\u062a\u0648\u064a\u0627\u062a \u0627\u0644\u0645\u0642\u0627\u0644\u0629<\/span>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.arabcryptocap.io\/blog\/defi\/%d8%ae%d8%b3%d8%a7%d8%a6%d8%b1-%d8%a7%d9%84%d8%aa%d9%85%d9%88%d9%8a%d9%84-%d8%a7%d9%84%d9%84%d8%a7%d9%85%d8%b1%d9%83%d8%b2%d9%8a-%d8%a3%d8%b9%d9%84%d9%89-%d8%a8%d9%80-8500-%d9%85%d9%86-%d8%ae%d8%b1\/#%D8%A7%D9%84%D8%B5%D9%81%D9%82%D8%A9_%D8%A7%D9%84%D8%A3%D8%B5%D9%84%D9%8A%D8%A9_%D9%83%D8%A7%D9%86_%D9%84%D9%87%D8%A7_%D8%A7%D8%B9%D8%AA%D9%85%D8%A7%D8%AF_%D9%85%D8%AE%D9%81%D9%8A_Hidden_Dependency_Stack\" >\u0627\u0644\u0635\u0641\u0642\u0629 \u0627\u0644\u0623\u0635\u0644\u064a\u0629 \u0643\u0627\u0646 \u0644\u0647\u0627 \u0627\u0639\u062a\u0645\u0627\u062f \u0645\u062e\u0641\u064a (Hidden Dependency Stack)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.arabcryptocap.io\/blog\/defi\/%d8%ae%d8%b3%d8%a7%d8%a6%d8%b1-%d8%a7%d9%84%d8%aa%d9%85%d9%88%d9%8a%d9%84-%d8%a7%d9%84%d9%84%d8%a7%d9%85%d8%b1%d9%83%d8%b2%d9%8a-%d8%a3%d8%b9%d9%84%d9%89-%d8%a8%d9%80-8500-%d9%85%d9%86-%d8%ae%d8%b1\/#%D8%B3%D8%AC%D9%84_%D8%A7%D9%84%D8%A3%D9%85%D9%86_%D8%AD%D8%B7%D9%85_%D8%A3%D9%86%D8%B8%D9%81_%D9%86%D8%B3%D8%AE%D8%A9_%D9%85%D9%86_%D8%A7%D9%84%D9%88%D8%B9%D8%AF\" >\u0633\u062c\u0644 \u0627\u0644\u0623\u0645\u0646 \u062d\u0637\u0645 \u0623\u0646\u0638\u0641 \u0646\u0633\u062e\u0629 \u0645\u0646 \u0627\u0644\u0648\u0639\u062f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.arabcryptocap.io\/blog\/defi\/%d8%ae%d8%b3%d8%a7%d8%a6%d8%b1-%d8%a7%d9%84%d8%aa%d9%85%d9%88%d9%8a%d9%84-%d8%a7%d9%84%d9%84%d8%a7%d9%85%d8%b1%d9%83%d8%b2%d9%8a-%d8%a3%d8%b9%d9%84%d9%89-%d8%a8%d9%80-8500-%d9%85%d9%86-%d8%ae%d8%b1\/#Aave_%D9%8A%D8%B8%D9%87%D8%B1_%D9%83%D9%8A%D9%81_%D9%8A%D8%AA%D9%83%D8%B4%D9%81_%D8%B6%D8%BA%D8%B7_%D8%A7%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%84_%D8%A7%D9%84%D9%84%D8%A7%D9%85%D8%B1%D9%83%D8%B2%D9%8A_%D8%A7%D9%84%D9%86%D8%A7%D8%B6%D8%AC_%D9%81%D9%8A_%D8%A7%D9%84%D8%B9%D9%84%D9%86\" >Aave \u064a\u0638\u0647\u0631 \u0643\u064a\u0641 \u064a\u062a\u0643\u0634\u0641 \u0636\u063a\u0637 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a \u0627\u0644\u0646\u0627\u0636\u062c \u0641\u064a \u0627\u0644\u0639\u0644\u0646<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.arabcryptocap.io\/blog\/defi\/%d8%ae%d8%b3%d8%a7%d8%a6%d8%b1-%d8%a7%d9%84%d8%aa%d9%85%d9%88%d9%8a%d9%84-%d8%a7%d9%84%d9%84%d8%a7%d9%85%d8%b1%d9%83%d8%b2%d9%8a-%d8%a3%d8%b9%d9%84%d9%89-%d8%a8%d9%80-8500-%d9%85%d9%86-%d8%ae%d8%b1\/#%D9%85%D9%82%D8%A7%D8%B1%D9%86%D8%A9_%D8%A7%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%84_%D8%A7%D9%84%D8%AA%D9%82%D9%84%D9%8A%D8%AF%D9%8A_%D8%AD%D9%82%D9%8A%D9%82%D9%8A%D8%A9%D8%8C_%D9%84%D9%83%D9%86_%D8%A7%D9%84%D8%B1%D9%8A%D8%A7%D8%B6%D9%8A%D8%A7%D8%AA_%D8%BA%D9%8A%D8%B1_%D9%85%D8%AA%D9%83%D8%A7%D9%81%D8%A6%D8%A9\" >\u0645\u0642\u0627\u0631\u0646\u0629 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a \u062d\u0642\u064a\u0642\u064a\u0629\u060c \u0644\u0643\u0646 \u0627\u0644\u0631\u064a\u0627\u0636\u064a\u0627\u062a \u063a\u064a\u0631 \u0645\u062a\u0643\u0627\u0641\u0626\u0629<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.arabcryptocap.io\/blog\/defi\/%d8%ae%d8%b3%d8%a7%d8%a6%d8%b1-%d8%a7%d9%84%d8%aa%d9%85%d9%88%d9%8a%d9%84-%d8%a7%d9%84%d9%84%d8%a7%d9%85%d8%b1%d9%83%d8%b2%d9%8a-%d8%a3%d8%b9%d9%84%d9%89-%d8%a8%d9%80-8500-%d9%85%d9%86-%d8%ae%d8%b1\/#%D8%A7%D9%84%D8%A3%D8%B3%D8%A6%D9%84%D8%A9_%D8%A7%D9%84%D8%B4%D8%A7%D8%A6%D8%B9%D8%A9_FAQs\" >\u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629 (FAQs)<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>\u0643\u0627\u0646\u062a \u0627\u0644\u0635\u0641\u0642\u0629 \u0627\u0644\u062c\u0645\u0627\u0639\u064a\u0629 \u0628\u0633\u064a\u0637\u0629. \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u0648\u0646 \u0647\u0645 \u0645\u0646 \u064a\u0645\u0644\u0643\u0648\u0646 \u0645\u0641\u0627\u062a\u064a\u062d\u0647\u0645. \u0627\u0644\u0643\u0648\u062f \u0627\u0644\u0628\u0631\u0645\u062c\u064a \u0647\u0648 \u0645\u0646 \u064a\u0646\u0641\u0630 \u0627\u0644\u0642\u0648\u0627\u0639\u062f. \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u062a\u0628\u0642\u0649 \u0645\u0641\u062a\u0648\u062d\u0629. \u062f\u0641\u0627\u062a\u0631 \u0627\u0644\u062d\u0633\u0627\u0628\u0627\u062a \u062a\u0643\u0648\u0646 \u0645\u0631\u0626\u064a\u0629 \u0644\u0644\u062c\u0645\u064a\u0639. \u0627\u0644\u0648\u0633\u0637\u0627\u0621 \u0633\u064a\u0641\u0642\u062f\u0648\u0646 \u0642\u0648\u062a\u0647\u0645 \u0644\u0623\u0646 \u0627\u0644\u062e\u062f\u0645\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0639\u0645\u0644 \u0639\u0644\u0649 \u0639\u0642\u0648\u062f \u0630\u0643\u064a\u0629 \u0639\u0627\u0645\u0629 \u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u062f\u0641\u0627\u062a\u0631 \u062d\u0633\u0627\u0628\u0627\u062a \u062e\u0627\u0635\u0629.<\/p>\n<p>\u0647\u0630\u0627 \u0627\u0644\u0625\u0637\u0627\u0631 \u064a\u0641\u0633\u0631 \u0644\u0645\u0627\u0630\u0627 \u0646\u0645\u0627 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a \u0628\u0633\u0631\u0639\u0629 \u0643\u0628\u064a\u0631\u0629 \u0628\u0639\u062f \u0639\u0627\u0645 2020. \u0643\u0645\u0627 \u064a\u0641\u0633\u0631 \u0644\u0645\u0627\u0630\u0627 \u0627\u0644\u0634\u0639\u0648\u0631 \u0627\u0644\u062d\u0627\u0644\u064a \u0645\u062d\u0628\u0637 \u0644\u0644\u063a\u0627\u064a\u0629.<\/p>\n<p>\u0623\u0648\u062f \u0623\u0646 \u0623\u0628\u062f\u0623 \u0647\u0630\u0627 \u0627\u0644\u0645\u0642\u0627\u0644 \u0628\u0627\u0644\u0642\u0648\u0644 \u0625\u0646\u0646\u064a \u0623\u0624\u0645\u0646 \u0628\u0623\u0646 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a \u062c\u0632\u0621 \u0623\u0633\u0627\u0633\u064a \u0645\u0646 \u0627\u0644\u0639\u0627\u0644\u0645 \u0627\u0644\u0630\u064a \u0623\u0631\u064a\u062f \u0627\u0644\u0639\u064a\u0634 \u0641\u064a\u0647. \u0644\u0643\u0646\u0646\u064a \u0644\u0633\u062a \u0645\u062a\u0639\u0635\u0628\u0627\u064b \u0644\u0646\u0638\u0627\u0645 \u0641\u0634\u0644 \u0641\u064a \u0627\u0644\u0648\u0641\u0627\u0621 \u0628\u0648\u0639\u0648\u062f\u0647. \u0623\u0624\u0645\u0646 \u0628\u0648\u062c\u0648\u062f &#8220;\u0622\u0631\u0627\u0621 \u0642\u0648\u064a\u0629 \u0645\u0639 \u062a\u0645\u0633\u0643 \u0636\u0639\u064a\u0641 \u0628\u0647\u0627&#8221;\u060c \u0648\u0642\u0646\u0627\u0639\u062a\u064a \u062a\u062c\u0627\u0647 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a \u0636\u0639\u064a\u0641\u0629 \u062c\u062f\u0627\u064b \u062d\u0627\u0644\u064a\u0627\u064b.<\/p>\n<p>\u0639\u0627\u0634 \u0647\u0630\u0627 \u0627\u0644\u0642\u0637\u0627\u0639 \u0633\u0646\u0648\u0627\u062a \u0645\u0646 \u0627\u062e\u062a\u0631\u0627\u0642\u0627\u062a \u0627\u0644\u062c\u0633\u0648\u0631 (Bridges)\u060c \u0648\u0627\u0644\u062a\u0644\u0627\u0639\u0628 \u0628\u0627\u0644\u0623\u0633\u0639\u0627\u0631\u060c \u0648\u0641\u0634\u0644 \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0630\u0643\u064a\u0629\u060c \u0648\u0627\u062e\u062a\u0631\u0627\u0642 \u0627\u0644\u0645\u062d\u0627\u0641\u0638\u060c \u0648\u0645\u0639\u0627\u0631\u0643 \u0627\u0644\u062d\u0648\u0643\u0645\u0629 (Governance)\u060c \u0648\u0636\u063a\u0648\u0637 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0639\u0627\u0645\u0629. \u0641\u064a \u0646\u0641\u0633 \u0627\u0644\u0648\u0642\u062a\u060c \u062a\u062a\u0628\u0646\u0649 \u0627\u0644\u0645\u0624\u0633\u0633\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u062a\u0642\u0646\u064a\u0629 \u0627\u0644\u062a\u0631\u0645\u064a\u0632 (Tokenization) \u0648\u0627\u0644\u0646\u0642\u062f \u0627\u0644\u0631\u0642\u0645\u064a (Digital Cash) \u0648\u0642\u0646\u0648\u0627\u062a \u0627\u0644\u062a\u0633\u0648\u064a\u0629 (Settlement Rails)\u060c \u0644\u0643\u0646\u0647\u0627 \u062a\u062a\u0631\u0643 \u0648\u0631\u0627\u0621\u0647\u0627 \u0627\u0644\u0643\u062b\u064a\u0631 \u0645\u0646 \u0627\u0644\u0645\u0634\u0631\u0648\u0639 \u0627\u0644\u0633\u064a\u0627\u0633\u064a \u063a\u064a\u0631 \u0627\u0644\u0645\u0635\u0631\u062d \u0628\u0647 (Permissionless).<\/p>\n<p>\u0627\u0644\u0631\u0623\u064a \u0627\u0644\u0623\u0643\u062b\u0631 \u0642\u0627\u0628\u0644\u064a\u0629 \u0644\u0644\u062f\u0641\u0627\u0639 \u0639\u0646\u0647 \u0627\u0644\u0622\u0646 \u0623\u0635\u0628\u062d \u0623\u0636\u064a\u0642 \u0628\u0643\u062b\u064a\u0631 \u0645\u0646 \u0627\u0644\u0648\u0639\u062f \u0627\u0644\u0642\u062f\u064a\u0645. \u0623\u062b\u0628\u062a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a \u0623\u0646 \u0627\u0644\u062a\u0633\u0648\u064a\u0629 \u0627\u0644\u0639\u0627\u0645\u0629 (Public Settlement)\u060c \u0648\u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0622\u0644\u064a\u0629 (Automated Markets)\u060c \u0648\u0627\u0644\u062a\u0631\u0643\u064a\u0628\u064a\u0629 (Composability)\u060c \u0648\u062f\u0641\u0627\u062a\u0631 \u0627\u0644\u062d\u0633\u0627\u0628\u0627\u062a \u0627\u0644\u0634\u0641\u0627\u0641\u0629 \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0639\u0645\u0644 \u0639\u0644\u0649 \u0646\u0637\u0627\u0642 \u0630\u064a \u0645\u0639\u0646\u0649. \u0644\u0643\u0646\u0647 \u0644\u0645 \u064a\u062b\u0628\u062a \u0628\u0639\u062f \u0623\u0646 \u0647\u0630\u0647 \u0627\u0644\u062e\u0635\u0627\u0626\u0635\u060c \u0628\u0645\u0641\u0631\u062f\u0647\u0627\u060c \u062a\u062e\u0644\u0642 \u0646\u0638\u0627\u0645\u0627\u064b \u0645\u0627\u0644\u064a\u0629 \u0623\u0643\u062b\u0631 \u0623\u0645\u0627\u0646\u0627\u064b \u0623\u0648 \u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629 \u0623\u0648 \u0633\u0647\u0648\u0644\u0629 \u0641\u064a \u0627\u0644\u0648\u0635\u0648\u0644 \u0645\u0646 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0630\u064a \u0643\u0627\u0646 \u064a\u0647\u062f\u0641 \u0644\u062a\u062d\u062f\u064a\u0647.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%D8%A7%D9%84%D8%B5%D9%81%D9%82%D8%A9_%D8%A7%D9%84%D8%A3%D8%B5%D9%84%D9%8A%D8%A9_%D9%83%D8%A7%D9%86_%D9%84%D9%87%D8%A7_%D8%A7%D8%B9%D8%AA%D9%85%D8%A7%D8%AF_%D9%85%D8%AE%D9%81%D9%8A_Hidden_Dependency_Stack\"><\/span>\u0627\u0644\u0635\u0641\u0642\u0629 \u0627\u0644\u0623\u0635\u0644\u064a\u0629 \u0643\u0627\u0646 \u0644\u0647\u0627 \u0627\u0639\u062a\u0645\u0627\u062f \u0645\u062e\u0641\u064a (Hidden Dependency Stack)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u064a\u0635\u0641 \u0627\u0644\u0646\u062f\u0627\u0621 \u0627\u0644\u0645\u0624\u0633\u0633\u064a \u0644\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a \u062c\u0627\u0630\u0628\u064a\u062a\u0647 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629: \u0623\u0646\u0638\u0645\u0629 \u0645\u0627\u0644\u064a\u0629 \u0645\u0641\u062a\u0648\u062d\u0629 \u0645\u0628\u0646\u064a\u0629 \u0639\u0644\u0649 \u0639\u0642\u0648\u062f \u0630\u0643\u064a\u0629 \u0648\u0628\u0646\u064a\u0629 \u062a\u062d\u062a\u064a\u0629 \u0639\u0627\u0645\u0629 \u0645\u0634\u062a\u0631\u0643\u0629. \u0623\u064a \u0634\u062e\u0635 \u0644\u062f\u064a\u0647 \u0645\u062d\u0641\u0638\u0629 (Wallet) \u064a\u0645\u0643\u0646\u0647 \u0627\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u0649 \u0627\u0644\u0623\u0633\u0648\u0627\u0642\u060c \u0648\u062a\u062d\u0631\u064a\u0643 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a (Collateral)\u060c \u0648\u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636\u060c \u0648\u0627\u0644\u0625\u0642\u0631\u0627\u0636\u060c \u0648\u0627\u0644\u062a\u062f\u0627\u0648\u0644\u060c \u0648\u0641\u062d\u0635 \u0627\u0644\u0642\u0648\u0627\u0639\u062f.<\/p>\n<p>\u0627\u0644\u062a\u0639\u0642\u064a\u062f \u0647\u0648 \u0623\u0646 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629 \u0643\u0627\u0646\u062a \u062f\u0627\u0626\u0645\u0627\u064b \u0645\u0641\u0647\u0648\u0645\u0627\u064b \u0645\u062a\u0639\u062f\u062f \u0627\u0644\u0637\u0628\u0642\u0627\u062a. \u0625\u0637\u0627\u0631 \u0639\u0645\u0644 \u0641\u064a\u062a\u0627\u0644\u064a\u0643 \u0628\u0648\u062a\u064a\u0631\u064a\u0646 \u0627\u0644\u0623\u0642\u062f\u0645 \u0642\u0633\u0645 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629 \u0625\u0644\u0649 \u0623\u0628\u0639\u0627\u062f: \u0645\u0639\u0645\u0627\u0631\u064a\u0629 (Architectural)\u060c \u0648\u0633\u064a\u0627\u0633\u064a\u0629 (Political)\u060c \u0648\u0645\u0646\u0637\u0642\u064a\u0629 (Logical). \u0627\u0644\u0646\u0638\u0627\u0645 \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0643\u0648\u0646 \u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0627\u064b \u0645\u0646 \u0627\u0644\u0646\u0627\u062d\u064a\u0629 \u0627\u0644\u0645\u0639\u0645\u0627\u0631\u064a\u0629 \u0644\u0623\u0646\u0647 \u064a\u0639\u0645\u0644 \u0639\u0628\u0631 \u0623\u062c\u0647\u0632\u0629 \u0645\u062a\u0639\u062f\u062f\u0629\u060c \u0628\u064a\u0646\u0645\u0627 \u064a\u0638\u0644 \u0645\u0631\u0643\u0632\u064a\u0627\u064b \u0633\u064a\u0627\u0633\u064a\u0627\u064b \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0627\u0644\u0642\u0631\u0627\u0631\u0627\u062a \u0628\u064a\u062f \u0645\u062c\u0645\u0648\u0639\u0629 \u0635\u063a\u064a\u0631\u0629 \u0645\u0646 \u062d\u0627\u0645\u0644\u064a \u0627\u0644\u0631\u0645\u0648\u0632 (Tokenholders)\u060c \u0623\u0648 \u0627\u0644\u0641\u0631\u0642\u060c \u0623\u0648 \u0627\u0644\u062a\u0648\u0642\u064a\u0639\u0627\u062a \u0627\u0644\u0645\u062a\u0639\u062f\u062f\u0629 (Multisigs)\u060c \u0623\u0648 \u0627\u0644\u0645\u0624\u0633\u0633\u0627\u062a\u060c \u0623\u0648 \u0645\u0634\u063a\u0644\u064a \u0627\u0644\u0648\u0627\u062c\u0647\u0627\u062a \u0627\u0644\u0623\u0645\u0627\u0645\u064a\u0629\u060c \u0623\u0648 \u0645\u0632\u0648\u062f\u064a \u0627\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u062a\u062d\u062a\u064a\u0629.<\/p>\n<p>\u0647\u0630\u0627 \u0627\u0644\u0627\u0646\u0642\u0633\u0627\u0645 \u0636\u0631\u0648\u0631\u064a \u0644\u0623\u0646 \u0627\u0644\u0643\u062b\u064a\u0631 \u0645\u0646 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a \u0628\u062f\u0627 \u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0627\u064b \u0641\u064a \u0637\u0628\u0642\u0629 \u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0627\u062a\u060c \u0628\u064a\u0646\u0645\u0627 \u0638\u0644 \u0645\u0639\u062a\u0645\u062f\u0627\u064b \u0639\u0644\u0649 \u0623\u0634\u0643\u0627\u0644 \u0645\u0631\u0643\u0632\u064a\u0629 \u0645\u0646 \u0627\u0644\u0633\u064a\u0637\u0631\u0629 \u0641\u064a \u0623\u0645\u0627\u0643\u0646 \u0623\u062e\u0631\u0649.<\/p>\n<p>\u0642\u0627\u0645 \u0628\u0646\u0643 \u0627\u0644\u062a\u0633\u0648\u064a\u0627\u062a \u0627\u0644\u062f\u0648\u0644\u064a\u0629 (BIS) \u0641\u064a \u0639\u0627\u0645 2021 \u0628\u0646\u0642\u062f \u0645\u0624\u0633\u0633\u064a \u062d\u0627\u062f\u060c \u0623\u0637\u0644\u0642 \u0639\u0644\u064a\u0647 &#8220;\u0627\u0644\u0648\u0647\u0645 \u0627\u0644\u0647\u064a\u0643\u0644\u064a \u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629&#8221; \u0644\u0623\u0646 \u0627\u062d\u062a\u064a\u0627\u062c\u0627\u062a \u0627\u0644\u062d\u0648\u0643\u0645\u0629 \u062a\u062c\u0639\u0644 \u0628\u0639\u0636 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u062d\u062a\u0645\u064a\u0629\u060c \u0648\u0644\u0623\u0646 \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0627\u062a \u0627\u0644\u0631\u0645\u0648\u0632 \u0648\u0627\u0644\u0645\u062f\u0642\u0642\u064a\u0646 (Validators) \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0631\u0643\u0632 \u0627\u0644\u0633\u0644\u0637\u0629. \u064a\u0631\u0633\u0645 \u0627\u0644\u0628\u0646\u0643 \u062e\u0637\u0627\u064b \u0628\u064a\u0646 \u0627\u0644\u062a\u0633\u0648\u064a\u0629 \u0627\u0644\u0622\u0644\u064a\u0629 \u0648\u0627\u062a\u062e\u0627\u0630 \u0627\u0644\u0642\u0631\u0627\u0631\u0627\u062a \u0627\u0644\u062d\u062a\u0645\u064a\u0629. \u0627\u0644\u0628\u0631\u0648\u062a\u0648\u0643\u0648\u0644\u0627\u062a (Protocols) \u0644\u0627 \u062a\u0632\u0627\u0644 \u0628\u062d\u0627\u062c\u0629 \u0625\u0644\u0649 \u0642\u0631\u0627\u0631\u0627\u062a \u062d\u0648\u0644 \u0627\u0644\u062a\u0631\u0642\u064a\u0627\u062a\u060c \u0648\u0645\u0639\u0627\u064a\u064a\u0631 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0648\u0642\u0648\u0627\u0626\u0645 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a\u060c \u0648\u0627\u0644\u062d\u0648\u0627\u0641\u0632\u060c \u0648\u0627\u062e\u062a\u064a\u0627\u0631 \u0623\u0648\u0631\u0627\u0643\u0644 (Oracles)\u060c \u0648\u0636\u0648\u0627\u0628\u0637 \u0627\u0644\u0637\u0648\u0627\u0631\u0626\u060c \u0648\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062e\u0632\u0627\u0646\u0629. \u0647\u0630\u0647 \u0627\u0644\u0642\u0631\u0627\u0631\u0627\u062a \u0646\u0627\u062f\u0631\u0627\u064b \u0645\u0627 \u062a\u0646\u0628\u062b\u0642 \u0645\u0646 \u062c\u0645\u0647\u0648\u0631 \u0645\u0634\u062a\u062a \u062a\u0645\u0627\u0645\u0627\u064b\u060c \u0628\u0644 \u062a\u0645\u0631 \u0639\u0627\u062f\u0629 \u0639\u0628\u0631 \u0642\u0646\u0648\u0627\u062a \u0648\u0641\u0627\u0639\u0644\u064a\u0646 \u0645\u062d\u062f\u062f\u064a\u0646 \u0641\u064a \u0627\u0644\u062d\u0648\u0643\u0645\u0629.<\/p>\n<p>\u0623\u0636\u0627\u0641 \u0645\u062c\u0644\u0633 \u0627\u0644\u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u0645\u0627\u0644\u064a (FSB) \u0641\u064a \u0639\u0627\u0645 2023 \u0642\u064a\u062f\u0627\u064b \u0622\u062e\u0631: \u0642\u0627\u0644 \u0625\u0646 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a \u0638\u0644 \u0628\u0634\u0643\u0644 \u0623\u0633\u0627\u0633\u064a \u0645\u0631\u062c\u0639\u064a\u0627\u064b \u0630\u0627\u062a\u064a\u0627\u064b (Self-referential)\u060c \u062d\u064a\u062b \u062a\u062a\u0641\u0627\u0639\u0644 \u0645\u0646\u062a\u062c\u0627\u062a\u0647 \u0648\u062e\u062f\u0645\u0627\u062a\u0647 \u0645\u0639 \u0645\u0646\u062a\u062c\u0627\u062a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a \u0627\u0644\u0623\u062e\u0631\u0649 \u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0627\u0644\u062d\u0642\u064a\u0642\u064a. \u0643\u0645\u0627 \u0648\u0631\u062b \u0646\u0642\u0627\u0637 \u0636\u0639\u0641 \u0645\u0623\u0644\u0648\u0641\u0629 \u0645\u0646 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u060c \u0628\u0645\u0627 \u0641\u064a \u0630\u0644\u0643 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 (Leverage)\u060c \u0648\u0639\u062f\u0645 \u062a\u0637\u0627\u0628\u0642 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 (Liquidity Mismatch)\u060c \u0648\u0627\u0644\u0647\u0634\u0627\u0634\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 (Operational Fragility)\u060c \u0648\u0627\u0644\u062a\u0631\u0627\u0628\u0637 (Interconnectedness). \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u0643\u0627\u0646\u062a \u062c\u062f\u064a\u062f\u0629\u060c \u0644\u0643\u0646 \u0639\u0627\u0626\u0644\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0643\u0627\u0646\u062a \u0623\u0642\u062f\u0645.<\/p>\n<p>\u0647\u0630\u0627 \u064a\u0642\u0648\u062f\u0646\u0627 \u0625\u0644\u0649 \u0627\u0644\u062a\u0627\u0644\u064a: \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a \u0642\u0644\u0644 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u0627\u0644\u0628\u0646\u0648\u0643 \u0641\u064a \u0628\u0639\u0636 \u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0627\u062a\u060c \u0644\u0643\u0646\u0647 \u0632\u0627\u062f \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u0627\u0644\u0643\u0648\u062f\u060c \u0648\u0627\u0644\u062c\u0633\u0648\u0631\u060c \u0648\u0627\u0644\u062d\u0648\u0643\u0645\u0629\u060c \u0648\u0627\u0644\u0648\u0627\u062c\u0647\u0627\u062a \u0627\u0644\u0623\u0645\u0627\u0645\u064a\u0629\u060c \u0648\u0627\u0644\u0645\u062d\u0627\u0641\u0638\u060c \u0648\u0627\u0644\u0623\u0648\u0631\u0627\u0643\u0644\u060c \u0648\u0646\u0642\u0627\u0637 \u0627\u0644\u0627\u062a\u0635\u0627\u0644 \u0627\u0644\u062d\u0627\u0641\u0638\u0629 (Custodial Touchpoints)\u060c \u0648\u0641\u0631\u0642 \u0627\u0644\u0623\u0645\u0646. \u0644\u0642\u062f \u0646\u0642\u0644 \u0627\u0644\u062b\u0642\u0629 \u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0625\u0632\u0627\u0644\u062a\u0647\u0627. \u0647\u0630\u0627 \u0627\u0644\u0646\u0642\u0644 \u062e\u0644\u0642 \u0634\u0641\u0627\u0641\u064a\u0629 \u062d\u0642\u064a\u0642\u064a\u0629\u060c \u0644\u0643\u0646\u0647 \u062e\u0644\u0642 \u0623\u064a\u0636\u0627\u064b \u0623\u0648\u0636\u0627\u0639 \u0641\u0634\u0644 \u062c\u062f\u064a\u062f\u0629.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%D8%B3%D8%AC%D9%84_%D8%A7%D9%84%D8%A3%D9%85%D9%86_%D8%AD%D8%B7%D9%85_%D8%A3%D9%86%D8%B8%D9%81_%D9%86%D8%B3%D8%AE%D8%A9_%D9%85%D9%86_%D8%A7%D9%84%D9%88%D8%B9%D8%AF\"><\/span>\u0633\u062c\u0644 \u0627\u0644\u0623\u0645\u0646 \u062d\u0637\u0645 \u0623\u0646\u0638\u0641 \u0646\u0633\u062e\u0629 \u0645\u0646 \u0627\u0644\u0648\u0639\u062f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u0623\u0642\u0648\u0649 \u062f\u0644\u064a\u0644 \u0636\u062f \u0648\u0639\u062f \u0627\u0644\u0623\u0645\u0646 \u0627\u0644\u0623\u0635\u0644\u064a \u0644\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a \u0647\u0648 \u0633\u062c\u0644 \u0627\u0644\u0633\u0631\u0642\u0627\u062a \u0641\u064a 2021 \u0648 2022. \u0645\u0631\u0627\u062c\u0639\u0629 \u0645\u0646 \u0634\u0631\u0643\u0629 \u062a\u0634\u064a\u0646\u0627\u0644\u064a\u0633\u064a\u0633 (Chainalysis) \u0648\u0636\u0639\u062a \u062e\u0633\u0627\u0626\u0631 \u0627\u062e\u062a\u0631\u0627\u0642\u0627\u062a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a \u0628\u062d\u0648\u0627\u0644\u064a 2.5 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a 2021\u060c \u0648 3.1 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a 2022\u060c \u0648 1.1 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a 2023. \u0645\u0646\u0630 \u0639\u0627\u0645 2023\u060c \u062a\u0645\u062a \u0633\u0631\u0642\u0629 \u0645\u0627 \u064a\u0642\u0631\u0628 \u0645\u0646 7 \u0645\u0644\u064a\u0627\u0631\u0627\u062a \u062f\u0648\u0644\u0627\u0631 \u0645\u0639 \u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0627\u0644\u0627\u062e\u062a\u0631\u0627\u0642\u0627\u062a\u060c \u0648\u0627\u0644\u0622\u0646 \u0646\u0645\u0627\u0630\u062c \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a \u062a\u062e\u0644\u0642 \u0647\u062c\u0648\u0645\u0627\u064b \u062c\u062f\u064a\u062f\u0627\u064b (\u0631\u0628\u0645\u0627 \u0623\u0643\u062b\u0631 \u0631\u0639\u0628\u0627\u064b).<\/p>\n<p>\u0631\u0642\u0645 2022 \u0643\u0627\u0646 \u0636\u0627\u0631\u0627\u064b \u0628\u0634\u0643\u0644 \u062e\u0627\u0635. \u0633\u0631\u0642 \u0627\u0644\u0642\u0631\u0627\u0635\u0646\u0629 3.8 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0645\u0646 \u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0628\u0634\u0643\u0644 \u0639\u0627\u0645 \u0641\u064a \u0630\u0644\u0643 \u0627\u0644\u0639\u0627\u0645 \u0648\u062d\u062f\u0647\u060c \u0648\u0634\u0643\u0644\u062a \u0628\u0631\u0648\u062a\u0648\u0643\u0648\u0644\u0627\u062a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a 82.1% \u0645\u0646 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0627\u0644\u0645\u0633\u0631\u0648\u0642\u0629. \u0634\u0643\u0644\u062a \u0627\u0644\u062c\u0633\u0648\u0631 \u0639\u0628\u0631 \u0627\u0644\u0633\u0644\u0627\u0633\u0644 (Cross-chain Bridges) 64% \u0645\u0646 \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u060c \u0648\u0641\u0642\u0627\u064b \u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u062e\u062a\u0631\u0627\u0642\u0627\u062a \u0639\u0627\u0645 2022.<\/p>\n<p>\u0647\u0630\u0647 \u0627\u0644\u0623\u0631\u0642\u0627\u0645 \u063a\u064a\u0631\u062a \u0645\u0639\u0646\u0649 \u0627\u0644\u0634\u0641\u0627\u0641\u064a\u0629. \u064a\u0645\u0643\u0646 \u0644\u0645\u0633\u062a\u062e\u062f\u0645\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a \u0631\u0624\u064a\u0629 \u0645\u0627 \u062d\u062f\u062b\u060c \u0648\u064a\u0645\u0643\u0646\u0647\u0645 \u062a\u062a\u0628\u0639 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0627\u0644\u0645\u0633\u0631\u0648\u0642\u0629\u060c \u0648\u0641\u062d\u0635 \u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0627\u062a\u060c \u0648\u0645\u0634\u0627\u0647\u062f\u0629 \u0627\u0633\u062a\u062c\u0627\u0628\u0629 \u0627\u0644\u062d\u0648\u0643\u0645\u0629. \u062f\u0641\u0627\u062a\u0631 \u0627\u0644\u062d\u0633\u0627\u0628\u0627\u062a \u0627\u0644\u0639\u0627\u0645\u0629 \u062c\u0639\u0644\u062a \u062d\u0627\u0644\u0627\u062a \u0627\u0644\u0641\u0634\u0644 \u0641\u0648\u0631\u064a\u0629 \u0648\u0648\u0627\u0636\u062d\u0629 \u0628\u0648\u062d\u0634\u064a\u0629. \u0627\u062e\u062a\u0631\u0627\u0642 \u0628\u0646\u0643 \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0633\u062a\u063a\u0631\u0642 \u0634\u0647\u0648\u0631\u0627\u064b \u0644\u062a\u062d\u062f\u064a\u062f\u0647 \u0648\u0627\u0644\u0625\u0641\u0635\u0627\u062d \u0639\u0646\u0647\u060c \u0628\u064a\u0646\u0645\u0627 \u062d\u0648\u0636 \u0633\u064a\u0648\u0644\u0629 (Liquidity Pool) \u0645\u0646\u0647\u0648\u0628 \u064a\u0635\u0628\u062d \u0645\u0631\u0626\u064a\u0627\u064b \u0641\u064a \u0627\u0644\u0643\u062a\u0644\u0629 (Block) \u0627\u0644\u062a\u064a \u062d\u062f\u062b \u0641\u064a\u0647\u0627.<\/p>\n<p>\u0627\u0644\u0627\u0631\u062a\u0641\u0627\u0639 \u0627\u0644\u0623\u062e\u064a\u0631 \u0641\u064a \u0633\u0631\u0642\u0627\u062a \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0644\u0647 \u062a\u0631\u0643\u064a\u0628\u0629 \u0645\u062e\u062a\u0644\u0641\u0629 \u0639\u0646 \u062f\u0648\u0631\u0629 \u0627\u062e\u062a\u0631\u0627\u0642\u0627\u062a 2021-2022. \u0623\u0638\u0647\u0631\u062a \u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u062e\u062a\u0631\u0627\u0642\u0627\u062a 2024 \u0639\u0648\u062f\u0629 \u0627\u0644\u062e\u0633\u0627\u0626\u0631 \u0644\u0644\u0627\u0631\u062a\u0641\u0627\u0639 \u0645\u0639 \u062a\u062d\u0648\u0644 \u062a\u0631\u0643\u064a\u0632 \u0627\u0644\u0645\u0647\u0627\u062c\u0645\u064a\u0646 \u0646\u062d\u0648 \u0623\u0647\u062f\u0627\u0641 \u0627\u0644\u0645\u0641\u0627\u062a\u064a\u062d \u0627\u0644\u062e\u0627\u0635\u0629 \u0648\u0627\u0644\u062e\u062f\u0645\u0627\u062a \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629. \u0633\u0644\u0637 \u0645\u0644\u062e\u0635 \u062c\u0631\u0627\u0626\u0645 2025 \u0627\u0644\u0636\u0648\u0621 \u0639\u0644\u0649 \u0627\u062e\u062a\u0631\u0627\u0642\u0627\u062a \u0627\u0644\u0645\u0641\u0627\u062a\u064a\u062d \u0627\u0644\u062e\u0627\u0635\u0629 \u0643\u0645\u062a\u062c\u0647 \u0631\u0626\u064a\u0633\u064a. \u0623\u0638\u0647\u0631 \u062a\u062d\u062f\u064a\u062b \u0645\u0646\u062a\u0635\u0641 \u0639\u0627\u0645 2025 \u0627\u0644\u062a\u0635\u0639\u064a\u062f \u0628\u0639\u062f \u062d\u0627\u062f\u062b\u0629 Bybit. \u0628\u0639\u062f \u0630\u0644\u0643\u060c \u0648\u0635\u0641 \u062a\u0642\u0631\u064a\u0631 \u0639\u0627\u0645 2026 \u0633\u0631\u0642\u0629 \u0623\u0643\u062b\u0631 \u0645\u0646 3.4 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a 2025\u060c \u0645\u0639 \u062d\u0627\u062f\u062b\u0629 Bybit \u0648\u062d\u062f\u0647\u0627 \u0628\u062d\u0648\u0627\u0644\u064a 1.5 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631.<\/p>\n<p>\u0647\u0630\u0627 \u0627\u0644\u062a\u0641\u0635\u064a\u0644 \u064a\u0633\u0627\u0639\u062f \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a \u0639\u0644\u0649 \u0645\u062d\u0648\u0631 \u0648\u064a\u0624\u0630\u064a\u0647 \u0639\u0644\u0649 \u0645\u062d\u0648\u0631 \u0622\u062e\u0631. \u0628\u062f\u0623\u062a \u062e\u0633\u0627\u0626\u0631 \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0628\u0631\u0648\u062a\u0648\u0643\u0648\u0644\u0627\u062a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a \u0641\u064a \u0627\u0644\u062a\u062d\u0633\u0646 \u0645\u0646\u0630 \u0630\u0631\u0648\u0629 2022. \u0641\u064a \u0646\u0641\u0633 \u0627\u0644\u0648\u0642\u062a\u060c \u0644\u0627 \u062a\u0632\u0627\u0644 \u0628\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0627\u0644\u0623\u0648\u0633\u0639 \u062a\u0628\u062f\u0648 \u0647\u0634\u0629\u060c \u0648\u064a\u0628\u062f\u0648 \u0623\u0646\u0647\u0627 \u062a\u062a\u0632\u0627\u064a\u062f \u0645\u0631\u0629 \u0623\u062e\u0631\u0649 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0623\u062f\u0648\u0627\u062a \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a \u0627\u0644\u062c\u062f\u064a\u062f\u0629\u060c \u0648\u0648\u0639\u062f \u0627\u0644\u0633\u064a\u0627\u062f\u0629 \u0627\u0644\u0623\u0635\u0644\u064a\u0629 \u0644\u0644\u0645\u0633\u062a\u062e\u062f\u0645 \u0641\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a \u064a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u062a\u0644\u0643 \u0627\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u0623\u0648\u0633\u0639.<\/p>\n<p>\u0625\u0630\u0627 \u0623\u0635\u0628\u062d\u062a \u0627\u0644\u0645\u062d\u0641\u0638\u0629\u060c \u0623\u0648 \u0639\u0645\u0644\u064a\u0629 \u0627\u0644\u062a\u0648\u0642\u064a\u0639 (Signing)\u060c \u0623\u0648 \u0627\u0644\u062c\u0633\u0631\u060c \u0623\u0648 \u0627\u0644\u0648\u0627\u062c\u0647\u0629 \u0627\u0644\u0623\u0645\u0627\u0645\u064a\u0629\u060c \u0623\u0648 \u0642\u0646\u0627\u0629 \u0627\u0644\u062d\u0648\u0643\u0645\u0629\u060c \u0623\u0648 \u063a\u0644\u0627\u0641 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a (Collateral Wrapper) \u0647\u064a \u0646\u0642\u0637\u0629 \u0627\u0644\u0636\u0639\u0641\u060c \u0641\u0625\u0646 \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645 \u064a\u0648\u0627\u062c\u0647 \u0641\u0634\u0644\u0627\u064b \u0641\u064a \u0627\u0644\u0646\u0638\u0627\u0645 \u0628\u0623\u0643\u0645\u0644\u0647.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Aave_%D9%8A%D8%B8%D9%87%D8%B1_%D9%83%D9%8A%D9%81_%D9%8A%D8%AA%D9%83%D8%B4%D9%81_%D8%B6%D8%BA%D8%B7_%D8%A7%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%84_%D8%A7%D9%84%D9%84%D8%A7%D9%85%D8%B1%D9%83%D8%B2%D9%8A_%D8%A7%D9%84%D9%86%D8%A7%D8%B6%D8%AC_%D9%81%D9%8A_%D8%A7%D9%84%D8%B9%D9%84%D9%86\"><\/span>Aave \u064a\u0638\u0647\u0631 \u0643\u064a\u0641 \u064a\u062a\u0643\u0634\u0641 \u0636\u063a\u0637 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a \u0627\u0644\u0646\u0627\u0636\u062c \u0641\u064a \u0627\u0644\u0639\u0644\u0646<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Aave \u0647\u0648 \u0627\u062e\u062a\u0628\u0627\u0631 \u0623\u0641\u0636\u0644 \u0645\u0646 \u0645\u0639\u0638\u0645 \u0627\u0644\u0628\u0631\u0648\u062a\u0648\u0643\u0648\u0644\u0627\u062a \u0627\u0644\u0623\u0635\u063a\u0631 \u0644\u0623\u0646\u0647 \u064a\u0638\u0644 \u0623\u062d\u062f \u0623\u0645\u0627\u0643\u0646 \u0627\u0644\u0625\u0642\u0631\u0627\u0636 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\u062a\u062d\u062a\u0627\u062c \u0625\u0644\u0649 \u0644\u063a\u0629 \u062f\u0642\u064a\u0642\u0629. \u0630\u0643\u0631 \u062a\u0642\u0631\u064a\u0631 \u062d\u0627\u062f\u062b\u0629 Aave \u0623\u0646 \u0627\u0644\u062d\u062f\u062b \u0646\u0634\u0623 \u062e\u0627\u0631\u062c Aave\u060c \u0645\u0646 \u0645\u0633\u0627\u0631 Kelp&#8217;s LayerZero V2 Unichain \u0625\u0644\u0649 Ethereum rsETH\u060c \u0648\u0627\u0644\u0630\u064a \u062a\u0645 \u062a\u0643\u0648\u064a\u0646\u0647 \u0643\u0645\u0633\u0627\u0631 DVN \u0628\u0646\u0633\u0628\u0629 1 \u0645\u0646 1. \u0630\u0643\u0631 \u0627\u0644\u062a\u0642\u0631\u064a\u0631 \u0623\u0646 \u062d\u0632\u0645\u0629 \u0648\u0627\u0631\u062f\u0629 \u0645\u0632\u064a\u0641\u0629 \u0623\u0637\u0644\u0642\u062a 116,500 rsETH \u0645\u0646 \u0645\u062d\u0648\u0644 \u062c\u0627\u0646\u0628 Ethereum\u060c \u0648\u0623\u0646 89,567 rsETH \u062a\u0645 \u0625\u064a\u062f\u0627\u0639\u0647\u0627 \u0641\u064a Aave. \u0643\u0645\u0627 \u0630\u0643\u0631 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\u0642\u0648\u0627\u0637\u0639 \u062f\u0648\u0627\u0626\u0631 (Circuit Breakers)\u060c \u0648\u0623\u0648\u0635\u064a\u0627\u0621 (Guardians)\u060c \u0648\u0645\u0633\u0624\u0648\u0644\u064a \u0645\u062e\u0627\u0637\u0631\u060c \u0648\u062a\u063a\u064a\u064a\u0631\u0627\u062a \u0637\u0627\u0631\u0626\u0629 \u0641\u064a \u0627\u0644\u0645\u0639\u0627\u064a\u064a\u0631\u060c \u0648\u062d\u0648\u0643\u0645\u0629 \u0645\u0646\u0633\u0642\u0629.<\/p>\n<p>\u0627\u0644\u0645\u0646\u062a\u062f\u0649 \u0627\u0644\u0639\u0627\u0645 \u062c\u0639\u0644 \u0627\u0644\u062c\u0627\u0646\u0628 \u0627\u0644\u0625\u0646\u0633\u0627\u0646\u064a \u0645\u0631\u0626\u064a\u0627\u064b. \u062c\u0627\u062f\u0644 \u0623\u062d\u062f \u0645\u0646\u0634\u0648\u0631\u0627\u062a \u062d\u0648\u0643\u0645\u0629 Aave \u0628\u0623\u0646 \u0627\u0631\u062a\u0641\u0627\u0639 \u0633\u0639\u0631 ETH \u0642\u062f \u064a\u0648\u0633\u0639 \u0641\u062c\u0648\u0629 \u0627\u0644\u062f\u064a\u0648\u0646 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\u0627\u0644\u0627\u062e\u062a\u0631\u0627\u0642\u0627\u062a \u0641\u064a \u0643\u0644 \u0645\u0646 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a \u0648\u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a \u064a\u0628\u062f\u0648 \u0645\u062a\u0634\u0627\u0628\u0647\u0627\u064b \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0623\u0631\u0642\u0627\u0645 \u0623\u0639\u0644\u0627\u0647. \u062d\u0648\u0627\u0644\u064a 2.6 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0641\u0642\u062f\u062a \u0641\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a \u0641\u064a 2025 \u0648\u062d\u0648\u0627\u0644\u064a 2.8 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a.<\/p>\n<p>\u0648\u0645\u0639 \u0630\u0644\u0643\u060c \u062d\u0631\u0643 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a \u062d\u0648\u0627\u0644\u064a 10 \u0625\u0644\u0649 13 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0645\u0627\u0636\u064a\u060c \u0628\u064a\u0646\u0645\u0627 \u0645\u0631 \u0623\u0643\u062b\u0631 \u0645\u0646 28 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0639\u0628\u0631 \u0642\u0646\u0648\u0627\u062a \u0627\u0644\u062f\u0641\u0639 \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0645\u0627\u0633\u062a\u0631\u0643\u0627\u0631\u062f \u0648\u0641\u064a\u0632\u0627 \u0648\u062d\u062f\u0647\u0645\u0627. \u0639\u0646\u062f \u0625\u0636\u0627\u0641\u0629 \u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0635\u0631\u0641 \u0627\u0644\u0623\u062c\u0646\u0628\u064a \u0648\u0623\u0645\u0648\u0627\u0644 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a 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3.5 \u0643\u0648\u0627\u062f\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631. \u0644\u0630\u0644\u0643\u060c \u062a\u0628\u0644\u063a \u0627\u0644\u062e\u0633\u0627\u0626\u0631 \u062d\u0648\u0627\u0644\u064a 0.006% \u0645\u0646 \u0627\u0644\u062d\u062c\u0645 \u0641\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u060c \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u0640 0.00007% \u0641\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a. \u0647\u0630\u0627 \u0645\u0639\u062f\u0644 \u062e\u0633\u0627\u0631\u0629 \u0623\u0639\u0644\u0649 \u0628\u0640 86 \u0636\u0639\u0641\u0627\u064b \u0641\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u060c \u0623\u0648 8,500%. \u0647\u0630\u0627 \u062c\u0632\u0621 \u0645\u0646\u0647 \u0645\u0634\u0643\u0644\u0629 \u062a\u0633\u0648\u064a\u0642\u064a\u0629 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(TradFi)\u061f<\/strong><br \/>\n\u062c: \u0628\u064a\u0646\u0645\u0627 \u062a\u0639\u0627\u0646\u064a \u0627\u0644\u0623\u0646\u0638\u0645\u0629 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0623\u064a\u0636\u0627\u064b \u0645\u0646 \u062e\u0633\u0627\u0626\u0631 \u0641\u0627\u062f\u062d\u0629 \u0628\u0633\u0628\u0628 \u0627\u0644\u0627\u062e\u062a\u0631\u0627\u0642\u0627\u062a \u0648\u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0644 (\u0645\u062b\u0644 2.6 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a 2025)\u060c \u0641\u0625\u0646 \u062e\u0633\u0627\u0626\u0631 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a \u0623\u0639\u0644\u0649 \u0628\u0643\u062b\u064a\u0631 \u0643\u0646\u0633\u0628\u0629 \u0645\u0646 \u062d\u062c\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644. \u0642\u062f\u0631\u062a \u0627\u0644\u062d\u0633\u0627\u0628\u0627\u062a \u0623\u0646 \u062e\u0633\u0627\u0626\u0631 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