

With the fee switch activated, will the new stablecoin protocol RESOLV become the next ENA?
Jul 31, 2025 pm 09:33 PM目錄
- Resolv 的定位及考量
- 相較 ENA,RESOLV 更有性價(jià)比嗎?
北京時(shí)間 7 月 25 日,生息型穩(wěn)定幣協(xié)議 Resolv 正式宣布將逐步啟動(dòng)“費(fèi)用開關(guān)”,計(jì)劃把最高達(dá) 10% 的每日協(xié)議收入劃撥至基金會(huì)金庫,用于支持協(xié)議的長期發(fā)展并激勵(lì) RESOLV 的質(zhì)押者。具體實(shí)施將從 7 月 31 日起持續(xù)四周,每周遞增分配比例(2.5% → 5% → 7.5% → 10%),最終實(shí)現(xiàn) 10% 的目標(biāo)。
所謂“費(fèi)用開關(guān)”,是 DeFi 領(lǐng)域中關(guān)于收入分配的常見機(jī)制,簡單來說就是“一種內(nèi)置于智能合約的功能,決定協(xié)議收入是否流向其原生代幣持有者”。盡管 Uniswap、Ethena 等主流項(xiàng)目也曾探討激活該功能,但因社區(qū)對(duì)分配公平性的爭議或條件未成熟等原因,始終未能落地。
通常,“費(fèi)用開關(guān)”的開啟被視為對(duì)協(xié)議代幣的利好,因?yàn)樗鰪?qiáng)了代幣的價(jià)值捕獲能力。然而,此舉也可能影響用戶收益,因部分原本屬于用戶的收入將被重新分配給代幣持有者,因此各大協(xié)議對(duì)此往往持謹(jǐn)慎態(tài)度。例如,在 Uniswap 中,若開啟“費(fèi)用開關(guān)”,流動(dòng)性提供者(LP)原本可全額獲得的 0.3% 交易手續(xù)費(fèi),將有一部分轉(zhuǎn)移給 UNI 持有者,從而削弱 LP 的回報(bào)。
Resolv 的定位及考量
聚焦 Resolv,其發(fā)行的 USR 與 Ethena 的 USDe 類似,均屬于生息穩(wěn)定幣,通過等值的現(xiàn)貨多頭倉位和永續(xù)合約空頭倉位進(jìn)行抵押,收益主要來自“現(xiàn)貨資產(chǎn)的質(zhì)押回報(bào)”以及“空頭倉位獲得的資金費(fèi)率收入”。
但相比 Ethena,Resolv 引入了更具創(chuàng)新性的設(shè)計(jì),例如通過保險(xiǎn)池 RLP 實(shí)現(xiàn)風(fēng)險(xiǎn)分層機(jī)制,提升了 USR 的超額抵押水平;同時(shí)更廣泛地整合了流動(dòng)性衍生品,以獲取更高的質(zhì)押收益。得益于這些機(jī)制優(yōu)化,Resolv 自上線以來實(shí)現(xiàn)了約 9.5% 的年化收益率,在新興穩(wěn)定幣項(xiàng)目中表現(xiàn)突出。
今年 5 月底,Resolv 推出了治理代幣 RESOLV。盡管項(xiàng)目方嘗試通過“高質(zhì)押回報(bào)”、“加快第二階段空投積分累積”等方式增強(qiáng)代幣效用,但 RESOLV 上線后的市場表現(xiàn)并不理想?;蛟S正是為了提振代幣價(jià)值,團(tuán)隊(duì)才決定啟動(dòng)“費(fèi)用開關(guān)”。
在官方公告中,Resolv 表示“當(dāng)前時(shí)機(jī)與架構(gòu)均已具備條件”——協(xié)議已產(chǎn)生實(shí)際而非理論的用戶牽引力;具備清晰的價(jià)值分配路徑;并展現(xiàn)出足夠的系統(tǒng)韌性——因此不再延遲“費(fèi)用開關(guān)”的啟用。
根據(jù)計(jì)劃,Resolv 將在四周內(nèi)逐步提升收入分配比例,最終達(dá)到 10%。這部分資金將用于“擴(kuò)大對(duì)用戶及質(zhì)押者的長期價(jià)值”,具體用途包括:1)推動(dòng)與 DeFi、金融科技及機(jī)構(gòu)平臺(tái)的整合;2)資助生態(tài)項(xiàng)目與產(chǎn)品開發(fā);3)執(zhí)行代幣回購等激勵(lì)措施。Resolv 還承諾未來將上線專用儀表盤,實(shí)時(shí)追蹤資金使用情況。
Resolv 同時(shí)對(duì)“費(fèi)用開關(guān)”激活后的收入情況進(jìn)行了估算。假設(shè)當(dāng)前協(xié)議 TVL 為 5 億美元,年化收益率為 10%,則年總收入約為 5000 萬美元。開啟后,其中 4500 萬美元仍將作為產(chǎn)品收益返還用戶,剩余 500 萬美元由協(xié)議留存,用于生態(tài)建設(shè)。
相較 ENA,RESOLV 更有性價(jià)比嗎?
在上周發(fā)布的《一周上漲近 50%,ENA 會(huì)是 ETH 最大的 Beta 嗎?》一文中,我們?cè)治?ENA 近期強(qiáng)勢上漲的動(dòng)因;此后 Ethena 又推出了類似“微策略”的財(cái)庫儲(chǔ)備機(jī)制,進(jìn)一步支撐了 ENA 的價(jià)格走勢。
隨著 ENA 成功激活相關(guān)機(jī)制,市場注意力也開始轉(zhuǎn)向機(jī)制相似的 Resolv。那么,當(dāng)前的 RESOLV 是否比 ENA 更具投資吸引力?
從靜態(tài)數(shù)據(jù)來看,Ethena 當(dāng)前 TVL 為 77.81 億美元,ENA 流通市值(MC)為 40.16 億美元(MC/TVL = 0.51),全流通估值(FDV)為 94.8 億美元(FDV/TVL = 1.22);而 Resolv 當(dāng)前 TVL 為 5.27 億美元,RESOLV 流通市值為 5728 萬美元(MC/TVL = 0.108),F(xiàn)DV 為 2.05 億美元(FDV/TVL = 0.39)。
僅從 MC/TVL 和 FDV/TVL 的比值判斷,RESOLV 在估值層面確實(shí)展現(xiàn)出比 ENA 更高的性價(jià)比。盡管 ENA 目前有財(cái)庫機(jī)制帶來的買盤支撐,但 RESOLV 率先啟動(dòng)“費(fèi)用開關(guān)”,短期內(nèi)兩者代幣價(jià)格均有望獲得支撐。
但客觀而言,USR 的應(yīng)用場景和網(wǎng)絡(luò)效應(yīng)目前遠(yuǎn)不及 USDe。此外,Ethena 已布局第二條產(chǎn)品線 USDtb,而 Resolv 尚未拓展多元化業(yè)務(wù),因此在協(xié)議發(fā)展勢能上仍明顯落后于 Ethena。
還需注意的是,Resolv 在公告中僅表示“10% 的收入將用于提升用戶與質(zhì)押者價(jià)值”,但并未明確說明有多少比例會(huì)直接分配給 RESOLV 質(zhì)押者,因此難以準(zhǔn)確評(píng)估“費(fèi)用開關(guān)”開啟后,代幣實(shí)際新增的價(jià)值捕獲規(guī)模。
總體來看,鑒于 RESOLV 當(dāng)前市值較低,可視為 ENA 快速上漲后的一個(gè)潛在替代選擇。但 Resolv 協(xié)議的長期發(fā)展?jié)摿θ杂写^察,且“費(fèi)用開關(guān)”后續(xù)的詳細(xì)分配方案仍需進(jìn)一步披露。是否值得入場,投資者仍需自行深入研究(DYOR)。
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