Dasar
Spot
Perdagangkan kripto dengan bebas
Perdagangan Margin
Perbesar keuntungan Anda dengan leverage
Konversi & Investasi Otomatis
0 Fees
Perdagangkan dalam ukuran berapa pun tanpa biaya dan tanpa slippage
ETF
Dapatkan eksposur ke posisi leverage dengan mudah
Perdagangan Pre-Market
Perdagangkan token baru sebelum listing
Futures
Akses ribuan kontrak perpetual
CFD
Emas
Satu platform aset tradisional global
Opsi
Hot
Perdagangkan Opsi Vanilla ala Eropa
Akun Terpadu
Memaksimalkan efisiensi modal Anda
Perdagangan Demo
Pengantar tentang Perdagangan Futures
Bersiap untuk perdagangan futures Anda
Acara Futures
Gabung acara & dapatkan hadiah
Perdagangan Demo
Gunakan dana virtual untuk merasakan perdagangan bebas risiko
Peluncuran
CandyDrop
Koleksi permen untuk mendapatkan airdrop
Launchpool
Staking cepat, dapatkan token baru yang potensial
HODLer Airdrop
Pegang GT dan dapatkan airdrop besar secara gratis
Pre-IPOs
Buka akses penuh ke IPO saham global
Poin Alpha
Perdagangkan aset on-chain, raih airdrop
Poin Futures
Dapatkan poin futures dan klaim hadiah airdrop
Investasi
Simple Earn
Dapatkan bunga dengan token yang menganggur
Investasi Otomatis
Investasi otomatis secara teratur
Investasi Ganda
Keuntungan dari volatilitas pasar
Soft Staking
Dapatkan hadiah dengan staking fleksibel
Pinjaman Kripto
0 Fees
Menjaminkan satu kripto untuk meminjam kripto lainnya
Pusat Peminjaman
Hub Peminjaman Terpadu
Promosi
AI
Gate AI
Partner AI serbaguna untuk Anda
Gate AI Bot
Gunakan Gate AI langsung di aplikasi sosial Anda
GateClaw
Gate Blue Lobster, langsung pakai
Gate for AI Agent
Infrastruktur AI, Gate MCP, Skills, dan CLI
Gate Skills Hub
10RB+ Skills
Dari kantor hingga trading, satu platform keterampilan membuat AI jadi lebih mudah digunakan
GateRouter
Pilih secara cerdas dari 40+ model AI, dengan 0% biaya tambahan
Dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana 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dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana dana
2026 年 6 月 5 日，Curve 创始人 Michael Egorov 发文明确回应了当前市场对加密行业的普遍悲观情绪。他指出，加密资产之所以感受到明显压力，根本原因并非行业基本面恶化，而是资金偏好出现了阶段性转移——AI 股票成为当前市场的主线方向。这一判断与近期多份独立市场研究形成了呼应。
Wintermute 在 2026 年初的分析报告中观察到，尽管全球流动性整体扩张且主要央行进入降息周期，但新增资本并未显著流入加密市场，而是大量涌入了股票市场特别是 AI 相关板块。机构资金配置行为的转变，在短期内对加密资产价格形成了持续的压制。
Egorov 的核心观点在于，加密行业当前的困境是“资本轮动”而非“结构性衰退”。资本轮动是金融市场中常态化的周期性现象，并不意味着被轮动出去的资产类别失去了长期价值基础。判断加密行业是否真正处于衰退，需要区分短期资金流动与底层基础设施的建设节奏这两个不同维度的指标。
机构采用数据揭示了怎样的基本面真相
Egorov 在其表态中提出一个容易被市场情绪掩盖的事实：机构正在采用没有笨重中介的基础设施，从基本面看，加密行业处于比以往更好的状态。这一判断需要放在机构采用的时间线下来验证。
从 Curve 自身的数据来看，2025 年协议平均 TVL 从约 28.6 亿美元增长至约 30.5 亿美元，年度交易总量从约 1,190 亿美元攀升至 1,260 亿美元。更为关键的结构性变化体现在使用模式的演进上：借贷相关交易量从 23.4 万笔跃升至超过 42.1 万笔，协议交互总交易量从 1,180 万笔翻倍至超过 2,520 万笔。这些数据表明，Curve 作为 DeFi 基础设施的使用频次和功能深度均在增长，而不仅仅是依赖 TVL 的被动积累。
在更宏观的行业层面，多个研究机构在 2026 年初的报告中也指向同一方向。稳定币不再仅仅是加密市场的计价单位，正被广泛讨论为全球支付的结算层；RWA 资产走出试点阶段，成为 DeFi 中可组合的金融工具。这些趋势并非短期投机情绪的产物，而是金融基础设施演进的长周期信号。
AI 产业会经历自身的“死亡谷”吗
Egorov 在讨论 AI 与加密的比较时，引入了一个关键概念——“死亡谷”。他指出，AI 虽然是基础性技术，但也会经历自身的“死亡谷”，加密货币几年前就走过这一阶段。
这一判断的逻辑依据在于任何新兴技术从早期炒作到成熟落地之间，都存在一个预期被现实修正的过渡阶段。Egorov 进一步从系统运行的角度阐述了 AI 面临的深层挑战：用 AI 替代人类会使 AI 输出进入 AI 输入，质量将呈现下降趋势，而维持该系统的成本将指数级增长。推动 AI 无处不在的大公司也未必能正确使用 AI，因此可能报告过高的支出。
从市场数据来看，2025 年第三季度以来加密与 AI 股票板块的资金流向差异明显。截至 2026 年 5 月底，美国现货比特币 ETF 经历了一轮持续的净流出，仅 5 月份就流出约 24.3 亿美元。同一时期，市场分析显示资本在 AI 和半导体股票上的配置持续上升。但 Egorov 的观点提示市场参与者注意一个容易被忽视的可能性：加密市场已经经历了“死亡谷”的考验，而 AI 板块可能尚未完全渡过这一阶段。
加密技术与 AI 之间的本质关系是什么
理解加密与 AI 的关系，需要首先厘清二者的技术属性与功能边界。Egorov 强调，加密和 AI 都是基础性技术，但二者并不相同，原则上也不是竞争关系。
加密技术解决的核心问题是价值的所有权、转移与存证——即在无需信任第三方的条件下完成价值的确权和流转。AI 技术解决的核心问题是信息的处理、生成与决策——即在大规模数据中提取规律、辅助判断或自动执行任务。二者作用于金融体系的不同层面。加密提供的是价值结算层和安全层，AI 优化的是决策层和效率层，而非替代关系。
这一区分有助于重新审视当前市场上流行的“加密 vs AI”叙事。将加密与 AI 置于对立面，本质上混淆了两种不同维度的技术创新。金融体系的演进需要同时具备可靠的价值转移基础设施和高效的信息处理能力，二者是互补关系而非替代关系。
资金从加密流向 AI 的逻辑是什么
资本配置的偏好转变有其内在逻辑。Wintermute 的报告指出，资金流向 AI 与股票市场的原因在于这些领域具有更清晰的近期盈利预期和可见的开发管线。在企业层面，NVIDIA 在 2025 年第四季度的营收达到 816.2 亿美元，同比增长 85.2%，并宣布了 800 亿美元的股票回购计划。这些明确且可量化的现金流数据，在高波动的宏观环境中具有天然的吸引力。
与此同时，加密市场面临着资本流入渠道收窄的压力。截至 2026 年 5 月下旬，美国现货比特币 ETF 出现连续九个交易日的净流出，流出总额约 28 亿美元，是自 2024 年 1 月产品推出以来持续时间最长的净流出周期。数字资产投资产品在截至 2026 年 5 月 26 日的一周内也录得约 14.7 亿美元的净流出。
然而，资本轮动的方向并非单向不可逆。这一轮资金流向 AI 的驱动因素中，包含了大量对短期盈利可见性的追求。当 AI 赛道的估值扩张达到一定程度，或者当加密市场的基础设施建设积累出新的应用爆发点，资金回流的结构性条件便会逐步成熟。
加密作为金融基础设施的定位如何验证
Egorov 在声明中反复强调一个核心主张：“加密是金融的未来”。这一主张的验证需要从金融基础设施的关键属性出发——可靠性、可访问性与互操作性。
在可靠性维度上，Curve 的 crvUSD 稳定币系统和借贷机制已运行多年，经历了多次市场极端波动和流动性冲击的检验。2025 年，Curve 在以太坊 DEX 费用中的份额从年初的 1.6% 增长至 12 月的 44%，增长了 27.5 倍。这一增长并非依赖单一产品，而是反映了 Curve 作为稳定币流动性、借贷以及新兴用例共享基础设施的演进。
在可访问性维度上，加密金融实现了真正的无准入金融服务。任何持有加密钱包的用户，无论在哪个司法管辖区，都可以在任意时间访问流动性和借贷市场，无需等待银行营业时间或通过 KYC 审核流程。这一特征在跨境支付、无银行账户人群接入金融系统以及紧急流动性需求场景中具有不可替代的价值。
在互操作性维度上，加密基础设施正在与传统金融体系形成更紧密的连接。2025 年末，Curve 推出的 FXSwap 将外汇市场引入链上，目前已针对瑞士法郎、巴西雷亚尔和印尼卢比启动试点市场。尽管目前处于早期验证阶段，但这一方向指向了一个更长期的趋势：加密基础设施将成为传统金融资产与数字金融体系之间的桥梁，而不是替代品。
Curve 创始人的表态对市场预期意味着什么
Curve 创始人的公开表态具有两个层面的信号意义。首先是行业内部视角的信号：加密行业的核心建设者并非在消极等待市场回暖，而是在持续夯实底层基础设施。Egorov 在此前的多次公开讨论中已提出，DeFi 必须摒弃代币通胀和代币发行导向的增长模式，转向真实收入支撑的可持续模型。2025 年 8 月至 2026 年 2 月期间，DeFi 总 TVL 下降了约 38%，从约 1,580 亿美元降至约 980 亿美元。这一下降趋势本质上反映了“高补贴换增长”模式的退潮，而非加密基础设施价值的消失。
其次是市场预期校准的信号。当市场将大量注意力集中在短期价格波动和资金流向变化上时，Egorov 的表态提醒市场参与者在更长的时间维度上审视加密行业的发展轨迹。一个金融基础设施的价值不应以短期资金流向为唯一衡量标准，尤其是在该基础设施尚未大规模被实体经济采用的情况下。
当前加密市场面临的资本压力是真实存在的，但这种压力更多反映的是短期资金偏好的变化，而非行业基本面的结构性破坏。Curve 创始人的表态提供了行业内部的一个判断锚点：在市场情绪偏向悲观时，建设者仍然在推进基础设施的前沿。
总结
加密市场当前的低迷情绪并非源于行业基本面的恶化，而是资本短期内向 AI 股票等具备明确盈利预期的板块轮动的结果。Egorov 明确指出，加密不是“玩具”，而是在为每个用户提供自我主权和全天候运转的金融轨道；AI 与加密同为底层基础性技术，二者并非竞争关系。
从 Curve 的协议数据来看，借贷使用量、交易总量和协议交互频次均在增长，机构采用基础设施的趋势仍在延续。AI 股票当前吸收了大量新增资本，但 AI 行业本身也将面临“死亡谷”的考验。加密行业已在过去数年中经历并走出了这一阶段，其作为金融基础设施的定位正在通过稳定币支付、RWA 资产化和链上外汇等应用场景逐步验证。资本轮动是金融市场的常态，它改变的是短期资金配置，而非底层基础设施的长期价值。
FAQ
Q1：Egorov 所说的“死亡谷”具体指什么？
“死亡谷”指新兴技术从早期炒作高峰到实际落地应用之间的预期修正阶段。加密行业在 2022—2023 年经历了这一阶段，大量缺乏真实应用场景的项目被淘汰。Egorov 认为 AI 产业同样会经历这一过程，且 AI 还面临输出质量下降和运行成本指数级增长的内在挑战。
Q2：Curve 在 2025 年的实际业务表现如何？
根据 Curve 官方发布的年度回顾，2025 年协议平均 TVL 从约 28.6 亿美元增至约 30.5 亿美元，总交易量从约 1,190 亿美元增至 1,260 亿美元。更为重要的是，借贷交易量从 23.4 万笔跃升至超过 42.1 万笔，协议交互总交易量从 1,180 万笔增长至超过 2,520 万笔。
Q3：资金从加密流向 AI 的趋势会持续多久？
资本轮动的持续性取决于 AI 板块的估值水平、加密市场新的应用爆发点以及宏观流动性环境的变化。Wintermute 等机构认为，当 AI 板块的资本轮动趋于稳定后，加密资产有望重新获得资金关注。
Q4：加密作为“金融基础设施”体现在哪些方面？
主要体现在三个维度：不可停止的 24/7 运作能力（不依赖银行营业时间和中介机构）、无准入限制的自我主权金融服务（任何用户均可直接访问），以及与实体经济的连接能力（通过稳定币支付、RWA 资产代币化、链上外汇等渠道）。
Q5：文中使用的资产价格数据来源是什么？
本文中涉及的各类加密资产价格数据均来源于 Gate 行情数据，截至时间为 2026 年 6 月 5 日，价格单位统一为 USD。NVDA 股票价格参考公开市场数据，截至 2026 年 6 月 5 日交易价格为 218.66 USD。