當信任被動搖，新的秩序正在重建

我印象最深的一次市場震蕩發生在 2023 年 3 月。那時，一家傳統銀行出了問題，連帶着號稱“最穩”的 USDC 直接砸到 0.86 美元。

我親眼看着整個市場瞬間失衡，大家一邊恐慌，一邊瘋狂尋找避險的出口。那一刻我才真正意識到：我們賴以爲生的“穩定幣”和“槓杆”，其實依舊建在脆弱的信任之上。

也就是在那個時候，AladdinDAO 的團隊決定跳出來。他們看清了一個事實：市面上的選擇要麼過度中心化，要麼效率低，要麼就是換了馬甲的“資金盤”。於是，他們從混亂中推出來一個新的方向—— @protocol_fx f(x) 協議。

第一代產品做得很聰明：把單一資產拆成兩部分，一邊是穩定幣，一邊是槓杆代幣。這個思路既簡單又實用。短短 16 個月，總鎖倉就幹到了 7000 萬美元，隨後他們發布了 V2。

V2 的亮點很直接：

槓杆 → BTC 和 ETH 可以做到最高 7 倍，正常行情下幾乎沒有清算風險，而且融資成本幾乎爲零。

穩定幣 → 推出了一套全鏈上的美元策略，走 Delta 中性，通過永續交易佣金和質押增強收益，做到可持續的現金流。

這套機制讓我眼前一亮。因爲在過去，我見過太多“高息陷阱”，短期能衝，但最後都不可持續。而 f(x) 這次的設計，既去中心化，又能規模化，更重要的是，它真的跑得下去。

接下來幾周，我會逐步拆解 f(x) 的細節，包括它的穩定幣邏輯、槓杆玩法，以及爲什麼我認爲它可能是未來 DeFi 收益策略的標杆。

慢慢聊，也許你會在這個過程中找到自己想要的答案。
As trust is shaken, a new order is being rebuilt.

The market shock that has left the deepest impression on me occurred in March 2023. Back then, a traditional bank experienced problems, sending USDC, once known as the "most stable," plummeting to $0.86.

I watched the entire market instantly unbalanced, as everyone panicked and frantically sought safe havens. It was at that moment that I truly realized: the "stablecoins" and "leverage" we rely on are still built on a fragile foundation of trust.

It was then that the AladdinDAO team decided to step forward. They recognized that the existing options were either overly centralized, inefficient, or simply disguised "Ponzi schemes." So, out of this chaos, they forged a new direction: the @protocol_fx f(x) protocol.

The first generation of the product was a brilliant idea: it split a single asset into two parts: a stablecoin and a leveraged token. This approach was both simple and practical. In just 16 months, total locked-in assets reached $70 million, and they subsequently released V2.

V2's highlights are straightforward:

Leverage → BTC and ETH can be leveraged up to 7x, with virtually no liquidation risk under normal market conditions and near-zero financing costs.

Stablecoin → A fully on-chain USD strategy has been launched, achieving a delta-neutral strategy that leverages perpetual trading commissions and staking to enhance returns and achieve sustainable cash flow.

This mechanism is eye-opening. In the past, I've seen too many "high-interest rate traps" that offer short-term appeal but ultimately prove unsustainable. f(x)'s design is both decentralized and scalable, and more importantly, it's sustainable.

Over the next few weeks, I'll be breaking down the details of f(x), including its stablecoin logic, leverage, and why I believe it could be the benchmark for future DeFi yield strategies.

Let's discuss this in detail; perhaps you'll find the answers you seek along the way.