Multicoin：RWA上链将开启DeFi 2.0时代，订单簿与询价将取代AMM主导

【Multicoin：RWA上链将开启DeFi 2.0时代，订单簿与询价将取代AMM主导】金色财经报道，9月25日，加密风投 Multicoin Capital 风险投资联席负责人 Spencer Applebaum 发表长文《DeFi 2.0》。文中指出，早期 AMM、超额抵押借贷、浮动利率资金池和永续合约，是为 BTC、ETH 等高波动加密资产设计的；国债、股票、商品等 RWA 波动更低、有现金流和可识别借款人，机构更在意成交质量、期限和信用，不能再靠同一套原语生硬套用。Spencer Applebaum 称，DeFi 2.0 要补上订单簿或 RFQ（Request for Quote，询价）、固定利率与定期借贷、利率衍生品、期权与结构化产品、回购与暗池、组合保证金以及收益拆分等能力。代币化只是第一步，价值会沉淀在公链区块空间、核心原语手续费、经纪聚合层和应用订单流；RWA 规模增长后，这些「早就存在但资产不对」的原语才会真正享有市场。(2026-09-25 01:07:47)

排名	#	交易平台	24H成交额	成交涨跌幅	活跃度
1	OKX 欧易OKX	$179.28亿	-11.3%	86.7%	86.7%
2	HTX 火币huobi	$26.71亿	0.44%	68.6%	68.6%
3	Binance 币安网	$401.76亿	-8.14%	85.4%	85.4%
4	Coinbase Coinbase	$9.26亿	-14.89%	69.3%	69.3%
5	Bybit Bybit	$111.78亿	-6.86%	65.3%	65.3%
6	Crypto.com Crypto.com	$12.70亿	-8.46%	53.3%	53.3%
7	Bitfinex Bitfinex	$2.03亿	19.18%	65.3%	65.3%
8	Kraken K网(Kraken)	$7.30亿	-8.69%	68.4%	68.4%
9	Upbit Upbit	$2.76亿	-20.72%	56.9%	56.9%
10	Bitget Bitget	$71.47亿	0.49%	71.1%	71.1%
11	Deribit Deribit	$4.43亿	5.49%	36.2%	36.2%
12	Gemini 双子星（Gemini）	$2,996.45万	-18.69%	59.5%	59.5%
13	BiKing 币王	$219.02亿	-0.43%	31%	31%
14	MEXC MEXC	$113.82亿	1.3%	76.2%	76.2%
15	Bithumb Bithumb	$1.41亿	-9.45%	66.9%	66.9%
16	gate.io 大门	$107.50亿	-12.47%	55.2%	55.2%
17	BitTap 币泰	$11.95亿	-6.58%	26%	26%
18	Hyperliquid Hyperliquid	$16.51亿	27.12%	46.9%	46.9%
19	Uniswap v3 (Base) Uniswap v3 (Base)	$1.10亿	-10.29%	31.5%	31.5%
20	bitFlyer bitFlyer	$1,669.85万	-21.09%	58.2%	58.2%

排名	#	币种	最新价	24H最高	24H最低	24H量	流通市值	24H涨跌幅
1	BTC 比特币	$ 77566	$7.78万	$7.66万	$3.48亿	$1.55兆	0.97%	0.97%
2	ETH 以太坊	$ 2253.25	$2,258.66	$2,233.30	$2.00亿	$2,719.53亿	0.68%	0.68%
3	XRP 瑞波币	$ 1.2516	$1.26	$1.24	$2,495.02万	$762.44亿	0.25%	0.25%
4	BNB 币安币	$ 705.6	$710.70	$696.10	$916.42万	$962.15亿	0.78%	0.78%
5	USDC USD Coin	$ 1.00093	$1.00	$1.00	$4,060.72万	$707.81亿	-0.02%	-0.02%
6	SOL Solana	$ 95.79	$97.03	$94.90	$7,566.58万	$542.69亿	0.92%	0.92%
7	TRX 波场	$ 0.3066	$0.33	$0.31	$5,684.32万	$290.41亿	-7.81%	-7.81%
8	DOGE 狗狗币	$ 0.0758	$0.08	$0.07	$1,035.35万	$127.51亿	0.63%	0.63%
9	BCH 比特现金	$ 286.37	$297.96	$286.05	$376.89万	$57.21亿	-1.41%	-1.41%
10	HYPE Hyperliquid	$ 87.99	$90.58	$86.31	$5,636.11万	$298.59亿	-2.39%	-2.39%
11	ADA 艾达币	$ 0.19286	$0.20	$0.19	$232.20万	$69.34亿	0.12%	0.12%
12	WBTC Wrapped Bitcoin	$ 77587.4	$7.76万	$7.72万	$2.19万	$100.02亿	0.51%	0.51%
13	LEO UNUS SED LEO	$ 9.339	$9.54	$9.14	$8,110.12	$86.08亿	0.41%	0.41%
14	LINK ChainLink	$ 11.874	$11.95	$11.07	$2,400.44万	$80.52亿	7.05%	7.05%
15	XLM 恒星币	$ 0.1695	$0.17	$0.17	$185.96万	$54.94亿	1.56%	1.56%
16	LTC 莱特币	$ 55.89	$56.09	$54.56	$314.74万	$42.88亿	1.36%	1.36%
17	HBAR Hedera Hashgraph	$ 0.07234	$0.07	$0.07	$143.76万	$30.96亿	1.01%	1.01%
18	ZEC 大零币	$ 1271.02	$1,297.79	$1,221.20	$2,811.06万	$209.42亿	3.73%	3.73%
19	AVAX Avalanche	$ 8.58	$8.65	$8.38	$975.83万	$36.91亿	2.26%	2.26%
20	SHIB Shiba Inu	$ 0.00000469	$0.00	$0.00	$95.08万	$27.64亿	-0.65%	-0.65%
21	SUI Sui	$ 0.8989	$0.91	$0.88	$911.35万	$34.09亿	1.51%	1.51%
22	CRO Cronos	$ 0.05154	$0.05	$0.05	$11.48万	$19.89亿	0.78%	0.78%
23	WLFI worldlibertyfinancial-education	$ 0.05022	$0.05	$0.05	$39.98万	$13.43亿	0.13%	0.13%
24	UNI Uniswap	$ 7.089	$7.23	$6.87	$1,719.34万	$45.03亿	2.63%	2.63%
25	DOT 波卡币	$ 0.9491	$0.98	$0.95	$84.70万	$15.69亿	-2.07%	-2.07%
26	MNT Mantle	$ 0.4757	$0.48	$0.47	$7.20万	$15.47亿	0.97%	0.97%
27	PAXG PAX Gold	$ 3897.98	$3,906.09	$3,890.63	$24.59万	$14.85亿	0.05%	0.05%
28	ASTER Aster	$ 0.7014	$0.71	$0.68	$228.13万	$17.50亿	2.46%	2.46%
29	AAVE Aave	$ 134.3	$136.50	$126.73	$899.93万	$20.57亿	5.65%	5.65%
30	HTX HTX	$ 0.0000015408	$0.00	$0.00	$1.63万	$15.41亿	-5.11%	-5.11%
31	TAO Bittensor	$ 236.99	$239.95	$231.80	$142.06万	$25.04亿	2.17%	2.17%
32	OKB OK币	$ 110.48	$112.12	$109.72	$16.85万	$23.20亿	0.38%	0.38%
33	PEPE Pepe	$ 0.000004991	$0.00	$0.00	$3,170.61万	$21.00亿	0.46%	0.46%
34	ETC 以太经典	$ 7.09	$7.25	$7.08	$16.03万	$10.99亿	-0.65%	-0.65%
35	NEAR NEAR Protocol	$ 4.423	$4.56	$4.26	$5,270.60万	$56.82亿	2.95%	2.95%
36	ICP Internet Computer(Dfinity)	$ 2.503	$2.55	$2.48	$103.41万	$13.67亿	0.72%	0.72%
37	PI Pi Network	$ 0.07825	$0.08	$0.08	$39.44万	$6.56亿	0.5%	0.5%
38	WLD Worldcoin	$ 0.3966	$0.41	$0.39	$828.68万	$10.73亿	-1.46%	-1.46%
39	ATOM 阿童木	$ 1.509	$1.57	$1.50	$22.35万	$7.35亿	-0.65%	-0.65%
40	FDUSD First Digital USD	$ 0.9985	$1.00	$1.00	$203.33万	$9.82亿	-0.02%	-0.02%
41	ENA Ethena	$ 0.18933	$0.20	$0.18	$2,204.78万	$15.07亿	2.01%	2.01%
42	USDD USDD	$ 0.9978	$1.00	$1.00	$3,132.92	$8.53亿	-0.03%	-0.03%
43	KAS Kaspa	$ 0.03276	$0.03	$0.03	$101.58万	$8.88亿	0.76%	0.76%
44	QNT Quant	$ 201.3	$208.30	$188.78	$145.52万	$24.30亿	6.53%	6.53%
45	ALGO Algorand	$ 0.09508	$0.10	$0.09	$6.04万	$8.40亿	0.44%	0.44%
46	FLR Flare	$ 0.006025	$0.01	$0.01	$5.96万	$4.98亿	1.14%	1.14%
47	XDC XDC Network	$ 0.0312	$0.03	$0.03	$19.27万	$5.95亿	-0.41%	-0.41%
48	APT Aptos	$ 0.633	$0.66	$0.63	$123.93万	$4.76亿	0.42%	0.42%

Multicoin：RWA上链将开启DeFi 2.0时代，订单簿与询价将取代AMM主导

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