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	$182.16亿	-11.44%	86.7%	86.7%
2	HTX 火币huobi	$25.95亿	0.45%	68.6%	68.6%
3	Binance 币安网	$396.85亿	-8.07%	85.4%	85.4%
4	Coinbase Coinbase	$8.97亿	-15.48%	69.3%	69.3%
5	Bybit Bybit	$110.60亿	-6.63%	65.3%	65.3%
6	Crypto.com Crypto.com	$12.61亿	-8.13%	53.3%	53.3%
7	Bitfinex Bitfinex	$2.02亿	19.17%	65.3%	65.3%
8	Kraken K网(Kraken)	$7.48亿	-8.87%	68.4%	68.4%
9	Upbit Upbit	$2.80亿	-21.03%	56.9%	56.9%
10	Bitget Bitget	$72.18亿	0.5%	71.1%	71.1%
11	Deribit Deribit	$4.37亿	5.29%	36.2%	36.2%
12	Gemini 双子星（Gemini）	$2,989.01万	-18.29%	59.5%	59.5%
13	BiKing 币王	$221.83亿	-0.44%	31%	31%
14	MEXC MEXC	$108.58亿	1.3%	76.2%	76.2%
15	Bithumb Bithumb	$1.44亿	-9.34%	66.9%	66.9%
16	gate.io 大门	$104.62亿	-12.64%	55.2%	55.2%
17	BitTap 币泰	$11.45亿	-6.29%	26%	26%
18	Hyperliquid Hyperliquid	$16.55亿	26.24%	46.9%	46.9%
19	Uniswap v3 (Base) Uniswap v3 (Base)	$1.11亿	-10.48%	31.5%	31.5%
20	bitFlyer bitFlyer	$1,652.25万	-20.91%	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	$ 84489.2	$8.49万	$8.29万	$6.00亿	$1.69兆	0.12%	0.12%
2	ETH 以太坊	$ 2691.46	$2,705.88	$2,628.02	$3.43亿	$3,248.42亿	0.75%	0.75%
3	XRP 瑞波币	$ 1.5367	$1.54	$1.45	$7,319.45万	$936.12亿	2.41%	2.41%
4	BNB 币安币	$ 781.4	$786.00	$763.10	$1,005.57万	$1,065.52亿	1.67%	1.67%
5	USDC USD Coin	$ 1.0002	$1.00	$1.00	$3,107.92万	$707.29亿	0.02%	0.02%
6	SOL Solana	$ 117.34	$117.77	$112.50	$8,999.98万	$664.78亿	2.42%	2.42%
7	TRX 波场	$ 0.3404	$0.34	$0.34	$343.27万	$322.42亿	0.08%	0.08%
8	DOGE 狗狗币	$ 0.09657	$0.10	$0.09	$3,298.12万	$162.46亿	4.56%	4.56%
9	BCH 比特现金	$ 337.98	$350.69	$324.68	$1,151.90万	$67.52亿	-3.5%	-3.5%
10	HYPE Hyperliquid	$ 93.99	$94.92	$89.88	$2,481.57万	$318.95亿	0.2%	0.2%
11	ADA 艾达币	$ 0.24737	$0.25	$0.23	$1,008.25万	$88.93亿	3.48%	3.48%
12	WBTC Wrapped Bitcoin	$ 83950.7	$8.49万	$8.32万	$1.78万	$108.23亿	-0.78%	-0.78%
13	LEO UNUS SED LEO	$ 8.911	$9.06	$8.91	$1,548.66	$82.13亿	-0.76%	-0.76%
14	LINK ChainLink	$ 13.407	$13.45	$12.10	$886.91万	$90.91亿	9.15%	9.15%
15	XLM 恒星币	$ 0.21383	$0.22	$0.20	$376.78万	$69.31亿	4.85%	4.85%
16	LTC 莱特币	$ 71.33	$74.87	$60.64	$3,152.55万	$54.72亿	16.32%	16.32%
17	HBAR Hedera Hashgraph	$ 0.09294	$0.09	$0.09	$182.09万	$39.77亿	2.69%	2.69%
18	ZEC 大零币	$ 1557.93	$1,574.96	$1,456.72	$1,592.65万	$256.69亿	2.07%	2.07%
19	AVAX Avalanche	$ 10.379	$10.54	$9.98	$725.44万	$44.65亿	0.57%	0.57%
20	SHIB Shiba Inu	$ 0.000005826	$0.00	$0.00	$133.37万	$34.33亿	3.88%	3.88%
21	SUI Sui	$ 1.0034	$1.02	$0.94	$1,032.37万	$38.05亿	3.09%	3.09%
22	CRO Cronos	$ 0.06325	$0.06	$0.06	$62.82万	$24.41亿	3.29%	3.29%
23	WLFI worldlibertyfinancial-education	$ 0.05578	$0.06	$0.05	$187.67万	$14.91亿	1.49%	1.49%
24	UNI Uniswap	$ 9.248	$9.46	$8.80	$2,029.76万	$58.74亿	0.78%	0.78%
25	DOT 波卡币	$ 1.1647	$1.18	$1.09	$266.30万	$19.25亿	6.04%	6.04%
26	MNT Mantle	$ 0.6814	$0.70	$0.65	$50.33万	$22.17亿	3.87%	3.87%
27	PAXG PAX Gold	$ 4271.96	$4,301.26	$4,242.99	$217.29万	$16.27亿	-0.33%	-0.33%
28	ASTER Aster	$ 0.7147	$0.72	$0.69	$233.79万	$17.84亿	3.51%	3.51%
29	AAVE Aave	$ 145.08	$145.95	$135.00	$316.68万	$22.22亿	3.97%	3.97%
30	HTX HTX	$ 0.0000017221	$0.00	$0.00	$4,689.10	$17.22亿	0.75%	0.75%
31	TAO Bittensor	$ 294.92	$298.18	$277.96	$536.77万	$31.17亿	0.69%	0.69%
32	OKB OK币	$ 119.37	$120.98	$117.33	$388.41万	$25.07亿	1.14%	1.14%
33	PEPE Pepe	$ 0.000004476	$0.00	$0.00	$1,434.04万	$18.83亿	1.77%	1.77%
34	ETC 以太经典	$ 9.871	$10.41	$8.65	$498.57万	$15.30亿	11.59%	11.59%
35	NEAR NEAR Protocol	$ 4.611	$4.76	$4.10	$5,306.52万	$59.23亿	2.97%	2.97%
36	ICP Internet Computer(Dfinity)	$ 3.105	$3.22	$2.87	$271.42万	$16.96亿	5.79%	5.79%
37	PI Pi Network	$ 0.0865	$0.09	$0.09	$119.68万	$7.25亿	-1.91%	-1.91%
38	WLD Worldcoin	$ 0.4453	$0.46	$0.40	$887.09万	$12.05亿	8.79%	8.79%
39	ATOM 阿童木	$ 1.775	$1.81	$1.67	$11.83万	$8.64亿	3.55%	3.55%
40	FDUSD First Digital USD	$ 0.9993	$1.00	$1.00	$430.81万	$9.83亿	0.02%	0.02%
41	ENA Ethena	$ 0.21611	$0.23	$0.20	$586.25万	$17.20亿	2.88%	2.88%
42	USDD USDD	$ 0.9991	$1.00	$1.00	$6.36万	$8.55亿	0.14%	0.14%
43	KAS Kaspa	$ 0.03998	$0.04	$0.04	$129.78万	$10.83亿	2.61%	2.61%
44	QNT Quant	$ 85.62	$86.12	$69.69	$28.85万	$10.34亿	20.6%	20.6%
45	ALGO Algorand	$ 0.11183	$0.11	$0.10	$21.42万	$9.89亿	5.68%	5.68%
46	FLR Flare	$ 0.007224	$0.01	$0.01	$18.26万	$5.97亿	2.68%	2.68%
47	XDC XDC Network	$ 0.02987	$0.03	$0.03	$21.91万	$5.70亿	0.6%	0.6%
48	APT Aptos	$ 0.8083	$0.85	$0.74	$137.31万	$6.07亿	5.35%	5.35%

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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