For the past years we’ve celebrated smart contracts as the final word in trust-minimised finance, but they only verify state. The next leap is code that can also think and act on that state. We call these Agentic Protocols (APs). Most “crypto AI” experiments still finish with a chatbot pushing Swap while the user shoulders every risk. APs invert that flow: you state a clear intent: grow this balance, keep draw-down under two per cent—and an onchain agent decides how another one executes every block. Outcomes are transparent, non-custodial, and never need a sleeping bag.
过去几年，我们一直将智能合约视为信任最小化金融的最终体现，但它们仅仅是验证状态。下一步的飞跃是能够思考并基于状态采取行动的代码。我们称之为代理协议（Agentic Protocols，APs）。大多数“加密 AI”实验仍然以聊天机器人推动 Swap 结束，而用户承担所有风险。APs 则颠倒了这一流程：你明确表达意图——增长这个余额，保持回撤低于 2%——链上代理则决定另一个代理如何在每个区块执行。结果透明、非托管，且永远不需要“睡袋”。
This is finally practical because the substrate is ready. Solana now finalises blocks in under a second for fractions of a cent, so strategies that once bled fees can rebalance hundreds of times a day. The plumbing is equally deep: money markets like Kamino and marginfi expose program-callable APRs, perp DEXs such as Hyperliquid stream funding rates in real time, and Pyth oracles publish millisecond prices. Model Context Protocol (MCP) stitches it all together, letting an agent run its entire decision loop inside every transaction, so the whole brain lives onchain where anyone can audit it.
这最终变得实用，是因为底层基础设施已经准备就绪。Solana 现在能在不到一秒的时间内完成区块确认，费用仅为几分钱的零头，因此曾经因费用流失的策略现在可以每天重新平衡数百次。基础设施同样强大：像 Kamino 和 marginfi 这样的货币市场暴露可调用的 APR，像 Hyperliquid 这样的永续合约 DEX 实时传输资金费率，Pyth 预言机发布毫秒级价格。Model Context Protocol（MCP）将这一切串联起来，让代理在每笔交易中运行完整的决策循环，使整个“大脑”驻留链上，任何人都可以审计。
The early proof-points 早期的验证点
The first wave of DeFAI projects shows that fully autonomous agents already attract serious capital, and that the field is still wide-open.
第一波 DeFAI 项目表明，完全自主的代理已经吸引了大量资本，且该领域仍然广阔开放。
Giza’s ARMA stable-yield vault, live on Base since January 2025, has executed 100 000+ onchain moves, routed $58M in volume and now manages about $2.4M while users simply set risk prefs and let the bot rebalance.
Giza 的 ARMA 稳定收益金库，自 2025 年 1 月起在 Base 上线，已执行超过 10 万次链上操作，处理了 5800 万美元的交易量，目前管理约 240 万美元资产，用户只需设置风险偏好，机器人便自动进行再平衡。BasisOS pushes beyond lending: its cross-chain basis-trading agent (spot long on L2s, perp short on Hyperliquid) launched in April 2025 and has drawn $4.7M AUM while staying funding-fee positive.
BasisOS 超越了借贷领域：其跨链基差交易代理（在 L2 做现货多头，在 Hyperliquid 做永续空头）于 2025 年 4 月启动，吸引了 470 万美元的管理资产，同时保持资金费率为正。Glider, backed by a16z, Variant and Bankless Ventures, lets users drag-and-drop rules like “50/50 ETH-BTC + yield-farm the rest”; the beta is live and a $4 M seed round just closed.
由 a16z、Variant 和 Bankless Ventures 支持的 Glider，允许用户拖放规则，如“50/50 ETH-BTC + 其余部分进行收益农场”；测试版已上线，且刚刚完成了 400 万美元的种子轮融资。
The lesson is clear: performance-driven automation is no longer theory, it’s already managing millions and scaling fast.
教训很明确：以绩效为驱动的自动化不再是理论，它已经管理着数百万资金并快速扩展。
The market gap 市场缺口
Yet billions of USDC still sit idle because most holders lack either the time or the confidence to loop, hedge, and babysit a dozen protocols. Quants, on the other hand, possess high-alpha strategies but only so much personal capital. What we lack is a permissionless venue where any strategist can launch an agent and any wallet can fund it with a single click—without ever handing over custody. That missing link is what we’re building at yld.fun.
然而，数十亿美元的 USDC 仍然闲置，因为大多数持有者缺乏时间或信心去循环、对冲并监管十几个协议。另一方面，量化交易员拥有高阿尔法策略，但个人资本有限。我们缺少的是一个无需许可的平台，任何策略师都可以启动代理，任何钱包都能一键为其提供资金——且无需交出托管权。这个缺失的环节正是我们在 yld.fun 构建的。
The (3,3) flywheel (3,3) 飞轮
Our economic engine is a simple (3, 3) flywheel. Believers stake stablecoins and harvest optimised yield. Quants publish their automated strategies and collect performance fees. The protocol retains a tiny slice, uses it to buy and burn $YLD, and rewards holders. Higher net yield and a shrinking supply attract more capital and more strategists, which tightens the loop again. Everyone’s incentives compound.
我们的经济引擎是一个简单的（3，3）飞轮。信仰者质押稳定币并收获优化后的收益。量化交易员发布他们的自动化策略并收取绩效费用。协议保留一小部分，用于购买并销毁$YLD，同时奖励持有者。更高的净收益和不断缩减的供应吸引更多资本和更多策略师，循环再次收紧。每个人的激励都在复利增长。
YLD Liquidity: programmable capital
YLD 流动性：可编程资本
We released the first proof of concept last week. YLD Liquidity capped at 50,000 USDC and routed funds through a handful of Solana protocols. Even as chain-wide stable yields fell roughly 30%, the agent still produced a 6.53% annualised return, about 60% above the Solana stable-yield average reported by DeFiLlama. Every 1 of 50+ reallocations is visible in wallet:
我们上周发布了第一个概念验证。YLD 流动性上限为 50,000 USDC，资金通过少数几个 Solana 协议进行路由。即使整个链上的稳定收益率下降了约 30%，该代理仍实现了 6.53% 的年化回报率，约比 DeFiLlama 报告的 Solana 稳定收益平均水平高出 60%。50 多次重新分配中的每一次都可以在钱包中查看：
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Where do we go next?
我们下一步去哪里？
Phase 0 · Validation (now)
阶段 0 · 验证（当前）
Launch small, capped vaults to A/B test autonomous vs. manual farming.
推出小型、有上限的金库，以 A/B 测试自动化与手动耕作。Publish transparent performance data to build trust.
发布透明的绩效数据以建立信任。Stress test risk guards, fee logic, and monitoring dashboards.
对风险防护、费用逻辑和监控仪表盘进行压力测试。
Phase 1 · Strategy Studio
第一阶段 · 策略工作室
Ship a drag-and-drop, no-code console.
发布一个拖拽式、无代码控制台。Allow users to chain building blocks—lending loops, LP, restaking.
允许用户串联构建模块——借贷循环、流动性提供、再质押。One-click backtests and onchain deployment.
一键回测和链上部署。
Phase 2 · Permissionless Marketplace
第二阶段 · 无权限市场
Any strategist can deploy a vault; any wallet can fund it in one click.
任何策略师都可以部署一个金库；任何钱包都可以一键为其注资。Deposits remain non-custodial. Funds stay in user-controlled smart wallets.
存款保持非托管。资金存放在用户控制的智能钱包中。Reputation, performance, and fee curves surface the best agents automatically.
声誉、表现和费用曲线自动筛选出最佳代理。
Phase 3 · Cross-Intent, Cross-chain
第三阶段 · 跨意图，跨链
Combine multiple goals (earn, hedge, restake) in a single autonomous loop.
将多个目标（赚取、对冲、再质押）结合在一个自主循环中。Users set risk bands once; the agent juggles allocations to stay inside them.
用户只需设置一次风险区间；代理会调整配置以保持在区间内。Expand to other chains (EVM L2, Hyperliquid, SUI)
扩展到其他链（EVM L2、Hyperliquid、SUI）
Smart-contract AMMs rewrote market-making in 2020; Agentic Protocols will rewrite money management in 2025. Swaps are already trustless, your yield strategy should be as well. If you’re a developer or quant, keep an eye on us for the early access to the Strategy Studio and stress-test the agents. If you’re a yield seeker, join the next capped vault or watch the dashboard at yld.fun update in real time. And if you’re simply curious, drop into our Telegram and vibe with the community.
智能合约 AMM 在 2020 年重塑了做市；Agentic Protocols 将在 2025 年重塑资金管理。交易已实现无信任，您的收益策略也应如此。如果您是开发者或量化人员，请关注我们，抢先体验 Strategy Studio 并对代理进行压力测试。如果您是收益追求者，欢迎加入下一个限额金库，或实时关注 yld.fun 上的仪表盘更新。如果您只是好奇，欢迎加入我们的 Telegram，与社区互动交流。
Your capital already has an intention; it’s time to give it a real engine
你的资本已经有了意图；是时候给它一个真正的引擎了