{"id":11182,"date":"2026-01-08T10:38:49","date_gmt":"2026-01-08T02:38:49","guid":{"rendered":"https:\/\/www.invbus.com\/blog\/?p=11182"},"modified":"2026-01-08T10:44:16","modified_gmt":"2026-01-08T02:44:16","slug":"%e6%95%b0%e5%ad%97%e8%b5%84%e4%ba%a7%e8%b4%a2%e5%ba%93%ef%bc%88dat%ef%bc%89%e8%b5%9b%e9%81%93%e5%85%a8%e9%9d%a2%e8%a7%a3%e6%9e%90%e4%b8%8e%e6%88%98%e7%95%a5%e5%ba%94%e5%af%b9","status":"publish","type":"post","link":"https:\/\/www.invbus.com\/blog\/?p=11182","title":{"rendered":"\u6570\u5b57\u8d44\u4ea7\u8d22\u5e93\uff08DAT\uff09\u8d5b\u9053\u5168\u9762\u89e3\u6790\u4e0e\u6218\u7565\u5e94\u5bf9"},"content":{"rendered":"\n<p><strong>\u4f5c\u8005\uff1a<\/strong>\u5f20\u6d77\u52c7\u5f8b\u5e08\uff0c<a href=\"https:\/\/x.com\/mankunlaw\" target=\"_blank\" rel=\"noreferrer noopener\">\u66fc\u6606\u533a\u5757\u94fe\u6cd5\u5f8b\u670d\u52a1<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u6458\u8981<\/strong><\/h2>\n\n\n\n<p>\u6570\u5b57\u8d44\u4ea7\u8d22\u5e93\uff08Digital Asset Treasury, DAT\uff09\uff0c\u6216\u79f0\u6570\u5b57\u8d44\u4ea7\u8d22\u5e93\u516c\u53f8\uff08DATCO\uff09\uff0c\u5df2\u4ece\u4e00\u4e2a\u524d\u536b\u7684\u8d22\u52a1\u5b9e\u9a8c\u6f14\u53d8\u4e3a\u5168\u7403\u8d44\u672c\u5e02\u573a\u4e2d\u4e00\u80a1\u4e0d\u53ef\u5ffd\u89c6\u7684\u529b\u91cf\u3002<\/p>\n\n\n\n<p><strong>\u672c\u6587\u65e8\u5728\u5168\u9762\u5256\u6790 DAT \u8d5b\u9053\u7684\u6982\u5ff5\u3001\u8d77\u6e90\u3001\u73b0\u72b6\u3001\u5173\u952e\u6848\u4f8b\u53ca\u672a\u6765\u524d\u666f\uff0c\u5e76\u4e3a\u5e02\u573a\u53c2\u4e0e\u8005\u63d0\u4f9b\u660e\u786e\u7684\u6218\u7565\u5e94\u5bf9\u65b9\u6848\u3002<\/strong>\u6587\u7ae0\u5c06\u9610\u8ff0 DAT \u5982\u4f55\u4ece\u6700\u521d\u7684 \u201c\u56e4\u5e01\u201d \u6a21\u5f0f\uff0c\u5373\u4e0a\u5e02\u516c\u53f8\u5c06\u6570\u5b57\u8d44\u4ea7\u4f5c\u4e3a\u6838\u5fc3\u50a8\u5907\uff0c\u53d1\u5c55\u4e3a\u4e00\u79cd\u590d\u6742\u7684\u91d1\u878d\u5de5\u7a0b\u7b56\u7565\u3002<\/p>\n\n\n\n<p>\u6211\u4eec\u5c06\u8ffd\u6eaf\u5176\u7531 MicroStrategy \u5f00\u521b\u7684 \u201c\u91d1\u878d\u98de\u8f6e\u201d \u6a21\u578b\uff0c\u5206\u6790\u5f53\u524d\u7531\u4e0a\u5e02\u516c\u53f8\u4e3b\u5bfc\u7684\u3001\u603b\u989d\u8d85\u5343\u4ebf\u7f8e\u5143\u7684\u5e02\u573a\u683c\u5c40\uff0c\u5e76\u6df1\u5165\u63a2\u8ba8\u9999\u6e2f\u5e02\u573a\u5728\u8fd9\u4e00\u6d6a\u6f6e\u4e2d\u7684\u72ec\u7279\u5730\u4f4d\u4e0e\u673a\u9047\u3002<\/p>\n\n\n\n<p>\u901a\u8fc7\u5bf9\u535a\u96c5\u4e92\u52a8\uff08Boyaa Interactive\uff09\u7b49\u672c\u571f\u6848\u4f8b\u7684\u5256\u6790\uff0c\u4ee5\u53ca\u5bf9 HashKey \u96c6\u56e2\u7b49\u751f\u6001\u6784\u5efa\u8005\u6a21\u5f0f\u7684\u7814\u7a76\uff0c\u672c\u6587\u5c06\u63ed\u793a DAT \u8d5b\u9053\u5185\u90e8\u7684\u6218\u7565\u5206\u5316\u3002<\/p>\n\n\n\n<p>\u6700\u540e\uff0c\u6587\u7ae0\u5c06\u5c55\u671b DAT \u4e0e\u73b0\u5b9e\u4e16\u754c\u8d44\u4ea7\uff08RWA\uff09\u4ee3\u5e01\u5316\u878d\u5408\u7684\u5e7f\u9614\u524d\u666f\uff0c\u5e76\u4e3a\u4f01\u4e1a\u548c\u6295\u8d44\u8005\u5728\u9a7e\u9a6d\u8fd9\u4e00\u65b0\u5174\u9886\u57df\u65f6\uff0c\u63d0\u4f9b\u6db5\u76d6\u98ce\u9669\u7ba1\u7406\u3001\u5408\u89c4\u5e03\u5c40\u548c\u8d44\u672c\u8fd0\u4f5c\u7684\u7cfb\u7edf\u6027\u7b56\u7565\u5efa\u8bae\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u6982\u5ff5\u89e3\u6790<\/strong><strong>\uff0c\u4e00\u79cd\u5168\u65b0\u7684 \u201c\u5e01\u80a1\u878d\u5408\u201d \u8303\u5f0f<\/strong><\/h2>\n\n\n\n<p><strong>1.1 DAT \u7684\u6838\u5fc3\u5b9a\u4e49<\/strong><\/p>\n\n\n\n<p>\u6570\u5b57\u8d44\u4ea7\u8d22\u5e93\uff08DAT\uff09\u662f\u4e00\u79cd\u5c06\u6570\u5b57\u8d44\u4ea7\u79ef\u7d2f\u4f5c\u4e3a\u5176\u6838\u5fc3\u53ca\u9996\u8981\u4e1a\u52a1\u529f\u80fd\u7684\u4e0a\u5e02\u516c\u53f8\u6218\u7565\u3002\u8fd9\u4e00\u5b9a\u4e49\u5c06 DAT \u516c\u53f8\u4e0e\u90a3\u4e9b\u4ec5\u5728\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u5076\u7136\u6301\u6709\u5c11\u91cf\u52a0\u5bc6\u8d27\u5e01\u7684\u516c\u53f8\u660e\u786e\u533a\u5206\u5f00\u6765\uff0c\u540e\u8005\u7684\u6570\u5b57\u8d44\u4ea7\u5e76\u975e\u5176\u6218\u7565\u6838\u5fc3\u3002\u5bf9\u4e8e DAT \u516c\u53f8\u800c\u8a00\uff0c\u5176\u4f01\u4e1a\u4ef7\u503c\u3001\u6218\u7565\u65b9\u5411\u548c\u5e02\u573a\u53d9\u4e8b\u90fd\u56f4\u7ed5\u5176\u6301\u6709\u7684\u6570\u5b57\u8d44\u4ea7\u5c55\u5f00\u3002<\/p>\n\n\n\n<p>\u8fd9\u4e00\u6a21\u5f0f\u662f \u201c\u5e01\u80a1\u878d\u5408\u201d \u7684\u7b2c\u4e00\u5c42\u7ea7\uff0c\u5373\u901a\u8fc7\u4e0a\u5e02\u516c\u53f8 \u201c\u56e4\u5e01\u201d\uff0c\u6253\u901a\u4f20\u7edf\u80a1\u6743\u5e02\u573a\u4e0e\u52a0\u5bc6\u8d44\u4ea7\u5e02\u573a\u7684\u6d41\u52a8\u6027\u3002\u5176\u6838\u5fc3\u4ef7\u503c\u4e3b\u5f20\u5728\u4e8e\uff0c\u4e3a\u90a3\u4e9b\u56e0\u5408\u89c4\u3001\u6258\u7ba1\u6216\u6295\u8d44\u6388\u6743\u9650\u5236\u800c\u65e0\u6cd5\u76f4\u63a5\u8d2d\u4e70\u52a0\u5bc6\u8d27\u5e01\u7684\u673a\u6784\u6295\u8d44\u8005\uff08\u5982\u517b\u8001\u57fa\u91d1\u3001\u5bb6\u65cf\u529e\u516c\u5ba4\uff09\u63d0\u4f9b\u4e86\u4e00\u4e2a\u53d7\u76d1\u7ba1\u7684\u3001\u4fbf\u6377\u7684\u6295\u8d44\u6e20\u9053\u3002<\/p>\n\n\n\n<p><strong>1.2 \u6218\u7565\u9a71\u52a8\u529b<\/strong><\/p>\n\n\n\n<p>\u4f01\u4e1a\u91c7\u7eb3 DAT \u6218\u7565\u7684\u80cc\u540e\uff0c\u662f\u5bf9\u5b8f\u89c2\u7ecf\u6d4e\u538b\u529b\u7684\u56de\u5e94\u548c\u5bf9\u672a\u6765\u6280\u672f\u8d8b\u52bf\u7684\u524d\u77bb\u6027\u5e03\u5c40\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4ef7\u503c\u50a8\u5b58\u4e0e\u901a\u80c0\u5bf9\u51b2\uff1a<\/strong>\u5c06\u6bd4\u7279\u5e01\u7b49\u4f9b\u5e94\u91cf\u6709\u9650\u7684\u6570\u5b57\u8d44\u4ea7\u89c6\u4e3a \u201c\u6570\u5b57\u9ec4\u91d1\u201d\uff0c\u7528\u4ee5\u5bf9\u51b2\u6cd5\u5b9a\u8d27\u5e01\u7684\u901a\u80c0\u98ce\u9669\u548c\u5b8f\u89c2\u7ecf\u6d4e\u7684\u4e0d\u786e\u5b9a\u6027\uff0c\u662f\u5176\u6700\u539f\u59cb\u7684\u9a71\u52a8\u529b\u3002<\/li>\n\n\n\n<li><strong>\u5411 Web3 \u8f6c\u578b\uff1a<\/strong>\u5bf9\u4e8e\u8bb8\u591a\u516c\u53f8\uff0c\u5c24\u5176\u662f\u79d1\u6280\u548c\u6e38\u620f\u516c\u53f8\u800c\u8a00\uff0c\u8d2d\u4e70\u548c\u6301\u6709\u52a0\u5bc6\u8d27\u5e01\u662f\u5176\u5411 Web3 \u9886\u57df\u8fdb\u884c\u4e1a\u52a1\u5e03\u5c40\u548c\u6218\u7565\u8f6c\u578b\u7684\u91cd\u8981\u4e3e\u63aa\u548c\u57fa\u7840\u3002<\/li>\n\n\n\n<li><strong>\u8d44\u4ea7\u914d\u7f6e\u591a\u5143\u5316\uff1a<\/strong>\u5c06\u6570\u5b57\u8d44\u4ea7\u7eb3\u5165\u8d22\u5e93\uff0c\u53ef\u4ee5\u4f18\u5316\u516c\u53f8\u7684\u8d44\u4ea7\u914d\u7f6e\uff0c\u6355\u6349\u65b0\u5174\u8d44\u4ea7\u7c7b\u522b\u7684\u589e\u957f\u6f5c\u529b\uff0c\u5e76\u5411\u5e02\u573a\u4f20\u9012\u516c\u53f8\u5177\u6709\u524d\u77bb\u6027\u601d\u7ef4\u7684\u4fe1\u53f7\u3002<\/li>\n<\/ul>\n\n\n\n<p><strong>1.3 DAT \u4e0e\u73b0\u8d27 ETF \u7684\u6bd4\u8f83<\/strong><\/p>\n\n\n\n<p>\u5c3d\u7ba1\u73b0\u8d27 ETF \u4e3a\u5e02\u573a\u63d0\u4f9b\u4e86\u76f4\u63a5\u7684\u52a0\u5bc6\u8d44\u4ea7\u655e\u53e3\uff0c\u4f46 DAT \u516c\u53f8\u5728\u7b56\u7565\u4e0a\u5b58\u5728\u672c\u8d28\u533a\u522b\uff0c\u4f7f\u5176\u6210\u4e3a\u4e00\u79cd\u4e3b\u52a8\u578b\u6295\u8d44\u5de5\u5177\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><div class='fancybox-wrapper lazyload-container-unload' data-fancybox='post-images' href='https:\/\/web3caff.com\/wp-content\/uploads\/2025\/09\/image-231.png'><img class=\"lazyload lazyload-style-1\" src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" data-original=\"https:\/\/web3caff.com\/wp-content\/uploads\/2025\/09\/image-231.png\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"\" class=\"wp-image-128407\"\/><\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u8d77\u6e90\u4e0e\u6f14\u8fdb \u2014 \u4ece\u6bd4\u7279\u5e01\u5148\u9a71\u5230\u591a\u5143\u5316\u751f\u6001<\/strong><\/h2>\n\n\n\n<p><strong>2.1 \u8d77\u6e90\uff1aMicroStrategy \u7684 \u201c\u91d1\u878d\u98de\u8f6e\u201d<\/strong><\/p>\n\n\n\n<p>\u73b0\u4ee3 DAT \u8fd0\u52a8\u7684\u8bde\u751f\uff0c\u53ef\u5f52\u529f\u4e8e\u8fc8\u514b\u5c14\u00b7\u585e\u52d2\uff08Michael Saylor\uff09\u9886\u5bfc\u4e0b\u7684 MicroStrategy \u516c\u53f8\u30022020 \u5e74 8 \u6708\uff0c\u8be5\u516c\u53f8\u505a\u51fa\u4e86\u4e00\u4e2a\u5f00\u521b\u6027\u7684\u51b3\u5b9a\uff1a\u8d2d\u4e70\u4ef7\u503c 2.5 \u4ebf\u7f8e\u5143\u7684\u6bd4\u7279\u5e01\u4f5c\u4e3a\u5176\u4e3b\u8981\u50a8\u5907\u8d44\u4ea7\uff0c\u5c06\u6bd4\u7279\u5e01\u89c6\u4e3a\u4f18\u4e8e\u73b0\u91d1\u7684\u4ef7\u503c\u50a8\u5b58\u624b\u6bb5\u3002<\/p>\n\n\n\n<p>MicroStrategy \u7684\u6210\u529f\u6838\u5fc3\u5728\u4e8e\u4e00\u4e2a\u8bbe\u8ba1\u7cbe\u5de7\u7684 \u201c\u91d1\u878d\u98de\u8f6e\u201d \u6a21\u578b\uff0c\u8fd9\u662f\u4e00\u4e2a\u80fd\u591f\u81ea\u6211\u5f3a\u5316\u7684\u6b63\u53cd\u9988\u5faa\u73af\uff1a<\/p>\n\n\n\n<p><strong>1. \u6301\u6709\u6bd4\u7279\u5e01\uff1a<\/strong>\u516c\u53f8\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u62e5\u6709\u5927\u91cf\u6bd4\u7279\u5e01\uff0c\u6784\u6210\u5176\u6838\u5fc3\u4ef7\u503c\u57fa\u7840\u3002<\/p>\n\n\n\n<p><strong>2. \u4ea7\u751f\u80a1\u4ef7\u6ea2\u4ef7\uff1a<\/strong>\u7531\u4e8e\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u4fbf\u6377\u3001\u5408\u89c4\u7684\u6bd4\u7279\u5e01\u655e\u53e3\uff0c\u5176\u80a1\u4ef7\u5f00\u59cb\u4ee5\u9ad8\u4e8e\u5176\u6bd4\u7279\u5e01\u6301\u4ed3\u51c0\u503c\uff08NAV\uff09\u7684\u6c34\u5e73\u4ea4\u6613\u3002<\/p>\n\n\n\n<p><strong>3. \u5229\u7528\u6ea2\u4ef7\u878d\u8d44\uff1a<\/strong>\u516c\u53f8\u5229\u7528\u5176\u88ab\u9ad8\u4f30\u7684\u80a1\u4ef7\uff0c\u901a\u8fc7\u53d1\u884c\u6781\u4f4e\u5229\u7387\u7684\u53ef\u8f6c\u6362\u503a\u5238\u6216\u8fdb\u884c\u5e02\u573a\u5316\u80a1\u7968\u53d1\u884c\u6765\u7b79\u96c6\u8d44\u91d1\u3002<\/p>\n\n\n\n<p><strong>4. \u8d2d\u5165\u66f4\u591a\u6bd4\u7279\u5e01\uff1a<\/strong>\u5c06\u878d\u8d44\u6240\u5f97\u7528\u4e8e\u8d2d\u4e70\u66f4\u591a\u6bd4\u7279\u5e01\u3002<\/p>\n\n\n\n<p><strong>5. \u5f3a\u5316\u53d9\u4e8b\u4e0e\u6ea2\u4ef7\uff1a<\/strong>\u4e0d\u65ad\u589e\u52a0\u7684\u6bd4\u7279\u5e01\u6301\u6709\u91cf\u8fdb\u4e00\u6b65\u5f3a\u5316\u4e86\u5176\u4f5c\u4e3a \u201c\u6bd4\u7279\u5e01\u4ee3\u7406\u80a1\u201d \u7684\u5e02\u573a\u53d9\u4e8b\uff0c\u4ece\u800c\u7ef4\u6301\u751a\u81f3\u63a8\u9ad8\u4e86\u80a1\u4ef7\u6ea2\u4ef7\uff0c\u4e3a\u4e0b\u4e00\u8f6e\u878d\u8d44\u521b\u9020\u6761\u4ef6\u3002<\/p>\n\n\n\n<p><strong>2.2 \u6f14\u8fdb\uff1a\u4ece<\/strong><strong>\u5355\u4e00\u8d44\u4ea7\u5230\u591a<\/strong><strong>\u5143\u5316\u8d22\u5e93<\/strong><\/p>\n\n\n\n<p>\u6700\u521d\u7684 DAT \u6d6a\u6f6e\u4ee5\u6bd4\u7279\u5e01\u4e3a\u4e2d\u5fc3\uff0c\u4f46\u968f\u7740\u5e02\u573a\u6210\u719f\uff0c\u8fd9\u4e00\u8d8b\u52bf\u5df2\u6269\u5c55\u5230\u591a\u79cd\u6570\u5b57\u8d44\u4ea7\uff0c\u6bcf\u79cd\u8d44\u4ea7\u90fd\u670d\u52a1\u4e8e\u4e0d\u540c\u7684\u6218\u7565\u76ee\u6807\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4ee5\u592a\u574a (ETH)\uff1a<\/strong>\u4f5c\u4e3a\u4e00\u79cd\u53ef\u4ea7\u751f\u6536\u76ca\u7684\u8d44\u4ea7\uff0cETH \u5438\u5f15\u4e86\u90a3\u4e9b\u5bfb\u6c42\u73b0\u91d1\u6d41\u7684\u516c\u53f8\u3002\u901a\u8fc7\u8d28\u62bc\uff0c\u516c\u53f8\u4e0d\u4ec5\u80fd\u83b7\u5f97\u8d44\u672c\u589e\u503c\uff0c\u8fd8\u80fd\u8d5a\u53d6\u7a33\u5b9a\u7684\u533a\u5757\u5956\u52b1\u3002SharpLink \u548c BitMine \u7b49\u516c\u53f8\u5df2\u8f6c\u578b\u4e3a\u7eaf\u7cb9\u7684\u4ee5\u592a\u574a\u6301\u4ed3\u548c\u8d28\u62bc\u516c\u53f8\u3002<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Solana (SOL)\uff1a<\/strong>\u51ed\u501f\u5176\u9ad8\u6027\u80fd\u548c\u7ea6 6-8% \u7684\u53ef\u89c2\u8d28\u62bc\u6536\u76ca\u7387\uff0c\u5438\u5f15\u4e86 DeFi Development \u7b49\u516c\u53f8\u7684\u5e03\u5c40\u3002<\/li>\n\n\n\n<li><strong>SUI \u548c XRP\uff1a<\/strong>\u4e00\u4e9b\u516c\u53f8\u9009\u62e9\u4e0e\u7279\u5b9a\u516c\u94fe\u7684\u57fa\u91d1\u4f1a\u5408\u4f5c\uff08\u5982 Mill City Ventures \u4e0e Sui \u57fa\u91d1\u4f1a\uff09\uff0c\u6216\u770b\u91cd\u7279\u5b9a\u4ee3\u5e01\u5728\u652f\u4ed8\u7b49\u9886\u57df\u7684\u5e94\u7528\u6f5c\u529b\uff08\u5982 XRP\uff09\uff0c\u5f62\u6210\u4e86\u66f4\u52a0\u4e13\u4e1a\u5316\u7684\u8d22\u5e93\u7b56\u7565\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u5e02\u573a\u73b0\u72b6 \u2014 \u5168\u7403\u6269\u5f20\u4e0e\u9999\u6e2f\u5d1b\u8d77<\/strong><\/h2>\n\n\n\n<p><strong>3.1 \u5168\u7403\u5e02\u573a\u6982\u89c8<\/strong><\/p>\n\n\n\n<p>\u622a\u81f3 2025 \u5e74\u4e2d\uff0c\u5168\u7403 DAT \u516c\u53f8\u96c6\u4f53\u6301\u6709\u7684\u6570\u5b57\u8d44\u4ea7\u603b\u4ef7\u503c\u5df2\u8d85\u8fc7 1000 \u4ebf\u7f8e\u5143\u3002\u5176\u4e2d\uff0c\u6bd4\u7279\u5e01\u8d22\u5e93\u5360\u636e\u4e3b\u5bfc\u5730\u4f4d\uff0c\u603b\u989d\u8d85 930 \u4ebf\u7f8e\u5143\uff1b\u4ee5\u4ee5\u592a\u574a\u4e3a\u4e2d\u5fc3\u7684\u8d22\u5e93\u4e5f\u8fc5\u901f\u589e\u957f\u81f3 40 \u591a\u4ebf\u7f8e\u5143\u3002<\/p>\n\n\n\n<p>\u4e0a\u5e02\u516c\u53f8\u6301\u6709\u7684\u6bd4\u7279\u5e01\u603b\u91cf\u5df2\u63a5\u8fd1 100 \u4e07\u679a\uff0c\u7ea6\u5360\u6d41\u901a\u4f9b\u5e94\u91cf\u7684 4%\u3002\u5730\u57df\u4e0a\uff0c\u7f8e\u56fd\u4ecd\u662f DAT \u6d3b\u52a8\u7684\u6838\u5fc3\uff0c\u4f46\u65e5\u672c\u7684 Metaplanet \u548c\u9999\u6e2f\u7684\u4e00\u6279\u516c\u53f8\u7684\u5d1b\u8d77\uff0c\u6807\u5fd7\u7740 DAT \u6a21\u5f0f\u6b63\u5728\u5411\u4e9a\u6d32\u4e3b\u8981\u8d44\u672c\u5e02\u573a\u5feb\u901f\u6269\u6563\u3002<\/p>\n\n\n\n<p><strong>3.2 \u9999\u6e2f\u5e02\u573a\u7684\u72ec\u7279\u673a\u9047<\/strong><\/p>\n\n\n\n<p>\u5728\u5168\u7403\u76d1\u7ba1\u73af\u5883\u65e5\u76ca\u6536\u7d27\u7684\u80cc\u666f\u4e0b\uff0c\u9999\u6e2f\u51ed\u501f\u5176\u6e05\u6670\u7684\u76d1\u7ba1\u6846\u67b6\u548c\u653f\u5e9c\u5bf9 Web3 \u4ea7\u4e1a\u7684\u5927\u529b\u652f\u6301\uff0c\u6b63\u6210\u4e3a DAT \u516c\u53f8\u548c\u57fa\u91d1\u53d1\u5c55\u7684\u70ed\u571f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u76d1\u7ba1\u786e\u5b9a\u6027\uff1a<\/strong>\u9999\u6e2f\u5df2\u4e3a\u865a\u62df\u8d44\u4ea7\u4ea4\u6613\u5e73\u53f0\u5efa\u7acb\u4e86\u660e\u786e\u7684\u8bb8\u53ef\u5236\u5ea6\uff0c\u5e76\u6279\u51c6\u4e86\u73b0\u8d27\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a ETF \u7684\u4e0a\u5e02\uff0c\u4e3a\u673a\u6784\u53c2\u4e0e\u8005\u63d0\u4f9b\u4e86\u5408\u89c4\u4fdd\u969c\u3002<\/li>\n\n\n\n<li><strong>\u653f\u7b56\u652f\u6301\uff1a<\/strong>\u9999\u6e2f\u653f\u5e9c\u5c06\u53d1\u5c55 Web3 \u89c6\u4e3a\u63d0\u5347\u56fd\u9645\u91d1\u878d\u4e2d\u5fc3\u5730\u4f4d\u7684\u91cd\u8981\u6218\u7565\uff0c\u4e3a\u76f8\u5173\u4f01\u4e1a\u521b\u9020\u4e86\u6709\u5229\u7684\u8425\u5546\u73af\u5883\u3002<\/li>\n\n\n\n<li><strong>\u673a\u6784\u805a\u96c6\uff1a<\/strong>\u4f17\u591a\u6301\u724c\u91d1\u878d\u673a\u6784\u3001\u5bb6\u65cf\u529e\u516c\u5ba4\u548c\u79d1\u6280\u516c\u53f8\u5728\u6b64\u6c47\u805a\uff0c\u4e3a DAT \u6a21\u5f0f\u7684\u53d1\u5c55\u63d0\u4f9b\u4e86\u4e30\u5bcc\u7684\u8d44\u672c\u6765\u6e90\u548c\u5e94\u7528\u573a\u666f\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u5178\u578b<\/strong><strong>\u6848\u4f8b<\/strong><strong>\u5206\u6790<\/strong><\/h2>\n\n\n\n<p><strong>4.1 \u9999\u6e2f Web3 \u8f6c\u578b\u5148\u950b\uff1a\u535a\u96c5\u4e92\u52a8 (0434.HK)<\/strong><\/p>\n\n\n\n<p>\u4f5c\u4e3a\u4e00\u5bb6\u62e5\u6709 20 \u5e74\u5386\u53f2\u7684\u4e0a\u5e02\u68cb\u724c\u6e38\u620f\u5f00\u53d1\u5546\uff0c\u535a\u96c5\u4e92\u52a8\u662f\u9999\u6e2f\u516c\u53f8\u5411 Web3 \u5168\u9762\u8f6c\u578b\u7684\u5178\u578b\u4ee3\u8868\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u6218\u7565\u8f6c\u578b\uff1a<\/strong>\u516c\u53f8\u660e\u786e\u5c06 \u201c\u5efa\u7acb\u4e00\u4e2a\u7eaf\u7cb9\u4e14\u9886\u5148\u7684 Web3 \u4e0a\u5e02\u516c\u53f8\u201d \u4f5c\u4e3a\u5176\u6218\u7565\u76ee\u6807\u3002\u8d2d\u4e70\u548c\u6301\u6709\u52a0\u5bc6\u8d27\u5e01\u88ab\u89c6\u4e3a\u5b9e\u65bd\u8fd9\u4e00\u6218\u7565\u8f6c\u578b\u7684 \u201c\u91cd\u8981\u57fa\u7840\u548c\u4e3e\u63aa\u201d\u3002<\/li>\n\n\n\n<li><strong>\u8d44\u4ea7\u914d\u7f6e\uff1a<\/strong>\u81ea 2023 \u5e74\u8d77\uff0c\u535a\u96c5\u4e92\u52a8\u5f00\u59cb\u5927\u89c4\u6a21\u8d2d\u5165\u6570\u5b57\u8d44\u4ea7\u3002\u622a\u81f3 2025 \u5e74\uff0c\u516c\u53f8\u5df2\u6301\u6709\u7ea6 3,670 \u679a\u6bd4\u7279\u5e01\u548c 15,445 \u679a\u4ee5\u592a\u574a\u3002\u6570\u5b57\u8d44\u4ea7\u5728\u5176\u603b\u8d44\u4ea7\u4e2d\u7684\u5360\u6bd4\u4e00\u5ea6\u9ad8\u8fbe 75%\uff0c\u663e\u793a\u4e86\u5176\u8f6c\u578b\u7684\u51b3\u5fc3\u3002<\/li>\n\n\n\n<li><strong>\u53cc\u91cd\u903b\u8f91\uff1a<\/strong>\u516c\u53f8\u5c06\u6bd4\u7279\u5e01\u89c6\u4e3a \u201c\u6570\u5b57\u9ec4\u91d1\u201d \u548c\u6838\u5fc3\u6218\u7565\u50a8\u5907\u8d44\u4ea7\uff0c\u7528\u4ee5\u5bf9\u51b2\u5b8f\u89c2\u4e0d\u786e\u5b9a\u6027\u5e76\u5b9e\u73b0\u957f\u671f\u4fdd\u503c\u589e\u503c\u3002\u540c\u65f6\uff0c\u8fd9\u4e9b\u8d44\u4ea7\u4e5f\u4e3a\u5176\u672a\u6765\u5f00\u53d1 Web3 \u6e38\u620f\u548c\u6784\u5efa\u76f8\u5173\u751f\u6001\u7cfb\u7edf\u5960\u5b9a\u4e86\u57fa\u7840\u3002<\/li>\n\n\n\n<li><strong>\u878d\u8d44\u4e0e\u5408\u89c4\uff1a<\/strong>\u516c\u53f8\u7684\u52a0\u5bc6\u8d27\u5e01\u8d2d\u4e70\u884c\u4e3a\u901a\u8fc7\u4e86\u80a1\u4e1c\u5927\u4f1a\u7684\u6388\u6743\uff0c\u5e76\u5229\u7528\u516c\u53f8\u95f2\u7f6e\u73b0\u91d1\u50a8\u5907\u8fdb\u884c\uff0c\u6574\u4e2a\u8fc7\u7a0b\u9075\u5faa\u4e0a\u5e02\u516c\u53f8\u5408\u89c4\u8981\u6c42\u3002<\/li>\n<\/ul>\n\n\n\n<p><strong>4.2 \u751f\u6001\u7cfb\u7edf\u6784\u5efa\u8005\uff1aHashKey \u96c6\u56e2\u7684 DAT \u57fa\u91d1\u6a21\u5f0f<\/strong><\/p>\n\n\n\n<p>\u4e9a\u6d32\u9886\u5148\u7684\u6570\u5b57\u8d44\u4ea7\u91d1\u878d\u670d\u52a1\u96c6\u56e2 HashKey\uff0c\u5219\u5c55\u793a\u4e86\u4e00\u79cd\u66f4\u9ad8\u7ef4\u5ea6\u7684 DAT \u7b56\u7565\u2014\u2014\u4ece\u76f4\u63a5 \u201c\u56e4\u5e01\u201d \u5347\u7ea7\u4e3a\u6784\u5efa\u751f\u6001\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u57fa\u91d1\u6a21\u5f0f\uff1a<\/strong>HashKey \u4e8e 2025 \u5e74 9 \u6708\u5ba3\u5e03\u63a8\u51fa\u4e9a\u6d32\u6700\u5927\u7684\u591a\u5e01\u79cd DAT \u751f\u6001\u57fa\u91d1\uff0c\u9996\u671f\u52df\u8d44\u89c4\u6a21\u8d85\u8fc7 5 \u4ebf\u7f8e\u5143\uff0c\u4e13\u6ce8\u4e8e\u6295\u8d44\u5168\u7403\u4f18\u79c0\u7684 DAT \u9879\u76ee\uff0c\u521d\u671f\u91cd\u70b9\u662f\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a\u751f\u6001\u3002<\/li>\n\n\n\n<li><strong>\u8d85\u8d8a\u6295\u8d44\uff1a<\/strong>\u4e0e\u5355\u7eaf\u7684\u8d22\u52a1\u6295\u8d44\u4e0d\u540c\uff0cHashKey \u7684\u7b56\u7565\u662f\u6df1\u5ea6\u53c2\u4e0e DAT \u516c\u53f8\u7684\u8fd0\u8425\u548c\u884c\u4e1a\u751f\u6001\u5efa\u8bbe\u3002\u5b83\u65e8\u5728\u6253\u9020\u4e00\u4e2a \u201c\u8d44\u672c\u6295\u8d44-\u751f\u6001\u5e94\u7528-\u5e02\u503c\u6355\u83b7-\u6d41\u52a8\u6027\u9000\u51fa\u201d \u7684\u6b63\u5411\u98de\u8f6e\u95ed\u73af\u3002<\/li>\n\n\n\n<li><strong>\u201c\u7528\u5e01\u201d \u613f\u666f\uff1a<\/strong>\u51ed\u501f\u5176\u6301\u724c\u4ea4\u6613\u6240\u3001\u516c\u94fe\u3001\u4e91\u670d\u52a1\u7b49\u591a\u5143\u5316\u4e1a\u52a1\uff0c\u5e02\u573a\u9884\u671f HashKey \u7684 DAT \u57fa\u91d1\u4e0d\u4ec5\u4f1a \u201c\u56e4\u5e01\u201d\uff0c\u66f4\u4f1a\u4e0e\u81ea\u8eab\u4e1a\u52a1\u6df1\u5ea6\u878d\u5408\uff0c\u63a2\u7d22 \u201c\u7528\u5e01\u201d \u7684\u521b\u65b0\u91d1\u878d\u73a9\u6cd5\uff0c\u4f8b\u5982\u5c06\u5e73\u53f0\u5e01\u7eb3\u5165\u57fa\u91d1\u3001\u53cd\u54fa\u516c\u94fe\u751f\u6001\u7b49\u3002<\/li>\n\n\n\n<li><strong>\u5408\u89c4\u6865\u6881\uff1a<\/strong>HashKey \u5c06\u81ea\u8eab\u5b9a\u4f4d\u4e3a\u8fde\u63a5\u4f20\u7edf\u91d1\u878d\u8d44\u672c\u4e0e\u94fe\u4e0a\u8d44\u4ea7\u7684 \u201c\u5236\u5ea6\u5316\u6865\u6881\u201d\uff0c\u5176 DAT \u6218\u7565\u4ee5\u5408\u89c4\u4e3a\u524d\u63d0\uff0c\u5145\u5206\u5229\u7528\u4e86\u9999\u6e2f\u7684\u76d1\u7ba1\u4f18\u52bf\u3002<\/li>\n<\/ul>\n\n\n\n<p><strong>4.3 \u5168\u7403 DAT \u57fa\u91d1\u6d6a\u6f6e<\/strong><\/p>\n\n\n\n<p>2025 \u5e74\u89c1\u8bc1\u4e86 DAT \u57fa\u91d1\u7684\u96c6\u4e2d\u6d8c\u73b0\uff0c\u8fd9\u6807\u5fd7\u7740 DAT \u5df2\u4ece\u5355\u4e00\u516c\u53f8\u884c\u4e3a\u6f14\u53d8\u4e3a\u4e00\u79cd\u88ab\u4e3b\u6d41\u6295\u8d44\u673a\u6784\u8ba4\u53ef\u7684\u8d44\u4ea7\u7b56\u7565\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><div class='fancybox-wrapper lazyload-container-unload' data-fancybox='post-images' href='https:\/\/web3caff.com\/wp-content\/uploads\/2025\/09\/image-230.png'><img class=\"lazyload lazyload-style-1\" src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" data-original=\"https:\/\/web3caff.com\/wp-content\/uploads\/2025\/09\/image-230.png\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"\" class=\"wp-image-128406\"\/><\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u672a\u6765\u524d\u666f \u2014 \u8fc8\u5411\u751f\u4ea7\u6027\u8d22\u5e93\u4e0e RWA \u4ee3\u5e01\u5316<\/strong><\/h2>\n\n\n\n<p>DAT \u8d5b\u9053\u7684\u672a\u6765\u6f14\u8fdb\u5c06\u8d85\u8d8a\u88ab\u52a8\u7684\u8d44\u4ea7\u79ef\u7d2f\uff0c\u671d\u7740\u66f4\u5177\u751f\u4ea7\u6027\u548c\u66f4\u5e7f\u9614\u8d44\u4ea7\u7c7b\u522b\u7684\u65b9\u5411\u53d1\u5c55\u3002<\/p>\n\n\n\n<p><strong>5.1 \u4ece\u88ab\u52a8\u6301\u6709\u5230\u4e3b\u52a8\u589e\u503c<\/strong><\/p>\n\n\n\n<p>\u672a\u6765\u7684 DAT \u516c\u53f8\u5c06\u66f4\u5e7f\u6cdb\u5730\u53c2\u4e0e\u5230\u94fe\u4e0a\u7ecf\u6d4e\u6d3b\u52a8\u4e2d\uff0c\u5c06\u8d22\u5e93\u4ece\u9759\u6001\u7684\u4ef7\u503c\u5bb9\u5668\u8f6c\u53d8\u4e3a\u52a8\u6001\u7684\u3001\u80fd\u4ea7\u751f\u6301\u7eed\u73b0\u91d1\u6d41\u7684\u5f15\u64ce\u3002\u8fd9\u5305\u62ec\uff1a<\/p>\n\n\n\n<p>\u8d28\u62bc (Staking)\uff1a\u5c06\u6301\u6709\u7684 PoS \u4ee3\u5e01\uff08\u5982 ETH\u3001SOL\uff09\u8fdb\u884c\u8d28\u62bc\uff0c\u83b7\u53d6\u7f51\u7edc\u5956\u52b1\u3002<\/p>\n\n\n\n<p>\u6d41\u52a8\u6027\u63d0\u4f9b\uff1a\u5728\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\uff08DeFi\uff09\u534f\u8bae\u4e2d\u63d0\u4f9b\u6d41\u52a8\u6027\uff0c\u8d5a\u53d6\u4ea4\u6613\u8d39\u7528\u3002<\/p>\n\n\n\n<p>\u94fe\u4e0a\u6cbb\u7406\uff1a\u5229\u7528\u6301\u6709\u7684\u6cbb\u7406\u4ee3\u5e01\u53c2\u4e0e\u534f\u8bae\u51b3\u7b56\uff0c\u5f71\u54cd\u751f\u6001\u53d1\u5c55\u3002<\/p>\n\n\n\n<p><strong>5.2 \u4e07\u4ebf\u7ea7\u673a\u9047\uff1a\u73b0\u5b9e\u4e16\u754c\u8d44\u4ea7\uff08RWA\uff09\u4ee3\u5e01\u5316<\/strong><\/p>\n\n\n\n<p>\u73b0\u5b9e\u4e16\u754c\u8d44\u4ea7\uff08RWA\uff09\u7684\u4ee3\u5e01\u5316\u2014\u2014\u5c06\u623f\u5730\u4ea7\u3001\u79c1\u52df\u4fe1\u8d37\u3001\u503a\u5238\u3001\u827a\u672f\u54c1\u7b49\u4f20\u7edf\u8d44\u4ea7\u7684\u6240\u6709\u6743\u8f6c\u5316\u4e3a\u533a\u5757\u94fe\u4e0a\u7684\u6570\u5b57\u4ee3\u5e01\u2014\u2014\u88ab\u8ba4\u4e3a\u662f\u4e0b\u4e00\u4e2a\u84dd\u6d77\u5e02\u573a\u3002\u636e\u9884\u6d4b\uff0c\u5230 2030-2033 \u5e74\uff0c\u8be5\u5e02\u573a\u89c4\u6a21\u53ef\u80fd\u8fbe\u5230 16 \u4e07\u4ebf\u81f3 19 \u4e07\u4ebf\u7f8e\u5143\u3002<\/p>\n\n\n\n<p>DAT \u516c\u53f8\u51ed\u501f\u5176\u5728\u5408\u89c4\u8fd0\u8425\u3001\u6570\u5b57\u8d44\u4ea7\u5b89\u5168\u6258\u7ba1\u4ee5\u53ca\u8d44\u672c\u5e02\u573a\u8fd0\u4f5c\u65b9\u9762\u79ef\u7d2f\u7684\u4e30\u5bcc\u7ecf\u9a8c\uff0c\u5904\u4e8e\u4e00\u4e2a\u7edd\u4f73\u7684\u4f4d\u7f6e\uff0c\u6709\u671b\u6210\u4e3a\u8fd9\u4e2a\u65b0\u5174\u5e02\u573a\u7684\u4e3b\u8981\u8f7d\u4f53\u3002\u672a\u6765\u7684 DAT \u516c\u53f8\u53ef\u80fd\u4e0d\u518d\u53ea\u6301\u6709\u52a0\u5bc6\u8d27\u5e01\uff0c\u800c\u662f\u6301\u6709\u4e00\u4e2a\u7531\u4ee3\u5e01\u5316\u7684\u653f\u5e9c\u503a\u5238\u3001\u623f\u5730\u4ea7\u57fa\u91d1\u548c\u79c1\u52df\u80a1\u6743\u7b49\u7ec4\u6210\u7684\u591a\u5143\u5316\u6295\u8d44\u7ec4\u5408\uff0c\u771f\u6b63\u6210\u4e3a\u8fde\u63a5\u4f20\u7edf\u7ecf\u6d4e\u4e0e\u672a\u6765\u4ee3\u5e01\u5316\u7ecf\u6d4e\u7684\u5173\u952e\u6865\u6881\u3002<\/p>\n\n\n\n<p><strong>\u6211\u4eec\u9700\u5e94\u5bf9\u7684\u7b56\u7565<\/strong><\/p>\n\n\n\n<p>\u9762\u5bf9 DAT \u8d5b\u9053\u7684\u673a\u9047\u4e0e\u6311\u6218\uff0c\u65e0\u8bba\u662f\u8ba1\u5212\u8f6c\u578b\u7684\u4f01\u4e1a\u8fd8\u662f\u5bfb\u6c42\u6295\u8d44\u7684\u673a\u6784\uff0c\u90fd\u5fc5\u987b\u91c7\u53d6\u5ba1\u614e\u800c\u660e\u786e\u7684\u6218\u7565\u3002<\/p>\n\n\n\n<p><strong>6.1 \u5bf9\u4f01\u4e1a\u7684\u6218\u7565\u5efa\u8bae<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u660e\u786e\u6218\u7565\u610f\u56fe\u4e0e\u6cbb\u7406\u6846\u67b6\uff1a<\/strong><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5b9a\u4e49\u76ee\u6807\uff1a\u8463\u4e8b\u4f1a\u5fc5\u987b\u6e05\u6670\u9610\u660e\u6301\u6709\u6570\u5b57\u8d44\u4ea7\u7684\u6218\u7565\u610f\u56fe\u2014\u2014\u662f\u4f5c\u4e3a\u77ed\u671f\u5bf9\u51b2\u3001\u957f\u671f\u4ef7\u503c\u50a8\u5b58\uff0c\u8fd8\u662f\u5168\u9762\u7684 Web3 \u4e1a\u52a1\u8f6c\u578b\uff1f\u00a0<\/li>\n\n\n\n<li>\u5236\u5b9a\u653f\u7b56\uff1a\u5c06\u6218\u7565\u610f\u56fe\u5236\u5ea6\u5316\uff0c\u5236\u5b9a\u6db5\u76d6\u8d44\u4ea7\u7c7b\u578b\u3001\u98ce\u9669\u655e\u53e3\u9650\u5236\u3001\u8d2d\u4e70\u3001\u6258\u7ba1\u548c\u5904\u7f6e\u6d41\u7a0b\u7684\u6b63\u5f0f\u8d22\u5e93\u653f\u7b56\uff0c\u5e76\u83b7\u5f97\u80a1\u4e1c\u6388\u6743\u3002<\/li>\n\n\n\n<li><strong>\u6784\u5efa\u5f3a\u5927\u7684\u98ce\u9669\u7ba1\u7406\u4f53\u7cfb\uff1a<\/strong><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5b89\u5168\u4e0e\u6258\u7ba1\uff1a\u6570\u5b57\u8d44\u4ea7\u5b89\u5168\u662f\u91cd\u4e2d\u4e4b\u91cd\u3002\u5fc5\u987b\u5efa\u7acb\u673a\u6784\u7ea7\u7684\u5b89\u5168\u4f53\u7cfb\uff0c\u5305\u62ec\u91c7\u7528\u591a\u91cd\u7b7e\u540d\u94b1\u5305\u3001\u51b7\u5b58\u50a8\u89e3\u51b3\u65b9\u6848\uff0c\u5e76\u4e0e\u4fe1\u8a89\u826f\u597d\u7684\u6301\u724c\u6258\u7ba1\u673a\u6784\u5408\u4f5c\uff0c\u4ee5\u9632\u8303\u9ed1\u5ba2\u653b\u51fb\u548c\u5185\u90e8\u98ce\u9669\u3002<\/li>\n\n\n\n<li>\u5e02\u573a\u98ce\u9669\uff1a\u6570\u5b57\u8d44\u4ea7\u4ef7\u683c\u7684\u9ad8\u6ce2\u52a8\u6027\u662f DAT \u6a21\u578b\u9762\u4e34\u7684\u6700\u5927\u98ce\u9669\u3002\u516c\u53f8\u9700\u4e3a\u6f5c\u5728\u7684\u718a\u5e02\u505a\u597d\u51c6\u5907\uff0c\u907f\u514d\u8fc7\u5ea6\u6760\u6746\uff0c\u4ee5\u9632 \u201c\u91d1\u878d\u98de\u8f6e\u201d \u9006\u8f6c\u5f15\u53d1\u6d41\u52a8\u6027\u5371\u673a\u3002<\/li>\n\n\n\n<li>\u5408\u89c4\u98ce\u9669\uff1a\u5bc6\u5207\u5173\u6ce8\u5168\u7403\u76d1\u7ba1\u52a8\u6001\uff0c\u5c24\u5176\u662f\u5728\u7f8e\u56fd\uff0c\u7eb3\u65af\u8fbe\u514b\u7b49\u4ea4\u6613\u6240\u5df2\u5f00\u59cb\u52a0\u5f3a\u5bf9\u4e0a\u5e02\u516c\u53f8\u52a0\u5bc6\u6295\u8d44\u7684\u5ba1\u67e5\u3002\u5728\u9999\u6e2f\u7b49\u76d1\u7ba1\u6e05\u6670\u7684\u5730\u533a\u5f00\u5c55\u4e1a\u52a1\uff0c\u53ef\u83b7\u5f97\u663e\u8457\u7684\u5408\u89c4\u4f18\u52bf\u3002<\/li>\n\n\n\n<li><strong>\u9009\u62e9\u5408\u9002\u7684\u8d44\u672c\u8fd0\u4f5c\u6a21\u5f0f\uff1a<\/strong><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u7075\u6d3b\u878d\u8d44\uff1a\u5168\u9762\u8bc4\u4f30\u80a1\u6743\u53d1\u884c\u3001\u53ef\u8f6c\u6362\u503a\u5238\u3001PIPEs \u7b49\u591a\u79cd\u878d\u8d44\u5de5\u5177\uff0c\u627e\u5230\u6700\u9002\u5408\u516c\u53f8\u76ee\u6807\u548c\u5e02\u573a\u6761\u4ef6\u7684\u878d\u8d44\u7ec4\u5408\u3002<\/li>\n\n\n\n<li>\u5584\u7528\u9999\u6e2f\u8d44\u672c\u5e02\u573a\uff1a\u5bf9\u4e8e\u9999\u6e2f\u4e0a\u5e02\u516c\u53f8\uff0c\u53ef\u4ee5\u501f\u9274\u535a\u96c5\u4e92\u52a8\u7684\u7ecf\u9a8c\uff0c\u5229\u7528\u73b0\u6709\u8d44\u91d1\u50a8\u5907\u542f\u52a8\uff0c\u5e76\u901a\u8fc7\u914d\u552e\u7b49\u65b9\u5f0f\u4e3a\u540e\u7eed\u7684 Web3 \u53d1\u5c55\u52df\u96c6\u8d44\u91d1\u3002<\/li>\n\n\n\n<li>\u79ef\u6781\u63a2\u7d22\u751f\u6001\u878d\u5408\uff1a\u8d85\u8d8a \u201c\u56e4\u5e01\u201d\uff1a\u501f\u9274 HashKey \u7684\u6a21\u5f0f\uff0c\u601d\u8003\u5982\u4f55\u5c06\u6570\u5b57\u8d44\u4ea7\u8d22\u5e93\u4e0e\u516c\u53f8\u4e3b\u8425\u4e1a\u52a1\u76f8\u7ed3\u5408\uff0c\u521b\u9020\u534f\u540c\u6548\u5e94\uff0c\u6784\u5efa\u751f\u6001\u95ed\u73af\uff0c\u5b9e\u73b0\u4ece \u201c\u56e4\u5e01\u201d \u5230 \u201c\u7528\u5e01\u201d \u7684\u8de8\u8d8a\u3002<\/li>\n<\/ul>\n\n\n\n<p><strong>6.2 \u5bf9\u6295\u8d44\u8005\u7684\u7b56\u7565\u5efa\u8bae<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u6df1\u5165\u5c3d\u804c\u8c03\u67e5\uff1a<\/strong>\u6295\u8d44\u51b3\u7b56\u4e0d\u5e94\u4ec5\u57fa\u4e8e\u80a1\u4ef7\u76f8\u5bf9 NAV \u7684\u6ea2\u4ef7\u3002\u5fc5\u987b\u5bf9\u7ba1\u7406\u56e2\u961f\u7684\u4e13\u4e1a\u80fd\u529b\u3001\u516c\u53f8\u7684\u8d44\u672c\u7ed3\u6784\u3001\u98ce\u9669\u7ba1\u7406\u6c34\u5e73\u53ca\u5176\u5546\u4e1a\u6a21\u5f0f\u5728\u718a\u5e02\u4e2d\u7684\u53ef\u6301\u7eed\u6027\u8fdb\u884c\u6df1\u5165\u5206\u6790\u3002<\/li>\n\n\n\n<li><strong>\u533a\u5206\u6218\u7565\u539f\u578b\uff1a<\/strong>\u6df1\u523b\u7406\u89e3\u4e0d\u540c DAT \u516c\u53f8\u4e4b\u95f4\u7684\u98ce\u9669\u56de\u62a5\u5dee\u5f02\u3002\u201c\u79ef\u7d2f\u8005\u201d \u672c\u8d28\u4e0a\u662f\u5bf9\u8d44\u4ea7\u4ef7\u683c\u7684\u6760\u6746\u5316\u62bc\u6ce8\uff0c\u800c \u201c\u6536\u76ca\u751f\u6210\u8005\u201d \u548c \u201c\u751f\u6001\u6784\u5efa\u8005\u201d \u5219\u66f4\u4fa7\u91cd\u4e8e\u94fe\u4e0a\u73b0\u91d1\u6d41\u548c\u957f\u671f\u751f\u6001\u4ef7\u503c\u3002<\/li>\n\n\n\n<li><strong>\u5173\u6ce8\u76d1\u7ba1\u52a8\u6001\uff1a<\/strong>\u76d1\u7ba1\u653f\u7b56\u7684\u53d8\u5316\u53ef\u80fd\u5728\u4e00\u591c\u4e4b\u95f4\u5f7b\u5e95\u6539\u53d8\u6295\u8d44\u903b\u8f91\u3002\u5bc6\u5207\u5173\u6ce8\u516c\u53f8\u6240\u5728\u53f8\u6cd5\u7ba1\u8f96\u533a\u7684\u76d1\u7ba1\u52a8\u6001\u81f3\u5173\u91cd\u8981\u3002<\/li>\n\n\n\n<li><strong>\u7740\u773c\u957f\u8fdc\u4ef7\u503c\uff1a<\/strong>\u5c06 DAT \u516c\u53f8\u89c6\u4e3a\u53c2\u4e0e\u672a\u6765\u6570\u5b57\u7ecf\u6d4e\u548c RWA \u4ee3\u5e01\u5316\u6d6a\u6f6e\u7684\u6218\u7565\u5de5\u5177\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u77ed\u671f\u4ea4\u6613\u7684\u6807\u7684\u3002<\/li>\n<\/ul>\n\n\n\n<h2 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href=\"javascript:\">\u66fc\u6606\u533a\u5757\u94fe\u6cd5\u5f8b\u670d\u52a1<\/a> 2025-09-22 15:30:43<a href=\"https:\/\/web3caff.com\/archives\/category\/policy_zh\" target=\"_blank\" rel=\"noreferrer noopener\">\u653f\u7b56\u4e0e\u6cd5\u5f8b<\/a><br><a href=\"https:\/\/web3caff.com\/archives\/128405\">https:\/\/web3caff.com\/archives\/128405<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4f5c\u8005\uff1a\u5f20\u6d77\u52c7\u5f8b\u5e08\uff0c\u66fc\u6606\u533a\u5757\u94fe\u6cd5\u5f8b\u670d\u52a1 \u6458\u8981 \u6570\u5b57\u8d44\u4ea7\u8d22\u5e93\uff08Digital Asset Treasury, DA [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[98],"class_list":["post-11182","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-dat"],"_links":{"self":[{"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/11182","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11182"}],"version-history":[{"count":0,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/11182\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}