Important progress in the DeFi track in the past week: Ethena set off a stablecoin season

Author: cmdefi

1/ Ethena and Usual set off the stablecoin season

(1) Ethena launched USDtb, supported by BlackRock’s BUIDL

(2) Ethena and Usual cooperate to transfer TVL and incentives to each other

(3) WLFI cooperates with Ethena to integrate sUSDe into the lending market

Unlike the previous Stablecoin war, this round of stablecoins has a clear trend of forming a group, which is much more stable and sophisticated than the impulsive boys in the previous cycle.

Usual has a built-in multi-party game stablecoin mining mechanism, which is similar to the underlying logic of Pool1-3 of DeFi Summer. The difference is 1 RWA concept 2 The game model is further refined 3 Binance and other partners provide massive liquidity exit.

The cooperation with Ethena is conducive to the expansion of USD0. The early high-speed TVL growth depends on the coin price. Raising the coin price - > Driving TVL - > The token staking income is enhanced. The upper limit of this perpetual motion machine model is that when the TVL growth slows down, it may usher in an inflection point. In the end, the token price and TVL gradually balance and match, forming a reasonable income close to the market.

Another X factor is that the external favorable stimulation (given the unique policy dividend of RWA in this cycle) may stimulate the coin price again to drive a new round of TVL growth.

2/ Resolv TVL has grown nearly 400% in the last two weeks

(1) A Delta neutral stablecoin protocol similar to Ethena, the core difference is the introduction of RLP, which is used to absorb the risk of market fluctuations and is an insurance layer between USR and the underlying assets.

(2) If the collateral pool suffers losses (such as funding rate losses or unexpected losses), these losses will be borne first by RLP and will not affect USR holders.

(3) In order to incentivize users to mint RLP, RLP users will receive a higher profit share as compensation for assuming market and counterparty risks.

(4) The design of RLP and USR is equivalent to risk stratification for users with different risk preferences.

(5) In the future, Resolv will be launched on HyperEVM

3/ Frax is being recast

(1) Frax cooperates with Symbiotic

(2) veFRAX multiple income structure

(3) Propose to use BlackRock BUIDL as collateral for Frax USD

4/ Superchain Narrative

(1) Ink developed by Kraken went online and joined the superchain

(2) Dinero launched the first LST on ink

(3) Velodrome will be integrated into ink in 2025. Ink has purchased and locked 2.5M veLO. It will be a trend for compliant exchanges to develop their own L2 in the next few years. With the success of Base, ink's market expectations are also high. As the liquidity center of the superchain, velo may no longer expand through a fork such as aerodrome. From a strategic point of view, velodrome will be used to expand horizontally to occupy other superchain members.

5/ Convex and Yearn cooperate to launch decentralized stablecoin protocol Resupply

(1) reUSD: Stablecoins that generate income from the lending market are used as collateral, such as stablecoin certificates in Curve Lend and Frax Lend.

(2) Leverage support: through the built-in leverage recycling function

Classic nesting dolls from old DeFi.

6/ GammaSwap Yield Token is about to be completed and sent for audit

GammaSwap's track is to hedge against impermanent loss, lending/splitting and reorganizing LP tokens, and at the same time achieving a profit and loss curve similar to options. The use of old DeFi is increasing, and the growth of TVL after the launch of Yield Token is mainly observed.

7/ Ethena's new proposal to integrate Derive options and perpetual futures has been published on the governance forum

(1) If approved, Derive will become the on-chain hedging and basic trading venue for Ethena's $6 billion TVL.

(2) Derive is one of the few options trading products on the chain. If it can obtain better liquidity through Ethena, its competitiveness will be greatly improved.

8/ Aptos changed its leader, Mo said that no APT was sold, and the new CEO will pay more attention to the development of DeFi

9/ Babypie incentivizes the liquidity of mBTC-BTC on multiple chains and dex

10/ Fluid expands to Arbitrum

Introducing $FLUID to the Arbitrum network and implementing growth incentives

One ​​of the most efficient dex at present, the expansion of L2 will capture larger transaction volume

(1) Avalanche Foundation launches infraBUIDL(AI) Plan

(2) LFJ is about to launch a DEX aggregator on Avalanche

(3) Morpho Labs proposes to deploy core smart contracts to multiple chains

(4) Sonic launches mainnet, token conversion, Aave integration, and some ecological projects