After the Bitcoin ETF was approved, a large amount of off-chain funds entered the crypto market, which certainly pushed up prices in the short term, but also changed the industry's original pricing logic.

The decline in Ethena's sUSDe share does not signify the protocol's failure, but rather reflects a structural shift in the market. This article will analyze the evolving landscape of the DeFi industry.

The assets truly adopted by DeFi are not the largest government bonds, but credit assets with more positive yield spreads.

2025 will be a landmark year for RWA.

This article focuses on the key turning point of the phased tightening of RWA regulation in China, systematically analyzes the underlying financial structural constraints, and further reveals the deep mechanism by which RWA has evolved from a technological innovation into a tool for competing for currency pricing power in the global system.

For years, the DeFi market has been layering returns, indulging in artificially created high yields. That era is over. Today, DeFi is treating real-world assets as the true driving force, connecting to the real value system, and opening a new chapter of development.

The total market capitalization of stablecoins is as high as $310 billion, most of which remain idle and unable to generate any returns.

The tokenization of some assets does not create any value that traditional finance cannot provide, and the motivation for some is not in the tokenization itself at all.

RWA, On-chain Liquidity is Not Liquidity: RWA is One Final Leap Away. Golden Finance reports that on-chain liquidity is becoming a high-premium product.

Although the United States has taken a leading position in the development of RWA, its future large-scale development still faces significant challenges in areas such as compliance and liquidity.