Analysis of Recent Trends and Dynamics in the Decentralized Finance Market

New Trends in the Stablecoin Market

Recently, a new wave of stablecoin trends has emerged in the DeFi sector. The USDtb stablecoin launched by Ethena has received support from a major asset management giant and has partnered with Usual, with both parties promoting each other in terms of TVL and incentives. At the same time, WLFI has also reached an agreement with Ethena to integrate sUSDe into the lending market.

Unlike the previous competition among stablecoins, this time there is a clear trend of collaboration. Usual has introduced a multi-party game stablecoin mining mechanism, similar to the Pool1-3 model from the DeFi Summer period, but with innovations in the concept of RWA, the sophistication of the game model, and liquidity exit. This cooperative model aids in the expansion of USD0, but its sustainability still requires market validation.

Another protocol worth paying attention to is the Resolv protocol, which has seen its TVL grow by nearly 400% in the past two weeks. Resolv adopts a Delta-neutral stablecoin model similar to Ethena but introduces RLP as a risk buffer layer. This design provides options for users with different risk preferences, and there are plans to launch it on HyperEVM in the future.

Innovation of Traditional DeFi Projects

Frax is undergoing significant adjustments, including a partnership with Symbiotic, the launch of a veFRAX multi-yield structure, and consideration of using an asset management giant's ETF as collateral. These initiatives demonstrate Frax's efforts to adapt to the new market environment.

Convex and Yearn have teamed up to launch the decentralized stable protocol Resupply, which uses the yield-generating stablecoin reUSD created from the lending market as collateral and provides leverage support. This represents an attempt at innovation by traditional Decentralized Finance projects.

GammaSwap is about to complete the development of Yield Tokens, which are designed to hedge against impermanent loss while achieving a profit and loss curve similar to options.

Development of the Layer 2 Ecosystem

The Ink public chain developed by a certain exchange has officially joined the Superchain ecosystem, and Dinero has subsequently launched the first LST on Ink. Velodrome plans to integrate into Ink in 2025, reflecting the trend of large exchanges developing their own L2 networks.

Fluid expands to the Arbitrum network and implements growth incentives. As one of the efficiency-leading DEXs, this move aims to capture larger trading volumes.

Other Important Updates

Ethena has proposed a new plan to integrate a certain options and perpetual futures platform. If approved, this platform will become an on-chain hedging and foundational trading venue for Ethena's $6 billion TVL.

Aptos public chain has undergone a leadership adjustment, and the new CEO stated that there will be a greater focus on the development of Decentralized Finance.

A certain public chain foundation has launched the infraBUIDL(AI) plan, while multiple projects in the ecosystem, such as LFJ, Morpho Labs, and Sonic, also have new progress and deployment plans.

These dynamics reflect that the DeFi market is undergoing a new round of innovation and consolidation, with various projects striving to adapt to market changes and enhance their competitiveness.