On this article, we’ll begin from the three sections of lending and buying and selling integration, stablecoin panorama evolution, and RWA integration, type out the most consultant "group actions" at current, and analyze the logical modifications and potential impacts behind them.
Unique creator: Scof, ChainCatcher
Unique editor: TB, ChainCatcher
Over the previous month, the DeFi area appears to have quietly undergone structural modifications. In contrast to the earlier unbiased operations, some main protocols are transferring in the direction of “grouping” by cooperation, integration, and even direct curiosity binding.
On this article, we’ll begin from the three sections of lending and buying and selling integration, stablecoin panorama evolution, and RWA integration, type out the most consultant “group actions” at current, and analyze the logical modifications and potential impacts behind them.
Lending + Buying and selling: Binding of Pursuits between Protocols
The cooperation between DeFi protocols is transferring from superficial asset integration to deeper structural integration. The current linkage between Uniswap and Aave is a consultant of this pattern.
The core improve of Uniswap V4 shouldn’t be to save gasoline, however to introduce the Hook mechanism. It permits builders to insert customized logic in key hyperlinks of the liquidity pool (equivalent to including or eradicating liquidity, earlier than and after transaction execution), implement whitelist management, dynamic charges, personalized value curves, and even embed sport guidelines. This permits Uniswap to evolve from a buying and selling protocol to a extra open liquidity infrastructure.
Primarily based on this, Aave plans to assist Uniswap V4’s LP Token as collateral for lending, and return half of the curiosity on the loaned stablecoin GHO to Uniswap DAO. The 2 have fashioned a considerable bond in phrases of belongings, features, and returns. This cooperation improves the effectivity of LP’s use of funds and offers a extra practical template for the complementary relationship between protocols.
Judging from market knowledge, this “grouping impact” is sending constructive alerts. Since Might, Aave’s TVL has risen from $19.708 billion to $23.347 billion, a rise of greater than 18%. Uniswap’s TVL additionally elevated by about 11% throughout the similar interval, from $4.178 billion to $4.65 billion. It might not be a coincidence that each are strengthening at the similar time.
Stablecoins: A brand new stage of differentiation and specialization
The competitors in the stablecoin market is not restricted to “who’s extra centralized” or “who has larger returns.” Extra protocols are pushing stablecoin merchandise towards skilled use and structural stratification.
Take Ethena for example. Presently, the most lively stablecoin in its ecosystem is USDe, which is deeply built-in with Aave and helps a most loan-to-value ratio (LTV) of 90%. Nonetheless, since Might, the TVL of USDe has dropped from $5.725 billion to $4.993 billion, a drop of practically 13%. Behind this, Ethena is launching one other extra conservative new product, USDtb.
USDe provide modifications, supply: https://app.ethena.fi
USDtb is a non-yielding however totally collateralized stablecoin, with belongings consisting of BlackRock’s tokenized cash market fund (BUIDL) and USDC. The present on-chain provide exceeds $1.44 billion, and the collateralization price stays at 99.4%. In contrast to the strategic hedging of USDe, USDtb is extra like an “on-chain greenback”, offering establishments with a dependable, non-volatile secure anchor. Particularly when unfavourable funding charges seem in the market, Ethena can switch USDe’s hedging funds to USDtb to stabilize the total asset pool construction.
USDtb provide, supply: Dune
One other variable in the stablecoin panorama is USDT₀. This full-chain stablecoin launched by Tether and LayerZero is circulated primarily based on the OFT protocol. It has now expanded to a number of chains equivalent to Arbitrum, Unichain, and Hyperliquid. Its TVL additionally elevated from US$1.042 billion to US$1.171 billion in Might. In distinction, its purpose shouldn’t be monetary innovation, however to open up multi-chain liquidity and develop into a secure “gas” in DeFi.
The competitors in stablecoins is not a one-dimensional effectivity conflict, however has developed right into a structured and scenario-based product system. Merchandise equivalent to GHO, USDe, USDtb, and USDT₀ occupy positions in the fields of lending, hedging, safety, cross-chain, and cost, respectively, reflecting that the stablecoin ecosystem is present process a reshuffle of “practical specialization” and “clarification of utility situations.”
RWA: On-chain integration of real-world belongings
RWA, as soon as considered a “conventional monetary appendage”, is now turning into a strategic entry level for DeFi giants. In the previous few months, a number of protocols and organizations have fashioned a transparent pattern of grouping round tokenized U.S. Treasury bonds and have begun to deploy them on the chain.
Essentially the most consultant case is Arbitrum DAO. On Might 8, the neighborhood handed a proposal to allocate 35 million ARB to three RWA issuance platforms: Franklin Templeton ($BENJI), Spiko ($USTBL), and WisdomTree. These three firms are heavyweight gamers in conventional finance and asset administration, and the belongings they supply are all tokenized U.S. Treasury bonds. The funds are allotted by STEP (Steady Treasury Endowment Program), with the purpose of establishing a secure and interest-bearing treasury asset pool on the chain. In accordance to official knowledge, the first part of the program has generated greater than $650,000 in income.
Aave’s RWA platform Horizon takes the route of “use situation first”. The principle belongings launched on Horizon are tokenized cash market funds (MMFs), which establishments can use as collateral to lend GHO or USDC. Which means that RWA is not simply an funding goal, however is definitely built-in into the core features of the DeFi protocol, turning into a tradable and loanable monetary element.
Whether or not it’s a DAO, a lending platform, or an infrastructure supplier, RWA is now seen as a key path to attaining actual returns on the chain, connecting with conventional finance, and enhancing person confidence.
DeFi shouldn’t be about banding collectively for heat, however about evolving collectively
On the floor, this spherical of DeFi protocols’ cooperation looks like a collaboration beneath “observe nervousness”, however from the precise construction, it’s extra like a scientific integration and reconstruction.
These modifications aren’t merely practical expansions, however upgrades in the manner protocols collaborate with one another. It signifies that the subsequent stage of DeFi will transfer from remoted single-point instruments to a monetary community system that’s nested and sure to one another.
For bizarre buyers, the focus might not be on who has the next TVL, however on which portfolio constructions are extra secure, extra environment friendly, and extra in a position to survive volatility cycles. Grouping doesn’t imply value will increase, however it could be the basis for the subsequent spherical of progress.
