In the past week, stablecoin Season and Superchain narratives, offering reflections on the DeFi world.
1/ Ethena and Usual spark a stablecoin season
(1) Ethena launched USDtb, supported by BlackRock's BUIDL
(2) Ethena collaborates with Usual to mutually deliver TVL and incentives
(3) WLFI collaborates with Ethena to integrate sUSDe into the lending market
Unlike the previous Stablecoin war, this round of stablecoins shows a clear trend of solidarity, more composed and mature than the impulsive boys of the last cycle.
Usual embeds a multi-player game stablecoin mining mechanism, similar to the underlying logic of Pool1-3 during DeFi Summer, with distinctions being 1 RWA concept 2 further refined game models 3 partners like Binance providing massive liquidity exit.
Collaboration with Ethena is beneficial for the expansion of USD0, with early rapid TVL growth relying on coin prices. Raising coin prices -> driving TVL -> enhancing token staking yields. The upper limit of this perpetual motion machine model is when TVL growth slows down, it may encounter a turning point, ultimately leading to a gradual balance between token prices and TVL, forming a reasonable yield close to the market.
Another X factor is the external positive stimuli (given the unique policy dividends of RWA in this cycle) which may once again stimulate coin prices to drive a new round of TVL growth.
2/ Resolv's TVL has recently grown nearly 400% in the last two weeks
(1) A delta-neutral stablecoin protocol similar to Ethena, with the core difference being the introduction of RLP, which acts as an insurance layer absorbing market volatility risk between USR and underlying assets.
(2) If the collateral pool incurs losses (e.g., funding rate losses or unexpected losses), these losses will first be borne by RLP and will not affect USR holders.
(3) To incentivize users to Mint RLP, RLP users will receive higher profit sharing as compensation for taking on market and counterparty risks.
(4) The design of RLP and USR corresponds to risk grading for users with different risk preferences.
(5) In the future, Resolv will launch on HyperEVM
3/ Frax is being re-cast
(1) Frax collaborates with Symbiotic
(2) veFRAX multi-yield structure
(3) The proposal will use BlackRock's BUIDL as collateral for Frax USD
4/ Superchain narrative
(1) Kraken developed Ink launched on the mainnet to join the superchain
(2) Dinero launched the first LST on ink
(3) Velodrome will be integrated into ink in 2025, ink has already purchased and locked 2.5M veVELO to develop its own L2 on compliant exchanges, which is a trend in the coming years. With the success of Base, market expectations for ink are also high. As the liquidity center of superchain, velo may no longer expand through forks like aerodrome, but will strategically use velodrome for horizontal expansion to capture other superchain members.
5/ Convex and Yearn collaborate to launch decentralized stable protocol Resupply
(1) reUSD: a stablecoin generated from the lending market as collateral, such as stablecoin receipts existing in Curve Lend and Frax Lend.
(2) Leverage support: through built-in leverage cycling functionality
A classic nesting doll from old DeFi.
6/ GammaSwap Yield Token is about to be completed and sent for auditing
GammaSwap's track is to cut in from hedging impermanent loss, lending/splitting LP tokens while achieving an options-like profit and loss curve. The usage among old DeFi is increasing, mainly observing the growth of TVL after the launch of Yield Token.
7/ Ethena's new proposal to integrate Derive options and perpetual futures has now been published on the governance forum
(1) If approved, Derive will become the on-chain hedging and base trading venue for Ethena's $6 billion TVL part.
(2) Derive is currently one of the few on-chain options trading products. If it can obtain better liquidity through Ethena, its competitiveness will be greatly enhanced.
8/ Aptos changes leadership, Mo states that no APT has been sold, and the new CEO will focus more on the development of DeFi.
9/ Babypie incentivizes mBTC-BTC liquidity across multiple chains and dex
10/ Fluid expands to Arbitrum
Introducing $FLUID to the Arbitrum network and implementing growth incentives
Currently one of the most efficient dexes, L2 expansion will capture larger trading volumes
11/ (1) Avalanche Foundation launches infraBUIDL (AI) program
(2) LFJ will soon launch DEX aggregator on Avalanche
(3) Morpho Labs proposes to deploy core smart contracts across multiple chains
(4) Sonic launched on the mainnet, token conversion, Aave integration, and some ecological projects
