Article reproduced from: Chen Mo cmDeFi
In the last week, stablecoin Season and Superchain narrative, offering thoughts on the DeFi world.
1/ Ethena and Usual kick off the stablecoin season
(1) Ethena launches USDtb, supported by BlackRock's BUIDL
(2) Ethena collaborates with Usual to exchange TVL and incentives
(3) WLFI collaborates with Ethena to integrate sUSDe into the lending market
Unlike the previous Stablecoin war, this round of stablecoins clearly shows a trend of unity, much more stable and mature compared to the impulsive boys of the last cycle.
Usual embeds a multi-party game stablecoin mining mechanism, similar to the underlying logic of DeFi Summer's Pool 1-3, with differences in 1 RWA concept 2 refined game model 3 cooperation with partners like Binance providing massive liquidity exit.
Collaboration with Ethena benefits the expansion of USD0; early rapid TVL growth relies on coin prices, raising coin prices -> driving TVL -> enhancing token staking returns. This perpetual motion model's limit lies in the slowdown of TVL growth, which may usher in a turning point, ultimately matching token prices with TVL to form a reasonable yield close to the market.
Another X-factor is external positive stimulation (given the unique policy dividends of RWA in this cycle) which may again stimulate coin prices to drive a new round of TVL growth.
2/ Resolv TVL has increased nearly 400% in the last 2 weeks
(1) A Delta-neutral stablecoin protocol similar to Ethena, with the core difference being the introduction of RLP, which absorbs market volatility risk and acts as an insurance layer 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 the holders of USR.
(3) To incentivize users to mint RLP, RLP users will receive a higher profit share as compensation for bearing market and counterparty risks.
(4) The design of RLP and USR is equivalent to risk grading for users with different risk preferences.
(5) In the future, Resolv will launch on HyperEVM
3/ Frax is being restructured
(1) Frax collaborates with Symbiotic
(2) veFRAX multiple yield structure
(3) The proposal will use BlackRock's BUIDL as collateral for Frax USD
4/ Superchain narrative
(1) Kraken's Ink goes live on the mainnet, joining the superchain
(2) Dinero launches the first LST on ink
(3) Velodrome will integrate into ink in 2025, ink has already purchased and locked 2.5M veVELO to develop its own L2 on compliant exchanges. This is a trend for the coming years, and with the success of Base, ink's market expectations are also very high. As the liquidity center of superchain, velo may not expand through forks like aerodrome; strategically, it will use velodrome for horizontal expansion to capture other superchain members.
5/ Convex and Yearn collaborate to launch the decentralized stable protocol Resupply
(1) reUSD: A stablecoin generated from the lending market's yield as collateral, such as stablecoin vouchers existing in Curve Lend and Frax Lend.
(2) Leverage support: through built-in leverage looping functionality
Classical nesting dolls from old DeFi.
6/ GammaSwap Yield Token is about to complete, sent for audit
GammaSwap's track is to hedge impermanent loss, lending/splitting LP tokens while achieving a profit and loss curve similar to options, increasing usage among old DeFi users, 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 been released in 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 currently one of the few on-chain options trading products. If it can obtain better liquidity through Ethena, its competitiveness will significantly increase.
8/ Aptos leadership change, Mo stated no APT has been sold, the new CEO will place greater emphasis on the development of DeFi.
9/ Babypie incentivizes mBTC-BTC liquidity across multiple chains and DEXs
10/ Fluid expands to Arbitrum
Introduce $FLUID to the Arbitrum network and implement growth incentives
Currently one of the most efficient DEXs, L2 expansion will capture larger trading volumes
11/ (1) Avalanche Foundation launches the infraBUIDL(AI) program
(2) LFJ is about to launch a DEX aggregator on Avalanche
(3) Morpho Labs proposes to deploy core smart contracts across multiple chains
(4) Sonic goes live on the mainnet, token conversion, Aave integration, and some ecological projects
