Important developments in the DeFi track in the past week: Ethena launched the stablecoin season, INK joined the OP super chain

The stablecoin Season and Superchain narrative in the past week provide thoughts on the DeFi world.

1/ Ethena and Usual kick off stablecoin season

(1) Ethena launches USDtb, backed by BlackRock’s BUIDL

(2) Ethena and Usual cooperate to transfer TVL and incentives to each other

(3) WLFI cooperates with Ethena to integrate sUSDe into the lending market

Different from the previous Stablecoin war, this round of stablecoins has a clear trend of grouping together, and is much more stable and sophisticated than the impulsive boys of the last cycle.

Usual's stablecoin mining mechanism with built-in multi-party game is similar to the underlying logic of DeFi Summer's Pool1 -3. The differences are 1. RWA concept 2. The game model is further refined 3. Binance and other partners provide massive liquidity withdrawals.

Cooperation with Ethena is conducive to the expansion of USD0. The early high-speed growth of TVL depends on the currency price. Raising the currency price -> pulling TVL -> increasing the token pledge income. The upper limit of this perpetual motion model is when TVL growth slows down. There may be an inflection point, and eventually the token price and TVL will gradually balance and match, forming a reasonable return that is close to the market.

Another factor

2/ Resolv TVL has increased by nearly 400% in the past 2 weeks

(1) A Delta-neutral stablecoin protocol similar to Ethena. The core difference is the introduction of RLP, which is used to absorb the risk of market fluctuations and is an insurance layer between USR and the underlying assets.

(2) If the mortgage pool suffers losses (such as funding rate losses or unexpected losses), these losses will first be borne by RLP and will not affect USR holders.

(3) In order to incentivize users of Mint RLP, RLP users will receive higher profit sharing as compensation for bearing market and counterparty risks.

(4) The design of RLP and USR is equivalent to risk classification for users with different risk preferences.

(5) In the future, Resolv will be launched on HyperEVM

3/ Frax is being recast

(1) Frax partners with Symbiotic

(2) veFRAX multiple income structure

(3) Proposal to use BlackRock BUIDL as collateral for Frax USD

4/ Superchain Narrative

(1) Ink developed by Kraken is launched on the main network and joins the super chain

(2) Dinero launches the first LST on ink

(3) Velodrome will be integrated into ink in 2025. Ink has purchased and locked 2.5M veVELO compliance exchange to launch its own L2. This will be a trend in the next few years. With the success of Base, ink’s market expectations are also very high. Gao, as the liquidity center of the superchain, velo may no longer expand through forks such as aerodrome. Strategically speaking, velodrome will be used to expand horizontally to occupy other superchain members.

5/ Convex and Yearn cooperate to launch decentralized stable protocol

Resupply

(1) reUSD: Stablecoins generated by the lending market as collateral, such as stablecoin certificates in Curve Lend and Frax Lend.

(2) Leverage support: through the built-in lever loop function

Classical matryoshka dolls from old DeFi.

6/ GammaSwap Yield Token is about to be completed and sent for audit

GammaSwap's track starts from hedging impermanent losses, lending/splitting and reorganizing LP tokens, and at the same time achieving a profit and loss curve similar to options. The use of it by old DeFi players 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 is now published on the governance forum

(1) If approved, Derive will become the on-chain hedging and underlying trading venue for Ethena’s $6 billion TVL portion.

(2) Derive is currently one of the few options trading products on the chain. If it can obtain better liquidity through Ethena, its competitiveness will be greatly improved.

8/ Aptos changes coach, Mo said that no APT has been sold, and the new

CEO will pay more attention to the development of DeFi

9/ Babypie incentivizes mBTC-BTC liquidity on multiple chains and dex

10/ Fluid expands to Arbitrum

• Introducing $FLUID to the Arbitrum network and implementing growth incentives
• One of the most efficient dex currently available, L2 expansion will capture greater transaction volume

11/ (1) Avalanche Foundation launches infraBUIDL (AI) project

(2) LFJ is about to launch a DEX aggregator on Avalanche

(3) Morpho Labs proposes to deploy core smart contracts to multiple chains

(4) Sonic launches mainnet, token conversion, Aave integration, and some ecological projects