ana ecosystem, and its main business is to provide pledged loans to the SOL token.output:

w DeFi: RWA Integration, Stablecoin Compliance, and the Rise of PerpDEXs

emerging markets and aims to solve the problem of insufficient financial services in these regions. The platform provides users with a variety of services, including cross-border financing, lending, and cross-border payment swaps, and plans to launch a decentralized credit card in the future.

At present, emerging markets have a huge demand for financial services, but the traditional financial system cannot fully meet these needs. For example, in Southeast Asia, only 27% of adults have bank accounts, and the remaining 73% are unbanked. In Africa, this number is even lower, with only 13% of adults having bank accounts. This large unbanked population creates a huge market opportunity for Payfi.

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Since the DeFi Summer of 2020, AMMs (automated market makers), lending protocols, derivatives trading, and stablecoins have become the core infrastructure in the crypto trading field. Over the past four years, many entrepreneurs have continuously iterated and innovated on these tracks, pushing projects such as Trader Joe and GMX to new heights. However, as these products gradually mature, the growth of the crypto trading track has begun to hit the ceiling, and the birth of a new batch of top projects has become increasingly difficult.

After the 2024 US election, the legalization and compliance process of the crypto industry is expected to bring new development opportunities to the industry. The integration of traditional finance and DeFi is accelerating: private credit, US Treasury bonds, and physical assets (RWA) such as commodities have gradually evolved from simple tokenized certificates in the early days to capital-efficient income-generating stablecoins, providing new options for crypto users seeking stable returns and becoming a new growth engine for DeFi lending and trading. At the same time, the strategic position of stablecoins in international trade is becoming increasingly prominent, and the upstream and downstream infrastructure of the payment track continues to prosper. Traditional financial giants, including the Trump family, Stripe, PayPal, and BlackRock, have accelerated their layout to inject more possibilities into the industry.

After "old DeFi" such as Uniswap, Curve, dYdX and Aave, a new batch of unicorns in the field of crypto trading are brewing. They will adapt to the changes in the regulatory environment, use the integration of traditional finance and technological innovation to open up new markets and push the industry into the "new DeFi" era. For new entrants, this means that they no longer need to stick to micro-innovations in traditional DeFi, but focus on building breakthrough products that meet the new environment and needs.

This article, written by HTX Ventures, will conduct an in-depth analysis of this trend, explore the potential opportunities and development directions in the new round of changes in the crypto trading track, and provide inspiration and reference for industry participants.

Changes in the trading environment during this cycle

Stablecoins have passed compliance and their adoption in cross-border payments continues to increase

Maxine Waters and Chairman Patrick McHenry of the U.S. House Financial Services Committee plan to introduce a stablecoin bill in the short term, marking a rare bipartisan consensus on stablecoin legislation in the United States. Both parties agree that stablecoins not only consolidate the dollar's position as a global reserve currency, but have also become an important buyer of U.S. Treasury bonds and have huge economic potential. For example, Tether generated $6.3 billion in profits last year with only 125 employees, fully demonstrating its profitability.

This bill may become the first comprehensive cryptocurrency legislation passed by Congress in the United States, promoting traditional banks, businesses and individuals to widely access crypto wallets, stablecoins and blockchain-based payment channels. In the next few years, stablecoin payments are expected to become popular, becoming another "step-by-step development" in the crypto market after the Bitcoin ETF.

Although compliant institutional investors cannot directly benefit from the appreciation of stablecoins, they can profit by investing in stablecoin-related infrastructure. For example, mainstream blockchains that support a large supply of stablecoins (such as Ethereum, Solana, etc.) and various DeFi applications that interact with stablecoins will benefit from the growth of stablecoins. Currently, stablecoins account for more than 50% of blockchain transactions, up from 3% in 2020. Its core value lies in seamless cross-border payments, a feature that is growing particularly rapidly in emerging markets. In Turkey, for example, stablecoin transactions account for 3.7% of its GDP; in Argentina, the stablecoin premium is as high as 30.5%. Innovative payment platforms such as Zarpay and MentoLabs use local agents and payment systems to attract users into the blockchain ecosystem with a grassroots market strategy, further promoting the popularity of stablecoins.

At present, the cross-border B2B payment market processed by traditional payment channels is as large as about 40 trillion US dollars, and the global consumer remittance market generates hundreds of billions of dollars in