This Week in DeFi: Stablecoin Season and Superchain Narratives Offer Thoughts on the DeFi World

In the past week, the stablecoin Season and Superchain narratives offer thoughts on the DeFi world.

Stablecoin Season and Superchain narratives offer thoughts on the DeFi world.

1. Ethena and Usual Kick Off the Stablecoin Season

- Ethena launches USDtb, supported by BlackRock’s BUIDL.

- Ethena and Usual cooperate to transfer TVL and incentives to each other.

- WLFI cooperates with Ethena to integrate sUSDe into the lending market.

2. Resolv TVL Increases by Nearly 400% in the Last Two Weeks

- 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 serves as an insurance layer between USR and the underlying assets.

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

- To incentivize users to mint RLP, RLP users will receive a higher profit share as compensation for taking on market and counterparty risks.

- The design of RLP and USR is equivalent to risk stratification for users with different risk preferences.

- In the future, Resolv will be launched on HyperEVM.

3. Frax Is Being Recast

- Frax and Symbiotic collaboration.

- veFRAX multiple income structure.

- Proposal to use BlackRock BUIDL as collateral for Frax USD.

4. Superchain Narrative

- Ink developed by Kraken is launched on the mainnet and joins the Hyperchain.

- Dinero launches the first LST on ink.

- Velodrome will be integrated into Ink in 2025. Ink has purchased and locked up 2.5M veLO.

- Compliant exchanges are developing their own L2, which will be a trend in the next few years.

- With the success of Base, Ink's market expectations are also high.

- As the liquidity center of the superchain, Velo may no longer expand through a fork such as Aerodrome. Strategically, Velodrome will be used to expand horizontally to occupy other superchain members.

5. Convex and Yearn Collaborate to Launch Decentralized Stablecoin Resupply

- reUSD: Stablecoins that generate returns from the lending market are used as collateral, such as stablecoin certificates in Curve Lend and Frax Lend.

- Leverage support: through built-in leverage loop function.

6. GammaSwap Yield Token Is about to Be Completed and Sent for Audit

- GammaSwap’s track is to cut in from hedging impermanent loss, lending/splitting and reorganizing LP tokens, and at the same time achieving a profit and loss curve similar to that of options.

- The use of old DeFis is increasing, and the growth of TVL is mainly observed after the launch of Yield Token.

7. Ethena’s New Proposal for Integrating Derive Options and Perpetual Futures Is Now Published on the Governance Forum

- If approved, Derive will serve as the on-chain hedging and underlying trading venue for a portion of Ethena’s $6 billion TVL.

- Derive is 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 Changed Its Leader, Mo Said That No APT Was 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

11. Avalanche Foundation Launches infraBUIDL(AI) Program, LFJ Is about to Launch a DEX Aggregator on Avalanche, and Morpho Labs Proposes to Deploy Core Smart Contracts to Multiple ChainsSonic Mainnet Launch, Token Conversion, Aave Integration, and Some Ecosystem Projects