ana生態系統，主要業務是為SOL代幣提供質押貸款。

w DeFi：RWA 整合、穩定幣合規性以及 PerpDEX 的崛起

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.

新興市場，旨在解決這些地區金融服務不足的問題。該平台為用戶提供多種服務，包括跨境融資、借貸、跨境支付互換等，並計劃未來推出去中心化信用卡。

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.

目前，新興市場對金融服務有龐大需求，但傳統金融體系無法完全滿足這些需求。例如，在東南亞，只有 27% 的成年人擁有銀行帳戶，其餘 73% 的人沒有銀行帳戶。在非洲，這個數字甚至更低，只有 13% 的成年人擁有銀行帳戶。大量無銀行帳戶人口為 Payfi 創造了巨大的市場機會。

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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.

自2020年DeFi之夏以來，AMM（自動做市商）、借貸協議、衍生性商品交易和穩定幣已成為加密貨幣交易領域的核心基礎設施。四年來，眾多創業家在這些賽道上不斷迭代創新，將Trader Joe、GMX等計畫推向了新的高度。然而，隨著這些產品逐漸成熟，加密貨幣交易賽道的成長開始觸及天花板，新一批頂級專案的誕生變得越來越困難。

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.

2024年美國大選後，加密產業的合法化、合規化進程可望為產業帶來新的發展機會。傳統金融與DeFi 的整合正在加速：私人信貸、美國國債、大宗商品等實體資產（RWA）已從早期簡單的代幣化通證逐漸演變為資本高效的創收穩定幣，為金融機構提供了新的選擇。同時，穩定幣在國際貿易中的戰略地位日益凸顯，支付賽道上下游基礎設施不斷繁榮。川普家族、Stripe、PayPal、貝萊德等傳統金融巨頭紛紛加速佈局，為產業注入更多可能性。

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.

繼Uniswap、Curve、dYdX、Aave等「老牌DeFi」之後，加密交易領域新一批獨角獸正在醞釀。他們將適應監管環境的變化，利用傳統金融與技術創新的整合開拓新市場，推動產業進入「新 DeFi」時代。對於新進者來說，這意味著他們不再需要拘泥於傳統 DeFi 的微創新，而是專注於打造滿足新環境和需求的突破性產品。

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.

本文由HTX Ventures撰寫，將針對此趨勢進行深入分析，探討加密貨幣交易賽道新一輪變革中的潛在機會和發展方向，為產業參與者提供啟發和參考。

Changes in the trading environment during this cycle

本週期交易環境變化

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

穩定幣已通過合規，其在跨境支付的採用持續增加

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.

美國眾議院金融服務委員會主席馬克辛·沃特斯（Maxine Waters）和帕特里克·麥克亨利（Patrick McHenry）計劃在短期內推出穩定幣法案，這標誌著美國兩黨就穩定幣立法達成罕見的共識。雙方一致認為，穩定幣不僅鞏固了美元作為全球儲備貨幣的地位，也成為美國國債的重要買家，具有巨大的經濟潛力。例如，Tether 去年僅用 125 名員工就創造了 63 億美元的利潤，充分展現了其獲利能力。

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.

該法案可能成為美國國會通過的第一個全面的加密貨幣立法，促進傳統銀行、企業和個人廣泛接觸加密錢包、穩定幣和基於區塊鏈的支付管道。未來幾年，穩定幣支付有望普及，成為繼比特幣ETF之後加密市場的另一個「步步發展」。

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.

合規機構投資者雖然無法直接從穩定幣升值中受益，但可以透過投資穩定幣相關基礎設施來獲利。例如，支援大量穩定幣供應的主流區塊鏈（如以太坊、Solana 等）以及與穩定幣互動的各種 DeFi 應用都將受益於穩定幣的成長。目前，穩定幣佔區塊鏈交易的比例超過 50%，高於 2020 年的 3%。以土耳其為例，穩定幣交易佔其 GDP 的 3.7%；在阿根廷，穩定幣溢價高達30.5%。 Zarpay、MentoLabs等創新支付平台利用本地代理和支付系統，以草根市場策略吸引用戶進入區塊鏈生態系統，進一步推動穩定幣的普及。

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

目前，傳統支付管道處理的跨國B2B支付市場規模約40兆美元，全球消費者匯款市場產生數千億美元的收入。