新的 DeFi 敘述：世界自由金融、川普政府以及 AAVE 和超流動性的崛起

川普家族與加密產業頂尖人物聯合發起的World Liberty Financial正逐漸影響產業走向

World Liberty Financial, jointly launched by the Trump family and top figures in the crypto industry, is gradually influencing the direction of the industry, and its recent purchase of selected coins has also driven the growth of the secondary market.

由川普家族與加密產業頂尖人物聯合發起的World Liberty Financial正在逐漸影響產業走向，其近期對精選幣的購買也帶動了二級市場的成長。

After Trump's victory, potential short-term crypto-friendly policies include: the establishment of a strategic Bitcoin reserve in the United States, the normalization and legalization of cryptocurrencies, and the issuance of debt plans in conjunction with ETFs.

川普獲勝後，潛在的短期加密貨幣友善政策包括：在美國建立比特幣戰略儲備、加密貨幣正常化和合法化，以及與 ETF 結合發行債務計畫。

The new interest rate cut cycle will attract more capital injection to DeFi, similar to the macro environment during the DeFi Summer from 2020 to 2021.

新的降息週期將吸引更多資金注入 DeFi，類似於 2020 年至 2021 年 DeFi Summer 期間的宏觀環境。

Many lending protocols such as AAVE and Hyperliquiqui have attracted widespread attention from the market, showing strong potential for recovery and explosion.

AAVE、Hyperliquiqui 等眾多藉貸協議引起了市場的廣泛關注，展現出強大的復甦和爆發潛力。

The recent listing trends of Binance and Coinbase are more inclined towards DeFi-related tokens.

Binance和Coinbase近期的上市趨勢更傾向於與DeFi相關的代幣。

1. Impact of off-chain situations on the overall trend:

1、鏈下情況對整體趨勢的影響：

1.1 World Libertyfi and the Trump Administration

1.1 世界自由與川普政府

World Liberty Financial is positioned as a decentralized financial platform that provides fair, transparent and compliant financial tools, attracting a large number of users and symbolizing the beginning of a banking revolution. It was jointly initiated by the Trump family and top figures in the crypto industry. , aims to challenge the traditional banking system by providing innovative financial solutions. Expresses Trump's ambition to make the United States a global cryptocurrency leader, aiming to challenge the traditional banking system by providing innovative financial solutions.

World Liberty Financial定位為去中心化金融平台，提供公平、透明、合規的金融工具，吸引了大量用戶，象徵銀行業革命的開始。它是由川普家族和加密產業頂尖人物共同發起的。 ，旨在透過提供創新的金融解決方案挑戰傳統銀行體系。表達了川普讓美國成為全球加密貨幣領導者的雄心，旨在透過提供創新的金融解決方案來挑戰傳統銀行體系。

At the same time, affected by World Liberty Financial's purchase in December, the prices of related DeFi tokens have also rebounded, including ETH, cbBTC, LINK, AAVE, ENA, and ONDO.

同時，受 World Liberty Financial 12 月買入影響，相關 DeFi 代幣價格也出現反彈，包括 ETH、cbBTC、LINK、AAVE、ENA 和 ONDO。

1.2 Crypto-friendly policies to be finalized

1.2 加密貨幣友善政策待最終確定

The 47th President of the United States, Donald Trump, will be inaugurated on January 20, 2025. There are three main favorable policies for cryptocurrencies to be implemented:

美國第47任總統川普將於2025年1月20日就職，加密貨幣實施的利多政策主要有三項：

Trump reiterates plan to establish US strategic Bitcoin reserve

川普重申建立美國戰略比特幣儲備的計劃

Strategic reserves are reserves of key resources that are released in times of crisis or supply disruptions. The most famous example is the U.S. Strategic Petroleum Reserve. Trump recently said that the U.S. plans to make a major move in the crypto space and may establish a cryptocurrency reserve similar to the oil reserve. According to data from Coingecko in July this year, governments hold a total of 2.2% of the global bitcoin supply, of which the United States owns 200,000 bitcoins, worth more than $20 billion.

戰略儲備是在危機或供應中斷時釋放的關鍵資源儲備。最著名的例子是美國戰略石油儲備。川普最近表示，美國計劃在加密貨幣領域做出重大舉措，可能會建立類似石油儲備的加密貨幣儲備。 Coingecko今年7月的數據顯示，各國政府總共持有全球比特幣供應量的2.2%，其中美國擁有20萬枚比特幣，價值超過200億美元。

The normalization of encryption

加密規範化

The Trump administration is likely to legalize cryptocurrencies once again, and may adopt a more open policy in this area in the future. Trump made a speech at the Blockchain Association’s annual party: affirming that the Blockchain Association is the United States. Efforts to legislate cryptocurrency; said real use cases like DePIN legitimize cryptocurrency and are on the priority list for legislation; pledged to ensure Bitcoin and cryptocurrency thrive in the United States.

川普政府很可能再次將加密貨幣合法化，未來可能會在這一領域採取更加開放的政策。川普在區塊鏈協會年會上發表演說：申明區塊鏈協會就是美國。努力對加密貨幣進行立法；表示像 DePIN 這樣的真實用例使加密貨幣合法化，並且處於立法的優先事項清單中；承諾確保比特幣和加密貨幣在美國蓬勃發展。

Crypto Combo: Stabilizing the U.S. dollar hegemony + Bitcoin strategic reserve + Crypto legalization + ETF = Bonds

加密組合：穩定美元霸權+比特幣戰略儲備+加密合法化+ETF=債券

Trump's public and strong support for crypto assets has brought him many benefits: 1. Better consolidation of the dollar's position and the dollar's pricing power in the crypto industry during his term; 2. Early layout of the crypto market to allow more funds to enter; 3. Force The Federal Reserve moves closer to itself; 4. Forces once hostile capital to move closer to itself.

川普對加密資產的公開和大力支持給他帶來了很多好處：1.在其任期內更好地鞏固了美元的地位和美元在加密行業的定價權； 2、及早佈局加密市場，讓更多資金進入； 3.迫使聯準會向自己靠攏； 4.迫使曾經敵對的資本向自己靠攏。

As shown in the following figure, in 2014, the US dollar index was around 80 and the US debt was only about 20 trillion. Now the US debt has increased to about 36 trillion US dollars, an increase of 80% month-on-month, but the US dollar has continued to appreciate contrary to its norm. If it strengthens, combined with the U.S. Securities and Exchange Commission's approval of the spot Bitcoin ETF, the new incremental portion is entirely likely to cover future bond issuance costs.

如下圖所示，2014年，美元指數在80左右，美國債務只有20兆左右。現在美國債務已增至約36兆美元，季增80%，但美元卻持續異常升值。如果其走強，再加上美國證券交易委員會批准現貨比特幣ETF，新的增量部分完全有可能涵蓋未來的債券發行成本。

1.3 The new interest rate cut cycle makes DeFi more attractive

1.3 新的降息週期讓DeFi更具吸引力

Data released by the U.S. Bureau of Labor Statistics showed that core inflation rose 0.3% in November for the fourth consecutive quarter and rose 3.3% year-on-year. Housing costs fell, but commodity prices excluding food and energy rose 0.3%, the highest since May 2023. Biggest increase.

美國勞工統計局公佈的數據顯示，11月核心通膨率連續第四季度上漲0.3%，較去年同期上漲3.3%。房屋成本下降，但不包括食品和能源的大宗商品價格上漲0.3%，創2023年5月以來最高漲幅。

The market reacted quickly, raising the probability of the Fed cutting interest rates next week from 80% to 90%. Investment manager James Assi believes that a rate cut in December is almost a foregone conclusion. Short-term U.S. Treasury bonds rose first and then fell due to mixed employment data. Market expectations for the Fed to cut interest rates this year have increased. At the same time, JPMorgan Chase expects the Fed to cut interest rates quarterly after

市場反應迅速，將聯準會下週降息的可能性從80%提高到90%。投資經理James Assi認為，12月降息幾乎已成定局。受就業數據好壞參半的影響，短期美國公債先漲後跌。市場對聯準會今年降息的預期有所上升。同時，摩根大通預計聯準會將在季度降息後