本週 DeFi：穩定幣季節和超級鏈敘事提供了對 DeFi 世界的思考

過去一周，穩定幣季和超級鏈的故事提供了人們對 DeFi 世界的思考。

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

穩定幣季節和超級鏈的敘述提供了對 DeFi 世界的思考。

1. Ethena and Usual Kick Off the Stablecoin Season

1. Ethena 和 Usual 拉開了穩定幣季節的序幕

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

- Ethena 推出 USDtb，並得到 BlackRock 的 BUIDL 支援。

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

- Ethena 和 Usual 合作，相互轉移 TVL 和激勵。

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

- WLFI 與 Ethena 合作，將 sUSDe 納入借貸市場。

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

2.近兩週Resolv TVL成長近400%

- A Delta neutral stablecoin protocol similar to Ethena.

- 類似於 Ethena 的 Delta 中立穩定幣協議。

- 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.

- 核心差異在於引入了RLP，用於吸收市場波動的風險，並作為USR與基礎資產之間的保險層。

- 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.

- 如果抵押品池發生損失（例如資金費率損失或意外損失），這些損失將首先由 RLP 承擔，不會影響 USR 持有者。

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

- 為了激勵用戶鑄造RLP，RLP用戶將獲得更高的利潤分成，作為承擔市場和交易對手風險的補償。

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

- RLP和USR的設計相當於對不同風險偏好的使用者進行風險分層。

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

- 未來Resolv將在HyperEVM上上線。

3. Frax Is Being Recast

3. Frax 正在重鑄

- Frax and Symbiotic collaboration.

- Frax 和 Symbiotic 合作。

- veFRAX multiple income structure.

- veFRAX 多重所得結構。

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

- 提議使用 BlackRock BUIDL 作為 Frax USD 的抵押品。

4. Superchain Narrative

4. 超級鏈敘事

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

- Kraken開發的Ink上線主網並加入超鏈。

- Dinero launches the first LST on ink.

- Dinero 推出第一個關於墨水的 LST。

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

- Velodrome將於2025年併入Ink。

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

- 合規交易所正在開發自己的L2，這將是未來幾年的趨勢。

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

- 隨著Base的成功，Ink的市場預期也很高。

- 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.

- 作為超級鏈的流動性中心，Velo 可能不再透過 Aerodrome 等分叉進行擴張。戰略上，Velodrome將用於橫向擴張，佔領其他超級鏈成員。

5. Convex and Yearn Collaborate to Launch Decentralized Stablecoin Resupply

5. Convex與Yearn合作推出去中心化穩定幣補給

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

- reUSD：從借貸市場產生回報的穩定幣被用作抵押品，例如 Curve Lend 和 Frax Lend 中的穩定幣通證。

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

- 槓桿支援：透過內建槓桿循環功能。

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

6. GammaSwap收益代幣即將完成並送交審核

- 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.

- GammaSwap 的賽道是從對沖無常損失、借貸/分割和重組 LP 代幣切入，同時實現類似於選擇權的盈虧曲線。

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

- 舊的 DeFi 的使用正在增加，TVL 的增長主要在 Yield Token 推出後觀察到。

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

7. Ethena整合衍生選擇權和永續期貨的新提案現已發佈在治理論壇上

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

- 如果獲得批准，Derive 將作為 Ethena 60 億美元 TVL 的一部分的鏈上對沖和基礎交易場所。

- 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.

- Derive是鏈上少數的選擇權交易產品之一。如果能夠透過Ethena獲得更好的流動性，其競爭力將大大提高。

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

8.Aptos更換掌門人，Mo表示不再販售APT，新任CEO將更重視DeFi發展

9. Babypie Incentivizes mBTC-BTC Liquidity on Multiple Chains and Dex

9. Babypie 激勵多鍊和 Dex 上的 mBTC-BTC 流動性

10. Fluid Expands to Arbitrum

10. 流體擴展為慾望

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

11. Avalanche基金會推出infraBUIDL(AI)計劃，LFJ即將在Avalanche上推出DEX聚合器，Morpho Labs擬將核心智能合約部署到多個ChainsSonic主網上線、代幣轉換、Aave集成和一些生態系統項目