ana生态系统，主要业务是为SOL代币提供质押贷款。输出：

w DeFi：RWA 集成、稳定币合规性以及 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.

新兴市场，旨在解决这些地区金融服务不足的问题。该平台为用户提供多种服务，包括跨境融资、借贷、跨境支付互换等，并计划未来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.

当前，新兴市场对金融服务有巨大需求，但传统金融体系无法完全满足这些需求。例如，在东南亚，只有 27% 的成年人拥有银行账户，其余 73% 的人没有银行账户。在非洲，这个数字甚至更低，只有 13% 的成年人拥有银行账户。大量无银行账户人口为 Payfi 创造了巨大的市场机会。

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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之夏以来，AMM（自动做市商）、借贷协议、衍生品交易和稳定币已成为加密货币交易领域的核心基础设施。四年来，众多创业者在这些赛道上不断迭代创新，将Trader Joe、GMX等项目推向了新的高度。然而，随着这些产品逐渐成熟，加密货币交易赛道的增长开始触及天花板，新一批顶级项目的诞生变得越来越困难。

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年美国大选后，加密行业的合法化、合规化进程有望给行业带来新的发展机遇。传统金融与 DeFi 的融合正在加速：私人信贷、美国国债、大宗商品等实物资产（RWA）已从早期简单的代币化通证逐渐演变为资本高效的创收稳定币，为金融机构提供了新的选择。寻求稳定回报的加密货币用户成为 DeFi 借贷和交易的新增长引擎。与此同时，稳定币在国际贸易中的战略地位日益凸显，支付赛道上下游基础设施不断繁荣。特朗普家族、Stripe、PayPal、贝莱德等传统金融巨头纷纷加速布局，为行业注入更多可能性。

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.

继Uniswap、Curve、dYdX、Aave等“老牌DeFi”之后，加密交易领域新一批独角兽正在酝酿。他们将适应监管环境的变化，利用传统金融与技术创新的融合开拓新市场，推动行业进入“新 DeFi”时代。对于新进入者来说，这意味着他们不再需要拘泥于传统 DeFi 的微创新，而是专注于打造满足新环境和需求的突破性产品。

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撰写，将针对这一趋势进行深入分析，探讨加密货币交易赛道新一轮变革中的潜在机会和发展方向，为行业参与者提供启发和参考。

Changes in the trading environment during this cycle

本周期交易环境变化

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

稳定币已通过合规，其在跨境支付中的采用持续增加

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.

美国众议院金融服务委员会主席马克辛·沃特斯（Maxine Waters）和帕特里克·麦克亨利（Patrick McHenry）计划在短期内推出稳定币法案，这标志着美国两党就稳定币立法达成罕见的共识。双方一致认为，稳定币不仅巩固了美元作为全球储备货币的地位，而且还成为美国国债的重要买家，具有巨大的经济潜力。例如，Tether 去年仅用 125 名员工就创造了 63 亿美元的利润，充分展现了其盈利能力。

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.

该法案可能成为美国国会通过的第一个全面的加密货币立法，促进传统银行、企业和个人广泛接入加密钱包、稳定币和基于区块链的支付渠道。未来几年，稳定币支付有望普及，成为继比特币ETF之后加密市场的又一“步步发展”。

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.

合规机构投资者虽然不能直接从稳定币升值中受益，但可以通过投资稳定币相关基础设施来获利。例如，支持大量稳定币供应的主流区块链（如以太坊、Solana 等）以及与稳定币交互的各种 DeFi 应用都将受益于稳定币的增长。目前，稳定币占区块链交易的比例超过 50%，高于 2020 年的 3%。其核心价值在于无缝跨境支付，这一功能在新兴市场增长尤为迅速。以土耳其为例，稳定币交易占其 GDP 的 3.7%；在阿根廷，稳定币溢价高达30.5%。 Zarpay、MentoLabs等创新支付平台利用本地代理和支付系统，以草根市场策略吸引用户进入区块链生态系统，进一步推动稳定币的普及。

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，传统支付渠道处理的跨境B2B支付市场规模约40万亿美元，全球消费者汇款市场产生数千亿美元的收入。