新的 DeFi 叙述：世界自由金融、特朗普政府以及 AAVE 和超流动性的崛起

特朗普家族与加密行业顶尖人物联合发起的World Liberty Financial正在逐渐影响行业走向

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.

由特朗普家族与加密行业顶尖人物联合发起的World Liberty Financial正在逐渐影响行业走向，其近期对精选币的购买也带动了二级市场的增长。

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.

特朗普获胜后，潜在的短期加密货币友好政策包括：在美国建立比特币战略储备、加密货币正常化和合法化，以及与 ETF 结合发行债务计划。

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.

新的降息周期将吸引更多资金注入 DeFi，类似于 2020 年至 2021 年 DeFi Summer 期间的宏观环境。

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

AAVE、Hyperliquiqui 等众多借贷协议引起了市场的广泛关注，展现出强大的复苏和爆发潜力。

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

Binance和Coinbase近期的上市趋势更倾向于与DeFi相关的代币。

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

1、链下情况对整体趋势的影响：

1.1 World Libertyfi and the Trump Administration

1.1 世界自由与特朗普政府

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定位为去中心化金融平台，提供公平、透明、合规的金融工具，吸引了大量用户，象征着银行业革命的开始。它是由特朗普家族和加密行业顶尖人物共同发起的。 ，旨在通过提供创新的金融解决方案挑战传统银行体系。表达了特朗普让美国成为全球加密货币领导者的雄心，旨在通过提供创新的金融解决方案挑战传统银行体系。

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.

与此同时，受 World Liberty Financial 12 月买入影响，相关 DeFi 代币价格也出现反弹，包括 ETH、cbBTC、LINK、AAVE、ENA 和 ONDO。

1.2 Crypto-friendly policies to be finalized

1.2 加密货币友好政策待最终确定

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:

美国第47任总统唐纳德·特朗普将于2025年1月20日就职，对加密货币实施的利好政策主要有三项：

Trump reiterates plan to establish US strategic Bitcoin reserve

特朗普重申建立美国战略比特币储备的计划

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.

战略储备是在危机或供应中断时释放的关键资源储备。最著名的例子是美国战略石油储备。特朗普最近表示，美国计划在加密货币领域做出重大举措，可能会建立类似于石油储备的加密货币储备。 Coingecko今年7月的数据显示，各国政府总共持有全球比特币供应量的2.2%，其中美国拥有20万枚比特币，价值超过200亿美元。

The normalization of encryption

加密规范化

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.

特朗普政府很可能再次将加密货币合法化，未来可能会在这一领域采取更加开放的政策。特朗普在区块链协会年会上发表讲话：申明区块链协会就是美国。努力对加密货币进行立法；表示像 DePIN 这样的真实用例使加密货币合法化，并且处于立法的优先列表中；承诺确保比特币和加密货币在美国蓬勃发展。

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

加密组合：稳定美元霸权+比特币战略储备+加密合法化+ETF=债券

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.

特朗普对加密资产的公开和大力支持给他带来了很多好处：1.在其任期内更好地巩固了美元的地位和美元在加密行业的定价权； 2、及早布局加密市场，让更多资金进入； 3.迫使美联储向自己靠拢； 4.迫使曾经敌对的资本向自己靠拢。

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.

如下图所示，2014年，美元指数在80左右，美国债务只有20万亿左右。现在美国债务已增至约36万亿美元，环比增长80%，但美元却持续反常升值。如果其走强，再加上美国证券交易委员会批准现货比特币ETF，新的增量部分完全有可能覆盖未来的债券发行成本。

1.3 The new interest rate cut cycle makes DeFi more attractive

1.3 新的降息周期让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.

美国劳工统计局公布的数据显示，11月核心通胀连续第四个季度上涨0.3%，同比上涨3.3%。住房成本下降，但不包括食品和能源的大宗商品价格上涨0.3%，创2023年5月以来最高涨幅。

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

市场反应迅速，将美联储下周降息的可能性从80%提高到90%。投资经理James Assi认为，12月降息几乎已成定局。受就业数据好坏参半的影响，短期美国国债先涨后跌。市场对美联储今年降息的预期有所上升。与此同时，摩根大通预计美联储将在季度降息后