本周 DeFi：稳定币季节和超级链叙事提供了对 DeFi 世界的思考

过去一周，稳定币季和超级链的故事提供了人们对 DeFi 世界的思考。

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

稳定币季节和超级链的叙述提供了对 DeFi 世界的思考。

1. Ethena and Usual Kick Off the Stablecoin Season

1. Ethena 和 Usual 拉开了稳定币季节的序幕

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

- Ethena 推出 USDtb，并得到 BlackRock 的 BUIDL 支持。

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

- Ethena 和 Usual 合作，相互转让 TVL 和激励。

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

- WLFI 与 Ethena 合作，将 sUSDe 纳入借贷市场。

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

2.近两周Resolv TVL增长近400%

- A Delta neutral stablecoin protocol similar to Ethena.

- 类似于 Ethena 的 Delta 中立稳定币协议。

- 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.

- 核心区别在于引入了RLP，用于吸收市场波动的风险，并作为USR与基础资产之间的保险层。

- 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.

- 如果抵押品池发生损失（例如资金费率损失或意外损失），这些损失将首先由 RLP 承担，不会影响 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.

- 为了激励用户铸造RLP，RLP用户将获得更高的利润分成，作为承担市场和交易对手风险的补偿。

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

- RLP和USR的设计相当于对不同风险偏好的用户进行风险分层。

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

- 未来Resolv将在HyperEVM上上线。

3. Frax Is Being Recast

3. Frax 正在重铸

- Frax and Symbiotic collaboration.

- Frax 和 Symbiotic 合作。

- veFRAX multiple income structure.

- veFRAX 多重收入结构。

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

- 提议使用 BlackRock BUIDL 作为 Frax USD 的抵押品。

4. Superchain Narrative

4. 超级链叙事

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

- Kraken开发的Ink上线主网并加入超链。

- Dinero launches the first LST on ink.

- Dinero 推出第一个关于墨水的 LST。

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

- Velodrome将于2025年并入Ink。Ink已购买并锁定2.5M veLO。

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

- 合规交易所正在开发自己的L2，这将是未来几年的趋势。

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

- 随着Base的成功，Ink的市场预期也很高。

- 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.

- 作为超级链的流动性中心，Velo 可能不再通过 Aerodrome 等分叉进行扩张。战略上，Velodrome将用于横向扩张，占领其他超级链成员。

5. Convex and Yearn Collaborate to Launch Decentralized Stablecoin Resupply

5. Convex与Yearn合作推出去中心化稳定币补给

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

- reUSD：从借贷市场产生回报的稳定币被用作抵押品，例如 Curve Lend 和 Frax Lend 中的稳定币通证。

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

- 杠杆支持：通过内置杠杆循环功能。

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

6. GammaSwap收益代币即将完成并送交审核

- 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 的赛道是从对冲无常损失、借贷/分割和重组 LP 代币切入，同时实现类似于期权的盈亏曲线。

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

- 旧的 DeFi 的使用正在增加，TVL 的增长主要在 Yield Token 推出后观察到。

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

7. Ethena整合衍生期权和永续期货的新提案现已发布在治理论坛上

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

- 如果获得批准，Derive 将作为 Ethena 60 亿美元 TVL 的一部分的链上对冲和基础交易场所。

- 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是链上为数不多的期权交易产品之一。如果能够通过Ethena获得更好的流动性，其竞争力将大大提高。

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更换掌门人，Mo表示不再出售APT，新任CEO将更加关注DeFi发展

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

9. Babypie 激励多链和 Dex 上的 mBTC-BTC 流动性

10. Fluid Expands to Arbitrum

10. 流体扩展为欲望

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基金会推出infraBUIDL(AI)计划，LFJ即将在Avalanche上推出DEX聚合器，Morpho Labs拟将核心智能合约部署到多个ChainsSonic主网上线、代币转换、Aave集成和一些生态系统项目