Recent Hot Topics in the DeFi Field: Stablecoin Season, Super Chains, and Emerging Projects

Stablecoin Season is Here

Recently, the stablecoin sector has ushered in a new wave of development. The USDtb stablecoin launched by Ethena has received support from a well-known asset management company. Ethena has also collaborated with Usual, achieving mutual benefits in terms of total locked value ( TVL ) and incentives. In addition, WLFI has partnered with Ethena to integrate sUSDe into the lending market.

Unlike previous competition among stablecoins, the current round of stablecoin projects shows a clear trend of collaboration, appearing more mature and stable. Usual has introduced a multi-party game-based stablecoin mining mechanism, which shares similarities with the Pool 1-3 mechanism from the early DeFi boom, but has innovations and improvements in areas such as the concept of physical assets (RWA), the sophistication of gaming models, and liquidity exit channels.

Resolv, as another stablecoin project worth paying attention to, has seen its TVL increase by nearly 400% in the past two weeks. Resolv adopts a Delta-neutral stablecoin protocol and introduces a risk liquidity pool (RLP) as a buffer layer against market volatility. This design provides options for users with different risk preferences.

Frax is also undergoing important updates. It has established a partnership with Symbiotic to launch the veFRAX multi-yield structure and is considering using the BUIDL of a well-known asset management company as collateral for Frax USD.

Superchain Ecosystem Expansion

The Ink public chain developed by a trading platform has officially launched its mainnet and joined the superchain ecosystem. Dinero has launched the first LST project on Ink. Velodrome plans to integrate with Ink in 2025, and Ink has purchased and locked 2.5 million veVELO. In the coming years, it may become a trend for compliant exchanges to develop their own L2 public chains. As a liquidity center of the superchain, Velodrome may adopt a horizontal expansion strategy to cover other superchain members.

Emerging Project Updates

1. Convex and Yearn have teamed up to launch the decentralized stable protocol Resupply, which uses the reUSD stablecoin backed by yield-generating stablecoins from the lending market.

2. The Yield Token project of GammaSwap is about to be completed and enter the audit phase. This project focuses on hedging impermanent loss, achieving a profit and loss curve similar to options through the lending and restructuring of LP tokens.

3. Ethena has proposed a new initiative to integrate Derive options and perpetual futures. If approved, Derive will become an on-chain hedging and trading platform for Ethena's $6 billion TVL.

4. Aptos welcomes a new CEO, and the new leadership will place greater emphasis on the development of Decentralized Finance.

5. Babypie incentivizes mBTC-BTC liquidity on multiple blockchains and decentralized exchanges.

6. Fluid expands to the Arbitrum network and implements growth incentives. As one of the most efficient decentralized exchanges currently, this expansion is expected to capture larger trading volumes.

7. The Avalanche Foundation has launched the infraBUIDL(AI) initiative; LFJ will soon launch a DEX aggregator on Avalanche; Morpho Labs has proposed deploying core smart contracts across multiple chains; Sonic has gone live on the mainnet, offering token conversion, integration with a lending platform, and more.