Recent Developments in the DeFi Field: The Stablecoin Season is Back, and the Superchain Ecosystem Continues to Expand

In the past week, there have been some noteworthy developments in the DeFi space, mainly focused on stablecoins and Layer 2 ecosystems.

Stablecoin projects are thriving

Ethena and Usual join hands to move forward

Ethena has launched a new stablecoin USDtb and partnered with Usual. Both provide mutual TVL support and incentives, forming a symbiotic relationship. Meanwhile, WLFI has also joined the collaboration, integrating sUSDe into its lending market.

This round of stablecoin projects shows a clear trend of collaboration, which is more mature and stable compared to the previous "stablecoin wars." Usual has adopted a stablecoin mining mechanism that incorporates multi-party games, similar to the Pool 1-3 model during the DeFi Summer period, but has made innovations in the concepts of RWA, the intricacy of the game model, and liquidity exit.

Resolv rapid growth

Resolv, as another Delta-neutral stablecoin protocol, has seen its TVL grow by nearly 400% in the past two weeks. The project introduces the RLP (Risk Liquidity Provider) mechanism as an insurance layer between the USR and underlying assets to absorb market volatility risk. RLP users will receive higher profit sharing as compensation for bearing additional risks.

Frax is making strategic adjustments

Frax is undergoing a series of strategic adjustments, including collaboration with Symbiotic, the launch of the veFRAX multi-yield structure, and consideration of using the BUIDL from a certain trading platform as collateral for Frax USD.

Layer 2 ecosystem continues to expand

New Member of the Super Chain Ecosystem

The Ink public chain developed by a certain exchange has officially launched its mainnet and joined the superchain ecosystem. Dinero has subsequently launched the first LST (liquid staking token) product on Ink. In addition, Velodrome plans to integrate into Ink in 2025 and has locked a large amount of veVELO.

This trend indicates that compliant exchanges developing their own L2 networks may become the mainstream direction in the coming years. The market expectations for Ink are high, while Velodrome, as a liquidity center of the superchain, may adopt a direct expansion strategy rather than occupying other superchain members through forking.

Other Decentralized Finance project updates

1. Convex and Yearn have joined forces to launch the decentralized stable protocol Resupply, whose reUSD stablecoin is backed by yield-generating stablecoins produced from the lending market.

2. GammaSwap's Yield Token is about to complete development and enter the audit phase. The project focuses on hedging impermanent loss, lending LP tokens, and splitting and restructuring.

3. Ethena is considering integrating Derive's options and perpetual futures business, which may bring more liquidity to Derive.

4. Aptos public chain has undergone management adjustments, and the new CEO stated that more emphasis will be placed on the development of Decentralized Finance.

5. Babypie incentivizes the mBTC-BTC liquidity pair on multiple public chains and DEXs.

6. Fluid expands to the Arbitrum network and implements growth incentives.

7. The Avalanche Foundation has launched the infraBUIDL(AI) plan; LFJ plans to launch a DEX aggregator on Avalanche; Morpho Labs proposed deploying core smart contracts on multiple chains.

8. Sonic launched on the mainnet, offering token conversion, integration with a certain lending platform, and other features.

These developments indicate that the DeFi field is undergoing a new wave of innovation and integration, with stablecoin projects and Layer 2 ecosystems becoming the current focus. As more institutions and projects join, we can expect to see more interesting developments and breakthroughs in the DeFi space in the future.