DeFi

WLFI, a project linked to former President Trump, has introduced a lending platform built around USD1 and has concurrently submitted an application for an OCC national trust bank charter. The initiative seeks to merge stablecoin compliance with DeFi lending solutions. This article examines the strategic implications of this approach and the challenges ahead.

DeFi TVL has remained largely stagnant over the past four years, revealing signs of a growth bottleneck. This article examines how DeFi can expand into retail user and fintech scenarios by focusing on stablecoins, yield-bearing stablecoins, and RWA (Real-World Assets), while exploring whether "embedded DeFi + yield products" could become the next engine for industry growth.

The article introduces the concept of creating an interest rate swap layer atop mature money markets like Aave. In this structure, fixed-rate borrowers are paired solely with spread risk traders, so lenders' experience is completely unaffected. Traders can go long or short on interest rate volatility, gaining leverage efficiency superior to that of perpetual contracts.

The article explains how to integrate these “on-chain fundamentals” into a practical three-step analytical framework to identify protocols and public blockchains with truly sustainable growth and strong capacity to absorb capital.

2025 DeFi Panorama Review: Highlights the dominance of revenue-driven buybacks, examines the core fundamentals of leading protocols and mature mechanisms, and delivers insights on protocol selection and strategies for sustained growth.

As the global economy enters a period of systemic restructuring, this article examines the factors driving the end of Crypto’s First Curve. Through an in-depth analysis of stablecoins, RWAs, emerging markets, and shifting regulatory landscapes, it systematically explores the evolution and inevitability of DeFi 2.0, DAT 2.0, and Tokenomics 2.0 by 2026.

DeFi has not collapsed, but it is losing its appeal. From the perspectives of user behavior, incentive mechanisms, and risk expectations, this article examines the structural shifts that accompany DeFi’s maturation and explores whether, once efficiency has been fully optimized, on-chain finance can still create new modes of participation—rather than merely serving the same small, existing user base.

This article provides an in-depth analysis of how Hyperliquid has become the leading player in the perpetual DEX arena with its extreme token mechanism of "97% of fees allocated to HYPE buybacks." The article systematically breaks down HYPE's real cash flow and potential valuation pathways, covering trading volume, revenue structure, the compounding effects of HyperEVM, and three price scenarios—bear market, baseline, and bull market. It presents readers with a high-leverage token narrative driven by trading volume growth and protocol buybacks.

According to the latest Glassnode weekly report, Bitcoin once fell to $89,000, placing short-term holders under comprehensive pressure. On-chain cost bases were completely breached, and market sentiment rapidly shifted to a defensive stance. Persistent negative flows in spot ETFs and rapidly contracting futures leverage reflect simultaneous weak demand and speculative retreat. Meanwhile, the options market has significantly repriced risks, with implied volatility and skew markedly rising. The premium for 90K put options surged sharply, indicating strong demand for hedging against downside risks. The report systematically analyzes on-chain, ETF, and derivatives data, presenting key risk signals indicating that Bitcoin is currently in a moderate bear market structure.

Robinhood has made a rare move by investing in Lighter, a perpetuals DEX founded by former Citadel prodigy Vladimir Novakovski. Lighter is reshaping trading logic with its innovative ZK Rollup architecture and a zero-fee, tiered latency mechanism. It also provides dedicated technical circuits for DEXs. Lighter has attracted support from leading investors such as Founders Fund and Haun Ventures. This development signals a potential shift in the perpetuals market landscape.

The article, by analyzing the tokenized basis trading launched by Ethena Labs, highlights a critical turning point for structured products in DeFi and explores how this shift is reshaping the market structure.

This article provides an in-depth analysis of the root causes behind the xUSD collapse: from its disguise as a "nominally delta-neutral stablecoin" and off-chain black box strategies to extreme leverage exposure and recursive lending amplifying risks, leading to its systemic liquidation in October 2025. The article also introduces a "Vault Technical Risk Score" framework designed to help users assess the security of DeFi products.

The article offers an in-depth account of the attack's technical approach and execution, examines the repercussions across various blockchain networks, and reviews the mitigation strategies implemented by projects like Balancer and Berachain.

The article provides technical details and market performance of Boros. It also examines its potential in real-world applications such as hedging, arbitrage, and liquidity provision.

Hyperliquid and Pump.fun allocate nearly all fee revenue to token buybacks, using a deflationary strategy to reshape the attributes of crypto tokens and drive decentralized platforms toward a “dividend token” model.