Recent Developments in the DeFi World: Stablecoin Season and Superchain Narrative

In the past week, two major trends have emerged in the DeFi space: the arrival of stablecoin season and the development of superchain narratives. These trends have brought new opportunities and challenges to the DeFi ecosystem.

New Trends in the Stablecoin Market

Ethena and Usual lead the trend

Ethena has launched a new stablecoin USDtb, supported by a product from a well-known asset management company. Ethena has also partnered with Usual, with both sides mutually supporting each other in terms of TVL and incentives. In addition, WLFI has collaborated with Ethena to integrate sUSDe into the lending market.

Unlike previous competition among stablecoins, this round of stablecoin projects shows a clear trend of collaboration and appears more mature and steady. Usual has introduced a multi-party game stablecoin mining mechanism, which has similarities with liquidity mining during the DeFi Summer period, but has made innovations in the concepts of physical assets, the refinement of game models, and liquidity exit.

Rapid growth of Resolv

Resolv is another notable stablecoin protocol, with its TVL growing by nearly 400% in the past two weeks. Resolv employs a neutral strategy similar to Ethena, but introduces the RLP (Risk Liquidity Provider) mechanism to absorb market volatility risks. This design provides options for users with different risk preferences.

Strategic Adjustment of Frax

Frax is making a series of important adjustments, including collaborating with Symbiotic, launching the veFRAX multi-reward structure, and considering using products from a well-known asset management company as collateral for Frax USD.

The Development of Super Chain Narratives

New member joined

The Ink chain developed by a certain trading platform has officially launched and joined the superchain ecosystem. Dinero has launched the first LST (liquid staking token) on Ink. Additionally, Velodrome plans to integrate into Ink in 2025 and has purchased and locked a large amount of veVELO.

This trend suggests that compliant exchanges developing their own L2 solutions may become mainstream in the coming years. Velodrome, as a liquidity center of the superchain, may adopt a horizontal scaling strategy to capture other superchain members.

Other Important Developments

1. Convex and Yearn have partnered to launch the decentralized stablecoin protocol Resupply, introducing the reUSD stablecoin.

2. GammaSwap's yield token is about to complete development and has entered the auditing phase.

3. Ethena is considering integrating a certain options and perpetual futures trading platform.

4. Aptos has undergone a leadership change, and the new CEO stated that there will be a greater focus on the development of Decentralized Finance.

5. Babypie incentivizes mBTC-BTC liquidity across multiple chains and decentralized exchanges.

6. Fluid expands to the Arbitrum network, introducing the $FLUID token and implementing growth incentives.

7. Recent updates on some ecosystems:
   • The Avalanche Foundation has launched the infraBUIDL(AI) program.
   • LFJ is about to launch a DEX aggregator on Avalanche.
   • Morpho Labs proposes to deploy the core smart contract across multiple chains.
   • Sonic launches mainnet, providing features such as token conversion and integration with certain lending platforms.

These developments indicate that the Decentralized Finance ecosystem is constantly innovating and expanding, providing users with more diverse and efficient financial services.