Recent Important Developments in the DeFi Market: Intensifying Competition Among Stablecoins and Continuous Expansion of the L2 Ecosystem

The stablecoin market welcomes a new round of competition

Recently, several stablecoin projects have launched new products or undergone significant upgrades, sparking a new wave of competition in the stablecoin market.

Ethena has launched the USDtb stablecoin supported by a well-known asset management company. The project has also partnered with Usual, with both parties expanding their market share through mutual TVL and incentives. In addition, Ethena has collaborated with WLFI to integrate sUSDe into the lending market.

At the same time, Resolv's TVL has increased by nearly 400% in the past two weeks. The project adopts a Delta neutral stablecoin model and introduces the RLP mechanism to absorb market volatility risks, providing differentiated choices for users with different risk appetites.

Frax is also making significant adjustments. The project has partnered with Symbiotic to launch the veFRAX multi-yield structure and is considering using products from a well-known asset management company as collateral for Frax USD.

In addition, Convex and Yearn have teamed up to launch the decentralized stable protocol Resupply, whose reUSD stablecoin is collateralized by stablecoins generated from the lending market's yields and supports leverage features.

L2 Ecosystem Continues to Expand

In the Layer 2 ecosystem, several projects have also made significant progress.

An exchange developed Ink, which has launched on the mainnet and joined the Super Chain ecosystem. Dinero subsequently launched its first LST product on Ink. A certain DEX platform also plans to integrate into the Ink network by 2025. This reflects the trend of compliant exchanges developing their own L2 networks.

At the same time, Fluid has expanded to the Arbitrum network and implemented growth incentives. As one of the most efficient DEXs at present, its expansion on the L2 network is expected to attract more trading volume.

Other developments worth noting

• GammaSwap's Yield Token product is about to be completed and sent for auditing.
• Ethena has proposed a new plan to integrate a certain options and perpetual futures platform.
• Aptos has undergone a management adjustment, and the new CEO stated that there will be a greater focus on Decentralized Finance development.
• Babypie incentivizes mBTC-BTC liquidity on multiple chains and DEXes.
• A certain public chain foundation has launched the infraBUIDL(AI) program.
• Multiple projects have announced cross-chain expansion plans, including LFJ, Morpho Labs, and others.
• Sonic has completed the mainnet launch and integrated multiple features.

These dynamics indicate that the DeFi market is still rapidly evolving, with stablecoins, L2 ecosystems, and cross-chain interoperability becoming the current focal points.