jakiro
Author: Terry, vernacular blockchain
Who is the liquidity cornerstone and innovative hotbed of the encryption market on the chain?
Most people may say that it is DEFI.That’s right, as the cornerstone of the liquidity market on the chain, it not only provides a major environment of low friction transactions and real native revenue for stock funds, but also further becomes the main channel for introducing incremental funds such as RWA and high -quality assets.In terms of the capital of the encryption market, it is an indispensable positive factor.
It is just that since 2023, in the face of other concepts, heated stir -fry,The volume of Defi, as a overall narrative, is gradually slightly slightly slightly slightly slightly slightly led by the market. Therefore, few people are mentioned that few people have mentioned that they have become the forgotten narrative in the rotation of the encrypted world.
However, it is worth noting that now three years have passed, and some new changes that are worthy of attention have begun to appear. Whether it is the new actions of old giants such as internal AAVE, CompoundSome quite interesting variables.
01Defi narrative
Although “Defi Summer” in 2020, in the experience of encrypted players, occupy a quite profound memory, but if it is retrospectively reviewed from the point of view of the timeline, it will findThe prosperity of the entire DEFI market lasted only about a year and a half, and the performance of data such as TVL was the most intuitive.
According to DEFILLAMA data,In November 2021, the overall DEFI locking volume of the encrypted market reached a historical high of about 180 billion US dollars, and then shocked/fell all the way, and in 2022, it went through Terra/Luna, Three Arrows Capital, FTX/Alameda crisis, liquidityIt was constantly dry and eventually touched a phased low in October 2023.
As of the post, the total TVL of the entire Defi track has fallen to about $ 85 billion (as of August 13), which is equivalent to 47%of the historical high at the end of 2021.And this huge gap is not only reflected in numbers, but also in the ecological development and user confidence of the DEFI project.
For example, many DEFI projects that have attracted much attention, due to the evacuation of funds and the lack of market confidence, have to reduce the scale of business, and even some projects directly stop operation:
On September 20, 2023, the DEFI income polymer GRO Protocol announced the suspension of operation and dissolved GRO DAO;
On September 21, 2023, cross -chain DEFI borrowed polymer FUJI Finance announced the closure of the agreement and stopped operation;
On December 15, 2023, the DEFI protocol Safemoon officially applied for bankruptcy according to Chapter 7 of the US Bankruptcy Law;
On January 30, 2024, the fixed interest rate borrowed by the agency Yield Protocol reminds users to close the position of the protocol, and the official support will be over on January 31;
On July 20, 2024, Rollup.finance, a derivative derivative trading platform, announced that it will stop operation. The infrastructure will be fully closed after September 21, 2024. Users will have a month to close and withdraw funds;
You know, the above is just a relatively famous DEFI protocol that is relatively famous.In fact, according to incomplete statistics, the project selected by the encryption industry has suddenly accelerated since the second half of 2023. The entire track has “shut down tide”. Many projects seem to be in trouble overnight.Continue to maintain normal operation.
The DEFI protocol that is still insisted on, the price performance of the token price in the secondary market is also very sluggish. The paradox is that even at the same time, the Bitcoin, which has always been regarded as the “Beta” income, even the trend of Ethereum.It should be far better than the overall performance of Defi Token that was regarded as “Alpha”:
If we analyze in November 2021 (BTC: $ 68999) as an important reference point, we can clearly find that the price of Bitcoin is about $ 60,000 today, and its price is about 86%of the high point at that time;The price of Ethereum is about 2670 US dollars, which is about 55%of the height of that (ETH: 4800) at that time.
However, the performance in the field of Defi can almost be described in terrible, and almost encountered an ankle cut.——Ar data data according to Binance’s DEFI contract index, the current offer is about 630, which is only equivalent to less than 20%of the high point (3400) in November 2021!
Although this comparison may not be rigorous enough, it also indirectly proves an fact that cannot be ignored:existIn the context of the entire broader market, and even BTC reached a new high, the Defi field failed to keep up with the overall pace of the market, and failed to further attract the inflow of funds. Investors’ enthusiasm for the DEFI field has been significantly cooling, and it is no longer as keen as in the past as in the past.Participate in and invest in the DEFI project.
This also sounded the alarm for the future development of the DEFI field.
02OG Defi’s self -rescue and expansion
However, from the inside of the Defi track, there have been some interesting variables that are happening in the near future. Among them, the movements of these head blue -chip projects such as AAVE and Comound are the most obvious.
1) MakerDao: RWA and stable coins synchronize force
To some extent, MKR is the most powerful batch of old -fashioned DEFI projects. Maker and MakerDao have been seeking continuous evolution.“Maker Endgame” is one of the most bold measures adopted by the DEFI protocol, especially in the RWA field.
As of August 2024, according to Makerburn data, MakerDao’s total assets of RWA’s investment portfolio have reached about $ 2.1 billion.
Source: MakerBurn.com
The total supply of DAI has also re -stood on the $ 5 billion mark since November last year.In addition, MakerDao also proposed to launch a stable coin and governance token that plans to launch the new token symbols replaced by DAI and MKR.
Among them, NewStable (Nst) will be used as an upgraded version of DAI, and still focuses on maintaining a stable linked with the US dollar. RWA is used as a reserve asset. DAI holders can choose whether to upgrade to NST by themselves.
PureDai aims to achieve an ideal DAI -adopting a highly decentralized prophecy machine, only accepting extreme decentralization and sufficient verification of mortgage (such as ETH, STETH).PureDai supply.
2) AAVE: Update security module and repurchase token
July 25th,AAVE’s official team’s governance representative ACI initiated a proposal for AAVE’s new economic model.It is proposed to start the “purchase and distribution” plan, purchase AAVE assets in the secondary market in the agreement income, and enrich the ecosystem reserves to reward major ecological users.
At the same time, the ATOKENS security module is activated through the new security module, the GHO borrowing interest rate discounts and the introduction of the Anti-GHO generation and destruction mechanism, thereby enhancing the consistency between the benefits between the AAVE pledged and the GHO borrower. In addition, it is also recommended that the current AAVE securityThe module is upgraded to a new “pledge module”.
To put it bluntly, because the previous AAVE security module has repeatedly occurred in the efficiency of bad debt processing, such as the 2.7 million CRV vault bad debts generated in the previous CRV hunting war -it will cause temporary additional AAVE Token for auction to cover debt deficit lumps.Essence
Therefore, the biggest change of the new security module is to upgrade to the “pledge module”, which blocked this additional port from the supply side; at the same time, because of the use of agreement income to purchase AAVE assets from the secondary market and distribute it to the ecosystem reserves, this is alsoJust in the secondary market, a long -term demand party was found for AAVE. The two -pronged approach increased the appreciation potential of AAVE from the two dimensions of supply and demand.
3) Compound: Giant whale is grabbing, it is difficult to distinguish blessing
On July 29, Compound experienced a fierce vote contest, and finally passed the subtle advantage of 682191 votes on 633636 votes.Decide 5% of the reserve funds of the Compound protocol(499,000 COMP Token worth about $ 24 million)It is assigned to the “GOLDEN BOYS” income protocol for income in the next year.
At first glance, this seems to be a pretty good decision. After all, this is equivalent to giving a new income attribute to the original governance of COMP.However, when we deeply explore the back of “Golden Boys”, we will find the clue of it –The leader behind it is that it has successfully passed a similar governance attack methodHumpy to control BAALANCER.
Regarding Humpy’s previous success history, I won’t go into details, but essentially speaking, this time Humpy once again hoard a large number of Token, and then use the voting right to directly store the $ 24 million from the Compound vault directly into the Goldcomp vault he controls. From the perspective of the process,Perhaps it is a legitimate operation, but it is undeniable that this behavior is beyond doubt about the damage caused by decentralized governance.
However, Compound also released a proposal yesterday to put forward the concept of “Guardian of Proposal”, which aims to prevent malicious voting through multiple signing mechanisms—— The guardian will initially consists of 4/8 signatures of members of the Compound DAO community. It can veto the proposal that has passed a majority ticket and waited for execution when the agreement is facing the risk of governance.
In addition, Uniswap and CURVE are relatively slow. Among them, CURVE has encountered the founder’s large token liquidation crisis again shortly ago, and it has always been like a sword hanging on the head of the head of $ 140 millionThe CRV dammed lake was finally detonated in this crisis, which caused a huge shock and anxiety in the market.
03summary
In fact, the prosperity of most DEFI projects in 2020 and the dilemma that began in 2021 was doomed from the beginning -rich liquidity incentives are unsustainable.Because of this, the current product direction of the DEFI blue chips or the attempts to empowerment of token is a microcosm of self -redemption from different channels.
It is worth noting that although the recent market shock has led to a large -scale liquidation in the DEFI field -the Ethereum DEFI Agreement set a liquidation record within the year on August 5th, the liquidation amount exceeded 350 million US dollars, and the amount of more than 350 million US dollars.However, there is no panic steps. It also shows that Defi’s own pressure resistance is increasing, and the overall shows a trend of adjustment and exploration.
In any case, as the liquidity cornerstone of the encryption market and the innovative hotbed, after the foam is cleared, those values of those who have not died and continue to innovate are expected to stand out, re -attract the attention of funds and users, and give birth to a new narrative. We ushered in belonging to belonging toYour own breakout.
