jakiro
Author: Revc
AAVE in the recovery
According to data compiled by Bitchain Vision, in the DEFI protocol with a market value of more than $ 2 billion, AAVE recorded nearly 30%of the increase within 7 days, which has performed brightly in the recent shock market.The author summarizes the following reasons:
1. Market leadership: AAVE is the largest borrowing agreement. The active loan amount far exceeds competitors and has a stable market share.exist7In the market at the end of the month,,AAVE not only bear the impact of extreme markets,,The market share is even more than a single day90%.
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2. Strong growth data: Despite market fluctuations, AAVE revenue and TVL still rebounded after the bear market, showing significant growth potential.in the past30Heavenly,,The average income occupies the revenue of the lending market55%.
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3. Security and governance advantages:AAVE has performed well in terms of security management, bilateral network effects and DAO governance.
4. Multi -chain deployment and token economics improvement: AAVE further enhances its competitiveness in the market through multi -chain expansion and token economics upgrades.
AAVE CHAN (the main representative of AAVE DAO) proposed a proposal to enhance the practicality of its token by thoroughly reforming AAVE’s token economics.Key changes include the risk of being punished when the security module is eliminated. The new UMBRELLA security module is used to replace the existing assets, optimize the consistency of the interests of the pledker and the borrower, and introduce anti -GHO token to strengthen the income sharing mechanism.This will increase the demand for AAVE tokens and further promote the long -term growth and value accumulation of the agreement.
alsoAccording to the data of Token Terminal, the AAVE protocol also provides investors with a lot of incentives to consolidate its position as the largest loan agreement.
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Whether the strong recovery of AAVE indicates that the DEFI sector will explode
Recently, despite the poor price performance of the Defi protocol, the toughness has been shown in market fluctuations.The decreased tokens, total locking value (TVL) and borrowing volume reflect the impact of weak demand, excess supply and excess supply.However, head projects such as AAVEandEigenlayer shows strong profitability and market share, indicating that DEFI still has growth potential.With the increase of institutional investment and the clear supervision, DEFI may become the main investment field in the future.andAt present, the entire DEFI lock volume has resumed to 60%of its peak in 2021.LiquidAs well asThe main DEFI protocol tvl is near pledged and lending7There are varying degrees of recoveryEssence
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By comparing AAVE, we can sort out the conditions for the outbreak of several DEFI protocols,First of all, there must be a stable fundamental aspect,,Long -term possession of market leadership,,Secondly, there is a need to have stable income and upgrade of tokens,,To maintain the vitality of the agreementEssence
Take Uniswap as an example,,It has increased significantly since March,,And the number of daily active users is affected by the changes in the market heat,,exist3Permanent10Fluctuation between Wanzhi(Below1),,,But Uniswap’s dominant position has been challenged by Aerodrome(Below2).
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Recently, UNISWAP has not been updated in token economics. It is only planned to launch V4 version update at the product level at the product level. Uniswap V4 introduces the “HOOKS” and “Singleton” architecture to make the mobile fund pool more customized and more customized andEfficient.Advantages include:
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HOOKS: Allow developers to insert custom logic at the key points of the life cycle of the pond, and support new functions such as dynamic costs and price limit orders.
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Singleton: By merging all pools into a contract, the GAS cost is significantly reduced, and it is expected that the cost of the pond creation cost is expected to be 99%.
V4 will promote more flexible AMM innovation, improve the efficiency of transactions on the chain, and further consolidate the leading position of Uniswap in DEFI,,But UNI may not have the conditions for outbreaks in the short term,,Still relying on the development of the Ethereum ecosystem,,Especially the performance of assets such as ETH,,ETH is affected by the macro financial marketEssence
Let’s observe the liquid leader Lido, which is closely related to Ethereum. Lido allows users to pledge ETH without locking assets and get STETH as liquid tokens.The key features include network security and stability through decentralized node operators, but its high market share has triggered a centralized controversy.Although LIDO has performed well in technology and security, more node operators need to be introduced in the future to reduce centralized risks.LiDO also faces competition from other pledge services, especially the challenge of pledge of centralized exchanges.
The latest data shows that LIDO currently accounts for nearly 70%of the liquidity pledged track (below 1). At the income level, LIDO accounts for nearly 80%of the track revenue (below 2).Status, due to the high correlation with ETH, the price of the component of the same period last year was still adjusted by 31.2%. The overall performance of Defi was highly bound to ETH.
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Lido protocol return(Figure 1 below.Affected by high homogeneous competition,,Keep long -term low level,,LIDO and the entire liquidity of the entire mate track have not shown explosive potential in the short termEssence
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summary
In summary, from the DEFI protocol on the head, it can be seen that due to the relatively mature development of the DEX and the liquidity pledged track, there is no possibility of explosion in the short term, andSimilar to the decentralization governance of AAVE and the upgrade of token economics on the loan track,,It may be more likely to be favored and followed by investorsEssence
In addition to the innovation and upgrading of the agreement itself, the explosion of the DEFI track also requires a good macro financial environment to give Ethereum a good performance space.And more importantly, the DEFI protocol should strengthen the combination of assets such as MEME. Whether it is Solana or the recently rising TRON, the liquidity on the chain has become abundant due to the outbreak of the MEME users. The picture below shows that Raydium benefits from Pumpfun.Consolidating and strengthening market share.
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