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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 only since 2023, in the face of the hot frying of other concepts, the volume of DEFI as an overall narrative has gradually been slightly slightly slightly slightly slightly slightly slightly led in the background of market crazy diarrhea.And, becoming an 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.
01. Defi narrative
Although “Defi Summer” in 2020, in the experience of encrypted players, occupy a quite profound memory, but if it is strictly reviewing from the perspective of timeline, it will be found that the prosperity of the entire DEFI market has only lasted about a year and a half. TVL TVLThe performance of the other data is 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.The crisis and liquidity were continuously dry, and eventually touched a phased low in October 2023.
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As of the post, the total TVL of the entire DEFI track fell to about $ 85 billion (as of August 13), which was only equivalent to 47%of the historical high at the end of 2021, and this huge gap was not only reflected in numbers, just reflected in numbersIt is also reflected 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 only relatively famous and seen the relevant DEFI protocols.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 of the DEFI field can almost be described as a terrible, and almost encountered an ankle cutting -according to the DEFI contract index data of Binance, the current offer is about 630, which is only equivalent to less than 20 in November 2021 (3400).%!
Although such a comparison may not be rigorous enough, it also indirectly proves a fact that cannot be ignored: in the context of continuous recovery of the entire market or even BTC, the DEFI field failed to keep up with the overall pace of the market, and it failed to be unable to fail, and it failedFurther attracting capital inflows, investors’ enthusiasm for the DEFI field has been significantly cooled, and it is no longer as keen on participating in and investing in the DEFI project as in the past.
This also sounded the alarm for the future development of the DEFI field.
02. OG 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
MKR is the most powerful batch of veteran Defi projects to some extent. Maker and Makerdao have been seeking continuous evolution.Essence
As of August 2024, according to Makerburn data, MakerDao’s total assets of RWA’s investment portfolio have reached about $ 2.1 billion.
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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 currency and governance token for 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
On July 25th, AAVE’s official team’s governance representative ACI initiated a proposal for the new AAVE economic model, proposed to launch the “purchase and distribution” plan, purchase AAVE assets in the secondary market from the agreement revenue, and enrich the ecosystem reserves to reward the main ecosystem’s main main ecology.user.
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 proposal No. 289 with a subtle advantage of 682191 votes on 633636 votes.Comp Token) is assigned to the “Golden Boys” income agreement for the 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 “Golden Boys”, we will find the clue -the leader behind it is that the giant whale Humpy, who had successfully controlled Balancer through similar governance attacks.
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 issued a proposal yesterday to propose 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 the 4/8 signatures of members of the Compound DAO community.The proposal that has been rejected by most votes and waiting for execution.
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.
03. Summary
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 caused a large -scale liquidation in the DEFI field -the Ethereum DEFI agreement set a clear record within the year on August 5th, the liquidation amount exceeded 350 million US dollars, but there was no panic.The step -by -step incident also illustrates from the side. The Defi’s own pressure is continuously enhanced, showing 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. It welcomes belongs to belonging toYour own breakout.
