New Trends in the DeFi Market: The Arrival of Stablecoin Season and Expansion of Super Chain Ecosystem

In the past week, the DeFi sector has seen a flurry of hot topics, with stablecoin projects and superchain ecosystems becoming the market focus. Multiple stablecoin projects have collaborated, sparking a new round of "stablecoin season"; at the same time, an L2 network developed by a trading platform has joined the superchain, further expanding the ecological landscape.

Stablecoin projects are emerging in droves

The USDtb stablecoin launched by Ethena has attracted market attention. The project has collaborated with Usual to achieve rapid growth in both parties' TVL by providing liquidity and incentive measures to each other. Meanwhile, WLFI has also joined the collaboration, integrating sUSDe into its lending market.

This round of stablecoin frenzy shows a clear trend of collaboration, with cooperation among projects becoming more mature and rational. Usual innovatively introduced a multi-party game stablecoin mining mechanism, making breakthroughs in aspects such as the RWA concept and the refinement of game models. However, this model, which relies on coin price to drive TVL growth, may face challenges of slowing growth, ultimately needing to seek a balance between token prices and TVL.

Another eye-catching project is Resolv, which has seen its TVL surge nearly 400% in the past two weeks. As a delta-neutral stablecoin protocol, Resolv's feature lies in the introduction of the RLP (Risk Liquidity Provider) mechanism, which provides additional risk buffers for USR stablecoin holders. The project plans to launch on HyperEVM in the future to further expand its influence.

The established stablecoin project Frax is also actively seeking change. In addition to collaborating with Symbiotic, Frax has launched the veFRAX multi-yield structure and is considering including a certain ETF in the collateral scope of Frax USD.

Super Chain Ecosystem Continues to Expand

The L2 network Ink developed by a trading platform has officially launched its mainnet and joined the super chain camp, injecting new vitality into the ecosystem. Following closely, Dinero launched its first LST (liquid staking token) product on Ink. It is worth mentioning that Velodrome plans to integrate into the Ink network in 2025 and has locked a substantial amount of veVELO tokens, demonstrating confidence in the future development of Ink.

This series of actions reflects that the development of proprietary L2 networks by large trading platforms has become an industry trend. With the continuous expansion of the superchain ecosystem, DEXs like Velodrome are also seeking broader horizontal expansion opportunities.

Traditional Decentralized Finance projects are constantly innovating

Established DeFi projects are also actively exploring new development directions. Convex and Yearn have teamed up to launch the decentralized stable protocol Resupply, which uses the yield-generating stablecoin reUSD, backed by the lending market, as collateral and provides leverage support functionality.

GammaSwap is refining its Yield Token product and is about to enter the audit phase. The project aims to address the issue of impermanent loss of LP tokens by achieving an options-like yield curve through lending and restructuring.

Ethena has proposed a new plan to integrate Derive options and perpetual futures. If approved, Derive will become an important on-chain hedging and trading platform within the Ethena ecosystem.

Other trends worth noting

1. Aptos announces a leadership change, and the new CEO will place greater emphasis on Decentralized Finance development.
2. Babypie provides liquidity incentives for mBTC-BTC on multiple chains and DEX.
3. Fluid expands to the Arbitrum network and launches growth incentives.
4. The Avalanche Foundation has launched the infraBUIDL(AI) program to promote ecological innovation.
5. Morpho Labs proposed to deploy the core smart contracts in a multi-chain environment.
6. Sonic officially launches the mainnet, providing token conversion, Aave integration, and other features.

These trends indicate that the DeFi market is undergoing a new wave of innovation, with stablecoins, L2 networks, and cross-chain interoperability becoming the main directions of current development. As more innovative projects and partnerships emerge, the DeFi ecosystem is expected to achieve larger-scale growth and expansion of application scenarios in the future.