If RWA explodes as expected, then $LINK is a good target.

ETH upgrade RWA, cooking, DeFi giants unite to start exclusive Lego time, thoughts on DeFi over the past week:

1/ ETH has seen a significant rise in the past two weeks, coinciding with the Pectra upgrade (1) I personally think the rise is somewhat related to this, but not the main reason (2) More so, it was overly fudged, and there are expectations for ETF staking approval (3) Previously, the ETH/BTC exchange rate was already close to its lowest point. However, the content of this upgrade is still worth looking into; it’s a bit lengthy to elaborate, so I summarized it in a gitbook.

2/ DeFi giants unite: Aave and Uniswap

Aave plans to launch Uniswap V4 Hook, supporting Uni V4 LP collateralized loans for GHO. This plan requires a portion of funds to be applied from the Uniswap DAO, and in return, future GHO lending interest income will be shared with the Uniswap DAO.

This is currently the most practical Hook, benefiting both giants. It enhances LP capital efficiency, and the combinability and flexibility of Hooks are beginning to show. With leading projects taking the lead, we can expect more innovations in the future.

3/ DeFi giants unite: Aave, Pendle, Ethena

(1) Ethena PT tokens are integrated into Aave, with strong demand (2) Ethena continues to deepen its integration with Aave by launching USDtb, increasing the supply cap of USDe and sUSDe, while also raising the cap for PT tokens. After PT enters Aave: old DeFi enthusiasts who love circular lending are starting to work, creating a three-way beneficial collaboration. As DeFi blue chips mature, it will enter an exclusive Lego time for top DeFi projects. Compared to DeFi Summer Lego, it has stronger stability and larger capacity.

4/ Unichain liquidity mining situation

(1) Unichain liquidity mining output has been halved (2) Incentives for the WBTC Pool will be migrated. Gauntlet states that KPIs have been exceeded, so yields have been lowered. TVL has not decreased much, and yields remain within market-acceptable ranges. It is important to note that after seven days, rewards for WBTC-related pools will gradually shift to WBTC0 (OFT version). Unichain is currently deeply bound with L0.

5/ SSV Network announces the launch of SSV 2.0 testnet, introducing a new concept: bApps, a new type of decentralized application that directly utilizes Ethereum validators to ensure security, rather than relying on additional capital. Validators can earn extra income by providing security services for bApps.

At first glance, it sounds like Restaking, but there are some differences: Restaking locks already staked ETH into a new protocol to provide security for these protocols.

These assets can be slashed, and if there are issues with the protocol, validators' assets may be at risk.

Ethereum itself may also be affected. The feature of SSV 2.0 is that validators' staked ETH will not be slashed due to protocol issues, protecting Ethereum from cascading risks. This means that if bApps encounter problems, it will not affect the stability of the Ethereum mainnet.

Due to the limited ability of Restaking to attract clients at this stage, and the lack of sufficient demand, this service may struggle to gain attention in the short term. Mechanically, SSV 2.0 indeed has its own characteristics and is superior to Restaking in theory.

Returning to the DVT track itself, it did not establish a foothold in the last cycle, and it is even harder in this cycle. The advantage is that demand is relatively certain, but the problem is that most will be integrated by giants. Currently, SSV and Obol are actively changing the game, hoping to break through from other angles. It’s worth paying attention to and observing.

6/ Obol announces Obol Stack

The design of Obol Stack packages the autonomous operation of validators, allowing everyone to directly call and deploy validator nodes and sequencers. Officials/third parties will package this infrastructure into "Apps" and release it to the Obol App Store, allowing users to directly obtain and deploy their own nodes.

This brings us a step closer to Vitalik's initial advocacy that everyone in every corner of the world can run an Ethereum node.

7/ USD₮0 is rapidly expanding

USDT0 is a full-chain stablecoin jointly launched by Tether and LayerZero, achieving full-chain circulation based on L0's OFT technology, and has already supported many mainstream chains.

This solution directly competes with USDC CCTP, with the difference being that USDC's solution is more native and centralized, while USDT0 relies on LayerZero, and USDT0 has also received many resources in the ecosystem.

For example, it can be mined on Unichain and provide liquidity on Flare to receive ecosystem subsidies.

Overall, there will be many farming opportunities, and considering the background, it can be seen as supported by Tether. In the future, we will see more and more USDT (USDT0) on-chain.

8/ Noticed two actions from old DeFi projects

(1) Liquity V2 announces it will be relaunched soon, fixing vulnerabilities (2) Alchemix hints at an imminent return. Liquity V2 encountered a security vulnerability around April 15, 2025, leading to the suspension of the protocol. This vulnerability involved a complex attack, and it remains to be seen how it performs after relaunch. In fact, I quite liked the design of V1; although V1 had some issues with efficiency and scalability, it was simple and effective, and has been forked by many projects. The changes in V2 are a breakthrough, but the handling of security issues does detract somewhat, so I will be observing.

Alchemix was one of the highlights during the DeFi 2.0 period of the last bull market and may begin to reshape soon. However, compared to Euler and Maple, Alchemix is more community-oriented. If it cannot come up with a killer feature, its competitiveness is relatively limited. It’s worth keeping an eye on.

9/ Many actions in RWA

Securitize issues a packaged version for DeFi for BlackRock's tokenized fund, which I think is quite important.

Others include: (1) VanEck collaborates with Securitize to launch a tokenized fund (2) Stripe launches a stablecoin financial account (3) Arbitrum approves the allocation of 35M ARB to tokenized U.S. Treasury bonds (4) Aave's RWA platform Horizon collaborates with AntChain to allow the collateralization of RWA assets for stablecoin loans. One interesting point is that the USDB supported by Stripe's financial account has an incentive mechanism where using USDB will pay the underlying asset's earnings (such as interest from money market funds) to developers as fees.

10/ Another noteworthy point about RWA is that Chainlink, J.P. Morgan, and Ondo Finance have teamed up to achieve cross-chain settlement of tokenized U.S. Treasury bonds.

Ondo Chain is a public chain, while Kinexys is a permissioned chain. The interoperability between these two types of chains requires additional technical support, and the current solution is based on Chainlink.

It is expected that in the future, Chainlink will occupy a certain ecological niche in the field of RWA cross-chain settlement. If RWA explodes as expected, then $LINK is a good target, while also having the backing of being a leading oracle.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。