If there is a season of altcoins in the future, it will first occur in companies capable of creating DAT and that can continuously tell new stories to persuade investors. The probability of a situation like before, where funds from BTC and ETH overflow to the next level and chaos ensues, is low, or it may only happen at the tail end. Long-term innovation in on-chain applications remains core and is not contradictory; currently, all the momentum generated by storytelling comes from past ecological accumulation.

The subsidy for this Pool of Ethena on Aave has dropped to 5%. If that's the case, this strategy completely fails to outperform Pendle's PT loop loan. It's equivalent to using 50% of the non-redeemable amount to exchange for discounted returns, but when the returns from the loop loan are not high enough, some users will choose to sacrifice some returns in favor of a more conservative strategy. I still maintain my original viewpoint: if the subsidy budget is an issue, the best choice is to limit the amount rather than reduce the returns.

Plasma and Aave announced a partnership, which means Plasma may utilize Aave's DeFi infrastructure to distribute USDT to traditional markets and institutional clients. The market has high expectations for Plasma as the "official USDT chain." If it indeed mobilizes massive USDT liquidity as anticipated and promotes it to traditional clients, it would be a significant step towards DeFi mass adoption.

Just now, Ethena's market cap surpassed Aave. $ENA $AAVE

借贷协议全局分析，我来一个简单直接的版本： (1) Aave断层领先。 (3) Euler、Fluid的增长来源于创新，各方面能力都在线，竞争压力是链上超高的流动性迁移成本，未来可期交给时间。 (2) Compound已躺平，敏感度肯定是没有的，它主打的是稳定、不改变、弱治理。 (4) 此表应加上Morpho，就完整了。 原帖很硬核，值得研究 @ChingChaLong02

I roughly calculated the current situation of $PROVE Staking. It has been open for about 7 hours. Using the maximum Prover, 126/7*24*365/1.42M = 11% APR, which is a moderate level. Trading started at 1 AM, and within 12 hours, it cleared Upbit, Bithumb, Coinbase, and Binance. Marketing and resources have basically been fully released. The key point moving forward is the validation of the demand for proof-as-a-service to support the valuation. Both problems and opportunities exist. The market's concerns include the logic of mining coins, the large allocation ratio for investors and teams, unverified income capabilities, and the curse of zk not producing good projects. The opportunity lies in its integration demand being more certain than Restaking, and the future push for Ethereum's integration with Zkwasm is also very certain. Let the bullets fly for a while; this time won't be short. We are waiting for the market to provide answers, and short-term prices and interpretations are all driven by speculation.

With Unichain's liquidity mining incentives reduced to this state, there is basically no attraction left. The only thing left to look forward to is whether $UNI staking can be advanced in Q4.

$PROVE officially starts trading on Binance spot at 1 AM. The pre-market valuation is roughly set at over 1 billion USD. From the perspective of token economics, the value of $PROVE is directly linked to the demand for proof services. All transactions within the proof network are priced in PROVE, and validators must stake PROVE tokens. Its growth potential is very promising, and the core focus after the mainnet launch will be finding clients (protocol integration). Compared to Restaking, I believe the demand for ZK proofs is clearer. Succinct is already integrating with Polygon, Across, and World chain. In the pilot verification on World chain, the cross-chain final confirmation time has been reduced from 7 days to 1 hour, which can directly reach users.

From a purely policy environment perspective, there is no longer a reason to be pessimistic. Yesterday's SEC "Project Crypto" and the 166-page report from the White House Digital Assets Working Group a few days ago are both fully loosening the asset attributes, trading channels, and entrepreneurial environment for Crypto. It wouldn't be an exaggeration to say that they are comprehensively promoting the U.S. to become the "global crypto capital center."

Revert is preparing to do LP collateral lending, which aligns with the Uni V4 LP lending module that Uniswap and Aave are developing in collaboration. This direction is also the next stage in releasing capital efficiency in DeFi. Even though many projects are rushing to do this now, as long as the two giants, Uni and Aave, take action, growth is inevitable. The Matthew effect in the DeFi market is already very evident.