# DeFi Related Articles

HTX News Center provides the latest articles and in-depth analysis on "DeFi", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

After the Valuation Collapse: The Crypto Market Enters the 'Revenue Pricing' Era

The crypto market is shifting from speculative narratives to a focus on real revenue generation, entering an "earnings-based valuation" era. Despite industry-wide fear and declining sentiment, crypto-native protocols have generated $74.8 billion in fees since 2018, with nearly half ($31.4 billion) occurring between January 2024 and June 2025. However, valuations have collapsed as novelty premiums fade. Key trends include: - **Stablecoin dominance**: Tether and Circle now account for 34.3% of all fees, benefiting from global demand and near-zero marginal costs. - **Trading platforms surge**: Meme coin trading and perpetual exchanges (e.g., Hyperliquid, Jupiter) grew from 1% to over 15% of total revenue by 2025, driven by consumer demand for high-risk, high-reward products. - **Protocol decline**: Layer 1 and Layer 2 tokens (e.g., Solana, Arbitrum) saw price-to-fee ratios drop sharply as infrastructure matured and competition increased. The median monthly revenue per protocol fell to $13,000. - **Valuation rationalization**: The average price-to-sales ratio for crypto assets compressed from 40,400x in 2020 to 170x today, aligning with or below traditional financial infrastructure multiples (e.g., Visa at 15x P/S). Protocols like Aave (4x P/S) and Hyperliquid (7x P/S) now trade at reasonable valuations. The era of building pure infrastructure is over. Success requires business models with real revenue, clear moats (first-mover advantage, liquidity, or distribution), and tokens that offer actual economic rights and governance—not just speculative value.

比推03/06 09:10

After the Valuation Collapse: The Crypto Market Enters the 'Revenue Pricing' Era

比推03/06 09:10

Aave Spends $1.5M on 345-Day Audit to Strengthen V4 Security

Aave Labs has invested $1.5 million in an extensive 345-day audit program for its upcoming V4 upgrade, making it one of the most comprehensive security reviews in DeFi. The audit involved multiple security firms, including ChainSecurity, Trail of Bits, Blackthorn, and Certora, as well as a public contest hosted on Sherlock. Over 900 researchers participated and submitted more than 950 findings. No critical or high-severity vulnerabilities were discovered, reinforcing confidence in Aave’s hub-and-spoke architecture. The new security framework integrates formal verification, layered manual and automated testing, continuous monitoring, bug bounties, and AI tools to detect unusual attack paths from the earliest development phase.

TheNewsCrypto03/06 08:30

Aave Spends $1.5M on 345-Day Audit to Strengthen V4 Security

TheNewsCrypto03/06 08:30

On-Chain Economy: Past, Present, and Future

On-Chain Economy: Past, Present, and Future In 2014, before "Web3" became synonymous with blockchain and crypto assets, the core vision revolved around smart contracts and their potential to enable a self-managing decentralized network. This early idea evolved into the concept of a Smart Economy, where autonomous economic coordination could flourish. Today, Web3 is rapidly growing, largely driven by decentralized finance (DeFi). Stablecoins serve as global settlement tools, and crypto assets have reshaped public understanding of money. Beneath these developments lies a fundamental improvement in financial efficiency. At the same time, AI has moved from abstract concept to daily reality. While many see AI as a productivity tool, its deeper role is that of a new financial efficiency paradigm. By increasing productivity, AI raises the value of attention even during non-working hours, making it a natural core component of the next-generation on-chain economy. The future on-chain economy will be defined by three core features: 1. Minimal human involvement: Humans act as intent providers, while AI handles analysis, execution, and feedback. 2. Complete trustlessness: Systems must be fully secure and trustless. 3. Extreme efficiency: AI will push capital utilization to unprecedented levels. Key enabling technologies include rapidly evolving AI models, intent-based AI agents, agent networks, privacy-preserving tech like ZKP and FHE, enhanced security components, and sustainable monitoring systems. The convergence of AI and blockchain will lead to an organic, self-evolving, and autonomous on-chain economy—what we call the Intelligent Sensible Economy. This is not just a faster system but a structural shift: from human-centered operations to collaboratively intelligent networks. The economy begins to exhibit life-like traits, responding to data, adapting, and self-optimizing. This transformation raises a fundamental question: as systems become self-learning and self-coordinating, are we still building an economy—or a new form of intelligent life?

marsbit03/06 08:23

On-Chain Economy: Past, Present, and Future

marsbit03/06 08:23

New Crownings! Huobi HTX Asset Weekly Review (2.23—3.2): PERP +106%, BEBE +86%, AI and DeFi Sectors Rise Across the Board

The cryptocurrency market experienced a broad recovery from February 23 to March 2, driven by improving macro sentiment and capital rotation. Bitcoin saw steady upward movement, while investor interest expanded beyond major assets into high-growth sectors like AI and DeFi. Perpetual Protocol (PERP) led the rally with a 106% weekly surge, attributed to its role as a decentralized derivatives exchange. River (RIVER) also gained 75%, supported by its cross-chain stablecoin system. HTX introduced a 20% APY earning product for RIVER. The AI sector showed strong momentum with multiple tokens rising. Fabric Protocol (ROBO) increased by 79%, Sahara AI (SAHARA) rose 72% as an AI-native blockchain platform, and My Neighbor Alice (ALICE) climbed 45%. Meme and Layer 1 tokens also rebounded. BEBE, an AI-driven meme token, jumped 86%, while Espresso (ESP), a Layer 1 project, advanced 77%. Overall, the market displayed a clear rotation into high-beta assets, with AI and DeFi leading a multi-sector recovery. HTX emphasized continued focus on quality assets across emerging narratives.

marsbit03/06 06:54

New Crownings! Huobi HTX Asset Weekly Review (2.23—3.2): PERP +106%, BEBE +86%, AI and DeFi Sectors Rise Across the Board

marsbit03/06 06:54

SEC vs CFTC: Which Agency Will the 'CLARITY Act' Empower to Hold the 'Power of Death' Over the Crypto World?

The CLARITY Act (Digital Asset Market Clarity Act of 2025) aims to resolve long-standing uncertainties in U.S. cryptocurrency regulation by clearly defining digital assets and assigning regulatory authority between the SEC and CFTC. Under the bill, most digital commodity tokens would fall under CFTC oversight for spot trading, while the SEC would retain authority over primary market offerings, disclosures, and investor protection. The legislation establishes standardized disclosure requirements, sets registration and operational rules for intermediaries, and introduces the concept of a "mature" blockchain—networks that can transition to lighter-touch CFTC regulation once sufficiently decentralized. It does not cover stablecoins, which are addressed separately under the GENIUS Act. Despite bipartisan House approval in 2025, the bill faces ongoing debate in the Senate over issues like DeFi applicability and investor safeguards. If enacted, it would mark the first comprehensive federal framework for digital asset market structure in the U.S.

marsbit03/06 03:21

SEC vs CFTC: Which Agency Will the 'CLARITY Act' Empower to Hold the 'Power of Death' Over the Crypto World?

marsbit03/06 03:21

USDsui launch: Inside SUI’s ‘strategic’ move to shake up DeFi

The Sui Network has launched USDsui, its first native stablecoin, marking a strategic move to capture liquidity and strengthen its position in DeFi. Unlike traditional stablecoins, USDsui is designed not only to facilitate payments but also to enhance SUI's tokenomics by channeling the yield generated from its issuance into token buybacks. This mechanism reduces SUI's circulating supply and creates a feedback loop aimed at driving long-term value. The launch comes at a critical time, as regulatory clarity from the anticipated CLARITY Act—which has increased market confidence in stablecoins—could legitimize and boost USDsui's adoption. Despite SUI's recent performance challenges, including a significant decline in liquidity and price, the introduction of USDsui is positioned as a key catalyst for fundamental and technical growth, potentially reshaping SUI's role in the DeFi ecosystem.

ambcrypto03/06 03:02

USDsui launch: Inside SUI’s ‘strategic’ move to shake up DeFi

ambcrypto03/06 03:02

Hyperliquid Policy Center Maps Out Multi-Year Agenda, CEO Sets 3 Key Goals

Jake Chervinsky, CEO of the Hyperliquid Policy Center (HPC), has outlined a multi-year policy agenda to reshape DeFi regulation in the U.S. The independent research and advocacy organization aims to promote clear rules for decentralized finance, focusing on expanding lawful U.S. access to decentralized perpetual derivatives markets and protecting open-source developers from being misclassified as financial intermediaries. HPC is actively supporting the CLARITY Act to include explicit protections for DeFi builders. Chervinsky highlighted three key goals: establishing CFTC and SEC pathways for legal trading of commodity and equity perpetuals on decentralized platforms like Hyperliquid, and securing passage of the CLARITY Act with strong developer safeguards.

bitcoinist03/05 23:02

Hyperliquid Policy Center Maps Out Multi-Year Agenda, CEO Sets 3 Key Goals

bitcoinist03/05 23:02

Cardano Founder Shares What To Expect For XRP If The Clarity ACT Is Passed

Cardano founder Charles Hoskinson states that the proposed Digital Asset Market CLARITY Act could provide established tokens like XRP with clearer regulatory treatment, effectively granting them a "grandfathered" status that spares them from being classified as securities. However, he strongly criticizes the bill for its default treatment of all new tokens as securities, which he argues gives the SEC too much power and creates significant obstacles for future crypto innovation. He also highlights that the bill offers no protections or pathways for decentralized finance (DeFi) projects and stablecoin yields. In contrast, Ripple CEO Brad Garlinghouse supports the bill as a workable starting point, creating a notable divide within the industry.

bitcoinist03/05 21:02

Cardano Founder Shares What To Expect For XRP If The Clarity ACT Is Passed

bitcoinist03/05 21:02

Yen Stablecoins: Can Japan Leverage the Global $40 Trillion On-Chain Arbitrage Trade?

The Japanese government and major financial institutions, led by Prime Minister Fumio Kishida’s national Web3 strategy, are pushing to introduce a compliant yen-backed stablecoin to reclaim influence in the crypto space, currently dominated by dollar stablecoins like USDT and USDC. The strategy, spearheaded by financial giant SBI Group in partnership with Startale Labs, aims to replicate Japan’s traditional role in global "yen carry trades" — where investors borrow low-yield yen to invest in higher-yielding assets — on the blockchain. The planned stablecoin, JPYSC, would enable 24/7 leveraged trading in DeFi and serve as a settlement layer for tokenized assets like stocks and real-world assets (RWA). However, Japan faces significant hurdles: limited liquidity of existing yen stablecoins (only around $20M in circulation), unclear regulatory treatment of stablecoin reserves and capital requirements, and high crypto taxation (currently 55%) that stifles retail participation. Despite plans to reduce taxes and reclassify crypto as a financial product, progress has been slow. If successful, Japan could position the yen as a core non-dollar base asset in the growing $40 trillion on-chain credit and arbitrage market, competing with US dollar stablecoin dominance and other regions like Europe (under MiCA) and the UAE. The effort represents a strategic move to extend Japan’s monetary influence into the digital economy.

marsbit03/05 15:43

Yen Stablecoins: Can Japan Leverage the Global $40 Trillion On-Chain Arbitrage Trade?

marsbit03/05 15:43

Compared Against Ethereum’s Next Cycle Projections, Ozak AI Displays a Significantly Steeper Upside Curve

As the cryptocurrency market anticipates the next major bull cycle, Ethereum (ETH) is projected to see steady growth, with some analysts forecasting prices between $8,000 and $10,000—a 2.6× return from current levels. In contrast, emerging AI-native project Ozak AI ($OZ) is generating significant attention due to its dramatically steeper upside potential. Currently in Phase-7 of its presale at $0.014, $OZ has already risen roughly 1,300% from its initial $0.001 price. If it reaches its $1.00 target listing price, early investors could see returns exceeding 7,000%. Some analysts even project 700× growth within three years, far outpacing Ethereum’s more moderate forecasts. Ozak AI’s partnerships with platforms like Hive Intel, SINT, and Pyth Network are cited as key factors supporting its aggressive growth narrative. While Ethereum remains a foundational asset, Ozak AI exemplifies the high-risk, high-reward appeal of early-stage altcoins.

TheNewsCrypto03/05 12:17

Compared Against Ethereum’s Next Cycle Projections, Ozak AI Displays a Significantly Steeper Upside Curve

TheNewsCrypto03/05 12:17

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