# Сопутствующие статьи по теме DeFi

Новостной центр HTX предлагает последние статьи и углубленный анализ по "DeFi", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

When Hyperliquid Steals Solana's 'Internet Capital Market' Script

The article "When Hyperliquid Steals Solana's 'Internet Capital Markets' Playbook" discusses Solana's struggles to maintain its "internet capital markets" narrative by 2026. Despite its initial success as a high-performance "Ethereum killer," SOL's price has underperformed, dropping significantly compared to other major cryptocurrencies. Solana's vision of a global, on-chain trading network for all assets is being challenged not primarily by Ethereum, but by Hyperliquid. Hyperliquid, evolving from a perpetual contracts platform into a dedicated financial infrastructure Layer 1, has become a major beneficiary of the shift of derivatives trading from centralized exchanges to on-chain. The article argues that for high-frequency financial trading, a specialized, performance-focused chain like Hyperliquid may be more suitable than a general-purpose ecosystem like Solana. Further compounding Solana's issues was a major $200+ million exploit on its key perpetual protocol, Drift, in April, which damaged market confidence. In response, Solana founder Anatoly Yakovenko heavily promoted the protocol Phoenix as a replacement, boosting its visibility but not its trading volume, which remains far behind leading platforms. Solana supporters have launched a public critique of Hyperliquid's decentralization, pointing to its limited validators and closed-source code. Critics, however, note Solana's own declining validator count and centralization metrics. This strategy has also caused internal friction, with developers of other Solana protocols expressing discontent over the foundation's perceived favoritism towards Phoenix. The conclusion is that Hyperliquid's rise represents a challenge to the "general-purpose blockchain" narrative, proving that the core of a capital market might be a specialized trading engine rather than a broad ecosystem. If Solana cannot regain dominance in derivatives, it risks remaining a "meme coin paradise" while its grand "internet capital markets" ambition slips away.

marsbitВчера 15:07

When Hyperliquid Steals Solana's 'Internet Capital Market' Script

marsbitВчера 15:07

When Hyperliquid Steals Solana's 'Internet Capital Markets' Playbook

The article discusses how Solana's grand vision of becoming an "Internet Capital Markets" platform is facing significant challenges in 2026, primarily from the unexpected rise of Hyperliquid. Solana's performance has weakened, with its token SOL experiencing the largest price decline among major cryptocurrencies. Its core narrative of building a global, chain-based marketplace for all assets is under pressure both internally and externally. Hyperliquid, originally a perpetual futures exchange, has evolved into a dedicated Layer 1 financial infrastructure network. Its focused, trading-centric approach is attracting capital and challenging the assumption that a "general-purpose" ecosystem like Solana is necessary for a capital market. Hyperliquid's success suggests that for high-frequency trading, superior performance, liquidity, and user experience may be more critical than a broad application ecosystem. Internally, Solana's strategy suffered a blow from a major hack on the Drift Protocol in April, resulting in over $200 million in losses. In response, Solana founder Anatoly Yakovenko has heavily promoted Phoenix as a new decentralized perpetual futures platform on Solana. While this boosted Phoenix's visibility, its trading volume remains far behind leading platforms. Solana's community has launched a rhetorical attack against Hyperliquid, questioning its decentralization due to its limited validator set and closed-source code. Critics, however, point out Solana's own decreasing validator count and increasing centralization of stake. This focus on "decentralization metrics" has also caused internal friction, with other Solana ecosystem developers expressing discontent over the foundation's perceived favoritism towards Phoenix. The article concludes that the rise of Hyperliquid represents a challenge to the "general-purpose blockchain" narrative, proving that an efficient trading engine might be more central to a capital market than a vast ecosystem. If Solana cannot regain dominance in the derivatives space, it risks remaining a "meme coin paradise" rather than achieving its ambition of hosting global assets.

链捕手Вчера 15:00

When Hyperliquid Steals Solana's 'Internet Capital Markets' Playbook

链捕手Вчера 15:00

Following the KelpDAO Hack: $40 Billion in Assets Flee LayerZero, Chainlink Emerges as the Primary 'Beneficiary'

Following a major security breach in April where KelpDAO's bridge using LayerZero was attacked for approximately $292 million, a significant shift is underway in the cross-chain infrastructure landscape. An estimated $40 billion in assets is in the process of migrating or has already migrated from LayerZero to Chainlink's Cross-Chain Interoperability Protocol (CCIP). The attack exploited a single-point-of-failure vulnerability due to KelpDAO's 1-of-1 validator configuration within the LayerZero network. Attackers corrupted RPC nodes and used DDoS attacks to force the system to rely on compromised nodes, allowing fraudulent messages. While LayerZero acknowledged a serious error in allowing its validator network to service high-value transactions with such a configuration, the incident highlighted critical security risks. This triggered a rapid migration wave. Starting with KelpDAO on May 6th, several major protocols—including Solv Protocol, Re, Tydro, Kraken, and Lombard—announced switching their cross-chain infrastructure exclusively to Chainlink CCIP. The combined value of these migrations is estimated to be around $40 billion. This movement followed earlier major adoptions by Coinbase (in late 2025) and Circle (in early 2024). Market sentiment reflected this shift, with LINK's price showing relative stability while ZRO (LayerZero's token) declined significantly. Data indicates a net outflow of approximately $20.1 billion from the LayerZero network over 30 days. The migration is largely driven by perceived security differences. Chainlink CCIP employs a decentralized oracle network as its default consensus layer, featuring multiple independent node operators, a separate Risk Management Network, and built-in safeguards like rate limits. In contrast, LayerZero's highly modular architecture offers flexibility but places more responsibility on application developers to configure security settings, a risk underscored by the KelpDAO incident. LayerZero has since apologized for its communication handling post-attack and stated the protocol itself was not compromised, but rather its Labs DVN's internal RPC was poisoned. An official post-mortem report with external security partners is forthcoming.

marsbitВчера 08:10

Following the KelpDAO Hack: $40 Billion in Assets Flee LayerZero, Chainlink Emerges as the Primary 'Beneficiary'

marsbitВчера 08:10

Why is the RWA Boom Failing to Benefit DeFi?

The rapid growth of the tokenized real-world assets (RWA) market, now nearing $30 billion on-chain, has largely bypassed the DeFi ecosystem. Only about $2.47 billion is actively locked in DeFi protocols, indicating a penetration rate of just 9%. A major barrier is the "permissioned" architecture of most RWA products, like BlackRock's BUIDL fund, which are designed for institutional compliance. They require whitelisting, off-chain settlement, and strict investor accreditation, making them incompatible with open, permissionless DeFi applications like Aave or Uniswap. This is evident in categories like bonds/money market funds ($16.6B on-chain, $920M in DeFi) and tokenized equities ($2.7B on-chain, $78M in DeFi). Notable exceptions are private credit protocols (e.g., Maple Finance, Centrifuge) and assets like Ondo's USDY, which were designed from inception for DeFi composability, allowing them to be used freely as collateral. Morpho and Aave Horizon also demonstrate successful RWA lending integrations. However, industry reports (IOSCO, ECB) warn that growth may remain confined within traditional financial systems due to fragmented regulations, lack of unified standards, and inherent conflicts between DeFi's open logic and compliance requirements like minimum investments and fixed redemption windows. The RWA sector is effectively split into two markets: a compliant, permissioned on-chain finance market and a smaller DeFi-native market focused on composability. For DeFi penetration to rise significantly, asset issuers must prioritize designs that enable permissionless circulation from the start, moving away from models centered solely on institutional compliance.

marsbitВчера 07:31

Why is the RWA Boom Failing to Benefit DeFi?

marsbitВчера 07:31

Clarity Act Outlook: No Yield, No Payment

"Clear Act Outlook: No Yield, No Payment" analyzes the evolving U.S. regulatory landscape for stablecoins, focusing on the interplay between the proposed "Clarity Act" and the existing "Genius Act." The article argues that the Genius Act successfully fostered "payment stablecoins" by permitting tokenized assets like U.S. Treasuries as reserves. This created a structured market where stablecoin issuers (like USDC) must hold these reserves, often purchased as Tokenized Money Market Funds (TMMFs) from giants like BlackRock. These TMMFs are primarily B2B products, ensuring user-facing stablecoins remain non-interest-bearing and used primarily for payments. The upcoming Clarity Act is seen as the next phase, aiming to restrict passive yield on stablecoins. Its goal is to dismantle the arbitrage advantage of offshore stablecoins like USDT by redirecting Treasury demand towards compliant, U.S.-sanctioned TMMFs. For on-chain and compliant offshore dollars, this creates new pressure: they must spur adoption and utility to generate yield, as simple Treasury staking may be restricted. This indirectly promotes dollar circulation and sustained Treasury purchases. Ultimately, the analysis posits that U.S. regulation seeks to create a new dollar distribution model. By separating payment function from yield generation and anchoring both to U.S. debt instruments, it aims to embed the dollar and Treasury demand into the global crypto economy, managing yields through sanctioned intermediaries while leaving room for DeFi and cross-border arbitrage.

marsbitВчера 07:02

Clarity Act Outlook: No Yield, No Payment

marsbitВчера 07:02

Deconstructing the Real Risks of DeFi Lending: Annual Loss Rate Only 0.03%

Deconstructing the true risks of DeFi lending reveals an annual loss rate of only 0.03% from hacks and exploits. Analysis of DeFi Llama data (excluding cross-chain bridge incidents) for EVM and Solana lending protocols shows that despite high historical attack frequency due to concentrated assets, the sector's security has matured significantly. Over the past year, non-cross-chain lending on these chains saw gross losses of $309M, with net losses after recoveries at $301M. Against a daily average TVL of $99.6B, this translates to a minimal annualized loss rate of approximately 0.03%. The Euler Finance case in 2023, where $197M was fully recovered, exemplifies improving asset recovery capabilities, which now account for roughly 20% of losses in this sector. Loss events follow a log-normal distribution: most are small-scale, with catastrophic losses being rare outliers. This pattern, combined with the massive scale of the total lending market, means single incidents rarely impact the broader ecosystem. It underscores the effectiveness of portfolio diversification and provides a basis for sustainable insurance models. The data indicates DeFi lending has entered a mature phase where risks are quantifiable, categorized, and manageable. The actual financial loss relative to the total capital deployed is extremely low, challenging prevailing narratives of systemic risk.

marsbit2 дня назад 02:15

Deconstructing the Real Risks of DeFi Lending: Annual Loss Rate Only 0.03%

marsbit2 дня назад 02:15

SEC Issues Licenses for 'Wild Tokenized Stocks': A Revolution Where Listed Companies Are Stripped of Veto Power

The US SEC is reportedly set to release an "Innovation Exemption" framework, potentially allowing tokenized versions of publicly traded stocks (like Tesla or Apple) to be issued and traded on-chain without the consent of the underlying companies. This marks a significant shift from the controversy in July 2025, when Robinhood faced backlash for offering tokens linked to unlisted companies like OpenAI without their approval. The SEC's move likely legitimizes two tokenization models: "custodied certificates" where a third-party custodian holds the actual stock, and "synthetic" derivatives tracking stock prices—both operating without issuer permission. This could benefit on-chain brokers, DEXs, and RWA protocols by enabling 24/7 global trading, while concerning listed companies who lose control over secondary markets and traditional intermediaries like the DTCC. Key unresolved questions remain, such as investor eligibility (retail vs. accredited), cross-border regulatory alignment with frameworks like MiCA, legal protections for issuers if sued, and whether the 12-36 month sandbox will become permanent. This development could accelerate the migration of the world's largest asset class onto blockchain, fundamentally rewriting equity trading paradigms, though real liquidity for tokenized stocks has so far been limited.

marsbit2 дня назад 01:37

SEC Issues Licenses for 'Wild Tokenized Stocks': A Revolution Where Listed Companies Are Stripped of Veto Power

marsbit2 дня назад 01:37

"JUST 6th Anniversary x GasFree Super Carnival Month" Grandly Arrives: Enjoy "0" Gas Transfer Freedom & Share the 10,000 USDT Bonus Pool

The "JUST 6th Anniversary x GasFree Super Carnival Month" event has launched, celebrating the JUST ecosystem's six-year milestone within the TRON network. Running from May 18th to June 7th, the event features a 10,000 USDT prize pool and is designed to promote the GasFree smart wallet. GasFree, a key product of the JustLend DAO protocol, allows users to pay transaction fees directly with the token being transferred (e.g., USDT), eliminating the need to hold the network's native token (TRX) for gas. This innovation aims to simplify on-chain transactions and lower the entry barrier for new users. The carnival offers five main activities: 1. **GasFree Activation Challenge:** New users can earn random rewards (5.2-522 USDT) for activating GasFree and completing their first transfer. 2. **Transfer Rebate:** 200 users daily are randomly selected to receive a 100% rebate on their activation and transaction fees. 3. **Bitcoin Pizza Day Special:** A dedicated event with custom rewards to celebrate crypto culture. 4. **JUST 6th Anniversary Lucky Draw:** Special anniversary reward packages for lucky participants. 5. **Knowledge Quiz:** A trivia contest where users can win prizes by answering questions about JUST and GasFree. To participate, users need a compatible wallet like TronLink (recommended), Klever, Guarda, or NOW Wallet. They must then find the GasFree feature, fund it with USDT, and complete at least one USDT transfer to qualify for the rewards. The article highlights GasFree's significant adoption, reporting over 872 billion USD in cumulative transaction volume and more than 612 million USD in saved user fees since its launch. The event underscores JUST's commitment to enhancing the DeFi user experience by making on-chain interactions more accessible and cost-effective.

链捕手2 дня назад 14:42

"JUST 6th Anniversary x GasFree Super Carnival Month" Grandly Arrives: Enjoy "0" Gas Transfer Freedom & Share the 10,000 USDT Bonus Pool

链捕手2 дня назад 14:42

活动图片