# 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.

a16z: 7 Charts to Understand How Tokenization is Changing the Nature of Assets

"a16z: 7 Charts on How Tokenization is Changing the Nature of Assets" Tokenized Assets (or Real-World Assets - RWA) are transforming asset forms, liquidity, and financial system construction. The market recently surpassed $30 billion, stabilizing around $34 billion (excluding stablecoins), representing a tenfold increase in less than two years, driven by clearer regulations, mature institutional infrastructure, and increased financial institution adoption. The primary driver of recent growth is tokenized U.S. Treasury bonds. These offer investors efficient, flexible digital access to yield-bearing assets and improve institutional operations like settlement and collateral management. Other asset classes show varied growth: asset-backed credit leads, followed by niche financial assets (e.g., reinsurance, mining notes), while venture capital took longer to scale. Market segmentation shows high concentration. In commodities, tokenized gold dominates (~$5 billion), as its standardized, storable nature fits tokenization well. Bonds are the largest category ($15.2B), but only ~5% are used in DeFi protocols. Conversely, smaller niches like reinsurance tokens see high (~84%) on-chain utilization, highlighting a core industry divide: most current tokenized assets are merely digitized records for easier holding/transfer, lacking the "composability" (free combination/interaction) that is key to blockchain-native finance. The ecosystem is distributed across multiple blockchains, with Ethereum hosting over half the value ($15.7B), followed by BNB Chain, Solana, and others. Future market size predictions vary widely (e.g., $2-$30 trillion by 2030+), but all indicate massive potential from the current small base. Tokenized assets currently represent minuscule fractions of their global counterparts (e.g., 0.01% of global bonds). The current phase focuses on digitizing straightforward assets. The next challenge is to bring more complex financial components on-chain and deeply integrate tokenized assets into composable, internet-native financial infrastructure.

链捕手05/24 06:25

a16z: 7 Charts to Understand How Tokenization is Changing the Nature of Assets

链捕手05/24 06:25

a16z: How Tokenization is Transforming the Nature of Assets in 7 Charts

"Tokenized Assets: How Tokenization Changes the Nature of Assets" by a16z Crypto The market for tokenized assets, excluding stablecoins, has grown from under $3 billion two years ago to over $340 billion today. US Treasury bonds are the primary growth driver, allowing investors to hold yield-bearing assets digitally and enabling more efficient settlement. Other key sectors include private credit (growing fastest), commodities (dominated by gold), and niche financial assets. However, the market remains concentrated in tokenized US Treasuries and gold. A critical insight is that most tokenized assets currently lack "composability." While the total market is large, only a small fraction is actively used within DeFi protocols. For instance, only about 5% of tokenized bonds and a low percentage of tokenized gold are utilized on-chain. In contrast, assets like reinsurance and private credit tokens show much higher on-chain usage rates (84% and 33%, respectively). This highlights a divide: many tokenized assets are merely digital records on a blockchain without enabling new, programmable financial applications. The Pantera Capital Token Native Index indicates over 70% of tokenized assets have minimal on-chain native functionality. Ethereum remains the dominant blockchain for tokenized assets (over $150B), but the ecosystem is diversifying across chains like BNB Chain, Solana, and Stellar, based on factors like cost and compliance. Major institutions forecast massive future growth, with predictions for the tokenized asset market ranging from $2 trillion to over $30 trillion by the early 2030s. However, compared to the global financial system (e.g., ~$140T bonds, multi-trillion dollar gold market), tokenized assets currently represent a tiny fraction (0.01% or less). The conclusion is that while tokenization has begun by digitizing and streamlining settlement for simpler assets, the next phase involves bringing more complex financial instruments on-chain and deeply integrating them into composable, internet-native financial infrastructure.

Odaily星球日报05/24 05:50

a16z: How Tokenization is Transforming the Nature of Assets in 7 Charts

Odaily星球日报05/24 05:50

a16z: 7 Charts to Understand How Tokenization Is Changing the Nature of Assets

a16z: 7 Charts on How Tokenization is Transforming the Nature of Assets Tokenized Assets, often referred to as "real-world assets" (RWA), are altering the form, flow, and structure of the financial system. The market recently surpassed $30 billion (excluding stablecoins), driven largely by tokenized U.S. Treasuries. These offer investors digital, yield-bearing assets with efficient settlement. Growth varies significantly by asset class. Asset-backed credit leads in speed, followed by niche financial assets, while venture capital and active strategies took longer to scale. U.S. Treasuries and commodities dominate, holding about two-thirds of the current market share. Within commodities, gold tokenization dominates entirely due to its standardization and historical appeal in crypto. The ecosystem is spread across multiple blockchains. Ethereum holds over half the market, with others like BNB Chain, Solana, and Stellar holding significant shares. However, a key insight is that most tokenized assets currently lack "composability." While the total market is large, only a small fraction (e.g., 5% of tokenized bonds) is used within DeFi protocols. Many tokens are simply digital records of off-chain assets, not natively programmable financial building blocks. In contrast, smaller categories like reinsurance tokens see very high on-chain usage. Looking ahead, forecasts for the tokenized asset market by 2030 range from $2 trillion to over $30 trillion, representing immense potential growth from today's ~$340 billion base. Yet, relative to global markets (e.g., $140T+ in bonds), tokenization's penetration remains minuscule (<0.02%). The current phase focuses on digitizing straightforward assets for efficiency. The next major challenge is bringing more complex financial instruments on-chain and integrating tokenized assets into truly composable, internet-native financial infrastructure.

marsbit05/24 04:25

Under the squeeze between giants Tether and Circle, how can foreign exchange stablecoins break through?

In the face of dominance by Tether (USDT) and Circle (USDC), new entrants in the stablecoin space face significant challenges competing directly, especially in the foreign exchange (FX) market. A more viable and efficient path forward is the adoption of synthetic foreign exchange (Forex) built atop existing USD stablecoin rails. The rise of stablecoin neo-banks represents the next major growth area for mass crypto adoption, with FX becoming a core component. However, replicating the vast liquidity, distribution channels, and network effects of USDT/USDC is extremely difficult for new FX stablecoin issuers. The total market cap of all FX stablecoins is a fraction (roughly 1/700th) of USD stablecoins, leading to issues like poor liquidity, peg instability, limited acceptance, and complex compliance hurdles. Instead of issuing spot FX stablecoins, the article advocates for a model inspired by traditional finance's non-deliverable forwards (NDFs). Users would continue to hold underlying USDT/USDC, while their account balances are displayed and economically settled in their preferred local currency through MtM (Mark-to-Market) NDF structures. This approach leverages the deep liquidity and infrastructure of USD stablecoins while providing synthetic forex exposure. Key advantages include strong peg stability via oracles, retained access to USD stablecoin yields and liquidity, high capital efficiency, and easy scalability to new currencies. Primary use cases for this on-chain NDF forex include: 1. Neo-banks, custodians, and wallets offering multi-currency accounts to attract international users and increase deposits. 2. Forex carry trade strategies, potentially offering more stable and scalable yields compared to crypto-native products like Ethena. 3. Global corporate payments, allowing businesses to receive payments in local currencies while hedging forex risk on-chain, similar to services offered by Stripe in traditional finance. This synthetic forex model presents a pragmatic solution to overcome the network effects of incumbents and unlock the next wave of stablecoin utility for global consumers and businesses.

marsbit05/24 00:30

Under the squeeze between giants Tether and Circle, how can foreign exchange stablecoins break through?

marsbit05/24 00:30

Why Haven't Forex Stablecoins Taken Off?

Why FX Stablecoins Never Took Off: A Path Forward via Synthetic FX Despite the explosive growth of stablecoin-powered digital banking, which has seen ~$6B in VC investment and a 24x surge in crypto card spending in under a year, a major limitation persists: these banks are essentially dollar-only accounts. This leaves 95-99% of global accounts, which are denominated in non-USD currencies, underserved. Attempts to create native foreign currency (FX) stablecoins (like EURC) have largely failed, with total FX stablecoin TVL at ~$600M compared to $400B for USD stablecoins—a 700x gap. These FX tokens face critical challenges: fragile pegs due to low liquidity, limited exchange/FinTech acceptance, poor on/off-ramps, complex regional compliance, and a chicken-and-egg adoption problem. The article argues that the solution lies not in competing with entrenched USD stablecoin networks (USDT/USDC), but in adopting a synthetic FX model inspired by traditional finance. Specifically, it advocates for Mark-to-Market Non-Deliverable Forwards (NDFs)—cash-settled FX derivatives that allow users to maintain underlying USD stablecoin holdings while having their account balance and P&L denominated in a foreign currency. This approach offers key advantages: strong oracle-based pegs, retention of deep USD stablecoin liquidity and yield, superior on/off-ramps, scalability to any currency with a reliable feed, and capital efficiency. It mirrors how modern institutional FX markets operate. Primary use cases for on-chain NDFs include: 1. **Digital Banks/Wallets:** Enabling multi-currency accounts for international users without leaving the USD stablecoin ecosystem, boosting deposits and retention. 2. **FX Carry Trade Vaults:** Offering access to sovereign interest rate differentials (e.g., earning yield on BRL) in a more stable and scalable format than crypto-native products like Ethena. 3. **Global Enterprise Payments:** Allowing merchants to receive payments in local currency equivalents while settling in USD stablecoins, similar to services offered by Stripe for fiat. The conclusion is that synthetic FX, not native FX stablecoins, is the viable path to integrating foreign exchange into the growing stablecoin digital banking landscape, potentially unlocking the next phase of institutional DeFi and multi-trillion-dollar global adoption.

链捕手05/23 04:02

Why Haven't Forex Stablecoins Taken Off?

链捕手05/23 04:02

Strategy Watch #4

Strategy Watch #4 provides a monthly institutional analysis of digital asset fund performance and allocation trends. The report covers six sections. Key findings for April show mixed capital flows: Bitcoin outflows eased significantly, nearing neutral, while stablecoin inflows surged to multi-month highs, indicating a defensive rotation into dollar instruments. Ethereum remained in persistent net outflow. ETF and DAT flows were positive for Bitcoin, while Ethereum flows staged a notable late-month reversal from deep outflows to meaningful inflows. However, DeFi TVL on Ethereum reversed its March stabilization, with accelerated outflows suggesting sustained allocator caution toward on-chain yield strategies. CME basis yields for both BTC and ETH deteriorated sharply, turning deeply negative as futures moved into backwardation, removing carry opportunities. Across strategies, all sub-strategies posted gains for the month, a rare alignment. Despite a more constructive market backdrop, manager cash levels climbed to multi-year highs, indicating selective and cautious positioning. The report also includes a DeFi/Yield strategy deep dive, on-chain vault performance analysis, and updates on institutional allocations, including rising pension fund activity.

insights.glassnode05/22 14:48

General Tensor and Talisman Joining Forces To Build Financial Rails for Decentralized AI

General Tensor and Talisman Wallet have partnered to build advanced financial infrastructure for the Bittensor decentralized AI network. The collaboration combines Talisman's secure wallet and institutional multi-signature technology with General Tensor's validator operations, mining infrastructure, and trading platform ecosystem. The goal is to move beyond basic wallets to create a seamless "agent-ready" stack that connects user or AI agent intent directly to on-chain execution for activities like custody, trading, and staking. This addresses the growing need for sophisticated financial tools as institutional participants like funds and DAOs engage with decentralized AI, shifting focus from mere token speculation to operational infrastructure. The partnership aims to lay the groundwork for future autonomous AI agents to interact with decentralized networks.

TheNewsCrypto05/22 13:07

General Tensor and Talisman Joining Forces To Build Financial Rails for Decentralized AI

TheNewsCrypto05/22 13:07

Solayer Unveils Multi-Asset Perpetual Trading Platform Dubbed Margin Trade

Solayer, a high-performance Solana Virtual Machine-compatible Layer 1 blockchain, has launched public testing for its multi-asset perpetual trading platform, Margin Trade. Built by former Citadel and Kraken traders, the platform enables unified margin, on-chain trading of both crypto and traditional assets like gold, oil, and a U.S. equities index. Following a private beta, the public testnet launch aims to offer capital efficiency and real-time execution in a single environment, moving away from fragmented traditional platforms. Margin Trade leverages Solayer's InfiniSVM infrastructure, which supports over 330,000 transactions per second with fast finality and low fees via SOL for gas, enabling high-throughput decentralized applications. This launch is part of Solayer's broader financial product diversification, which includes its Solayer Pay stablecoin platform. Backed by a $35 million ecosystem fund, future plans for Margin Trade include adding single-stock equities and volatility products, along with trading competitions and incentive programs.

TheNewsCrypto05/22 12:58

Solayer Unveils Multi-Asset Perpetual Trading Platform Dubbed Margin Trade

TheNewsCrypto05/22 12:58

From 'I'd Rather Have a Banana' to Selling 80% of His Bitcoin: Mark Cuban's Love-Hate Relationship with Crypto

Mark Cuban, billionaire entrepreneur and former Dallas Mavericks owner, has sold most of his Bitcoin holdings, stating it failed as a hedge against dollar weakness and geopolitical turmoil. He cited Bitcoin's drop during recent Iran tensions while gold rallied. Cuban's crypto journey began with skepticism in 2019, comparing Bitcoin to collectibles. He shifted during the 2021 bull market, publicly endorsing crypto and revealing a portfolio of 60% Bitcoin, 30% Ethereum. That same year, he suffered losses in the Iron Finance DeFi collapse. From 2022, his focus turned to legal battles, including a dismissed lawsuit over Voyager Digital promotion. By 2025, he expressed disappointment in crypto, particularly Bitcoin and NFTs. His seven-year arc mirrors a retail cycle from doubt to enthusiasm to disillusionment, with his views heavily influenced by price trends and macro events.

marsbit05/22 12:20

From 'I'd Rather Have a Banana' to Selling 80% of His Bitcoin: Mark Cuban's Love-Hate Relationship with Crypto

marsbit05/22 12:20

I Tested with $10,000: Zero Wear, 8% APY, and Earn Points (Full Tutorial + Screenshots Included)

**Title:** My $10,000 Real-World Test: Zero Wear-and-Tear, ~8% APY, Plus Earning Points (Full Guide + Screenshots Included) **Summary:** This article details a personal experiment with $10,000 on the StandX platform to verify its advertised ~8% APY for its stablecoin, DUSD, while earning trading points. The author created two accounts, each depositing $5,000 worth of DUSD, and used StandX's unique "Block Trade" feature to open perfectly offsetting long and short BTC positions (2x leverage each). This neutralized directional market risk. **Key Results (Over 8 Days):** * **Total Profit:** $16.91 (~7.8% annualized). * **Zero Net Directional P&L:** BTC price movements canceled out. * **Zero Wear-and-Tear:** No losses from fees, slippage, or gas from frequent trading. * **Points Earned:** 380+ trading points. **Source of the ~8.46% APY:** The yield is composed of three layers, all paid in DUSD (real USD value, not governance tokens): 1. **DUSD Base (~1.27%):** Derived from funding rates (similar to Ethena's USDe). 2. **SIP-2 Position Boost (~2.27%):** A protocol revenue-sharing mechanism. Users providing liquidity (via open positions) earn a share of platform trading fees. Leverage acts as a multiplier on this yield. 3. **SIP-3 Universal Fee Share (~4.92%):** A portion of all platform trading fees is distributed to *every* DUSD holder, regardless of whether they trade. **Sustainability Claim:** The author argues this yield is more sustainable than pure funding-rate models (e.g., Ethena) because over 7% of it comes from transaction fees (SIP-2 + SIP-3), which are less dependent on market cycles. **Step-by-Step Strategy:** A concise 3-step guide is provided for replicating the zero-risk strategy using two wallets and StandX's Block Trade to create matched long/short positions. **Risk Disclosures:** The article notes standard DeFi risks: smart contract vulnerability and yield fluctuation (Base yield varies with funding rates; SIP-2/3 yields depend on platform trading volume). **Author's Note:** The author discloses their role in Growth at StandX. The piece is presented as personal testing and analysis, not investment advice.

链捕手05/22 09:41

I Tested with $10,000: Zero Wear, 8% APY, and Earn Points (Full Tutorial + Screenshots Included)