# Сопутствующие статьи по теме Lending

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

From a $270 Billion Peak to a Flash Crash: DeFi Ventures into the Deep Waters of Financial Infrastructure

DeFi in 2025 experienced a dramatic rollercoaster, with Total Value Locked (TVL) surging to a historic peak of $277.6 billion before a sharp "10/11 Flash Crash" wiped out gains, ending the year with only a 3.86% increase to $189.35 billion. Despite volatility, key sectors evolved significantly: - **Staking** matured, with Ethereum securing over 30% of its supply, while Lido’s dominance declined to 24%. Restaking protocols like EigenCloud (TVL peak: $22B) and Ether.fi grew rapidly. - **Lending** hit a record $1.25T TVL, with Aave leading (>50% share). Shift from CDP (e.g., Maker) to money market protocols accelerated. - **DEXs** gained traction, capturing 21.71% of spot trades vs. CEXs at peak. Uniswap remained dominant, while Solana DEXs like HumidiFi challenged with low-fee models. - **Perp DEXs** like Hyperliquid ($3.55T volume) saw explosive growth, though competition intensified from Aster and Lighter. - **RWA** expanded, with tokenized assets exceeding $20B. BlackRock’s BUIDL fund grew to $1.75B, and tokenized commodities surged. - **Stablecoins** faced regulatory shifts (e.g., MiCA, GENIUS Act), with USDT and USDC leading. Yield-bearing stablecoins like Ethena’s USDe rose but later crashed, exposing systemic risks. The year highlighted DeFi’s growth into global financial infrastructure, alongside vulnerabilities in leverage and governance.

marsbit01/06 03:16

From a $270 Billion Peak to a Flash Crash: DeFi Ventures into the Deep Waters of Financial Infrastructure

marsbit01/06 03:16

Aave Founder Responds To Governance Tension With Strategic Plan – Details

Aave founder Stani Kulechov has introduced a strategic plan to address governance tensions and drive long-term growth, following a recent DAO vote where a proposal to transfer full control of the protocol’s brand and front-end assets to the community was overwhelmingly rejected. Kulechov emphasized the need to expand beyond crypto-native lending into real-world assets (RWAs) and institutional markets, targeting a $500 trillion asset base and onboarding millions of users. The upcoming Aave V4 will feature a flexible architecture to support new lending models and asset classes safely. He argued that consumer products should be developed by autonomous teams rather than directly by the DAO to ensure agility, while committing to share off-protocol revenue with token holders and establish clearer branding and revenue alignment.

bitcoinist01/04 11:16

Aave Founder Responds To Governance Tension With Strategic Plan – Details

bitcoinist01/04 11:16

Ripple Dev Says Get Ready For 2026, All The New Things Coming For XRP

Ripple's Head of Engineering, J. Ayo Akinyele, has announced that 2026 will be a transformative year for the XRP Ledger (XRPL). Key upcoming innovations include enhanced privacy features, improved programmability for developers, and greater interoperability with other blockchains using Zero-Knowledge (ZK) technology. DeFi functionality, such as on-chain lending, is also a major focus. Additionally, foundational upgrades aimed at improving scalability, resilience, and long-term stability are planned. Akinyele emphasized the critical role of the community and encouraged continued commitment as XRPL prepares for this next evolutionary phase.

bitcoinist01/04 05:06

Ripple Dev Says Get Ready For 2026, All The New Things Coming For XRP

bitcoinist01/04 05:06

Top XRP Ledger Developments Investors Should Be Aware Of

The XRP Ledger (XRPL) has introduced version 3.0.0, featuring five key amendments under validator review with voting open until January 2026. These amendments aim to improve network reliability, performance, and future use cases. They include: fixAMMClawbackRounding to resolve AMM accounting errors; fixIncludeKeyletFields to add missing identifying fields; fixMPTDeliveredAmount to restore missing metadata for payments; fixPriceOracleOrder to ensure consistent asset pair ordering; and fixTokenEscrowV1 to correct MPT escrow accounting. Additionally, Ripple announced an upcoming XRPL Lending Protocol for institutional use, offering fixed-term, fixed-rate, and underwritten credit via Single Asset Vaults, expected by 2026.

bitcoinist12/26 19:57

Top XRP Ledger Developments Investors Should Be Aware Of

bitcoinist12/26 19:57

Crypto Market Trends from Pantera Capital. What Will Be Relevant in 2026

Pantera Capital's partner, Joey Yu, outlines key crypto trends for 2026. Major developments include the integration of AI into consumer crypto services for analytics and autonomous trading, the growth of capital-efficient on-chain lending with AI-driven credit scoring, and the expansion of gold-backed stablecoins as a key RWA segment. Prediction markets will bifurcate into financial (DeFi-integrated) and cultural (community-focused) sectors. The x402 protocol will evolve into a mainstream crypto payment solution, with Solana leading in transaction volume. Privacy-as-a-Service offerings will emerge for enterprises, and the threat of quantum computing will push institutions to secure old Bitcoin holdings. The DAT company market will consolidate, and governance token models will be challenged by new equity-like structures. Hyperliquid is predicted to dominate the perpetual futures DEX market, while proprietary AMMs will become multi-chain and handle most of Solana's volume. Finally, major fintech firms will adopt stablecoins for cross-border payments.

RBK-crypto12/26 12:08

Crypto Market Trends from Pantera Capital. What Will Be Relevant in 2026

RBK-crypto12/26 12:08

Thin Profit Business? No, DeFi Lending Protocols Are the Underestimated 'King of Value'

In the DeFi lending ecosystem, protocols like Aave and SparkLend capture more value than downstream vaults and even upstream asset issuers, challenging the notion that distribution is king. Despite perceptions of thin margins, lending protocols generate higher revenues than the vaults built on top of them. For example, Ether.fi’s vault pays Aave $4.5M in annual interest fees while earning only $1.07M in platform fees. Similarly, Fluid and Mellow vaults contribute significantly more value to lending protocols than they capture themselves. Even compared to asset issuers like Lido, lending protocols often yield greater economic benefits due to their central role in the credit stack. The true moat of lending protocols lies in their position as the highest value-capture layer in the on-chain credit value chain.

marsbit12/25 11:10

Thin Profit Business? No, DeFi Lending Protocols Are the Underestimated 'King of Value'

marsbit12/25 11:10

DeFi Is No Longer 'Sexy'

DeFi is losing its "sense of exploration" as it matures. While infrastructure and execution have improved, the ecosystem has become highly optimized around a narrow set of behaviors—primarily trading, short-term leverage, and incentive-driven participation. Capital now expects yield as compensation for risk rather than as a return on genuine utility. Lending functions more like instant financing than credit, and user engagement is often "rented" through incentives rather than sustained by organic demand. This efficiency comes at a cost: DeFi feels less like an open frontier and more like a refined but closed loop serving the same sophisticated users. Trust has been eroded by years of exploits, making users cautious and less willing to engage with experimental protocols. The core promise of DeFi—permissionless access, composability, and global liquidity—remains valid. However, the system now prioritizes speed, optionality, and exit liquidity, which limits its ability to attract new types of users or support long-term behaviors. For DeFi to regain its relevance, it must encourage different rational behaviors—such as capital staying through cycles, genuine credit markets, and yield based on real demand—not just repeated efficiency gains. Otherwise, it risks remaining a powerful but niche system.

marsbit12/25 10:09

marsbit12/25 10:09

After the ARFC Proposal, Does Aave Still Have Long-Term Investment Value?

An ARFC governance proposal has sparked significant debate within the Aave community, focusing on the control of brand assets and revenue distribution. The proposal, initiated by a former Aave Labs CTO, calls for transferring control of key intangible assets—including domain names, social media accounts, and the Aave brand—to the Aave DAO. This follows concerns that revenue from front-end operations, such as fees from CoW Swap integration, was directed to Aave Labs without DAO approval, raising issues of transparency and value capture for AAVE token holders. Snapshot voting, held from December 23–26, 2025, showed 64.15% against the proposal, 32.85% abstaining, and only 3.01% in favor, reflecting deep community division. The voting timeline over the holiday also drew criticism for potentially limiting participation. A large whale sold 230k AAVE during this period, causing a 10% price drop, though this was seen as a short-term reaction to governance uncertainty rather than a loss of faith in Aave’s fundamentals. Aave remains a leading DeFi lending protocol with over $33B TVL and a 60% market share. Recent developments include the conclusion of an SEC investigation with no action, plans for Aave V4 with cross-chain liquidity, expansion into RWA (real-world assets) aiming for $1B in scale, and a push toward mobile-friendly savings applications. The proposal highlights ongoing tension between decentralized governance and centralized execution as Aave scales. How Aave resolves this governance challenge may impact its long-term competitiveness, especially compared to protocols like Uniswap, which has successfully aligned tokenomics with protocol revenue.

marsbit12/24 11:27

After the ARFC Proposal, Does Aave Still Have Long-Term Investment Value?

marsbit12/24 11:27

Avon Co-founder's Viral Article: Why Has DeFi Lost Its Charm?

The article "Why DeFi Has Lost Its Charm" by Avon co-founder Prince argues that DeFi is no longer perceived as innovative or exciting, despite continued development and maturation. The core issue is a shift in user psychology from curiosity to caution, and a convergence of user behavior around incentives rather than genuine utility. DeFi Summer represented a period of rapid innovation and market structure formation, but today's DeFi often feels like a repetition of established patterns with better execution. User behavior has become highly speculative and optimized around trading, leverage, and easy exits. This has shaped the ecosystem's expectations: participation is now something that requires monetary compensation, rather than being driven by a product's inherent usefulness. Lending in DeFi, for example, has evolved into short-term financing for positions like leverage and arbitrage, rather than functioning as a true credit market. Yield has become a baseline expectation for participation, justified by the numerous risks (smart contract, governance, oracle, bridge risks). This leads to a "rented" adoption—activity spikes during incentive programs but vanishes afterward, making it difficult to build sustainable, long-term projects. Trust has also been eroded by years of exploits, scams, and governance failures, making users more cautious and less willing to explore new projects. This risk aversion, combined with the high compensation demanded for risk, has compressed the space for experimentation. The author concludes that DeFi hasn't failed; it has successfully optimized for a specific set of behaviors (liquidity, speed, exit ease) but in doing so, has made it harder to expand into new use cases. For DeFi to regain its charm, it must create structures that make different user behaviors rational—where capital stays for reasons beyond incentives, and yield represents a responsible decision rather than a headline number. This would lead to quieter, slower, but more sustainable growth driven by genuine need.

Odaily星球日报12/24 09:51

Avon Co-founder's Viral Article: Why Has DeFi Lost Its Charm?

Odaily星球日报12/24 09:51

DeFi Has Not Collapsed, But Why Has It Lost Its Charm?

DeFi has not collapsed, but it is losing its sense of exploration and novelty. While the infrastructure has matured and execution has become more efficient, participation has become highly homogenized, centered around incentives, short-term financing, and speculative trading rather than genuine credit markets or long-term engagement. The ecosystem has optimized for behaviors favored by traders—liquidity, leverage, and quick exits—making yield less a reward for risk-taking and more an expected compensation for participation. This has led to capital that is highly mobile but discontinuous, often “rented” during incentive periods rather than sustainably engaged. Trust has also shifted from curiosity to caution due to past failures, making users more risk-averse and less likely to experiment. DeFi’s current form successfully serves a niche group but struggles to expand beyond its optimized behaviors. For DeFi to regain relevance, it must encourage new types of rational behavior—such as longer-term capital commitment, structured credit, and sustainable yield—rather than perpetuating the same incentive-driven patterns. This would require building systems that attract users through real utility rather than subsidies, even if growth is slower and less dramatic.

marsbit12/24 07:06

DeFi Has Not Collapsed, But Why Has It Lost Its Charm?