# Сопутствующие статьи по теме Staking

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

The On-Chain 'Yu'ebao' Moment: The Liquidity Migration Behind the Surge of Yield-Bearing Stablecoins

Chain's "Yu'ebao Moment": The Rise of Yield-Bearing Stablecoins and the Great Liquidity Migration A fundamental shift is occurring in the stablecoin market. Moving beyond their traditional role as on-chain dollar settlement tools, a new class of yield-bearing stablecoins is experiencing explosive growth. According to CoinFound research, the total market capitalization of yield-bearing stablecoins has grown to approximately $22.7 billion as of mid-March 2026, up from around $11 billion just six months prior. This represents a rise from 4.5% to 7.4% of the overall stablecoin market. This surge is not merely a chase for higher yields but a deeper migration driven by a quest for superior **capital efficiency, control over funds, and on-chain capital management logic**. Unlike static deposits on centralized exchanges (CEXs), yield-bearing stablecoins encapsulate the right to earn yield directly into the token itself. This allows the asset to remain dynamic—it can be used simultaneously as collateral in lending protocols, margin for derivatives, or embedded into complex DeFi strategies without sacrificing its income-generating property. The primary drivers of this movement are not retail users but sophisticated on-chain capital, including professional DeFi players and institutional entities like DAO treasuries and protocol reserves. They value the compound utility of an asset that offers yield, liquidity, and composability. The report identifies three primary models generating this yield: 1. **RWA Mapping:** Backed by real-world assets like U.S. Treasury bills, offering compliant, traditional yield. 2. **Delta-Neutral/Synthetic Dollars:** A crypto-native path using derivatives hedging to generate yield from funding rates and staking rewards (e.g., Ethena's USDe). 3. **Native Staking Derivatives:** Yield sourced directly from Proof-of-Stake network rewards. The market is structurally dividing, with traditional stablecoins (USDT, USDC) consolidating as the payment layer, while yield-bearing instruments evolve into the on-chain wealth storage and capital management layer. This shift is also being accelerated by emerging regulations that restrict payment stablecoins from distributing interest, effectively challenging issuers' monopoly on reserve yields and redistributing a portion of those profits back to token holders. This represents an on-chain "Yu'ebao Moment," signaling that future competition will center on capital efficiency, wealth storage, and composability.

marsbit03/18 14:07

The On-Chain 'Yu'ebao' Moment: The Liquidity Migration Behind the Surge of Yield-Bearing Stablecoins

marsbit03/18 14:07

From Playing with Narratives to Coding: With L2 Fees Dropping Below 1 Cent, How Will Ethereum Make Money Without 'Selling Gas'?

Once the engine of Web3 narratives, Ethereum is undergoing a fundamental shift in 2026, moving from grand visions to pragmatic engineering. Its updated protocol priorities—Scale, Improve UX, and Harden the L1—signal a transition into an "engineering-driven survival" mode, pressured by intense competition. A key development is the upcoming Glamsterdam hard fork, which will drastically increase the mainnet Gas limit and introduce parallel execution. This architectural shift from a single-threaded to a multi-lane "highway" aims to boost throughput but challenges Ethereum's "full node democratization" principle, accelerating state growth and hardware demands. To counter this, the core team is pushing for ~10% of validators to adopt zero-knowledge proof validation ("SNARKing the L1"), a pivotal move towards computational efficiency. This engineering push is a direct response to external threats, notably Solana's Alpenglow upgrade, which slashes finality to under 150ms—a disruptive latency level competitive with traditional web infrastructure. Ethereum's modular architecture, while secure, struggles with the speed required for consumer-grade applications. Internally, Ethereum faces the "L2 paradox." While Layer-2 scaling solutions like Rollups have succeeded, driving transaction costs below $0.001 and vastly improving UX, they risk making the mainnet an invisible backend. This decouples users from Ethereum's core value propositions: decentralization and its validator network. Consequently, ETH's value capture model is being rewritten. The old "ultrasound money" narrative, fueled by gas fee burns, is fading as activity migrates to L2s. ETH is transforming from a retail-facing "gas seller" into a B2B "security and settlement service." Its new foundation rests on staking and restaking yields, making it resemble a digital sovereign bond—a low-yield, high-security asset backing the entire decentralized financial ecosystem. In 2026, Ethereum is proving itself not with stories, but with code. Its success hinges on this engineering pivot and ETH's ability to capture value from its new role as the foundational security layer.

marsbit03/18 05:50

From Playing with Narratives to Coding: With L2 Fees Dropping Below 1 Cent, How Will Ethereum Make Money Without 'Selling Gas'?

marsbit03/18 05:50

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