# Сопутствующие статьи по теме TVL

The RWA Narrative Is So Strong, So Why Are All RWA Tokens Falling? I Think the Logic Was Flawed from the Start

Despite the strong RWA (Real World Assets) narrative, with on-chain government bonds exceeding $4B+ and major institutions like BlackRock and Franklin Templeton entering the space, the tokens of RWA projects have been declining significantly. The author argues that the core issue lies in flawed token economic models. Many RWA projects fall into a "death spiral": users deposit assets to earn RWA yields and receive token rewards, but then sell the tokens, causing prices to drop. This happens because tokens are used as subsidies rather than value carriers. Users don’t need to hold tokens to access RWA yields, creating constant sell pressure with no buy-side demand. The solution is to focus on sourcing high-quality RWA assets that offer attractive APY, consensus (market recognition), stability, and security. Token utility should be redesigned to grant holders exclusive access to premium assets, higher yields, or priority allocations. This creates real demand for the token. The author emphasizes that success will come from building solid asset foundations first, letting user demand support the token—not the other way around.

marsbit03/16 03:15

Deconstructing the Capital Game of Public Chain Pharos: A $950 Million Valuation Propped Up by Photovoltaic and Other Assets, A Shell Transaction Under Layers of Betting?

The article investigates the recent $247.3 million investment by Hong Kong-listed GCL New Energy into the Layer 1 blockchain project Pharos at a $950 million valuation. It reveals the deal is not a straightforward investment but a complex, multi-stage transaction bound by stringent performance milestones. The core of the agreement is a set of mutual, conditional investments. Pharos must first purchase up to $1.5 billion HKD worth of GCL shares. However, GCL's reciprocal investment in Pharos tokens is contingent upon a series of strict, performance-based vesting conditions. The entire deal is split into five tranches, each unlocking only if the Pharos token lists on an exchange without falling below its issue price and maintains a high fully diluted valuation (FDV) over successive three-month periods. If any condition fails, the entire agreement can be terminated. The article questions the legitimacy of the $950 million valuation, which was calculated based on a purported $250 million in Total Value Locked (TVL). Notably, over half of this TVL is claimed to be from real-world assets (RWA), specifically photovoltaic and power station assets linked to GCL—a highly unconventional method for valuing a Layer 1 blockchain. Furthermore, the mainnet is not yet live, and the TVL figure is unverified by independent data platforms. The author suggests the deal is a "capital game" designed to boost GCL's stock price, which saw suspicious pre-announcement surges, and to create hype for the upcoming Pharos token launch, ultimately passing the risk onto the market and future investors.

marsbit03/15 05:49

MORPHO price prediction – Watch out for THIS key level after 9% daily surge!

ambcrypto03/11 06:02

IOSG: A Panoramic View of On-Chain Yields, from Yield-Bearing Stablecoins to the Evolution of Crypto Credit Products

IOSG Research analyzes the on-chain yield landscape, highlighting the growing preference for yield-bearing stablecoins and fixed-income products during bear markets. While bull markets drive TVL growth across all yield products, bear markets see capital shift toward lower-risk, stablecoin-based options. Key trends include protocols expanding into front-end (wallets, mobile interfaces) and back-end services (stablecoin-as-a-service for L1/L2 chains). Anticipated U.S. interest rate cuts may reduce Treasury yields, pushing yield-bearing stablecoins to diversify into alternative real-world assets (RWA) like private credit and GPU financing. The report also notes institutional adoption through end-to-end staking services and crypto-native credit products (e.g., preferred shares), which function as crypto equivalents to Treasury bonds, offering stable yields from DeFi and staking revenues. Exclusive yield sources and transparent revenue-sharing models are becoming crucial differentiators.

marsbit03/10 11:26

Aave’s revenue surges despite DAO turmoil – Is lending DeFi’s backbone now?

Despite internal governance turmoil, Aave has demonstrated strong and consistent revenue growth, underscoring the resilience of lending protocols as a stable revenue engine within DeFi. While speculative sectors like DEXs and NFTs experience volatility, Aave generated $1.62 million in daily fees and $82.14 million over 30 days, supported by $32.4 billion in TVL. Its stablecoin utilization rates remain near 60–70%, reflecting sustained borrowing demand rather than speculative activity. With cumulative revenue approaching $145 million over the past year and over $1 trillion in total loan volume, Aave continues to function as DeFi’s core on-chain credit infrastructure, facilitating trading, arbitrage, and treasury management activities.

ambcrypto03/08 03:02

Liquidity shock? LIT drops 16% after Justin Sun pulls funds from Lighter

LIT, the native token of Lighter DEX, dropped over 16% to a record low of $1.15 following reports that Justin Sun withdrew $40.76 million from its liquidity pool. In total, Sun removed $152 million, representing 18% of the platform's total USDC TVL. This triggered significant net outflows of $155.1 million on March 5th, the second-largest daily withdrawal in the platform’s history. Sun clarified that he was “rebalancing” his wallets and intends to redeposit the funds, reaffirming his long-term bullish stance on Lighter. Despite the sell-off, major LIT whales did not reduce their holdings, suggesting the downturn was driven by retail and leveraged traders.

ambcrypto03/07 07:03

Recent Mass Shutdowns of DeFi Protocols: They All Have One Thing in Common

In recent months, multiple DeFi protocols have announced shutdowns, not due to exit scams but because of a lack of users, funding, or both. Projects like Angle Protocol, Polynomial, MilkyWay, and Step Finance—despite having functional products and significant past traction—were unable to sustain operations. Common challenges included an inability to attract liquidity (especially critical in derivatives), failure to achieve product-market fit, and high costs of expanding to new chains or narratives. Many teams pivoted repeatedly to chase trends like restaking or real-world assets but ran out of capital before finding sustainable demand. Others, like ZeroLend, suffered from deploying on smaller blockchains that lost liquidity during market downturns. Despite these failures, the projects shut down responsibly, allowing users to withdraw funds and avoiding reckless token launches—a sign of industry maturation compared to the reckless exits of 2022.

marsbit03/06 09:31

Opinion Almost Entirely Flipped, Airdrop Value Less Than Platform Fee Revenue?

Opinion, a prediction market platform once hailed as one of the most anticipated airdrops of 2026, has sparked significant community backlash following its Token Generation Event (TGE). Despite raising over $25 million from top VCs and being deeply integrated with the Binance ecosystem, the project repeatedly delayed its TGE, causing its points' OTC value to drop from a peak of $45 to around $6. The controversy intensified when the tokenomics were revealed: only 3.5% of the airdropped tokens (23.5% of total supply) were unlocked at TGE, with the rest vested over 7 months. In contrast, the marketing allocation saw 7.7% unlocked immediately. This, combined with large allocations to investors, team, and advisors (totaling over 54%), angered early users who had paid high transaction fees to earn points. Many users reported losses, with one notable example being an investment of $200,000 yielding only around $1,000 worth of tokens at launch. Ironically, the platform’s cumulative fee revenue exceeded $17 million, surpassing the initial airdrop’s value. As a result, user activity and TVL plummeted, raising questions about the future of prediction markets on BNB Chain.

Odaily星球日报03/05 02:48

Can ADA Price Still Surge? Cardano Founder Says The Best Is Yet To Come

Cardano founder Charles Hoskinson remains optimistic about the crypto market's future, stating that "our best days are ahead" despite recent price declines. While acknowledging regulatory concerns—such as his strong opposition to the CLARITY Act, which he believes could harm innovation—Hoskinson emphasizes long-term growth potential. Meanwhile, ADA's price dropped to $0.26 amid global risk aversion, though it has since recovered slightly above $0.27. On-chain data shows growth in Cardano's DeFi ecosystem, with its stablecoin-to-TVL ratio tripling in under a year, though recent ADA price drops have impacted dollar-denominated TVL figures.

bitcoinist03/04 22:02

Strategy Watch: February

Glassnode launches Strategy Watch, a monthly newsletter analyzing fund performance and allocation trends in digital assets. The February 2026 edition reports a sharp negative shift in capital flows for Bitcoin, Ethereum, and stablecoins since late October 2025, signaling weakening institutional demand and a defensive market regime. ETF and Digital Asset Trust (DAT) net flows have also softened, indicating slowing institutional interest. Additionally, Ethereum's DeFi Total Value Locked (TVL) has been declining since August 2025, reflecting reduced conviction in DeFi yields. The CME basis yield for both Bitcoin and Ethereum has compressed significantly, suggesting a pullback in institutional leverage and market-neutral strategies.

insights.glassnode03/03 15:24