# Сопутствующие статьи по теме Yield

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

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

Huobi Growth Academy | 2025 In-Depth Crypto Market Research Report: Institutions, Stablecoins, and Regulation, 2025 Crypto Market Review and 2026 Outlook

The 2025 crypto market marked a structural turning point, shifting from retail-driven speculation to an institutionally-dominated landscape. Capital inflows via ETFs and regulated channels transformed market dynamics, reducing volatility but increasing sensitivity to macro interest rates. Stablecoins evolved into core global settlement infrastructure, with RWA (particularly on-chain U.S. Treasuries) scaling significantly, merging crypto with traditional finance. Regulatory clarity lowered institutional barriers, accelerating adoption of crypto as a configurable, auditable financial infrastructure. However, vulnerabilities in algorithmic and yield-bearing stablecoins exposed systemic risks, highlighting the need for transparency and quality differentiation. Looking to 2026, key variables include the cost of compliant capital, the quality of on-chain dollar systems, and the sustainability of real yield. Success will favor infrastructure and assets that thrive under capital, yield, and regulatory constraints.

深潮12/25 09:19

Huobi Growth Academy | 2025 In-depth Crypto Market Research Report: Institutions, Stablecoins, and Regulation, 2025 Crypto Market Review and 2026 Outlook

The 2025 crypto market underwent a structural transformation driven by three key shifts: institutional adoption, the maturation of the on-chain dollar system, and regulatory normalization. Institutional capital became the marginal buyer via ETFs and regulated vehicles, reducing volatility but increasing sensitivity to macro factors like interest rates. The market shifted from narrative-driven speculation to liquidity-driven, macro-sensitive asset allocation. Stablecoins evolved into core infrastructure, serving as the primary settlement layer and dollar proxy for on-chain economy, with transaction volumes rivaling major payment systems. Real-World Assets (RWA), particularly tokenized U.S. Treasuries, scaled significantly, introducing low-risk yield curves on-chain and merging DeFi with traditional finance. However, algorithmic and yield-bearing stablecoin failures exposed systemic fragility due to leverage and opacity. Regulatory clarity reduced institutional entry barriers, turning compliance into a competitive moat. Valuation models began incorporating regulatory costs, legal stability, and compliance efficiency, shifting focus from growth metrics to sustainable infrastructure. Looking ahead to 2026, key variables include macro liquidity conditions, the quality stratification of on-chain dollar instruments, sustainability of real yields, and the institutional moats built around compliance and distribution. The winners will be assets and infrastructures that thrive within these new constraints of capital, yield, and regulation.

marsbit12/25 08:49

RWA Utility Tokens, Stop Kidding Yourselves

The article, written by lawyer Shao Jiadian, critically examines the common claim by RWA (Real World Asset) token projects that their tokens are "utility tokens" rather than securities. The author argues that regulatory bodies globally do not classify assets based on their self-proclaimed labels but on their actual economic function and structure. The core argument is that most so-called "utility RWA tokens" involve users investing money into a common asset pool managed by the project, with the expectation of profits derived from the project's efforts (e.g., dividends, revenue sharing from assets like real estate or equipment). This structure meets the criteria of an "investment contract" and is therefore treated as a security in major jurisdictions like the U.S., EU, Switzerland, and Hong Kong. Two key legal cases are cited as evidence: 1. **DeFiMoney Market (DMM):** Its fixed-yield token and "governance" token were both deemed securities by the SEC because investors' profits came from a managed asset pool. 2. **Unicoin (2025):** An asset-backed token promising returns from real estate and equity was charged by the SEC as an unregistered securities offering and fraud. The author highlights an inherent conflict: utility tokens emphasize *use* and *consumption*, while RWA tokens are fundamentally linked to *assets* and *returns*. Any token offering profit-sharing, dividends, or redeemable cash flows will be viewed as a security by regulators. The conclusion is stark: projects are not avoiding securities laws out of ignorance but to circumvent the stricter requirements of a regulated securities offering. The only viable paths to avoid securities classification are: 1. Purely functional tokens with no profit expectation. 2. Private offerings strictly for accredited investors. 3. Operating under specific regimes like Dubai's VARA that regulate security-like tokens as virtual assets. Ultimately, any RWA token offered to the public that is tradable and promises returns will almost certainly be treated as a security. The choice for projects is not between utility and security labels, but between "long-term compliance" and "short-term gambling."

marsbit12/25 03:13

RWA Utility Tokens, Stop Kidding Yourselves

marsbit12/25 03:13

USDe outflows slash Ethena TVL by 50% after October 10 crash: What’s next?

Ethena's TVL plummeted from $14.8 billion to $7.4 billion, a 50% drop, following the October 10 market crash. This was primarily driven by massive outflows of its yield-bearing stablecoin, USDe, which saw $8 billion redeemed over two months. The outflows were partly triggered by USDe's temporary depegging on Binance during the crash. While rival stablecoins attracted inflows, Ethena's native token, ENA, fell 62% to under $0.20. Despite the bearish sentiment, on-chain data indicates dip-buying activity, including by BitMEX founder Arthur Hayes, suggesting some investors viewed the low prices as a buying opportunity.

ambcrypto12/25 02:02

USDe outflows slash Ethena TVL by 50% after October 10 crash: What’s next?

ambcrypto12/25 02:02

Strategy CEO Lifts The Curtain On Bitcoin Talks With Largest US Banks

Strategy CEO Phong Le reveals that major U.S. banks are actively engaging in Bitcoin-related discussions, driven by a need to compete with crypto-native firms like Coinbase and Fidelity. Conversations focus on foundational services such as custody and exchange, framed in traditional banking terms like "checking and savings accounts for Bitcoin." Beyond basics, banks are exploring a product roadmap including Bitcoin-backed loans, yield products, structured securities, and eventually digital money instruments offering stable high yields. Le notes that institutions like BNY Mellon, Wells Fargo, and JPMorgan are already moving toward issuing credit against Bitcoin or related derivatives, signaling a shift toward integrating Bitcoin as collateral within traditional financial systems.

bitcoinist12/24 17:24

Strategy CEO Lifts The Curtain On Bitcoin Talks With Largest US Banks

bitcoinist12/24 17:24

Trump family-linked USD1 supply up $150M as Binance rolls out yield program

The Trump family-linked USD1 stablecoin gained $150 million in market capitalization after Binance launched a yield program offering up to 20% APR on USD1 deposits over $50,000. This promotion, running until January 2026, contributed to USD1's growth, making it the seventh-largest stablecoin globally. Binance has expanded support for USD1, including fee-free trading pairs and converting BUSD collateral to USD1. The stablecoin is part of the Trump family’s crypto ventures, which reportedly generated $802 million in the first half of 2025. However, questions remain about Binance's involvement in developing USD1, with lawmakers raising concerns over potential conflicts of interest.

cointelegraph12/24 13:21

Trump family-linked USD1 supply up $150M as Binance rolls out yield program

cointelegraph12/24 13:21

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?