AAVE和UNISWAP V4集成破壞了現有的Stablecoin訂單

在過去的一個月中，Defi領域似乎已經悄悄地經歷了結構性變化。與以前的獨立操作不同

Over the past month, the DeFi field seems to have quietly undergone structural changes. Unlike the previous independent operations, some leading protocols are moving towards "grouping" through cooperation, integration, and even direct interest binding.

在過去的一個月中，Defi領域似乎已經悄悄地經歷了結構性變化。與以前的獨立操作不同，一些領先的協議正在通過合作，集成甚至直接利益約束來朝著“分組”。

In this article, we will start from the three sections of lending and trading integration, stablecoin landscape evolution, and RWA integration, sort out the most representative "group actions" at present, and analyze the logical changes and potential impacts behind them.

在本文中，我們將從貸款和交易整合，Stablecoin景觀演化和RWA集成的三個部分開始，整理出目前最具代表性的“團體行動”，並分析其背後的邏輯變化和潛在影響。

Lending + Trading: Binding of Interests between Protocols

貸款 +交易：協議之間利益的約束力

The cooperation between DeFi protocols is moving from superficial asset integration to deeper structural integration. The recent linkage between Uniswap and Aave is a representative of this trend.

Defi協議之間的合作正在從淺表資產整合轉變為更深的結構整合。 UNISWAP與AAVE之間的最新聯繫是這一趨勢的代表。

The core upgrade of Uniswap V4 is not to save gas, but to introduce the Hook mechanism. It allows developers to insert custom logic in key links of the liquidity pool (such as adding or removing liquidity, before and after transaction execution), implement whitelist control, dynamic rates, customized price curves, and even embed game rules. This allows Uniswap to evolve from a trading protocol to a more open liquidity infrastructure.

UNISWAP V4的核心升級不是為了節省氣體，而是引入鉤子機制。它允許開發人員在流動性池的關鍵鏈接中插入自定義邏輯（例如，在執行交易之前和之後），實施白名單控制，動態率，自定義的價格曲線，甚至是嵌入遊戲規則。這允許UNISWAP從交易方案發展為更開放的流動性基礎架構。

Based on this, Aave plans to support Uniswap V4's LP Token as collateral for lending, and return part of the interest on the loaned stablecoin GHO to Uniswap DAO. The two have formed a substantial bond in terms of assets, functions, and returns. This cooperation improves the efficiency of LP's use of funds and provides a more realistic template for the complementary relationship between protocols.

基於此，AAVE計劃支持UNISWAP V4的LP代幣作為貸款的抵押品，並將租借的Stablecoin Gho的一部分退還給Uniswap Dao。兩者在資產，職能和回報方面形成了巨大的紐帶。這種合作提高了LP使用資金的效率，並為協議之間的互補關係提供了更現實的模板。

Judging from market data, this "grouping effect" is sending positive signals. Since May, Aave's TVL has risen from $19.708 billion to $23.347 billion, an increase of more than 18%. Uniswap's TVL also increased by about 11% during the same period, from $4.178 billion to $4.65 billion. It may not be a coincidence that both are strengthening at the same time.

從市場數據來看，這種“分組效應”正在發送積極的信號。自5月以來，AAVE的TVL已從197.0億美元增加到23.47億美元，增長了18％以上。在同一時期，Uniswap的TVL也增加了約11％，從41.78億美元增加到46.5億美元。兩者都在同一時間加強並不是一個巧合。

Stablecoins: A new stage of differentiation and specialization

Stablecoins：區分和專業化的新階段

The competition in the stablecoin market is no longer limited to "who is more centralized" or "who has higher returns." More protocols are pushing stablecoin products toward professional use and structural stratification.

Stablecoin市場的競爭不再限於“誰更集中”或“誰具有更高的回報”。更多的協議正在將Stablecoin產品推向專業使用和結構分層。

Take Ethena as an example. Currently, the most active stablecoin in its ecosystem is USDe, which is deeply integrated with Aave and supports a maximum loan-to-value ratio (LTV) of 90%. However, since May, the TVL of USDe has dropped from $5.725 billion to $4.993 billion, a drop of nearly 13%.

以乙烯為例。目前，其生態系統中最活躍的穩定劑是USDE，它與AAVE深入融合，並支持最高貸款與價值比率（LTV）為90％。但是，自5月以來，USDE的TVL已從57.2億美元降至49.93億美元，下降了近13％。

Behind this, Ethena is launching another more conservative new product, USDtb.

在此之後，埃塞納（Ethena）推出了另一個更保守的新產品USDTB。

USDtb is a non-yielding but fully collateralized stablecoin, with assets consisting of BlackRock's tokenized money market fund (BUIDL) and USDC. The current on-chain supply exceeds $1.44 billion, and the collateralization rate remains at 99.4%. Unlike the strategic hedging of USDe, USDtb is more like an "on-chain dollar", providing institutions with a reliable, non-volatile stable anchor. Especially when negative funding rates appear in the market, Ethena can transfer USDe's hedging funds to USDtb to stabilize the entire asset pool structure.

USDTB是一種非收益但完全抵押的Stablecoin，資產由BlackRock的令牌化貨幣市場基金（BUIDL）和USDC組成。目前的鏈供應超過14.4億美元，抵押率仍為99.4％。與USDE的戰略對沖不同，USDTB更像是“鏈美元”，為機構提供了可靠的，非揮發性的穩定錨固錨。尤其是當市場出現負資金率時，Ethena可以將USD的對沖資金轉移到USDTB，以穩定整個資產池結構。

Another variable in the stablecoin landscape is USDT₀. This full-chain stablecoin launched by Tether and LayerZero is circulated based on the OFT protocol. It has now expanded to multiple chains such as Arbitrum, Unichain, and Hyperliquid. Its TVL also increased from US$1.042 billion to US$1.171 billion in May. In contrast, its goal is not financial innovation, but to open up multi-chain liquidity and become a stable "fuel" in DeFi.

Stablecoin景觀中的另一個變量是USDT₀。 Tether和layerZero啟動的這種全鏈穩定穩定性是根據OFT協議循環的。現在，它已擴展到多個鏈條，例如仲裁，Unichain和超液體。它的TVL還從5月的10.42億美元增加到11.71億美元。相比之下，它的目標不是金融創新，而是開放多鏈流動性並成為DEFI中的穩定“燃料”。

The competition in stablecoins is no longer a one-dimensional efficiency war, but has evolved into a structured and scenario-based product system. Products such as GHO, USDe, USDtb, and USDT₀ occupy positions in the fields of lending, hedging, security, cross-chain, and payment, respectively, reflecting that the stablecoin ecosystem is undergoing a reshuffle of "functional specialization" and "clarification of application scenarios."

Stablecoins中的競爭不再是一維效率戰爭，而是發展為基於結構化的基於場景的產品系統。 GHO，USDE，USDTB和USDT₀分別在貸款，對沖，安全，跨鍊和付款領域的產品等產品，反映了Stablecoin生態系統正在經歷“功能專業化”和“應用程序方案的澄清”。

RWA: On-chain integration of real-world assets

RWA：現實世界中的鏈整合

RWA, once regarded as a "traditional financial appendage", is now becoming a strategic entry point for DeFi giants. In the past few months, multiple protocols and organizations have formed a clear trend of grouping around tokenized U.S. Treasury bonds and have begun to deploy them on the chain.

RWA曾經被視為“傳統財務附屬”，現在正成為Defi Giants的戰略切入點。在過去的幾個月中，多個協議和組織已經形成了圍繞美國財政部債券進行分組的明確趨勢，並已開始將其部署在鏈條上。

The most representative case is Arbitrum DAO. On May 8, the community passed a proposal to allocate 35 million ARB to three RWA issuance platforms: Franklin Templeton ($BENJI), Spiko ($USTBL), and WisdomTree. These

最具代表性的案例是仲裁道。 5月8日，社區通過了一項提案，將3500萬ARB分配到三個RWA發行平台：富蘭克林·鄧普頓（Franklin Templeton）（$ benji），Spiko（$ ustbl）和Wisdomtree。這些