美國監管的寒冷冬天似乎正在悄悄地退縮，“創新豁免”的一線光明射入了defi領域。

6月9日，前美國證券交易委員會（Top SEC）官員發布的正信號指出，Defi平台可能會引入更友好的開發環境。

The cold winter of U.S. regulation seems to be quietly receding, and a ray of light of "innovation exemption" has shone into the DeFi field. On June 9, the positive signal released by the top SEC officials indicated that the DeFi platform may usher in a more friendly development environment.

美國監管的寒冷冬天似乎正在悄悄地退縮，“創新豁免”的一線光明射入了defi領域。 6月9日，前美國證券交易委員會（Top SEC）官員發布的正信號指出，Defi平台可能會引入更友好的開發環境。

However, under the influence of this policy, the DeFi market has presented an intriguing picture: on the one hand, the TVL of the top protocols represented by Aave has repeatedly set new highs, and the fundamental data is strong; on the other hand, the TVL of many top DeFi protocols has been weak, and the token price is still lower than at the beginning of the year. The market's "value discovery" road seems to be still long.

但是，在這項政策的影響下，Defi市場提出了一個有趣的情況：一方面，由AAVE代表的頂級協議的TVL反復設定了新的高點，並且基本數據很強；另一方面，許多頂級DEFI協議的TVL薄弱，而代幣價格仍然低於年初。市場的“價值發現”道路似乎仍然很長。

Although DeFi tokens have seen a rapid rebound in the past two days, is this due to the disturbance of short-term market sentiment or the driving force of deep value logic? PANews focuses on the latest developments and data performance of the top DeFi players, analyzing the opportunities and challenges therein.

儘管在過去兩天中，Defi令牌在過去的兩天中迅速反彈，但這是否是由於短期市場情緒的干擾還是深價值邏輯的驅動力？ Panews專注於頂級Defi球員的最新發展和數據績效，分析其中的機會和挑戰。

SEC sends positive signals: DeFi regulation welcomes "innovation exemption" framework

SEC發送積極信號：DEFI法規歡迎“創新豁免”框架

The U.S. Securities and Exchange Commission (SEC) has recently sent a significant positive signal on DeFi regulation. At the "DeFi and the American Spirit" crypto roundtable held on June 9, SEC Chairman Paul Atkins said that the basic principles of DeFi are consistent with the core values of the United States, such as economic freedom and private property rights, and supports the self-custody of crypto assets. He emphasized that blockchain technology has enabled financial transactions without intermediaries, and the SEC should not hinder such innovation.

美國證券交易委員會（SEC）最近就Defi法規發出了明顯的正信號。 SEC主席保羅·阿特金斯（Paul Atkins）在6月9日舉行的“ Defi and the American Spirit”圓桌會議上說，Defi的基本原理與美國的核心價值觀（例如經濟自由和私有財產權）一致，並支持加密資產的自我觀念。他強調，區塊鏈技術已使沒有中介機構的金融交易，而SEC不應阻礙這種創新。

In addition, Chairman Atkins revealed for the first time that he had instructed staff to study and develop an "innovation exemption" policy framework for DeFi platforms. The framework is intended to "quickly allow SEC-regulated entities and non-regulated entities to bring on-chain products and services to market." He also made it clear that developers who build self-custodial or privacy-focused software should not be held liable under federal securities laws simply for publishing code, and mentioned that the SEC's Corporate Finance Division has clarified that PoW mining and PoS staking do not constitute securities transactions in themselves.

此外，阿特金斯主席首次透露，他指示員工研究和製定針對Defi平台的“創新豁免”政策框架。該框架旨在“迅速允許SEC監管的實體和非監管實體將鍊式產品和服務帶入市場”。他還明確指出，建立以自我監測或以隱私為中心的軟件的開發人員不應僅根據《聯邦證券法》的出版法對發布法規承擔責任，並提到SEC的公司財政部門已經澄清說，POW礦業和POS的存儲並不構成自己的證券交易。

Commissioner Hester Peirce, head of the SEC's crypto task force, also expressed support, emphasizing that code publishers should not be held responsible for others using the code, but also warned centralized entities not to evade regulation by using the "decentralized" label.

美國證券交易委員會（SEC）加密特遣部隊負責人赫斯特·皮爾斯（Hester Peirce）也表示支持，強調了代碼出版商不應使用該代碼對他人負責，而是警告了中央集權實體不要使用“分散”標籤來逃避法規。

Against the backdrop of the SEC's Republican members pushing for more crypto-friendly policies, these statements were seen as a major positive by the market, causing a surge in the price of DeFi tokens. If the “innovation exemption” is implemented, it is expected to create a more relaxed and clear regulatory environment for the development of DeFi projects in the United States.

在美國證券交易委員會（SEC）共和黨成員的背景下，他們推動了更多對加密貨幣友好的政策，這些聲明被市場視為主要積極的積極性，導致Defi代幣的價格上漲。如果實施“創新豁免”，則有望為在美國開發DEFI項目的開發創造一個更加放鬆，更清晰的監管環境。

Data review: TVL growth is weak, tokens rebound strongly

數據審查：TVL增長弱，令牌反彈很大

After the meeting released favorable regulatory policies, the dormant DeFi tokens ushered in a general rise. In particular, the top projects such as Aave, LDO, UNI, COMP, etc. generally saw a sharp increase of 20% to 40%. But is this a flash in the pan caused by news alone or is it the result of the natural growth of the DeFi industry? PANews reviewed the data of the top 20 DeFi protocols in the past six months.

會議發布有利的監管政策後，休眠的Defi代幣迎來了一般上升。特別是，諸如AAVE，LDO，UNI，COM​​​​P等的頂級項目通常會看到20％至40％的急劇增長。但是，這是僅由新聞引起的鍋中的閃光，還是Defi行業自然增長的結果？ Panews在過去六個月中審查了前20個DEFI協議的數據。

Generally speaking, the TVL growth of these leading DeFi protocols in the first half of 2025 is not obvious, and the TVL of 7 of them has declined in the first half of the year. Among the rising protocols, 5 have grown by no more than 5%, which is basically stagnant. The fastest growing one is BUIDL launched by BlackRock. This protocol is different from the traditional DeFi protocol and strictly belongs to the category of RWA. Among other protocols, Aave has seen more obvious growth, with TVL exceeding US$26 billion, reaching a historical high, and an increase of more than US$6 billion in the first half of the year. Spark from the Sky system has seen a 72.97% increase.

一般而言，這些領先的DEFI協議在2025年上半年的TVL增長並不明顯，並且其中7個TVL在上半年有所下降。在上升的方案中，有5個增長不超過5％，這基本上停滯不前。增長最快的是Buidl由BlackRock推出的。該協議與傳統的Fefi協議不同，嚴格屬於RWA類別。在其他協議中，AAVE的增長更加明顯，TVL超過260億美元，在今年上半年的歷史高度，增長超過60億美元。來自天空系統的火花增長了72.97％。

Although the TRON ecosystem has achieved sustained growth in stablecoins this year, the TVL data of JustLend, the leading DeFi protocol in its ecosystem, fell by 39.82% in the first half of the year, becoming the leading protocol with the largest decline. In addition, popular protocols such as Sky, Lido, EigenLayer, and Uniswap, which have attracted relatively high market attention, also experienced varying degrees of decline in the first half of the year.

儘管TRON生態系統今年在Stablecoins的持續增長中持續增長，但其生態系統中領先的DEFI協議的TVL數據在今年上半年下降了39.82％，成為最大下降的領先協議。此外，在上半年，人們引起了相對較高的市場關注，例如Sky，Lido，Eigenlayer和Uniswap等流行的協議，這些方案也相對較高。

Token prices also seem to be amplifying this downward trend. The average maximum retracement of the token prices of the top 20 DeFi protocols in the first half of 2025 reached 57%. Even with the recent market recovery and the sharp rebound of tokens of various protocols, most of the protocol tokens have not

令牌價格似乎也在放大這種下降趨勢。 2025年上半年前20名DEFI協議的代幣價格的平均最高回回頭率達到57％。即使最近的市場回收和各種協議的代幣的急劇反彈，大多數協議代幣也沒有