儘管普通加密貨幣市場取得了收益，但最近的Defi趨勢顯示投資者和機構之間仍在謹慎。

據Intotheblock報導，從2025年4月開始的數據顯示，以太坊樁衍生物的降低，高風險貸款的最小活性和上升

Despite gains in general crypto markets, recent DeFi trends show continued caution among investors and institutions.

儘管普通加密貨幣市場取得了收益，但最近的Defi趨勢顯示投資者和機構之間仍在謹慎。

While the broader market has rallied, high-risk lending has barely budged; evidence that caution still prevails.

儘管更廣泛的市場已經集結，但高風險的貸款幾乎沒有興起。謹慎仍然盛行的證據。

Multiple liquid staking tokens (LSTs) registered large supply reductions over April. Rocket Pool’s rETH experienced the sharpest drop, falling from over 700,000 tokens to under 600,000 around April 7. sETH2 and cbETH also declined consistently, with Coinbase’s cbETH recording a steep reduction after April 10.

多個液體藏有代幣（LST）在4月註冊了大量供應量。 Rocket Pool的Reth經歷了最急劇的下降，從4月7日左右的700,000代幣降至60萬以下。 Seth2和Cbeth也持續下降，Coinbase的CBETH的CBETH在4月10日之後記錄了大幅下降。

Wrapped Ether (wETH) decreased from approximately 2.45 million to above 2.40 million, while Lido’s stETH plateaued mid-month and then began to fall. The pufETH token remained volatile, but ultimately ended April on a downward slope.

包裹的以太（Weth）從大約245萬降至240萬以上，而利多的斯特斯（Steth）則在月中平穩，然後開始下降。 Pufeth代幣仍然波動，但最終在4月以下斜坡結束。

These shifts reflect sustained outflows and unstaking across protocols. The trend aligns with user behavior ahead of EigenLayer’s activation of slashing functionality, which introduced greater risk to restaking assets. In anticipation, users withdrew tokens, reducing exposure prior to the upgrade.

這些轉變反映了跨協議的持續流出和拆除。趨勢與用戶行為保持一致，而Eigenlayer激活了削減功能，這引入了更大的恢復資產風險。預期的是，用戶撤回了令牌，在升級之前減少了曝光。

EigenLayer Slashing Upgrade Alters LRT Distribution

eigenlayer削減升級改變了LRT分佈

With the successful rollout of reducing, LRT netflows have started to recover. However, inflows have concentrated heavily in Ether.Fi. While other platforms continue to experience reductions in supply, Ether.Fi has emerged as a dominant player. Observers attribute this to the protocol’s growing liquidity depth, which appeals to large participants including institutions and whales.

隨著減少的成功推出，LRT NetFlows已開始恢復。然而，流入已集中在以太。儘管其他平台繼續經歷供應量的減少，但Ether.fi已成為主要參與者。觀察者將其歸因於該協議不斷增長的流動性深度，這吸引了包括機構和鯨魚在內的大型參與者。

This asymmetric distribution highlights a shift in preference toward platforms perceived as safer or more efficient post-upgrade.

這種不對稱的分佈強調了偏愛被視為更安全或更有效的升級後平台的轉變。

On-chain data indicates that high-risk lending positions have not grown, even as crypto asset prices recover. Loan sizes have remained stable, and liquidation activity has been relatively low for the past two weeks.

鏈上的數據表明，即使加密資產價格恢復，高風險的貸款頭寸也沒有增長。貸款規模保持穩定，在過去的兩周中，清算活動相對較低。

GHO Supply Reaches New Highs Through Protocol Facilitators

GHO供應通過協議促進者達到新的高點

Aave Prime continues to record supply highs for the GHO stablecoin. This growth stems from the use of facilitator contracts, such as LidoGhoDirectMinter, which can mint unbacked GHO directly into Aave pools. The uncollateralized tokens sit in the market earning supply interest until they are borrowed.

Aave Prime繼續為GHO Stablecoin創下供應高點。這種增長源於促進者合同（例如LidoghodectMinter）的使用，該合同可以直接將無衛GHO直接鑄入AAVE池中。不足的代幣位於市場中，收入供應利息，直到借貸為止。

Once a user borrows GHO, it becomes collateralized as if minted directly. Spark also implements a similar model to expand stablecoin supply while preserving internal controls.

一旦用戶借用了GHO，它就會像直接鑄造一樣將其變成抵押。 Spark還實現了類似的模型，以擴大穩定的供應，同時保留內部控制。

This facilitator-based strategy has enabled increased lending volumes without reliance on external liquidity providers, although it points to the need for robust monitoring mechanisms to manage systemic risk.

這種基於促進者的策略使貸款量增加了不依賴外部流動性提供商的貸款量，儘管它指出了需要強大的監測機制來管理系統性風險。

Berachain TVL Unlock Signals Imminent Market Volatility

Berachain TVL解鎖信號迫在眉睫的市場波動

From the Boyco Vaults on Berachain, there will be a release of $ 2.7 billion in total value locked on May 6. The event is expected to cause volatility not only on Berachain but also throughout the Ethereum and other EVM networks, considering it one of the biggest one-day releases in the recent history of DeFi.

從Berachain的Boyco拱頂上，將於5月6日發布27億美元的總價值。預計該事件將不僅在Berachain上，而且在整個以太坊和其他EVM網絡中都會引起波動，考慮到它是最近DEFI歷史上最大的一日唱片之一。

Such factors as slippage, APR, and strategy capacities are expected to increase in the days after the unlock due to capital allocation adjustments.

由於資本分配調整，預計在解鎖後的幾天內，打滑，APR和策略能力等因素將增加。

The number and the severity of the attacks on DeFi front-ends have been increasing. DNS spoofing and social engineering attacks are gradually becoming prevalent since protocols are being spread out, with third parties hosting UI copies. These attacks are very difficult to identify and defend against because they do not exploit bugs in smart contracts. People should always double check front end sources and instead opt for direct contact with the contract.

對Defi前端的攻擊的數量和嚴重性一直在增加。 DNS欺騙和社會工程攻擊逐漸變得越來越普遍，因為協議被分佈，第三方託管UI副本。這些攻擊很難識別和防禦，因為它們沒有利用智能合約中的錯誤。人們應始終仔細檢查前端來源，而是選擇與合同直接聯繫。