AAVE和UNISWAP V4集成破坏了现有的Stablecoin订单

在过去的一个月中，Defi领域似乎已经悄悄地经历了结构性变化。与以前的独立操作不同

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.

在过去的一个月中，Defi领域似乎已经悄悄地经历了结构性变化。与以前的独立操作不同，一些领先的协议正在通过合作，集成甚至直接利益约束来朝着“分组”。

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，我们将从贷款和交易整合，Stablecoin景观演化和RWA集成的三个部分开始，整理出目前最具代表性的“团体行动”，并分析其背后的逻辑变化和潜在影响。

Lending + Trading: Binding of Interests between Protocols

贷款 +交易：协议之间利益的约束力

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协议之间的合作正在从浅表资产整合转变为更深的结构整合。 UNISWAP与AAVE之间的最新联系是这一趋势的代表。

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的核心升级不是为了节省气体，而是引入钩子机制。它允许开发人员在流动性池的关键链接中插入自定义逻辑（例如，在执行交易之前和之后），实施白名单控制，动态率，自定义的价格曲线，甚至是嵌入游戏规则。这允许UNISWAP从交易方案发展为更开放的流动性基础架构。

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.

基于此，AAVE计划支持UNISWAP V4的LP代币作为贷款的抵押品，并将租借的Stablecoin Gho的一部分退还给Uniswap Dao。两者在资产，职能和回报方面形成了巨大的纽带。这种合作提高了LP使用资金的效率，并为协议之间的互补关系提供了更现实的模板。

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.

从市场数据来看，这种“分组效应”正在发送积极的信号。自5月以来，AAVE的TVL已从197.0亿美元增加到23.47亿美元，增长了18％以上。在同一时期，Uniswap的TVL也增加了约11％，从41.78亿美元增加到46.5亿美元。两者都在同一时间加强并不是一个巧合。

Stablecoins: A new stage of differentiation and specialization

Stablecoins：区分和专业化的新阶段

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市场的竞争不再限于“谁更集中”或“谁具有更高的回报”。更多的协议正在将Stablecoin产品推向专业使用和结构分层。

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%.

以乙烯为例。目前，其生态系统中最活跃的稳定剂是USDE，它与AAVE深入融合，并支持最高贷款与价值比率（LTV）为90％。但是，自5月以来，USDE的TVL已从57.2亿美元降至49.93亿美元，下降了近13％。

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

在此之后，埃塞纳（Ethena）推出了另一个更保守的新产品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是一种非收益但完全抵押的Stablecoin，资产由BlackRock的令牌化货币市场基金（BUIDL）和USDC组成。目前的链供应超过14.4亿美元，抵押率仍为99.4％。与USDE的战略对冲不同，USDTB更像是“链美元”，为机构提供了可靠的，非挥发性的稳定锚固锚。尤其是当市场出现负资金率时，Ethena可以将USD的对冲资金转移到USDTB，以稳定整个资产池结构。

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景观中的另一个变量是USDT₀。 Tether和layerZero启动的这种全链稳定稳定性是根据OFT协议循环的。现在，它已扩展到多个链条，例如仲裁，Unichain和超液体。它的TVL还从5月的10.42亿美元增加到11.71亿美元。相比之下，它的目标不是金融创新，而是开放多链流动性并成为DEFI中的稳定“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中的竞争不再是一维效率战争，而是发展为基于结构化的基于场景的产品系统。 GHO，USDE，USDTB和USDT₀分别在贷款，对冲，安全，跨链和付款领域的产品等产品，反映了Stablecoin生态系统正在经历“功能专业化”和“应用程序方案的澄清”。

RWA: On-chain integration of real-world assets

RWA：现实世界中的链整合

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曾经被视为“传统财务附属”，现在正成为Defi Giants的战略切入点。在过去的几个月中，多个协议和组织已经形成了围绕美国财政部债券进行分组的明确趋势，并已开始将其部署在链条上。

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，社区通过了一项提案，将3500万ARB分配到三个RWA发行平台：富兰克林·邓普顿（Franklin Templeton）（$ benji），Spiko（$ ustbl）和Wisdomtree。这些