美国监管的寒冷冬天似乎正在悄悄地退缩，“创新豁免”的一线光明射入了defi领域。

6月9日，前美国证券交易委员会（Top SEC）官员发布的正信号指出，Defi平台可能会引入更友好的开发环境。

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.

美国监管的寒冷冬天似乎正在悄悄地退缩，“创新豁免”的一线光明射入了defi领域。 6月9日，前美国证券交易委员会（Top SEC）官员发布的正信号指出，Defi平台可能会引入更友好的开发环境。

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，在这项政策的影响下，Defi市场提出了一个有趣的情况：一方面，由AAVE代表的顶级协议的TVL反复设定了新的高点，并且基本数据很强；另一方面，许多顶级DEFI协议的TVL薄弱，而代币价格仍然低于年初。市场的“价值发现”道路似乎仍然很长。

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.

尽管在过去两天中，Defi令牌在过去的两天中迅速反弹，但这是否是由于短期市场情绪的干扰还是深价值逻辑的驱动力？ Panews专注于顶级Defi球员的最新发展和数据绩效，分析其中的机会和挑战。

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

SEC发送积极信号：DEFI法规欢迎“创新豁免”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.

美国证券交易委员会（SEC）最近就Defi法规发出了明显的正信号。 SEC主席保罗·阿特金斯（Paul Atkins）在6月9日举行的“ Defi and the American Spirit”圆桌会议上说，Defi的基本原理与美国的核心价值观（例如经济自由和私有财产权）一致，并支持加密资产的自我观念。他强调，区块链技术已使没有中介机构的金融交易，而SEC不应阻碍这种创新。

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，他指示员工研究和制定针对Defi平台的“创新豁免”政策框架。该框架旨在“迅速允许SEC监管的实体和非监管实体将链式产品和服务带入市场”。他还明确指出，建立以自我监测或以隐私为中心的软件的开发人员不应仅根据《联邦证券法》的出版法对发布法规承担责任，并提到SEC的公司财政部门已经澄清说，POW矿业和POS的存储并不构成自己的证券交易。

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.

美国证券交易委员会（SEC）加密特遣部队负责人赫斯特·皮尔斯（Hester Peirce）也表示支持，强调了代码出版商不应使用该代码对他人负责，而是警告了中央集权实体不要使用“分散”标签来逃避法规。

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.

在美国证券交易委员会（SEC）共和党成员的背景下，他们推动了更多对加密货币友好的政策，这些声明被市场视为主要积极的积极性，导致Defi代币的价格上涨。如果实施“创新豁免”，则有望为在美国开发DEFI项目的开发创造一个更加放松，更清晰的监管环境。

Data review: TVL growth is weak, tokens rebound strongly

数据审查：TVL增长弱，令牌反弹很大

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.

会议发布有利的监管政策后，休眠的Defi代币迎来了一般上升。特别是，诸如AAVE，LDO，UNI，COM​​P等的顶级项目通常会看到20％至40％的急剧增长。但是，这是仅由新闻引起的锅中的闪光，还是Defi行业自然增长的结果？ Panews在过去六个月中审查了前20个DEFI协议的数据。

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，这些领先的DEFI协议在2025年上半年的TVL增长并不明显，并且其中7个TVL在上半年有所下降。在上升的方案中，有5个增长不超过5％，这基本上停滞不前。增长最快的是Buidl由BlackRock推出的。该协议与传统的Fefi协议不同，严格属于RWA类别。在其他协议中，AAVE的增长更加明显，TVL超过260亿美元，在今年上半年的历史高度，增长超过60亿美元。来自天空系统的火花增长了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.

尽管TRON生态系统今年在Stablecoins的持续增长中持续增长，但其生态系统中领先的DEFI协议的TVL数据在今年上半年下降了39.82％，成为最大下降的领先协议。此外，在上半年，人们引起了相对较高的市场关注，例如Sky，Lido，Eigenlayer和Uniswap等流行的协议，这些方案也相对较高。

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

令牌价格似乎也在放大这种下降趋势。 2025年上半年前20名DEFI协议的代币价格的平均最高回回头率达到57％。即使最近的市场回收和各种协议的代币的急剧反弹，大多数协议代币也没有