尽管普通加密货币市场取得了收益，但最近的Defi趋势显示投资者和机构之间仍在谨慎。

据Intotheblock报道，从2025年4月开始的数据显示，以太坊桩衍生物的降低，高风险贷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.

尽管普通加密货币市场取得了收益，但最近的Defi趋势显示投资者和机构之间仍在谨慎。

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

尽管更广泛的市场已经集结，但高风险的贷款几乎没有兴起。谨慎仍然盛行的证据。

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.

多个液体藏有代币（LST）在4月注册了大量供应量。 Rocket Pool的Reth经历了最急剧的下降，从4月7日左右的700,000代币降至60万以下。Seth2和Cbeth也持续下降，Coinbase的CBETH的CBETH在4月10日之后记录了大幅下降。

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）从大约245万降至240万以上，而利多的斯特斯（Steth）则在月中平稳，然后开始下降。 Pufeth代币仍然波动，但最终在4月以下斜坡结束。

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.

这些转变反映了跨协议的持续流出和拆除。趋势与用户行为保持一致，而Eigenlayer激活了削减功能，这引入了更大的恢复资产风险。预期的是，用户撤回了令牌，在升级之前减少了曝光。

EigenLayer Slashing Upgrade Alters LRT Distribution

eigenlayer削减升级改变了LRT分布

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.

随着减少的成功推出，LRT NetFlows已开始恢复。然而，流入已集中在以太。尽管其他平台继续经历供应量的减少，但Ether.fi已成为主要参与者。观察者将其归因于该协议不断增长的流动性深度，这吸引了包括机构和鲸鱼在内的大型参与者。

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

这种不对称的分布强调了偏爱被视为更安全或更有效的升级后平台的转变。

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.

链上的数据表明，即使加密资产价格恢复，高风险的贷款头寸也没有增长。贷款规模保持稳定，在过去的两周中，清算活动相对较低。

GHO Supply Reaches New Highs Through Protocol Facilitators

GHO供应通过协议促进者达到新的高点

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继续为GHO Stablecoin创下供应高点。这种增长源于促进者合同（例如LidoghodectMinter）的使用，该合同可以直接将无卫GHO直接铸入AAVE池中。不足的代币位于市场中，收入供应利息，直到借贷为止。

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.

一旦用户借用了GHO，它就会像直接铸造一样将其变成抵押。 Spark还实现了类似的模型，以扩大稳定的供应，同时保留内部控制。

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.

这种基于促进者的策略使贷款量增加了不依赖外部流动性提供商的贷款量，尽管它指出了需要强大的监测机制来管理系统性风险。

Berachain TVL Unlock Signals Imminent Market Volatility

Berachain TVL解锁信号迫在眉睫的市场波动

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.

从Berachain的Boyco拱顶上，将于5月6日发布27亿美元的总价值。预计该事件将不仅在Berachain上，而且在整个以太坊和其他EVM网络中都会引起波动，考虑到它是最近DEFI历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.

由于资本分配调整，预计在解锁后的几天内，打滑，APR和策略能力等因素将增加。

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.

对Defi前端的攻击的数量和严重性一直在增加。 DNS欺骗和社会工程攻击逐渐变得越来越普遍，因为协议被分布，第三方托管UI副本。这些攻击很难识别和防御，因为它们没有利用智能合约中的错误。人们应始终仔细检查前端来源，而是选择与合同直接联系。