Latest Trends and Analysis in the DeFi Field

sUSD Continuous Decoupling Issue

After the "Delegated Pool" mechanism introduced by the SIP-420 proposal passed at the beginning of the year, sUSD has experienced a serious de-pegging phenomenon, recently falling below $0.9. Although the new mechanism has improved SNX minting efficiency, it has also exposed some issues:

1. The market still has concerns about SNX-sUSD as endogenous collateral.
2. The increase in sUSD supply has led to a severe imbalance in the Curve pool.
3. Users no longer actively manage debt and cannot arbitrage in the market.

To solve the decoupling issue, it is necessary to increase the demand for sUSD or provide more incentives. Although the design is advanced, the aftereffects of the LUNA incident still linger, and the market remains skeptical about the acceptance of algorithmic stablecoins.

PancakeSwap Governance Controversy

PancakeSwap accuses the Cakepie protocol of directing CAKE emissions to inefficient pools through governance power, considering it a "parasitic" behavior. However, this action does not violate the principles of the ve mechanism, but rather stems from insufficient competition for governance power.

A better solution might be:

• Set pool incentive cap
• Encourage more participants to compete for vecake voting rights

The founder of Curve proposed a quantitative assessment method to compare the efficiency of locking CAKE in Cakepie versus directly burning CAKE. According to his experience, the veToken model is about three times more efficient than direct burning in reducing token circulation.

Continuous Growth of RWA Business

The BUIDL index increased by 24% over 7 days, approaching a breakthrough of $2.5 billion. The latest growth may come from the Spark protocol under MakerDAO. The RWA business continues to grow, but has not yet integrated well into the DeFi ecosystem, presenting a "disconnected from retail investors" status.

Improvement of Regulatory Environment

The United States has officially abolished the IRS DeFi cryptocurrency broker rules, which is a significant benefit for DeFi. This may free up space for more innovative applications.

Other Decentralized Finance Updates

• Uniswap launches liquidity mining on Unichain, offering $5 million in UNI rewards
• Euler expands to Avalanche, TVL enters the top 10 lending protocols.
• Cosmos IBC Eureka is now live, supporting cross-chain interactions with EVM chains.
• AaveDAO and Pendle start repurchasing tokens
• Berachain updates POL reward distribution rules and introduces a Guardian Committee

The DeFi ecosystem continues to develop, with various projects actively innovating and adjusting their strategies. Paying attention to changes in regulatory attitudes, improvements in cross-chain interoperability, and other trends will help grasp the industry's direction.