ETH surged over the past two weeks, coinciding with the Pectra upgrade:
(1) The upgrade likely contributed but wasn’t the main driver.
(2) The rally reflects oversold FUD and ETF staking approval expectations.
(3) ETH/BTC’s ratio had hit near-historic lows.
The upgrade’s details are substantial (summarized in GitBook).
Aave plans to launch a Uniswap V4 Hook, enabling Uni V4 LP positions as collateral for GHO loans. The proposal seeks funding from Uniswap DAO, with future interest revenue shared in return.
This high-utility Hook boosts LP capital efficiency, showcasing composability.
Aave and Uniswap both benefit, setting a precedent for innovation.
(1) Ethena’s PT tokens integrated into Aave, driving demand.
(2) Deeper Aave integration with USD₮b, raising USDe/sUSDe and PT token caps.
Triple-win: Yield farmers revive looping strategies. As DeFi blue-chips mature, expect more stable, high-capacity Lego plays (beyond DeFi Summer’s fragility).
(1) Rewards halved; (2) WBTC pool incentives migrating to WBTC₀ (OFT version).
Gauntlet claims KPIs were exceeded, hence the adjustment. TVL remains steady, and APRs stay competitive. Note: WBTC rewards shift fully to WBTC₀ in 7 days—Uniswap is now deeply tied to LayerZero.
SSV Network introduced bApps—decentralized apps leveraging Ethereum validators for security (no extra capital required). Unlike restaking:
Restaking locks staked ETH into new protocols, risking slashing.
SSV 2.0 isolates risk: bApp failures won’t slash ETH or cascade to Ethereum.
While innovative, adoption hinges on demand (currently limited for restaking). DVT (Distributed Validator Tech) faces uphill battles but remains a niche to watch.
Obol’s new Obol Stack packages validator operations into deployable "apps" (via an "App Store"). Users can spin up nodes/sequencers effortlessly—aligning with Vitalik’s vision of global, permissionless node participation.
Tether and LayerZero’s USDT₀ (OFT-based omnichain stablecoin) is expanding rapidly, rivaling USDC’s CCTP. Key advantages:
Integrated with Uniswap (farming) and Flare (liquidity subsidies).
Expect more farm opportunities as Tether-backed USDT₀ dominates cross-chain.
(1) Liquity V2: Relaunching post-April 2025 exploit. V1’s elegant design was widely forked; V2’s security flaws need monitoring.
(2) Alchemix: A DeFi 2.0 standout, but its community-driven revival needs a "killer feature" to compete.
BlackRock’s tokenized fund gets a DeFi wrapper via Securitize.
Other moves:
VanEck × Securitize tokenized fund.
Stripe’s stablecoin financial accounts (USDB rewards devs with yield).
Arbitrum allocates 35M ARB to tokenized U.S. Treasuries.
Aave’s Horizon RWA platform partners with AntChain for RWA-backed stablecoin loans.
Chainlink, J.P. Morgan, and Ondo Finance enable tokenized Treasury settlements across Ondo Chain (public) and Kinexys (permissioned).
Chainlink’s role cements its position in RWA interoperability—a bullish case for $LINK if RWA takes off.
Final Thought: DeFi’s "Lego era" is evolving—less froth, more depth. Watch omnichain stablecoins, RWA, and veteran comebacks.
References:
GitBook (Pectra summary)
0x04FB...f748
