DeFi Progress and Analysis

DeFi and other blockchain verticals (social media, gaming, art, news, etc.) still exist, but they are limited by the current state and access to underlying technology (just as the early web was constrained by underlying technology and access).

Aave V3 has officially launched on the Ethereum mainnet. What new features does it bring?

When Bitcoin becomes just a button in a banking app, the crypto industry gains users but loses its soul.

PropAMM is not a paradigm-level innovation like flash loans or AMM, and it will not redefine the fundamental rules of DeFi, but it may be a micro-structural upgrade that DeFi must undergo before achieving mass adoption.

The throne of DeFi lending still exists, but the foundation beneath the throne needs to undergo a reconstruction or reinforcement.

The United States exports dollars through stablecoins, outputs assets through on-chain IPOs/ICOs, and exports financial rules through OnFi.

For the global payment industry, shortcuts can help you run faster, but only by turning the most difficult parts into your own capabilities can you go further.

April 2026 is not just a security crisis; it is the moment when the industry's mental model completely collapses, and it is also the moment when the protocols that can survive are distinguished from those that cannot.

Many users' core motivation is to quickly realize rewards, while the long-term holders envisioned by the project team cannot be cultivated solely through point incentives.

Replacing traditional finance has never been an option on Wall Street, but rather can be done in a parallel world, where capital, risk, and returns can be reorganized more flexibly in a programmable way.