Chainfeeds Summary:

Crypto researcher CM has shared his thoughts on the recent progress of DeFAI and DeFi projects.

Source:

https://cmdefi.substack.com/p/cmdefi-farming-031

Author:

CM

Viewpoint:

CM: The DeFAI storm has first swept across Fantom (S). Through interaction with the tg and AI Agent, on-chain operations such as cross-chain, trading, and lending are completed. The market capitalization has exceeded $200 million in less than a week, making it one of the most eye-catching projects since Fantom→Sonic. DeFi veteran Daniele has built the conceptual "DeFAI" ANON on Fantom (S). Daniele was a prominent figure in the previous DeFi 2.0 era, creating $2 billion DeFi projects like Spell and Wonderland. Popsicle has been renamed to WAGMI, and its collaboration with ANON is growing to become the main DEX on Fantom (S). Frax Finance has launched frxETH, developing a native LSD leverage. It allows users to use validators as collateral to borrow ETH, while continuing to receive normal ETH staking rewards. Each validator deposit can obtain a borrowing limit of up to 24 ETH (75% LTV). The borrowed ETH can be freely withdrawn and used to leverage the launch of more validator nodes, bringing two LSD innovations: first, a circular validator construction where users can use the borrowed ETH to continue launching new validators, forming a "staking - borrowing - staking" cycle, improving capital utilization; second, a low-threshold validator launch, supporting partial deposits of 1 to 31 ETH, allowing users to start validators with less initial capital and use borrowing to make up the 32 ETH. Ethena has released a 2025 roadmap, including the launch of iUSDe suitable for traditional financial entities, the integration of payment and savings functions in a Telegram application, and the transformation from a single-asset issuance platform to a comprehensive decentralized finance innovation ecosystem. In addition, Ethena's ecosystem applications currently include Ethereal - a spot and perpetual trading platform based on sUSDe, and Derive - an on-chain options product with sUSDe as the core collateral asset.