Chainfeeds Guide:
Ethereum's DeFi makes a comeback, with Aave/Pendle/Ethena turning circular lending into a leverage amplifier. Compared to the on-chain stack based on ETH during DeFi Summer, the leverage curve supported by stablecoins like USDe is more gradual.
Article Source:
https://mp.weixin.qq.com/s/UmgPRk6iTSRrvoQYU4WjKQ
Article Author:
Zuo Ye
Perspective:
Zuo Ye: In the context of numerous on-chain protocols and assets, following the 80/20 rule, one only needs to focus on core indicators such as TVL, trading volume, token prices, and pay attention to a few indispensable individuals in the on-chain ecosystem, examining their relationships within the ecosystem network to balance individual importance, ecosystem connectivity, and the growth potential of new protocols. In July 2025, Ethereum accounted for over 60% of DeFi TVL, with Aave also occupying over 60% in the Ethereum ecosystem, forming the core 20% in the 80/20 rule. Other protocols need to maintain strong connections with these two to qualify as primary or passive beneficiaries. Ethereum, Aave, Pendle, and Ethena have extremely high correlation. Bitcoin, WBTC, ETH, and USDT/USDC are de facto DeFi base assets, but USDT/USDC, similar to Lido, only possess asset attributes without ecosystem value. ETH simultaneously has asset and ecosystem value - serving as both an asset and the infrastructure of the Ethereum network and EVM ecosystem. After scoring on asset and ecosystem value dimensions, Pendle, Aave, Ethena, Ethereum, HyperEVM, and Bitcoin become the six most connected protocols, requiring at most one additional asset or protocol for interconnection. Further analysis reveals that HyperEVM has direct coupling relationships with Ethena, Pendle, and Aave. BTC and ETH are the largest trading subjects on Hyperliquid, Pendle, Aave, and Ethena are tightly bundled, with ETH playing a price support role in their ecosystems, while the Bitcoin ecosystem does not rely on external assets. In terms of ecosystem connectivity, BTC and ETH are the strongest infrastructures: BTC excels in value attributes, while ETH is irreplaceable in ecosystem status. In comparison, Solana, though an important public chain, has less direct connection to the Ethereum ecosystem than Hyperliquid/HyperEVM, as the latter's trading and ecosystem attributes deeply align with the EVM system. Within Ethereum, Lido/Sky interact limitedly with the core six protocols; outside Ethereum, Solana and Aptos have insufficient correlation with the six protocols. Solana needs to first support its own DEX to be compatible with more external assets, and the ecosystem integration of SVM and EVM is more difficult, thus must develop independently. In the relationship network, the Ethereum ecosystem has the strongest synergy - 1 dollar of Ethena hedged through ETH, then entering Pendle and Aave to realize value circulation, with the generated gas fees feeding back ETH's value. Bitcoin relies on BTC to complete value self-circulation; ETH is close to a value closed loop but depends on active ecosystem construction; the Hyperliquid/HyperEVM combination is still building the linkage of trading, ecosystem, and token $HYPE. BTC relies only on itself, ETH needs ecosystem and token, while $HYPE requires multi-dimensional support of trading, token, and ecosystem. Aave plays a leverage hub role in the circular lending system, with its lending infrastructure attributes deeply bound to the Ethereum ecosystem, becoming the safe first choice for launching lending models across public chains. Aave's influence extends beyond TVL; it sells lending models as a service to ecosystems through profit sharing and token distribution, such as Hyperlend sharing 10% with Aave DAO and allocating 3.5% of its own tokens to DAO and 1% to stAave holders. This model closely combines its ecosystem and token value. However, competitors are emerging: Maple has expanded to HyperEVM, while new lending protocols like Fluid and Morpho compete with assets like YBS; HyperEVM, as a strong competitor to the Ethereum EVM system, may also intensify competition in the future. Currently, HyperEVM migrates traditional transaction types on-chain through HIP3, connects HyperCore and HyperEVM liquidity via CoreWriter, supports front-end agents through Builder Code, and attracts Solana ecosystem funds using Unit Protocol and Phantom to achieve cross-chain liquidity absorption. This is an infrastructural expansionary approach. Overall, Pendle focuses on asset splitting and expanding to derivatives markets beyond perpetual contracts; Ethena creates DeFi risk-free assets USDe through circular lending and treasury strategies; Aave firmly occupies the lending infrastructure position; BTC and ETH's scale and transferability determine DeFi's growth ceiling; while Hyperliquid/HyperEVM's TVL may not match Solana's, they show significant advantages in ecosystem binding and growth potential, whereas Solana still needs to compete with the EVM system at the public chain level.
Content Source
