Coverage on Fluid, Silo, Yei Finance, Moonwell, Gearbox, & Loopscale

<div><figure><a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F61b9c213-6a8d-4d2b-bea6-32e800844afb_2400x1256.png" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/330e8c8079e97ab3bf7804ad098d12b4.jpg" alt="ON–333: Lending Pt. 2 🏦" title="ON–333: Lending Pt. 2 🏦"></source></picture><div></div></div></a></figure></div><div><figure><a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F093ce200-8fe1-4168-9c31-1d3c4e808933_2000x354.png" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/73d0b2505a0e6b944356ef3df5a029d0.jpg" alt=""></source></picture><div></div></div></a></figure></div><p><a href="https://ournetwork.substack.com/subscribe?" rel="nofollow"><span>Subscribe now</span></a></p><div><hr></div><p>📝 <strong>Editor’s Note:</strong></p><p>Welcome to the second issue in OurNetwork’s two part series on lending protocols. After covering some of the largest players in the DeFi subsector in the first issue, we’re trending slightly down the stack to up-and-comers.</p><p>These projects were born in the wake of DeFi mainstays like Aave and Compound, and are exploring alternative models around isolated lending pools, token buyback strategies, order book-based lending, among other initiatives. While it may not be as easy to keep up in DeFi as it once was, we hope this issue serves to show a little bit about what’s happening in the space, enough to follow your own proverbial rabbitholes.</p><p>Let’s get into it.</p><p>– ON Editorial Team</p><div><hr></div><div><figure><a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc25e98d9-683f-4fc8-814d-10a188712fa8_2044x108.png" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/56563f73999c76537f9c31a6351776a5.jpg" alt=""></source></picture><div></div></div></a></figure></div><h1><strong>Lending Pt. 2 🏦</strong></h1><p>Fluid | Silo | Yei Finance | Moonwell | Gearbox | Loopscale</p><div><hr></div><div><figure><a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7feda92a-fee6-4550-92ee-23cbcfcecf38_2000x415.png" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/7f779fcef4b7ec7e5adb1e50547a8ee6.jpg" alt=""></source></picture><div></div></div></a></figure></div><h4><strong>Fluid 🌊</strong></h4><h4><strong>👥 <a href="https://x.com/NovaOvchinnik?ref=ournetwork.ghost.io" rel="nofollow">Nikita Ovchinnik</a> | <a href="https://fluid.io/?ref=ournetwork.ghost.io" rel="nofollow">Website</a> | <a href="https://tokenterminal.com/explorer/studio/dashboards/1a3ab18b-259f-415b-b289-11fef6a99497?ref=ournetwork.ghost.io" rel="nofollow">Dashboard</a></strong></h4><h4><strong>📈 Fluid is Rapidly Growing in the DeFi Space, with a Unique Liquidity Layer Allowing Efficient Use of Collateral and Debt as Liquidity for Decentralized Exchanges</strong></h4><ul><li><p>Fluid is a non-custodial lending, vaults, and decentralized exchange protocol developed by Instadapp, the DeFi platform. Since the launch of its decentralized exchange in late 2024, the protocol has experienced a significant surge in key performance metrics. Over the past months, Fluid has seen its monthly active users grow exponentially, reaching a peak of over 60,000 users in March 2025. This growth aligns with the sharp increase in total value locked (TVL), which surpassed $1.8B.</p></li></ul><div><figure><a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6c74b716-4929-4596-ab0f-b5aea1eb9e21_1600x1150.png" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/426ea06089340d12ff466f54e9fed3a0.jpg" alt=""></source></picture><div></div></div></a><figcaption>token terminal</figcaption></figure></div><div><figure><a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0351fed4-f02c-46d5-bc6e-e0e21547c39c_1600x1150.png" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/eff0a5366b2dbdcb5af4de0a8e6e9735.jpg" alt=""></source></picture><div></div></div></a><figcaption>token terminal</figcaption></figure></div><blockquote><p>✏️ <strong>Editor's Note:</strong><br>While the chart shows Fluid's TVL dropping in dollar terms, in ETH terms, it's steadily close to its high. This indicates the drop-off since February is due to crypto price fluctuations, rather than an exodus from the protocol.</p></blockquote><p><a href="https://www.ournetwork.xyz/p/on-333-lending-pt-2" rel="nofollow"><span>Continue reading ON-333</span></a></p><div><hr></div><h5>Quick Links: <a href="https://ournetwork.substack.com/p/disclosures" rel="nofollow">Disclosures</a></h5><div><div><div><p>ork! Subscribe for free to receive new posts and support our work.</p></div><div><div></div><div></div></div></div></div>

ON–333: Lending Pt. 2

关于Fluid、Silo、Yei Finance、Moonwell、Gearbox和Loopscale的报道

📝 **编辑注记：**

欢迎阅读OurNetwork关于借贷协议的两部分系列的第二期。在第一期报道了DeFi子领域中最大的参与者之后，我们现在稍微转向了一些新兴的项目。

这些项目诞生于Aave和Compound等DeFi主流项目之后，正在探索围绕隔离借贷池、代币回购策略、基于订单簿的借贷等多种创新模式。尽管在DeFi领域跟上步伐不再像以前那么容易，但我们希望这一期能展示该领域正在发生的一些事情，足以让您追随自己感兴趣的方向。

让我们开始吧。

– OurNetwork编辑团队

**借贷 第二部分 🏦**

Fluid | Silo | Yei Finance | Moonwell | Gearbox | Loopscale

**Fluid 🌊**

👥 [Nikita Ovchinnik](https://x.com/NovaOvchinnik?ref=ournetwork.ghost.io) | [网站](https://fluid.io/?ref=ournetwork.ghost.io) | [仪表板](https://tokenterminal.com/explorer/studio/dashboards/1a3ab18b-259f-415b-b289-11fef6a99497?ref=ournetwork.ghost.io)

📈 Fluid在DeFi空间快速增长，其独特的流动性层允许高效使用抵押品和债务作为去中心化交易所的流动性

- Fluid是由DeFi平台Instadapp开发的非托管借贷、金库和去中心化交易所协议。自2024年底去中心化交易所推出以来，该协议的关键绩效指标出现显著激增。在过去几个月中，Fluid的月活跃用户呈指数级增长，在2025年3月达到超过60,000用户的峰值。这一增长与总锁仓量（TVL）的急剧增加相一致，总锁仓量已超过18亿美元。

✏️ **编辑注记：**
虽然图表显示Fluid的总锁仓量以美元计价有所下降，但以E太币计价仍接近历史高点。这表明自2月以来的下降是由加密货币价格波动造成的，而非用户大量撤离协议。

ON–333：借贷 Pt. 2

跟之前说的一样,我们到关键位置溜!
如果能稳稳站上 那就可以去前高~!
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喊单点位丨BTC

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