DeFi's Regulatory Thaw: A New Era Begins?
Policy Shift: Senior SEC officials express support for DeFi innovation, stating that it aligns with American values of economic freedom and private property rights. Plans are underway to establish an "Innovation Exemption" framework, allowing on-chain products to enter the market more quickly.
Key Positions:
Self-custody and privacy software development should not incur securities law liability simply for publishing code.
PoW/PoS mechanisms do not inherently constitute securities transactions.
Warning against centralized entities misusing the "decentralized" label to evade regulation.
Market Trends:
Regulatory Boost: If the Innovation Exemption is implemented, it could attract traditional capital, accelerating the integration of DeFi with traditional finance.
Intensified Competition: The entry of major players may squeeze the market share of native DeFi projects.
Independent Development: DeFi's reliance on Ethereum is expected to decrease in the future.
Top DeFi protocol situation and trend
@Aave:
TVL surges to $26 billion (ATH), now expanded across 18 blockchain networks.
"Aavenomics" proposal introduced (token buybacks, revenue redistribution), attracting institutional users (e.g., firms linked to the Trump family).
@Uniswap:
V4 launched, featuring hooks technology to reduce gas fees; Unichain TVL hits $546 million (2nd largest chain after Ethereum).
TVL declined primarily due to ETH price drop, while actual ETH staking volume increased.
@SkyEcosystem (formerly MakerDAO):
TVL dipped after rebranding, but Spark Protocol (RWA-focused) performed strongly, with MKR token price up 170%.
Complex governance reforms may have impacted market perception.
@EigenLayer:
Restaking concept drives TVL to $12.4 billion (ranked 3rd), surging **77% in just 2 months**—prompting a market revaluation of its potential.
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