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Lending

Lending protocols form the backbone of the decentralized money market, allowing users to lend or borrow digital assets without intermediaries. Using smart contracts, platforms like Aave and Morpho automate interest rates based on supply and demand while requiring over-collateralization for security. The 2026 lending landscape features advanced permissionless vaults and institutional-grade credit lines. This tag covers the evolution of capital efficiency, liquidations, and the integration of diverse collateral types, including LSTs and tokenized RWAs.

15892 Articles
Created: 2026/02/02 18:52
Updated: 2026/02/02 18:52
Best Crypto To Buy Now For 10x Returns? Diversify Your Portfolio With These High-Potential Altcoins

Best Crypto To Buy Now For 10x Returns? Diversify Your Portfolio With These High-Potential Altcoins

Cardano Dogecoin and Remittix offer varied upside where ADA brings research DOGE brings liquidity and RTX brings PayFi utility for diversified 10x potential.

Author: Blockchainreporter

2025/12/02

From yield to utility: The quiet repricing of risk in post-CeFi DeFi | Opinion

From yield to utility: The quiet repricing of risk in post-CeFi DeFi | Opinion

As yield potential aligns with matching utility, DeFi now resembles a stronger, stabler foundation for programmable finance

Author: Crypto.news

2025/12/02

Voyager Digital Issues Default Notice to Three Arrows Capital

Voyager Digital Issues Default Notice to Three Arrows Capital

Voyager Digital has issued a default notice to Three Arrows Capital for failing to repay a loan comprising 15,250 BTC and 350 million USDC.

Author: coinlineup

2025/12/02

How Korean Skincare is Shaping the Future of Skincare Innovation

How Korean Skincare is Shaping the Future of Skincare Innovation

When you think of glowing, glass-like skin, chances are you think of Korean skincare. But K-beauty is more than just a global trend — it’s a driving force in shaping the future of skincare as we know it. With its unique blend of science, tradition, and creativity, Korean skincare has completely redefined what it means […] The post How Korean Skincare is Shaping the Future of Skincare Innovation appeared first on TechBullion.

Author: Techbullion

2025/12/02

Strategy Cash Pivot Lifts Bitcoin Hyper Narrative

Strategy Cash Pivot Lifts Bitcoin Hyper Narrative

What to Know: Strategy’s reduced 2025 $BTC yield targets and its $1.44B cash reserve underscore the volatility of pure corporate Bitcoin exposure. Capital is rotating away from single-stock Bitcoin proxies and toward direct Bitcoin ecosystem plays, especially Layer-2 infrastructure with fee and activity capture. Bitcoin Hyper integrates Bitcoin’s security with SVM throughput to deliver sub-second smart contracts and low-fee DeFi, gaming, and payments. As Bitcoin Layer-2 competition heats up, networks offering strong tooling, low latency, and aligned economic incentives may outperform passive $BTC treasury strategies. Strategy’s move to slash its 2025 profit and $BTC yield targets to build a $1.44B cash reserve is a blunt reminder of how violent Bitcoin treasury cycles can be, even for professional managers. When a flagship listed proxy for $BTC suddenly prioritizes cash over coin, it forces you to reassess risk. For traders who’ve been using Strategy shares as a levered Bitcoin bet, that pivot underlines a structural problem: you’re still exposed to a single company’s capital-allocation decisions. Earnings calls, dilution, debt covenants and regulatory scrutiny can hit your Bitcoin play even if $BTC itself trades sideways or higher. That’s why more capital is quietly rotating from corporate treasuries and listed stocks toward infrastructure and ecosystem exposure. Instead of asking whether one boardroom will stay max long $BTC, investors are asking which rails will capture fees, users and activity as Bitcoin matures beyond digital gold. In that rotation, Bitcoin Hyper ($HYPER) is emerging as one of the higher-beta ideas on the radar: a Bitcoin Layer 2 that integrates the Solana Virtual Machine (SVM) to deliver sub-second execution and high-throughput smart contracts on top of Bitcoin’s settlement layer. For traders seeking upside without tying everything to a single stock, it’s a very different proposition from owning Strategy. Why Bitcoin Ecosystem Bets Are Replacing Single-Stock Proxies Strategy’s balance-sheet shift highlights a basic reality: listed companies are constrained by shareholders, auditors and macro cycles. They can’t run 100% Bitcoin exposure indefinitely without occasionally de-risking, even if their brand is built on being all in on $BTC. At the same time, Bitcoin itself still settles around 7 transactions per second on L1, with fees frequently spiking into several dollars during congestion. That bottleneck has kept most DeFi, gaming and NFT experimentation on chains like Ethereum, Solana and Base, while Bitcoin remains underused capital sitting in cold storage. Bitcoin Hyper attempts to unlock Bitcoin’s idle trillions, but with a very specific approach: pairing Bitcoin settlement with an SVM-powered execution layer. For investors moving away from corporate proxies, these kinds of rails are increasingly how they try to capture long-term ecosystem upside rather than quarterly treasury decisions. For a deeper dive into how this works in practice, see what Bitcoin Hyper is planning in our guide. Bitcoin Hyper’s SVM Layer 2 Pitch to Bitcoin Holders Where Bitcoin Hyper gets interesting is the architecture. It uses Bitcoin L1 purely as the settlement and security root, while a real-time SVM Layer 2 handles high-speed execution. Blocks finalize in sub-second intervals, with transactions costing a tiny fraction of a cent, targeting performance that the team claims can exceed Solana’s own throughput under load. That SVM integration matters because it imports Solana’s developer tooling and parallel execution model straight into the Bitcoin orbit. Rust-based smart contracts, SPL-compatible tokens adapted for this L2, and familiar SDKs give builders a fast path to port DeFi, NFT and gaming primitives without reinventing everything for a bespoke VM. On-chain, the system relies on a single trusted sequencer that batches transactions and periodically anchors state to Bitcoin. A decentralized canonical bridge manages $BTC transfers in and out of the Layer 2, allowing wrapped $BTC to move into high-speed environments for swaps, lending, staking and in-game economies, then settle back to L1 when needed. The market seems to be paying attention. The Bitcoin Hyper presale has raised $28.8M, with tokens at $0.013365, signaling early conviction that a Solana-grade execution layer attached to Bitcoin’s security could capture meaningful user and fee flow over time. Learn how to buy $HYPER before the chance is gone. Whale investors have invested heavily: $274K whale $HYPER purchase $379K whale $HYPER purchase $500K whale $HYPER purchase That interest comes in part due to $HYPER’s price potential: our $HYPER price prediction shows it could go from $0.013365 to $0.08625 by the end of 2026, delivering 545% potential gains to current investors. For yield hunters, $HYPER also bakes in staking, with rewards tied to community and governance participation and a 7-day vesting window for presale stakers. If Strategy’s cash hoard is a bet on surviving the next volatility wave, Bitcoin Hyper is a bet that the next wave drives more activity, not just more hoarding. Consider if $HYPER fits your thesis before joining the presale. This article is for informational purposes only and does not constitute financial, investment, or trading advice; always do your own research. Authored by Aaron Walker for NewsBTC – https://www.newsbtc.com/strategy-bitcoin-cash-reserve-boosts-bitcoin-hyper-layer-2

Author: NewsBTC

2025/12/02

Is Crypto Dead? No, But the Chaos Means the Smartest Play Is Parking Funds in Stable Assets Like NNZ Token.

Is Crypto Dead? No, But the Chaos Means the Smartest Play Is Parking Funds in Stable Assets Like NNZ Token.

The question Is Crypto dead? is everywhere right now, fueled by market pullbacks, regulatory pressure, and shifting sentiment.  Some even ask whether crypto is dying or whether blockchain is dead, but the data tells a different story.  The industry isn’t disappearing, it’s transforming.  And in times of chaos, the smartest move for many investors is […] The post Is Crypto Dead? No, But the Chaos Means the Smartest Play Is Parking Funds in Stable Assets Like NNZ Token. appeared first on TechBullion.

Author: Techbullion

2025/12/02

Ethena after the decoupling controversy: TVL halved, ecosystem setbacks, how to start a second growth curve?

Ethena after the decoupling controversy: TVL halved, ecosystem setbacks, how to start a second growth curve?

Author: JAE, PANews With its unique Delta-neutral hedging strategy, USDe has become a censorship-resistant, scalable synthetic dollar that can capture perpetual contract funding rate gains, driving the rapid rise of its issuer, Ethena. Its TVL (Total Value Locked) once approached the $15 billion mark, and it is considered by the industry to be a key force challenging the duopoly of the two traditional centralized stablecoins, USDT and USDC. However, by October 2025, Ethena's situation had taken a sharp turn for the worse, facing severe structural challenges. Within just two months, the protocol suffered a series of blows, including the halving of USDe TVL and the unexpected termination of incubated ecosystem projects. These events prompted the market to reflect: Is Ethena's core mechanism vulnerable to external influences? Is the protocol's early high-growth model sustainable? Where is its second growth curve? The decline of leveraged arbitrage and the shelving of ecosystem projects led to a sharp drop in USDe TVL. The major challenges Ethena has recently faced are no accident; they expose the protocol's over-reliance on external liquidity during its rapid expansion and a misjudgment in its strategic positioning. According to the latest data from DeFiLlama, as of December 2, 2025, USDe TVL has fallen to approximately $7 billion, a drop of more than 50% compared to its peak of over $14.8 billion in October. The sharp decline in USDe TVL was not due to the failure of the protocol's hedging mechanism, but mainly due to the panic triggered by the "1011" USDe de-pegging incident on Binance, which led to a systemic exit from high-leverage arbitrage strategies in DeFi. During Ethena's rapid growth phase, many users used USDe as collateral to borrow USDC on platforms like Aave, obtaining leverage of up to 10 times or more through revolving lending operations to amplify potential returns. The lifeline of this model lies in the window of opportunity presented by interest rate spreads. As market lending rates fluctuate, the APY (annualized yield) of USDe drops to around 5.1%, while the cost of borrowing USDC on Aave remains at 5.4%. Once the yield on USDe falls below the borrowing cost, arbitrage trading relying on the positive spread becomes unprofitable. Leveraged positions that previously drove up TVL (total liquidity leverage) then begin to be liquidated and redeemed in large numbers, causing a massive outflow of liquidity and a significant contraction in TVL. This phenomenon also reveals the reflexivity of the USDe yield model, where the agreement yield and TVL growth form a self-reinforcing cycle, while also introducing structural vulnerabilities. When deposit rates are high, high yields attract a large influx of leveraged funds, driving up TVL. However, once deposit rates fall or borrowing costs rise, causing yields to drop below a critical point, a large number of leveraged positions will collectively withdraw from the market, accelerating the contraction of the agreement. USDe's growth depends not only on the Delta-neutral hedging mechanism but is also profoundly affected by market panic. Although Ethena maintains a collateralization ratio of over 100%, the spread of risk-averse sentiment in the market and the crisis of USDe's brief de-pegging to $0.65 on Binance have further exacerbated the withdrawal of liquidity. While TVL plummeted, Terminal Finance, a DEX (decentralized exchange) incubated by Ethena, announced the termination of its listing plans, casting a shadow over the protocol's strategic direction. Previously, Terminal had attracted over $280 million in deposits during its pre-launch phase, drawing significant market attention. The fundamental reason for Terminal's termination was the failure of the planned public blockchain, Converge, to launch as scheduled. In March of this year, Ethena Labs and Securitize announced a collaboration to build Converge, an institutional-grade public blockchain compatible with Ethereum. Terminal was positioned as the liquidity hub on the Converge chain. However, due to Converge's failure to launch its mainnet as promised and the lack of a definite launch plan in the near future, Terminal lost its essential infrastructure. Terminal's official account posted on X, frankly stating that the team explored various transformation options, but believed these paths all faced "limited ecosystem support, a lack of asset integration potential, and a bleak long-term development prospect," ultimately deciding to terminate the project. Terminal's failure marks a significant setback for Ethena's attempt to build its own public blockchain ecosystem. In the highly competitive public blockchain arena, the dispersion of resources and effort is often costly. This event suggests that Ethena must shift its focus to a more efficient and scalable horizontal scaling model, namely, concentrating on becoming a stablecoin infrastructure provider for public blockchains. Developing a white-label platform as a second growth engine to expand the functionality and utility of USDe Despite experiencing growing pains with liquidity and ecosystem projects, Ethena is shifting its growth focus to infrastructure services and product diversification through a series of major strategic moves, and its profitability has demonstrated strong resilience. Currently, the WhiteLabel platform is Ethena's most important second growth driver. This is a SaaS (Stablecoin as a Service) product that shifts the protocol's role from asset issuer to infrastructure provider. The WhiteLabel platform allows market participants such as high-performance public chains, consumer applications, and wallets to efficiently issue their own customized USD assets using Ethena's underlying infrastructure. It has already partnered with DeFi, exchanges, and public chains. For example, on October 2nd, Ethena announced a significant white-label partnership with Sui and its Nasdaq-listed DAT company, SUI Group Holdings (NASDAQ: SUIG), under which the Sui ecosystem will launch two types of native USD assets: suiUSDe: A yield-generating stablecoin based on the Ethena synthetic dollar model; USDi: A stablecoin backed by the BlackRock BUIDL tokenization fund. This collaboration with Sui marks the first time a white-label platform has been adopted by a non-EVM public chain, signifying that Ethena's infrastructure possesses cross-chain scalability. Furthermore, SUI Group will use the net proceeds generated by suiUSDe and USDi to purchase more SUI tokens on the open market, directly linking stablecoin issuance to ecosystem growth. On October 8, Ethena announced a partnership with Jupiter, a leading DEX aggregator in the Solana ecosystem, to launch JupUSD, securing another key foothold in the non-EVM public chain ecosystem. Jupiter plans to gradually replace $750 million of USDC in its core liquidity pool with JupUSD. Initially, JupUSD will be backed by USDtb, supported by BlackRock's BUIDL fund, and will later integrate USDe. This large-scale asset conversion will allow Ethena's assets to be introduced into mainstream DeFi applications within the Solana ecosystem, such as Jupiter Perps and Jupiter Lend, further solidifying the white-label platform's application scenarios in non-EVM public chain ecosystems. The implementation of the white-label strategy is not only about expanding Ethena's market share, but also about mitigating the structural risks of protocols. Through the white-label platform, Ethena can assist various market participants in integrating and issuing RWA-supported stablecoins (such as USDtb/USDi). This also means that Ethena's revenue streams can be diversified, no longer relying heavily on the highly volatile funding rates of perpetual contracts. During periods of low or negative funding rates, the institutional-grade stable returns offered by RWA can balance the overall returns of the protocol and may alleviate the reflexivity exhibited in USDe's early growth model. It's worth noting that Ethena is also deepening the utility of USDe as a DeFi utility asset, thereby reducing its reliance on leveraged arbitrageurs. Ethena Labs has established a strategic partnership with Nunchi, the deployer of Hyperliquid HIP-3. Nunchi is building yield perpetual contracts, a type of financial product that allows users to trade or hedge various yields, such as RWA rates, dividends, or ETH staking returns. In this collaboration, USDe has been designated as the underlying collateral and settlement asset for yield perpetual contracts. More importantly, users will benefit from a "margin yield" mechanism when using USDe as margin, allowing them to offset transaction fees and funding costs with the passive income earned from holding USDe. This will not only enhance market liquidity but also reduce users' actual transaction costs. This mechanism also helps USDe evolve from a savings instrument into a functional asset in the DeFi derivatives market. A portion of the revenue generated on Nunchi will also flow back to Ethena, creating a new revenue flywheel and further diversifying the protocol's revenue streams. It has captured over $600 million in protocol revenue and received approval and investment from Multicoin. In fact, prior to the turmoil Ethena experienced, the protocol's underlying profitability had already been proven, and its fundamentals remained robust. Token Terminal data shows that Ethena captured $151 million in fees in the third quarter of this year, setting a new record for the platform, and the protocol's total cumulative revenue has exceeded $600 million. This revenue data also demonstrates Ethena's efficient profitability when market conditions are favorable. Ethena's revenue primarily consists of three parts: 1) funding rates and basis gains earned from perpetual contract hedging positions; 2) ETH staking incentives; and 3) fixed rewards from liquidity stablecoins. This diversified revenue structure, along with the decentralized hedging of protocol positions across BTC and ETH and a reserve fund of up to $62 million, provides strong support for Ethena's fundamental robustness. Amidst market volatility, endorsements from leading institutions have instilled confidence in Ethena's long-term prospects. On November 15th, Multicoin Capital announced that it had invested in the protocol's governance token, ENA, through its liquidity fund. Multicoin Capital's investment logic focuses on the enormous potential of the stablecoin sector, predicting that the stablecoin market will grow to trillions of dollars and believing that "yield is the ultimate competitive advantage." They believe that Ethena's synthetic dollar model can effectively transform global market demand for leveraged crypto assets into substantial returns, a capability that distinguishes Ethena from traditional centralized stablecoins. From a capital perspective, Multicoin Capital's investment focus is primarily on the platform potential of protocols as issuers of yield-generating stablecoins. Ethena's scale, brand, and revenue-generating capabilities enable it to expand into new product lines, which will provide strategic and financial support for the protocol's later expansion of its infrastructure business. Despite facing a 50% drop in TVL and the termination of ecosystem projects, Ethena still achieved record revenue and received counter-cyclical investment from top-tier capital. It is attempting to mitigate the impact of the liquidity retreat and seek new business growth by adopting a "stablecoin as a service" white-label strategy and further expanding the application scenarios of USDe. For Ethena, the key to whether it can successfully transform from a high-yield savings bank for consumers (2C) to a stablecoin infrastructure for businesses (2B) will be the protocol's ability to reach new heights in the next cycle.

Author: PANews

2025/12/02

Sveriges Riksbank Flags Banking Risk from Stablecoin Market

Sveriges Riksbank Flags Banking Risk from Stablecoin Market

The post Sveriges Riksbank Flags Banking Risk from Stablecoin Market appeared on BitcoinEthereumNews.com. The Threat: Sweden’s central bank warns stablecoins could siphon deposits from commercial banks, raising borrowing costs. The Divide: The report contrasts the EU’s defensive MiCA restrictions against the US GENIUS Act dollar-dominance strategy. The Gatekeepers: Both regions continue to block stablecoin issuers from accessing full central bank settlement rails. Sweden’s Sveriges Riksbank has released a new analysis on the role of stablecoins in the modern financial system. The report discusses how stablecoins have expanded beyond their original place in crypto trading and now sit at the center of international regulatory debates. The world’s oldest central bank argues that if households shift savings from insured deposits to private digital assets, it could force banks to tighten lending, driving up costs for mortgages and business loans. US GENIUS Act vs. EU Caution The Riksbank talked about similarities between the United States and Europe in the treatment of stablecoin issuers. Both regions allow, in principle, the use of central bank reserves as backing assets, yet practical barriers still prevent issuers from holding such balances at scale. In the European Union, MiCA creates a legal pathway for backing stablecoins with central bank money. However, the ECB and national central banks, including Sweden’s, have kept restrictions in place. They permit accounts for payment purposes but limit balances to what is necessary for day‑to‑day settlement, effectively blocking full‑reserve stablecoins from anchoring themselves to central bank liquidity. Related: China’s PBOC Reaffirms Crackdown on Crypto Trading and Illegal Stablecoin Usage Meanwhile, the GENIUS Act has set the foundation for a more positive environment in the United States. It broadened the range of assets available for reserves and pushed for stablecoin expansion to support dollar dominance and demand for Treasury securities. Still, the Federal Reserve maintains tight control over access to settlement systems, and proposed policy changes only introduce…

Author: BitcoinEthereumNews

2025/12/02

ETH open interest on Binance extends its decline

ETH open interest on Binance extends its decline

ETH open interest on Binance declined rapidly, as speculative traders became more cautious about potential large-scale liquidations.

Author: Cryptopolitan

2025/12/02

Japan Proposes 20% Flat Tax on Bitcoin and Crypto Gains Amid FSA Regulatory Reforms

Japan Proposes 20% Flat Tax on Bitcoin and Crypto Gains Amid FSA Regulatory Reforms

The post Japan Proposes 20% Flat Tax on Bitcoin and Crypto Gains Amid FSA Regulatory Reforms appeared on BitcoinEthereumNews.com. Japan’s proposed 20% flat tax on crypto profits aims to simplify taxation and boost domestic investment by aligning crypto with equities and investment trusts, replacing the current progressive rates up to 55%. This reform, set for 2026, will split the tax between 15% income tax and 5% resident tax, encouraging broader participation in the crypto market. Tax Reduction Incentive: Japan’s crypto tax reform lowers rates from up to 55% to a flat 20%, making it competitive with stock investments and attracting more retail traders. Crypto assets will be reclassified under the Financial Instruments and Exchange Act, treating them like financial products for clearer regulatory oversight. The Financial Services Agency plans a whitelist of about 150 approved tokens, enabling banks and insurance firms to custody and offer crypto products while excluding non-compliant assets. Japan’s 20% flat tax on crypto profits in 2026 reform promises to revitalize trading by easing high taxes. Discover FSA regulatory shifts and institutional benefits—stay ahead in crypto investments today. What is Japan’s Proposed 20% Flat Tax on Crypto Profits? Japan’s proposed 20% flat tax on crypto profits represents a major shift in the country’s cryptocurrency taxation framework, designed to treat gains from digital assets similarly to those from equities and investment trusts. Currently, crypto profits fall under a progressive income tax system that can reach up to 55%, which has deterred many Japanese investors from active trading. Under the new proposal, this flat rate—divided into 15% national income tax and 5% local resident tax—would apply specifically to crypto gains, separating them from other income sources like wages or business earnings. This change is slated for inclusion in the 2026 tax reform package, expected to be finalized and released in late December, aiming to foster a more investor-friendly environment without speculative risks. The reform addresses long-standing concerns about…

Author: BitcoinEthereumNews

2025/12/02

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