#DeFi借贷TVL历史新高#

"Behind the New High of Lending TVL: The DeFi's Ambition of a 'On-chain Federal Reserve'"
While traditional finance is still pondering the pace of interest rate hikes, DeFi has quietly become the "central bank" in the on-chain financial system.
Recent data shows that the TVL of DeFi lending has reached a historical high, which is not just a prelude to a bull market but also a signal that the DeFi ecosystem's intelligence and decentralized governance are gradually maturing. Protocols like Aave, Compound, and Spark resemble the Federal Reserve's version of QE — on-chain liquidity pools self-expanding, dynamic adjustment of lending rates, and even the creation of interest rate derivatives to precisely hedge against market fluctuations.
With the triple fuel support of LSD, RWA, and LSDFi, high-quality staked assets continuously flow into the collateral pool, causing the lending TVL to soar. In particular, the significant increase in ETH staking scale has provided the lending protocol with a stable "super staking base", leading to a rapid decrease in risk premium and a sharp rise in leverage space.
But don't forget, this is also very similar to the shadow banking system on the eve of traditional financial crises. Once market volatility exceeds the tolerance level, the deleveraging wave will sweep through the entire DeFi ecosystem.
New highs in TVL are both a glory and a warning sign. Smart money is accumulating, while foolish money is following. Risk management will be the core moat of future DeFi.