总的来说，在目前的市场阶段，在Boros做空资金费率是一件收益大于风险的选择，且通过Binance、Hyperliquid和Boros三个平台，可以实现一个Delta Neutral的，收益率可以达到30%的固定利率套利组合。

本篇文章，笔者会梳理一下最适合DeFi小白，特别是一些圈外上班族参与DeFi的原则，并分析几个收益相仿，风险较低，适合该部分用户的稳定币理财场景。

笔者希望开一个新的系列文章，用来帮助小伙伴们快速入门DeFi，并结合DeFi巨鲸们的实盘数据，分析不同策略的收益与风险，希望大家支持。首先第一期，笔者希望从最近很火热的利差套利策略入手，并结合AAVE大户的资金配置来分析这个策略的机会点和风险。

总的来说，笔者认为随着鲍威尔调整FED决策逻辑，美国就业市场的表现在短期内决定了市场对9月降息信心，进而影响风险资产市场的价格。

In general, the launch of Aave Umbrella has optimized the pressure on the supply side of AAVE tokenomics and improved capital efficiency from the perspective of the project. However, it is necessary to observe the impact of the transition of participants in the original incentive scenarios on the protocol. As for stkGHO participants alone, they may need to look for other Yield scenarios.

总的来说，以Ethena为例，Pendle YT杠杆积分策略目前的潜在回报率可以做到393%，但仍需注意其中投资风险。

总的来说，AAVE+Pendle+Ethena的PT杠杆挖矿策略并非无风险套利策略，其中PT资产的贴现率风险仍然存在，因此参与用户需要客观评估，控制杠杆率，避免爆仓。

As Trump's policies are being fulfilled one by one, he has attracted manufacturing back to China through tariffs, actively detonated the stock market bubble and forced the Federal Reserve to cut interest rates and release money, and then promoted financial innovation and accelerated industrial development through deregulation policies. This combination of punches is actually changing the market. Among them, the RWA track under the favorable deregulation policy is also increasingly attracting attention from the crypto industry. This article will mainly introduce the opportunities and challenges of tokenized stocks.

In this article, we will review the current mainstream paradigms of Web3 consumer applications and explore their respective opportunities and challenges.

As for the short-term market trend, the combination of many unfavorable factors has indeed led to certain price pressures, but there seems to be no clear structural risks. Therefore, if the market retreats excessively due to panic, building a proper position may be an option.

zkTLS technology introduces the ZKP zero-knowledge proof algorithm, allowing the on-chain smart contract to act as a third party and directly verify the data provided by a node, thus avoiding the high usage costs of traditional Oracle caused by the consensus algorithm.

"Trump's currency issuance" marks the official return of neoliberalism in the United States. Survival of the fittest and wild growth will become the main theme of this new era.

In general, I believe that the prices of many high-growth risky assets, including the crypto market, will continue to be suppressed in the short term. The reason is that the U.S. Treasury market has been adversely affected by the increase in term premiums and higher medium and long-term interest rates. The reason for this situation is that the market is pricing in the U.S. debt crisis.

In general, looking back at 2024 and looking forward to 2025, I think it is appropriate to summarize it in four sentences: from grassroots to universal, from chaos to order, from depression to bubble, and from conservatism to reform. Next, I will share my thoughts and prospects with some events that I think are more representative.

The cryptocurrency market experienced a large pullback last week, which was generally attributed to the so-called "hawkish rate cut" by Federal Reserve Chairman Powell, which triggered concerns in the risk market about inflation and economic recession. However, according to the author's analysis, this is probably only a secondary factor causing capital panic. The real impact lies in the strong pressure on Congress's short-term spending bill initiated by Trump and Musk last Wednesday, and even the uncertainty caused by threatening to cancel the debt ceiling rule, which triggered the risk aversion of funds.