Original Author: Jaleel, BlockBeats

Original editor: Jack, BlockBeats

In the recent DeFi track, perhaps the hottest pledge mining protocol is Agility, which reached a TVL of 510 million US dollars in just a few days. With extremely high liquidity mining income, the price of $AGI rose from 0.2 The highest rose to 0.99, an increase of 300%, which has doubled many times.

There are even rumors that the Agility project team themselves have sold out, and they never expected that they would be so popular.

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Agility protocol APR up to 3592.87%

Let's take a look at Agility first. So far, the AGI-WETH pool income on Agility is still as high as 3592.87% APR. ETH single currency pledge income is 36.43% APR.

Agility has issued an over-collateralized stablecoin aUSD, and users can only mint aUSD by mortgaging aLSD or aETH. aLSD and aETH are also tokens issued by Agility, which represent the LSD or ETH deposited by users in the protocol.

Users who recharge LSD in Agility Protocol will receive aLSD and 100% corresponding LSD rewards. Currently, Agility supports stETH, rETH and frxETH. When users deposit ETH on Agility Protocol, they will earn aETH, an asset that does not have any rewards per se, but earns money from it. aETH can be used to mint aUSD as collateral for transactions and participate in LSD liquidity distribution.

The value of aLSD and aETH is linked to the value of the corresponding supply assets in a 1:1 ratio, and can be used for LSD liquidity distribution and aUSD minting. aLSD or aETH holders can deposit funds into the corresponding fund pool, and can get three kinds of rewards: 100% LSD income, 30% Vault strategy income, and esAGI token rewards.

Agility's vision is to unlock liquidity for LSD holders, explore more LSD trading scenarios, and provide deep liquidity for other LSD-related protocols. The vision is to unlock liquidity for LSD holders, explore more LSD trading scenarios, and provide deep liquidity for other LSD-related agreements.

Looking at this mechanism alone, it seems that there is no innovation. So what makes Agility achieve such a rate of return and lock-up amount?

The answer may be that the current liquidity release path for converting LSD to USD is mainly borrowing on AAVE and Compound. This year, the annualized rate of return of USD loans on AAVE and Compound has been rising, which makes the cost of LSD's liquidity release too high. However, Agility has issued an over-collateralized stablecoin aUSD, and users can mint aUSD by mortgaging aLSD or aETH, so the liquidity release cost of converting LSD to aUSD is almost zero. It can be said that Agility is not only an LSD liquidity distribution platform, but also an aUSD transaction platform. Agility's locked positions also soared.

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Thala protocol on Aptos

Thala is a decentralized finance protocol powered by the Move language that enables seamless borrowing of decentralized, over-collateralized stablecoins in Move Dollar and provides efficient liquidity through a rebalanced AMM on the Aptos blockchain . The project team Thala Labs comes from organizations that focus on deploying innovative DeFi products on Aptos, including members from MakerDAO, ParaFi Capital, NEAR, Twitter, Apple, Google, and Amazon.

In the last year, Thala launched the over-collateralized stablecoin Move Dollar ($MOD) as the native stablecoin of Aptos, which is used to transact, facilitate and interact with various other DeFi protocols in the ecosystem, while acting as a store of value, medium of exchange and record. account unit. A few months later, Thala Labs completed a $6 million seed round co-led by ParaFi Capital, White Star Capital, and Shima Capital.

After that, Thala Labs continued to make new moves, such as launching Thala OSS, a collection of development tools, and then distributed dividends and rewards to early relevant users, and also cooperated with LayerZero to integrate $MOD and $THL into a full-chain Token.

Back to the present, according to the data displayed on the official website, Thala’s APY does not have Agility’s terrifying 3592.87% APR, but the pool with the highest APR, THL-MOD, also reached 107.47%, and the pool MOD-zUSDC with the highest lockup volume reached 6.73 million US dollars .

Not only APY, since the official launch of the Aptos mainnet on April 6, the Thala protocol Token $THL broke through $0.74 within two days, hitting a record high, and reached a new high ten days later, touching $0.85. At the same time, according to DeFiLlama data, the current TVL of the agreement reaches 28.53 million US dollars.

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Former PayPal Finance founder launches HOPE

On April 3, Flex Yang, the former founder of Babel Finance, launched the distributed stablecoin HOPE with native encrypted assets as the reserve. The public beta of the Sepolia test network dApp has begun, and HopeSwap, Staking, Liquidity Farming, Gauge Vote and other functions.

HOPE is a one-stop DeFi ecosystem based on the native encrypted distributed stable currency HOPE. A distributed escrow network is adopted to minimize the possibility of single point of failure, ensuring that investors do not need to bear the risk of a centralized organization while ensuring that assets are secured by safe custody.

Flex Yang mentioned that after the end of the PayPal financial project, based on the perception of increasingly fierce geopolitical conflicts since 2022, the market's trust in sovereign currencies is decreasing, so there is a huge demand for non-US dollar international trade currencies, "The long-term market goal of the stablecoin HOPE is to become an international light settlement currency, but in the early stage, the goal of HOPE is to become a highly liquid collateral in the encrypted market. We will create a complete exchange rate for HOPE at the start-up stage market and interest rate market.”

Two weeks later, following a successful public testing phase, HOPE announced that it had selected Coinbase Custody as the first custodian for HOPE's distributed reserve network. Meanwhile, protocols and features including HopeSwap, HOPE Staking, and DAO are now officially rolled out to all users.

According to the official website data, as of now, the total lock-up volume of HOPE is nearly two million, and the pledged APY has reached 529.11%.

LT holders can lock LT for a period of time to obtain veLT (vote-escorted LT). The amount of veLT available to users is proportional to the lock time. For example, if you lock 10,000 LT for 1, 2, 3 or 4 years, you can get 0.25, 0.5, 0.75 or 1 veLT respectively. veLT holders will have reward bonuses and governance voting rights. According to the specific veLT holdings, users can get up to 2.5 times the LT reward bonus. The distribution plan of LT rewards is determined by its corresponding Gauge weight, and the Gauge weight will be updated after each voting cycle.

HopeSwap is the portal for mass users to enter the HOPE ecosystem. Users can use mainstream encrypted assets to obtain HOPE and LT through the AMM on the chain. Users can provide liquidity to existing trading pairs, or create new trading pairs to earn 50% of the fees generated by HopeSwap. On this basis, LP Token holders can also pledge qualified LP Tokens and obtain LT rewards according to the corresponding Gauge weight. Through single currency pledge, HOPE holders can also obtain LT rewards without bearing impermanent losses.

25% of all transaction fees generated within the HOPE ecosystem will be distributed proportionally to all veLT holders. Another 25% of transaction fees will be distributed proportionally to veLT holders who voted for a specific Gauge based on voting results.

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Ronin Chain returns to $100 million TVL after October

Ronin Network, the sidechain of Axie Infinity, officially announced on March 30 that the RON staking function was launched, and the staking rewards will take effect on April 12. The price of RON also made a nice upslope, reaching a high of $1.439 on April 14, an increase of 17.18% within 24 hours.

According to DeFillama data, the chain game Axie Infinity side chain Ronin Network TVL returned to $100 million after October.

We all know that Ronin is an EVM blockchain specially built for games. Launched by Axie Infinity creator Sky Mavis, Ronin is also a proven blockchain that can scale a single game to accommodate millions of daily active users, and has already processed over $4B in NFT volume. Ronin is optimized for near-instant transactions and negligible fees, enabling millions of in-game transactions to happen seamlessly.

In February 2021, after three years of exploration, the Axie team launched their dedicated chain, Ronin, to provide players with free and fast blockchain interaction, which immediately exploded the market.

During the year 2021, Ronin handled almost 15% of all NFT transaction volume and became home to all Axie Infinity assets (Axies, Land, SLP, and AXS). In terms of NFT sales, Ronin is second only to Ethereum. While there are many other chains available, Ronin is the only platform proven to scale a single game to accommodate millions of daily users.

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Back to 2020 DeFi Summer?

Not only that, according to DeFiLlama data, since the beginning of this year, the DeFi yield market Pendle TVL has risen by more than 250%. Of the total TVL of over US$54 million, Ethereum accounted for US$27 million, Arbitrum accounted for US$25 million, and Avalanche accounted for US$25 million. Less than $1 million. Among them, stETH, rETH, frxETH and ankrETH accounted for 44% of Pendle TVL, followed by GLP of the GMX protocol accounted for 20%, and Gains Network's gDAI accounted for 15%.

Are we ushering in the next DeFi Summer? In response to this hopeful question, we interviewed Woody, a partner of Hengxin Capital.

In this regard, he believes that the current stage is essentially the same as the DeFi market in 2020. The current situation can be understood as the "hungry and thirsty" of funds, so he is willing to rush into some hot spots, which shows that funds are still willing to rush. Theoretically, it reflects the trend of Fast Money, but they are very fast-paced. When they know the news, they are more daring, but they are also easy to be RUG. After all, not every agreement and project can be done.