DeFi Summer Reappears? Huobi HTX Layouts DeFi Track: HTX Research Explores Institutional-Level DeFi New Opportunities

In early 2025, the relaxation of cryptocurrency regulations in the United States sparked a wave of integration between DeFi and traditional finance, marking the strong arrival of the "Institutional DeFi Summer." HTX Research, the exclusive research department under Huobi HTX, conducted an in-depth analysis of the institutional-level DeFi boom driven by policy in its latest report titled "++The Technological Evolution and Credit System Foundation Behind the 'Institutional DeFi Summer'++," systematically outlining the technological evolution of institutional applications and credit mechanisms. Recently, the DeFi sector on the Huobi HTX platform has seen a surge in trading activity, with MakerDAO's Endgame strategic core project Spark launching exclusively on Huobi HTX. Huobi HTX continues to provide users with high-yield on-chain investment opportunities, helping investors seize the institutional-level DeFi dividends.

Huobi HTX: Leading the DeFi Track, Capturing New Market Trends

As a global leading cryptocurrency trading platform, Huobi HTX has long been deeply involved in the DeFi sector, supporting DeFi innovation and seizing investment opportunities brought by the wave of institutionalization. Recent trading data from Huobi HTX reflects the market's enthusiasm for the DeFi track, with EVM ecosystem DEX token UNI (Uniswap) soaring 31% last week, and Solana ecosystem DEX token RAY (Raydium) rising 39%. DeFi lending protocols AAVE and SNX (Synthetix) both recorded a 13% increase, while oracle leader LINK (Chainlink) rose by 10%. The RWA (Real World Assets) concept ONDO has been favored by American capital, showing impressive performance. Beyond mainstream public chains, new public chain Sui ecosystem DeFi projects like BLUE and CUTES have also achieved good gains after launching on Huobi HTX, confirming Huobi HTX's ability to accurately capture potential tokens and position itself in quality tracks.

Regulatory Relaxation: New Opportunities for Institutional Entry

In January 2025, the SEC abolished SAB 121, removing the obligation for financial institutions to include customer cryptocurrency assets on their balance sheets, significantly lowering compliance thresholds. In May, the Senate overwhelmingly advanced the "GENIUS Act" stablecoin bill, establishing a nationwide unified regulatory standard, requiring stablecoins to be 1:1 pegged to cash or short-term government bonds, and to comply with KYC/AML requirements. These two policies laid a solid foundation for traditional financial institutions to legally issue stablecoins and participate in on-chain finance.

Wall Street giant Cantor Fitzgerald took the lead, completing the first on-chain Bitcoin loan transaction with Maple Finance, depositing BTC for an annual yield of 4-6%. This move, driven by U.S. Secretary of Commerce Howard Lutnick, highlights traditional finance's confidence in DeFi and signals the beginning of the "on-chain mainstream finance" era. Institutional funds are accelerating their entry into DeFi.

The Institutionalization Wave of DeFi: Upgrading Technology and Credit Systems

Under the policy dividend, institutional-level DeFi applications are rapidly emerging, with Maple Finance's total locked value (TVL) surpassing $2 billion. MakerDAO's subsidiary Spark invested $50 million into Maple to create on-chain credit products with annual yields of 10-17%, forming a credit loop that rivals traditional finance. DeFi is moving towards institutionalization through the following mechanisms:

• Sybil resistance and on-chain credit: 3Jane integrates zk technology with FICO scoring to build decentralized credit ratings, providing collateral-free USDC credit for small and medium-sized institutions.
• Structured debt instruments (CLOs): Protocols like Maple have launched on-chain CLOs, combining senior and junior bonds to meet different risk preferences, with smart contracts ensuring transparent governance.
• Credit default swaps (CDS): Aave's Umbrella module and Opium's CDS products reduce default risk through automatic triggers and public trading.
• Delegated credit and re-staking insurance: Maple's "pool agent + sub-credit" model expands funding coverage, while SyrupUSDC combines re-staking and insurance pools to enhance capital efficiency.

These mechanisms significantly improve capital efficiency, reduce default risk, and enhance compliance, driving DeFi from an over-collateralized model towards a credit-driven institutional financial ecosystem.

New Trend: High-Dimensional AMM and Modular Stablecoins

The entry of institutions raises higher demands for DeFi infrastructure, revealing limitations in traditional AMMs (like Uniswap V3 and Curve) in multi-asset scenarios. The Orbital AMM proposed by Paradigm achieves multi-asset single-pool trading through a high-dimensional spherical model, significantly reducing slippage and enhancing capital efficiency, outperforming Solana's multi-pool model Perena. Orbital supports diverse assets (such as stablecoins, LSD, RWA), meeting institutional-level needs.

As the core of MakerDAO's Endgame strategy, Spark's TVL has surpassed $5.9 billion. Through collaborations with Maple, EigenLayer, and others, it has built an on-chain yield and stablecoin engine. Its $50 million partnership with Maple brings stable yields of 10-17%, boosting the issuance and market demand for DAI/USDS.

The abolition of SAB 121 and the advancement of the GENIUS Act lay the groundwork for DeFi's integration into mainstream finance, while on-chain credit systems and technological innovations are reshaping the "on-chain dollar operating system." From high-dimensional AMMs to modular stablecoins, DeFi is moving towards a new phase driven by yield and compliant composability. Huobi HTX will continue to delve into the DeFi sector, leveraging cutting-edge insights and a rich product lineup to help users seize opportunities in the on-chain financial wave.

About HTX Research

HTX Research is the exclusive research department under HTX Group, responsible for conducting in-depth analysis across a wide range of fields, including cryptocurrencies, blockchain technology, and emerging market trends, writing comprehensive reports, and providing professional assessments. HTX Research is committed to delivering data-driven insights and strategic foresight, playing a key role in shaping industry perspectives and supporting informed decision-making in the digital asset space. With rigorous research methodologies and cutting-edge data analysis, HTX Research consistently stands at the forefront of innovation, leading the development of industry thought and promoting a deeper understanding of the ever-changing market dynamics.