DeFi 2.0 token prices and locked volume stabilize and rise, Delphi Digital compiles related popular projects

With the advent of the DeFi 2.0 era, an article titled "The Dark Horse of Decentralized Finance in the Post-DeFi Era: Spell, OHM, Toke Detailed Analysis" was shared, mentioning many well-known projects. DeFi data analytics company Delphi Digital also released a data report yesterday, comparing DeFi 2.0 projects with early DeFi projects, indicating that these emerging projects seem to be attracting attention and funding in the market.

However, not everyone agrees with the term "DeFi 2.0." Yearn core developer Bantag directly criticized Delphi Digital's tweet, leading Delphi Digital to delete the post and mention that "DeFi 2.0" is a sarcastic term.

DeFi 2.0 Price Performance

Recently, the project tokens that are relatively hot in the market with high lock-up volumes have all seen price increases in the past month. Among them, the governance token of Spell in the Abracadabra Money ecosystem has seen the largest increase, nearly 14 times in the past month. The main reasons are likely due to the full support for a governance proposal that burns 20% of circulating tokens, listing on the FTX exchange, and the acquisition of Spell by founder Daniele.

Early Outstanding DeFi Projects Experience Slowing Growth in Lock-up Volume

Recently, Abracadabra Money allows users to collateralize interest-bearing tokens with receipts, borrow stablecoin MIM to increase capital utilization; Rari Capital's yield aggregator platform has introduced a multi-coin lending pool feature that allows users to pledge sOHM by collateralizing OHM for borrowing other tokens. If choosing to provide liquidity for sOHM, the annualized yield can be as high as 7600%.

These two emerging DeFi 2.0 platforms with innovative services continue to increase their lock-up volumes, both currently exceeding one billion US dollars. While the lock-up volumes of the relatively early DeFi platforms are several times higher, there is a trend of gradual decline.

Lock-up Volumes:

Rari Capital's Multi-Coin Lending Pool:

Mainstream Stablecoins Face Challenges

Recently, USDT's security of reserve assets has been questioned, leading to a gradual catch-up by the more secure USDC in stablecoin market share. Decentralized cross-chain stablecoin MIM has caught up in the stablecoin market due to its rich services, higher annualized yield, and higher capital utilization rate, currently ranking sixth in market value at around 1.5 billion US dollars.

Abracadabra Money's feature allowing users to collateralize interest-bearing tokens for MIM is more capital-efficient compared to DAI issued by MakerDao. However, because of this, MIM is considered to bear higher risks than DAI, as it has more volatile collateral and an additional layer of smart contract risk, requiring extra caution when using.