U.S. June Imports

"Title: Pioneering Peer-to-Peer Lending in the DeFi Revolution" "Written by: Paul Veradittakit, Partner at Pantera Capital" Compiled by: Chris, Techub News Morpho is surpassing traditional protocols such as Compound and changing the DeFi landscape, showcasing the power of its innovative lending model. Initially using Morpho Optimizers for direct peer-to-peer credit limits, Morpho has now expanded to include Morpho Blue, which adopts a point-to-pool model that combines the best of both worlds to improve efficiency.

The first-generation DeFi with the first-mover advantage is still evolving.

In the third quarter of 2025, the updated list from Grayscale Investments shows that the crypto market is transforming towards diversification and practical application. The inclusion of Avalanche and Morpho reflects advancements in technology and ecosystems, while the exclusion of Lido and Optimism reveals institutional investors' emphasis on decentralization and value capture mechanisms. The overall trend highlights compliance and refined development.

Recently, the total issuance of USDe increased from 2.4 billion USD to 3.8 billion USD, an increase of over 58%, primarily driven by the rise in Bitcoin prices. MakerDAO took this opportunity to achieve a daily revenue growth of 200%, relying on the high staking yield of USDe, which generated huge lending demand. Ethena, MakerDAO, and Morphos together form a growth ecosystem that, despite risks, shows strong vitality overall, but its sustainability remains to be observed.

Ethena: The "Federal Reserve" of the new generation of Crypto Assets 1. Ethena Team Background The Ethena team members have extensive expertise and practical experience in areas such as Crypto Assets, finance, and technology. Founder G previously worked at a large hedge fund and established Ethena after the Luna crash. The COO was a product manager at a well-known investment institution and has also worked at a derivatives trading platform. The Head of Institutional Growth for the Asia-Pacific region has held roles such as Head of Investment Research and Head of Institutional Partnerships. 2. Financing Situation According to data platforms, Ethena has completed three rounds of financing, with a total financing amount of $119.5 million. Major investors include several well-known venture capital institutions. Ethena's investors include exchanges, market makers, and investment institutions with traditional financial backgrounds, providing funding support and industry resources for its development. Three, E