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## エグゼクティブサマリー 分散型金融（DeFi）レンディングプロトコルにおける主要な指標である**預け入れ総額（TVL）**は、プロトコルの健全性と実際の価値の信頼できる指標として不十分であるという分析とともに、重要な再評価が行われています。業界の専門家は、経済活動と収益創出をより適切に測定するために、**融資量**や**基本的な資産供給**などのより詳細な指標への移行を提唱しています。主な懸念は、複雑な**イールドルーピング戦略**が広く採用されていることに起因します。これらの戦略はリターンを増幅させるように設計されていますが、エコシステム全体に定量化不能なシステムレバレッジを導入します。この隠された相互接続は不安定な環境を生み出し、ストレス期間中の重大な市場混乱の可能性を高めます。この感情は、現在の市場の不確実性と予測される高いボラティリティに反映されています。 ## イベントの詳細 歴史的にDeFiプロトコル評価の礎石であった**預け入れ総額（TVL）**は、ますます不適切でしばしば誤解を招く指標と見なされています。その主な欠陥は、再帰的イールドルーピング戦略やクロスチェーンでの二重計上を通じて人工的なインフレに影響されやすい点にあり、これは真の資本流入や有用性を反映していません。代わりに、レンディングプロトコルの成功と持続可能性を評価するための主要な指標は、**実際の融資量**（借入額）と、ステーブルコイン（**USDC**、**DAI**）、**ビットコイン（BTC）**、**イーサリアム（ETH）**のような**基本的で有用な資産の供給**です。これらの指標は、プロトコルの収益と実際の経済活動に直接関連しています。 DeFiレンディングは、主にレバレッジ取引を促進することから、洗練された**イールドルーピング戦略**を可能にすることへと顕著な変化を遂げました。これらの戦略には通常、利回り資産を預け入れ、それを担保に借り入れを行い、借り入れた金額を別の利回り資産に再投資することで、乗数効果を生み出すことが含まれます。たとえば、レンディングプラットフォームで**weETH**と**ETH**をペアにすることで、ループあたり0.5%のスプレッドを生み出し、高い貸付対価値比率でリターンを大幅に複利化することができます。同様に、**Pendle Finance**のようなプロトコルは、将来の利回りを**本金トークン（PT）**と**利回りトークン（YT）**にトークン化することをユーザーに許可することで革新し、流動性と資本効率を高めました。**Pendle**と**EthenaのUSDe**の統合は特に顕著であり、PendleのTVLの60%を**USDe**が占めています。一般的なルーピング戦略には、**PTをAaveに担保として預け入れ、USDCを借り入れ、それをUSDeに再投資して約8.8%の利回りスプレッドを獲得する**というものがあります。利回り生成型ステーブルコインである**EthenaのUSDe**は、DeFiにとっての「リスクフリーレート」として効果的に確立され、これらの新しいルーピング戦略の設計と収益性に大きな影響を与えています。 ## 市場への影響 イールドルーピングの広範な性質は、DeFiエコシステム内に**測定不能なシステムレバレッジ**をもたらしました。この複雑に絡み合った貸付と連鎖取引のネットワークは、**「流動性ミスマッチ」**と**「担保の幻想」**を生み出します。レンディングプロトコルは大量の担保がロックされているように見えるかもしれませんが、この担保の相当部分は、新規で無担保の資金ではなく、再利用されレバレッジされた資本の結果である可能性があります。この構造は、市場の安定性に対して重大かつ定量化されていないリスクをもたらします。 この脆弱性の証拠は、高レバレッジポジションによって引き起こされた連鎖的なリスクを露呈した**2025年10月の190億ドル清算イベント**によって明確に示されました。**USDe**のデペッグは、取引所で0.62～0.65ドルまで下落し、主要な触媒として機能し、オンチェーンDeFiプロトコルおよび中央集権型デリバティブ取引所全体で広範な担保清算を引き起こしました。このイベントは、**ETH**永久先物資金調達レートに大きく依存している**USDe**の6～8%の利回りの脆弱性を浮き彫りにしました。一般的にはポジティブですが、持続的なマイナス資金調達レートは利回り削減を必要とし、流出につながる可能性があります。さらに、**USDe**の集中された取引所エクスポージャーは、その供給の28%以上が取引所にあり、プロトコルのホットウォレットに対する償還圧力を軽減する一方で、システムリスクを同時に増幅させます。 対照的に、**Maple Finance**（運用資産32億ドル）のようなプロトコルは、透明なリスク管理と、貸付条件および担保のオンチェーンでの可視性を強調しています。このようなアプローチは、不透明なレバレッジ構造によってもたらされるシステムリスクを軽減する上で非常に重要です。 ## 専門家のコメント スコット・ルイスや他の市場コメンテーターは、**預け入れ総額（TVL）**はレンディングプロトコルを評価するのに不十分な指標であり、複雑なイールドルーピング戦略によってしばしば人為的に水増しされていると強調しています。彼らは、実際の**融資量**と**基本的で有用な資産の供給**が、プロトコル収益を直接促進する優れた指標であると主張しています。DeFiレンディングにおけるイールドルーピングへの移行、特に利回り資産や**Pendle**のようなプロトコルとの組み合わせは、重要な進化であると指摘されています。Contangoの見積もりによると、ルーピング戦略は現在、400億ドル以上のマネーマーケットの20～30%を占めており、120～150億ドルの未決済建玉に相当し、現在の取引高は1000億ドルを超える可能性があります。専門家は、相互に絡み合った貸付や連鎖取引により、全体的なシステムレバレッジは依然として測定が非常に困難であり、エコシステムにとって重大かつ定量化されていないリスクをもたらすと警告しています。 ## より広い文脈 誤解を招く指標と隠れたレバレッジによって提示される課題は、DeFiのリスクフレームワークのより広範な再評価を必要とします。レジリエンスへの道は、**動的なリスク管理**、**規制の明確化**、および堅牢な**クロスチェーンソリューション**を必要とします。TVLを超えて、DeFiプロトコルを評価するための他の重要なパフォーマンス指標には、**アクティブユーザー**（毎週インタラクションするユニークなウォレット）、**取引量**（例：**Uniswap**は月間450億ドルの取引量を記録し、TVLに対して強力な8:1の比率を示した）、**プロトコル収益**（Uniswapは2025年3月に3000万ドルのスワップ手数料を生み出した）、そして**開発者の活動**が含まれます。主要なDeFiプロジェクト全体の開発者コミット数の増加（例：2025年第1四半期までに前年比12%増加）は、長期的な安定性のために不可欠な機能を構築している健全なエコシステムを示しています。DeFiセクターが成熟するにつれて、迅速なイノベーションと厳格なリスクガバナンスのバランスを取ることが、その軌跡と将来の市場ショックに耐える能力を定義するでしょう。2025年10月の暴落は、セキュリティの改善だけでは不十分であるという重要なリマインダーとなります。特に定量化されていないレバレッジに起因する運用上およびマクロ経済上のリスクは、積極的に対処する必要があります。
## Executive Summary NEAR Protocol's intent-based system has seen a sharp increase in activity, nearly doubling transaction volumes and surpassing 120,000 users. Zcash's mobile wallet, Zashi, has integrated NEAR Intents for private cross-chain swaps and payments, coinciding with a 244% monthly price surge for Zcash (ZEC). ## The Event in Detail Activity on **NEAR Protocol's** intent-based system has experienced a significant increase, with transaction volumes nearly doubling month-on-month. The platform has surpassed 120,000 users, and approximately **$800 million** in swaps and payments flowed through **NEAR Intents** in the last 30 days, contributing to a cumulative total of approximately **$1.8 billion**. In September alone, **NEAR Intents** generated **$483 million** in trading volume. This surge in activity is partly driven by the integration of **Zcash's** mobile wallet, **Zashi**, with **NEAR Intents**. The integration enables "Zashi Swaps," allowing users to convert various assets such as **Bitcoin (BTC)**, **Solana (SOL)**, and **USDC** into **ZEC** for shielded transactions. Additionally, "CrossPay" functionality permits spending shielded **ZEC** with recipients receiving their preferred cryptocurrency on **NEAR**-supported chains. The **Zashi** wallet has recorded over **$9.5 million** in **ZEC** swaps and payments since late August, with an average daily throughput of 1,509 **ZEC** and nearly **$1 million** swapped into **ZEC** in the past week. This integration aims to provide a cleaner user experience for private **ZEC** transactions and establish a model for other privacy-focused wallets. Coinciding with these developments, **Zcash (ZEC)** has seen its price quadruple in the past month. **ZEC** is currently trading at **$171.84**, representing a 31% increase in 24 hours and a 40% gain over the week, pushing its market capitalization to **$2.8 billion**. Trading activity has also intensified, with daily volume climbing 22.4% to **$664.5 million** and derivatives volume increasing by 75.7% to **$1.18 billion**. Open interest in **Zcash** derivatives rose 54.4% to **$227.2 million**. ## Financial Mechanics and Protocol Integration **NEAR Intents** operates as a cross-chain transaction layer designed to enable **AI agents** to execute swaps and payments across multiple blockchains without relying on traditional bridges. This architecture abstracts away the technical complexities of multi-chain operations, allowing users to specify desired outcomes rather than intricate transaction paths. **NEAR Protocol** focuses on ecosystem scaling through **sharding technology** and its intents-based framework, supporting high transaction throughput and predictable low fees. **Zashi's** integration with **NEAR Intents** exemplifies the application of this technology for privacy-preserving transactions. Through "Zashi Swaps," assets from various chains are directed via **NEAR Intents** to be converted into shielded **ZEC**, leveraging **Zcash's zero-knowledge proof (zk-SNARK)** technology for confidentiality. "CrossPay" extends this functionality, allowing users to spend shielded **ZEC** while **NEAR Intents** handles the complex routing and conversion to the recipient's chosen cryptocurrency on a different chain. This streamlines the user experience by reducing friction in cross-chain and privacy-enhanced transactions. ## Market Implications and Strategic Positioning This integration establishes **NEAR Intents** as a critical infrastructure for seamless cross-chain operations, particularly in the context of **AI agent** development and chain abstraction. **NEAR Protocol's** strategic positioning emphasizes an **AI-first vision**, supporting user-owned intelligent agents and cross-chain capabilities. Partnerships with entities like **Aptos** and **Shelby**, and the launch of the **Shade Agent Sandbox**, further underscore **NEAR's** commitment to enhancing **AI-ready infrastructure**. For **Zcash**, the **Zashi** integration and subsequent price performance signal a potential re-evaluation of privacy-focused assets. The market's renewed interest in **ZEC** highlights growing demand for solutions that offer both privacy and compliance, as **Zcash's** optional privacy model allows users to choose between transparent and shielded transactions. This flexibility may contribute to its adoption in an evolving regulatory landscape. The launch of **Grayscale's Zcash Trust** has attracted approximately **$46 million** in assets under management, indicating increasing institutional confidence and providing regulated access to **ZEC** for accredited investors. ## Broader Context: Privacy and Interoperability The developments surrounding **NEAR Intents** and **Zcash** occur within a broader narrative of resurgent interest in privacy coins and advancements in blockchain interoperability. The concept of intent-based protocols is gaining traction across the cryptocurrency market, with the **Ethereum Foundation** launching the **Open Intents Framework (OIF)**. This framework, supported by major **Layer 2s** like **Arbitrum** and **Optimism**, aims to standardize and unify intent-based execution, making cross-chain transactions faster, cheaper, and more secure by abstracting away technical complexity from end-users. **Zcash's** performance and integration reflect a market sentiment increasingly attentive to solutions offering confidentiality in an era of growing digital surveillance. Unlike protocols that enforce privacy by default, **Zcash's** optional privacy model positions it to navigate compliance requirements while meeting user demand for financial discretion. This trend suggests a strategic shift towards privacy assets that can demonstrate both utility and regulatory adaptability. ## Expert Commentary **Electric Coin Company (ECC)** CEO **Josh Swihart** and **NEAR Protocol** co-founder **Illia Polosukhin** have emphasized the importance of user experience and genuine privacy in the evolution of digital assets. **Swihart** highlighted **Zashi's** role in simplifying **ZEC** transactions, particularly when paired with **NEAR Intents** for swapping and spending. **Polosukhin** underscored **NEAR Intents'** ability to abstract complexity, allowing users to focus on desired outcomes rather than the underlying blockchain steps. Their discussions reinforce the idea of "privacy at rest," where funds remain shielded, and the potential of **Trusted Execution Environments (TEEs)** and **AI** to enhance privacy in decentralized applications. This collaborative approach between **Zcash** and **NEAR** aims to expand user options for secure asset exchanges while prioritizing straightforward interfaces and data confidentiality.
## Executive Summary Fully Homomorphic Encryption (FHE) is positioned to revolutionize the Decentralized Finance (DeFi) sector by addressing a fundamental barrier to institutional adoption: confidentiality. The technology allows for data processing without decryption, enabling private transactions and credit assessments on public blockchains. This development could unlock trillions of dollars from traditional finance, facilitating uncollateralized lending and transforming DeFi into a more robust and integrated financial system. ## The Event in Detail DeFi, despite its recent resurgence and a peak Total Value Locked (TVL) of $260 billion, has struggled to attract the vast capital within traditional finance, which sees trillions traded daily in markets like foreign exchange and bonds. The primary impediment has been a lack of confidentiality; public blockchains expose every transaction, deposit, and withdrawal, a transparency level unacceptable to most institutions and high-net-worth individuals. FHE emerges as a privacy-preserving technology that allows computations on encrypted data without ever decrypting it. This means sensitive information, such as credit scores or Know Your Customer (KYC) data, can be processed while remaining encrypted. For instance, a smart contract can verify if a user's encrypted credit score meets a threshold (e.g., above 700) without revealing the actual score. This capability is crucial for enabling uncollateralized lending in DeFi, a cornerstone of traditional finance where risk is managed without requiring excessive collateral. Companies like **Zama**, an open-source cryptography firm, are at the forefront of FHE development. Zama's goal is to enable developers to build "confidential smart contracts" on existing blockchains such like Ethereum and Solana, ensuring end-to-end encryption. Zama Protocol combines FHE with multi-party computation (MPC) and ZK technologies. Zama recently achieved a significant performance breakthrough, reducing the runtime of FHE's core operation, "programmable bootstrapping," from 53 milliseconds to microseconds using GPU acceleration, significantly advancing the practical application of FHE. The public testnet for Zama went live on July 1st, with the Ethereum mainnet expected in Q4 2025 and Solana support planned for 2026. Zama has secured over $150 million in funding. ## Market Implications The integration of FHE into DeFi protocols holds profound market implications. By addressing the confidentiality gap, FHE could facilitate a significant influx of institutional capital into the DeFi ecosystem. This would enable new lending models that mirror traditional finance, such as uncollateralized loans based on encrypted credit assessments, rather than relying solely on overcollateralization. This advancement would make DeFi more flexible, inclusive, and aligned with conventional financial practices. Furthermore, FHE could lead to the rebuilding of DeFi lending foundations with confidential ERC-20s, encrypted credit scores, hidden loan amounts, and Maximal Extractable Value (MEV) protection. This would allow for private collateral pools where institutional positions remain confidential, and retail users could access loans without collateral, shielded from front-running and MEV bots. Public blockchains, traditionally known for openness, could match the confidentiality levels of private chains without sacrificing their core strengths, fostering trustlessness and scalability to trillions. ## Expert Commentary Industry experts view FHE as a critical enabler for DeFi's next growth phase. Jason Delabays is a proponent of FHE's ability to unlock trillions for DeFi markets by enabling confidential transactions, private credit scores, and uncollateralized lending. The consensus suggests that FHE is not merely a feature upgrade but a new primitive for lending, essential for achieving DeFi efficiency, Swiss-bank level confidentiality, and integrating real-world credit on-chain. ## Broader Context While the potential of FHE is significant, several challenges remain. The implementation of FHE-enabled DeFi requires addressing complex design issues, including liquidations, where encrypted values complicate trigger mechanisms. Notifying liquidators discreetly may necessitate encrypted events or off-chain relays. Credit systems also present complexities, requiring legal and technical alignment to structure encrypted KYC and default enforcement while balancing confidentiality. Moreover, the nature of DeFi, with its disintermediated structure and smart contract-driven transactions, poses challenges for Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance. DeFi protocols allow users to interact without identity validation, and the composability of applications can facilitate complex layering of transactions, akin to traditional money laundering. The prevalence of Decentralized Autonomous Organizations (DAOs), privacy-preserving tools, and cross-border fluidity further complicates regulatory oversight. While FHE enhances privacy for legitimate institutional use, regulators face an urgent imperative to adapt traditional AML frameworks to the decentralized and confidential logic of DeFi, navigating legal ambiguities and technological complexity to prevent illicit exploitation.
## Executive Summary Ethena Labs is significantly expanding its ecosystem beyond its **USDe synthetic dollar**, which has rapidly ascended to become a top DeFi revenue generator. The company is developing its own Layer 2 blockchain, **Converge**, in partnership with **Securitize**, alongside the introduction of **USDtb**, a new stablecoin designed for compliance with the U.S. **GENIUS Act**. This multi-faceted expansion aims to bridge traditional finance (TradFi) with decentralized finance (DeFi) by offering institutional-grade infrastructure and regulated financial products, while USDe's market capitalization has grown to over $14 billion. ## The Event in Detail **USDe**, Ethena's synthetic dollar, has seen its market capitalization exceed $14 billion, marking a 21% increase in circulating supply over the past month. This growth positions USDe as the third-largest stablecoin by market capitalization, behind **Tether (USDT)** and **USD Coin (USDC)**. Unlike traditional fiat-backed tokens, USDe is collateralized by crypto assets and maintains its peg through a delta-neutral hedging strategy utilizing perpetual futures markets and spot trading. Ethena Labs recently partnered with **Flowdesk** to enhance liquidity and access for its stablecoin products. In a strategic move to attract institutional capital, Ethena Labs, in collaboration with **Securitize**, is developing **Converge**, a high-performance EVM-compatible Layer 2 blockchain. Converge is designed for institutional DeFi accessibility and compliant settlement, aiming to launch its mainnet in Q2 2025. Key technical specifications include a target 100ms block time, scaling to 50ms by Q4 2025, and throughput up to 1Gigagas/s, leveraging **Arbitrum's Rollup** technology and **Celestia's data availability layer**. Converge will utilize USDe and USDtb for gas fees, reducing volatility-related uncertainty in transaction costs. The network will feature a permissioned Proof-of-Stake (PoS) validator network (CVN) requiring KYC/KYB compliance, secured by **ENA** token staking. Further reinforcing its commitment to regulatory alignment, Ethena Labs has partnered with **Anchorage Digital** to launch **USDtb**. This stablecoin is explicitly designed to comply with the **GENIUS Act**, which was enacted in July 2025. The GENIUS Act mandates 1:1 reserves, AML/KYC procedures, and exposes issuers to supervision by the Office of the Comptroller of the Currency (OCC) and the Federal Reserve. USDtb will be backed by low-risk reserves such as cash and U.S. Treasuries, with a planned launch under U.S. regulation by the end of Q3 2025. This initiative represents a significant step towards establishing a regulated standard for U.S. stablecoins. ## Market Implications Ethena's ecosystem expansion carries substantial market implications. USDe's model tokenizes a delta-neutral carry trade, generating yield from **ETH** staking rewards and derivatives market funding rates. This positions USDe as a significant "crypto-native reserve asset." However, the strategy is not without risks. **Chaos Labs** has flagged liquidity risks associated with the rehypothecation of $4.7 billion of USDe's reserves on **Aave**. The report highlights that Aave's $6.4 billion Ethena-linked exposure could trigger redemptions if funding rates turn negative, potentially leading to cascading liquidations or de-pegging events for USDe. The **Converge Layer 2** aims to attract institutional adoption for tokenized assets, fostering a bridge between TradFi and DeFi. Its permissioned validator model and KYC/KYB requirements address stringent institutional demands for security and compliance. However, this design also introduces centralization concerns for some within the crypto community and creates dependency on external technical stacks like Arbitrum and Celestia. The success of Converge hinges on its ability to align with evolving regulatory frameworks and foster robust ecosystem growth. The introduction of **USDtb** under the **GENIUS Act** framework is a pivotal development for the U.S. stablecoin market. While the GENIUS Act bans yield on regulated stablecoins, it provides clear regulatory clarity that can accelerate institutional participation. This regulatory landscape could indirectly boost USDe's appeal by differentiating its yield-bearing nature from regulated non-yielding alternatives. The partnership with federally regulated entities like Anchorage Digital allows Ethena to access traditional financial rails, potentially expanding the reach of its products to a broader institutional investor base. ## Expert Commentary Industry experts acknowledge the dual nature of Ethena's trajectory. **OAK Research** characterizes the market sentiment as "Bullish to Highly Volatile," noting strong growth potential alongside inherent risks from leveraged strategies and nascent Layer 2s. Nathan McCauley, CEO and co-founder of Anchorage Digital, emphasized that the passage of the GENIUS Act provides "the regulatory clarity that enables federally regulated institutions like Anchorage Digital Bank to fully participate in the stablecoin ecosystem." Guy Young, CEO of Ethena Labs, stated that "GENIUS compliance will empower our partners and holders to confidently and significantly expand USDtb's use," underscoring the strategic importance of regulatory adherence for scalability. Franklin Templeton CEO Jenny Johnson has also previously highlighted that a clear regulatory framework will promote the integration of TradFi and DeFi, aligning with Converge's design principles. ## Broader Context The Ethena ecosystem is attracting a wide array of DeFi protocols building on its primitives and offering incentives to **ENA** stakers. These include **Ethereal, Strata, Terminal, Derive Protocol, Echelon, InfiniFi, Aave, Pendle, Contango, Plasma**, and **Hyperliquid**. Staked ENA (**sENA**) is designed to accrue value similar to the **BNB** token model, with ecosystem applications allocating portions of their token supply to sENA holders. The integration of generalized restaking pools with **Symbiotic** for staked **$ENA** aims to provide economic security for cross-chain transfers of USDe via **LayerZero**. This broad integration positions Ethena to become a foundational layer for both institutional and retail DeFi. The **Converge L2** has the potential to attract substantial total value locked (TVL) and developer activity, fostering new use cases and financial products. However, the complex "looping" strategies and deep integrations, while driving adoption, also amplify systemic risks if market conditions shift rapidly. Ethena's long-term stability and success will depend on its ability to manage these risks, particularly the reliance on sustained derivatives yields and regulatory flexibility, while navigating the inherent volatility of the crypto market.
Binance-Peg WETH (WETH) の現在の価格は $3940.79 で、本日の変動率は up 0.76% です。
Binance-Peg WETH (WETH) の24時間取引量は $41.9M です。
Binance-Peg WETH (WETH) の現在の時価総額は $2.3B です。
Binance-Peg WETH (WETH) の現在の循環供給量は 604.9K です。
Binance-Peg WETH (WETH) の完全希薄化時価総額 (FDV) は $2.3B です。