macro-perspectiveDeFi Core Dynamics: Lending, Stablecoins, and Liquidity 1. Morpho launches the "Migration" feature, allowing users to compare and migrate Aave/Compound positions with just one click. This directly impacts existing giants, competing for liquidity by increasing revenue transparency and reducing migration costs. The competition in the DeFi lending arena is becoming increasingly fierce. Optimization of Loan Income 2. Opportunities and challenges under multi chain expansion: Euler Finance's landing on Avalanche is a strategic continuation of its search for a new growth curve. The success of establishing a foothold in the Avalanche ecosystem depends on its product compatibility, ability to integrate with local protocols, and ability to provide differentiation advantages. Pay attention to its early TVL and user growth data. DeFi 3. DeFi filling gaps in specific ecosystems: Lista DAO plans to launch a P2P lending platform on BNB Chain. Intended to meet specific lending needs within the BNB ecosystem. Investors need to pay attention to its risk control mechanism, cold start performance, and whether it can generate good synergy with existing BNB DeFi projects. borrow or lend money 4. Stablecoins: The M ^ 0 stablecoin infrastructure is launched on Solana, with KAST issuing its first product. Introducing a new stablecoin option for the SOL ecosystem, its collateral model, governance structure, and market acceptance will be the key to success. Stablecoin Solana 5. LST liquidity pledge: Origin Protocol utilizes its Curve AMO strategy on the Base chain to build deep liquidity for OETH on the Curve, improving capital efficiency and enhancing LST composability for the LSTfi track. LST liquidity 6. Protocol revenue feedback token: Aave DAO has decided to use its treasury funds to repurchase AAVE, which is in line with its new economic model. The purpose is to boost market confidence and empower tokens, but its actual effect needs to be evaluated in conjunction with the repurchase scale, sustainability, and overall market environment. Risk Warning Synthetix's native stablecoin sUSD deviates from the $1 anchor, currently priced at 0.88U