I remember talking to Ethena a while ago and wondering if they would shift their focus to asset safety rather than absolute returns when their TVL exceeds 6B. The answer obtained is that about 50% of assets will choose not to adopt the strategy temporarily and will expand their business to different types of asset forms. The first priority will always be the security of assets. Today, Ethena is more like an asset management protocol than a Quant Fund, so users with stronger expectations for returns will choose alternative products. Resolv currently offers a stable coin yield of 14.4% and an insurance pool yield of 26%, which is higher than the market's risk-free return level. The logic of the agreement is simple, which is an ENA where all assets are deployed, plus an insurance pool city that bears the risk and receives a 30% return. The protocol for this type of arbitrage model may seem simple, but it is actually similar to the difficulty of running a Quant Fund. Every difference in return rate is a difference in the trading ability of different teams. Similarly, teams with stronger trading capabilities can also incorporate more modules into their strategies, including more asset classes (BTC, ETH, and even altcoins), lending, LP strategies, and more, in order to increase the yield of stablecoins while controlling risks. With the outward expansion of the Crypto market, especially the relaxation of restrictions on the entry and exit of Crypto assets by convenient OTC and banks, risk averse funds have more and more opportunities to enter the Crypto market for wealth management. The opportunity for more one-stop and logically understandable DEFI yield solutions has emerged. Due to the high volatility and cyclicality of the Crypto market, the returns of low-risk strategies will be amplified, and teams with different risk preferences and strategy complexities will have business to do. Under this premise, ENA chooses to expand outward, find different asset forms, and build product lines. Resolv, on the other hand, chooses to focus on increasing returns and then adopts the form of an insurance pool to price risks. After the total amount of stablecoins exceeded 250B, regulation relaxed, and a large number of cross-border payment companies entered the cryptocurrency circle through OTC, we have seen a batch of money chasing returns flowing into the Defi protocol, which has pushed up Ena's TVL. So with the launch of Resolv and the flywheel of token subsidies, will a batch of funds be transferred to create a wave of Hype?