Just now, according to the data, defi TVL has already equaled the peak of the last bull market The leverage composition of this round of DeFi is very interesting Starting from 2022, a new compliance framework has been implemented, and compliance funds cannot enter the exchange. Several universities came up with a trick. It's about signing long contracts with funds. Then we will give you a 1:1 mapping of Happy Beans on the exchange. Regular settlement. If you win, I will give you extra money, but if you lose, I will deduct it from the multiple signatures. At this point, the asset disclosure for the stable period of the coin will include a non cold wallet and non hot wallet custody asset outside the exchange. Riding on this compliance framework, exchanges that accept compliant funds can be called first tier exchanges! So the first trend emerged, sign more wallets! I'm very, very sorry, I really tried my best. Our OB MPC wallet didn't squeeze in on this track and missed the timing. Then omitting some natural derivations, we arrived at the current stablecoin version. Based on the above framework, now you take 1 USDT to mint a stablecoin for the project party. The project team turned around and took your money to the exchange for delta neutral hedging arbitrage. (I have actually talked about this arbitrage strategy https://(x.com)/maid_crypto/status/1923192313628721281) Of course, there are also US bonds, jlp， Many derivatives such as futures and cash, in short, the money was taken by the project party. Map to the exchange for arbitrage. In this way, one yuan in the industry has become at least two yuan. If you mortgage this newly minted stablecoin to earn interest. One yuan has become three yuan. That is to say, the so-called re pledging track.