2026-01-01 15:24:19

DeFi infrastructure is undergoing a quiet transformation.

Looking back, the support pillars of the early DeFi ecosystem were just a few—ETH, various stablecoins, and opportunities brought by market volatility. But now the situation has changed.

The emergence of on-chain sovereign debt mapping assets has completely opened up new possibilities. Projects like Ondo are moving low-risk assets like U.S. Treasuries onto the chain, and some derivatives platforms are beginning to use them as core collateral assets. Ethena's exploration also points in the same direction.

What does this reflect? DeFi is gradually evolving from purely high-risk, high-volatility characteristics to a hybrid model of low risk + high efficiency. Institutional funds and stability seekers now have real channels to participate.

Do you think this path is the right one? Where will this change lead DeFi?

ETH0.9%

ONDO7.55%

ENA8.42%

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TokenStorm

· 7h ago

On-chain government bonds, I've seen through this trick a long time ago. Under the guise of low risk, it's still a gamble on institutional FOMO. I have backtested Ondo's token distribution curve; arbitrage opportunities do exist, but the risk coefficient is also skyrocketing. DeFi is essentially the same, just with a different skin. The real storm eye is always in the most volatile places, not in these "stable" corners. The arrival of institutions may not be a good thing; it could instead accelerate liquidity concentration. At that time, us small players will have to find our position again.

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DefiPlaybook

· 7h ago

According to on-chain data, Ondo's TVL has increased by 127% over the past three months, but the hidden risks behind this growth are worth caution... While on-chain government bonds sound stable, in reality, they introduce systemic risks from traditional finance onto the chain. Once decoupled, it could be disastrous.

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LightningAllInHero

· 7h ago

The thing about bringing government bonds onto the blockchain, honestly, it's DeFi's way of whitewashing, but I'm not sure if it's a good thing or a bad thing🤔

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MissedAirdropAgain

· 7h ago

Uh, putting government bonds on the chain... feels like DeFi is self-castrating If it keeps going like this, is it still called DeFi? It just feels like traditional finance in a new skin Ondo guys moving government bonds onto the chain, politely called innovation, harshly called waiting for regulation When institutions come in, returns actually decrease. Is this deal worth it? Low risk, low volatility? Then I might as well buy government bond ETFs, at least I don’t have to worry about contract vulnerabilities Isn’t the charm of DeFi in its craziness and opportunities?

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