Hyperliquid 新功能测试 - Hyperliquid 团队正在 Hypercore 测试网上测试名为 BLP (可能为 BorrowLendingProtocol 借贷协议) 的新功能 [1] - 本地借贷市场目前支持 USDC 和 PURR，具有借款和供应等功能 [1] 潜在应用 - MLM 推测 BLP 可能是 Hyperliquid 多重保证金机制的底层借贷层 [1]

DeFi Stack Overview - Hydration 提供一站式 DeFi 解决方案，整合了交易、原生稳定币 $HOLLAR 以及借贷功能 [1] Ecosystem Components - Hydration 生态系统包含 swaps（交易）, native stablecoin $HOLLAR（原生稳定币）, borrowing and lending（借贷） [1]

USDE De-peg Event Analysis - The report analyzes the USDE de-peg event from a lending and leveraged trading perspective, focusing on the impact on different user groups [1] - The analysis suggests that Binance's ETH withdrawal restrictions inadvertently locked USDE's lifeline, preventing arbitrage bots from stabilizing the price [4] - Binance compensated users affected by the de-peg between 05:36 and 06:16 (UTC+8), acknowledging its responsibility during that period [5] Impact on User Groups - VIP loan users were largely unaffected, while "存贷易" (deposit & loan) users experienced minor losses (within 10%), and leveraged trading users suffered significant losses [1][2] - Leveraged trading users with 25x leverage or higher potentially lost their entire principal, with liquidation fees alone costing 8% of the principal for 5x leverage users [2] Potential Causes and Solutions - The report speculates that a large sell-off of BTC and ETH, possibly triggered by Trump's comments on tariffs, led to liquidations in leveraged trading products, causing a downward spiral for USDE [3] - The report suggests setting a minimum price for USDE's oracle parameters, potentially at 085, and implementing an on-site mint-redeem mechanism on Binance to mitigate future price drops [6] - Ethena can process 10 million USDE every 12 seconds (one Ethereum block) for redemptions, with the gas fees passed on to users, bypassing Binance's hot wallet limitations [7][8]

Migration & Technology - Extended is migrating from StarkEx to Starknet to build a more composable, trustless, and capital-efficient financial system [1] - The migration to Starknet will enable the introduction of a natively integrated lending and borrowing layer [3] - Extended is building an EVM-compatible network on top of Starknet, embedding unified margin logic directly into the base layer [6] Product & Features - Unified margin is at the core of Extended's vision, requiring a settlement layer capable of supporting multi-asset collateral, native borrowing and lending, and shared state across applications [1][2] - Users will be able to post any supported asset, including yield-bearing ones, as collateral and earn yield while trading [3] - Spot markets will be introduced, enabling unified margin to span perps, lending, and spot within a single cross-asset collateral engine [4] - The system aims to maximize available capital and reduce fragmentation by allowing users to manage one account with all assets contributing to a unified margin pool [4] User Experience & Vision - The transition to Starknet will be seamless from a user perspective, with Starknet serving as the settlement layer [5] - EVM users will be able to deposit and withdraw instantly across six major chains without directly interacting with Starknet [5] - The long-term vision includes a composable, trustless margin system designed for scale, with shared liquidity across apps, global access to margin, and unified risk management [6][7]