Regulatory Landscape & Adoption - The industry suggests L2 rotation traders should shift focus from yield farms to regulatory capture [1] - The industry emphasizes that fading government adoption is detrimental to portfolio performance [1] Layer 2 (L2) Ecosystem - The industry implies that GDP data on Base suggests widespread institutional deployment on the platform [1] - The industry posits that Base has emerged as a dominant platform, potentially relegating other platforms to exit liquidity status [1]

User Activity - Base users are transacting twice as much compared to the previous year [1] - Users are actively participating in transactions rather than just holding assets [1] - Transaction volume increased significantly by 2049%, reaching 987 million transactions [2] - User base grew by 1280%, totaling 128 million users [2] Platform Performance - Transaction fees decreased substantially by 977% [2] - New yield farms are offering an annual percentage rate (APR) of 96% [2]

Market Trends - Basic yield farms are considered obsolete [1] - Pendle introduces advanced infrastructure [1] - Pudgy is now available on Robinhood Advanced Trading [1]

DeFi 行业发展趋势 - DeFi 正在从基础借贷池和收益农场演变 [1] - 行业从孤立的场所争夺总锁定价值（TVL）转变为具有自然代币消耗的集成金融基础设施 [1] 协议与基础设施 - Aave 在 4 个主要链上的总锁定价值（TVL）达到 500 亿美元 [1] - Hyperliquid 的双重燃烧将代币供应与交易和 EVM 使用联系起来 [1] - 协议正在成为具有实际收入的基础设施层 [1]