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DeFi has suffered losses exceeding $600 million in the past three weeks, as the Kelp DAO incident set off a liquidity chain reaction, driving TVL down to its lowest point in a year. This article breaks down risk transmission, structural challenges, and the broader impact on the industry.

USDC maintains its peg to the US dollar through a 1:1 reserve backing model. When users deposit USD, Circle issues an equivalent amount of USDC on-chain; when users redeem USD, the corresponding USDC is burned. This mint-and-burn mechanism ensures that the circulating supply always matches the underlying reserves, making USDC a key stable asset in crypto trading, DeFi lending, and on-chain payments.

USDC is a US dollar stablecoin issued by Circle, backed by 1:1 dollar reserves to maintain price stability. It is widely used in cryptocurrency trading, DeFi lending, cross-border payments, and on-chain dollar settlement. As one of the most important compliant stablecoins on the market, USDC offers high transparency, strong liquidity, and multi-chain support. However, it also faces risks such as depegging, regulatory uncertainty, and reserve-related concerns. As on-chain finance continues to evolve, USDC is steadily becoming a key piece of dollar infrastructure in the Web3 ecosystem.

The core difference is that Dfinity is designed as an on-chain computing platform, while Ethereum focuses on smart contracts and a digital asset ecosystem.

Dfinity applications run through a coordinated on-chain computation process involving Canister deployment, subnet execution, and consensus mechanisms.

Captured in the moment. Looking back, it's incredible to see how far we've come, but even more meaningful to know we didn't get here alone. To everyone who has believed in us and grown with us, thank you. Here's to the memories we've created, and the many more we'll build together!

The core function of the ICP token is to simultaneously serve three key roles: paying for computational resources, enabling governance participation, and supporting network incentives.

Dfinity (ICP) is a blockchain network centered around the Internet Computer, designed to run applications and services directly through decentralized computing and storage.

SOON leverages the SVM Rollup architecture to decouple transaction execution, state updates, and on-chain settlement, enabling a high-performance execution flow from user submission to final confirmation.

Helium (HNT) is the core token of the Helium decentralized wireless network. It is used to incentivize node operators, support network operations, and drive ecosystem growth. With the rise of Decentralized Physical Infrastructure Networks (DePIN), HNT has emerged as a key model connecting real-world infrastructure with blockchain-based incentives.

SOON tokens serve as the primary asset within the execution layer network, facilitating transaction fee payments, securing staking, enabling governance participation, and powering ecosystem incentives. The network's operations are sustained by a clearly defined allocation and inflation model.

SOON is an execution layer network built on the SVM Rollup architecture, integrating the Solana execution environment into modular blockchains to deliver high-performance computing and seamless cross-ecosystem interoperability.

Helium (HNT) is a blockchain-based infrastructure protocol designed to build decentralized wireless communication networks. By allowing communities to deploy Hotspot nodes, it provides wireless coverage and data transmission services. As Decentralized Physical Infrastructure Networks (DePIN) continue to evolve, Helium has been widely applied in scenarios such as IoT connectivity, WiFi expansion, and mobile communications.

Helium (HNT) is a blockchain-based infrastructure token designed to power decentralized wireless communication networks. By allowing communities to deploy wireless nodes, it provides connectivity for IoT devices and mobile networks. As Decentralized Physical Infrastructure Networks (DePIN) continue to grow, Helium is increasingly used in IoT communication, smart cities, and mobile networking scenarios.

Pendle and Notional are two major protocols in the DeFi fixed income sector, each built on distinct yield mechanisms. Pendle introduces a yield tokenization model using PT and YT, allowing users to access fixed returns or trade future yield. Notional, by contrast, enables users to lock in borrowing and lending rates through fixed-rate markets. In comparison, Pendle is better suited for yield asset management and interest rate trading, while Notional focuses on fixed-rate lending scenarios. Together, they are advancing the development of DeFi fixed income, though they differ in product structure, liquidity design, and target users.