DeFi

PayPal USD (PYUSD) is a U.S. dollar stablecoin launched by PayPal. It is issued by Paxos Trust Company and backed by reserves of U.S. dollar deposits and short term U.S. Treasury securities, allowing it to maintain a 1:1 peg to the U.S. dollar. Built on Ethereum as an ERC-20 token, PYUSD can be used for payments, transfers, and digital asset settlement. As a major step by a traditional payments giant into blockchain finance, PYUSD not only strengthens the potential use of stablecoins in payment scenarios, but also helps move stablecoins closer to the mainstream financial system.

The Aave crisis has prompted a coordinated rescue across the DeFi sector. This article breaks down DeFi United’s funding structure, risk transmission mechanisms, and governance challenges, examining whether regular users will end up shouldering the final burden.

THORChain and traditional cross-chain bridges are both important pieces of infrastructure for enabling cross-chain asset movement, but they differ significantly in how they work and where they are best used. Traditional cross-chain bridges mainly transfer assets by locking them and minting wrapped assets, while THORChain enables direct swaps between native assets through RUNE liquidity pools, without requiring wrapped assets. Compared with the traditional bridge model, THORChain has unique advantages in native asset swap efficiency and liquidity integration, though the two approaches differ in their security models and suitable use cases.

RUNE is the core token of the THORChain network, serving key functions in the cross-chain liquidity protocol, including transaction settlement, node bonding, and liquidity incentives. All cross-chain asset swaps use RUNE as an intermediary settlement asset, while validator nodes must bond RUNE to secure the network. Liquidity providers also receive rewards through RUNE. As THORChain’s cross-chain trading volume and liquidity grow, demand for RUNE increases as well. Its source of value is closely tied to protocol usage, making RUNE the core value carrier in THORChain’s economic model.

THORChain enables direct cross-chain swaps between native assets such as BTC and ETH through liquidity pools and RUNE as an intermediary settlement asset. Users do not need to wrap BTC into WBTC or rely on centralized exchanges. Instead, they complete the cross-chain transaction through a two-step swap path: BTC → RUNE → ETH. With its node validation network and decentralized liquidity pools, THORChain provides a more efficient solution for cross-chain asset movement and has become an important part of today’s cross-chain DeFi infrastructure.

THORChain (RUNE) is a decentralized cross-chain liquidity protocol that allows users to swap native assets such as BTC and ETH directly, without using wrapped assets or relying on centralized exchanges. RUNE is the core token of the protocol, supporting liquidity settlement, node bonding, and network incentives. As the multichain ecosystem continues to grow, THORChain is becoming an important part of cross-chain DeFi infrastructure, while the value of RUNE is closely tied to protocol usage and liquidity growth.

The OriginTrail (TRAC) tokenomics model is a network incentive and value distribution system built around the TRAC token. It is designed to support the operation of the Decentralized Knowledge Graph (DKG), data services, and participant coordination. As the core utility token of the OriginTrail network, TRAC is used across multiple key areas, including data publishing, node operation, query services, and governance participation.

OriginTrail DKG, or Decentralized Knowledge Graph, is a decentralized data network that combines knowledge graphs with blockchain. It is designed to enable data discoverability, verifiability, and ownership management. As Web3 and AI demand more high-quality data, DKG is increasingly used to build the infrastructure for the “Verifiable Internet,” allowing data not only to be stored, but also to be structurally understood and used with trust.

The Terra Classic (LUNC) burn mechanism is a deflationary mechanism that permanently removes a portion of tokens from circulating supply through on-chain rules. It is used to reduce the total supply of LUNC and influence its economic model. As the Terra ecosystem rebuilds after structural changes, the LUNC burn mechanism has been widely applied to transaction taxes, community proposals, and on-chain activity. At its core, it is a design that uses network activity to drive supply reduction.

The Terra Classic (LUNC) tokenomics model is a system of supply, distribution, incentives, and deflationary mechanisms built around its native token, LUNC. It is designed to support network operations, governance, and value transmission. After the Terra ecosystem underwent major structural changes and began reorganizing, LUNC’s token model shifted from a “stablecoin minting-driven” model to a “deflationary and community-driven” model, and it is now used in areas such as transactions, staking, and governance.From a market perspective, the core issue currently facing Terra Classic (LUNC) is its extremely high circulating supply and the inflationary structure left over from its history. As a result, the focus of its tokenomics is no longer expansion, but supply contraction through its burn mechanism and governance adjustments, while still preserving the network’s basic functions. From the perspective of blockchain and digital assets, LUNC is a typical example of a “post-crisis reconstruction token model.” Its ec

Kinesis Silver (KAG) and silver ETFs both give investors ways to allocate to silver assets, but they operate through different mechanisms. Silver ETFs provide financial exposure to the price of silver, while KAG is a digital asset backed by physical silver reserves. Holders own digital rights corresponding to the value of the reserve silver and may apply for physical redemption when the required conditions are met. Compared with silver ETFs, KAG offers features such as on-chain transfer and platform-based yield distribution, while silver ETFs are better suited to investment through traditional securities accounts.

Kinesis Silver (KAG) supports the value of its digital asset through a 1:1 physical silver reserve mechanism, with each KAG representing 1 ounce of custodial silver. When KAG is issued, the platform allocates an equivalent amount of silver reserves and records asset circulation through an on-chain ledger. Through custodial vaults, third-party audits, and a physical redemption mechanism, KAG establishes a link between digital tokens and silver value, allowing users to gain exposure to silver value in digital form.

Kinesis Silver (KAG) is a silver-backed digital asset launched by Kinesis Monetary, with each KAG representing 1 ounce of custodial silver. It combines physical silver reserves with blockchain-based transferability, allowing users to hold and move silver value digitally. Compared with traditional silver ETFs, KAG places greater emphasis on digital asset circulation and redeemability, while also introducing a yield distribution mechanism based on platform fees. It represents an innovative form of digital precious metal asset.

GRT is the native utility token of The Graph network. It is mainly used to pay on-chain data query fees, support Indexer node staking, and participate in protocol governance. As the core incentive tool of a decentralized data indexing protocol, GRT’s value mainly comes from growth in on-chain data query demand, increased node staking demand, and the expansion of The Graph ecosystem.

The Graph and Chainlink are both Web3 infrastructure protocols, but they play different roles. The Graph focuses on blockchain data indexing and querying, providing efficient data access services for DeFi, NFT, and DAO applications. Chainlink, by contrast, provides decentralized oracle services that transmit off-chain data into smart contracts. In simple terms, The Graph is responsible for “reading on-chain data,” while Chainlink is responsible for “bringing in off-chain data.” Together, they form an important part of Web3 data infrastructure, and the value logic of their tokens, GRT and LINK, depends respectively on demand for data queries and demand for oracle calls.