Jax 斩棘

In the era of DeFi 1.0, we witnessed the craze of 'liquidity mining', which is centered around attracting capital to provide liquidity through token incentives. However, this model is unsustainable, and capital often chases 'mining and selling' across different protocols without generating deep value. The practices of Falcon Finance reveal to us the next possible paradigm: 'asset activation'. Understanding this concept is key to grasping it and a future batch of similar protocols.

What is 'asset activation'?
In simple terms, it means safely 'reutilizing' any form of idle or inefficient asset to generate additional income or liquidity, without selling or transferring ownership. This is similar to 'asset securitization' or 'collateral financing' in traditional finance, but occurs on a decentralized, global, and programmable blockchain.

We are at a turning point in the evolution of DeFi: moving from an era of automation tools that require human manual operation to an era of autonomous economy driven by AI agents. Understanding @GoKiteAI's significance must be placed within this macro narrative.

1.0 Era: Tool Automation (e.g., DEX Aggregators)
Representatives: 1inch, Matcha. They address the question of 'where is the best place to trade,' but users still need to click, approve, and wait manually. They are extensions of human arms and serve as passive responsive tools.

2.0 Era: Strategy Automation (e.g., Gun Pools and Social Trading)

The ecological strength of a blockchain lies not only in its scale during its peak period but also in its initial appeal and combat readiness for builders. In November 2025, the Injective native EVM mainnet will launch, with its grandeur far surpassing a typical upgrade: over 40 mature protocols and infrastructure projects have announced simultaneous launches or immediate deployments. This is not just 'a pie in the sky', but a meticulously planned 'collective landing', intuitively showcasing the appeal and maturity of the Injective ecosystem. Let us categorize and review these 'first-wave troops':

1. DeFi Core Protocols (Main Forces):

In November 2025, a message stirred waves in the encrypted asset management circle: the tokens of the institutional-level on-chain asset management protocol Lorenzo Protocol officially landed on the Binance platform. This is not just a simple exchange listing, but possibly a landmark event, signaling that the track centered around 'real-world asset (RWA) tokenization' and 'institutional-level on-chain services' is moving from the infrastructure construction phase to the eve of mainstream adoption.
Eye-catching data: it's not just about popularity, but substance
The market first noticed a set of hardcore data: the total value locked (TVL) of the protocol reached $590 million, while the annualized yield (APY) offered by the protocol exceeded 27%. Against the backdrop of a general decline in DeFi yields, this yield level stands out remarkably. It conveys a key signal: Lorenzo is not just attracting funds with conceptual narratives; it has already accumulated a substantial amount of real capital within its protocol and is generating considerable actual returns. This $590 million TVL is a quantitative embodiment of trust and the cornerstone of the protocol's liquidity and security.

To simply define Falcon Finance as 'another decentralized stablecoin protocol' is undoubtedly an underestimation of its ambition. Its official positioning is 'Universal Collateral Infrastructure' — behind these seven words lies a grand narrative aimed at redefining the logic of underlying DeFi assets. This article will decode its core mechanisms from a professional perspective and analyze how it attempts to become the cornerstone of the next generation of DeFi Legos.

1. Core Dual-Currency Model: The Precise Division of USDf and sUSDf
The core of the protocol is a dual-token system:

1. USDf: An over-collateralized synthetic dollar stablecoin. Users can mint it by depositing various mainstream crypto assets (such as BTC, ETH, USDT/USDC) as collateral. It aims for a hard peg of 1:1 with the US dollar and serves as a stable medium of exchange and a measure of value within the ecosystem.

The current DeFi user experience is still stuck in the primitive stage of 'manual execution', where users need to personally complete tedious steps such as comparing prices, approving transactions, and paying Gas. The 'intention-centric' AI agent network proposed by @KITE AI aims to fundamentally change this paradigm. This article will delve into its technical core, explaining how it transforms users from 'operators' into 'commanders'.

Core architecture: three-layer network model
The architecture of GoKiteAI can be abstracted into three layers:

1. Intention expression layer: Users do not need to specify a specific transaction path, only declare the goal. The system supports the submission of intentions in natural language or structured templates.

In October 2025, a product that caught the attention of the traditional financial world emerged on the Injective ecological protocol: a perpetual contract market for pre-IPO investments targeting top tech unicorns like SpaceX, Stripe, and Databricks. This is not just a simple product launch; it is a landmark offensive by Injective and its ecosystem against the core stronghold of traditional finance, and the strategic intentions and far-reaching impacts behind it are worth exploring.

The traditional pre-IPO market is a typical high-barrier, low-liquidity, and opaque 'private club.' Usually, only top venture capitalists, private equity funds, and high-net-worth individuals can participate, completely excluding ordinary investors. This market holds immense value (in the trillion-dollar range) and demand, but accessibility is extremely poor. Injective has effectively dismantled this wall using blockchain technology by bringing this asset class on-chain in the form of decentralized derivatives.

The early market performance of a token is often closely related to its issuance strategy. $AT attracted widespread attention and positive market performance at the initial stage of listing, thanks to a meticulously designed, step-by-step 'airdrop dual-engine' market strategy. From the elite-focused Binance Alpha launch to the broadly covered Binance HODLer airdrop, APRO successfully completed a perfect transition from 'core consensus establishment' to 'mass market explosion.'

Engine One: Binance Alpha Launch - Building Core Value Consensus
On October 24, 2025, $AT made its exclusive debut on the Binance Alpha platform. The core strategy at this stage is 'depth over breadth.'

In November 2025, Injective completed one of the most strategically significant upgrades in its development history: successfully activating the native EVM (Ethereum Virtual Machine) mainnet. This move is far from a simple 'compatibility' and represents a 'dual-engine' architectural revolution aimed at redefining the boundary of possibilities for financial-specific Layer 1.

First, we must clarify a key concept: there is a world of difference between 'EVM compatible' and 'native EVM'. Many chains achieve compatibility through translation layers or sidechains, often compromising on performance, security, or development experience. Injective's EVM environment is built on the core layer of the chain as a native environment. This means that Solidity developers can deploy their smart contracts from Ethereum to Injective with little to no modification, and can immediately use familiar Ethereum development tools such as MetaMask, Remix, and Truffle. This undoubtedly opens the floodgates to the world's largest developer talent pool for the Injective ecosystem.

The oracle sector has never been as crowded and full of variables as it is today. The established champion Chainlink ($LINK) has a solid ecosystem, while the rising force Pyth Network ($PYTH) is backed by top market makers and is gaining momentum. Under such pressure, @APRO Oracle has entered the battlefield with $AT ; what are its chances? This article will conduct an in-depth comparative analysis from four dimensions: technical architecture, data model, economic design, and ecological strategy.

1. Technical Architecture: Modular vs Integrated vs Consortium Chain

· Chainlink: Integrated, security-first design. Provides data through a decentralized oracle network (DON), strong in security and time-tested reliability. However, the architecture is relatively heavy, innovation iterations are slow, and data is mainly aggregated off-chain, with high costs for on-chain verification.

For the tech-savvy observer, the current state of the mainnet is certainly important, but the trends in the testnet are the window to glimpse the future potential of the project. The recent intensive testing of the Injective Canary testnet for the 'Volan' mainnet upgrade is releasing a series of key signals. This article will conduct an in-depth analysis of these technical details, revealing their potentially revolutionary impact on the Injective ecosystem.

Core upgrade one: Native RWA (Real World Assets) module - opening the door to a trillion-dollar market.
This is the most notable feature of the Volan upgrade. It is not just a simple tokenized asset on the chain, but provides primitives designed specifically for compliant financial assets at the protocol level.

Many people still regard Yield Guild Games as a simple "gaming guild", but this is a serious underestimation of its current state. After years of evolution, YGG has built a complex infrastructure that is becoming a key bridge connecting the traditional gaming industry with the Web3 world, as well as connecting global players with blockchain games.

Phase One: Addressing the Entry Barrier (Asset Bridge)
YGG started with a revolutionary idea: to rent expensive gaming NFTs to players through a "scholarship program", addressing the financial barrier for users in emerging markets. This made it a "bridge" between players and assets, laying the foundation for its user base.

From 'Agreement' to 'System' Cognitive Leap
The market tends to classify the Lorenzo Protocol as a 'BTC Yield Protocol' or 'DeFi Aggregator'. This perception underestimates its blueprint. Its token name $BANK is not coincidental; it straightforwardly reveals the project's ultimate ambition: to become a composite of 'Central Bank' and 'Commercial Bank' within the on-chain native financial system, and in the process, compete for the rights of currency issuance and credit creation in the future on-chain world. This article aims to elaborate on this core viewpoint.

Part One: The Essence of Traditional Banking and the Absence of DeFi

In today's fiercely competitive stablecoin arena, a new protocol named Falcon Finance, armed with its synthetic dollar USDf, has entered the battlefield and quickly gained over $1 billion in initial circulation. It is often referred to as the 'progeny project' of the top market maker DWF Labs. Today, let's set aside the halo and delve into the core of the protocol, professionally dissecting how Falcon Finance operates and where its competitive moat lies.

Core Engine: Dual Token Model and Over-Collateralization
The cornerstone of Falcon Finance is a sophisticated dual-token system:

1. USDf: This is a stablecoin generated by the protocol that is pegged to the US dollar at a 1:1 ratio. Users can mint it by over-collateralizing cryptocurrency assets (such as BTC, ETH, stablecoins, etc.). The key is 'over-collateralization,' which provides a safety buffer for USDf under extreme market conditions.

In the cross-chain arena, LayerZero and KITE are often compared. Although both belong to the 'cross-chain communication' layer, their design philosophies and evolutionary paths present a clear distinction between the 'universal warrior' and the 'ecological architect'. Understanding this route dispute is crucial for grasping the industry's future.

LayerZero: The Minimalist 'Universal Communication Protocol'
LayerZero's vision is to become the 'TCP/IP protocol' of the blockchain world. Its design is extremely lightweight and abstract, like a 'communication module' that only provides the most basic and universal communication capabilities. Any project (like SushiSwap, Stargate) can insert this module into its application to build cross-chain functionality on its own.

The current competition among public chains is a bloody red ocean, with various factions advocating for the 'universal application chain.' However, Injective has chosen a completely different path: instead of becoming a 'core weapon' that tries to cover everything, it focuses on refining a 'scalpel' for the financial sector. I believe this extreme 'subtraction' thinking is key to breaking through and aiming for a market value of hundreds of billions.

Viewpoint 1: Verticalization is an inevitable stage in the evolution of public chains, and finance is the crown jewel.
The history of the Internet tells us that the evolution from portal websites (universal) to vertical e-commerce (focused) is an inevitable improvement in efficiency. The same is true for blockchain. Ethereum is a great world computer, but the specific requirements of financial applications regarding latency, cost, and compliance have created a demand for 'application chains.' Among many vertical tracks, finance is the field with the highest value density, most rigid demand, and strongest network effects. InjectiveAll in finance will allocate all resources to optimize core financial modules such as order books, derivatives, and settlements, creating an unfathomable technical moat in its niche. This is akin to how it's difficult to beat Intel in general computing, but NVIDIA can reign supreme in the GPU space.

YGG co-founder Gabby Dizon proposed the concept of 'Casual Degen' and launched YGG Play and LOL Land based on this core idea. The market was not without doubts: how can it be both casual and easy to get into while also incorporating crypto assets and speculative elements? Isn't that contradictory? However, I believe this is precisely the most pragmatic breakthrough path that YGG has found after deeply understanding the market at this current stage.

'Hardcore P2E's legacy and dilemma
In the last cycle, the 'Play-to-Earn' model represented by Axie Infinity educated the market, but it also fell into the dilemma of economic model implosion, turning players into emotionless gold farming machines. It placed financial gains above gaming enjoyment, had a high threshold, and imposed great pressure, making it difficult to attract traditional gamers.

1. Event Focus: More than just a listing, it is also the 'official certification' of the track.

In 2024, as the revival of the Bitcoin ecosystem transitions from prologue to the main act, a project named Lorenzo Protocol, featuring the complex narrative of 'liquidity re-staking' and 'BTC yield aggregation', makes a strong debut on the global top trading platform Binance. This is by no means a simple token listing event. Behind the significant price fluctuations experienced by the $BANK token during its initial listing (with reports of a rise exceeding 60% at one point), we should recognize this as a heavyweight vote from the capital markets for the grand narrative of 'BTCFi' and the 'institutional-level on-chain asset management' solution proposed by Lorenzo.