HTX Research｜HTX's DeFi Strategy: Exploring the New Frontier of Institutional-Grade DeFi
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HTX Research｜HTX's DeFi Strategy: Exploring the New Frontier of Institutional-Grade DeFi
DeFi Summer Revisited?
Navigating Web3 tides with focused insightsIn early 2025, the easing of U.S. crypto regulations sparked a surge in the convergence of DeFi and traditional finance, marking the powerful arrival of an "Institutional DeFi Summer."
HTX Research, the dedicated research arm of Huobi HTX, released a new report titled “The Technological Evolution and Foundation of Credit Systems Behind ‘Institutional DeFi Summer’”, offering an in-depth analysis of the institutional-grade DeFi boom driven by regulatory shifts and systematically outlining the technological evolution of institutional applications and credit mechanisms.
Recently, DeFi trading on the Huobi HTX platform has surged. Spark, a core project under MakerDAO’s Endgame strategy, made its debut listing on Huobi HTX. The exchange continues to provide users with high-yield on-chain investment opportunities, helping investors capture the benefits of institutional-grade DeFi growth.
Huobi HTX: Leading the DeFi Race and Capturing New Market Opportunities
As a globally leading cryptocurrency exchange, Huobi HTX has long been committed to the DeFi sector, supporting innovation and seizing investment opportunities brought by financial institutionalization. Recent trading data from Huobi HTX reflect strong market enthusiasm for DeFi: EVM ecosystem DEX token UNI (Uniswap) surged 31% last week, while Solana-based RAY (Raydium) rose 39%. DeFi lending protocols AAVE and SNX (Synthetix) both gained 13%, and oracle leader LINK (Chainlink) increased by 10%. ONDO, representing the RWA (real-world assets) concept, has performed exceptionally well amid growing interest from U.S. capital. Beyond major public chains, new DeFi projects from the Sui ecosystem such as BLUE and CUTES have also achieved notable gains since their listings on Huobi HTX—validating the platform's ability to identify promising tokens and strategically invest in high-potential sectors.
Regulatory Easing: A New Opportunity for Institutional Participation
In January 2025, the SEC repealed SAB 121, eliminating the requirement for financial institutions to record customer crypto assets on their balance sheets, significantly lowering compliance barriers. In May, the Senate overwhelmingly advanced the GENIUS Act stablecoin bill, establishing a nationwide regulatory standard requiring stablecoins to be fully backed 1:1 by cash or short-term Treasuries and compliant with KYC/AML requirements. These policies lay a solid foundation for traditional financial institutions to legally issue stablecoins and participate in on-chain finance.
Wall Street giant Cantor Fitzgerald took the lead, completing the first on-chain Bitcoin loan transaction with Maple Finance, earning 4–6% annualized yield by depositing BTC. This move, supported by U.S. Secretary of Commerce Howard Lutnick, highlights traditional finance’s growing confidence in DeFi and signals the dawn of a “mainstream on-chain finance” era. Institutional capital is accelerating its entry into DeFi.
The Institutionalization of DeFi: Upgrading Technology and Credit Infrastructure
Fueled by regulatory tailwinds, institutional-grade DeFi applications are rapidly deploying. Maple Finance’s total value locked (TVL) has surpassed $2 billion, and Spark—a subsidiary of MakerDAO—has invested $50 million into Maple to launch on-chain credit products offering 10–17% annual yields, creating a credit loop competitive with traditional finance. DeFi is advancing toward institutional maturity through several key mechanisms:
● Sybil resistance and on-chain credit: 3Jane combines zk technology with FICO scores to build decentralized credit ratings, enabling small and medium institutions to access uncollateralized USDC loans.
● Structured debt instruments (CLOs): Protocols like Maple offer on-chain CLOs that combine senior and junior tranches to meet varying risk appetites, with smart contracts ensuring transparent governance.
● Credit default swaps (CDS): Aave’s Umbrella module and Opium’s CDS products reduce default risks through automated triggers and open trading.
● Delegated credit and restaking insurance: Maple’s “pool agent + sub-credit” model expands capital coverage, while SyrupUSDC enhances capital efficiency by combining restaking with insurance pools.
These mechanisms significantly improve capital efficiency, reduce default risk, and enhance compliance, driving DeFi beyond over-collateralization toward a credit-driven, institutionally viable financial ecosystem.
New Frontiers: High-Dimensional AMMs and Modular Stablecoins
Institutional participation demands higher standards for DeFi infrastructure. Traditional AMMs (e.g., Uniswap V3, Curve) show limitations in multi-asset scenarios. Paradigm’s Orbital AMM uses a high-dimensional spherical model to enable multi-asset single-pool trading, dramatically reducing slippage and improving capital efficiency compared to Solana-based Perena’s multi-pool approach. Orbital supports diverse asset types—including stablecoins, LSDs, and RWAs—meeting institutional needs.
Spark, central to MakerDAO’s Endgame strategy, has grown its TVL to over $5.9 billion. By partnering with Maple, EigenLayer, and others, it is building an on-chain yield and stablecoin engine. Its $50 million collaboration with Maple delivers stable returns of 10–17%, boosting demand for DAI/USDS issuance.
The repeal of SAB 121 and progress on the GENIUS Act have laid the groundwork for DeFi’s integration into mainstream finance. On-chain credit systems and technological innovations are reshaping the “on-chain dollar operating system.” From high-dimensional AMMs to modular stablecoins, DeFi is entering a new phase driven by yield generation and compliant composability. Huobi HTX will continue to deepen its focus on DeFi, leveraging cutting-edge insights and robust product offerings to help users seize opportunities in this evolving on-chain financial landscape.
About HTX Research
HTX Research is the dedicated research division of HTX Group, responsible for in-depth analysis across cryptocurrencies, blockchain technology, and emerging market trends. It produces comprehensive reports and expert assessments, aiming to deliver data-driven insights and strategic foresight. HTX Research plays a pivotal role in shaping industry perspectives and supporting informed decision-making in the digital asset space. With rigorous methodologies and advanced data analytics, HTX Research remains at the forefront of innovation, leading thought leadership and fostering deeper understanding of dynamic market developments.
For inquiries, please contact research@htx-inc.com
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