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Is the Aave-to-Solana move worth debating?
Yesterday, Virtuals Protocol announced that the VIRTUAL token is now tradable on the Solana blockchain, with its official LP now live on Meteora and preparations underway for Virtual Protocol's Launchpad on Solana. Meanwhile, Nansen CEO Alex Svanevik tweeted about when Aave would be available on Solana, mentioning Aave team members and Solana's founder.
However, the replies to this tweet turned into a debate between Solana supporters and Aave fans, reflecting a broader market share battle between the Ethereum and Solana ecosystems in specific application areas.
A "War of Words" on Lending Protocols
Solana bull and Multicoin partner Kyle Samani commented under this tweet mentioning Kamino, a DeFi lending protocol in the Solana ecosystem, suggesting that Kamino is Solana's version of Aave.
Svanevik responded, stating that Aave is ten times larger than Kamino and that "if Aave users could seamlessly switch chains, it would unleash a significant TVL."
However, Solana's founder toly and Foundation Chair Lily Liu disagree. Lily mentioned that Kamino's product is superior, proudly stating, "Today's metrics don't represent tomorrow's performance." toly supported a native team focused on the Solana mainnet, suggesting that backing a team that concentrates on Solana long-term is wiser than supporting a multi-chain team with divided attention, effectively dismissing the possibility of Aave on Solana.
Amidst the sharp criticisms from the Solana community, supporters of Aave and the Ethereum ecosystem were not to be outdone.
Aave founder Stani directly criticized Solana DeFi, stating that it copied Aave's outdated technology, pasted a semi-finished UI, and restricted UK users. While Stani referred to Solana DeFi, it was clear to observers that he was targeting Kamino, another lending protocol.
Subsequently, toly shared the DeFiLlama interface of Aave and Kamino, stating that Kamino's TVL is 1/8 of Aave's, but its revenue is only 1/2.5 of Aave's. "I don't understand why Aave would be a better product if no revenue can be squeezed out of it; TVL is just a cost."
Stani also sharply replied that Kamino's USDC reserve factor (i.e., the percentage the platform extracts from each transaction or pool) is 15%, while Aave's is only 10%, meaning it charges higher fees extracted from user pools. Stani believes this shows the current lack of competitiveness in the Solana ecosystem, resulting in weak bargaining power for users when choosing a DeFi platform, leading to higher fees that are ultimately borne by users.
The instigator of this "war of words," Alex Svanevik, then added fuel to the fire, suggesting that Solana has surpassed Ethereum in several key metrics, including active addresses, transaction volume, DEX trading volume, and total gas fee revenue. However, in terms of TVL, Solana has yet to surpass Ethereum. In light of this, the most direct strategy is to attract Aave, the top-ranked app by TVL on Ethereum, to deploy on Solana, further enhancing its competitiveness in the DeFi ecosystem.
Some in the comments section questioned the rationale behind this, as deploying Aave on Solana would not magically create TVL. Svanevik explained that for Aave's deployment to have absolutely no impact on Solana's TVL growth, two conditions must be met simultaneously:
1. Aave's current TVL has no funds migrating to Solana;
2. There is no additional TVL entering Aave on Solana.
However, as Aave has already attracted $200 billion in TVL, Svanevik believes Aave should migrate to Solana, leaving people momentarily unable to determine whether Svanevik is an Ethereum maxi or a Solana maxi.
Trust Cost Above All
Undoubtedly, Aave is a core DeFi application in the Ethereum ecosystem, alongside Uniswap, Lido, and others, forming the core landscape of Ethereum DeFi. However, some in the community question why Ethereum's top DeFi applications would overlook an ecosystem like Solana with unlimited potential. Putting aside code and other technical factors, the reasons why an application chooses not to migrate to a new ecosystem are the same as those that choose to expand their ecosystem—to achieve incremental growth.
The Virtuals Protocol has expanded to Solana, gaining a broader user base and liquidity pool. The fact that Aave has not moved to Solana likely also involves considerations about the competitive landscape. Solana's current DeFi sector has become more mature, with multiple post-team projects competing in the lending protocol space, such as Kamino, marginfi, and Save. Therefore, the cost of Aave's expansion would be higher than anticipated.
More importantly, Aave's existing brand image will also face uncertainties due to the expansion. As some in the community have expressed, "If a fund in the seven to eight-digit range wishes to earn above-chain returns while ensuring security, nine out of ten times, they would recommend going to Aave on Ethereum rather than DeFi on Solana, Tron, Celestia, or any other chain."
Security is the foundation of a lending product. Only when there is an adequate security audit, experience in handling hack attempts, and a mature contract design will both large fund holders and regular users choose to park their assets there. Therefore, Aave's ability to become one of the most influential lending platforms on Ethereum is inseparable from Ethereum's long-standing developer ecosystem, security audit cases, and a huge, mature liquidity pool.
The financial nature of DeFi determines that "the longer it runs, the stickier it becomes." This stickiness is rooted in a deep trust in the security and stability of the product's smart contract. This "trust cost" extends beyond considerations of the speed, performance, and transaction fees of a new chain and includes the completeness of the infrastructure, the coverage of auditing companies, the community's alertness to potential security vulnerabilities, and the ecosystem's responsiveness to timely remedies under extreme conditions.
Further reading: "Rethinking DeFi: The Present and Future of Web3 Business Models"
Reflecting on Ethereum DeFi's development over the past few years, many projects have experienced significant vulnerabilities or security incidents, even suffering losses of hundreds of millions of dollars. It is through each response and iteration that the security rampart of Ethereum DeFi has gradually been built. Aave's popularity stems from leveraging this security moat, making it the preferred choice for high-volume users, especially institutional players. In other words, most people see Aave as synonymous with "low risk, decent returns," particularly for users with multi-million or even multi-tens-of-millions of dollars, where security and stability always come before incremental gains.
In contrast, Solana, as a high-performance Layer1 blockchain, does have certain advantages in transaction speed, gas fees, and other aspects. However, from the perspective of a lending protocol, the core of financial applications lies in the "risk-reward ratio." While speed and low fees are important, if a platform cannot provide sufficiently proven security and a tamper-resistant record, such advantages often may not be enough to support a long-term migration of significant liquidity in the DeFi space. Especially in lending businesses, they have to deal with multiple risk factors such as liquidation, interest rate fluctuations, smart contract audits, and hacking attacks; once issues arise, the platform's years of accumulated brand image and trust will be instantly shattered, and this "trust cost" is far more expensive than the technology itself.
Furthermore, even if Aave does choose to expand to Solana, it does not necessarily guarantee a "skyrocketing" Total Value Locked (TVL). Funds are profit-driven and rational; the two to three hundred billion dollars TVL accumulated by Aave on the Ethereum mainnet is not automatically willing to migrate to another chain. On the contrary, due to significant differences in underlying technology stacks, programming languages, and even community cultures among different chains, Aave needs to invest a significant amount of time and resources to adapt and audit, implying extremely high expansion costs and management risks. Moreover, the existing native lending protocols on Solana are also maturing, and Aave does not possess an insurmountable first-mover advantage.
Therefore, with the premise of having a triple moat of security barriers, brand, and fund scale, if Aave insists on expanding massively to Solana, it may not be the wisest choice. After all, in the long marathon race of DeFi, winning users' trust and security awareness is the most unshakable core barrier.
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Never Underestimate the Significance of the US Stablecoin 'Infrastructure Bill'
If the US stablecoin bill, the "GENIUS Act," passes smoothly this time, its significance will be tremendous. I even think it's significant enough to enter the top five in Crypto history.
Although abbreviated as the GENIUS Act, which translates directly to the Genius Act, it is actually the Guiding and Establishing National Innovation for U.S. Stablecoins, which translates to "Guiding and Establishing National Innovation for US Dollar Stablecoins."
The proposal is lengthy, with several key points summarized for everyone:
· Mandatory 1:1 Full Asset Backing: Assets include cash, demand deposits, and short-term US Treasuries. At the same time, misappropriation and rehypothecation are strictly prohibited.
· High-Frequency Disclosure: Reserve reports must be published at least monthly, introducing external audits.
· Licensing Requirement: Once the circulating market cap of the issuer's stablecoin exceeds $100 billion, it must transition into the federal regulatory system within a specified timeframe, adopting banking-grade regulation.
· Introduction of Custody: The custodian of the stablecoin and its reserve assets must be a regulated qualified financial institution.
· Clear Definition as a Payment Medium: The bill explicitly defines stablecoin as a new type of payment medium, primarily regulated by the banking regulatory system, rather than restricted by the securities or commodities regulatory system.
· Embracing Existing Stablecoins: A maximum 18-month grace period after the bill's enactment, aimed at encouraging existing stablecoin issuers (such as USDT, USDC, etc.) to promptly obtain licenses or become compliant.
After finishing the main content, let's talk about the significance of this matter with an excited heart.
Over the years, when others asked, "After working in the Crypto industry for 16 years, what application have you created?"
In the future, you can confidently tell others—Stablecoins.
Some people have held opposing views. In the past, people's impression of stablecoins was that they were an opaque black box. Every few months, there would be FUD — whether Tether's assets were frozen or Circle had a significant black hole deficit.
In fact, if you think about it, Tether easily rakes in billions of dollars a year just from the interest on those underlying government bonds. Circle, slightly less, also made a $1.7 billion profit last year.
They basically made money while standing there. From a motivational standpoint, they have no malicious intentions. In fact, they are the most eager for compliance.
Now, this opaque black box will become a transparent white box.
In the past, the only complaint was that Tether's funds might have been frozen by the United States. Now, they will be directly placed into U.S. compliant custodial institutions, with high-frequency disclosures, so you can rest assured.
【No need to worry about a rug pull】 is such a huge advantage—I think especially all Crypto people understand this.
Stablecoins were once almost on the verge of being overtaken by CBDCs. In any country, if a central bank digital currency really exists, it is highly likely not built on a blockchain, at most it is built on some internal central bank consortium chain, which to be honest, is meaningless.
When CBDCs were at their peak, that was the most dangerous time for stablecoins.
If CBDCs had become a reality back then, stablecoins today would have been relentlessly suppressed into a dark corner, and blockchain would only be able to play a minimal role.
The remaining half-dead stablecoins would even have to learn the standards of central bank digital currencies, completely relinquishing their standard-setting power.
And now, stablecoins have won (or are about to).
Instead, everyone should learn the 【Blockchain + Token】 standard.
Nowadays, many blockchains actually have no meaningful applications on top, only stablecoin transfers. For example, with Aptos, the only scenario I use Aptos for is transfers between Binance and OKX.
And now, stablecoins will be legislated, what does that mean?
That's right, blockchain will become the only standard.
In the future, every stablecoin user will be the first to learn how to use a wallet.
As an aside, I actually think Ethereum's concerted push for EIP-7702 is quite forward-thinking. While other chains are all about memes, thank you Ethereum for sticking to account abstraction.
EIP-7702 is about Account Abstraction, which can support, for example:
· Social Account Registration Wallet
· Paying GAS with Native Coin
· And more
This paves the way for future new users to heavily use stablecoins, solving the last-mile problem.
Furthermore, once stablecoins receive legislative support, deposits and withdrawals will become even easier.
Let's imagine a scenario: previously, hindered by the gray nature of stablecoins, but after the bill passes, many traditional brokerages can support stablecoins themselves. The money from a US stock investor can be converted into stablecoins in minutes and instantly deposited into Coinbase. Believe it or not.
Let's imagine another scenario: if the brilliant bill smoothly passes through the House of Representatives, next, you will see:
Due to the extremely lucrative nature of this trading, existing stablecoin leaders and newly entering traditional giants will crazily start promoting their stablecoin products.
And an outsider, due to these promotions, will start using stablecoins. And then one day, after finding out that the wallet account has been created, will explore Bitcoin inside. Is mining Bitcoin difficult?
Stablecoins are a huge Trojan horse. The moment you start using stablecoins, you unwittingly step half a foot into the Crypto world.
As a large reservoir for digesting US debt, although stablecoins cannot directly absorb debt, they at least provide ammunition for the US debt secondary market. These functions are quite important, and slowly, stablecoins are becoming a part of the US debt market's body. Therefore, once the US legislation is passed and experiences the benefits, there is no turning back.
And, we are also confident that stablecoins are indeed one of the great innovations in our industry. People who have used stablecoins will find it hard to return to the traditional cash-banking system.
Once the bill is passed, users can't go back. In the future, concerns are about to be resolved, standards will be mastered, and the era of large deposits seems to be on the horizon.
Original Article Link
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HTX Research Latest Research Report丨Sonic: A Case Study of the New DeFi Paradigm
While the industry was still embroiled in the Layer 2 scaling debate, Sonic offered a new answer through a "foundational revolution." Recently, HTX Research released its latest research report "Sonic: A Blueprint for the DeFi New Paradigm," detailing the new public chain Sonic. While fully compatible with the EVM, Sonic has achieved a throughput of over 2000 TPS, 0.7-second transaction finality, and a transaction cost of 0.0001 USD, outperforming mainstream Layer 1 solutions and even surpassing most Layer 2 solutions. The performance-boosting Sonic is reshaping public chain infrastructure, officially ushering in the "sub-second era" of public chains.
As a high-performance public chain based on a Directed Acyclic Graph (aDAG), Fantom Opera initially stood out for its high throughput and fast confirmation capabilities. However, as the on-chain ecosystem expanded, the limitations of its traditional EVM architecture became increasingly apparent: state storage expansion, slow node synchronization, and constrained execution efficiency. To address this, Fantom introduced the new upgrade solution Sonic, aimed at achieving performance leaps through fundamental reconstruction without relying on sharding or Layer 2.
Led by the restructured Sonic Labs, Sonic's core development team brought together top industry talents, including CEO Michael Kong, CTO Andre Cronje (founder of Yearn Finance), and Chief Research Officer Bernhard Scholz. Over a period of two and a half years, the team comprehensively optimized from the virtual machine, storage engine to the consensus mechanism, ultimately creating the standalone new chain Sonic. While being EVM-compatible, Sonic has achieved over 2000 TPS, 0.7-second finality, $0.0001 transaction cost, a 90% improvement in storage efficiency, and reduced node synchronization time from weeks to within two days.
· SonicVM: The new virtual machine dynamically compiles EVM bytecode, caches high-frequency operations (such as SHA3 hashing), and pre-analyzes jump instructions, improving execution efficiency several times over to support high-throughput demands.
· SonicDB: Using a layered storage design, it separates real-time state (LiveDB) from historical data (ArchiveDB), compressing storage space by 90%, reducing node maintenance thresholds, and enhancing decentralization.
· Sonic Gateway: A Layer 2-like cross-chain bridge to Ethereum, balancing security and efficiency through a batch processing mechanism, supporting bi-directional asset migration, and seamless integration with the Ethereum ecosystem.
Sonic introduces its native token S, exchanged 1:1 with the old token FTM, undertaking functions such as gas payment and governance staking. Its innovative mechanisms include:
· Gas Fee Monetization (FeeM): Developers can receive up to 90% of transaction fee sharing, incentivizing ecosystem app innovation; non-FeeM apps have 50% of fees burned to deter inflation.
· Point Airdrop System: Users earn points (Passive/Activity Points and Gems) through holding tokens, participating in DeFi, or ecosystem interactions, redeemable for a total of 200 million S tokens, creating a "usage is mining" positive feedback loop.
During the market downturn in 2025, Sonic's on-chain TVL grew over 500% against the trend, with stablecoin volume surpassing $260 million, driven by high-leverage yield strategies:
· Silo v2 Recurring Borrowing: Pledge S tokens to borrow stablecoins, leverage up to 20x, capturing multiple points and spread yields.
· Euler+Rings Combination: Deposit USDC to mint overcollateralized stablecoin scUSD, leverage up to 10x, while receiving Sonic points and protocol airdrops.
· Shadow DEX Liquidity Mining: Provide liquidity for mainstream trading pairs, earning up to 169% APY and receiving a share of trading fees.
The ecosystem's future plans involve introducing Real World Asset (RWA) yields and off-chain payment scenarios, expanding through compliant asset backing and consumer app integration, establishing a sustainable stablecoin utility loop.
Sonic's core DEX, FlyingTulip, designed by Andre Cronje, integrates trading, lending, and leverage functions, with key technological breakthroughs including:
· Adaptive AMM Curve: Combining Curve V2's liquidity aggregation advantage, introducing external oracle monitoring of volatility, dynamically adjusting the curve shape—close to a constant-product curve during low volatility (low slippage), and approaching a constant-product curve during high volatility (preventing liquidity depletion), reducing impermanent loss by 42%, and improving capital efficiency by 85%.
· Dynamic LTV Lending Model: Drawing inspiration from Curve's LLAMA liquidation mechanism but dynamically adjusting the loan-to-value (LTV) ratio based on market volatility. For example, the ETH collateral loan-to-value ratio can plummet from 80% during calm periods to 50% during volatile periods, reducing systemic risk.
With its triple advantage of "high performance + nested yield + low threshold," Sonic is expected to exceed $2 billion in TVL within 12 months, and its token S may impact billions of dollars in market capitalization. Its model has established a new paradigm for the industry: replacing liquidity speculation with on-chain efficiency and real returns, potentially triggering a fundamental shift in the logic of public chain competition.
Potential risks are concentrated at the technical level, including the Adaptive AMM relying on an external oracle, which could result in liquidity pool anomalies if the price feed is attacked. High-leverage strategies face liquidation risks during extreme market conditions and require hedging tools (such as perpetual contract shorts) to manage volatility.
From a macro perspective, Sonic is poised to be the dark horse in the 2025 DeFi revival wave, with the success of its stablecoin ecosystem creating broad upside potential for the ecosystem token S and overall network value. Sonic's rise validates a key proposition: even in a bear market, through mechanism innovation and performance breakthroughs, DeFi can still build a "yield fortress" to attract rational capital for long-term retention. Its nested yield model, developer incentive system, and efficient infrastructure provide the industry with a reusable template. If successfully integrated with RWAs and payment scenarios, Sonic may become a bridge connecting on-chain yield with real economic demand, propelling DeFi into a new stage of mass adoption.
To read the full report, please visit: https://square.htx.com/wp-content/uploads/2025/04/HTX-Research-Latest-Report.pdf
HTX Research is the dedicated research arm of HTX Group, responsible for in-depth analysis of a wide range of areas including cryptocurrency, blockchain technology, and emerging market trends. HTX Research produces comprehensive reports, offers professional evaluations, and is committed to providing data-driven insights and strategic foresight. It plays a key role in shaping industry perspectives and supporting informed decision-making in the digital asset space. With rigorous research methods and cutting-edge data analysis, HTX Research always remains at the forefront of innovation, driving industry thought leadership and facilitating a deep understanding of the evolving market dynamics.
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Never Underestimate the Significance of the US Stablecoin 'Infrastructure Bill'
If the US stablecoin bill, the "GENIUS Act," passes smoothly this time, its significance will be tremendous. I even think it's significant enough to enter the top five in Crypto history.
Although abbreviated as the GENIUS Act, which translates directly to the Genius Act, it is actually the Guiding and Establishing National Innovation for U.S. Stablecoins, which translates to "Guiding and Establishing National Innovation for US Dollar Stablecoins."
The proposal is lengthy, with several key points summarized for everyone:
· Mandatory 1:1 Full Asset Backing: Assets include cash, demand deposits, and short-term US Treasuries. At the same time, misappropriation and rehypothecation are strictly prohibited.
· High-Frequency Disclosure: Reserve reports must be published at least monthly, introducing external audits.
· Licensing Requirement: Once the circulating market cap of the issuer's stablecoin exceeds $100 billion, it must transition into the federal regulatory system within a specified timeframe, adopting banking-grade regulation.
· Introduction of Custody: The custodian of the stablecoin and its reserve assets must be a regulated qualified financial institution.
· Clear Definition as a Payment Medium: The bill explicitly defines stablecoin as a new type of payment medium, primarily regulated by the banking regulatory system, rather than restricted by the securities or commodities regulatory system.
· Embracing Existing Stablecoins: A maximum 18-month grace period after the bill's enactment, aimed at encouraging existing stablecoin issuers (such as USDT, USDC, etc.) to promptly obtain licenses or become compliant.
After finishing the main content, let's talk about the significance of this matter with an excited heart.
Over the years, when others asked, "After working in the Crypto industry for 16 years, what application have you created?"
In the future, you can confidently tell others—Stablecoins.
Some people have held opposing views. In the past, people's impression of stablecoins was that they were an opaque black box. Every few months, there would be FUD — whether Tether's assets were frozen or Circle had a significant black hole deficit.
In fact, if you think about it, Tether easily rakes in billions of dollars a year just from the interest on those underlying government bonds. Circle, slightly less, also made a $1.7 billion profit last year.
They basically made money while standing there. From a motivational standpoint, they have no malicious intentions. In fact, they are the most eager for compliance.
Now, this opaque black box will become a transparent white box.
In the past, the only complaint was that Tether's funds might have been frozen by the United States. Now, they will be directly placed into U.S. compliant custodial institutions, with high-frequency disclosures, so you can rest assured.
【No need to worry about a rug pull】 is such a huge advantage—I think especially all Crypto people understand this.
Stablecoins were once almost on the verge of being overtaken by CBDCs. In any country, if a central bank digital currency really exists, it is highly likely not built on a blockchain, at most it is built on some internal central bank consortium chain, which to be honest, is meaningless.
When CBDCs were at their peak, that was the most dangerous time for stablecoins.
If CBDCs had become a reality back then, stablecoins today would have been relentlessly suppressed into a dark corner, and blockchain would only be able to play a minimal role.
The remaining half-dead stablecoins would even have to learn the standards of central bank digital currencies, completely relinquishing their standard-setting power.
And now, stablecoins have won (or are about to).
Instead, everyone should learn the 【Blockchain + Token】 standard.
Nowadays, many blockchains actually have no meaningful applications on top, only stablecoin transfers. For example, with Aptos, the only scenario I use Aptos for is transfers between Binance and OKX.
And now, stablecoins will be legislated, what does that mean?
That's right, blockchain will become the only standard.
In the future, every stablecoin user will be the first to learn how to use a wallet.
As an aside, I actually think Ethereum's concerted push for EIP-7702 is quite forward-thinking. While other chains are all about memes, thank you Ethereum for sticking to account abstraction.
EIP-7702 is about Account Abstraction, which can support, for example:
· Social Account Registration Wallet
· Paying GAS with Native Coin
· And more
This paves the way for future new users to heavily use stablecoins, solving the last-mile problem.
Furthermore, once stablecoins receive legislative support, deposits and withdrawals will become even easier.
Let's imagine a scenario: previously, hindered by the gray nature of stablecoins, but after the bill passes, many traditional brokerages can support stablecoins themselves. The money from a US stock investor can be converted into stablecoins in minutes and instantly deposited into Coinbase. Believe it or not.
Let's imagine another scenario: if the brilliant bill smoothly passes through the House of Representatives, next, you will see:
Due to the extremely lucrative nature of this trading, existing stablecoin leaders and newly entering traditional giants will crazily start promoting their stablecoin products.
And an outsider, due to these promotions, will start using stablecoins. And then one day, after finding out that the wallet account has been created, will explore Bitcoin inside. Is mining Bitcoin difficult?
Stablecoins are a huge Trojan horse. The moment you start using stablecoins, you unwittingly step half a foot into the Crypto world.
As a large reservoir for digesting US debt, although stablecoins cannot directly absorb debt, they at least provide ammunition for the US debt secondary market. These functions are quite important, and slowly, stablecoins are becoming a part of the US debt market's body. Therefore, once the US legislation is passed and experiences the benefits, there is no turning back.
And, we are also confident that stablecoins are indeed one of the great innovations in our industry. People who have used stablecoins will find it hard to return to the traditional cash-banking system.
Once the bill is passed, users can't go back. In the future, concerns are about to be resolved, standards will be mastered, and the era of large deposits seems to be on the horizon.
Original Article Link
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