Aave supports its LP Token lending and rebates, enhancing capital efficiency. In May, Aave's TVL increased by 18% to $23.347 billion, while Uniswap rose by 11% to $4.65 billion. Stablecoins: Ethena's USDe TVL decreased by 13%, and launched the fully collateralized USDtb with no yield, with an on-chain supply exceeding $1.44 billion and a collateralization rate of 99.4%. Tether, in collaboration with LayerZero, launched the multi-chain stablecoin USDT₀.

In the past month, the DeFi sector has undergone structural changes, with leading protocols moving towards 'forming alliances' through cooperation, integration, and interest binding. Lending + Trading: Uniswap V4 introduces the Hook mechanism, Aave supports its LP Token lending with rebates, enhancing capital efficiency. In May, Aave's TVL increased by 18% to $23.347 billion, and Uniswap rose by 11% to $4.65 billion. Stablecoins: Ethena's USDe TVL fell by 13%, launching a non-yield full collateral USDtb, with on-chain supply exceeding $1.44 billion and a collateral rate of 99.4%. Tether, in collaboration with LayerZero, launched the multi-chain stablecoin USDT₀, with May's TVL increasing to $1.171 billion, focusing on cross-chain liquidity. RWA: Arbitrum DAO allocates 35 million ARB to Franklin Templeton, Spiko, and WisdomTree, promoting the tokenization of U.S. Treasury bonds. The Aave Horizon platform supports tokenized money market funds as collateral for lending GHO or USDC, enabling RWA on-chain circulation. The DeFi alliance is a systematic integration upgrade, evolving the collaboration methods between protocols. In the future, DeFi will form an interconnected and bound financial network, enhancing stability and efficiency, becoming the foundation for the next wave of growth.