From Mortgage Loans to Financial Engineering: The USDS Upgrade Exposes MakerDAO's Strategic Transformation Ambition
As an observer of the cryptocurrency space, I must say that the changes in the stablecoin sector are more exciting than expected. Data from the past three months shows that the on-chain synthetic stablecoin USDe launched by Ethena is emerging as a dark horse—this project has achieved annualized returns through a delta-neutral strategy, and its capital growth rate has overtaken traditional players.
More noteworthy is the movement of MakerDAO. They not only upgraded the classic stablecoin DAI to USDS, but the market share of the original DAI is also rising against the trend. What does this indicate? It indicates that in the DeFi winter, protocols with genuine technological innovation can actually attract capital back. The current heat of on-chain finance is being reignited through the stablecoin sector.
In contrast, the once-dominant USDC finds itself in a somewhat awkward position. Although backed by the compliance licenses of Coinbase and Circle, it is clearly losing market share to these innovative players. This reminds me of the time when Ethereum surpassed Bitcoin in computing power—when there is a generational gap in technology, traditional giants often find themselves unprepared.
It is particularly noteworthy to mention Ethena's approach, where they hedge spot freight with ETH futures, combining stablecoin yields with DeFi leverage—a model that simply cannot exist in traditional finance. The upgrade of USDS shows that MakerDAO is transforming from a mortgage loan model to more complex financial engineering. These changes are reinforcing a trend: in the era of stablecoin 2.0, the competition is no longer about licenses and endorsements, but rather about the depth of protocol design innovation.
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