# Solana DeFi — X 热门讨论 (2026-09-22 14:52 UTC)
## @brrrfyi (brrr) · 09-22 13:32 · ♥64 ↻15 💬25 Lending is live on brrr!
We are bringing DeFi to the $1B stonkfun ecosystem. Tokens paired with stocks and reward tokens were locked out of it. Not anymore.
Live now: • aTokens as collateral (aZCAT, aBTC, aPURR, aBRRR, more coming) • Borrow USDC, 15% LTV • The loop keeps compounding while your collateral sits
The market: • Tokenized stocks $2.5B onchain, 7x in a year, 3.6M holders. Only 3% does anything in DeFi. 97% idle. • Stonkfun: ~$1B cap, 1,800+ tokens, $135M biggest day • Regular tokens have lenders or perps. Reward-paired tokens had nothing. That is the gap we are building into.
$BTC (@BTCbuythecat) solana:HcRLc9VDgjLeK154xDawfb1dmVJ98DoSqcwTHGqiDeJR $PURR $RAYCAT solana:8RVBk8vxLiUHueLUW1f4izFVqN3nWippLhkohKg6EGkS (@KnotsOnStonk) $BRRR. Shipping for the @LaunchOnSF ecosystem.
Watch your memes brrr https://x.com/brrrfyi/status/2102390624578056612
## @Defi_Rocketeer (Defi Rocketeer) · 09-22 12:09 · ♥72 ↻8 💬23 . @Zcash as the first privacy ETF is doing what people said only BTC and ETH ETFs could do
$ZEC traded above $1,200, gained roughly 45% in a week, and pushed its market cap toward $20B.
Grayscale’s $ZCSH began trading on August 25 and already holds around $463M in assets.
Price appreciation contributed to that growth, but the ETF also recorded real net inflows.
Then leverage amplified the move.
ZEC open interest crossed $2B, while more than $34M in shorts were liquidated as price broke higher.
Spot demand → breakout → forced short covering → more momentum.
Th most interesting thing is why privacy is working now.
AI is making wallet profiling, address clustering, and identity linking cheaper.
On transparent chains, every transaction can become part of a permanent financial profile.
I increasingly view privacy as a hedge against onchain identity exposure.
That gives Zcash something most alt narratives currently lack:
→ price confirmation.
→ institutional access through a new wrapper.
→ a cultural reason to own it now.
I also spent time looking for the next ZEC beta play.
One thing became clear: Zcash still doesn’t have a mature native token economy, so I’m separating real ZEC exposure from tokens that only borrow the narrative.
My current map:
[1] Clean exposure: $ZEC and $ZCSH
This remains the most direct trade. ETF demand, shielded adoption, and derivatives positioning all flow back to the same asset.
[2] Capital-efficient ZEC exposure
@kamino has opened a ZEC-backed lending market on Solana, allowing users to borrow USDC against ZEC and loop the position up to 1.7x.
That creates another demand path for ZEC, but it also adds liquidation and bridge risk.
[3] Meme beta: $ZCAT
$ZCAT uses a 3% transaction tax to buy and distribute ZEC to holders.
More than 2,320 ZEC, worth roughly $2.8M, has already been distributed.
This is not native Zcash activity, but it is one of the first meme structures where speculation creates direct ZEC buying.
[4] Native Zcash optionality
@zec_bit is testing private NFT ownership directly on Zcash, with its Genesis collection traded in ZEC.
Further out, Zcash Shielded Assets and projects such as ZPrivDEX could create private stablecoins, tokenized assets, and native shielded trading.
The privacy-first wallet @noir_wallet is probably where you start.
Those products are still early. I see them as a watchlist, not liquid beta yet.
This is where the bigger opportunity may form:
ZEC as the monetary asset
→ memecoins creating speculative demand.
→ private tokenized stocks and stablecoins.
→ native shielded markets.
for now, i’m watching where real ZEC is bought, locked, used as collateral, or required for settlement.
that is a much stronger signal than buying every token with "Zcash" in its name.
DYOR. https://x.com/Defi_Rocketeer/status/2102369765545447749
## @CryptoTeca__ (TECA) · 09-22 09:58 · ♥69 ↻0 💬25 tokenized stocks are turning traditional equities into blockchain assets that trade, settle and compose like crypto, creating a parallel 24/7 onchain equity market.
this is no longer experimental.
RWA market cap grew from $4.3B at the start of 2025 to nearly $30B by July 2026, even as DeFi TVL fell 32.5%, total crypto market cap lost ~$750B and trading volume dropped 52% from its 2025 peak.
so RWA growth isn't simply following crypto.
there's also a business incentive: as BTC and major crypto assets become less volatile, exchanges have fewer speculative flows to monetize. Tokenized stocks, ETFs, commodities and indices create new trading activity and fees.
you can already see it.
Robinhood is bringing stock tokens to its own chain; @binance has bStocks on BNB; @krakenfx's xStocks covers 131 US stocks/ETFs across multiple networks.
@Gate combines gStocks, xStocksFi, Ondo Stocks and equity perps. @okx has XAAPL/XTSLA, while @bitget has 500+ rTokens plus Ondo Stock Tokens and TradFi derivatives.
different structures, same direction: exchanges are becoming broader financial-asset stacks, not crypto-only platforms.
the market is forming around 3 models:
→ 1:1 custodial wrappers: shares held with custodians like @AlpacaHQ, then matching tokens minted. @Ondo Stocks, @xStocksFi, @bstocksfinance, @DinariGlobal dShares.
→ Native issuance: token represents the share/registered interest. @SuperstateInc Opening Bell and certain @Securitize products.
→ Synthetics/derivatives: price exposure without ownership. @HyperliquidX HIP-3 equity perps have at times matched/exceeded spot tokenized-equity OI.
minting/redemption anchors tokens to the underlying. Onchain settlement is near-instant vs traditional T+1. Ondo + Alpaca support in-kind conversion.
the bigger shift is composability.
tokenized stocks can trade 24/7, move across platforms, provide liquidity, enter @aave, @Morpho or @kamino, serve as collateral and power structured products.
RWA perp DEX volume hit $141B in July, +513% YTD, with equities dominating OI as traders seek leveraged 24/7 NVDA, TSLA and AAPL exposure.
even stock memecoins are emerging: Robinhood markets $AI/NVDA pair memes with tokenized stocks.
but the market remains fragmented.
https://t.co/GOKqo52CFO: ~$3.01B / 3.7M holders. Ondo Stocks: ~$850M+, 400+ stocks/ETFs. Other major issuers: xStocks, bStocks, Securitize, Robinhood, Superstate, Dinari, @Figure, @WisdomTreeFunds.
key chains: @solana, @BNBCHAIN, @ethereum, @RobinhoodCrypto Chain, @base, @arbitrum.
and one adage matters:
the same ticker ≠ the same asset.
AAPLx, AAPLon, rAAPL and XAAPL can reference Apple while differing in custody, legal claims, dividends, redemption, liquidity and issuer risk.
the next phase isn't simply more tickers.
it's reliable liquidity, transparent backing, consistent corporate actions, accurate 24/7 pricing, native issuance and safer collateral markets.
crypto exchanges are increasingly becoming the access, distribution and settlement layer for traditional financial assets onchain. https://x.com/CryptoTeca__/status/2102336784709362067
## @Tanaka_L2 (Tanaka) · 09-22 14:06 · ♥61 ↻2 💬19 DeFi TVL is back around $95.8B, still only ~53% of the ~$180B 2021 peak.
If DeFi summer narrative come back right now, the actual comeback might looks much more boring because the industry already matured.
– $55.3B sitting in lending protocols
– $24.2B of active loans across @aave, @Morpho, @sparkfinance etc
– $50B across liquid staking protocol
At current stage, capital isn't just parking there waiting for emissions. Borrowers are actually paying for balance sheet.
This is probably the biggest difference versus old DeFi Summer.
2020 yield was mostly: deposit liquidity → protocol prints token → farmer dumps token.
The current stack: ETH can become stETH → restaked → wrapped into an LRT → deposited into lending → borrowed against → turned into a Pendle PT/YT position.
One original ETH can leave footprints across 5 protocols.
I called this matured industry because debt outstanding, utilization, fees, stablecoin growth and whether the yield still exists after incentives disappear.
– 34% of all ETH is already staked
– @LidoFinance has ~9.74M ETH (56.7%), $26.8B TVL and 641K+ stakers
At this point LSTs are the yield-bearing monetary base of ETH DeFi.
Any ETH holder can earn staking yield, stays liquid, becomes collateral, then that collateral can finance the rest of the stack.
Solana is building the same thing from another direction.
– @kamino has ~$1.5B TVL + $1.05B loans
– @jito ~$1.22B TVL and +25.7% in 30d
– @sanctumso ~$2.16B and +31.1%
The staking → LST → credit loop is becoming multi-chain infra rather than an ETH-only trade.
Where I’m much less convinced is restaking.
– @eigencloud has ~$7.2B TVL, did ~$211K fees in the latest 30d
– @symbioticfi with ~$483M TVL, 80+ vaults, 74K+ stakers, but only ~$108K monthly fees
– the whole restaking sector is only ~$11B.
Market say no to the external security itself pays enough to justify another level of smart contract, slashing, liquidity and depeg risk.
Which also explains why the LRT market got smoked down to a few real survivors.
DeFi yield now is becoming a market for yield on digital dollars.
– @ethena is back ~$5.36B TVL, +23.5% in 30d and doing ~$19.5M monthly fees.
– RWAs are sitting at ~$30B active AUM.
Capital can choose between USDC lending, Sky savings, sUSDe, @pendle_fi fixed yield, tokenized Treasuries, LST carry etc.
Different risk engines competing to produce onchain yield. And TradFi actually makes that competition harder.
– 13-week T-bills are 4.12%,
– native ETH staking is only ~2.3%
– a random 2-3% stablecoin farm is just taking smart-contract risk to underperform cash
The sustainable DeFi yield zone probably needs to live closer to 6–8% without heavy emissions before it starts looking genuinely attractive.
Double digit APY still needs to be dissected because somewhere inside it there's usually leverage, duration, funding risk, incentives or all four.
This is why I think the next traditional DeFi cycle might be a balance-sheet expansion.
Stablecoins grow → loans outpace TVL → utilization/APYs rise → more LST/RWA/BTC collateral gets borrowed against → Pendle + fees accelerate → tokens capture value.
We’re already seeing the first half, the second half still needs proof. https://x.com/Tanaka_L2/status/2102399241058742726