Hyperliquid, Ethena, and Aave discuss: Where is the future of Decentralized Finance?

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Original Title: Hyperliquid, Ethena, Aave Three Titans Discuss: Where is the Future of Decentralized Finance?

Original Author: Rhythm BlockBeats

Original source:

Reprinted: Mars Finance

Editor's Note: DeFi, as one of the most transformative areas in the crypto industry, is gradually evolving from early experimental protocols to an important component of global financial infrastructure.

This article is based on a roundtable discussion during Token2049 in 2025. The forum was hosted by Haseeb Qureshi, a partner at Dragonfly, and invited three representatives from core DeFi protocols: JEFF (Hyperliquid), GUY (Ethena), and STANI (Aave).

Three guests conducted an in-depth discussion on the trends of stablecoin generalization, the future of perpetual contracts, the mainstreaming path of on-chain yield products, the integration of DeFi and CeFi, systemic risk management, and the “groupization” evolution of DeFi protocols, sharing their judgments and attitudes towards industry hotspots.

HYPE-0.23%
ENA0.91%
AAVE4.53%
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