What does it mean when U.S. Treasury bonds and stock funds can be used as collateral in Decentralized Finance?
Author: Biteye Core Contributor dddd
Horizon platform core mechanism
Platform Architecture and Operating Principles
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Market trend
The current cryptocurrency market shows a divergent pattern. Major coins like BTC and ETH remain relatively stable due to ETF fund inflows and favorable policies, while most altcoins perform weakly.
The market has gone through three stages:
January ETF approval drives BTC up;
Expected rebound in mid-year due to Trump administration policies;
Recently, due to the SEC's policy relaxation, ETH, SOL, and others have benefited.
Analysts believe that the current pullback is a pause in the bull market rather than an end, but caution is needed regarding the impact of U.S. stock volatility and interest rate cut expectations. Overall, the market tends to favor a "non-typical bull market for compliant cryptocurrencies," with funds concentrated in major coins and a few altcoins supported by narratives.
Mainstream coins
$BTC

Today's zone market capitalization: $11.88B +5.01%
Recently, the market has been somewhat volatile, with both bulls and bears undecided. High-quality projects in the AI zone continue to make new progress.
Top 10 24h Coingecko Trading Volume:
Token Trading Volume Market Capitalization Price Volatility
1- $FLOCK $127.4M $34.8M $0.31 -29.7%
2- $PROMPT $123.3M $54.3M $0.24 -16.2%
3- $VIRTUAL $119.3M $764.2M $1.17 +3.1%
4- $TAO $105.4M $3.2B $332.94 +3.4%
5- $IP $104.1M $1.9B $6.19 +13.0%
6-

Market Trend
The cryptocurrency market has recently experienced a deep correction, with BTC falling below $110,000 and ETH dropping to $4,365, leading to over $900 million in liquidations across the network in 24 hours. The main reasons are whale sell-offs, ETF capital outflows, and the liquidation of leveraged long positions. Institutions like VanEck remain optimistic about BTC, but market sentiment is generally bearish. In the short term, continued volatility may occur, with key support levels at $100,000 - $107,000. Looking long-term, institutional capital inflows and Federal Reserve policies remain important influencing factors.
mainstream coins
$BTC
Short-term pressure, after falling below 110,000 there may be a rebound opportunity. Institutions continue to increase their holdings, but short-term selling pressure is rising. Pay attention to the support range of 111K-112K; if it stabilizes, consider building positions in batches. In the long term, 3% of the total supply is held by strategies, and the fundamentals remain strong.
$ETH
ETF inflows exceed $BTC, institutional buying is evident, but short-term overbought conditions may pull back. Key support at 3900-41

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1/11 DAWN @dawninternet, raised 35.5M, testnet, no tokens issued
DAWN (Decentralized Autonomous Wireless Network) is a DePIN project based on Solana that allows users to participate in the network by sharing or selling excess internet bandwidth and earn rewards through a reward mechanism.
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Today's market capitalization is $11.31 billion, and the overall market has pulled back, making it worth following web3 AI and Edge Computing. $FLOCK has surged significantly due to its collaboration with the Hong Kong government, while NVIDIA's robot computing platform Jetson Thor will enhance Edge Computing performance.

⭐️1. After the ETF, the missing Bitcoin puzzle
In the past two years, Wall Street has opened a door for Bitcoin with ETFs.
This means that hundreds of billions of funds can finally enter Bitcoin "legally", and the market size is visibly expanded. However, the problem is that once holders buy in, the assets remain essentially dormant, unable to be used in combination or generate returns on-chain.
The gap with the Ethereum ecosystem is becoming increasingly apparent. ETH has stablecoin USDC providing liquidity, and LST products like Lido promoting re-staking, with the on-chain economic flywheel operating at high speed. In contrast, BTC, despite being the most important asset in the crypto market, has long remained in the stage of "storing in cold wallets."
In other words, the ETF addresses the issue of "how money comes in," but it does not solve the problem of "how money flows on the chain."
⭐️2. Insights on Stablecoins
To understand BTC, what kind of basic knowledge is needed?