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