DeFi Protocols
Native on-chain financial operations — swapping, lending, staking, yield splitting, flash loans.
The alien rail. DeFi compresses, eliminates, or reorders the 8-stage STP model. A swap fires Intent→Transport→Finality in one block. A flash loan collapses all eight stages into a single atomic transaction. Compliance is either code-enforced at the protocol level or absent entirely.
6 PATHS
Uniswap · Hook Deployers · Aave · Aave Horizon · Sky Protocol · SKY Governance · Lido · stVault Partners · Pendle Finance · MakerDAO · Sky · Monetalis · BlockTower · Chronicle
None — single-regime rail
6 Paths
Permissionless token swap via concentrated liquidity AMM. V4 hooks enable optional KYC at pool level.
Overcollateralized lending — $24.8B TVL, algorithmic liquidation. Aave Horizon adds institutional KYC layer.
Vault-minted stablecoin — deposit ETH, mint USDS. $21B supply. Open question: who is the issuer under GENIUS Act?
Stake ETH, receive liquid stETH. V3 stVaults add institutional compliance. Open question: is stETH a security?
Split yield-bearing assets into principal and yield tokens. Structured finance on-chain without the regulatory framework.
MakerDAO/Sky RWA vault — DAO governance + off-chain Treasury collateral. Identity is inverted: the vault manager qualifies to the DAO, not vice versa.
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