{ "id": 75844, "date": "2026-04-24T09:06:35", "date_gmt": "2026-04-24T02:06:35", "guid": { "rendered": "https:\/\/hbbgroup.net\/the-market-repriced-defi-in-just-48-hours\/" }, "modified": "2026-04-24T10:22:26", "modified_gmt": "2026-04-24T03:22:26", "slug": "the-market-repriced-defi-in-just-48-hours", "status": "publish", "type": "post", "link": "https:\/\/hbbgroup.net\/en_us\/the-market-repriced-defi-in-just-48-hours\/", "title": { "rendered": "Th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 \u0111\u1ecbnh gi\u00e1 l\u1ea1i DeFi ch\u1ec9 trong 48 gi\u1edd" }, "content": { "rendered": "
\n

Di Bartolomeo cho r\u1eb1ng v\u00e0o cu\u1ed1i tu\u1ea7n tr\u01b0\u1edbc, th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 \u2014 trong th\u1eddi gian th\u1ef1c \u2014 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ed9t \u0111i\u1ec1u \u0111\u00e1ng ch\u00fa \u00fd m\u00e0 ch\u01b0a t\u1eebng c\u00f3 c\u01a1 quan qu\u1ea3n l\u00fd, ki\u1ec3m to\u00e1n hay nh\u00e0 ph\u00e2n t\u00edch n\u00e0o l\u00e0m \u0111\u01b0\u1ee3c.<\/h3>\n

C\u1eadp nh\u1eadt: 23\/04\/2026, 16:58
\nXu\u1ea5t b\u1ea3n: 23\/04\/2026, 16:30<\/p>\n

Make preferred on <\/a><\/p>\n<\/div>\n

\n

Cho \u0111\u1ebfn th\u1ee9 S\u00e1u, ng\u00e0y 17\/4, vi\u1ec7c cho vay stablecoin tr\u00ean Aave \u2014 \u0111\u01b0\u1ee3c xem l\u00e0 \u201cchu\u1ea9n v\u00e0ng\u201d c\u1ee7a DeFi \u2014 ch\u1ec9 mang l\u1ea1i l\u1ee3i su\u1ea5t 2,32% APY, trong khi l\u00e3i su\u1ea5t qua \u0111\u00eam c\u1ee7a Federal Reserve l\u00e0 3,64%. N\u1ebfu nh\u00ecn theo b\u1ec1 m\u1eb7t, th\u1ecb tr\u01b0\u1eddng \u0111ang \u0111\u1ecbnh gi\u00e1 m\u1ed9t smart contract m\u00e3 ngu\u1ed3n m\u1edf, kh\u00f4ng \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd, c\u00f3 r\u1ee7i ro t\u00edn d\u1ee5ng th\u1ea5p h\u01a1n c\u1ea3 tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 M\u1ef9.<\/p>\n

Ch\u1ec9 trong 48 gi\u1edd, \u0111i\u1ec1u \u0111\u00f3 \u0111\u00e3 k\u1ebft th\u00fac. Th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 l\u00e0m trong th\u1eddi gian th\u1ef1c \u0111i\u1ec1u m\u00e0 ch\u01b0a c\u01a1 quan qu\u1ea3n l\u00fd, ki\u1ec3m to\u00e1n hay nh\u00e0 ph\u00e2n t\u00edch n\u00e0o l\u00e0m \u0111\u01b0\u1ee3c: \u0111\u1ecbnh gi\u00e1 l\u1ea1i r\u1ee7i ro t\u00edn d\u1ee5ng c\u1ee7a DeFi.<\/p>\n

N\u1ebfu x\u1ebfp c\u00e1c k\u00eanh t\u00edn d\u1ee5ng USD theo l\u1ee3i su\u1ea5t tr\u01b0\u1edbc cu\u1ed1i tu\u1ea7n \u0111\u00f3, c\u1ea5u tr\u00fac ho\u00e0n to\u00e0n phi l\u00fd. Tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9 \u1edf m\u1ee9c 3,64%, ABS th\u1ebf ch\u1ea5p b\u1eb1ng Bitcoin c\u1ee7a Ledn (BBB-) \u1edf m\u1ee9c 6,84%, c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i STRC c\u1ee7a Strategy \u1edf m\u1ee9c 11,50%, th\u1ebb t\u00edn d\u1ee5ng M\u1ef9 kho\u1ea3ng 21% v\u1edbi t\u1ef7 l\u1ec7 v\u1ee1 n\u1ee3 4%, trong khi Aave l\u1ea1i ch\u1ec9 \u1edf m\u1ee9c 2,32%. Luca Prosperi t\u1eebng l\u1eadp lu\u1eadn r\u1eb1ng l\u00e3i su\u1ea5t stablecoin trong DeFi n\u00ean cao h\u01a1n l\u00e3i su\u1ea5t phi r\u1ee7i ro kho\u1ea3ng 250\u2013400 \u0111i\u1ec3m c\u01a1 b\u1ea3n, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 6,15\u20137,76%. Ng\u01b0\u1ee3c l\u1ea1i, b\u00e1o c\u00e1o ng\u00e0y 2\/4 c\u1ee7a Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Canada l\u1ea1i cho r\u1eb1ng t\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u 0% c\u1ee7a Aave ch\u1ee9ng minh DeFi c\u00f3 th\u1ec3 cung c\u1ea5p t\u00edn d\u1ee5ng kh\u00f4ng v\u1ee1 n\u1ee3 nh\u1edd c\u01a1 ch\u1ebf th\u1ebf ch\u1ea5p ch\u1eb7t ch\u1ebd. \u0110i\u1ec1u n\u00e0y \u0111\u1eb7t ra hai kh\u1ea3 n\u0103ng: ho\u1eb7c DeFi \u0111\u00e3 gi\u1ea3i \u0111\u01b0\u1ee3c r\u1ee7i ro t\u00edn d\u1ee5ng, ho\u1eb7c th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 ng\u1eebng \u0111\u1ecbnh gi\u00e1 n\u00f3. V\u00e0 cu\u1ed1i tu\u1ea7n \u0111\u00f3 \u0111\u00e3 cho th\u1ea5y c\u00e2u tr\u1ea3 l\u1eddi.<\/p>\n

Ng\u00e0y 18\/4, m\u1ed9t cu\u1ed9c t\u1ea5n c\u00f4ng nh\u1eb1m v\u00e0o KelpDAO th\u00f4ng qua c\u1ea7u cross-chain LayerZero \u0111\u00e3 mint kho\u1ea3ng 116.500 token rsETH kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n b\u1ea3o ch\u1ee9ng, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng kho\u1ea3ng 292 tri\u1ec7u USD. C\u00e1c token n\u00e0y \u0111\u01b0\u1ee3c \u0111\u01b0a v\u00e0o Aave l\u00e0m t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p, t\u1eeb \u0111\u00f3 hacker vay ra kho\u1ea3ng 190\u2013230 tri\u1ec7u USD t\u00e0i s\u1ea3n th\u1eadt t\u1eeb m\u1ed9t collateral kh\u00f4ng th\u1ef1c s\u1ef1 t\u1ed3n t\u1ea1i. B\u00e1o c\u00e1o c\u1ee7a Aave x\u00e1c nh\u1eadn protocol ho\u1ea1t \u0111\u1ed9ng \u0111\u00fang thi\u1ebft k\u1ebf, cho th\u1ea5y v\u1ea5n \u0111\u1ec1 n\u1eb1m \u1edf c\u1ea5u tr\u00fac h\u1ec7 th\u1ed1ng ch\u1ee9 kh\u00f4ng ph\u1ea3i l\u1ed7i k\u1ef9 thu\u1eadt, trong khi Kelp v\u00e0 LayerZero \u0111\u1ed5 l\u1ed7i cho nhau v\u1ec1 c\u1ea5u h\u00ecnh validator 1\/1.<\/p>\n

Hi\u1ec7u \u1ee9ng lan truy\u1ec1n di\u1ec5n ra ngay l\u1eadp t\u1ee9c. Do t\u00ednh li\u00ean th\u00f4ng, c\u00e1c giao th\u1ee9c DeFi cho ph\u00e9p \u201clooping\u201d \u2014 vay \u1edf n\u1ec1n t\u1ea3ng n\u00e0y r\u1ed3i t\u00e1i th\u1ebf ch\u1ea5p \u1edf n\u1ec1n t\u1ea3ng kh\u00e1c \u2014 khi\u1ebfn c\u00fa s\u1ed1c t\u1ea1i Aave lan ra to\u00e0n h\u1ec7 sinh th\u00e1i. Kho\u1ea3ng 20% t\u1ed5ng kh\u1ed1i l\u01b0\u1ee3ng vay l\u1ecbch s\u1eed c\u1ee7a Aave \u0111\u1ebfn t\u1eeb d\u1ea1ng \u0111\u00f2n b\u1ea9y l\u1eb7p n\u00e0y. Trong 48 gi\u1edd, t\u1eeb 6 \u0111\u1ebfn 10 t\u1ef7 USD b\u1ecb r\u00fat kh\u1ecfi Aave, m\u1ee9c s\u1eed d\u1ee5ng thanh kho\u1ea3n c\u1ee7a c\u00e1c pool WETH, USDT v\u00e0 USDC \u0111\u1ea1t 100%, ng\u01b0\u1eddi g\u1eedi ti\u1ec1n kh\u00f4ng th\u1ec3 r\u00fat, ng\u01b0\u1eddi vay kh\u00f4ng th\u1ec3 ti\u1ebfp c\u1eadn thanh kho\u1ea3n. Nhi\u1ec1u ng\u01b0\u1eddi d\u00f9ng bu\u1ed9c ph\u1ea3i vay th\u00eam kho\u1ea3ng 300 tri\u1ec7u USD t\u1eeb ch\u00ednh t\u00e0i s\u1ea3n b\u1ecb kh\u00f3a c\u1ee7a h\u1ecd, th\u01b0\u1eddng \u1edf m\u1ee9c LTV 75%, ch\u1ec9 \u0111\u1ec3 c\u00f3 ti\u1ec1n m\u1eb7t.<\/p>\n

L\u00e3i su\u1ea5t ph\u1ea3n \u1ee9ng ngay l\u1eadp t\u1ee9c. APY stablecoin tr\u00ean Aave t\u0103ng t\u1eeb 3\u20136% l\u00ean 13,4% ch\u1ec9 trong hai ng\u00e0y. Vault USDC c\u1ee7a Morpho, n\u1ec1n t\u1ea3ng h\u1ed7 tr\u1ee3 s\u1ea3n ph\u1ea9m vay ti\u00eau d\u00f9ng c\u1ee7a Coinbase, t\u0103ng t\u1eeb 4,4% l\u00ean 10,81%. T\u1ed5ng gi\u00e1 tr\u1ecb kh\u00f3a (TVL) DeFi tr\u00ean 20 chain l\u1edbn gi\u1ea3m h\u01a1n 13 t\u1ef7 USD.<\/p>\n

\u0110i\u1ec3m quan tr\u1ecdng n\u1eb1m \u1edf c\u1ea5u tr\u00fac: trong DeFi kh\u00f4ng t\u1ed3n t\u1ea1i lu\u1eadt ph\u00e1 s\u1ea3n, kh\u00f4ng c\u00f3 t\u00f2a \u00e1n v\u00e0 kh\u00f4ng c\u00f3 c\u01a1 ch\u1ebf thu h\u1ed3i t\u00e0i s\u1ea3n. N\u1ebfu r\u00fat s\u1edbm, b\u1ea1n gi\u1eef \u0111\u01b0\u1ee3c to\u00e0n b\u1ed9; n\u1ebfu r\u00fat mu\u1ed9n, b\u1ea1n c\u00f3 th\u1ec3 ch\u1ecbu ph\u1ea7n l\u1edbn thi\u1ec7t h\u1ea1i. Kh\u00f4ng gi\u1ed1ng c\u00e1c h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng nh\u01b0 Celsius, BlockFi hay FTX \u2014 n\u01a1i c\u00f2n c\u00f3 quy tr\u00ecnh ph\u00e1p l\u00fd \u0111\u1ec3 ph\u00e2n b\u1ed5 t\u1ed5n th\u1ea5t \u2014 DeFi kh\u00f4ng c\u00f3 b\u1ea5t k\u1ef3 l\u1edbp b\u1ea3o v\u1ec7 n\u00e0o.<\/p>\n

\u0110i\u1ec1u n\u00e0y t\u00e1c \u0111\u1ed9ng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn vi\u1ec7c \u0111\u1ecbnh l\u01b0\u1ee3ng r\u1ee7i ro. N\u1ebfu c\u00f3 th\u1ec3 \u01b0\u1edbc t\u00ednh t\u1ed5ng thi\u1ec7t h\u1ea1i nh\u01b0ng kh\u00f4ng th\u1ec3 bi\u1ebft c\u00e1ch n\u00f3 \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5, b\u1ea1n c\u0169ng kh\u00f4ng th\u1ec3 bi\u1ebft m\u1ee9c \u0111\u1ed9 r\u1ee7i ro c\u1ee7a ch\u00ednh m\u00ecnh. N\u00f3 c\u00f3 th\u1ec3 b\u1eb1ng 0, ho\u1eb7c c\u0169ng c\u00f3 th\u1ec3 l\u00e0 to\u00e0n b\u1ed9 t\u00e0i s\u1ea3n \u2014 t\u00f9y thu\u1ed9c v\u00e0o t\u1ed1c \u0111\u1ed9 h\u00e0nh \u0111\u1ed9ng c\u1ee7a b\u1ea1n v\u00e0 c\u1ee7a nh\u1eefng ng\u01b0\u1eddi kh\u00e1c.<\/p>\n

DeFi s\u1ebd kh\u00f4ng bi\u1ebfn m\u1ea5t. H\u1ea1 t\u1ea7ng n\u00e0y c\u00f3 gi\u00e1 tr\u1ecb th\u1ef1c v\u00e0 c\u00e1c th\u1ecb tr\u01b0\u1eddng permissionless lu\u00f4n t\u1ed3n t\u1ea1i trong m\u1ecdi giai \u0111o\u1ea1n. Nh\u01b0ng ch\u00fang ch\u01b0a bao gi\u1edd l\u00e0 kh\u00f4ng r\u1ee7i ro, v\u00e0 lu\u00f4n ph\u1ea3i mang m\u1ee9c premium so v\u1edbi h\u1ec7 th\u1ed1ng \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd. S\u1ef1 ki\u1ec7n 48 gi\u1edd sau ng\u00e0y 17\/4 \u0111\u00e3 nh\u1eafc l\u1ea1i nguy\u00ean t\u1eafc \u0111\u00f3 ngay tr\u00ean blockchain.<\/p>\n

\u0110\u1ed1i v\u1edbi c\u00e1c t\u1ed5 ch\u1ee9c ph\u00e2n b\u1ed5 v\u1ed1n v\u00e0o DeFi trong n\u0103m t\u1edbi, \u0111\u00e2y l\u00e0 m\u1ed9t t\u00edn hi\u1ec7u c\u1ea7n \u0111\u01b0\u1ee3c xem x\u00e9t nghi\u00eam t\u00fac. M\u1ee9c APY 2,32% tr\u01b0\u1edbc \u0111\u00f3 kh\u00f4ng ph\u1ea3n \u00e1nh \u0111\u00fang r\u1ee7i ro, v\u00e0 th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 \u0111i\u1ec1u ch\u1ec9nh. T\u1eeb \u0111\u00e2y, l\u00e3i su\u1ea5t DeFi s\u1ebd do th\u1ecb tr\u01b0\u1eddng quy\u1ebft \u0111\u1ecbnh \u2014 nh\u01b0ng m\u1ed9t \u0111i\u1ec1u ch\u1eafc ch\u1eafn: giai \u0111o\u1ea1n \u0111\u1ecbnh gi\u00e1 sai \u0111\u00e3 k\u1ebft th\u00fac.<\/p>\n

L\u01b0u \u00fd: Quan \u0111i\u1ec3m trong b\u00e0i vi\u1ebft l\u00e0 c\u1ee7a t\u00e1c gi\u1ea3 v\u00e0 kh\u00f4ng nh\u1ea5t thi\u1ebft ph\u1ea3n \u00e1nh quan \u0111i\u1ec3m c\u1ee7a CoinDesk ho\u1eb7c c\u00e1c b\u00ean li\u00ean quan.<\/em><\/p>\n<\/div>\n

\n
\"fingerprint<\/figure>\n

Blockchain \u0111ang d\u1ea7n chuy\u1ec3n sang m\u00f4 h\u00ecnh ri\u00eang t\u01b0. C\u00e2u h\u1ecfi c\u00f2n l\u1ea1i kh\u00f4ng ph\u1ea3i l\u00e0 c\u00f3 hay kh\u00f4ng, m\u00e0 l\u00e0 ng\u00e0nh s\u1ebd x\u00e2y d\u1ef1ng lo\u1ea1i quy\u1ec1n ri\u00eang t\u01b0 n\u00e0o<\/strong>, theo l\u1eadp lu\u1eadn c\u1ee7a Schiller.<\/p>\n

Read full story<\/a><\/p>\n

(\u0110\u1ecdc chi ti\u1ebft t\u1ea1i \u0111\u00e2y)<\/em><\/p>\n<\/div>", "protected": false }, "excerpt": { "rendered": "

Di Bartolomeo cho r\u1eb1ng v\u00e0o cu\u1ed1i tu\u1ea7n tr\u01b0\u1edbc, th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 \u2014 trong th\u1eddi gian th\u1ef1c \u2014 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ed9t […]<\/p>", "protected": false }, "author": 5, "featured_media": 75845, "comment_status": "open", "ping_status": "open", "sticky": false, "template": "", "format": "standard", "meta": { "_acf_changed": false, "footnotes": "" }, "categories": [ 220 ], "tags": [], "class_list": [ "post-75844", "post", "type-post", "status-publish", "format-standard", "has-post-thumbnail", "hentry", "category-tien-dien-tu" ], "acf": [], "_links": { "self": [ { "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/posts\/75844", "targetHints": { "allow": [ "GET" ] } } ], "collection": [ { "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/posts" } ], "about": [ { "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/types\/post" } ], "author": [ { "embeddable": true, "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/users\/5" } ], "replies": [ { "embeddable": true, "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/comments?post=75844" } ], "version-history": [ { "count": 1, "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/posts\/75844\/revisions" } ], "predecessor-version": [ { "id": 76030, "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/posts\/75844\/revisions\/76030" } ], "wp:featuredmedia": [ { "embeddable": true, "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/media\/75845" } ], "wp:attachment": [ { "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/media?parent=75844" } ], "wp:term": [ { "taxonomy": "category", "embeddable": true, "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/categories?post=75844" }, { "taxonomy": "post_tag", "embeddable": true, "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/tags?post=75844" } ], "curies": [ { "name": "wp", "href": "https:\/\/api.w.org\/{rel}", "templated": true } ] } }