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In March, the U.S. Senate passed a very DeFi user-friendly resolution, temporarily overturning the IRS's requirement that on-chain protocols report user transactions. This is actually a very important signal. Although it cannot be fully understood as tax exemption, it means that the tax compliance pressure of on-chain interactions has been alleviated in the short term.
This releases a very subtle but critical window, where users can rebuild confidence in on-chain asset allocation in an environment with less regulatory friction. To me, this is just like the past when international capital used offshore markets as a low-friction channel, and DeFi is likely to be taking on the prototype of this role.
The greater the market uncertainty, the more funds tend to look for paths with certain structures - even if the returns are not that high. This is why staking products are beginning to gain attention again. You stake your assets on the mainnet and get rewards at the protocol layer. The logic is clear, the path is predictable, and the volatility is relatively low.