Introduction: Macro Shift, Digital Assets Embrace a New Narrative
On July 27, 2026, CoreChain Macro Research & Strategy officially released the "2026 H2 Digital Asset Macro Strategy: DeFi Revival and Institutional Custody Innovation." This 80-page report notes that as the Fed held rates steady after its July meeting and inflation data fell for three consecutive months, global liquidity conditions are improving. CoreChain's Chief Macro Strategy Analyst Li Wei said: "The traditional 'inflation-hiking' narrative has weakened, and the market is seeking new anchors. We believe the reconstruction of the DeFi ecosystem and the maturity of institutional-grade custody infrastructure will be the core drivers of digital asset value growth in the next phase."
On the release day, Bitcoin traded around $67,000, while Ethereum broke above $3,800, with overall bullish sentiment. Unlike the ETF narrative of 2024-2025, CoreChain shifted its focus to on-chain native financial innovation and the compliance process.
Key View 1: DeFi 2.0 – From Liquidity Mining to Real Yield
The report argues that DeFi is undergoing a profound shift from "speculation-driven" to "yield-driven." According to CoreChain, the total value locked (TVL) of the top 10 DeFi protocols rebounded to $120 billion in H1 2026, with over 60% coming from real-world asset (RWA) collateral and perpetual contract trading.
- RWA Bridging Traditional Finance: Protocols like MakerDAO and Aave have integrated assets such as U.S. Treasuries and real estate funds, providing DeFi with stable and regulatory-compliant underlying yields.
- Decentralized Perpetuals Explosion: dYdX, Hyperliquid, etc., see daily trading volume exceeding $30 billion, with on-chain order book performance approaching centralized exchanges.
- Modular DeFi Rise: The emergence of generic clearing layers and composable leverage modules lowers the barrier to developing new protocols.
CoreChain specifically recommends the "yield-bearing stablecoin" track, such as ERC-4626 wrapped products, which still offer 4%-6% APY in a declining lending rate environment, attracting many traditional fixed-income investors.
Key View 2: Institutional Custody Innovation – Compliance Gates Open
Another focus is breakthroughs in institutional-grade custody solutions. CoreChain notes that in Q2 2026, Fireblocks, Coinbase Custody, and BitGo collectively managed over $1.5 trillion in assets, up 90% YoY. But more importantly, innovations on the technical front:
- Multi-Party Computation (MPC) Combined with Biometrics: Next-generation custody solutions eliminate single private key risk while meeting bank-grade KYC/AML requirements.
- On-Chain Insurance and Dispute Resolution: Protocols like Nexus Mutual partner with custodians to offer insurance products covering private key loss, smart contract bugs, etc.
- Cross-Chain Custody Unified Interface: Via LayerZero and Chainlink CCIP, enable one-click custody of multi-chain assets, reducing institutional operational costs.
"Previously, institutions worried about security and compliance; now MPC+insurance combination almost eliminates those concerns," wrote David Chen, Head of Macro Strategy at CoreChain. "We see pension funds and university endowments starting small allocations—this is real structural capital inflow."
Industry Background: From ETF Frenzy to On-Chain Infrastructure
Looking back at 2024-2025, the approval of spot Bitcoin and Ethereum ETFs drove the first wave of institutional entry, but CoreChain believes it was largely "passive allocation." As ETF flows stabilized in 2026, the market urgently needed new growth engines. DeFi 2.0 and custody innovation exactly fill this gap.
According to CoinGecko, decentralized exchange (DEX) monthly active addresses surpassed 8 million in Q2 2026, with Uniswap V4's hooks mechanism attracting many market makers back. Meanwhile, Wall Street investment banks like JPMorgan and Goldman Sachs began offering DeFi-based structured products to clients, indicating traditional financial institutions are actively embracing on-chain finance.
Expert Commentary: What Differentiates CoreChain's Strategy
We interviewed independent digital asset researcher Wang Haoran, who believes CoreChain's report stands out because:
"Many institutions are still piling on the ETF narrative, but CoreChain captured more granular on-chain financial innovations. Especially RWA and perpetuals—both tracks have real revenue and relative compliance, substantively complementing institutional portfolios. Moreover, the report digs deep into technical details of custody technology, not just conceptual."
Wang added: "However, DeFi investment risks remain, such as potential hacks or regulatory shifts. CoreChain also flagged these risks in the report and recommended a 'core-satellite' strategy for allocation."
Outlook: H2 2026 Investment Themes
CoreChain lists three trading themes for H2:
- Theme 1: RWA tokenization platforms – e.g., Ondo Finance, Centrifuge;
- Theme 2: Decentralized perpetuals and options – e.g., dYdX, Lyra;
- Theme 3: Institutional custody infrastructure – e.g., governance tokens of Fireblocks, BitGo.
Additionally, the report suggests investors watch Ethereum L2 evolution, especially the explosion of native yield protocols on Base and Arbitrum. CoreChain predicts that by end-2026, DeFi TVL could exceed $200 billion, forming a dual-engine pattern of "institutional underpinning + retail liquidity."
Following this report's release, CoreChain will host an online strategy meeting in early August, inviting multiple DeFi project founders and institutional investors for closed-door exchanges. For investors seeking to position for the new digital asset cycle, this report provides a timely and in-depth roadmap.
(This article is compiled based on the report released by CoreChain Macro Research & Strategy on July 27, 2026, and does not constitute investment advice. Investing involves risks; decisions should be made with caution.)
