asot

1/9 PT (fixed-yield) tokens on more complex strategies are starting to be traded on @pendle_fi and @spectra_finance interest-rate swap markets. Compared with underlyings with non-negative yields only, the risk profile of entering such PT trades is much less attractive. Details:

@benedictk__ Zurich power user here, would love to join

Germany / Switzerland - who wants to be on this?

@TziokasV @fintechfrank There is really no good reason in my view for companies to run this on tokenized deposits rather than "narrow banking" style tokenized money market funds (functionally quite close to stablecoins if they passed on the majority of the yield currently accruing to issuers)

a) treasury management on crypto rails will be the next big thing. it makes 100% sense, brings tangible value and doesn't require enterprises to rip off their existing systems b) banks have woken up to this reality. it's likely the "corporate treasury onchain" future will run on tokenized deposits (rather than fully on stablecoins)

Crypto companies are starting to eat their own lunch. Circle just used USDC to settle $68M across eight entities in under 30 minutes, replacing bank wires that usually take 1–3 days. The bigger point: any company could plug stablecoin settlement into existing treasury workflows — reducing cash in transit, speeding confirmations, and tightening monthly close without rebuilding their stack.

@0xasot is looking to join the following Lido-affiliated multi-sigs with the address0x8ecd93982FfbB2f937ADa6c6e50d1950974081C0: 1. Lido Earn MetaVault high-level admin Safe (LAZY_VAULT_ADMIN) - 0x0Dd73341d6158a72b4D224541f1094188f57076E 2. Lido Earn Metavault curator Safe - 0xe5abcc40196174Ae0d12153dE286F0D8E401769d 3. Current Meta treasury Safe - 0xcCf2daba8Bb04a232a2fDA0D01010D4EF6C69B85 Verified signature: etherscan.io/verifySig/3030…

@dcfgod The issue for leveraged (re)staking positions is more the interest rate risk on the borrow leg and potential increases in validator exit queue length imcreasing the time to unwind

Crisis averted When people start panicking about leveraged liquidations on lsts Remember the oracle isn’t the amm price it’s the amount you’d withdraw from etherfi

@megaeth American date format strikes again

Public Mainnet // 02.09.26

Today, Twyne finally rolls out to all @aave users. Create an instant liquidation buffer or squeeze more loops. Here's how to supercharge your Aave loans with Twyne:

I am looking to join the Lido Treasury Management Committee multi-sig at 0xa02FC823cCE0D016bD7e17ac684c9abAb2d6D647 with my signer address 0x8ecd93982ffbb2f937ada6c6e50d1950974081c0. etherscan.io/verifySig/2983…

@zerohashx @IBKR Looks super cool and convenient! What geographies is that live in? Don't see it in my IBKR

Now live: Instant account funding via stablecoins on @IBKR, powered by zerohash. ✓ Funds land in seconds ✓ 24/7 & global funding ✓ Lower account funding costs for traders & brokerages Welcome to the future.

@litocoen @ready_co @itstuyo Spreads are pretty tight :)

@0xasot @ready_co @itstuyo will check out btw the 0.4% fee is not from tuyo it’s just the premium on the fx conversion compared to mid-market rate (XE) so to compare with coinbase would need to compare the top of orderbook with the same XE rate

prolly going to use @ready_co they now have local accounts in multiple currencies where you make a bank transfer and receive USDC (0.4%) then off-ramp $USDC for Euros via @itstuyo for another (0.4% spread) so 0.8% vs 4.6% what my bank would have charged

@fiddyresearch Appreciate it, Fiddy - also happy to answer any questions about the position

My colleague @0xasot at Lido Labs is looking for a quant who is passionate about all things liquidity and data. I will say that working with him as been a such a memorable privilege and I learn a lot by just partnering up with him on side quests. You will get a firsthand view of seeing how the most important decentralised asset issuer protocol at scale. Your work will be focussed on ensuring healthy markets, and you’ll spend a lot of time trying to detect fires before they happen. You will gain the kind of skill and experience that very hard to get. Apply: jobs.ashbyhq.com/Lido.fi/8ec514…

@SebVentures @SteakhouseFi @MorphoLabs Great job, guys!

After the events of the last days, @SteakhouseFi vaults now represent >50% of all Ethereum USDC on @MorphoLabs with Morpho itself remaining in a stable range of market share. We are continuing to make serious products for serious people.

@fede_intern I think it's 20 bps vs 50 bps in fees - USD 4.5m difference

not good

@fiddyresearch augment.market Augment Collective had an SPV offering for it a few months ago afaik (did not check fees, usually mix of carry and/or one-time fee)

The saddest reality for me is that I cannot own a slice of Cursor yet. The pain. The sorrow. The anguish of not holding what I truly think is once in a generation company.

@grahamfergs @Securitize Some of us @LidoFinance would love to have a chat - sent you a DM

Since joining @Securitize, it's clear that the biggest blocker of RWA adoption in DeFi is that redemption periods (for private assets) are far longer than what we are accustomed to in DeFi. However, this blocker poses a product idea. A protocol that: 1) accepts stables for deposit 2) backstops liquidity for illiquid RWAs 3) charges (high) fees on liquidations 4) incentivizes depositors Could also tack on additional yield / looping strategies to become a full service RWA yield hub. If you are interested in building something like this, DM me.

@0xZergs @0xngmi @zachxbt In my view, your position shouldn't be viewed as controversial - both US GAAP and IFRS 9 carry unsecured loans (like in the case of @WildcatFi) at amortized cost adjusted for forward-looking expected credit loss provisions

On Mark-to-Market (Contrarian Take) @0xngmi is probably a top 3 hardcore facts-man (next to @zachxbt), but I’m gonna go out on a limb here and take the contrarian angle… because everyone in DeFi is starting to realize why TradFi invented “GAAP.” Right now, the only way to be seen as having high TVL (the one metric everyone ranks themselves on, letsbereal) is simple: put assets into a contract + get a price from an oracle = instant truth. There is an OBSESSION with continuous priced oracles, and it has warped how we measure things. It blinds us to the fact that most of the world’s capital does not live on Uniswap. In fact, most of it barely trades at all. Real estate? Almost no mark to market relative to its "value." Money markets? Billions in daily turnover. TVL as a term is already confusing, we call it “value,” but the methodology is a nascent. Here are two examples: 1) Wildcat Finance (PIC 1) You deposit money ($147m), lend it to market makers ($140M). The debt receipts don’t trade on a CEX or a DEX. They’re not in a pool where you can scrape a TWAP. Because of that, DeFiLlama conservatively reports TVL as essentially zero. Zero. As if contractual repayment rights vanish into thin air the moment you step outside a bid/ask spread/AMM. These are obligations backed by borrowers (a real credit instrument) yet because they dont pump on a chart, the system pretends they’re worthless. Are they? I mean.. Id buy Wintermute debt for 20c, where can I put it that bid? If I put that fake bid.. is it suddenly worth something now? Do i have to put up an orderbook charade to prove that its valuable? 2) Autoglyph NFTs (PIC 2) These get marked at “par” based on floor price. But how often do they trade? Once a month? Once a quarter? A single thin sale resets the floor, and suddenly the whole collection is carried at that number. We’re treating random JPEG trades as if they were USDT because it traded on blur 3 months ago. So here’s the paradox: - Debt receipts with contractual cash flows are marked as nothing. - Illiquid art with sporadic bids is marked as everything. The TVL definition is starting to make less sense to me here now. The deeper issue is that DeFi has inherited tradfi's mark-to-market fetish without redefining it. In tradfi, at least you have auditors, impairments, and legal enforcement to backstop stale numbers. In DeFi, we have dashboards. If it trades, it counts. if it doesn’t, it disappears. Is DeFiLlama wrong? Not really, if anything, I think tardfi is wrong. Ngmi's approach is conservative, and frankly it’s standard. Carrying illiquid assets at par is insane, and it’s also why real-asset tied instruments seem to keep depegging (in both tradfi like 08 or shit like goldfinch/usual/anzen/etc). Stale valuations clog liquidity until something snaps, but you can’t just ignore reality forever. Wildcat’s debt receipts shouldnt be treated as zero, but you also shouldn't just treat them at par like Autoglpyhs or Fidenzas. The contrarian stance is simple: TVL should not just mean “what an oracle can see.” - Wildcat debt receipts deserve recognition because repayment evidence is value. - Autoglyphs deserve skepticism because thin liquidity is not the same as price discovery. If DeFi wants to get past unproductive money markets and actually finance the real economy, it has to start measuring assets that can't be so readily measured. Not every asset needs a tick-by-tick quote to exist. Some should be carried by contractual evidence, others by market price. Confusing the two makes the data dishonest. Figure's approach was definitely shitty and should be punished, but @RWA_xyz currently exists as a reference point & has a userbase because of the gap starting to widen from things that generally arent priced very often, and the defi expectation that it must be bearer assets maybe a future world, but not the world today. Mark to market is the definer of asset taxonomy, because we're starting to engage in a world where things arent just money, but theyre productive. almost all productive thing (things that make money, like cars, businesses, etc), are NOT-erc20 compatible, and never will be. This isnt the only time we're gonna come across this issue unless newer standards are addressed.

@gdog97_ Insane, congrats!

Binance has historically pursued a strategy of providing in-house product solutions, and very rarely open their platform to external teams without rigorous examination and a demonstration of very clear product market fit. Both their investment into Ethena and now integrations of USDe into the Binance platform required many months of detailed diligence. I've personally learned a lot from them this past year and am convinced that you can only build a lasting business at the scale they have by always doing right by your users and never letting that standard drop. That is the only way to earn the trust of >250m users. The holy grail of dollar asset distribution has always been embedded within centralized exchanges alongside their user bases. And as of today USDe will now be integrated fully across the entire product suite of the largest exchange in the world. We couldn't be more excited to be expanding our relationship with Binance to offer their users a unique product across their entire platform including: i) USDe futures margin collateral across the entire derivatives platform ii) USDe spot trading pairs iii) Direct integration into the Binance Earn program With more coming in the next few weeks. Binance currently holds over ~$130b of assets and ~$40b of stablecoins, and we expect USDe to grow into one of the largest on their platform. USDe penetration for USD assets on other CEXs sits at roughly ~12% which would correspond to >$4.0b of USDe on Binance. Only the beginning for Ethena and Binance.

@santiagoroel @Nemi_0x @vaneck_us @paraficapital @FactionVC @echodotxyz Can you give a hint as to the group(s)?

@Nemi_0x @vaneck_us @paraficapital @FactionVC @echodotxyz Stay tuned

1/ I’m excited to announce @inversion_cap seed round, led by @dragonfly_xyz with participation from some of the top funds and operators in the space. I started Inversion because I refused to wait another decade for crypto to go mainstream. Crypto has been dismissed as a casino for too long, overshadowing the teams building technology that can transform industries. Our conviction: crypto is not just speculation. It’s core infrastructure. It can make businesses run faster, cheaper, and more efficient - just as the Internet once did. So why hasn’t mainstream adoption happened? Because the industry keeps leading with speculation. If stablecoins and DeFi are so revolutionary, why aren’t billions of people using them yet? This question became the driving force behind Inversion. Our answer: invert the playbook. • Instead of building distribution from scratch, we acquire it. • Instead of waiting for businesses to adopt crypto, we buy them and lead the transformation ourselves. • Instead of forcing users to learn new tech, we make crypto invisible. • Instead of pushing ideology, we lead with business logic. At Inversion, we acquire legacy businesses and transition their operations to crypto rails - reducing fees, chargebacks, settlement times, and costs while unlocking real value through stablecoins, DeFi, and infrastructure protocols. Past cycles gave us a death by a thousand pilots from enterprises. Today, the tech is ready. It’s time to invert the playbook and hack our way to mass adoption. One of the most rewarding parts of this journey has been the people. @dannheim_ joined as our first hire after leading crypto at Goldman, and making her co-founder was a natural progression of the partnership we’ve built. We’re just getting started - and we’re hiring: 👉 #job-board" target="_blank" rel="nofollow noopener">inversioncap.com/about#job-board Read more in the Wall Street Journal: wsj.com/articles/this-… Real GDP onchain. Invert, always invert.

@phtevenstrong @arbitrum Please no videos and more text; this is much more efficient - highly appreciate your content

DRIP is starting on @arbitrum, SPECIFICALLY incentivizing leveraging liquid staked ETH and yield bearing stables. This is my bread-and-butter, guys. Here's a video on how not to get burnt on leveraging and how to optimize yields for this campaign. TL;DR: 85% APR on syrupUSDC

@matty_ @3janexyz What APR did you borrow at?

I just borrowed USDC against my TradFi credit score using @3janexyz. Just like taking out a credit card advance or personal loan, but onchain. No collateral locked. Easier. Faster. Cheaper. Lower APY. Literally better in every way. The future of TradFi is here and it's onchain.