Tann.eth

Here's a reality check on @ethena I've been covering this protocol since early days. If you hold ENA or use sUSDe, this is something you need to see👇 ➥ The Ethena we all bought: ➢ Delta-neutral synthetic dollar (short crypto perps against spot) ➢ Earn funding rates ➢ Pass yield to sUSDe holders ➢ Protocol takes a cut At the peak that model generated $151M in a single quarter and sUSDe yielded 27% where the protocol kept $10.18M. Take rate was 6.74% ➥ The Ethena that exists today: ➢ 93% of USDe backing was delta-neutral at the start of 2025. Now it's 11% ➢ Crypto funding rates compressed and the engine stopped ➢ sUSDe yield dropped to 3.20% The protocol pivoted to institutional lending and RWA allocations to keep any yield flowing at all changing the product. ➥ Here's the income statement that tells us everything: ‣ Q1 2026 had $65M gross revenue while the protocol earnings were $655K ‣ Q2 2026 is tracking $20.26M gross with $370K in earnings so far ‣ Annualized fees of $193M. What the protocol actually keeps is $3.99M (that's a 2% take rate) ‣ Monthly revenue of $327K with a mcap of $889M. We're holding a token at ~320x its actual earnings The fee switch won't fix this as the activation conditions were met when USDe supply was above $6B with peak revenue. Supply is $3.9B now and revenue has collapsed. Activating it today means taking yield away from sUSDe holders already earning less than Sky's sUSDS. Every basis point redirected to ENA stakers makes USDe less competitive against the one rival it can't afford to lose to. The catalyst everyone is waiting for is trapped in a paradox where activating it makes the underlying product worse. ➥ Here's what still works👇 1. Their $62.45M reserve fund held through every BIG crisis of Bybit hack, 10/10 depeg, rsETH exploit 2. Collateralization at 101.2% 3. USDe as a stablecoin product is sound 4. If you hold sUSDe purely for yield the product delivers what it promises. Whether 3.72% justifies the risk compared to simpler options is the question you need to answer for yourself. ➥ What could change everything? Ethena is expanding delta-neutral into commodities and equities through HIP-3 on Hyperliquid via HyENA. Gold funding rates on Binance averaged 24.6% in March 2026 while crypto sat near zero. If commodity delta-neutral works ⭢ the yield premium returns ⭢ sUSDe becomes competitive again ⭢ the take rate has room to grow The fee switch math that fails at 3.72% yield might work at 15-20%. HIP-3 OI grew from $70M to $1.43B in 6 months. HyENA already uses USDe as collateral. The infrastructure exists but Ethena has never executed delta-neutral on commodity/equity markets so this is a test for it. Also beyond HIP-3, the pipeline is aggressive: ‣ Converge chain with Securitize targeting institutional settlement ‣ iUSDe wrapping sUSDe for regulated capital backed by Franklin Templeton and Fidelity ‣ Stablecoin-as-a-Service whitelabeling USDe for other ecosystems These need to generate protocol revenue over a period of time to prove the models work and the post needs to be judged on what exists today, not what's planned. ➥ Here are the three numbers to watch before making any decision👇 1. sUSDe vs sUSDS. The moment sUSDe consistently beats Sky's yield again is when depositor demand returns (rn it's losing) 2. Take rate needs to be recovered. There is slight recovery but needs to sustain above 3-4% before protocol earnings matter at this valuation (Q3 2025: 6.74% | Q4 2025: 0.48% | Q1 2026: 1.01% | Q2 so far: 1.80%) 3. HyENA commodity volume. If gold and equity perps start generating real funding rate revenue for USDe backing, the thesis changes entirely (track it weekly) The protocol and neither the model is dead or broken but the version of Ethena that justified an $889M mcap doesn't exist right now. What exists is a fee passthrough machine earning $327K a month betting that commodity delta-neutral will restart the engine that crypto funding rates turned off. That bet might pay off. If you hold $ENA today, make sure you understand you're holding a transition, not a proven model. The proven model ended in Q3 2025. NOTE: NFA. Use this information for educational purposes only and not any financial decisions. Thankyou. h/t to @DefiLlama @EntropyAdvisors for the data

@hmalviya9 I loved painting as a kid, it was a way of expressing my creativity. Ended up hanging them in my home. What you’re doing for these children will make them grow into beautiful people 💕

We started theatre workshop at my tribal school project. We did 6 art workshops so far in less than a year. Invited people from different areas of work profiles. I want to invite you too.. come here, feel good, and connect with nature.

@shelleymaeph Gm!

Looking for Micro KOLs (verified). 2000-10,000 followers. Reply below, and I'll reach out to you.

@David_mduw Claude

I'm one person. I work 10 hours a week on my SaaS. In the last few weeks, Claude Code has: → Written 40 blog posts → Shipped 60 SEO pages → Drafted every tweet I've posted → Handled my replies, emails, analytics → Run 5 scheduled workflows every day I just wrote up the full stack. Every skill, every scheduled task, every MCP server, every folder. Comment "claude" and follow me. I'll DM the full PDF.

@hmalviya9 We are so back!

giving birth to a new ai agent with generative art skill while i wait for my connecting flight. we gonna cook generative arts soon. gonna mint a NFT collection. 365 pieces. Free Mint for everyone.

@wh0sumit @rightfitso Gm ser dropped you a dm!

we’re hiring 🚨 hiring for multiple roles across BLR, SF, and NYC. these are roles we’re currently hiring for via @rightfitso with some amazing startups. product / engineering: ↳ product engineer ↳ applied ai engineer ↳ forward deployed engineer ↳ founding backend engineer ↳ senior backend engineer ↳ backend & fullstack roles ↳ react native engineer design / content: ↳ designer (product / visual) ↳ video editor ↳ cinematographer + editor ↳ technical content marketer other roles: ↳ devops engineer ↳ hr & operations ↳ performance marketing lead ↳ customer support specialist ↳ ios intern location: BLR / SF / NYC (in-person) 📍 as always, hiring is proof of work first. don’t send resumes. share what you’ve built, shipped, or worked on. DM to apply 📥 referrals welcome 🧧

@0xMahalakshmi @BLRxZo @dhrude @0xnimesh @hasanransari Imma crash here soon!

today's "cowork with Maha" sesh was about continuity. few of us locked in and got stuff done at @BLRxZo thank you guys for showing up🥂

@Sarv_shaktiman i read figure shit out and don't shit lol

advice to my younger self watch a lot of movies, torrent everything , listen to all sorts of music, develop taste, develop the edge of how things should look like, consume and critque, read more books, scroll quora, question more, google it reddit it. have fun. take all experiences. dont take courses. just figure it out. take all random oppurtunities and deliver. get into communities. build communities. build tribes. build a village. be yourself. play techno. get into weird thing called crypto. free your parents financially. figure shit out and dont sit. go out and make it your arena. go out and conquer. go out and make this world yours.

Yesterday was one of the biggest day for stablecoin infrastructure. Here's a summary of what projects are cooking: > @stripe launched stablecoin financial accounts in 101 countries > It also launched stablecoin payouts to 160 countries and stablecoin-backed debit cards. > Link agent wallets got shipped as well. AI agents can pay invoices and create cards with human approval. MCP support for Treasury APIs is live. > Open Issuance went live letting any business launch a stablecoin. Phantom has shipped Cash, MetaMask is building mUSD and Hyperliquid is building USDH. > Visa expanded stablecoin settlement to 9 blockchains with $7B annualized, up 50% in one quarter. Running validator nodes on Tempo and Canton. > Meta paying creators in USDC through Stripe on Solana and Polygon. Four years after killing Libra. > Bridge ($1.1B acquisition) got an OCC national bank charter. > DeFi United secured $300M+ to backstop Aave after the KelpDAO exploit.

Stripe Sessions 2026 just wrapped. 40+ announcements. All the major ones below. Stablecoins: → Financial accounts live in 101 countries → Payouts to 160 countries → Stablecoin-backed debit cards → Any business can launch its own stablecoin through Open Issuance. Phantom already shipped CASH. MetaMask is building mUSD. Hyperliquid is building USDH. Link Agents: → Link now has a dedicated agent wallet → Your AI agent gets spending power with human approval controls → Full purchase visibility on every transaction → Agents pay through Shared Payment Tokens across stablecoins, cards, Klarna, and Affirm Agent-Ready Accounts: → AI agents can check balances, pay invoices, create cards, send money → Human-in-the-loop confirmation on key actions → MCP support for Treasury APIs so you can build custom financial agents → Accept agent payments over Machine Payments Protocol in stablecoins and fiat Tempo (Stripe's own blockchain with Paradigm): → Live on mainnet since March → Machine Payments Protocol baked in → Agents pay for API calls and compute autonomously over USDC Infrastructure: → Bridge (acquired for $1.1B) got an OCC national bank charter → Noncustodial wallets from Privy backing Treasury in 150+ markets → Meta launched USDC creator payouts through Stripe the same day → 16,000 platforms and 11 million businesses now connected to stablecoin rails Stripe processes $2 trillion a year. This is what stablecoin adoption looks like when a payments company decides to go all in.

Last night the Fed had its most divided vote since 1992 with an 8-4 split to hold rates. Three regional Fed presidents voted to remove any language about future cuts and one governor voted to cut immediately. We haven’t seen a board this fractured in over three decades. BTC’s price dropped from $76,200 to $75,000 within the hour. Everyone expected the hold, the surprise was how ugly the dissent was. What makes this interesting is that Warsh just cleared his Senate confirmation vote yesterday. He’s one floor vote from taking over as Fed Chair when Powell’s term ends May 15, and he’s got over 20 crypto investments including Solana, dYdX, and Polymarket. Everyone’s been pricing in a Warsh pivot for months. But look at the board he’s walking into. A third of its members just voted to take rate cuts completely off the table and with oil at $114 they have every reason to hold that line. You can be as dovish as you want as the new chair but you still need votes. And Powell just announced he’s staying on the Board of Governors, said legal pressure from the DOJ renovation probe left him no choice.

@zksanti @boundless_xyz dropped you a dm ser!!

I’m hiring a junior product marketer @boundless_xyz We’re building at the intersection of tradfi, stablecoins, and DeFi. Requirements: → 1-2 YOE in PMM/technical content marketing/sales enablement → AI fluent US based heavily preferred. DMs open.

@Rhyscryptoo Breakdown

3 of the clippers from our last campaign just crossed $2k/month each all started less than 90 days ago. all faceless. all using free tools. i'm putting together a free breakdown of exactly what they did differently reply "breakdown" and i'll send it when it's ready

Atp Trump is just exploiting his free will

DeFi is bleeding

@Rhyscryptoo CLIP

i built a google doc with every tool, app, and shortcut i use to run a clipping agency doing 18B+ views capcut templates, yt-dlp commands, posting schedules, campaign brief template, everything it's free reply "CLIP" and i'll DM it to you

@0xkasana Thank you ser!

@0xTanishaa very well explained

everyone vibing on Vercel until ShinyHunters shows up if you don't know who ShinyHunters are, they're the same group behind breaches at Ticketmaster, AT&T, Gucci, SoundCloud, and Harvard. Active since 2020 with 90+ breaches. They target cloud platforms and SaaS tools, steal everything, then sell it or extort the company. today they came for Vercel, here's a TLDR: someone claiming to be ShinyHunters posted on BreachForums offering Vercel's internal data for $2M. The dump allegedly includes employee accounts, internal Linear data, GitHub tokens, NPM tokens, and API keys. vercel confirmed the breach a few hours later. Their security bulletin says they identified "unauthorized access to certain internal Vercel systems" and that a "limited subset of customers" was impacted. Law enforcement has been notified. here's what you need to know: > env vars marked as "sensitive" in Vercel are safe. If you didn't mark yours as sensitive, assume they're compromised and rotate them immediately. This includes API keys, database credentials, RPC endpoints, anything stored in regular environment variables. > If you're a project running on Vercel and you stored anything sensitive in non-sensitive env vars, go rotate everything right now. > no evidence of build tampering yet. But compromised deployment pipelines could theoretically allow build tampering for affected accounts. rotate your keys. Go check your activity logs and rotate every key you have on Vercel.