drunklord.eth

It's been a long time, old friends. Mostly because there was no alpha to share, or only cap-restrained alpha. But today, there is ALPHA. Introducing reUSD positive carry + TGE upside. reUSD has just been added as collateral on Fluid. And it's magnificent. Fluid is the first of many lending protocols that will allow you to borrow against reUSD at market borrow rate. Until now, it was only available on Morpho where predatory curators maintained the borrowing rate near reUSD yield level. Now, you can fully enjoy reUSD positive carry by borrowing USDT and USDC at market (Aave/Fluid) rate. I've heard from reliable sources that it will soon be listed on many other lending venues, with more cheap borrowing. APR goes brrrr. What's reUSD? Ask your AI docs.re.xyz/insurance-capi…. Why I like it: 1) Low backing risk: minted capital sits idle in sUSDe, they keep some reserves in USDC for instant redemptions 2) It's a senior tranche to a mezzanine and junior - junior: $73M, mezzanine (reUSDe): $13M, senior (reUSD): $136M; Re reinsures low volatility insurance portfolios, not catastrophies 3) Yield is above market rate: sUSDe + 2.5% 4) Not another RWA loanbook scam 5) Profitable protocol 6) TGE!!! Re currently runs a pre-TGE points campaign. I think it's very well worth participating. It's the icing on the cake. You can enjoy positive carry and upside from its upcoming TGE. In my opinion, it's one of the rare TGEs that can do well regardless of the market conditions, because it doesn't care about them: it's tradfi doing an IPO on-chain. To give you some comparables: > High-growth AI insurance platforms are valued 8-15x written premium > Insurtech platforms are valued 5-10x written premium With $337M written premium in force, Re would be valued between $1.6B and $5B. Caveat: the protocol doesn't earn 100% of the revenue like a reinsurer, because this revenue goes to the reinsurance business while Re protocol is the layer that connects capital to reinsurers. So you need (and I too) to temper your expectations. Nonetheless, it's valuable, and I will keep digging for comparables. They still have some work to do to make this easier to digest for the common mortals: 1) Better reinsurance book transparency - historic performance, schedules, etc. 2) Clearer debt tranching and capital exposure risk - especially for the junior tranche that sits off-chain and is mostly team-owned 3) Tokenomics and protocol's reinsurance premiums revenue-share in due time Bullish. Send it.

25% APR stablecoin loops on @0xfluid! reUSD markets just went live on Fluid. reUSD earns 6.1% APR natively, and you can loop it by borrowing at 3.24% APR. At 87% LTV it's a 25% APR loop - one of the best stablecoin loops out there right now on size. reUSD deposited into Fluid earns 5x re points. Multiplied by 7.69 leverage when max looped that's 38x re points on your net deposit. reUSD can be instantly minted and redeemed when you pass KYC on app.re.xyz/reusd reUSD on Fluid uses a fundamental oracle that tracks the daily reUSD NAV updates. It does not use the spot price which makes it safer for loopers. The reUSD-USDT LP unfortunately hit the borrow cap. It earns 20x re points. Fully leveraged, it's a 10% APR loop that earns 20 * 7.69 = 153x points. Worth keeping an eye on if you're farming @re points. Disclosure: I work at @re.

Honestly surprised ct has so few eyes on this, what stablecoin protocol rn is consistently paying higher than ReUSD susde rate + 2.5% spread? Even without mentioning points. This is a gigantic cook. Protocol has actually a really IRL profitable insurance bussiness, i don't see how this doesn't cook both in real yield and in TGE terms

@DefiSolar Can you please send me the spreadsheet so I can calculate estimated APR for 5x and 6x point multiplier?

@phtevenstrong Can you please delete this?

There's $114M in Neutrl assets expiring over the next 9 days. If you migrate before expiry, you'll benefit from the potential IY compression that happens when the current capital rolls over all at once. Also interesting to see srNUNSD and jrNUSD up there. Conversely, if you're looking to snipe YTs, a big rollover / expiration date on older markets is often a chance for limit orders to get hit on the newer markets. Note: Neutrl points farmer and ambassador

@rami_poker @HurupayApp Hookers and cocaine are expensive even in Nigeria

"Funds above the $3M minimum will go to a bid wall that buys back tokens at NAV. Any USDC unspent by the bid wall 3 months from the sale will go to the treasury." lol u guys must be on drugs also, 250k$ monthly spending??? "previous investors"???? I smell low IQ, low effort scam from miles wow who would've thought @MetaDAOProject ICOs would get progressively more scammy

@KelpDAO @phtevenstrong @aave You are scammers, you have wrongly accused me of being a sybil to take away my airdrop.

@phtevenstrong @aave Real ones know 🤝🌱 hgETH just quietly does its thing.

Who's still holding ETH? Here are some yields for you noble holdouts. 🚨Top Five End-Of-Year ETH Yields🚨 1) Ye Olde @aave Ethereum (14.23x Leverage): weETH: 15% APR wstETH: 10% APR Now and again, Plasma rates will be better, but basic old Ethereum mainnet is currently winning in terms of net APR and liquidity. 2) @Morpho Morpho looping is particularly good when @merkl_xyz incentives are flowing (example: @monad) but at the moment, vanilla looping on mainnet is still best. Ethereum: weETH (14x): 17.7% wstETH (20x): 19.41% You are paid to borrow AUSD against wstETH on Monday, so you can do some leveraged long + perp short strategies if you wanted to. 3) Fairly hidden, @KelpDAO hgETH I say hidden just because Kelp hasn't been in the limelight for awhile. But the hgETH vault has averaged around 10% over the last 3 months, and over 8% over the last 7 days. It has a fairly advanced underlying strategy set (mostly looped wstETH, tETH, and rsETH on Aave, Morpho, etc on various chains) but it's also utilizing OTC loans to increase exposure, which is interesting. 4) In a similar vein, @ipor_io's wstETH vault I explained this one last night, but basically it's a leveraged wstETH loop with what I'm calling borrow-aggregation. It borrows from wherever the best rate is and will debt-swap when it's prudent to do so. So the leverage isn't constantly changing, but the money market being borrowed from will change to optimze for rates. It's a fairly cool strategy. And you get Fusion points. 5) @monad incentivized @Uniswap LP Simple as. wstETH/WETH: Average 9.67% BONUS: @GearboxProtocol ➢ ETH+: 29% ➢ ETH+/WETH LP: 25% ➢ PT DETH: 15% There are actually tens of millions to be borrowed for the @makinafi markets. h/t @deepcryptodive for the reminder

@chud_eth "if you convert your calls to OHM at $30 to realize your APR, that $30 goes into the treasury to increase OHM's backing" I don't understand this part, where can I read about execution of calls mechanism?

"what about current OHM holders selling?!" is the first thing ppl ask, looking for the rug vectors 1) ok so playing the cynic, even if everyone sells all their OHM into this new fun game, you just get your money back at the end and move on. not like you're down 90% as you might be elsewhere 2) OHM holders don't have to sell to profit here: if you convert your calls to OHM at $30 to realize your APR, that $30 goes into the treasury to increase OHM's backing substantially. OHM holders can always borrow 95% of the backing, so if backing rises from $11.70 to $20, OHM holders can just keep borrowing out more over time. yes some will swing trade instead, exit entirely, but should quell some fears ppl have about this line of holders all waiting to fuck them in the ass at once.

I would like to coin the term PPP: principal protected ponzi; the worst that can happen to you is you get your money back at a date you decide (no time rug). gov proposal just went live, things moving faster than expected tbh OHM CDs launching in ~1wk only $1m cap to start which will likely get instafilled, then a short capped rollout before opening the floodgates good chance for everyone to watch the system working before being able to ape properly reminder: you deposit USDS, get OHM calls which you can convert any time, protocol uses the sUSDS yield to buy and burn, send OHM up, make your calls worth more something to think about for any of you second order thinkers: if you see someone deposit $100m of deposits which means $4.5m/yr annualized buyback and burns, are you more or less likely to then deposit to CDs yourself? you deposit, and the next guy sees even more programmatic buy pressure incoming, maybe now it's up to $6m/yr. are they now more or less likely to also deposit? yes this is all pure financial engineering, the token is the product, but do you want to play the game?

@donalt @KritZ_1337 Comparing valuations in crypto and concluding something is undervalued because peers are priced so much higher got me rekt countless times.

@KritZ_1337 Because I think it's hilariously undervalued compared to most other coins that do the same thing

I had hoped to buy Monad when I assumed the temporary bottom was in Whoever did this did me dirty, now I have to decide whether I wanna chase up or pray for lower Guess I was too greedy on this one

@chunibro Thank you for your contribution.

I have increased my position to 10 million $XPL at an average price of $0.52 🫣

Just unlocked my Gas ID via ETHGas 🪪 I'm a Legendary Jack with 22.6726 ETH spent on gas since Beacon Chain - now fueling my climb to the Gasless Future and earned 4000 Beans already. Reveal yours at ethgas.com/community/gas-…

@CryptoHayes I know why its 10 ZEC. 1 ZEC for every man who ejaculated on you!

Caption contest, whatever I think is the funniest / most insulting comment wins 10 ZEC.

@0xWismerhill It's not 50bps but 500bps, just use % ffs 😅

@WIP_DEFI Need ticker is what

What happens if $2m+ in profits are about to be distributed (via staking yield, 3,3 bribes and buybacks) to a token with a $7m circulating market cap?

@AgentChud @CoWSwap Isn't this solved by setting a very small slippage, bellow 0.01% if big swap?

OpenEden, known among sophisticated traders as 'Asian Ondo', is getting spot listed on Binance tomorrow. They built some very solid products (cUSDO, TBILL) and have a ton of regulatory approvals to become railroads for tradfi partners. I don't think there is any RWA project with ties so close to Asian partners & markets. Their TVL sits at ~300M. Ondo was worth 1.5B FDV at the same stage. They are Binance Labs-backed. They didn't have a super loud pre-TGE campaign because competition was tough, but I'm pretty sure this will do well because they are part of the real business with real revenue category. Trillions.

@donalt @AgentChud If you get mentally scarred from seeing a video you must be a fucking weakling

@AgentChud Weird times when friend groups of 10-15 year olds would just send the worst shit to each other to mentally scar each other for life Glad that's not internet culture anymore I hated it then I hate it now

Ethena has shown the fastest growth and adaptability over the past few years similar to Hyperliquid and believe it's one of the only players that would keep up to the speed of future developments. Albeit "riskier" must be seriously considered as the synergy would be worth it

@delucinator What a madman haha 😄

disclaimer: not an ethena investor, net long via sats exposure, currently holding a short open since 34 cents

@ColdBloodShill Smells like a breakdown

$DOGE looks like a sleeper.