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Mahone Defi
3.2K posts
Mahone Defi
@MahoneDeFi
On chain Data analyst | DeFi researcher
Singapore Katılım Kasım 2022
370 Takip Edilen2.5K Takipçiler
Most people will focus on @tori_finance headline yield.
> Phase 1 targets 16.73% total APY with 8% real yield
> Phase 2 targets 16.9% with real yield increasing to 10%.
But the bigger thesis sits behind the numbers.
① Access to a differentiated source of real yield
Tori generates yield through USD-hedged emerging-market carry. These markets can offer significantly higher local interest rates than traditional USD products.
This opportunity is difficult for individual users to access directly. It requires local accounts, banking relationships, institutional FX pricing, and experienced trading desks.
→ Tori packages that infrastructure into $trUSD and $strUSD, allowing access the strategy through a simple onchain deposit.
② Execution is where the real advantage sits
Finding a high-interest-rate market is not enough. The final yield depends on how efficiently the position is entered, hedged, and managed.
Poor FX pricing, broker fees, and smaller OTC lines can consume a large part of the available spread.
→ Tori’s access to institutional execution partners can help preserve more of that spread before it reaches users.
③ Higher yield makes $strUSD more useful across DeFi
A Treasury token yielding 3.5% to 5% can work well as a savings product, but it becomes less attractive for looping when stablecoin borrowing costs sit in a similar range.
$strUSD gives users more room to use it as collateral, borrow stablecoins against it, and build leveraged or fixed-yield strategies through lending markets and protocols such as @pendle_fi
→ This is why a higher-yielding RWA can generate more onchain activity
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Tori is not simply offering another place to park stablecoins.
It is giving users access to a difficult-to-reach global yield source. That combination gives $strUSD a credible path to become one of the more useful RWA assets onchain.
Tori Finance@tori_finance
Pre-deposit Vault is live. $50M cap. 2x Cores boost. Link: app.tori.finance Vault details below.
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@arbitrum now hosts $822M in RWAs
with $USDai becoming its largest RWA-native dollar built around real-world credit at $183M.
@0xfluid now holds roughly $35M of $sUSDai DEX liquidity, around 95% of the total.
By combining lending and trading liquidity
Fluid is becoming the capital-efficiency layer for Arbitrum’s growing RWA economy.
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Mahone Defi retweetledi
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While ethereum:native staking is collapsing in TVL, the @solana LST sector is doing the opposite in fees.
Every single major Solana LST is printing 7D fee growth of +39–47% simultaneously, even as their TVL is down 6–12%
Fee yield per dollar staked is rising sharply.
h/t to @DefiLlama for the data
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@MeshClans @tori_finance Tori genuinely innovative is how it turns a traditionally offchain FX carry strategy into a composable onchain yield product
moarrr yield
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So @tori_finance just launched its pre deposit vault as a structured real yield protocol built on hedged carry trades in global money markets
Here’s what stands out ahead of the pre-deposit vault launch ↴
The core strategy involves deploying stablecoin deposits into hedged carry trades → Borrow in low-rate USD environments → allocate to higher-rate currencies (often emerging markets) → fully hedge FX exposure through forward contracts
The Product :
trUSD - As a synthetic dollar backed 1:1 by USDC/USDT
strUSD - The yield bearing version obtained by staking trUSD, with automatic yield accrual
Unstaking includes a 7day cooldown or instant DEX liquidity. Performance fee is 10% on yield only.
The Target APY Phase 1 is ~16.73% w/ 8.73% points + 8% real yield with Phase 2 at 6.9% points + 10% real yield
➥ Depositors also gets 2x boost active during pre deposit which are earned through holding, staking, and integrated DeFi protocols like @pendle_fi PT/YT and @Morpho loop
IMO, this is one of the more thoughtful structured yield products entering the market combining real offchain carry with onchain composability and strong security from day one
Pre-deposit link: app.tori.finance
NFA, DYOR
Tori Finance@tori_finance
Our lead investor @Delphi_Ventures published their investment thesis on Tori. Key highlights: • The strategy pensions and sovereign funds have run for decades. Institutional hedged-carry, gated behind banking relationships and high minimums. Now on-chain as strUSD. • The yield comes from USD-hedged carry in global money markets. Uncorrelated with crypto cycles, driven by rates and FX, not crypto funding. • Assets, liabilities, and NAV verified live by an independent party. Risk legible enough for institutions to underwrite, not a black box. • Pre-launch, Tori pushed through multiple institutional diligence processes. @RockawayX curates the vault and is an anchor LP. @NexusMutual cover available from day one. Full thesis below.
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I’ve looped a bunch of yield RWAs and stablecoin products lately.
Frankly speaking, most of them feel like “park it and pray” assets.
The base yield looks fine on paper, but the moment you actually try to lever it, borrow rates, fees, slippage, and opaque off-chain mechanics eat the edge.
You’re left fighting for scraps or taking on risks you can’t properly see.
That’s why @tori_finance’s pre-deposit vault caught my attention:
→ $50M cap, first-come-first-served ($35M filled in the first hour)
→ Yield accrues automatically via share price (no claims, no rebasing)
→ 2x Cores boost + fees waived during pre-deposit
→ Real-time reserve verification via @AccountableData
→ Protocol cover through @NexusMutual
→ Curated by @RockawayX
To be honest, Tori’s strategy is simple in practice: they run an institutional carry trade, deploying into higher-yielding emerging market rates while hedging the currency risk back to USD.
Because those markets are fragmented and many local players don’t hedge perfectly, a decent spread survives the hedge.
They then bring that yield onchain as a liquid, verifiable asset. No foreign bank accounts or prime broker relationships required on your end.
The real difference is that this spread looks durable enough to actually survive looping. That’s what turns it from another savings token into something that can function as productive collateral in DeFi.
If you're interested, Pre-deposit is live now → app.tori.finance
NFA. DYOR.
Tori Finance@tori_finance
Pre-deposit Vault is live. $50M cap. 2x Cores boost. Link: app.tori.finance Vault details below.
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@crypto_linn @boros_fi @pendle_fi @maplefinance @Theo_Network @KyanExchange @Mantle_Official higher soon, thanks for the alpha
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Linn's Leverage #1050 is out: (Link in tweet below)
@boros_fi
@pendle_fi
@maplefinance
@Theo_Network
@KyanExchange
@Mantle_Official
Like/Repost to support:
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The highest earning window is usually the shortest one.
@tori_finance pre-deposit is now live with a $50M cap and $30M was filled in an hr!
It also boasts of waived fees and a temporary 2x Cores boost pushing this into the highest earning rate across the entire program.
• Phase 1 targets 16.73% total APY
- 8% real yield
- 8.73% points yield
• Phase 2 targets 16.9% total APY
• 10% real yield
• 6.9% points yield
The interesting part is that once it closes, $strUSD targets up to 15% real APY, with extra on-chain composability layered through @Morpho , @pendle_fi , and @CurveFinance .
So this is not just a pre-deposit farm but also a curated stablecoin yield product backed by @Delphi_Ventures , curated by @RockawayX , and designed to move from early boosted incentives into composable real-yield infrastructure.
Pre-deposit is live at app.tori.finance.
DYOR.
Tori Finance@tori_finance
Pre-deposit Vault is live. $50M cap. 2x Cores boost. Link: app.tori.finance Vault details below.
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He didn't score all 5 goals as predicted but you can't deny his involvement in all 5.
His mind games for the second, the freekick effort for the 4th that became a corner he charged after and the 5th where he was the target that could set it for Leao.
Ronaldo is greatness 🐐
Mars_DeFi@Mars_DeFi
I know that Ronaldo would score at least 5 goals tomorrow so I am not bothered. Pray for Uzbekistan.
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Aave V4 has officially surpassed $200M in deposits.
What excites me most is not the current TVL, but what the Hub & Spoke architecture could unlock over the next few years.
Especially two spokes with very strong USPs:
- Babylon Spoke (Native BTC)
- RWA Spoke (Treasuries, Credit, Repo)
Aave@aave
Aave V4 crossed $200 million deposits.
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Azul cut @base's empty blocks by 99%, from ~200 a day to ~2.
4 weeks later, Beryl is on testnet, and will be on mainnet soon. That cadence was impossible before Base controlled its own stack.
Beryl's headline is B20, a token standard that runs as a precompile inside the node rather than as a smart contract on top. It's fully ERC-20 compatible, so it drops into existing wallets and DEXs, but compliance logic (transfer policies, freeze-and-seize, role-based minting) ships inside the standard instead of being rebuilt per issuer.
That last part is the RWA liquidity bottleneck.
Most of it can't actually trade, because the same asset gets issued in dozens of incompatible formats with compliance hard-coded differently each time. Axis's CEO put the cost of that fragmentation at $600M to $1.3B a year today, scaling toward $75B by 2030.
B20 doesn't fix cross-chain fragmentation.
What it does is collapse the issuance mess on one chain:
• One compliant standard
• One set of rails, native to the protocol
• ~50% cheaper transfers
• ~2x the throughput coming
Which is exactly why @coinbase concentrating tokenised stocks, pre-IPO perps, and stablecoin settlement on Base matters. The single-chain limitation stops being a limitation when one operator is funneling the assets, the users, and the liquidity into the same venue.
Beryl is Coinbase building the liquidity venue its tokenised products will need before those products ship.
Base Build@buildonbase
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Mahone Defi retweetledi
You can now earn 12.89% APY on AUSD through Euler Earn, largely driven by significant incentives from Mekl.
Currently, the AUSD vault curated by @Cassa_fyi offers the highest yield on Euler.
@eulerfinance automatically optimizes the underlying strategies, so end users only need to deposit AUSD and let the vault handle the rest.
One thing to keep in mind: these incentives are scheduled to end on June 30, so if you're currently holding idle AUSD, it may be worth taking a look.
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banger graphics & article
most crypto neobanks are still competing on the visible layer while the real moat sits underneath
cards are easy to copy. Owning stablecoin balances, local rails, compliance, and the primary account relationship is what keeps users and captures the economics
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@MahoneDeFi @ethena @Ethena_Eco @litocoen @miguelweb3 @lingchenjaneliu Ethena's pivot in model to become a yield allocator per se (esp. when integrated with consumer-reaching apps) will be its longevity strat
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Nearly 50% of Ethena's protocol fee in the first half of 2026 was allocated toward Partner Rewards.
That observation made me realize something: @ethena may be following the same path that made Visa and Mastercard dominant.
In 2024, sUSDe could attract users with yields of 20%+ APY.
In 2026, yields have normalized closer to the rest of the market. Users now have alternatives:
- Tokenized T-Bills
- Pendle PTs
- Aave & Morpho strategies
- RWA yield products
When yield is no longer the only advantage, distribution becomes the moat.
Recent governance updates show Partner Rewards steadily increasing as Ethena expands its distribution network through:
- Kraken
- BitGo
- LIFI
- Whitelabel partners
At first glance, it looks like less revenue flowing to sUSDe holders.
Instead of competing solely on yield, Ethena is investing in distribution.
The goal is simple: Get USDe in front of more users, more platforms, and more capital pools.
Visa and Mastercard did not become giants because they offered the highest interest rates.
They became giants because they built the strongest network of banks, merchants, and financial rails.
Ethena appears to be applying the same playbook to digital dollars.
- The product attracts capital.
- The distribution network scales it.
Data source: @EntropyAdvisors
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@MahoneDeFi @ethena @Ethena_Eco @litocoen @miguelweb3 @lingchenjaneliu Insane haha wen $1B milestone
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Gen 3 yield-bearing stablecoins like $USD3 and $reUSD are already offering yields attractive enough for anyone sitting on idle stablecoin balances.
But this is probably just the beginning.
@pendle_fi is often offering even higher yields, with some markets reaching ~12% APY while maintaining relatively deep liquidity.
And the opportunity doesn't stop there.
PT holders can use PT as collateral on lending markets, borrow against it, and stack additional yield on top of the fixed yield they're already earning.
We're starting to see a new yield stack emerge:
Stablecoin → Yield-Bearing Stablecoin → PT → Lending → Additional Yield
Mahone Defi@MahoneDeFi
Has anyone noticed that the newest generation of yield-bearing stablecoins consistently generates yields well above the market average, often in the 8–12%+ APY range? If you look closely, we may already be entering the third generation of YBS. The reason isn't simply higher risk or better optimization. It's because YBS are becoming yield aggregators. Instead of relying on a single source of yield, they are packaging multiple yield streams into one asset: - Treasury yield - DeFi lending yield - Funding rates - Credit spreads - Private credit - RWA income All wrapped into a single token. (1) The first generation of stablecoins focused on maintaining a peg. (2) The second generation introduced yield through a single source, typically Treasuries or lending markets. (3) Today, the newest YBS are combining multiple yield engines into one product, allowing them to generate significantly higher returns than traditional Treasury-backed stablecoins while still functioning as a dollar asset. A few examples: USD3 - @3janexyz USD3 is not only a DeFi lending product. Its yield comes from: - Lending markets such as Morpho, Aave, and Compound - Consumer credit facilities such as the recently announced LendSwift warehouse facility - Additional credit opportunities that 3Jane plans to onboard over time What's interesting is that USD3 is beginning to capture real-world credit spreads rather than relying solely on crypto leverage demand. reUSD - @re reUSD combines: - Treasury/SOFR yield - Basis trades - Funding rate income The goal is to create a more stable yield profile while maintaining exposure to crypto-native opportunities. The bigger trend is that stablecoins are becoming a distribution layer for yield. Before: Stablecoin → Treasury Yield Today: Stablecoin → Treasury + Lending + Funding + Credit + RWA Competition is no longer about who can maintain the best peg. In other words: Stablecoins are evolving from digital dollars into onchain yield indexes. And products like USD3 suggest that the next phase may involve bringing consumer credit, SMB lending, receivables, and private credit directly onchain, turning stablecoins into a bridge between crypto capital and global credit markets.
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