Patryk

Excited to share I've joined @serotonin_hq as Director of Research! Financial infrastructure is moving onchain faster than ever. Serotonin's mission is to accelerate the adoption of breakthrough technologies, supporting institutions such as @circle, @vaneck_us, @Figure, and @WisdomTreeFunds, as well as emerging financial products from @daylightenergy, @m0, @SteakhouseFi, @DinariGlobal, @solsticefi, and others. After several years at @MessariCrypto, I'll be building a thesis-driven research function focused on the evolution of finance and the onchain products reshaping capital markets. Our first report examining the onchain financialization of private credit is underway. If you're building at the intersection of finance and crypto and want to explore how research can sharpen your positioning, @amandacassatt, @ajbanon, and I would love to connect.

@jakub_rusiecki Polska! You still live there?

We (🇵🇱) just passed Switzerland to become the worlds 20th largest economy. 35 years ago GDP per capita was $6730 Today its $55340. I wasn't around when we went capitalist in the early 90s, but you could definitely still feel the grip of communism in the early 2000s. Central Warsaw was in many parts old abandoned ruins. You had to take your radio out of your car every time you parked or it would be gone among anything else you left inside your car. The same city I walked with my mom as an 8 year old is completely unrecognizable now. 38% annual growth since joining the EU in 2004 EU average was 18%. Watching your country transform in a generation is feels incredibly special. Long live capitalism,free markets and honestly long live the EU! If not for the EU we would've been significantly worse off.

@Obesepotato_hl Ummm it’s a startup

Tradexyz is hiring And they will pay in stables & Equity Means Unit will launch the token Start farming unit & tradexyz seriously

@0xMerp What if they airdrop tokens to S&P and other institutions? Seems like it could move the needle forward for all of crypto, and that’s what Hyperliquid does.

On one hand this seems like confirmation of no token On the other hand doing a token after this would be the most insane ballsy push of the envelope we’ve ever seen

@mcgeth Aren’t they allocating like 2.5% of the supply toward incentivized rewards for Fluffle holders and ICO participants? That is an “airdrop” in my eyes.

still don't understand why this thing has high odds megaeth team told hundred times that "THERE WON'T BE ANY AIRDROP" so buying NO here should be free, right?

@stablecoin_p @stablewatchHQ Polska!

Last year we have launched @stablewatchHQ and registered it in Poland. Year after Poland took over Swiss in GDP. Not a coincidence, and we are going much higher 🫱🏻‍🫲🏾😹

@opmichael_eth @capmoney_ @defidave @Benjamin918_ @Psalom @Showtime0x @Bablidi_Thib @ether_fi Update to answer my own question, 100% of Cap's private credit risk is covered, and only 23% of total delegations (insurance) is being used. That means there is room for growth in borrows and downstream, cUSD yield. There is still risk in the onchain DeFi deployments ofc.

@ether_fi is the one taking on the risk by posting slashable crypto-native collateral in exchange for yield. $cUSD tokenholders are covered from the risk. I do wonder though @Benjamin918_ and @defidave, to what extend are users' deposited stablecoins covered? Is it 100%, or less? Is that information surfaced anywhere? At what moment is it subject to change (I imagine after EtherFi's agreement expires, but not sure if that's public)?

5 Teams, 1 Mission: The Institutional Restaking Stack Explained - The Cap Room EP #1 On the very first episode of The Cap Room, @defidave sits down with @Benjamin918_ (Cap Founder), @Psalom (Symbiotic Co-Founder), @Showtime0x (EtherFi Head of Ecosystem), @Bablidi_Thib (M11 Credit), and @_CraigBirchall (FalconX Head of Lending) to break down Cap's institutional restaking superpartnership piece by piece. We cover how Cap is using @symbioticfi's shared security infrastructure to build insured private credit market, why @ether_fi is backstopping the system as the largest delegator in restaking, how @M11Credit and @FalconXGlobal are generating sustainable, overcollateralized yield from real lending activity, and why this collaboration could mark a turning point for restaking as a whole. TIMESTAMPS 00:00 Introduction 03:00 Understanding the Collaboration and New Primitives 05:52 The Role of EtherFi in the Partnership 08:51 M11 Credit's Perspective on Cap 11:57 Exploring Cap's Three-Sided Marketplace 15:04 Yield Strategies and Risk Management 18:01 The Future of DeFi and TradFi Convergence 21:06 Community Impact 31:00 Closing Thoughts Listen & Subscribe on all major platforms below 👇

@Mega_Ecosystem Where can you track total delegations and where they are coming from?

Delegations on Cap are up only. Another large $53M delegation from Bedrock is coming, bringing the total to $135M, or 62% of all delegations. More delegations mean more borrows and higher yield for stcUSD.

@capmoney_ @defidave @Benjamin918_ @Psalom @Showtime0x @Bablidi_Thib This was very informative!

@paretocredit I've grown bullish on @paretocredit. Key player in onchain private credit 🫡

@D2_Finance @lordjorx @phtevenstrong @Wajahat Good thread!

What can you do with your HYPE on HyperEVM today? We surveyed the yield landscape. Every protocol, every vault, every strategy. Here's our breakdown. We're obviously biased (we run one of these) so tagging @lordjorx @phtevenstrong @Wajahat to do an independent analysis of the $HYPE yield landscape 🫡 Data sourced from @DefiLlama + individual protocol UIs. We haven't independently verified every number. Protocols please flag if anything is off 👇

@tokenterminal Which lending platforms have integrated tokenized private credit instruments (non-syrupUSDC)? I know @aave, @Morpho, @maplefinance, @Figure, and @kamino. Any others I'm missing?

Lending platforms have great tailwinds: Stablecoins (loan assets) and tokenized funds, commodities, and stocks (collateral assets) are the fastest growing asset classes onchain. DAOs to follow 👇

@Defi_Warhol @mstable_ @UnitasLabs @YuzuMoneyX @yield @Main_St_Finance @gaib_ai @MidasRWA @upshift_fi Hey @Defi_Warhol, any idea which of these yield-bearing stablecoins allocates more than 10% of their reserves towards private credit strategies (non-syrupUSDC)? I know @MidasRWA, @noon_capital, @ResolvLabs, and @infiniFi, any others?

📂 Top Stablecoin Yields ┃ ┣ 📂 >12% ┃ ┣ 📂 @mstable_ mPT-sUSDe ┃ ┣ 📂 @UnitasLabs sUSDu ┃ ┣ 📂 @YuzuMoneyX yzPP ┃ ┗ 📂 @yield yoUSD ┃ ┣ 📂 10-12% ┃ ┣ 📂 @Main_St_Finance msY ┃ ┣ 📂 @gaib_ai sAID ┃ ┗ 📂 @MidasRWA mF-ONE ┃ ┣ 📂 8-10% ┃ ┣ 📂 @upshift_fi coreUSDC ┃ ┣ 📂 @SteakhouseFi AUSD ┃ ┣ 📂 @opentrade_io XUPL/xSLP ┃ ┣ 📂 @perena USD* ┃ ┣ 📂 @Neutrl sNUSD ┃ ┣ 📂 @xsy_fi yUTY ┃ ┗ 📂 @yearnfi USDS ┃ ┣ 📂 5-8% ┃ ┣ 📂 @USDai_Official sUSDai ┃ ┣ 📂 @GHO sGHO ┃ ┣ 📂 @falconfinance sUSDf ┃ ┣ 📂 @avantprotocol savUSD ┃ ┣ 📂 @MidasRWA mAPOLLO/mEDGE ┃ ┣ 📂 @OriginProtocol OUSD ┃ ┣ 📂 @piku_dao USP ┃ ┣ 📂 @InverseFinance sDOLA ┃ ┣ 📂 @noon_capital sUSN ┃ ┗ 📂 @infiniFi siUSD ┃ ┗ 📂 <5% ┣ 📂 @SkyEcosystem USDS ┣ 📂 @OndoFinance USDY ┣ 📂 @ethena USDe ┣ 📂 @maplefinance syrupUSDC ┣ 📂 @gauntlet_xyz gtUSDa ┣ 📂 @fraxfinance sfrxUSD ┣ 📂 @avalonfinance_ sUSDa ┗ 📂 @reservoir_xyz wsrUSD

@tallyxyz Tally has done incredible work. Much respect 🫡

@ericonomic This is underdiscussed

A lot of people have been bullish on HIP-3, but nobody is talking about what will happen once Growth Mode ends. Assuming Hyperliquid doubles the current HIP-3 volume, the fees generated by HIP-3 would go from around $250k/day to $2.5M/day. Personally, I think it will take a while for traders and volumes to become more sticky, and I don’t think many people will leave after it’s disabled.

@doodlifts @dfinzer @aspenshredder @openseafdn Big company announces token. Delays (again) for the weakest reason in the book. Offers refunds to users/farmers (only for the low activity period). Revokes airdrop for those accepting. Are you seeing the sentiment in these comments? Could've refunded everyone + kept the boxes.

It’s a hedge, if you don’t feel like the airdrop is worth more than your fees. They will refund your fees completely. Seems like a pretty fair tirade. Seems like a classic case of a team with a ounce of integrity being held to a much higher standard than anyone else in the space But maybe I’m missing something, or they are still based compared to 99% of other crypto projects

an update on $SEA. the team has been building at full speed, and the foundation had planned to kick off the first steps as part of our march 30th event. but @openseafdn is pushing back the timeline. a delay is a delay. i’m not going to dress it up, and i know how it lands. the reality is that market conditions are challenging across crypto right now, and $SEA only launches once. @openseafdn could force the original date, or we could ensure every piece is in place and make this moment what this community deserves. we gave a tremendous amount of thought to how to do right here. I’m thankful to @HollanderAdam for bringing the community’s voice into every conversation. we’ll be doing the following: no more waves: the current rewards wave will be our last. optional fee refund: recognizing that we originally committed to a Q1 date, we’re offering refunds of the platform fees we retained while participating in the rewards waves (3 - 6) that followed our timing announcement. if you like, you can receive a refund of those fees, which when combined with treasure chest prizes, essentially means all of your trading during that period was on us. if you opt for a refund, the Treasures you were awarded during these waves will be removed from your account. details on this process will follow. honoring existing Treasures: for Treasures you continue to hold, our prior commitment stands: they will be meaningfully considered by the Foundation at TGE. this is independent from allocations for historical activity. 0% fees for 60 days: starting on march 31st, opensea will reduce our own token trading fees to 0%. we want to make it a no-brainer for everyone to experience our new platform: cross-chain token trading, mobile app, perps and more. after this 60 day period, we will put a new system in place that makes fees significantly more competitive for anyone trading consistently on opensea. product updates: while we’re postponing our march 30th event, we’ll host a separate one in the coming months focused on product updates. it’s been incredible to see the early responses to our mobile app, and we can’t wait to get it into more people’s hands. so if not now, wen? when we announced last year, it was too early. that created unnecessary uncertainty and reactivity. so when the Foundation sets a new timeline, it will be deliberate and specific. here’s why i’m confident that’s the right move: i’ve been building opensea for almost a decade. when this started, we were two people and the only thing you could trade on OS was cryptokitties. i’ve watched this space go from a niche curiosity to billions in volume to where we are today. the thing that’s carried us through every cycle was a willingness to make hard calls when it mattered. when our market crashed, we rebuilt from zero: an entirely new stack, a new product, and a new team culture. that hurt in the short term. but today OS2 is undeniably the strongest marketplace offering, and it’s the foundation everything sits on. we have huge ambitions as a company, and we’re here for the long game. making all of non-custodial crypto delightful on mobile is just the beginning. that means we have to set a very high bar for everything we do, and it’s why i’m so protective of delivering a launch that’s worthy of this community and everything we’re putting into this.

@doodlifts @dfinzer @aspenshredder @openseafdn "We will refund you your $50 in fees but we're gonna take away your airdrop boxes sorry" based

@dfinzer @aspenshredder @openseafdn The refunded trading fees is pretty based. Well thought out path forward 🙏

@Kalshi Last year I won $5k from a March Madness bracket challenge. This year I will win... $1 million dollars?

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@litocoen Add $SYRUP, $PENDLE, and $KNTQ

which are the most token aligned DeFi projects? from the projects that i know well i would say $HYPE $DRV, $FLUID $ENA, $ETHFI are exemplary i don't care so much about revenue being used for buybacks what i care about is that there's no equity vehicle sitting alongside or above the token and a high level of transparency when it comes to operational expenses, market making agreements, deals with other entities etc.