Sam MacPherson

@nicoypei fully agree

@hexonaut my thesis is that Defi is great for lenders and will continue to grow. off-chain collateral is great for borrowers. With off-chain collateral, these markets are bridged and deals can happen! but curious to hear your thoughts

Keeping assets in off-chain custodians while accessing DeFi markets is a huge unlock for bridging institutional demand to on-chain market If you are running a money market, custodian, or prime brokerage, missing this shift will be a detrimental mistake I like to call this OES (Off-exchange Settlement) for Defi but it does deserve a better name. Maybe OCC (Off-Chain Collateral). Seems like @Anchorage is calling it "collateral management platform". There's cheaper, globally accessible, no-kyc capital on-chain but untapped before. This changes that.

Welcome to the Ecosystem @stablewatchHQ ! The Stablewatch team has been doing a great job, and I'm excited to see what they can deliver within Sky.

Anchorage's collateral management platform has been instrumental in growing Spark's off-chain loan book.

@josefabregab Thanks! Growth is because rates are higher due to RWA backing. 1-2% higher APY than lending markets.

@hexonaut Congrats ser! Quite impressive. What would you say is driving such growth?

Savings going parabolic.

USDS supply just crossed $11.5B for the first time, adding $200M in the last 24 hours alone. With 21% growth in the last 30 days, USDS is the only top 5 stablecoin currently posting double-digit expansion. This continues to align with SFF's year-end target of $20.6B.

@lordjorx @ethena @SkyEcosystem Sky has access to carry trades via Spark Prime now.

Ethena’s Carry Trade vs. Sky’s CDP model. I’ve been diving deep into the potential upcoming Fee Switches, and the battle between @ethena and @SkyEcosystem is getting interesting. While we often refer to USDC and USDT as centralized, the reality is that these competitors have evolved and are no longer what they used to be. They can’t be considered decentralized stables anymore, as both Sky and Ethena now rely heavily on bond-based backing. The main difference is flexibility. Ethena has the Carry Trade, while Sky is a CDP model that depends on what it can charge its borrowers. Looking at the data from @DefiLlama, the TVL and market cap evolution is very different: > Ethena: It’s completely market-driven and much more explosive. I believe they can reclaim the top spot because of this volatility. > Sky: Currently holds a market cap nearly 75% higher than Ethena’s ($1.7B vs. $980M). I need to dig deeper into why this gap remains so large despite Ethena's growth potential. When you compare the yields, Ethena’s USDe often shows a higher “normal” yield and higher peaks. sUSDS (Sky) is more stable, but its conservative nature makes it less competitive during bull markets. Teams of specialists like @OAK_Res are already proposing buyback models to make Ethena more efficient. I'd love @LlamaRisk to give their opinion on this too. The "yield war" is no longer just about who pays more, but about who manages their treasury and token value better.

@Mariandipietra @MakerDAO Always enjoyed working with you Mariano, and best of luck with what's next!

Despues de 8 años, es momento de cerrar un capítulo INCREÍBLE. x.com/Mariandipietra… Entre a @MakerDAO en 2018 como Community Lead cuando todo era experimental y lleno de preguntas. Con el tiempo fui tomando mas responsabilidad: lidere Marketing para la región, donde logramos hacer de DAI la primera stablecoin de Latinoamerica. De ahí pasé a liderar Growth & Marketing global para @MakerDAO que luego se transformó en @SkyEcosystem y junto a un equipo extraordinario llevamos DAI y USDS de 0 a ser la 3ra stablecoin por circulante a nivel mundial. Si el mercado cripto tiene ciclos de 4 años, yo hice 2 completos. Eso en tiempo DAO equivale a unos 400 años mas o menos. 😂 No es un logro mío. Es de todos los que pusieron energía, creatividad y obsesión por ello y me encanto ser parte. Gracias a @RuneKek por la confianza. Y gracias especiales a @tobalgarcia_ @agusscapdevila @dylansz_ @EmiLimia @nad8802 @Lozada_luiggi y seguramente me olvido de muchos más. Ahora a jugar con AI, y trabajar en el proximo capitulo.

One year ago, I opened my laptop one minute before meetings at a top tech company. I had hit the Staff Analyst ceiling. The money was good. The title was impressive. But I knew: I had to quit. Here's what happened next ↓ ➢ An influencer I deeply respected planted the seed in 2021 Back in 2021, a blogger who became somewhat of a life mentor to me was passionately advocating for Web3. It planted a seed. Over the next few years, more brilliant people I respected entered this space. But I wasn't ready yet - until I was. ➢ I hit the ceiling and lost my spark One year ago, I reached Staff Data Analyst at a top-tier tech company - the IC ceiling. The warning sign? I started opening my laptop only one minute before meetings. I realized: I no longer loved my work. The curiosity, the possibilities, the drive - all gone. So I quit. All-in on crypto. I had no idea what I could do here. But I was deeply curious. ➢ Disciplined learning: One month from zero to questions I'm a disciplined person. I spent the first month learning on YouTube and @Dune Analytics: YouTube basics: • What is Uniswap? • What is Restaking? • How does DeFi actually work? Dune practice: • Studying mature projects like Lido and EigenLayer dashboards One pattern caught my eye: Lido's market share was declining significantly over the past year. The question that drove me: Where did the smart money go? ➢ Hands-on beats watching - my first breakthrough I started pulling data on Dune, analyzing withdrawal patterns. Key lesson: Hands-on practice and research taught me 10x faster than watching videos or reading code ever could. The answer: Many sophisticated whales were moving to @aave and @sparkdotfi. Spark particularly fascinated me - a new, fast-growing protocol with compelling fundamentals. I wrote my first analysis thread tracking Lido withdrawer whales. @RuneKek retweeted it. That validation fueled me to dig deeper. ➢ An open world where effort gets recognized I started comparing Spark vs Aave, finding fascinating patterns in user behavior and capital flows. I engaged actively across Spark Discord, Twitter, and forums. What I found: Spark is an incredibly open, friendly team that genuinely values contributors. @hexonaut and @philz_web gave me thoughtful feedback that motivated me to contribute more. @MarcinRedStone inspired my RWA analysis - which became my first viral thread. @Matthew_Graham_ frequently retweeted my analytical work. This is an open world where effort and insights are easily seen and rewarded. ➢ From 10 ingredients to 10,000 - the chef's awakening As a 10-year data analyst, entering crypto felt like: Web2: A chef with 10 ingredients, cooking behind closed doors Web3: A chef with 10,000 ingredients - all publicly available on the counter The best part? Everyone can verify your recipe. The best dishes get recognized by the community. No more insights dying in internal reports. No more impact locked behind corporate walls. ➢ Partnership with Spark - diving so deep I forgot Twitter @sparkdotfi offered me a role as their Dune Analyst in July 2025. Today: This remains an amazing collaboration. I genuinely enjoy working with this team. They're building something special. ➢ AI amplified my already-high efficiency by 10x During this period, I became obsessed with @claudeai AI. In Web2: I was known for high efficiency. When I left my previous role, they needed 4 people to replace my workload. In Web3 + AI: My efficiency increased another 10x. Example: Analyzing whale migration patterns • Before: 2 days of manual SQL + validation • With Claude: 3 hours (AI writes queries → I validate logic → iterate) Yes, I constantly question AI-generated code. Yes, I verify everything meticulously. But Claude transformed me from "good analyst" to "analyst who ships 10x faster." My belief: AI will replace mid-level data analysts who just execute queries. But it will amplify exceptional analysts who ask the right questions and validate insights. The transparency of on-chain data gives me advantages my Web2 colleagues don't have - AI tools work far better with public, verifiable data. ➢ One year later: From "What is Uniswap?" to this One year ago, I was learning "What is Uniswap?" on YouTube with no plan, no connections, no idea what I could contribute. Today: Partnership with @sparkdotfi, approaches from @ChaosLabs @redstone_defi @Token_Logic, and a community that values analytical rigor. My 10 years of Web2 analytics experience transferred completely - the frameworks, the rigor, the systematic thinking all apply. What I gained: Transparency means insights compound across the ecosystem instead of dying in Slack. Meritocracy means good work gets recognized quickly. No corporate politics - just deliver value. ➢ Looking back, I realize: I didn't do this alone Every thoughtful comment from @hexonaut @philz_web @inkavod @Tiza4ThePeople @timzz_sleep @lucasmanuel_eth @nad8802 showed me my work mattered. Every collaboration opportunity proved that meritocracy works in Web3. To everyone who helped me along this journey - thank you. This wouldn't have been possible without you. The question isn't whether you can make it in Web3. The question is: Are you curious enough to try? One year ago, I had no plan, no connections, no idea what I could contribute. Today, I wake up excited to analyze on-chain data. I work with teams I respect. I learn something new every day. If a curious analyst can go from "What is Uniswap?" to this in one year, what could you do? P.S. My Twitter avatar? That's my adorable Border Collie generated into cartoon form. He's been my companion through this entire journey 🐕

@WalleDAO It's been great having you as part of the team!

How risk is measured in DeFi. Gil Santos & Bernardo Vicente from Credora, with @Tiza4ThePeople from @sparkdotfi. March 19, 3PM UTC, Twitter Spaces. We’ll walk through recent protocol failures, what went wrong structurally, and what mature risk frameworks look like. Open Q&A.

@ninja_writer21 what if...

@hexonaut what if we could loop this?

Spark Savings out-performs lending markets due to RWA backing. You don't have to be stuck earning 1% in a bear market.

@KyleReidhead Nice! LMK if you need anything on our end.

@hexonaut Great thanks! We may look to integrate into a few of our clients websites

Time to normalize ratings on DeFi lending.

Around 2B of this demand growth comes from USDS and Savings USDC.

@KyleReidhead Credora is doing a great job here, but we do eventually need big brands involved like S&P and Moody's. Similar with TradFi, but DeFi transparency is a vast improvement over status quo.

@hexonaut who decides the ratings for this? love the idea - how do we standardize though?

@MarcinRedStone high time indeed

@hexonaut High time

@0xjawor the teams did a great job!

@hexonaut It looks beautiful.