Sam MacPherson
7.3K posts
Sam MacPherson
@hexonaut
Co-founder / CEO @phoenixlabsdev - contributing to ⚡️Spark⚡️. Previously Protocol Engineering @SkyEcosystem (MakerDAO at the time)
Toronto, Ontario Katılım Temmuz 2011
936 Takip Edilen12.4K Takipçiler
@hexonaut @sparkdotfi ah curious who are the other two. ethena and tether?
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Many don't understand how expensive good liquidity for a stablecoin is rn
Paypal paid about $2M in fees to @sparkdotfi in Q1 for its liquidity pairs with major stables, which annualized to about $10M in liquidity fees
That nukes almost all $3.5B TVL $PYUSD profit
Nico | supernova.vision@nicoypei
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@SilvioBusonero Very cool! Definitely could be improved, but a good start.
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Sky revenue is close to top consumer apps like Polymarket and Pump.
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@hexonaut @SkyEcosystem Ludicrous value on sky tbh - wen dramatic reprice
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@hexonaut @SkyEcosystem Revenue isn’t going towards buybacks anymore? Unless I’m mistaken.
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Morpho is to lending what Uniswap is to DEXs.
At Spark we were never interested in building lending market infrastructure - there are many good companies already doing this.
Having sovereignty over risk is what made Morpho stand out for us and is why we were an early adopter.
Ethereum@ethereum
Morpho is built on Ethereum. @Morpho enables users and applications to borrow, lend, and create custom credit markets through open, permissionless infrastructure. Committed to FLOSS principles, Morpho advances more self-sovereign financial systems.
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@AkgEmilio As I said in the post we don't want to build infrastructure ourselves.
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Spark is the largest holder of Lido stETH.
Growing rapidly 📈
Spark@sparkdotfi
Nearly $2B of wstETH has been supplied into SparkLend. Current positioning: • ~$1.95B wstETH supplied • $761M WETH borrowed • WETH borrow rate: 1.85% • 72.1% WETH utilization Much of this activity follows a recursive ETH carry structure: Deposit wstETH → borrow WETH → swap into wstETH → redeposit. What stands out isn’t the existence of looping. It’s the market structure supporting it: • WETH borrow rates remain below broader market levels • the market remains below the high-utilization rate escalation zone • SparkLend’s ETH e-mode is designed around correlated ETH staking collateral The result is a more efficient environment for scaled ETH-denominated credit positioning. app.spark.fi/sparklend
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Sam MacPherson retweetledi
By our calculations, $1.33B out of $4.4B of USDe's backing is lending against itself.
Here’s the rule we used:
Estimated self-lending = gross borrowing against USDe/sUSDe collateral × Ethena’s share of supplied liquidity in that market
So if a pool has $556M borrowed against USDe/sUSDe, but @ethena supplies 47.4% of the liquidity, we attribute ~$263M of that as Ethena-funded self-lending.
We’re not counting the full amount borrowed against USDe/sUSDe as “self-lending” where @ethena is not the only lender.
Using this pro-rata method, we get:
- Estimated Ethena self-lending: ~$1.33B
- Gross amount borrowed against Ethena assets: ~$1.67B
- Difference from pro-rata attribution: ~$336M
Sources of data:
AAVE: research.yuzu.money/aave-exposures
Steakhouse USDtb: #overview" target="_blank" rel="nofollow noopener">app.morpho.org/ethereum/vault…
Steakhouse Prime: app.morpho.org/base/vault/0xB…
Kamino: kamino.com/earn/lend/ethe…
Juplend: jup.ag/lend/ethena/ma…
Backing: app.ethena.fi/dashboards/bac…
YAM 🌱@yieldsandmore
Ethena (@ethena) has updated its transparency page, providing exact visibility into where assets are deployed and making all onchain wallets public. As of now, $2.8B of $4.4B, around 64%, is visible onchain. The remainder sits in custodial solutions where user assets are commingled and cannot be easily identified. Transparency page: app.ethena.fi/dashboards/bac… EVM cluster: debank.com/bundles/222638… Solana: jup.ag/portfolio/C23F…
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Great discussion on Sky at 45:52.
I agree with the comment that it has been hard to underwrite Sky as an investor due to the complexity/pivots, but things are stabilizing.
The subDAO model is now fully operational, and Primes are deploying billions in capital. Accounting methods and dashboards are being consolidated.
Lending markets are easy to understand, and so I think there has been an over-focusing on the concept of "lending" as this narrow thing.
Lending as a whole is quite complex. Pooled, isolated, vaults, but these are all infrastructure details. Sky (via subdaos) will use all of these methods in combination to achieve the best possible capital efficiency.
I really think there is a lot of opportunity here for those who are still paying attention.
0xResearch@0xResearch
New episode with @salveboccaccio @defi_kay_ @shaundadevens & @0xcarlosg We Discuss: - Coinbase and Hyperliquid Partnership Dynamics - Prediction Markets and Market Structure - Stablecoins, Sky, and Crypto Revenue Models - And more! Timestamps 👇 (0:00) Introduction (2:13) Hyperliquid And Coinbase Shakeup (10:21) Native Markets Transition (16:29) Stablecoin Deals Beyond Hyperliquid (24:26) Cerebras Pre-IPO Frenzy (32:05) HIP-4 Outcome Markets (38:55) Spinning Up Prediction Markets (45:52) Sky, USDS, And Spark (56:03) Sky Revenue Distribution (1:03:48) Closing Comments
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This is what I've been waiting for.
Google Gemini@GeminiApp
Gemini Spark is your new 24/7 personal AI agent. Give it a task and it works autonomously in the background, even if your phone and laptop are turned off. You choose to turn it on and it's designed to check with you before taking major actions. #GoogleIO
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