trench observer
128 posts

trench observer
@trenchobserver
observations from the crypto trenches. new account.






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…






We live in an increasingly digital world. There are literally future museum pieces just waiting to be bought for a few hundred dollars. There is nothing more obviously asymmetrical.

i've seen two announcments about instant liquidity for RWAs today from @upshift_fi and @grovedotfinance neither revealed the fees charged to whom. does anyone know? my guess (hope I am wrong though) is the fee basically wipes out a decent portion of the yield you received in the first place







