In as much as we complain about the bear market $314B in stable-coins still sits on-chain, the highest it has ever been in defi. Makes me remember the most popular stable-coin loop in defi, it paid 20-40% in 2025. here's how it works, and why it stopped printing. the stack: @ethena → @pendle_fi → @aave /@Morpho 1. solana:DEkqHyPN7GMRJ5cArtQFAWefqbZb33Hyf6s5iCwjEonT → ethereum:0x9d39a5de30e57443bff2a8307a4256c8797a3497 . ethena's base yield, funding-driven, has swung 5-15%. 2. tokenize sUSDe on pendle, take the PT. strips the variable yield, locks a fixed rate to maturity. no more funding swings, but you cap your upside. 3. post PT-sUSDe as collateral on aave/morpho, ~75-85% ltv. 4. borrow usdc, buy more PT, redeposit. repeat 4-6x. the math seems confusing rn 😂 but it was the whole game then, one spread: PT fixed rate minus borrow rate. say PT locks 9% and you borrow at 6%. a 3-point spread looks like nothing. at 5x on $100: earn 9% on 500 = 45 pay 6% on 400 = 24 net = $21 on your 100. leverage helps you earn the spread on the whole position, not just your stake. some markets levered past 40%. but it cuts both ways. borrow climbs to 12%, above your PT: earn 45, pay 48 → net -3%. every loop bleeds. that's exactly what happened. PT fixed compressed to ~9-11%, usdc borrow rose to ~5-7%, and the fat spread became ~2-4pts. the market voted: PT-sUSDe deposits on Aave + ethereum:0x58d97b57bb95320f9a05dc918aef65434969c2b2 went from $2.8B at the sep 2025 peak → ~$400M now. not telling you to loop. at a 2-4pt spread, is the leverage still worth the risk to you?

Coinbase与Ethena的合作方式谜底揭晓，Coinbase app上开了两个vault，Prime底层是高共识资产BTC、ETH，High Yield底层高收益潜力资产，目前主要都分给了USDe。 看了一下Morpho上的数据，第一天给 solana:DEkqHyPN7GMRJ5cArtQFAWefqbZb33Hyf6s5iCwjEonT 带了约4000万美金的量。 https://t.co/Kb9LzsxX7p

A verified $EURC whale just bought $2.2K of $USDe (MC: $10.0M) 🐳 CA: DEkqHyPN7GMRJ5cArtQFAWefqbZb33Hyf6s5iCwjEonT Whale: GFLoA2sbJ1qtmYbtWPkKvunvyQ6HTnNxKCTSJz6iNke2