🚨 ETHEREUM IS BEING MISPRICED The market still trades $ETH like a 2021 altcoin. Institutions are pricing it like financial infrastructure. The gap has never been wider. Here’s why 2026 is the year of the repricing: 1️⃣ Tokenization is already live BlackRock, Fidelity, and JPMorgan are building tokenized funds on Ethereum. This isn’t testing. It’s production. Real assets are moving onchain because Ethereum already provides: legal finality liquidity global settlement That’s where serious capital is going. 2️⃣ Stablecoins are scaling fast Stablecoins have become core financial plumbing. Usage is exploding. Holders are growing. Transactions are rising. Volume is hitting new highs. Over $1.7T in monthly stablecoin volume is now flowing through Ethereum and its ecosystem. This is payments, collateral, treasury flows, FX. Not speculation. 3️⃣ This is generating real revenue Stablecoin issuers generated billions in revenue using Ethereum as their settlement layer. That’s critical. Because it means: 👉 this system is already generating real cash flow Not just growing. 4️⃣ AI is the next demand wave AI is moving from chat → action. Agents will need to: pay transact operate globally They’ll use: stablecoins for money Ethereum for settlement They won’t build new rails. They’ll use what already works. 5️⃣ Institutions are committing BlackRock. JPMorgan. Visa. Citi. They’re not rotating chains. They’re building on Ethereum. And now capital is moving into ETH itself. TOM LEE at @fundstrat is positioning Bitmine as a public Ethereum treasury, accumulating and staking ETH as a balance sheet asset. Others are starting to follow. ETH is becoming balance sheet capital. 6️⃣ Ethereum is scaling correctly L2s aren’t competition. They increase throughput and reduce cost. But they still settle to Ethereum. Execution expands. Settlement stays anchored. That’s how this grows. 7️⃣ The market hasn’t caught up RWAs are live. Stablecoins are exploding. Revenue is real. Institutions are building. AI demand is coming. But ETH is still being priced like a trade. Bottom line Ethereum isn’t winning because it’s louder. It’s winning because everything is building on top of it. That’s how financial infrastructure wins. Slowly. Then all at once. Data @tokenterminal $ETH

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

🎙️ New @edge_pod 🐻 Why The Token Bear Market Is Ending | Theia on Valuations, Token Rights, and Contrarian Investing 0:00 - Intro 2:00 - Who is Theia? 4:02 - AI tools accelerating research 10:37 - Mental models for investing 18:46 - The 4-year token bear market 24:15 - Tokenholder rights: Why they matter 28:37 - Thoughts on Across token buyout 32:08 - Signs liquid token bear market is ending 35:23 - Do you believe in the four-year cycle? 39:19 - What is MetaDAO and futarchy? 49:56 - What Theia looks for in liquid tokens 56:18 - The bear is where you make money 58:12 - The case for high integrity founders 1:01:14 - Real RWAs vs. narrative RWAs 1:04:40 - Why we need underwriters, not engineers 1:06:35 - The investment manager of the future 1:11:28 - Why some VCs pivot away from crypto 1:16:57 - Why being contrarian and right matters 1:21:25 - Finding edge when DeFi is all duopolies 1:26:35 - Closing 🙏 Thanks to @TheiaResearch Founder & CIO Felipe Montealegre for joining us!

Name & Symbol: TokenFi ($TOKEN)
Address: 0x4507cef57c46789ef8d1a19ea45f4216bae2b528

A new earn integration is live on @Morpho! @ShapeShift now offers yield on @katana across many Morpho vaults 👀

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

🎙️ New @edge_pod ✊ Vitalik Recommits To Decentralization, Why No One Owns Their Stock, and Unlocking True RWA Ownership 0:00 - Intro 1:54 - Vitalik’s viral tweet on scaling Ethereum 5:26 - Why we ever needed L2s 8:54 - The decentralization vs. scale tradeoff 13:01 - If trilemma's solved, have L2s lost leverage? 18:16 - Stage 2 and why some L2s avoid it 20:10 - The problems with RWA tokenization 22:21 - Why you don't actually own your stock 26:13 - Three ways to tokenize securities 28:40 - Where is Canton in tokenization landscape 32:19 - Custodial tokenization risk 34:54 - MetaLeX + real ownership of RWAs 42:08 - What is a BORG? 43:42 - MetaLeX V2 48:11 - Replacing Carta + AngelList + DocuSign 53:54 - Can agents spin up their own companies? 58:34 - What drives Gabriel 1:03:18 - Building Ethereum's corp finance layer 1:06:23 - Robinhood's tokenized stocks approach 1:11:21 - Closing 🙏 Thanks to @MetaLeX_Labs Founder @lex_node for joining us!

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

ETHGas welcomes @pendle_fi into the OG Cohort of the Open Gas Initiative. As a leading protocol for yield tokenization and yield trading on Ethereum, Pendle will be contributing to an instant and gasless future. Read more → https://t.co/oW9UYSoWcO https://t.co/taqdZzZMpe

Name & Symbol: ETHGas ($GWEI)
Address: 0x30117e4bc17d7b044194b76a38365c53b72f7d49

RWA looping is not new, but everyone’s suddenly realizing how big the demand will be. Great teams recognized this long before CT’s recent light bulb moment, and have been working on it, some for years! In this upcoming mania of demand for RWAs, @GearboxProtocol should almost rebrand to RWAbox—it has the most powerful calibrated tools onchain to achieve looping exposure but ironically you don’t actually loop. Instead, they give you credit accounts so you can skip the gas costs and transactions and achieve the same net exposure as RWA looping (ie 7x @avantprotocol savUSD/USDC). Gearbox introduced Credit Accounts years ago, but they were so far ahead of the times. The demand to loop wasn’t there without reliable yield-bearing collateral and growing confidence in few stablecoins and pegged assets. But times have caught up, and thankfully they kept building on these Credit Accounts for leveraged exposure. Gearbox has its own liquidity you borrow from, but combined with their Credit Account, they’ll allow you to deposit say $100 of savUSD and achieve 7x exposure borrowing enough USDC to auto-swap and achieve $700 of savUSD. Then by holding it in self-custodial Gearbox Credit Accounts, they’ll hold you accountable for the proper liquidation, protecting lenders per usual, if your interest eats up your position but there’s no panicked unwind—it would just mean selling the collateral in your Credit Account and paying back debt all in one fell swoop, skipping the intense looping txns we regularly rely on when looping on a platform like Morpho, Aave, or Maker. As a result, users enjoy: ✅ Dirt cheap gas costs even on Eth L1 with 40x leveraged positions ✅ Multichain curator-driven market pairings, with isolated liquidity to borrow from ✅ Precise near 0-slippage position creation ✅ “Automated Protection” is even available with a Deleverage Bot to keep your HF safe As RWA looping ramps up, take a look at these tools, the Credit Account control and precision is a significant advancement compared to the way we borrow on any other platform. ⚙️ https://t.co/ELnItmFKc5

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

RWA looping is not new, but everyone’s suddenly realizing how big the demand will be. Great teams recognized this long before CT’s recent light bulb moment, and have been working on it, some for years! In this upcoming mania of demand for RWAs, @GearboxProtocol should almost rebrand to RWAbox—it has the most powerful calibrated tools onchain to achieve looping exposure but ironically you don’t actually loop. Instead, they give you credit accounts so you can skip the gas costs and transactions and achieve the same net exposure as RWA looping (ie 7x @avantprotocol savUSD/USDC). Gearbox introduced Credit Accounts years ago, but they were so far ahead of the times. The demand to loop wasn’t there without reliable yield-bearing collateral and growing confidence in few stablecoins and pegged assets. But times have caught up, and thankfully they kept building on these Credit Accounts for leveraged exposure. Gearbox has its own liquidity you borrow from, but combined with their Credit Account, they’ll allow you to deposit say $100 of savUSD and achieve 7x exposure borrowing enough USDC to auto-swap and achieve $700 of savUSD. Then by holding it in self-custodial Gearbox Credit Accounts, they’ll hold you accountable for the proper liquidation, protecting lenders per usual, if your interest eats up your position but there’s no panicked unwind—it would just mean selling the collateral in your Credit Account and paying back debt all in one fell swoop, skipping the intense looping txns we regularly rely on when looping on a platform like Morpho, Aave, or Maker. As a result, users enjoy: ✅ Dirt cheap gas costs even on Eth L1 with 40x leveraged positions ✅ Multichain curator-driven market pairings, with isolated liquidity to borrow from ✅ Precise near 0-slippage position creation ✅ “Automated Protection” is even available with a Deleverage Bot to keep your HF safe As RWA looping ramps up, take a look at these tools, the Credit Account control and precision is a significant advancement compared to the way we borrow on any other platform. ⚙️ https://t.co/ELnItmFKc5

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

RWA looping is not new, but everyone’s suddenly realizing how big the demand will be. Great teams recognized this long before CT’s recent light bulb moment, and have been working on it, some for years! In this upcoming mania of demand for RWAs, @GearboxProtocol should almost rebrand to RWAbox—it has the most powerful calibrated tools onchain to achieve looping exposure but ironically you don’t actually loop. Instead, they give you credit accounts so you can skip the gas costs and transactions and achieve the same net exposure as RWA looping (ie 7x @avantprotocol savUSD/USDC). Gearbox introduced Credit Accounts years ago, but they were so far ahead of the times. The demand to loop wasn’t there without reliable yield-bearing collateral and growing confidence in few stablecoins and pegged assets. But times have caught up, and thankfully they kept building on these Credit Accounts for leveraged exposure. Gearbox has its own liquidity you borrow from, but combined with their Credit Account, they’ll allow you to deposit say $100 of savUSD and achieve 7x exposure borrowing enough USDC to auto-swap and achieve $700 of savUSD. Then by holding it in self-custodial Gearbox Credit Accounts, they’ll hold you accountable for the proper liquidation, protecting lenders per usual, if your interest eats up your position but there’s no panicked unwind—it would just mean selling the collateral in your Credit Account and paying back debt all in one fell swoop, skipping the intense looping txns we regularly rely on when looping on a platform like Morpho, Aave, or Maker. As a result, users enjoy dirt cheap gas costs even on Ethereum L1 spinning up 40x leveraged positions, they are multichain, curator-driven for identifying better pairs and driving isolated liquidity to borrow from, and precise 0-slippage when spinning up a position. They even have “Automated Protection” with a Deleverage Bot to keep your HF safe. As RWA looping ramps up, take a look at these tools, the Credit Account control and precision is a significant advancement compared to the way we borrow on any other platform. ⚙️ https://t.co/ELnItmFKc5

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

RWA looping is not new, but everyone’s suddenly realizing how big the demand will be. Great teams recognized this long before CT’s recent light bulb moment, and have been working on it, some for years! In this upcoming mania of demand for RWAs, @GearboxProtocol should almost rebrand to RWAbox—it has the most powerful calibrated tools onchain to achieve looping exposure but ironically you don’t actually loop. Instead, they give you credit accounts so you can skip the gas costs and transactions and achieve the same net exposure as RWA looping (ie 7x @avantprotocol savUSD/USDC). Gearbox introduced Credit Accounts years ago, but they were so far ahead of the times. The demand to loop wasn’t there without reliable yield-bearing collateral and growing confidence in few stablecoins and pegged assets. But times have caught up, and thankfully they kept building on these Credit Accounts for leveraged exposure. Gearbox has its own liquidity you borrow from, but combined with their Credit Account, they’ll allow you to deposit say $100 of savUSD and achieve 7x exposure borrowing enough USDC to auto-swap and achieve $700 of savUSD. Then by holding it in self-custodial Gearbox Credit Accounts, they’ll hold you accountable for the proper liquidation, protecting lenders per usual, if your interest eats up your position but there’s no panicked unwind—it would just mean selling the collateral in your Credit Account and paying back debt all in one fell swoop, skipping the intense looping txns we regularly rely on when looping on a platform like Morpho, Aave, or Maker. As a result, users enjoy dirt cheap gas costs even on Ethereum L1 spinning up 40x leveraged positions, they are multichain, curator-driven for identifying better pairs and driving isolated liquidity to borrow from, and precise 0-slippage when spinning up a position. They even have “Automated Protection” with a Deleverage Bot to keep your HF safe. As RWA looping ramps up, take a look at these tools, the Credit Account control and precision is a significant advancement compared to the way we borrow on any other platform. ⚙️ https://t.co/ELnItmFKc5

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

New report out from @dl_research on “Curation as an Infra Layer” with insights from @kpk_io. A few interesting data points on the curator markets onchain: + Today, DeFi has an estimated 43 curators, including 12 above $100M in TVL. + Aggregate TVL across curated strategies has expanded from roughly $2 billion, to $10 billion in November 2025, and has stabilized around $6 billion. + AUM on @Morpho increased from just under $2.2B at the beginning of 2025 to a peak of approximately $5B, before settling around $3.8 billion. + Over the same period, the number of active curators on Morpho doubled, from 7 in early 2025 to 14 today. + Curation fees rose from $10k per week at the end of last year to more than $200k per week in the second half of 2025. Note: I am copying all this data from the DL Research report below.

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

A 5% APY real yield on ETH in a @Morpho vault? Yes please 🙋‍♂️ New high-yield vaults vs lower risk Prime vaults 🏦 kpk ETH Prime V2 Vault (more conservative): https://t.co/NiU5odp1QA https://t.co/TcccIdQgJB

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

I think @kpk_io will have some of the best risk-adjusted returns on @Morpho 👇

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

Found another ETH yield for deposits <$100k 🐡 🔒Lock in 3%-3.8% APY up to 144 days on @pendle_fi 🤑 Deposit up to $100k ETH for 3% fixed, if you deposit $25k of ETH or less it's higher--3.8% APY fixed 🥕 Earn a bonus 1% APY in PUFFER (vest 6 months) or mtwCARROT (instant liquidity) via @puffer_finance DeFi rewards distributed here: https://t.co/OUlgeNQVih 🔵 Pendle PT-pufETH expiring in June: https://t.co/kAPByMkNZY

Name & Symbol: PUFFER ($PUFFER)
Address: 0x87d00066cf131ff54b72b134a217d5401e5392b6

Bring all assets onchain... Stocks, bonds, real estate, private credit, etc. Gearbox is the credit layer for tokenized assets Here's why: https://t.co/JjZDVi0xMO

Name & Symbol: Gearbox ($GEAR)
Address: 0xba3335588d9403515223f109edc4eb7269a9ab5d

🎙️ New @edge_pod in our new series, Revenue Meta 💰 Maple's $30M Business (And How They Get To $100M) 0:00 - Intro 5:16 - How Maple generates revenue 7:20 - Revenue allocation and treasury management 9:59 - Building Maple’s strategic reserve 12:23 - Growing the book of loans to hit $100M ARR 13:29 - Strengthening Maple's balance sheet 16:04 - Maple’s business is very scalable 18:01 - Napkin math on ARR growth from syrupUSDT 21:40 - Operating under pro-crypto regulation 24:30 - New products and innovations coming 29:04 - SYRUP, one token for the Maple eco 30:39 - Closing 🙏 Thanks to @maplefinance CoFounder & CEO @syrupsid for joining us!

Name & Symbol: Syrup Token ($SYRUP)
Address: 0x643c4e15d7d62ad0abec4a9bd4b001aa3ef52d66

🎙️ New series by The @Edge_Pod is out! 💰 Revenue Meta: How does your protocol actually make money? 😇 Most can't answer. @maplefinance can. 🥞 @syrupsid breaks down their $30M ARR through over-collateralized lending, the path to $100M, and how value flows to SYRUP holders.

Name & Symbol: Syrup Token ($SYRUP)
Address: 0x643c4e15d7d62ad0abec4a9bd4b001aa3ef52d66

🎙️ New @edge_pod 🎯 Our 2026 Crypto Playbook: 7 Predictions For The Year Ahead 0:00 - Intro 2:12 - Why Bitcoin dominance never broke 4:16 - 2025, the institutional adoption year 7:27 - How regulation became a catalyst 8:57 - Bull market top signals didn’t work this cycle 12:26 - Will 2026 repeat 2018 or 2022? 17:23 - What DeFi growing up taught us 28:33 - Prediction #1: BTC and ETH grow as collateral 32:53 - Prediction #:2 Stablecoins hit $1T (ETH wins) 39:18 - Prediction #3: DeFi shifts to fundamentals 43:00 - Prediction #4: CLARITY Act passes 46:53 - Prediction #5: RWA looping explodes 55:00 - Prediction #6: ETH outperforms 1:03:30: Prediction #7: Agentic finance moment 1:06:47 - Closing

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

“In reality, having a decentralized foundation is crucial for global scale centralized onchain finance, because centralized things have owners and owners care about minimizing counterparty risk.” Replace “decentralization” with “security” and tell me what investor ever wants RWA exposure where security might not be the most important feature of the supporting blockchain.

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

9) @solsticefi PTs on @kamino This one, imo, seems to be flying under the radar. ⇒ PT USX yield: 13% ⇒ Borrow Cost: 5.6% ⇒ Leverage: 5x ⇒ Liquidity: 1M Net Yield: 42%!

Name & Symbol: Kamino ($KMNO)
Address: KMNo3nJsBXfcpJTVhZcXLW7RmTwTt4GVFE7suUBo9sS

The team at @maplefinance are operating as though trillions are at stake in a world that’s urgently moving onchain. They are locked in, determined to be a household brand name for when $800T in assets considers tokenizing in the coming decades. Powered by real, recurring yield and sustainable revenue. Just this year, Maple accomplished this: + Grew AUM from $500M to >$5B + Generated over $25M in ARR + Originated $8.5B in volume + Paid $60M in interest to lenders + A track record of meeting more than 120 margin calls in these markets And there’s no labs/equity to confuse tokenholders. All value accrual is aligned through one token: $SYRUP

Name & Symbol: Syrup Token ($SYRUP)
Address: 0x643c4e15d7d62ad0abec4a9bd4b001aa3ef52d66

@QwQiao $Pendle $Kmno $Sky $Uni $Syrup $Ena and yes, will be much more than 20% YoY if tokenized equities / debt happens at the pace i expect

Name & Symbol: Kamino ($KMNO)
Address: KMNo3nJsBXfcpJTVhZcXLW7RmTwTt4GVFE7suUBo9sS

A year worth of hard engineering work but now scalable to handle billions in loans and yield deposits. Excited to be a part of the continued growth on @Morpho.

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

How BTC-backed loan works in Coinbase? “The Bitcoin that exists in there Coinbase account gets wrapped into Coinbase Warp Bitcoin or cbBTC effectively being used as collateral on a protocol called Morpho” In short, “the Bitcoin gets wrapped in the cbBTC that gets send to the Morpho smart contracts and then the USDC that's being dispersed by Morpho comes back seamlessly into the users Coinbase account.”

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

Oracles are the most nuanced aspect of a lending protocol. Get them wrong and you risk bad-debt and hacks. But get them right and you unlock better lending UX while reducing risks. Learn how Gearbox's oracle design makes lending safer from @deepcryptodive and @DeFi_Dad ↓ https://t.co/OSmq7paT2s

Name & Symbol: Gearbox ($GEAR)
Address: 0xba3335588d9403515223f109edc4eb7269a9ab5d

The confusion over which isolated markets are safer and which you can trust, is like the confusion and UX issues with entering Uniswap LPs circa 2019-2020. The innovation of these markets is still a huge unlock, we just need more building on top to make it an easier, safer experience for users. We need better transparency, self-regulation, tooling to understand what you’re lending to. We’re not gonna take steps backwards and strictly use peer-to-pool models and argue isolated markets / vaults are just not safe enough. That’s insane. I would f’n lose my mind to lose access to Morpho, Euler, and platforms like them.

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

Back in 2017, I remember big accounts on CT advocating we should withdraw our crypto at least once a year from CEXs if not held in cold storage, (namely BTC at the time) to ensure exchanges never got away with mishandling deposits or rehypothecating. The idea was “not your keys, not your BTC.” I’d imagine some of you like me never got that out of your head. Even though I keep minimal liquidity on an exchange, I still apply this kinda thinking to my DeFi yields “can I reliably and confidently withdraw from my positions onchain, anytime?” As a result, I did a number of probably unnecessary things today to ensure I can confidently exit my DeFi liquid positions (ie looping), mainly those more complex than simple lending to liquidity pools like Aave or Fluid. @GearboxProtocol is one platform I ran through the exercise and had no issue partially unwinding and closing a position, just for own sanity check. Quick and painless, easy to reopen, negligible gas costs. I also unwound some PT looped on Morpho without any trouble. It was a market with no exposure to xUSD but again I just felt compelled to trust my gut and get back to a less risky position holding just bare @pendle_fi PTs. Then, I did a check on @infiniFi’s reserves given I have their most liquid siUSD earning about 7.52% and they have $36M fully liquid for withdrawals, all looking normal and healthy for how they operate with liquid vs locked illiquid depositors. (See the InfiniFi Transparency Dashboard, https://t.co/bbyRO5P6GP) Lastly, although my focus is onchain, I do really like the new DeFi mullet style products @coinbase has been pushing, ie lend USDC to Morpho vault borrowers with cbBTC collateral, run by @SteakhouseFi. That said I found the Steakhouse USDC vault on Base, confirmed nearly all USDC is being lent to cbBTC backed loans, and then withdrew USDC I lent just to see if I can instantly withdraw. I did, which all impressed me for this newer product earning for USDC lenders in-app. Anyways, I feel much better. It was a rough day for crypto but it has been rougher with all the hits DeFi has taken. Remember, you can always test out a withdraw or fully withdraw just for your own sanity check.

Name & Symbol: Fluid ($FLUID)
Address: 0x6f40d4a6237c257fff2db00fa0510deeecd303eb

Back in 2017, I remember big accounts on CT advocating we should withdraw our crypto at least once a year from CEXs if not held in cold storage, (namely BTC at the time) to ensure exchanges never got away with mishandling deposits or rehypothecating. The idea was “not your keys, not your BTC.” I’d imagine some of you like me never got that out of your head. Even though I keep minimal liquidity on an exchange, I still apply this kinda thinking to my DeFi yields “can I reliably and confidently withdraw from my positions onchain, anytime?” As a result, I did a number of probably unnecessary things today to ensure I can confidently exit my DeFi liquid positions (ie looping), mainly those more complex than simple lending to liquidity pools like Aave or Fluid. @GearboxProtocol is one platform I ran through the exercise and had no issue partially unwinding and closing a position, just for own sanity check. Quick and painless, easy to reopen, negligible gas costs. I also unwound some PT looped on Morpho without any trouble. It was a market with no exposure to xUSD but again I just felt compelled to trust my gut and get back to a less risky position holding just bare @pendle_fi PTs. Then, I did a check on @infiniFi’s reserves given I have their most liquid siUSD earning about 7.52% and they have $36M fully liquid for withdrawals, all looking normal and healthy for how they operate with liquid vs locked illiquid depositors. (See the InfiniFi Transparency Dashboard, https://t.co/bbyRO5P6GP) Lastly, although my focus is onchain, I do really like the new DeFi mullet style products @coinbase has been pushing, ie lend USDC to Morpho vault borrowers with cbBTC collateral, run by @SteakhouseFi. That said I found the Steakhouse USDC vault on Base, confirmed nearly all USDC is being lent to cbBTC backed loans, and then withdrew USDC I lent just to see if I can instantly withdraw. I did, which all impressed me for this newer product earning for USDC lenders in-app. Anyways, I feel much better. It was a rough day for crypto but it has been rougher with all the hits DeFi has taken. Remember, you can always test out a withdraw or fully withdraw just for your own sanity check.

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

Here's a few insights on what I think is happening and how it's likely to affect us all as DeFi lenders and borrowers in the comings days/weeks... + First there is the Balancer exploit, one that hit a very trusted protocol and wiped out $128M. That money is gone for good, and its lasting impact is just fear of what happens if I'm exploited in a blue chip protocol. But I don't think this matters as much as others think. Maybe smarter money will purchase cover from Nexus Mutual to sleep better at night, after having assumed they were safe in more trusted protocols with a clean track record. + In terms of Morpho / Euler style vault protocols, they are working as intended. They will take some heat cuz everyone loves to point the finger the minute they fuck up with their own money but truth is, Morpho/Euler were never about curating markets, they just allow for maximum freedom to access markets built on their protocol. + What's happened in the last year is that there were too many vaults being created by curators IMO. The market demanded isolated markets for more long tail assets and the curators were there to meet the demand. I am a proponent of having this ungated access to any/all markets, let users decide where they deploy, and if they blow themselves lending to shit borrowers, so be it. I don't want anyone to tell me what I should or shouldn't have access to. Onchain, we decide but with great power, comes great responsibility, responsibility to know what the fuck you're lending to. + Morpho, Euler, Silo, Gearbox, etc all provide powerful tools and templates for creating a lending/borrowing market, often but not always stamped with some approval by a curator who carries whatever credibility to say "this market has been vetted by us, we're not guaranteeing it's always safe or that you'll enjoy instant liquidity to withdraw, but we are clearly, kind of endorsing you should be able to lend and withdraw when necessary, and borrowers should enjoy competitive (maybe even underpriced) borrowing rates for their favorite collateral. Collaterals no one else could support in shared pooled money markets like Aave." + Now that someone finally blew up on bad collateral, that means there's lenders who are going to incur real losses, as they should as painful as that may be. But the curators are not just curators, they also run liquid strategies themselves and act as lenders/borrowers who have benefitted from artificially low DeFi interest rates in good times. They move massive amounts of liquidity vault to vault, allowing them to maintain competitive borrowing rates, rates that they and other parties use to loop for very profitable yields. For example, if you were holding a Pendle PT with a fixed APY of 15%, the ability to borrow at 86.5% LTV, at 6-10%, is pretty awesome! Just deposit the PT, borrow maximum USDC, swap on Pendle for more PT, deposit PT, and repeat until you achieve about 6-7x leverage, resulting in a net yield of ~50+% APY. + The problem is now that there's a real loss among stablecoin lenders for those who were lending to xUSD collateralized borrowers, and for those who straight up held xUSD, there's some panic to withdraw from other markets, a realization that there's some real risk, even though nearly all of these existing isolated markets have zero exposure to the damage from xUSD. Nearly all these loopers can unwind positions, safely. And as they do, certain lenders might choose to withdraw for whatever reason they have (fear, panic, worry over contagion). + So with that desire to exit other markets, there's a demand that suddenly cannot be met without borrowers paying back their debt, but with so much looping, many of the largest lenders are also borrowers, because they were looping too. + That means, we will simply see more market participants, including curators who are running their own liquid strategies, unwind their looped stablecoin positions. In order for that to happen, interest rates had to spike on many of these isolate markets to scare loopers / incentivize them out of their positions. + I woke up this morning to a few of my own looped up positions, which although they were safe and unexposed to any of the xUSD debacle, the markets were suddenly 100% utilized because other lenders have withdrawn excess stablecoin liquidity to either exit completely or move to other markets. + For someone like me in a looped PT-stablecoin position, it's not a big deal, just means my looping is no longer profitable as I earn 15-20% fixed on collateral while borrowing at 30-40% in debt so I'll unwind it by withdrawing PT collateral, swapping back to USDC, paying back my USDC, withdrawing more PT collateral, etc. As I do so, it will free up capital for lenders to withdraw, even though I'm a small fish in a big pond. + There's nothing to stop me from unwinding right now, it just takes a few mins of effort and my guess is bigger money is doing the same thing because there's no more certainty that rates will return back down and the same liquidity will generously be allocated by MMs/curators to sustain lower interest rates in these curated markets. TLDR: I am optimistic that we have come a long way since 2021/2022 and despite a number of blow-ups yet to surface from Oct 10th and the lost money from this xUSD meltdown, a lot of this is relatively safe stablecoin leverage that was flying high due to mispriced borrowing rates, and so now it needs to unwind a bit. My advice is if you're not 100% certain of what you're lending to or exposed to, or you just have trouble sleeping on any exposure, just unwind it and exit. I exited leveraged PT looping in profit. If you looped up with locked in higher PT rates, that's a consideration too but for the most part, there's always more Pendle PT lending opportunities so exiting now shouldn't weigh too much on you. There's always better opportunities ahead.

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

The Permissionless market by @invariantgroup successfully reduced its xUSD exposure from $30M to just ~$50K, safeguarding lenders from major losses during xUSD’s recent collapse. Owing to swift, collaborative action from Invariant Group and Gearbox contributors, $30M of potential bad-debt was mitigated. The details of this effort are outlined in @0xmikko_eth’s summary below.

Name & Symbol: Gearbox ($GEAR)
Address: 0xba3335588d9403515223f109edc4eb7269a9ab5d

If you're an enjoyer of @maplefinance syrupUSDC, it's finally live on @GearboxProtocol on @Plasma 🥞 Gud yield + gud looping app = gud yield looping ⚙️ https://t.co/wfqDPYRl8V https://t.co/FSoRpfsBYC

Name & Symbol: Plasma ($XPL)
Address: 0x405fbc9004d857903bfd6b3357792d71a50726b0

150%+ APR. $15M+ in liquidity and 10+ opportunities. • 190% APR on @pendle_fi • 80% APR on @USDai_Official • 80% APR on @avantprotocol • 40% APR on @maplefinance • 35% APR on @CurveFinance • 19% APR on @ethena_labs Discover the best of leveraged DeFi on @Plasma ↓ https://t.co/EQp5MesZ3z

Name & Symbol: Plasma ($XPL)
Address: 0x405fbc9004d857903bfd6b3357792d71a50726b0

3⃣ Need your yields managed institutionally? Access onchain wealth management and earn up to 42% APR. Access 12X credit for @maplefinance's syrupUSDT on Plasma. With curations available from @invariantgroup and @EdgeCapitalMgmt: https://t.co/5cogxt9K3w https://t.co/NoG4WcN6Ii

Name & Symbol: Plasma ($XPL)
Address: 0x405fbc9004d857903bfd6b3357792d71a50726b0

Best advice, if he’s tweeting about X, sell or avoid X at all costs. Total 🤡

Name & Symbol: TaleX ($X)
Address: 0x0510101ec6c49d24ed911f0011e22a0d697ee776

Why syrupUSDT is trading above the peg. Shows incredible demand. Why ? Whar are the reasons ? 1. syrupUSDT earns 6 – 8% APY from real institutional loans. You get a token back that grows over time. So the market says: “why pay 1.00 for plain USDT when 1.00 in syrupUSDT becomes 1.05 in a year? 2. Demand is wild right now - - $300M cap on Aave Plasma filled in minutes. - Maple AUM just crossed $5B (300% YoY) 3. New chains + smart integrations = liquidity flywheel - - @arbitrum : 100% of syrupUSDC trades via @0xfluid looping - @pendle_fi : 12–13x leveraged yield - @Plasma : day-1 yields, no incentives needed. - @solana : @jup_lend integration helping adoption on non evm. 4. Governance tightening too — MIP-019 kills staking rewards, funds $SYRUP buybacks. Less sell pressure, more confidence in token and protocol. 5. This isn’t UST. It’s overcollateralized, battle-tested (zero losses in $19B liquidations event ), and redeemable 1:1 + yield anytime. @maplefinance $SYRUP

Name & Symbol: Plasma ($XPL)
Address: 0x405fbc9004d857903bfd6b3357792d71a50726b0

Using a helpful cheat sheet from my buddy @phtevenstrong, let's try to answer if we should be swapping for cStableUSDT (which is USDT in the @ConcreteXYZ vault for Stable) on Ethereum Mainnet in order to buy and earn a fixed APY of ~250-296% with PT-cStableUSDT. The Pendle cStableUSDT pool has so much buying pressure on the YT rn, that it's displaying an insanely high 296% APY, albeit a lot less liquidity so just 1,000 USDT would earn an effective APY of 245%, a 6.74% gain at full maturity in 19 days. The only way to buy the PT-cStableUSDT right now is if you deposited into the Concrete Stable vault, and we all know that story--no one got in. So... that means we will need to buy cStableUSDT first onchain, a token that "represents the pre-deposit token for Stable Network which will be deployed onto the chain once it goes live." 1 ctStableUSDT = 1.00003 USDT staked in Concrete To buy cStableUSDT, we can use a DEX agg like @DefinitiveFi or @CoWSwap, and paste in the contract address for cStableUSDT on Ethereum Mainnet: 0x6503de9FE77d256d9d823f2D335Ce83EcE9E153f We would swap 1,000 USDT for 907 cStableUSDT. For a moment, let's assume we'd redeem cStableUSDT after Dec 13th on @stable Mainnet, and not account for the more valuable points for Concrete + Stable. Let's also assume the underlying Morpho strategies in the vault are earning a competitive 10% APY with the underlying USDT so that the conversion for 1 cStableUSDT = 1.012 USDT around Dec 13th in 44 days. We're accounting for the deposited USDT earning about 1.2% yield in 44 days. We're gonna assume that the market price for cStableUSDT will then be about $1.012 if pegged to the value of the USDT + yield earned, even though it's currently trading at a major premium of $1.10 on @Uniswap with $4.5M of liquidity. The question Stephen asked previously with the USDai Pendle pools and the same thinking that applies here if we assume the cStableUSDT premium will shrink and return to a value representative of deposited USDT + yield is... "At what price of cStableUSDT does it become fully unprofitable to enter into the PT?" Assuming we "repeg" by maturity to a more rational value, here's the math... ROI over 19 days at 245% = 19/365 * 245% = 12.75% 1 - 12.75% = 0.8725 1 / 0.8725 = $1.146 At $1.146, you would be in the red regardless of the insanely high PT yield. So TLDR, is yes the PT-cStableUSDT looks amazing, yes it would be profitable to swap onchain still and then buy the PT with cStableUSDT, but no it's not quite as amazing to go about this with cStableUSDT trading at $1.10 right now. However, all of this ignores the value of the Stable points which could be extremely valuable once you redeem PT-cStableUSDT on Nov 19th if you were to hold onto the cStableUSDT and accrue Stable points from Nov 19th until the targeted Stable Network launch date of Dec 13th. Hope that all makes sense and is helpful! Feel free to correct me below or chime in if you disagree with my angle to this writeup. Link to Pendle pool: https://t.co/gt6iIXgvGT Link to Uniswap for cStableUSDT: https://t.co/zs88bO5fA2 Note: I am not an investor in Stable and didn't get into any pre-deposit vaults. Just a curious farmer :)

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

1/ Announcing Kamino's new $USX Growth Initiative, designed to rapidly & sustainably scale USX on @solana Phase 1 will see 50,000 monthly $USX distributed to $USX depositors, on top of a 5x Flares multiplier This is the first of many @kamino x @solsticefi initiatives 🤝 https://t.co/kBVSHa4ITM

Name & Symbol: Kamino ($KMNO)
Address: KMNo3nJsBXfcpJTVhZcXLW7RmTwTt4GVFE7suUBo9sS

Right now, Noon ( $sUSN ) has a near 14% 7-Day APY in spite of yield compression across DeFi. That's pretty spicy. And one of the most competitive yield bearing stable yields out there. You can loop it on TAC on Euler for >40% APR + Points.

Name & Symbol: TAC ($TAC)
Address: 0x1219c409fabe2c27bd0d1a565daeed9bd9f271de

With 50+ days until PT-satUSD+ at 23.99% APY matures on @pendle_fi, we have some helpful detail on @RiverdotInc's Dynamic Airdrop Conversion. The mechanism incentivizes farmers to earn River Points but wait to convert to RIVER tokens over the next ~150 days at a higher conversion rate. Looks a bit like a call option on RIVER, to convert points. It takes some reading to fully understand so we invited them to write up a guest post in The Edge Newsletter. 🔗 https://t.co/VC3QgMywqP Now if you're a PT farmer like me, this could be helpful context to better understand the demand behind YT-satUSD+ and why PT-satUSD+ offers a fixed APY of 24%. 🔗 https://t.co/4tmXlRJKt2

Name & Symbol: River ($RIVER)
Address: 0xda7ad9dea9397cffddae2f8a052b82f1484252b3

So I just figured something out and confirmed with the @RiverdotInc team--the estimated APRs for farming with satUSD are defaulting to a $200M FDV for calculating the APRs based on River Points / RIVER tokens here on the app: https://t.co/rmlmOOLAX6 This means the estimated APRs are actually 4x what you see and the YT-satUSD+ may be mispriced lower on @pendle_fi too. All of these estimated APRs are based on River Points that will be distributed later in December. So currently, if you become a @PancakeSwap LP for satUSD/USDT, they take a snapshot every week and you earn proportionally an amount of the River Points based on your share of that LP. The quoted APR is 21.72% APR. But those River Points, once claimed, will be available to swap/convert to RIVER tokens using the Dynamic Airdrop Conversion system, which is rewarding you for holding River Points longer, as the conversion rate ticks higher each day. (Btws, it's a clever mechanism, similar in ways to @puffer_finance's carrots/points system). Because River Points claiming is not expected to activate until December, it means farmers have time between now then to speculate on what the true APR of these satUSD farms is. If you click on the little calculator for each yield under the Staking tab on the @RiverdotInc app, you'll notice it defaults to $200M FDV for the RIVER token to calculate the APR, but the actual RIVER FDV is $800M+. These farming APRs should be considered with caution given the extended timeline in December until you can realize a profit, but I think they're arguably very competitive to farm at current levels. For example, if you're willing to risk capital in the satUSD/USDT LP for @PancakeSwap, you are actually farming closer to 86% APR, pending where the RIVER token FDV lands around the time claiming/conversions happen. Take a look at the farms below at: https://t.co/rmlmOOLAX6

Name & Symbol: River ($RIVER)
Address: 0xda7ad9dea9397cffddae2f8a052b82f1484252b3

In the @Plasma predeposit, we took great pains to hide the contracts until the public announcement. Deposits were even blocked in the smart contract. This level of blatant disregard is criminal. Send this shit to zero

Name & Symbol: Plasma ($XPL)
Address: 0x405fbc9004d857903bfd6b3357792d71a50726b0

Have we learned nothing? 🤡 This could be extremely bullish for Plasma. I have no XPL but makes me appreciate what they pulled off.

Name & Symbol: Plasma ($XPL)
Address: 0x405fbc9004d857903bfd6b3357792d71a50726b0

Not exactly sure when caps will raise but there should a race to get into these 2x BTC/crvUSD LPs (aka @yieldbasis vaults) to earn the real BTC fees and/or YB token emissions. https://t.co/thyeFMblxI

Name & Symbol: Yield Basis ($YB)
Address: 0xfb93ee8152dd0a0e6f4b49c66c06d800cf1db72d

Every DeFi team should copy this‼️ @0xFluid just launched an all in one dashboard that covers all data that is relevant to track regarding the token as an investment decision. All under the $FLUID tab on their site. Here is what it shows ⬇️ https://t.co/mGC4I6k73E

Name & Symbol: Fluid ($FLUID)
Address: 0x6f40d4a6237c257fff2db00fa0510deeecd303eb

Just a reminder, good old syrupUSDC and syrupUSDT are earning 7.4% APY on @maplefinance 🥞 But that opens a world of possibilities for looping yield on any of these major platforms up to 25% APY... @0xfluid @kamino @JupiterExchange @MorphoLabs / @pendle_fi @aave 🔜👀 https://t.co/91uUYPQ0iq

Name & Symbol: Kamino ($KMNO)
Address: KMNo3nJsBXfcpJTVhZcXLW7RmTwTt4GVFE7suUBo9sS

🎇 Over 21.8M $PUFFER already locked on vlPUFFER 🔥 Join now to grab your share of the extra 1M $CARROT rewards — lock longer for up to 24× boost on your vlPUFFER stake. 🐡Average APR: 29.17%. Puff puff your $PUFFER here 👇 https://t.co/afffN6OPcZ https://t.co/azN8na9UND

Name & Symbol: PUFFER ($PUFFER)
Address: 0x87d00066cf131ff54b72b134a217d5401e5392b6

I've just begun to better understand the new @yieldbasis protocol by Curve Founder @newmichwill. I find it very interesting for the simplicity it offers as a product seeking to maximize ease of access to higher yields on BTC. There's a multi-trillion-dollar market cap for BTC, the vast majority of BTC still being unused other than holding as a SoV, so catering to this audience through DeFi, could prove to be very strategic for YB's growth and adoption. Here's all the key details I could gather below, with more immediate plans to record an @edge_pod on YB: + YB is built for maximizing your yield on tokenized BTC + Users choose to deposit tBTC, cbBTC, or WBTC + In turn, you get exposure to 2× leveraged BTC/crvUSD LP + The protocol borrows crvUSD against the Curve LP and keeps the loan at 2× compounding leverage (50% debt‑to‑value) + Taking clever lessons from @AerodromeFi, you can stake the LP and instead of trading fees, you receive YB emissions voted on by veYB lockers. Otherwise, you can remain unstaked and earn the LP trading fees. + 30% of all tokens (300M YB) are distributed through liquidity mining based on a dynamic emission schedule. + Those holding the YB token can create locks for up to 4 years in duration, the more you lock, the longer you lock, the more voting power and the right to a greater claim on protocol revenue (ie trading fees), since you vote on gauges where to allocate YB emissions to staked LPs so that you as veYB holders can claim a share of the trading fees. It's the whole ve3,3 flywheel idea. + Pools opened for deposits just a few weeks ago on Sept 26 with: tBTC, cbBTC, and WBTC. Each has a $50M cap that filled, so the protocol currently holds a total of $150M TVL. + YB token just launched about 12 hours ago on Ethereum Mainnet (and I think BNB Smart Chain) so we will need more time to judge the result of these token incentives but being familiar with veAERO, and veCRV, I'm sure we will see some substantial yields for Yield Basis LPs and veYB lockers who are incentivized to allocate YB emissions to these YB LPs. + The big question is can this Yield Basis protocol properly manage a 2x BTC/crvUSD LP and hedge out IL? That's a part of the protocol (lotta math) that's beyond me but results will prove in the long term if this works as designed or where they might be shortcomings. Note: I have no investment in YB, I do not do paid tweets, but I do find it interesting as a long time Curve user and intend to try out the YB LPs when caps are raised in future.

Name & Symbol: Yield Basis ($YB)
Address: 0xfb93ee8152dd0a0e6f4b49c66c06d800cf1db72d

As we move rapidly towards a future of finance built onchain, we are guaranteed to soon interact more frequently with AI integrations. Agents who act on our behalf as investors/traders but also autonomous agents that will simply be new competition for us a fellow investors and traders. A big problem we don't talk enough about is how do we build a ranking system for which agents’ work output or recommendations we can trust? In legacy finance, there are consequences good and bad for the actions humans take. If you make money for yourself or your client, that can lead to reputation that attracts more capital. But if you commit fraud, you likely go to jail. Onchain, AI agents face similar challenges with reputation, even though I do think there's a growing issue within DeFi of blind trust in AI agents. As we grow to tens of thousands, millions, and then billions of AI agents, it's going to become impossible to discern which agents are doing their job, and doing it better than anyone else without being able to measure and rank their output (or skills). Thankfully, the team at @recallnet has built "a skill markets that surfaces demand and arenas where agents compete on real tasks. Performance data feeds a ranking system that becomes a queryable infrastructure." If this perks your interest, do these 3 things: 1⃣ Read the post below by @Decentralisedco. I'm basically giving an executive summary of their post. 2⃣ Follow @recallnet and visit their website to learn more at https://t.co/Qu7ktEl35Q 3⃣ Check to see if you might have qualified for their $RECALL airdrop at https://t.co/GJZ3P2IzgS Background/Disclosure: Years ago, I worked with a team at @Consensys called @3boxlabs. After I left ConsenSys, I would later on put in an angel check with 3Box. Then, just in the last year, they were later acqui-hired by the team at @recallnet. In the spirit of transparency, I wanted to provide this background because although I have aligned interests in this development of ranking skills for AI agents with DeFi, their value prop and product is definitely not my expertise vs what we cover on The Edge Podcast / The Edge Newsletter. Anyways, hope you find this all interesting.

Name & Symbol: Recall ($RECALL)
Address: 0x1f16e03c1a5908818f47f6ee7bb16690b40d0671

after every crash there's a migration of loans to Fluid because it simply has the best terms for borrowers: - highest loan-to-value ratios (e.g 95% on ETH) - 0% liquidation penalty, aka liquidations are not a source of revenue (10% or higher elsewhere) - the protocol liquidates the min. amount just enough to bring the loan back to safety (as low as 1%) the last point is only possible because of their fundamentally different liquidation engine all user positions are aggregated into a Uniswap V3 type concentrated liquidity range instead of a per-user auction based liquidation which is gas heavy and only works for big amounts, liquidations on Fluid are just normal swaps executed by retail users on DEX's like @CoWSwap and @KyberNetwork truly under appreciated what a genius @smykjain is

Name & Symbol: Fluid ($FLUID)
Address: 0x6f40d4a6237c257fff2db00fa0510deeecd303eb

Due to increase in demand for gold trading APR on your gold collateral on Fluid is now at +3%. Smart gold only on @0xfluid 🌊🌊🌊 https://t.co/6mcvJhJOHJ

Name & Symbol: Fluid ($FLUID)
Address: 0x6f40d4a6237c257fff2db00fa0510deeecd303eb

Few things I’m doing since the crash 1) basically nothing new 2) continue to hold most of my portfolio in spot ETH (60-70%) and BTC (15-20%) 3) stake / lend / LP ETH and BTC in blue chip DeFi like @aave, @0xfluid, @MorphoLabs, @ether_fi 4) hold spot in fundamentally strong alts with utility and fee revenue, that look like they can be category kings, like $ETHFI and $ENA and $FLUID among others, plenty of great examples nowadays 5) Earn predictable stablecoin yield with @pendle_fi, @maplefinance syrupUSDC, etc and loop when there are supported borrowing markets for the yield-bearing asset om proven platforms like @MorphoLabs and @GearboxProtocol TLDR: Hold spot in SoV like ETH, stake/lend ETH, and maximize stablecoin yield Simple 😇

Name & Symbol: Fluid ($FLUID)
Address: 0x6f40d4a6237c257fff2db00fa0510deeecd303eb