Sometimes I forget how dumb the whole narrative with aixbt was, "the Bloomberg of Crypto" as one prominent robotics investor put it. It's nothing more than AI slop, now down 98% from this pico-top call, trading at $20M FDV, which is still overvalued shit. I'm sure ROBO will be great, though 😄

Name & Symbol: aixbt by Virtuals ($AIXBT)
Address: 0x4f9fd6be4a90f2620860d680c0d4d5fb53d1a825

Sometimes I forget how dumb the whole narrative with aixbt was, "the Bloomberg of Crypto" as one prominent robotics investor put it. It's nothing more than AI slop, now down 98% from this pico-top call, trading at $20M FDV, which is still overvalued shit. I'm sure ROBO will be great, though 😄

Name & Symbol: Fabric Protocol ($ROBO)
Address: 0x475cbf5919608e0c6af00e7bf87fab83bf3ef6e2

We'll definitely have a nice deep dive on @re in the coming weeks/months. I'm fascinated by any operator who can actually use DeFi to scale faster. I want to fully understood the machine behind Re and how it benefits from DeFi. I think there's a lack of appreciation for what's been built here, having met the Re founders several times the last few years. They ran a very successful insurance startup and didn't have to ever pivot to DeFi--they stated many times over the years how they saw a better way to run their business powered onchain. Real yield. Real business. Real profits booked. All distributed onchain. Powered by Ethereum.

Name & Symbol: Re Protocol ($RE)
Address: 0x526526528f35ac738177003b8773b402b8df8143

Meeting some really talented DeFi builders launching this year. Guess what? They're not scared away by bear markets. For example, this team @AxisFDN cleverly has already implemented an @AccountableData dashboard for their $41M on Plasma, and will soon launch on Ethereum Mainnet, hopefully this summer. 📊 https://t.co/lIAA46KXVx

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

As @DeFi_Dad mentioned, "a new era of RWA exposure will flip the total market cap of crypto-native assets in DeFi." As we are already proving, with an APY above 10% since Jan 1st despite the current market conditions, yield source diversification and a sustainable yield engine are essential to bringing this yield layer to DeFi. We see a future where we make this layer simple. Users can leave the complexities to us, and we take care of putting them in the best possible position.

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

The 28D APY is ~10.19% for sUSN on https://t.co/33dQgnIXeV, all on Ethereum. It's been above ~10% since Jan 1st, which is no small accomplishment in a bear market year! On a recent @Edge_Pod, the @noon_capital Founder @ag_noon shared how better designed private credit offerings can boost DeFi yields, as it's done for sUSN, which is 60% allocated to @FasanaraCapital FTAC. "There aren't that many things that are counter cyclical, low volatility, low risk and high yielding... private credit is one of the two things that actually does hit all of those in this current market." This is an early sign of what @Nomaticcap and I see coming to DeFi--a new era of RWA exposure that will flip the total market cap of crypto-native assets in DeFi.

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

Did you know in early Sept 2022, GMX was up 221% while BTC was down 57% at the same point in the 2022 bear market? I keep seeing these calls for a new era in crypto markets, where good tokens and teams aren't held prisoner by their correlation to BTC. I want this too, my frens. So badly. But this pattern of outperformance and calls for celebrating, it is not new. In fact, it's eerily similar to what we saw last bear market. So imo, not a whole lot has changed this time around. Let me take you down memory lane in 2022... GMX: It is the clearest example of this outperformance narrative I can recall. GMX was only down ~23% from its ATH during the 2022 bear market where most tokens lost 80-90%. After falling to a low around $25 following FTX's collapse in Nov 2022, GMX rallied~90% into year-end while the overall crypto market was cooked, down more than 60% for the year. The narrative for self-custodial onchain perps was growing in the aftermath of FTX's failing. And GMX was the hottest token for its fee revenue. (see chart below, GMX was the hottest thing ever, I remember losing my mind over what they represented to real DeFi adoption, better tokenomics, and their insane performance while BTC was at new year lows, sub-$30k). LDO: Another one of the best narrative trades during the 2022 bear market! In July 2022, LDO gained ~375% in a single month after Ethereum devs confirmed The Merge would happen in Sept 2022. Then, LDO had a second shorter run, in early Jan 2023 as the Shanghai upgrade (enabling staked ETH withdrawals) drew closer. RPL: Similar liquid staking narrative as LDO but less dramatic, and shorter run of outperformance, while BTC languished. For example, in early 2023, RPL gained ~23% while BTC was mostly flat. RPL also had a strong run heading into The Merge in summer 2022 for same reasons as LDO. I'm still ultra bullish HYPE and I'm sure as hell not shorting any of the big movers lately like ZEC, NEAR, VVV but I'm just reminding you: these are normal bear market things happening. FYI: I would disclose shorts if I had them open. I sincerely hope all your bags go up 😉 But this is a small reality check from someone who's lived through these crypto market cycles over and over and I am kinda surprised how shocked some are that any tokens are doing so well while BTC, and most of the crypto majors have been in downtrend since Oct 2025.

Name & Symbol: Venice Token ($VVV)
Address: 0xacfe6019ed1a7dc6f7b508c02d1b04ec88cc21bf

While you’re able to borrow USDC at lower rates 3-5% on Aave, Morpho, and Spark, there’s a substantially higher USDC lending rate on @0xfluid on Eth L1. It dropped today but now back at 18%, wouldn’t expect it to last long for lenders. https://t.co/sQbORXLmiD https://t.co/czMaIqhXMO

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

The most bullish interview we've recorded in a while, just wrapped up with @rleshner of @SuperstateInc, due out next week on The @Edge_Pod! We talk at length about the moment DeFi's living in. It's not bearish at all, quite the opposite. We are on the cusp of trillions about to come onchain! "There will be a flippening. It's inevitable. It's just a matter of when," referring to tokenized RWAs onchain flipping the market cap of crypto-native assets. Asset issuers are still in the early stages of selectively tokenizing certain securities (ie T-bills), with powerful tooling developed by Superstate. For example, there's $885M AUM in just USTB! USTB is the Superstate Short Duration US Government Securities Fund, $715M of which sits on Ethereum L1 Eventually, we will have primary issuance onchain, but first we must reach this flippening of tokenized assets trading onchain vs crypto-native assets. We've been predicting this future since DeFi Summer and I think we all honestly lose track of the progress made. It's all happening now, playing out in real-time right in front of us! Stay patient, my frens, DeFi will win.

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

RWAs are poised to eventually flip total liquidity participating in DeFi-native yields. This is one of the most important developments (long in coming) for DeFi to become synonymous with finance. DeFi-native yields will likely NEVER return to the highs of the 2021 cycle and while they may pump with new bull trends, I think crypto-native yield highs will only trend lower. Meaning, RWA yields will become comparatively more and more attractive to us as onchain investors, and grow to become the most dominant sector in DeFi. If you consider stablecoins are RWAs (dollar-backed tokens), this flippening has already played out!

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

Over my 10 years in crypto, it has been difficult at times to double-down on the unsexy work that is researching and covering new DeFi on The @Edge_Pod. But during the last crypto bear cycle (2022-2023), that work paid off greatly and led @Nomaticcap and me to cover some of the most successful names today in DeFi. Below are just a handful of teams where we saw enormous opportunity early on, in what they were building, long before it was considered mainstream DeFi. + @ethena at $40M TVL (now $5.5B) + @ether_fi at $20M TVL (now $4.8B) + @pendle_fi at $100M TVL (now $1.6B) + @0xfluid at pre-launch (now $986M) + @Kinetiq_xyz at pre-launch (now $1.13B) + @VelodromeFi in July 2023, before @AerodromeFi Since DeFi Summer, I've been told over and over, DeFi has reached a ceiling, and we ought to chase other narratives, trends, especially daily price talks: - "NFTs, not DeFi" - "Web3 gaming, not DeFi" - "Memecoins, not DeFi" - "Web3 social, not DeFi" - "AI, not DeFi" It's becoming clearer every day, DeFi is the most meaningful long term value-add for this industry. And DeFi is still in its infancy compared to where we're headed. Stablecoins alone are destined to grow to tens of trillions onchain, and that ignores all other promising DeFi primitives that will only complement and amplify stablecoin adoption. Plus we have RWAs coming onchain rapidly, ready to soon eclipse the trading volume of crypto-native assets with stocks and commodities. This is why I just dgaf about covering the day to day PnD of small cap crypto that dominates the airwaves for crypto Youtubers/podcasters. It seems it's what the larger majority of viewers want according to my experience with the algorithms: tell us where the price is going and what to buy next. Now, maybe it's not obvious to you, but you won't get rich watching amateur investors with a ring light discuss why their undisclosed bags are going to moon. In fact, it takes hard, boring work to learn about what's new, what's misunderstood, what's promising, and what's not priced in yet. That's why we often (and @Nomaticcap can swear by this) invite guests to The @Edge_Pod mainly because they are building important (some might even call boring) primitives that we believe will lead to long term growth and upside in DeFi. All this to say, we specifically launched 2 new sub-series on The @Edge_Pod this year. 1⃣ DeFi Frontier is a dedicated series for covering new DeFi protocols, based on our research as onchain investors and power-users looking for new ideas and strategies to stay invested onchain, growing our portfolios. I would like to think during last bear market, we should have branded these episodes above (ie Ethena, etherfi, Pendle, Fluid) under our current DeFi Frontier series. Watch the DeFi Frontier Playlist: https://t.co/P0q1Pn1zI4 2⃣ Revenue Meta spotlights more mature DeFi protocols, with established customers and PMF, that actually generate cashflows and return value to tokenholders. Our goal is to do due diligence on whether or not these tokens backing major DeFi teams will accrue value. Teams like: @ether_fi, @maplefinance, @sparkdotfi, @pendle_fi and next up: @JupiterExchange. Watch the Revenue Meta Playlist: https://t.co/vIvOP3i1FY So if you are seeking to double-down on DeFi like us, if you're here to actually live out the bankless ethos vs watch your favorite KoLs talk about their bags on air, we invite you to join us on The @Edge_Pod and The Edge Newsletter. We're optimizing for growing your knowledge, not just our clicks and views. Also, our content is FREE, thanks to the generous support of The Edge Podcast sponsors, all of which happen to be real DeFi builders: @kpk_io @noon_capital @Main_St_Finance @alturax @apyx_fi @Mantle_Official @katana @GearboxProtocol @puffer_unifi All of this was written by me--no AI. I still believe it's important to own my own words and the meaning behind them.

Name & Symbol: Aerodrome ($AERO)
Address: 0x940181a94a35a4569e4529a3cdfb74e38fd98631

$pufETH remains the highest APR in the liquid restaking/staking sector and is also one of the safest, remaining unaffected by recent DeFi events. VTs protect against validator downtime, and 2 ETH bonds protect against slashing. The best place for both validators and ETH stakers. https://t.co/773riv5sQt

Name & Symbol: aPriori ($APR)
Address: 0x299ad4299da5b2b93fba4c96967b040c7f611099

Remember when SBF was trying to throw DeFi front-end providers under the bus? Well, CLARITY Act cleared Senate Banking 15-9 yesterday and it's the opposite of what he was pushing for. I can't overstate how massively bullish I think it will be for Euler, Aave, Morpho, Uniswap if it passes. §15H says user interfaces that read or display blockchain data don't trigger broker, dealer, or exchange registration. Ship a frontend on a permissionless protocol and you are not, by that act alone, a regulated intermediary. BRCA says non-custodial developers are not money transmitters. Publish protocol code, don't custody funds — federal regulators can't touch you as an MSB. Title III's control test says a protocol stays "decentralized" if no single holder ≥20%, with security councils and nodes/validators explicitly carved out. That test was written around the governance designs @eulerfinance, @aave, @morpho, @Uniswap already use. Still has to clear Senate floor and conference. But the direction is set. The DeFi renaissance is coming.

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

In case you were earning yield with @alturax AVLT, there’s a @Morpho market for looping that could achieve 70-95% net APR.

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

In case you were earning yield with @alturax AVLT, there’s a @Morpho market for looping that could achieve 70-95% net APR.

Name & Symbol: aPriori ($APR)
Address: 0x299ad4299da5b2b93fba4c96967b040c7f611099

From last week's deposits for @3f_xyz private beta: ⬛️ $7.1 million of total exposure in @centrifuge $JAAA from LPs who are earning yields from leveraging the real world! 🟧 10x leverage on JAAA = ~39.4% APY 🟦 Bridge Facilitator overnight liquidity = 9.1% APR 🟩 wJAAA Morpho lender = 3.7% APY

Name & Symbol: aPriori ($APR)
Address: 0x299ad4299da5b2b93fba4c96967b040c7f611099

We’ve begun a new sub-series of The @Edge_Pod dedicated to coverage of newer, less known, up-and-coming DeFi protocols. @LotusFi_ offers a novel design for tranched credit markets, allowing more capital efficient “cascading liquidity.” Different from Aave or Morpho. Lenders earn more, as borrowers can pay higher or lower interest rates for safer or more risky LLTVs. In the end, we don’t turn tail to run from the risk of bad debt, instead we allow markets to price and meet the needs of these lenders and borrowers. Lotus is not fully launched yet (early beta access) so it’s a great time to explore this new design by some of the giga-brains behind @indexcoop’s pioneering DeFi product suite.

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

The @apyx_fi PT markets on Morpho are now the largest PT markets on the protocol, with ~$50.5M in total TVL. ~18% fixed APY on $STRC yield coins is already a strong base. For users running looping strategies, effective yields reach 50-60% APY. Pendle's yield infra enables that range of expression, from simple fixed-rate exposure to leveraged yield, even for RWAs with floating, dividend-based payments.

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

I had a prominent curator reach out after watching our latest @LotusFi_ podcast. I realized we sort of buried the fact that Lotus is built on Morpho V2 vault standard. Here's what the curator said to me: "Just listened to the interview... and booked a call with them next week 😄 didn't realize this was Morpho v2 based until the last few mins of the interview" I didn’t even think of this at first, but in addition to inheriting some of Morpho’s tried and tested vault security, they also extend continuity to the curator market. Meaning, many of these players have already built their tech stack on top of Morpho, and now that same infrastructure can be utilized within the Lotus design as well. Here's the actual clip from @Davidareising explaining some of this 👇

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

It's actually wild to me that @LotusFi_ has been building this new lending protocol for almost a year. Why? Because their design has seemingly been heavily validated in the worst way possible over the last many months with all the DeFi exploits/bad debt scenarios. They've had incredible foresight. Their architecture aims to fill some of the gaps of both Aave and Morpho. If you're into what's happening on the cutting edge of vaults and lending, this one is for you 👇

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

40.05% APR on the junior tranche of apyUSD. So far, this is the highest yield we've seen in Royco. And as of today, this is on Pendle. But the interesting thing is that the Pendle pool is pricing it at ~15% fixed. I wonder what will happen here.... https://t.co/ETsAE8qeXs

Name & Symbol: aPriori ($APR)
Address: 0x299ad4299da5b2b93fba4c96967b040c7f611099

New @Edge_Pod! Aave compresses risk. Morpho isolates it. Lotus clears it. The @LotusFi_ Founder @Davidareising on why bad debt in DeFi can be better addressed, and how Lotus handles it with new tranched credit markets for better vaults. Lotus will launch this summer 2026 👀 https://t.co/ln27JEbKhy

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

I am unsure which USDG supply rate is being quoted for in this @kamino loop but for the Multiply USDG/PYUSD strategy, if USDG is earning 9-11% APY and borrowing PYUSD at 2.34% in the Main Market... Looping 9x is now generating 60-80% APY 😱 No idea if this USDG supply yield will hold up. $29.75M of liquidity still available ➿ https://t.co/fRZcpbEDFA

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

🚨 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: 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 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

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