StableTable 📈

You’re right, thanks for flagging. Fixed on the board, each exit now counts once. And thanks for the context on the LP, that’s a different story from the one I told.

@infiniFi ethereum:0x48f9e38f3070ad8945dfeae3fa70987722e3d89c: 16M moved toward the exit in five days, and the exit is smaller than it looks. 🔍 ~6M redeemed to USDC since Nov 8. Another ~10M unstaked from siUSD into iUSD, the step right before redeeming. The timing explains most of it. Season 1 and 2 airdrop allocations are fixed, and wallet registration closed on Nov 10. The two biggest unstakes came on Nov 11 and 12. Capital that was here for points is leaving now that the points are banked. That’s not alarming by itself. What makes it worth watching is the exit design. infiniFi runs a fractional reserve: per Yearn’s July risk review, only ~9% of TVL (~$5.45M) sat in instant-exit farms. Anything above that goes into a FIFO queue, paid as offchain counterparties return cash on 7–56 day notice. That queue has never been used. And there’s no secondary exit. In July, iUSD’s deepest DEX pool held about $9K. So 10M of freshly unstaked iUSD is bigger than the whole instant buffer was in July. Whether it redeems, and whether the queue engages for the first time, is the thing to watch. Utilization on siUSD collateral markets: 89%. The board. Open to everyone, no signup: plumbline.watch/?utm_source=…

Already running two. frxUSD-sDOLA at 5.5x and frxUSD-sUSDS at 6x.

46% APY on top stables?

What does 17.8% on stablecoins look like from the inside? Ten positions, one swap this week, two on a one-week clock. 🏹 This is my aggressive book: leverage, LPs, and yield windows I expect to rotate out of. Every line is in the table below. The swap. alUSD-USDC is out at 22.5% realized after 84 days, its quote had fallen to 7.5%. In its place: alUSD-fxUSD on @CurveFinance via @ConvexFinance , quoted 17.7%. Yes, fxUSD is the token I’ve flagged twice for outflows. For an LP that’s the point: heavy swapping means heavy fees, and the last 24h show the first inflow since the drop, TVL +13.1%. The clock. BOLD-USDC and rlUSD-USDC LP strategies on @Tangent_fi have paid 16.5% and 16.8% realized over 84 days. Good receipts. But their forward rates are now 10.7% and 9.0%, down from 14.9% and 14.5%, because yields on the USG pools behind them dropped hard. I allocate on the forward number, not the one I already collected. If those rates hold through next week, both get replaced. 📌 One more move worth noting: sUSDai / frxUSD went from 23.9% to 15.1% realized. sUSDai is trading slightly below NAV again, and the mark comes straight out of the receipt. Book-wide: quoted 17.9%, realized 17.8%. The conservative book targets 6–8% unlevered and gets touched about once a month. Posted separately. @StakeDAOHQ @AlchemixFi @ResupplyFi @Morpho @InverseFinance @aeroxyz @protocol_fx @avantprotocol @LiquityProtocol

It is strange that you forget alUSD-USDC on OP.

@reservoir_xyz rUSD lost about a 20% of its TVL in under an hour, in redemptions that kept getting bigger. 🔍 Nov 5, the day of the market drop. Twelve redemptions of ethereum:0xd3fd63209fa2d55b07a0f6db36c2f43900be3094 between 14:58 and 15:54 UTC, a few minutes apart: 1.1M, 1.5M, 1.8M, 2.0M, 2.3M, 2.6M, 3.0M, 3.4M, 3.9M, 4.45M. That’s not a crowd. It’s one holder testing the exit, seeing it work, and scaling up. The exit did work. Every redemption cleared, and the last 24h are flat. TVL is still −22.3% over the week. What’s left is utilization at 90%. In the lending markets where wsrUSD is used as collateral, the borrowable side is running low, and that’s what makes unwinding looped positions harder from here. Nothing is broken. It’s a token that lost a fifth of its TVL in one hour and now sits in markets with little slack. Worth watching. plumbline.watch/?utm_source=…

A conservative stablecoin book, three months in: 7.5% realized, no leverage 🧊 Ten positions, six of them untouched since day one, 91 days ago. That’s the result worth showing. No rotation, no rescue, just a week where every line did what I bought it to do. The top three are two @Pendle (PT-USDat at 11.2% and sUSDe LP at 10.0% across the full 91 days) and @autopools baseUSD vault. Quoted 7.0%, realized 7.5%. The target for this book is 6–8%. This is the conservative book: unlevered, touched about once a month. The aggressive one runs with leverage and rotating yield windows. Posted separately. @pendle_fi @autopools @saturn_credit @ethena @yearnfi @0xfluid @Morpho @gauntlet_xyz @zama @SteakhouseFi @OriginProtocol @fraxfinance @aave

@protocol_fx ethereum:0x085780639cc2cacd35e474e71f4d000e2405d8f6, four days on. 🔍 Last week I said skew was the number to watch, because a Curve pool absorbs one-way selling right up until it doesn’t. It’s still absorbing. 13 more sells today, and TVL is down 41.4% over 30 days — 30.9% of that in the last week alone. Supply has shrunk by roughly a third since Friday. What’s changed is the pace. The 24h drop is 3.2%, against 26.8% on the day of the crash. The wave passed; the selling didn’t stop. That’s the shape worth recognising. A token that empties out fast and then stabilises has had one event. A token that keeps bleeding at a slower rate after the event is a different thing — the people selling today aren’t reacting to Thursday’s price action, they’re deciding they don’t want to hold it. The pool is still doing its job. That’s what makes this readable rather than dramatic: nothing has broken, capital is just leaving in an orderly line. $53M left, from a token that was half again that size a month ago. Open to everyone, no signup: plumbline.watch/?utm_source=…

Large @worldlibertyfi ethereum:0x8d0d000ee44948fc98c9b98a4fa4921476f08b0d redemptions are continuing. 🔍 Eight exits in seven days, ~140M total. Look at the sizes: 20,000,000 · 19,999,998 · 19,998,999 · 19,900,001 · 19,860,000 · 19,000,000 Six redemptions within a rounding error of 20M each, spaced roughly a day apart — Nov 3, 5, 6, 7, 7, 8. That’s not a crowd. Frightened holders exit in messy amounts at random times. This is one party redeeming in fixed tranches, either against a per-transaction cap or on a schedule. Someone is unwinding a position methodically. Everything else is calm: pool skew green at 32.83%, TVL and flows yellow rather than red. The exits clear without the liquidity side moving. The open question is whether the tranches stop or keep coming. At this cadence that’s answered within a week. Open to everyone, no signup: plumbline.watch/?utm_source=…