DeFi, backed by data. I teach it and build https://nitter.gq/t.co/Hc7cjvlmeB. Protocol head-to-heads, where yield really comes from, on-chain reads. Less pain, more numbers 😅
Joined January 2022
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I teach DeFi and this account is where I do it in public.
Head-to-head protocol comparisons with live data, where the yield actually comes from and fast reads when something gets hacked.
DeFi, measured. 🧵
The average US savings account pays 0.38% (FDIC).
These stablecoin vaults pay 5-8% right now each with $340M+ deposited.
Where I'd look to park stables 🧵
Know what's under the yield:
grove-steakUSDC: Steakhouse curator, ~90% lent vs cbBTC no incentives.
senRLUSDv2: Sentora curator, part of the APY is rewards.
reUSD: reinsurance risk + sUSDe exposure, KYC, non-US.
sUSDai: GPU-loan credit, 30-day exit.
Tiago Cruz retweeted
Introducing Earn+: up to 12% rewards on your dollars in a single click.
Available exclusively on @EthenaPay.
$121.2M in fees in 7 days …
@HyperliquidX @Uniswap (V3+V4) and @aave V3 made ~$40.9M combined.
Tether did ~3x that.
The most profitable "DeFi" business is a T-bill wrapper 🧵
The model is simple: you hand over dollars, they buy T-bills, they keep the yield.
No token emissions needed.
Just float.
Markets close... Liquidity shouldn't.
62% of tokenized stock volume on @Uniswap trades outside market hours.
@metricxyz did +$310.9M in 7 days (@tokenterminal ).
@aave v4 on Base: $10M+ in Coinbase tokenized stocks, +514.5% in 30d (%Markets close. Liquidity shouldn't.
62% of tokenized stock volume on Uniswap trades outside market hours.
Metric did +$310.9M in 7 days (Token Terminal).
Aave v4 on Base: $10M+ in Coinbase tokenized stocks, +514.5% in 30d (base:0xb2000000000000000000002d0ba3164cc74f58b7, base:0xb20000000000000000000078ee7ce2fe4908108c, base:0xb2000000000000000000008bc8786b856e61707c).
Onchain markets don't sleep and that's the whole point.
$1.5B on Aave V4 and the collateral list keeps getting more interesting: tokenized stocks like GOOGLc and NVDAc are already live on Base.
V4's hub-and-spoke design is how lending scales to new asset classes without putting the core pool at risk.
+514.5% in 30 days is the real signal not the $10M. GOOGLc and NVDAc as @aave v4 collateral on @base means stocks are turning into DeFi money legos.
The next test is weekends. Stocks don't trade then so oracle and liquidation design decides how far this scales
Uniswap shipped Aggregator Hooks last week.
v4 can now wrap outside liquidity, including Fluid, Curve and PancakeSwap, as v4 pools on Ethereum, Base and Robinhood Chain.
Solid engineering and more routable liquidity is good for users.
10 same-minute quotes on Ethereum and Base: within ±0.11% of the Uniswap interface after our 0.1% fee, gas excluded.
Venues wrapping each other's liquidity is great for whoever sits one layer above and compares them all. Next we'll evaluate Uniswap v4 and hooks as a source.
Early days: hooks were ~1% of v4 volume in most months.
Credit to the Uniswap team. teraswap.app
