The Open Fixed-Rate Origination Infrastructure Enabling instant, efficient, and flexible fixed-rate money markets.

EVM
Joined May 2024
Spine Finance retweeted
Fixed-rate loans against RWAs
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Spine Finance retweeted
Thanks for increasing the liq @PendleIntern, launching something soon
Hey @PendleIntern, when are you going to increase PT NVDA liquidity, wanna try something but can't do it on 87k liq
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Spine Finance retweeted
1/ Two new cohorts, 20 new teams, the same one goal: harden Ethereum through accessible world-class security. From restaking and stablecoin infra to onchain governance and agent-powered commerce, we’re thrilled to officially welcome Cohort II and III to the Ethereum Security Subsidy Program! Together, as always, with @ethereumfndn, @nethermind, and @chainlinklabs.
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Spine Finance retweeted
XLP going vertical while yielding 80% in APR rn. Best r/r farm in DeFi rn Levering up on 80% APR with fixed borrow rates coming soon on @spineprotocol DM for early access (>$100k size)
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Spine Finance retweeted
I think we just accidentally created one of the best onchain asset management tools with @spineprotocol. Imagine anyone can become their own risk curator, and earn on their own terms. Build your own single-person vault, set your own rates, route liquidity anywhere you want.
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Spine Finance retweeted
.@spineprotocol is building open credit infrastructure for onchain yields Lock in borrow costs without worrying about volatility Maximize capital efficiency by routing idle liquidity into external yield strategies Read more about Spine: xitter.cf/apoorv1/status/2018302…
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Spine Finance retweeted
Happy to announce the completion of a 2 week Audit of Spine V2! The Morpho of fixed interest lending. We've performed mainly manual review and used Magic to produce a fuzzing suite to test a few interesting edge cases tied to ERC4626 gotchas. Spine has shown great code maturity with their V2 which will soon go live! The report is public in our github.
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Spine Finance retweeted
more alpha from the rise x spine convo spine is building the money market layer on rise, focused on fixed rate borrowing. the reason is simple, variable rates work until people start looping or running size, then rates spike and strategies break. spine’s whole goal is to bring structure and predictability to that side of defi how they do it is the interesting part ↓ • hybrid CLOB model, not pure AMM • curators manage vaults and decide how much liquidity goes into fixed rate orderbook markets vs how much stays liquid • borrowers keep flexibility, lenders can still withdraw • fixed rates actually become possible without killing the defi ux then they dropped some quiet alpha ↓ • sub-accounts @spineprotocol borrow USDC against assets like BTC and trade on @risextrade directly (one portfolio, shared collateral, no jumping between apps) • auto-yield vaults idle collateral can flow into low risk, market neutral yield strategies in the background, and they’re also onboarding one of the major yield protocols, name still TBA fast execution, shared state, and no fragmentation means lending, perps, and yield can actually plug into each other in real time only possible on @risechain
alpha today @risextrade • private mainnet targeting late feb → early march • trading competitions planned with cash prizes + private mainnet access • dashboard expansion one thing that caught a lot of attention: • deposit stables and earn auto-yield by default • no active trading required • that’s still very rare for a perp venue why this is structurally possible ↓ • risex is built on marketcore, the onchain orderbook + execution layer • its not just a perps app, its shared infra • the same orderbook and liquidity can be reused by other products what this kind of infra enables ↓ take something like noise as an example. it’s a market around attention and relevance, built from real data and capital. eventhough the market itself is very different from perps, it still depends on the same core pieces under the hood: an orderbook, pricing, and execution. from there, you can connect the dots on why having those primitives exposed as shared infra matters
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This is why the market is in dire need of fixed-rate options
I woke up to a call at 1am saying, “Bro, get up we have a problem.” My heart started beating faster. I got up from the couch like a dismantled zombie, running toward the office. As soon as I opened the computer, I saw that there was no liquidity in the yUSD market, where we had deposited millions of dollars. And it wasn’t just us, many other curators were removing liquidity and unwinding leveraged positions, causing the borrowing rate to reach 40%. This meant that all the users and borrowers were getting destroyed, stuck paying insane borrow rates. A huge amount of liquidity was removed in a very short time, which was what triggered our systems. So we started investigating. In two simple steps, we were able to pivot from a losing to a winning position: 1.) We collaborated with @GetYieldFi, to ensure there were no inherent collateral problems, with their protocol (yUSD). 2.) We confirmed that there was no malicious ongoing exploit, using our customized @HypernativeLabs system. But then we decided to do something insane. We deposited even more money, at the height of the crisis. Here’s why: - The borrow rate was 40%, making it a lucrative position for our vault. - We contributed to smooth operations at a time, when everyone else was pulling liquidity. Our duty as a curator, is to ensure lending activity remains as smooth as possible for borrowers, while helping partnering protocols achieve the highest yields possible. In this case, YieldFi trusted us in a moment of crisis. Their team was locked in all day, to ensure that all the redemptions were processed successfully, guaranteeing that the LPs had liquidity available with them, when it was needed the most. That, to me, is the most important part of it all. Because at @ClearstarLabs, we vowed to make DeFi a better place, and after years of hard work, we’re doing exactly that.
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Spine Finance retweeted
Still one of the best delta-neutral strategies available at the moment even with sENA PTs expiring soon. Enabling similar strats with fixed-rate borrowing soon on @spineprotocol
Best delta-neutral strat you can do with size (7 fig+) right now Long PT - sENA @ 30% APR on @pendle_fi Short ENA @ ~11% APR on @HyperliquidX How to do it 👇
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The thing about @spineprotocol is that fixed rates just happen to be what we do. Our end goal is to provide users with stability in an extremely volatile market.
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Funny how @spineprotocol V1 fixed-rate lending markets will solve a lot of the problems here, and hopefully introduce fixed-rate lending into DeFi mainstream. The future would require us to launch V2, V3, V4, and more to bring DeFi fixed rates to mainstream fintech.
Hard disagree tbh. No real world underwriter will touch a lending protocol with utilisation rates, they are a mockery of interest rates Vast majority of the financial system won’t use inefficient DEX pools. They save every BPS, won’t be losing money to bootstrap idle liquidity for yield bearing/LFT assets when better mechanisms exist. Lido DVstETH already an example of the shift. DEX reliant protocols already lose a massive market share. Receivables and inventory lending will require future income logics, separate for every borrower. $5T market that can’t be coded into lending pools. Most onchain lending protocols are built for onchain games, not the real world. We’ll probably end up with 10-15 lending protocols with maybe 3 of those utilising lending pools.
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Spine Finance retweeted
Fixed term fixed rate loans didn’t work well in the early days of DeFi. That’s not to say they won’t scale better tomorrow. Too often people assume that protocols are frozen in time with what they have today. The reality is innovation is happening all the time behind the scenes.
Hard disagree tbh. No real world underwriter will touch a lending protocol with utilisation rates, they are a mockery of interest rates Vast majority of the financial system won’t use inefficient DEX pools. They save every BPS, won’t be losing money to bootstrap idle liquidity for yield bearing/LFT assets when better mechanisms exist. Lido DVstETH already an example of the shift. DEX reliant protocols already lose a massive market share. Receivables and inventory lending will require future income logics, separate for every borrower. $5T market that can’t be coded into lending pools. Most onchain lending protocols are built for onchain games, not the real world. We’ll probably end up with 10-15 lending protocols with maybe 3 of those utilising lending pools.
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As institutions and savvy users increasingly migrate onchain, liquidity needs shift significantly to the longer term. Varying borrowing costs then become a big problem, as it is impossible to plan financially with size without knowing costs. Fixed rates will fix this.
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