.@ethena_labs kicked off a new era for what I think is going to be one of the continued largest and fastest growing segments of crypto native businesses. I’m still tinkering with the best way to articulate this segment…yieldcoins, onchain asset management…don’t love any of them yet, but the product is primarily YIELD Ethena did several things incredibly well: - bring yield onchain in a yield starved era - opening up access to a popular, profitable TradFi strategy in a crypto-driven manner (BTC/ETH basis) - superior form and function. The $1 denomination was key, instead of doing it on a NAV/PPS basis like typical funds - risk management + building trust Think there is a tremendous opportunity to build hundreds of product strategies here and at least a dozen very valuable businesses. TAM in 10-15 years is probably $500B-$1T at least. Most traditional asset managers will struggle with this (even the crypto friendly ones) because: - unfamiliarity with DeFi/crypto market structure - compliance risk/reward @maplefinance is another great firm I put in this category. @upshift_fi and @MidasRWA also come to mind.

In DeFi risk is always present everywhere, even on correlated pools w/ fundamental oracles: In March, two months after the USD0++ de-peg, a user has a $4.6 million USD0++ loop liquidated, losing $225k as the penalty. This liquidation was likely caused by interest accrual, weirdly the EOA was active before and after the event so it is unclear what exactly happened. Maybe they forgot to top up collateral? Maybe they ran out of funds on-chain? The point is in DeFi un-expected things will happen. In a different world, a user error like this could have triggered contagion risk leading to liquidation cascades or bad debt.

LTCM but for DeFi looping who’s building this?

No central point of failure Market-driven outcomes Credible onchain guarantees That’s Cap Built on @eigenlayer

Integrated vs modular lending is playing out as one would expect. Integrated lending is winning in areas where high performance matters more (leveraged looping). Modular lending is winning in areas where performance matters less (Coinbase BTC loans).

The one simple trick to getting 2.8 billion TVL is improving your liquidation engine.

It’s pretty obvious that Solana will figure out 99% of the tech problems, and the L1 will become an almost perfect platform for permissionless finance innovation. So the Solana vs Hyperliquid debate boils down to permissionless innovation vs centralized innovation. With nuances of user retention and existing moats.

What SolFi is for swapping, Curvance will be for lending. Proprietary lending pools on Monad.

Old-fashioned push feeds cost our communities billions. With our Application-Specific Sequencing, RedStone Atom runs atomic auctions in .3 seconds. Faster, safer, better DeFi is here.

RedStone just solved a $500 million problem in DeFi. All liquidation fees now go to MEV bots. Over $500 million has been lost through leaks in lending protocols like Compound and Venus, money that could have benefited users or protocols. RedStone Atom fixes this. It transforms oracles from passive data feeds into active performance engines. With instant price updates at the exact moment liquidation becomes possible, protocols can enable tighter risk parameters, higher LTV ratios, and superior yields for users. It also captures Oracle Extractable Value (OEV) - routing liquidation bonuses back to the protocol and to RedStone as a sustainable revenue stream, instead of losing them to bots. No code changes are necessary. You can activate it on any EVM chain with a RedStone feed. Long-term, everyone will adopt it, as it’s more efficient than the status quo. DeFi lending will be supercharged.