1/ @ethena_labs, @pendle_fi, & @aave together form one of the fastest growing dynamics within DeFi. Top of the funnel to this dynamic, the USDe supply has grown over 100% this past month, crossing $11.4B 🧵

Volumes on @boros_fi Up and to the right

Full report: https://t.co/klKgDDpZPB

It's honestly futarded that we're giving away this @MetaDAOProject alpha for free. You can find the full report by @0xcarlosg below. It's a heater and a must-read.

1/ @sire_agent and @webuildscore are redefining sports prediction markets. By using AI to analyze videos and transform sports gameplay footage into actionable trading intelligence, they’re turning onchain prediction markets into an emerging investable asset class. 🧵

Check it out here: https://t.co/LGUIZhnBeB

The @blockworksres Analyst team has taken over the @0xResearch Newsletter. Daily market commentary, alpha leaks, and sneak peeks of our research and data. It's criminally underpriced, free for all.

https://t.co/6mTkWpTRy3

How much of @ethena_labs’s liquid backing can safely be deployed on @aave without risking redemption capacity? We built a dynamic stress-testing framework to find out. Here’s what we learned 👇

"We view @KaminoFinance as one of our highest conviction projects within Solana DeFi and money markets at large." @0xcarlosg and I cooked on this one. Sub to BWR for more.

Trailing 30-day change in TVL on @pendle_fi Pendle has demonstrated its largest-ever growth cycle, which began in May, coinciding with @aave listing PTs Over $13B now on Pendle

Fundraising looks different this cycle. Rather than venture-stage checks, the majority of new capital formation is occurring at the IPO/Post-IPO stage (IPOs and DATCOs) explaining much of the recent rise. Discussed more in today's @0xResearch newsletter.

For more of these daily insights, subscribe to our newsletter here: https://t.co/LGUIZhnBeB

The aggregate mNAV for ETH and SOL DATCOs is now beneath 1. The ATM window may be tapped out for the time being. Discussed in today's @0xResearch newsletter.

9/ The offerings of @ethena_labs, @pendle_fi, & @aave have materially grown the top lines of every party on this exchange. While this is a first look at the story, I explore it in more depth in a recent report on @blockworksres. Go check it out!

8/ While growth across these three players has been blockbuster, leverage against USDe instruments has scaled dramatically in recent months, elevating risks. Should demand for leverage raise borrow costs to make the carry trade no longer profitable, an unwind could occur.

7/ YBA issuers see Pendle as a premier go-to-market venue, often underwriting incentives for liquidity on the market and solving for Pendle’s supply side, while money markets view PTs as attractive collateral types to lend against, solving for Pendle’s demand side.

6/ The USDe growth has been a major tailwind for @pendle_fi. Pendle is now home to over 60% of the USDe supply, with recent growth bringing liquidity on v2 markets to over $9.8B.

5/ It is observed that @pendle_fi PTs exhibit the highest utilization rate as collateral types on major money markets out of any instrument within crypto. Additionally, borrowers max out leverage. Every $1 in PT deposits have generated about ~$0.89 in active loans.

4/ All else being equal, the sats campaign lifts the fixed yield on USDe-type PTs, making them more attractive for looping on money markets, particularly @aave. PTs have been a killer listing for Aave, having attracted over $4B in deposits.

3/ Similarly, the sUSDe market on Pendle, with $2.9B in sUSDe, is pricing the implied yield at 12% APY, while the underlying pays 6%. This market is earning a 25x sats boost, reconciling the premium.