https://t.co/UbaeXDnXak

https://t.co/8dNrStnz2y

12/ See the full picture in the PYUSD Terminal: supply, users, incentives, and retention across Ethereum, Solana, Aave, Kamino, Drift, and Curve. Open the terminal here: https://t.co/G7uhGFrLeF Contact Forse if you want the same analysis for your asset/program.

11/ Since our analysis window closed in September 2025, PYUSD has kept growing. Circulating supply has reportedly jumped about 224% to more than 3.8B PYUSD, making it the sixth largest stablecoin by supply, with a big share of that growth coming from DeFi incentives and Solana

10/ Our playbook for PYUSD and similar assets: ▶︎ Track new active wallets, first to second transaction rate, and day‑7 repeat rate alongside TVL ▶︎ Spread rewards beyond whales with caps and diminishing returns ▶︎ Stage programs from discovery to activation to retention,

9/ Zooming out, the pattern is consistent. Incentives are great at buying short term TVL and activity. They are less effective at building durable, broad usage unless they are paired with a clear funnel from New User to Regular User to Power User, and with venues that keep PYUSD

8/ User segments add another layer. PYUSD wallets cluster into New User, Occasional User, Active Trader, Power User, Regular User, and Dormant. The base has grown a lot, but New Users still dominate, and upgrades into active segments compete directly with churn into Dormant.

7/ In DeFi, we looked at @Aave, @kamino, @DriftProtocol, and @CurveFinance. ▶︎ Aave grew PYUSD TVL from ~225–230M to peaks above 900M PYUSD, while borrowing shrank ▶︎ Kamino and Drift lifted TVL to ~150M PYUSD, then saw it fall when incentives cooled ▶︎ Curve kept paying

6/ Even with Solana’s ramp, Ethereum remained the hub by Sep 2025, with roughly 80% of PYUSD supply and Solana about 20%. CeFi concentration is high: @Paxos Treasury, supporting the @PayPal app, holds much of the balance, so DeFi operates on a smaller circulating float.

5/ Supply expanded in three main steps: ▶︎ Late Apr-early May 2024, first Solana mints, about 125M PYUSD of net new supply ▶︎ Mid May 2024, another ~120M PYUSD, mainly by Solana ▶︎ Aug-early Sep 2025, about 246M PYUSD more, taking combined supply to about 1.35B PYUSD

4/ Solana tells a different story on volume. From late April to late summer 2024, PYUSD monthly transfer volume on Solana ramps from almost 0 to about 2.5B PYUSD, with more than 275k transfers and around 10k unique senders. After that, volume stays high but moves in waves, in

3/ On Ethereum, usage follows a clear power law. ▶︎ ~1,674 Whale wallets move roughly 22.6B PYUSD in transfer volume ▶︎ ~84,753 Plankton wallets together move only about 24.5M PYUSD Minnow and Dolphin cohorts sit in between. PYUSD has reach, but real throughput is still

2/ High level picture: ▶︎ Most PYUSD still sat in centralized venues ▶︎ DeFi incentives created sharp activity waves while live, then faded ▶︎ Solana carried most transfers but is volatile ▶︎ A small set of whales driove almost all onchain volume

PYUSD has grown quickly, and we wanted to understand how that usage actually looks onchain. We analyzed ~2M PYUSD transfers between Apr 2024 and Sep 2025, across roughly 70k wallets on Ethereum and Solana to see where activity concentrates and how DeFi programs shape it. Here

https://t.co/RBcZNiEnrr

We are rolling out Forse Grants Management with partners who want grants programs that feel accountable, not experimental. If you want to increase the chances that your grants program consistently funds work that delivers measurable outcomes, read the full announcement and

Grants are one of the main levers protocols and ecosystems use to drive adoption. Without clean data and operational discipline, it is hard to see what is working, and even harder to scale it. Forse is built to help you: ▶︎ See your entire program and impact in one place ▶︎

We also focus on the builder side for a reason: smoother builder workflows directly reduce noise for reviewers. ▶︎ Higher quality applications from day one ▶︎ Cleaner execution after approvals ▶︎ Stronger signal on who to fund next The result is less time chasing context

For reviewers, this looks like: Real‑time program intelligence ▶︎ A unified application dashboard ▶︎ An action‑driven inbox ▶︎ An integrated knowledge hub All in one system, with agents handling guidance, scoring, and budget tracking in the background.

At the core are Forse Agents. Today, two context‑aware agents already run inside the platform, with more on the way: ▶︎ Guidance Agent helps builders draft stronger, on‑criteria applications ▶︎ Evaluation Agent scores full proposals against your weighted criteria and learns

For most teams, that means: ▶︎ Reviewers overloaded with messy applications ▶︎ Builders confused about requirements and status ▶︎ Leadership still asking: What did our grants actually achieve? Forse Grants Management is built to fix that by putting the entire program in