The thesis suddenly seems so simple. - Risk Curators chase yield for institution capital.- Stablecoins seeing massive inflows.- DATs already shouting to deploy $ETH for yield. Everything boils down to #DeFi. DeFi summer 2.0 baby.

Web3 ≠ L1s from @circle and @stripe.Is it the bridge to TradFi that we need?. They can freeze & control assets on their chain.Wont have DeFi or true self-custody.But it can be trusted by any merchant or business. But when whitelisted, "DeFi" can integrate with it.That so bad?.

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These bank-like projects will act, or hire, Risk Curators to do the managing for them. This is the 2nd sector that will benefit from the rise of Stablecoins. However, it's uninvestable (no tokens).Fortunately, Risk Curators use Morpho $MORPHO, Euler $EUL. More about curators 👇.

Additionally, it's only a matter of time before bank-like projects launch on crypto rails:.- Deposit into the "bank".- Fractional reserve banking: they manage the books and lend out assets deposited with them.- Depositors use yield, and can pay with reserved stables.

Downstream of that are other lending and borrowing protocols. Holders look to earn on their savings.Lending and borrowing is a logical step for yield. Here too, projects like Aave, Morpho, Euler etcetera. If they're secure and include stables, it will get traction.

Institutions need a track record, and trust in security.similar to ETFs and DATs. They'll stick with trusted leaders in the space, and love a professional partner to talk to. Here @maplefinance stands outs; professional party, permissioned lending, collateral asset.

All digital money will increasingly move onchain ⛓️. This can be any fiat currency, but most will use dollars as it's the reserve currency and seen as most stable (. 😑). This capital will want yield 🌱.Given today's crypto landscape, no better place than #DeFi.

Prong 2/3 of #DeFi summer 2.0. Stablecoins supply is up and to the right 💹.Shocker. With regulatory winds shifted📜.capital can move onchain confidently. No need to cover why, let's discuss where 👀

Circle launching their own L1 makes sense. At this point, nothing is proven. Everything inhouse is more comfort, and may be needed as Circle aims to be a foundational layer for money used globally, by 8trillion ppl. This doesnt invalidate any modular thesis like @avax. Major.

DATs will chase yield too, but do so in DeFi, with some already marketing chasing yield: e.g. @theethermachine. The bulk of this $ETH will go to lending.either directly or via Risk Curators. Regardless, both paths lead into #DeFi.

When ETFs and DATs stake (their huge bags).Staking yields will compress. ETFs will likely keep staking.Regulatory concerns and all. Restaking w/ trusted partners may be a more logical next step for them.

Without yield, you're diluted.ETFs and DATs see this. They will flock to staking.In crypto, staking is the risk free rate. Liquid staking is already labeled not a security.&& ETFs have filed for staking too.It is not an if, but a when.

Prong 1/3 of #DeFi summer 2.0. ETFs and DATs are sucking up $ETH.Most look for yield. Squeezing rates pushes them into DeFi.mostly to @aave @MorphoLabs @maplefinance @eulerfinance.

Increasing $SYRUP from @maplefinance . Maple launching new yielding products and integrations soon.Interest rate cuts coming, will widen interest spreads 👉 More dollars hunt yield (syrupUSDC).Institutions have a partner to trust. Feels right.

All #NFA ofc. 💲 My #DeFi basket:.🧺 Bulk in $AAVE as leader, $MORPHO for growth.🌶️ Add-ons: $SYRUP for stablecoins and institutions.$DRIFT (Only play on trends on Solana), $EUL niche segment and strategies. 👀 Monitor:.Reserving funds for Upshift.$SPK after dilution Q2 2026.

@upshift_fi.- Bet on Prime Brokerage and actively-managed funds.- Token not live yet, but points system is 👀.- Bullish Prime Brokerage myself, though niche segment.

$EUL.- Leads Clustered vaults, falls under "lending altcoin".- mcap/fdv 0.69.- TVL 10x, token 4x. $FLUID.- Bet on app going mainstream and retail adoption.- mcap/fdv 0.66.- TVL 1.8x, token 3x (what?).

$SYRUP.- Proxy for yield-bearing stables.- v big w/ institutions and stablecoin thesis.- mcap/fdv 0.93.- TVL 10x, token 3.5x. $SPK.- Beta play to $SKY?.- mcap/fdv 0.11 (Next 12 months 30% of max supply unlocks).- TVL only 1.3x, token 1.8x but 2 months old.

Question is: Is it investable?. $AAVE:.- Proxy for lending, beta to eth w/o outperformance.- mcap/fdv of 0.95.- TVL 2x, token -13% in 2025.- Who will still buy?. $MORPHO:.- Proxy for modular DeFi and Base, has growth factor.- mcap/fdv 0.32.- TVL +2.4x, token -50% in 2025.

Having gone through these, there's lots of nuances 🔍. Leading driver for growth is institutional capital 🏦. 2 of 3 narratives is nice, but here ➡️ 1 + 1 + 1 = 5 🔥.One strengthens the other, hitting all 3 is huge.

🐂 Bull case.Prime Brokerage > Overcollateralised, DeFi opportunities broaden in-app strategies, actively-managed vaults outperform, institutions like CeDeFi. 🐻 Bear case.Brokerage platform dev-intensive -> can't keep up, permissionless borrowing scales too hard, not composable.