New Morpho markets, curated by @Hyperithm! 🙌 Borrow $USDC against PT-apxUSD and PT-apyUSD. 86% LLTV. Supply for 40x points multiplier toward the Oct 13 $APYX airdrop. PT-apx Market 👇 PT-apy Market 👇

Apyx, the first dividend-backed stablecoin enabled by Digital Asset Treasury (DAT), has integrated LI.​FI to simplify access to onchain yield opportunities. With LI.​FI, @apyx_fi users can now go from any token on 60+ chains → apxUSD or apyUSD in a single transaction. A smoother onboarding experience, powered by LI.​FI.

This week in the PancakeSwap ecosystem 🥞  → STRCon now live. Trade tokenized Stretch ($STRC) on @BNBCHAIN with zero fees, powered by @OndoFinance → apxUSD & apyUSD (tokenized $STRC) now live on @ethereum. Swap or add liquidity with @apyx_fi → IRL community meetup in Jakarta with @baseindo, happening today → PancakeSwap liquidity now powers Venus Trade, @VenusProtocol's new relative performance trading on @BNBCHAIN → New incentivized wnUSDC/wnWMON & wnUSDC/wnshMON pools on @monad with @0xFastLane & @Neverland_Money → New Syrup Pool: stake CAKE, earn $NANA with @Nanovita_Labs → 18 new incentivized farms now live on @monad, with @tethergold hitting ATH in TVL → Weekly CAKE Stats — 587k burned, net emission -435k

Every week, @pendle_fi does something that makes it harder to argue against. Protocols are increasingly building their liquidity strategy around Pendle. APYX and Saturn are the clearest examples of this right now. @apyx_fi launched on Pendle and went from $26M to $371M TVL in two and a half months. A 14.3x increase. Pendle holds roughly 77% of all APYX TVL. That is not a protocol using Pendle as one tool among many. That is a protocol whose liquidity expansion is being driven through Pendle. @saturn_credit tells the same story from a different angle. $48.7M to $159.8M in thirty days. Native USDat holders grew 12x since listing. Pendle holds 48% of Saturn TVL. The PT markets are currently offering around 19% fixed APY. If you are willing to loop on @Morpho, yields can stretch to 60–110%. PT-apxUSD and PT-apyUSD are now the largest PT markets on Morpho with $50.5M TVL combined. The Paxos USDG pool crossed $200M TVL. These numbers are not happening because Pendle got lucky with timing. They are happening because the protocol built something that serious capital wants to sit inside. Now for the part most people overlook. The orderbook upgrade quietly changed the efficiency of everything. Before the migration, the orderbook handled 38.4% of volume. It now handles 59.9% of volume. $1.64B has been routed since the migration, a 2.5x increase even while TVL contracted. Volume efficiency improved while TVL declined. Half of all markets can now absorb $100K+ at under 2% price impact. The largest single trade absorbed was $13.3M on Global Dollar. The LO incentive numbers deserve their own moment. Roughly $32K spent generated around $280K in fees. Nearly 9x efficiency, and still climbing weekly. Most liquidity incentives bleed capital. They only work when the underlying product is strong. Emissions were cut 36.5%. 73% of remaining emissions are now directed toward fee-generating pools through AIM. 97.27M PENDLE staked, which is 35% of circulating supply. The protocol is getting leaner and more efficient at the same time. That combination is rare. @boros_fi does not fit neatly into any existing category. That is exactly why it is worth paying attention to. OI is at $125M, up 12.9% week over week. Volume sits at $52.5M, up 5.7%. Brent Oil, WTI Oil, Gold, Silver, the S&P 500, SOL, XRP, and HYPE across Hyperliquid, Binance, OKX, Bybit, and Lighter. Thirty-eight active markets in total. That list is worth reading slowly. Oil. Gold. Silver. The S&P 500. Pendle, a protocol built around yield, now has markets tied to macro assets traded across global finance. That is not a small product decision. That is a statement about what this protocol intends to become. BTC and ETH liquidity also improved this week, with OI rebuilding across 18 markets spanning four exchanges.

Apyx Power User of the Day 🔴 0x36…d195 🔴 Over the past 24 hours, wallet 0x36…d195 deployed ~$11M into Apyx by using ~$17M worth of $BTC as collateral to participate in a sophisticated onchain strategy. 🤯 Rather than minting $apxUSD with $USDC, this user: • Deposited $WBTC on Ethereum • Borrowed against their bitcoin position • Minted ~$11M of apxUSD • Swapped it for apyUSD • Deployed into @pendle_fi PT + YT markets For the first time ever, we’re witnessing bitcoin holders do something that was never before possible: Maintain ownership of their digital capital, borrow against it onchain, and redeploy that liquidity into onchain digital credit yield backed by dividend-paying assets like $STRC and $SATA. No selling. No giving up $BTC exposure. Just bitcoin as collateral and onchain digital credit yield as cash flow. This is what the next era of DeFi looks like, and it’s only getting started. 🚀 The user 👇

APYX crossed $350M TVL, up 30% from last week. There's only 11 days left of @apyx_fi S1 (which I'm heavily participating in via YTs). That said, S2 is nearly as large as S1 at 4% FDV. Quick look at the top five APYX yields this week: @pendle_fi 1) apyUSD PT: 17.8% APY Fixed Looped apyUSD PT: 72% APY 2) apxUSD PT: 15.5% APY Fixed Looped apyUSD PT: 47% APY 3) apyUSD LP: 16.45% + 13x Pips @roycoprotocol 4) Junior apyUSD: 20% APY (5.6x Exposure) 5) Senior apyUSD: 8.55% APY (18% Coverage) Honorable Mention (Rocyo/Pendle Combo): ➢ jrRoyAPYUSD: 21% APY Fixed Please use my ref link for all your apyUSD needs: (I'm also an ambassador)

Stablecoin protocols tapping into @MicroStrategy's STRC’s yield are seeing explosive growth. TVL across these strategies has increased 2.5x over the past month, making them one of the fastest growing segments in DeFi right now. This growth is tracking closely with STRC itself, whose market cap has risen 73% from $4.9B to $8.5B over the same period, signaling strong demand for Saylor’s latest product across multiple market participants. @apyx_fi and @saturn_credit are the primary beneficiaries so far. What makes this strategy particularly compelling is its scalability. STRC consistently sees $100M–$250M in daily trading volume, allowing these protocols to efficiently scale exposure in response to deposits and redemptions without major liquidity constraints. With the right risk safeguards in place, the next phase of this trade is likely to be looping yield-bearing stablecoins. PTs on these assets are currently offering 16% and 13% yields respectively, and importantly, these yields are sustainable even as TVL grows. Early signs of demand are already visible, with Morpho’s listing of PT-apyUSD reaching $23.2M supplied within just 10 days. Looking ahead, the key metrics to watch are continued TVL growth and capital efficiency across these strategies. Secondary beneficiaries are @pendle_fi and @Morpho, which are becoming the primary venues for structuring and leveraging these trades.

Strategy sold 3,588 BTC ($216M) to fund its preferred dividends. Capitulation, or proof the dividend machine works? @TheOtherParker_ of Apyx — whose apxUSD stablecoin is backed by Strategy's STRC — joins live at 3:30pm ET. Join us live on our platforms: X -

Onchain digital credit yield is taking over DeFi & stablecoins. 🔴 $apyUSD APY: 15.33% 🔴 $apxUSD back to $1.00: 31.37% implied 🔴 $STRC to a theoretical $105: 37.59% implied @Strive just signaled $SATA won't automatically issue at par. If @Strategy follows suit and $STRC pushes to $105, there's a solid chance apxUSD climbs with it. 👀

Everyone is asking the same question right now: What happens next for $MSTR and $STRC? 🤔 We sat down with @CryptoKaleo to debate it in depth, laying out the bull case for Strategy and digital credit while hearing the bear case directly. This is an opportunity to understand both sides of the story, assess the risks, and decide for yourself what may come next. 👇 ⏱️ Timestamps: 00:00 Introduction 04:22 @CryptoKaleo’s market outlook 07:10 The bear case for $MSTR and $STRC 11:54 The bull case: refinancing, liquidity & capital access 19:42 When does Strategy’s capital structure become a concern? 24:22 Credit risk, duration & preferred equity 36:28 Has Strategy shifted the goalposts? 43:45 What should Strategy do differently? 45:52 Why $MSTR needs leverage 50:46 Has the market rejected preferred-based leverage? 55:08 How Apyx handles $STRC discount risk 01:06:08 Is apxUSD really a stablecoin? 01:11:18 Redemptions, weekend liquidity & market structure 01:19:59 Market pressure, sentiment & potential short attacks 01:22:56 Closing bull case for Strategy 01:25:18 Closing thoughts from @CryptoKaleo