USDC borrow rates against cbBTC/WBTC, fixed: • May 31: ~2.30% • Jun 30: ~2.50% • Jul 31: 🔜 Cheaper than other major platforms on Ethereum. And the rate doesn't move. Known rate, known term, known risk.

A new Coinbase Assets Boosted Portfolio is live on Glider. Hold cbBTC, cbETH, cbXRP, cbMEGA and SOL in one auto-rebalancing portfolio on Base. To participate, a deposit of at least $100 applies. Supported by @base. 🟦🦇

[Notice] Sunset of Select Morpho Earn Vaults The following vaults will be sunset: Mainnet: Hyperithm cbBTC Apex, Hyperithm ETH Apex HyperEVM: Hyperithm USDT0 No bad debt was incurred. Liquidity will be migrated to idle markets this week, after which the vaults will stop generating yield. Depositor funds remain safe. Redemptions are secured at the Morpho smart contract level and can be withdrawn anytime via the Morpho frontend. All other Hyperithm vaults continue operating normally.

Transparency update on the 9Summits ETH vault. Part of the vault was allocated to YieldBasis staked-cbBTC, held in YB's legacy pools. The risk parameters of those legacy pools let the position's value drift below its high-water mark through 2 successive drawdowns. On its own that gap was unrealized and could recover over time. The issue: staying in the legacy pools kept us exposed to further drawdowns of the same kind, with no guarantee of recovery. In close collaboration with the YieldBasis team, the right move was clear, migrate the position to YB's new pools (safer, better risk parameters). Being forced to migrate is what realized the loss now rather than let us carry an inflated mark. To mitigate the impact, 9Summits returned ~10.9 ETH of fees from its own treasury into the vault, leaving a net recognized drawdown of -8.35 ETH, or a PPS change of -0.0043188 (-0.43%). Even after this, the vault's 1Y net performance stands at 4.31% APR. Counting the YB the vault earned and sold, the position is still net positive, and we expect the gap to the vault's HWM to keep closing over the coming weeks. An upcoming Season 2 airdrop is also expected to help offset the hit. We understand how frustrating this event can be and remain fully committed and confident in finding the best outcome for our LPs. Please reach out with any questions.