How is started vs how its going. 6 Months in, with Hundreds of Millions more in TVL, I knew I'd made a good call jumping in to be part of what @0xNessus and co were building at @hyperlendx but boy did I maybe not understand just how fast the vision was going to keep becoming reality. Next stop 1 Billion TMS. gLend.

Can more people please deposit their sBOLD on Pendle please so that there can finally be some decent liquidity for this unhinged APY arb... It's devastating to not be able to buy more than $12 of a YT without getting slipped into next year...

I don't think there's a protocol in Crypto with as high a Risk/Reward ratio as @pendle_fi. But of course, with that ratio comes crazy inefficiencies that open up ways to make money if you're willing to build out your edge. Say for example todays srUSDat market which launched on @monad. srUSDat YT's are currently paying out 86% APY, which doesn't sound too crazy until you remember that $100 of srUSDat buys you $1412 worth of yield exposure, meaning you're getting access to the yield that $1412 earns for the upfront cost of $100. To do the math for you, That's about 3.32% return every day at current rates. So as a user these numbers have convinced you you want to try get in, wow so fun. Here are the steps you'd have to take to get into this market. 1. Learn about USDat, a treasury bill backed stable on ETH. There's exposure to STRC (@saylor's fun derivative off the back of @MicroStrategy) in the staked version of USDat, so you spend some time thinking about your comfort there. 2. Cool, now you've decided you're okay with USDat you decided to mint some. 3. You take that USDat and deposit it into @strata_markets srUSDat vault, oh, wait, should probably take some time to learn about Strata, what they're doing and how the Senior/Junior split affects this vault. 3.5 You realise that Strata is depositing the USDat you deposit into sUSDat, so back we go again to learning more about that to see if we're onboard. 4. Okay cool, you're down so we've deposited into the Strata vault and got our srUSDat and we're ready to buy YT's right? 5. Nope, one final step, we're using @StargateFinance to bridge the srUSDat from Eth over to the purple chain. 6. Now its time to buy YT's. Limit Orders are your best friend if you don't want to get massively slipped, but you can also just punt your srUSDat right in and enjoy the ride. Or, I guess you could just be like me and degen right into every fresh market you see get incentivised on Pendle. You might read this as me having a go at the UX of the experience, and I'm genuinely not. We've optimised so much of the UX of crypto that the main places where we can find edge are in the inefficiencies. Long live DeFi that feels like it has its roots in 2021. Long live the grey area edge cases that let users find genuine edge if they're chronically online. Pendle has one of the highest R/R splits of any protocol in DeFi, so I guess it all comes back to if you feel up to managing that Anon?

If you're in Singapore around Token2049 and you want to hear from one of the hardest working/smartest founders in the HL eco @0xNessus will be taking a short break from grinding to speak at @HL_forum. I hear its an exclusive ticket, but if you can swing one I'd highly recommend!

I was trawling through Discord the other day when I saw a message that reminded me that @giga_dex's points program is 50% complete, which is cool! With TGE coming up at the end of August I started doing some maths for myself, but maybe not on the side you'd expect me to focus on. GigaDex is an optimisation on the Ve3,3 model popularised by @AerodromeFi over on @base. Rather than directing emissions directly to LP's, the V3,3 model encouraged token holders to step in and play an active role, locking their own tokens to earn voting rights which they were then able to use to direct future emissions towards the LP's of their choice. Giga saw this model and went, hey, its great, but we think we can optimise further. They started with the same basic framework, token holders earn in line with protocol success, but they cut out a lot of the inherent complication of the voting system by directing emissions themselves. This means that token holders will earn ALL protocol fees, with a model that allows you to stake, select your reward token and walk away. This is the bit I was interested in. I absolutely love models where fees go direct to holders, so I decided to run the numbers at TGE. The entire supply of GIGA is being printed at TGE, which makes it a bit easier to track everything, we're starting with 1 Billion tokens. What I'm interested in is the percentage of those tokens that're starting off as veGIGA, the locked version of the token. This is where all the fees will accrue. Working through the tokenomics model, Initially the veGIGA Machine, the $ROOT protocol allocation, the Launch Partner Allocation and the Community Airdrop will be locked as veGIGA at launch, adding up to 34.5% of total supply initially locked. In addition, the Treasury, Fair Launch Allocation and LP Support have potential to be allocated as veGIGA, adding a potential further 24% of supply locked at launch. So, we're starting with 34.5-58.5% of total supply earning a portion of protocol fees on day 1. The protocol earns 20% on Gauged (currently points earning, in future GIGA emission earning) pools, and 10% on non-gauged pools. GIGA is averaging ~$2000/day in total fees, so lets assume that the majority of that is gauged volume given points are great, meaning we're looking at ~$325/day in fees going into stakers pockets in the form of their choice. This might not sound too crazy, but lets contrast that with @Uniswap, who currently own the majority of volume on @RobinhoodCrypto. It's not a direct analogue as the fee split is a little different, but on average Uniswap is bringing in ~$130k in protocol revenue a day. If Giga can establish themselves to even a third of that daily rev things get pretty nice pretty fast for stakers. At 40k fees a day holding a decent percent of veGIGA could be pretty fun for your wallet, especially with as low as 35% of supply staked initially. With a pretty substantial amount of variance in the amount of supply staked on Day 1 it's a pretty interesting conundrum. Do you think Giga has potential to hit Uniswap numbers? Would you be happy if it chilled and paid you out smaller chunks of USDG over time? Either way, GIGA is an interesting concept and I'll be keeping an eye on them to see how it all pans out. Thanks for reading!

In the midst of a pretty rough market spot for hyperliquid:native it's been interesting to see HyperLend's total market size and total borrows holding a floor at ~$650M+ and $250M respectively. Seems like people either depositing more HYPE, or borrowing rather than exiting positions. gLend

Don't think I've seen a 1 Mill% APR for a while, @giga_dex giving serious DeFi Summer over in Sherwood Forest today. There are pools with deeper liquidity in the majors, but some good old fashioned APR shenanigans are good for the soul

Prior warning for anyone who's a Perps person, @TrueCurrentX has a @KaitoAI campaign coming soon, so you're going to see a lot of shills on the TL and I would highly recommend running as fast as you can away from their product. Awful pricing, rubbish liquidity and fills that're nowhere near quotes, plus a stack of baseline inadequacies in the user experience (random errors, no explanation of what happened etc.). I'm not a massive perps user, but far out that's half an hour of my life that I'm never getting back

USDC Supply on HyperLend continuing its inexorable move up and to the right. Cap has been raised past $100 Mill for the first time and heck yes we will be passing it soon. gLend.