Yesterday, my 105x $BTC position traded straight through its liquidation zone On a normal perp venue, that single candle would have ended the trade FX100 kept it alive not because my directional call was immediately right, but because every newly opened position receives 15 minutes of liquidation protection During that opening window, price can cross the danger zone without triggering an instant forced exit That sounds like a small timing adjustment but at high leverage, it changes the structure of the trade Conventional perps let the worst tick decide your outcome, a brief liquidity vacuum, oracle move, or violent wick can liquidate the position even if price reverses seconds later FX100 inserts time between the trigger and the consequence That distinction matters most for "scalp trading" A scalper is not underwriting a multi week thesis, the strategy tries to capture short volatility bursts over minutes I ran that playbook successfully on CEXs through 2022-23, until quick liquidations eventually wiped my entire portfolio and I learned the lesson The lesson was not simply “leverage is bad.” It was that, at extreme leverage, market path can kill the position before the thesis has any time to resolve FX100 gives that thesis a fixed opening window But the protection should not be confused with safety, it delays liquidation but it does not repeal leverage If the move persists against you after the window, the position is still exposed I’m going to test the same my scalp strategy on both testnet and mainnet Because now for the first 15 minutes, a temporary wick and a persistent repricing are no longer treated as the same event Cool mechanism imo, and a genuinely different way to think about leverage risk

I'm using 100x leverage Come liquidate me, MMs i dare you Oh wait... you can’t..:) 15 minutes of liquidation protection on 100x $BTC is doing its thing Scalpers are gonna love it😉 FX100

Your USDC shouldn’t be settling for 4%. fxSAVE is currently sitting at the top of the Stable Yields leaderboard with 8.59% APY. And it’s not doing it with tiny liquidity: > $56M already supplied. If your stables are sitting idle (or earning half as much) it's a good time to reconsider.

Have mostly talked about @protocol_fx in terms of the overall project and why I am so bullish on it and why I am accumulating as much $FXN as humanly possible... HOWEVER, important reminder that you can also earn exquisite yields via their platform as well :) In this regard, fxSAVE is currently at 8.83% APY, with $55M already earning... (also delta-neutral with no lockup or etc, you can withdraw anytime) A beautiful yield-maxxing opportunity to say the least :) [note: very proud to work with the team in various capacities so flipping 'partnership' tag on this!] Will link to more info below!

Quietly, $fxUSD is becoming one of the most actively traded assets on @CurveFinance • USDC/fxUSD is the #1# pool by 24h volume at ~$1.94M • fxUSD is the #3# token by 24h volume, behind only USDC and WETH Supply: $63M (+22.45% / 30d) Higher

WHY should both instis & retaik should trade on @Mantle_Official via Fluxion? -> ze Atomic RFQ: DEEP liquidity with no slippage, no partial fills and best prices locked... -> 24/7: Market hours brings TradFi liquidity while Off hours brings Onchain liquidity... tasty? tasty. dc: image related dc2: linn is a mantle ambassador

Take note ya'll! Maple Finance co-founder @syrupsid did a fantastic interview earlier this week with @BitcoinJesusETH from Milk Road :) In it he discussed a multitude of things, including: - Where we sit cycle-wise in crypto right now - The macro backdrop and how big IPO's and AI-excitement are taking attention off of the crypto space - How crypto today is somewhat similar to the years the AI community spent slogging along in the 2017-2023 era before things really got going - How Maple has been able to generate so much success recently despite crypto's overall goblintownnery - The new MIP-021 Buyback Mechanism that was just voted in - What will happen to $SYRUP tokens that are bought back under it - Maple's new partnership with Robinhood, $syrupUSDG, and why it is all so exciting - The above as an example of what one might call 'Maple Embed', and why this is so bullish from a future growth perspective - All of Maple's other new partnerships and bullish announcements and etc - Outlook for crypto going forward - Outlook for Maple going forward (editor's note: extremely bullish 💪) - And tons of additional fascinating stuff! @BitcoinJesusETH from @milkroaddaily is an excellent interviewer and this ended up being a total banger of an video imho... But yeah, as always, I own tons of $SYRUP and am insanely bullish on @maplefinance and work with the team, so will flip the 'partnership' switch on this... And then will also include some bullish additional stuff in the tweets below :) And will end with a quote from Sid from the below clip: "Traction is actually fantastic... Stablecoin adoption is at an all-time high... The largest asset managers in the world are talking about tokenization... And prices are lagging that level of adoption... But... The people who are building at the moment- who are ignoring the negative sentiment and the dissatisfaction around prices- are gonna win, when we have this resurgence, and hit the tipping point on the s-curve where we go exponential..."

There is one question every DeFi user should ask before depositing into a vault: Who is paying my yield, and why? If the answer is merely “token incentives,” the yield is probably customer acquisition dressed up as revenue fxSAVE is a vault built over the $fxUSD and $USDC Stability Pool by Instead of distributing rewards such as wstETH directly, it automatically compounds them into additional stablecoins The result is a tokenised position in the protocol’s stability layer Effectively, it is a yield-bearing stablecoin vault whose return is connected to collateral productivity and leverage demand The yield stack has several components: First, leverage traders pay opening and closing fees. Currently a 0.3% opening fee and a 0.1% closing fee for ETH and BTC xPOSITIONs and sPOSITIONs. Second, fxMINT borrowers pay 0.5% when opening debt and 0.2% when closing it, rather than a recurring annual interest rate under ordinary conditions Third, the collateral itself is productive: ETH positions are backed with wstETH, generating staking yield while held in the reserve. Fourth, governance has authorised portions of Stability Pool USDC and reserve wstETH to be deployed into Aave. Current risk parameters cap each deployment at 80%. Finally, the pool can receive unused slippage, rebalance-related revenue and temporary funding costs when the protocol needs additional incentives to restore balance. The distribution rules reveal why DefiLlama’s “fees” and “protocol revenue” figures differ so sharply For ETH xPOSITION and fxMINT opening and closing fees, the current split is: 70% to the Stability Pool. 30% to protocol revenue. For BTC positions, the split is 50/50. Reserve yield goes entirely to the Stability Pool. The Stability Pool’s early-exit fee also stays entirely inside the pool. Certain collateral yields and temporary funding payments are dynamically divided between the Stability Pool and directional positions according to system conditions. This means f(x) is deliberately sacrificing maximum treasury extraction to strengthen the balance sheet. A fee paid by a trader is not automatically treated as profit. Much of it becomes: Yield for stablecoin capital. Additional peg liquidity. Compensation for system risk. An incentive to restore balance between longs and shorts. That distinction matters. During the research, DefiLlama showed approximately $289,243 in 30-day fees but only $23,046 in 30-day protocol revenue. The resulting treasury take rate was approximately 8%. At first glance, that looks weak. In reality, it reflects a design choice. The majority of economic value is frequently returned to the capital making the system functional rather than extracted by the DAO. The superior framing for fxSAVE is therefore not: “Here is a stablecoin paying X%.” It is: “Here is a tokenised claim on the revenue and collateral productivity of an onchain leverage system.” That revenue should still be expected to fluctuate. When leverage activity falls, fee income can decline. When staking or Aave rates compress, reserve yield falls. When $fxUSD composition changes, the Stability Pool may earn more or less. Real yield is real precisely because it responds to actual economic conditions. There are also genuine risks: USDC exposure inside the Stability Pool. Smart-contract and liquidity risk. Keeper and oracle dependencies. fxUSD peg risk. The 1% instant-exit fee, which can be avoided through the cooldown process. None of those disappear because a vault is denominated in dollars. But this is still a considerably more coherent design than paying depositors with an inflationary governance token while hoping someone eventually creates a business model fxSAVE converts leverage demand, collateral yield and peg-maintenance work into stablecoin yield The depositor is not being paid merely to arrive They are being paid because their liquidity performs a necessary job That is what DeFi real yield should mean.

Key Takeaways from @pendle_fi 's Community Call and H1 2026: • ze auto-looping is the surface-level feature: The deeper objective is to convert PTs from passive fixed-yield instruments into reusable collateral primitives across Aave, Morpho and Euler, that changes Pendle’s addressable market from yield trading to the broader architecture of onchain credit formation.. • Pendle does not want to vertically integrate all of DeFi: It wants to control the yield abstraction layer while allowing money markets to supply liquidity, leverage and collateral infrastructure they say,“We want to stay in our lane”.. The important point is that Pendle’s lane is gradually becoming the connective tissue between yield origination, fixed-rate exposure and capital efficiency • Curators introduce a distributed market-creation model: Instead of Pendle remaining the sole bottleneck for PT/YT launches, selected partners will be able to instantiate markets themselves • Pendle-branded vaults extend that distribution logic: Starting with Morpho, the goal is to package fixed-yield and looping strategies into products that can be accessed through third-party liquidity venues.. Pendle retains the UX and product identity without needing to own the entire balance sheet beneath it • The US is becoming strategically important: @tn_pendle is spending more time in NYC building relationships with major RWA issuers and exploring compliant DeFi utility for permissioned assets and ze opportunity is not just tokenisation it is the financialisation of tokenised assets through fixed rates, collateral utility, secondary liquidity and structured distribution • RWAs are already economically central to Pendle; V2 averaged $1.3B in daily TVL YTD, while 9 of its 11 featured assets were RWA-linked, zis suggests Pendle is not simply benefiting from the RWA narrative, it is increasingly becoming part of the market structure through which RWA yield is transformed into investable fixed-income exposure • Pendle’s role for issuers is becoming clearer: RWA platforms originate yield + Pendle converts that variable yield into fixed-rate instruments + Money markets then make those instruments collateral-efficient + Vaults make the resulting strategies distributable = Each layer increases the utility of the one beneath it • ze Monad demonstrated the portability of the model: Pendle became a top-five protocol on Monad with over $150M TVL in under one month and only three pools, zis is a strong example of how a small number of high-quality yield markets can create disproportionate ecosystem relevance • le Boros is narrowing its strategic aperture: ze goal is no longer to become another generic trading venue, ze new mission is to become infrastructure for funding-rate arbitrage across exchanges, with institutions as the initial target market • Boros has STILL processed over $14B in volume in under 12 months and users are up 50% YTD, ze product has meaningful throughput, but the team was honest that it has not yet found its final equilibrium (yet) • TN openly admitted that Boros “still has not found its footing” (and that's ok, linn thinks, specially in this market) Funds continue to price $PENDLE primarily on V2 revenue, and the team does not want to impose a token model before Boros finds genuine product-market fit, zis is preferable to manufacturing token utility around an unresolved product thesis • Pendle is also resisting chain-expansion theatre, no Canton deployment planned for now (good, linn thinks most of canton also incentives not longevity) ze team would rather enter later with validated demand than become a first mover into an ecosystem without sufficient economic density (good team) • Tokenomics have become materially tighter. Weekly PENDLE emissions fell from approximately 90K to 21K. The intended reduction was 30%. The realised reduction was 76% (gyat...team always overdelivering) AND according to the team, protocol performance did not deteriorate (linn agrees) • Zis matters because lower emissions change the quality of growth, if TVL, volume and usage persist while token issuance falls, activity becomes less dependent on rented liquidity and more reflective of actual product demand (mucho longevity) • Staking behaviour reinforces that signal, around 36% of PENDLE is now staked (including linn's) More than 2M PENDLE has been purchased from the open market and distributed to stakers. Roughly 93% of stakers have never unstaked (diamond hands fr) That suggests increasingly persistent rather than purely mercenary holder participation, • Ze broader thesis is simple, even if the architecture is not, Pendle is evolving from a destination for yield trading into infrastructure for: → yield decomposition → fixed-rate formation → collateralisation → leverage → market distribution → structured product packaging • Pendle does not need to become every protocol, only needs PTs to become embedded across enough protocols that Pendle’s yield layer becomes difficult to route around -> “staying in our lane” (and holy moly is it a good lane) tldr: pendle go up, pendle team relentless, tn mucho excellente fearless leader, jobs not done dc: as always, linn is tier 1 kol supreme for pendle

The Roaring Kitty trade worked because options let conviction survive path noise Kook’s point is right about the death path That is why I am watching @FX100Perp from @aladdindao /f(x) differently than another “100x perp” launch Most perp venues already sell high leverage but that is not the real product problem The real problem is liquidation clustering in the first minutes, when opening volatility and sweeps kill the trade before the thesis has time to play out FX100’s answer is simple: a 15 minute liquidation protection window on every trade. If price tags your liquidation level inside that window, the position stays open instead of getting force closed After 15 minutes, protection is off for now So this is not immortal leverage cosplay. It is a timed survival layer built for the window where most high-leverage trades die The interesting part is the design underneath it: perp UX on the surface, optionality and rebalancing mechanics underneath, so volatility gets absorbed instead of turned into an instant liquidation cliff That is very close to the f(x) Liquidation Brake idea. Smart rebalancing, not “you are out, thanks for the fees.” If that engine works as intended on mainnet, the implication for vanilla 100x perps is obvious High leverage stops being a casino skin. It becomes a real product only when the venue can carry path risk through the opening window Costs still matter. Funding still matters. Smart contract risk still matters. And this is still in testnet, not a finished mainnet proof So the bet is not “100x is safe” The bet is whether FX100 can productize the options insight Kook is pointing at: capture upside with leverage without getting hunted out of a correct trade in the first fifteen minutes That is the part worth tracking while the testnet window is open. Register for testnet and clear your route on @FX100Perp with my referral code: Code: CLR-1E1D-2EBD

Crypto + Macro Stuff I'm Looking At Today ... - Iran tensions back up - Oil at $86.97 - $QQQ down but still over $700 - $ETH outperforming $BTC over last month, up 11% vs 2.5%, respectively - Robinhood Chain has apparently flipped Base in active wallets (h/t my bro @Flowslikeosmo - make sure to give him a follow!) - Bitcoin and gold remain the two worst-performing major assets this year - Crypto Fear & Greed Index up into the 30's now though interestingly - Lots of speculation re: Clarity Act passing soon, with Bessent saying lawmakers are "at the 1 yard line" in regards to passing it - ie about to do so, for you non American football enjoyers ) - According to Certik there were 52 verified wrench attacks in Q1 and Q2 of this year, resulting in $124.1 million in losses - Morpho launching 'Midnight', their new fixed rate lending protocol - Mantle turns 3 years old seeing lots of success with its RWA efforts - Telegram is unveiling a new non-custodial wallet - Movement Labs bankruptcy is generating all sorts of contentious debate - Derive launching its new V3 - noble_xyz is shutting down (h/t my bro @flb_xyz - make sure to give him a follow!) - Variational seems to still be #1# prospective airdrop right now - Some smaller airdrop opportunities I'm seeing lots of smart folks post about include: arcus_xyz, perpltrade, and risextrade - Balaji announces a new Network School campus in Kazakhstan (apparently Malaysia revoked its license or something?) - In related meanderings... I'm insanely bullish on Central Asia over the next 10-20 years... think Kazakhstan and a lot of similar countries are going to do exceptionally well... - US real estate continues to suffer... especially vacation rental folks, multifamily syndicators, self-storage syndicators, etc - And of course office real estate is totally dead, but that is more for idiosyncratic reasons (rise of remote work and online economy) vs the macro stuff - US 10 year Treasury yields spiking like crazy, now up to 4.663% Conclusion Re: the above, I do not think Warsh and Bessent and Trump can let the 10 year stay this high for very long... Whether via ratcheting Iran stuff back down or else via Treasury shenanigannery or else via Fed doing something, in one way or another they gotta get down closer to 4% or we'll start seeing dysfunction... The fact that stocks and crypto are both doing as well as they are given how high long-duration bond yields are suggests to me they are really coiled to spring higher... So yeah... quite bullish on net for next few months, but as always- markets are very much political these days, so it will really depend on Trump/Warsh/Bessent... Either way though keep getting after it my dear anon 💪 Reject the bear'ism. Reject the blackpills. To quote the great Jack London: “A man without courage is to me the most despicable thing under the sun, a travesty on the whole scheme of creation...”

So @protocol_fx TVL is up almost 3x since February but interestingly $FXN’s valuation is basically unchanged $160M+ TVL $2M Mcap > $FxUSD supply is UP > Yield is Up > TVL is Up > Usage is Up Same token price That kind of mismatch usually does not last forever.

So @protocol_fx TVL is up almost 3x since February but interestingly $FXN’s valuation is basically unchanged $160M+ TVL $2M Mcap > $FxUSD supply is UP > Yield is Up > TVL is Up > Usage is Up Same token price That kind of mismatch usually does not last forever.

Le Pendle Updateroooni: Ze Highlights: - PT auto-looping feature goes live on Pendle. Beta supports Aave V3 and Morpho markets with a $500k per market limit. - Intern summarizes the CEO's Talk in this year's team offsite - PENDLE emissions cut by 76%, more than double initial target of 30% - PENDLE buyback surpasses 2M since sPENDLE launch 6 months ago - Incentives for Agora YT-AUSD 8-OCT bumped from $50k to $75k weekly - Pendle upgrades to Bungee V3 for faster routing and lower fees for crosschain swaps Mucho Stablecoin Fixed APYs: - PT-sUSDS 26-NOV | 5.42% | $30M fills at 5.08% Effective APY - PT-sUSDD 27-AUG | 7.48% | $15M fills at 6.79% Effective APY | Loopable on Morpho - PT-reUSD 10-DEC | 10.36% | $7.5M fills at 9.80% Effective APY | Loopable on Morpho & Euler Bestest Incentivized Pools: - [MON] Agora AUSD 8-OCT | $75K/week YT | $84.4M TVL - [ETH] sUSDS 26-NOV | $30K/week YT | $50.4M TVL - [ETH] sUSDD 27-AUG | $24K/week YT | $33.3M TVL - [MON] Upshift earnAUSD 8-OCT | $7.3K/week YT | $11.0M TVL Le Boros Highlights: - SKHYNIXUSDC (Hyperliquid) goes live on Boros. Conversion between SK Hynix ADRs and Korean shares is expected to open July 29. Traders positioning for that event can now hedge their funding long leg funding cost with Boros. - Boros surpasses $20B trading volume, less than 1 year since launch - How to earn ~16% ROI in just 7 days - Unlocking 14-15.5% delta-neutral fixed-yield with Gate’s CrossEx & Boros dc: Linn is Linn, hello how are you dc2: linn is a tier 1 kol supreme for pendle and boros

Uniswap just took another step toward making $UNI a cash-flow asset An on-chain vote is live to route protocol fees from Robinhood Chain (v2/v3) and Uniswap v4 across multiple chains directly into $UNI buybacks and burns The @RobinhoodCrypto integration is the most interesting part It brings structured retail order flow that few L2 ecosystems can match in both scale and consistency If governance approves, tokenholder value accrues directly with protocol usage That's a meaningful shift Instead of relying on narrative, $UNI becomes increasingly tied to trading volume If this passes, expect more protocols to face the same question: Why should protocol revenue stop at the treasury instead of flowing back to tokenholders?

fxSAVE is the tokenized Stability Pool Pendle has tokenized the yield it generates The Stability Pool protects $fxUSD Now anyone can access, trade, or lock in that cash flow directly Extra $PENDLE rewards on limit orders Live on @pendle_fi 👇

Leverage, stability, yield, and tokenomics are not separate products They are one machine A system where each part strengthens the others That’s what makes @protocol_fx different

The market keeps treating leverage like it is just another trade -> f(x) treats it like infrastructure <- That is the difference When collateral(ETH) rises, most protocols celebrate the chart and hope the flow follows. @protocol_fx is built for the part after that. the part where collateral strength changes the entire borrow surface. the part where higher-quality assets, better marks, and healthier ratios do not just make positions look safer on a dashboard, but actually change how capital moves through the system. That is why this regime matters. BTC holding structure and ETH breaking its ratio downtrend are not separate events. They are the exact kind of inputs that stress-test the best and reveal the rest. When ETH strengthens relative to btc, collateral math improves. borrow headroom expands. liquidation zones move further away. the system gets room to breathe. And in a design like f(x), that breathing room is not cosmetic. it is the difference between fragile leverage and productive leverage. this is where f(x) separates itself. Most leverage products are built around one obsession: > How much size can be pushed through before the mechanism cracks. f(x) is built around the opposite question: > How do you make leverage useful without turning every swing into a liquidation event? That is why protected leverage matters. That is why stable demand matters. That is why the protocol becomes more interesting precisely when the market is less chaotic. because in calmer conditions, the real architecture shows up. When collateral improves, f(x) does not need to chase attention. it becomes structurally more efficient. healthy collateral ratios support deeper utilization. Protected leverage keeps capital alive through noise that would otherwise wipe it. borrow demand becomes more durable. the system does not just survive volatility better. it extracts more from the same capital base. That is the real thesis. Not “f(x) is up because the market is up.” More like “the market’s collateral repricing is creating the exact environment where f(x) should compound its advantage.” And that matters for the rest of defi too. Higher collateral quality does not stay isolated inside one protocol. it flows outward. Stable demand gets cleaner. Lending markets get more efficient. Yield venues get more attractive. Fixed-income products like @pendle_fi can price carry with less junk in the vol stack. @CurveFinance and @fraxfinance benefit when stable liquidity has somewhere productive to go. The whole system feels it when leverage stops being a blunt instrument and starts acting like a controlled engine. That is the f(x) angle most people miss. it is not just a stablecoin protocol it is not just a leveraged position product > it is a capital structure that gets stronger when the market starts valuing collateral correctly again. < And in a market like this, that is the kind of design that can outlast the narrative cycle BTC can hold the line and ETH can reclaim relative strength but the protocols that matter are the ones that turn those moves into sustainable flow f(x) is one of them. Link + Docs in @protocol_fx bio, NFA DYOR.