The new srUSDat market on @pendle_fi on Ethereum is live with extended maturity and enhanced rewards. PT: 9.22% fixed APY YT: 8.18% underlying APY + Strata & Saturn Points LP: 14.04% APY + Strata & Saturn Points Digital Money. Upgraded.

Literally feels like @RobinhoodCrypto chain revived the trenches. Spent the weekend digging through the ecosystem and it's the interesting experiments and ideas that got me, (not the charts tbh). The numbers are ofc insane (ngl, even for the robinhood tag). $2.66m in app revenue in 24h on aug 31, past ethereum ($1.27m) and hyperliquid ($1.7m), only solana is ahead. On a two month old chain. i would not have believed it crosses $ETH on fees this fast. @gmgnai, @ponsdotfamily and @Uniswap are like ~90% of that. ( and ofc @Uniswap v4 powers like everything underneath). So, ethereum:0x07f5b6823751c2e2cd4560f28af75ff887102241 is the engine. Over $260M mcap, 36.9k holders, $46m+ in lifetime launchpad fees. And v2 is where it gets even more interesting: tokens paired against tokenized equities instead of a gas coin. $NVDA, $AAPL, $HOOD. BTW gotta say CT folks are insane with experimentation, @RuneCrypto_ recently shared he took 37.4% of a $4.8m NASDAQ listed stock to pair with a memecoin and short squeeze the bears ig. not sure how it's gonna play out, but that it is def rise of next meta with memes. I follow @AvgJoesCrypto for research ofc, but also for some of his early calls. And he was early to PONS. Recently saw his $FOMO app posts on @ponstrategy and went looking. The mechanic took me a minute to appreciate. > The strategy is a contract whose only job is to convert the fees it earns into another asset and hand that asset to whoever holds it. > $PONSTR points 100% at ethereum:0x07f5b6823751c2e2cd4560f28af75ff887102241 and distributes every four hours, to every wallet, creator take zero. > The treasury is immutable and one-directional. nothing withdrawable, nothing new issued, no claim on a pile. The asset arrives straight to the user wallet. The factory that kinda generalises this went live 3 august on uniswap v4 hooks: 2% fee per token, treasury takes the majority, baskets of up to five whitelisted tokens. IIRC, $PONSTR was the first to implement it (IIRC, midd july). @anger_trading called it the "Microstrategy" of ethereum:0x07f5b6823751c2e2cd4560f28af75ff887102241 and @bfresh called it the "Index of PONS". TBH both kinda land. Now the crazy part, @ponstrategy has active 39 days in: 204 drops, 271k pons out, worth $14.2k on the days it dropped, over $100k now. 8.29% of supply burned. About 900 unique holders. Market cap ~$200k. roughly 2x what it has already paid out. If we look at similqr models and compare the value distributed back to holders vs the market cap, it feels strange. $INDEX: ~$1.5m distributed, ~$29m mcap, ~20x. $PONSFOLIO: ~$70k airdropped, ~$1.28m mcap, ~18x. similar constructs, wildly different multiples. Ofc, as always, NFA. But def looks like the trenches are so back.

Ethena has been cooking hard over the years, and this is getting more and more evident recently. Rewind twelve months. The backing already had stables in it, but the yield was one variable: crypto funding. It worked beautifully until it didn't. When funding went flat and leverage demand died after October, supply fell from ~$15b to ~$4b over the following ten months. The yield and the cycle were the same thing. Look at the backing today: 32% liquid stables, 31% defi lending, 13% crypto basis, 12% institutional lending, 12% rwa. Five categories, five different drivers. And it rotates. Crypto basis was just about 1-2% a few weeks back. It's 13% now. Funding turns, they lean back in. Funding dies, they double down on institutional credit and RWA. sUSDe printing a 3 month high this week is that mechanism working. Or more like just getting started. The credit side is real now, and at scale. > Overcollateralised lines with @Anchorage, @maplefinance Institutional and @coinbase Asset Management, finalised in March and April, BTC and ETH collateral only, triparty custody with Anchorage running collateral through Atlas. > Then @FalconXGlobal on Aug 20, a $1b senior secured warehouse where Ethena's capital buys crypto-backed loan receivables against a first-priority claim. That book is 12% of backing today. The RWA leg is Janus Henderson. JAAA tokenised through Centrifuge, 100% AAA CLO tranches, cleared by Ethena's risk committee at a $250m initial allocation. They also took and run treasury cash in sUSDe. Equity basis is the piece that now gives the yield engine a leg that isn't priced off crypto leverage demand. Then the token side landed on top of it. Investor unlocks ended, IP and economics moving to the foundation, fee switch vote live through Sept 2 sending 95% of the foundation's net revenue to buybacks once USDe clears $7.5b. Last cycle Ethena was a great trade. This time it's a diversified book with institutional plumbing under it and a token with a claim on the whole thing. The result is a stronger, more resilient dollar, and a structurally different one. With a diversified and evolving book, @ethena is curating a portfolio of evolving and diversified risks. @strata_markets continues to provide allocators an option to choose where they want to sit on the risk-reward curve on that diversified book. > takes the senior claim, paid first, protected up to junior coverage, 3.79% today. > $jrUSDe for the allocators who want levered exposure to those yields, while absorbing first loss and getting paid a risk premium for it. Same book, two distinct places on that risk-reward curve. Pick your seat. As always, NFA

Ethena has been cooking hard over the years, and this is getting more and more evident recently. Rewind twelve months. The backing already had stables in it, but the yield was one variable: crypto funding. It worked beautifully until it didn't. When funding went flat and leverage demand died after October, supply fell from ~$15b to ~$4b over the following ten months. The yield and the cycle were the same thing. Look at the backing today: 32% liquid stables, 31% defi lending, 13% crypto basis, 12% institutional lending, 12% rwa. Five categories, five different drivers. And it rotates. Crypto basis was just about 1-2% a few weeks back. It's 13% now. Funding turns, they lean back in. Funding dies, they double down on institutional credit and RWA. sUSDe printing a 3 month high this week is that mechanism working. Or more like just getting started. The credit side is real now, and at scale. > Overcollateralised lines with @Anchorage, @maplefinance Institutional and @coinbase Asset Management, finalised in March and April, BTC and ETH collateral only, triparty custody with Anchorage running collateral through Atlas. > Then @FalconXGlobal on Aug 20, a $1b senior secured warehouse where Ethena's capital buys crypto-backed loan receivables against a first-priority claim. That book is 12% of backing today. The RWA leg is Janus Henderson. JAAA tokenised through Centrifuge, 100% AAA CLO tranches, cleared by Ethena's risk committee at a $250m initial allocation. They also took and run treasury cash in sUSDe. Equity basis is the piece that now gives the yield engine a leg that isn't priced off crypto leverage demand. Then the token side landed on top of it. Investor unlocks ended, IP and economics moving to the foundation, fee switch vote live through Sept 2 sending 95% of the foundation's net revenue to buybacks once USDe clears $7.5b. Last cycle Ethena was a great trade. This time it's a diversified book with institutional plumbing under it and a token with a claim on the whole thing. The result is a stronger, more resilient dollar, and a structurally different one. With a diversified and evolving book, @ethena is curating a portfolio of evolving and diversified risks. @strata_markets continues to provide allocators an option to choose where they want to sit on the risk-reward curve on that diversified book. > takes the senior claim, paid first, protected up to junior coverage, 3.79% today. > $jrUSDe for the allocators who want levered exposure to those yields, while absorbing first loss and getting paid a risk premium for it. Same book, two distinct places on that risk-reward curve. Pick your seat. As always, NFA

Binance Wallet users can now earn $STRC backed yield with built in first-loss protection via Senior USDat. $STRC trades on Nasdaq. Reaching it has required a US brokerage account. You can now access a fixed 65% share of its dividend rate with a senior claim, right from your @BinanceWallet. Digital Money powered by Digital Credit. From @saylor to your Wallet. By @saturn_credit x @strata_markets

Congrats to @itsgleninnit, @0xthegipper and the goated @tydrohq and @inkonchain teams. This is a big one. Fixed rates onchain have been promised since the last cycle, and a few teams are getting there now. But the real scale comes from demand and proper structure: Terms institutional capital can underwrite and size before it commits. Tydro v2 brings all of that, built on @aave v3, the deepest and largest venue in onchain lending, settled on ink. An overnight rate set by governance. doesn't drift with utilization, no maturity, no rollover, collateral sitting in qualified custody by @krakenfx. Now, that settles one axis. What credit costs. @strata_markets is bringing the second one. Senior for capital preservation, junior for enhanced yields, on the same supply position. @flipdazed said it in the launch post: "fixed income requires structuring." that's the whole thing. Excited to be part of the next gen of onchain lending with goated teams like @avantprotocol, @KeyringNetwork, @CredoraNetwork, @infiniFi, @chainlink, @redstone_defi, @upshift_fi, @maplefinance, @LlamaRisk and @krakenfx.

Ramiro Gamen ( @0xKyaraben ), Co-Founder & COO at Frontera Labs and core contributor to Strata, will be at @rwasummit in Brooklyn, Sept 1–2. If you’re building private credit or RWA yield products and thinking about how to structure, distribute, and bring them onto DeFi rails, DM to connect.

Agree, loop on @aave. And if you use certain assets like PT-srUSDe, this entire class of problem disappears. What happened this morning on morpho: > 19 loopers liquidated. > not because reUSD broke, it never moved. So, @pendle_fi documents two ways to price a PT. > A linear discount curve, which its docs mark recommended for money markets and collateral pricing. > Or a TWAP on the PT's own market price, listed for integrations that need a live market read. This market used the second, on a pool thin enough to push. Result? > $320k of YT buys over nine minutes moved the mark ~2.8%. > $37m of collateral seized, $946k paid in liquidation bonuses. > The price was most of the way back within the hour. > The loops were already gone. Aave takes the first path, and doesn't read the PT's own market price. > It prices the PT as a zero coupon bond: a linear discount decaying to par at maturity, on top of the underlying feed, with a ceiling fixed in the contract at deployment. > No trade, at any size, touches your mark. Take PT-srUSDe-22oct2026 as the case study. > Discount rate 3.77%, ceiling 10.22%. > With 57 days left, the deepest the oracle can mark you down is ~1%. > Buffer at max borrow: 2.14%. $250m of USDe sits borrowable behind it, 9.9x max leverage, 37.72% max looping APY today. Why PT-srUSDe you ask anon? > @ethena runs the one of the most diversified yield engine onchain: basis trade, institutional lending, defi lending, rwa. > srUSDe is the senior claim, junior capital takes first loss. > Currently there's about $7.5M in junior sitting below senior > That seniority is priced: 10.22% ceiling against 12.27% on PT-sUSDe, 93.36% threshold against 92.65%, same maturity. > Fixed rate on top. First-loss capital underneath. @LidoFinance's EarnUSD already runs this loop, extended through @twynexyz's delegated credit.

No doubt @ethena is the best venue for a diversified yield today: institutional lending, rwa, and defi lending in one book. And now, with market conditions improving, funding rates are rising, and we could see an uptick in ethena yields from here. Crypto basis is back to 10% of backing from ~1% a few weeks/ days ago. $srUSDe is one of the best way to access those yields, with first loss capital underneath. And good new for our loopers, srUSDe is already the deepest liquidity market for USDe looping on @pendle_fi. That isn't an accident. Lenders price collateral by its downside, and srUSDe is paid first with jrUSDe absorbing losses before it. Narrower downside, higher LLTV, more leverage per dollar, more supply. Currently there's about $7.5M sitting in junior as first loss, earning near second digits APY for that.

"Bitcoin is hope, and I'm prepared to do whatever it takes to spread Bitcoin to 8 billion people around the world", Michael Saylor. srUSDat sits as the Digital Money layer on @saylor's Digital Asset Stack, and it has now passed its first real stress test. This is how you scale Michael Saylor's vision. > The @saturn_credit team cleared the first and most important checkpoint: making $STRC backed yield reachable by anyone, anywhere, anytime, not just holders of a US brokerage account. > @strata_markets's srUSDat is what converts it into Digital Money, a fixed, first priority claim to 65% of the STRC dividend rate with first loss taken by junior capital. No, wait till you see what happens when srUSDat goes on @pendle_fi and your get PT-srUSDat (dropping a bigger case study on the full stack next week). Digital Money, powered by Digital Credit.

One of the largest private credit deal on record is a two-leg trade. > So, Meta wanted a $27B datacenter off its books. > A blue owl JV borrowed and built it, $27B of A+ paper went to PIMCO and Blackrock maturing 2049 > Meta kept 20% of the equity plus a residual value guarantee underneath. Someone funds it. Someone else ends up owning it. the party closest to the asset keeps skin under the bonds. That's the machine every lender runs. Most of onchain private credit or even defi so to speak has only ever built half of it. Every lender is two sides of one balance sheet. > The funding leg is how you pay for loans. > The asset leg is who ends up owning them. Defi built the funding leg a hundred times: every pool is a warehouse, deposits in, loans out, exit capped by repayment. the asset leg barely exists. ~$20B of tokenized private credit, 61% of tokenized RWAs, mostly wrappers around tradfi's finished output. Well, how does the actual trade look like (ofc on high level): > Sell $100 as senior, keep $5 as junior. > Worst case is the $5, and the $5 earns spread on all $105. > One $10M facility does $40M a year on quarterly turns. And yes, the math is 20×, same series as looping. the difference is what kills you: looping dies on a price. a retained junior dies only on defaults. no margin call, no forced unwind. TradFi has run this machine for decades. It's only now hitting full speed and full scale (more on this insurers and AI soon stuff soon). Tokenization doesn't improve loss-given-default. You need proper structuring and onchain securitization. The onchain structuring part is what we already solved at @strata_markets. Full stack onchain origination is the next unlock we're working on, and the structuing layer is how you unlock distribution and accessibility.

The fix isn't a better policy. It's not needing one. Onchain yield needs onchain coverage. Written in contracts, enforced in real time, settled without asking anyone. 1. You open the earn product. 6% on a yield-bearing stablecoin. next to it there's a toggle: protected. you flip it. 2. Yield goes to say 5.3%. that's the whole decision. no form, no policy, no underwriter looking at your wallet. 3. Everything after is identical. same app, same underlying, and yield lands as before. you stop thinking about it, which is the point. 4. Underneath, the toggle moved you into the senior tranche of the same vault. someone else's capital now sits under yours in the loss queue. 5. The 70bps you gave up isn't a fee. it's a risk premium. you're paying someone to take first loss ahead of you. 6. Illustrative: $100m vault, $15m junior, $85m senior. strategy earns 6%. senior takes 5.3%, junior keeps the residual, roughly 10% on its capital. 7. Let's say the underlying strategy takes a 10% hit. junior absorbs all of it. $15m becomes $5m. your balance doesn't move. not because anyone decided to make you whole. the waterfall can't allocate it anywhere else. 8. No claim, no adjustments, no policy wording, no governance vote deciding whether you count. you probably don't even find out it happened. 9. And it is continuously enforced onchain. protected up to junior coverage. that's the attachment point, and it's live on screen, not buried in a disclosure nobody opens. 10. Who takes junior? capital that wants levered exposure to the strategy. that could be defi native capital that takes higher risk in return for higher yields. Here's where this gets even more interesting for curators/ issuers/ managers: > Curators and issuers can take it too. sitting first in line is the strongest signal you can send about your own book. and for issuers who can't legally promise anyone anything, funded subordination isn't a promise. it's capital. > You can take levered exposure on your own vaults and earn the extra APY that would've otherwise gone to say insurers (ofc only if you believe in your strategy) > Capacity stops being one insurer's balance sheet. every dollar of junior carries five or six of senior, so junior demand grows the whole vault, not just the buffer. > same ux, no claims, no paperwork. the coverage is contracts running onchain. This is what you can build with @strata_markets today (even better than what i described above): > senior/junior tranches on any vaults you need > a waterfall that enforces the loss order block by block > coverage you can verify onchain. > with v2, senior gets a liquidity sleeve on top. Protection and priority exit, Same underlying.

The fix isn't a better policy. It's not needing one. Onchain yield needs onchain coverage. Written in contracts, enforced in real time, settled without asking anyone. 1. You open the earn product. 6% on a yield-bearing stablecoin. next to it there's a toggle: protected. you flip it. 2. Yield goes to say 5.3%. that's the whole decision. no form, no policy, no underwriter looking at your wallet. 3. Everything after is identical. same app, same underlying, and yield lands as before. you stop thinking about it, which is the point. 4. Underneath, the toggle moved you into the senior tranche of the same vault. someone else's capital now sits under yours in the loss queue. 5. The 70bps you gave up isn't a fee. it's a risk premium. you're paying someone to take first loss ahead of you. 6. Illustrative: $100m vault, $15m junior, $85m senior. strategy earns 6%. senior takes 5.3%, junior keeps the residual, roughly 10% on its capital. 7. Let's say the underlying strategy takes a 10% hit. junior absorbs all of it. $15m becomes $5m. your balance doesn't move. not because anyone decided to make you whole. the waterfall can't allocate it anywhere else. 8. No claim, no adjustments, no policy wording, no governance vote deciding whether you count. you probably don't even find out it happened. 9. And it is continuously enforced onchain. protected up to junior coverage. that's the attachment point, and it's live on screen, not buried in a disclosure nobody opens. 10. Who takes junior? capital that wants levered exposure to the strategy. that could be defi native capital that takes higher risk in return for higher yields. Here's where this gets even more interesting for curators/ issuers/ managers: > Curators and issuers can take it too. sitting first in line is the strongest signal you can send about your own book. and for issuers who can't legally promise anyone anything, funded subordination isn't a promise. it's capital. > You can take levered exposure on your own vaults and earn the extra APY that would've otherwise gone to say insurers (ofc only if you believe in your strategy) > Capacity stops being one insurer's balance sheet. every dollar of junior carries five or six of senior, so junior demand grows the whole vault, not just the buffer. > same ux, no claims, no paperwork. the coverage is contracts running onchain. This is what you can build with @strata_markets today (even better than what i described above): > senior/junior tranches on any vaults you need > a waterfall that enforces the loss order block by block > coverage you can verify onchain. > with v2, senior gets a liquidity sleeve on top. Protection and priority exit, Same underlying.

New Senior USDat (srUSDat) market is now live on @pendle_fi on Ethereum. PT/YT-srUSDat- Jan 27 Fix or trade senior covered yield, backed by $STRC Digital Credit and continue stacking Strata and @saturn_credit Points. Digital Money. Upgraded.

Played around on the @iris_credit testnet over the weekend. Ran a few loans across the three live markets. The UI itself barely needs describing, which is sort of the point. > You state what you need. > Collateral, size, how long, the highest rate you'll accept. > A quote comes back with a countdown. > Take it or don't. The maturity field is fully customizable. I wanted 4 days, so I entered 4 days. No limited dropdown, nothing rounding me into someone else's calendar. What runs underneath is the more interesting part to me. > You're not matched against a lender. > You sign an intent, and solvers compete off-chain to underwrite it. > The winner puts up its own capital as a guarantee, opens your loan as a normal variable position on whichever venue is cheapest right then, and hands you a fixed rate on top. Then it keeps working. As rates move, the solver can shift that position across venues chasing cheaper funding. Your rate never moves. Theirs does. If the real funding cost lands below your quote, that gap is their profit. If it runs above, their own capital eats the difference. So the fixed rate isn't an asset sitting in a pool somewhere. It's a promise backed by capital, with a variable position underneath doing the work. Which is exactly how a bank treasury desk operates. > A bank issuing you a 10-year fixed mortgage doesn't go find a matching 10-year fixed deposit. > It funds you with whatever's cheapest, rolls it, hedges what's left over, and manages that funding stack for the life of your loan. > You see one rate. They run the machine behind it. IRIS turns that into a competitive auction instead of something one bank keeps in-house. Treasury skill has always been a private moat. That part actually feels new to me. Zoom out and @0xCheeezzyyyy's recent money stack framing seems pretty clean way to place this imo. M0 is capital entering. M1 is wrapping it so it circulates. M2 is credit, where capital gets amplified. Fixed-term credit sits right at the frontier of that top layer. And within it, fixed rate is really two different products. > Some borrowers need a date. The loan has to mature the day their obligation does. RWA funds, token unlocks, anything with dated liabilities. > Others just need the rate to stop moving and don't care about the date. @Morpho Midnight serves the first. Fixed as a property of the instrument. The rails. IRIS serves the second. Fixed as a property of a managed service. The desk. Both need deep variable markets underneath, and a matured Midnight just becomes one more venue a solver can source from. One thing worth flagging: it's testnet, so not everything maps 1-1. But the rates are realistic. Solvers price against live venue rates, so a quote is close to what the same loan would actually cost. Size is the part that won't be. They're rolling out with limited solving capacity at first, though it seems that scaling size isn't the bottleneck. Worth reaching out the the team if you need customized execution ig. Still early, but this felt like stating a need rather than decoding a system to express one. Good stuff from the @Glovin_ and the team.

A third of all sUSDe is levered. That is demand talking. Looping is how DeFi holds @ethena's yield: post collateral, borrow, buy more, repeat. Yield bearing dollars currently sit at $15B (down from $21B peak) onchain, and looping is the growth engine behind the biggest ones. sUSDe's looped share doubled in a year to ~30%. So the real question is not whether to loop Ethena's carry. It is what collateral you loop. This is what @LidoFinance EarnUSD's new allocation answers. > @strata_markets splits sUSDe into two claims. $srUSDe gets paid first, floored at the @aave benchmark. jrUSDe takes first loss and currently earns about 10% for it. About $7M of junior capital sits under $60.5M of senior today. > @pendle_fi fixes the rate. PT-sUSDe maxes at 13.33%. PT-srUSDe at 13.01%. Thirty basis points is the full price of $7M in first-loss capital standing in front of you. > @aave prices the protection. Same risk methodology, same day, same maturity: PT-srUSDe gets 91.16% LTV against PT-sUSDe's 90.45%, because first-loss capital tightens the worst case from 12.27% to 10.22%. Protection converts directly into borrowing power: 16.1% looped, and $7M stands in front of you. > @twynexyz unlocks the ceiling. Aave liquidates at 93.16%. Twyne lets you choose up to 98%, funded by PT holders lending unused borrowing capacity. Same 2 point buffer, 11.3x becomes 24.4x, 16.1% becomes 23.3%. And the senior buys something the raw PT cannot: eligibility. @twynexyz's boosted channel only exists on PT-srUSDe, because first-loss capital is what makes a 98% liquidation threshold underwritable. Four layers, four jobs. Strata prices the risk and provides the first loss cushion. Pendle fixes the rate. Aave supplies the leverage. Twyne unlocks the idle capacity. The market already decided loops are how Ethena yield gets held. Lido just showed the institutional way to hold the loop: senior, fixed, protected. Fixed rate on top. First-loss capital underneath. Best risk-adjusted yield. Note: leverage figures are Aave E-mode maxima. Pendle's one-click loop tool deliberately caps lower (~7.5x, wider liquidation buffer). Twyne extends the ceiling to 24.4x via delegated credit.