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.