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wow, people are really willing to pay quite a bit extra to use @RobinhoodCrypto - median fees often spike well above $0.20. That's significantly higher than fees on Ethereum Mainnet.

Stablecoin farming limits the upside to its APY. sBTCD takes a different middle path: partial Bitcoin participation plus portfolio yield. This piece examines the square-root peg, compounding engine and the risks that still remain.

Had a call this week with one of the bigger DeFi liquid funds. They have pulled out of DeFi lending entirely. Their reason was, As a lender, you carry the full notional risk of the position, and you are not paid for it. On the other side. Borrowers earn looping APRs. And when a collateral asset gets hacked, the RWA issuer steps in and makes the borrowers whole. Lenders eat the loss. I have been thinking about this ever since. I get it when a lending protocol gets hacked. That is venue risk. Lenders chose the venue, they bear it. Fair. But when the collateral itself gets hacked, why is only the borrower saved? The lender is the reason the issuer has a business. No lending liquidity means no leverage, no looping APR, no AUM growth. The issuer earns because of the lender. The borrower earns because of the lender. And the lender is the one left holding the bag. If we want institutional money to stay in DeFi lending, both sides need to take the hit when collateral fails. Not just the side that was already being paid better.

I spent about 6 months on creating an implementation of @ISDA's SIMM for DeFi. I hope this represents a step forwards in providing an open-source guide to removing the risks around arbitrary leverage in DeFi. As a lender, you can use an AI model to audit collateral LTV limits for safety. This gives you minimum safety bounds, derived from cross-industry quants and experts to rely on. For risk managers, structurers and lending protocols this gives you a benchmark on how to set parameters with a full methodology. Now caveats, I'm really not happy with putting this out there today as I feel like it's not finished and I keep finding errors here and there. But it's at the point, where my errors seem to just be grammatical or bad phrasing, or some random slop that snuck in. Whilst, I remain unable to say this is a final version I think it's well past the 80/20 principle and needs to just get out there. Contributors ... 1) As mentioned, this isn't finished (arg). There are a number of sloppy parts in the back components in particular. 2) We need to extend this to a new crypto risk class - btc, eth, sol, avax etc. - bridges (wBTC, BTC.b etc) - wrappers / staking (wstETH, weETH, wETH etc.) 3) I'll be working on some edits over the next few weeks into FX, Equities, Comm etc as they're a LOT easier than tokenised funds. Link in comments ...

Covered-call income looks harmless until Bitcoin moves through the strike. This post-mortem follows the August rally, the treasury calls already exercised, and why selling upside can turn a quiet yield strategy into forced buying.

Fusion is a day-1 partner of @base tokenized stocks. Industry's first yield strategies denominated in NVDA, META, GOOGL and AAPL are now live: with early rewards More news coming soon

I bought my first Bitcoin in 2021. Same year I bought my first NFTs. One of them is still in my portfolio. The other is a cute profile picture. I've started writing about what happened in between — including how a food company ended up holding 2,899 BTC.

Every crypto bull run hallucinates a future. The story fails. The infrastructure remains. Our latest essay uses Carlota Perez’s framework to ask whether crypto was building early for the customer that had not arrived yet: AI.

The DeFi market cap rose 9.8% in the past 24 hours to $64.46 billion. Bitcoin rose 8.1% to $69,581. Ether rose 18% and moved above $2,300. The Fear and Greed Index moved from 46 yesterday to 62 today, up from 29 a week ago, a shift from Extreme Fear to Greed within seven days.

ICYMI, fixed rate and fixed term borrowing in DeFi is rapidly growing. ➢ @Morpho ➢ @TenorFinance (built on Morpho) ➢ @lista_dao (Mostly for looping slisBNB) ➢ @term_labs V2 recently came out ➢ @TermMaxFi ➢ @Loopscale Okay liquidity for some of the more popular Solana loops, but shorter duration ➢ @LiquityProtocol (V2) While most of these markets are fairly thin, the appetite for fixed term borrowing against desirable collateral markets is massive, and I'll be following these with great interest.