DAY 349 // WAR + MACRO + DEFI UPDATE WAR Ukraine resumed strikes on Russian energy infrastructure. A drone attack started a fire at Rosneft's Ryazan refinery. Zelensky told the Financial Times the three day pause requested by Washington is over. He cited Russia's continued attacks on Ukrainian power plants and reported US intelligence disruptions. Two cargo ships sank near the Strait of Hormuz after projectile strikes. One was the Singapore flagged container ship GFS Pride, and all 21 crew were evacuated. The other was the Antigua and Barbuda flagged Cape Dao. Maritime sources describe the recent attacks as the highest tempo of the conflict. Houthi forces struck Saudi Aramco's Dhahran headquarters complex overnight. A fire spread across multiple floors and the top three floors were heavily damaged, including the CEO's office area. Saudi officials reported a limited fire with no casualties and said operations continued. MACRO US PPI jumped 1.3% on the month and 6.3% on the year for September. Core PPI rose 0.7% on the month. This is the largest monthly gain since March 2022. Forecasts were about 0.5% on the month and 5.4% on the year. It follows Wednesday's hot CPI, where core also beat expectations. Rate hike pricing for the October meeting rose again. DEFI The @pendle_fi Ecosystem High Yield USDC vault @Morpho passed $15M TVL within a day of launching on Morpho. It showed about 8.3% APY, backed by high yield PT borrow markets and PENDLE incentives. PPLUS with January 2027 maturity is live on Pendle. It is a leveraged RWA private credit vault strategy designed by Bitwise and run on Ember Protocol. It holds tokenized assets including Huma PST, sUSDai and Hastra PRIME, with a target above 10% APY. PT, YT and LP are all available. @apyx_fi update: its apxUSD and apyUSD markets on Pendle offer YTs with up to 24x leverage. LPs earn up to about 13.87% from fees and incentives. @ipor_io Fusion vaults now host Base's largest Earn on Stocks program. It holds over $2.5M in Coinbase tokenized stocks across 400+ wallets since 24 August. That is 27.7% of all tokenized stock collateral on Aave V4 on Base, and over 50% of NVDAc. Strategies are run by 628Labs. @eulerfinance joined the Tokenized Asset Coalition. The group aims to set standards for tokenized assets and DeFi composability. The @protocol_fx fxSAVE/USDC market on Morpho offers about 13.45% APY on USDC deposits. Over $27M is already supplied. @LiquityProtocol ysyBOLD on Inverse Finance FiRM allows max loops of about 23% APR with Merkl incentives. $500k of liquidity was available at launch.