🔴 After the Aavethena success, a new contender enters the @ethena lending loop. @JupiterExchange just announced the launch of the Ethena market curated by @Bitwise. The strategy uses $USDe as collateral that loops into $USDG to provide an increased yield for the loopers. Users can use up to 12.3x leverage with a potential final APY of 43.8% with a 91.87% LTV. This is an isolated market that does not affect the rest of the Jupiter Lend product. $USDe supply is sitting near its cycle low at $3.97B, down from $14.8B at peak. But top-tier protocols on both EVM and Solana keep choosing it as the premier loop asset. Aavethena, now Jupiter. Each new integration is a reason for that supply to climb again. With new strategies expanding USDe's utility and the broader market recovering, we expect $USDe's supply to rise again and provide a more interesting yield to holders and loopers.

🔴 HIP-3 markets just hit a new all-time high with $2.7B in Open Interest As the AI equity mania continues, @HyperliquidX remains the only high-quality platform to gain exposure to these markets on-chain. And the numbers clearly reflect it: HIP-3 markets are now posting record Open Interest levels. On its own, HIP-3 would already rank as the second-largest DEX by volume in the entire market, behind Hyperliquid itself and far ahead of the competition. The dominance is undeniable. Hyperliquid. P.S.: This is another reason why we decided to list TradFi and Hyperliquid data on OAK Research.

🔴 Circle's $USYC just crossed $3 billion in AUM. But almost all of its growth comes from a single source: Binance. USYC is a tokenized money market fund backed by short-term U.S. Treasuries. After Circle acquired Hashnote in January 2025, USYC's supply fell from $1.7 B to $200 M in 7 months. Then Binance stepped in. In August 2025, USYC was deployed natively on BNB Chain as off-exchange collateral for Binance's institutional clients. Over $320 M was minted in a single day on its launch. Since then, the supply has only grown on BNB Chain. Binance holds 100% of USYC deployed on BNB chain, representing over 96% of the total supply. This is a partnership that works for both entities. Binance gets a RWA product to showcase on BNB Chain. Circle gets a product that was dying and is now crossing $3 billion. Without Binance, $USYC would have remained a marginal product for Circle, but instead it has become the largest tokenized money market fund in the world, surpassing Blackrock's $BUIDL, Ondo's $USDY, and Franklin Templeton's $BENJI.

🔴 Circle's $USYC just crossed $3 billion in AUM. But almost all of its growth comes from a single source: Binance. USYC is a tokenized money market fund backed by short-term U.S. Treasuries. After Circle acquired Hashnote in January 2025, USYC's supply fell from $1.7 B to $200 M in 7 months. Then Binance stepped in. In August 2025, USYC was deployed natively on BNB Chain as off-exchange collateral for Binance's institutional clients. Over $320 M was minted in a single day on its launch. Since then, the supply has only grown on BNB Chain. Binance holds 100% of USYC deployed on BNB chain, representing over 96% of the total supply. This is a partnership that works for both entities. Binance gets a RWA product to showcase on BNB Chain. Circle gets a product that was dying and is now crossing $3 billion. Without Binance, $USYC would have remained a marginal product for Circle, but instead it has become the largest tokenized money market fund in the world, surpassing Blackrock's $BUIDL, Ondo's $USDY, and Franklin Templeton's $BENJI.

Some thoughts on what happened recently with the rsETH hack and Tydro oracle situation: I may have been harsh in my communications. I pressed multiple protocols several times on my account to get more responses and provide as much clarity as I could through @OAK_Res. I have no problem if these teams don't like me, or these protocols don't want to work with us after our coverage. When I founded OAK Research I didn't want to become a sellout. I didn't want it to affect my values and what really matters. I wanted to do things in a different way. So if you are a protocol that communicates poorly, that deflects any responsibility, I will call it out. And I will press you until I get an answer. I don't really care if the number of my followers is not significant enough for you because I can make my voice heard. I care about crypto and its ecosystem, and whenever I can I will push for it to be better. We have become complacent on so many subjects, and to be honest it's a shame we still have to deal with problems that should have been resolved a long time ago. As @TraderNoah put it, "if you plot the pace of improvement relative to any other industry, it's abysmal". And it is. We learn just to repeat the same mistakes a few months later. And after spending 6 years full time in this industry, it is tiring to deal time and time again with the same bs. So yeah, I'm not sorry if I offended anyone in the past few days, I will not stop doing this. Just like when your team does an excellent job, provides responses, or reaches out to answer our question, I will always recognize it and cheer for it. I'm glad the team at OAK is aligned with me on this end and allow me to be me and press our potential clients because it is the RIGHT THING TO DO. The day we stop pushing is the day we become part of the problem.

OAK Research just received a spontaneous donation from @bailsecurity to support our work. This gesture came with no strings attached, as a sign of appreciation for the quality of the content we provide. We are grateful for the support and the trust. We keep building.🫡