Correction to the correction: Stable Yields currently lists #fxSAVE# third at around 7% APY, with over $50M in TVL and about 10x the TVL of each of the two ranked above it. I'll take more corrections like this 😅

Read through this $FXN breakdown, and the numbers are useful. But what stuck with me is where f(x) sits in DeFi right now. On-chain leverage and decentralized stablecoin yield are arguably two of DeFi's major demand currents this cycle. @protocol_fx has a foot in both. Leverage on ETH and BTC on one side, ethereum:0x085780639cc2cacd35e474e71f4d000e2405d8f6 and the yield built around it on the other. Plenty of protocols focus on one of those. This one has products in both.

Been hearing about a "non-liquidatable perp" for months now? 👀 Last week, it had a heartbeat. Phase 0 of the FX100 testnet closed with a first group of traders testing 100x with liquidation protection in live conditions. Not a pitch deck. Not just a concept anymore. What's growing in there is the part most people still haven't looked at closely. The 15 minute protection window. The team's point is that most high leverage liquidations hit in the first few minutes after entry, before price moves your way. The market reaches for liquidity, then it moves. @FX100Perp is built so a position survives that window and the thesis gets time to resolve. The signs of life keep stacking up. Two audits running. Public testnet getting closer. Something coming next week, and FX100 is already teasing what comes next. Most perp DEX innovation has improved speed, UX and capital efficiency. The liquidation cliff itself has barely moved. This is the first time it feels like someone is seriously trying to redesign it. There's a pulse now.