Spiral Stake just launched on Robinhood's chain with stock loops. @0xspiralstake is building a leverage layer for onchain assets, with a pretty interesting model behind the token. It currently has two main products: > Leverage Engine: one-click looping across stables, ETH, BTC, PTs, etc... > Equity Vaults: post tokenized stocks as collateral, borrow USDG, and deploy it into strategies earning 10–15% APY while keeping stock exposure. What I like most is where the fees go. Loop, performance, and trading fees all flow into the same pool: > 20% goes to the team for operations > 80% goes back to the protocol through reserve growth, token buybacks and burns, and stock airdrops The reserve itself sits in yield bearing stablecoin and T-bills, generating yield that helps fund those buybacks. The token launched through @ponsdotfamily, with the full supply circulating from day one. The team got ~15%, locked for 6 months and then vested linearly over the following 12, with a vote-escrow system planned to add more utility later on. I'm especially curious to see what yields tokenized stocks can generate once this is live

USDai opened a new borrow market on Morpho. Max loop that strategy and you can earn 36.38%. Wild number. However, @roycoprotocol 's Junior on the same asset, announced yesterday, is paying 37.65%. Higher, and without the negative carry risk that comes with looping and unwinding it yourself. Same underlying exposure, a couple of clicks instead. The stablecoin itself is also growing fast. @USDai_Official 's own numbers put the stablecoin at $550M in TVL now. Amazing comeback.

Everyone's talking about Aave v4 right now. TVL is almost at $400M, growing slow but steady but nobody's talking about @llamalend, and that annoys me. Minting against Bitcoin costs 1.57% right now! Deposit yieldbearing ETH like sfrxETH from @fraxfinance instead and the interest the collateral earns gets netted against what you pay to borrow. Utilization on the crvUSD side is still low, so there's room to keep minting without touching the peg. I expect this stablecoin to grow hard over the next few months. It just needs eyes on it. The distribution and listing work already in motion should speed that up.

95% of onchain options volume runs through Derive. Volume and open interest are still small, but they keep shipping and growth is fast. The token already has over 60% of its supply circulating, and the burn model is aggressive. @HyperliquidX's thesis is to become the home of all finance, and I'm sure they'll eventually move into options. However, HIP-4 was supposed to challenge Polymarket at first, but volumes fell to almost zero after the World Cup. If HIP-4 ever moves into options, I don't think they'll beat @derive_xyz from day one. Options are a very different game, and Derive already has the experience and users. Onchain, perpetuals trade 116x the volume of options. In TradFi, futures trade only 5.4x more than options. That gap is potential growth, and Derive owns that niche with a huge lead. The niche grows either way. Hyperliquid might end up owning the whole sector long term, but I think Derive has a lot of room to run before that happens.

OHM accumulation mode is on. @OlympusDAO 's Cooler Loans let you borrow against your OHM at a fixed rate, then use the proceeds to buy more OHM. Max leverage at current LTV levels caps at x3. That's formula-driven. Two routes to run this: > DIY: take the Cooler Loan yourself, stack OHM manually, full control over the accounting > @origami_fi : a vault that handles the whole strategy automatically, with very low fees Built to track OHM premiums in real time, plus a bot that pings me when the premium moves. Currently at x2 leverage after a test loan. Plan is to push above x3 as I add to the position. Btw, Origami is a genuinely good option for anyone who doesn't want to manage this manually.

What happens when Senior Tranches reach lending markets? I think this will be one of the biggest catalysts for @roycoprotocol. Senior Tranches are still a new concept, and it takes time for lending markets and curators to get comfortable with them. Take @EmberProtocol 's eEARN looped on Sui as an example. It's a yield-bearing vault currently generating around 47% base APR (roughly 55% including incentives in @CurrentSUI). The strategy is attractive, but like any yield source, it can experience drawdowns. That's where Senior Tranches become interesting. By adding first-loss protection, lenders can underwrite the asset with greater confidence, unlocking higher LTVs without giving up competitive yields: > Higher LTVs mean more capital efficiency. > More capital efficiency means safer and more profitable looping strategies. That's the flywheel. Once major lending curators start supporting Senior Tranches for assets like these, I think adoption could accelerate quickly. Tranching is still early. But once the market understands its value, the growth potential is enormous.

Llamalend is the most interesting lending protocol. Nobody talks about it enough. @CurveFinance built something genuinely different here. @llamalend 's core mechanic: liquidations aren't forced events. They happen gradually inside a price range you define. > Say you deposit ETH and set your liquidation band between $1,500 and $1,000. As price falls through that range, your collateral gets sold incrementally to repay debt. > And if ETH recovers above your range, the process reverses; the collateral that was being sold gets effectively rebought. That's a completely different from every other lending protocol. My issue with where they're at right now is borrow APR volatility. And there's too much gap between what you pay in the CDP format versus the money market. Btw, when those rates compress and start competing continuously against @aave and @Morpho, I think the range liquidation mechanic alone is enough to pull big capital over.

Frax built a vault on Morpho paying 8.78%. I've been looking for stablecoin alternatives after the recent mess, and the @fraxfinance team keeps shipping interesting things. This vault provides liquidity to @StakeDAOHQ markets on @Morpho ; simple exposure to a few solid pools without touching anything super risky. The yield breaks down like this: > 4.75% comes from net protocol APY > 4.03% comes from incentives paid in WFRAX and frxUSD Most of the TVL sits in two pools. The largest is the pool with @CurveFinance 's crvUSD, followed by the @MetronomeDAO one. As I've said many times, the Frax team has been one of the most consistent builders in DeFi for years. That matters a lot for me.