No doubt @ethena is the best venue for a diversified yield today: institutional lending, rwa, and defi lending in one book. And now, with market conditions improving, funding rates are rising, and we could see an uptick in ethena yields from here. Crypto basis is back to 10% of backing from ~1% a few weeks/ days ago. $srUSDe is one of the best way to access those yields, with first loss capital underneath. And good new for our loopers, srUSDe is already the deepest liquidity market for USDe looping on @pendle_fi. That isn't an accident. Lenders price collateral by its downside, and srUSDe is paid first with jrUSDe absorbing losses before it. Narrower downside, higher LLTV, more leverage per dollar, more supply. Currently there's about $7.5M sitting in junior as first loss, earning near second digits APY for that.