$15M in active loans / $18M in deposits $mUSD from MetaMask Money Account is being absorbed quickly by Aave. Idle capital is being put to work as onchain credit. On Aave @monad, mUSD acts as a borrowable stablecoin, with positions mainly backed by assets already available in the market such as syrupUSDC, cbBTC, and WETH. This model is testing a new way to scale DeFi: instead of waiting for users to find a protocol, tap into the float already sitting inside the wallet or card products they use. @MetaMask : builds the savings layer on top of existing distribution @aave : turns those balances into credit and generates yield from borrowers Still early, but it looks like a pretty clean win-win model.

As DeFi assets continue to mature, I think trust + quantifiable risk assessment will become increasingly important infrastructure for the next leg of adoption. It's easy to surface yield onchain, but what's much harder is answering the real question when you start allocating capital. What are the true (seen & unseen) risk am I actually taking to earn it? A 10% APY across two vaults can represent completely different exposures across smart-contract risk, collateral quality, liquidity, counterparty risk + potential loss severity. Retail capital can sometimes operate on reputation + headline APY. Institutional capital generally can't. Funds, treasuries + professional allocators need a defensible framework for comparing opportunities, quantifying downside + ultimately justifying why capital should be deployed in the first place. That's why I think @CredoraNetwork is such an important component of @redstone_defi's increasingly verticalised stack. Rather than simply assigning subjective scores, Credora translates DeFi risk into quantifiable probabilistic outputs: 1. Assets are assessed through Probability of Default (PD) 2. Markets use Probability of Significant Loss (PSL) derived from 100,000 Monte Carlo simulations alongside additional risk factors specific to the exposure Those probabilities are then mapped onto the familiar A+ → D rating framework, calibrated using 30+ years of historical default data from S&P, Moody's + Fitch. More importantly, this isn't limited to tokenised RWAs or stablecoins. Credora's coverage extends across tokens, lending markets + vaults, including the crypto-native structures that traditional rating frameworks often aren't designed to assess. Its ratings are already distributed directly into major DeFi venues including Morpho + Spark, while its public platform covers 160+ vaults, 250+ markets + 60+ assets. IMO, this is an underrated prerequisite for DeFi's maturation. TradFi didn't scale institutional credit markets purely because assets existed + yields were attractive. It developed an entire infrastructure around pricing, ratings, risk models, reporting + settlement that allowed different pools of capital to understand what they owned and operate within defined mandates. DeFi increasingly needs its own version of those rails. And this is where the strategic fit with RedStone becomes much clearer. RedStone tells protocols what an asset is worth. Credora helps allocators understand the risk of owning or lending against it. Combined with RedStone's broader institutional infrastructure, that pushes the stack beyond simply providing oracle feeds towards something much closer to an end-to-end financial intelligence layer. Pricing → risk assessment → collateralisation → liquidation → settlement. Each additional layer makes the others more valuable. And IMO that's ultimately where the acquisition becomes particularly strategic. As more institutional capital moves onchain, the opportunity isn't simply to provide data to more assets. It's to become the infrastructure through which those assets are priced, understood, trusted + ultimately allocated to. The next leg of DeFi adoption requires more than yield, it requires making risk legible enough for serious capital to participate at scale.

🔜 OTC Desk is coming to Pareto! On-demand liquidity mechanism for selected Credit Vaults → immediate liquidity for lenders → discounted entry into credit positions for new allocators 🧵⬇️

RedStone is now ISO/IEC 27001:2022 certified. Audit done and certificate issued by @SGS_SA. The certificate will bolster trust in RedStone among current and prospective TradFi and enterprise partners.

✦ @paretocredit makes a good point here: private credit vaults shouldn’t be compared on yield alone. The underlying exposure matters just as much. With a multi-borrower vault, capital is allocated across a basket that can change over time. A single-borrower vault is simpler: each vault is tied to one borrower and one specific credit facility. There are 4 advantages: + You know exactly who you’re lending to. + If the borrower defaults, the loss stays inside that vault. + Rates aren’t blended across borrowers, so stronger credit doesn’t subsidize weaker credit. + Diversification stays with the allocator instead of the manager. The FalconX Credit Vault shows how this model works in practice: + FalconX is the borrower, while M11 Credit is the curator. + USDC is deployed into a dedicated facility through an SPV with its own protection structure. + Lenders receive AA_FalconXUSDC, which gives them exposure to the FalconX facility itself rather than a share of a basket containing multiple loans. This structure also fits DeFi well. Because the exposure is easier to underwrite and parameterize, other protocols can build on top of it. In the FalconX case, AA_FalconXUSDC can already be used as collateral on @Morpho, leveraged through Gauntlet or @3f_xyz, and extended cross-chain.

It's estimated that tokenized RWAs will grow to $2-$16 trillion by 2030 - a minimum of 50x in just 4 years. Despite some success our view is that it’s still very early. We’ve helped bring a sizable share of assets and traction to the market, and Pendle's role here is to continue being the most effective distribution channel for RWAs.

PerpDEX news week#1 It was big week for PerpDEX sector - great news from Hyperliquid, RiseX, Extended and other. We are growing 🚀

$100M+ in Confidential TVL on NEAR Intents. First time ever! Note: Confidential Intents is now generally available for integration through our One-click API. Bring Confidential Execution to your product today: docs.near-intents.org/integr…

You want yields? Points? Giga-brain farming strats? A place where both yield and points farmooors can enjoy the treat! It's time for Yield Collective No. 56 Bring your wallet, let’s eat 👇

A good credit product should travel across chains, not sit only inside a permissioned vault. Onchain users on Plume, Ethereum, Solana, and BNB Chain can now get exposure to @FalconXGlobal’s prime brokerage loan book, currently around 7.3% APY, through Nest’s nFXCF vault. The original @paretocredit vault is built for verified investors with a large minimum. @NestCredit wraps that same exposure into a vault that ordinary onchain wallets can access more easily, with some restricted jurisdictions. Same credit. Wider rails.

The market now has another option for idle Bitcoin. Axiom WBTC Yield Vault is a traditional credit structure brought onchain by @paretocredit. Unlike a defi loop, the yield here comes from @Two_Prime lending BTC to institutional borrowers. Two Prime has already originated more than 3,000 BTC in loans from its own balance sheet, with no reported defaults or loss of capital. With Axiom, KYC lenders can deposit WBTC and earn around 1.5-2% yield, while roughly $12M of Two Prime’s own first-loss capital sits ahead of lender capital. The biggest difference is that the yield stays BTC-denominated. BTC holders do not need to sell into stablecoins just to earn yield. That also puts Axiom in a different bucket from most BTC yield products today. + Babylon has a different yield source. + Maple is mostly USD-denominated credit. + Aave WBTC lending uses a different borrower model and underwriting structure. The point isn’t chasing a higher APY. It’s converting idle Bitcoin into credit capital that can actually earn.

Significant milestone for @entropyIO crossing $1B in cumulative trading volume across its pre-IPO + RWA HIP-3 markets. This also serves as a pretty good demonstration of why @redstone_defi's ability to adapt its oracle stack around emerging financial primitives is becoming increasingly important. Entropy isn't simply listing another set of crypto perps. It's bringing markets like pre-IPO equities + RWAs into a 24/7 perp environment, where the underlying assets themselves may trade only during fixed market hours, have fragmented liquidity or, in the case of private companies, lack an official public market price altogether. That creates a fundamentally different oracle problem. A conventional price feed can simply aggregate liquid spot markets. Here, the pricing infrastructure has to account for when the underlying market is closed, where alternative price discovery is occurring + how much executable liquidity actually exists behind each reference price. As you can tell, it isn't a typical perp primitive & this is possible thanks to RedStone Live. Here, RedStone integrates custom data sources + implements a liquidity-weighted methodology that dynamically blends Entropy's own order book with external reference pricing based on executable depth. 🔸When the book has meaningful liquidity, more weight can be placed on endogenous price discovery. 🔸When liquidity thins, the mark increasingly relies on RedStone's external reference. And all of this has to work continuously for markets trading 24/7, even when their TradFi counterparts don't. IMO the broader takeaway is that as onchain markets expand into increasingly novel assets + derivatives, oracle infrastructure can't remain one-size-fits-all either. HIP-3 makes deploying entirely new perp markets permissionless. That dramatically expands the design space, but it also creates new pricing problems that need infrastructure capable of evolving alongside them. Entropy crossing $1B is therefore a nice validation of both sides of that equation where: 1. New financial primitives require new market infrastructure 2. RedStone is increasingly building its stack around the specific markets That's a pretty powerful position to occupy as the surface area of onchain finance continues expanding. Keep an eye for more key milestones to come fast soooooon

OKX + USDG + OKX Wallet + X Layer A case study worth watching on how an exchange turns a stablecoin into an ecosystem-wide product. I summarize a few key points: On OKX exchange: + @okx plugs $USDG directly into the habits users already have around saving, trading, and payments. + Users can convert USD and USDG at 1:1. Eligible USDG balances can earn holding rewards without being locked or moved into a separate savings product. + Traders using USDG for positions can keep earning between trades, and continue earning when that balance is used as collateral. Outside the exchange / on X Layer : + USDG is pushed into everyday spending through OKX Pay and the OKX Card in Europe. + OKX Wallet (@wallet) lets users self-custody USDG on @XLayerOfficial while still keeping that balance inside the wider OKX ecosystem. + @aave and @token_logic add another use case for PT-USDG: users can keep Pendle fixed-yield exposure while using the position as collateral to borrow liquidity. OKX treated USDG demand as a product loop. Once the same balance can hold, trade, pay, and sit in self-custody on X Layer, growth follows the design.

.@kpk_io's new USDC Yield RWA vault on @Morpho lends into two markets backed by the FalconX Credit Vault token: - AA_FalconXUSDC, posted directly as collateral - wFalconX, wrapped by @3f_xyz for leveraged positions Congrats to the KPK team on the launch!

Ultra proud to be part of @redstone_defi, one of the teams that made the most progress through this bear market. - RedStone live (low-latency data) adoption is ramping fast in perps. Soon, we'll announce 3 partnerships with Tier S brands. The most liquid pre-IPO Anthropic market already runs on this infrastructure. - Many projections point to at least $4T in RWAs onchain by 2030, but the key missing part to make them fully usable in DeFi and in crypto in general is instant redemptions and instant liquidations. Many RWAs still redeem at T+3, some even at T+180. That's the problem we're solving with RedStone Settle, with Tier S clients already lined up to use it, including @OpenEden_X announced yesterday - This week, we secured a deal from one of the largest institutional RWA player in the space. More soon. - @CredoraNetwork by RedStone caught traction in DeFi risk ratings. Around 10% of DeFi is currently assessed by Credora, and the team is working on a new risk framework for [redacted] assets. - Many oracle providers left the space this year, including one that raised the same Series A amount we did, at the same time, from a similar set of investors. It shows the level-headedness of our leadership team, which knows how to build a company for the long game. We're ready for the RWA decade, Onwards!

RWA private infrastructure is now tradeable on Pendle. NGI+ (26 Nov 2026 maturity), tokenised on @AssetoFinance's infrastructure, brings Partners Group's Next Generation Infrastructure strategy onchain. With Pendle, you can access fix, trade and speculate this yield.

Bitcoin is the largest asset in crypto, but also one of the most idle. Two Prime x Pareto is now offering around 1.5 - 2% yield directly on BTC. @paretocredit is onchain private credit infrastructure. Its Credit Vaults connect lender capital with borrowers through clear loan cycles, onchain reporting, and KYC-gated access. @Two_Prime already runs an institutional Bitcoin lending business from its own balance sheet, directly underwriting counterparties such as public companies and financial institutions. It has originated more than 3,000 BTC in loans, with no defaults or loss of capital reported so far. The two are now bringing that model together through Axiom WBTC Yield, a credit vault designed to put idle WBTC to work in institutional BTC lending. The vault is new, but the strategy itself is not. It is basically the onchain version of the credit book Two Prime has already been running. Users deposit WBTC, and that BTC is deployed by Two Prime to institutional borrowers. The flow is pretty simple: 1. Deposit WBTC and receive $pAXIOMBTC. 2. Two Prime lends the BTC to institutional borrowers. 3. Interest accrues back to the vault. 4. Lenders redeem at monthly cycle boundaries. The yield here does not come from incentives, LP fees, or leverage loops. It comes from actual demand to borrow BTC. This is also Pareto’s first WBTC-denominated Credit Vault, while most of its credit infrastructure so far has been built around stablecoins. Is there a capital buffer? Yes. Two Prime is seeding around $12M of first-loss capital from its own balance sheet. If the credit book takes losses, that layer absorbs losses before lender capital. That part stands out to me more than the APY itself. 1.5 - 2% sounds low by DeFi farming standards. But for treasuries, miners, or funds that already plan to hold BTC long term, the goal is not always to chase the highest headline yield. It is about being able to put BTC to work through an institutional credit book, with underwriting and first-loss capital sitting behind the structure.