Pendle just listed 2 new maturities for @ethena_xyz's USDe yield, risk-tranched by @strata_markets these markets existed before tho, users just roll over to the new one... but here's the part i only noticed: almost every time Strata lists a new asset, 2 markets show up on Pendle shortly after, not a rule but it keeps happening ---------- To be specific: 1 tranched asset = 2 new Pendle markets, on top of the base market already live... so 1 asset = 3 markets, same yield source, same TVL bucket... but 3 separate fee lanes Pendle's cost to host this basically zero and it gets better... the issuers themselves send extra rewards to push flow toward @pendle_fi Neutrl x Strata ~ YT-srNUSD: 6.44% APY + 40x Neutrl Points + 60x Strata Points ~ LP-srNUSD: 5.77% APY + 40x Neutrl Points + 60x Strata Points ~ YT-jrNUSD: 8.2% APY + 10x Neutrl Points + 20x Strata Points ~ LP-jrNUSD: 7.91% APY + 10x Neutrl Points + 20x Strata Points Ethena x Strata ~ YT- & LP-srUSDe: underlying yield + 60x Strata + 35x Ethena ~ YT- & LP-jrUSDe: underlying yield + 20x Strata ---------- But tranching just re-slices existing yield and TVL, what's so special? fair point but it's only half the picture capital does get split, fees dont... every market runs its own fee meter that's why more ppl are watching Pendle rev lately, not just TVL... every maturity spawns a fresh market, like a subscription loop srUSDe is the live case... literally where this post started beyond Strata, @roycoprotocol runs the same playbook on apyUSD and Pendle already opened the srRoyAPYUSD market one protocol is a niche, two starts looking like a category... especially when these tranching protocols keep expanding into tokenized deposits n other yield bearing assets ---------- zoom out, every yield source can be sliced into different risk profiles ➥ that's tranching-as-a-service Strata already got a eal stress test with $STRC n $USDat ... the structure did what it was supposed to do infras validation matters way more than yield marketing bc when institutions look at this space, they're gonna ask one thing: did the risk segmentation actually work when things got ugly? ---------- If that thesis plays out, Pendle's tranching partners become its supply chain someone else launches the product someone else pays the incentives Pendle gets another revenue line, not a bad setup tbh

🔥 UPDATE: Tokenized stocks on Base generated $1.3B in DEX volume over 30 days, up 153.8%, per Token Terminal.

Aerodrome has ~86% market share of tokenized stock spot DEX volume on Base, a market that did $1.3B over the past 30 days Will be interesting to see how much of that lead it can hold as more stocks move onchain

Flight attendants, please prepare for arrival. Aero will shortly land on @base, @arc, @ethereum. And now @arbitrum and @RobinhoodCrypto too.

The top of the funnel: tokenized stocks issued by @coinbase on @base now total $21.6M in onchain market cap As that grows, so does the value of assets that could be put to productive use in DeFi, including as collateral on platforms like @aave

Excited to announce Coinbase Tokenized Stocks are now live on Aave V4 on @base. Users can borrow USDC against tokenized stocks. Aave is on a mission to bring the $200T global equities market onchain.

Borrowing against Coinbase Tokenized Stocks is now available on @Aave V4 Access USDC liquidity against eligible tokenized stocks on Base

Pendle Is Becoming the Amplification Layer for Onchain Yield And every time a promising new yield narrative emerges, the default question may increasingly become: When Pendle market? Much like how TradFi companies look to @NasdaqExchange when they want access to deeper capital markets and broader distribution Let’s look at the different types of capital and narratives converging and scaling here ⭣ --- @re - reUSD: $227.05M Reinsurance yield is moving from a niche RWA vertical into one of the largest exposures on Pendle. @SkyEcosystem - USDS: $99.56M One of DeFi’s longest-standing monetary systems continues to expand USDS across onchain yield markets. @global_dollar - USDG: $76.46M Stablecoin infrastructure built around distribution, exchanges, and institutional partners now has a yield market large enough to rank in the Top 3. @3janexyz - USD3: $40.19M Fintech credit is moving onchain - and $40M+ in TVL shows that private credit is no longer just an RWA thesis on paper. @SierraIsMoney - SIERRA: $28.36M Investment-grade credit and RWA yield are finding real demand onchain. Sierra has even described Pendle as a growth driver that helps amplify adoption. @strata_markets - Strata USDe: $18.91M Structured risk is becoming a primitive of its own - the same underlying asset can now serve different capital profiles based on their risk appetite. @usddio - sUSDD: $18.42M USDD is bringing another large stablecoin ecosystem into the onchain yield competition. @ethena - sUSDe: $17.75M Ethena has already proven that a synthetic dollar plus native yield can become a massive DeFi vertical. Pendle has been one of the key venues where that narrative became deeply financialized. @saturn_credit - USDat: $16.70M Saturn is bringing Bitcoin-backed digital credit and STRC exposure into DeFi - a yield source that barely existed onchain a few years ago. @tori_finance - trUSD: $14.44M Market-neutral institutional strategies are also being packaged into synthetic dollars that can plug directly into DeFi. --- A new narrative can create an asset But for that narrative to truly scale into a major trend, it needs liquidity, yield discovery, speculation, leverage, distribution, and a place where capital can express conviction @pendle_fi amplifies all of that + Ethena went through Pendle + RWA is going through Pendle + Private credit is going through Pendle + Bitcoin digital credit is going through Pendle + ... ➥ If a narrative generates yield, Pendle can become the place that amplifies it.

Maple's total AUM sits at $4.77 billion as of September 24, up from $4.46 billion just a week earlier, roughly $310 million in net new AUM in seven days. As per the @maplefinance data, the growth is broad-based rather than concentrated in one product. syrupUSDC leads at $2.9 billion, up from $2.59 billion. syrupUSDG rose to $381.21 million from $355.71 million. Maple Institutional climbed to $860.41 million from $834.31 million. syrupUSDT is the outlier, dipping to $628.26 million from $678.08 million. Three of four products growing while the institutional tranche keeps expanding is a healthier signal than one product carrying the whole number. Protocol revenue has recovered every month since bottoming in May. August closed at $1.47 million in monthly protocol revenue, up from the May low, with June and July printing sequential gains before it. That's three consecutive months of revenue expansion after a dip that ran from the January 2026 peak through spring. The buyback program is where the thesis gets specific. August saw $147,098 deployed to acquire 676,293.73 SYRUP at an average price of $0.2175. ethereum:0x643c4e15d7d62ad0abec4a9bd4b001aa3ef52d66 price has increased more than 1.45x from its June low of $0.15 to August's $0.2175 average, and the program keeps buying through that range rather than pausing. The case for SYRUP going into the next cycle rests on real cash flow backing the token, not emissions. SYRUP accrues value through a buyback funded by actual protocol revenue, which is itself funded by real credit spreads on close to $4.8 billion in AUM now. That's a structurally different setup heading into a bull market: rising AUM increases revenue, rising revenue increases buyback size, and buyback demand compounds against a token supply that isn't being diluted by liquidity mining. Institutional credit protocols with recurring revenue are rare in this cycle, most of the AUM growth in DeFi still comes from restaking and points programs rather than actual lending spreads.

Coingecko's revenue list this year, and there is only one spot DEX on it, even spot vol is ~65% off the highs the rest looks like this: ~ perps (Hyperliquid, edgeX) ~ trading terminals (Axiom, GMGN) ~ launchpad, stablecoin issuers, wallet Hyperliquid at $429m is the perps venue everyone knows @aeroxyz at $54m is the spot venue most ppl skip... it clears ~54% of Base spot volume the chart in Richard's report i keep staring at is the one where volume leads base:0x940181a94a35a4569e4529a3cdfb74e38fd98631 price by about a month, r ≈ 0.81 and that rev got printed with DEX volume running at about a third of its Jan 2025 peak, meanwhile the pond keeps getting wider: ~ Aero Lite is live on Arc ~ ETH mainnet soon ~ Velodrome merge is next and it means ~3x the volume Aero can reach tbh HL still earned ~8x more, spot hasnt paid like the bigger market yet, and on Ethereum Aero starts close to scratch, that share has to be earned this list got made in a quiet market... curious who's still on it when trading comes back

PT Looping has generated ~$35k in revenue to date This is MARGINAL revenue on top of our ordinary business Overall this is: 📌 -92% emissions 📌 Buybacks (~1% supply YTD) 📌 PT collateral uptick 📌 Internalization of exteranl incentives 📌 RWA tokenization Pendle

Today👀

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Many of our crypto bros are suddenly spamming “US10Y is at 5%, biggest crash incoming.” Maybe. But look at the chart. The 10Y was already around 5% in the mid-to-late 60s and then spent decades above it. Equities still went higher. The 90s bull market did not need a sub-5% 10Y. A lot of that decade ran with yields at or above where we are now. Then 2008 ushered in the zero-rate / QE era. That’s the part of the chart most new-gen macro bros grew up looking at. If you've only experienced the post-2008 world, 5% probably looks like the end of the financial system. Historically, 5% is normal. It only looks extreme if your sample starts after 2008. A 5% 10Y absolutely changes the opportunity cost of capital. It doesn't automatically mean every risk asset gets nuked. The party can continue until it doesn't. Maybe I'm wrong and everything crashes. But spamming daily, “5% on the 10Y. Everyone is going to sell risk assets. Panic as fuck my bros.” is such a dumb take.

Three ways to use AI in crypto research beyond asking which token will pump Kaito Pro: find the context Use it when information about a project is scattered across sources Its search and tracking tools help you investigate a ticker, topic or narrative without relying entirely on what appears in your feed The useful output is a set of sources worth reading, not just another summary Dune: turn a claim into a chart A project says activity is growing Ask what that actually means: more transactions, more wallets, or more returning users? Dune's MCP integration lets a connected AI agent find datasets, write queries and build visualizations You still need to check the query's definitions Unique wallets aren't automatically unique people Nansen: monitor what happens next Once you've found wallets worth following, its AI can help configure Smart Alerts Supported alerts include token transfers, aggregated Smart Money flows and changes to Hyperliquid perp positions You review the setup and create the alert, instead of repeatedly refreshing the same wallets A practical workflow: • Find the claim • Check it against data • Set an alert for what would change your view These tools help with different parts of the job The value is in connecting those steps, rather than collecting three AI-generated opinions

Kool Krypto's @koolkrypto223 appearance on @counterpartytv is really an options trader making the case that onchain options are about to have their growth spurt, with @DeriveXYZ as the purest way to own it. @koolkrypto223 explains how he mined $BTC in 2010-14, came back through DeFi, only started trading options seriously around the turn of this year, and now runs a fund with one partner. That context matters: almost every thesis below is also a position he holds. Derive (DRV) → He bought at around a $50M FDV, arguing options needed a mature perps market to hedge against and that market now exists. → He values $DRV on growth rather than current revenue. His view is that onchain options could grow 5–10x next year while perps grow maybe 2x. → His upside case is a re-rating to "the ETH mainnet derivatives venue," valued closer to Lighter, which he calls roughly a 10x. He gives no price target. Options vs perps → He sees them as complements. Puts can insure a perp long, collars protect spot, and deep OTM calls express views that would get liquidated as leveraged perps. → The main advantage is being path-independent: a scary wick doesn't wipe you out. → He thinks theta is overrated as a fear. It only really bites in the final week, and he compares it to paying perp funding. His trades → $ETH $2,000/$2,400 call spreads: made about $1.5M buying cheap summer volatility. → $ETH $5,000/$7,000 call spread: risks $1M to make $47M, a bet that ETH either re-rates as the tokenization layer or stays a low-revenue tech stock. → Long $AERO / short $UNI: Uniswap's 16–25% fee take is ripe for compression, and he thinks UNI is overbid. → Short Solana: he blames the Foundation's kingmaking and says $SOL is losing perps, RWAs and memes to Hyperliquid and Robinhood Chain. → $ZEC: neutral, since pure momentum means no floor and no ceiling. Hyperliquid and Kinetiq → He made about $28M on HYPE and still holds a lot. → Kinetiq is a big position. His view is that HyperEVM has failed and Kinetiq's L2 will build the ecosystem Hyperliquid's team won't. Macro → He expects a possible local top within weeks but no new lows. He's very bullish on a 6–12 month view as the overhangs (wars, rates, CLARITY) unwind.

1 month of Coinbase Tokenized Stocks on Base $1B+ in volume and new primitives built every week Which stocks do you want next?

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$STRN TGE: Q4 2026. There is no second best. Initial details below.

The chart i watch to see if pros are back just woke up @aave flash loan volume, u borrow, rotate, unwind, whatever... then pay it back in the same tx late 2025 printed $300m+ weeks, 2026 has been mostly $50m to $90m. Then last week hit ~$375m, biggest bar on this @Token_Logic chart, and that $375m had to come from somewhere flash loans can only pull liquidity already sitting in Aave's pools, so the whole flow came straight out of Aave liquidity this looks like ppl rotating size on purpose anw one week = one data point, we had a $245m week a few months back, then the chart went quiet again if flash loan volume stays above $150m/week through Oct, ill call it: the quiet stretch is over, the pros are back 👀