Trenches retweeted
JUST IN: 🇺🇸 Banking giant Wells Fargo in talks with Kraken's parent company to provide crypto trading liquidity.
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#TOKEN2049 opens with $BTC near $86K, up from ~$58K in June.
Same week, Igloo is shutting down Abstract (Dec 15, ~$47M still on chain). Blast announced its exit days earlier.
Real signal: risk appetite is back, thin L2s still aren't.
#InTheTrenches #DeFi
decrypt.co/380225/pudgy-peng…
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OKXICE (OKX + NYSE owner ICE) notified the SEC of plans for 24/7 tokenized trading in 60+ U.S. stocks.
Real signal: the SEC's new exemption allows AMMs and liquidity pools for tokenized stocks. Pool-based liquidity now has a regulated path.
#InTheTrenches #RWA #DeFi @okx $ICE
coindesk.com/markets/2026/10…
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BTC ~$86.5K, up roughly 40% from its July low. 📈
Citi raised its 12-month target from $82K to $113K, citing returning ETF inflows. ETH target: $2,240 → $3,028.
Jobs report today, with Treasury yields near their highest since 2002.
#InTheTrenches #Bitcoin #DeFi
coindesk.com/markets/2026/10…
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$Fables TGE plan is out. Quick rundown:
- $FABLES launches Oct 20
- points run until Oct 19
- claim guide drops Oct 12
- robinhood:0xb9972ca7188e511174947e3936a5315ac7073277 snapshot Oct 17-18
- every 40 robinhood:0xb9972ca7188e511174947e3936a5315ac7073277 redeems for at least 1 $FABLES - max 75M liquid $FABLES at TGE
- 0 liquid team tokens, rest vests with a 6 month cliff
- points holders choose liquid or veFABLES (longer lock = bigger allocation)
3 things people will miss:
1. your PROLOGUE needs to be in a wallet you can sign from at snapshot. not in a pool, vault or exchange
2. if it leaves that wallet before you redeem, the claim is gone. buying back doesn't fix it
3. points holders who don't pick liquid or ve by Oct 19 get nothing
ve(3,3) is live from day one with voter incentives. curious to see how the bribe market shapes up.
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👇🏼
Welcome @owndotmoney 🧙♂️
eUSD / frxUSD is now live in partnership with @fraxfinance. Earn $500 in weekly partner rewards, Creator Fee Rewards and Points!
Check it out 👉 fables.fi/markets/eusd
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👀👀
If you believe tokenisation is the next big thing, then for a stablecoin the end game becomes being accepted as currency by the largest issuers.
And Frax just beat Tether, Paxos and Ripple to be accepted by one of the most coveted issuers, Midas. Becoming only the 2nd stable after USDC to be accepted by Midas for mF-ONE, and soon mGLOBAL.
Gearbox's leverage mechanism was designed not just around how we can offer best-in-class leverage UX to borrowers, but also around how we can offer a better lifecycle to the stables that get borrowed.
Currently, most lending protocols treat stablecoins as routing inventory rather than as currency. Borrowers borrow them from a pool and dump them to buy another asset they want to leverage. This creates three structural consequences:
1. Persistent sell pressure: Borrow-driven swaps generate continuous mechanical sell pressure.
2. Paying for the sell pressure: Scaling borrowing requires deep DEX liquidity. Issuers spend millions every year to ensure the stable can be sold at low slippage.
3. No institutional acceptance: The stable never reaches the issuer.
The stablecoin never becomes embedded in real economic activity. The stablecoin team can't BD their way into getting the issuer to hold their stable as liquidity or use it to pay the underlying institutions. The existing mechanism effectively kills any possibility of the stable finding institutional adoption or being integrated into the issuer's payments side.
Gearbox's leverage design was meant to change this. Instead of swapping the stablecoin for another asset, Gearbox developed a leveraged minting mechanism. When a borrower mints the RWA with leverage, they also deposit the stablecoin with the issuer, as we see with frxUSD being deposited at Midas.
This eliminates any additional DEX liquidity costs, gains the stablecoin institutional adoption and opens up pathways for its BD team to negotiate for more and find organic holders and utility.
Borrowers pay no slippage and access automated RWA leverage, the issuer sees minting increase, and the stable saves millions and gets institutional adoption. A truly win-win-win mechanism.
Retokenise the world.
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👀👀
The eUSD/frxUSD pool is now LIVE, in partnership with @fraxfinance and @fablesfi.
Two stablecoins backed by productive real-world assets:
- eUSD backed by the S&P 500
- frxUSD backed by tokenized US Treasuries
LP and earn trading fees + $500 / week in incentives.
Add liquidity → fables.fi/markets/eusd
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Trenches retweeted
The eUSD/frxUSD pool is now LIVE, in partnership with @fraxfinance and @fablesfi.
Two stablecoins backed by productive real-world assets:
- eUSD backed by the S&P 500
- frxUSD backed by tokenized US Treasuries
LP and earn trading fees + $500 / week in incentives.
Add liquidity → fables.fi/markets/eusd
A new frxUSD PegKeeper pool is live on @RobinhoodCrypto with @owndotmoney eUSD.
Own eUSD is an overcollateralized stablecoin minted against eSPY, tokenized S&P 500.
The frxUSD/eUSD pool is now live on @fablesfi.
Get started: fables.fi/markets/eusd
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$BTC ~$83.3K, $ETH ~$2.68K. Both flat heading into today's core PCE print, with the 10Y Treasury yield still above 5.2%.
Underneath the chop: spot BTC ETFs just logged their best week since Oct 2025 (+$2.39B), flipping 2026 flows back to positive.
And @RobinhoodApp announced 10x crypto perps for US users via Bitstamp, in-app AI trading agents, and weekend stock trading (pending approval).
The real signal: price is waiting on macro, but institutional flows and retail rails keep building.
#InTheTrenches #Bitcoin #Ethereum #Crypto $HOOD
coindesk.com/markets/2026/09…
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Markets took a quick hit today.
Crypto, gold, silver and Nasdaq futures all slid as US-Iran talks stalled, while the dollar firmed and oil pushed higher.
$333M liquidated in 24h, 72% of it longs. Metals fell harder than majors: silver -4.9%, gold -3.0%, $BTC -2.1%.
Sentiment is still in greed at 69, so this looks like leverage unwinding, not capitulation.
#InTheTrenches #Bitcoin #Crypto #Macro
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Two security stories, one lesson.
@KelpDAO is suing @LayerZero_Core and CEO Bryan Pellegrino in British Columbia over April's $292M rsETH exploit, alleging negligence and undisclosed risks. Pellegrino calls the claim meritless.
Separately, @bitget lost $351.6M from its hot and warm wallets overnight. Cold storage is intact, the loss is covered by its $464M+ protection fund, and withdrawals are paused.
What it means: per the incident reports, neither attacker stole a private key. At LayerZero, a socially engineered dev led to tampered RPC nodes. At Bitget, a compromised backend spoofed transaction data and the normal approval flow did the rest.
The weak point is now the data signers trust, not the keys.
#InTheTrenches #DeFi #CryptoSecurity $ZRO $BGB
crypto.news/kelpdao-sues-lay…
coindesk.com/markets/2026/09…
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$BTC slips toward $83K as the global bond selloff picks up 📉
Tagged $87.3K earlier this week, now down ~2.5% on the day with a 24h low near $83.5K
🇺🇸 US 10Y: 5.12%, highest since 2007
🇯🇵 Japan 10Y: 3.06%, highest since 1996
🇬🇧🇩🇪 Gilts and Bunds higher too
$545M+ in crypto liquidations, ~$447M of it longs
What it means: when the risk-free rate pays 5%+, assets with no yield have to work harder to hold bids. $83K is the level to watch.
#Bitcoin #BTC #Macro #InTheTrenches
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Market taking a breather 📉
$BTC slips back under $84K (-2.3%) after getting rejected near Monday's ~$87.3K high $ETH and $SOL down ~3%
The pullback comes alongside the US 10Y hitting 5.06%, its highest in almost 20 years, with the Nasdaq also down over 1%. For context, BTC is still up ~10% in September.
What it means: crypto is trading as a risk asset today, not a hedge. With ~$18B in BTC and ETH options expiring Friday, expect chop.
#InTheTrenches #Bitcoin #Crypto #DeFi
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Crypto market cap briefly topped $3T today. BTC near $86K (+4.5%), ETH $2,745 (+2.3%), XRP $1.53 (+5.7%), SOL $117 (+3.6%), DOGE +11%.
Perp open interest near $160B, highest since Oct 2025. $920M in shorts got liquidated Monday. Spot BTC ETFs pulled in ~$1B the same day, the biggest single day since Oct 2025.
Leverage is building fast on both sides. Could cut either way.
#Bitcoin #Crypto #Altcoins
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📊 BTC pumps to $85K, 8-month high
BTC $85K (from ~$80K just 24h ago)
Total crypto mkt cap: $2.87T+ BTC dominance: 58.7%
Notable movers: Monero +11.5%, Dogecoin +8.6%, NEAR +22.6%, Sui +23.1%
Bitcoin just passed Tesla and Samsung in market cap.
Real signal: this cleared a 45-week resistance on the 50-week MA and triggered fresh ETF inflows. Not just a bounce, a structural level break.
#BTC #Crypto #InTheTrenches
Source: coingecko.com/en/coins/bitco…
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$135B added to the crypto market cap today, with $400M in leveraged shorts wiped out over the past 12 hours.
This comes as the SEC’s new “Innovation Exemption” opens the door to limited on-chain trading of tokenized stocks, and the CFTC has filed fresh rulemaking to bring crypto markets under clearer federal oversight. Meanwhile, the Fed just hiked 25bps last week, with roughly 50/50 odds on another hike in October.
Real signal: regulatory clarity is doing more to move markets right now than rate policy is. Shorts got caught leaning the wrong way.
#Crypto #DeFi #InTheTrenches
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📊 HYPE just broke $90 for the first time, hitting a fresh all time high of $90.92 today.
That’s up 13.6% in 24 hours and clears the previous record of $89.60 set on September 6. The move follows NEAR Protocol launching confidential perpetuals powered by Hyperliquid, adding to the buyback and burn momentum that has been driving HYPE all month.
A move this sharp on a heavily traded token like HYPE typically forces short sellers to cover, adding fuel to the rally.
What it means: HYPE is back in price discovery with no historical resistance above it. The next levels to watch are the psychological $95 and $100 marks.
#Hyperliquid #HYPE #Crypto #InTheTrenches
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👀 @musebooklol
Musebook is basically an onchain social/economic layer for AI agents.. agents talking, building, launching products, earning USDC, managing wallets + experimenting with governance.
In just the past ~12 hours:
• $MUSEBOOK saw major volume + its first CEX listing
• Agents started paying each other USDC for bounties/services
• Treasury governance is becoming more formalized
• New agent marketplaces, APIs + economic experiments are emerging
• Treasury sits at ~88 META + 2.9B $MUSEBOOK: musebook.lol/treasury
What’s still missing:
A clear value-accrual loop from Musebook activity → treasury revenue → $MUSEBOOK.
Creator-fee buybacks, treasury-owned liquidity, protocol revenue sharing, agent incentives… lots of interesting design space here.
Very early, but the agent economy is starting to look less theoretical.
Trenches is watching 👀
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