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Behind every earn product is a vault, but most people picture it as a yield wrapper.
It's like calling a bank a place to park cash – technically true but it misses the point completely.
Yield is just the output. The real job is managing capital under a mandate.
It's like calling a bank a place to park cash – technically true but it misses the point completely.
Yield is just the output. The real job is managing capital under a mandate.
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Hong Kong FinTech Week brought meetings across the city and a DeFi roundtable at the Devcon Hong Kong Community Convention.
@s0xn1ck joined the “DeFi Today & What Comes Next” roundtable, alongside Samuel Chong of @LidoFinance (@stakesaurus), George Sheng of @AZverse_xyz (@geng of @sparkfinance (@timzz_sleep), and Leon L of @UnitedStables (@leoneast_)
The conversation moved from stablecoin liquidity spread across many chains to tokenized RWAs as collateral, and how much trust shared infrastructure asks of the people using it.
While getting assets onchain is the easy part now, putting them to work, with limits an institution can rely on, is where the building is.
Thanks to @Ethtao_Ethtao and @ethereumhkhub for hosting, to @ethereumfndn and the @EFDevcon team, and to everyone who spent part of their FinTech Week with Nick.
@s0xn1ck joined the “DeFi Today & What Comes Next” roundtable, alongside Samuel Chong of @LidoFinance (@stakesaurus), George Sheng of @AZverse_xyz (@geng of @sparkfinance (@timzz_sleep), and Leon L of @UnitedStables (@leoneast_)
The conversation moved from stablecoin liquidity spread across many chains to tokenized RWAs as collateral, and how much trust shared infrastructure asks of the people using it.
While getting assets onchain is the easy part now, putting them to work, with limits an institution can rely on, is where the building is.
Thanks to @Ethtao_Ethtao and @ethereumhkhub for hosting, to @ethereumfndn and the @EFDevcon team, and to everyone who spent part of their FinTech Week with Nick.
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Uber’s pilot built one check into the structure: proceeds could only go to verified corporate bank accounts.
Onchain, the rest can be built the same way. Asset eligibility, size limits and who can start a transfer become rules in code, running on the same clock as the money.
Onchain, the rest can be built the same way. Asset eligibility, size limits and who can start a transfer become rules in code, running on the same clock as the money.
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3 November, @s0xn1ck is on “DeFi Today & What Comes Next” at the Devcon Hong Kong Community Convention, presented by @Ethtao_Ethtao, @ethereumfndn, @ethereumhkhub and @EFDevcon team.
A good room to understand what DeFi needs to have for larger pools of capital to rely on it.
A good room to understand what DeFi needs to have for larger pools of capital to rely on it.
🎉 嘉宾公布 | Devcon香港分会场
👏 欢迎 George Sheng（Founder&CEO of AZverse）@georgemadcrypto、Samuel Chong（Lido Head of APAC Institutional Relations）@stakesaurus、Nick Stoev（Founder at Mellow）@s0xn1ck、Tim Zhang（APAC Growth lead of Spark）@timzz_sleep、Leon L（DeFi & On-chaintables）@leoneast_加入 Devcon 香港分会场！
🔥 圆桌讨论：DeFi 的现状与未来
五位嘉宾将齐聚一堂，围绕 DeFi 的发展现状、生态创新与未来机遇展开深入交流。
📅 November 3
📍 Devcon香港分会场
🎟️ 立即报名： luma.com/cfthgx9l
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Update on the Binance incident: Mellow vaults have taken no losses and have no direct exposure to Binance or the affected wallets.
EarnUSDe and EarnETH Vaults use Ethena and Aave.
Ethena has published an out-of-cycle proof of reserves confirming that USDe remains overcollateralized by more than $60M. Ethena's USDe backing is not held directly on Binance or any other exchange.
Aave markets are now unfrozen, and Aave’s contracts were unaffected by the incident.
Vault operators continue to monitor positions as markets return to normal. No action is needed from depositors.
EarnUSDe and EarnETH Vaults use Ethena and Aave.
Ethena has published an out-of-cycle proof of reserves confirming that USDe remains overcollateralized by more than $60M. Ethena's USDe backing is not held directly on Binance or any other exchange.
Aave markets are now unfrozen, and Aave’s contracts were unaffected by the incident.
Vault operators continue to monitor positions as markets return to normal. No action is needed from depositors.
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We’ve been following the reports concerning Binance-affiliated wallets since they first surfaced. We’re continuously reviewing relevant markets with vault operators and will coordinate on adjustments if it will be required.
We will continue monitoring the situation and sharing the updates.
We will continue monitoring the situation and sharing the updates.
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Next stop: Hong Kong.
Mellow’s founder @s0xn1ck will be at FinTech Week, 2-6 November, meeting teams building with stablecoins and tokenized assets.
Our focus: what happens once those assets are onchain and need to work inside treasury and yield products.
DMs are open.
Mellow’s founder @s0xn1ck will be at FinTech Week, 2-6 November, meeting teams building with stablecoins and tokenized assets.
Our focus: what happens once those assets are onchain and need to work inside treasury and yield products.
DMs are open.
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Roman, Mellow’s Head of Product, will be in Lisbon for @StellarOrg Meridian on October 28-29.
He’ll be around to talk onchain finance, hear what’s taking shape on Stellar and catch up with people across the ecosystem.
Reach out to @0xRomanW3 to arrange a time to meet.
He’ll be around to talk onchain finance, hear what’s taking shape on Stellar and catch up with people across the ecosystem.
Reach out to @0xRomanW3 to arrange a time to meet.
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JPMorgan set its rules at the token level.
A fintech placing balances in a vault should get the same control over its curator: a mandate the fintech defines, held by the vault itself, that every action the curator takes has to pass.
A fintech placing balances in a vault should get the same control over its curator: a mandate the fintech defines, held by the vault itself, that every action the curator takes has to pass.
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A framework for assessing DeFi lending vaults was published by @SPGlobalRatings earlier this month.
Even though no vault has been assessed under it yet, the six factors work as a public question list. Yield is not one of them. Liquidity mismatch, curator risk and governance are.
Even though no vault has been assessed under it yet, the six factors work as a public question list. Yield is not one of them. Liquidity mismatch, curator risk and governance are.
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All three can be checked onchain when the vault is designed for it.
Redemption queues show how much capital is waiting to exit against what the vault can pay out. Curator permissions set in contracts mean anything outside the mandate cannot be executed.
Redemption queues show how much capital is waiting to exit against what the vault can pay out. Curator permissions set in contracts mean anything outside the mandate cannot be executed.
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The Mellow USDG Yield Vault on Robinhood Chain has filled its initial 1M USDG cap, and the cap now doubles.
The Vault accepts @Paxos-issued USDG and allocates exclusively to Morpho markets.
Check out the Vault:
app.mellow.finance/vaults/robinho…
The Vault accepts @Paxos-issued USDG and allocates exclusively to Morpho markets.
Check out the Vault:
app.mellow.finance/vaults/robinho…
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EarnUSD Vault by @LidoFinance moves to a performance-weighted fee model. The change shifts more of the fee load from balances to returns.
Previously, EarnUSD charged 1% AUM and 10% performance. The new model is capped at 0.5% AUM and 20% performance. At launch, fees are set at 0.2% AUM and 15% performance.
The AUM fee applies to every balance in the vault, whatever the vault earns. Cutting it from 1% to 0.2% makes EarnUSD cheaper to hold when returns are lower. The performance fee applies only to generated returns, so with more weight on it, total fees track more closely with what depositors receive.
Current fees are always shown on the EarnUSD vault UI.
app.mellow.finance/vaults/earn-usd
stake.lido.fi/earn/usd
Previously, EarnUSD charged 1% AUM and 10% performance. The new model is capped at 0.5% AUM and 20% performance. At launch, fees are set at 0.2% AUM and 15% performance.
The AUM fee applies to every balance in the vault, whatever the vault earns. Cutting it from 1% to 0.2% makes EarnUSD cheaper to hold when returns are lower. The performance fee applies only to generated returns, so with more weight on it, total fees track more closely with what depositors receive.
Current fees are always shown on the EarnUSD vault UI.
app.mellow.finance/vaults/earn-usd
stake.lido.fi/earn/usd
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$50M in @LidoFinance's EarnUSD Vault on Mellow with 14-day average APY: 6.81%.
Allocated across @aave, @pendle_fi, @maplefinance, @Morpho, @ethena_labs and @sparkdotfi.
Check out the Vault:
stake.lido.fi/earn/usd/depos…
app.mellow.finance/vaults/earn-usd
Allocated across @aave, @pendle_fi, @maplefinance, @Morpho, @ethena_labs and @sparkdotfi.
Check out the Vault:
stake.lido.fi/earn/usd/depos…
app.mellow.finance/vaults/earn-usd
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Mellow team is heading to @token2049.
Meet @s0xn1ck, CEO, @0xRomanW3, Head of Product, and @Cyborgxsoufia, Head of Growth, to discuss onchain financial products.
DM to catch up while we’re in town!
Meet @s0xn1ck, CEO, @0xRomanW3, Head of Product, and @Cyborgxsoufia, Head of Growth, to discuss onchain financial products.
DM to catch up while we’re in town!
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Mellow retweeted
The BTC Vault (mbhBTC) on Mezo is winding down.
Deposits are closed, and users must withdraw by October 28, 2026.
Start early, withdrawals are queued and take ~48 hours to process.
Deposits are closed, and users must withdraw by October 28, 2026.
Start early, withdrawals are queued and take ~48 hours to process.
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Agents are quickly getting better at everything from research to execution.
When they touch capital onchain, the question shifts from what they can do to what they're allowed to do. In Mellow vaults, that answer is mandate enforced in contracts.
When they touch capital onchain, the question shifts from what they can do to what they're allowed to do. In Mellow vaults, that answer is mandate enforced in contracts.
Our @NousResearch Hermes agent actually does great job explaining what @mellowprotocol does, add as much context sources as possible and you’re gtg
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The Mellow USDG Yield Vault has taken its first external treasury allocation: 500,000 USDG from @OlympusDAO's protocol treasury.
The Vault accepts @Paxos-issued USDG, allocating exclusively to @Morpho markets on @RobinhoodCrypto's chain launched in July.
The Vault accepts @Paxos-issued USDG, allocating exclusively to @Morpho markets on @RobinhoodCrypto's chain launched in July.
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Inside the Vault, USDG is deployed into @ethena's USDe and @maplefinance's syrupUSDG.
Both are supplied as collateral exclusively on Morpho markets to borrow USDG that is then looped back to capture the carry spread.
Both are supplied as collateral exclusively on Morpho markets to borrow USDG that is then looped back to capture the carry spread.
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USDG supply is already sitting in Morpho markets on Robinhood Chain.
The Mellow Vault creates borrower demand on the other side, and Olympus's allocation now adds protocol treasury capital to that trade.
Check out the vault:
app.mellow.finance/vaults/robinho…
The Mellow Vault creates borrower demand on the other side, and Olympus's allocation now adds protocol treasury capital to that trade.
Check out the vault:
app.mellow.finance/vaults/robinho…
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