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What would you do if you were to "make it" financially? (this is subject to every individual)
Would you keep working, or would you go the "hedonistic" route and just try to "enjoy life" as much as possible?
Also, what is a "I made it financially" scenario for you?
To me, it's this:
- being debt-free
- being healthy again
- having ~$50k to $100k in savings
- having a home/flat, and being surrounded with family and friends
- having time to do what I believe is best - use my God-given talents the adequate way
What would I do if I was in that position?
I'd probably spend a good amount of my time drawing (I draw hyperrealism in pencil and charcoal), and doing work on different, more humanitarian-oriented, Christ-centered fields.
Below are some of my drawings, if you'd like to have a look into them.
Would you keep working, or would you go the "hedonistic" route and just try to "enjoy life" as much as possible?
Also, what is a "I made it financially" scenario for you?
To me, it's this:
- being debt-free
- being healthy again
- having ~$50k to $100k in savings
- having a home/flat, and being surrounded with family and friends
- having time to do what I believe is best - use my God-given talents the adequate way
What would I do if I was in that position?
I'd probably spend a good amount of my time drawing (I draw hyperrealism in pencil and charcoal), and doing work on different, more humanitarian-oriented, Christ-centered fields.
Below are some of my drawings, if you'd like to have a look into them.
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In the midst of "it's so over", there's always an "oh, look at that (yield) opportunity".
Hypercall by @SynapseProtocol is paying early liquidity providers in $SYN, and the pool is still relatively small. APR? See in the image. Btw, Hypercall is live on @Enter_Elysium and just O options market linked to Anthropic (cash-settled, non-US).
All roads lead to @HyperliquidX so the team behind the old (gud) Synapse bridge has built its options exchange on Hyperliquid. Two vaults went live just 2 days ago: USDC lending and SLP (the one I'm highlighting). As for SLP, you deposit USDC into a shared market-making book that quotes options to traders and hedges on Hyperliquid's perps (good combo). Hypercall set aside 1M SYN/month for the makers. SLP is filling most of the trades so far and "only" ~$196k are deposited. Because the pool is paying entirely in SYN, I see it as a bootstrapping pool rather than one that reaps trading profits. The USDC lending pool doesn't really pay at the moment, since few traders are borrowing from it yet.
Quick maff: at $1M deposited, those rewards will be roughly 87% APR. At $5M it'll be closer to 17% APR. Now, and this is just my opinion (and not financial advice), this is a nice way to pick up SYN without buying it on the open market, as long as you're early and fine with market-making risk. Whether to keep SYN depends on whether you think Hypercall's volume will outgrow its emissions. There was a governance proposal (in September) to send 70% of fees into SYN buybacks, but it didn't reach quorum (sadly). If another buyback proposal goes up and passes, scooping SYN could be a smart move.
Yeah, you might ask "is it worth farming?", and that's a legit question. @DefiLlama shows $713M in options volume since June, although most of it came in September. Still, the team is shipping fast. Hypercall just launched the first options pre-IPO market linked to Anthropic. Covered calls on xStocks are coming next, and box spreads will let you borrow against tokenized stocks on HyperCore, something you can't do there today. Although small, it's a win for Hyperliquid too. Every option sold gets hedged on its perps, and in one case a $7.1k options trade turned into $14.8M of S&P perp volume (no cap). About 88% of the supply is already circulating, and there are no VC unlocks waiting to nuke the chart.
It's not risk-free (nothing is, to be fair): your USDC sits in a market-making book that can lose money on sharp moves, and the SYN rewards are paid after each month closes. Treat it as a farm, I'd say.
"It's so over.", they said. Meanwhile, someone's farming 400% in SYN. That could be you.
Hypercall by @SynapseProtocol is paying early liquidity providers in $SYN, and the pool is still relatively small. APR? See in the image. Btw, Hypercall is live on @Enter_Elysium and just O options market linked to Anthropic (cash-settled, non-US).
All roads lead to @HyperliquidX so the team behind the old (gud) Synapse bridge has built its options exchange on Hyperliquid. Two vaults went live just 2 days ago: USDC lending and SLP (the one I'm highlighting). As for SLP, you deposit USDC into a shared market-making book that quotes options to traders and hedges on Hyperliquid's perps (good combo). Hypercall set aside 1M SYN/month for the makers. SLP is filling most of the trades so far and "only" ~$196k are deposited. Because the pool is paying entirely in SYN, I see it as a bootstrapping pool rather than one that reaps trading profits. The USDC lending pool doesn't really pay at the moment, since few traders are borrowing from it yet.
Quick maff: at $1M deposited, those rewards will be roughly 87% APR. At $5M it'll be closer to 17% APR. Now, and this is just my opinion (and not financial advice), this is a nice way to pick up SYN without buying it on the open market, as long as you're early and fine with market-making risk. Whether to keep SYN depends on whether you think Hypercall's volume will outgrow its emissions. There was a governance proposal (in September) to send 70% of fees into SYN buybacks, but it didn't reach quorum (sadly). If another buyback proposal goes up and passes, scooping SYN could be a smart move.
Yeah, you might ask "is it worth farming?", and that's a legit question. @DefiLlama shows $713M in options volume since June, although most of it came in September. Still, the team is shipping fast. Hypercall just launched the first options pre-IPO market linked to Anthropic. Covered calls on xStocks are coming next, and box spreads will let you borrow against tokenized stocks on HyperCore, something you can't do there today. Although small, it's a win for Hyperliquid too. Every option sold gets hedged on its perps, and in one case a $7.1k options trade turned into $14.8M of S&P perp volume (no cap). About 88% of the supply is already circulating, and there are no VC unlocks waiting to nuke the chart.
It's not risk-free (nothing is, to be fair): your USDC sits in a market-making book that can lose money on sharp moves, and the SYN rewards are paid after each month closes. Treat it as a farm, I'd say.
"It's so over.", they said. Meanwhile, someone's farming 400% in SYN. That could be you.
Hypercall vaults are now live.
A new way to participate in Hypercall’s markets.
Pick the strategy, put capital behind it, and let the manager run the book. You don’t need to manage every trade, strike, and expiry yourself.
Deposit to USDC lending and SLP vault today:
app.hypercall.xyz/vaults?s=1076b
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GM 🤝
If tokenized stonks are your thing, I warmly suggest you check out @tokenizedstonk . The amount of data it tracks, plus, how useful the platform is (you can also scoop info on where to pool liquidity and earn that juicy yield) is a thing of beauty.
On a side note, I see swap's butt when it comes to tokenized stocks; less liquidity, but higher volumes is quite a flex. Might be worth looking into it. Fyi, if I'm not wrong, Aero is going live on Elysium today so there you go - your venue for all-things-tokenized-stonks.
Obviously, Aero's aim isn't to become Elysium's top DEX, but Ethereum's. Bald move. Doable.
If tokenized stonks are your thing, I warmly suggest you check out @tokenizedstonk . The amount of data it tracks, plus, how useful the platform is (you can also scoop info on where to pool liquidity and earn that juicy yield) is a thing of beauty.
On a side note, I see swap's butt when it comes to tokenized stocks; less liquidity, but higher volumes is quite a flex. Might be worth looking into it. Fyi, if I'm not wrong, Aero is going live on Elysium today so there you go - your venue for all-things-tokenized-stonks.
Obviously, Aero's aim isn't to become Elysium's top DEX, but Ethereum's. Bald move. Doable.
Introducing TokenizedStonks.io
Tokenized stocks are a confusing mess. Different issuers, structures, networks.
This was built to make sense of it all, in one place.
Explore 4,000+ tokenized stocks. Compare their onchain versions, issuers, structures. Find where to trade d much more!
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I know Elysium is a hot topic right now (for a reason!), but there's more to come this month.
ATLAS, LayerZero's exchange engine, goes live with Zero mainnet on November 30th. When it was revealed in August, ethereum:0x6985884c4392d348587b19cb9eaaf157f13271cd ran quite nicely ay). Three months have passed so let's revisit if the hype is holding up.
Alrighty, you all know what LayerZero is. In case you don't, it's a messaging layer that lets tokens and data move between blockchains. Numbers it did/is doing are quite wild: it connects 165 chains, has carried over $300B in cross-chain volume, and has processed over 150M messages. Thether's USDT0, a version of USDT that moves between chains over LayerZero, has carried >$70B in under 12 months. Regardless of the native token, the "base" business is real.
Speaking of businesses, ATLAS is a different one. It's an exchange with no app of its own: one engine that handles orde matching, clearing, settlement, and risk. The apps people actually trade on are on top of ATLAS, and LayerZero calls these apps "venues". Now, a venue can be a perp DEX, a prediction market or a broker. Or something else. The venue keeps is own users, interface and brand, while ATLAS does the work underneath. Open ATLAS is the permissionless version for crypto apps, and the Institutional ATLAS (the closed one; not for us mortals) runs the same engine under rules a regulated player sets. Mora than a dozen venues are lined up for launch, and the first one is now public: @BasedOneX , on of Hyperliquid'ts top third-party apps by volume. Based is expanding (so, not moving from Hyperliquid) to ATLAS once Zero mainnet is live.
The money/fee flow is pretty neat: every trade pays one all-in fee. The venue that brought the trade gets part of that fee back as a rebate, which is how it gets paid for bringing in users. On rebates, every venue gets at least 20%, and it can earn up to 65% by moving up tiers through more volume, more ZRO staked, or both. The top tier asks for up to 1% of ZRO supply (a ton of money, like $16.5M at today's price). Alright, I explained the rebate, but where's the rest? Well, what's left after the rebate is split (again): 25% goes to the market creator (the party that set up the market being traded), and 75% buys ZRO on the open market and burns it. Needless to say, buybacks and burns are hands-down one of the better-accepted token mechanisms. On top of that, ZRO will be the gas and staking token for Zero itself. So there's more utility (naysu). ZRO staking isn't live yet, obviously. Once mainnet is live, staking is going live too, although the LayerZero Chads haven't published a reward rate yet. Anyway, no mechanism before this has tied ZRO this closely to real usage, and I believe it could do well in the long run (if volumes satisfy, that is).
Press releases are part of the past, and the institutional story has moved past those. 21X, the first EU venue licensed to run both trading and settlement under the DLT Pilot Regime, ran its fully on-chain order book on a private instance of Zero for a month. It hit 10k order matches per second, 45x the L2 setup (L2 EVM baseline, no name) it was benchmarked against. Citadel Securities, ARK, and Tether have all bought ZRO, and a16z bought $55M of it with a 3-year lock-up. Btw, between September last year and June this year, LayerZero spent $112.7M buying back ZRO. That covers the LayerZero Foundation (I hope the Ethereum foundation learns they can also buy ETH, not just sell it), LayerZero Labs, and Stargate's revenue.
I gotta keep it real so let me address a couple things here: ATLAS's speed figures come from a test environment, and the 21X pilot ran on a private instance, not a public mainnet. LayerZero hasn't published the fee rate yet, so it's hard to assume how good the buybacks and burns will be, but the buyback that already runs on revenue is a useful metric: all of Stargate's revenue has gone to buying ZRO since April, and by LayerZero's June report those buybacks totaled 1.9M ZRO for $2.8M (don't forgetti: that's before the Zero mainnet and ATLAS so it's pretty nice). As for ZRO unlocks, these will keep arriving until May next year, and the next one is scheduled for November 20th, 10 days before mainnet. On a side note, April's Kelp exploit, which went through a single verifier, still hurts trust. Good news: LayerZero is tightening ZRO's own crosschain transfers to require all 4 of 4 verifiers before mainnet. But trust comes slowly. But then, this space tends to have the memory of a goldfish.
So, is the hype justified? If you ask me...on the design and backers, yes. ZRO securing the chain, paying gas, qualifying venues and getting burned is a gigantic leap. I mean, it used to be a governance token on a messaging protocol (and somehow held better than a ton of other tokens). The token is still down a lot, like 75%+ from its $7.47 ATH from December 2024. So I guess the market is still waiting for proof, although the token is up 90% since the ATLAS announcement.
Is ATLAS bullish? Yes, but with a catch: the bigger the venues grow, the bigger their rebates, and the less of each fee is left to burn, but if Based and the other venues bring real order flow in the first few months, the burn might start pushing back against the unlocks. If they don't, it's a flashy Lamborghini that will stay in the garage. I kinda lean towards thinking that ATLAS will do well.
What do you think?
ATLAS, LayerZero's exchange engine, goes live with Zero mainnet on November 30th. When it was revealed in August, ethereum:0x6985884c4392d348587b19cb9eaaf157f13271cd ran quite nicely ay). Three months have passed so let's revisit if the hype is holding up.
Alrighty, you all know what LayerZero is. In case you don't, it's a messaging layer that lets tokens and data move between blockchains. Numbers it did/is doing are quite wild: it connects 165 chains, has carried over $300B in cross-chain volume, and has processed over 150M messages. Thether's USDT0, a version of USDT that moves between chains over LayerZero, has carried >$70B in under 12 months. Regardless of the native token, the "base" business is real.
Speaking of businesses, ATLAS is a different one. It's an exchange with no app of its own: one engine that handles orde matching, clearing, settlement, and risk. The apps people actually trade on are on top of ATLAS, and LayerZero calls these apps "venues". Now, a venue can be a perp DEX, a prediction market or a broker. Or something else. The venue keeps is own users, interface and brand, while ATLAS does the work underneath. Open ATLAS is the permissionless version for crypto apps, and the Institutional ATLAS (the closed one; not for us mortals) runs the same engine under rules a regulated player sets. Mora than a dozen venues are lined up for launch, and the first one is now public: @BasedOneX , on of Hyperliquid'ts top third-party apps by volume. Based is expanding (so, not moving from Hyperliquid) to ATLAS once Zero mainnet is live.
The money/fee flow is pretty neat: every trade pays one all-in fee. The venue that brought the trade gets part of that fee back as a rebate, which is how it gets paid for bringing in users. On rebates, every venue gets at least 20%, and it can earn up to 65% by moving up tiers through more volume, more ZRO staked, or both. The top tier asks for up to 1% of ZRO supply (a ton of money, like $16.5M at today's price). Alright, I explained the rebate, but where's the rest? Well, what's left after the rebate is split (again): 25% goes to the market creator (the party that set up the market being traded), and 75% buys ZRO on the open market and burns it. Needless to say, buybacks and burns are hands-down one of the better-accepted token mechanisms. On top of that, ZRO will be the gas and staking token for Zero itself. So there's more utility (naysu). ZRO staking isn't live yet, obviously. Once mainnet is live, staking is going live too, although the LayerZero Chads haven't published a reward rate yet. Anyway, no mechanism before this has tied ZRO this closely to real usage, and I believe it could do well in the long run (if volumes satisfy, that is).
Press releases are part of the past, and the institutional story has moved past those. 21X, the first EU venue licensed to run both trading and settlement under the DLT Pilot Regime, ran its fully on-chain order book on a private instance of Zero for a month. It hit 10k order matches per second, 45x the L2 setup (L2 EVM baseline, no name) it was benchmarked against. Citadel Securities, ARK, and Tether have all bought ZRO, and a16z bought $55M of it with a 3-year lock-up. Btw, between September last year and June this year, LayerZero spent $112.7M buying back ZRO. That covers the LayerZero Foundation (I hope the Ethereum foundation learns they can also buy ETH, not just sell it), LayerZero Labs, and Stargate's revenue.
I gotta keep it real so let me address a couple things here: ATLAS's speed figures come from a test environment, and the 21X pilot ran on a private instance, not a public mainnet. LayerZero hasn't published the fee rate yet, so it's hard to assume how good the buybacks and burns will be, but the buyback that already runs on revenue is a useful metric: all of Stargate's revenue has gone to buying ZRO since April, and by LayerZero's June report those buybacks totaled 1.9M ZRO for $2.8M (don't forgetti: that's before the Zero mainnet and ATLAS so it's pretty nice). As for ZRO unlocks, these will keep arriving until May next year, and the next one is scheduled for November 20th, 10 days before mainnet. On a side note, April's Kelp exploit, which went through a single verifier, still hurts trust. Good news: LayerZero is tightening ZRO's own crosschain transfers to require all 4 of 4 verifiers before mainnet. But trust comes slowly. But then, this space tends to have the memory of a goldfish.
So, is the hype justified? If you ask me...on the design and backers, yes. ZRO securing the chain, paying gas, qualifying venues and getting burned is a gigantic leap. I mean, it used to be a governance token on a messaging protocol (and somehow held better than a ton of other tokens). The token is still down a lot, like 75%+ from its $7.47 ATH from December 2024. So I guess the market is still waiting for proof, although the token is up 90% since the ATLAS announcement.
Is ATLAS bullish? Yes, but with a catch: the bigger the venues grow, the bigger their rebates, and the less of each fee is left to burn, but if Based and the other venues bring real order flow in the first few months, the burn might start pushing back against the unlocks. If they don't, it's a flashy Lamborghini that will stay in the garage. I kinda lean towards thinking that ATLAS will do well.
What do you think?
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Centralized money was screwing us until decentralized money arrived.
Now, our buttocks are getting stretched by centralized AI. How about we move to decentralized AI?
SN92 looks lit. I wanna know what the first $TAO chad I followed has to say. @RvCrypto , that would be you, bro
Now, our buttocks are getting stretched by centralized AI. How about we move to decentralized AI?
SN92 looks lit. I wanna know what the first $TAO chad I followed has to say. @RvCrypto , that would be you, bro
🥇 REAX 1.3 is #1 on the Hugging Face Decision Index.
We produced the best decision model in the world.
274 models. One top spot. Built on Bittensor $TAO.
Four weeks ago, Subnet 92 didn't exist. Then the miners went to work: an open competition, two selected miner models, one ow REAX 1.3 sits at the top of Decision Index 0.4.1 with a Full score of 74.0.
This is what decentralized AI looks like when it ships.⚡
Live today on a Jev-compatible API
decisionmodels.io
huggingface.co/spaces/multimo…
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Fyi is a tiny market cap. And you have to buy it with TAO. And here's more good news: Bittensor added quantum resistant wallets (yesterday) to prevent centralized AI from further stretching out buttocks.
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When markets are bleeding, I'm paying attention to the coins that aren't. Ergo, zcash:native .
So, orange coin is down about 5% in the last 24h. Vitalik coin is down 6.5%. And Soylana's is down 5.5%. In the meantime, ZEC is in the green. Is it because its biggest upgrade in have no clue. What is the upgrade bringing? ⬇️
NU7 (NUT, if you read leetspeak) cut block time from 75 to 25 seconds, so every transaction, private ones (the ones we're all into) included, confirms 3x faster (I used quick maff). Each block now pays a third of the old reward, but because there are now 3x more blocks - issuance is the same. The supply cap at 21M ZEC and the halvings stay as they are.
The part I find most interesting is where fees go now: 60% of fees are set aside in a reserve instead of going straight to miners (I think this is a smart move). From 2031, that reserve gets paid back out bit by bit as extra block rewards, so miners keep getting paid to secure the network even as the block rewards (newly mined coins) keep halving.
Zoom out and you'll see that ZEC is pretty much flat over 30 days while BTC lost 9%, ETH 13%, and SOL 22%. Over 90 days tho, it's up ~160%. To be clear, I'm not calling for a top or bottom here. Open interest is high, so some of this strength is powered by leverage, and the ETF flipped red (not too much tho).
Don't isolate ZEC's green candles to NU7, there are a few things that could explain why ZEC is holding up while the rest of the market is painted red:
🟢 AI now makes it cheap to link public wallets to real people (data leaking goes brrr), which could turn privacy from a niche feature into something people actually need. Zcash usage backs that up, with around 86% of transactions shielded and about 31% of all ZEC in shielded pools by mid-March (this year)
🟢 the Binance hack pushed users into self-custody (some still go full-idiot by keeping all of their funds on a CEX), but on a transparent chain a self-custodied balance is visible to anyone. A shielded balance start to look like a security feature. It's a privacy/anonymity one for sure.
🟢 Zcash is using AI as a defense layer (yeah, it goes both ways). In May, a researcher hired by Shielded Labs used Claude Opus 4.8 to find a 4-year-old counterfeiting bug, and it was patched within days.
On a side note, the NU7 reserve as a plan for paying miners as block rewards shrink is something Bitcoin still doesn't have. I believe privacy is in demand, more so as AI scales and becomes "smarter".
Obviously, NFTA. I'm just a guy who noticed the green candle. 🫡
So, orange coin is down about 5% in the last 24h. Vitalik coin is down 6.5%. And Soylana's is down 5.5%. In the meantime, ZEC is in the green. Is it because its biggest upgrade in have no clue. What is the upgrade bringing? ⬇️
NU7 (NUT, if you read leetspeak) cut block time from 75 to 25 seconds, so every transaction, private ones (the ones we're all into) included, confirms 3x faster (I used quick maff). Each block now pays a third of the old reward, but because there are now 3x more blocks - issuance is the same. The supply cap at 21M ZEC and the halvings stay as they are.
The part I find most interesting is where fees go now: 60% of fees are set aside in a reserve instead of going straight to miners (I think this is a smart move). From 2031, that reserve gets paid back out bit by bit as extra block rewards, so miners keep getting paid to secure the network even as the block rewards (newly mined coins) keep halving.
Zoom out and you'll see that ZEC is pretty much flat over 30 days while BTC lost 9%, ETH 13%, and SOL 22%. Over 90 days tho, it's up ~160%. To be clear, I'm not calling for a top or bottom here. Open interest is high, so some of this strength is powered by leverage, and the ETF flipped red (not too much tho).
Don't isolate ZEC's green candles to NU7, there are a few things that could explain why ZEC is holding up while the rest of the market is painted red:
🟢 AI now makes it cheap to link public wallets to real people (data leaking goes brrr), which could turn privacy from a niche feature into something people actually need. Zcash usage backs that up, with around 86% of transactions shielded and about 31% of all ZEC in shielded pools by mid-March (this year)
🟢 the Binance hack pushed users into self-custody (some still go full-idiot by keeping all of their funds on a CEX), but on a transparent chain a self-custodied balance is visible to anyone. A shielded balance start to look like a security feature. It's a privacy/anonymity one for sure.
🟢 Zcash is using AI as a defense layer (yeah, it goes both ways). In May, a researcher hired by Shielded Labs used Claude Opus 4.8 to find a 4-year-old counterfeiting bug, and it was patched within days.
On a side note, the NU7 reserve as a plan for paying miners as block rewards shrink is something Bitcoin still doesn't have. I believe privacy is in demand, more so as AI scales and becomes "smarter".
Obviously, NFTA. I'm just a guy who noticed the green candle. 🫡
NU7 has successfully activated on mainnet. A new era of Zcash is here. $ZEC
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Finally, @mezzanine_fi is live 🫡
Look at that sweet yield. The @HastraFi Optimizer is doing a wonderful job. And it's just the first of many (vaults). Mezzmerizing DeFi at your disposal. P.S. early depositors *might* be rewarded later.
Check it out: app.mezz.finance/vaults
Look at that sweet yield. The @HastraFi Optimizer is doing a wonderful job. And it's just the first of many (vaults). Mezzmerizing DeFi at your disposal. P.S. early depositors *might* be rewarded later.
Check it out: app.mezz.finance/vaults
Those numbers look fine, but check them out today 👀
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4 million US dollarinos in reserves (in this market) is more than "bullish", if you ask me. And the collateral ratio is slightly above 100% so it's safu, too.
If you're not familiar with @mezzanine_fi and its first vault, the Hastra Optimizer, I wrote a post about it:
If you're not familiar with @mezzanine_fi and its first vault, the Hastra Optimizer, I wrote a post about it:
5 years ago we were all farming platform's native tokens at 4-digit APYs. Today, home loans and car payments are quietly becoming some of the best yields in crypto (not 4-digit APYs, but backed by something real).
@mezzanine_fi is building a way to leverage that yield (coming payments) without you having to manage the position yourself. The strategy behind it is called the carry trade, looping is how you leverage it, and @RWA_xyz 's report says it's one of the biggest reasons people are buying tokenized RWAs right now.
@HastraFi 's tokens, $PRIME and $AUTO , fit perfectly. PRIME earns interest from real US home equity loans and AUTO from US car loans, and you can borrow against them for less than they pay you. According to Mezzanine, AUTO paid ~9.4% over the last 30 days while borrowing against it cost around 6.2%. Needless to say, but I'll say it anyway, the difference between 6.2% and 9.4% is what you earn, and what you ideally want to leverage or precisely, loop.
Looping is great, but it sucks if you have to do it the Hand Solo way (manually). Aside from numerous clicks, you have to take into consideration that borrowing costs change, positions need adjusting, and that your profit can turn into a loss if you stop monitoring your position(s).
Fear not, because @phtevenstrong has that rizz and he's been working on Mezz. Mezzanine's first vault, the Hastra Optimizer, handles all of it (the Hand Solo work and headaches you want to avoid): it loops both tokens (PRIME and AUTO) for you from a single deposit of USDC or wYLDS. In other words, as a user, all you have to do is deposit and select your risk tier, precisely, your desired tranche (tailored to your risk appetite); the Junior tranche earns more but takes (potential) losses first, while Senior earns less and is protected by Junior.
This is a very intelligent move by the Mezz crew, and I'm not even surprised because I know that Stephen's second language is DeFi. Or Spanish. Regardlessado, está muy bien. So, why is this a very intelligent move by Mezzanine, and why do I dare to say that it's also a big thing for this DeFiamond in the making? It's easy: they're launching with one of the most-in-demand trades in RWAs, on assets that already hold over $600M, and they're making it usable for people who don't want to treat a spreadsheet like if it's a tamagotchi.
However, it's not free monies. If borrowing costs jump, the difference (the one you want to leverage) shrinks, and if borrowing ends up costing more than the token pays, profits turn into red numbers. To be spot on, Mezzanine manages borrowing costs for you, but if they (the costs) rise everywhere at once, loopers will feel it. The risk of rising borrowing costs is realistic, but usually short-lived. Car loans come with real default risk (a borrower stops paying and the lender repossesses the car and sells it), which is part of why AUTO pays more. Btw, exits take a bit of patience, since the vault unwinds positions weekly to protect everyone still in it.
TL;DR on the tokens involved in the Hastra Optimizer:
wYLDS is Hastra's wrapped version of YLDS, an SEC-registered stablecoin (current supply: $490M) from Figure (a Nasdaq-listed US lender that is behind HELOC, a top 10 token on CoinGecko that looks like a stablecoin but is actually a tokenized loan asset; HELOC stands for Home Equity Line of Credit). It's backed by US gov bonds and pays around 3.6% annually. This one you stake to get PRIME or AUTO.
PRIME funds Figure's home equity loans, which are loans to homeowners backed by their houses. It's the steadier one, and it pays around 6% to 7% APY.
AUTO funds car loans for people with less-than-perfect credit (99.5% of CT, myself included), backed by the car themselves. It pays more, roughly 10 to 12% APY, with more risk to match.
Ok, it's time to zoom out. RWAs are pulling in real money, the carry trade is driving a big chunk of it, and pretty much nobody wants to run that trade by hand. Mezzanine sits right in the middle (pun intended) of this all three (RWAs, carry trade, and time-poor users), with a stacked security setup, a founder who's been doing yield math for CT (and YT) for years, and a framework built to tranche whatever comes next. Hastra is the first floor. I'm watching this building go up, and I'd suggest you do the same.
I'll be back with more content as Mezzanine grows. 🫡
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For some it was Rektober, for Hyperdash it was Wintober 🫡
TL;DR on @hypurrdash and why Hyperliquid's biggest traders route through it.
Over the last 30 days Hyperdash did ~$4.8B in volume, ahead of fomo, Phantom, and Metamask. That makes it the no1 builder by volume out of 980. Take a minute and process that info. Ok. Its volume grew 346% month over month (while most other top builders were flat or down), and October builder revenue hit $602k, up from $4k (yes, four thousand USD) a year earlier. That's a 150x increase in revenue.
Fun (chad) fact: only 933 wallets traded through Hyperdash in the last 30 days (according to HyperTracker), but each one generated about $775 in fees, roughly 10x fomo's average and 18x Phantom's. Sure, some teams go for users, but quality beats quantity any day of the week. That said, Phantom wins on user count, but Hyperdash wins the whales.
So what are these traders actually getting? Hyperdash is a trading terminal on top of HL; your orders still go to Hyperliquid's own orderbook and you keep custody of your funds. Plus, you get what the native UI doesn't give you: live positioning of the most profitable (and most rekt) wallets, one-click copytrading, chase orders (a limit order that keeps moving its price to follow the market until it gets filled), trailing stops, private TWAP, and HIP-3 markets like the S&P 500 perp in the same window.
It would be a shame to mention Hyperliquid and not say what numbers it has done in the last 30 days: about $229B in perp volume (that's more than Variational, Lighter, and Aster put together, and roughly 35% of ALL onchain perp volume). In October,traders paid $88M in fees, and $69M of that was protocol revenue, nearly all of which went into hyperliquid:native buybacks. That actually made October the 2nd-best (there is a second best, Michael!) revenue month of 2026 (behind September's $74M). On a side note, the HYPE burn is starting to pile up (or spread?). As of October 29th, the Assistance Fund had burned 4.99% of the max supply, and by mid-October it had spent about $1.36B doing it. Since October 3rd, the fund also gets about 90% of the yield on Hyperliquid's USDC reserves, so buybacks no longer depend on trading fees alone. The first payment was $14.6M.
The apps built on top are getting paid too. Builder codes have paid out more than $126M in total, and over the last 30 days Hyperdash is the app leading that flow by volume.
Bullish on Hyperliquid and Hyperdash. 🤝
The whales already picked their terminal. My ref if you want to sit at the same table: hyperdash.com/join/proba1
TL;DR on @hypurrdash and why Hyperliquid's biggest traders route through it.
Over the last 30 days Hyperdash did ~$4.8B in volume, ahead of fomo, Phantom, and Metamask. That makes it the no1 builder by volume out of 980. Take a minute and process that info. Ok. Its volume grew 346% month over month (while most other top builders were flat or down), and October builder revenue hit $602k, up from $4k (yes, four thousand USD) a year earlier. That's a 150x increase in revenue.
Fun (chad) fact: only 933 wallets traded through Hyperdash in the last 30 days (according to HyperTracker), but each one generated about $775 in fees, roughly 10x fomo's average and 18x Phantom's. Sure, some teams go for users, but quality beats quantity any day of the week. That said, Phantom wins on user count, but Hyperdash wins the whales.
So what are these traders actually getting? Hyperdash is a trading terminal on top of HL; your orders still go to Hyperliquid's own orderbook and you keep custody of your funds. Plus, you get what the native UI doesn't give you: live positioning of the most profitable (and most rekt) wallets, one-click copytrading, chase orders (a limit order that keeps moving its price to follow the market until it gets filled), trailing stops, private TWAP, and HIP-3 markets like the S&P 500 perp in the same window.
It would be a shame to mention Hyperliquid and not say what numbers it has done in the last 30 days: about $229B in perp volume (that's more than Variational, Lighter, and Aster put together, and roughly 35% of ALL onchain perp volume). In October,traders paid $88M in fees, and $69M of that was protocol revenue, nearly all of which went into hyperliquid:native buybacks. That actually made October the 2nd-best (there is a second best, Michael!) revenue month of 2026 (behind September's $74M). On a side note, the HYPE burn is starting to pile up (or spread?). As of October 29th, the Assistance Fund had burned 4.99% of the max supply, and by mid-October it had spent about $1.36B doing it. Since October 3rd, the fund also gets about 90% of the yield on Hyperliquid's USDC reserves, so buybacks no longer depend on trading fees alone. The first payment was $14.6M.
The apps built on top are getting paid too. Builder codes have paid out more than $126M in total, and over the last 30 days Hyperdash is the app leading that flow by volume.
Bullish on Hyperliquid and Hyperdash. 🤝
The whales already picked their terminal. My ref if you want to sit at the same table: hyperdash.com/join/proba1
Hyperdash finished October as the #1 builder code by volume 🚀
We couldn't have done it without your trust and support in what we are building each and every day. On behalf of the entire team we thank you!
Our next product release will be one of our biggest yet, stay tuned for on 👀
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Remember, remember, the fifth of November...
M for Mezzanine, W for DeFi.
I don't usually feel the hype when a project is about to launch, but this one's been on my radar for...well, ever since its first post. So yeah, I'm hyped.
If you're not familiar with Mezzanine, be sure to read my last post on it (it'll be worth your time and effort):
x.com/monosarin/stat…
M for Mezzanine, W for DeFi.
I don't usually feel the hype when a project is about to launch, but this one's been on my radar for...well, ever since its first post. So yeah, I'm hyped.
If you're not familiar with Mezzanine, be sure to read my last post on it (it'll be worth your time and effort):
x.com/monosarin/stat…
2 days until you have to decide what kind of yield farmer you are.
Mezzanine goes live November 5th.
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I don't know if you've noticed, but Pendle is low-key becoming the place where Wall Street money comes to trade yield onchain, and ethereum:0x808507121b80c02388fad14726482e061b8da827 stakers get paid for it (thanks to buybacks).
Latest example: a token (NGI+) backed by a slice of a $2.1B infrastructure fund from a $170B+ asset manager now trades on Pendle.
@AssetoFinance turned a stake in @partnersgroup 's NGI fund, which invests in power, energy, and digital infra companies, into a token called NGI+. On Pendle, you can lock in a fixed return on it or bet on where its yield goes. Even better, every new NGI+ token is backed by a fresh buy into the fund (ah, the fhywheel), so more demand on Pendle can mean more money flowing into a real Partners Group fund.
There's more: a month ago Pendle held the 7th most tokenized stocks of any DeFi app. Now it's 2nd (per Token Terminal), with ~17% of the total. PendleLoop gives you leverage on crypto and stonks without perps, paying a borrow rate instead of funding fees, which Pendle says made an ETH long 70-90% cheaper than on Hyperliquid over the past year. And @boros_fi , Pendle's market for funding rates, crossed $100M in open positions on its new spread markets in just 14 days.
Spread markets? Yup, and here's and example of what a spread trade looks like: after the Binance hack trauma, ETH longs on Hyperliquid were paying ~19% a year more in fees than on Gate, but the market priced that difference only ~3%. Chad @Rightsideonly went long on that difference and is now scooping profits.
@citrini added ethereum:0x808507121b80c02388fad14726482e061b8da827 to its tokenization basket, and @crypto_linn broke down why: whoever wins the tokenization race (and it doesn't have to be just one team), their yield products still need a market, and Pendle already runs the largest one in crypto. On top of that, up to 80% of Pendle's revenue is used for buybacks, feeding the stakers.
NOTE: you can only cash out NGI+ on the fund's own schedule, and leverage can wipu you out fast (not that you don't know, but hey).
Latest example: a token (NGI+) backed by a slice of a $2.1B infrastructure fund from a $170B+ asset manager now trades on Pendle.
@AssetoFinance turned a stake in @partnersgroup 's NGI fund, which invests in power, energy, and digital infra companies, into a token called NGI+. On Pendle, you can lock in a fixed return on it or bet on where its yield goes. Even better, every new NGI+ token is backed by a fresh buy into the fund (ah, the fhywheel), so more demand on Pendle can mean more money flowing into a real Partners Group fund.
There's more: a month ago Pendle held the 7th most tokenized stocks of any DeFi app. Now it's 2nd (per Token Terminal), with ~17% of the total. PendleLoop gives you leverage on crypto and stonks without perps, paying a borrow rate instead of funding fees, which Pendle says made an ETH long 70-90% cheaper than on Hyperliquid over the past year. And @boros_fi , Pendle's market for funding rates, crossed $100M in open positions on its new spread markets in just 14 days.
Spread markets? Yup, and here's and example of what a spread trade looks like: after the Binance hack trauma, ETH longs on Hyperliquid were paying ~19% a year more in fees than on Gate, but the market priced that difference only ~3%. Chad @Rightsideonly went long on that difference and is now scooping profits.
@citrini added ethereum:0x808507121b80c02388fad14726482e061b8da827 to its tokenization basket, and @crypto_linn broke down why: whoever wins the tokenization race (and it doesn't have to be just one team), their yield products still need a market, and Pendle already runs the largest one in crypto. On top of that, up to 80% of Pendle's revenue is used for buybacks, feeding the stakers.
NOTE: you can only cash out NGI+ on the fund's own schedule, and leverage can wipu you out fast (not that you don't know, but hey).
Pendle and @AssetoFinance have published a joint case study on NGI+, the tokenized exposure to @PartnersGroup’s $2.1B AUM Next Generation Infrastructure fund.
The study looks at how the fund was brought onchain within its existing legal and regulatory framework, and how a market lets holders fix and trade their return.
Full article linked below 👇
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If you haven't used Grok bot, I warmly suggest you do.
Give it some steroids by plugging @sibyl_labs_ into it. $SIBYL Is (in my opinion) extremely undervalued and for just 100k tokens (~$74) you can get the pro plan.
If you want to learn more about Sibyl, I spent a lot of time doing my research and writing this article and I'm pretty sure it'll help you understand why AI memory is actually a topic you should get familiar with: x.com/monosarin/stat…
Give it some steroids by plugging @sibyl_labs_ into it. $SIBYL Is (in my opinion) extremely undervalued and for just 100k tokens (~$74) you can get the pro plan.
If you want to learn more about Sibyl, I spent a lot of time doing my research and writing this article and I'm pretty sure it'll help you understand why AI memory is actually a topic you should get familiar with: x.com/monosarin/stat…
Grok Bot represents the first interface where fairly average users can level up their AI experience with a Sibyl Memory product, effectively increasing our target market by a large margin.
Sibyl Memory in Grok bot enables seamless persistent memory across all your grok bot sessions, so no matter how many projects you are working on simultaneously, your agents stay context aware, and learn through experience.
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M 🤝
Your timeline is already filled with reports on what happened yesterday so no need to write about it. I'll just say that it triggered a cascade of liquidations as BTC and ETH dropped. I hope you didn't get affected by neither of the events.
If you trade ETH or BTC with ocol_fx . When a position gets close to danger, the protocol trims back to 88% LTV rather than liquidating your position right away. You get up to 7x long or 6x short, and pay no funding in normal conditions.
If you're not trading, fxSAVE pays 8.9% APY on stables, funded by trading fees and staking yield, not emissions, You can keep it simple and USDC into the fxSAVE market on @Morpho , which pays 20.79% APY right now: 11.83% in interest plus 8.98% in ethereum:0x365accfca291e7d3914637abf1f7635db165bb09 .
Obviously, it isn't risk-free. Smart contract risk applies and a fast or big enough crash can push past the brake. However, it beats parking leverage on a CEX.
There's way more to f(x), but I'll keep it at this short post (and image) for now. Btw, do check the image if you're curious about the protocol's numbers (spoiler: they're on fire).
Your timeline is already filled with reports on what happened yesterday so no need to write about it. I'll just say that it triggered a cascade of liquidations as BTC and ETH dropped. I hope you didn't get affected by neither of the events.
If you trade ETH or BTC with ocol_fx . When a position gets close to danger, the protocol trims back to 88% LTV rather than liquidating your position right away. You get up to 7x long or 6x short, and pay no funding in normal conditions.
If you're not trading, fxSAVE pays 8.9% APY on stables, funded by trading fees and staking yield, not emissions, You can keep it simple and USDC into the fxSAVE market on @Morpho , which pays 20.79% APY right now: 11.83% in interest plus 8.98% in ethereum:0x365accfca291e7d3914637abf1f7635db165bb09 .
Obviously, it isn't risk-free. Smart contract risk applies and a fast or big enough crash can push past the brake. However, it beats parking leverage on a CEX.
There's way more to f(x), but I'll keep it at this short post (and image) for now. Btw, do check the image if you're curious about the protocol's numbers (spoiler: they're on fire).
1/🧵
Why trade with f(x) Protocol?
Leverage on most venues comes with three problems: liquidations triggered by one bad wick, funding that bleeds you while you wait, and custody you don’t control.
f(x) was designed around all three.
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Alrighty, some charts are actually wild. ethereum:0xb1d1eae60eea9525032a6dcb4c1ce336a1de71be did 8.5x in a year, while its revenue has grown 3.4x.
One of these numbers has to catch up (or tank), and which one does decides whether DRV runs again or bleeds from here.
Let me st: @DeriveXYZ is literally where most onchain options trade. That said, it pulled off fat numbers. The protocol takes a fee on every trade, and half of those fees now buy the native token on the open market every week. Ok, so that's the link between the business and the token, and you'll need this info if you keep reading.
Bull case, part 1: Derive just pulled off the riskiest move an exchange can make (I'd say it's the smartest move), and it held. ~3 weeks ago it killed Derive Chain, its own L2, and moved its toys (the entire venue) to settle directly on Ethereum. Based users followed and the options volume over the last 30 days (migration included), came in at $3.23B, close to September's ATH. Since the end of September, stablecoin deposits grew by ~$6.7M, but the total TVL is slightly lower. But only because ETH is down like 13%.
Bull case, part 2: nobody else is close (at least not in crypto). Premiums are the best argument on who's winning in the sector. In Q3, over 90% of ALL onchain options premium was paid on Derive, and its share has grown six quarters in a row. So, you can say that in this category there's Derive, and then there's everyone else.
Bull case, part 3: the token is making that money better than before. October has already sent $223k of fees into buybacks with 2 days left, the biggest month yet (this is the key word). 28.5M DRV (~$10.3M at today's price) has been bought back in total. Traders paid Derive $654k in fees in September this year, almost double the $340k they paid last year, and after market-maker rebates about half of what's left now goes to DRV buybacks. Btw, bought-back DRV doesn't go to the furnace, it sits in the DAO treasury, and a recent proposal suggests using it to pay staking rewards later. Speaking of staking, 23% of the supply is staked. And speaking of the treasury, it's thicc: there's like $160M worth of DRV in it, if I didn't fetch the wrong address.
Ok, time to be real and unbiased. Bull case topics are above, and below are the bear case ones.
Bear case, part 1: Q3 volume nearly doubled compared to Q2, but revenue went down from $1.88M to $1.69M (aesthetically more pleasing, if you ask me). How? Well, fees are capped at 12.5% of an option's price, so cheap options, the long-shot bets, barely pay anything (too degen). When traders combine several options into one trade, the cheapest one is free. That said, the more sophisticated the traders get, the less Derive earns per dollar they move. So if you're a DRV maxi, you're probably lowkey praying that Derive users are bad at it.
Bear case, part 2: DRV's market cap is $365M, but its revenue is running at about $5.1M a year. That's a 72x, meaning users pay $72 for every $1 Derive earns in a year. For example, hyperliquid:native trades near 27x and lighter near 13x.
Bear case, part 3. Well, sort of a bear case. The buybacks are real, but the new supply outpaces them. Every month, ~4.7M DRV unlocks to contributors and another ~430k is being paid out as staking rewards. That's about 5.1M new DRV or ~$1.9M at today's price. Buybacks take about 750k DRV off the market a month, around $280k.
Two more things the price has to eat, btw. Market makers are still being paid to quote on Derive, and trading rewards stopped at the end of September, so the next few weeks will show how deep the book really is without them. Looking good so far, if you ask me.
On a side note, "rivals" are lining up. Hypercall did $536M in volumes in September, Lighter has launched binary options, and Hyperliquid's HIP-4 lets anyone build options-style markets.
Sooooooo...where does that leave DRV?
The protocol is winning, and that part isn't in question. What's in question is how much of the win the token has already priced in.
Signs of another leg: monthly revenue breaking clearly about its $530k high, and fees per dollar traded leveling out.
Signs of a retrace: unlocks deep landing while volume cools off the records months. In other words, watch the monthly revenue print, it'll tell you which way this goes before the chart does.
Btw, a hyperliquid:native campaign just went live: Derive and @Kinetiq_xyz launched Road to Expiry: trade HYPE options expiring Nov 13th, and the 10 wallets with the best realized ROI split 250 kHYPE. The first 250 wallets to open a multi-leg position also get 1 kHYPE each.
You know I'm not a financial advisor, but I'm curious what your thought on this topic are. Let me know in the comments. Might as well post your wins from using Derive.
One of these numbers has to catch up (or tank), and which one does decides whether DRV runs again or bleeds from here.
Let me st: @DeriveXYZ is literally where most onchain options trade. That said, it pulled off fat numbers. The protocol takes a fee on every trade, and half of those fees now buy the native token on the open market every week. Ok, so that's the link between the business and the token, and you'll need this info if you keep reading.
Bull case, part 1: Derive just pulled off the riskiest move an exchange can make (I'd say it's the smartest move), and it held. ~3 weeks ago it killed Derive Chain, its own L2, and moved its toys (the entire venue) to settle directly on Ethereum. Based users followed and the options volume over the last 30 days (migration included), came in at $3.23B, close to September's ATH. Since the end of September, stablecoin deposits grew by ~$6.7M, but the total TVL is slightly lower. But only because ETH is down like 13%.
Bull case, part 2: nobody else is close (at least not in crypto). Premiums are the best argument on who's winning in the sector. In Q3, over 90% of ALL onchain options premium was paid on Derive, and its share has grown six quarters in a row. So, you can say that in this category there's Derive, and then there's everyone else.
Bull case, part 3: the token is making that money better than before. October has already sent $223k of fees into buybacks with 2 days left, the biggest month yet (this is the key word). 28.5M DRV (~$10.3M at today's price) has been bought back in total. Traders paid Derive $654k in fees in September this year, almost double the $340k they paid last year, and after market-maker rebates about half of what's left now goes to DRV buybacks. Btw, bought-back DRV doesn't go to the furnace, it sits in the DAO treasury, and a recent proposal suggests using it to pay staking rewards later. Speaking of staking, 23% of the supply is staked. And speaking of the treasury, it's thicc: there's like $160M worth of DRV in it, if I didn't fetch the wrong address.
Ok, time to be real and unbiased. Bull case topics are above, and below are the bear case ones.
Bear case, part 1: Q3 volume nearly doubled compared to Q2, but revenue went down from $1.88M to $1.69M (aesthetically more pleasing, if you ask me). How? Well, fees are capped at 12.5% of an option's price, so cheap options, the long-shot bets, barely pay anything (too degen). When traders combine several options into one trade, the cheapest one is free. That said, the more sophisticated the traders get, the less Derive earns per dollar they move. So if you're a DRV maxi, you're probably lowkey praying that Derive users are bad at it.
Bear case, part 2: DRV's market cap is $365M, but its revenue is running at about $5.1M a year. That's a 72x, meaning users pay $72 for every $1 Derive earns in a year. For example, hyperliquid:native trades near 27x and lighter near 13x.
Bear case, part 3. Well, sort of a bear case. The buybacks are real, but the new supply outpaces them. Every month, ~4.7M DRV unlocks to contributors and another ~430k is being paid out as staking rewards. That's about 5.1M new DRV or ~$1.9M at today's price. Buybacks take about 750k DRV off the market a month, around $280k.
Two more things the price has to eat, btw. Market makers are still being paid to quote on Derive, and trading rewards stopped at the end of September, so the next few weeks will show how deep the book really is without them. Looking good so far, if you ask me.
On a side note, "rivals" are lining up. Hypercall did $536M in volumes in September, Lighter has launched binary options, and Hyperliquid's HIP-4 lets anyone build options-style markets.
Sooooooo...where does that leave DRV?
The protocol is winning, and that part isn't in question. What's in question is how much of the win the token has already priced in.
Signs of another leg: monthly revenue breaking clearly about its $530k high, and fees per dollar traded leveling out.
Signs of a retrace: unlocks deep landing while volume cools off the records months. In other words, watch the monthly revenue print, it'll tell you which way this goes before the chart does.
Btw, a hyperliquid:native campaign just went live: Derive and @Kinetiq_xyz launched Road to Expiry: trade HYPE options expiring Nov 13th, and the 10 wallets with the best realized ROI split 250 kHYPE. The first 250 wallets to open a multi-leg position also get 1 kHYPE each.
You know I'm not a financial advisor, but I'm curious what your thought on this topic are. Let me know in the comments. Might as well post your wins from using Derive.
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5 years ago we were all farming platform's native tokens at 4-digit APYs. Today, home loans and car payments are quietly becoming some of the best yields in crypto (not 4-digit APYs, but backed by something real).
@mezzanine_fi is building a way to leverage that yield (coming payments) without you having to manage the position yourself. The strategy behind it is called the carry trade, looping is how you leverage it, and @RWA_xyz 's report says it's one of the biggest reasons people are buying tokenized RWAs right now.
@HastraFi 's tokens, $PRIME and $AUTO , fit perfectly. PRIME earns interest from real US home equity loans and AUTO from US car loans, and you can borrow against them for less than they pay you. According to Mezzanine, AUTO paid ~9.4% over the last 30 days while borrowing against it cost around 6.2%. Needless to say, but I'll say it anyway, the difference between 6.2% and 9.4% is what you earn, and what you ideally want to leverage or precisely, loop.
Looping is great, but it sucks if you have to do it the Hand Solo way (manually). Aside from numerous clicks, you have to take into consideration that borrowing costs change, positions need adjusting, and that your profit can turn into a loss if you stop monitoring your position(s).
Fear not, because @phtevenstrong has that rizz and he's been working on Mezz. Mezzanine's first vault, the Hastra Optimizer, handles all of it (the Hand Solo work and headaches you want to avoid): it loops both tokens (PRIME and AUTO) for you from a single deposit of USDC or wYLDS. In other words, as a user, all you have to do is deposit and select your risk tier, precisely, your desired tranche (tailored to your risk appetite); the Junior tranche earns more but takes (potential) losses first, while Senior earns less and is protected by Junior.
This is a very intelligent move by the Mezz crew, and I'm not even surprised because I know that Stephen's second language is DeFi. Or Spanish. Regardlessado, está muy bien. So, why is this a very intelligent move by Mezzanine, and why do I dare to say that it's also a big thing for this DeFiamond in the making? It's easy: they're launching with one of the most-in-demand trades in RWAs, on assets that already hold over $600M, and they're making it usable for people who don't want to treat a spreadsheet like if it's a tamagotchi.
However, it's not free monies. If borrowing costs jump, the difference (the one you want to leverage) shrinks, and if borrowing ends up costing more than the token pays, profits turn into red numbers. To be spot on, Mezzanine manages borrowing costs for you, but if they (the costs) rise everywhere at once, loopers will feel it. The risk of rising borrowing costs is realistic, but usually short-lived. Car loans come with real default risk (a borrower stops paying and the lender repossesses the car and sells it), which is part of why AUTO pays more. Btw, exits take a bit of patience, since the vault unwinds positions weekly to protect everyone still in it.
TL;DR on the tokens involved in the Hastra Optimizer:
wYLDS is Hastra's wrapped version of YLDS, an SEC-registered stablecoin (current supply: $490M) from Figure (a Nasdaq-listed US lender that is behind HELOC, a top 10 token on CoinGecko that looks like a stablecoin but is actually a tokenized loan asset; HELOC stands for Home Equity Line of Credit). It's backed by US gov bonds and pays around 3.6% annually. This one you stake to get PRIME or AUTO.
PRIME funds Figure's home equity loans, which are loans to homeowners backed by their houses. It's the steadier one, and it pays around 6% to 7% APY.
AUTO funds car loans for people with less-than-perfect credit (99.5% of CT, myself included), backed by the car themselves. It pays more, roughly 10 to 12% APY, with more risk to match.
Ok, it's time to zoom out. RWAs are pulling in real money, the carry trade is driving a big chunk of it, and pretty much nobody wants to run that trade by hand. Mezzanine sits right in the middle (pun intended) of this all three (RWAs, carry trade, and time-poor users), with a stacked security setup, a founder who's been doing yield math for CT (and YT) for years, and a framework built to tranche whatever comes next. Hastra is the first floor. I'm watching this building go up, and I'd suggest you do the same.
I'll be back with more content as Mezzanine grows. 🫡
@mezzanine_fi is building a way to leverage that yield (coming payments) without you having to manage the position yourself. The strategy behind it is called the carry trade, looping is how you leverage it, and @RWA_xyz 's report says it's one of the biggest reasons people are buying tokenized RWAs right now.
@HastraFi 's tokens, $PRIME and $AUTO , fit perfectly. PRIME earns interest from real US home equity loans and AUTO from US car loans, and you can borrow against them for less than they pay you. According to Mezzanine, AUTO paid ~9.4% over the last 30 days while borrowing against it cost around 6.2%. Needless to say, but I'll say it anyway, the difference between 6.2% and 9.4% is what you earn, and what you ideally want to leverage or precisely, loop.
Looping is great, but it sucks if you have to do it the Hand Solo way (manually). Aside from numerous clicks, you have to take into consideration that borrowing costs change, positions need adjusting, and that your profit can turn into a loss if you stop monitoring your position(s).
Fear not, because @phtevenstrong has that rizz and he's been working on Mezz. Mezzanine's first vault, the Hastra Optimizer, handles all of it (the Hand Solo work and headaches you want to avoid): it loops both tokens (PRIME and AUTO) for you from a single deposit of USDC or wYLDS. In other words, as a user, all you have to do is deposit and select your risk tier, precisely, your desired tranche (tailored to your risk appetite); the Junior tranche earns more but takes (potential) losses first, while Senior earns less and is protected by Junior.
This is a very intelligent move by the Mezz crew, and I'm not even surprised because I know that Stephen's second language is DeFi. Or Spanish. Regardlessado, está muy bien. So, why is this a very intelligent move by Mezzanine, and why do I dare to say that it's also a big thing for this DeFiamond in the making? It's easy: they're launching with one of the most-in-demand trades in RWAs, on assets that already hold over $600M, and they're making it usable for people who don't want to treat a spreadsheet like if it's a tamagotchi.
However, it's not free monies. If borrowing costs jump, the difference (the one you want to leverage) shrinks, and if borrowing ends up costing more than the token pays, profits turn into red numbers. To be spot on, Mezzanine manages borrowing costs for you, but if they (the costs) rise everywhere at once, loopers will feel it. The risk of rising borrowing costs is realistic, but usually short-lived. Car loans come with real default risk (a borrower stops paying and the lender repossesses the car and sells it), which is part of why AUTO pays more. Btw, exits take a bit of patience, since the vault unwinds positions weekly to protect everyone still in it.
TL;DR on the tokens involved in the Hastra Optimizer:
wYLDS is Hastra's wrapped version of YLDS, an SEC-registered stablecoin (current supply: $490M) from Figure (a Nasdaq-listed US lender that is behind HELOC, a top 10 token on CoinGecko that looks like a stablecoin but is actually a tokenized loan asset; HELOC stands for Home Equity Line of Credit). It's backed by US gov bonds and pays around 3.6% annually. This one you stake to get PRIME or AUTO.
PRIME funds Figure's home equity loans, which are loans to homeowners backed by their houses. It's the steadier one, and it pays around 6% to 7% APY.
AUTO funds car loans for people with less-than-perfect credit (99.5% of CT, myself included), backed by the car themselves. It pays more, roughly 10 to 12% APY, with more risk to match.
Ok, it's time to zoom out. RWAs are pulling in real money, the carry trade is driving a big chunk of it, and pretty much nobody wants to run that trade by hand. Mezzanine sits right in the middle (pun intended) of this all three (RWAs, carry trade, and time-poor users), with a stacked security setup, a founder who's been doing yield math for CT (and YT) for years, and a framework built to tranche whatever comes next. Hastra is the first floor. I'm watching this building go up, and I'd suggest you do the same.
I'll be back with more content as Mezzanine grows. 🫡
RWA.xyz published a deep dive last week on the tokenized carry trade: hold a yield-bearing token, borrow stablecoins against it, buy more, and earn the spread.
Their conclusion is that it’s become one of the biggest drivers of demand for tokenized assets. It’s also the trade the Hastra Optimizer is built on.
They list what makes a tokenized asset good carry collateral. Here’s how @HastraFi’s PRIME and AUTO measure up on four of them.
Yield spread: the gap between what the asset pays and what it costs to borrow against it. Over the last 30 days, AUTO paid around 9.4% against roughly 6.2% to borrow PYUSD on Kamino, a gap of over 3 points. That leaves room for borrow rates to rise before the carry disappears.
Price quality: thin market prices can swing and trigger liquidations the underlying value doesn’t justify. On Morpho and Kamino, PRIME and AUTO are priced at NAV, not at a momentary DEX print.
Redemption: PRIME and AUTO redeem to wYLDS at NAV, so exiting doesn’t depend on someone buying on a DEX.
Scale: PRIME is over half a billion dollars, and as of August around 70% of it was working in DeFi.
What the report doesn’t cover is the work. Running the carry trade yourself means picking the asset, the venue, what to borrow and how much leverage to use, then watching all of it every day.
The Hastra Optimizer runs it in one deposit, then lets you choose how much of the risk you hold. Senior earns a little less than the overall strategy yield, with a loss buffer in front of it. Junior earns more for taking first-loss exposure.
The tokenized carry trade, tranched. On your terms.
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GM 🤝
I heard there's a Hyperliquid from Temu. For obvious reasons, so many teams would like to create "the next Hyperliquid". Reminds me of all the "Ethereum killers".
THERE IS NO NEXT HYPERLIQUID, ONLY BETTER WAYS TO USE IT.
@pear_protocol turns your HL account into a 's extremely customizable (in all ways possible). For example: you can stack stocks, commodities, and memes on the long side, crypto and FX on the other side, give every leg its own leverage, and open up multiple legs in a single click. And btw, the UI and UX are fantastic.
@hufhaus9 is an absolute Chad and I've been following his trades in his TG channel. He 4x'd his public account using Pear, from $25k to $100k. Now you can copy everything he (or other traders on Pear) does at no extra cost, sized to your own account.
Don't get confused: nothing gets off Hyperliquid. Your collateral stays in your own account, and Pear sends both sides of the trade to the orderbook in the same request. PnL, TP and SL all run on the ratio between the two sides, and you can TWAP into a spread or ladder your entries instead of staring at two charts. On top of that, you can turn on auto-rebalance so your position holds its weights as prices drift. There's an extra cost to using Pear, but it's absolutely worth it because no team is offering what Huf and Co. do.
I might shoot a few pieces about Pear because it's simply overlooked, and I'm pretty sure that many perps traders would love it, were they to give it a try.
And btw, the protocol's native token moved to Hyperliquid, with 70% revenue going back into PEAR through buybacks, burns, and liquidity.
I heard there's a Hyperliquid from Temu. For obvious reasons, so many teams would like to create "the next Hyperliquid". Reminds me of all the "Ethereum killers".
THERE IS NO NEXT HYPERLIQUID, ONLY BETTER WAYS TO USE IT.
@pear_protocol turns your HL account into a 's extremely customizable (in all ways possible). For example: you can stack stocks, commodities, and memes on the long side, crypto and FX on the other side, give every leg its own leverage, and open up multiple legs in a single click. And btw, the UI and UX are fantastic.
@hufhaus9 is an absolute Chad and I've been following his trades in his TG channel. He 4x'd his public account using Pear, from $25k to $100k. Now you can copy everything he (or other traders on Pear) does at no extra cost, sized to your own account.
Don't get confused: nothing gets off Hyperliquid. Your collateral stays in your own account, and Pear sends both sides of the trade to the orderbook in the same request. PnL, TP and SL all run on the ratio between the two sides, and you can TWAP into a spread or ladder your entries instead of staring at two charts. On top of that, you can turn on auto-rebalance so your position holds its weights as prices drift. There's an extra cost to using Pear, but it's absolutely worth it because no team is offering what Huf and Co. do.
I might shoot a few pieces about Pear because it's simply overlooked, and I'm pretty sure that many perps traders would love it, were they to give it a try.
And btw, the protocol's native token moved to Hyperliquid, with 70% revenue going back into PEAR through buybacks, burns, and liquidity.
✅ $25,000 -> $100,000 done
every trade in public, real-time, only on @pear_protocol
and now we just launched copytrading.
click this button: app.pear.garden/copytrade
Starting fresh at $50k -> ?
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WAN for all, all for WAN. 🤝
I was wondering, what do (DeFi) Chads do on chains not too many people talk about? Then I asked myself "how do people even get their funds onto those chains?". That's when I noticed @wanchain_org .
First bridge standing
Wanchain has been moving ince 2018, after raising about $35M during the golden ICO era (2017). Most bridges from that wave are gone (and a bunch of newer ones as well).
The tech (simplified)
Transfers are signed by 25 bridge nodes that stake WAN as collateral and each hold only part of the signing key, so no single machine can move funds. On top sit WanBridge moving assets, XFlows for bridging and swapping in one go, and XStake for staking (there's a flywheel in there, by the way).
In its own lane
Wanchain's real edge is where it goes/the routes it offers. While most bridges fight over the same EVM traffic, Wanchain has built routes from those chains to places few others bother with, like Cardano, XRPL, Dogecoin, VeChain, and native Bitcoin. And some extra. It even built VeChain's first-ever bridge.
Where the fees go
Every bridge fee is converted into WAN and, a month ago, holders used Wanchain's new governance to double the share of fees that gets burned, from 10% to 20%. Another 10% goes to xWAN stakers (paid in ETH, BTC, and stablecoins). About 4.8M xWAN is staked today, up from 3.2M in February. For context, about 27% of circulating WAN is staked (closer to 30% if you cound xWAN).
As for numbers, you can see those in the image I attached.
Now, a team that has been working on a single project for 8+ years is here to stay. What's missing are volumes. Some routes have been offline since summer, and the team has been bringing them back one after another, starting with Tron (in September). Quick maff + logic: fees burn WAN, stakers get new WAN, and right now the stakers win. Get volume back and the burn takes over, ad an $11M market cap. Few people are watching this one and I'm one of them, so expect more Wanchain pieces from me.
I was wondering, what do (DeFi) Chads do on chains not too many people talk about? Then I asked myself "how do people even get their funds onto those chains?". That's when I noticed @wanchain_org .
First bridge standing
Wanchain has been moving ince 2018, after raising about $35M during the golden ICO era (2017). Most bridges from that wave are gone (and a bunch of newer ones as well).
The tech (simplified)
Transfers are signed by 25 bridge nodes that stake WAN as collateral and each hold only part of the signing key, so no single machine can move funds. On top sit WanBridge moving assets, XFlows for bridging and swapping in one go, and XStake for staking (there's a flywheel in there, by the way).
In its own lane
Wanchain's real edge is where it goes/the routes it offers. While most bridges fight over the same EVM traffic, Wanchain has built routes from those chains to places few others bother with, like Cardano, XRPL, Dogecoin, VeChain, and native Bitcoin. And some extra. It even built VeChain's first-ever bridge.
Where the fees go
Every bridge fee is converted into WAN and, a month ago, holders used Wanchain's new governance to double the share of fees that gets burned, from 10% to 20%. Another 10% goes to xWAN stakers (paid in ETH, BTC, and stablecoins). About 4.8M xWAN is staked today, up from 3.2M in February. For context, about 27% of circulating WAN is staked (closer to 30% if you cound xWAN).
As for numbers, you can see those in the image I attached.
Now, a team that has been working on a single project for 8+ years is here to stay. What's missing are volumes. Some routes have been offline since summer, and the team has been bringing them back one after another, starting with Tron (in September). Quick maff + logic: fees burn WAN, stakers get new WAN, and right now the stakers win. Get volume back and the burn takes over, ad an $11M market cap. Few people are watching this one and I'm one of them, so expect more Wanchain pieces from me.
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The sky is the limit? Not for ethereum:0x56072c95faa701256059aa122697b133aded9279 .
Yeah, yeah, the skies are blue, but the chart is red.
Anyway, @SkyEcosystem is running one of the best businesses in all of DeFi, and its native token is still trading like nobody noticed what That's why I created this image (and am writing this short because).
Alrighty, I'll cover 2026 only, although 2025 was quite bullish too.
Q1 was the strongest quarter in the protocol's history: $123.79M in gross revenue and a $46M surplus. Q2 added $107.35M, with net revenue up 25% to $40.09M. September alone brought in $30.8M in gross revenue, up almost 50% year over year.
Sky's model is actually simple: borrowers pay interest on USDS, and Sky puts its balance sheet to work in Treasuries, credit, and onchain lending. What's left after paying savers is surplus (prawfits). Savers are eating well: sUSDS (instant liq, 0% fees, and currently 3.80% APY) have collected over $292M in yield since launch, on top of the $191M paid through the old DAI Savings Rate.
Since August (this year), half of that surplus I mentioned before goes to SKY holders: 22.5% buys SKY for stakers, 22.5% is paid to stakers in USDS, and 5% buys SKY and burns it. So far, two burns are done: 2.86M and 7.37M tokens went to the furnace. I know, it's not a massive amount, but give it some time. Staking numbers are prettier: about 74% of the circulating supply is staked (that's ~17.4B tokens). There's no lock-up.
The staking mechanism is interesting: stakers choose to get paid in SKY or in USDS. Aside from the rewards, stakers can (obviously) use their allocation as voting power, but the thing I like is, they can actually borrow USDS against their staked SKY (with a minimum loan of 30k USDS tho). Borrowers' positions are overcollateralized, btw. Per Sky's collateral dashboard, the ratio is almost 700%.
What I'm keeping an eye on is the reserve. In March, governance trimmed buybacks so more surplus could go into a safety fund that absorbs losses in case something goes wrong. The target is $150M, and the fund has grown from about $49M then to $85M now. Once it's full, more of that surplus goes to stakers and to buying back SKY. Smart moves.
Alrighty, let's compare Sky to its main competitors. SKY sits at a $1.52B market cap, against AAVE's $2.11B and ENA's $2.76. In Q2, Sky kept $40M in net revenue, Aave $21M, and Ethena about $1M. In other words, buyers pay about $9.50 of market cap for every $1 SKY earns in a year, versus about $25 for AAVE, even though Aave earns less.
TradFi cares too. Standard Chartered has a $0.325 target for end of 2028. Basically, they expect the token's price to 5x by then. In September, Galaxy announced a $100M sUSDS position and bought an undisclosed (I couldn't find the number) amount of SKY.
Gotta keep it real, not everything's green: Sky's own 2026 forecast of $161M in revenue and $2.06B looks out of reach. Burns are still tiny relative to supply. But then, it's still doing great. Remember when Dani said MIM is going to crush DAI? Yeah, that didn't age well.
NFA, but a protocol paying holders from real revenue, with a bigger buyback switch waiting, at under 10x annualized net revenue is one to watch closely.
Yeah, yeah, the skies are blue, but the chart is red.
Anyway, @SkyEcosystem is running one of the best businesses in all of DeFi, and its native token is still trading like nobody noticed what That's why I created this image (and am writing this short because).
Alrighty, I'll cover 2026 only, although 2025 was quite bullish too.
Q1 was the strongest quarter in the protocol's history: $123.79M in gross revenue and a $46M surplus. Q2 added $107.35M, with net revenue up 25% to $40.09M. September alone brought in $30.8M in gross revenue, up almost 50% year over year.
Sky's model is actually simple: borrowers pay interest on USDS, and Sky puts its balance sheet to work in Treasuries, credit, and onchain lending. What's left after paying savers is surplus (prawfits). Savers are eating well: sUSDS (instant liq, 0% fees, and currently 3.80% APY) have collected over $292M in yield since launch, on top of the $191M paid through the old DAI Savings Rate.
Since August (this year), half of that surplus I mentioned before goes to SKY holders: 22.5% buys SKY for stakers, 22.5% is paid to stakers in USDS, and 5% buys SKY and burns it. So far, two burns are done: 2.86M and 7.37M tokens went to the furnace. I know, it's not a massive amount, but give it some time. Staking numbers are prettier: about 74% of the circulating supply is staked (that's ~17.4B tokens). There's no lock-up.
The staking mechanism is interesting: stakers choose to get paid in SKY or in USDS. Aside from the rewards, stakers can (obviously) use their allocation as voting power, but the thing I like is, they can actually borrow USDS against their staked SKY (with a minimum loan of 30k USDS tho). Borrowers' positions are overcollateralized, btw. Per Sky's collateral dashboard, the ratio is almost 700%.
What I'm keeping an eye on is the reserve. In March, governance trimmed buybacks so more surplus could go into a safety fund that absorbs losses in case something goes wrong. The target is $150M, and the fund has grown from about $49M then to $85M now. Once it's full, more of that surplus goes to stakers and to buying back SKY. Smart moves.
Alrighty, let's compare Sky to its main competitors. SKY sits at a $1.52B market cap, against AAVE's $2.11B and ENA's $2.76. In Q2, Sky kept $40M in net revenue, Aave $21M, and Ethena about $1M. In other words, buyers pay about $9.50 of market cap for every $1 SKY earns in a year, versus about $25 for AAVE, even though Aave earns less.
TradFi cares too. Standard Chartered has a $0.325 target for end of 2028. Basically, they expect the token's price to 5x by then. In September, Galaxy announced a $100M sUSDS position and bought an undisclosed (I couldn't find the number) amount of SKY.
Gotta keep it real, not everything's green: Sky's own 2026 forecast of $161M in revenue and $2.06B looks out of reach. Burns are still tiny relative to supply. But then, it's still doing great. Remember when Dani said MIM is going to crush DAI? Yeah, that didn't age well.
NFA, but a protocol paying holders from real revenue, with a bigger buyback switch waiting, at under 10x annualized net revenue is one to watch closely.
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