Institutional DeFi on EVM. Liquidity & yield from running capital
Joined September 2026
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US October PPI just printed.
Final demand +0.3% m/m vs 0.4% expected. Core +0.3%, in line.
The monthly number looks soft, but year over year final demand is +6.5%, the highest since Nov 2022. Core +5.0%. September revised up to +1.4%.
BTC and ETH both popped about 1.5% on the print, then gave it all back within the hour.
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Jensen Huang has resigned as Nvidia CEO and from the board, effective immediately. No reason given.
• CFO Colette Kress → interim CEO (keeps CFO role) • Harvey Jones → Nvidia's first-ever board chair • CEO search open, internal + external • Q3 earnings still on for 17 Nov
$NVDA $155.94 pre-market, −10.24% vs yesterday's close. The on-chain perp has done $1.49B in 24h.
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$331 million left BlackRock's BUIDL tokenized Treasury fund in eight days, a 16.7% drop to $1.66 billion onchain. Franklin's BENJI fund added $272 million over the same stretch, up 28%.
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MSCI drops Strategy from its USA, World and ACWI indexes after the Nov 30 close. Strategy puts tracker holdings at about 13M shares, roughly 3.1% of the company and under one day's volume. No bitcoin has to be sold.
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Of 45 e-money tokens notified under MiCA, USDC is the first classed significant. From Nov 12 the EBA directly supervises its reserves, liquidity, own funds and redemption plans, while France's ACPR keeps governance.
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October CPI: headline +0.4% m/m vs 0.3% est, core +0.3% vs 0.2%. Both 0.1pt hot.
First 20 min: ETH tagged -3.3%, BTC -1.2%. Both have since recovered most of it (ETH -0.9%, BTC -0.4%).
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Aave V4 vote passed 100% For: native BTC as collateral via Babylon Trustless Bitcoin Vaults.
• BTC stays on Bitcoin, locked in a Taproot UTXO. No bridge, no wrapped token
• 2 new Spokes: Babylon Spoke (native BTC is its only collateral) + BTC Vault Swap Spoke
• First use: borrow stablecoins against BTC
356.9k For · 0 Against · 76 voters
@aave
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About $2.4 billion of USDT left crypto in the past week. That's roughly half of the $4.7B drop across all stablecoins.
That's dollars heading for the door, not just prices moving. When the cash pile shrinks, borrowing gets pricier and big trades get harder to get out of.
Fewer chips on the table. Same number of players.
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stability will be highly valued. ethereum:native
Expanding on why I believe "ETH as store of value (SoV)" makes much more sense to focus on than "ETH as fee-burning token".
Three primary reasons:
1. ETH as fee-burning token never was as strong as it seemed
2. Optimizing for ETH as fee-burning token would demand Ethereum and ETH function in ways that are very hard to make compatible with decentralization and capture resistance.
3. Meanwhile, optimizing for ETH as SoV is aligned with Ethereum focusing on its unique strengths (decentralization and CROPS)
EIP-1559 (including its burn) is fine and good, we should keep them. But we should not feel sad if fee burn is < 10% of breakeven indefinitely; the value of ETH comes from elsewhere.
The core idea: the big thing that people appreciate about Ethereum is decentralization and CROPS. The main pragmatic benefit that these things translate into is stability. SoV is the category where that is not an unneeded extra we merely put effort into for ideological reasons, but rather a pragmatic strength from the perspective of people putting in their assets. And in the era of AI disruption, stability will be highly valued.
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DEX volume this week: $58.6B, −9.3% vs the week before. 30-day total $248B, −16% on the prior month.
Of the top 5 chains, only Base grew: +15% to $8.0B. Ethereum −24%, Solana −8%, BSC −12%.
@base @DefiLlama
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USDT and USDC account for $10.6B of the $15.1B, about 70% of the 30-day drop, with $3.8B of it in the last 4 days. Thinner stable liquidity is one to watch for DEX pool depth and lending market rates.
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Morpho's monthly fees went from about 53% of Aave's in September to about 65% in October: $19.59M to $25.82M, against $37.07M to $39.69M.
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$2.11B in deposits, $879M in loans outstanding: that's Morpho's RWA book. Loans are about 42% of deposits, and both grew 20%+ in the last 30 days. @Morpho
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USDC is a digital dollar. Base is the blockchain Coinbase built. Out of every 100 USDC in the world, about 6 live on Base. Small stack, big appetite. @base
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hyperliquid:native
Top 10 Tokenholder Yield: $HYPE, $LIT, $CAKE, $AERO, $UNI, $RAY, $PENDLE, $AAVE, $JUP, $CRV
Top 10 Adjusted Earnings Yield: $CAKE, $LIT, $HYPE, $RAY, $AAVE, $JUP, $SKY, $UNI, $AERO, $PENDLE
Crypto valuations don’t have to rely on narratives alone. Many crypto assets can be valued on their cash flows, earnings, and capital returned to tokenholders. Read more on The Stack: grayscale.com/the-stack/brin…
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