Onchain market intelligence. Coverage of onchain credit, yields, RWAs, and stablecoins for the protocols and institutions moving capital onchain.
Joined October 2021
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Interesting launch by @ethena with Earn+, giving @EthenaPay users 12% yield on deposits.
Users deposit on an @upshift_fi vault curated by @SteakhouseFi and assets flow to @aave V4 on @avax.
Specifically, the vault uses the Aave V4 Ethena Ecosystem Spoke on Avalanche, which allows USDe as collateral to borrow stables.
The strategy to generate the yield is a USDe/USDT loop (supply USDe, borrow USDT, swap for more USDe and repeat).
This is particularly interesting as a neobank Earn program using DeFi programmability to compete with vanilla T-bill rates, being able to offer 12% yield.
So far the Aave V4 Spoke saw ~$5M in deposits as the product is rolled out to EthenaPay Pro and VIP users, with Standard tier access coming in the next days.
The @ether_fi team executed one of the most impressive product expansions in the last cycle growing into the most successful self custodial neobank in the space. We've been impressed from the outside on their execution quality, consistency building through the bear market and obsessive focus on product - one of the few teams we look up to at Ethena.
Yes it is somewhat competitive with Ethena Pay, but the very best builders just focus on building the best product with the best partners, and look beyond the crypto-native user set as the addressable market opportunity. Ethena will power their new whitelabel stablecoin end-to-end, with USDe already supporting their separate earn savings vaults.
In order for these applications to fully capture their revenue opportunity, they need to control the deposit and float via stablecoin balances. This is a trend @ether_fi will pioneer and I'm sure we will see others will follow closely behind.
Sentora just went live on @aave V4 with the first externally curated Hub & Spoke instance.
One of the largest curators in DeFi, with ~$2.6B in curated vault TVL, is starting to consolidate under a single Aave Hub.
The deployment is one Liquidity Hub on Ethereum feeding three Spokes:
- @Ripple RLUSD Yield spoke takes PRIME, mWIN, PST or USDe as collateral to borrow RLUSD.
- @openstandard OUSD Yield spoke uses the same collateral to borrow OUSD.
- The Bluechip spoke takes kBTC as collateral to borrow OUSD, PYUSD or RLUSD.
@SentoraHQ Advanced Strategies BTC and USDC vaults, which integrate with @krakenfx Earn and borrow products and generate yield through kBTC loans and leveraged PYUSD/RLUSD lending against PRIME, PST and sUSDe, should allocate to the Spokes.
Aave V4’s Hub & Spoke architecture lets a curator unify liquidity across multiple markets while keeping full risk authority. Sentora shares 50% of instance revenue with the Aave DAO.
Robinhood Earn launched 3.5 months ago, surpassed $500M recently and we looked into the deposits in more detail.
Deposits into the Steakhouse USDG vault used on this program seem to be plateauing at ~$520M, with the 7D net flow turning negative this week.
The rolling 30D net flow peaked in mid-August and has since dropping.
Overall, the product is no longer growing as it was, and is even showing early signs of decline.
sealaunch intelligence retweeted
All @aave v4 data on terminal.sealaunch.xyz
Stablecoin deposits on @aave V4 are approaching half a billion (currently at $468M), with borrows at $352M.
In the last 90 days, stablecoin deposits grew +300% and borrows +410%. Borrow demand is growing faster than supply, with current utilization at around 75%.
In terms of deposits, @USDC leads at $250M, followed by @GlobalDollar USDG at $117M and USDT at $55M.
Deposits are split across the following spokes:
→ @ethereum Main holds $154M (33%)
→ @arc Main $145M (31%).
→ @ether_fi Cash follows at $72M (15%)
→ @maplefinance SyrupUSDG at $38M (8%).
Stablecoin deposits on @aave V4 are approaching half a billion (currently at $468M), with borrows at $352M.
In the last 90 days, stablecoin deposits grew +300% and borrows +410%. Borrow demand is growing faster than supply, with current utilization at around 75%.
In terms of deposits, @USDC leads at $250M, followed by @GlobalDollar USDG at $117M and USDT at $55M.
Deposits are split across the following spokes:
→ @ethereum Main holds $154M (33%)
→ @arc Main $145M (31%).
→ @ether_fi Cash follows at $72M (15%)
→ @maplefinance SyrupUSDG at $38M (8%).
With current incentives on Coinbase Stocks Spoke on @base on @aave v4, a levered stock strategy can earn ~5-6% on top of stock exposure.
Deposit a stock (AAPLc, NVDAc, METAc, GOOGLc, TSLAc, AMZNc, MSFTc), earn 3% supply APY, borrow USDC at 1.85%. Loop back into more stock. At ~3x leverage with HF 1.24, you can net ~5.4% yield on original capital while keeping ~3x long stock exposure.
At $ 30-60M TVL, the incentive budget lasts 6-11 months.
@ethena already runs ~$17M in equity basis trades on Binance at 6.9% blended APY. Adding Aave’s 3% incentive on top of a similar setup could push NVDA-type positions into double-digit territory.
Stocks are moving onchain and one of the main use cases is using them as collateral to borrow stablecoins and unlock capital.
@superformxyz and @628Labs on @ipor_io are tokenizing this carry trade on @base using @aave v4's @coinbase Stocks instance.
Users deposit the tokenized stock on the vault, the vault supplies it to Aave v4, borrows @USDC, and then either levers the position or redeploys the borrowed USDC into another yield source.
The majority of stocks collateral is on Aave v4 and with a borrow APY of 1.28% it's currently the most competitive place to run this strategy.
Interesting proposal by @SentoraHQ to create a Sentora Externally Curated Hub & Spoke Framework on @aave V4.
They are one of the largest curators in DeFi with $2.4B of capital deployed.
The reasoning Sentora uses on the proposal is a clear endorsement of Aave v4 thesis:
"Sentora currently operates curated lending market strategies across several isolated venues. That fragments liquidity, duplicates risk operations across incompatible parameter models, and requires separate monitoring and tooling for each venue. Aave V4 is the first architecture that permits consolidation without giving up curation control, because the Hub and Spoke model lets one liquidity domain serve several Spokes with distinct collateral sets and distinct risk configurations."
TLDR: Running curated strategies across isolated markets fragments liquidity and duplicates risk operations. Aave V4 lets one Hub serve several Spokes, each with its own collateral set and risk parameters, so a curator can consolidate without giving up control.
governance.aave.com/t/arfc-s…
This ARFC establishes a framework for @SentoraHQ to operate Hub and Spoke instances on @aave V4, and authorises the first instance on Ethereum.
![[ARFC] Sentora Externally Curated Hub & Spoke Framework on Aave V4](https://pbs.twimg.com/card_img/2115046494390681600/LgGj3YnT?format=jpg&name=420x420_2)
sealaunch intelligence retweeted
The long (and good) version of why today’s launch is a big deal for tokenized assets.
Borrowing USDC against Coinbase Tokenized Stocks is now possible on a dedicated @aave V4 instance on @base.
Coinbase Tokenized Stocks Spoke on @aave v4 lets users deposit stocks issued by @coinbase (AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc, TSLAc) as collateral and borrow @circle USDC against them.
This allows users to keep their exposure to the stock without selling it while unlocking liquidity that can then be reinvested in other assets or spent, increasing capital efficiency.
Aave loans have no fixed term so users only need to keep a healthy LTV to avoid liquidation and they can repay the loan whenever they want.
In TradFi, borrowing against a stock portfolio means having access to a margin account that takes time and comes with account approvals, minimum balances requirements, and other broker terms
Aave v4 Coinbase Tokenized Stocks Instance reduces the complexity of this type of operation, opens access to more capital efficency, while leveraging onchain rails. At the same time, it brings more borrow demand for onchain assets that can pay a yield to users that want to provide liquidity to this market.
sealaunch intelligence retweeted
The prevailing thesis is that onchain finance will transform brokerage, particularly lending and borrowing.
Aave has processed around $4T in deposits and $1T in borrowing, powered simply by onchain code.
Onchain rails enable faster, more accessible ways to trade, lend, and borrow by reducing reliance on intermediaries. Now its time to expand these benefits to stocks.
Over time, this has the potential to fundamentally reshape the cost structure of securities finance, creating more open, efficient, and deeper capital markets.
Excited to bring capital markets onchain, one asset class at a time.
Borrowing USDC against Coinbase Tokenized Stocks is now possible on a dedicated @aave V4 instance on @base.
Coinbase Tokenized Stocks Spoke on @aave v4 lets users deposit stocks issued by @coinbase (AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc, TSLAc) as collateral and borrow @circle USDC against them.
This allows users to keep their exposure to the stock without selling it while unlocking liquidity that can then be reinvested in other assets or spent, increasing capital efficiency.
Aave loans have no fixed term so users only need to keep a healthy LTV to avoid liquidation and they can repay the loan whenever they want.
In TradFi, borrowing against a stock portfolio means having access to a margin account that takes time and comes with account approvals, minimum balances requirements, and other broker terms
Aave v4 Coinbase Tokenized Stocks Instance reduces the complexity of this type of operation, opens access to more capital efficency, while leveraging onchain rails. At the same time, it brings more borrow demand for onchain assets that can pay a yield to users that want to provide liquidity to this market.
sealaunch intelligence retweeted
great overview of why onchain borrow rocks
Borrowing USDC against Coinbase Tokenized Stocks is now possible on a dedicated @aave V4 instance on @base.
Coinbase Tokenized Stocks Spoke on @aave v4 lets users deposit stocks issued by @coinbase (AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc, TSLAc) as collateral and borrow @circle USDC against them.
This allows users to keep their exposure to the stock without selling it while unlocking liquidity that can then be reinvested in other assets or spent, increasing capital efficiency.
Aave loans have no fixed term so users only need to keep a healthy LTV to avoid liquidation and they can repay the loan whenever they want.
In TradFi, borrowing against a stock portfolio means having access to a margin account that takes time and comes with account approvals, minimum balances requirements, and other broker terms
Aave v4 Coinbase Tokenized Stocks Instance reduces the complexity of this type of operation, opens access to more capital efficency, while leveraging onchain rails. At the same time, it brings more borrow demand for onchain assets that can pay a yield to users that want to provide liquidity to this market.
Borrowing USDC against Coinbase Tokenized Stocks is now possible on a dedicated @aave V4 instance on @base.
Coinbase Tokenized Stocks Spoke on @aave v4 lets users deposit stocks issued by @coinbase (AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc, TSLAc) as collateral and borrow @circle USDC against them.
This allows users to keep their exposure to the stock without selling it while unlocking liquidity that can then be reinvested in other assets or spent, increasing capital efficiency.
Aave loans have no fixed term so users only need to keep a healthy LTV to avoid liquidation and they can repay the loan whenever they want.
In TradFi, borrowing against a stock portfolio means having access to a margin account that takes time and comes with account approvals, minimum balances requirements, and other broker terms
Aave v4 Coinbase Tokenized Stocks Instance reduces the complexity of this type of operation, opens access to more capital efficency, while leveraging onchain rails. At the same time, it brings more borrow demand for onchain assets that can pay a yield to users that want to provide liquidity to this market.
Explore Coinbase Tokenized Stocks Hub data:
terminal.sealaunch.xyz/v4/hu…
More assets are coming onchain, from Treasuries and private credit to tokenized equities.
More capital is being allocated through vaults rather than deposited directly.
More vaults are launching, each running more strategies than the last generation did.
More strategy managers are competing for that capital, and the larger ones keep getting larger.
Overall complexity is increasing at an exponential rate, making the liquidity layer more relevant than ever.