Luke Leasure
@0xMether
question assumptions, challenge conventions, embrace uncertainty, explore complexity Research @blockworksres / formerly @blkswanresearch
1/ @ethena_labs, @pendle_fi, & @aave together form one of the fastest growing dynamics within DeFi. Top of the funnel to this dynamic, the USDe supply has grown over 100% this past month, crossing $11.4B 🧵
How much of @ethena_labs’s liquid backing can safely be deployed on @aave without risking redemption capacity? We built a dynamic stress-testing framework to find out. Here’s what we learned 👇
"We view @KaminoFinance as one of our highest conviction projects within Solana DeFi and money markets at large." @0xcarlosg and I cooked on this one. Sub to BWR for more.
Trailing 30-day change in TVL on @pendle_fi Pendle has demonstrated its largest-ever growth cycle, which began in May, coinciding with @aave listing PTs Over $13B now on Pendle
1/ With over $3B in liquidity, @pendle_fi dominates the vertical in which it operates. Tailwinds are present for growing Pendle’s utilization, distribution, and revenue. - PTs coming to @aave - Permissionless listings - YT take rate from 3% to 5% - Boros upgrade 🧵
Fundraising looks different this cycle. Rather than venture-stage checks, the majority of new capital formation is occurring at the IPO/Post-IPO stage (IPOs and DATCOs) explaining much of the recent rise. Discussed more in today's @0xResearch newsletter.
Study bears, and fade them aggressively. On long enough timeframes, optimists tend to win.
Why might Carvana $CVNA reprice substantially higher? 1) Technicals: Daily/weekly uptrend. Above upward sloping MAs. Large volume shelf of accumulation. A break of $20 resistance establishes a monthly uptrend. Measured moves target $28- $60 #CVNA #shortsqueeze
Deposit caps for PT-sUSDe are like the debt ceiling. They always get lifted.
In the brief window when this admin was taking a short ~8 hours nap: 🔹 @Aave launched a new market for @ethena_labs PT-sUSDe 25SEP2025 🔹 Which was promptly gobbled up (all $200M cap) in a matter of ~3 hours $2.17B PT collateral and counting on Aave 🫡
United States Xu hướng
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