Transparency Report Q3-25
We were right about finance going onchain, but it looks like we'll be wrong about the future being DeFi.
The industry's kings are outperforming, but everyone else is left in the dirt. Is the market irrational, or are we underestimating how much the industry is a winner-takes-all?
TL-DR: $ETH $S $AAVE $SILO $INV $PENDLE $CVX $TREVEE
I've moved half of my stack in stables, and I've never felt lighter. Most of it is farming in @Trevee_xyz veUSD (100%+ APR in S1-25), the rest are simple yield trading play on Pendle and Spectra.
I remain a huge lending nerd. Aave's hold on the market has been nothing short of impressive, but so have been Fluid, Euler and Morpho in terms of innovation. They were good rides in the past year, but if you look at fundamentals, you'll realise the market isn't rational.
Smaller players like @InverseFinance and @SiloFinance are significantly more profitable but trade at 100x lower valuations. Beyond the fact that they both are S-Tier teams that have gone through hell and back, it makes no sense that the spread be so high.
Stablecoins are all the rage and I'm exposed in 2 ways:
- $CVX as a non dilutive exposure to Curve
- $TREVEE (fka $PAL)
I sought the ideal stablecoin exposure for too long, so we decided to create it. Live last week of August, $TREVEE will be like no asset before.
When rates go up, protocol fees will increase, and rev. share will follow. Since our backing is stablecoin agnostic, we will always provide the best risk adjusted yield, making $TREVEE the first asset to be truly correlated to stablecoin yield as a whole.
Additionally, we will start introducing new products that harness the explosion of stablecoins, significantly increase revenue, and correlate protocol revenue more and more to the size of the industry.
The future is bright, folks.
I forgot $LQTY ☠️
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