With institutions barreling into public ETH treasury plays – we're seeing ETH getting sucked out of on-chain markets, both a unique opportunity to fill in the supply gap and an adverse impact on the ETH leverage looping trade. Current ETH supply rate on Aave just blew out to 11%, borrow rate at 14%. Second time this week. Over the last 24hrs, WETH TVL on Morpho is up 17%, with rates around 2%. This is important because of the leverage ETH loop where the underlying asset makes 3.4%. If rates spike over 4%, you'll see these start to unwind. Currently stETH withdrawals on lido are taking 10 days given queue, stETH depegged by 2bps on secondary markets, and as ETH price action continues you'll see longer withdrawal queues, depegs and rate spikes. Bullish ETH, but with any move this fast, all eyes on risk and making sure you're working with the right counterparties. When will these treasury companies start deploying into Aave and Morpho on the supply side 👀

Clarity was 294-134, 78 Democrats in favor (69%) GENIUS was 308-122, 102 Democrats in favor (72%) Despite all odds, crypto is actually still bi-partisan.

Honest question: has anyone actually read the whole Clarity Act? Or are we all relying on LLMs for this bad boy?

Surfacing and using CEX onchain data Unwrapping the talk @ETHCC by @hildobby from @dragonfly_xyz aka the main source of datasets and dashboards available on @Dune 📊 Critical insights *AND* a bonus 🎁 at the end of this thread 🧶

$500M Pump ICO. Hyperliquid dominance. Congress pushing pro-crypto bills. Crypto’s booming, but why does Tarun feel worse? New episode, we give Tarun some group therapy ⤵️

This just in: crypto continues to be cyclical CT somehow shocked

How Things Work #4: The Quick Merkle Database (QMDB) and Fast Ahead-of-Formation Optimization (FAFO) Today, we discuss how QMDB and FAFO drive (unbelievable) scalability with @ryanzarick, @IsaacN0tNewton, and @Thomas_S_Kim from @LayerZero_Core. A log is all you need 🪄.

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just pulled off one of the biggest ICOs in history. In this week’s @Unchained_pod, with @hosseeb and @joemccann, we dive into: 🧨 why some say it’s “extractive” 🎯 why onchain beat exchanges ⚔️ the Bonk vs rivalry 🎥 and Pump’s ambitions to kill Ti kTok, Facebook, and Twitch Timestamps: 🎬 0:00 Intro 🚀 3:43 Why Joe says is one of the best crypto businesses he’s seen 📈 6:04 Whether this heralds the return of ICO mania 😤 7:11 Why the raise triggered backlash from parts of the crypto community 💸 8:32 Whether PUMP’s valuation can really be justified ⚙️ 12:10 How the exchange-first design created issues—and why others may copy it 📊 16:15 Whether PUMP’s distribution model helped or hurt its credibility ⏳ 21:43 Why the decision to have no token lockups sparked debate 👾 24:40 What kind of traders actually bought into the ICO ⚡ 32:56 Whether Solana’s performance makes it the new home for ICOs 🏦 37:50 Why Coinbase sat this one out 🔮 44:07 Where PUMP’s price might be headed in the medium term 📉 48:37 How lost some momentum—and what that says about the space 🧠 55:14 How plans to spend its $600 million war chest 📵 57:21 Whether can really take on Facebook 🔥 1:01:46 Why Joe still believes memecoins are just getting started Thank you to our sponsors! @xapobankapp @hodlwithLedn

how to succeed on CT, by 2017 @cobie