punkquidity

buybacks didn't save DeFi tokens that lost half their revenue in my last post 12 of 16 tokens that pay holders still fell, so i widened the check to 26 DeFi tokens over the past year for scale, $ETH fell 38% and $SOL fell 46% over the same year what i found: - 14 tokens lost half their revenue or more on DefiLlama (last 90 days vs the same 90 days a year ago), and all 14 fell, even $CAKE, $JUP and $SPK, which bought back tokens - the median drop for these 14 was 44%, for the other 12 it was 11% - the 5 tokens that went up ($HYPE, $RAY, $SKY, $UNI, $MORPHO) all kept more than half their revenue in that window, $RAY only after a launchpad wave in september - each of the 5 also got something new over the past year, a fee switch with a 100M burn at @Uniswap, new markets and a fund treated as burned at @HyperliquidX, that launchpad wave at $RAY, cut emissions at $SKY and Apollo as a buyer at @Morpho - keeping revenue wasn't enough on its own, $SYRUP and $LDO kept most of theirs and still fell 60% to 70% a buyback is paid from revenue, so when revenue falls the buyback shrinks with it the tokens that rose had both revenue that didn't halve and a fresh reason for someone to buy $ENA has neither yet, fees are down 63%, team unlocks keep adding new tokens every month, while the fee switch needs $USDe at $7.5B and it's $5.0B now

Aero's Nvidia pool shows 9,000% but paid out only $1,250 in a day that's all the $AERO @aeroxyz paid to this $475K pool on Robinhood Chain, about 95% a year you only get near 9,000% if your money sits in a very narrow range right at the price one contract keeps dozens of narrow positions lined up around the price and has restaked them around 800 times in a day staying in range is the hard part last night NVDA in this pool fell 8% in an hour after the US market closed, and every deposit the price passed through turned into NVDA on the way down the yield is real, i just don't want to get paid in $AERO for catching a falling Nvidia

Ethena's own $383M loan is the only reason $USDe grew in the last 30 days stablecoins lost $14.9B over the same 30 days, while $USDe looks like one of the few big ones that still grew but all of that growth sits in this one wallet, which borrowed that $USDC on @aave and keeps $426M of $USDe and $sUSDe there outside that wallet, $USDe shrank 5%, about as much as $USDT that one @ethena wallet now holds almost 9% of all $USDe

Aave's $ETH pool on Arbitrum is missing 29,835 $ETH the same $rsETH hacker borrowed there too, and in may Aave wrote off his debt, which stayed in the pool as a $60M deficit so $3,000 of every $10,000 lent there has no cash or loan behind it, 12x worse than in the main pool the 30,766 $ETH that @arbitrum froze from him sits in an Aave LLC wallet under a US court order in april Aave Labs wrote that this @aave market "is not expected to absorb bad debt from this incident" @KelpDAO fully backed $rsETH again by late may, and the deficit in this pool hasn't moved since

Ethena's own wallet now holds 60% of the $USDe on Aave Core @LlamaRisk's new proposal for @aave Core would freeze several assets and keep $USDe if it meets the criteria the same proposal notes that 3 positions hold 69% of the $rsETH debt this @ethena wallet owes 14% of all $USDC borrowed on Core, so the same share of what $USDC lenders earn there comes from Ethena fine with $USDe staying, so why does one wallet at 60% get no mention when 3 positions at 69% did?

one night made almost all of HLP's 25% APR 92% of its pnl this past month came from sunday night, when HLP's liquidator took over most of two liquidated $ETH longs that night earned depositors about $2M, roughly what HLP made from mid-april until then both traders lost $27M in total it goes both ways, a week earlier HLP lost $532K in one day on another liquidation if the 25% is why you're depositing, know it's mostly one night, and you can't pull out for 4 days

half of all $AERO gets $0 of that revenue @aeroxyz pays all of it to stakers, roughly $150 a year per $1,000 staked, but people stake for almost 4 years on average @Pumpfun and @HyperliquidX spend theirs on buybacks of $PUMP and $HYPE, no staking needed $AERO is down 51% over the last year, and the half that never staked got none of that revenue

the wait to exit Maple's $syrupUSDC went from 32 hours to 3 minutes 40 exit requests were paid since nov 10, none waited more than 20 minutes respect to @maplefinance here, the exit is the first thing i check and today it works Maple's founder says slow days happen when cash is held for planned loans, so one can still come back

only 1% of the $200M PT-USDe Ethena minted yesterday was bought Ethena put no $USDe behind it, and the rest still sits in its own multisig one wallet bought 95% of that 1% it withdrew $2M of $USDe from @aave today to lend to @ethena at a fixed 5.8% for a year that's only a bit above the 5% $sUSDe paid last month i'd want more for a year with no easy exit, since each @pendle_fi pool you could sell into holds about $10K

the wallet that lent $56M on Morpho Midnight belongs to Ethena @ethena shows it on its own backing dashboard as a @Morpho lending wallet so 54% of everything Midnight has ever lent came from $USDe backing for Ethena that's 1.2% of the backing Morpho's data shows those loans pay 3.9% fixed on average, mostly with $BTC as collateral thanks @JMSCavalheiro for spotting the wallet

one wallet lent $56M of Morpho Midnight's $100M+ in loans @Morpho celebrated this milestone today, so i looked at who is behind it on the borrower side 5 wallets owe 67% of the open loans, mostly with $BTC as collateral their average fixed rate on $USDC is about 4%, which is below the floating rate on @aave today 99% of the debt has to be repaid by dec 25 if this one wallet leaves after that, Midnight loses most of its lending

World Liberty's $WLFI buyback looks 5% done since @worldlibertyfi posted the buyback wallet yesterday, the $WLFI/$USD1 pair on @Aster_DEX took about $500K of market buys the pair was almost dead before the buys come in equal chunks every 5 seconds, about $35K in most hours, with a few long breaks i can't tie these trades to their wallet onchain, but they started the same hour the wallet was posted at that pace the rest of the $10M they sent to Aster needs another 10 days or more slow is the right way to buy on a pair this thin