CIAN - Yield Layer of DeFi 🟡

Redistribute yield sources for sustainable DeFi

DC:

[CIAN - Yield Layer of DeFi 🟡 @CIAN_protocol]

https://t.co/IM6n6MuIyI

[Mantle @Mantle_Official]

The Mantle Vault just raised the stakes.

Introducing the Mantle DeFi Vault incentive program, where you can now earn up to 10% boosted yield on @Fluxion_network.

Deposit USDT0 or USDC to qualify, stack $GROVE anytime from @merkl_xyz.

Get in early to maximise your rewards ↓

[CIAN - Yield Layer of DeFi 🟡 @CIAN_protocol]

Bringing the Mantle Vault into DeFi is about making institutional yield accessible as an onchain product.

@grovedotfinance connects the vault to the @SkyEcosystem Savings Rate. CIAN packages the strategy and builds the vault product. The vault runs on @Mantle_Official and is now available through @Fluxion_network for USDC and USDT0 deposits.

Proud to build this together with @Mantle_Official, @grovedotfinance and @Fluxion_network.

[Mantle @Mantle_Official]

Mantle Vault proved itself in CeFi. Today, it opens to everyone in DeFi.

After crossing $200M on @Bybit_Official, a new vault is now live on @Fluxion_network with @grovedotfinance and @CIAN_protocol, giving millions access to RWA yield with stablecoins on Mantle.

Here's how ↓

[CIAN - Yield Layer of DeFi 🟡 @CIAN_protocol]

@Mantle_Official Powering Borderless Yield on Mantle 🌍

[CIAN - Yield Layer of DeFi 🟡 @CIAN_protocol]

@term_labs Congrats on the V2 launch! 👏

[CIAN - Yield Layer of DeFi 🟡 @CIAN_protocol]

Last week, we sat down with @Luffy_Cian for a long-overdue community update on Cian’s Yield Layer and @Bondify_xyz.

The clearest takeaway: Cian and Bondify are increasingly connected by one core use case — looping.

Cian’s Yield Layer will continue to focus on building yield strategies that can hold up across security, liquidity and scale. The team has spent the past year exploring new yield sources, especially RWAs. But the more we tested, the clearer the constraint became: once an asset needs to be stable, transparent, scalable and liquid enough to support large positions, the viable set of yield sources narrows quickly.

That is why looping remains central. It is one of the most established leveraged-yield use cases onchain, and it aligns the interests of asset issuers, lending markets and users looking for amplified yield.

Bondify starts from the next problem: how do those positions exit?

Many yield-bearing and RWA assets come with slow or uncertain redemption. For a leveraged position, waiting weeks to unwind creates real opportunity cost and can make exit the weakest part of the strategy.

Bondify adds a dedicated utility stack around the looping position:

• JR standardizes complete looping positions for transfer
• YT lets loopers tokenize and trade future yield
• SLF provides a unified lending layer designed around opening and exiting loops
Bondify broadens the exit path beyond a full unwind. The position and its future yield become objects that can be priced and transferred.
With the mechanism working, the next challenge is building real liquidity and demand around it.

The broader lesson from building Bondify is that most DeFi primitives were designed for liquid assets. AMMs, order books and liquidation-based lending systems assume frequent trading and dependable exit liquidity. Low-liquidity yield assets break those assumptions.

Supporting them at scale will require different market and liquidity design. That is where we believe the next generation of onchain yield infrastructure will be built.

Cian and Bondify will keep developing side by side:

Cian builds and operates the yield strategies.
Bondify gives looping positions a market, an exit path and a way to hedge future yield.

Thanks to everyone who joined and sent questions. If we did not get to yours, drop it in the community and we will bring it back to the team.

[CIAN - Yield Layer of DeFi 🟡 @CIAN_protocol]

https://t.co/nXS9W5iy5I

[CIAN - Yield Layer of DeFi 🟡 @CIAN_protocol]

https://t.co/nXS9W5iy5I

[CIAN - Yield Layer of DeFi 🟡 @CIAN_protocol]

📣 Our Cian Community AMA is happening today—don't forget to join us!

PanPan @pigupigudidi and founder Luffy @Luffy_Cian will discuss:

• What Cian's Yield Layer has been building
• Why we built Bondify @Bondify_xyz
• What users can do today
• How we measure traction
• What's next
🕑 14:00 UTC
📍 Cian X Space

Stay tuned!🔥

[CIAN - Yield Layer of DeFi 🟡 @CIAN_protocol]

Inside Cian AMA is coming.

Bondify, Yield Layer, and What Comes Next.

Join us on Cian Space with Luffy to talk about what the team has been building, why Bondify matters now, and what’s coming next for Cian.

🗓️ 23 July, Thursday
🕑 14:00 UTC / 22:00 UTC+8
📍 Cian Space

🎙️ Luffy @Luffy_Cian - Founder, Cian & Bondify
📍 Hosted by PanPan @Pigupigudidi - Operation Manager, Cian& Bondify

Bring your questions and join us live.

[CIAN - Yield Layer of DeFi 🟡 @CIAN_protocol]

⚠️ Reminder for CIAN MaticX/MATIC users

If you still hold a position in the affected MaticX/MATIC strategies, please complete the required Approve transaction and EIP-2612 authorization as soon as possible.

CIAN dApp:
https://t.co/hYlvnVmOpR

Authorization page:
https://t.co/B6YpE1sQ5F

We recommend setting the authorization validity period to at least 30 days.

🚫 Please do NOT withdraw manually. CIAN will process withdrawals through the coordinated official withdrawal channel.

[Bonna | U酪乳 @bonnazhu]

RWA 能做的不止价格敞口（Perp + 券商直买 + 代币化)
收益类敞口，如借贷、杠杆、分级、互换等远未开拓完
而目前这块最大的机会和痛点仍在即时流动性
那天和 @CIAN_protocol 的创始人 @Luffy_Cian 聊
想借此把一些实操层面的思路再做一次梳理和论证
也把非常复杂的 @Bondify_xyz 做一个拆解

--------------------

收益类RWA流动性难，难在它们中的大部分，在链下本就没有活跃的交易市场。把它们引入链上，等于要创造一个原本不存在的东西，这固然是价值，但难度可想而知。

此外，现有的 DeFi 基建，其实都是给货币市场工具、也就是超短久期产品设计的，用户也非常看重灵活性和流动性，要能随存随取。然而现实中大部分收益类 RWA 都是有比较长的申购、赎回周期的中长久期资产，直接搬过来，很容易需求错配、水土不服。

在我看来主要体现在三点：

- 大多属证券，不能无 KYC 流转，进不了无许可池
- 交易不活跃，LP池手续费低，无法满足资金机会成本
- 有较长申购、赎回期，NAV 和成交价间隐含资金成本

而大量收益类 RWA 上链是为了获取 DeFi 的可组合性，以及更便捷的杠杆，而非交易，这便成了更大的问题。

比如：走 DEX 直接 Loop，会面临池子深度不够和滑点问题。而走一级申赎，则是需要经历每一轮都要等待的痛苦，建仓和关仓时间被大幅拉长。���其是关仓，借贷市场有 LTV 上限的约束，你每一圈能解锁出来去赎回的金额是有限的，尤其是你杠杆拉很满的情况，得一圈一圈退。

所以市场是非常需要专门服务 RWA Looping 一键进出解决方案的，关键就看什么样的产品形态。

我们从仓位进出、转让、以及清算/风控三个角度来谈：

--------------------

一、 进出：自建流动性 VS 聚合流动性

聚合流动性路线的典型就是 @3f_xyz 也是最早跑起来的，其给 Looper 提供的过桥资金来自外部的 Bridge Facilitator，而支持的底层资产和 Looping 策略则是来自Morpho。好处是业务模式轻，但坏处也是对外部的依赖性，目前暂支持建仓，还不支持关仓。

而 @MidasRWA @symbioticfi @grovedotfinance 这类虽也属自建流动性，但本质上它们的��速解锁只是帮你更快完成一轮的申购赎回，并不是为 Loop 而生，每一轮退出的即时性是解决了，但完整退出，仍需要多轮循环。

只有 @GearboxProtocol 和 CIAN 的新产品 Bondify 才算是真正为一键杠杆循环而设计的，而自建流动性的好处在于团队可以掌控想要支持的 Looping 策略，并推行一套独立的风控和定价参数。但两者也有区别：

Gearbox 是直接沿用它现有的 Lending Pool 和 Credit Account 架构，Credit Account 本身是一个隔离的智能合约，对应一个 Looping 策略，抵押品和借来的钱都锁在里面，Lending Pool 则是垫资方的资金池。建仓时直接从Lending Pool 一次性抽调足额杠杆资金，关仓时一次性赎回并偿还所有债务，均无需循环。建仓和关仓的过程也都是直接走 RWA 的NAV 面值直接 Mint/Redeem 完成，不存在二级市场滑点。

CIAN 的 Bondify，同样是自建流动性，为一键循环而设计，但它的资金层 SLF（Standing Lending Facility，常备借贷便利）是一个更精细设计的优先出借层，除了赚取给 Looper 建杠杆仓垫资的利息之外，还在上层的收益权交易市场扮演了一个"最后供给方"的角色，多赚一道收益。并且SLF的利用率会控制在 80% 左右，常备至少 20% 的 USDC 作为储备，存款人的流动性会好很多。

--------------------

二、交易：杠杆策略代币化

但 Bondify 比较有意思的地方，是在一键开关仓之上又多走了一步：把策略本身做成了可以买卖的标准化代币。

为什么要这么做? 有两个很现实的动机。

第一，一键开关仓仍旧要等一个完整的申购/赎回周期才算真正完成，对于那些申赎要 7 天甚至 30 天的资产，退出和建仓仍有时间成本，这个没法靠垫资越过。第二，当 Lending Pool (SLF) 里的资金不够了，新的 Looping 仓位开不出来，就只能直接去买别人现成的仓位。

而且不止于此。你也可以不把整个仓位全部卖掉，只把未来的收益打包折现卖出去，并等到这块定价降下来的时候再低价买回。这一层和 @pendle_fi 的 YT 是类似的，本质都是给用户一个更低成本去获得杠杆收益的方式。

所以在 Bondify 里，矿工的入场途径有三条：

- 走SLF 借钱自己开仓位
- 直接买现成的整个仓位 (Junior Token)
- 或者只买未来收益 (YT)

对应的退场途径也有三条：

- SLF unwind (把仓位拆掉)
- 卖 Junior Token (整仓打包卖掉、即时离场)
- 卖 YT (只卖未来收益、仓位留着)

1）YT：统一公式定价 + FIFO 队列

Pendle 的 YT 价格是 AMM 里由 YT 和 PT 双方博弈出来的，会随市场预期波动的市场价，而 Bondify 的 YT 价格直接按 SLF 利率来折现后报出来的，随着 SLF 利率的变化而波动，通过 FIFO 队列先挂先成交。

���择 SLF 利率来定 YT 的好处在于可以维持整个 Bondify系统内利率基准的统一，且能自我调节需求：Looping 需求火热 → SLF 利用率高 → SLF 利率涨 → YT 卖得更贵→ 抑制新需求，反过来，YT 便宜 → 吸引买家 → 新YT 消耗 SLF 额度 → 利用率回升，利率回升 → YT 回贵。

2）Junior 部分，特殊AMM去定价

Junior Token 买卖走的不是公式，而是会发生在一个叫 Staple 的特殊双边做市 DEX 上。它和普通 AMM 最大的区别，是把 Bid 和 Ask 分开：你卖拿 Bid 价，你买付 Ask 价，实时变动，中间价差是 LP 的利润，不像普通单价 AMM 报一个价，让套利者挑便宜的一边薅 LP。

它还有两个并行的报价渠道：PMM (协议自己的算法报价) 和 OTC (任何人都能挂固定 Bid/Ask 的公开报价)，类似自做市 + 外部做市商综合。

而任何一个 Junior Token 的价格，一般情况下会在两个"买家自己动手"的成本之间浮动：

上限 = NAV + 自己 Loop 建一个同样仓位的成本（溢价）
下限 = NAV − 自己 Unwind 退出要损耗的成本（折价）

成本包括时间，利息，滑点等等。高于上限，买家就自己建仓了，不来买了，而低于下限，卖家宁可自己一轮一轮退，也不会贱卖。所以正常情况下，Junior Token买是会需要付出一定溢价的，卖需要承担折价，Staple DEX 的Bid/Ask 机制正好是符合这点的。

--------------------

三、清算、风控：外部第三方清算 VS 内部瀑布结构

大部分 DeFi 借贷的清算，靠的都是外部的第三方清算人，你 LTV 越线，任何人都可以冲进来对你的仓位发起清算，在公开市场上把你的抵押品折价拍卖掉，赚走清算奖励。这套在加密原生资产上比较能 Work，因为抵押品在DEX 上有流动性，可以被砸掉。

但很多 RWA 不一样，即便是清算者强制发起抵���品的赎回，由于很多 RWA 的一轮赎回周期比较长，有的7 天、30 天才能拿到钱，这意味着清算人垫钱把债还掉之后，还要承担一段时间的资金占用和价格不确定性 (这期间抵押物还可能还在继续跌)，这种活，一般清算人可干不了，等于是承担了额外的垫资风险。

正因如此，Bondify 对这块做了额外的一些考量：

第一，不采用外部清算人，全部由协议执行。仓位接近清算阈值时，先触发预警、部分减仓，主动帮降一点杠杆，只有当仓位真正资不抵债时，才由协议整体全额清算。

第二，SLF的资金利用率最多 80%，常备 20% 储备金"过桥"垫付。清算的本质是赎回 RWA 抵押品、拿回 USDC 还给出借人，但 RWA 赎回有周期，中间有个时间差。Bondify 的做法是：清算发生的那一刻，先从 SLF 那 20% USDC 储备里拿现金，立刻把出借人的债平掉，同时在后台赎回，慢慢等拿到钱了再把现金补回储备池。

第��，真出现亏损时，按优先劣后逐级吸收。如果抵押品赎回出来的钱不够还债 (底层减值或违约)，缺口才按损失依次吸收：先是 YT 买家的预付款，再是 Looper 的超额抵押，即 Looper 的 自有资金，然后协议 Treasury 兜底，SLF 存款人永远坐在最优先位置，最后才被触及。这其实是很难得的，直接影响 SLF 的安全系数。

而除了这套协议主导的硬清算，Looping 整个仓位的可交易性，其实本身就是一种软性的去风险，持有人多了一条路，看空的人，可以不必硬抗，而是在仓位恶化、还没到清算线之前，直接把它在 Staple 上卖掉，把风险转手给愿意接的人即可。而愿意承接的投机者，可以用折价买进一个底层可能已经有一定风险的杠杆敞口。

本质就是让风险被实时定价和被市场连续消化，这是比单纯一键进出和垫资，要更完善的一种设计考量，能看到Bondify 的风控其实是两层的：

- 外层是二级市场，让风险被市场连续定价、转手消化
- 内层是协议主导的清算，作为市场消化不掉时的补充

就像船闸一样，两道闸门一前一后泄洪

[CIAN - Yield Layer of DeFi 🟡 @CIAN_protocol]

⚠️ Reminder for CIAN MaticX/MATIC users

If you still hold positions in the affected MaticX/MATIC strategies, please complete the required Approve transaction and set/update your EIP-2612 authorization before Jul 18, 2026.

We recommend setting the authorization validity period to at least 30 days.

CIAN dApp:
https://t.co/hYlvnVmOpR

Authorization page:
https://t.co/B6YpE1sQ5F

🚫 Please do NOT withdraw manually.

CIAN will process withdrawals through a coordinated official withdrawal channel. This means users do not need to pay the high swap fee shown on the manual withdrawal page.

The coordinated process is not instant and will take some time, but we expect to complete all withdrawals before Aug 31, 2026.

Please keep enough gas balance in your account.

Affected strategies:
🟡 6X MATICX/MATIC Recursive Staking
https://t.co/apKqbNfRvx

🟡 3X MATICX/MATIC Recursive Staking
https://t.co/m9nnw85lef

[CIAN - Yield Layer of DeFi 🟡 @CIAN_protocol]

⚠️ Important update on CIAN MaticX/MATIC strategies

As Stader will discontinue Polygon-side support for MaticX, assets will no longer be withdrawable from Polygon after Aug 3, 2026.

CIAN will centrally process withdrawals and exits for the affected strategies.

If you still hold positions, please visit the CIAN dApp, connect your wallet, complete the required Approve transaction, and configure EIP-2612 authorization before Jul 18, 2026. We recommend setting the authorization validity period to at least 30 days:
https://t.co/hYlvnVmOpR

Authorization page:
https://t.co/B6YpE1sQ5F

Affected strategies:

🟡 6X MATICX/MATIC Recursive Staking
https://t.co/apKqbNfRvx

🟡 3X MATICX/MATIC Recursive Staking
https://t.co/m9nnw85lef

⛽ Please keep enough gas balance in your account.

We strongly recommend withdrawing through CIAN’s coordinated process. Please avoid withdrawing manually, as individual manual withdrawals may affect the overall withdrawal process for all users.

If authorization is not completed before Jul 18, any losses or additional costs caused by this will be borne by the user.

We’ll share further updates as soon as possible.

[CIAN - Yield Layer of DeFi 🟡 @CIAN_protocol]

Yesterday’s Space with @aave went well beyond a high-level discussion of lending and RWAs. The conversation moved from protocol architecture to the actual failure modes loopers face when they try to exit.

🎙️ Simo @alphaleaked framed a viable looping strategy around three conditions:
• A positive spread between collateral yield and borrowing cost
• Enough rate certainty to keep the trade predictable
• Deep and fast exit liquidity

That third condition is easy to underestimate. A looper can be right on the carry and still lose on the unwind if the spread compresses, the collateral’s risk profile changes, or the liquidity needed to close the position disappears.

Simo explained how Aave V4 approaches these risks at the lending layer. Its hub-and-spoke architecture separates liquidity management from individual market configurations: liquidity can remain unified at the hub, while different spokes apply asset-specific collateral and risk settings.

🛡️ When Bonna @bonnazhu asked about exit routes under extreme market conditions, Simo laid out the order of defense clearly.

The interest rate curve is the first line of defense. Risk parameters, including supply and borrow caps, provide a preventive layer, while V4’s risk premium allows the protocol to respond when the risk profile of a specific collateral asset changes. An additional borrowing cost can be applied to loopers using that asset, creating an incentive to reduce or repay their debt without repricing every borrower in the market.

In an extreme scenario where the redemption queue becomes significantly longer, however, Simo described a secondary market for Looping Positions as a valuable complementary solution. Instead of waiting to unwind every leg through the redemption queue, a looper could transfer the position to another buyer, creating an exit route without requiring the protocol to liquidate the underlying assets prematurely.

He gave the example of a 10x loop where each redemption takes roughly one week: closing the position leg by leg could take around two and a half months. During that period, the looper remains exposed to changing rates, asset prices and opportunity costs.

🎙️ Luffy @Luffy_Cian approached the same problem from the perspective of a strategy builder and looper. Deep, dependable liquidity is why so much institutional looping activity has historically been built on Aave, while fragmented liquidity makes these strategies difficult to run at scale.

The problem becomes more serious with yield-bearing RWAs. Luffy shared a past case involving an asset with a 30–35 day redemption cycle. Unwinding the full loop eventually took around six months, during which the position stopped generating yield on the redeemed legs and remained exposed to changes in the underlying asset. The experience showed why an exit path needs to exist before an illiquid yield-bearing asset can become useful collateral at scale.

🔄 This is one of the core ideas behind Bondify.
Instead of forcing every looper to unwind one leg at a time, Bondify standardizes the existing Looping Position and its future yield. A looper can migrate the position into a dedicated, user-owned smart contract, then choose to sell the full JR exposure or sell YT/GYT to hedge and lock in future yield.

On the other side, a buyer can acquire an already-built looping exposure without recreating every step from scratch. The seller’s cost of waiting or unwinding can be reflected as a discount, while dedicated liquidity pools and OTC execution can serve different trade sizes.

This is where the two layers connect: Aave builds the liquidity and risk infrastructure needed to support more assets and more specialized lending markets, while Bondify works on making the resulting Looping Positions, future yield and exit liquidity tradable.

Listing more yield-bearing assets onchain is only the beginning. If those assets are going to support sustainable looping markets, users need to know not only how they enter, but how they can exit.

🙏 Thank you to Simo and Luffy for going deep into the mechanics, and a special thanks to Bonna for hosting and guiding the conversation from Aave V4 architecture all the way down to the practical experience of loopers. We look forward to more conversations ahead and to continuing this discussion with Aave, builders, loopers and the wider community.

[CIAN - Yield Layer of DeFi 🟡 @CIAN_protocol]

https://t.co/3K2mqzW2MF

[CIAN - Yield Layer of DeFi 🟡 @CIAN_protocol]

https://t.co/3K2mqzW2MF

[CIAN - Yield Layer of DeFi 🟡 @CIAN_protocol]

Today at 14:00 UTC, Bondify @Bondify_xyz is going live with @aave.

Join @Luffy_Cian and @alphaleaked for a conversation on the next chapter of onchain lending, covering Aave V4, RWA collateral, and the evolution of lending strategies.

🗓️ Tuesday, July 14
🕑 14:00 UTC
🎙️ Hosted by @bonnazhu

Tune in here 👇
https://t.co/zruhCWFI9Z

[CIAN - Yield Layer of DeFi 🟡 @CIAN_protocol]

Aave x Bondify AMA is coming.

The Next Chapter of Onchain Lending

We’re going live with @aave to talk all things onchain lending — from modular market design and looping strategies to exit liquidity and RWA collateral.

🗓️ Tuesday, July 14
🕑 14:00 UTC / 22:00 SGT
📍 X Space

Lineup:
🎙️ Simo @alphaleaked - Growth Lead, Aave Labs
🎙️ Luffy @Luffy_Cian - Founder, Cian & Bondify
📍 Hosted by @bonnazhu - form https://t.co/p7pYhIZeRf

We’ll dive into:
- From V3 to more modular lending markets
- How looping strategies are evolving
- Why exit liquidity matters for leveraged positions
- What makes RWAs useful as productive collateral

🎧 Set your reminder , bring your questions and join us live.

[CIAN - Yield Layer of DeFi 🟡 @CIAN_protocol]

Due to an internal scheduling adjustment, today’s Inside Cian AMA will be postponed. We’ll share the updated date and time once confirmed.

Next week, we’ll also be hosting a Space in collaboration with a major project. More details coming soon—stay tuned!

[CIAN - Yield Layer of DeFi 🟡 @CIAN_protocol]

Inside Cian AMA is coming.

Bondify, Yield Layer, and What Comes Next.

Join us on Cian Space with Luffy to talk about what the team has been building, why Bondify @bondify_xyz matters now, and what’s coming next for Cian.

🗓️ 10 July, Friday
🕑 14:00 UTC / 22:00 UTC+8
📍 Cian Space

🎙️ Luffy @Luffy_Cian - Founder, Cian & Bondify
📍 Hosted by PanPan @Pigupigudidi - Operation Manager, Cian& Bondify

Bring your questions and join us live.

[CIAN - Yield Layer of DeFi 🟡 @CIAN_protocol]

Inside Cian AMA is coming.

Bondify, Yield Layer, and What Comes Next.

Join us on Cian Space with Luffy to talk about what the team has been building, why Bondify @bondify_xyz matters now, and what’s coming next for Cian.

🗓️ 10 July, Friday
🕑 14:00 UTC / 22:00 UTC+8
📍 Cian Space

🎙️ Luffy @Luffy_Cian - Founder, Cian & Bondify
📍 Hosted by PanPan @Pigupigudidi - Operation Manager, Cian& Bondify

Bring your questions and join us live.

[CIAN - Yield Layer of DeFi 🟡 @CIAN_protocol]

👇Explore now: https://t.co/XvMG6KKahB

[CIAN - Yield Layer of DeFi 🟡 @CIAN_protocol]

🔥 USD3 YT market is now live on Bondify.

@3janexyz is building USD3, a credit-backed yieldcoin powered by credit lines, warehouse facilities, and forward-flow programs.

With Bondify, USD3 yield exposure from leveraged positions can now be separated and traded through YT.

📈 YT buyers can price and trade USD3 yield directly.
🔥 Position holders can turn future yield into upfront liquidity.

A new layer of market activity for USD3, bringing more liquidity, pricing, and yield activity to the USD3 ecosystem. 📈✨