On a totally unrelated markets post - In Singapore, we always had a K shape economy. What has become increasingly clear and dangerous is that the bottom K has entirely fell off the cliff.
First - the students. Fresh grads are looking down a bottomless pit on finding FT employment, with many readjusting their expectations. There are jobs, just not the ones they wanted to do.
Next - the SMEs/businesses. Many businesses with a real estate need (think F&B, retail) are basically dead/underwater. After deducting for rent, salaries, COGS, most of them have no margins.
Corporates - are doing good. SG is a regional HQ. With AI initiatives, companies are finding...that they need lesser people.
With incomes shrinking relative to wealth, it is no surprise that real estate/HDB/Condo flipping has become sought after as a way to move forward. Yet housing is a zero sum game on a societal level. By increasing prices and hence "net wealth" - it becomes much harder for the next generation to afford their own properties.
Curious about what the rest of you think
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@Xeer@DRTnky@SingaporeAir I love the sq cabin crew service as always, but their products are very tired. The seats were stuck in the 2000s and they still serve illy coffee. Getting nespresso shouldn't be that difficult, you see JAL and ANA with the bidets. The luxury from 2000s aren't luxury in 2026.
"so you staked your ETH on the Ethereum blockchain to earn yield?"
"yes, Dave"
"except you didn't want your capital to be locked up so you actually staked it with a liquid staking protocol called Lido?"
"that's correct, Dave"
"and Lido gave you a liquid staking receipt token called stETH in return?"
"yes, Dave"
"and then you didn't think that was enough, so you juiced the yield even further by depositing your stETH receipt tokens into a restaking protocol called Eigenlayer?"
"you are correct, Dave"
"and now you didn't want to lock up your capital, so you actually restaked with a liquid restaking protocol called KelpDAO who provided you with a liquid restaking receipt token called rsETH?"
"you got it, Dave"
"and then that was surely not enough juice, so you then deposited your rsETH tokens into a lending protocol called AAVE so that you could open a leveraged looping position that borrows ETH against the rsETH collateral and restakes the ETH into rsETH which is then deposited as collateral, except it turns out rsETH used a cross-chain bridge called LayerZero whose security is held together by a 1/1 toothpick, which was obviously hacked by north koreans causing rsETH to become undercollateralized and now these looping positions are stuck and unprofitable, and everyone is pointing fingers at each other, and also DeFi is a very serious industry"
"you are 100% correct, dave"
jfc.