Constant Finance

Fixed-rate, fixed-term lending for DeFi. Borrow against your LP positions, refinance on-chain. The rate you lock is the rate you keep.

[Constant Finance @constant_fi]

The single largest balance in Aave's deprecation proposal is $32.2M of matured Pendle PTs, sitting there awaiting withdrawal.

A fixed-maturity instrument knows when it's finished.

A pool has to be told.

[CoinDesk @CoinDesk]

NEW: @Aave proposes to remove 50 underused assets and shut down six smaller versions of its lending protocol, affecting $98.1M in deposits and $15.6M in outstanding loans.

[Constant Finance @constant_fi]

Storj, BitMEX, BitMart, Movement Labs, Poolin. Decentralized storage, a derivatives exchange, a spot exchange, an L2 and a mining pool — five different businesses in one month, and not a single exploit among them.

The code held everywhere. The economics didn't.

[CoinDesk @CoinDesk]

JUST IN: Storj Labs files for Chapter 11 bankruptcy, the fourth crypto company in seven days to announce a failure or wind-down, alongside BitMEX, BitMart, and Movement Labs.

In a rare move, Storj says it plans to include token holders in ownership of the reorganized company.

[Constant Finance @constant_fi]

Where quests show up, what points count toward, and why the free phase is the one people forget to take seriously — full piece below.

Attention now, capital later.

https://t.co/2rjmLyUO9K

[Constant Finance @constant_fi]

https://t.co/nFMRWn3CJG

[Constant Finance @constant_fi]

Everyone was early to something, if you ask them. Receipts are rarer.

Constant Point daily quests are live: one small action a day, logged on a ledger that starts keeping score before the product ships. Points land the next day, 00:00 UTC.

[Constant Finance @constant_fi]

All social for now: follow = 10 points/day, quests stack on top. Boosted quests appear when something matters — worth more, up to three days.

When staking opens, capital dominates the point economy by design. The only stretch where attention alone builds a position.

[Constant Finance @constant_fi]

https://t.co/nFMRWn3CJG

[Constant Finance @constant_fi]

Supply-side fragmentation now has a credible answer. Demand-side fragmentation has a roadmap bullet.

Full piece on the half that's still open: https://t.co/r65rcDcDvA

[Constant Finance @constant_fi]

https://t.co/DJ1FyD005h

[Constant Finance @constant_fi]

Midnight going live is good for everyone building fixed-rate. Multi-market offers are a real answer to the liquidity-splintering that killed earlier attempts.

One thing though: that's the supply side. Fragmentation has a second axis, and it's still standing.

[Morpho 🦋 @Morpho]

Predictability, now in your hands

Introducing Morpho Fixed Rate Markets on the new Markets App

Lend and borrow directly from fixed rate, fixed term markets

[Constant Finance @constant_fi]

For directional traders, dead interest is noise. For carry traders, leveraged LPs, arbs — the natural clientele of fixed rates — it's frequently the entire margin.

They don't respond by paying a worse rate. They respond by not showing up. Rational demand that never clears.

[Constant Finance @constant_fi]

https://t.co/DJ1FyD005h

[Constant Finance @constant_fi]

SBI just opened Japan's first yen-stablecoin lending: a fixed 12-week term at 3%, vs the 0.325–1% a yen time deposit pays.
Note the shape TradFi picked for its first move — fixed rate, fixed term. Nobody ships variable rates to retail.

[Ethereum Institutional @ethereuminsti]

SBI chose Ethereum to issue its stablecoin, built with @StartaleGroup.

JPYSC is Japan's first trust-based yen stablecoin, issued by SBI.

Why this matters:

SBI is one of Japan's largest financial groups. 78 million customers. ¥66 trillion (~$440bn) in securities AUM through Japan's biggest online brokerage.

When an institution of this scale goes onchain, it picks the chain with the deepest liquidity, the strongest resilience, and the largest ecosystem.

No pilot. No proof of concept announcement. Live issuance in production on @ethereum.

[Constant Finance @constant_fi]

HMRC just conceded that lending an asset isn't selling it. Supplying crypto to lending protocols or LPs stops being a UK taxable disposal — 700,000 people owed tax on gains they never realized.
A loan is a loan. It only took four years of consultation.

[Stani @StaniKulechov]

HMRC in the UK is adopting new tax legislation related to crypto lending and liquidity pools.

Main take is that deposits into lending protocols will be treated as ‘no gain, no loss’ (NGNL), which effectively defers capital gains tax until an economic disposal. Also underlying collateral will be disregarded for capital gains tax purposes.

This is the right direction, mainly driven by the industry feedback demonstrating that any other approach would cause significant admin burden for the tax payer.

Positive about the HMRC approach because 1) it proves that the industry can affect the eventual outcome (similar how we did with the £20,000 stablecoin holding cap) and 2) seeing more tax legislation around DeFi means the space has progressed in meaningful way.

[Constant Finance @constant_fi]

The Constant Point early bonus doesn't pay out in a lump. It drips — 10/day over 100 days.
The only variable you control is when you start.
https://t.co/fkqk06uXHY

[Constant Finance @constant_fi]

https://t.co/9AzxihTVU3

[Constant Finance @constant_fi]

The most requested feature in stablecoin apps isn't more yield. It's a number that doesn't move between the moment you check it and the moment you need it.
Aave now smooths variable returns at the app layer. We build the fixed rate and the fixed term into the loan itself. Presentation can be patched. A term is a contract.

[Aave @aave]

Introducing Stable Vaults, an all-in-one solution for embedding fixed-rate stablecoin yield into any financial product.

[Constant Finance @constant_fi]

Whatever you make of the leverage, the sequence is the signal: the first thing a new on-chain asset class gets used for is margin. Collateral never stays decorative for long.
That's the quieter market that forms after the perps hype settles. None of it removes liquidation risk when collateral falls; what fixed terms change is that the cost and the clock are known before you enter, not discovered after.

[Ondo Finance @Ondo]

Leverage the world.

[Constant Finance @constant_fi]

One more thing.
From today, we live at https://t.co/1K8xOlQ1fn. One name, one domain. Update your bookmarks — and remember it: anything that isn't https://t.co/1K8xOlQ1fn isn't us.

[Constant Finance @constant_fi]

Constant Point is live.
Be Early.

[Constant Finance @constant_fi]

https://t.co/9AzxihTVU3

[Constant Finance @constant_fi]

https://t.co/9AzxihTVU3

[Constant Finance @constant_fi]

Strategy paused bitcoin buying and says it may sell some to keep paying a 12% preferred dividend.
For years the equity premium funded the bitcoin. Once mNAV slipped below 1, the bitcoin started funding the liabilities.
A machine built to accumulate became a balance sheet to manage. Fixed obligations always collect first; the only question is what pays them.

[Strategy @Strategy]

Strategy announces a Digital Credit Capital Framework designed to strengthen Digital Credit, enhance liquidity, preserve long-term Bitcoin exposure, and support long-term value creation. $MSTR $STRC
https://t.co/P770rd7fva