Ellis Osborn

Co-founder @Saturn_credit | NYA DYOR | Tweets are of my personal view, does not represent Saturn

[KTX @KTX_Exchange]

🔔 KTX Live this Thursday, Aug 6th

📢 Tokenized Tradfi VS Real Crypto: What's Beyond RWA?

🎙️ With Amazing Speakers
⭐️ Andrew (@AndKrypto), Head of Korea at @injective
⭐️ Jaden, Founder of @Coiniseasy
⭐️ Ellis Osborn (@eosborn88), Cofounder of @saturn_credit

🧠 Web3’s recent momentum has largely come from RWAs and tokenized stocks—bringing TradFi assets on-chain and raising an important question: is this simply financial infrastructure moving on-chain, or the beginning of meaningful new innovation?

At the same time, growing regulatory pressure is putting DeFi treasuries, vaults, and curators under scrutiny.

KTX is bringing together media voices, crypto-native builders, and TradFi innovators to explore:

1️⃣ How TradFi and crypto are converging
2️⃣ What comes next beyond RWAs
3️⃣ How might crypto regain momentum?
4️⃣ How founders can continue building amid regulatory pressure

🔔 Set a reminder for X Space:
https://t.co/j4f5pYmJQa

[Ellis Osborn @eosborn88]

We're back!

[Saturn Foundation @saturn_credit]

https://t.co/gJoJtQ1LK7

[Saturn Foundation @saturn_credit]

AMA in English, hosted by @Edward__Park, @Eosborn88, and @Kevinlhr88

Saturn on @Monad
Featuring Wecryptotogether

07-24-2026
9:00AM EST | 9:00AM HKT

Featuring:
• @_whalebird from @pendle_fi
• @FishMarketAcad from Monad

[Ellis Osborn @eosborn88]

Saturn Recap | July 6 - July 13, 2026

$STRC Overview
@Strategy increased its USD reserve to $3.0B - now covering 20.4 months of dividends - by selling 4.8M shares of $MSTR. Strategy is evolving with the market's strong perception of the cash reserve, but sub-$90 price shows short-term friction back to $100. STRC buybacks may play an interesting role here, as @Saylor may step in as buyer of last resort.

Core Metrics as of July 13
Protocol TVL: $175.80M (down ~$8.70M on the week)

USDat: $101.80M
- 100% backed by U.S. Treasury Bills
- Secondary price held consistently at $1.00

sUSDat: $75.45M
- Backed by $74.08M STRC and $1.36M USDat
- Fair value $0.89, secondary market price $0.89
- APY: 29.00% (includes appreciation to $100)
- Withdraw queue: $7.70M

srUSDat: $5.09M
- Price: $1.02
- APY: 7.79%, rate unchanged through market volatility
- Zero NAV drawdown YTD
- Coverage Ratio: 135.70%

jrUSDat: $1.87M
- Price: $0.27
- APY: 39.00%

Morpho:
- sUSDat/AUSD: $6.70M lent, $0.88M remaining liquidity, $0 in liquidations
- PT-USDat-27AUG2026/USDC: $5.80M lent, $0.51M remaining liquidity, $0 in liquidations
- PT-USDat-27AUG2026/AUSD: $1.65M lent, $0.18M remaining liquidity, $0 in liquidations
- PT-sUSDat/USDC: $1.41M lent, $0.12M remaining liquidity, $0 in liquidations
- PT-srUSDat/USDC: $0.33M lent, $0.03M remaining liquidity, $0 in liquidations

Pendle: $109.43M
- Ethereum Mainnet: $84.20M
- BNB Chain: $25.23M

Pendle APYs:
- PT-USDat APY: 7.88% (ETH), 9.53% (BNB)
- PT-sUSDat APY: 11.68% (ETH), 14.51% (BNB)
- PT-srUSDat APY: 11.14% (ETH)
- PT-jrUSDat APY: 27.27% (ETH)

Onchain Initiatives
- Barker Money x Flowdesk x Saturn Incentivized Lending Vault

[Ellis Osborn @eosborn88]

Saturn Recap | June 29 - July 3, 2026

$0 in liquidations across all Saturn assets, with $STRC ranging from a low of $77.06 to a high of $90.08 last week.

srUSDat experienced a 0% drawdown and continued paying 7.79% APY.

STRC Outlook
@Saylor gave STRC, MSTR, and BTC holders clarity with the Digital Credit Capital Framework - concrete numbers for common stock sales and buybacks, digital credit buybacks, and potential BTC sales.

@Strategy also confirmed a semi-monthly dividend at a 12% rate, payable July 15th, and raised USD reserve coverage to 17.4 months. While holding cash creates drag, and paying dividends with it would signal distress, STRC's recent discount shows the market still values the cushion cash reserves provide.

Core Metrics as of July 6
Protocol TVL: $184.46M (up ~$12M on the week)

USDat: $106.20M
- 100% backed by U.S. Treasury Bills
- Secondary price held consistently at $1.00

sUSDat: $82.92M
- Backed by $78.26M STRC and $4.66M USDat
- Fair value $0.91, secondary market price $0.89
- APY: 25.46% (assumes purchasing at current price and selling at $100)
- Withdraw queue: $14.60M

srUSDat: $5.47M
- Price: $1.01
- APY: 7.79%, rate unchanged through market volatility
- Zero NAV drawdown YTD
- Collateral coverage: 135%, recovered from 115% - safety significantly improved

jrUSDat: $1.87M
- Price: $0.31
- Absorbed sUSDat volatility, substantial upside remains
- APY: 32.58%

Morpho
- sUSDat/AUSD: $7.51M lent, $0.74M remaining liquidity, $0 in liquidations
- PT-USDat-27AUG2026/USDC: $6.34M lent, $0.62M remaining liquidity, $0 in liquidations
- PT-USDat-27AUG2026/AUSD: $2.33M lent, $0.21M remaining liquidity, $0 in liquidations
- PT-sUSDat/USDC: $1.84M lent, $0.17M remaining liquidity, $0 in liquidations
- PT-srUSDat/USDC: $0.34M lent, $0.03M remaining liquidity, $0 in liquidations

Pendle: $110.10M
- Ethereum Mainnet: $85.81M
- BNB Chain: $24.29M

Pendle APYs:
- PT-USDat APY: 7.88% (Ethereum Mainnet), 9.36% (BNB Chain)
- PT-sUSDat APY: 12.10% (Ethereum Mainnet), 14.83% (BNB Chain)
- PT-srUSDat APY: 11.17% (Ethereum Mainnet)
- PT-jrUSDat APY: 29.83% (Ethereum Mainnet)

[Ellis Osborn @eosborn88]

Saturn Recap | June 15 - 22, 2026

$STRC experienced its sharpest drawdown to date, falling to $82.53 on June 18 before closing the week at $88.59. Despite this, @Saturn_credit's asset-isolated model performed as designed - no abnormal liquidations or bad debt.

The standout was srUSDat, which experienced zero NAV drawdown and continued paying 7.80% APY through the depeg.

STRC Outlook
Semi-monthly dividend distributions confirmed, and a 1M VWAP of $94.09 puts a 50bps coupon increase in range - two positive catalysts coming into July.

Core Metrics as of June 23
Protocol TVL: $198.40M (down ~$10M on the week)

USDat: $116.41M
- 100% backed by U.S. Treasury Bills
- Secondary price held at $1.00 throughout the drawdown

sUSDat: $88.62M
- Backed by $81.99M STRC and $6.63M USDat
- Secondary price $0.90, intraday low of $0.80 on June 18
- APY: 23.69%
- Redemption queue: $9.80M, $1-2M processed daily, no abnormal activity

srUSDat: $7.42M
- Price: $1.01
- APY: 7.80%, also unchanged rates during depeg event
- Zero NAV drawdown during depeg event

jrUSDat: $2.06M
- Price: $0.51
- APY: 19.11%
- Coverage ratio: 127.80%, recovered from a low of 114.50%

Morpho
- PT-USDat/USDC: $11.53M borrowed, $2.01M liquidity, $0 in liquidations last week
- sUSDat/AUSD: $9.13M borrowed, $1.18M liquidity, $0.75M in liquidations last week
- PT-sUSDat/USDC: $3.93M borrowed, $0.41M liquidity, $6500 in liquidations last week
- PT-USDat/AUSD: $2.11M borrowed, $0.61M liquidity, $0 in liquidations last week
- PT-srUSDat/USDC: $0.68M borrowed, $0.10M liquidity, $0 in liquidations last week

Pendle: $114.13M
- Ethereum Mainnet: $89.58M
- BNB Chain: $24.55M

Pendle APYs:
- PT-USDat APY: 7.67% (Ethereum Mainnet), 8.90% (BNB Chain)
- PT-sUSDat APY: 10.99% (Ethereum Mainnet)
- PT-srUSDat APY: 12.16% (Ethereum Mainnet)
- PT-jrUSDat APY: 16.82% (Ethereum Mainnet)

The thesis for STRCFi remains unchanged.

Onwards.

[Ellis Osborn @eosborn88]

gSat