notsam

strong opinions loosely held | prev @terminal_fi @nodeguardians

[notsam @sam_omww]

70% of @ethena's backing comes from USDT‑margined perps

wen Ethena goes short, it creates $1 of Tether demand on the long side

as Ethena’s supply grows, Tether’s supply grows too roughly $0.70 for every $1 deposited into Ethena

its business

[Terminal Finance @Terminal_fi]

yield-bearing stablecoins up only

@ethena's sUSDe is the yield-bearing version of Tether's USDT

(but you wouldn't believe it)

[notsam @sam_omww]

@arthur0x 1 bill ain’t much, saylor blasts the top on this every week kek

[notsam @sam_omww]

@EvgenyGaevoy true but isn’t the real blocker the absence of neutral custody/credit primitives?

what do you think is the first piece that actually needs to exist before anyone can solve the stack properly

[notsam @sam_omww]

@Jonasoeth imagine having a dex purpose built to trade it

[notsam @sam_omww]

@0xNairolf hyperliquid

[notsam @sam_omww]

token burns are marketing

revenue sharing is economics

burns are priced in and they reward no one in particular

revenue distribution to stakers, however, aligns incentives and compensates those actually taking risk

it’s value creation, not optics : )

[Uniswap @Uniswap]

A proposal for the next chapter of 🦄

UNIfication is a joint proposal from Uniswap Labs and the Uniswap Foundation that turns on protocol fees and aligns incentives across the Uniswap ecosystem

Positioning the Uniswap protocol to win as the default decentralized exchange

[notsam @sam_omww]

@ImperiumPaper the point here is that $USDe has scaled across both CeFi and DeFi effectively serving as an interest-rate arbitrage between the 2 (TradFi is next)

the reality is that successful projects this cycle have made trade-offs on decentralization to distribute their products at scale

[notsam @sam_omww]

moar rate cuts coming

less attractiveness for T-bill-based stablecoins

moar attractiveness for yield-bearing stablecoins

USDe flips USDC within the next 6 months

Terminal, the DEX powered by yield-bearing assets launching by EOY

is your body ready?

[Terminal Finance @Terminal_fi]

Ethena sits between CeFi and DeFi, having reached scale across both markets with a ~$15B TVL through USDe and USDtb — the latter backed by BlackRock’s BUIDL tokenized fund.

Terminal aims to expand alongside Ethena by exporting USDe in a format that TradFi can consume.

A year ago, sUSDe yielded over 20% in CeFi while DeFi rates stayed near 10%. More than $1B flowed into Aave within days to capture the spread.

In TradFi, capital can often be sourced at SOFR +100 bps, while sUSDe can offer returns above 10%.
This spread represents an even larger opportunity as institutional capital moves on-chain.

Terminal is building the exchange for institutional asset trading powered by USDe, where yield-bearing assets serve as core pairs — launching later this year.

[notsam @sam_omww]

@gdog97_ the TAM for Ethena is going to explode

imagine being afraid to dream a lil bigger

[notsam @sam_omww]

@litocoen with equities perps coming onchain the TAM for Ethena is going to explode

[notsam @sam_omww]

@sshxbt and it did a few months after

few understand this

https://t.co/xOnhFiHje4

[notsam @sam_omww]

@PendleIntern @samnode_ @Neoo_Nav @Terminal_fi @pendle_fi hi mr pendle intern we came to ur office but didnt see you, we even asked where is pendle intern and none knew

mr pendle intern we hope to meet you one day uwu

[notsam @sam_omww]

problem here is that the stablecoin market is heading toward a suboptimal outcome, driven more by ego and power than by user needs

will likely end up with 2 or 3 dominant issuers controlling 90% of the market, while 1000s of players launch their own branded stablecoins for visibility/marketing purposes

just to end up fragmenting liquidity across many assets, wasting time and money while making the user experience worse

bearish on new entrants trying to replace existing crypto native use cases where USDT already dominates - there’s no strong incentive for users to switch, we love you

already seen fintech and Web2 players like PayPal fail, and others such as Revolut or Robinhood will likely struggle too

unless a stablecoin can break beyond its closed ecosystem (spoiler: it won't), it’s nearly impossible to compete against Tether’s network effects

wen it comes to money, liquidity + network effects are simply too strong

the only real chance to disrupt the current market structure is by coming with a fundamentally different angle e.g:

-offering native yield/savings,

-using alternative forms of backing, or

-redistributing revenue directly to users

without that, it’s almost impossible to shake up the existing order

Tether, Ethena, Plasma

Trillions.

[Andy @andyyy]

Circle IPO did a 5x on launch.

XPL is the biggest token of the year.

Cloudflare CEO announced their stablecoin this week.

USDH went live this past week.

ZeroHash just raised $104M to build a stablecoin.

USAT announced by Tether this month.

Stripe is rumored to be launching a stablecoin early next year.

Ethena’s USDe crossed $14B+ in outstanding supply.

MegaETH announced their USDm stablecoin.

Frax is gearing up to launch FraxNet.

Tether is raising at $500B valuation.

Korean Won stablecoin is coming via Avalanche.

GENIUS act passed over summer and US Treasury Secretary Bessent is aiming for $3T total stablecoin supply by 2028.

The demand for stablecoin exposure is practically infinite at this point in time.

All big banks are thinking deeply about their digital asset strategy.

Couldn’t be more obvious.

Welcome to the Stablecoin Supercycle.

[notsam @sam_omww]

@cz_binance

[notsam @sam_omww]

@Ethena_Eco @aave @MorphoLabs @lista_dao @eulerfinance @SiloFinance @Terminal_fi @pendle_fi aavethena

[notsam @sam_omww]

@PendleIntern @tn_pendle @pendle_fi time flies

https://t.co/JAunCikYp6

[Pendle Intern @PendleIntern]

@Rightsideonly @tn_pendle once again, this means you DON'T trust him at all ahhhhhh

[notsam @sam_omww]

@scene999 impressive - very nice

[notsam @sam_omww]

@hosseeb apparently, if you remove stablecoins from Solana, the remaining revenue generated on Solana is zero

[notsam @sam_omww]

@andyyy go long to hedge

[notsam @sam_omww]

Terminal’s “yield extraction” fits as the piece that separates the yield from the underlying and routes it back into incentives/liquidity:

on Pendle you split a tokenized equity into PT + YT

on Terminal, you can trade those PTs, YTs or wrapped forms while the dividend/interest stream is skimmed and redirected — e.g., to LP rewards, bribe markets or other strategies

this makes the secondary market for PT-STOCK or YT-STOCK more liquid and capital-efficient, because LPs aren’t forced to absorb the dividend flow (which is the same issue Terminal solves for sUSDe)

[Terminal Finance @Terminal_fi]

Pendle handles the time-splitting of tokenized stocks

Terminal provides a venue to trade them while isolating the yield and using it productively

a mechanism traditional markets haven’t unlocked

you must not be afraid to dream a little bigger, darling

[notsam @sam_omww]

@n2ckchong @stablecoin_x @megaeth @binance @BasedOneX @liminalmoney gonna miss times like this when, down the road, USDe supply will be calmly sitting in the mid-11 figs like an old boi