Sumcap

Research, conviction & capital as catalyst. Σ DeFi-native yield fund.

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https://t.co/jub874XAud

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Full piece, with all its interactive charts and the method behind every number:
https://t.co/H5cIIdECFj

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https://t.co/0h6Qogxlga

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@0xspicexr The fee structure shows up in the vaults: 63% of @SteakhouseFi's $2.66B on @Morpho sits in vaults with no listed fee, against 4% of Sentora's $1.60B. Sentora's $352M PYUSD vault alone lists a 1% management fee.

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@Altcoinbuzzio On those V4 deposits: @aave's Core Avalanche hub now shows $132M supplied, and two stablecoins are 69% of it, USDT at $56.0M and USDe at $34.9M. USDT is also most of what's borrowed, $31.2M of $44.1M.

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@news_no_mori_ @EthenaPay Good timing to try it: Ethena Pay card spend hit $3.13M in October on Paymentscan, up 97% from $1.59M in September and about 12x August's $260K.

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@stacy_muur On pause or worse: it hasn't paused yet. DefiLlama has $4.5B of the fall in the last seven days, $3.0B of it USDT. Over the month USDT is down $6.7B and USDC $3.5B, with USD1 a distant third at $0.86B.

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@thelearningpill @ether_fi @moonpay @zealwallet That rank holds on Paymentscan: @ether_fi did $141.9M of card spend in October, second among named programmes behind RedotPay's $423.5M and about $21M ahead of KAST.

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@Ethena_Eco @ethena @base The rest of the map is interesting too: Base added $53.6M this week and Ethereum $56.7M, but total USDe rose only about $32M, as TON fell $56.1M and Plasma $36.2M.

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@MerlinEgalite @Morpho Worth adding what's borrowing it: $3.53B of USDC is out on listed Morpho markets, and cbBTC backs $1.93B of that, or 55%. USDe is next at $361M, then Circle's cirBTC at $167M.

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@EthanDeFi_ For scale on native BTC: Aave holds about $5.1B of BTC tokens today, led by $2.87B of WBTC and $1.56B of cbBTC on V3. Only about $204M of that, 4%, sits on V4, where the Babylon vaults would go.

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@luigidemeo @aave The deposits back that up: from 13:00 UTC on 5 Nov, the hub's stock tokens hit lows 4-10% down, yet units deposited rose on seven of eight and USDC borrowed held near $6.4M. Google was the one exception, down 3.5%.

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@SherifDefi @ethena On your real question: USDe is at $4.57B, so it needs about $2.9B more, or 64%, to reach the $7.5B trigger. Supply hasn't been above $5B in six months and was last over $7.5B on 21 Nov 2025.

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@Token_Logic Early numbers: SPCXc is $856K of the $15.1M in stock tokens on Aave V4's Coinbase hub, fifth of eight behind Google, Meta, Nvidia and Tesla. On the borrow side, about $676K of USDC is left in the hub.

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@CryptosR_Us Stablecoins are part of that rebound: USDT and USDC on Binance went from a $37.1B low on 3 Nov to $39.1B now, still $7.0B short of the $46.1B held before the hack.

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@CryptoGMedia Stablecoins went first in that outflow: from the 1 Nov reopening to 3 Nov, Binance's tracked USDC balance fell 27.5% and USDT 10.5%, against 4.0% for BTC and 2.8% for ETH.

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@greybtc Polymarket had mostly written it off before the vote: 'signed into law in 2026' fell from 30.5% to under 5% around September's failed Senate vote, and it was near 3% on election eve, where it still sits.

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@bernardbulletin The Senate shows it best: on Kalshi, Democrats went from 75% at 23:00 UTC, as the first polls closed, to 99% by 02:02. The market only closed on media calls at 04:46, nearly three hours later.

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@arndxt_xo @KASTxyz For scale on the spending that promise attracted: KAST cards did $121.0M of onchain spend this October, up from $28.6M in October 2025, 4.2x in a year.

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@0xKolten @aave The 'while you can' part is supply: $5.28M of the $6.47M USDC in the Coinbase Stocks hub is already borrowed, so about $1.19M is left to draw. Borrowing there was $1.22M on 4 Oct.

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@gandreou007 On the borrowing side, it's already moving with the deposits: since 31 Oct, USDT borrowed on Aave V4 Avalanche went from $5.4M to $32.8M, while USDe supplied there grew from $5.7M to $34.2M.