The Learning Pill 💊

Weekly 7 Gud Reads + Yield Collective

Deep analysis on DeFi mechanics, RWA, yields and capital flows

Storyteller at @glasscade_xyz

[The Learning Pill 💊 @thelearningpill]

https://t.co/4fCvGvTnMe

[The Learning Pill 💊 @thelearningpill]

On-chain stock trading lost about 40% of its DEX volume between two 30D windows: $20.9B to late Sep, then $12.4B to early Nov.

Yet over the same 9 weeks, $AERO’s weekly share of that volume went from 4% to 23% because of its multi-chain expansion.

IMO the share won in a cooling market weighs above share won at launch.

I believe the tourists who came for the novelty had already left, so what moved was routing.

Aero accrues this to LP efficiency 👇

→ Base (cbBTC/WETH): $31.75 vs $1.30, or 24.4x
→ Arbitrum (WBTC/USDC): $15.44 vs $1.24, or 12.5x
→ Ethereum (WETH/USDC): $15.93 vs $1.79, or 8.9x

The Ethereum line is the one I care about.

@aeroxyz has been live on mainnet for 3 weeks, and its WETH/USDC pool is already turning each dollar of liquidity 8.9x harder than @Uniswap (on its home chain).

For those sceptical, the rewards model that won Base now works where it has no home advantage, and every additional chain is becoming another place to win the routing.

[The Learning Pill 💊 @thelearningpill]

https://t.co/rUnR1Pjppu

[The Learning Pill 💊 @thelearningpill]

@PendleIntern @tn_pendle @boros_fi 2 for 2 killer app

[The Learning Pill 💊 @thelearningpill]

@castle_labs need to from this year's bottom to feel more optimistic

[The Learning Pill 💊 @thelearningpill]

@splinter0n feel like i've been seeing ads in the comments section

[The Learning Pill 💊 @thelearningpill]

@josefabregab $LIT may power more than RH ;)

[The Learning Pill 💊 @thelearningpill]

@katexbt don't break their hearts Kate

[The Learning Pill 💊 @thelearningpill]

@the_smart_ape his side wallet just continues to exit lol

[The Learning Pill 💊 @thelearningpill]

@0xspicexr @0xfluid fluid's vaults have also been interestingly juicy

[The Learning Pill 💊 @thelearningpill]

@Eli5defi hey stop it now

[The Learning Pill 💊 @thelearningpill]

@Axel_bitblaze69 will still take some time if MSTR needs to fully liquidate BTC to fund their divvies imo

[The Learning Pill 💊 @thelearningpill]

@oxtochi from GTA VI

[The Learning Pill 💊 @thelearningpill]

@Defi_Warhol the leather jacket stays on lol

[The Learning Pill 💊 @thelearningpill]

@Okada_DeFi0x @CantonNetwork @CantonFdn @solana @base canton's an upcoming one, just hope they don't nuke it with memes

[The Learning Pill 💊 @thelearningpill]

@Telcier mind you crypto and GTA VI go hand in hand

one gives you financial nightmares, the other gives you the place the vent

[The Learning Pill 💊 @thelearningpill]

@waleswoosh always locked in its time for a break

[The Learning Pill 💊 @thelearningpill]

@Karamata2_2 @NullMaskio you're super early bro

[The Learning Pill 💊 @thelearningpill]

@TheDeFiPlug @apyx_fi @3janexyz waaaay too underrated

[The Learning Pill 💊 @thelearningpill]

Guys, stop copytrading if your goal is to make money

A 12% success rate is miserable...

May I point you to five $PENDLE loops still clearing 20% APY instead👇

1) @apyx_fi apyUSD (Ethereum)
Max loop: 6.3x
Est. max looping APY: 66.53%

2) @3janexyz PT-USD3 (Ethereum)
Max loop: 6.3x
Est. max looping APY: 31.86%

3) @protocol_fx fxSAVE (Ethereum)
Max loop: 9.9x
Est. max looping APY: 25.4%

4) @tori_finance strUSD (Monad)
Max loop: 6.3x
Est. max looping APY: 25.35%

5) @maplefinance syrupUSDG (Arbitrum)
Max loop: 9.9x
Est. max looping APY: 20.05%

Before you loop, you should totally set TG bot alerts:
> limit order filling when borrow rates dip
> looping APY turning negative or liquidation risk rising as your cue to unwind
> market maturity alert so you know when you have to roll over or switch markets

Have fun, and stay SAFU!

[dethective @dethective]

Pumpfun added a cool new data point: the PnL of copy traders (including when they sold).

I analyzed the top 50 paid KOLs:
> Their copytraders lost $2.4 MILLION
> Only 6 out of 50 made their followers money.

Methodology & free dataset of 25K calls 🧵

[The Learning Pill 💊 @thelearningpill]

@Tanaka_L2 as long as we have a bid on ETH

[The Learning Pill 💊 @thelearningpill]

I went through the first confidential yield vaults on Ethereum and BNB Chain. The same design kept showing up.

$ZAMA (June) → wrap USDC into encrypted cUSDC, then deposit it into Steakhouse’s existing Prime vault on Morpho.

@primus_labs (August) → shield $U into $eU at 1:1, then deposit it into the existing Unitas vault.

Both batch deposits, so totals stay visible and individual positions don’t. Both plug into a vault that already had a track record.

When everyone ships the same wrapper, the race moves to curators. Zama’s first vault hit $40M, and in September it opened 16 confidential Morpho vaults with curators like Steakhouse and Wintermute’s Armitage. On BNB, Primus routes through Unitas so far.

The difference sits underneath the wrapper.

Zama encrypts the balance while Primus goes another step to prove what backs the yield, verifying Unitas’ USDu reserves through zkTLS on a live dashboard.

A confidential position you can still check the backing of is the harder product to copy.