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What happens when you use tokenized stocks as collateral to borrow USDC and invest it in onchain lending markets? In the first Masterclass of Season 2, @HorinekPM from @Base explains where the carry comes from and what risks remain when the underlying collateral is a stock. Timestamps 00:53 How tokenized equity carry works 02:06 Where the borrowed USDC goes 05:19 How the carry is calculated 08:20 LTV and liquidation risk 10:20 What happens when stock markets close 12:13 How incentives affect lending markets

Where Yield Comes From returns for Season 2. Filmed in Singapore, we're introducing two new series: Vault Design and WYCF Originals, alongside our Masterclass. First up on November 5: @HorinekPM from @Base explains tokenized equity carry.

ethereum:0x0a1a1a107e45b7ced86833863f482bc5f4ed82ef won't finance a chip until it's installed and they can see its heartbeat running. Then: insurance, a UCC lien co-signed by the data center, and a borrower who posts equity and loses first.

You can pull $4B out of the leading yield-bearing stablecoin right now. $9B within three days.

Two years running, around $400M in customer deposits, never hacked, and this vault has been through Hacken multiple times.

Your stablecoin yield can come from a film production borrowing against its release. One of the yield sources @Benjamin918_ traces inside stcUSD.

In 2025, S&P Global issued a credit rating for a decentralized asset. First time in history. The track record behind USDS starts in 2015, before Ethereum mainnet was live.

The way to make a three-day settlement instant is to have someone stand in front of it with dollars. They pay you out today, take your position, and wait the three days themselves. Their fee is the price of that patience. And when no one needs the liquidity, the capital sits earning yield in a Morpho vault.

A tokenized treasury fund is bad collateral for one reason: a liquidator can't wait three days for the redemption to settle. Upshift Clear turns that wait into one block. @AElkrief on who fronts the liquidity, and what they earn for it.

Redeeming a tokenized treasury fund takes one to three days. If you levered the position, unwinding it takes five to eight. @upshift_fi Clear turns that into one block, and charges a fee for it. Tomorrow @AElkrief draws who collects that fee. Episode 05, 10:00 ET.

Gauntlet (@gauntlet_xyz) runs 40+ lending vaults across different chains and risk profiles. gtUSDa sits one layer above all of them and moves the capital between them.

Nvidia will sell about $500B of GPUs next year. Buyers will pay closer to $700B once the interest is counted. That $200B of debt is the second business hiding inside AI. @0xZergs breaks down how @usdai_official underwrites it, and where the yield comes from.

The United States is about to spend more money than at any point in its history: $7 trillion over five years on AI infrastructure. The capital markets that fund it can't move that fast. Tomorrow @0xZergs draws the gap on the whiteboard. Episode 04: ethereum:0x0b2b2b2076d95dda7817e785989fe353fe955ef9, 10:00 ET.

Season 1 put $12.5B+ of onchain credit on the whiteboard and explained where the yield comes from. WYCF Season 2 films in Singapore during Token 2049 week, October 6-10.

This is how lending in DeFi works, and how a curator decides where the money goes @CarsonMBrown of @gauntlet_xyz on the whiteboard.

Fresh off a $125M Series C, @gauntlet_xyz runs every allocation through one question first: can the capital come back out. @CarsonMBrown breaks base:0x000000000001cdb57e58fa75fe420a0f4d6640d5 down end to end: how markets get picked, monitored, and exited when an exploit hits.

19% of all curated vault AuM in DeFi is allocated by @gauntlet_xyz, and every one of those positions starts with the same question. Tomorrow, @CarsonMBrown opens the playbook on the whiteboard. Episode 03: base:0x000000000001cdb57e58fa75fe420a0f4d6640d5, 10:00 ET.

This is the last scenario where sUSDS holders lose money.

Weeks ago rsETH broke and DeFi depositors lost hundreds of millions. @Benjamin918_ explains why that same event, inside @CapApp, doesn't create bad debt.