punkquidity (@punkquidity) header
punkquidity (@punkquidity) profile picture

Yield Risk Analyst. Every yield has someone paying it, and I check who. Stablecoins, lending, perps

DMs open for research & collab
Joined July 2023
Photo by punkquidity (@punkquidity)Photo by punkquidity (@punkquidity)Photo by punkquidity (@punkquidity)Photo by punkquidity (@punkquidity)Photo by punkquidity (@punkquidity)Photo by punkquidity (@punkquidity)Photo by punkquidity (@punkquidity)Photo by punkquidity (@punkquidity)Photo by punkquidity (@punkquidity)Photo by punkquidity (@punkquidity)
the Binance hacker's Aave loan can be liquidated if $ETH rises 6% he put $60M of stolen $USDT into @aave, then borrowed 19,763 $ETH against it, so Tether can't freeze that $ETH i checked the position onchain at 12:00 UTC, and once $ETH passes about $2,366, liquidators can start repaying his loan and taking his $USDT plus a bonus a post calling this move genius has over 1.5M views, while the genius has $60M of $USDT locked in Aave for about $44M of $ETH
21
10
3
148
73,395
the $USDe loop wallet shares 2 signers with Ethena's Reserve Fund i checked all 11 signers on that Safe. per @ethena's own docs, 2 of them also sign its Reserve Fund, Dev and sUSDe Payout Fund multisigs it minted $327M of $USDe in 4 hours with $USDC borrowed on @aave and owes $361M now moving funds needs 5 of 11 signatures, so those 2 can't do it alone. @ethena could you explain who runs this Safe?
$USDe's biggest jump in over a year is mostly one Aave loop yesterday one wallet borrowed $USDC on @aave, minted $USDe with it at @ethena and put the $USDe back into Aave as collateral it now owes $361M, 14% of all $USDC borrowed on Aave's main market at Aave's own rates it pays 4.1% on that debt and earns about 1% on its collateral, roughly $30K a day lost unless rewards cover the gap $ENA holders need $USDe to average $7.5B for the fee switch, it's at $4.93B and $327M of that is this one borrowed position
6
1
33
3,443
$USDe's biggest jump in over a year is mostly one Aave loop yesterday one wallet borrowed $USDC on @aave, minted $USDe with it at @ethena and put the $USDe back into Aave as collateral it now owes $361M, 14% of all $USDC borrowed on Aave's main market at Aave's own rates it pays 4.1% on that debt and earns about 1% on its collateral, roughly $30K a day lost unless rewards cover the gap $ENA holders need $USDe to average $7.5B for the fee switch, it's at $4.93B and $327M of that is this one borrowed position
$ENA unlocked $24M of new tokens this week 3 people under my last $ENA post were sure the unlocks ended, so i checked only the investors' monthly unlocks ended, after @ethena released their remaining tokens early on oct 5 the team got 93.8M $ENA on nov 5, the foundation got 40.6M on nov 2, and both repeat every month until spring 2028 meanwhile holders get nothing from Ethena's revenue until $USDe averages $7.5B
3
2
1
33
7,315
that $25M of $HYPE sent to Kinetiq was just withdrawal money i checked @kinetiq_xyz's staking contract, on oct 30 it pulled the same 323,440 $HYPE out of staking and logged it as a user withdrawal leaving Hyperliquid staking takes 7 days, so last night the $HYPE came back to the contract where kHYPE holders claim their withdrawals they do this every day or two, this one was just the biggest since september
🚨 🚨 323,440 $HYPE (25,396,555 USD) transferred from #HyperCore to #Kinetiq whale-alert.io/tx/hyperliqui…
1
8
814
$ENA unlocked $24M of new tokens this week 3 people under my last $ENA post were sure the unlocks ended, so i checked only the investors' monthly unlocks ended, after @ethena released their remaining tokens early on oct 5 the team got 93.8M $ENA on nov 5, the foundation got 40.6M on nov 2, and both repeat every month until spring 2028 meanwhile holders get nothing from Ethena's revenue until $USDe averages $7.5B
the $ENA fee switch pays holders nothing until $USDe grows 63% once it's on, it sends part of @ethena's revenue to $ENA buybacks holders voted for it with zero votes against, but it only turns on when $USDe averages $7.5B for 14 days today $USDe is at $4.6B, down from $14.8B a year ago since the end of September Ethena also stopped giving out $ENA rewards for using $USDe, so there is no extra push for it to grow meanwhile about 94M new $ENA unlock for the team every month, around $16M at today's price so right now $ENA holders get zero revenue while new supply grows every month i don't see $ENA recovering before $USDe does
11
2
5
62
13,740
where to hold $10,000 in stables after the Binance hack it pays $31 to $44 a month at this week's average rate, so i checked how each exit worked during the hack, ranked by the worst wait: - @SkyEcosystem $sUSDS 3.8% → $31, paid out at $1 with no queue - Steakhouse Prime $USDC on @Morpho 5.4% → $44, under 5% of deposits free for 35 minutes - @aave $USDC 4.2% → $35, under $1M free in the pool for 3.4 hours in total - @ethena $sUSDe 5.1% → $42, the 1-day unstake took about a day - @maplefinance $syrupUSDC 5.1% → $41, the longest wait in the queue was over 2 days interestingly, the Steakhouse vault only reopened after one borrower repaid $173.7M everything that paid more than Sky made people wait to get out
Aave's $2B $USDC pool had $45 you could withdraw on Oct 30 i checked onchain how fast 5 stablecoin yields let people out during the Binance hack everyone got paid, but one paid out instantly and another made people wait up to 3.6 days
7
18
2,577
Maple's $syrupUSDC withdrawals are stuck for the third time in 7 days i checked @maplefinance's queue onchain, 16 withdrawal requests worth $9.4M are waiting and nobody has been paid for 19 hours before the Binance hack a withdrawal usually took a few minutes what bothers me is that the pool holds $14.2M of cash, more than the $9.4M waiting, and new deposits keep coming in to be fair, 19 hours is still inside Maple's promise that most withdrawals take under 24 hours, and the docs allow up to 30 days
$syrupUSDC withdrawals are stuck again with twice the cash in the pool i checked the queue onchain, no payouts since 03:50 UTC while $1.7M waits and the pool holds $3.7M yesterday no withdrawals went through for 25 hours, and in that time @maplefinance lent $10M of pool cash to a borrower who already owes $185M a withdrawal used to take a few minutes, so your $syrupUSDC is cash only when Maple says so
8
1
31
3,968
Aave's $2B $USDC pool had $45 you could withdraw on Oct 30 i checked onchain how fast 5 stablecoin yields let people out during the Binance hack everyone got paid, but one paid out instantly and another made people wait up to 3.6 days
4
1
4
22
5,827
one liquidation on Aave's native $BTC can close your whole position $AAVE holders vote until Nov 9 on letting people borrow against native $BTC on @aave V4 through @babylonlabs_io vaults your $BTC sits in a locked vault on Bitcoin that can't be split, so a liquidation takes the whole vault and pays you back the rest in $WBTC, about 5% below the $BTC price with 1 $BTC in one vault and $40K of $USDC borrowed: - liquidation starts at about $51.3K, 32% below today's price - the liquidator takes the whole vault - you get about $8.8K back in $WBTC - you lose about $2.4K to the liquidator on Aave V3 the same loan against $WBTC is liquidated later, at about $47.1K, and usually only half of it gets repaid, so you lose about $1K and keep the rest of your position Babylon suggests splitting $BTC into two vaults, so a liquidation takes the first one and the second can stay in your position i like that $BTC never leaves Bitcoin, but i'd only use it with two vaults
3
1
31
2,747
$USDC borrowers on Aave paid almost double for a day last week Aave Labs just bought the @avon_xyz team to build fixed-rate loans, which nobody on @aave can get today during the Binance hack on oct 29, depositors pulled over $300M of $USDC from Aave's main Ethereum market, and the borrow rate went from about 5% to over 10% in a few hours it stayed above 7% for about 18 hours, so interest on a $100K loan went from $14 to about $25 a day with a fixed rate, oct 29 would have been a normal day for a borrower
Aave acquired @avon_xyz. @0xPrince, @cryptographicas, and @serayush are among the best minds in onchain credit and fixed-rate lending. They've already joined forces with our protocol team to build the future of onchain credit on Aave V4. The team is truly goated. They've already shipped several AIPs, and they're just getting warmed up.
4
2
30
1,702
the $ENA fee switch pays holders nothing until $USDe grows 63% once it's on, it sends part of @ethena's revenue to $ENA buybacks holders voted for it with zero votes against, but it only turns on when $USDe averages $7.5B for 14 days today $USDe is at $4.6B, down from $14.8B a year ago since the end of September Ethena also stopped giving out $ENA rewards for using $USDe, so there is no extra push for it to grow meanwhile about 94M new $ENA unlock for the team every month, around $16M at today's price so right now $ENA holders get zero revenue while new supply grows every month i don't see $ENA recovering before $USDe does
7
4
3
78
16,285
the wait to exit Maple's ethereum:0x356b8d89c1e1239cbbb9de4815c39a1474d5ba7d went from 3 minutes to 8.5 hours i checked every ethereum:0x356b8d89c1e1239cbbb9de4815c39a1474d5ba7d withdrawal in the @maplefinance queue onchain since oct 1 from oct 1 to oct 26, 0 of 210 exits waited longer than 24 hours from nov 1 to nov 6, 25 of 73 exits waited longer than 24 hours today one $4.9M exit was paid after 47 hours if you use ethereum:0x356b8d89c1e1239cbbb9de4815c39a1474d5ba7d as cash you can withdraw quickly, now a withdrawal can take up to 2 days
$syrupUSDC withdrawals are stuck again with twice the cash in the pool i checked the queue onchain, no payouts since 03:50 UTC while $1.7M waits and the pool holds $3.7M yesterday no withdrawals went through for 25 hours, and in that time @maplefinance lent $10M of pool cash to a borrower who already owes $185M a withdrawal used to take a few minutes, so your $syrupUSDC is cash only when Maple says so
6
3
1
25
1,991
the Binance hacker paid a $1M liquidation penalty on Aave i said liquidators could step in once $ETH passed about $2,366, then on nov 4 Aave's price feed hit $2,367 a bot repaid half of his $ETH debt, and 24.5M of his stolen $USDT left the loan, including that $1M the other half of his loan is safe until $ETH rises about 25% about $105K of the penalty went straight to the @aave treasury, so part of the stolen $USDT now sits with Aave
the Binance hacker's Aave loan can be liquidated if $ETH rises 6% he put $60M of stolen $USDT into @aave, then borrowed 19,763 $ETH against it, so Tether can't freeze that $ETH i checked the position onchain at 12:00 UTC, and once $ETH passes about $2,366, liquidators can start repaying his loan and taking his $USDT plus a bonus a post calling this move genius has over 1.5M views, while the genius has $60M of $USDT locked in Aave for about $44M of $ETH
5
3
39
7,156
You can see how reliably the issuer of a yield-bearing RWA actually services redemptions on @credditxyz below, @maplefinance syrupUSDC: the daily median time from redemption request to payout you can also see the requests still waiting in the queue
$syrupUSDC withdrawals are stuck again with twice the cash in the pool i checked the queue onchain, no payouts since 03:50 UTC while $1.7M waits and the pool holds $3.7M yesterday no withdrawals went through for 25 hours, and in that time @maplefinance lent $10M of pool cash to a borrower who already owes $185M a withdrawal used to take a few minutes, so your $syrupUSDC is cash only when Maple says so
2
3
1
11
737
this headline is wrong, stablecoin supply has fallen 8 days in a row the chart is the Stablecoin Supply Ratio, $BTC's market cap divided by stablecoins, so it drops whenever $BTC drops total stablecoin supply is down $7B since Oct 28, and $USDT just had its worst 30 days since June 2022 by this logic, every $BTC dump counts as stablecoins coming in
Stablecoin Supply Increases Once Again “The very short bearish trend is coming to an end, and BTC is on the verge of shifting back into a bullish trend.” – By @CW8900
2
7
583
$SKY looks cheap until you check what holders get your replies explained it better than i did, so i checked them against @SkyEcosystem's Q3 report: - Sky earned $129M over the last year, about 8% of its market cap - payouts to holders come to about 4.4% of market cap a year at October's pace, close to $HYPE's 4.2% from @HyperliquidX - $30M left reserves in Q3 for the Sky Frontier Foundation without counting as an expense, as @ImperiumPaper pointed out - Sky's own capital is $97M, under 1% of its $11.5B in obligations so $SKY is cheap on earnings and priced like $HYPE on payouts
can someone explain why $SKY is this cheap? @SkyEcosystem paid its holders $5.8M in October, mostly through buybacks and stablecoins sent to stakers in July it paid only $1.2M, before Sky voted to give holders a bigger share again the price is only about 18% higher than in July, so at today's price holders get about 4.5% a year, up from about 1% for comparison, $HYPE from @HyperliquidX pays about 4% a year, and it lost only 7% this month while $SKY lost about a third the only problem i see is that Sky's business is smaller than a year ago, its revenue fell from $25M in October 2025 to $14M this October my take is the market hasn't priced in that these payouts can last
6
3
1
36
2,706
6 wallets hold almost all the SpaceX on @aave i checked the new tokenized SpaceX market on Base, where 30 wallets have supplied about $570K so far you can borrow up to 55% of its value in $USDC, the lowest of the 8 stocks there, while Microsoft gets 79% the price feed only moves on trading days, and the market opened on a Saturday, so it spent its first weekend on Friday's price a very famous name in a very small market, for now
SpaceX is now available on stock-backed loans. Powered by @base and @coinbase.
4
7
960
every token in this index that pays holders is up this year i checked all 17 on DefiLlama, and 10 of them paid their holders over the last month through buybacks or fee sharing: - $KNTQ +769% - paid $125K - $DRV +645% - paid $174K - $HYPE +236% - paid $66.9M - $RAY +97% - paid $1.3M - $AERO +61% - paid $7.4M - $ORCA +41% - paid $314K - $JUP +39% - paid $1.9M - $LIT +39% - paid $4.1M - $UNI +37% - paid $8.0M - $SKY +17% - paid $5.6M these 5 sent nothing: - $MORPHO +102% - $JTO -8% - $AAVE -9% - $KMNO -38% - $LDO -40% all returns are since Jan 1, and $MORPHO is the only one that went up without paying holders if you copy this index, the payouts are the part worth copying
You should be investing in DeFi in 2026 - Positive on the year - Outperformed majors (BTC, ETH) - 2.24x return YTD Index includes AAVE, RUNE, SKY, UNI, LDO, RAY, ORCA, AERO, JTO, JUP, ENA, KMNO, HYPE, MORPHO, DRV, KNTQ, LIT Onchain businesses that return revenue to holders 💰
9
1
1
35
3,815
i think it's time for Stani to stop promising $AAVE buybacks Aave says every dollar of revenue goes to the DAO, but none of it has reached holders since the last buyback on April 19 Aavenomics 3.0 was announced in June to restart buybacks automatically, but there's still no vote or start date there's also less money now: @aave made $5.2M in revenue in October, about a third of October 2025 if the rsETH incident still blocks a restart, i'd rather hear that than another promise no hate, but i think a lot of holders are tired of waiting
One asset that is $AAVE. Aavenomics 3.0 will solidify this.
12
1
2
60
5,137
Aave App pays 6% on dollars that earn about 4.3% in the vault most deposits are meant to go into sGHO, which pays 4.5% right now, while the rest goes to Aave lending on Arbitrum at less the part above $100K already gets 4.5%, the same as sGHO the launch proposal asked for $500K in incentives, and says the base rate drops once it runs out so the 6% is real, it just has a budget
It's never been easier to reach your savings goals. Earn up to 7.25% APY, paid every second, with Aave App. T&Cs apply.
26
2,541