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USDe pays double-digit yield by going long spot crypto and shorting the same coin's perpetual futures. It works — until funding flips negative.
BFUSD, USD0, and USDF all pay yield but get it from very different places. Here is the structural breakdown of perp funding, RWA collateral, and synthetic dollars.
DeFi rebuilds financial services — lending, trading, earning — without banks, using smart contracts on public blockchains. Here's how it works and what to watch.
Impermanent loss is the gap between what a liquidity provider's deposit is worth and what just holding the two tokens would have been worth. Here is how it actually arises, with a numeric example.
Sky backs its dollar with crypto collateral; Ethena earns it with perpetual futures; Frax tried a middle path and nearly collapsed. Here is how each model works and where each one breaks.
Positive funding means longs pay shorts, but the real warning is crowded leverage: one sharp move can turn liquidations into a self-reinforcing cascade.
What if money could manage itself? Autonomous finance imagines AI agents transacting on-chain without humans. Here's the vision, and the hard questions.
Curve is the decentralized exchange built for assets that should trade close to each other — stablecoins and pegged assets — with tiny slippage and concentrated fees.
Ethena's USDe pays yield through ETH perp funding rates, not bank deposits. The mechanism is clever but the trade has real failure modes that can collapse headline APY.
Perp funding is paid every 8 hours and can flip negative. CEX borrow APR compounds daily. Here is who actually pays which, and when.
BTC claws back above $66K on ETF inflows while a rate-hike scare, oil shock, and a stalled CLARITY Act reveal which narratives still have fuel.
Impermanent loss isn't a fee or a hack. It's the gap between holding two tokens and LP-ing them, and it can quietly erase years of fee income if you mis-size the risk.
Most DeFi yield farms pay you with newly minted tokens, not real cash flow. Here is how a 40% APY can quietly turn into a loss, and how to tell sustainable yield from dilution.
Most Uniswap V3 liquidity providers lose to impermanent loss and gas once ranges go narrow. Here is the real math, the fee tiers, and what V4 changes.
Ondo Finance tokenizes US Treasuries into USDY and OUSG, gated to verified investors. Here's how each product differs and what ONDO the token actually does.
NEXO is the utility token of a centralized crypto lender, not a DeFi protocol. Yield comes from platform revenue and buybacks, so the token's value is tied to Nexo's solvency and regulators.
Yield farming lets you earn rewards by lending or providing liquidity to DeFi protocols — but the APYs are not what they look like, and a few notorious collapses have wiped out billions.
Aave, Compound, and Morpho run the three largest on-chain money markets, but they price rates and handle liquidations very differently.
Most retail holders cannot redeem stablecoins directly with the issuer. The dollar price works only above minimums, and the rules vary by token, jurisdiction, and bank partner.
Morgan Stanley greenlights ETH and SOL ETPs while the Fed forces a 33% rate-hike tail risk back into the conversation. Money is getting easier for some, tighter for others.
Sofia Almeida
Alex Morgan