Recently, DeFi has changed its gameplay again.

In the past, everyone was competing over TVL, now they are truly fighting for position control.
@Tangent_fi just integrated with @protocol_fx, launching 12 USG lending markets based on Convex/f(x), including 9 LEC and 3 HEC, with an initial lending cap of a total of 2.5 million USG.
In just 8 hours, the total debt has surged to nearly 1 million USG, and the funds are already flowing in solidly.
On the surface, it’s just a few more borrow markets, but the core change is that the protected leverage positions in f(x) can now be directly used for further borrowing.
This structure has already developed a cycle of borrowing USG using position or LP assets, then flowing back into f(x).
The original leveraged positions now directly generate new borrowing capacity, as if the positions are printing liquidity themselves.
Although the official built-in leverage is still monitored over 24-48 hours, the market already has some users manually looping, borrowing USG to swap for assets and amplify efficiency—on-chain, things are happening so fast.
Among the 12 markets, LEC and HEC have different logic.
LEC adjusts interest rates dynamically based on USG peg fluctuations, while HEC can still lend at zero interest when prices exceed the threshold.
As long as borrowing costs are low enough, capital utilization naturally skyrockets—this is what makes DeFi so fascinating.
Meanwhile, sUSG has already started accruing yield, with a real-time APY around 22%, and all of it is generated internally by the protocol itself, not relying on external subsidies.
f(x)’s protected leverage provides lending demand for Tangent, and Tangent’s USG/sUSG, in turn, pushes up capital utilization.
Previously, DeFi products were mostly isolated islands—stablecoins for stablecoins, leverage for leverage, lending for lending.
Now, they are directly connected into a closed loop: stablecoin → leverage → lending → yield → back to leverage.
Protocols are beginning to take over liquidity from each other, and this is the big change.
Many protocols are still competing over who has higher APY, but some projects are now competing over who can control more positions.
The two eras are no longer the same.
Of course, USG is still in beta; interest rates, thresholds, and borrow caps will be adjusted later, and the volatility will also amplify the risk of large loops.
But I see very clearly that DeFi is emerging with new core assets.
In the past, the most valuable assets were tokens; now, what truly holds value is who controls the positions capable of continuously generating liquidity.
The story is just beginning.
Brothers, positions are no longer just positions—they are starting to generate blood themselves.
Check on-chain—opportunities are right in front of you.