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Two tokens can look identical onchain and give their holders very different rights.
Our latest article explains the four legal structures behind tokenized assets and how to identify which one applies to a position.
Borrowers have taken $1.66B against RWA collateral, almost all of it in dollar stablecoins.
✔️USDC leads at $560M (34%), followed by PYUSD at $380M (23%).
✔️RLUSD is 74% of borrowing on Aave Horizon, and USDG is 87% on Aave V4.
RWA-0.29%
USDC0.00%
PYUSD+0.02%
RLUSD0.00%
USDG-0.01%
  • 1
DeFi lenders hold $2.20B of RWA collateral across @Morpho, @kamino and @aave.
Credit makes up 72% of it, split almost evenly between off-chain borrower credit ($799M) and crypto-linked credit ($778M).
Tokenized Treasuries account for just $23M, about 1% of the total.
RWA-0.29%
MORPHO-1.65%
KMNO-1.03%
AAVE+3.24%
While Bitcoin and Eth prices remained largely unchanged this week, nearly all major DeFi metrics saw growth. The table below breaks down the most important numbers👇.
post-image
BTC0.00%
ETH-0.14%
  • 3
Tokenized Treasuries scaled because the token became useful to someone other than its holder.
Our article covers how the leading products are built, and the concentration risk the growth figures conceal.
TOKEN+0.25%
Leveraged RWA positions in DeFi lending earn their returns from three inputs: the collateral yield, the stablecoin borrow rate and the amount of leverage.
Borrowers combine these in different ways, and many end up with similar net returns on their own capital.
RWA-0.29%
Equity holders who need cash usually have to sell their shares.
On @kamino, they can deposit tokenized stocks like SPYx and borrow stablecoins while keeping their market exposure.
Learn how it works:
SPYX+0.45%
Equity holders who need cash usually have to sell their shares.
On @kamino, they can deposit tokenized stocks like SPYx and borrow USDC 24/7 while keeping their market exposure.
Learn how it works:
KMNO-1.03%
SPYX+0.45%
USDC0.00%
DeFi holds $88B in TVL, and only around $124M of it is protected by onchain cover.
On Oct 7 at 12:00 PM ET, @jrdothoughts, @ConnorSullie and @admff492 explain how coverage can become a native layer of the DeFi stack.
Register here:
Pontes went live on 21 September, connecting distributed ledger platforms to TARGET Services.
Learn more about the two settlement routes, the eligibility tests, and what follows for intraday liquidity:
Only about 10% of tokenized RWA value is used as active lending collateral.
This follow-up piece written by @admff492 looks at what the 2026 data says about private credit in that role.
RWA-0.29%
Morpho, Aave and Uniswap account for 98.8% of TVL on Circle's Arc, according to DefiLlama
@MorphoLabs leads with $256.4M, followed by @aave with $180.8M and @Uniswap with $38.5M. This rapid growth is notable, and we expect it to broaden as more protocols deploy on the chain.
post-image
MORPHO-1.65%
AAVE+3.24%
UNI-0.68%
ARC-2.32%
Circle's Arc reached $481.7M in TVL within ten days of its mainnet launch, according to @DefiLlama.
Daily app fees peaked on launch day and have since settled well below $1M, with 7-day fees totaling $3.28M. Deposits are arriving faster than usage.
post-image
ARC-2.32%
Uniswap V4 is the most capital efficient DEX design on Ethereum.
Over the last 30 days, every $1 deposited in Uniswap V4 supported $13.70 in trades. The same $1 supported $8.70 on Uniswap V3, $1.90 on Curve, and $0.11 on Uniswap V2.
post-image
UNI-0.68%
ETH-0.14%
CRV+0.70%
Uniswap V4 now captures 50% of Ethereum DEX volume across Uniswap V2, V3, V4 and Curve, up from 31% in August 2025.
It has held the top position every month since March 2026. Over the same period, Uniswap V2 fell from 5% to under 1%.
post-image
UNI-0.68%
ETH-0.14%
CRV+0.70%
Tokenizing a security changes the record of ownership and leaves the instrument itself untouched.
Our article separates what changes legally, operationally and economically, and names the risks tokenization leaves in place.
DeFi TVL rose $9.28B this week to $127.71B. Asset prices drove much of the move, and a $2.76B increase in stablecoin supply confirms genuine inflows.
High-risk loans reached a record $7.41B after rising $551M, their third straight weekly increase.