TomWan

.@ethena is moving to a one-token model: only 26% of USDe is staked in sUSDe now, down from 61% in March.
Since the 27 Apr low, USDe supply grew $0.8B while sUSDe shrank by $1B. All of the growth went to plain USDe.
My view on the strategy behind:
• Better margin collateral for CEXs and perps
• One token’s liquidity to maintain (Fluid’s sUSDe pools went from $131M to $1.4M)
• Rewards can be aimed at each use case (loops, Ethena Pay, cross-chain)
• Revenue: once incentives end, Ethena keeps the yield on any USDe that stays
Despite being in the market for multiple cycles, Ethena is still innovat

The Fed’s first hike since 2023 (17 Sep) is now reflected in DeFi yields but not evenly:
• 3M T-bill: +29bp
• Tokenized T-bill funds (BUIDL, WTGXX, USDY, BENJI, TBILL): +17 to +27bp
• @aave USDC on Ethereum: +60bp
• @RobinhoodApp Earn vault: +31bp
Aave has a different story. Rate hike might not be the main catalyst but instead:
• Borrowing demand from BTC and ETH holders and USDe loops
• 4 rate curve changes (slope1 up from 4.00% to 4.50% since 28 Aug)
The rate hike raised the benchmark, but the change in DeFi yields has more components to it, including the rate curve and the loan book.

Metric just went public, and it’s already doing ~20% of Robinhood stock-token DEX volume today, with close to $2M of liquidity sitting in its pools.
Metric isn’t a traditional AMM. It’s the infra layer for active AMMs, PropAMMs included. Easiest mental model: the Morpho of DEXs. Here is how it's structured:
1️⃣ Public or private pool?
🔹 Public: join as an LP, or run the pool as a curator. Carcosa is the largest verified curator right now
🔹 Private: usually a market maker trading its own capital. Pair it with your own pricing logic and you’ve got a PropAMM
2️⃣ How does the pool price?
🔹 Orac

Memecoin Volume is still strong, contributing 74% of the overall volume on Robinhood Chain despite drawdowns from top-tier tokens such as AI/PONS
Data:

Despite changing to PGA, Timeboost still marks an important era for Arbitrum. It has generated $7.7M of cumulative fees.
And most importantly, it shows Arbitrum keeps innovating to expore whats best for builders and users.

Arbitrum season is here. Institutions are using @Arbitrum either as the base network to build on or as the technology powering their own chains.
Arbitrum benefits from both AEP fees and transaction fees. With the growing adoption of Robinhood Chain, AEP fees contributed over 60% of Arbitrum’s total income in September.
What you’re not ready for: three new income streams are coming soon.

Weekend spending spree: Ethena Pay hit a new daily spending-volume high of $138K.
Cumulative spending volume has now reached $1.2M.

AI from @longdotxyz just flipped CASHCAT as the largest memecoin on Robinhood Chain, while still hasn't been listed on Robinhood Trading Platform yet.

Robinhood Chain generated $2M in daily revenue yesterday and has now reached $10M in lifetime revenue, less than two months after launch.
It led all chains in fee revenue yesterday:
• 2x Solana
• 4x BNB Chain
• 5x Ethereum
• 20x Base
Data:

Ethena’s proposed fee switch would go live following a governance vote.
The revised activation framework has 1 parameter: USDe supply.
The first milestone is $7.5B. Supply is currently ~$4B, so Ethena needs ~$3.5B more before activation.
The fee would be taken from gross revenue across whitelabel stablecoins, sUSDe, and new revenue streams. The take rate would step up at subsequent supply milestones.

Robinhood Chain Stock Tokens have reached $40M Market Cap.
• The most popular token continues to be NVDA, with its earnings going to be released on Wed.
• SPY has replaced SPCX as the token with the 2nd highest tokenized value, with $4.2M market cap.
Data from:

The top launchpads on Robinhood Chain keep swapping places.
• @flapdotsh
• @pools_dot_fun by @0xDeployer (launched 14 Aug)
• @ponsdotfamily
• @bankrbot
• @TradePools by @Uniswap
Source: arbdata[.]com