Policy Change - Argentina loosened the share of reserve requirements for commercial banks [1] - The policy aims to gradually provide more liquidity [1] - The policy also aims to revive lending [1] Political Context - The policy change occurred after President Javier Milei's party won a crucial midterm election [1]

Private credit firms are in the business of lending, not owning. But as more borrowers start to struggle with their liabilities, lenders are swapping their debt positions for equity stakes to try and stem losses https://t.co/aoXVgRga2O ...

Solv Protocol is a full-stack BTCFi platform that unlocks yield, lending, and capital efficiency for BTC holders by bridging TradFi, CeFi, and DeFi through institutional backing and onchain reserves. https://t.co/2biSXNd1DL ...

Industry Trend - Coinbase is disrupting Bitcoin-backed lending with a low bar for servicing Americans [1]

RT Ryan Watkins (@RyanWatkins_)I’ve long thought DeFi had an asset problem, not a tech problem.Take a look at the top volume and revenue drivers across lending and exchange markets — 70%- 90% of activity is done in majors and stablecoins.The long-tail of assets is poor quality and high turnover, leaving the size of majors as the limiting factor on growth for the onchain financial system.This is fine in a bull market when BTC and ETH are rising, but means activity falls off a cliff in bear markets.Uploading ...

Market Performance & Earnings - Dow Jones outperformed S&P 500 and NASDAQ over the last week and month, partly due to 3M and Coca-Cola earnings [1] - The market is experiencing record earnings and profit margins with continued strong guidance [2] - The market anticipates a good size fourth quarter rally [3] Bull Market Analysis - Since 1950, the average bull market lasts about eight years, and the current bull market is in its fourth year [4] - The shortest bull market lasted 5 years, suggesting the current bull market may continue despite feeling old [5] - High volatility (VIX around 29) with a strong S&P 500 is similar to December 1998 and October 2020, which were good times to consider long equities [5] - A 10-point drop in the VIX in two days historically signals an "all clear" [6] Potential Risks & Concerns - There are cracks in the market, including regional banks and housing [7] - Lending concerns could be a potential speed bump [8] - High yield bonds weakened and regional banks have been lagging [11] Market Indicators - S&P 500's advanced decline line hit an all-time high, which historically peaks and goes lower, indicating potential underlying cracks [9] - Credit spreads are not showing massive stress [10]

Lending DAO Token Performance - Lending DAO tokens' price action over the past 90 days is analyzed [1] - Morpho Labs and Kamino have shown relatively better performance in the lending DAO token space [1]

Lending Trends - Banks in India have slowed lending to non-banks due to rising risk [1] - Non-banks provide nearly 40% of microloans in India [1] Financial Impact - Listed lenders have been hit hard [1]

Solana Ecosystem Overview - Solana 生态系统上的应用程序托管约 400 亿美元的用户资产 [1] - SOL 的交易价格约为其生态系统 TVL 的 3.2 倍 [2] Top Categories by TVL - TVL 最高的类别包括：稳定币、流动性质押、借贷、DEX 和 RWA (Real World Assets 现实世界资产) [3]

Bank Balance Sheet & Credit Quality - Banks have significantly tightened credit standards since the financial crisis, with leverage decreased [1][2] - Non-performing assets and non-accrual assets are coming off multi-year lows, indicating a normalization process [4] - Limited balance sheet growth in banks contrasts with substantial growth in private credit, which is receiving considerable attention [5] - Bank balance sheets are generally in a good position due to stricter underwriting standards implemented over the past 15 years, largely driven by regulation; one-off issues are expected [6] Regional Bank Investment & Valuation - There is a 30% valuation differential between the largest universal banks (e.g, JP Morgan) and some regional banks [7] - KBW currently recommends overweighting the universal banks due to their consistency and strong ROE, despite exposure to similar credits [8] - Select regional banks in the $50 billion to $100 billion asset range are primed for deregulation and trading at attractive valuations (e.g, East West, Colia, Webster Financial trading at eight times earnings) [8] - In times of uncertainty, valuation becomes secondary as investors prioritize assessing exposures and selling first [9] Potential Opportunities - Opportunities may arise in the medium term, as demonstrated by Western Alliance's successful navigation of past crises and subsequent investor gains [10]