vaneck just launched tokenized treasuries as collateral on aave horizon. $450m deposits in first week. $130b aum managers now borrowing stablecoins against t-bills at 4.5% to farm 12% on pendle pts. aave captures fees on both sides. link powers every oracle. own the infrastructure not the treasuries. ...

pendle pts have $5.8b deployed as collateral on morpho and aave. borrow rates at 6%, fixed pt yields at 12-16%. that's guaranteed 6-10% spread with 5x leverage available through gearbox. $4.6b already looping on morpho alone. the protocol hit $4.5m monthly revenue in october from traders arbing this exact setup. ...