Market Trends - VanEck launched tokenized treasuries as collateral on Aave Horizon [1] - $450 million in deposits were made in the first week [1] - $130 billion AUM managers are borrowing stablecoins against T-bills at 45% to farm 12% on Pendle PTs [1] DeFi Infrastructure - Aave captures fees on both sides [1] - Link powers every oracle [1] - The industry should own the infrastructure, not the treasuries [1]

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. ...