Alp Ergin

Brix has distributed $740,000 in yield since its launch.

An interesting fact is that since the launch of the lending market, the average leverage has been 2.5x.

This means some degens are willing to take on the FX risk for an APR of ~27% in USD.

We will publish an analysis of user behavior by the end of the month, before the next product announcement.

Thank you for paying attention to this matter.

Spotted on @TheTerminal today.

Check it out for a sneak peak of what's to come!

Brix has distributed $515k in yield since launch.

I like farming TRY because it is easier than farming BAL on Aura or leverage loop ape'ing into OHM.

But remember, this is a high-risk, high-reward asset. DYOR.

- a little alpha, our next asset will take these risks away for you (some return as well)

Thank you for paying attention to this matter.

Introducing the first onchain FX carry market: wiTRY-USDM.

Starting today, use wiTRY as collateral to borrow USDM through the @Morpho market deployed by @Featherlend, powered by @megaeth.

wiTRY is a Turkish Lira yield-bearing coin that enables access to the carry trade.

The wiTRY-USDM lending market unlocks leveraging the carry trade; previously only accessible to institutions.

Trade the Macro.

After spending the last two years building the MegaMafia, we’ve decided to sunset the program.

While it was a success in many ways, we believe that the program was built on assumptions that no longer hold.

Here are some reflections, and what’s coming up next.

> We had real conviction in Mafia founders, and have gone above and beyond in standing by their side to bring their products to market. Some examples include: restructuring the GTE leadership team during critical moments just one month after their initial pre-seed raise, offering to buy out Noise's investors when they tried to push out the CEO, and played a crucial role as they pivoted from their initial prediction market idea, and merging the Tenten and HitOne team after seeing the synergy between the two.

> Across both cohorts which in total included 20 teams, we lent our reputation and networks to founders so they could go on to raise over $80m in funding in pre-seeds, seeds, and series As. We kept the MegaETH’s raise to a minimum so investors can get more skin in the game with the Apps directly, rather than the protocol.

> For teams that had difficulty in raising when the market turned bearish, we extended resources, engineering bandwidth, and actual capital (e.g. six figures in audit for Avon) so they could make it to Mainnet. We did it solely to help founders see their vision through.

> We set the product vision for 5 teams and supported their initial builds before eventually facilitating their fundraises from leading tier-1 and tier-2 funds.

> We spent significant cash (in the millions) bootstrapping teams’ DeFi requirements, through market-making support, direct lending, and other liquidity related needs.

> We hosted 5 large-scale in-person events (New York, Brussels, Bangkok, Singapore, and Seoul) so MegaMafia projects could meet investors and community members from around the world.

In many ways, the MegaMafia was the best incubator of this cycle. But very little of that value has trickled to Mega. In fact, most of those applications are no longer being built with us. At the time, we intentionally took no equity, governance rights, nor economic value because we wanted people to be genuinely bought into the Mega vision and the power of our technology. While we will continue to support existing MegaMafia projects, there will no longer be MegaMafia 3.0.

What’s next?

Our ecosystem goal going forward is to support teams building OMEGA applications, apps that are only possible on MegaETH, using our wallet infrastructure and stablecoin.

More importantly, we're redirecting the energy we were lending to third-party builders into our own first-party applications: consumer-grade apps, built directly by us, for the people we're trying to serve. Where MegaMafia was indirect, betting on other teams to build value we'd eventually capture, first-party apps let us build direct relationships with end users ourselves, with all the upside and accountability that comes with owning the outcome.

We're aiming for faster feedback loops, with insane focus on accruing value directly to the protocol.

Brix has distributed $467k in yield since launch.

gg

By the way, Brix has distributed $440k in yield since launch.

Thank you for paying attention to this matter.

Brix has distributed over $400k in yield since launch.

For the first time, yields from local money markets are streaming to DeFi.

This means DeFi will grow with yield from local markets. Nonstop cash flow to onchain markets.

And, as long as players play, the game will never stop.

Paribu has integrated Polymarket, opening Türkiye's first access to prediction markets. 🔮🧵

How to do TRY carry trade over DeFi if you have crypto assets:
1. Supply ETH or other assets (+1-2% yield)
2. Borrow stables (2-4% interest)
3. Sell stables to TRY
4. Deposit into bank for ~40% interest, or money market funds ~45% (TRY denominated)

Assumption is the TRY deprecation will be stable around 15-20%.

The difference - capital gains (17.5%) is net yield (~20%)

Why does DeFi only yield in dollars?

We've built an entire financial system and defaulted to pricing everything in USD.

There are fiat currencies with massive yield differentials that TradFi has been exploiting for decades.

@brix_money is doing exactly this; a carry trade on Turkish lira. 7-day yield is 42%. Against USD it drops to 15%, which is the cost of holding TRY exposure.

From @roycoprotocol 's side, you can structure around it:

> Senior tranche: USD-denominated, hedged from TRY volatility
> Junior tranche: absorbs the currency risk, gets paid a huge premium for it

That's a real product. DeFi just hasn't gone there because everyone defaults to dollar yields.

I'd love to see more protocols structuring the same with other high-carry currencies. The opportunity space is wide. We're just not looking at it.

New look, hope you like it. 🩶

Live pricing.
Trade history.
Buy and sell, all in one place.

The original dream of crypto : access to assets anywhere everywhere for everyone

Times are hard. Just like our yield.

wiTRY is the highest yielding stablecoin in USD terms this past month.

We're staying on top like that.

It is with profound sadness that we announce the unexpected passing of Nathan Allman, Ondo's founder. Our hearts are with his family and loved ones.

Nate’s brilliance, humility, and drive shaped every part of what Ondo is today. His belief in the power of technology to create a more open, accessible financial system lives on in everything we build. The impact he had on this industry, and on all of us personally, cannot be overstated.

Nate also helped us build a durable organization with experienced leaders across all facets of the business. Ian De Bode, Ondo Finance’s longtime President, will serve as CEO. Ian has been leading our strategy, product, and day-to-day operations for over two years and has the full confidence of the leadership team.

We will continue building what Nate started. That is the most meaningful way we know to honor him.