1/ US options hit $89T notional in September, dwarfing crypto futures ($1.2T). In SPX, 61% of volume is 0DTE and retail is >50% of that flow, bleeding out in toxic auctions and theta decay

With incumbents blocked by regulation, is DeFi the solution?

Breaking down Equity perps: 2/ A Perpetual Future is a cash-settled, delta-one derivative that replicates spot exposure with no expiry.

Unlike options or dated futures, price convergence is enforced economically via funding rates rather than a delivery date.

This periodic value exchange incentivizes arbitrageurs to mechanically compress the basis whenever the mark detaches from the oracle.

1/ Ethena's USDe supply is up $3.7B in just 20 days, driven primarily by the Pendle-Aave PT-USDe looping strategy.

With $4.3B (60% of total USDe) now locked in Pendle and $3B deposited in Aave, here's a breakdown of the PT loop mechanics, growth vectors, and potential risks: 2/ USDe is a decentralized stablecoin pegged to USD, maintaining its peg via delta-neutral hedging using ETH perpetual futures.

This hedging allows USDe to algorithmically stabilize its price, generating yield through both spot staking and futures funding rates.

With Pump raising $1b at $4B FDV, this could either be the trenches' final liquidity drain - or the start of the next memecoin supercycle.

This thread breaks down valuations, growth, revenue, correlations, and buyback projections: 2/ First, addressing the common criticism that its FDV is too expensive.

At $4B FDV, this implies a 7.5x P/S ratio - significantly lower than other value-generating tokens such as Jupiter, Raydium, and MakerDAO.

Critical Project Reviews: GND Protocol

GND is the mother protocol of $Gmusd - a yield bearing stable coin, and GND Protocol - a Uniswap v3 CLAMM yield farm.

GND has been popular due to the real yield narrative - but is this really the case - or is it another propped up ponzi? The goal of GND protocol is to maximize "real yield" for $GND. In this sense GND works similar to LUNA/UST ; with a highly attractive stablecoin ($gmusd) that has the purpose of increasing value of the $GND token.

With so many grifters in the space, finding the right accounts to follow can be hard.

Using @alphascan_xyz I found the top 5 accounts to follow based on the 30 day performance of the coins they mention. 🧵👇 @monosarin is a member of @FungiAlpha and writes project summaries and shares alpha. Small account so he probably cant influence the price of tokens he mentions.

30 day Token performance: 57%

Tokens mentioned:
1. $AREA up 300%
2. $KIN up 100%
3. $PLS up 77%

In an Attention Economy price is driven by exposure - Fundamentals are facades whales use to manipulate attention towards tokens they hold.

Once they sell ... fundamentals arent gonna save you.

A GIGA Guide to Playing DEFI :
Conviction and Investment Framework - PART 2 Our goal is to maximise base asset return (Normally ETH) by entering positions in high beta assets, improving fundamentals, in attractive Ecoystems.

We manage risk with position sizing and having a clear thesis/outlook to enter and exit.

Everything else is noise.