HUH? 17%+ APY for lending USDC?

You might have seen rates on @aave this week and been shocked. High rates always prompt some disbelief, even for someone who knows about crypto.

Here is a quick breakdown of how rates are so high and how lending/borrowing works on Aave:

1/🧵 1. First things first, how is the APY so high?

It's simple. The APY you earn for lending USDC is determined by the demand to borrow this asset. In other words, high earn rates indicate a high demand to borrow USDC.

With that said -

2/🧵

As an industry, we've always talked about onboarding the next billion users to the world of crypto.

We believe that the time is now.

Welcome to real world crypto, and welcome to Tori - the simple and secure way to access DeFi.

No seed phrases, instant + free onramps, high APY's, all with the self custody experience that you deserve.

𝙒𝙚'𝙧𝙚 𝙘𝙪𝙧𝙧𝙚𝙣𝙩𝙡𝙮 𝙞𝙣𝙫𝙞𝙩𝙚-𝙤𝙣𝙡𝙮, 𝙗𝙪𝙩 𝙮𝙤𝙪 𝙘𝙖𝙣 𝙧𝙚𝙥𝙡𝙮 𝙩𝙤 𝙩𝙝𝙞𝙨 𝙩𝙬𝙚𝙚𝙩 𝙬𝙞𝙩𝙝 𝙖 "⛩️" 𝙩𝙤 𝙜𝙚𝙩 𝙖𝙣 𝙞𝙣𝙫𝙞𝙩𝙚 𝙘𝙤𝙙𝙚 + 𝙖 $500 𝙗𝙤𝙣𝙪𝙨. Over the past 2 years, we've been obsessed with 3 emerging platform shifts that define the next age of the "finternet".

1. Self custody wallet infrastructure is rapidly improving with account abstraction and passkeys.

2. Stablecoins will be the future of digital cash in a rapidly increasing digitized world.

3. With the maturity of L2's and Solana, blockchains are finally cheap + fast enough for apps like us.

Announcing USDC Bank Transfers for Businesses.

Send USDC to any US bank account - available to entities in all countries 🌎.

↳ Pay service providers in crypto
↳ Pay office rent in crypto
↳ Pay your mom in crypto

Pay 𝒍𝒊𝒕𝒆𝒓𝒂𝒍𝒍𝒚 anyone who has a US bank account 🧵👇. The US banking system & the broader financial system has failed to support crypto orgs like ours.

With the crash of crypto-friendly banks & the chokehold on licenses with FIAT rails, we're here to fill the gap - helping orgs like @collectivexyz and @pleasrDAO offramp smoothly.

https://twitter.com/dadkins_/status/1667280468113252353

1/10 We're excited to announce we've raised a 23 Million dollar Series A funding round led by @paradigm with participation from 50+ customers, strategic partners, DAOs, and Web3 leaders
mirror.xyz/utopialabs.eth…

Thread below 🧵 👇🏿 @paradigm 2/ @utopialabs_ we believe that DAOs will inspire a new generation of institutions, companies, and communities that will be more transparent, more equitable, and more accessible than ever before.