siddhant

@siddhant98

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9 Followers

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juggling my 9-5, farcaster clout, & dune training like a 🤡one crashes every week: boss yelling, 0 posts, or my query 404s

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Casually Pumping 264% APY on Fluid Protocol⛽️ Where is the yield coming from? - USDC-ETH collateral and debt LPed into Fluid DEX - DEX volumes up 2x in the last three days - Negative borrow rates due to high LP fees

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If you see restaked L2s like MegaETH the numbers are even crazier

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You Can Literally Get Paid to Borrow Right Now 122% APY! No leverage. Just ETH-USDC on Fluid earning fees on both sides. 🔹 Supplied $USDC via Smart Collateral 🔹 Borrowed $ETH at 56% LTV 🔹 Both sides earn swap fees Net APR? Up only

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Imo, bitcoin is keeping the F&G index stable, away from fear

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Ironically ETH is the only token on Ethereum that isn't a smart contract

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One of the primary reason why it's so hard to replace Ethereum

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Leon Waidmann | Onchain Insights

The Strategic Ethereum Reserve just crossed one billion dollars in ETH!🤯 Yes, $1,000,000,000+ pooled by ETH-native protocols to secure the network’s future!👏🏻 The reserve thesis is gaining real traction and literally no one is talking about.📈

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Where stablecoins flow = what future narratives form. Top insights from tracking USR’s early utility across DeFi 💡 1. Lending is king: most $USR leaves Resolv to be lent out (Morpho, Euler v2, Upshift). 2. Liquidity deployment (Uniswap v4, Fluid) is early but growing. 3. Incentive farming (level money) shows users chase rewards too. 4. Backend contracts: UsrExternalRequestsManager ≠ real DeFi usage (neutral ops). Takeaway: Beyond staking, USR’s real utility is forming around lending, with early moves into liquidity and incentive farming 🔥 I'm planning to track more 🚀 What other stablecoins or DeFi assets would you want me to curate + analyze next on Dune? Drop suggestions. 🔎

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Not all smart contract deposits are the same Breaking down how $USR is being used — lending? farming? liquidity? backend ops? Here's the split. 🧩 (summarized from the above query...👆)

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Tracking where new stablecoins actually get used is alpha. Built my own $USR asset utilization dashboard on Dune to see what's real. 📊 $USR is a new delta-neutral stablecoin from Resolv Labs — backed by a tokenized collateral pool $RLP I pulled live data from Dune and mapped where USR is actually sitting across DeFi. This chart shows the Top 10 contracts holding $USR, excluding EOAs — highlighting how much is staked, lent, farmed, or pooled today. query link: dune.com/queries/5048710/8342081

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I think Ethereum rainbow chart is unreliable because the asset has fundamentally evolved in utility over the years. Rainbow charts don't include the impact of events like 1559, beacon chain upgrade, proto-danksharding.

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Maybe that is because it's evolving in utility continuously, what ETH was in 2021 is very different picture compared to today

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Insights from Pendle PT/YT Market on stETH (DEC 2025 Expiry) Data Tracked: 1. $stETH price 2. no. of long-yield txns 3. no. of short-yield txns In the last six months Long yield dominance 📊 Users consistently bet that ETH staking yields would beat 2.8% APY — signaling deep confidence in Ethereum’s fundamentals. Short yield spikes before price crashes: 🚨 PT positions surged before stETH sold off — notably during February–March 2025 macro fear (tariffs, monetary tightening). Volume collapse post-crash: ⏬ Activity cooled after the drop — showing risk-off behavior — but without flipping the fundamental long bias. Pendle isn’t just a trading venue. It’s a real-time pulse of crypto market sentiment — if you have the tools to tap into it. (And reading live positioning is way better than waiting for narratives to catch up.) Query link: https://dune.com/queries/5028963/8326757/403392c3-985a-408f-81cc-9b85bd28c331

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Pendle users were signaling a major ETH crash before it happened — and most people missed it. (Yes, you can spot macro shifts just by tracking Pendle yield flows.) 🧠 Pendle Finance is a revolutionary platform for leveraged yield trading — but it’s more than that. If you know where to look, Pendle yield flows reveal micro-level sentiment shifts across crypto markets, especially for ETH staking. The catch? Pendle’s interface is built for trading, not research. But Pendle is an on-chain protocol. You can directly query Pendle’s smart contract data through platforms like Dune. That's exactly what I did. By writing my own DuneSQL queries, I pulled Pendle's raw transaction-level data and mapped out user behavior across PT (Principal Token) and YT (Yield Token) trades on stETH markets. Here’s what I uncovered 👇

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Bearish on weekly charts but bullish on monthly

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Resolv Protocol Approach It flips Ethena's script🔁 What if we stake some of the ETH deposits to use the yield to incentivize the market to underwrite $USR?🤔 That’s the role of $RLP — Resolv’s risk + yield-bearing token. - Any $ETH collateral above 100% flows into the RLP pool. - RLP is tokenized buffer capital earning high APY, currently ~15.88%. - In return, RLP holders underwrite USR’s risk: liquidation losses, negative funding, CEX blowups. - RLP yield adjusts dynamically to keep the system solvent. It earns almost 2x the APY of $stUSR but takes on significantly more risk. ⚠️ In this design: - $RLP = real-time, market-priced risk exposure. - $stUSR = safer, stable yield. $USR = truly decentralized and on-chain — zero CeFi exposure. Resolv = decentralized reinsurance Ethena = private insurance Both aim to protect the peg. One does it with tight internal controls. The other lets open markets absorb volatility.

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Ethena Keeps Risk In-House. Resolv Throws it to The Crowd 👇 Both protocols mint ETH-backed, delta-neutral stablecoins — but their approach to risk couldn’t be more different. Let’s break it down: Ethena Finance Approach - Model: centralized and controlled. - Maintains a ~101% collateral ratio — efficient, tightly managed. - Houses risk in a $60M insurance fund. - The fund includes $USDtb, $USTB, and $USDS. - Minting and redeeming $USDe is gated, whitelisted & KYC’d users only. - During stress events, only insiders can stabilize the peg via arbitrage. It’s capital-efficient, but the tradeoff is centralized control over access and risk management.

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Even Small Dislocations can Nuke Your Stack 🌋 🧪 ezETH markets are ~75% smaller than wstETH. 💣Thinner liquidity = higher price impact under stress. ⚠️ Spread alone eats ~¼ of your liquidation range At 13.8x leverage, even a routine unwind in ezETH can push the peg just enough to get liquidated. If you're in, track the spread. Exit fast if it widens. (3/3)

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