HI I'M RETARDIO HERE ARE MY THOUGHTS I think USDai will do very well. I don't like the fact that it's a GPU hardware loan book wrapped in a stablecoin/index, but for now, they segregated the risk for USDai holders (vs sUSDai), so it's okayish. I don't want to pay the premium to get in (USDai is 500 bps above peg), therefore, I'm sidelined. Note that if you enter with USDT0, their PTs on Plasma are at ~13% net APR during 6 months, not bad for large funds. Ethena's sUSDe yield this week is at 4.56%, it's a bit higher because it's likely the sUSDe supply is decreasing, so distributions are done to a lower amount of sUSDe. sUSDe YTs (my favorites) look very bad right now, even if you assume 5% average sUSDe yield, 3% airdrop for S5 and a 60c price. I do think keeping an eye on Ethena's liquid leverage program is worth it. It's likely funding might increase again, and if they continue running the program on Plasma, the loop might be profitable if USDT borrowing stays low. 50 sats (if position is looped 10x) would only be an additional 4.5% APR, so you can discard the boost from the sats. We are currently in a very dry environment for yields. For the past few months, Ethena has done the heavy lifting for all farmers and has been able to set the bar for yield quite high. But this isn't the case anymore, and it won't be again in my opinion. In these times, it's easy to fall into moving too much into the risk curve, for the sake of optimising. But it's a fallacy. It's always better to play it safe and take this opportunity to start allocating to projects that have long-term high FDV chances. OpenEden was a bit like this (it listed at 1B FDV) in April/May. The current environment is also very advantageous to smaller wallets, because a lot of good opportunities are available for smaller sizes. In the meantime, I'll keep stalking on DeBank to see what all of you are doing. Trillions. Retardio out.