On-Chain Basis Trading Evolves with New Token Options

**Apyx** is bringing yield from preferred-share assets onchain, offering a new return mechanism distinct from perpetual funding rates, lending yields, or staking rewards. **Key Assets:** - Strategy's **STRC** (linked to MicroStrategy's Bitcoin holdings) - Strive's **SATAA** **Market Integration:** - 63.5% of Apyx's TVL flows through Pendle - 42.7% of Saturn's TVL also routes via Pendle - Significant portion of onchain STRC held indirectly through these pools Pendle's yield infrastructure has become a primary venue for STRC's onchain growth, with fixed yield strategies emerging as compelling approaches as real-world asset (RWA) yield tokens scale.

**mStable's Stacked Yield vault is expanding beyond a single yield source.** The vault previously relied solely on Ethena's Liquid Leverage for returns. Now it's integrating [Apyx](https://apyx.fi) as a second yield engine, accessed through apxUSD principal tokens on [Pendle](https://pendle.fi). **Key changes:** - One vault, one token interface remains unchanged - Multiple yield sources now operate under the hood - Apyx brings dividend-backed yields alongside Ethena's leverage strategy - Users maintain simple exposure while the vault manages complexity The vault currently loops USDe through Aave with Merkl rewards, and plans to add a PT position targeting 12%+ returns from a different yield mechanism. **The approach:** Keep the product simple for users while diversifying yield sources behind the scenes.

**mStable has launched mPT-sUSDe**, a new yield product that combines multiple DeFi protocols to create leveraged fixed APY returns. **The strategy works in three layers:** - Foundation: Uses Ethena's **sUSDe** (staked USDe) as the base yield-bearing asset - Fixed APY: Leverages **Pendle's principal tokens** to convert variable yields into fixed returns - Amplification: Utilizes **Aave's money markets** to add leverage and multiply the fixed APY **How it works:** - USDe is backed by crypto assets and hedged with derivatives - sUSDe provides the staked version with native yield - Pendle splits sUSDe into yield tokens (YT) and principal tokens (PT) - PT tokens start at a discount and mature to $1, creating fixed APY - Aave's deep Ethereum liquidity enables mStable to manage leverage efficiently The product is **now live** and available for deposits at mstable.com, targeting users seeking predictable, amplified yields through this multi-protocol approach.

The acquisition of Derive Protocol by Synthetix has sparked controversy due to its lack of transparency and community involvement. Drawing parallels with mStable's previous acquisition by dHedge, critics highlight how mStable handled their transition with full community participation and transparency. Key differences in approach: - mStable announced financial challenges early - Explored multiple acquisition offers openly - Gave token holders voting rights - Founders abstained from voting The situation raises important questions about DeFi governance and token holder rights. Two proposed solutions for Derive: 1. Sunset protocol and distribute treasury 2. Open acquisition talks to multiple parties with community input *This case highlights the growing tension between centralized decision-making and DeFi's core values of transparency and community governance.*

mUSD and imUSD are entering deprecation phase with immediate effect. Key changes: - New minting of mUSD and imUSD tokens is now disabled - Existing holders can claim their underlying assets - Legacy support application will be updated to facilitate withdrawals This follows similar deprecation patterns seen in the ecosystem, such as the recent rUSD platform shutdown. Users should take action to withdraw their assets through the updated legacy support interface.