Vaults went from ~$3B to ~$20B in under two years, mostly on @Morpho >> most of it still earns 4% to 6% on crypto lending >> our forecast: $22B to $28B by year end >> the path to $100B runs through real-world yield Receivables, credit and income ETFs are barely onchain yet 🧵

🧵 1/3 Tokenized isn't the same as liquid. >> @BlackRock BUIDL: $2.8B onchain, $18M working in DeFi >> @circle USYC: $2.6B onchain, $32M in DeFi >> @FTDA_US BENJI: $1.7B onchain, $0 in DeFi Only $4B of the $39B in tokenized RWAs is put to work in DeFi per @RWA_xyz & @DefiLlama

Crypto's biggest Earn programs need subsidies to compete. >> @coinbase High Yield USDC: 3.2% organic + 2.65% Coinbase-funded >> @RobinhoodApp Earn: ~5% organic + ~2% Robinhood-funded Offchain, @JPMorganAM $JEPI and $JEPQ pay 8% to 11% with no subsidy. None of it is onchain yet

@pgaff_digital @ClearstarLabs @coinbase

$40M TVL, up from $7M in May. Congrats to the @3f_xyz team. We took it for a spin with $50 on USCC and it did exactly what it said it would. Loving the UI/UX so far!

North of $8M in the first day and $21M by day 13, lending AUSD against real credit from @humafinance, @USDai_Official and @HastraFi. This is the demand we keep pointing at and are building for. Congrats @Bitwise, @Morpho and @withAUSD.

$500B to $1.3T, and the onchain infrastructure is finally ready for an asset class that size. Nice work from @plumenetwork and @NestCredit here. Senior-secured private credit is the piece we’re bringing at O2O.

$1.6B onchain and holders up 22.8% in a month. Roughly $1.5M per holder, so these are balance sheets rather than traders. Real credit finding real allocators onchain. Congrats to the @centrifuge team.

2/ Almost everything in the wrappers today is cash management when we look at tokenized treasuries and MMFs. A tokenized treasury earns what a treasury earns. No balance sheet moves size onchain for the same yield it already gets, so the channel stalls at parked cash.

1/ Best framing of the cycle I’ve read in a while, awesome job @wintermute_t & @Jjay_dm. RWA as a liquidity channel rather than an asset migration is the right lens, and Exhibit 3 (added below) is the chart people should sit with. One constraint worth adding below.