Guilherme Giserman

In the sultry world of DeFi, @HyperliquidX is quietly slipping into the ménage à trois between @ethena, @pendle_fi and @aave. Here are the first two acts. Act 1: The Seduction of Yield Here’s how the romance unfolds: (a) Ethena’s USDe stablecoin – or “synthetic dollar” – promises tantalising yields from shorting perpetual futures. (b) USDe falls into Pendle’s arms, which decomposes it into Principal Tokens (PTs) with a fixed yield (say, 10%). (c) PTs serve as collateral on AAVE, unlocking their full potential for borrowing USDC at a lower rate (say, 6%). (d) The borrowed USDC runs back to Ethena, reborn as fresh USDe, closing the loop—ready to do it all over again. Watch the moment Pendle invites Ethena and AAVE for the ride of their lives. youtu.be/b6CpiOsB1XI?si=zPPc… This affair is worth over $4B, representing most of Ethena’s deposits on AAVE and the lion’s share of Pendle’s TVL. I think much of the chemistry between these protocols has to do with EVM composability and proximity across the TradFi↔DeFi and Offchain↔ Onchain axes (see chart). Act 2: Hyperliquid’s Irresistible Charm Its maturing Layer 1 — the HyperEVM — becomes the irresistible fourth. Pendle and Hyperliquid already share a history with ~$300M TVL from the HyperEVM already in place. And Pendle’s new Boros funding-rate markets seem destined for Hyperliquid perps. Ethena uses Hyperliquid perps, and USDe is rapidly getting embedded in both Core and the HyperEVM. AAVE's relationship with Hyperliquid is still tenuous, mainly through a new partnership with @hyperlendx, a “friendly fork.” Let’s hope Act 3 doesn’t end the same way Woody Allen’s screenplay did: a tragedy of basis trades, flattening contango, and post-airdrop blues.