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Rho's Rate Edge
While perp futures dominate crypto derivatives, interest rate derivatives are still largely untapped...Interest rates steer global finance, with almost $600 trillion in notional derivatives across TradFi....Rho is an interest rate derivatives perp DEX on Arbitrum, currently live in a whitelisted beta.
4 Min
DeFi
Mar 2025
Voltz, IPOR, and the Next Wave of Interest Rate Derivatives
Introduction Interest rate derivatives are perhaps the most underdeveloped and underexplored area in...the interest rate derivatives space as a whole....Interest rate swaps in particular are a huge deal in legacy finance....Voltz Voltz is a non-custodial interest rate swap protocol on Ethereum and Arbitrum.
22 Min
Derivatives
May 2023
Engineering Real Credit Onchain: The 3Jane Bet
Adaptive Interest Rate Model: Similar to Morpho Blue, Interest rates dynamically respond to pool utilization...Interest Rate (IR): Personalized rate calculated as the sum of a base interest rate, individual default...The late penalty rate is added to your interest if they remain delinquent past the grace period.
18 Min
DeFi
Jul 2025
Finding the Fun in Fundamentals #1 - Mythical Games
...combined to form a team of 9, with the collective power score being the main factor in a player’s win rate...We believe that over the next 12-18 months there will be increasing interest in gaming projects that...
13 Min
Gaming
Mar 2025
Market Musings - New Year, More Volatility
...beginning to pose threats to the Fed’s outlook, Powell and the committee delivered the expected 25bps rate...cut coupled with an extremely hawkish press conference and outlook, signaling fewer than expected rate...The Fed’s dot-plot projected another 50bps of rate cuts in 2025, which would take interest rates to 3.9%...rate landscape prior to this meeting.
13 Min
Macro & Markets
Jan 2025
The Future of Order-Book Liquidity (Part II - deUSD)
Consequently, deUSD is able to capture both the yield generated by stETH and the funding rate for being...balance could teeter back and forth between the various watermarks under times of heightened funding rate...It is worth noting that given the inherent lack of liquidity and open interest (OI) on DEXs, Elixir will...
12 Min
Orderbook
May 2025
USD.AI: Financing the Future of AI Infra
DePIN operators can collateralize hardware assets to access fixed-rate, amortizing loans....At t=30, The borrower owes $5,135 in interest, and amortizes $12,149....DeFi has arbitrage, capped deposits, rigid rules around redemption and interest rate pricing, etc....In a way, the borrow rate is a deep OTM put option premium for each hardware device.
14 Min
Infrastructure
May 2025
Liquity v2: Evolving Onchain Leverage
Liquity v2’s biggest design differences are its interest rate and redemption methodology....In v2, borrowers set the interest rate they are willing to pay....Risk-tolerant borrowers may be willing to borrow at a low interest rate to save on costs, while users...
20 Min
Debt-Backed (CDP) Stablecoins
Nov 2024
Inside the Ecosystem: Fueling Aptos' Global Trading Engine
...of 27% versus Aries’ rate of 62%....They use similar risk parameters, the same interest rate slopes, and cater to the same mix of assets....Merkle seeks to balance its open interest (OI) skew via its funding mechanism....Rather than the funding rate being a pure function of the OI skew, i.e. skew determines the funding rate...
39 Min
Infrastructure
Jun 2025
From feUSD to HUSD: Felix’s Plan to Reshape Yield on Hyperliquid
rate equilibrium....HYPE, UBTC, LSTs) to mint feUSD and set their own interest rate, while SP depositors buy feUSD on the...rate -> Mint feUSD -> Transfer to HyperCore -> Sell for USDC -> Trade CDP markets are ideal...However, they typically come with higher borrowing costs, lower LTVs, and variable interest rates.
10 Min
DeFi
May 2025
MON Protocol - Primed for IP Expansion
Backed by a $35M+ cash treasury and a burn rate low enough to sustain them past 2028, they have the luxury...Liquid Tokens are Increasingly Attractive Interest in Web3 gaming peaked in early 2024 and has been steadily...In this context, the Conversion Rate (CR) measures the ratio of users who land on the Playstore page...
16 Min
Gaming
Apr 2025
zkVerify Memo: Integration Flow, Potential Markets, and Token Economics
...case to be made that the transparent nature of blockchains coupled with the increasing institutional interest...products, such a wave of institutional adoption could present the catalyst to accelerate volume take-rate...Initial inflation rate: 3% annually, adjustments will be made based on staking levels to incentivize...
22 Min
Infrastructure
Apr 2025
A Deep Dive on Galaxy Digital's Flagship AI Mining Center Helios
Galaxy’s shares should re-rate as the Company continues to execute on transforming Helios into an AI...the fact it is the largest cloud provider focused solely on AI workloads and has $4B+ of annual run-rate...platforms (Switch, QTS, CyrusOne, Databank), these larger more established players likely have minimal interest...rate.
32 Min
Macro & Markets
Jun 2025
The Path to DeFi's ETF Moment: The Rise of Morpho, Curators, and Mullets
...assets into shared pools Centralized Borrowing: Borrowers draw from the same unified pools Algorithmic Interest...And interest rates naturally rebalanced the system over time....Rather than receiving a liquidity-optimal rate of return, lenders earn a blended yield determined by...rate curves, and oracle dependencies.
26 Min
DeFi
Apr 2025
The Circle IPO: Caveat Emptor?
The deal , as per the S1, is for a chunky portion of everyday’s interest generated by Circle’s Reserve...That brings me to an even more interesting point. 99% of Circle’s top line is from interest they generated...Circle’s revenue model is extremely dependent on interest rate regimes....The Trump admin is making a concerted push for lower interest rates.
4 Min
Stablecoins
Apr 2025
The Year Ahead for Markets 2025
We’ve seen this happen during previous rate cutting cycles....High interest rates increase the hurdle rate for investors....In September 2024, the FOMC cut interest rates by 75bps, with several additional rate cuts expected over...As we know, lower interest rates reduce the hurdle rate for investors, and should incentivize more speculative...
90 Min
Macro & Markets
Dec 2024
Fuel Network: Engineered Playground For The Next Generation Of Apps
And the current ecosystem apps have not been able to garner significant attention or interest from users...purchase a 100GB plan when they only use 40GB, or streaming platforms where subscribers pay the same rate...True Metering While tiered pricing represents an improvement over flat-rate models, it still creates...
30 Min
Infrastructure
Apr 2025
World: A Trillion Dollar Opportunity, or Just Another Low Float, High FDV?
...of one year and the projected year-end circulating supply of the previous year  Projected Inflation Rate...is the % unlocked YoY (based on the unlocks) Actual Inflation Rate is the actual inflation YoY based...The staggering emission rate will create potential selling pressure if unlocked tokens aren’t absorbed...
26 Min
AI
May 2025
Market Musings - Uncertainty Permeates The Market
...the short term) If prices continue to fade, bulls will want to see favorable reactions at areas of interest...I think we will see more rate cuts than expected given the hawkish revision in December....This upside move was cut short with the hawkish rate cut delivered by Powell in the last FOMC meeting...
13 Min
Macro & Markets
Feb 2025
Delphi Daily - 7th May 2025
...gaining traction among private equity firms as a solution to the liquidity challenges in today’s high-interest-rate...The protocol enables DePIN operators to collateralize physical infrastructure through fixed-rate loans...
4 Min
Other
May 2025