Schopenhauer spent two volumes proving happiness is impossible. Then he wrote a guide on how to live happily anyway. No one read the first two, but the self-help book was a hit. He also wrote, "The person who writes for fools is always sure of a large audience."

Structured risk, good yields. 19.62% APY on the @EmberProtocol eEARN Junior Tranche on @roycoprotocol. Or enjoy 10% downside potection at 8.1% APY on the Senior Tranche.

Put your Ember assets to work on @CurrentSUI. Supply supported assets, access borrowing liquidity, and deploy capital through Multiply strategies across eEARN, eSUI, and eTHIRD. Additional SUI incentives are currently available for select strategies. Explore Ember Markets on Current: app.current.finance/market

Today we are releasing Fable - our slowest, most expensive, and least useful model yet.

Claude Fable is like those phoney kung fu masters who refuse to reveal their true power as it would be 'too dangerous'.

What Monday blues? Open multiply strategy in Ember market, receive up to 70 % APR. Reminder, hold your multiply position for extended periods of time to offset the cost of multiply fee.

Delta-neutral at zero cost to depositors. @EmberProtocol just cut fees to 0% on their eEARN strategy. Everything the strategy generates goes straight to the depositor. As I've mentioned before, this strategy rotates between different delta-neutral approaches depending on market conditions. The chart since February launch is very clean. No drawdowns. That track record makes @roycoprotocol tranches worth looking: > Senior: minimum 10% coverage, more conservative, yield improves directly with the fee removal > Junior: higher yield exposure, and given that there haven't been any drawdowns, that would also be a good option Btw, while I'm on Ember; their vault product with @tulipacapital deserves more attention than it got. Real estate via Reental normally comes with some friction: > You have to pass KYC just to use @Reental_co > Positions lock up for 9-12 months > There's a secondary market, but I honestly don't know how liquid it actually is So with the vault you skip the KYC, and Tulipa absorbs the illiquidity risk. They take a premium for it, obviously. But transferring that lock-up risk to a team that prices it correctly is a clever idea.

All yield, no fee.

The whale DEX is already built. @JoeWaitOfficial published research this week comparing price impact on @CurveFinance vs @Uniswap across swap sizes. For a $10M swap, Curve's price impact peaked around 7% this year; Uniswap hit 12% during the October drop. The tradeoff: > For $100K trades, Uniswap executes better > Around $1M, it starts to even out > Above that, Curve consistently wins Check the attached image and his research. It's really cool. As you know, I don't accumulate $CRV and I'm bullish on what they do. However, I accumulate $CVX instead; it's my way of getting exposure to the same thesis. Stablecoins and RWAs are coming to DeFi at scale, and large institutional swaps between stable pairs will happen here. I'm honestly not sure I'm not being naive here. But the infrastructure too is good.

FXSwap might have just fixed the biggest problem in LP design. I read through @JoeWaitOfficial's research on @CurveFinance FXSwap this week and one detail in it has not left my head since. Uniswap V3 gives LPs control over their price ranges. That sounds like a feature. But it means the pool depends on LPs to manually rebalance during volatility. And they do not. On November 21, when BTC dropped below $83K, Uniswap's price impact for a $10M swap spiked to 12.45%. The @yieldbasis FXSwap pool peaked at 7.51% and recovered faster.. FXSwap takes the LP out of the equation entirely. Rebalancing is automated. The cost of keeping the pool balanced is shared automatically through a refuelling mechanism rather than falling on individual LPs. When the price moves, the pool moves with it. For a $10M swap, FXSwap delivered better pricing across roughly 80% of the blocks measured in the study. On average 2.1% better. At worst, Uniswap's execution was 7.5% below what FXSwap delivered. Still surprised how I never paid much attention to this until I came across this article (gg once again, buddy). DeFi lends against price. Liquidates against price. Routes serious size through these pools. When the infrastructure thins out under pressure, that is not a liquidity problem you can solve by adding more TVL but a design problem. And FXSwap is solving it at the architecture level.

Introducing Tulipa Multi-RWA Vault on Ember. Built by @tulipacapital, tulPRWA deploys capital across a diversified portfolio of proven global real estate RWA strategies. The strategy includes opportunities sourced through @Reental_co, a leading real estate tokenization platform that has tokenized hundreds of income-generating properties across multiple countries. The vault is designed with disciplined risk management, targeted T 45 redemptions, and a conservative basis for share pricing as underlying yield crystallizes over time. Now live and accepting USDC deposits on @pharos_network Mainnet and Ethereum. Explore tulPRWA: ember.so/earn/tulPRWA

16.65% APY on the Junior of eEARN. @EmberProtocol 's vault runs three strategies in rotation: - Stablecoin lending spreads - Looping across bluechip protocols - Delta-neutral yield and funding capture Amplified yield, the easy way.

15.59% APY on the eEARN Junior tranche. No looping. No borrowing. Just great on-chain yield.

We are excited to announce Ember’s integration with @roycoprotocol! eEARN is now live on Royco Dawn, offering two tranches for capital with different risk and return preferences through Ember’s flagship multi-strategy stablecoin vault. Senior Tranche: dawn.royco.org/market/1/0x1b… Junior Tranche: dawn.royco.org/market/1/0x05… For more information, please see the thread below.

Structured risk exposure from @roycoprotocol changes the game for asset allocators. eEARN depositors can now leverage yield in the Junior tranche without needing to loop, or get 10% downside protection in the Senior tranche.

Introducing eY10K on Ember. Built by @y10kcapital, the asset management arm of @yield_network, eY10K allocates capital across curated private liquidity opportunities spanning pre-deposit campaigns, curated lending markets, early ecosystem liquidity initiatives, and select RWA strategies. Strategy curation by @RockawayX. Explore eY10K: ember.so/earn/eY10K

Some interesting science here. TLDR: LVR is not hurting you, fee size matters less than you thought for APRs

The standard take on Loss-versus-Rebalancing (LvR) is that passive LPs lose money due to adverse selection, because arbitrageurs exploit stale AMM pricing. This new paper proves that pool fees can create a boundary zone within which these losses are cancelled out. In theory, dynamic fees like those used in @CurveFinance pools could be tuned to balance between corrective arbitrage and LP protection. Financial physics experiments in a living laboratory is what makes DeFi so interesting!

"A pedant whilst swimming almost choked to death. He made an oath that he would not go into the water again until he had first learned to swim well." - The Jests of Hierocles and Philagrius