toki retweeted
We’re proud to launch Hare alongside @GSR_io.
Hare brings GSR’s expertise to vault curation, while Turtle connects its vaults with onchain allocators.
Built with support from @aave, @PaxosLabs, @chainlink and @HypernativeLabs.
Learn more: hare.xyz
Hare by @GSR_io. The credit desk for onchain finance.
GSR launches Hare alongside @turtledotxyz, bringing trading and liquidity expertise to vault curation.
Supported by @aave, @PaxosLabs, @chainlink and @HypernativeLabs. Our first two vaults are coming soon.
toki retweeted
Credit markets need more than issuance. They need transparent pricing and reliable secondary liquidity.
We're excited to see Agra bring NAV-aware quoting to USPC markets with @AccountableData
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The Agra USPC Liquidity Vault is now live on YieldApp.
@agra_gg brings tokenized credit liquidity to Ethereum, with every position verified in real time by our Data Verification Network.
Built with Accountable NAV ↓
Agra now provides instant redemption liquidity for Accountable's vault stack, starting with aUSPC and aHYPER.
Externalising redemption liquidity means managers keep every asset deployed in the underlying strategy, whilst holders get instant exits.
No liquidity sleeve, no waiting on the redemption schedule. Excited to work with our partners to transform tokenised credit into a liquid and tradable asset.
toki retweeted
Agra's orderbook now powers YieldApp exits.
YieldApp has now integrated with @agra_gg, connecting vault redemptions directly to live secondary market liquidity instead of the standard redemption cycle.
toki retweeted
Every protocol with redemption queues needs this.
@roycoprotocol vaults have 30-day redemption periods. @agra_gg adds a secondary market for those shares so holders can exit early at a discount.
Royco already had a secondary route through Curve. Agra is another one.
Some Royco markets can also freeze during Observation Periods. During these times, either juniors nor seniors can interact with the market at all.
Through Agra, shares can still change hands at whatever discount or premium the market agrees on.
What I think is more interesting:
> Juniors could exit during observation periods (if minimum coverage was met) realizing losses, but couldn't enter. Agra provides this entry route.
> If MicroStrategy STRC repegs to $100, the junior tranche could roughly a 2x. With Agra, you can start trading these things.
Super interesting collab here.
Agra has added secondary liquidity routes for @apyx_fi's Senior and Junior markets.
With the market now in its Observation Period, Senior holders finally have an exit path, while Junior investors gain an entry point.
toki retweeted
Agra has added secondary liquidity routes for @apyx_fi's Senior and Junior markets.
With the market now in its Observation Period, Senior holders finally have an exit path, while Junior investors gain an entry point.
Agra has listed @apyx_fi and @roycoprotocol assets tied to Stretch (STRC). @Strategy's perpetual preferred stock.
This follows the market repricing Strategy's credit. Apyx issues a stablecoin (apxUSD) and a savings product (apyUSD) backed by STRC. Royco tranches apyUSD into a senior and junior position.
The junior tranche is projected to take a 40% loss. Agra is the venue to trade this repricing.
toki retweeted
Agra has listed @apyx_fi and @roycoprotocol assets tied to Stretch (STRC). @Strategy's perpetual preferred stock.
This follows the market repricing Strategy's credit. Apyx issues a stablecoin (apxUSD) and a savings product (apyUSD) backed by STRC. Royco tranches apyUSD into a senior and junior position.
The junior tranche is projected to take a 40% loss. Agra is the venue to trade this repricing.
toki retweeted
Market update
Following our listing of @0xAlphaping's Morpho vaults, the secondary market is clearing at a 50-60% discount to NAV. Offer depth across our markets has ranged from 50k to 600k.
AlphaPing's USDC Delta V2 Vault holds exposure to both AVLT and msY:
$1.14M → AVLT / USDC
$18.36M → msY / USDC
Traders can take a view on the resolution through our secondary markets for both the AlphaPing vaults and AVLT issued by @alturax.
Join the discussion: t.me/thebondpit
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We've found willing buyers for these assets at a discount.
Feel free to list your bid/asks or reach out in DMs.
toki retweeted
Following the listings of @0xAlphaping's curated Morpho vaults, we've moved to list the underlying collateral issued by @alturax. AVLT pairs on both Ethereum and HyperEVM are now available.
Pairs and links below.
toki retweeted
This should not be a hot take, but perhaps is: A yieldcoin probably shouldn’t take losses via unwinding just to protect the $1 peg. It’s not a medium of exchange - it’s usually a credit investment.
Any lender can underwrite collateral based on observable secondary market liquidity. But the Serious Lenders are underwriting collateral based on likelihood of recovering their funds should a borrower walk away.
There’s not enough Serious Lenders in DeFi, probably because it’s a skill set more difficult than modeling slippage from the onchain DEX liquidity.
Reminder that a yieldcoin is not a stablecoin, and I wish we would get out of the habit of conflating the two (we all do it).
A depeg of a yieldcoin is either a liquidity or credit event - credit funds do experience losses or periods of illiquidity.
A depeg of a stablecoin means a currency is busted. That’s got a lot more contagion potential.
toki retweeted
We're hosting the Capital & Liquidity Dinner at Amsterdam on June 25, right during @DutchBlockWeek.
Co-hosted by @pharos_network, @stsdigital_io, and @agra_gg
RSVP (invite-only) -> luma.com/bnjpc3fn
For RWAs to scale, liquidity has to be at the centre. The opportunity is bringing all DeFi has to offer to new tokenized products.
This is a great example of how Agra is used to price the liquidity premium of longer duration assets.
500K+ $iREET tokens have already been transacted on @agra_gg.
Trades of 163K, 155K, and 50K $iREET executed with no slippage.
If you want to buy or sell in size, Agra is the venue.
Start in our Discord for more info🔽
discord.gg/raac
