Find the best crypto products. From cards to savings accounts. Cryptotesters helps you navigate the crypto space.
Ethereum
Joined September 2019
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cryptotesters retweeted
We have been cooking with @openinterest_hq. Stay tuned for interviews with the best in the industry. Here's a teaser from the one with @litocoen, who leads GTM at @ethenapay.
cryptotesters retweeted
Chapter II
Ethena is partnering with @Binance as our first venue for the extension of the basis trade into equity perpetuals, one of the most exciting updates to the USDe collateral backing since launch.
This expands the addressable market of underlying collateral from $2.5 trillion of crypto to $150 trillion+ of real-world assets.
As part of the partnership, bStocks will serve as tokenized spot collateral, hedged with Binance USDT-denominated equity perpetuals - the same delta-neutral structure Ethena has securely executed across crypto assets since inception.
Importantly, Binance provides lower ADL priority for eligible delta-neutral accounts including Ethena's, adding another layer of risk mitigation for USDe holders.
Binance equity basis has averaged ~11%+ annualized over the past 6 months, while open interest has grown on average ~30% per month in the last 3 month period.
We expect the market opportunity size for equity perpetuals to far exceed the $15b+ of crypto perpetuals captured by Ethena last cycle.
Allocations begin today.
cryptotesters retweeted
Always be earning.
the UX of depositing and earning *automatically* without having to deposit into a separate Earn vault is so slick and different from legacy banking apps.
cryptotesters retweeted
Introducing @EthenaPay: the internet money neobank.
→Card spend cashback at 5.0%
→Best-in-class 6.0% dollar savings rate
→Borderless, free, instant global money transfers
→Free global onramps in USD, GBP, EUR and local FX
→Multi-currency high-rewards savings accounts in local FX
→Unified fiat IBAN integration with self-custodial stablecoin accounts
→Buy Now Pay Never where your savings rewards covers daily expenses
Not coming soon™️. Live now to download on iOS.
Introducing Ethena Pay: the internet money neobank, built on @avax.
Live now to download on iOS.
cryptotesters retweeted
The growth of equity and commodity linked perpetuals has been the most exciting development in the space in the last year, with RWA perpetuals already growing to >50% of Hyperliquid crypto volumes last month, and aggregate Binance RWA volume at 2x BTC-USDT last month.
High conviction view that this is one of the very few 100x left in the space, and I expect both open interest and volume to exceed crypto perpetuals across all venues within the next ~24 months.
For Ethena this is the most exciting opportunity since we started: effectively expanding the underlying asset base from ~$2.5tn of crypto to >$120tn of equities. USDe peaked at ~$15b on crypto alone and we expect by the end of this next cycle the opportunity here will unlock scaling to a multiple of that number.
While we would have liked to do this earlier, we took a cautious approach to what was a nascent market and waited until we saw deep, liquid markets with a data history we could study before moving into the opportunity at scale.
Over the next weeks we will begin deployments into equity basis across the venues where we already execute crypto basis with the same battled tested infrastructure used to date.
Become more clear this cycle that the very best businesses in crypto aren't just levered to the crypto cycle but can be flexible enough to reposition their businesses every 4 years when crypto is in the gutter.
Going forward the growth and through-the-cycle resilience of Ethena will be tied more closely to basis on these markets rather than crypto alone.
Extending USDe backing: basis on equity perpetuals.
Equity perpetuals now carry nearly >$6bn of open interest across 200 contracts on the same venues Ethena already executes, growing >10x since March.
Funding rates on equity perpetuals have paid 15-20% on average, >5x the Bitcoin funding rates in 2026, with near-zero correlation to crypto funding.
The underlying asset base is >$150 trillion compared to ~$2.5 trillion of crypto, making this the most scalable extension of the basis allocation to date. We expect RWA perpetuals to eclipse crypto allocations in USDe's backing within 12-24 months.
Safe implementation of the equity basis trade at large size requires the exact infrastructure Ethena has already operated at scale with 0bps of impairment on over $30b of mint and redeem flow for >2.5 years: precise delta-neutral execution at scale, secure off-exchange custody & settlement, and institutional-grade security practices.
The first partner exchange announcements and deployments will begin over the course of the next few weeks.
Details in the link below:
cryptotesters retweeted
A lot of people reached out asking about paid integrations, how protocols can even compete, and what the growth perspectives are for Fluid in this case. Here are some thoughts: Paying for integrations and exclusivity is simply part of growth strategy and business development. That's completely normal. A lot of people just do not know about this and think that eg Morpho is getting all integrations by default. Morpho has a very strong backing and an excellent BD team, but they won't be able to pay for every integration forever. There is also the question of alignment between partners.
Eg the Coinbase deal reportedly cost ~7x less than the Robinhood deal, yet Coinbase accounts for more than 60% of Morpho's TVL and has been a major contributor to $morpho becoming the highest-valued lending protocol. This high valuation helped to finance the deal with Robinhood, which is a direct competitor to Coinbase. CB is well known for their negotiating skills, so it'll be interesting to see what happens when they revisit that relationship.
I also agree with what @euler_mab said about tokens. A new token can open many doors. Like Euler, we chose not to launch with a new token and instead continued with the token from the previous protocol from 2021. That decision came with limitations, but when one opportunity closes, others emerge.
That said, I think it is too early and naive to think that there is a clear winner among lending markets and I am very excited about @0xfluid future.
But how can Fluid or other lending markets navigate in this space, which has turned into enterprise sales controlled by suits? First of all, the world is pretty big. There are thousands of banks, funds, fintechs with trillions of dollars in AUM. The pie is large enough for multiple winners.
Second, Fluid has a fundamentally superior architecture, and I know that matters to sophisticated integration partners. Instead of integrating separate lending markets, DEXes, and other financial primitives, partners can integrate once and access everything through a single stack while working with one team.
On top of that, Fluid is the only protocol with equivalent deployments across EVM, Solana, and soon Sui - three different VM ecosystems. (And what if I told you there are more VMs to come?)
Powered by Fluid We have had great success with our first distribution partner - @jup_lend powered by Fluid. A $2B TVL protocol with plenty of growth ahead.
We'll be launching additional white-label deployments with traditional asset managers, exchanges, neobanks, and other partners in the near future.
We don't have the luxury of paying for every integration, but we can win partners through better technology, white-glove support, and predictable economics instead of fee switches or curator fees that can be turned on at any time.
DEX v2 - it is a shame that we keep delaying it despite announcing it a year ago, but we have it ready and we will launch it sooner rather than later.
DEXes generate roughly 16x more fees per $1 of TVL than lending markets, so this will be a major focus for us this year.
There are plenty of other things I'd love to share, but every time I do, another market-wide armageddon seems to happen, forcing us to delay or reprioritize launches.
So this time, let's just wait for the launches themselves.
Stay Fluid 🌊
I sincerely doubt the number is that high. Insane if so.
But the point about using a low float high FDV token to strike deals for exclusive integrations still stands.
People used to say to me all the time at Euler: “do more BD.”
But lack of integrations almost always was nothing to do with BD efforts. Very few people we didn’t speak to during my time there.
It almost always came down to money. “So and so are offering X millions for an exclusive integration, what can you do?”
I assume most of those types of deals were done with tokens and not real $ because the numbers were often eye watering.
And we had 1/100th of budget or less than competitors because of the depressed EUL token price. So we would always get excluded or pushed aside once someone else came in.
Sometimes people talked to us enthusiastically one day and completely ghost us the next once they’d agreed a deal elsewhere.
With the benefit of hindsight I think we should have tried to take Euler private and start again with the token.
But hindsight is a wonderful thing. It wasn’t the same regulatory environment as we have now and there were lots of arguments against doing that.
The point is that you really need a highly valued token to compete for liquidity and integrations in lending though. The tech is very much secondary to your ability to pay in the early years to bootstrap liquidity and integrations.
It does make me wonder what will happen when all these pay to play token holders start to take profit after vesting ends or hedge out their exposure though.
cryptotesters retweeted
chat am i gonna make it on this bet?
ps: @meridiandotxyz only prediction market where you can do parlays on world cup games
cryptotesters retweeted
Excited to announce our collaboration with @Blackrock.
→Integration of USDe into BlackRock's Aladdin platform
→BUIDL as the primary asset for our whitelabel product
→Liquidity facility on BlackRock tokenized products
The integration of USDe on Aladdin provides unique institutional access for the >$20 trillion of assets managed by financial institutions on Aladdin.
cryptotesters retweeted
StablecoinX Inc. @stablecoin_x is now trading on Nasdaq Global Market under the ticker "USDE".
As the first treasury company focusing on Ethena, StablecoinX gives public-market investors direct access to the most important emerging trend in all of finance: the secular growth of digital dollars.
cryptotesters retweeted
a lot of crypto cards and neobanks advertise 0 FX fees
what they actually mean is that they are not *adding* any additional FX fees to the one already charged by Visa/Mastercard
to date, every crypto neobank piggybacks on the FX infrastructure provided by Visa & Mastercard
if a user has a USD card and spends in 🇧🇷Brazil, the merchant gets $BRL and the exchange is handled by Visa
to really get 0 FX you would need to receive the so called "interbank rate" which is the rate at which banks exchange currencies between one another and what you see on online currency converters like XE
the only way to get close to this and offer a more competitive rate is to build an FX engine in-house which is what players like Revolut and Wise have done but it involves complex treasury management and operations
in a nutshell they hold pools of different currencies on their balance sheet and when a user swaps e.g USD to EUR it's just an internal swap in their treasury
they can then settle with Visa/Mastercard directly in the merchant currency and avoid the markup for the user
but to avoid the FX risk that comes with holding multiple currencies on their balance sheet they need to hedge via forward contracts and try to net flows to hold as little float as possible
this is why they mostly only offer major currencies and not the more exotic ones because the cost of hedging, ops and lack of bi-directional flows makes it too costly
and even on major currencies the 0 FX amount is capped to $1000/month for most users
i think there's a real opportunity to move FX markets on-chain and let every neobank large or small tap into wholesale liquidity
0 FX for every user worldwide with no amount caps is how crypto neobanks become significantly better than their tradfi counterparts
cryptotesters retweeted
92% Liquidation Thresholds and 1% Liquidation Penalty with partial liquidations can give you a bit more certainty
Note that 343,075 $ETH($547M) in DeFi protocols is at risk of liquidation!
46,741 $ETH($74.71M) will be liquidated at $1,565.72
58,032 $ETH($92.85M) will be liquidated at $1,555.04
100,394 $ETH($159.43M) will be liquidated at $1,426.31
137,908 $ETH($220.41M) will be liquidated at $1,361.73
debank.com/profile/0x34d1231…
debank.com/profile/0xc3fe8b6…
debank.com/profile/0xabed497…
debank.com/profile/0x22de0b5…
cryptotesters retweeted
salary deposits are obviously the holy grail for neobanks to create stickiness but there’s several reasons why it’s not trivial to achieve
first, habits are deeply entrenched
most people set their salary bank details once when they start working for a company and are unlikely to go through the hurdle of changing after
once the salary comes into the account, your outgoings like direct debits for rent, insurance, mortgage etc. are all connected to that account and it becomes a hassle to close the account
this is why bank customers have among the highest lifetime value (LTV) of any product segment
many people keep their first bank account for their entire life
the second reason is more technical and has to do with the inadequate banking rails used by neobanks
most neobanks give you a virtual iban allowing you to deposit funds but it’s not a full bank account capable of direct debits for recurring payments like rent and it’s not localized
e.g in the EU your neobank will give you a Lithuanian IBAN (LT…) bc the Lithuanian regulator is the most fintech friendly but you’re based in Germany and the dinosaur payroll software used by your employer only works with a DE 🇩🇪 IBAN
the good news is that there’s a whole segment of young people, travellers, freelancers etc. who are way more flexible and willing to jump through some hoops in exchange of a good UX (low FX, cashback etc.)
this is the early adopter segment that e.g Revolut grew with before obtaining more banking licenses and connecting more local payment networks to go after more normie audiences
I'm confused why most neobanks optimize their products and incentives around card spending?
I understand spending is the biggest revenue driver
But shouldn’t the real north star be salary deposits?
Getting users to accept their paychecks into an account seems like the truest indicator that it is their primary bank.
Once you earn that trust, everything downstream like spending, retention or revenue should naturally follow
Many traditional banks still incentivize becoming your “salary account.”
But I don’t see this enough from new stablecoin neobanks.
What am I missing?
cryptotesters retweeted
The aWETH Redemption Protocol is now live on @Arbitrum and @Base.
After processing $400M+ in redemptions on Aave Ethereum, we're expanding to L2s.
This time, we’ll be opening up for all loopers to unwind while ETH lenders exit to LSTs.
How it works 🧵
Introducing aWETH Redemption Protocol
With ETH utilization at 100% on Aave, many lenders are currently unable to withdraw and face increasing risk if markets move.
aWETH Redemption Protocol allows ETH lenders to:
• Exit into wstETH or weETH
• Regain immediate liquidity
• Reduce exposure to liquidation risk
If you’re just lending ETH — you can fully exit.
If you have ETH collateral and another debt — your collateral is seamlessly swapped into wstETH or weETH while your debt remains the same.
We’re working alongside @LidoFinance , @ether_fi, @0xProject, @1inch,
@KyberNetwork, and other ecosystem partners to:
• Reduce systemic risk in DeFi
• Ease utilization pressure
• Support a healthier DeFi market
Our goal is simple: protect users while reinforcing the foundations of DeFi.
Capacity is initially limited to $1B in ETH.
fluid.io/lite/aave-v3/eth-sw…