Mingxuan He (@MingXDynasty) of Gauntlet (@gauntlet_xyz) shares about the curator work behind Bitget’s bgBTC yield strategy: adjusting LTV targets, monitoring risk factors, and pre-planning de-risking measures for each scenario, with a human supervising the automation. Watch the full panel featuring: Gracy Chen (@GracyBitget) of @bitget, Kate Wong of Morph (@MorphNetwork), and Anlin Z of Gauntlet (@gauntlet_xyz).

Excited to reveal our first product built with @gauntlet_xyz. During our user interviews, one request kept coming up: looping. sUSDS is trusted as the most scalable, liquid, and protected onchain savings vehicle, and as always safety comes with conservative yield. Many native DeFi users want to push it further. The problem we have seen is that manual looping is time-consuming and demands 24/7 position monitoring. Too much for most to handle alone. So we partnered with Gauntlet to solve it. Our automated sUSDS looping strategy lets you tap into higher yield with your favorite asset. We took a deliberately conservative approach, full details in our docs, and every key parameter live in the app. More to come soon.

Standardized DeFi risk ratings are the next big adoption unlock. That’s one of the insights from the Curating and Managing Risk in DeFi for Institutions panel at TokenizeThis 2026, where @inkymaze (@gauntlet_xyz), @JeffMarsilio (@Newton_xyz), @AlexKrasnow (@aon_plc), and @mkmassari (@redstone_defi, @CredoraNetwork) discussed the industry’s progress so far. The reason: institutions want ratings they can trust, and self-certification won’t cut it.

.@notthreadguy thinks easier access to the world's biggest financial games permanently changed how young people take risk. Haseeb: "Do you think this is a pendulum?" threadguy: "I think it's a permanent change." "When I was 16, you couldn't really get online and start trading. You would flip sneakers." "The upper stakes for the internet hustles that are now accessible, it's just the biggest game in the world." "Every generation that comes after mine is just going to be comfortable with risk, comfortable with these assets."

As promised, #69 is out, focused on Vaults, Risk Management, and the Curator concepts. Link in comments. Part I of DR series on on-chain lending ran hot in DeFi circles for a few weeks. Unexpectedly, for me, given the nerdiness of the exercise. Two weeks later came the Kelp episode: a reminder that risk-free rate levels do not mean risk-free exposure. A lot has happened since. On @Morpho's largest markets, 90%+ of lender liquidity is intermediated via vaults. Curators set mandate, whitelists, caps, they manage liquidity and promote strategies. In TradFi, those functions would sit in different entities in deliberate tension. Here, in one. @SteakhouseFi, @gauntlet_xyz, @SentoraHQ, and others have emerged as key players in the current era of DeFi. Curators are paid to promote (assets - via bilateral agreements), to allocate (AuM), and make money (performance), but have no exposure to the downside. Their answer, most probably, would be that they merely watch programmatically vaults in the interest of the depositors and sometimes asset issuers, and do not take any discretion in risk underwriting. This is true, but for a subset of on-chain lending markets. The good one. The unfortunate truth is that it's the other subset that is growing the fastest. @RobinhoodApp's main vault, freshly launched, and powering their Earn product, allocates 65% of depositors' liquidity into a tokenized multi-strat hedge fund @ethena, and 25% to a (overcollateralized tbh) lending desk to trading firm (@maplefinance). Interesting, the vault's native yield sits still at 3.84% - basically the 3-month bill. Plus a bunch of incentives. The supply/ demand mismatch is real. But what are vaults? Or better, what are the incentives underpinning vaults? It is my belief as a micro-economist that it is by studying incentives that we can predict outcomes. So I modeled a vault redemption queue as a game: one unobservable state variable, three players - including depositors split between the attentive and the asleep. In a vault backed by opaque collateral with imperfect information, sleeping depositors are the arbitrageur's liquidity. Vaults with a large fraction of inattentive depositors, i.e. arguably most retail-based vaults, are truly hunting grounds for the most informed. A platform subsidy exacerbates the problem, making staying (or rather not watching) even more attractive. While I am not suggesting misbehavior, and I believe firmly in the professionalism of most parties involved - many of them I know personally and professionally, there is no incentive tension in the vaults landscape today, and nobody is looking after the depositors. Not even the regulator. To be fair, on July 22, Commissioner @HesterPeirce, the SEC's most consistently crypto-sympathetic voice, brought attention to vaults, placing them on a spectrum from programmatic to fully discretionary, and raised concerns related to Howey, the '40 Act, and adviser status. We will see what will follow. While the advancements of non-intermediated finance are real, and in some cases extremely promising, fast generalization and no red tape can hurt people badly. We have been here before. A bad outcome doesn't need bad actors. It needs a bad setup. That setup is currently the category's growth engine.