so here is the story of CARRY When we went to the drawing board on the high yield product, the ask from the investors was to combine: - pls be liquid, no material lockups - pls no cash drag from redemption settlement cycle - pls high yield and low fees - pls no stupid sh*t in the vault. we wanna rely on your DD and monitoring - building yet another leverage loop aggregator? wtf pls no. do something funky, delta neutral is cool - pls can we borrow against it when needed (actually wait, we just wanna outright loop it) How about all of that in one product? Our tremendous team at Vault Street did a f**king great job shipping it with CARRY. Super proud to work with these legends. And the partner teams whose products we chose to integrate? Absolutely killing it. When you see Superstate, Midas, Hastra, Centrifuge in our vaults' allocations, it's not random. Man, it's because these are great products! Together, we help people make money, and make it without the stupid sh*t.

The 2021 RWA vintage was about tokens with no redemption rights and underwriting by clowns Today we have real infra, real protections, and professional credit teams. Specialty credit is now sourcing capital faster onchain than in tradfi Golden era of onchain finance is starting

Love to share this research piece with broader community. Well done @MidasRWA and @Wellington_Mgmt on structuring this one! mWIN fills a genuine gap in the tokenized fund market, which up to now has clustered at two extremes: - ultra-low-risk MMFs on one end, - high-yield specialty asset-backed facilities on the other A balanced, investment-grade portfolio offering a meaningful, diversified yield pickup is a distinct proposition in the current RWA landscape. Access to high-capacity leverage via @SentoraHQ vault on Morpho allows investors to amplify returns to 12-14% expectations. Vault Street has now enabled allocations into mWIN through primeUSD and our upcoming high yield product. If you look to get a piece of exposure to instruments like this, invest with Vault Street.

Very good breakdown of zeitgeist. Makes sense to mention also that equity basis trade is not only an exchange risk but also wrapper risk on the inventory side depending on where you hold it. One way or another, full principal amount is exposed to something on credit/op side, even if you hold only off-exchange collateral; and exchange risk is only on a portion of total amount. But still, 10% on the properly structured delta neutral trade has a bunch of alpha 😉

In a covered call strategy, you are selling some of the upside of the asset, also known as selling delta. In a conservative strategy, you are selling short-dated options at reasonable distance from current price, and slightly longer dated options at higher distance, so that you remain relatively close to 100% delta on the portfolio. Typically farming call premia gives you positive expected value over time, but the outcomes are lumpy and there is still exposure. Running this within LBTC means that there can be in practice situations when BTC inventory inside LBTC decreases over a period of time. Which makes LBTC a floating NAV instrument rather than a 1:1 claim. Also, when you sell calls, you would need to margin your counterparty's exposure to you, so you keep inventory with a third party. So, a few questions to address here: 1/ is there a stability buffer to offset negative APRs? I would do one 2/ how is the collateral held, and is it triparty settled or sitting with the counterparty

Well done @kamino and @SuperstateInc for following through on this integration! We are here to help make new markets for RWAs we love.

It does not stop to astonish me. Why can't they get a waiver to trash-talk uncle Kim. Is it like a scheme to psyop the world into believing it works like a piece of garlic against vampires? Only to break it to pull off the biggest heist in the industry some day

Finally, after all these years, the world is safe in the knowledge that the largest digital dollar is audited News of the year for capital inflows into onchain markets

We have been looking into CLO markets since late 2025, and have invested into JAAA previously. And for primeUSD, we have again chosen it as a key part of the vault! Why: JAAA is a cash+ instrument with an outstanding combination of 120-150bp yield pickup over the rate curve, and credit quality. Credit enhancements of its underlying CLOs allow the whole portfolio to be rated AAA, higher than U.S. Treasury instruments. If you are a curator or a lending operator looking to onboard quality RWAs - work with @centrifuge and @Vault_St to integrate JAAA