Base processed around $251M in stablecoin card spending over the past 30days up 10.6% while maintaining its position as the leading chain for onchain card payments Also @base consistently accounted for roughly 30% of tracked spending throughout October This reflects Base's expanding activity beyond trading and traditional DeFi into consumer payments, where stablecoins are increasingly being used for everyday transactions There's also an opportunity developing across the broader DeFi stack as stablecoin cards become connected to lending, yield bearing assets and everyday spending We've already seen products like EtherFi Cash, MetaMask Card, Nexo Card and Gnosis Pay explore different parts of this model, connecting crypto balances to everyday spending, with some also integrating yield or collateral backed borrowing Of course, higher spending volumes don't directly translate into equivalent revenue for the chain itself But Base's growing share of stablecoin card activity reflects how onchain finance is expanding into consumer payments h/t @Paymentscan for data

The growth of crypto cards is starting to reveal an interesting gap between user adoption and how much revenue these products actually retain Crypto cards are already processing over $1B in monthly spend yet the applications behind them retain less than what is spent That's a pretty interesting gap when you consider how quickly crypto payment products have been expanding And with 9 out of 11 card programs reportedly spending more to acquire users than those users generate in returns, the economics of that growth deserve just as much attention as adoption itself. I think this also explains why we're seeing projects like @ether_fi expand beyond card spending into stablecoins, lending and other financial products The card gives them distribution and recurring payment activity, but building a sustainable business around those users requires more ways to generate revenue from the financial activity surrounding each account Because the opportunity extends beyond processing payments. the stablecoin balances, savings products and credit demand around those same users can create additional revenue streams without having to rebuild distribution from scratch And that is probably where the economics of consumer DeFi start becoming more sustainable, provided those additional products can generate enough revenue to support the costs of acquiring and serving users Good research from @Sumcap on how value is being captured across the crypto card market and the economics behind reward programs

it's weekends so while touching grass, i decided to check my tori dashboard only to find out i've crossed the 2M Cores mark on @tori_finance Even more interesting is that this puts me in the top 18% of participants, which suggests there's still plenty of room for anyone looking to get involved and start farming I've also picked up a few useful strategies from @Tori_Maxi that helped along the way, so definitely worth checking out if you haven't already Wonder what 5M cores would feel like tho 😆

Aave V4 is gradually reaching the point where its expansion into new credit markets is translating into more consistent revenue generation Since launching in March, V4's monthly protocol revenue has grown from around $8K in May to $106K in september, with october already showing further growth And the composition of that revenue is just as relevant Most of the economics are coming from borrowing interest, reflecting growing credit demand across V4 markets. The hub and spoke architecture allows @aave to support different collateral types and borrowing use cases through shared liquidity infrastructure, but those integrations become economically productive as borrowers put that liquidity to work We're already seeing that develop across Ethereum, Arc, Base and Avalanche, with V4 carrying over $450M in active loans Each new market creates another opportunity for recurring interest revenue, provided the supplied liquidity continues attracting sustainable borrowing demand And as @aave expands further into tokenized equities, yield bearing stablecoins and institutional credit, that revenue base has more room to grow alongside the loan book V4 is still early relative to the wider Aave ecosystem, but its revenue growth is starting to reflect how much financial activity the architecture can support h/t: @Token_Logic for data.

I think EtherFi Cash is gradually becoming one of the better examples of how DeFi products can turn existing user distribution into a sustainable revenue business looking at its revenue growth over the past year, the progression has been pretty impressive monthly protocol revenue has grown from around $330k in september 2025 to $1.76M in september 2026, more than 5x in a year. and the recent run rate is approaching $2M over 30 days alone but there is a broader thesis behind those numbers. @ether_fi is building around something DeFi has historically struggled with, getting users to interact with onchain financial products as part of their everyday financial activity Cash gives users a reason to keep balances inside the ecosystem because those funds are connected to actual spending, saving and payment needs. And once that distribution is established, @ether_fi can gradually build more financial products around the same user base ➥ Cash brings recurring payment activity and transaction revenue ➥ @aave provides lending infrastructure that can support credit products around those balances ➥ EtherFi USD which is powered by @ethena, creates another opportunity to develop revenue around the stablecoin balances users already hold These integrations start becoming more valuable when you consider that @ether_fi already has the customer relationship and doesn't need to rebuild distribution for every new product The revenue chart gives some early evidence that the model is working particularly on the payments side And as more financial activity moves through the same consumer interface, etherfi has more opportunities to monetize that relationship across payments, credit and stablecoin balances That's a pretty compelling direction for DeFi consumer adoption, esp when revenue growth is starting to accompany the expansion in products and distribution

1> One of the more useful developments across @aave lately has been how fixed-yield positions are gradually becoming a bigger part of its collateral markets. @pendle_fi PTs are a good example. users can lock in a fixed return and still borrow against that position through Aave, giving the same capital another financial function without selling the underlying exposure. And the growth is already showing up across different markets. Here's how Aave and Pendle are gradually connecting fixed income with onchain credit 🧵

Pendle has spent years making yield easier to price and trade, and i think PendleLoop is a pretty interesting extension of what that infrastructure can support PT looping already showed how users could combine fixedyield positions with lending liquidity to amplify returns. we've seen that play out across @aave and @Morpho markets, where PTs can be used as collateral to borrow and build larger positions but @pendle_fi is now extending that same approach beyond PTs PendleLoop introduces oneclick leveraged yield strategies and long/short positions, with the initial trading markets covering BTC, ETH and tokenized stocks on Base The stock integration is particularly relevant because it connects directly with Aave's existing credit infrastructure A user can take leveraged exposure to tokenized equities through borrowed liquidity, while the looping interface handles the transactions needed to build that position So Pendle is gradually expanding across two areas: 🔸 yield bearing assets can be looped for amplified returns without depending on PT maturity dates 🔸 tokenized stocks and crypto assets can support leveraged directional positions through existing lending markets And this widens Pendle's role beyond the fixed-rate strategies it originally became known for The underlying credit infrastructure was already there. PendleLoop makes more of that borrowing capacity accessible through a single interface, across assets with very different return profiles As more RWAs and productive assets enter DeFi, having those positions connected to borrowing and leverage creates a much broader set of strategies users can build around them The opportunity is in how many of those financial actions Pendle can bring into one execution layer, while Aave and Morpho continue providing the lending liquidity underneath

$33.6B in deposits, $13.2B in active loans and 11 new markets launched in Q3 alone @aave’s expansion is starting to reflect a much broader ambition, where the protocol is becoming credit infrastructure for financial products that already have their own users and distribution looking through @Token_Logic’s Q3 report, I think the progress across V4 gives that direction a lot more weight EtherFi Cash is a good example, with its dedicated V4 instance reaching $311.5M in deposits, showing how Aave can provide the credit infrastructure underneath financial products that already have their own distribution And the same approach is expanding across other markets ➥ Arc is building liquidity around Circle’s stablecoin ecosystem ➥ Base is extending Aave credit into tokenized equities ➥ Monad is adding more stablecoin and yield bearing collateral markets V4's hub and spoke architecture is becoming increasingly useful as @aave expands into different credit markets Each integration can support its own collateral configurations and borrowing use cases while drawing on shared liquidity infrastructure, giving Aave more flexibility to serve different financial products And as more institutions, consumer products and tokenized assets integrate with Aave, its growth becomes increasingly tied to the financial activity those integrations bring. @aave is gradually becoming the credit infrastructure other financial products can build around

Aave V4's Arc core hub has seen pretty solid growth since its september onboarding, with deposits now up 85% @arc is building out an institutional facing environment, while V4 provides the shared liquidity infrastructure for different collateral and borrowing markets to develop around it there's also a sizeable gap between supply and borrowing with around $60.3M in active loans against $236M in deposits leaving utilization only at 32% That leaves a lot of liquidity available for additional credit demand as more assets, borrowers and integrations come into the ecosystem The deposit growth is already a decent start tbh, but the real opportunity is how much of that available capital can gradually become productive through lending The liquidity base is forming, and @arc still has plenty of room to grow its borrow side w/o needing deposits to expand at the same pace

Solana DeFi activity has been fairly mixed over the past week, with Jupiter moving in the opposite direction from most of the leading trading apps. Per @artemis, @JupiterExchange recorded a 15% increase in average daily active addresses, while the others saw declines The divergence is interesting because these protocols sit across different parts of Solana's trading activity, from token launches and liquidity pools to swaps and routing Jupiter sits closer to the aggregation layer, where users can access liquidity across multiple venues without needing to interact with each DEX separately So while activity is slowing across several individual trading venues, @JupiterExchange is still seeing more active addresses interacting with its products Which imo gives a useful perspective on how activity can shift within the same ecosystem. lower participation on individual DEXs does not necessarily mean the same decline in demand for aggregation and execution And as Solana's application economy continues developing, the distribution layer becomes increasingly valuable because users can keep accessing different markets through the same interface