lush-seeed (lush-seeed)

lido v3 shipped on jan 30th. decided to analyse the system before institutional flows hit. 3 years of data: - peg improved 96% (‑1.3% → ‑0.05%) - daily new staking ‑70% from peak - handles $500m days w/ zero stress infrastructure proven. watching if v3 unlocks the next wave. data: https://dune.com/lush_seeed/lido-steth-v3-readiness-analysis-or-baseline-study-2023-2026?utm_source=share&utm_medium=copy&utm_campaign=dashboard

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lindyhan's Kraken DeFi Earn dashboard got featured in the latest Dune Digest, and it got my interest. TL;DR: ~70% of the Advanced vault ($36M of $51M) is converted from USDC to PYUSD and deployed into Merkl-incentivized pools on Ethereum. Not a scam. Vault curators (Sentora) are rationally chasing PayPal's PYUSD incentive program. But users depositing for "USDC yield" are carrying PYUSD depeg risk, incentive dependency risk, and bridge risk that the product page doesn't spell out. Verified on Etherscan: strategy contract claims PYUSD + MORPHO from Merkl distributor. Block 24466504. Full write-up: https://medium.com/@idristaurus27/i-looked-up-what-kraken-defi-earn-actually-does-with-your-usdc-you-should-too-cc045e3fab70 Dashboard (the real source): dune.com/lindyhan/kraken-defi-earn

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recast:farcaster://casts/0x46d197a6283fea624d13608dd32a23f11a551ebc3caa967192f690c82288f7aa

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recast:farcaster://casts/0x884ea9a5a1430e6e87491ca110093b2f974319b6c65349b7d54aca083af51f2a

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