IPOR Protocol is moving at a beastly pace. I need to talk to you about the @628Labs curators. They have 8 vaults in @ipor_io running right now, and the risk management is solid: every vault that isn't a leveraged carry trade is rated at least "BB" by @xerberus, with some even hitting an "A" rating. The most interesting move is their new AavEthena loop. This is an institutional-grade strategy that retail rarely touches because the pools fill up instantly. It works by depositing USDe and Ethena’s sUSDe into Aave as collateral, then borrowing stables to loop the position. Right now, sUSDe is yielding a conservative 3.5%. Some of you might think that sUSDe isn’t paying yield at the moment, but it actually is. The reason is that the carry trade is basically turned off right now, which honestly makes sense because it wouldn’t be profitable in the current market conditions. I’m not completely sure whether this yield is being paid directly from Ethena’s reserves, so I’ll leave that question for the team to clarify. In any case, the yield on USDe is currently being distributed through @merkl_xyz rewards. The play here is the spread: borrowing USDT on Aave only costs 2.87% right now. By looping this almost ten times, Tau Labs is generating a 13.71% yield. The strategy launched on March 7th and has already pulled in over $10M. It’s a great window while the market is quiet and borrowing is cheap, but we’ll have to watch if the yield turns negative once the market heats up and borrowing costs rise.