DeFi yield is moving beyond onchain funding rates. The next frontier is yield from CME Gold futures markets. Gold? Yes. Gold contango (future price > spot) is structural, driven by interest rates and cost of carry. The spread between spot and futures is delta-neutral yield waiting to be captured. @Theo_Network is one of the first protocols to bring this onchain with thUSD: - Long tokenized gold (thGOLD) - Short gold futures on CME - Pocket the basis spread. Moreover, thGOLD itself earns ~2% from secured lending to gold retailers. Two independent yield sources stacked together. I'm waiting to jump in here (missed the first pre-deposit campaign, the $100M cap filled in less than 24 hours). Hope they have PT on this one once thUSD publicly launches. I've been farming ~8% APY on PT thBILL (Theo's tokenized T-bills) on Pendle for 4 months and it's printing good on my stables.

Gold contango widened massively since the Iran war pushed spot from $60 to $100+ oil and central banks accelerated gold buying. That's a basis spread backed by geopolitical structural demand. Theo having this is a different kind of yield entirely. Smart move bringing this onchain.