Every step in Aave V4’s growth lines up with a cap raise. We followed six months of deposits through its hubs and spokes to see where the money came from and whether it stayed.

Ethena has cemented itself as the largest synthetic dollar issuer in crypto, but the protocol underneath is nothing like it was at launch. From delta-neutral hedging to actively managed yield, a new collateral mix, and a very different risk profile: what changed, and what does it mean for USDe?

We proved the mechanism holds, but the harder question is whether $PAPER gives anyone a reason to keep it turning.