Connecting Onchain capital markets with Offchain yield.
Joined August 2026
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Yes yes and YES
Stablecoins and DeFi generally will continue to shift away from points and subsidies towards sustainable non-crypto-correlated yields
Great write up @HoneyB_BTC
We stand ready to push this ahead 🫡
Vaults 101 is back too: strategy accounts, timelocks, posted marks and exit queues, all explained with this vault.
Get the next brief every two weeks: o2ocapital.com/research
More from the brief:
>> the yield hasn't moved with crypto, but withdrawals rise with $BTC's daily swings
>> a June-size run would need ~$20M beyond liquid assets
>> ~0.6% of the yield comes from incentives paid on @StellarOrg through a second @SentoraHQ vault
@krakenfx DeFi Earn's biggest USDC vault holds $254M for 51k+ depositors
Our 3rd vault brief shows:
1. ~72% of NAV is two private credit tokens, @HastraFi PRIME and @humafinance PST, looped on @Morpho
2. base yield ex-incentives: ~3.7%, 3rd of 6 Earn vaults
Full brief below 🧵
Full breakdown in our Vault Brief Issue 2:
o2ocapital.com/research/clea…
New brief every two weeks. Sign up here: o2ocapital.com/research
The handoff was almost mechanical
After 16 of Clearstar's 17 deposits of $100K or more, Steakhouse's vaults pulled about as much back out within 25 minutes
Steakhouse never lowered its caps, so it looks like rates doing the work, not a decision to leave
Who actually funds @coinbase's Solana-backed loans?
>> May to July: @SteakhouseFi's High Yield vaults
>> July 27th: @ClearstarLabs starts lending
>> today: Clearstar supplies 86% of SOL lending and 88% of JitoSOL
All on @Morpho, all visible onchain
Excellent data @andrewhong5297
We've had some eyes on the fixed-rate looping segment for our upcoming RWAs 👀
O2O Capital Partners retweeted
Fixed rate lending gaining quick steam among Ethena and Maple
A lot's changed in the few days since our CoinDesk article...
teapawt.net/andrewhong5297/status/…
Big thesis of @O2Ocapital's is fixed-rate looping will be one of the largest levers for RWA growth in DeFi
It's largely been untapped (99% of onchain rates are variable) but the growth is undeniable: @Morpho Midnight, @TenorFinance, @formation_so and @kamino Fixed Rates
Ability to match a 6-month 10% RWA against a 6-month 6% fixed loan and capture that spread is a no-brainer versus dealing with spiking variable rates
Institutional Capital will move into this lane fast.
O2O in @CoinDesk 🤝
Big thesis of @O2Ocapital's is fixed-rate looping will be one of the largest levers for RWA growth in DeFi
It's largely been untapped (99% of onchain rates are variable) but the growth is undeniable: @Morpho Midnight, @TenorFinance, @formation_so and @kamino Fixed Rates
Ability to match a 6-month 10% RWA against a 6-month 6% fixed loan and capture that spread is a no-brainer versus dealing with spiking variable rates
Institutional Capital will move into this lane fast.
O2O Capital Partners retweeted
Big thesis of @O2Ocapital's is fixed-rate looping will be one of the largest levers for RWA growth in DeFi
It's largely been untapped (99% of onchain rates are variable) but the growth is undeniable: @Morpho Midnight, @TenorFinance, @formation_so and @kamino Fixed Rates
Ability to match a 6-month 10% RWA against a 6-month 6% fixed loan and capture that spread is a no-brainer versus dealing with spiking variable rates
Institutional Capital will move into this lane fast.
In this week’s Crypto Long & Short newsletter:
🟡@pgaff_digital of @O2Ocapital on what’s keeping real-world assets from scaling in DeFi
🟡Top headlines institutions should pay attention to by @FranciscoMemor
🟡“Tron led crypto card volume in Q3 2026” in Chart of the Week
coindesk.com/newsletters/cry…
O2O Capital Partners retweeted
Vaults to $100B the next 24 months and RWAs accounting for half of that
Boom
We cover vaults like these every two weeks in our vault briefs. Sign up for the next one here:
o2ocapital.com/research
Full October report: o2ocapital.com/research/rwa-…
The managers are already showing up.
@BitwiseInvest PAPY took in $8M in its first 24 hours lending against real-world credit. @galaxyhq, @GSR_io and @jpmorgan curate vaults now too.
We think ten asset managers are curating vaults by the end of the year
Vaults went from ~$3B to ~$20B in under two years, mostly on @Morpho
>> most of it still earns 4% to 6% on crypto lending
>> our forecast: $22B to $28B by year end
>> the path to $100B runs through real-world yield
Receivables, credit and income ETFs are barely onchain yet 🧵
O2O Capital Partners retweeted
Good data here on stonks in DeFi
Tokenized stocks are starting to do more than just sit in wallets. 🐘
The top six lending apps now hold $52.3M of tokenized stocks as collateral, led by @kamino at $25.2M and @JupiterExchange Lend at $13.1M.
This is the part that Wally takes a look at after issuance: getting the assets used.
Data: @DefiLlama
O2O Capital Partners retweeted
This is why I keep trying to understand onchain lending, the numbers are getting hard to ignore lol
