# DeFi — X 热门讨论 (2026-09-17 19:54 UTC)
## @TheDefiApe (APE) · 09-17 19:13 · ♥184 ↻7 💬15 Jacob is one of the few people who actually ships beautiful onchain products.
Good hire.
DeFi Polymarket needed this. > 引用 @shayne_coplan: Calling all crypto twitter.
I'm proud to announce that Jacob Horne @js_horne has joined Polymarket. He will be working closely with me on product, in particular making Polymarket DeFi great again.
Jacob is amongst the best product and innovation minds in crypto. Before this, he was CEO of Zora. He built multiple beautiful products (I was one of the first users of the first version in 2020). Now he's got the PMF and distribution of Polymarket. I'm so excited to work with him.
We'll be hosting a Polymarket DeFi town hall soon to hear from our longtime users and lay out the plan to make the Polymarket DeFi product the best it’s ever been. In the meantime, DM your feedback to @js_horne or me and we'll action it.
To the DeFi community, we know the performance of the onchain product has waned as we've scaled, and it hurts us to hear the frustration of the people who love Polymarket and have supported us for so long thinking we’ve pivoted all focus to US, but just know we're working behind the scenes to unify the products and make Polymarket better than ever, across all surface areas. https://x.com/TheDefiApe/status/2100664519861153825
## @EPhilippe_LH (Edouard Philippe) · 09-17 18:58 · ♥78 ↻47 💬22 Construire notre sécurité climatique.
C’est le défi que nous devons relever. Car l’adaptation n’est plus seulement une question environnementale. C’est une question régalienne, de protection, de sécurité collective. https://t.co/iWLhLXy3tj https://x.com/EPhilippe_LH/status/2100660785433243648
## @yogikims (CryptoMetriks) · 09-17 17:50 · ♥71 ↻9 💬83 ● 📈 SGX opened BTC and ETH perps to U.S. institutions. Another regulated book for basis and hedges.
● 🔐 Quiet pitch: Mutuum says deposits stay non-custodial — earn, then borrow against the same stack. No handover.
● 🏦 Monument Bank delayed U.K. retail tokenized deposits — regulation, not demand.
● 🏛️ Asian perps opened a door. Retail deposit tokens paused.
🔗 https://t.co/hRPGo8vO5s
#SGX #Bitcoin #Ethereum #Mutuum #MUTM #DeFi #Crypto https://x.com/yogikims/status/2100643652288569507
## @KevinRodat (kev.teix) · 09-17 18:28 · ♥81 ↻29 💬4 Ça devient invivable et je penses de plus en plus à rendre mon logement pour vivre à nouveau chez ma mère. Avec un cancer de stade 4 depuis 6 ans, j’ai tout perdu et l’actualité est épuisante. Les factures, l’essence et la nourriture prennent tout de nos revenus. Vivre avec une AAH relève d’un défi. Je n’ai plus la force de me battre, car on me dit à chaque fois de m’estimer heureux d’être soigné et d’avoir une aide sociale. Cependant, ces mêmes personnes bégayent quand je leur propose de prendre ma place et mes tumeurs. Ce pays n’a aucun avenir. L’hôpital est dans un sale état. Le gouvernement demande des efforts aux malades. Comme si notre vie ne ressemblait déjà pas à un enfer. Emmanuel Macron vous avez votre part de responsabilité en étant à l’Elysée depuis 9 ans. Vous, votre gouvernement et les élus avez ruiné ce pays. Vous nous avez enlevé toute envie d’être heureux et confiant pour l’avenir. Vous n’êtes même pas capable de donner une souveraineté du médicament à la France. Nous devons donc faire face à des pénuries de médicaments. Vous nous poussez à la haine de cette vie car vous nous demandez sans cesse de faire toujours plus d’efforts pendant que vos copains se gavent. Les infirmières de ce pays, mais aussi les agriculteurs, les pêcheurs, les pompiers et autres travailleurs sont épuisés de travailler difficilement pour un salaire de misère. Emmanuel Macron vous ne savez pas la sensation que c’est de se retrouver à découvert le 16 du mois. Vous êtes déconnectés de la réalité, avec tous les élus de ce pays incapables de redresser le pays. Il arrive donc qu’on perde espoir. https://x.com/KevinRodat/status/2100653132170645691
## @SaucerSwapLabs (SaucerSwap Labs) · 09-17 18:19 · ♥77 ↻20 💬10 Tokenized securities are the next frontier for DeFi.
Today’s SEC Innovation Exemption opens a path for regulated onchain markets to scale in the U.S.
@Hedera is built for this. SaucerSwap intends to be the liquidity layer for tokenized securities.
More soon. https://x.com/SaucerSwapLabs/status/2100650913606058418
## @Aliaian (Aliaian) · 09-17 16:21 · ♥77 ↻10 💬8 been digging deeper into https://t.co/YWbwiVy7fe / $MONEY and imo the easiest way to understand it is as a degen credit layer for tokenized stocks
Robinhood brought assets like SPY onchain, Own lets you actually make that exposure productive
instead of selling your SPY when you need liq, you deposit it into Own and mint eUSD against it. min collateral ratio is 150%, so youre basically unlocking dollars against your SPY exposure w/o selling it
and thats an important diff vs something like Aave. on Aave youre borrowing stablecoins supplied by other users, on Own youre minting eUSD directly against your own SPY collateral
so basically: SPY -> collateral -> eUSD liquidity
then $MONEY is what connects the product into the flywheel
$MONEY trades against SPY on Pons V2 and the trading fees are collected in SPY. those fees are split 30/70
30% -> buys + burns $MONEY 70% -> goes into the buffer used to pay SPY rewards to eUSD stakers
but if you want to maximize your share of those rewards, you need to stake $MONEY. and imo thats the important part
more eUSD users -> more demand to buy + stake MONEY for the boost -> more MONEY trading -> more SPY fees -> more MONEY bought + burned + more SPY rewards for stakers
so the flywheel actually runs through the token itself
and the rewards are paid in SPY instead of newly printed MONEY, so its not the usual defi setup where you stake the token and just get paid in more inflationary token
SPY creates the collateral, eUSD creates the dollar liq, MONEY increases your share of the yield and MONEY trading creates the fees that fund both the burns + SPY rewards
imo thats the cleanest way to understand it
you keep your SPY exposure, unlock dollars against it, and if you want to maximize the yield on that eUSD you need to buy + stake MONEY
that creates more MONEY trading, which creates more fees, which burns MONEY and funds the SPY rewards that made ppl want the boost in the first place
thats the flywheel > 引用 @owndotmoney: 1/ The flywheel v2 is LIVE. Up to 1,000%+ APR.
Deposit the SPY. Mint dollars against it. Stake them and earn.
Three steps, one wallet, no broker. https://t.co/oKpggkdfAm https://x.com/Aliaian/status/2100621259599937689
## @iseegreencharts (Brian) · 09-17 15:12 · ♥76 ↻9 💬5 re-evaluating my position in @netnetcap cuz i've holding a staking bag since the price was $100 and it just became my biggest holding in my on-chain portfolio.
what made me bullish is @pendle_fi and other protocol adoption $NET
this is the biggest new structural piece.
pendle launched on robinhood chain with $snet as the first market (sept 4). that lets people split snet into: > pt: fixed claim on principal > yt: claim on the rebase yield
so $NET is no longer just a stake-and-hold token. it is becoming yield infrastructure. pendle lp/yt markets create extra demand for snet itself, which keeps more supply locked and gives traders a way to buy the yield without holding the full token risk. first maturity was around sept 17. more markets were signaled.
other adoption around the same stack: > netnet credit went live sept 9 as a morpho vault v2. first loan was drawn sept 10. it lets people lend usdg and borrow against wsnet / stock tokens. that makes $net and the rwa sleeve usable collateral, not just a rebase coin. team said the credit desk had nearly $2m lent, with lenders earning high rates.
> games and desks (winnet, superstore, coinflip, subway runner, boardroom, etc.) keep forcing market buys and fees into the treasury. one update said subway runner + boardroom + dial up did 40k+ plays, $935k volume, and treasury grew $9m after subway runner launched. broader rh-chain defi is also arriving (panoptic options, more morpho/uniswap markets). $net is the native reserve token sitting in the middle of that activity.
that is the “other protocols adopting $net” part: not just tweets. pendle + morpho credit + stock-token collateral means $net is being used as yield, collateral, and fee sink.
about inflation / emissions
emissions are still immutable: > 0% at or below nav > scales up with premium > max 0.45% per 8-hour epoch at ≥1.75× nav
current premium is still ~6.2×, so the max rate is still on. inflation is not “turned off.” what did change is the quality of that inflation:
> assets have grown much faster than supply. galcyon-style trackers have been marking recent periods as accretive (assets up more than supply). ~90%+ staked means most new net goes to existing stakers, not immediately onto the book.
>premium sales only kick in above 2× nav, so the protocol can sell a little net into euphoria and add more usdg than the 1 usdg floor requires. buybacks still sit under nav.
so effective dilution for stakers is less painful than raw supply growth looks, and nav has still ripped higher. that is the “inflation reduced” story in practice: not a lower max rate, but more backing per new token and a lower market premium.
the remaining drag is still real: rebases plus the team’s pteam option (up to 15% of float at 1 $usdg) can keep minting.
why tradfi / robinhood money could theoretically take this past ohm?
ohm’s 2021 run was almost all crypto-native reflexive demand. no real brokerage distribution, no tokenized nvidia/apple/spacex book, no pendle market, no retail app with tens of millions of users.
robinhood chain is different: > it is robinhood’s own l2, built for tokenized stocks + defi. stock tokens now have >$170m tvl and the chain has done tens of billions in dex volume. robinhood itself says new stock tokens are minted against real shares in custody.
> chain activity is already large: hundreds of thousands of daily addresses, ~$1b stablecoin supply, and wall street notes treating the l2 as a real revenue line. stonex initiated hood coverage in part because the chain and prediction markets are new growth engines. hood has also been buying into adjacent tradfi/crypto rails (prediction markets, https://t.co/gN9kCyt9Yp stake).
> $net sits as a native reserve that eats fees from that flow and converts some of it into usdg + tokenized equities.
my bull case vs ohm is:
1) distribution. ohm had crypto twitter. $net sits next to robinhood’s retail + international stock-token funnel.
2) real assets. ohm treasury was mostly stables/crypto. $net is accumulating actual tokenized blue chips and using them in credit markets.
3) composable yield. pendle + morpho + games give $net more utility than “stake for more ohm.”
4) fee surface. if even a slice of hood’s tradfi/crypto flow hits rh-chain venues, the 5% levy and product fees can keep raising nav without needing perpetual hype.
dream bigger guys https://x.com/iseegreencharts/status/2100603866626822189