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Alpha Radar - USDT Flows, Lending and Exchange Flows
Jake Kennis

Key Insights from Today’s on-chain behavior

  • Lots of stablecoin movements between CEXs and large funds. At the time of writing, USDT makes up 62.3% of Curve's 3pool.
  • USDT is seeing large outflows from DeFi lending protocols such as Compound and Euler
    • USDT now makes up 23% of borrowing from Compound
    • USDT supplied in Euler has decreased by 50%
  • Morpho is the largest recipient of aSTETH in the past week, offering incentives for leveraged stETH <> ETH positions via Instadapp that are yielding 20% APR.