Expand Citadel makes a huge profit by paying order flow fees. They pay over $1 billion annually in order flow fees, so it's safe to say their actual revenue is far higher (they're not here to lose money). The problem with blockchain-native stock markets for Citadel is that they use two-sided trading and atomic settlement. I place an offer, you place an offer. If you accept my offer (e.g., through a market order), that's the final price we settle. Market makers can't intervene between buyers and sellers. This is very disadvantageous for Citadel. Therefore, it's not surprising that they don't seem keen on deploying stocks natively on the blockchain, even if two-sided trading is possible. And it's not just market makers who are unhappy about this. Introducing brokers, prime brokers, DTCCs—they can't profit from it either. But I bet you can guess who will benefit… Natively public stock trading on a public blockchain, and trading in a self-custodied, self-settled market. Lending through DeFi, and cross-collateralization with other digital assets. This is the future direction of development, and it is coming soon.

Expand Fluid is now available on the Blockworks Lending Dashboard. You can now track Fluid alongside Aave, Morpho, Spark, HyperLend, and JupiterLend, with all data using standardized metrics covering deposits, borrowing, utilization, financial condition, and interest rates. Special thanks to @troyharris__ for compiling the Fluid data.

Expand According to Wu, Jupiter announced several product and infrastructure upgrades on Solana Breakpoint, including: Jupiter Lend ending testing and being open sourced; the stablecoin JupUSD launching soon; an upgrade to the token verification and data platform VRFD; the launch of a unified management platform for developers; integration of professional trading terminals; optimization of rewards and incentive mechanisms; and the announcement of the acquisition of Rainfi to expand on-chain lending and asset liquidity.

Expand Fluid is now available on the Blockworks Lending Dashboard. You can now track Fluid alongside Aave, Morpho, Spark, HyperLend, and JupiterLend, with all data using standardized metrics covering deposits, borrowing, utilization, financial condition, and interest rates. Special thanks to @troyharris__ for compiling the Fluid data.

Expand At the Solana Breakpoint conference, Jupiter announced several product and infrastructure upgrades, including the open-source Jupiter Lend, the upcoming JupUSD stablecoin, VRFD upgrades and a unified developer platform, as well as the acquisition of Rainfi to expand on-chain lending and liquidity.

Expand Follow @thesauros_io on @arbitrum now. This is a yield protocol focused on optimizing stablecoin liquidity across multiple on-chain markets. It continuously allocates deposits to diversified lending and liquidity venues based on pre-defined risk and performance parameters.

Expand Whale 0xE9D0 once again used recursive lending—he borrowed 1 million USDC and used it to buy 5,211 AAVE. He currently holds 338,544 AAVE on the Aave platform (worth $69.08 million) and has $30.8 million in USDC debt.

Expand The race to build the first trillion-dollar DeFi economy has officially begun. @solana's total value locked (TVL) in the lending market has just surpassed $3.6 billion, with institutional capital pouring in on a massive scale. Introducing the Solana 2025 Lending Market Report ↓

Expand The race to build the first trillion-dollar DeFi economy has officially begun. @solana's total value locked (TVL) in the lending market has just surpassed $3.6 billion, with institutional capital pouring in on a massive scale. Introducing the Solana 2025 Lending Market Report ↓

Expand DeFi has recently hit a bottleneck and experienced market instability; even interest rate cuts seem to have little effect. However, Soul (@0xSoulProtocol) is clearly reshaping the landscape. It's not just about "cross-chain bridging," but about rewriting the lending architecture: deposits on chain A, loans on chain B, with real-time position linkage, and collateral no longer locked in isolated silos. The core problem with DeFi in the past wasn't insufficient demand, but rather the fragmented experience and inefficient capital resulting from structural fragmentation. Soul (@0xSoulProtocol) unifies the routing of mainstream markets like Aave, Compound, and Venus into a single liquidity layer. Users see only one interface, while the protocol handles multi-chain message synchronization, risk calculation, and health factor management at the underlying level. This abstraction is essentially a "nervous system," coordinating value across chains rather than through hard connections. It makes funding faster, risk clearer, and DeFi more holistic. But a question arises: will unified liquidity sacrifice the experimental nature of the multi-chain ecosystem? I believe not. On the contrary, it may bring free competition back to a unified track, allowing diversity to be built on efficiency, not fragmentation. Soul (@0xSoulProtocol) is worth observing in the long term. #KaitoYap @KaitoAI #Yap