The latest big news in the DeFi track - thBILL's scale directly pumped to 200 million USD, and it has also connected the closed loop of Pendle + Morpho + Arbitrum DRIP incentives. It's surprising how low-risk assets can be played like this, this operation has directly maximized on-chain capital efficiency!

This reminds me of the experience I had helping my brother in the traditional finance sector with his investments some time ago. He had some spare money, didn’t want to deposit it in the bank to earn that meager interest, and was afraid of losing his principal in stocks and funds, so he kept asking me if there were any stable ways to earn some pocket money. In fact, it’s not just people with regular jobs; who in #Web3 isn’t like this? When the market is good, we want to chase high prices to make a profit, and when the market is bad, we hope for a safe haven that can prevent our funds from shrinking while still providing some stable returns.

I think this message is worth discussing in detail.

The newly listed thBILL PT on Pendle has officially opened a lending market on Morpho, and it has also directly received incentives from Arbitrum DRIP.

This means that you can now use thBILL, a low-volatility asset, to directly leverage USDC configured by Hyperithm, which is a very standard and "institutionalized" design in terms of capital efficiency.

But what really feels substantial to me is not just these DeFi components pieced together, but rather that @Theo_Network (thBILL) has quietly reached a scale of 200 million US dollars.

This reveals a long-standing problem that has been overlooked by the market:

On-chain has actually always lacked a "low-risk yield layer" that can accommodate funds on a large scale.

RWA has been a hot concept in the past two years, but everyone understands the real experience:

The structure is complex, the information is opaque, and the sources of income are unclear, driven more by narratives. They are difficult to truly become "on-chain cash equivalents" that institutions and long-term funds are willing to hold.

The fact that thBILL was able to quickly pump to 200 million, in my opinion, is not luck; it is about having the right positioning:

The underlying asset is a true cash equivalent, and the risk structure is extremely intuitive.

Returns come from cash flow in the real world, not from the APY fabricated by the protocol.

On-chain is verifiable, composable, and liquid, naturally able to be embedded in Decentralized Finance, and aligns with institutional operational habits.

You can understand thBILL as one thing:

It is not betting on the market, but rather补基础设施.

When mature modules like Pendle, Morpho, and Arbitrum revolve around a low-risk yield asset, it indicates that on-chain finance is starting to enter the next stage.

It's not about who has higher returns, but rather who is more "stable", more standardized, and closer to the real-world logic of fund management.

So I think that the scale of $thBILL breaking 200 million is essentially not the achievement of KPIs of a single project, but rather that on-chain finance has finally started to fill in the "secure yield layer" piece of the puzzle.

This layer is not filled, the so-called large funds and long-term funds will always just pass by.

Once this layer stands firm, the on-chain story may truly have the potential to be established in the long term.

@KaitoAI #Yapping #MadewithMoss @MossAI_Official #Starboard @Galxe @RiverdotInc @River4fun