ETHEUR
Ethereum / Euro
crypto Composite

Yup.
A friend actually bought ETH today. He asked me if the price is low enough, I said "it seems so, but be cautious" and he sent $10K to Binance.
As far as I'm concerned, he's not really participating in the system and might as well throw the money into a black hole.
I've been called a tinfoil hatter for this, when we literally saw FTX do it.

> the way it did in the past
It is a speculative asset right now. The DeFi made it easy to trade on Ethereum and the speculative capital has come first. Which means that in future ETH should be rising as fast as it is dumping right now.
In chemistry an ether is a highly volatile compound. The name fits quite right.

Sure, I don't plan to time bottoms.
I just have high confidence of ETH reaching ATH in the future, so my buy orders are spread all the way down to $1000 and then some trigger also on the way up to $3000.
I'm not buying over $3000

> perhaps the price of ETH won't rise again in the long term the way it did in the past.
Oh, it will. Might range a few days, weeks, months, or even a year or two, but it absolutely will.
We're not out of narratives, and ETH can and will generate insane hype.
Human greed is boundless, and Crypto is perfectly engineered to exploit this.

Just bought some ETH.

I know it hasn't been the case before, but perhaps the price of ETH won't rise again in the long term the way it did in the past. The years of hype are over, and Ethereum is evolving into a chain used for professional purposes, which implies less price volatility.
In any case, I wouldn't take it for granted that the price will reach the level seen last August again in the next years.

> ETH's real issue is that all the chains are in a race to the bottom regarding fees. The whole idea is that ETH will be financial infrastructure that investors can collect fees on top of, but when the fee structure collapses due to margin collapse coming from the competition promising even lower fees, that doesn't bode well.
There's a network effect so fees don't go to zero. The place we want to be is very high volume with very low fees per transaction. Since the fees per transaction are trivial for the user they won't move somewhere with a worse network effect to avoid them. This is where we're heading imho.

# Solana DeFi Overview
**Read the full report with charts and more strategies**[ **here**](https://open.substack.com/pub/0dotxyz/p/weekly-report-3?r=1nyijl&utm_campaign=post&utm_medium=web)
Week 21 largely followed the same trends as Week 20, with no major changes across the market.
DeFi TVL held near **$5B**, showing little change from the prior week. Most of the decline seen in Week 20 was driven by SOL price movement rather than capital leaving the ecosystem.
# Stablecoin Supply
Stablecoin supply remained elevated at roughly **$14B**. USDC’s share stabilized \~50%, a major shift from the 75% dominance seen earlier in May.
Non-USDC stablecoins now represent roughly half of Solana’s stablecoin supply.
# ETF Divergence
SOL ETFs recorded **$115M** of inflows during May, the strongest monthly result of 2026. BTC and ETH ETFs continued to see outflows over the same period.
Solana was the only major crypto asset attracting sustained institutional ETF inflows during the period.
# Final Take
Capital remained on-chain. Stablecoin diversification continued. And Solana was the only major crypto asset attracting sustained ETF inflows during the period.
# P0 Overview
Week 21 was a week of rotation.
The high-return structures that dominated Week 20 weakened significantly:
* cgntSOL borrow costs increased, benefiting lenders, while still maintaining a competitive borrow rate for looping.
* The zenBTC team has wound down its activity, leaving fewer directional trading opportunities on BTC. This has made other directional trades, such as cBTC, more attractive due to their strong yields.
At the same time, stablecoin strategies improved across the board:
* USDS remained elevated, borrow costs fell.
* USD\* native yield increased.
* Every major stablecoin strategy either improved or was replaced by a stronger alternative.
Campaign strategies also gained ground :
* corvusSOL now delivers higher returns than comparable YIELD positions and remains the strongest campaign asset on the platform.
# cgntSOL strategies
cgntSOL borrow costs jumped from 0.6% to 5% in a single week.
That eliminated all seven standalone cgntSOL eMode strategies that were launched in Week 20. This now leaves greater attractiveness on the lending side. However, some cgntSOL pairs persist within campaign structures where the campaign yield offsets the higher borrow cost, but the pure eMode LST carry trades are gone.
# BTC Short strategies
BTC Short fell from **61% to 14%** APY after the zenBTC team exited the market.
The strategy was rebuilt using WBTC at a **2x leverage** structure instead of the prior 7x. The WBTC borrow rate of 3% compressed the spread significantly. BTC Short capacity remained large, but yield is now comparable to mid-tier campaign strategies.
# Stablecoin Strategies
USDS held above 17% for a second consecutive week while borrow costs fell, improving returns across all USDS-based strategies. The top opportunity remained **USDS/USDT at 62%** APY, followed closely by USDS/PYUSD and USDS/hyUSD.
USD\* also gained relevance. Higher native yield increased returns and created two new strategies USD\*/hyUSD and USD\*/USDT with combined capacity above **$55k**, significantly larger than the capacity-constrained USDS opportunities.
The only major change was the disappearance of USDS/USDC after USDC borrow capacity became unavailable. It was Week 20’s top-ranked strategy at 63%.
# Campaign Update
Campaign strategies strengthened further in Week 21.
corvusSOL was the standout performer, rising from **9% to 11%** effective yield. That increase pushed corvusSOL ahead of YIELD across every comparable strategy the first time corvusSOL has taken the lead.
YIELD remained relatively stable at **10%**, contrary to the sharp decline expected after Week 20. STKESOL also improved as emissions increased from 1% to 2%.
# Full APY Ranking
31 strategies. Campaign pairs now occupy more of the top 20 than in any prior week. Directional strategies SOL Short and BTC Short have compressed toward campaign-tier APYs despite carrying the largest deployable capacity on the platform.
# Winners & Losers
**Winners:**
* **corvusSOL/SOL**: +7pp 41% → 49%
* **USDS/hyUSD**: +5pp 54% → 59%
* **corvusSOL/JupSOL**: +4pp 14% → 18%
* **USDS/USDT**: +3pp 58% → 62%
**Losers:**
* **BTC Short**: −47pp 61% → 14%
* **SOL Short**: −12pp 27% → 15% (cgntSOL drag)
* **YIELD/cgntSOL**: −7pp 24% → 16%
* **YIELD/SOL**: −5pp 47% → 42%
# What’s Next ?
**Things to watch**
* Will USDS enter week 3 elevated? If yes, the one-week spike model is permanently broken for USDS.
* Can corvusSOL native yield (7%) hold, or will it revert toward the 5% Week 20 level?
* cgntSOL at 5%: stabilizing or continuing toward SOL parity (5%) and beyond?
* Will YIELD emissions hold at \~3% or continue their slow decay?
**Exit triggers**
* USDS-funded strategies: USDS deposit below 12%
* corvusSOL/SOL: corvusSOL effective below 9%
* SOL Short: cgntSOL borrow above 8%
* YIELD/SOL: YIELD effective below 8%
# Final Take
The key themes remain unchanged: stablecoin spreads, native yield, and campaign incentives continue to drive the best opportunities, while more complex leveraged structures have become less attractive.
Start earning this yield today on [P0 strategies](https://app.0.xyz/strategies) page

Sent 0.04485299 ETH but nothing arrived.

The problem really is ETH’s price.
People do not believe in ETH the way they believe in Bitcoin. On top of that, there is the leverage issue, which keeps making every downturn worse.
Most of us here still believe in Ethereum and ETH. But outside this community, I think far more people have lost interest or never bought into the thesis in the first place.
That sucks, but ignoring it does not help.
Ethereum needs something major that makes people want to own ETH again. Not just developers. Not just people already in the community. Regular investors, institutions, and people looking at crypto from the outside.
ETH needs a reason to matter again.

Also with any luck the bearish predictions of ETH at $600 are just as wrong as the $20k bull predictions. Though the bearish predictions are a lot more accurate.

Yup.
A friend actually bought ETH today. He asked me if the price is low enough, I said "it seems so, but be cautious" and he sent $10K to Binance.
As far as I'm concerned, he's not really participating in the system and might as well throw the money into a black hole.
I've been called a tinfoil hatter for this, when we literally saw FTX do it.

> the way it did in the past
It is a speculative asset right now. The DeFi made it easy to trade on Ethereum and the speculative capital has come first. Which means that in future ETH should be rising as fast as it is dumping right now.
In chemistry an ether is a highly volatile compound. The name fits quite right.

Sure, I don't plan to time bottoms.
I just have high confidence of ETH reaching ATH in the future, so my buy orders are spread all the way down to $1000 and then some trigger also on the way up to $3000.
I'm not buying over $3000

> perhaps the price of ETH won't rise again in the long term the way it did in the past.
Oh, it will. Might range a few days, weeks, months, or even a year or two, but it absolutely will.
We're not out of narratives, and ETH can and will generate insane hype.
Human greed is boundless, and Crypto is perfectly engineered to exploit this.

Just bought some ETH.

I know it hasn't been the case before, but perhaps the price of ETH won't rise again in the long term the way it did in the past. The years of hype are over, and Ethereum is evolving into a chain used for professional purposes, which implies less price volatility.
In any case, I wouldn't take it for granted that the price will reach the level seen last August again in the next years.

> ETH's real issue is that all the chains are in a race to the bottom regarding fees. The whole idea is that ETH will be financial infrastructure that investors can collect fees on top of, but when the fee structure collapses due to margin collapse coming from the competition promising even lower fees, that doesn't bode well.
There's a network effect so fees don't go to zero. The place we want to be is very high volume with very low fees per transaction. Since the fees per transaction are trivial for the user they won't move somewhere with a worse network effect to avoid them. This is where we're heading imho.

# Solana DeFi Overview
**Read the full report with charts and more strategies**[ **here**](https://open.substack.com/pub/0dotxyz/p/weekly-report-3?r=1nyijl&utm_campaign=post&utm_medium=web)
Week 21 largely followed the same trends as Week 20, with no major changes across the market.
DeFi TVL held near **$5B**, showing little change from the prior week. Most of the decline seen in Week 20 was driven by SOL price movement rather than capital leaving the ecosystem.
# Stablecoin Supply
Stablecoin supply remained elevated at roughly **$14B**. USDC’s share stabilized \~50%, a major shift from the 75% dominance seen earlier in May.
Non-USDC stablecoins now represent roughly half of Solana’s stablecoin supply.
# ETF Divergence
SOL ETFs recorded **$115M** of inflows during May, the strongest monthly result of 2026. BTC and ETH ETFs continued to see outflows over the same period.
Solana was the only major crypto asset attracting sustained institutional ETF inflows during the period.
# Final Take
Capital remained on-chain. Stablecoin diversification continued. And Solana was the only major crypto asset attracting sustained ETF inflows during the period.
# P0 Overview
Week 21 was a week of rotation.
The high-return structures that dominated Week 20 weakened significantly:
* cgntSOL borrow costs increased, benefiting lenders, while still maintaining a competitive borrow rate for looping.
* The zenBTC team has wound down its activity, leaving fewer directional trading opportunities on BTC. This has made other directional trades, such as cBTC, more attractive due to their strong yields.
At the same time, stablecoin strategies improved across the board:
* USDS remained elevated, borrow costs fell.
* USD\* native yield increased.
* Every major stablecoin strategy either improved or was replaced by a stronger alternative.
Campaign strategies also gained ground :
* corvusSOL now delivers higher returns than comparable YIELD positions and remains the strongest campaign asset on the platform.
# cgntSOL strategies
cgntSOL borrow costs jumped from 0.6% to 5% in a single week.
That eliminated all seven standalone cgntSOL eMode strategies that were launched in Week 20. This now leaves greater attractiveness on the lending side. However, some cgntSOL pairs persist within campaign structures where the campaign yield offsets the higher borrow cost, but the pure eMode LST carry trades are gone.
# BTC Short strategies
BTC Short fell from **61% to 14%** APY after the zenBTC team exited the market.
The strategy was rebuilt using WBTC at a **2x leverage** structure instead of the prior 7x. The WBTC borrow rate of 3% compressed the spread significantly. BTC Short capacity remained large, but yield is now comparable to mid-tier campaign strategies.
# Stablecoin Strategies
USDS held above 17% for a second consecutive week while borrow costs fell, improving returns across all USDS-based strategies. The top opportunity remained **USDS/USDT at 62%** APY, followed closely by USDS/PYUSD and USDS/hyUSD.
USD\* also gained relevance. Higher native yield increased returns and created two new strategies USD\*/hyUSD and USD\*/USDT with combined capacity above **$55k**, significantly larger than the capacity-constrained USDS opportunities.
The only major change was the disappearance of USDS/USDC after USDC borrow capacity became unavailable. It was Week 20’s top-ranked strategy at 63%.
# Campaign Update
Campaign strategies strengthened further in Week 21.
corvusSOL was the standout performer, rising from **9% to 11%** effective yield. That increase pushed corvusSOL ahead of YIELD across every comparable strategy the first time corvusSOL has taken the lead.
YIELD remained relatively stable at **10%**, contrary to the sharp decline expected after Week 20. STKESOL also improved as emissions increased from 1% to 2%.
# Full APY Ranking
31 strategies. Campaign pairs now occupy more of the top 20 than in any prior week. Directional strategies SOL Short and BTC Short have compressed toward campaign-tier APYs despite carrying the largest deployable capacity on the platform.
# Winners & Losers
**Winners:**
* **corvusSOL/SOL**: +7pp 41% → 49%
* **USDS/hyUSD**: +5pp 54% → 59%
* **corvusSOL/JupSOL**: +4pp 14% → 18%
* **USDS/USDT**: +3pp 58% → 62%
**Losers:**
* **BTC Short**: −47pp 61% → 14%
* **SOL Short**: −12pp 27% → 15% (cgntSOL drag)
* **YIELD/cgntSOL**: −7pp 24% → 16%
* **YIELD/SOL**: −5pp 47% → 42%
# What’s Next ?
**Things to watch**
* Will USDS enter week 3 elevated? If yes, the one-week spike model is permanently broken for USDS.
* Can corvusSOL native yield (7%) hold, or will it revert toward the 5% Week 20 level?
* cgntSOL at 5%: stabilizing or continuing toward SOL parity (5%) and beyond?
* Will YIELD emissions hold at \~3% or continue their slow decay?
**Exit triggers**
* USDS-funded strategies: USDS deposit below 12%
* corvusSOL/SOL: corvusSOL effective below 9%
* SOL Short: cgntSOL borrow above 8%
* YIELD/SOL: YIELD effective below 8%
# Final Take
The key themes remain unchanged: stablecoin spreads, native yield, and campaign incentives continue to drive the best opportunities, while more complex leveraged structures have become less attractive.
Start earning this yield today on [P0 strategies](https://app.0.xyz/strategies) page

Sent 0.04485299 ETH but nothing arrived.