DeFi yield is moving beyond onchain funding rates.


The next frontier is yield from CME Gold futures markets.
Gold? Yes. Gold contango (future price > spot) is structural, driven by interest rates and cost of carry. The spread between spot and futures is delta-neutral yield waiting to be captured.
@Theo_Network is one of the first protocols to bring this onchain with thUSD:
- Long tokenized gold (thGOLD)
- Short gold futures on CME
- Pocket the basis spread.
Moreover, thGOLD itself earns ~2% from secured lending to gold retailers. Two independent yield sources stacked together.
I'm waiting to jump in here (missed the first pre-deposit campaign, the $100M cap filled in less than 24 hours).
Hope they have PT on this one once thUSD publicly launches. I've been farming ~8% APY on PT thBILL (Theo's tokenized T-bills) on Pendle for 4 months and it's printing good on my stables.
PENDLE-3.78%
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