从前有个国王,手里有一口“金泉”。这口泉每天都能生出一点金币,只要他不贪心、不打扰它,它就会源源不断地产出。但国王太急,总想着让泉水流得更快,于是他修水渠、挖分支、造机器,结果反而让泉水变得浑浊、难以控制。
听起来像寓言,但在 DeFi 里,这其实是现实。
很多项目都想“榨出更高收益”,结果系统一复杂,风险就上来了。
而今天早上吃完早餐,我刷到 @Theo_Network 的更新时,突然想到这个故事。Theo 像是那个不贪的国王:不追暴利,只做可验证、可组合、能自洽的现金流系统。
S2 积分已经开跑,这一季更像是“现金流积木”的游戏。
你可以拿 thBILL 拿基础分;也能把 PT-thBILL 放到 Morpho 借出 USDC;或者直接去 Pendle 做 LP 锁定票息。三种路径,互相衔接,逻辑闭环。
与此同时,第 5 个 DRIP epoch 还在推进,倾向奖励那些真有借贷需求的用户——特别适合用 thBILL 或 PT-thBILL 做抵押,去叠外部激励。
再往后看,Pendle 的 thBILL 池 这个月下旬要到期,临近时贴水、溢价会更频繁,是换月与拆分套利的好时机。
就我看来,@Theo_Network 的核心优势在于“可组合的真实收益”:
在 Morpho 上,thBILL/PT-thBILL 的 LTV 最高可达 91.5%,风险控制得当;
叠 DRIP 后,效率、点数、稳收益三项能同时拿。
我的思路很简单:小仓试持有 → 适度借 → 择机 LP,不贪心,先风控。
这不是投资建议,只是我在这口“金泉”边上,找到的一种稳妥取水方式。
#thBILL #RWA #Arbitrum

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