Looking at Morpho data, the user characteristics of Saturn are as follows: [Maximizing capital efficiency, 40% of users bear medium to high liquidation risk]
Yesterday (4/29), Saturn's TVL data showed an interesting change: 'sUSDat supply > USDat supply', with sUSDat backed by micro-strategy STRC for the first time surpassing USDat backed by US Treasury reserves.
It’s clear that Saturn's core user base is likely a group of players with a high risk tolerance and interest-sensitive strategies.
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According to the Saturn dashboard created by Jonaso:
▻ 40% sUSDat on Morpho
▻ 35% sUSDat on Pendle
▻ 3.5% sUSDat on Curve
We can roughly summarize:
▻ Seeking capital efficiency → Morpho
▻ Seeking interest yield → Pendle
▻ Seeking airdrop points → Curve
Of course, all three may have overlapping attractive factors, but it's easy to see that users collateralizing sUSDat and borrowing AUSD represent the largest segment of capital.
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After categorizing the borrowing data from the Morpho sUSDat/AUSD market, I found:
▻ As much as 40% of borrowers have a health index (liquidation) between 1 to 1.10
▻ About 52% of borrowers have a health index (liquidation) between 1 to 1.15
▻ The average health index is approximately 1.368
Interestingly, in the Morpho lending market, there are only 34 addresses that collateralize over $1000 sUSDat, but these addresses hold a total collateral value of $20M.
In other words, the users depositing sUSDat in Morpho are primarily large capital players, and nearly half of the borrowers are willing to bear higher liquidation risks.
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Summary
This week, Saturn just launched a points ranking system. Combined with the ratio of on-chain address numbers to total staked amounts, it's very evident that Saturn's large capital holders make up a significant portion.
The Morpho data mentioned in this article delves deeper into the behavioral characteristics of these large capital holders. Indeed, as I suspected, users seeking exposure to STRC seem to be a group sensitive to yield and capital efficiency.
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※ The above content does not constitute investment advice (NFA). Please operate according to your own risk tolerance and participate in the investment market cautiously, DYOR.
※ Saturn code (+5% boost): SAT-B0F7AF00
#saturn #STRCStock #Morpho #Airdrops
Yesterday (4/29), Saturn's TVL data showed an interesting change: 'sUSDat supply > USDat supply', with sUSDat backed by micro-strategy STRC for the first time surpassing USDat backed by US Treasury reserves.
It’s clear that Saturn's core user base is likely a group of players with a high risk tolerance and interest-sensitive strategies.
-
According to the Saturn dashboard created by Jonaso:
▻ 40% sUSDat on Morpho
▻ 35% sUSDat on Pendle
▻ 3.5% sUSDat on Curve
We can roughly summarize:
▻ Seeking capital efficiency → Morpho
▻ Seeking interest yield → Pendle
▻ Seeking airdrop points → Curve
Of course, all three may have overlapping attractive factors, but it's easy to see that users collateralizing sUSDat and borrowing AUSD represent the largest segment of capital.
-
After categorizing the borrowing data from the Morpho sUSDat/AUSD market, I found:
▻ As much as 40% of borrowers have a health index (liquidation) between 1 to 1.10
▻ About 52% of borrowers have a health index (liquidation) between 1 to 1.15
▻ The average health index is approximately 1.368
Interestingly, in the Morpho lending market, there are only 34 addresses that collateralize over $1000 sUSDat, but these addresses hold a total collateral value of $20M.
In other words, the users depositing sUSDat in Morpho are primarily large capital players, and nearly half of the borrowers are willing to bear higher liquidation risks.
-
Summary
This week, Saturn just launched a points ranking system. Combined with the ratio of on-chain address numbers to total staked amounts, it's very evident that Saturn's large capital holders make up a significant portion.
The Morpho data mentioned in this article delves deeper into the behavioral characteristics of these large capital holders. Indeed, as I suspected, users seeking exposure to STRC seem to be a group sensitive to yield and capital efficiency.
-
※ The above content does not constitute investment advice (NFA). Please operate according to your own risk tolerance and participate in the investment market cautiously, DYOR.
※ Saturn code (+5% boost): SAT-B0F7AF00
#saturn #STRCStock #Morpho #Airdrops