Alright, degens and market structure obsessives. Just found something that might actually be alpha, not just another narrative mirage.
Peep this @246_club. They're cooking up a natural rate arb play between the unified lending giants and the isolated pools. Could be interesting. Read this if you're not farming dust. 👇
1. The game changes when you look at the plumbing. Most of you ape into whatever pumps. I look at why rates differ.
Unified Markets (e.g., @Aave) Deep, shared liquidity. Efficient, sure, but shared risk means collateral caps. Generally lower borrow costs.
Isolated Markets (e.g., @MorphoLabs) Each pair is a silo. Cleaner risk, but liquidity gets fragmented. That means higher lending yields for depositors.
2. So, how does 246 Club farm this spread?
The core idea is to borrow cheap from Aave, and lend expensive on Morpho. The profit is the spread. Not complex, just requires smart execution and capital aggregation.
3. This isn't some ponzi yield. This is profiting from structural inefficiencies. 246 Club takes "sticky" Aave liquidity and puts it to work where the money's actually made: on isolated, higher-rate markets. You provide capital, they optimize. And if you're really degenerate, you can loop this. Deposit, borrow, re-deposit. Classic yield compounding.
4. Re-Lending (The Supply Side) This is where you utilize your capital. You simply deposit aTokens $aUSDC into 246 Club, supplying "borrowing power" to 246 Club. You still get your base Aave yield, plus a cut of the boosted yield from 246 Club. Passive alpha for your stale aTokens.
5. Cross-Protocol Borrowing (The Demand Side) This is how they get the cheap capital. You can deposit receipt tokens from high-yield isolated markets (like @Rings_Protocol $wstkscUSD) as collateral. Then, you borrow assets at a lower rate from Aave on 246 Club and start arbitraging the rates.
6. Aave's borrow side is massive, liquidity is liquid, and people trust it. That means consistent lower borrowing costs. Isolated markets, by design, offer higher lend yields. This isn't just a fleeting opportunity; it's a structural arbitrage that should persist as long as these market designs coexist. They're just farming the inefficiencies.
8. Props to the teams building the rails here.
@Aave by @StaniKulechov & @lemiscate The OG liquidity beast; @MorphoLabs by @PaulFrambot For building the isolated primitive that creates this spread.
And to the @246_club team for actually connecting these dots and building the bridge. @0x_Bartender @0xkooone @0xrestrict @k__is__silent @madiha_right @Glovin_
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