Theo’s vault adoption is actually insane. It launched yesterday and it’s already almost full. While I’m writing this, there are $98M deposited, and it wouldn't surprise me if it hits the cap by the time you see this. The growth speed is wild. The most impressive part is the backtested yield we talked about a few days ago. They’ve managed to achieve around an 8% return over the last 12 months. To give you some context: if you check @DefiLlama for stablecoin carry trades, most projects are yielding about half of that. We all know Ethena or Resolve, but @Theo_Network is outperforming them right now. I’ve been looking for alternatives with decent TVL and the only one that shows a higher yield is Unitas. But honestly, I have not much idea what Unitas is. I checked their transparency docs and couldn’t find much, just that they use JLP (Jupiter’s perpetual index) and several stablecoins. I wouldn’t pay much attention to that one. Stick to what’s clear.