free fudding is not my thing, but i'm still wondering how @USDai_Official can manage to be sustainable.
as of today, the expected apy is 13.86%, which should come from hardware loans. However, 99.9% ($584M) of the USDai supply is in t-bills, which typically have a short duration of about 3 months in crypto (and don't provide that much apy). but rates are falling, so next year's yield is expected to decline even further.
on the other hand, only 0.1% of the USDai supply is in hardware loans, specifically NVIDIA H200s at the moment.
i wonder whether @0xZergs' timeline is still on track for the transition towards hardware, as they were planning.
below is an image showing the USDai supply on @arbitrum and @Plasma. right now it's not possible to deposit cause caps were reached.
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