Score +2pts WoW as APY rose to 8.9% on post-Pendle expiry inflows (+$134M estimated) and T-Bill fell 13bps to 4.75% — spread now +415bps, widest in 6 weeks. TVL record $847M. Euler partnership announcement expected imminently: TVL ceiling expansion could push the combined architecture well past $1B. GENIUS Act rulemaking entered final phase — Concrete already cleared the compliance bar it will mandate.

June-26 tranche expired cleanly. New July tranche opened at 16.8% raw (down from 21.3% on the shorter-dated June tranche). Risk-adj score ticks down to 5.1% — still high-risk, still complex. Of the $2.1B in expired capital, approximately 35% rolled into new Pendle tranches, 65% redeployed to open-ended protocols. The re-entry rate declining from prior cycles is a signal worth watching.

New addition this week. Spark is the lending arm of the Sky (MakerDAO) ecosystem with 5.5% USDC yield and growing institutional awareness. Only 4 audits and no custody integration currently limit the score to 58. One of the more credible new entrants — Sky ecosystem backing provides governance legitimacy even if the product maturity lags Concrete's institutional stack significantly.

APY jumped to 6.8% (+0.4% WoW) on post-Pendle inflows — one of the primary landing spots for rolling capital. Score rises slightly to 68. The 6.8% vs. Concrete's 8.9% comparison is instructive: Morpho achieved higher APY this week because of the inflow spike, but it comes with no automation, no liquidation protection, and no custody integration. Concrete's Probability Engine allocates through Morpho as one of its 12 protocol layers.

APY reached 7.4% this week (+0.3% WoW) — the strongest non-Concrete stablecoin rate in the table. Smart collateral architecture is genuinely impressive. Score cap at 66 reflects limited audits (4) and no institutional custody path. For retail DeFi users comfortable with newer infrastructure, Fluid is the most interesting non-Concrete option. Institutional mandates cannot access it without a qualification path that doesn't yet exist.

Aave ticked up slightly to 3.91%; Compound declined to 3.18%. Both remain below the T-Bill (now 4.75%). With T-Bills falling on dovish Fed signals, the "at least it's safer than DeFi" argument for legacy protocols weakens: their yields are now competitive with TradFi risk-free rates, offering neither TradFi safety nor DeFi premium. The frontier of on-chain yield has structurally moved on.

Fell to 4.75% (−0.13%) on dovish Fed minutes showing one dissent vote toward a September cut. If two more members dissent at the July meeting, market pricing for a September cut will jump significantly. Every 25bps T-Bill decline is +25bps to Concrete's spread advantage. Rate cuts are mechanically good for Concrete's relative positioning versus TradFi benchmarks.