Deep AnalysisIntermediateMember Only
USDai's TVL halved in a week, USD1 was knocked off peg, Pendle's order books emptied overnight. The common thread is mercenary capital — the yield-chasing hot money that swarms incentives and vanishes the moment they dry up.
DeFi Sentinel Research
Strategy Analyst
May 29, 2026
9 min read
May 29, 2026
9 min read
Premium Member Content
USDai's TVL halved in a week, USD1 was knocked off peg, Pendle's order books emptied overnight. The common thread is mercenary capital — the yield-chasing hot money that swarms incentives and vanishes the moment they dry up.
About the Author
DeFi Sentinel Research
Strategy Analyst
Practitioner turned analyst tracking how incentives, liquidity, and capital flows shape DeFi protocols.
