One month has passed, and STRC has bounced back from its lowest point of 70+ to 96. The sUSDat I parked at @saturn_credit has also risen from over 140,000 to 184,000. Big thanks to @saylor for the solid moves recently. The past period was a bit rough—getting buried in U.S. stocks was bad enough, but even mining took a hit. Haven’t had such a tough time in ages. Based on the previous plan of a $1 billion budget, there’s still $700–800 million left. At this pace, STRC returning to 100 shouldn’t be a big problem, and the corresponding DeFi narrative can continue to play out. Although the reduction in my sUSDat asset loss is mainly due to STRC’s own re-pegging, I’ve also reviewed @saturn_credit’s progress over this period: 1. Saturn’s first move was not to shrink the product into a single risk-hedging model but to continue packaging STRC yields into tradable on-chain interest rate assets. This was a bold choice: after STRC dropped to 70+, the conservative approach would’ve been to reduce leverage, restrict liquidity, and emphasize the redemption queue. But Saturn’s focus remained on expanding USDat/sUSDat trading scenarios. Looking back now, this choice was the right one. 2. Using Monad and point-based incentives to re-attract liquidity. Saturn’s USDat/sUSDat has MON incentives on Monad, with double points from August 4–13. ETH chain will follow suit soon. Although I’m too lazy to mess around with it myself, it’s still appealing to many existing users. 3. Ondo made a strategic investment in Saturn, which is another confidence booster. Overall, Saturn’s execution has been solid. You could even say they’ve accelerated productization post-crisis, showing resilience as a team. Although STRC is still trading at a discount, if it successfully re-pegs to 100, this test could significantly boost market confidence in them and their related derivatives. Here’s hoping that when Saturn’s TGE happens, the airdrop will do justice to us big players who’ve been riding this rollercoaster. Looking at the recent performance of a few new TGE projects, it seems like their launch shouldn’t be too far off either.