defi-overview

name	DeFi Overview
description	DeFi read — regime verdict, biggest movers with "why it matters", sustainable vs incentive yields, fees fundamentals
var
tags	["crypto"]

${var} — Chain or protocol to focus on (e.g. solana, aave, arbitrum). If empty, full market overview.

Read memory/MEMORY.md for context. Read the last 2 days of memory/logs/ to avoid repeating numbers and to cite yesterday's figure when flagging today's change.

Thesis

The original produced a table of numbers. This version produces a read of the market: one verdict line at the top, then only items that changed or matter, each with a one-line reason a reader should care. TVL alone is lagging and emission-subsidized — we pair it with fees/revenue (real fundamentals) and split yields into sustainable (apyBase) vs incentive-driven (apyReward) so readers stop chasing scam-tier APYs.

Focus mode

• var empty → full market overview.
• var matches a chain name in /v2/chains (case-insensitive) → chain focus: scope DEX volume, fees, and yields to that chain; keep a 2-line market header for context.
• var matches a protocol slug in /protocols → protocol focus: pull /protocol/{slug}, /summary/fees/{slug}, /summary/dexs/{slug} if DEX; compare against its chain and its 30-day self.
• var matches neither → proceed as full overview and note var unresolved: ${var} in the footer.

Steps

1. Fetch (public, no auth — use WebFetch if curl fails)

# TVL
curl -fsS "https://api.llama.fi/v2/chains"                        > .tmp/chains.json
curl -fsS "https://api.llama.fi/protocols"                        > .tmp/protocols.json

# Volumes & fundamentals (these are the endpoints the old version was missing)
curl -fsS "https://api.llama.fi/overview/dexs?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true"  > .tmp/dexs.json
curl -fsS "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true"  > .tmp/fees.json

# Stablecoins
curl -fsS "https://stablecoins.llama.fi/stablecoins?includePrices=false"  > .tmp/stables.json

# Yields
curl -fsS "https://yields.llama.fi/pools"                         > .tmp/pools.json

For each endpoint, if curl fails or returns non-JSON, retry once with WebFetch against the same URL. Mark the source ok or fail — carry this into the footer. Never block the whole run on a single source.

/protocols and /v2/chains already include change_1d / change_7d / tvl — use these directly, do not diff manually. /overview/dexs and /overview/fees return total24h, total7d, change_1d, change_7d, change_1m, protocols[].

If var is a chain, additionally fetch /overview/dexs/{chain} and /overview/fees/{chain} and filter pools by chain == var.

2. Compute the verdict (ONE line, leads the message)

Score three dimensions from the last 24h:

• tvl_d = overall TVL change_1d (sum across /v2/chains)
• vol_d = DEX volume change_1d (from /overview/dexs)
• stable_d = stablecoin supply change_1d (sum from /stablecoins)

Verdict rules (pick the first that matches):

• All three > +2% → Risk-on — capital flowing in across TVL, volume, and stables.
• Two of three < −2% → Risk-off — capital unwinding.
• |tvl_d| < 1% AND |vol_d| < 5% → Sideways — no conviction; grind day.
• Otherwise → Mixed — describe the split in ≤12 words (e.g. "TVL drifting up on steady volume, stables flat").

3. Pick what goes in the message

Each section caps at 3 items. Drop any section whose best item fails its inclusion rule — don't pad.

Top chains (3 items): rank by TVL; show change_1d only if |change_1d| >= 1%, otherwise suppress the delta.

Movers — chains (1 up, 1 down): filter |change_1d| >= 5% AND tvl >= $500M. Require a ≤15-word "why" grounded in what you observed (unlock, points program, bridge activity, depeg, exploit, launch). If you can't name a cause from the data or memory, write "no obvious catalyst" — do not invent one.

Movers — protocols (1 up, 1 down): filter |change_1d| >= 10% AND tvl >= $100M. Same "why" rule.

Fundamentals — fees leaders (top 3 by 24h fees from /overview/fees): include change_1d in fees vs 7d average. This replaces the old "top protocols by TVL" padding — fees > TVL for real demand.

Fundamentals — fees-beating-TVL (up to 2): protocols where fees change_7d > +20% AND TVL change_7d < +5%. These are where real demand is outpacing emission-subsidized capital. Skip section if none.

DEX volume: 24h total + top 3 DEXes with change_1d.

Stablecoins: total supply + any single stablecoin with |change_1d| >= 1% (usually only notable shifts survive).

Yields — split into two sub-sections, each with a hard filter:

• Real yield (sustainable) — 3 pools max. Filter: apyBase > 0 AND apyReward_share < 0.5 AND outlier == false AND predictions.binnedConfidence >= 2 AND apyMean30d >= apy * 0.5 AND tvlUsd >= $10M. Rank by apyBase descending.
• Incentive yield (points / emissions) — 2 pools max. Filter: apyReward > 0 AND outlier == false AND tvlUsd >= $25M. Tag with the reward token symbol. Rank by apy descending.

If zero pools survive either filter, omit that sub-section and note it in the footer (real_yield=0 etc.) — this is itself a signal.

4. Compare against yesterday's log

Read memory/logs/${yesterday}.md. If a mover appears today whose direction flipped (e.g. chain was top gainer yesterday, now top loser), prepend ↔ and note the reversal in its "why" line. If a yield pool from yesterday's Real-yield list is missing today, check whether it failed a filter (outlier flipped, APY collapsed) — this is worth one line under Yields.

5. Notify

Send via ./notify (single call, under 4000 chars, plain markdown). Template:

*DeFi — ${today}* — <Verdict>: <≤12-word regime read>

*TVL:* $X.XXT (+X.X% 24h, +X.X% 7d)

*Top chains*
1. Ethereum — $XXXB (+X.X%)
2. Solana — $XXB (+X.X%)
3. Tron — $XXB

*Movers*
↑ Sui +12% ($1.8B → $2.0B) — <≤15-word why>
↓ Base −7%  ($9.2B → $8.6B) — <≤15-word why>
↑ Pendle +18% ($4.0B → $4.7B) — <≤15-word why>
↓ Ethena −11% ($5.1B → $4.5B) — <≤15-word why>

*Fees leaders (24h)*
1. Tether — $XXM (+X% vs 7d avg)
2. Circle — $XXM (flat)
3. Uniswap — $XXM (−X%)

*Fees beating TVL*
• Hyperliquid — fees +42% / TVL +3% (7d) — demand outrunning deposits
• <second if any>

*DEX vol (24h):* $X.XB (+X%)  top: Uniswap $XB, PancakeSwap $XB, Jupiter $XB

*Stables:* $XXXB (+0.X%)  — USDe +1.2% only notable single-issuer move

*Real yield (sustainable, ≥$10M, filtered)*
• stETH (Lido, ETH) — 3.2% apyBase ($21B TVL)
• sUSDS (Sky, ETH) — 6.1% apyBase ($2.1B TVL)
• GHO savings (Aave, ETH) — 7.0% apyBase ($400M TVL)

*Incentive yield (points / emissions, ≥$25M)*
• <pool> — 18% apy via $XYZ rewards ($80M TVL)
• <pool> — 14% apy via $ABC rewards ($60M TVL)

_sources: llama_tvl=ok  llama_dex=ok  llama_fees=ok  llama_stables=ok  llama_yields=ok  | var: ${var:-none}_

Edit rules before sending:

• Any mover with "no obvious catalyst" stays — do not invent causes.
• Drop any section whose filter produced no items, except write one line explaining (e.g. _no real-yield pools cleared filter today — apyMean30d gates tightened_).
• If ≥2 sources are fail, prefix the title with [DEGRADED] and note which in the footer.
• If all sources fail, send a single line DEFI_OVERVIEW_ERROR: all DeFiLlama endpoints failed and stop.

6. Log

Append to memory/logs/${today}.md:

### defi-overview
- Var: ${var:-none}
- Verdict: <Risk-on|Risk-off|Sideways|Mixed> — <regime read>
- TVL: $X.XXT (+X.X% 24h)
- Top mover up: <chain/protocol> +X%
- Top mover down: <chain/protocol> −X%
- Fees leader: <protocol> $XXM
- Real-yield count: N   Incentive-yield count: N
- Sources: tvl=ok dex=ok fees=ok stables=ok yields=ok

Sandbox note

The sandbox may block outbound curl for *.llama.fi. For every endpoint, if curl fails or returns a non-JSON body, retry once with WebFetch against the same URL before marking the source fail. All DeFiLlama endpoints used here are public and unauthenticated — no pre-fetch/post-process needed.

Constraints

• Never invent a catalyst in the "why" line. "no obvious catalyst" is a valid answer.
• Never show an APY without its filter verdict (real vs incentive). No unlabeled yields.
• Drop empty sections rather than padding with low-conviction items.
• Keep the notification under 4000 chars — trim lowest-signal sections first (in order: Stablecoins, DEX top-3, Top chains #3).