To really understand what is going on here look at it is a YIELD. Then put that against the cost of money... The carry: In 2022 yield was 4.93%, could borrow at 2% = 2.92pp carry. In 2026 yield jumps to 6.16%, but borrowing at 5.7% =0.057 +0.46pp carry. 84% of the spread is gone. The trade that fuelled the bubble no longer works. Normally higher rents would push house prices UP, bigger yield = worth more. That has not happened because the discount rate has risen further than the income stream cancelling out what we would normally see from rent rise. What I believe is important... In last 4 years... Rents: +26% Earnings +23% House Prices: +0.9% This works because rents outran pay. That has stopped... UK Rent inflation Dec 2024: 9% August 2026: 3.8% Net Migration has seen a big change... 2023: 906,000 Dec 2025: 171,000 Three quarters of a million of new rental demand has shrunk since the peak. BUT BUT BUT "Section 24" all the landlord sympathisers will shout (I already see one comment about LL tax)... The numbers don't back that up.. Rental stock: Bank of England called it a "modest shrinkage" BTL mortgages: -3.4% since 2022 Build to Rent homes: +200k We have seen a fall, could be described as a collapse, in listings. But NOT stock. A lot fewer people are moving. Same houses/stock, less churn. Which means IMO... Listings collapsed, stock unchanged. Nobody moving, less churn. This means rents won't fall - listings 25% below pre pandemic. Rents now growing in line with pay growth. This means rent to house price ratio can't 'improve' through rents alone any more. There is only one side of the equation left... House Prices and they are about to collapse IMO.. Although this chart you just posted complicates that.. There are only two ways to close that yield gap: prices fall, or rents keep running. For the last four years it has been rents doing the work. I'd assumed that route had stalled at 3.8%. Your 3m annualised at 5% and rising says maybe not. Where is that data from? I think it's important to note how many more people are staying in place with unchanged rents at the moment, which does not show in the official data? If rents re-accelerate, the yield will get there without HP moving. If they don't, HPs fall. How far depends on what yield buyers demand. At 7% that's −12%. At 8%, −23%. That's just what the arithmetic says if the asset finishes repricing to the money it's bought with. That is IF the 2022 spread is to be restored. Which maybe it doesn't... Pre-2008 yields sat with a near zero spread vs mortgage rates for years. Are we back to the old normal? What I find most interesting about crunching these numbers is that it looks like the landlord exodus is not the main driver of rising rents. The numbers are counterintuitive if you believe articles in The Telegraph written in support of landlords.

A lunar construction company just came out of stealth mode: Lunar Forge. Laser-sintering regolith into structural material, aimed at fission-reactor housing and shielding. Their first demo is targeted for 2027. payloadspace.com/exclusive-l…

Volkswagen is cutting 100,000 jobs. Britain should be terrified. Not because VW is British. Because this is what happens when industry can no longer compete. Cheap Chinese rivals. High costs. Factories with nowhere near enough work. And what is Britain doing? Making energy brutally expensive. Taxing employers harder. Piling on more rules. Highest industrial power prices in the rich world. Then Reeves wonders why investment goes elsewhere. You cannot tax and regulate your way to an industrial revival. Industry goes where it is wanted. Cheap energy. Low taxes. Freedom to build. Get that wrong and the factories leave. The jobs follow. And once they’re gone, getting them back is almost impossible.

Two days ago, we received an update from our shipping provider, ShipMonk. We're deeply saddened to share the news that the recent data breach affects more customers than originally thought. Another 67,000 customers from the US who ordered between November 2019 and August 2021 were affected, with their full details (name, email, phone number, shipping address, order number) exposed. All affected customers have been emailed directly. If you didn’t receive an email, then you are not affected. Throughout our entire relationship with ShipMonk, we repeatedly requested and received written assurance confirming the deletion of the data, in line with our contract, data policy, and past communications. We are very disappointed that, despite receiving this confirmation, the data was not deleted in their systems. Trezor systems were not compromised, and your device is secure. But please be alert for fake emails, phone calls, fraudulent letters, and potential risks to physical security. NEVER share your wallet backup with anyone or type it into a website. We’re terribly sorry to everyone affected. We take this matter very seriously and are working to ship anonymous delivery ASAP, so you can protect your personal information when placing an order. For more information, visit our blog: trezor.io/blog/news/recent-c…

Grok 4.7 is only days away, and it is a uniquely special AI model Grok 4.6 is already sitting at the frontier while being one of the most cost-efficient frontier models available Now SpaceXAI is taking that base and scaling it to 2.1 trillion parameters...about 40% larger But the really interesting part is what is being added to it Grok 4.7 is getting supplemental training on SpaceX company data And what sits inside that corpus is.... Decades of rockets, Raptor engines, reusable boosters, Starship, the world's largest satellite constellation, vertically integrated stack, insane manufacturing capability, orbital systems, and some of the hardest real-world engineering problems SpaceX have actually solved Basically Grok is inheriting SpaceX’s engineering DNA And the larger model is expected to be better than 4.6 across the board while actually using tokens more efficiently Grok 4.6 already competes with the best models in the world And this will push Grok into an absolute monster at real-world engineering

Retro9000 C-Chain Round 4 is LIVE - and this round changes everything! @AvalancheFDN just announced a new verified user tier system. Your verification status now directly multiplies Crypto Factor’s score on the leaderboard. The more verified community members we have, the higher we rank. Get verified in 3 steps (takes 30 seconds): 1⃣ Go to retro9000.avax.network/ 2⃣ Connect your wallet (must have at least 1 Avalanche transaction ≥30 days old) 3⃣ Link your X account (must be ≥30 days old) Let’s get the entire Crypto Factor community verified from Day 1 and dominate this & future rounds! 🔺 Full details from the Foundation below ⤵️

🔺 We will soon be fully deploying on Avalanche 🔺 We are applied on-chain infrastructure for sovereign systems. A powerful no-code Web3 platform that empowers builders, entrepreneurs, ideators, and early-stage projects to launch and manage complete sovereign on-chain solutions - zero coding, no gatekeepers, full decentralised control. In preparation for full deployment on @avax, we’re actively looking for early-stage ideas, concepts, and projects ready to build on-chain with us for free! Whether it’s a new on-chain token ecosystem, governance model, utility primitive, or something entirely fresh - Crypto Factor is here to help you bring it to life. No dev team required. Just powerful, ready-to-deploy tools, templates and ecosystems that put you in control. This is your moment. If you have an early-stage idea you want to develop on Avalanche, drop it below 👇 Let’s build the next wave of sovereign Web3 systems together. 🔎 Explore our dApp: dapp.crypto-factor.io 💬 Talk with us: t.me/Crypto_Factor_TG

GM Avalanche For over a month, the team at Crypto Factor Labs has been focused on Avalanche. This includes enhancing the new version of our execution layer, deploying InterChain, and progressing with new protocol developments. While Crypto Factor has already shared some information, this post will provide an overview of the key technical details. AVAX and InterChain Mainnet We have successfully deployed a partial chain on @avax, connecting it to the Crypto Factor InterChain mainnet. Running an InterChain partial chain allows us to deploy and integrate our infrastructure while extending existing ecosystems. Avalanche is the fourth blockchain connected via InterChain and the first added after the Anchor fork. This fork enabled lighter, faster confirmations, allowing InterChain to scale more effectively with a greater number of partial chains. Consequently, the AVAX partial chain manages its state independently of the rest of the InterChain network and benefits from low-cost, rapid transactions. Following the Anchor update, we also halved the target block time and block confirmation times, resulting in 30-minute blocks with 15-minute confirmation times when fully saturated. CFR and CFEL v2 on AVAX After successfully deploying the partial chain on Avalanche, we began implementing the Crypto Factor Execution Layer. AVAX is the first blockchain where the v2 infrastructure is being deployed on the mainnet, starting with the token and distributor templates necessary for CFR token deployment. Some improvements made to the simple token ecosystem template in v2 include: - Tokenomics that no longer require external state calls, reducing gas usage and eliminating the need for external call management. - Like all v2 templates, tokens now offer metrics and state interfaces for easy backend indexing and real-time analytics. - A focus on distributor-based tokenomics, simplifying transfers and lowering token transfer costs. Notable improvements to the simple distributor template introduced in v2 include: - Distribution now occurs with a single smart contract call, eliminating partial states and simplifying management. - The distribution process is now structured as an execution tree, where each node forwards or consumes the payload. This can all be audited on-chain, resulting in a more transparent and stable process. - The Distributor service is now a subscription service running on the Crypto Factor relay protocol, with operational fees covered by CFR. With the first set of v2 services implemented on AVAX, we successfully deployed the CFR token, which is now awaiting the token bridge's public launch. This will enable InterChain transfers, and we expect to make the bridge available to the public in the next 1-2 weeks. New Protocols Crypto Factor has announced the development of two new protocols focused on real-world assets (RWA), which will be deployed on AVAX using v2 infrastructure: one for building lifecycle-based digital assets and another for managing tokenized assets, such as carbon credits. We will provide more detailed technical information about both protocols in separate posts in the coming days. As always, we look forward to seeing you all on-chain.

We are happy to announce that Anchor was successfully activated on mainnet at height 1055. 🎉 Currently, the confirmation time is set to 30 minutes, and as expected, transaction fees have decreased, and InterChain usage has increased.

Network Expansion - Introducing Avalanche 🔺 We’re pleased to share that Crypto Factor will integrate the Avalanche Partial chain into Interchain and expand operations to the Avalanche blockchain. @avax @AvalancheFDN This is not a reaction to trend. It is a planned and deliberate step in the evolution of our infrastructure. We are expanding the surface area of Crypto Factor - carefully, strategically - to support new categories of tokenised assets and commercial deployments, while continuing to strengthen the network integrations that already power our ecosystem. Why Avalanche? Avalanche combines high throughput with near-instant finality through its multi-chain architecture. For tokenisation at scale, performance is not a feature - it is a fresh foundation. Its subnet model enables sovereign, purpose-built layer-1 environments. This allows projects building on our infrastructure to operate within tailored execution contexts, while remaining connected to the wider ecosystem through Interchain. Avalanche has also emerged as a serious environment for real-world asset tokenisation. Strong tooling, flexible asset issuance and native cross-chain capability make it well suited to structured, long-term deployment models. And sustainability matters. Independent benchmarking places Avalanche among the most energy-efficient major proof-of-stake networks. For infrastructure that aims to support responsibly aligned markets, that characteristic is not incidental - it is intentional. A Complementary Expansion. This move does not replace or compete with our existing partner chains. Partisia Blockchain, DeFiChain and Polygon remain foundational to Crypto Factor’s strategy. - @partisiampc - @defichain - @0xPolygon Avalanche extends our reach. It strengthens Interchain. It broadens what we can build - for who, with confident intent. Labs will be sharing more on what this unlocks and technically entails very soon! @cfr_labs

As a Polygon grantee, Crypto Factor is now opening its ecosystem deployment flow to the wider Polygon community. One of our core focus areas this year is Template Execution - helping projects move from idea to fully operational on-chain systems using infrastructure that is already live and proven. Over the past months, we’ve been expanding our foundation on Polygon: strengthening Interchain support, refining our cAsset layer, and updating the interface that powers complete token ecosystems end to end. We’re now opening this flow to anyone in the Polygon ecosystem who wants to launch their own token system - without needing technical skills, smart-contract knowledge, or upfront costs. Our refreshed dApp shows exactly what a live ecosystem can look and feel like when deployed through Crypto Factor: ✨ Token creation and configuration ✨ Liquidity and bootstrapping mechanisms ✨ Staking vaults and reward flows ✨ Treasury, vesting, and distribution logic ✨ Wrapped assets (including upcoming cPOL) ✨ Full Interchain connectivity across networks You bring the idea. We deploy the full ecosystem infrastructure. Control is then handed over through on-chain governance. Whether you’re launching a new concept, utility drive, a meme, evolving a community token, building a loyalty model, or exploring what’s possible on-chain, we’ll support you from zero to a fully live system. 🟣 No code required 🟣 No dev team needed 🟣 No upfront cost 🟣 Fast, structured deployment As part of our Template Execution focus, we’re now looking to onboard the next Polygon-native ecosystem through this flow. If you’re ready to move from using the chain to operating your own on-chain system, we’d love to hear from you. DM us or reply below. Let’s build something meaningful together. 💙