Tokenized stocks hit a record of about $3.3B (@RWA_xyz, 12 Oct). But a “tokenized stock” can mean very different things. For @redstone_defi’s new tokenized stocks report, we mapped the issuers behind the market. Same stock exposure, six legal instruments, six risk profiles.

September was the year’s worst month for crypto hacks: $766M lost across 55 incidents. We mapped the five biggest onchain exploits against Credora's methodology. Four were covered in full. The fifth, the $320M Liquid Network exploit, partially. Here's what happened.

Tokenized stocks total $3.17B+ in onchain value. Only 2.6% of that is used in DeFi. Read our latest report with @FourPillarsFP and @AleaResearch, revealed at @TokenizeThisNYC Singapore edition, to learn why. Features insights from: @Securitize, @DinariGlobal, @SuperstateInc, @extendedapp, @lista_dao, @JupiterExchange, @CredoraNetwork.

"AI represents machine-native intelligence, while digital assets represent machine-native money." BlackRock, Sep 2026. One of those dollars, rated. @USDai_Official: A- (indicative), Probability of Default (PD) 0.62%, against 13 rated RWA-backed peers.

Nine out of August’s eleven biggest DeFi exploits checked out against our risk assessment methodology. The rest were out of scope. Here’s what happened, and how it maps against the Credora framework 🧵

The Credora dashboard has a new set of updates live. A vault rating is a conclusion. What produced it usually stayed off screen. These four changes put those inputs in front of the reader.

Six out of July’s eight biggest DeFi exploits checked out against our risk assessment methodology. One was a partial cover, and the biggest one was beyond Credora’s scope. Here’s what happened, and how it maps against the Credora framework 🧵

I updated my 2023 roadmap diagram to overlay where the items that were there sit in the current Strawmap ( strawmap.org/ ). In general, a lot of overlap, but: * Some things got reshuffled in order (eg. quantum safety up-prioritized) * Some things deprioritized (eg. VDFs; many EVM improvements) * Some things replaced with superior constructions (eg. Verkle -> unified BT -> PBT; state expiry -> new state types) What's most striking, however, is that some completely new things are in the strawmap that are NOT in this diagram, because they were not in the 2023 roadmap at all. These reflect changing priorities. Notably: * First-class attention to strong privacy. This covers: keyed nonces and recent roots, aspects of FOCIL, lean privacy pool & wormholes * Aggressive scaling in the context of post-quantum. This covers: leanSPHINCS signatures and aggregation, zkzk frames (see ethereum-magicians.org/t/eip… ) * Lean-ification of the spec, to assist in formal verification (full FV of everything is only possible because of modern AI) * Blob and gas futures (this idea just didn't exist back in 2023) * Native rollups (SNARKs were nowhere near mature enough to even consider this back in 2023) * A more open design space for the "future of the EVM". zkzk frames already implies that the protocol will expose to users some ISA that's not the EVM - current leading candidates are leanISA and RISC-V. These ISAs are more simple, modern and efficient than the EVM. Once they're there, why not expose them to developers everywhere? (And then, why not turn the EVM into being an IR on top of that ISA, instead of an enshrined feature massively complicating the base protocol?) Though much of the deeper exploration here is too early even for the strawmap. * New state types are not just a replacement for expiry, they're a fundamentally different paradigm to how Ethereum does scaling A common theme in scaling, found in both state types and zkzk frames (both new ideas), is that instead of trying to maximally scale ALL ethereum activity, we try to create specialized mechanisms that have more restrictive properties that make them more scaling-friendly, while supporting the heaviest loads incurred by users and applications today (eg. token transfers, swaps) and tomorrow (eg. privacy protocols). The other common theme is treating STARKs and AI-accelerated FV as first-class objects, that we are okay betting the technical future of Ethereum on. There are recursive STARKs in many layers of the protocol, one particular primitive (the "aggregate to union verified dependencies" primitive) is expected to be used in *three* places in the protocol: EL, CL and DL. This can only be safe with formal verification, which is itself only feasible with modern AI tools. In general, many steps forward in maturity. And a huge amount of hard work by many dozens of Ethereum researchers and developers on all of these features. Ethereum will be quantum-safe. Ethereum will put users' privacy first. Ethereum will be secure. Ethereum will be censorship-resistant. Ethereum will be highly performant and scalable while satisfying the above. And Ethereum will be Lean.

1/ We’re excited to announce the close of @ethereuminsti's initial ecosystem funding round and supporter coalition, with broad participation and support from individuals and entities focused on driving institutional adoption of @ethereum. Our ecosystem funding round is anchored by @BitMNR, @Sharplink, Ethereum co‑founders @ethereumJoseph , and @MihaiAlisie, alongside a larger group of individuals and crypto‑native institutions.

.@Morpho Midnight is live. Fixed rate, fixed term, fixed maturity. A single market can permit up to 128 collaterals, and bad debt is socialized across it. So a lender's loss can be driven by collateral they never financed 🧵

A million holders now hold $34.8B of tokenized real-world assets. The risk came with them. A property token can fail on a deed. A fund token can fail on a redemption clause. A deposit token fails with the bank behind it. DeFi has no scale for any of it 🧵

Six of June's seven major DeFi exploits traced to risk dimensions scorable in advance. One fell outside the scope of asset ratings by design. We mapped all seven against the methodology 🧵