With ethereum:0xa12cc123ba206d4031d1c7f6223d1c2ec249f4f3 recently making ATHs and growing interest in on chain privacy, I thought I'd reshare the original Zama thesis I underwrote in 2023 multicoin.capital/2024/03/07…

I supposed to play GTA 6 and WoW forever while trading a crypto bull market and the simultaneous invention of immortality and total destruction of the human race due to AI while also maintaining a real life at home. The life of the modern man.

interesting to see the WIF cabal all over it again

The @zama confidential RFQ has started trading in private beta with a handful of selected traders. Here is an example trade which is super cool: swapping a confidential steakcUSDC vault position for cUSDC. This allows you to effectively exit your vault position confidentially instantly, even if all the vault liquidity is currently lent. eth.blockscout.com/tx/0x90c9…

Exhibit A. Reckless Fiscal Spending Doesn't matter whether they are left wing or right wing, they want to inflate monetary supply to infinity

Yesterday we unstaked a large slug of HYPE. We did not unstake to sell. This is why privacy matters. Our funds are constantly tracked, forcing regular wallet rotations. Institutions need privacy to operate. This is why we’re long $ZAMA and $ZEC. Zama unlocks private defi, Zcash is the leading private store of value chain. As capital markets continue to move onchain, privacy is paramount.

If a founder was never good at video games, that's a red flag.

Yes, Telegram won’t scan your private messages, no matter what banana-republic tricks the EU uses.

Depending on the data provider you use, the amount that Steakhouse manages on Morpho differs, but it's not remotely close to $4.5b, it's $1b on Morpho's website. Steakhouse vaults generally charge no management fee and a performance fee of 5–10% on PnL generated for depositors. Assuming they manage $2b of total TVL and typical stablecoin vault yields of 3–5%, gross annual yield generated is $60m–$100m. Factoring in a performance fee, Steakhouse retains $3m–$10m per year on a gross basis. There's no liquid environment in today's market where a curator would command a +$1b val. Separate comment, this is a reason why in my opinion with where yields trade in the current market, that DeFi lending protocols have been pausing on rolling out fee switches.

IPO Supply vs. Demand for @SpaceX Supply / lockup schedule - Potential 9% unlock on the second trading day after 2Q26 earnings. That is roughly 2x the IPO float. Demand / index buying schedule - T+5: passive/index buying could equal ~7–10% of the float. Total T+5 to T+15: passive/index demand could equal ~17–25% of the float. Analysis (done by AI) - Day 0–15: Thin float + passive buyers + price-insensitive demand likely create a sharp supply-demand squeeze. Day 15–70: Air pocket. Index buying is mostly done. Day 70–180: Digestion phase. More shares unlock, but a higher float may also force additional index buying. Day 366: The 51% unlock is the biggest overhang. Actual selling could be much smaller if Musk does not sell. Upside kicker: S&P 500 inclusion. If SpaceX becomes eligible after the float expands, S&P inclusion could create a second wave of passive buying.

For Bitcoin to come back into favor of large sovereigns//capital allocators we need large holders to stop being so impartial and apolitical and force discuss about quantum resistance.

When I hear people say DeFi looping is crazy and it doesn't exist in real world 🙄. My bro, its been in TradFi all along! When Blackstone bought Hilton for $26B and borrowed $20B: - Lenders earned a fixed yield and were senior to Blackstone. - Blackstone got the leveraged upside if it worked out but also take the downside if it doesn't. Potentially wiped out on the equity. That’s exactly looping. Lenders: senior, safer, more predictable returns. Borrowers/Loopers: bigger returns but contingent on execution, skill, and management (same as when you are managing these loops). Looping as a concept is not new, it just looks foreign because before DeFi it was only accessible to institutions.

In 2020, Flowdesk started with a simple idea: market making as a service. As digital asset markets matured, so did the demands of the participants operating in them. So we built accordingly. Today, we're introducing the next era of Flowdesk.

The convergence of TradFi and Digital Finance is happening now. $100M TVL 20 days post-launch Saturn is scaling fast - and we’re hiring. We’re looking for: 1. Security-focused engineers 2. Asia-based growth lead 3. Asia institutional BD If you think you can add value in any capacity, my DMs are open. Let’s build the future of digital credit and digital finance together!

sUSDat is now live on @Morpho, curated by @Flowdesk_co.

Finally, something exciting! Hat tip to the Dojo lads for noticing it almost immediately. This @xStocksFi market on @Morpho Ethereum is PAYING 15% to borrow against SPYx. And there's $10M to borrow against it here. Also, cool to see @flowdesk_co curating this. This is also, I believe, one of the first times we've seen such an aggressive LLTV (86%) for onchain stocks, which gives people more room for leverage before liquidation. Now, you can buymint (i.e., buy via a dex that routes through minting) but the rate is often better on @krakenfx (who's aligned with xStocks). There are obviously delta neutral plays here, but you want to be mindful that the pay-to-borrow incentives are obviously not going to last forever. Lending to this also paying ~8% here.

Agora is partnering with leading innovators across institutional assets, credit, and FX to accelerate new onchain capital markets. AUSD now powers the largest SPY market on Ethereum (by quite a margin)! Thrilled to be working with @xStocksFi, @Morpho, and @flowdesk_co.

xStocks are live on @Morpho Now, millions of Ethereum users can unlock liquidity on SP 500 xStock through the new vault launched with @flowdesk_co and @withausd. Tokenization meets capital efficiency.

Flowdesk, @withAUSD, and @xStocksFi are introducing a new standard for onchain capital efficiency. Today, we are launching the Flowdesk AUSD Equity Strategy — a @Morpho Vault enabling SPYx holders to borrow AUSD against their S&P 500 exposure while remaining fully invested onchain.