Some bangers from the SEC today: 1) buybacks do not make a commodity token into a security 2) liquid staking tokens for commodities are not securities sec.gov/about/divisions-offi…

feeling BULLISH!

2Factor is live on @base in public beta. Kelly-optimized leverage for buy-and-hold investors, starting with base:0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf. First Bitcoin, then stocks. 2factor.finance

1. Stocks will all be tokenized 2. Bonds will all be tokenized 3. Funds will all be tokenized 4. Real estate will be tokenized 5. Private credit will be tokenized 6. Commodities will be tokenized 7. Treasuries will be tokenized 8. Art will be tokenized 9. Collectibles will be tokenized 10. Infrastructure will be tokenized 11. Insurance will be tokenized 12. Company shares will be issued onchain 13. Stablecoins will become the default rails for moving money 14. Every major financial institution will have an onchain product 15. Every major asset manager will have tokenized products 16. Financial markets will trade 24/7 17. Settlement will move from days to seconds 18. Ownership will become programmable 19. Collateral will become composable 20. Assets will move across borders without traditional financial plumbing 21. The distinction between crypto and finance will keep disappearing 22. Tokenized assets will become normal for the average investor 23. Billions of people will eventually interact with tokenized assets without even thinking about it 24. The majority of financial assets will eventually have an onchain representation 25. Tokenization will become so normal that we stop calling it tokenization

A 3x lever sounds like a number. It is actually a time problem. Imagine carrying a machine that amplifies every movement you make. On a smooth road, that amplification can be useful. On a road full of sharp turns, the same machine can slowly destroy the journey even if the destination never changes. That is the problem @2FactorFinance is studying. Leverage does not live in isolation from volatility. Two drags accumulate over time: → Volatility drag from the path an asset takes → Financing drag from the capital supporting the exposure So the useful leverage range has to be engineered around the asset itself. That is why 2factor's research does not treat BTC, gold, and equities as interchangeable. At roughly 60% BTC volatility, the target junior exposure is about 1.33x. At roughly 16 to 19% equity volatility, the productive band can extend beyond 3x. Same concept. Different terrain. I find that distinction more interesting than simply asking how much leverage a product offers. And it explains why 2factor is building its structure around perpetual senior and junior tranches rather than relying on conventional short-side financing. The Marks program gives me a practical way to dig into that research rather than just read the headline. Season One ends at launch. The top 10 leaderboard accounts split 1 BTC in cbBTC, with the fixed curve ranging from 18.2% at rank 1 to 1.8% at rank 10. Marks cannot be transferred, have no cash value, and are not a claim on any token or asset. I am tracking my progress here: points.2factor.finance/r/gl4… If you're participating, share one asset you think needs a completely different leverage multiple from BTC, and explain why.

Early days, but this is what kelly-optimal BTC looks like: - BTC +11.94% - cbBTC-Jr + 16.31% Note the down and sideways periods in the early part of the series. You can just hold through it. By design it's backtested (for positive drift assets) st — the marginal benefit of holding through rallies >> marginal cost of holding it through down-swings. @2FactorFinance @base #notfinancialadvice

Excited to transition from R&D to scaling and full-time firefighting .. 😅

Our latest research paper explores the growing connection between AI and digital assets and explains why broad AI adoption may drive new demand, utility and applications across the digital asset economy. blackrock.com/us/individual/…

Nicely done!

$6.2 Billion in TVL A new ATH

Local currency stablecoin supply grew 3x over the past year ($50M → $150M), with 30+ local currencies live on @base today We will make every single local currency liquid, useful, and adopted on Base

impressive

BREAKING: Bitcoin surges above $86,000 as total levered crypto liquidations near $900 million in 24 hours. This officially puts Bitcoin up +50% since its low seen just 2 months ago. Crypto is in a new bull market.

🔥 HUGE: The crypto market has added over $210B since the CLARITY Act failed.

📄 @base Weekly Recap what happened on @base this week News ■ @base plans EIP-8130 later this year, adding batch transactions, gas abstraction, key rotation, and portable accounts. ■ Base stablecoin market cap reached $5B. ■ Coinbase Tokenized Stocks crossed $1B in DEX volume on Base in less than one month. ■ @colosseum opened the Crypto World’s Fair Base track with $25K for the top five startups. ■ @alliance opened applications for its next founder cohort. Ecosystem ■ @Morpho opened stock-backed lending markets for Coinbase Tokenized Stocks. ■ @zothdotio brought compliant local-currency payouts to Base across 171 countries. ■ @Stonxfun published plans for more equity markets, stock-denominated fees, buybacks, burns, and multipair pools. ■ @feeldotcash launched a stock-paired coin launchpad for tokenized stocks. ■ @HydrexFi crossed $1M in total HYDX buybacks. ■ @lienfiapp sold a Florida tax lien for $621.56 at 6.25% interest. ■ @peerxyz added Apple Pay to its US app. ■ @DefinitiveFi added stop-loss and take-profit orders to mobile charts. ■ @mamo distributed 3.67M MAMO to eligible USDC depositors. ■ @flock_io signed a framework agreement with the UNDP for AI, privacy, and public-sector innovation. ■ @megapot added Telegram Wallet integration, opening access to more than 150M users. Stats ■ @BaseStonk reached 1,530 launches, 266K trades, $35M+ volume, and 143K holders in its first month. ■ @Stonks_Exchange crossed $50M in lifetime volume. ■ @o1bluechip became the second-largest NVDAc liquidity venue, with around $445K in liquidity. ■ @glider__ brought Bitwise Mag7X to Base and crossed $1M through Coinbase Tokenized Stocks. AI ■ @OpenGradient launched DreamFort for private chat, local agents, image generation, and video tools, after processing 651K+ private inferences and 4.81B+ tokens. ■ @AskVenice reached 250B daily tokens. ■ @usedotai processed 9B tokens in 28 days and added private GPT-5.6 Sol access. ■ @KorProtocol connected KORUS to x402scan so agents can discover and pay for music licenses on Base. ■ @reppo launched Orquestra Lite for simpler datanet registration and participation. ■ @myrad_hq reached #2 on the Reppo leaderboard with 68M traded volume. ■ @ILITY_xyz completed Airdrop Season 2 with 300K ILY allocated to eligible users. ■ @QuotientHQ added filters for venue, spread, conviction, category, and update recency. ■ @aeonframework made audited Uniswap v4 hooks available. ■ @gitlawb released Zero v0.9.0, its Go-based agent harness. ■ @1clawAI published its vault, HSM, MPC, and audit-trail setup for safer agents. ■ @basemateagent delivered tokenized Apple stock to beta users through text messages. ■ @bankrbot added Muse agent wallets for stock-token trading, stock-paired launches, and portfolio automation. ■ @ClawBankHQ published its living-software framework, where agent failures become improvements for future users. Launches ■ @virtuals_io launched Occupy on Base for AI-managed shared stock treasuries. ■ @roqqupay launched Go Card for multi-currency crypto spending through USDC. ■ @norafinancexyz launched $BRS, a Brazilian real stablecoin for payments and DeFi. ■ @verantaxyz opened public access to crypto and RWA leverage markets after its rebrand from Avantis. ■ @umia_finance launched its first decision market. ■ @catalystmkts_ launched event markets for real-world outcomes. ■ @pistachiofi brought auto-rebalancing tokenized equity baskets to Base. ■ @harvest_finance added stock autocompounders for Coinbase Tokenized Stocks. ■ @2factorfinance opened its public beta. ■ @sportfun added Reputation Score. ■ @birdeye_so added Coinbase Tokenized Stocks on Base. ■ @dangotegroup’s DPRI IPO went live on Base through GetEquity.

Optimal, long-term leverage for @coinbase tokenized stocks coming soon to @base

Here we go again! The WSJ is working on a story blaming Coinbase and me personally for the CLARITY Act not passing. The Journal has repeatedly been hostile to CLARITY in its reporting, regurgitating bank lobby talking points, while I’ve spent years pushing for crypto legislation, but that’s not stopping them from trying to reverse the blame. The boring TLDR: in January I opposed a draft of the bill going into a committee vote, because it needed a lot of work on DeFi, tokenization, CFTC authority, and stablecoin rewards. At the time, the bill had major issues that would have harmed crypto. Support was fractured, and it wasn’t passable. We worked with a number of parties who improved the bill and made it passable. All four of the items I called out were fixed in the draft that then went through the committee about four months later. I'm proud to have done it, and would do it again, because it helped create a better bill. One step of many along the way. The final draft of CLARITY that went to the Senate was great, and I strongly supported it. I'll continue showing up for our customers and pushing for clear rules that treat crypto fairly, even if those who feel threatened by crypto try to plant false stories. It's a shame that the WSJ takes direction from bank lobbyists instead of reporting the truth, but luckily, people are smart enough to see through it these days, and it backfires on them every time.

The story about tokenized stocks people are still missing is that DeFi now has a chance to start beating TradFi at its own game. Not just on access, but on performance. I think 2factor.finance has a shot at showing this. TradFi is going to have to merge with DeFi at some point, because it's clear to me the future of structured products is onchain.