Sam MacPherson retweetledi
Sam MacPherson
7.4K posts
Sam MacPherson
@hexonaut
Co-founder / CEO @sparkdotfi ⚡️ Previously Protocol Engineering MakerDAO (@Skyecosystem)
Toronto, Ontario Katılım Temmuz 2011
947 Takip Edilen12.4K Takipçiler
Sam MacPherson retweetledi
The Sky Agent Network is only as strong as the agents in it.
Spark was the first Sky Agent, and two years later, it remains the largest, with $9.74B in TVL across its product suite.
Sky Agent Spotlight: @sparkdotfi ↓
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Sam MacPherson retweetledi
Spark is live on Turtle.
Deposit into @sparkdotfi opportunities directly through the app.
Every Spark position now shows on your portfolio page.
app.turtle.xyz/discover?filte…
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Sam MacPherson retweetledi
Sam MacPherson retweetledi
🚨 New episode: Untangling DeFi Lending with Sam MacPherson
This week we’re joined by Sam MacPherson, Co-Founder & CEO of Phoenix Labs, the team behind Spark.
DeFi promised open markets, transparent rails and global liquidity.
But institutional capital still hasn’t fully arrived.
Why?
Because serious capital needs more than yield.
It needs liquidity, risk management, transparency and trust when markets get messy.
Watch/listen here: youtu.be/o0zGglAY6Mc?si…
@hexonaut @sparkdotfi @YAPGlobalTeam
@AlecJBurns @JackODavies_
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@0xngmi 30d is a more accurate projection imo. 12 months is a looong time in crypto.
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We're thinking of switching from annualized numbers for revenue to TTM (last trailing 12 months)
what should we do for projects that are younger than 12mo?
- use ttm anyway
- annualize based on the data we have (eg if live for 6mo, multiply by 2)
- dont use ttm, use 30d instead
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@LorenzoARK For crypto I think it's pretty consensus we are in a bear market.
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Stablecoin supply has been surprisingly flat since October 2025 despite a lot of catalysts
Anyone have a good theory?
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@LorenzoARK Look at the 2022 bear ~35% drawdown.
Growth should be even faster during next bull phase.
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Join us on Friday!
Spark@sparkdotfi
Podcast: Join Sam @hexonaut and Michael Wei @noweiitsmichael this Friday for a live AMA on Spark's integration with @BitGo. Learn how institutional capital can move from custody into on-chain credit markets through structured allocation. Join us this Friday.
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@hexonaut Everyone is learning from the best
Appreciate the s/o 🙏
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This post is spot on. Everyone is converging on the same architecture which blurs the lines of "stablecoin" and "lending market".
Sky has been operating this model for a while, but it's the most flexible design so defi protocols are arriving from slightly different angles.
0xyanshu (d/acc)@0xyanshu
DeFi and TradFi are collapsing into one capital-allocation layer, and the biggest venues in finance are folding into a handful of onchain allocators who hold the deepest liquidity like @SkyEcosystem, @aave, @ethena. Every other structured product will be the foundational layer. None of them is just a stablecoin or a lending market anymore. They're becoming crypto's wholesale banking layer. Whoever assembles the deepest liquidity, the sharpest allocators, and real distribution into one system wins. Two ways I see teams building it. 1) modular and decentralized: a central balance sheet issues the liquidity and sets the risk envelope, while specialized, externally-run desks plug in, each with its own mandate and limits, all drawing on the shared book. A universal bank. One balance sheet, many desks. @SkyEcosystem shipped this first. @aave is bringing it to the deepest liquidity in DeFi. 2) centralized then converging: one team allocates the whole book itself, then externalizes as it scales. @ethena. Sky has run the model for ~18 months. Sky Core issues USDS and owns the risk framework. Sky Agents borrow USDS up to a governance debt ceiling, deploy their own strategy, and compete on risk-adjusted return that funds the Savings Rate. - @sparkdotfi owns DeFi yield (~$12B). - @grovedotfinance owns institutional credit (~$2B). - @OseroHQ own fintech/ institutional plugins - 4) Onchian Prime Brokerage via Spark Prime + @ArkisXYZ - Now expanded to other leaders like @maplefinance, @Securitize, @centrifuge, @daylightenergy, @USDai_Official, @RiverFND via @obexincubator Each the best in its lane, all on one balance sheet inside one risk envelope. The allocator OS Maker pioneered, $9.2B USDS later. @aave V4 shipped the same architecture with V4. A Liquidity Hub holds the capital and the accounting. Spokes draw a credit line against it and set their own collateral, risk, and liquidation rules. - A team launching a spoke inherits Aave's liquidity on day one instead of bootstrapping deposits. - Think of it as a supranational bank allocating capital to regional facilities. @StaniKulechov is right that it's powerful. Hub = Core. Spoke = Agent. A credit line is a debt ceiling. @ethena is the centralized path, mid-pivot. Perps are down to ~11% of USDe's backing; the rest is institutional lending and CLOs. - It still allocates from the center, but it's already routing USDe into @sparkdotfi's Liquidity Layer and tranching the yield through @strata_money on top. - Centralized today, but looks more like converging on the same hub-and-spoke tomorrow. Here's what's actually flowing through all of it. Crypto-native yield compressed, so the real spread now comes from real-economy credit, structured and distributed onchain. The biggest names in TradFi credit are already here: - @JHIAdvisors ($480B) put its ~$27B AAA CLO ETF onchain as JAAA via @centrifuge. It now sits in both Sky's and Ethena's reserves. - @apolloglobal ($785B) tokenized its diversified credit fund as ACRED via @Securitize, with Coinbase Asset Management and Kraken among the buyers. - @HamiltonLane ($956B) put its senior credit fund onchain via @Securitize, live across five chains. - @Figure has originated $20B+ of private credit, the largest non-bank HELOC lender in the US, now public on Nasdaq. - @galaxyhq structured a ~$50M onchain CLO with @grovedotfinance. - @3janexyz flips the direction: onchain dollars funding US fintech lenders. A $10M warehouse with LendSwift, ~$8.5M of Slope's SMB receivables, and a $50M forward-flow line, all through bankruptcy-remote SPVs. Securitization, rebuilt onchain. And it's early. As per, @RWA_xyz, tokenized RWA is ~$31B, onchain private credit at $5.5B, against a $3T TradFi private credit market. The pipe is tiny. The flow just started. The hub is the bank. The agents are the desks. The inventory those desks now trade is Wall Street's credit. Sky built the first one. Aave is building it. Ethena is following soon.
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Agree with this, but Uniswap is not the best example because it is immutable and was deployed before AI auditing tools became strong enough.
For SC dev of large projects, it is already safe in the age of AI due to heavy audits / formal verification.
What is most at risk is off-chain infrastructure and small DeFi projects that under-invest in security as you say.
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Everyone thinks there's a hackpocalypse going on in crypto right now. But if you dig into the data, the story is not that simple.
Narrative violation: total dollars hacked in 2026 actually looks pretty normal so far.
Check the chart below for raw data. What's grown is not the amount hacked, but rather the NUMBER of incidents.
Case in point: April was a brutal month for $$ hacked, but May was actually way below average in terms of $$ hacked (1/10th hacked compared to April). And yet by number of incidents, May was actually the highest in crypto history.
So what could explain the number of hacks going crazy, but the amount stolen staying flat?
Here's what I think is going on: for large protocols, using AI for cybersecurity is balanced between offense/defense. If you're Uniswap, AI makes it easier to harden your protocol, just as much as it makes it easier for randos to attack you.
But for the tens of $10M TVL DeFi protocols, there's no one running AI hardening at all. So attackers are looting unattended stores. Over time that will push TVL toward the larger protocols that can actually afford to defend their gates (and eventually, formally verify their code).
Analogy: In a high crime city, the Wal-Mart stays open, but the family owned corner store that can't afford security shuts down. Over time, the equilibrium is that more and more people will end up doing their shopping at Wal-Mart.
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We’ll be launching something new from Aragon that addresses this for all lending protocols and any protocol that lists assets.
Stay tuned! :) 🦅
Stani@StaniKulechov
Based on the latest Aave Risk Framework, Aave service providers have started preliminary outreach to all asset issuers on Aave to review their compliance with the Risk Framework before it goes live. If you have not yet been contacted, please reach out.
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While Mythos is changing the security threat model in some ways, I am not particularly concerned about exploits being found in blue-chip smart contracts.
If the code base is small and important enough (most SC code is), then traditional methods are sufficient to achieve high confidence in security.
What's changing is the cost of searching for exploits in large codebases. These bugs were always there, but we are compressing the time to discover them.
This is largely what is driving the recent infrastructure compromises affecting everyone. With smart contracts, this can be protected against using rate limits and timelocks, limiting the damage that can be done if an off-chain system is hacked.
Overall, this is a period of understandable apprehension, but I'm confident that by following best practises we can make it to the other side stronger than before.
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Sam MacPherson retweetledi
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We’ve just raised $175M, in a round co-led by @paradigm, @a16zcrypto, and @RibbitCapital, the largest raise DeFi has ever seen.
Credit is the bedrock of our civilization, but the infrastructure underneath is fragmented, extractive, and closed to most of the world. That is what @Morpho is here to change.
Morpho is building the open credit network for the world. The global credit market is $ 200T. We are building the infrastructure layer that will move it onchain, and every institution, fintech, and bank that wants to participate in the next era of finance will connect to this network.
After four years of being heads down building Morpho, we now count more than $11B in deposits and integrations with leading financial institutions including @Coinbase, @Binance, @FireblocksHQ, @SG_Forge, @krakenfx, @Bitwise, and dozens of others building on Morpho to offer better products to their users. But this is just the beginning.
This raise will allow us to accelerate: activating the global credit network at scale, building the go-to-market engine to match our ambition, and bringing more institutions onto the network faster.
Having any kind of onchain strategy in this era will mean going through Morpho at some point. Reach out and let's talk. And if you want to help build the open credit network for the world, we have plenty of open roles.
Let’s fly 🦋
Morpho 🦋@Morpho
Morpho Association has raised $175M to build the open credit network for the world. Co-led by @paradigm, @a16zcrypto, @RibbitCapital with strategic participation from @apolloglobal, @vaneck_us, @circle_ventures, and @Ledger @Cathayinnov. The round also included participation from @variantfund, @wmt_ventures, @preludexyz, @IOSGVC, @HashKey_Capital, @sbigroup, @Bpifrance, @mirana, @bamazizimesh, NJJ Capital and 10+ other strategic partners. The funding will help accelerate Morpho's position as the foundation for onchain credit.
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@Morpho @paradigm @a16zcrypto @RibbitCapital @apolloglobal @vaneck_us @circle_ventures @Ledger @Cathayinnov Congrats guys!
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Morpho Association has raised $175M to build the open credit network for the world.
Co-led by @paradigm, @a16zcrypto, @RibbitCapital with strategic participation from @apolloglobal, @vaneck_us, @circle_ventures, and @Ledger @Cathayinnov.
The round also included participation from @variantfund, @wmt_ventures, @preludexyz, @IOSGVC, @HashKey_Capital, @sbigroup, @Bpifrance, @mirana, @bamazizimesh, NJJ Capital and 10+ other strategic partners.
The funding will help accelerate Morpho's position as the foundation for onchain credit.
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