Marcin Kazmierczak ♦️

The most comprehensive Tokenization & RWA standards report in 2026. 10+ platforms. 6 compliance architectures. Over 1 month of research. Bookmark for your next flight. Here's what the data actually shows 🧵

@galaxyhq 👀

Introducing GOFR: the Galaxy Onchain Financing Rate.  Institutions can now access onchain credit by facing Galaxy directly instead of DeFi protocols, borrowing at a single optimized rate blended across Aave, Morpho, Spark, Kamino, and more.  No wallets. No private keys. No smart contracts. Galaxy sources, executes, and services every position, backed by up to $100M of our own capital as first-loss protection, subject to applicable terms and conditions.  Learn more: galaxy.com/newsroom/galax…

@randhindi @zama @SteakhouseFi @Morpho Brilliant growth, look forward to seeing more assets deployed that way!

The @zama confidential USDC vault from @SteakhouseFi is now in the top 10 largest USDC vault across all chains on @Morpho and top 20 across all assets and all chains

@bchesky And to navigate the ever growing universe of assets @CredoraNetwork provides easy to understand risk ratings 🫡

@stoczek_eth I can only say praises about how diligent and hardworking Łukasz is - the guy in the room that people like and talk to. Good luck in the next chapter and will def recommend!

no "excited to announce" today. i'm wrapping up at mimic and i don't know what's next yet. first time in five years i can say that. here's what I do know 🧵

@VinhQTran519 Wouldn't be a full pack without Wisdomtree that is on the frontier!

@MarcinRedStone Exciting to see all these institutions come together to push the envelope on tokenization

120+ firms. 300+ participants. One conclusion: US tokenized money market funds work as institutional collateral under existing law. GDF and ISDA just published the results of the largest tokenized MMF industry sandbox to date, powered by Ownera. BlackRock, Citi, JP Morgan, Franklin Templeton, Fidelity, State Street, CME and ICE were part of it. So was RedStone. We contributed to the working group and the report features RedStone as an oracle data provider. In the final simulation, Ownera showcased a RedStone connector to demonstrate how oracle infrastructure plugs directly into tokenized collateral workflows. What the sandbox proved: 1. Settlement in minutes, not days 2. Intraday margining on live market data 3. Collateral moving across multiple custodians and multiple chains in single workflows 4. All three tokenization models fit within existing US legal and regulatory frameworks Production pilots for the Open Collateral Network start September 2026. Live deployment targeted for Q4 2026. We will be there. Importantly, none of this works in full sync without reliable data. Every tokenized fund used as collateral needs pricing and NAV feeds that institutions can trust. That is the infrastructure RedStone already runs for BlackRock BUIDL, VanEck VBILL, Franklin Templeton BENJI and many more MMFs. By builders, for institutions.

TokenizeThis NYC was one of the highest signal RWA and institutional events this year. We are already preparing the next edition for June 2027, and potentially a satellite event in Singapore for Token2049. If you're interested in joining us, leave a comment or DM.

@TokenizeThisNYC @redstone_defi @RialtoMarkets @carlosdomingo @Securitize @AlpacaHQ @DaleyEpstein @SkaddenArps TokenizeThis NYC was the floor where the new wave of RWA innovation was discussed. H2 of this year will show it.

The official video recap of the 2026 edition is here. Hear from @MarcinRedStone (@redstone_defi), Shari Noonan (@RialtoMarkets), @carlosdomingo (@Securitize), Arush Sehgal (@AlpacaHQ), @DaleyEpstein (@SkaddenArps), and others as they share their impressions and insights. TokenizeThis 2027 is already in the works. Don’t miss next year’s edition.

Full report: gdf.io/resources/unlo…

@0xkfei That's a very interesting thesis for long-term expansion. The #DeTradFi rails will be the critical part of the journey in the months to come.

これまでで最高の分析です。

@MajinBobo0x Should users migrate to Dolomite?

@MarcinRedStone wtf is bonzo

$9 million borrowed against $5 of collateral due to oracle failure. The whole attack took 8 seconds. Here's what happened over the weekend. Why oracles are the most critical part of the system? A blockchain is a closed world. A smart contract cannot check a price on its own. It knows exactly one thing: what its oracle tells it. Every borrow limit, every liquidation, every collateral check in DeFi reduces to a single number delivered by an oracle. The code then executes with perfect obedience. If the feed says your $5 deposit is worth billions, the protocol will let you borrow against billions. The scale of this trust is enormous. Oracles secure billions in value across DeFi today. Every dollar of it depends on price feeds being accurate and verifiers doing their job. The design of the attack. July 11, 00:51 UTC, according to Bonzo's incident report and onchain data: 1. The attacker funded a wallet with 1 ETH from Tornado Cash. 2. They deposited 250 SAUCE as collateral on Bonzo Lend. Value: a few dollars. 3. They submitted a price update to @SUPRA_Labs on-demand oracle contract, inflating SAUCE's price by roughly 12 orders of magnitude. -> SAUCE traded near 0.2 HBAR (~$0.014). The fake update carried a value of 1 followed by 30 zeros. 4. The update was signed with a signature made entirely of zeros. A correctly working verifier rejects that instantly. Supra's verifier contract had a flaw in its signature check and accepted it as valid. 5. Eight seconds after the fake price landed onchain, the attacker borrowed 6.63M USDC and 34.5M wrapped HBAR against the near worthless deposit. Roughly $9.05 million. 6. Over $5.25 million was bridged to Ethereum via LayerZero and swapped into ETH within hours. Read point 4 again. Nobody stole a signing key, that was not an OpSec bridge. The attacker submitted an obviously invalid update and the verifier waved it through. The consequences. Bonzo lost roughly $9.05 million in principal, with total abnormal borrowing at $10.06 million before a white hat returned about $1 million. Bonzo's TVL dropped 77%. Hedera's entire ecosystem TVL fell nearly 40% in 24 hours. HBAR sold off and Korean exchanges Upbit, Bithumb and Coinone issued investor caution notices. Bonzo Lend remains paused while depositors wait for a recovery plan. One broken signature check in one oracle contract took down the flagship lending market of an entire chain and cut the ecosystem's liquidity nearly in half overnight. The conclusion. Bonzo's own lending contracts were not compromised. Hedera's consensus was not compromised. The team did many things right and paused within minutes of the legitimate price returning. None of it mattered, because the protocol inherited the weakest link in its oracle stack. Oracle security is earned through years of adversarial pressure in production: rigorous signature verification, multi-layer validation, deviation bounds that reject impossible prices, robust nodes setup. RedStone has carried billions in value through multiple market crashes with this discipline over the past 6 years. If you are building a protocol, the oracle decision is not a line item. It is the decision that determines whether your users' funds survive contact with an adversary. Your protocol is exactly as strong as the weakest signature check in its stack. Choose accordingly.

@usmannk @SUPRA_Labs 😲

rough one. looks like @SUPRA_Labs actually knew about this exploit in their oracle. on more important networks like Arbitrum they upgraded their impls over the last 2wks (previously untouched for years). someone must have noticed this and found the forgotten Hedera instance

@yaskay87 👀

@MarcinRedStone Even worse is they fixed all except hedera.. x.com/usmannk/status…

Read more:

@nitro_0x Happy Saturday Nitro!

Happiness rarely makes noise. It lives in relaxed conversations, children's laughter and the peace of a night. That's how the most valuable memories are made. We love Stoney

Tokenization expands. But we need to face the reality of tokenized assets used in protocols. That’s just a fraction of the market now. And we work on solutions such as Settle to address it. The RWA era will evolve in the next 12 months.

@mattgurbiel @TokenizeThisNYC @kuba_redstone We’re here to address it.

Here's a number that stuck with me from @TokenizeThisNYC this year. It stuck with a lot of other people too. I kept hearing it repeated across conversations at the conference. @MarcinRedStone and @kuba_redstone opened with it. The tokenized RWA market sits around $28B. Only $3B of that, roughly 11%, is actually used as DeFi collateral. The other 89% just sits on-chain, tokenized, doing nothing. Everyone chases the headline: how many billions got tokenized this quarter. But tokenizing an asset was never the hard part. It's a wrapper. The hard part is building the rails so that wrapper can be borrowed against, traded, or plugged into liquidity it wouldn't have had on the traditional rails. Without that, it's a filing cabinet with better PR.

@matthuang Big congrats team, @tempo looks very perspective here

Paradigm’s 4th fund $1.2B to invest and build in crypto, AI, robotics, and other areas of the technical frontier

@lttlanna @eToro Expecting more

Excited to see where @eToro is heading