sallé

@0xLouisT 100%, talent could be the bottleneck for crypto

1. Is a very valid point, byproduct of the current AI & stock market bubble 2. Doesn't really matter I'll add 2 more points which I think are even more critical: 3. Talent would rather innovate in AI and tech 4. Tokenholders have 100x less rights than equity holders

@tumilet 13% seems unrealistic

btw, Coinbase makes ~$29M/yr off its ethereum:0x58d97b57bb95320f9a05dc918aef65434969c2b2 powered loans (a one time borrow fee plus a cut of the lending vault fee). If Morpho turned on a 13% fee switch across its whole protocol it would earn ~$22M. Less than Coinbase takes from this single product.

@PaulFrambot @DeblockApp @RobinhoodApp Just wondering how organic it is

@PaulFrambot @DeblockApp @RobinhoodApp Morpho team is good 💪

Yesterday was $100m day: - @DeblockApp's Morpho integration crossed $100m deposits - @RobinhoodApp's Morpho integration crossed $100m deposits

@0xLouisT Indeed, and I'd say that crypto companies also aim to raise with traditional tech VCs. Multiples can be less attractive but it helps them bridging the gap between traditional actors & the blockchain. This is all the more important for them as raising a lot of funds on great valo

About crypto VC fundraising: I was thinking the same thing until I sat down and reflected on it for a few minutes (a few weeks ago) and realized that VC investment in crypto still is extremely strong, just in a different, more concentrated form and with different participants. As crypto merges with fintech, we're seeing fewer and fewer crypto-native companies raising and instead tech-native ones (neobanks, stablecoins, payment processors, remittances, etc), raising from tech-native VCs and which also happen to use crypto rails as part of their product. I spent a few minutes browsing recent crypto-related fundraise announcements and the names you see are all web2, fintech, generalist and corporate VCs: @a16zcrypto @usv @foundersfund @8vc @RibbitCapital @Citadel @BessemerVP @IndexVentures @ycombinator @nvidia @AmplifyPartners @kleinerperkins etc As the competition is increasing, the recent trend in crypto fundraising has been clear, either: 1. Crypto VCs get outcompeted and lose deals to tech/generalist VCs 2. Crypto VCs have to step up their game and are evolving to become more tech/generalist VCs (see recent announcements from @paradigm @hiFramework etc) As crypto is maturing, "cryptonative investing" is being quickly replaced simply by "tech investing".

@rivool_finance @StellarOrg @Spiko_finance @FTI_US @OndoFinance @circle @WisdomTreeFunds @Figure @centrifuge @etherfuse Big

[The top 10] @StellarOrg RWA League Table 1. @Spiko_finance 2. @FTI_US 3. @OndoFinance 4. Realiz 5. @circle 6. @WisdomTreeFunds 7. @Figure 8. @rivool_finance 🌊 9. @centrifuge 10. @etherfuse

@blknoiz06 In tradfi, buybacks are used to give back value to shareholders when you have a ton of cash & on a mature market It makes no sense to buyback when you are expending & growing. Investing has a greater ROI than buybacks

i have a thesis that buybacks don't actually work hyperliquid makes $800M annualized revenue pump fun makes $440M annualized revenue $HYPE trades at $65B FDV while $PUMP trades at $1.4B FDV both teams do regularly recurring buybacks with portions of their profits from the business but they trade at vastly different ratios to their revenues i believe the difference is not in how much actual revenue is generated by the business but instead its reflective of the trust premium ascribed to the team determined by their actions and decisions in the market, hyperliquid never overpromised anything, only focused on shipping product and emphatically rewarded their core users based on pre-determined metrics that contributed the most to the platform, the core users of hyperliquid have a very high trust rating with Jeff, & even if you believe the perps revenues are slightly more durable which maybe they are, i believe this trust premium on their execution and social alignment with the community is a major factor in why the token trades so well in contrast, pump fun made $1B in revenue, raised another $1B in their ICO, and promised an airdrop to users that was never delivered, even though they are one of the most successful and consistent businesses in crypto, they do not have social alignment with their core userbase and therefore do not have a comparable trust premium that hyperliquid has, recently it seems they've made concerted effort to improve comms and talk to community more, i believe that if they were ever to seriously focus attention on shifting this dynamic by actually doing the airdrop they've promised and responding to the concerns of their core user base, then the token would trade 10-15x higher, as it would also likely materially increase their volume, attention, and resulting revenues on their platform bitcoin makes $0 in revenue but has a ~$1.3T market cap, it has the greatest trust premium of any asset to ever exist, people know that there will only ever be 21M coins, and they know that the network will always continue to function no matter what to fulfill its necessary actions this is part of what ive been talking about when i say that there is intangible value that contributes to the valuation of a business in addition to the tangible value that is determined purely from revenues and other metrics trust, memetics, and attention are all very important and heavily underdiscussed in markets

@PowerHasheur Good news indeed !

Le marché crypto a légèrement profité hier de l'annonce plutôt positive des chiffres de l'inflation US (3,5% en juin, plus grosse baisse depuis 2020), ce qui repousse les chances d'une hausse des taux directeurs en juillet Mais l'autre catalyseur passé sous les radars: pour la première fois depuis des mois l'administration Trump reparle d'ouvrir les 401(k) (retraites) aux cryptos et cette fois ils s'attaquent concrètement au levier réglementaire (protections DOL) pour permettre aux employeurs de proposer BTC, ETH, hedge funds et private equity dans les fonds par défaut

@MerlinEgalite You should read « de Feux et de Sang » from Junger . Even more intense than Orage d’acier

Latest readings recently: - Storm of Steel, Enst Junger -> the journal of a german WWI soldier that gives you a very raw view of the tragedy of war. - Wind, Sand and Stars, Antoine de Saint Exupéry -> very well written (at least in french), makes you think about life, death, experience, and what is worth living - Essentialism, Greg McKeown -> reflects a lot our philosophy at Morpho. also very practical to save you time and consider only doing what truly matters. do less to enable more - The Order of Time, Carlo Rovelli -> time is such a fascinating concept, we all experience it but have no deep understanding of it. highly recommend for everyone curious people about physics concepts

Fable turned my remarkable into Tom Riddle's diary from Harry Potter. My prompts fade, a LLM respond. Magical!

We're partnering with @Spiko_finance for instant stablecoin entry and exit in European UCITS funds. Any time, any day of the week. Finance should be 24/7, and Coinbase Payments is building the infrastructure for it.

Stablecoins just got a real home: regulated, yield-bearing funds. No off-ramp. No intermediary. Built with @coinbase: USDC and EURC settle directly into our UCITS liquidity funds. A world first for regulated retail funds. Available now for legal entities. Retail soon.

accidentally stumbled upon this crazy paper abstract

We did it @HyperliquidX

Calling $PENDLE a yield farm is like calling the bond market a savings account. It completely misses the point. In TradFi, rate markets are some of the largest markets on earth. BIS had global OTC derivatives at ~$846T notional in mid-2025, and interest-rate derivatives made up ~79% of that. Not because everyone is chasing APY, but because every serious institution needs to manage yield, duration, floating-rate exposure and future cash flow. That is the real Pendle thesis. Pendle lets onchain capital split, trade, hedge and lock future yield. A DAO treasury, stablecoin protocol, fund, or onchain company earning elevated yield today can effectively put a stamp in time when rates are attractive instead of just hoping next month’s yield holds. That turns yield from passive APY into a balance sheet tool. As stablecoins, RWAs, tokenized treasuries, credit markets and yield-bearing assets grow onchain, rate management becomes mandatory infrastructure. Some users will want fixed yield. Some will want leveraged yield. Some will want to hedge. Some will want to speculate on where rates go next. TradFi already proved this market becomes massive when capital markets mature. Pendle is building the onchain rate market before most crypto people even understand why it matters.

@karter_web3 @arbitrum @Spiko_finance It is only a portion of Spiko's AUM (c.2bn$ in total)

@arbitrum @Spiko_finance spiko 374m shows eu demand building

Tokenized money market funds are growing in adoption across the EU. In just one year, @Spiko_finance's EU T-bill fund grew 5.5x to over +$374M. During the same period, RWAs on the Arbitrum Platform expanded 3.5x across multiple asset classes. The programmable economy is bringing regulated capital onchain.

The ability to create earn & borrow products will become so commoditized that most companies with proprietary data they can leverage to better underwrite risk will do it. YouTube, Deel, and Uber are obvious, but opportunities are everywhere, think Substack, Airbnb, Spotify, etc.

Insane stat: 0.1% of the accounts on Polymarket have earned 67% of the profits.

Men used to dream about monkey pictures running from $200 to $1m overnight Now they dream about a $6k pump on Bitcoin We’ve forgotten how to dream 😭😭

Parfois Kafka me fait mourir de rire: extrait de son journal