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EXCLUSIVE: Morpho 🦋 CEO Paul Frambot 🦋 on how Morpho Midnight is new infrastructure for institutional private credit. This week, Morpho launched Midnight, which enables fixed-rate, fixed-term onchain lending, starting with one cbBTC/USDC market on Base across multiple maturities. This is unlike most DeFi today, where protocols like Aave...

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Simon Taylor

70,708 subscribers

12,173 次观看 • 1 个月前 •via X (Twitter)

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"Finance is like essentially 50,000 different banks and credit unions that all have segregated infrastructure.” Morpho 🦋 cofounder Paul Frambot 🦋 on why crypto can reshape lending: “Ethereum is like one single database for the entire world, like one single computer for the entire world.” “Instead of going to a specific bank, you’re gonna come to the open blockchain … and then you’re gonna have the entire world quote you on your interest rate.”
1:15

"Finance is like essentially 50,000 different banks and credit unions that all have segregated infrastructure.” Morpho 🦋 cofounder Paul Frambot 🦋 on why crypto can reshape lending: “Ethereum is like one single database for the entire world, like one single computer for the entire world.” “Instead of going to a specific bank, you’re gonna come to the open blockchain … and then you’re gonna have the entire world quote you on your interest rate.”

a16z crypto

27,092 次观看 • 5 个月前

"Morpho doesn't manage assets. We're not comparable to Aave. We're infrastructure for asset managers like Aave" Morpho Co-Founder Paul Frambot on why Morpho came out nearly unscathed "Morpho provides a modular stack of isolated lending markets that anyone can deploy. You can have the safest as well as the riskiest products, but they're isolated" "People compare Morpho and Aave and try to put one against the other. But we're not competing with Aave. We're infrastructure for asset managers like Aave. Our builders are the ones competing with Aave" "90% of our volume is stablecoins in terms of active loans. We think stablecoin loans are what's truly going to be the scalable market if we want to unlock real-world lending. That's the only place where we spend our time and energy"
2:56

"Morpho doesn't manage assets. We're not comparable to Aave. We're infrastructure for asset managers like Aave" Morpho Co-Founder Paul Frambot on why Morpho came out nearly unscathed "Morpho provides a modular stack of isolated lending markets that anyone can deploy. You can have the safest as well as the riskiest products, but they're isolated" "People compare Morpho and Aave and try to put one against the other. But we're not competing with Aave. We're infrastructure for asset managers like Aave. Our builders are the ones competing with Aave" "90% of our volume is stablecoins in terms of active loans. We think stablecoin loans are what's truly going to be the scalable market if we want to unlock real-world lending. That's the only place where we spend our time and energy"

Laura Shin

46,124 次观看 • 4 个月前

I spoke with Maple's Sid Powell (Sid Powell 🥞 ) and Paul Frambot 🦋 of Morpho about where institutional crypto lending is heading, why DAOs struggle to move fast, and what the DeFi mullet model really requires to work. Don’t miss it! Timestamps: 🏦 0:58 What makes Maple Finance a hybrid between CeFi and DeFi lending 🌾 3:37 How Maple's Syrup stablecoin generates yield from institutional loans 🤝 7:14 Why Ethena proposed using Maple as a backing asset for USDe 🏛️ 11:43 How institutional interest in crypto has held up despite the bear market ⚙️ 18:05 How Maple thinks about multi-chain deployment and Ethereum vs. Solana 🗳️ 22:25 Why DAO governance creates tension with moving nimbly as a business 🦙 35:24 How Morpho powers Coinbase's DeFi lending with a Web2 user experience 🔄 49:27 Why Morpho V2 introduces fixed-rate, fixed-term lending to DeFi 🏗️ 59:52 How Morpho's foundation-only structure avoids the DAO governance trap 🤖 1:05:28 Why Morpho uses formal verification, not just AI, to defend against smart contract hacks
1:12:28

I spoke with Maple's Sid Powell (Sid Powell 🥞 ) and Paul Frambot 🦋 of Morpho about where institutional crypto lending is heading, why DAOs struggle to move fast, and what the DeFi mullet model really requires to work. Don’t miss it! Timestamps: 🏦 0:58 What makes Maple Finance a hybrid between CeFi and DeFi lending 🌾 3:37 How Maple's Syrup stablecoin generates yield from institutional loans 🤝 7:14 Why Ethena proposed using Maple as a backing asset for USDe 🏛️ 11:43 How institutional interest in crypto has held up despite the bear market ⚙️ 18:05 How Maple thinks about multi-chain deployment and Ethereum vs. Solana 🗳️ 22:25 Why DAO governance creates tension with moving nimbly as a business 🦙 35:24 How Morpho powers Coinbase's DeFi lending with a Web2 user experience 🔄 49:27 Why Morpho V2 introduces fixed-rate, fixed-term lending to DeFi 🏗️ 59:52 How Morpho's foundation-only structure avoids the DAO governance trap 🤖 1:05:28 Why Morpho uses formal verification, not just AI, to defend against smart contract hacks

Laura Shin

26,793 次观看 • 5 个月前

You experienced Term Auctions, you’ve signed the Blue Sheets, now it’s time to enter the Vault. Term Strategy Vaults are built on yearn V3, and are automated to make fixed-rate lending effortless. - Pick your strategy - Deposit your funds - Secure predictable yields Everything is audited, automated, and available for any user. Welcome to seamless DeFi, with Term. Let’s dive deeper 🧵 1/ What are Term Strategy Vaults? They’re automated DeFi tools that make fixed-rate lending effortless. Built on yearn V3, these vaults simplify liquidity management, reinvest earnings, and optimize risk-adjusted yields for passive investors. 2/ How does it work? Funds are re-balanced across lending positions while maintaining prudent portfolio risk controls: ▫️ Participate in Term Auctions & Blue Sheets. ▫️ Focus on fixed-rate lending = capital efficient and consistent yields. 3/ Why choose Term Strategy Vaults? 🔹 Automated lending + strict portfolio controls 🔹 Stable, reliable yields 🔹 Professional risk curation 🔹 Non-custodial + verifiable on-chain 4/ No expertise required! You deposit $USDC, $wETH, or other supported assets, and the vaults handle the rest. It's DeFi lending made simple. 5/ How secure is it? ☑️ Term Vaults are non-custodial. ☑️ Funds are locked in immutable smart contracts. ☑️ Protected by strict smart contract-enforced constraints. ☑️ Third-party audits reinforce safety. Your funds, your control. 6/ Who can benefit? Passive lenders who want set-it-and-forget-it lending. Yield hunters tired of inefficiencies in floating-rate protocols. Risk-conscious DeFi users who want professionally curated and tailored strategies, not a one-size-fits-all approach. 7/ Getting started is easy: > Pick a strategy based on your risk preference. >> Deposit your assets. >>> Relax while the vault optimizes yield. Why work harder when you can let your money work smarter? Start your Vaults journey →
0:52

You experienced Term Auctions, you’ve signed the Blue Sheets, now it’s time to enter the Vault. Term Strategy Vaults are built on yearn V3, and are automated to make fixed-rate lending effortless. - Pick your strategy - Deposit your funds - Secure predictable yields Everything is audited, automated, and available for any user. Welcome to seamless DeFi, with Term. Let’s dive deeper 🧵 1/ What are Term Strategy Vaults? They’re automated DeFi tools that make fixed-rate lending effortless. Built on yearn V3, these vaults simplify liquidity management, reinvest earnings, and optimize risk-adjusted yields for passive investors. 2/ How does it work? Funds are re-balanced across lending positions while maintaining prudent portfolio risk controls: ▫️ Participate in Term Auctions & Blue Sheets. ▫️ Focus on fixed-rate lending = capital efficient and consistent yields. 3/ Why choose Term Strategy Vaults? 🔹 Automated lending + strict portfolio controls 🔹 Stable, reliable yields 🔹 Professional risk curation 🔹 Non-custodial + verifiable on-chain 4/ No expertise required! You deposit $USDC, $wETH, or other supported assets, and the vaults handle the rest. It's DeFi lending made simple. 5/ How secure is it? ☑️ Term Vaults are non-custodial. ☑️ Funds are locked in immutable smart contracts. ☑️ Protected by strict smart contract-enforced constraints. ☑️ Third-party audits reinforce safety. Your funds, your control. 6/ Who can benefit? Passive lenders who want set-it-and-forget-it lending. Yield hunters tired of inefficiencies in floating-rate protocols. Risk-conscious DeFi users who want professionally curated and tailored strategies, not a one-size-fits-all approach. 7/ Getting started is easy: > Pick a strategy based on your risk preference. >> Deposit your assets. >>> Relax while the vault optimizes yield. Why work harder when you can let your money work smarter? Start your Vaults journey →

Term Labs

633,236 次观看 • 1 年前

Rune Christensen, Co-Founder of Sky (Sky), on USDS, STUSDS, and risk tiers in DeFi "Lindy, like stablecoin product with a really really reasonable rate of return" "right now it's at 3.75%, which is actually 10 points above SOFR" "a lot of people dunking on DeFi for not being able to beat TradFi, but USDS does in fact still beat TradFi and is very much highly risk optimized" "with Sky you can also use a product like STUSDS, which is a higher risk token that still has this link to the US dollar" "you can actually go even more high risk and buy something like SPK, which is a completely volatile governance token of one of the Sky agents" "STUSDS, because it's a risk token and it's explicitly marketed as risk capital, it's for advanced users because it has higher risk" "it's not just a stablecoin that is designed to protect you above everything else" "with STUSDS it's also about being able to offer a higher rate of return" "one of the consequences of this is that it can have its liquidity, its one to one liquidity with USDS frozen"
1:20

Rune Christensen, Co-Founder of Sky (Sky), on USDS, STUSDS, and risk tiers in DeFi "Lindy, like stablecoin product with a really really reasonable rate of return" "right now it's at 3.75%, which is actually 10 points above SOFR" "a lot of people dunking on DeFi for not being able to beat TradFi, but USDS does in fact still beat TradFi and is very much highly risk optimized" "with Sky you can also use a product like STUSDS, which is a higher risk token that still has this link to the US dollar" "you can actually go even more high risk and buy something like SPK, which is a completely volatile governance token of one of the Sky agents" "STUSDS, because it's a risk token and it's explicitly marketed as risk capital, it's for advanced users because it has higher risk" "it's not just a stablecoin that is designed to protect you above everything else" "with STUSDS it's also about being able to offer a higher rate of return" "one of the consequences of this is that it can have its liquidity, its one to one liquidity with USDS frozen"

Frontliner 💯

75,006 次观看 • 4 个月前

EXCLUSIVE: Robinhood is going to pay 7% on dollars to 27.7 million customers. In this Interview Johann Kerbrat, their SVP of Crypto explains how it all works. Robinhood Earn lives inside the main investing app. You can buy the USDG stablecoin in a few taps, and it gets deployed into vaults built with Morpho and Steakhouse, and the target yield is roughly 7%. Where does 7% come from? Market makers and liquidity providers pay it. These are traders who need USDG liquidity to run spot and perps trading. Your deposit is funding someone else's 50x leverage, and you're the one getting paid for it. Assuming you get paid back. Which, as we've seen, doesn't always work in DeFi with hacks and smart contract risk. But Robinhood has done something extra to make this retail-grade. Robinhood's answer is an insurance program with Lloyd's of London and Relm covering smart contract and vault failure. He says it's one of the largest ever built for a crypto product. Earn was one of 12 announcements; some others that caught my eye: Stock tokens in 120+ countries, backed 1:1 by real equities. You can withdraw them to a self-custody wallet and post them as collateral. Borrowing against a stock portfolio used to be a private banking perk; now it's a smart contract. Robinhood Chain went to public mainnet after 200 million transactions on testnet. Perps on stocks, crypto, and commodities at 20 to 50x leverage, bringing an entire new asset class to the mainstream. Robinhood is all in on DeFi. DeFi protocols spent a decade fighting for users. Robinhood just made a Morpho vault look like a savings account, in front of 27.7m funded customers. See the 15-minute highlights below and the full episode on the Tokenized Podcast youtube channel Full interview with Johann on bryton k. YouTube
12:25

EXCLUSIVE: Robinhood is going to pay 7% on dollars to 27.7 million customers. In this Interview Johann Kerbrat, their SVP of Crypto explains how it all works. Robinhood Earn lives inside the main investing app. You can buy the USDG stablecoin in a few taps, and it gets deployed into vaults built with Morpho and Steakhouse, and the target yield is roughly 7%. Where does 7% come from? Market makers and liquidity providers pay it. These are traders who need USDG liquidity to run spot and perps trading. Your deposit is funding someone else's 50x leverage, and you're the one getting paid for it. Assuming you get paid back. Which, as we've seen, doesn't always work in DeFi with hacks and smart contract risk. But Robinhood has done something extra to make this retail-grade. Robinhood's answer is an insurance program with Lloyd's of London and Relm covering smart contract and vault failure. He says it's one of the largest ever built for a crypto product. Earn was one of 12 announcements; some others that caught my eye: Stock tokens in 120+ countries, backed 1:1 by real equities. You can withdraw them to a self-custody wallet and post them as collateral. Borrowing against a stock portfolio used to be a private banking perk; now it's a smart contract. Robinhood Chain went to public mainnet after 200 million transactions on testnet. Perps on stocks, crypto, and commodities at 20 to 50x leverage, bringing an entire new asset class to the mainstream. Robinhood is all in on DeFi. DeFi protocols spent a decade fighting for users. Robinhood just made a Morpho vault look like a savings account, in front of 27.7m funded customers. See the 15-minute highlights below and the full episode on the Tokenized Podcast youtube channel Full interview with Johann on bryton k. YouTube

Simon Taylor

349,520 次观看 • 2 个月前

🚨 A MULTI-TRILLION-DOLLAR CREDIT MARKET IS MOVING ONCHAIN🚨 VS1 Finance is building the institutional standard on the $XRP Ledger while preparing live issuance under the NATIONAL BANK OF GEORGIA'S REGULATORY SANDBOX GLOBAL PRIVATE CREDIT IS PROJECTED TO REACH $4.5 TRILLION BY 2030. Now VS1 Finance has been selected by the XRP Ledger Foundation to build an open-source reference application for permissioned, compliant lending on XRPL. This matters because tokenizing a bond is only step one. Real capital markets need more: -The ability to borrow against that bond. -Pools where approved lenders can supply liquidity. -Rules for interest, repayment and defaults. Secondary markets where the asset can move instead of sitting frozen in one wallet. VS1 is combining XRPL Credentials, Permissioned Domains, Multi-Purpose Tokens, Single Asset Vaults and the Lending Protocol into one framework institutions can study, copy and build from. A company could issue a corporate bond on XRPL. Verified investors could hold it. The bond could enter a compliant market. Its owner could potentially use it inside an underwritten credit facility instead of selling it. That is how tokenized assets become productive capital. Georgia’s central bank has already opened a regulatory sandbox for tokenized bonds, and VS1 is preparing bond issuance infrastructure for the region. The lending amendments still require validator approval. But the direction is clear. XRPL is expanding from moving money into issuing assets, managing liquidity and executing credit. Every transaction requires XRP for fees. XRP can also bridge assets through XRPL’s native exchange when it provides the most efficient route. The ledger does not need to capture the entire $4.5T market. Even a small share could bring a completely different level of assets, liquidity and institutional activity to XRPL. That is why I believe the market is still underpricing what is being built around $XRP.
0:46

🚨 A MULTI-TRILLION-DOLLAR CREDIT MARKET IS MOVING ONCHAIN🚨 VS1 Finance is building the institutional standard on the $XRP Ledger while preparing live issuance under the NATIONAL BANK OF GEORGIA'S REGULATORY SANDBOX GLOBAL PRIVATE CREDIT IS PROJECTED TO REACH $4.5 TRILLION BY 2030. Now VS1 Finance has been selected by the XRP Ledger Foundation to build an open-source reference application for permissioned, compliant lending on XRPL. This matters because tokenizing a bond is only step one. Real capital markets need more: -The ability to borrow against that bond. -Pools where approved lenders can supply liquidity. -Rules for interest, repayment and defaults. Secondary markets where the asset can move instead of sitting frozen in one wallet. VS1 is combining XRPL Credentials, Permissioned Domains, Multi-Purpose Tokens, Single Asset Vaults and the Lending Protocol into one framework institutions can study, copy and build from. A company could issue a corporate bond on XRPL. Verified investors could hold it. The bond could enter a compliant market. Its owner could potentially use it inside an underwritten credit facility instead of selling it. That is how tokenized assets become productive capital. Georgia’s central bank has already opened a regulatory sandbox for tokenized bonds, and VS1 is preparing bond issuance infrastructure for the region. The lending amendments still require validator approval. But the direction is clear. XRPL is expanding from moving money into issuing assets, managing liquidity and executing credit. Every transaction requires XRP for fees. XRP can also bridge assets through XRPL’s native exchange when it provides the most efficient route. The ledger does not need to capture the entire $4.5T market. Even a small share could bring a completely different level of assets, liquidity and institutional activity to XRPL. That is why I believe the market is still underpricing what is being built around $XRP.

X Finance Bull

11,462 次观看 • 1 个月前

🎙️New pod just dropped! I sit down with my old friend Stani, Founder of Aave Labs, to deep dive into Aave v4 and its biggest updates compared to v3. This is Ep. 1 of a new series where I analyze the evolving architecture of onchain lending markets and their impact on DeFi. Just as onchain spot trading evolved from p2p models like EtherDelta to pooled AMMs like Uniswap v2—and now to modular designs like Uniswap v4, built as lower-level protocols for sophisticated actors to run custom strategies without fragmenting liquidity—lending is following a similar path. ETHLend struggled to scale its p2p fixed-rate lending approach and lacked sophisticated actors building on top of the protocol to abstract this complexity. Aave v1 introduced pooled liquidity, making it easier for retail users to borrow and lend using the same strategy dictated by the Aave DAO. Now, Aave v4 marks a new phase: a modular hub-and-spoke design for deploying bespoke credit markets. 🧩 Hubs = Capital allocators that determine rates & provide credit lines 🛠️ Spokes = isolated, configurable lending strategies that draw capital from a Hub Use cases range from RWAs to fixed-rate credit to looped LP vaults (e.g., strategies pioneered by Arrakis on Uniswap v3 + MakerDAO). Critically, Aave evolves from a vertically integrated DAO—the sole allocator of protocol capital—into a permissionless platform where institutions (e.g., BlackRock) and DAOs can co-allocate capital alongside Aave itself. This is the beginning of a modular credit layer for all of DeFi. 🎧 Listen here: 📺 Watch here: 📖 Aave v4 proposal:
37:14

🎙️New pod just dropped! I sit down with my old friend Stani, Founder of Aave Labs, to deep dive into Aave v4 and its biggest updates compared to v3. This is Ep. 1 of a new series where I analyze the evolving architecture of onchain lending markets and their impact on DeFi. Just as onchain spot trading evolved from p2p models like EtherDelta to pooled AMMs like Uniswap v2—and now to modular designs like Uniswap v4, built as lower-level protocols for sophisticated actors to run custom strategies without fragmenting liquidity—lending is following a similar path. ETHLend struggled to scale its p2p fixed-rate lending approach and lacked sophisticated actors building on top of the protocol to abstract this complexity. Aave v1 introduced pooled liquidity, making it easier for retail users to borrow and lend using the same strategy dictated by the Aave DAO. Now, Aave v4 marks a new phase: a modular hub-and-spoke design for deploying bespoke credit markets. 🧩 Hubs = Capital allocators that determine rates & provide credit lines 🛠️ Spokes = isolated, configurable lending strategies that draw capital from a Hub Use cases range from RWAs to fixed-rate credit to looped LP vaults (e.g., strategies pioneered by Arrakis on Uniswap v3 + MakerDAO). Critically, Aave evolves from a vertically integrated DAO—the sole allocator of protocol capital—into a permissionless platform where institutions (e.g., BlackRock) and DAOs can co-allocate capital alongside Aave itself. This is the beginning of a modular credit layer for all of DeFi. 🎧 Listen here: 📺 Watch here: 📖 Aave v4 proposal:

Hilmar

26,030 次观看 • 1 年前

Aave v4 has just officially launched on the Ethereum mainnet. Setting aside the marketing hype, take one minute for an objective breakdown of what v4 actually changes.👇 1. Farewell to the fragmented "hub & spoke" architecture In previous DeFi lending, liquidity pools were isolated, resulting in extremely low capital efficiency. V4 consolidates all core assets into a single main hub, which then channels liquidity to targeted markets including Core, Prime and Plus. Liquidity is no longer fragmented but centrally coordinated. 2. Introduction of traditional finance-style risk premiums V4 implements genuine institutional-grade risk frameworks: using blue-chip collateral such as wETH and USDC grants lower borrowing costs, while holding volatile assets requires you to pay a clear risk premium. Collateral quality directly determines your cost of capital. 3. Institutional-grade terminal: Aave Pro The era of retail users jumping between pools to manage positions is over. Aave Pro delivers a unified macro dashboard, displaying cross-market health factors, interest rates and risk exposure at a glance. It is a dedicated command center built for large-scale capital. Aave already commands over 50% of DeFi lending volume. So v4’s real target is not Compound or other on-chain competitors. It is rebuilding core infrastructure to absorb the massive liquidity soon to spill over from traditional finance.
0:29

Aave v4 has just officially launched on the Ethereum mainnet. Setting aside the marketing hype, take one minute for an objective breakdown of what v4 actually changes.👇 1. Farewell to the fragmented "hub & spoke" architecture In previous DeFi lending, liquidity pools were isolated, resulting in extremely low capital efficiency. V4 consolidates all core assets into a single main hub, which then channels liquidity to targeted markets including Core, Prime and Plus. Liquidity is no longer fragmented but centrally coordinated. 2. Introduction of traditional finance-style risk premiums V4 implements genuine institutional-grade risk frameworks: using blue-chip collateral such as wETH and USDC grants lower borrowing costs, while holding volatile assets requires you to pay a clear risk premium. Collateral quality directly determines your cost of capital. 3. Institutional-grade terminal: Aave Pro The era of retail users jumping between pools to manage positions is over. Aave Pro delivers a unified macro dashboard, displaying cross-market health factors, interest rates and risk exposure at a glance. It is a dedicated command center built for large-scale capital. Aave already commands over 50% of DeFi lending volume. So v4’s real target is not Compound or other on-chain competitors. It is rebuilding core infrastructure to absorb the massive liquidity soon to spill over from traditional finance.

Shawn

59,262 次观看 • 5 个月前

"Yields are so low across DeFi right now that they're actually not attractive to traditional investors or Wall Street. You need higher than three or four percent for it to be compelling" Ryan Rasmussen, Head of Research at Bitwise, on why DeFi yields aren't compelling to Wall Street right now "The reality is yields are so low across DeFi right now in most places that they're actually not attractive to traditional investors or to Wall Street. The perceived risk, and there is risk, of lending in DeFi is much higher than what you're being compensated for at two or three or maybe four percent. You need higher than that for it to be compelling" "That's why a lot of focus is on yield. Because there's not a lot of euphoria in onchain activity right now, you don't see the double digit stablecoin yields you typically do in bull markets. I think that's good in the sense that it's driving creativity around strategies that properly manage risk to provide enhanced yield" "But that enhanced yield isn't like 28 percent, which is the type that ultimately blows up post bull markets. It's like eight or nine percent, and that's great for a lot of investors"
1:06

"Yields are so low across DeFi right now that they're actually not attractive to traditional investors or Wall Street. You need higher than three or four percent for it to be compelling" Ryan Rasmussen, Head of Research at Bitwise, on why DeFi yields aren't compelling to Wall Street right now "The reality is yields are so low across DeFi right now in most places that they're actually not attractive to traditional investors or to Wall Street. The perceived risk, and there is risk, of lending in DeFi is much higher than what you're being compensated for at two or three or maybe four percent. You need higher than that for it to be compelling" "That's why a lot of focus is on yield. Because there's not a lot of euphoria in onchain activity right now, you don't see the double digit stablecoin yields you typically do in bull markets. I think that's good in the sense that it's driving creativity around strategies that properly manage risk to provide enhanced yield" "But that enhanced yield isn't like 28 percent, which is the type that ultimately blows up post bull markets. It's like eight or nine percent, and that's great for a lot of investors"

The Wolf Of All Streets

23,598 次观看 • 1 个月前

Today, we unlock a new era for onchain finance: one where treasuries are self-custodied, secure—and earning yield by default. For years, Safe.eth multisigs have been the operating system for DAOs, crypto companies and high-net-worth individuals, safeguarding well over $100B. Yet much of that capital – especially stablecoins – has stayed idle because moving funds to external DeFi apps compromises the very security and governance model multisigs were built to protect. Kiln 🧱🔥's mission is to democratize value creation in digital assets – embedding productive staking and lending directly into the tools treasury teams already use, rather than forcing them through new approvals, bridges and dashboards. That vision is now live in Safe {Wallet}. 🔹 One multisig transaction routes idle wETH, wstETH, USDC, USDT or WBTC into Morpho Labs Earn, powered by Kiln DeFi. 🔹 The Safe receives non-transferable vault-share tokens, so signer policies and audit trails remain intact. 🔹 Yield, Steakhouse Financial risk scores and fees appear beside existing balances – no extra API work required. Behind the scenes, Morpho Labs vaults keep capital productive while preserving instant liquidity, and Kiln delivers the end-to-end infrastructure, audits, and SOC 2 Type II controls institutions expect. This is the next frontier of crypto finance: where security and yield are no longer at odds. Where onchain treasuries can finally operate with the sophistication and confidence they deserve. I’m grateful to the teams at Safe.eth, Morpho Labs and Steakhouse Financial for sharing this product philosophy and executing on it so seamlessly. Excited wait to see what DAOs, startups and treasurers build on this new foundation. To anyone still doubting: the future of finance is being written in Europe—and these four teams are holding the pen 🇪🇺 Try it now 👇 Massive thanks to the ones involved lukasschor.eth, Thibaut 🍉Multis, Julian Grigo, Christoph Simmchen, Christoph Sonn, Florent - gecko arc, Paul Frambot 🦋, @MerlinEgalit, T, SebVentures, adcv_ & and everyone at Kiln who brought this to life (you know who you are)
0:29

Today, we unlock a new era for onchain finance: one where treasuries are self-custodied, secure—and earning yield by default. For years, Safe.eth multisigs have been the operating system for DAOs, crypto companies and high-net-worth individuals, safeguarding well over $100B. Yet much of that capital – especially stablecoins – has stayed idle because moving funds to external DeFi apps compromises the very security and governance model multisigs were built to protect. Kiln 🧱🔥's mission is to democratize value creation in digital assets – embedding productive staking and lending directly into the tools treasury teams already use, rather than forcing them through new approvals, bridges and dashboards. That vision is now live in Safe {Wallet}. 🔹 One multisig transaction routes idle wETH, wstETH, USDC, USDT or WBTC into Morpho Labs Earn, powered by Kiln DeFi. 🔹 The Safe receives non-transferable vault-share tokens, so signer policies and audit trails remain intact. 🔹 Yield, Steakhouse Financial risk scores and fees appear beside existing balances – no extra API work required. Behind the scenes, Morpho Labs vaults keep capital productive while preserving instant liquidity, and Kiln delivers the end-to-end infrastructure, audits, and SOC 2 Type II controls institutions expect. This is the next frontier of crypto finance: where security and yield are no longer at odds. Where onchain treasuries can finally operate with the sophistication and confidence they deserve. I’m grateful to the teams at Safe.eth, Morpho Labs and Steakhouse Financial for sharing this product philosophy and executing on it so seamlessly. Excited wait to see what DAOs, startups and treasurers build on this new foundation. To anyone still doubting: the future of finance is being written in Europe—and these four teams are holding the pen 🇪🇺 Try it now 👇 Massive thanks to the ones involved lukasschor.eth, Thibaut 🍉Multis, Julian Grigo, Christoph Simmchen, Christoph Sonn, Florent - gecko arc, Paul Frambot 🦋, @MerlinEgalit, T, SebVentures, adcv_ & and everyone at Kiln who brought this to life (you know who you are)

Laszlo Szabo

13,250 次观看 • 1 年前

Do you want another ripple:native thesis on how Ripple is positioning XRP to modernize the whole financial system? Look at private credit. This is one of those markets most people never think about because it does not move like stocks, crypto, or even government bonds. A private-credit loan can be worth hundreds of millions of dollars. The borrower pays interest. The lender earns a return. The asset itself can be valuable. But there is one huge problem. It can be extremely hard to move. That is exactly what caught my attention in the Sandy Kaul and Anant Kumar discussion. Anant Kumar, from Benefit Street Partners, described the issue in a very simple way. Private credit has limited ownership. And it has almost no real secondary-market liquidity. A lender can originate a huge loan, but once that loan is sitting inside a fund, selling pieces of it is not as simple as selling a stock. That capital can stay trapped. Now imagine the same loan becoming digital. Not changing the economics of the loan. Not changing who the borrower is. Not changing who remains lender of record. Just changing how ownership can be represented. Instead of one giant $100M position sitting inside one structure, that loan could be represented as millions of smaller digital interests. Suddenly something that was hard to divide becomes divisible. Something that barely traded could potentially develop a secondary market. Something trapped inside one fund could become easier to distribute among approved investors. That is the part people should focus on. Because this is not some random idea coming from crypto Twitter. Sandy Kaul is Head of Digital Assets and Innovation at Franklin Templeton. Franklin Templeton manages roughly $1.78T. Anant Kumar is from Benefit Street Partners. And Franklin Templeton itself just closed a $1.5B Collateralized Fund Obligation tied to private equity secondaries and U.S. middle-market direct lending through Benefit Street Partners. So when they are talking about the problem of private-credit liquidity, they are talking about a market they actually operate inside. And this is where my ripple:native thesis gets much bigger. Because XRP Ledger is being built around the exact same problem. Not just payments. Not just moving stablecoins. Credit. Liquidity. Tokenized ownership. Secondary markets. Institutional lending. Collateral. That is what starts connecting everything. Private credit is already one of the largest categories inside tokenized real-world assets. Franklin Templeton’s own research says tokenized RWAs grew from around $5B in 2023 to more than $25B by early 2026. Private credit, Treasuries and real estate make up a major part of that growth. That tells me something important. Wall Street is not only tokenizing cash. It is beginning to tokenize assets that traditionally sit in some of the least liquid corners of finance. And private credit may be one of the biggest opportunities because liquidity is exactly where the pain is. Now look at XRPL. In 2025, VERT launched structured-credit infrastructure using XRP Ledger and its EVM sidechain. Its first live transaction was a BRL 700M Agribusiness Receivables Certificate. Roughly $130M. That is real structured credit. Recorded through infrastructure using XRPL. So when I hear Sandy Kaul and Anant Kumar talking about tokenizing private loans, I do not have to imagine whether XRPL could ever touch this market. It already has. That is only the beginning of the setup. The bigger piece is what Ripple is building directly into the network. The XRPL Lending Protocol. This is where everything starts making sense. Ripple has been very clear about the next stage of tokenization. Putting an asset onchain is not enough. A Treasury token sitting in a wallet is still just an asset sitting in a wallet. A private-credit token sitting in a wallet is still just a loan represented digitally. The real transformation happens when those assets can enter functioning capital markets. Borrowing. Lending. Liquidity. Collateral. Credit. That is exactly where the XRPL Lending Protocol is headed. Ripple explicitly names private credit among the assets that can move into this infrastructure, alongside Treasuries, money-market funds, stablecoins and commodities. That is a huge detail. Because private credit is not some side use case Ripple accidentally fits. It is literally one of the categories they are building around. Now add XLS-65. The Single Asset Vault design. This allows assets from multiple depositors to be pooled into one onchain vault. And that vault can hold XRP. Trust-line tokens. Or Multi-Purpose Tokens. Think about what that means in plain English. Today, one large institution may have to fund a giant private loan. Tomorrow, capital can potentially be pooled digitally. Thousands of approved investors contribute. The capital sits inside a common structure. A loan gets funded. The returns flow back through that structure. That is extremely close to what Anant Kumar is talking about when he says one loan could be split into smaller pieces. Now add XLS-66. The Lending Protocol. Fixed-term, uncollateralized lending. Credit underwriting stays offchain. The actual loan can be created and managed onchain. That detail matters more than people realize. Private credit is not anonymous DeFi. The borrower is evaluated. Creditworthiness matters. Interest matters. Terms matter. Default matters. Underwriting matters. XRPL is not trying to throw away that traditional credit process. It is trying to put the financial infrastructure around it onchain. That is why this feels much more institutional than a normal crypto lending protocol. And then you get to the liquidity problem. This is where Anant Kumar’s point becomes the whole thesis. Private-credit loans barely trade. If investors want redemptions, funds can have a problem. The assets may be good. The borrowers may be paying. But there may not be a deep market to sell into. That is trapped capital. Tokenization attacks that directly. Imagine one $100M private loan. Instead of treating it as one huge block, it becomes millions of smaller digital interests. Approved institutions can own pieces. Funds can rebalance. Banks can distribute exposure. Ownership can move without the whole loan changing hands as one giant object. Now put those interests on XRPL. They can be issued digitally. Held digitally. Transferred digitally. Settled digitally. Traded inside controlled markets. Used inside lending infrastructure. That is a completely different market structure. And XRPL is also building the control layer institutions need. Permissioned Domains. Permissioned DEXes. Credentials. Deep Freeze. Confidential Transfers. This is important because a bank is not going to take a $500M private-credit position and make it freely available to every random wallet in the world. Institutions need to control who can hold these assets. Who can trade them. Which jurisdiction they come from. Whether they satisfy eligibility rules. XRPL is being built for exactly that. You can have public blockchain infrastructure while still creating controlled markets where only approved participants transact. That solves one of the biggest objections banks have to permissionless finance. They do not need to choose between old closed systems and completely open anonymous markets. They can have digital assets with institutional rules built around them. That is where Permissioned DEXes become powerful. Imagine a tokenized private loan. Only approved investors can trade it. The loan still exists. The lender still exists. The borrower still exists. But now there is a secondary market. A fund needs liquidity? It can sell part of the position. Another institution wants exposure? It can buy a smaller piece. The market no longer depends on one giant bilateral transfer. That is how tokenization can start unlocking liquidity. And the more I look at this, the more I think ripple:native is being positioned for a much bigger role than people realize. Because every new tokenized asset creates another liquidity problem. Private credit token A. Private credit token B. Treasuries. Money-market funds. Stablecoins. Commercial paper. Tokenized deposits. Fund interests. Every asset needs somewhere to trade. Every institution needs somewhere to move value. Every market needs liquidity. You cannot have deep direct markets between every possible pair. That is where a common bridge asset becomes valuable. Private-credit token → ripple:native → RLUSD. RLUSD → ripple:native → another private-credit token. A European institution holds EUR liquidity and wants a U.S. private-credit position. EUR liquidity → ripple:native → RLUSD → tokenized credit. A fund wants to exit one credit position and move into another. Credit token A → ripple:native → RLUSD → credit token B. The more markets appear, the more possible routes exist. And the value of a common liquid bridge increases with the number of things it can connect. That is the part I think people still underestimate. ripple:native does not need every private-credit transaction to use XRP. It needs XRP to become useful wherever direct liquidity is weak. If XRPL becomes home to hundreds or thousands of tokenized credit instruments, there will always be fragmented liquidity somewhere. That is where deep XRP markets become valuable. Now add another piece that gets almost no attention. XRP itself can sit inside XLS-65 vault infrastructure. So XRP does not only have a potential role as bridge liquidity. It can also become pooled capital. That creates a completely different path. XRP goes into a vault. Vault capital gets pooled. The lending infrastructure uses that capital. Borrowers receive credit. Interest flows back through the structure. Now XRP is not just moving between markets. It is potentially sitting inside the capital base of the credit market itself. That is where the phrase “XRP utility is growing across payments, liquidity and credit markets” starts to make much more sense. Those are three completely different engines. Payments move value. Liquidity connects assets. Credit makes capital productive. Ripple is building around all three. Then you have ZILO and Licuido. Ripple invested in both to expand regulated transfer agency, tokenized issuance and collateral mobility on XRPL. That matters because a private-credit market is not just about issuing a token. Someone has to manage ownership records. Transfers. Servicing. Restrictions. Collateral. Secondary transactions. Settlement. If Ripple keeps adding these pieces, XRPL starts looking less like a blockchain with tokens on it and more like an operating system for financial assets. That is why Sandy Kaul’s broader thinking matters too. She has argued that blockchain is moving toward becoming a universal liquidity layer. Stablecoins. Tokenized cash. Lending. Collateral. Those are exactly the pieces appearing around XRPL. And I think private credit could be where this becomes impossible to ignore. Because the pain is so obvious. Imagine owning a valuable asset you cannot easily sell. That is private credit today. Imagine a fund holding billions in loans that barely trade. The assets are generating income. But if investors suddenly want cash, the fund cannot just tap a button and sell a fraction instantly. That is a huge weakness. Tokenization changes the unit of ownership. XRPL changes the infrastructure around that ownership. Permissioned markets change who can trade it. Lending turns those assets into productive capital. ripple:native can connect the liquidity between everything. That is the full setup. And now take it to the bullish extreme. Imagine private-credit managers start tokenizing at scale. A $500M fund does not hold 50 giant, isolated loan positions anymore. Each one becomes digitally represented. A $100M loan becomes 100M digital units worth $1 each. Approved investors can own smaller pieces. Funds can rebalance positions instead of selling whole loans. Banks can distribute exposure. Family offices can participate. Institutions can move capital without waiting for one buyer willing to absorb the entire block. Now imagine those assets living on XRPL. A fund wants to raise liquidity. It sells tokenized interests through a Permissioned DEX. Another approved institution takes the other side. Settlement happens digitally. RLUSD provides the dollar liquidity. XRP can bridge where direct liquidity is thin. The fund gets cash. The buyer gets credit exposure. The loan keeps performing. Nothing has to be dismantled. That is a much more efficient market. Then lending infrastructure goes live. An institution holds $200M of tokenized private credit. It does not want to sell. It wants liquidity. Instead of exiting the position, it uses that asset inside XRPL credit infrastructure. Capital gets unlocked. The institution receives liquidity. Moves into RLUSD. Then routes part of that capital through XRP into EUR. Now look at what XRP is sitting between. Private credit. Stablecoin liquidity. FX. Lending. Collateral. Global settlement. That is not a small use case. Now scale it. $100B of private credit on XRPL. Then $500B. Then $1T. Thousands of tokenized loans. Thousands of institutions. Loans constantly being issued. Traded. Financed. Pledged. Refinanced. Settled. Each new asset adds another market. Each new market needs liquidity. Each new participant creates another flow. And a common liquid bridge becomes more valuable as the network gets more complex. That is where ripple:native can become institutional credit-market liquidity. Not just a payment token. Not just a crypto trade. Liquidity sitting underneath a digital credit economy. And if that starts happening at hundreds of billions or trillions in scale, the XRP price conversation changes too. Market makers need inventory. Liquidity providers need inventory. Vaults can hold XRP. More XRP gets deployed inside financial infrastructure. The amount of financial value XRP markets have to support gets larger. If XRP is worth $1, $1B of XRP liquidity requires 1B XRP. At $10, it takes 100M. At $100, 10M. The higher the value of XRP, the more dollar liquidity each unit can represent. So if XRPL ever becomes a serious home for institutional private credit, the market may eventually have to price XRP around a completely different economic role. That is the thesis I keep coming back to. Sandy Kaul is talking about tokenizing private credit. Anant Kumar is talking about solving access and liquidity. Benefit Street Partners is operating directly in that market. Franklin Templeton is already deep in private markets. VERT has already put real structured-credit activity onto XRPL infrastructure. Ripple is building the Lending Protocol. XLS-65 can pool capital. XLS-66 can create fixed-term credit. Permissioned DEXes can create controlled secondary markets. Credentials can control eligibility. ZILO and Licuido expand issuance and collateral mobility. And ripple:native sits inside the liquidity and credit architecture. These are not separate stories to me anymore. They are all pieces of the same direction. Credit becomes digital. Digital credit becomes easier to divide. Divided credit becomes easier to trade. Tradable credit needs liquidity. Liquidity needs infrastructure. XRPL is being built for that infrastructure. And ripple:native can become part of the capital moving underneath it. That is why I think this private-credit conversation is one of the most underrated ripple:native theses right now. The endgame is not simply banks sending XRP across borders. The endgame could be XRP sitting inside a financial system where trillions of dollars of loans, Treasuries, stablecoins, funds and collateral move through the same liquidity network. That is a much bigger market than payments alone. And if Ripple gets this right, private credit may end up being one of the places where the world finally understands what they have been building. Remember this thesis when private credit starts moving onchain. If you understand where private credit is heading, you understand why I’m watching ripple:native.
0:24

Do you want another ripple:native thesis on how Ripple is positioning XRP to modernize the whole financial system? Look at private credit. This is one of those markets most people never think about because it does not move like stocks, crypto, or even government bonds. A private-credit loan can be worth hundreds of millions of dollars. The borrower pays interest. The lender earns a return. The asset itself can be valuable. But there is one huge problem. It can be extremely hard to move. That is exactly what caught my attention in the Sandy Kaul and Anant Kumar discussion. Anant Kumar, from Benefit Street Partners, described the issue in a very simple way. Private credit has limited ownership. And it has almost no real secondary-market liquidity. A lender can originate a huge loan, but once that loan is sitting inside a fund, selling pieces of it is not as simple as selling a stock. That capital can stay trapped. Now imagine the same loan becoming digital. Not changing the economics of the loan. Not changing who the borrower is. Not changing who remains lender of record. Just changing how ownership can be represented. Instead of one giant $100M position sitting inside one structure, that loan could be represented as millions of smaller digital interests. Suddenly something that was hard to divide becomes divisible. Something that barely traded could potentially develop a secondary market. Something trapped inside one fund could become easier to distribute among approved investors. That is the part people should focus on. Because this is not some random idea coming from crypto Twitter. Sandy Kaul is Head of Digital Assets and Innovation at Franklin Templeton. Franklin Templeton manages roughly $1.78T. Anant Kumar is from Benefit Street Partners. And Franklin Templeton itself just closed a $1.5B Collateralized Fund Obligation tied to private equity secondaries and U.S. middle-market direct lending through Benefit Street Partners. So when they are talking about the problem of private-credit liquidity, they are talking about a market they actually operate inside. And this is where my ripple:native thesis gets much bigger. Because XRP Ledger is being built around the exact same problem. Not just payments. Not just moving stablecoins. Credit. Liquidity. Tokenized ownership. Secondary markets. Institutional lending. Collateral. That is what starts connecting everything. Private credit is already one of the largest categories inside tokenized real-world assets. Franklin Templeton’s own research says tokenized RWAs grew from around $5B in 2023 to more than $25B by early 2026. Private credit, Treasuries and real estate make up a major part of that growth. That tells me something important. Wall Street is not only tokenizing cash. It is beginning to tokenize assets that traditionally sit in some of the least liquid corners of finance. And private credit may be one of the biggest opportunities because liquidity is exactly where the pain is. Now look at XRPL. In 2025, VERT launched structured-credit infrastructure using XRP Ledger and its EVM sidechain. Its first live transaction was a BRL 700M Agribusiness Receivables Certificate. Roughly $130M. That is real structured credit. Recorded through infrastructure using XRPL. So when I hear Sandy Kaul and Anant Kumar talking about tokenizing private loans, I do not have to imagine whether XRPL could ever touch this market. It already has. That is only the beginning of the setup. The bigger piece is what Ripple is building directly into the network. The XRPL Lending Protocol. This is where everything starts making sense. Ripple has been very clear about the next stage of tokenization. Putting an asset onchain is not enough. A Treasury token sitting in a wallet is still just an asset sitting in a wallet. A private-credit token sitting in a wallet is still just a loan represented digitally. The real transformation happens when those assets can enter functioning capital markets. Borrowing. Lending. Liquidity. Collateral. Credit. That is exactly where the XRPL Lending Protocol is headed. Ripple explicitly names private credit among the assets that can move into this infrastructure, alongside Treasuries, money-market funds, stablecoins and commodities. That is a huge detail. Because private credit is not some side use case Ripple accidentally fits. It is literally one of the categories they are building around. Now add XLS-65. The Single Asset Vault design. This allows assets from multiple depositors to be pooled into one onchain vault. And that vault can hold XRP. Trust-line tokens. Or Multi-Purpose Tokens. Think about what that means in plain English. Today, one large institution may have to fund a giant private loan. Tomorrow, capital can potentially be pooled digitally. Thousands of approved investors contribute. The capital sits inside a common structure. A loan gets funded. The returns flow back through that structure. That is extremely close to what Anant Kumar is talking about when he says one loan could be split into smaller pieces. Now add XLS-66. The Lending Protocol. Fixed-term, uncollateralized lending. Credit underwriting stays offchain. The actual loan can be created and managed onchain. That detail matters more than people realize. Private credit is not anonymous DeFi. The borrower is evaluated. Creditworthiness matters. Interest matters. Terms matter. Default matters. Underwriting matters. XRPL is not trying to throw away that traditional credit process. It is trying to put the financial infrastructure around it onchain. That is why this feels much more institutional than a normal crypto lending protocol. And then you get to the liquidity problem. This is where Anant Kumar’s point becomes the whole thesis. Private-credit loans barely trade. If investors want redemptions, funds can have a problem. The assets may be good. The borrowers may be paying. But there may not be a deep market to sell into. That is trapped capital. Tokenization attacks that directly. Imagine one $100M private loan. Instead of treating it as one huge block, it becomes millions of smaller digital interests. Approved institutions can own pieces. Funds can rebalance. Banks can distribute exposure. Ownership can move without the whole loan changing hands as one giant object. Now put those interests on XRPL. They can be issued digitally. Held digitally. Transferred digitally. Settled digitally. Traded inside controlled markets. Used inside lending infrastructure. That is a completely different market structure. And XRPL is also building the control layer institutions need. Permissioned Domains. Permissioned DEXes. Credentials. Deep Freeze. Confidential Transfers. This is important because a bank is not going to take a $500M private-credit position and make it freely available to every random wallet in the world. Institutions need to control who can hold these assets. Who can trade them. Which jurisdiction they come from. Whether they satisfy eligibility rules. XRPL is being built for exactly that. You can have public blockchain infrastructure while still creating controlled markets where only approved participants transact. That solves one of the biggest objections banks have to permissionless finance. They do not need to choose between old closed systems and completely open anonymous markets. They can have digital assets with institutional rules built around them. That is where Permissioned DEXes become powerful. Imagine a tokenized private loan. Only approved investors can trade it. The loan still exists. The lender still exists. The borrower still exists. But now there is a secondary market. A fund needs liquidity? It can sell part of the position. Another institution wants exposure? It can buy a smaller piece. The market no longer depends on one giant bilateral transfer. That is how tokenization can start unlocking liquidity. And the more I look at this, the more I think ripple:native is being positioned for a much bigger role than people realize. Because every new tokenized asset creates another liquidity problem. Private credit token A. Private credit token B. Treasuries. Money-market funds. Stablecoins. Commercial paper. Tokenized deposits. Fund interests. Every asset needs somewhere to trade. Every institution needs somewhere to move value. Every market needs liquidity. You cannot have deep direct markets between every possible pair. That is where a common bridge asset becomes valuable. Private-credit token → ripple:native → RLUSD. RLUSD → ripple:native → another private-credit token. A European institution holds EUR liquidity and wants a U.S. private-credit position. EUR liquidity → ripple:native → RLUSD → tokenized credit. A fund wants to exit one credit position and move into another. Credit token A → ripple:native → RLUSD → credit token B. The more markets appear, the more possible routes exist. And the value of a common liquid bridge increases with the number of things it can connect. That is the part I think people still underestimate. ripple:native does not need every private-credit transaction to use XRP. It needs XRP to become useful wherever direct liquidity is weak. If XRPL becomes home to hundreds or thousands of tokenized credit instruments, there will always be fragmented liquidity somewhere. That is where deep XRP markets become valuable. Now add another piece that gets almost no attention. XRP itself can sit inside XLS-65 vault infrastructure. So XRP does not only have a potential role as bridge liquidity. It can also become pooled capital. That creates a completely different path. XRP goes into a vault. Vault capital gets pooled. The lending infrastructure uses that capital. Borrowers receive credit. Interest flows back through the structure. Now XRP is not just moving between markets. It is potentially sitting inside the capital base of the credit market itself. That is where the phrase “XRP utility is growing across payments, liquidity and credit markets” starts to make much more sense. Those are three completely different engines. Payments move value. Liquidity connects assets. Credit makes capital productive. Ripple is building around all three. Then you have ZILO and Licuido. Ripple invested in both to expand regulated transfer agency, tokenized issuance and collateral mobility on XRPL. That matters because a private-credit market is not just about issuing a token. Someone has to manage ownership records. Transfers. Servicing. Restrictions. Collateral. Secondary transactions. Settlement. If Ripple keeps adding these pieces, XRPL starts looking less like a blockchain with tokens on it and more like an operating system for financial assets. That is why Sandy Kaul’s broader thinking matters too. She has argued that blockchain is moving toward becoming a universal liquidity layer. Stablecoins. Tokenized cash. Lending. Collateral. Those are exactly the pieces appearing around XRPL. And I think private credit could be where this becomes impossible to ignore. Because the pain is so obvious. Imagine owning a valuable asset you cannot easily sell. That is private credit today. Imagine a fund holding billions in loans that barely trade. The assets are generating income. But if investors suddenly want cash, the fund cannot just tap a button and sell a fraction instantly. That is a huge weakness. Tokenization changes the unit of ownership. XRPL changes the infrastructure around that ownership. Permissioned markets change who can trade it. Lending turns those assets into productive capital. ripple:native can connect the liquidity between everything. That is the full setup. And now take it to the bullish extreme. Imagine private-credit managers start tokenizing at scale. A $500M fund does not hold 50 giant, isolated loan positions anymore. Each one becomes digitally represented. A $100M loan becomes 100M digital units worth $1 each. Approved investors can own smaller pieces. Funds can rebalance positions instead of selling whole loans. Banks can distribute exposure. Family offices can participate. Institutions can move capital without waiting for one buyer willing to absorb the entire block. Now imagine those assets living on XRPL. A fund wants to raise liquidity. It sells tokenized interests through a Permissioned DEX. Another approved institution takes the other side. Settlement happens digitally. RLUSD provides the dollar liquidity. XRP can bridge where direct liquidity is thin. The fund gets cash. The buyer gets credit exposure. The loan keeps performing. Nothing has to be dismantled. That is a much more efficient market. Then lending infrastructure goes live. An institution holds $200M of tokenized private credit. It does not want to sell. It wants liquidity. Instead of exiting the position, it uses that asset inside XRPL credit infrastructure. Capital gets unlocked. The institution receives liquidity. Moves into RLUSD. Then routes part of that capital through XRP into EUR. Now look at what XRP is sitting between. Private credit. Stablecoin liquidity. FX. Lending. Collateral. Global settlement. That is not a small use case. Now scale it. $100B of private credit on XRPL. Then $500B. Then $1T. Thousands of tokenized loans. Thousands of institutions. Loans constantly being issued. Traded. Financed. Pledged. Refinanced. Settled. Each new asset adds another market. Each new market needs liquidity. Each new participant creates another flow. And a common liquid bridge becomes more valuable as the network gets more complex. That is where ripple:native can become institutional credit-market liquidity. Not just a payment token. Not just a crypto trade. Liquidity sitting underneath a digital credit economy. And if that starts happening at hundreds of billions or trillions in scale, the XRP price conversation changes too. Market makers need inventory. Liquidity providers need inventory. Vaults can hold XRP. More XRP gets deployed inside financial infrastructure. The amount of financial value XRP markets have to support gets larger. If XRP is worth $1, $1B of XRP liquidity requires 1B XRP. At $10, it takes 100M. At $100, 10M. The higher the value of XRP, the more dollar liquidity each unit can represent. So if XRPL ever becomes a serious home for institutional private credit, the market may eventually have to price XRP around a completely different economic role. That is the thesis I keep coming back to. Sandy Kaul is talking about tokenizing private credit. Anant Kumar is talking about solving access and liquidity. Benefit Street Partners is operating directly in that market. Franklin Templeton is already deep in private markets. VERT has already put real structured-credit activity onto XRPL infrastructure. Ripple is building the Lending Protocol. XLS-65 can pool capital. XLS-66 can create fixed-term credit. Permissioned DEXes can create controlled secondary markets. Credentials can control eligibility. ZILO and Licuido expand issuance and collateral mobility. And ripple:native sits inside the liquidity and credit architecture. These are not separate stories to me anymore. They are all pieces of the same direction. Credit becomes digital. Digital credit becomes easier to divide. Divided credit becomes easier to trade. Tradable credit needs liquidity. Liquidity needs infrastructure. XRPL is being built for that infrastructure. And ripple:native can become part of the capital moving underneath it. That is why I think this private-credit conversation is one of the most underrated ripple:native theses right now. The endgame is not simply banks sending XRP across borders. The endgame could be XRP sitting inside a financial system where trillions of dollars of loans, Treasuries, stablecoins, funds and collateral move through the same liquidity network. That is a much bigger market than payments alone. And if Ripple gets this right, private credit may end up being one of the places where the world finally understands what they have been building. Remember this thesis when private credit starts moving onchain. If you understand where private credit is heading, you understand why I’m watching ripple:native.

X Finance Bull

16,025 次观看 • 5 天前

Chamath and Larry Summers Debate the Market Reaction to Trump's Tariffs Lawrence H. Summers: "If this is such a terrific thing, why do markets think it's so terrible for the American economy?" "Maybe the market's just completely wrong ... but the job of markets is to look forward." "It's to look passed the immediate." "It's to see what the long run consequences are going to be." "And markets are making a pretty devastatingly negative judgment on this step." Chamath Palihapitiya: " Larry, that's not true." " So let's just establish a couple facts about 'the markets.'" "Number one, there are two markets and they behave totally differently, and sometimes inversely to each other." "There's the stock market and there's the bond market." 1) Stocks: mean reversion "With respect to the stock market, what they are debating, and you're right Larry, is what is the effective long-term rate of return a dollar needs to generate in order to pay me back that dollar?" "That is what the fundamental stock market does." "And what we've seen for many years with trade imbalances, trade deficits, and close-to-zero interest rates, of which more of that happened under Democrats than Republicans, we have allowed the stock market to inflate past historical averages." " What we've actually seen happen in the last week is what most people would call mean reversion." "The stock market is still way above where it was last year, two years ago, three years ago." "What has happened is that the forward multiples have compressed. So that's number one. That's a fact." 2) Bonds: it's possible a major trade blew up "And then with respect to bonds, what we are seeing now is there are two very complicated issues." "In the last two days, we saw one part of the bond market totally get out of whack." "And what we know is that the yields changed materially in a very acute way, which is atypical of how the bond market typically digests a philosophical change in approach to policy." " What we heard in the last 24 hours is a lot of this move may have been attributed to an enormous levered bet on US treasuries by a Japanese hedge fund." " It will take three, and four, and five, and six weeks for us to really know." 3) Private credit: something to watch closely " Separately, what we do know, though, where the structural complexity of the market — and this is where, Larry, I agree with you — is acute and important to observe is in the credit markets for private companies." "And that is where you have to pay a lot of attention."
2:18

Chamath and Larry Summers Debate the Market Reaction to Trump's Tariffs Lawrence H. Summers: "If this is such a terrific thing, why do markets think it's so terrible for the American economy?" "Maybe the market's just completely wrong ... but the job of markets is to look forward." "It's to look passed the immediate." "It's to see what the long run consequences are going to be." "And markets are making a pretty devastatingly negative judgment on this step." Chamath Palihapitiya: " Larry, that's not true." " So let's just establish a couple facts about 'the markets.'" "Number one, there are two markets and they behave totally differently, and sometimes inversely to each other." "There's the stock market and there's the bond market." 1) Stocks: mean reversion "With respect to the stock market, what they are debating, and you're right Larry, is what is the effective long-term rate of return a dollar needs to generate in order to pay me back that dollar?" "That is what the fundamental stock market does." "And what we've seen for many years with trade imbalances, trade deficits, and close-to-zero interest rates, of which more of that happened under Democrats than Republicans, we have allowed the stock market to inflate past historical averages." " What we've actually seen happen in the last week is what most people would call mean reversion." "The stock market is still way above where it was last year, two years ago, three years ago." "What has happened is that the forward multiples have compressed. So that's number one. That's a fact." 2) Bonds: it's possible a major trade blew up "And then with respect to bonds, what we are seeing now is there are two very complicated issues." "In the last two days, we saw one part of the bond market totally get out of whack." "And what we know is that the yields changed materially in a very acute way, which is atypical of how the bond market typically digests a philosophical change in approach to policy." " What we heard in the last 24 hours is a lot of this move may have been attributed to an enormous levered bet on US treasuries by a Japanese hedge fund." " It will take three, and four, and five, and six weeks for us to really know." 3) Private credit: something to watch closely " Separately, what we do know, though, where the structural complexity of the market — and this is where, Larry, I agree with you — is acute and important to observe is in the credit markets for private companies." "And that is where you have to pay a lot of attention."

The All-In Podcast

98,290 次观看 • 1 年前

Spark has successfully allocated 100 million DAI in fresh liquidity from Maker via our Metamorpho vault to sUSDe/DAI and USDe/DAI markets on Morpho Blue. This liquidity, sourced from Maker’s Direct Deposit Module, is designed to provide unmatched liquidity at scale for sUSDe and USDe users who wish to increase their token exposure through leverage. In addition to SparkLend, this deployment marks the second liquidity allocation from Maker to DeFi opportunities curated by Spark and facilitated by the Endgame plan realm. As a Maker SubDAO, Spark aims to develop DeFi infrastructure with exceptional liquidity from Maker. This is achieved by directing DAI to unique opportunities that offer substantial benefits for users and potential upside for MakerDAO and Spark. Now, users can leverage Maker's liquidity to increase their exposure to sUSDe and USDe, with unparalleled liquidity, unlocking a range of fresh opportunities in the DeFi market.
0:23

Spark has successfully allocated 100 million DAI in fresh liquidity from Maker via our Metamorpho vault to sUSDe/DAI and USDe/DAI markets on Morpho Blue. This liquidity, sourced from Maker’s Direct Deposit Module, is designed to provide unmatched liquidity at scale for sUSDe and USDe users who wish to increase their token exposure through leverage. In addition to SparkLend, this deployment marks the second liquidity allocation from Maker to DeFi opportunities curated by Spark and facilitated by the Endgame plan realm. As a Maker SubDAO, Spark aims to develop DeFi infrastructure with exceptional liquidity from Maker. This is achieved by directing DAI to unique opportunities that offer substantial benefits for users and potential upside for MakerDAO and Spark. Now, users can leverage Maker's liquidity to increase their exposure to sUSDe and USDe, with unparalleled liquidity, unlocking a range of fresh opportunities in the DeFi market.

Spark

22,667 次观看 • 2 年前

Most credit unions don't know this is possible yet, so plainly: A credit union can offer its members digital-asset lending today, in its own brand. Members lend and borrow against XRP, ADA, XLM, HBAR, DOGE and LTC, plus BTC, ETH and USDC. That asset list is the tell, because most lending venues structurally can't support it. The unlock is identity. KYC is enforced at the protocol level, not bolted on at the app, which is what makes this workable for a regulated institution in the first place. Live markets, $30M+ TVL on DeFiLlama, and 75+ credit unions committed to pilots on our network. Members are already doing this somewhere. With their credit union, or around it. That's the whole choice. DMs open.
0:32

Most credit unions don't know this is possible yet, so plainly: A credit union can offer its members digital-asset lending today, in its own brand. Members lend and borrow against XRP, ADA, XLM, HBAR, DOGE and LTC, plus BTC, ETH and USDC. That asset list is the tell, because most lending venues structurally can't support it. The unlock is identity. KYC is enforced at the protocol level, not bolted on at the app, which is what makes this workable for a regulated institution in the first place. Live markets, $30M+ TVL on DeFiLlama, and 75+ credit unions committed to pilots on our network. Members are already doing this somewhere. With their credit union, or around it. That's the whole choice. DMs open.

Metallicus

13,880 次观看 • 1 个月前

Why build on chain? At Avalanche Summit, Kevin Miao of Tare will bring a sharper test for crypto: does this actually work better onchain? Tickets: Kevin Miao is Cofounder & CEO of Tare, building the next generation of consumer lending infrastructure on Avalanche. Before Tare, Kevin founded BlockTower Credit, a pioneering $1.9B AUM private credit fund using public blockchains, stablecoins, and tokenization to improve capital efficiency. He has also worked across structured credit, fintech lending, DeFi, and private markets, with experience at Citigroup, Capchase, Steakhouse Financial, and more. Come to Summit to learn about the practical version of onchain finance: where the capital is coming from, what actually creates utility, and what it takes to build lending infrastructure that can compete with legacy rails. Sept 16–17 | New York City
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Why build on chain? At Avalanche Summit, Kevin Miao of Tare will bring a sharper test for crypto: does this actually work better onchain? Tickets: Kevin Miao is Cofounder & CEO of Tare, building the next generation of consumer lending infrastructure on Avalanche. Before Tare, Kevin founded BlockTower Credit, a pioneering $1.9B AUM private credit fund using public blockchains, stablecoins, and tokenization to improve capital efficiency. He has also worked across structured credit, fintech lending, DeFi, and private markets, with experience at Citigroup, Capchase, Steakhouse Financial, and more. Come to Summit to learn about the practical version of onchain finance: where the capital is coming from, what actually creates utility, and what it takes to build lending infrastructure that can compete with legacy rails. Sept 16–17 | New York City

Avalanche🔺

23,004 次观看 • 2 个月前

ELON: MY BIGGEST CONCERNS FOR EUROPE ARE POPULATION COLLAPSE AND CENSORSHIP “My biggest concern for Europe is that the birth rate is half the replacement rate. With each passing year, Europe is rapidly becoming older and older, with fewer and fewer young people. I think at a most fundamental level, unless Europe has a birth rate at least roughly equal to the replacement rate, it is in population free fall. Population collapse, this is what's going on in Europe. There's also a shocking amount of censorship. You may have seen in Britain—I kid you not, how can this be real—they are releasing convicted pedophiles from prison in order to put people in prison for Facebook posts.” Source: Interview with Tucker Carlson, October 7, 2024
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ELON: MY BIGGEST CONCERNS FOR EUROPE ARE POPULATION COLLAPSE AND CENSORSHIP “My biggest concern for Europe is that the birth rate is half the replacement rate. With each passing year, Europe is rapidly becoming older and older, with fewer and fewer young people. I think at a most fundamental level, unless Europe has a birth rate at least roughly equal to the replacement rate, it is in population free fall. Population collapse, this is what's going on in Europe. There's also a shocking amount of censorship. You may have seen in Britain—I kid you not, how can this be real—they are releasing convicted pedophiles from prison in order to put people in prison for Facebook posts.” Source: Interview with Tucker Carlson, October 7, 2024

Mario Nawfal

249,039 次观看 • 1 年前

Richard is creating a secondary market for #Hex that also enables him to collateralise #pDAI, monetise his OA holdings and pump #pulsechain into oblivion. One of the easiest ways he can encapsulate his stakes after they've been made, is by using a tracking system that logs the stakes into a smart contract that can later be used to mint the derivative tokens. To create a secondary market he needs to place this derivative in places where people can trade it. Liquidity pools. Lending protocols. #plsx, #pAAVE, #pComp People will be able to buy & sell fractional shares of hex stakes. They will trade at either a discount or a premium. This is useful for those who don't want to hold hex directly but want to earn a yield bearing asset. 1. Create long Hex stakes 2. Mint your derivative 3. Create a market by putting half of your derivative holdings in pools & lending protocols 4. Realise the other half as a stablecoin that kicks off your own virtuous circle and protects the price of your derivative God I love this man
2:01

Richard is creating a secondary market for #Hex that also enables him to collateralise #pDAI, monetise his OA holdings and pump #pulsechain into oblivion. One of the easiest ways he can encapsulate his stakes after they've been made, is by using a tracking system that logs the stakes into a smart contract that can later be used to mint the derivative tokens. To create a secondary market he needs to place this derivative in places where people can trade it. Liquidity pools. Lending protocols. #plsx, #pAAVE, #pComp People will be able to buy & sell fractional shares of hex stakes. They will trade at either a discount or a premium. This is useful for those who don't want to hold hex directly but want to earn a yield bearing asset. 1. Create long Hex stakes 2. Mint your derivative 3. Create a market by putting half of your derivative holdings in pools & lending protocols 4. Realise the other half as a stablecoin that kicks off your own virtuous circle and protects the price of your derivative God I love this man

DecentraliseMe

61,104 次观看 • 1 年前