Pinned Tweet
As Canton’s native Ethereum-compatible execution layer, @ZenithFdn offers unmodified EVM (Solidity) and SVM (Rust) virtual blockchains that run atomically within @CantonNetwork’s privacy-preserving infrastructure.
This enables institutions to:
1. Seamlessly deploy to battle-tested Web3 DeFi applications from Canton without bridging to external environments,
2. Utilize ERC tokenization standards (ERC-1400, ERC-3643, DS Protocol, CMTAT, ST Protocol, etc.) and EVM based product/tooking dependencies for their Canton strategies,
3. Migrate Hyperledger Besu stacks with lift and shift code redeployments to compose with the broader Canton ecosystem and external L1s.
All of this happens natively on Canton Mainnet, without economic bridges, code rewrites, or compliance fragmentation.
This is Canton EVM.
This is Zenith.
Zth.
This enables institutions to:
1. Seamlessly deploy to battle-tested Web3 DeFi applications from Canton without bridging to external environments,
2. Utilize ERC tokenization standards (ERC-1400, ERC-3643, DS Protocol, CMTAT, ST Protocol, etc.) and EVM based product/tooking dependencies for their Canton strategies,
3. Migrate Hyperledger Besu stacks with lift and shift code redeployments to compose with the broader Canton ecosystem and external L1s.
All of this happens natively on Canton Mainnet, without economic bridges, code rewrites, or compliance fragmentation.
This is Canton EVM.
This is Zenith.
Zth.
Two years ago, internal teams at Digital Asset thought bringing EVM natively to Canton was technically impossible. Earlier this month, Canton distributed 25,424,478 $CC to Zenith for proving it works end-to-end.
Zenith is a native extension of Canton's consensus into the EVM opening @CantonNetwork's institutional rails to Ethereum and Solana developers without rewrites, bridges, or learning a new language from scratch. Canton is where JPMorgan, DTCC, Goldman Sachs, Broadridge, and Visa process $9T+ in monthly settlement volume. We were built to realize Canton's own Polyglot vision, bringing Solidity and Rust developers natively into that infrastructure without asking either side to compromise on what makes them work.
Two milestones complete. Both milestones were independently evaluated by Canton's governance committees, and the external_call() primitive enabling the atomic composability is now merged into Canton's repository.
What comes next: public Testnet arriving soon, the external_call() primitive rolling out to Canton Mainnet with the Canton 3.6 upgrade, and institutional pilots already underway including Zenith's participation in Progmat's JGB working group alongside MUFG, Mizuho, BlackRock Japan, and State Street, targeting Japan's $1.6 trillion JGB repo market.
The wall between DeFi and institutional finance is coming down. Zenith is where developers walk through.
zenith.network/contact-us
Zth.
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“Crypto could become the most powerful financial surveillance architecture ever invented.”
Alright my tinfoil hat is going back to this now:
NSA wrote a paper on digital currency in 1996 groups.csail.mit.edu/mac/classes/6.… and there's someone named Tatsuaki Okamoto who was involved, the name is close to Satoshi Nakamoto when arranged, an anagram if you will...
As many of you know NSA is also behind SHA-256 which Bitcoin uses "SHA-2 is a set of cryptographic hash functions (SHA-224, SHA-256, SHA-384, SHA-512) designed by the U.S. National Security Agency (NSA).”
Bruh.
Alright my tinfoil hat is going back to this now:
NSA wrote a paper on digital currency in 1996 groups.csail.mit.edu/mac/classes/6.… and there's someone named Tatsuaki Okamoto who was involved, the name is close to Satoshi Nakamoto when arranged, an anagram if you will...
As many of you know NSA is also behind SHA-256 which Bitcoin uses "SHA-2 is a set of cryptographic hash functions (SHA-224, SHA-256, SHA-384, SHA-512) designed by the U.S. National Security Agency (NSA).”
Bruh.
🇺🇸LATEST: @SECPaulSAtkins calls public blockchains "more transparent than any legacy financial system ever built."
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I thought I was the only one. Been saying this since 2015. It’s why Bitcoin never sold me. Ethereum has always been my gateway.
x.com/aravind/status…
x.com/aravind/status…
Binance hacked.
Here's my conspiracy on what's happening and why it's happening.
- Crypto was created by NSA of the US for a post dollar world knowing well adversaries will attack the dollar system, that its time is up after being weaponized, and the USD needed an alternative reserve to back.
- China, Russia, DPRK and many others have figured this out.
- China mainly has been hedging by both hoarding crypto as a state (various ways using proxies and mining) and also trying to attack cryptos as unsafe, to ensure people lose trust in this alternative created by the US.
- Among many crypto exchanges, one is the easiest at hand to "attack" and create this FUD about Crypto, while taking billions from the US and western investors. You know which one.
- But they will try to attack other exchanges too. Siphon off crypto, create FUD on crypto, and try to prevent the US from create a crypto backed dollar and currency.
- IMO, the US has planned for this too. It's quite hard to destroy crypto at this point unless you have some quantum encryption breaking tech or you are NSA itself who knows some mathematical hole in RSA algorithm.
- The only way to win this crypto trap the US has laid is by accumulating more crypto than the rest of the world by hacking, stealing, scamming, mining etc.
- But it can never be done if Satoshi is NSA with 1m BTC in holdings, and also so many from public holding their own keys.
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🚨 Uber unveils MMF yield strategy for operating cash flows w/ Canton Network 🚨
@Uber participated in a blockchain investment pilot involving @HSBC and @FTDA_US, buying a tokenized money market fund on Thursday and selling it on Sunday to earn an additional 1.5 days of yield. e transaction used HSBC tokenized deposits and a public blockchain, allowing the investment and settlement to continue without selling assets before banks and markets closed on Friday.
The pilot also involved @Tradeweb and @FireblocksHQ, with @CantonNetwork providing liquidity and settlement. Fireblocks CEO Michael Shaulov expects hundreds of large companies to adopt the model within the next 18 months. HSBC said the pilot demonstrated the technology’s feasibility and that the service is ready to be expanded to other clients.
Now imagine if @Uber ran the same strategy with Franklin Templeton’s $BENJI as collateral but extended it by using an @aave V4/@Morpho instance, borrowing USDC, buying PPLUS on @pendle_fi with @Bitwise, using PPLUS to borrow USDC, and leveraged looping across all of DeFi’s most robust, stress tested protocols.
This is what @ZenithFdn will enable with atomicity between Canton Mainnet and its native EVM.
And yes, privacy pilots within the public, permissionless instance coming by Q2 2027.
Zth.
@Uber participated in a blockchain investment pilot involving @HSBC and @FTDA_US, buying a tokenized money market fund on Thursday and selling it on Sunday to earn an additional 1.5 days of yield. e transaction used HSBC tokenized deposits and a public blockchain, allowing the investment and settlement to continue without selling assets before banks and markets closed on Friday.
The pilot also involved @Tradeweb and @FireblocksHQ, with @CantonNetwork providing liquidity and settlement. Fireblocks CEO Michael Shaulov expects hundreds of large companies to adopt the model within the next 18 months. HSBC said the pilot demonstrated the technology’s feasibility and that the service is ready to be expanded to other clients.
Now imagine if @Uber ran the same strategy with Franklin Templeton’s $BENJI as collateral but extended it by using an @aave V4/@Morpho instance, borrowing USDC, buying PPLUS on @pendle_fi with @Bitwise, using PPLUS to borrow USDC, and leveraged looping across all of DeFi’s most robust, stress tested protocols.
This is what @ZenithFdn will enable with atomicity between Canton Mainnet and its native EVM.
And yes, privacy pilots within the public, permissionless instance coming by Q2 2027.
Zth.
Let me explain why this matters. Every company has "operating cashflow" as part of their regular business operations. As a result of the friction of money, that number is usually significantly higher than it should be. It also gets bigger ahead of the the off hours to allow the company to drive operations during those hours.
If you can move from cash to yield products in realtime 24/7, it means you can squeeze much more yield from your balance sheet.
The magic is for a real company to do this with privacy as public companies don't want the whole world to see their treasury activity.
@Uber is as complex as it gets from a size and complexity. I'm very excited to be their partner on this and excited to see how we scale this with them and with other companies as well.
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On our panel at @blockworksDAS Asia, Monad Co-Founder @keoneHD raised an important question to @wesearn_real about composability on @CantonNetwork: where does DeFi fit into the picture?
It's worth asking, and I respect his grit to dive into these types of questions on stage. as spent years building an ecosystem of lending markets, decentralized exchanges, liquidity pools, and applications that compose through shared EVM execution. Canton, meanwhile, brings together major financial institutions, tokenized assets, and workflows that can transact atomically across different participants without making sensitive financial information public.
As @wesarn_real, Co-Founder of Digital Asset, explained on the panel, Canton was built to preserve atomic composability even when participants have different privacy requirements and validator sets. Where many privacy-focused blockchain approaches have struggled to preserve composability, Canton made it a fundamental part of its architecture.
So the challenge isn't to make Canton composable for the first time. It's to add natively Ethereum-compatible execution without creating another settlement boundary.
And to understand why that matters, we need to distinguish a few things the industry often groups together.
"Cross-chain composability" usually describes one of three very different things.
1. Bridging: An asset is locked in one place and a representation of it is created somewhere else. The asset has moved, but what you now hold is a claim on a lockbox. If the lockbox fails, the claim is worthless.
2. Messaging: One chain sends a message, and another chain acts on it later. The two halves of the operation settle separately, on different schedules, under different finality rules. Most of the time this works but when it does not, one side of the trade has happened and the other has not.
3. Atomic composability: Every step of an operation, across every application and asset involved, happens in a single transaction. Either all of it succeeds, or none of it does. Traditional finance knows this as delivery versus payment (DvP), Ethereum developers know it as atomic smart contract execution.
Only the third one is composability in the sense that matters for finance at scale: the ability to execute a single financial transaction across different environments without splitting its settlement.
I get it. It's easy to get caught in marketing semantics, and who has time to granularly review the legitimacy of public claims, but the underlying implications of the actual technology are dramatic.
Over the past decade, public blockchains and institutional blockchains both wanted to make financial assets programmable and easier to transact with, but each ran into a different limitation.
Public chains kept composability, then fragmented it.
Ethereum showed how lending protocols, exchanges, and liquidity pools became building blocks that other applications could use and combine. But its public transaction history and broadly visible contract state present challenges for institutions handling confidential positions, client data, and regulated assets. And, as activity expanded across L2s and independent networks, accessing liquidity and applications across different environments increasingly required bridges and messaging, introducing additional dependencies and security risks. The costs were real: Chainalysis estimated that around $2 billion was stolen from cross-chain bridges in 2022 alone, the majority of all crypto stolen that year.
Private enterprise chains kept privacy giving up broader composability, and what we call DeFi. Financial institutions couldn't simply put sensitive customer positions and transaction details on a fully transparent ledger. Those networks could support their own internal workflows, but connecting assets and applications across different institutional systems remained difficult.
There's a definitive reason we built Zenith and dialed into a GTM/PMF with @cantonnetwork.
On Canton, parties with different privacy requirements and different validators can still transact atomically. A tokenized bond held privately by one institution can settle against a payment from another in the same transaction, without either side exposing its data to the other's validators.
That is the point @digitalasset made on the panel, and it is a genuinely new capability.
But it does not fully answer Monad's question. DeFi is not only assets but also applications: lending logic, liquidity pools, risk engines, liquidation mechanics. Almost all of that logic is written in Solidity, battle-tested over years, and maintained by the largest developer community in the industry.
The obvious shortcut would be to bridge Canton assets out to wherever DeFi already lives. But that would bring back exactly the problems described above. The asset would leave the environment that gives it its legal and operational guarantees, and the transaction would lose its atomicity at the moment it matters most.
So here's the PMF. Zenith has brought universal application composability to @cantonnetwork. It's not merely about asset composability... the stress-tested, DeFiLlama ranked protocols are critical to mobilizing the trillions in assets that are on @cantonnetwork's doorstep.
This is what we saw needed to be built in early 2025. Zenith brings native EVM execution to Canton, so Solidity applications run inside Canton's transaction model rather than next to it. As I said on the panel, the idea is to "bring a little bit of Ethereum to the Canton side, and a bit of Canton to the Ethereum side as well." Thanks to @hosseeb for inspiring that line, and also unintentionally validating our thesis.
Here is what that looks like in a single transaction:
➜ An institution holds tokenized Treasury fund shares on Canton.
➜ It moves those shares into Zenith EVM and deposits them as collateral in a lending protocol written in Solidity. The original shares are locked on Canton, and a fully backed representation is created on Zenith EVM.
➜ Canton applies the asset’s compliance rules: eligibility, transfer restrictions, and any other conditions the issuer has defined.
➜ The lending contract checks the collateral value and issues a stablecoin loan.
➜ Canton validators finalize the full operation. Either everything commits or nothing does.
➜ If any step fails, whether that's an eligibility check, a price check, or a contract error, nothing settles.
That's what makes Zenith's approach different: rather than simply moving assets between environments, it allows Canton-native assets and EVM smart contracts to interact and settle atomically as part of the same transaction.
Now imagine eligible tokenized Japanese Government Bonds (JGBs) on Canton being used to borrow stablecoins through an EVM lending application. This is actually in motion already.
However, @keoneHD's question is the right one to keep asking, and the answer will be measured in deployments and volume, not in architecture diagrams.
Native EVM execution on Canton does not create DeFi liquidity overnight. Protocols still need to deploy, liquidity needs to develop, and institutions must determine which assets can participate in which applications.
What has changed is the starting point, and a door where there used not to be one.
Before we built the Zenith Stack, connecting DeFi to institutional assets meant asking one side to give up what made it valuable: either the institution gave up its security guarantees for distribution on other chains, or the DeFi protocols gave up before rewriting their code to Daml.
That trade-off no longer has to exist. The entire reason to be on-chain is composability, and the next step is making sure it does not stop at the edge of a chain.
Watch the full DAS Asia discussion: x.com/ZenithFdn/stat…
Explore Zenith EVM Testnet: docs.zenith.network
Zth.
It's worth asking, and I respect his grit to dive into these types of questions on stage. as spent years building an ecosystem of lending markets, decentralized exchanges, liquidity pools, and applications that compose through shared EVM execution. Canton, meanwhile, brings together major financial institutions, tokenized assets, and workflows that can transact atomically across different participants without making sensitive financial information public.
As @wesarn_real, Co-Founder of Digital Asset, explained on the panel, Canton was built to preserve atomic composability even when participants have different privacy requirements and validator sets. Where many privacy-focused blockchain approaches have struggled to preserve composability, Canton made it a fundamental part of its architecture.
So the challenge isn't to make Canton composable for the first time. It's to add natively Ethereum-compatible execution without creating another settlement boundary.
And to understand why that matters, we need to distinguish a few things the industry often groups together.
"Cross-chain composability" usually describes one of three very different things.
1. Bridging: An asset is locked in one place and a representation of it is created somewhere else. The asset has moved, but what you now hold is a claim on a lockbox. If the lockbox fails, the claim is worthless.
2. Messaging: One chain sends a message, and another chain acts on it later. The two halves of the operation settle separately, on different schedules, under different finality rules. Most of the time this works but when it does not, one side of the trade has happened and the other has not.
3. Atomic composability: Every step of an operation, across every application and asset involved, happens in a single transaction. Either all of it succeeds, or none of it does. Traditional finance knows this as delivery versus payment (DvP), Ethereum developers know it as atomic smart contract execution.
Only the third one is composability in the sense that matters for finance at scale: the ability to execute a single financial transaction across different environments without splitting its settlement.
I get it. It's easy to get caught in marketing semantics, and who has time to granularly review the legitimacy of public claims, but the underlying implications of the actual technology are dramatic.
Over the past decade, public blockchains and institutional blockchains both wanted to make financial assets programmable and easier to transact with, but each ran into a different limitation.
Public chains kept composability, then fragmented it.
Ethereum showed how lending protocols, exchanges, and liquidity pools became building blocks that other applications could use and combine. But its public transaction history and broadly visible contract state present challenges for institutions handling confidential positions, client data, and regulated assets. And, as activity expanded across L2s and independent networks, accessing liquidity and applications across different environments increasingly required bridges and messaging, introducing additional dependencies and security risks. The costs were real: Chainalysis estimated that around $2 billion was stolen from cross-chain bridges in 2022 alone, the majority of all crypto stolen that year.
Private enterprise chains kept privacy giving up broader composability, and what we call DeFi. Financial institutions couldn't simply put sensitive customer positions and transaction details on a fully transparent ledger. Those networks could support their own internal workflows, but connecting assets and applications across different institutional systems remained difficult.
There's a definitive reason we built Zenith and dialed into a GTM/PMF with @cantonnetwork.
On Canton, parties with different privacy requirements and different validators can still transact atomically. A tokenized bond held privately by one institution can settle against a payment from another in the same transaction, without either side exposing its data to the other's validators.
That is the point @digitalasset made on the panel, and it is a genuinely new capability.
But it does not fully answer Monad's question. DeFi is not only assets but also applications: lending logic, liquidity pools, risk engines, liquidation mechanics. Almost all of that logic is written in Solidity, battle-tested over years, and maintained by the largest developer community in the industry.
The obvious shortcut would be to bridge Canton assets out to wherever DeFi already lives. But that would bring back exactly the problems described above. The asset would leave the environment that gives it its legal and operational guarantees, and the transaction would lose its atomicity at the moment it matters most.
So here's the PMF. Zenith has brought universal application composability to @cantonnetwork. It's not merely about asset composability... the stress-tested, DeFiLlama ranked protocols are critical to mobilizing the trillions in assets that are on @cantonnetwork's doorstep.
This is what we saw needed to be built in early 2025. Zenith brings native EVM execution to Canton, so Solidity applications run inside Canton's transaction model rather than next to it. As I said on the panel, the idea is to "bring a little bit of Ethereum to the Canton side, and a bit of Canton to the Ethereum side as well." Thanks to @hosseeb for inspiring that line, and also unintentionally validating our thesis.
Here is what that looks like in a single transaction:
➜ An institution holds tokenized Treasury fund shares on Canton.
➜ It moves those shares into Zenith EVM and deposits them as collateral in a lending protocol written in Solidity. The original shares are locked on Canton, and a fully backed representation is created on Zenith EVM.
➜ Canton applies the asset’s compliance rules: eligibility, transfer restrictions, and any other conditions the issuer has defined.
➜ The lending contract checks the collateral value and issues a stablecoin loan.
➜ Canton validators finalize the full operation. Either everything commits or nothing does.
➜ If any step fails, whether that's an eligibility check, a price check, or a contract error, nothing settles.
That's what makes Zenith's approach different: rather than simply moving assets between environments, it allows Canton-native assets and EVM smart contracts to interact and settle atomically as part of the same transaction.
Now imagine eligible tokenized Japanese Government Bonds (JGBs) on Canton being used to borrow stablecoins through an EVM lending application. This is actually in motion already.
However, @keoneHD's question is the right one to keep asking, and the answer will be measured in deployments and volume, not in architecture diagrams.
Native EVM execution on Canton does not create DeFi liquidity overnight. Protocols still need to deploy, liquidity needs to develop, and institutions must determine which assets can participate in which applications.
What has changed is the starting point, and a door where there used not to be one.
Before we built the Zenith Stack, connecting DeFi to institutional assets meant asking one side to give up what made it valuable: either the institution gave up its security guarantees for distribution on other chains, or the DeFi protocols gave up before rewriting their code to Daml.
That trade-off no longer has to exist. The entire reason to be on-chain is composability, and the next step is making sure it does not stop at the edge of a chain.
Watch the full DAS Asia discussion: x.com/ZenithFdn/stat…
Explore Zenith EVM Testnet: docs.zenith.network
Zth.
On Canton, atomic composability means every leg of a transaction commits together, or none of it does.
Bridging and messaging settle separately, under different timelines and finality.
Zenith runs Solidity in that model, committing atomically alongside Canton-native assets.
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When the betas start raising $7.2M seed rounds, you know something is cooking for the alpha.
@CantonNetwork is preparing for something large.
Congrats @cancore_io
Exciting times.
Zth.
@CantonNetwork is preparing for something large.
Congrats @cancore_io
Exciting times.
Zth.
Cancore raises $7.2M to scale the Liquidity OS for Tokenized Finance.
Live on Canton mainnet since April.
$86M+ settled across 160,000+ trades.
We shipped first. Raised second.
That order matters.
Backed by @ark_stream, @daofive, @Papervc, @XVentures_Fund, @proofoftalk and ale.
→ cancore.io
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This day will go down in the history books.
@The_DTCC Tokenization Service is live.
Years of work, regulatory engagement, and industry collaboration culminated today. As Frank La Salla put it: “By extending DTC’s resiliency, governance and operational standards into digital markets, we are establishing the foundation for responsible institutional adoption at scale.”
@CantonNetwork is live at launch alongside DTCC’s private Besu network (EVM 👀). Tokenized representations of DTC-custodied securities (retaining full ownership rights, protections, and entitlements) are now available to 20 signed participants including J.P. Morgan, Citi, Bank of America, Morgan Stanley, Fidelity, State Street, and others. Built with input from 150+ firms. More networks in 2027.
This is the plumbing of global markets moving on-chain: liquidity, collateral mobility, and capital efficiency, with the legal certainty of the existing system.
Massive congratulations to @CantonNetwork @drwconvexity @YuvalRooz @wesarn_real @ShaulKfir and everyone who made this real.
This is only the beginning.
Zth.
@The_DTCC Tokenization Service is live.
Years of work, regulatory engagement, and industry collaboration culminated today. As Frank La Salla put it: “By extending DTC’s resiliency, governance and operational standards into digital markets, we are establishing the foundation for responsible institutional adoption at scale.”
@CantonNetwork is live at launch alongside DTCC’s private Besu network (EVM 👀). Tokenized representations of DTC-custodied securities (retaining full ownership rights, protections, and entitlements) are now available to 20 signed participants including J.P. Morgan, Citi, Bank of America, Morgan Stanley, Fidelity, State Street, and others. Built with input from 150+ firms. More networks in 2027.
This is the plumbing of global markets moving on-chain: liquidity, collateral mobility, and capital efficiency, with the legal certainty of the existing system.
Massive congratulations to @CantonNetwork @drwconvexity @YuvalRooz @wesarn_real @ShaulKfir and everyone who made this real.
This is only the beginning.
Zth.
The DTCC Tokenization Service is now live, and this is only the beginning.
Explore the service: brnw.ch/21x6JeP
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.@austincampbell put it nicely, and I’ll paraphrase my take with a mishmash of his:
The demands and needs of the time are always in flux. There are capitalization windows for these periods. However, it doesn’t mean they all have staying power, and it’s likely the be all end all blockchain might not even exist yet. Trends are your friend, until they’re not.
The recent Bitcoin doomerism is an interesting take I would have not expected this cycle. ZEC being pitched as a replacement was not in my cards.
Broader basal network growth is cooked and everything is being steered towards the application level. Revenue generating businesses are winning market meta and capital allocation.
As such my thesis still stands:
My financial cynicism stems from the fact that I think general purpose L1s will largely be a write off in the coming decade as Ethereum will be fully sufficient to absorb the entire market once we reach ETH 2.0/Lean Ethereum status in production.
“It’s more that people have come to believe that even if a new chain wins, there’s no prize worth winning. If $ETH is just a meme, if it’ll never generate real revenue, then even if you win, you won’t be worth $300B. The contest is not worth winning, because these valuations are all bunk and it’ll all come crashing down before you go to claim your prize.”
The contenders then will not be from within the crypto industry, but from real businesses displacing them.
We’re already seeing that now with:
a) Robinhood > Kalshi
b) Stripe > Tron
That to me is inevitable and where I’d make my bets. Blockchain is here to stay, but Web3 is too redundant and messy. It’s easy to come in and scoop out the necessary ingredients without all the noise.
Should we make tech improvements, definitely. Is that what wins? No. It’s like eating a handful of raw sugar, egg, and flour and saying you just ate a pie. Better ingredients with best execution are critical. My cynicism is that crypto teams largely don’t have what it takes by way of execution. Too few of them have been around long enough to understand the true game.
Those that do understand are already building the necessary ingredients for when the executors come along from the Web2 world.
A la @CantonNetwork and others.
Zth.
The demands and needs of the time are always in flux. There are capitalization windows for these periods. However, it doesn’t mean they all have staying power, and it’s likely the be all end all blockchain might not even exist yet. Trends are your friend, until they’re not.
The recent Bitcoin doomerism is an interesting take I would have not expected this cycle. ZEC being pitched as a replacement was not in my cards.
Broader basal network growth is cooked and everything is being steered towards the application level. Revenue generating businesses are winning market meta and capital allocation.
As such my thesis still stands:
My financial cynicism stems from the fact that I think general purpose L1s will largely be a write off in the coming decade as Ethereum will be fully sufficient to absorb the entire market once we reach ETH 2.0/Lean Ethereum status in production.
“It’s more that people have come to believe that even if a new chain wins, there’s no prize worth winning. If $ETH is just a meme, if it’ll never generate real revenue, then even if you win, you won’t be worth $300B. The contest is not worth winning, because these valuations are all bunk and it’ll all come crashing down before you go to claim your prize.”
The contenders then will not be from within the crypto industry, but from real businesses displacing them.
We’re already seeing that now with:
a) Robinhood > Kalshi
b) Stripe > Tron
That to me is inevitable and where I’d make my bets. Blockchain is here to stay, but Web3 is too redundant and messy. It’s easy to come in and scoop out the necessary ingredients without all the noise.
Should we make tech improvements, definitely. Is that what wins? No. It’s like eating a handful of raw sugar, egg, and flour and saying you just ate a pie. Better ingredients with best execution are critical. My cynicism is that crypto teams largely don’t have what it takes by way of execution. Too few of them have been around long enough to understand the true game.
Those that do understand are already building the necessary ingredients for when the executors come along from the Web2 world.
A la @CantonNetwork and others.
Zth.
My financial cynicism stems from the fact that I think general purpose L1s will largely be a write off in the coming decade as Ethereum will be fully sufficient to absorb the entire market once we reach ETH 2.0/Lean Ethereum status in production.
“It’s more that people have come to believe that even if a new chain wins, there’s no prize worth winning. If $ETH is just a meme, if it’ll never generate real revenue, then even if you win, you won’t be worth $300B. The contest is not worth winning, because these valuations are all bunk and it’ll all come crashing down before you go to claim your prize.”
The contenders then will not be from within the crypto industry, but from real businesses displacing them.
We’re already seeing that now with:
a) Robinhood > Kalshi
b) Stripe > Tron
That to me is inevitable and where I’d make my bets. Blockchain is here to stay, but Web3 is too redundant and messy. It’s easy to come in and scoop out the necessary ingredients without all the noise.
Should we make tech improvements, definitely. Is that what wins? No. It’s like eating a handful of raw sugar, egg, and flour and saying you just ate a pie. Better ingredients with best execution are critical. My cynicism is that crypto teams largely don’t have what it takes by way of execution. Too few of them have been around long enough to understand the true game.
Those that do understand are already building the necessary ingredients for when the executors come along from the Web2 world.
A la @CantonNetwork and others.
Zth.
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Asian work hours: 9/9/6
That’s average I’d say. Some companies would look at this as underperforming.
I’d expect nothing less.
There is no such thing as work-life balance.
Only winning.
Zth.
That’s average I’d say. Some companies would look at this as underperforming.
I’d expect nothing less.
There is no such thing as work-life balance.
Only winning.
Zth.
Revolut CEO Nik Storonsky: “The US is not that competitive. Europe is even less competitive.”
“China is competitive.”
“China is 9/9/6. Even if you are good in Europe, or in the US, how can you out-compete the people who work 9:00 to 9:00, six days a week?”
“I started in a 40 companies. Within 5 years, only 3 companies survived. They all worked on the weekends.”
“Within 10 years, only 2 companies survived out of 140.”
“Working weekends is a must if you want to survive. Purely statistically.”
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Happy to see the portco cooking.
When I met @MurielMedard we had really amazing strategic discussions out the gate, so I knew I had to support. I really appreciated the @get_optimum team’s ability to architect sophisticated tech while also having a knack for constantly seeking PMF.
$3.4B in staked $ETH is no small endeavor. This team was clear to win from the onset though.
Thrilled for them! It’s just the beginning.
When I met @MurielMedard we had really amazing strategic discussions out the gate, so I knew I had to support. I really appreciated the @get_optimum team’s ability to architect sophisticated tech while also having a knack for constantly seeking PMF.
$3.4B in staked $ETH is no small endeavor. This team was clear to win from the onset though.
Thrilled for them! It’s just the beginning.
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The Universal Burn CIP is still in draft, but it has important implications.
@bc1pxxx + @ShaulKfir just put out this CIP that unifies Canton MainNet’s economics.
What it is:
Today, Global Synchronizer traffic burns $CC and pays rewards. Dedicated synchronizers mostly sit outside that via license fees. This CIP makes every production synchronizer burn CC at the same list price ($60/MB ≈ $1 per typical ~16.7 KB transaction), extends app/validator rewards to all traffic, and makes dedicated synchronizers fully permissionless.
It adds volume pricing + commitment discounts (backed by staked $CC) so high-throughput, low-value workloads can actually live here.
Hard dollar numbers (not yet approved):
→ Volume curve on dedicated synchronizers: price halves every 10× sustained throughput:
≤1 TPS stays at list (~$1).
10 TPS → 50¢.
100 TPS → 25¢.
1,000 TPS → 12.5¢.
→ Commitment (1yr+, 20% collateral of annual fees): 50% off the volume price. Extra collateral up to 100% of a year’s spend stacks further (toward ~74% off volume price). Loyalty adds up to another 60% after four years.
→ Full stack example: a 10 TPS app drops from 50¢ gross to about 5¢ per transaction. Most of what’s burned is expected to come back as rewards (≥90%), so the net cost is substantially lower.
→ Why the curve exists: a flat $1 everywhere would make 1,000 TPS cost ~$31.5B/year. That prices real payment and trading volume off the network.
Scale implications:
The current split leaves high-volume dedicated capacity economically outside the @CantonNetwork $CC economy. Universal burn turns that into net-new burn. Volume + commitment pricing is what makes sustained institutional throughput (payments, trading, composed RWA flows) viable without forcing everything onto the Global Synchronizer or leaking value as licenses. Collateral commitments lock $CC and make future burn more forecastable. Dedicated capacity becomes additive rather than fragmenting.
One network, one economy. The framework decision is the one that matters first. Numbers follow.
Zth.
@bc1pxxx + @ShaulKfir just put out this CIP that unifies Canton MainNet’s economics.
What it is:
Today, Global Synchronizer traffic burns $CC and pays rewards. Dedicated synchronizers mostly sit outside that via license fees. This CIP makes every production synchronizer burn CC at the same list price ($60/MB ≈ $1 per typical ~16.7 KB transaction), extends app/validator rewards to all traffic, and makes dedicated synchronizers fully permissionless.
It adds volume pricing + commitment discounts (backed by staked $CC) so high-throughput, low-value workloads can actually live here.
Hard dollar numbers (not yet approved):
→ Volume curve on dedicated synchronizers: price halves every 10× sustained throughput:
≤1 TPS stays at list (~$1).
10 TPS → 50¢.
100 TPS → 25¢.
1,000 TPS → 12.5¢.
→ Commitment (1yr+, 20% collateral of annual fees): 50% off the volume price. Extra collateral up to 100% of a year’s spend stacks further (toward ~74% off volume price). Loyalty adds up to another 60% after four years.
→ Full stack example: a 10 TPS app drops from 50¢ gross to about 5¢ per transaction. Most of what’s burned is expected to come back as rewards (≥90%), so the net cost is substantially lower.
→ Why the curve exists: a flat $1 everywhere would make 1,000 TPS cost ~$31.5B/year. That prices real payment and trading volume off the network.
Scale implications:
The current split leaves high-volume dedicated capacity economically outside the @CantonNetwork $CC economy. Universal burn turns that into net-new burn. Volume + commitment pricing is what makes sustained institutional throughput (payments, trading, composed RWA flows) viable without forcing everything onto the Global Synchronizer or leaking value as licenses. Collateral commitments lock $CC and make future burn more forecastable. Dedicated capacity becomes additive rather than fragmenting.
One network, one economy. The framework decision is the one that matters first. Numbers follow.
Zth.
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Metric just came out of stealth and the timeline is doing what timelines do.
Been watching this one, and know the founder. Hats off @mick_metric 🫡
Active pools that separate pricing from liquidity: a Price Provider sets the bid/ask/reference from oracles (Pyth, Chainlink, custom logic), and the pool holds liquidity in percentage bins around that reference. When the external price moves, the ranges move with it. No more LPs constantly getting picked off because the pool itself is the stale oracle.
That’s the actual problem with almost every AMM for anything that already has a real market. Tokenized stocks, gold, majors, FX. The pool sits wrong until an arb corrects it, LPs fund the correction, spreads widen, and the whole thing becomes a tax on real flow. Metric’s approach is the opposite: quote to reality, keep capital where the market actually is, and let the reference do the heavy lifting. Capital turnover numbers in stealth were absurd for the TVL.
Live on Ethereum, BNB, and Robinhood Chain, and later 👀. Aggregators were already routing to them quietly. Now it’s open: trade, LP, or deploy your own pool. Audited (Zellic, Sherlock). Team has real DeFi LP and protocol experience; one of them just left Uniswap after a few years. Excited to see how this works for DTCC assets.
A few thoughts here:
1. Most “RWA DEXs” still try to force real assets into AMM designs built for tokens that discover their own price. It doesn’t work once size and continuity matter.
2. Separating the price source from the liquidity inventory is the right primitive if you want professional market-making infrastructure to become permissionless.
3. The hard part is the freshness, oracle risk, weekend gaps on equities, and whether LPs actually get compensated for the residual risks (latency, inventory, feed integrity). This design fixes that.
4. If this holds up under real flow on tokenized stocks and majors, it becomes one of the few pieces of spot infrastructure that institutions can actually route through without the usual DeFi tax. That’s rarer than people want to admit.
5. Launch hype and airdrop farming will be loud for a week. The only thing that matters is whether the pools stay tight and capital-efficient once the early volume normalizes like Paper.
Been waiting for this for awhile. The interesting part is whether active pools become the default way anything with a real external price trades onchain. They could be a fundamental piece of market infrastructure moving forward.
Some people are claiming they’re the Morpho of AMMs.
Zth.
Been watching this one, and know the founder. Hats off @mick_metric 🫡
Active pools that separate pricing from liquidity: a Price Provider sets the bid/ask/reference from oracles (Pyth, Chainlink, custom logic), and the pool holds liquidity in percentage bins around that reference. When the external price moves, the ranges move with it. No more LPs constantly getting picked off because the pool itself is the stale oracle.
That’s the actual problem with almost every AMM for anything that already has a real market. Tokenized stocks, gold, majors, FX. The pool sits wrong until an arb corrects it, LPs fund the correction, spreads widen, and the whole thing becomes a tax on real flow. Metric’s approach is the opposite: quote to reality, keep capital where the market actually is, and let the reference do the heavy lifting. Capital turnover numbers in stealth were absurd for the TVL.
Live on Ethereum, BNB, and Robinhood Chain, and later 👀. Aggregators were already routing to them quietly. Now it’s open: trade, LP, or deploy your own pool. Audited (Zellic, Sherlock). Team has real DeFi LP and protocol experience; one of them just left Uniswap after a few years. Excited to see how this works for DTCC assets.
A few thoughts here:
1. Most “RWA DEXs” still try to force real assets into AMM designs built for tokens that discover their own price. It doesn’t work once size and continuity matter.
2. Separating the price source from the liquidity inventory is the right primitive if you want professional market-making infrastructure to become permissionless.
3. The hard part is the freshness, oracle risk, weekend gaps on equities, and whether LPs actually get compensated for the residual risks (latency, inventory, feed integrity). This design fixes that.
4. If this holds up under real flow on tokenized stocks and majors, it becomes one of the few pieces of spot infrastructure that institutions can actually route through without the usual DeFi tax. That’s rarer than people want to admit.
5. Launch hype and airdrop farming will be loud for a week. The only thing that matters is whether the pools stay tight and capital-efficient once the early volume normalizes like Paper.
Been waiting for this for awhile. The interesting part is whether active pools become the default way anything with a real external price trades onchain. They could be a fundamental piece of market infrastructure moving forward.
Some people are claiming they’re the Morpho of AMMs.
Zth.
Metric is live: metric.xyz
Swap. Provide liquidity. Deploy your own pool.
Now open on Robinhood Chain, @BNBCHAIN and @ethereum.
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“I see Zenith as Canton’s first credible entry point for Solidity developers. But it is still a testnet,…”
We appreciate the nod! Respectable post. But if I may…
A handful of testnets have been in prod for several months already with clients. It’s only a marketing choice when …not an active application economy.”
This is the core value proposition of having a single public, permissionless EVM virtual blockchain deployed to Canton. We could have just left it at Zenith Stack deploying EVM subnets for specific businesses, but like you noted, that would not yield Robinhood-esque results.
You’ll be pleasantly surprised. Your post is accurate in its scope, but still only a small fraction of what’s possible with this technology and what we impact we can actually make.
Zenith Stack VBs going live will be the first time the EVM has been baked natively into a non-EVM L1, with true atomicity - not marketing jargon. Brew on the implications. And hey, we can do any VM.
“Zenith could solve the developer-access problem. It does not solve distribution by itself.”
Could? It does.
Can’t solve distribution? Says who?
Unlike the ecosystems of yesteryear:
1. I believe bringing the technology to MainNet is only the starting line of the race.
2. I believe incubator/accelerator/start-up/hackathon driven application level ecosystems are doomed from the jump.
3. I believe only mature, robust, stress-tested and trusted applications matter.
4. I believe asset issuance is nearly worthless without bringing the entire value chain… onchain. Why tokenize if you haven’t found the buyer/lender? I could care less personally who the intermediary technology provider is to connect the two as long as it’s on the Zenith Stack and both parties agree to it.
5. I believe in focusing on PMF not market meta noise. I was steering the company in this direction since mid-2024.
6. I believe RWAs will just be called digital assets. Back to the basics.
7. I believe in 10-20 years global financial markets will be entirely migrated with some, if not all, of the backend onchain. Blockchain will just be a technology, not a trend.
8. I believe we’re in an institutional hype bubble with regards to the deployment phase. It’s fine, but there’s lots of noise and shaking trees.
9. I believe CMC/CoinMarketCap top100 is unlikely to include many Web3-first companies/assets in 10 years.
10. I believe applications should pay for protocol dependencies, not the network. As such, what if it could be amortized by all applications and subnets?
11. I believe you shouldn’t overly hype your launch.
12. I believe in rising tides and finding angles to work with all parties, even “competitors.”
13. I believe there is no winner take all.
14. I believe innovative technology isn’t the core element of a successful business. Just a useful piece of the puzzle.
15. I believe in my team.
Between my co-founder, our head of ecosystem, and myself we have over 35 years of Web3 experience in core architecture, ecosystem growth, governance, advisory, investment, leadership/board seats.
We’re not in Kansas anymore Dorothy.
Zth.
We appreciate the nod! Respectable post. But if I may…
A handful of testnets have been in prod for several months already with clients. It’s only a marketing choice when …not an active application economy.”
This is the core value proposition of having a single public, permissionless EVM virtual blockchain deployed to Canton. We could have just left it at Zenith Stack deploying EVM subnets for specific businesses, but like you noted, that would not yield Robinhood-esque results.
You’ll be pleasantly surprised. Your post is accurate in its scope, but still only a small fraction of what’s possible with this technology and what we impact we can actually make.
Zenith Stack VBs going live will be the first time the EVM has been baked natively into a non-EVM L1, with true atomicity - not marketing jargon. Brew on the implications. And hey, we can do any VM.
“Zenith could solve the developer-access problem. It does not solve distribution by itself.”
Could? It does.
Can’t solve distribution? Says who?
Unlike the ecosystems of yesteryear:
1. I believe bringing the technology to MainNet is only the starting line of the race.
2. I believe incubator/accelerator/start-up/hackathon driven application level ecosystems are doomed from the jump.
3. I believe only mature, robust, stress-tested and trusted applications matter.
4. I believe asset issuance is nearly worthless without bringing the entire value chain… onchain. Why tokenize if you haven’t found the buyer/lender? I could care less personally who the intermediary technology provider is to connect the two as long as it’s on the Zenith Stack and both parties agree to it.
5. I believe in focusing on PMF not market meta noise. I was steering the company in this direction since mid-2024.
6. I believe RWAs will just be called digital assets. Back to the basics.
7. I believe in 10-20 years global financial markets will be entirely migrated with some, if not all, of the backend onchain. Blockchain will just be a technology, not a trend.
8. I believe we’re in an institutional hype bubble with regards to the deployment phase. It’s fine, but there’s lots of noise and shaking trees.
9. I believe CMC/CoinMarketCap top100 is unlikely to include many Web3-first companies/assets in 10 years.
10. I believe applications should pay for protocol dependencies, not the network. As such, what if it could be amortized by all applications and subnets?
11. I believe you shouldn’t overly hype your launch.
12. I believe in rising tides and finding angles to work with all parties, even “competitors.”
13. I believe there is no winner take all.
14. I believe innovative technology isn’t the core element of a successful business. Just a useful piece of the puzzle.
15. I believe in my team.
Between my co-founder, our head of ecosystem, and myself we have over 35 years of Web3 experience in core architecture, ecosystem growth, governance, advisory, investment, leadership/board seats.
We’re not in Kansas anymore Dorothy.
Zth.
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Without Vitalik I fear for the long-term consistency of Ethereum to uphold the same values. Vitalik exemplifies strong opinions loosely held, and is not hypnotized by money or grandeur. If and when another ruling class co-opts the network I am skeptical it can maintain the directional guidance Vitalik has set forth 5-10-15-20 years later.
Look what happened to Siddhartha Gautama’s words. It all turned into fairy tales just decades after.
Look at where some of the other Ethereum co-founders are and how they steered those ships.
Vitalik is not the layman. We all know this. IMO this is how and why Ethereum is where it is now.
On to another matter.
Privacy is not real. Don’t be so easily fooled.
When you’re given option A and B it’s to make you believe you have a say in the matter.
Panopticon. Omnipresence. We’re nearly there. Palantir + Pegasus + Beamforming Feedback Information + Facial Recognition Technology… tip of the iceberg.
"By way of deception you shall engage in war.”
Mossad / Not-Mossad.
Allegory of the cave.
Just being frank.
Smell the roses.
Zth.
Look what happened to Siddhartha Gautama’s words. It all turned into fairy tales just decades after.
Look at where some of the other Ethereum co-founders are and how they steered those ships.
Vitalik is not the layman. We all know this. IMO this is how and why Ethereum is where it is now.
On to another matter.
Privacy is not real. Don’t be so easily fooled.
When you’re given option A and B it’s to make you believe you have a say in the matter.
Panopticon. Omnipresence. We’re nearly there. Palantir + Pegasus + Beamforming Feedback Information + Facial Recognition Technology… tip of the iceberg.
"By way of deception you shall engage in war.”
Mossad / Not-Mossad.
Allegory of the cave.
Just being frank.
Smell the roses.
Zth.
Vitalik Buterin: A Sign of Ethereum's Maturity Is That It Can Keep Moving Forward Without My Involvement
Ethereum co-founder Vitalik Buterin @VitalikButerin said in an October 9 interview with Balaji Srinivasan @balajis at the Network State Conference 2026 that constantly can be draining. On Ethereum's leadership and succession, he said decentralization is not about going from one leader to zero, but from one to many, and Ethereum is beginning to move in that direction.
Vitalik said he looks for whether people across the Foundation and community can keep pushing Ethereum forward and defend values such as security and privacy without his involvement. He added that more people are now stepping up without waiting for him to speak first - a key positive sign in his view.
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When you see it you can’t unsee it.
Ethereum <> Zenith <> Canton
Exporting the EVM and ETH.
It’s quite simple really.
Zth.
Ethereum <> Zenith <> Canton
Exporting the EVM and ETH.
It’s quite simple really.
Zth.
Canton says its consensus swap had "almost no downtime" and "nobody noticed." Two things worth unpacking: what the downtime actually was, and whether "decentralized network" is the right description. Thread, with on-chain data.
1/ Per Digital Asset's own operator notice, mainnet 24 hours (no new parties, validators or package vetting) and transactions paused at the Saturday 13:00 UTC cutover. BitGo kept a maintenance incident open for 25 hours and blocked Canton wallet initializations. The devnet run of the same upgrade hit a bug that pushed mainnet from Aug 8 to Oct 10.
That is a maintenance window. Ethereum has produced a block roughly every 12 seconds since July 2015, through every upgrade, with no halt and no window. For 24/7 settlement, that difference is the product.
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Feels like bread crumbs here…
Read between the lines…
Keep thinking…
Yup 🤯
Zth.
Read between the lines…
Keep thinking…
Yup 🤯
Zth.
Zenith has joined the ERC3643 Association, bringing our experience in interoperability standards and settlement design to the work on compliant tokenization.
@ERC3643Org was originally created in 2018 as the T-REX (Token for Regulated EXchanges) protocol by Tokeny Solutions. rce token standard for the issuance, management and transfer of permissioned tokens. It enables issuers to enforce compliance requirements, including investor eligibility and transfer restrictions, even on public blockchains. The ERC3643 Association brings together TradFi institutions and blockchain technology providers to advance the adoption of this standard. Its founding members include: Apex Group, @ArchaxEx , @BitstampSupport, @Capgemini, @DLA_Piper, @InvescoUS, @0xPolygon Labs, @TokenySolutions, and others.
This matters because tokenizing a regulated asset is only the beginning. Once issued, these assets need to participate in financial workflows involving settlement, collateral, lending, and trading, often across different applications and environments.
That second step is what Zenith is built for. As the EVM and SVM extension for @CantonNetwork, Zenith allows Solidity applications to interact atomically with Canton-native assets and workflows. This opens a path for applications using Ethereum standards such as ERC-3643 to connect with Canton's institutional financial infrastructure while retaining their established Ethereum tooling.
We look forward to working with the Association and its members as regulated tokens move into production.
More about the ERC3643 Association and its members: erc3643.org/members
Zth.
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DAS ASIA: Balancing Privacy vs Transparency in Onchain Finance was a banger. Crowd was nuts.
Eric from Digital Asset @wesarn_real
Keone from Monad @keoneHD
Zach from Grayscale @LowBeta
Myself
Moderated by @robbiek__
TLDR: there’s not one size fits all for privacy. That’s why Zenith provides full optionality on deployment structures:
a. Open public permissionless
b. Open public permissioned
c. Private permissioned isolated
d. Private permissioned multi-party
Q2 pilots for privacy-enabled EVM optionality on public permissionless.
Zth.
Eric from Digital Asset @wesarn_real
Keone from Monad @keoneHD
Zach from Grayscale @LowBeta
Myself
Moderated by @robbiek__
TLDR: there’s not one size fits all for privacy. That’s why Zenith provides full optionality on deployment structures:
a. Open public permissionless
b. Open public permissioned
c. Private permissioned isolated
d. Private permissioned multi-party
Q2 pilots for privacy-enabled EVM optionality on public permissionless.
Zth.
Balancing Privacy vs. Transparency in Onchain Finance
with @wesarn_real @HeslinKim @keoneHD @LowBeta @robbiek__
DAS Asia 2026 Mainstage
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