Actual public company CEOs seeing this ad:
"Wait, you're telling me I have my stocks in the form of IoUs in La La Land, they're liquid, and I can use collateralized debt to access real dollars to buy my next private jet? Money in the account almost overnight?"
JOHNNY, CALL THIS COINBASE JESSE GUY RIGHT NOW"
"Wait, you're telling me I have my stocks in the form of IoUs in La La Land, they're liquid, and I can use collateralized debt to access real dollars to buy my next private jet? Money in the account almost overnight?"
JOHNNY, CALL THIS COINBASE JESSE GUY RIGHT NOW"
Full page ad in WSJ against tokenized equities:
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Best hire ever at the EF, saying what needed to be said and heard for a decade.
Protect this guy at all costs.
Protect this guy at all costs.
look the foundational problem with ethereum protocol design is that most of the people designing the protocol don't actually use ethereum themselves. you can't fix the right things if you don't use your own fucking product. you don't have enough skin in the game if you don't personally depend on the system you're designing & stand to lose money when it breaks. i understand, everything looks great from an ivory tower lol. things look very different when you're actually on the ground dealing with the consequences. if you don't use ethereum yourself but still think you're qualified to design its protocol, you're playing god with a system you don't have to live with and whose consequences you don't have to suffer.
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These were my childhood stores.
Before the internet was really a thing,
yung Zeller used to bother his parents so much to go to Boulevard Voltaire, with all the figurines, manga, and imported games.
It was amazing to me. I remember dearly buying Final Fantasy 7, Metal Gear Solid 1, and a Dreamcast there.
One of the shop owners said "we're not gonna reopen".
These stores survived the internet & Amazon bc they were paying rent from 30y ago, and rent index grow much slower than market prices.
They're just nerds and weebs sharing their passion (and overpriced retrogaming)
U can't quantify the Hate I feel about this.
Before the internet was really a thing,
yung Zeller used to bother his parents so much to go to Boulevard Voltaire, with all the figurines, manga, and imported games.
It was amazing to me. I remember dearly buying Final Fantasy 7, Metal Gear Solid 1, and a Dreamcast there.
One of the shop owners said "we're not gonna reopen".
These stores survived the internet & Amazon bc they were paying rent from 30y ago, and rent index grow much slower than market prices.
They're just nerds and weebs sharing their passion (and overpriced retrogaming)
U can't quantify the Hate I feel about this.
Destroying an anime shop is really the worst thing the rioters could have possibly done
Destroy luxury shops - leftists don't care
Destroy leftists shops - right wingers don't care
Destroy anime - every weeb online fucking hates you, and weebs control social media.
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The dire need to reduce ETH inflation, as expressed by some, seems completely out of touch.
We need to act on increasing demand, not reducing a supply growth that is already completely reasonable.
We need to act on increasing demand, not reducing a supply growth that is already completely reasonable.
ETH supply is up about 1% since the Merge.
In the same time period:
> solana:So11111111111111111111111111111111111111112 supply grew 66%, from 354M to about 589M.
> ripple:native supply grew 27%, from 49.83B to about 63.1B.
> cardano:native supply grew about 10%, from 34.18B to about 37.tive supply grew 4.96%, from 19.15M to about 20.10M.
> ethereum:native supply grew 1.0%, from 120.52M to about 121.7M.
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Marc Zeller retweeted
I'll never forget DeFi Summer.
@AndreCronjeTech launching $YFI...
@haydenzadams blocking LINK marines
@mzeller helping me fall in love with Aave before it was $AAVE
@ChainLinkGod helping guide the $LINK marines past the $5 wall
What a time.
We had some wild experiments that proved value and paved the way for some of the stable systems we have today.
I started to see this space for what it could be... disruptive, entrepreneurial, and capable of fundamentally changing how we think about trust and ownership.
I wanted to be a part of that.
I had small to mid-sized groups of friends who shared that vision. Most have either left the space or invested in MyStandard and stuck around.
It's very different today.
It's faster, but in a reckless way. Too many people aren't trying to change the course of humanity. They're trying to make money quickly and extract it from the market.
People only believe in something when the number goes up, missing the chess match being played underneath. The infrastructure being built, the problems being solved, the foundations being laid.
I still believe fundamentals will win, even if the timeline is longer than people want. When these systems reach scale, the financial upside and real-world impact could be enormous.
Crypto was meant to change the world...so that's what we're going to do.
@AndreCronjeTech launching $YFI...
@haydenzadams blocking LINK marines
@mzeller helping me fall in love with Aave before it was $AAVE
@ChainLinkGod helping guide the $LINK marines past the $5 wall
What a time.
We had some wild experiments that proved value and paved the way for some of the stable systems we have today.
I started to see this space for what it could be... disruptive, entrepreneurial, and capable of fundamentally changing how we think about trust and ownership.
I wanted to be a part of that.
I had small to mid-sized groups of friends who shared that vision. Most have either left the space or invested in MyStandard and stuck around.
It's very different today.
It's faster, but in a reckless way. Too many people aren't trying to change the course of humanity. They're trying to make money quickly and extract it from the market.
People only believe in something when the number goes up, missing the chess match being played underneath. The infrastructure being built, the problems being solved, the foundations being laid.
I still believe fundamentals will win, even if the timeline is longer than people want. When these systems reach scale, the financial upside and real-world impact could be enormous.
Crypto was meant to change the world...so that's what we're going to do.
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Order your ledger via ledger official store and get it delivered at your office/school/local shop u know the owner without your actual name, then say with confidence, “yes the parcel for Peter Parker is mine, thanks!”
It’s not that hard anon.
It’s not that hard anon.
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SEA friends, be safe out there.
Ledger is investigating reports of loss of funds from users in South East Asia who purchased products from a reseller named CryptoBillis. As a precaution, and pending the results of our investigation, we have asked CryptoBilis to pause all sales and shipments of Ledger devices. We recommend Ledger users who purchased from this reseller in the last 90 days to not initiate set up if you have not done so yet. If you have set up your Ledger device, consider moving assets to a new Ledger signer (with new seed). We will continue to inform customers of updates as the investigation progresses.
Reach out to Ledger customer support through official channels with any questions: support.ledger.com
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As said in an earlier tweet, use a @safe and segregate wallet holding funds (the safe), signers that should keep a nonce 0 and hold zero funds, and execution that only holds gas (can be a dirty hotwallet if you want)
The best UX to do that is @ambire.
The best UX to do that is @ambire.
Today I call upon the blockchain industry to calmly begin planning for "bunker mode". My personal recommendation is to set in motion a controlled mass migration of assets to fresh addresses, i.e. addresses whose pubkeys remain hidden behind a hash.
Holders, starting with large and sophisticated ones, should consider moving the bulk of their funds to addresses that have never signed a transaction. And when they do sign one, they should also move remaining funds to a new address (possibly generated from the same seed phrase).
Don't rush. While I believe there is cause for action a rushed migration would do more harm than good. Don't panic either. Moving assets to protected addresses is a simple, preventative step which does not require new cryptography or new wallets.
IMO it is now reasonable to brace for the possibility that ECDSA breaks before qday, in the worst case in months not years. By "break" I mean fast private key recovery (e.g. in one week) on available hardware (e.g. a large GPU cluster).
Recent days have been humbling for human mathematical intuition. Long-held, unquestioned hypotheses have fallen. This includes the n log(n) bound for integer multiplication and the 3SUM conjecture. In hindsight, May's unexpected disproof of the Erdős unit distance conjecture was our warning shot.
Yesterday's OpenAI drop made it clear that mathematical superintelligence is upon us. They say there are weeks where decades happen. We are about to live through weeks where centuries of mathematical progress happen. Could our magic 64-byte ECDSA signatures be too good to be true? Was it just security through obscurity all this time?
Elliptic curves feel especially vulnerable to superintelligence. Curves carry rich structure, with room for fancy tricks like Schoof, Frobenius, pairings. (By contrast, hashes are designed to minimise algebraic structure.)
Separately, as Ewin Tang can attest, an efficient quantum algorithm sometimes foreshadows an efficient classical one. We should be open to the possibility of a classical counterpart to Shor that breaks elliptic curves and RSA at once.
Also noteworthy is the striking under-representation of cryptographic breakthroughs among the 722 mathematical results OpenAI published. I've witnessed first-hand the US government censoring academic quantum cryptanalysis results. Backroom interventionism is my base case.
I urge large, sophisticated actors to lead by example. Project11's "risq list" (bitcoin-risq-list.projecteleven[.]com) is a great tracker of exposed BTC pubkeys. Binance, Bitbank, Robinhood, Bitfinex, and Tether have an opportunity to harden their cold storage. Next month I'll address institutions in London in a live Q&A (forum.ethereuminstitutional[.]org/london-2026).
Again, please do not rush. Wallets holding under 50 BTC enjoy partial cover from "Satoshi's shield", i.e. his 20K exposed addresses that hold 50 BTC each. Load-bearing signers like oracles and L2 security councils should consider rotating ECDSA pubkeys with every signed message and/or multi-signing with a hash-based schemes like SPHINCS.
Exiting bunker mode safely will require post-AI cryptography. My inclination is to go all-in on hash-based cryptography and avoid structured mathematical assumptions entirely, whether from curves, lattices, or isogenies. A single battle-tested hash (e.g. from the SHA or BLAKE families) yields plausible post-AI security.
The Ethereum roadmap on strawmap[.]org fully embraces hash-based cryptography with end-to-end formal verification as a response to the quantum threat. Those timelines must now be revisited and accelerated in light of mathematical superintelligence. I'll be pushing for maximum defensive acceleration.
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When I was a senior, we got a terrible class schedule just like that.
I asked my teachers for their schedules, and we spent a couple of weeks in intense negotiation and reshuffling.
We ended up with three and a half very packed days and long weekends.
Being young and unaware of how youth demands are supposed to be made in France, I burned no cars and looted no stores in the process.
I deeply apologize for this faux pas.
I asked my teachers for their schedules, and we spent a couple of weeks in intense negotiation and reshuffling.
We ended up with three and a half very packed days and long weekends.
Being young and unaware of how youth demands are supposed to be made in France, I burned no cars and looted no stores in the process.
I deeply apologize for this faux pas.
@HuntDog3 Moi qui fermait ma gueule.
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Marc Zeller retweeted
For the last 6 years we have fixed issues as a DeFi service provider.
It is now time for something entirely new. Something where users are actually protected. Downside/risk has to be capped.
ETA: 2 weeks
Time to fix further issues. A new primitive is coming, made by UNCX 😎
It is now time for something entirely new. Something where users are actually protected. Downside/risk has to be capped.
ETA: 2 weeks
Time to fix further issues. A new primitive is coming, made by UNCX 😎
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Rumors of "Buybacks coming back" on Aave (from the same ppl that stopped them)
With what revenue? Aave currently spends more than it earns (revenue /3 since we left) and is in 5 fig ETH debt. (A large chunk of "Defi United" in value was loans).
With what revenue? Aave currently spends more than it earns (revenue /3 since we left) and is in 5 fig ETH debt. (A large chunk of "Defi United" in value was loans).
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PSA: I’m taking a week off, if you’re an industry veteran you know what that usually means.
Reduce/close leverage.
Reduce/close leverage.
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Marc Zeller retweeted
This accident disclosure just revealed what everyone in the industry already knows: the curator business model doesn’t work without someone continuously paying for integrations and LP deals.
DeFi was supposed to cut out the middleman. Yet with this model, you can end up stacking of fees: integrator fees, curator fees (sometimes charged both onchain and offchain as “consulting” fees to asset issuers), LP fees, and middleware fees (we do not expect it will be forever free, right?).
Unlike Web2, DeFi enables extreme composability. Eg if you are not on Amazon, you can not sell your product. But in DeFi, you can be fully integrated everywhere via smart contracts. In this environment, owning the underlying protocol and its economics can be far more valuable than the potential benefits of broader distribution deals.
DeFi was supposed to cut out the middleman. Yet with this model, you can end up stacking of fees: integrator fees, curator fees (sometimes charged both onchain and offchain as “consulting” fees to asset issuers), LP fees, and middleware fees (we do not expect it will be forever free, right?).
Unlike Web2, DeFi enables extreme composability. Eg if you are not on Amazon, you can not sell your product. But in DeFi, you can be fully integrated everywhere via smart contracts. In this environment, owning the underlying protocol and its economics can be far more valuable than the potential benefits of broader distribution deals.
A lot of people reached out asking about paid integrations, how protocols can even compete, and what the growth perspectives are for Fluid in this case. Here are some thoughts: Paying for integrations and exclusivity is simply part of growth strategy and business development. That's completely normal. A lot of people just do not know about this and think that eg Morpho is getting all integrations by default. Morpho has a very strong backing and an excellent BD team, but they won't be able to pay for every integration forever. There is also the question of alignment between partners.
Eg the Coinbase deal reportedly cost ~7x less than the Robinhood deal, yet Coinbase accounts for more than 60% of Morpho's TVL and has been a major contributor to $morpho becoming the highest-valued lending protocol. This high valuation helped to finance the deal with Robinhood, which is a direct competitor to Coinbase. CB is well known for their negotiating skills, so it'll be interesting to see what happens when they revisit that relationship.
I also agree with what @euler_mab said about tokens. A new token can open many doors. Like Euler, we chose not to launch with a new token and instead continued with the token from the previous protocol from 2021. That decision came with limitations, but when one opportunity closes, others emerge.
That said, I think it is too early and naive to think that there is a clear winner among lending markets and I am very excited about @0xfluid future.
But how can Fluid or other lending markets navigate in this space, which has turned into enterprise sales controlled by suits? First of all, the world is pretty big. There are thousands of banks, funds, fintechs with trillions of dollars in AUM. The pie is large enough for multiple winners.
Second, Fluid has a fundamentally superior architecture, and I know that matters to sophisticated integration partners. Instead of integrating separate lending markets, DEXes, and other financial primitives, partners can integrate once and access everything through a single stack while working with one team.
On top of that, Fluid is the only protocol with equivalent deployments across EVM, Solana, and soon Sui - three different VM ecosystems. (And what if I told you there are more VMs to come?)
Powered by Fluid We have had great success with our first distribution partner - @jup_lend powered by Fluid. A $2B TVL protocol with plenty of growth ahead.
We'll be launching additional white-label deployments with traditional asset managers, exchanges, neobanks, and other partners in the near future.
We don't have the luxury of paying for every integration, but we can win partners through better technology, white-glove support, and predictable economics instead of fee switches or curator fees that can be turned on at any time.
DEX v2 - it is a shame that we keep delaying it despite announcing it a year ago, but we have it ready and we will launch it sooner rather than later.
DEXes generate roughly 16x more fees per $1 of TVL than lending markets, so this will be a major focus for us this year.
There are plenty of other things I'd love to share, but every time I do, another market-wide armageddon seems to happen, forcing us to delay or reprioritize launches.
So this time, let's just wait for the launches themselves.
Stay Fluid 🌊
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These guys still running our marketing dept.
re: yesterday's @Morpho account post.
The tweet was neither written nor published by us. It originated from a third-party AI marketing tool. We removed the post shortly after it went live and immediately revoked the third party’s access to the account. We’re still investigating exactly what triggered the post. Apologies for the noise.
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Marc Zeller retweeted
Yoo uhm… @Morpho are you saying your business model doesn’t work?
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