Joined May 2020
Event-driven trading is underrated in crypto. It's the most efficient market ever created, trades 24/7, info flows freely and is public way before it would in TradFi. Use it: 🧵on trades/plays (both long and short) we've recently covered in Pulse, @AleaResearch's weekly letter
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Funded Crypto retweeted
BRD is now listed on @Anchorage 🧵 Institutions, fintechs and HNW clients there can hold BRD, a 1:1 BRL token backed by Brazilian treasury bills, in the custody account they already use. Solana today, Ethereum L1 and L2s next.
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Funded Crypto retweeted
A paradox looms over the Brazilian economy: unemployment has never been lower, income has never been higher. Yet household consumption is falling. Where did Brazilian families' money go? 🧵
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Funded Crypto retweeted
In defence of Morpho: There’s still a widespread misconception in crypto that nobody should ever lose money lending, and that if they do, the protocol or curator must have failed and somebody else should make them whole. But the interest lenders earn is compensation for taking risk. Risk means losses will sometimes happen. Over a long enough period, lending against almost any collateral will eventually produce losses, regardless of oracle design, LTVs or other parameters. If there were literally no risk of loss, there would be little reason for borrowers to pay meaningful interest. Higher yields generally exist because somebody is taking more risk. There’s also no universally “safest” lending design, because protections for lenders and borrowers are often in tension. Every design makes trade-offs. A fixed oracle can protect borrowers from short-term volatility and manipulation, but transfers more risk to lenders. Lenders should demand more interest for bearing that risk. A market oracle gives lenders more responsive pricing and can protect them better as collateral deteriorates, but exposes borrowers to volatility, liquidity shocks and manipulation. Borrowers should therefore be more conservative. No protocol design can protect lenders if the collateral itself goes sour or if there’s a hack somewhere else in the system. Morpho has more blow-ups than Aave largely because it permits a much broader spectrum of markets and risk. Anyone can create a market, so naturally some markets will be much riskier than anything Aave would list. That isn’t evidence that the model is broken.
How does @Morpho keep ending up in the middle of DeFi’s strangest blowups? I'm talking about incidents like: 1⃣ @Paxos PAXG oracle misconfiguration A decimal error massively overvalued PAXG collateral, letting one borrower take ~$230K USDC against roughly $350 of PAXG. The funds were later reportedly repaid. 2⃣ @usualmoney USD0++ repricing Usual suddenly lowered USD0++’s early-redemption floor to $0.87 while some Morpho markets still priced it at $1. The result was a wave of forced deleveraging and liquidations. 3⃣ @StreamDefi xUSD collapse Stream disclosed a $93M loss as xUSD collapsed. Morpho markets still valued xUSD near $1, which prevented liquidations from clearing properly and left lenders exposed. 4⃣ @ResolvLabs USR exploit An attacker minted ~80M unbacked USR from roughly $200K. Morpho’s oracle kept valuing the collateral near $1 as the market price collapsed, leaving millions in bad debt. 5⃣ @re PT-reUSD liquidation cascade A ~$320K trade moved PT-reUSD down only ~3%. That was enough to wipe out ~$36.4M of highly leveraged Morpho positions today. Morpho’s protocol was not hacked or exploited in any of these five cases. It just keeps catching strays.
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Building within the cutting edge of crypto, payments means you're natively at a neobank. Crypto cards are the onboarding, but it doesn't stop there. Yes, they do capture the same value (mostly interchange), but the stack is very, very different. Appreciate what @raincards built.
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Stablecoin yields are criminally low. RWAs fix that.
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Funded Crypto retweeted
Why not both?
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Introducing Claude Opus 5. It's a thoughtful and proactive model that comes close to the frontier intelligence of Fable 5 at half the price.
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Funded Crypto retweeted
Introducing Claude Opus 5. It's a thoughtful and proactive model that comes close to the frontier intelligence of Fable 5 at half the price.
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Brazil, underrated.
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Wen deflationary @claudeai tokens? Tokenomics needs an upgrade. This color always gets me
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1/ Threshold’s Q1 2026 Benchmark Report, prepared by @AleaResearch, is now live. The quarter saw a protocol with a steady tBTC supply and deeper BTC-denominated DeFi deployment, with progressive liquidity positioning. The report also frames how the upcoming fee model can translate network activity into a broader revenue base, setting a precedent for institutional Bitcoin.
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Crypto revenues are down, but Brazil's aren't. Proud to see crypto-native funds valuing Brazilian companies, specially this one, which I'm close to key stakeholders, the opportunity is there for those who see it.
This quoted post is unavailable.
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Funded Crypto retweeted
DeFi needs new high-yield, high-risk products onchain. Everyone knows DeFi yields are too low for the risks we take, so while we reduce exploit risks on one side, we need new financial primitives for high yield. The demand for these products already exists. Despite the risks the demand for high yield products is high: • High yield corporate: ~7-9% • Private credit: ~8-12%, some strategies up to 15% • Private equity: ~12-18% (7-10 year lockups) In contrast, stablecoins yield between 3% to 5% and that's because rsETH hack temporarily increased yield. Seriously, DeFi risk profile looks good when you compare to private credit: illiquidity, years of lockups, unclear valuations and now withdrawal limits. But private credit still attracted $1.5T anyway because 8-12% on USD is hard to find elsewhere. That could be our target group currently underserved onchain. ---- We had amazing yields but the old yield model was reflexive. Bull markets push leverage demand up, which pushes yield up. Bear markets run the loop in reverse: TVL leaves, leverage demand collapses, yields compress. Emissions and points were really fun but temporary. The yield is gone when emissions stop, and mercenary capital leaves after TGE. We need to leave this circular economy. One innovation is undercollateralized lending but it's hard without identity. Maple tried this in 2021 and got rekt with ~$36M in bad debt from 3AC, Alameda etc. They stopped it now. Centrifuge loans also get rekt often but that's a risk lenders should be willing to take. Anyway, seems that the current innovation is still at importing TradFi yield instead of building crypto yield. Ethena's USDe with perps funding rates is truly unique. But even they are relying more on TradFi yields recently. Another recent 'innovation' is RWAs wrapping emerging market stables paying 10% local rates (with USD delta-neutral strategies). E.g. Brix on MegaETH. Tokenized stocks potential is also underdeveloped but will help: Borrow against tokenized SPX500 without selling which brings crypto native borrower demand but with real world collateral. Still early. What's actually missing is crypto native yield primitives. Something like: • Uniswap LP pools were the OG (and ETHlend). Yield from swap fees, paid by people actually trading. Still relies on crypto cycles but should reduce if payments increase (due to multiple stablecoin swaps required) • Fluid turns debt into LP positions. The borrowed liquidity also earns trading fees. • Liquity's BOLD pays yield from stability pool deposits and liquidation discounts. • Pendle splits yield-bearing assets into principal and yield tokens. Created a yield-trading market that didn't exist before. • Perp DEX LP vaults like Hyperliquid HLP. LPs earn from trader losses and funding rates. • Jito style MEV captured at the staking layer. The risk profile of these products is higher than wrapped T-bills. But they should give much higher yields. Private credit teaches that institutions are good at selling degen yield to their customers. DeFi could do the same. Hope we can find 10%+ yields from onchain mechanics soon. This will attract a new group of people, pump TVL and our bags as a result.
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Funded Crypto retweeted
Number of military interventions abroad since 1822: 🇺🇸 USA: +430 🇧🇷 Brazil: 0 Brazil is a safe haven in an unstable world, and provides the commodities the world needs.
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Even the largest Lending market isn't permissionless.
Replying to @MonetSupply
update just noticed within the past few minutes Aave has frozen the Core ETH market (no new deposits/borrows permitted) and set ltv0 (preventing new usage as collateral by existing suppliers) this should probably help, but woudl also recommend setting ltv0 for USDT before people start using other markets as exit liquidity
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Funded Crypto retweeted
📈BTC broke prior range highs. Beta is back in play. Two all-weather compounders to watch, sector leaders, each with clear, actionable catalysts: 📊Perps sector, HYPE: HIP-3 traction, HIP-4 launch, ETFs & DATs, and high beta to prices (buybacks with upside reflexivity). @HyperliquidX
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Funded Crypto retweeted
Things you used today that were probably made in Brazil: The coffee you drank this morning. Brazil has been the world's #1 producer for over 150 years. It grows more than the next two countries combined. The orange juice at breakfast. Brazil supplies about 75% of the world's oranges used for orange juice. Florida's production has declined 92% in two decades. The chicken in your lunch. Brazil is the world's largest chicken exporter. Approximately one out of every three pieces of chicken traded internationally comes from a Brazilian processing plant. The steak at dinner. Brazil is the world's largest beef exporter. $18 billion in revenue in 2025. Up 40% in a single year. The sugar in your drink. Brazil is the world's largest sugar exporter. It also converts that sugar into ethanol and blends it into fuel. The paper towel you threw away. Suzano, headquartered in São Paulo, is the world's largest pulp producer. Brazilian eucalyptus grows to harvest in 7 years. Scandinavian pine takes 25. The leather in your shoes. Brazil has approximately 232 million head of cattle. More cattle than people in every country in Europe. The iron in the steel frame of the building you're sitting in. Brazil is one of the largest iron ore exporters on earth. It shipped over 400 million tonnes in 2025. The niobium in the alloy that makes your car lighter and stronger. Brazil controls 94% of global niobium reserves. Primarily from Minas Gerais. The soy meal that fed the animal you ate. Brazil exported 108.2 million tonnes of soybeans in 2025. More than any country in history has ever exported in a single year. The airplane you flew on last week. Embraer E-Jets make up about half of all regional jets flying for American, Delta, United, and Alaska. Built in São José dos Campos, Brazil. The phone in your pocket might have been assembled in Manaus, where Samsung, LG, and Panasonic operate factories inside the Amazon rainforest. Brazil is in your morning coffee. Your lunch. Your dinner. Your clothes. Your buildings. Your car. Your airplane. Your phone. It touches your life a dozen times a day. You just never see the label. The most influential country in your daily life is the one you think about the least.
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Funded Crypto retweeted
Most onchain projects don’t make money. We’re going to talk about why. Onchain, Honestly. Hosted by Alenka (@alenka_on_x) and Kaisa (@kaisakaisa_). First episode soon.
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