- VC & Research @CMT_Digital - Prev: @BlockchainRI, @Columbia Econ-Math. Views are my own, not investment advice.

Chicago, IL
Joined July 2021
Public disclosure for my page
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No YOOPER?! Really?!
Is this what people in your state refer to themselves as? Or do your people go by a different name?
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An important step toward Ethereum’s endgame as a verification and settlement layer!! One question though for the community. Can different execution environments run at their own pace while letting a transaction across them either complete in full or fail together? Or would that require coordinating them in ways that limit their independence?
New EIP! Decoupled Consensus 🔗 github.com/ethereum/EIPs/pul… Highlights: - Validators would send two different message types: head votes for the available chain and finality attestations for the finality gadget, with separate propagation and inclusion rules. - Fork choice for the available chain uses only recent head votes (with cutoffs) plus expiring lock mechanisms to protect recently confirmed blocks when participation drops or messages are missing. - Finality would move off epoch-coupled voting: the whole validator set participates in independently scheduled finality rounds, and blocks can be justified/finalized as soon as ≥2/3 stake attestations are included in blocks. - The two subsystems interact through a “frame” provided by the finality gadget that constrains which blocks the available chain may build on and vote for (viable tree/heads, fork-choice root, frontier height handling). - It requires a consensus-layer hard fork and leaves major parameters and analysis as TBD (committee selection/VRFs, timing/lock parameters, encoding/aggregation, incentives, slashing details, fork transition, and proving the targeted ~4× faster finality). ELI5: Today Ethereum uses the same kind of vote messages to both (1) pick which block is the “current head” and (2) decide when blocks are “final” and can’t be changed. This proposal splits those into two separate jobs: a smaller, fast group votes each slot to quickly pick and “confirm” the head (with safety locks if votes are missing), while the whole validator set votes in separate, independent rounds to finalize blocks much faster. Keeping these two voting systems separate is meant to make chain reorganizations harder and let finality happen sooner.
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Excited for this one!
Can Decentralized Networks Actually Beat Centralized Companies at Anything? Can open networks compete on price, speed and user experience, or do centralized companies still have the edge? At The Bridge, @Aryonchain (@CMT_Digital) moderates a discussion with @Austin_Federa (@doublezero), @spvenino33 (@strobefund), @vargs_g (@0G_labs) and @alemartcard (@foundationcap). Secure your ticket: bridge.thetie.io/tickets
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Optimum is now live on Ethereum mainnet!! The @get_optimum team, led by 2026 Hamming Medal recipient @MurielMedard, took RLNC from research at MIT to production infrastructure that leading validators are running today. An incredible team, and we're proud to be backing them.
The Optimum team is pleased to announce our first mainnet deployment, mump2p on Ethereum. With mump2p, data moves across all of Ethereum 2-3x faster, boosting validator performance and network health. $3.4B of Ethereum stake is already being boosted by mump2p, and we’re now opening up free access for all Ethereum node operators.
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Great stuff! Let’s replace Ethereum L1 execution with this.
Introducing Magnetar from Microsoft Research, the first zkVM that is: (1) general-purpose (RV64), (2) post-quantum from standard hashes alone (no curves, no lattices, no Poseidon), and (3) built for recursion. Despite its conservative security, it is the fastest zkVM: 7.2–8.7 MHz on a laptop, 10–39× faster than existing zkVMs across 15 workloads! An optimized version reaches 9.5–12.8 MHz. Links in the thread below.
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I’ve increasingly thought Ethereum should evolve into a universal proof verification and settlement layer, where arbitrary computation can happen wherever it’s most efficient and Ethereum provides the economic security and credibly neutral settlement guarantees.
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Calling it now. This is the SBF rehabilitation campaign. Make Caroline the reckless one, Sam the misunderstood genius, and warm the public up for a pardon after the midterms.
All in. Every time. Julia Garner and Anthony Boyle star as Caroline Ellison and Sam Bankman-Fried in this limited series about the love scorned prodigies behind the FTX scandal. The Altruists premieres November 19.
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If this quasi-Riemann proof holds, “it just combined existing mathematics” is a spectacular objection from a profession whose papers end with 40 references. Finding the combination that closes the argument is the bloody research. You should know. You’ve been trying! AI outperforming humans here should hardly be surprising. What interests me is HOW it selected those tools and recognised a route through the problem. If it independently identified connections that everyone else had missed, why wouldn’t that count as general reasoning and evidence towards AGI?
We’re releasing a broad range of new mathematical results produced by an internal frontier model. We’ve been consulting with the independent Advisory Group on Mathematics and Artificial Intelligence at the Institute for Advanced Study, and we have drawn on their advice and public recommendations to inform how we release these results. github.com/openai/math
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OpenAI published reasoning summaries for ten other result families, but none for quasi-Riemann. Surely this is where we most need to see the process of what was the model given, which connections did it find, and where did humans intervene??
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Presenting the official trailer for THE MAX EXTRACTOR
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We love to see this type of collaboration between portfolio companies. Congrats @ether_fi and @ethena!!!
The @ether_fi team executed one of the most impressive product expansions in the last cycle growing into the most successful self custodial neobank in the space. We've been impressed from the outside on their execution quality, consistency building through the bear market and obsessive focus on product - one of the few teams we look up to at Ethena. Yes it is somewhat competitive with Ethena Pay, but the very best builders just focus on building the best product with the best partners, and look beyond the crypto-native user set as the addressable market opportunity. Ethena will power their new whitelabel stablecoin end-to-end, with USDe already supporting their separate earn savings vaults. In order for these applications to fully capture their revenue opportunity, they need to control the deposit and float via stablecoin balances. This is a trend @ether_fi will pioneer and I'm sure we will see others will follow closely behind.
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Aryan retweeted
“One thing that’s really different in the institutional space compared to retail is that you need certainty.” @TomZschach with @Aryonchain of @CMT_Digital on "Why Trust, Not Speed, Is Blocking Institutional Crypto" at ETHConf.
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Metra police dogs are simply built different
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Thank you @scottmelker for having me on this morning!
Aryan from CMT Digital says tokenomics based protocols are now competing with traditional structured products "There's a lot of opportunity. We're investors in the space, so I'd be worried if we didn't think so. But Ethereum and Solana and other ecosystems like Hyperliquid are proving that tokenomics based protocols can compete with the traditional structured product world." "We see that in HIP-3 on Hyperliquid. We see that in HIP-4 markets with prediction markets, and Polymarket and Kalshi. We see things that are only possible as a function of blockchain technology." "That story is going to continue. We're going to see more and more exotic products built on substrates like Hyperliquid HIP-3 markets." "So we're spending a lot of time thinking about what this ecosystem can provide that the traditional world just doesn't have access to, but demands."
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Aryan retweeted
The Ethena Risk Committee’s mandate is to identify, evaluate, and manage risk across the Ethena ecosystem, and Kairos as an existing member has honored this commitment. To name a few ways they have been committed as a risk committee participant: - Kairos authored and advanced the proposal to allow USDtb-backed Ethena whitelabel stablecoins to be held directly in USDe’s backing. - They led a detailed analysis proposing the addition of PAXG and XAUT as eligible USDe backing assets under an expanded commodity/equity framework, enabling gold and commodity perpetual basis trades. - They prepared a comprehensive risk assessment supporting with conditions the deployment of isolated lending markets for Ethena assets on Kamino and Jupiter Lend on Solana. - Beyond proposals, Kairos has contributed ongoing monitoring and reporting during stress periods, including the spring 2026 supply contraction of $2b, with rapid absorption and no peg break or reserve draw, off-chain review of RWA drawdown frameworks, and technical due diligence such as the July 2026 L2 USDe PSM review on Base. They have also collaborated on broader items such as the dynamic sUSDe unstaking cooldown framework that was co-developed with fellow committee members. If you are considering voting on this proposal, I would highly encourage you to consider electing Kairos for another term as they have proven to be a highly capable member of the risk committee.
Ethena's Risk Committee elections are live and we're standing for a third consecutive term What we shipped over the last term for ENA holders: • Whitelabel stablecoin backing framework that helped supply peak above $620m • Solana lending assessment that unlocked markets on Kamino & Jupiter which grew past $ 1bn within days of launch • Tokenized gold and commodity backing framework, opening USDe to basis on gold and commodity perps If you hold ENA or sENA, be sure to vote for Kairos Research! Closes 9 Aug, 23:59 UTC snapshot.box/#/s:ethenagover…
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The perpification of everything is well underway. As crypto-native market structure extends into traditional finance, @AugieIlag explains in @CoinDesk why perpetuals aren't just another product. They're a new market primitive. coindesk.com/business/2026/0…
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Great to see two CMT Digital portfolio companies building together! Congrats to @AxisFDN and @UpshiftFi on launching the Axis Origin Vault!
The Axis Origin Vault is live, powered by Upshift. $50M initial cap on the pre-deposit - deposit USDT, USDC or USDx on Ethereum. @AxisFDN runs market-neutral arbitrage across venues and settlement rails; the Origin Vault turns those returns into a tokenized asset.
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Episode 244: From Wallets to Vaults - Understanding Institutional DeFi with Aryan Sheikhalian and Matt Casto of CMT Digital @alextapscott @Aryonchain @mcasto_ @CMT_Digital @CMCC_Global 0:00 Introduction 3:15 Guest intros: Aryan Sheikhalian and Matt Casto 3:30 Matt's journey: from Vanguard to crypto market making 6:02 Inside CMT's early market-making desk 7:26 What the Head of DeFi role looks like today 9:33 How CMT backs into theses in crypto venture 10:27 Stablecoins and RWAs becoming platforms 12:40 Stablecoins as crypto's Trojan horse 13:44 Coming full circle: financial services and the Q1 deal data 16:29 Vaults as a new institutional primitive 18:44 What exactly is a vault? 20:59 When does a vault become a financial product? 22:29 Vaults and the regulatory question 24:14 Different flavors of vaults and decentralization 25:10 The CLARITY Act: an uphill battle 28:23 Beyond DeFi: DePIN, AI, and the Web3 thesis 29:47 Blockchains as coordination infrastructure 32:08 Incentives, tokens, and why clarity matters 34:33 What's next: stablecoins eating legacy payments 36:43 Closing thoughts
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