Joined December 2021
Thomas | Exponent retweeted
Risk assessment is central to how srONyc is structured on @ExponentFinance. Through independent asset review, underwriting, and ongoing monitoring, srONyc is designed to provide more protected exposure to ONyc. jrONyc absorbs losses first, and Senior protection is calibrated to ONyc’s risk profile, with a 22.22% target Junior coverage ratio and a 20% minimum.
Reinsurance, payment receivables, auto loans and onchain yield strategies each carry different risks Every tranching market on Exponent goes through internal and independent review before launch, with Senior protection set around each asset's risk profile The process behind each market ↓
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Thomas | Exponent retweeted
Reinsurance, payment receivables, auto loans and onchain yield strategies each carry different risks Every tranching market on Exponent goes through internal and independent review before launch, with Senior protection set around each asset's risk profile The process behind each market ↓
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Thomas | Exponent retweeted
With the amount of new trading products and novel defi primitives being launched, demand for market makers, liquid funds and general liquidity providers is growing rapidly. There simply isn't enough liquidity, risk capital, or market making infra to support the pace of the new products being launched so I suspect we will see incumbents scale aggressively and potentially an opening for new firms to enter. I see a golden opportunity for onchain finance.
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Thomas | Exponent retweeted
huge accomplishment. congrats @bw_solana, the entire @anza_xyz team, many of whom have been grinding nonstop since years before the network went live and any of this was validated as being worth anything in a crowded landscape. engineers relentlessly improving performance.
In 2022, Ethereum shipped The Merge, migrating its consensus protocol from Proof of Work to Proof of Stake. It was an engineering feat 7 years in the making. Today is @solana’s Merge. Shoutout to the engineers at @anza_xyz for shipping Alpenglow in a fraction of the time.
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Thomas | Exponent retweeted
Exponent Risk-Tranching is now integrated with @Titan_Exchange RWAs continue to bring new yield onchain, and Exponent tranching is emerging as a way to scale these markets to broader users Natively mint and redeem Senior and Junior tranches from any Exponent market using Titan ↓
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Thomas | Exponent retweeted
The growth of nOPAL in the last week is yet another example Asset tranching on @ExponentFinance unlocks new risk profiles with unique value props on both the Senior and Junior side Fully expect to see Senior assets passing $100M TVL in the coming months Onto the next cap! 🔥
The nOPAL Tranching Market just surpassed $1M in market size Demand for structured RWA yield continues to accelerate, and the cap is now $3M to support further growth: → ~$2.56M for protected yield with srnOPAL → ~$454K for amplified yield with jrnOPAL Here's how to participate ↓
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Thomas | Exponent retweeted
The nOPAL Tranching Market just surpassed $1M in market size Demand for structured RWA yield continues to accelerate, and the cap is now $3M to support further growth: → ~$2.56M for protected yield with srnOPAL → ~$454K for amplified yield with jrnOPAL Here's how to participate ↓
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Thomas | Exponent retweeted
Ok @bot, analyze my entire transaction history and figure out how to turn this into a trillion dollar company. Make no mistakes. Say hello to Altitude MCP v1. Connect your AI agent to Altitude and put your transaction data to work. Get started: docs.altitude.xyz/mcp/overvi…
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Thomas | Exponent retweeted
sUSDai yield markets are now live on @ExponentFinance. Lock in a fixed rate with PT-sUSDai, gain leveraged exposure with YT-sUSDai, or provide sUSDai liquidity on @solana. Launching with $10K in rewards and up to 16x Allo Points.
sUSDai yield trading is now live on Exponent Access fixed-rate or leveraged exposure to sUSDai yield generated from GPU-backed loans financing AI infrastructure Launching with $10K in rewards and up to 16x USDAI Points ↓
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Thomas | Exponent retweeted
Your Altitude Card can now top itself up. More of your financial operations should run in the background, on your terms. Set your refill thresholds and limits. Altitude handles the rest automatically. Learn more: altitude.xyz/blog/automatic-…
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Thomas | Exponent retweeted
sUSDai yield trading is now live on Exponent Access fixed-rate or leveraged exposure to sUSDai yield generated from GPU-backed loans financing AI infrastructure Launching with $10K in rewards and up to 16x USDAI Points ↓
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Thomas | Exponent retweeted
5. Finance ops, run from a Notion page. xitter.cf/deni_ersht/status/2107…
the ui is friends we built along the way. it turns out you can run your multi entity finance workflows from @NotionHQ with @altitude MCP
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Thomas | Exponent retweeted
Even if you don't like Kamino you should listen to this podcast, you will learn a lot. Michael will have a massive impact on the industry. And I get to work with him every day, an extreme privilege.
When I heard Kamino had brought on a fintech founder as CEO, I knew had to bring him on. @WeiszM did not disappoint. Great podcast about onchain collateral, Kamino, the $KMNO token, fintech vs crypto, tokens vs equity, his comp package, and more.
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Thomas | Exponent retweeted
Kamino CEO @WeiszM joined @JasonYanowitz on the Empire podcast to discuss the future of tokenization, institutional adoption, and Kamino's role in bringing global credit markets onchain. Watch the full episode ↓
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Thomas | Exponent retweeted
I think crypto founders’ lack of long-term ambition did more to erode this industry’s talent density than we admit. Crypto is fundamentally trust infrastructure. Building something that meaningfully improves the financial system is a (long) compounding game. It takes a decade of focus. But when prices go crazy every year, there are endless ways to make stupid money: speculation, advisory gigs, scattered investments, farming. It’s been very easy to get distracted. The good news: it’s gotten SO MUCH better. Many short-sighted founders and projects have moved on. Tangible impact attracts the best people. And we’re finally seeing concrete improvements in payments, financing, and trading from bringing them onchain. As an industry, we should do more to make those improvements visible. Our “ChatGPT moment” will come when people open their financial app and feel a step change in what they can do and at what price, without needing to know that stablecoins, DeFi, or tokenized stocks made it possible. I think we’re close. That’s what will drive the next wave of adoption, and make the most ambitious people want to build here.
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Thomas | Exponent retweeted
Be extremely careful with the Morpho markets you use for looping. Earlier today, I took a closer look at the sUSDe/PYUSD market on Morpho, which has $97M in outstanding loans. What caught my attention is that this market uses a market price oracle instead of an exchange rate oracle. The difference between them matters a lot: • A market price oracle liquidates based on the live market price of the collateral deposited • An exchange rate oracle liquidates based on the NAV price of the collateral deposited Why is this relevant? Imagine another October 10-style crash happens (pls no), and USDe briefly depegs on DEXs/CEXs. Highly leveraged sUSDe positions in this Morpho market could get liquidated in this scenario even if USDe remains fully backed. We've seen fully backed stablecoins briefly depeg before, so this isn't just some imaginary risk. With an exchange rate oracle, borrowers would be much better protected because liquidations would only happen if Ethena's sUSDe/USDe actually lose some of their backing. This is why, as a looper, I personally would never use high leverage in a money market that relies on a market price oracle. Most yield-bearing asset markets on Morpho use exchange rate oracles to protect borrowers, but for some reason, this one for sUSDe/PYUSD doesn't. This is why it's important to always check the oracle type before looping. Stay safe out there.
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Thomas | Exponent retweeted
Unlike many networks, Solana users don't need to go into "bunker mode" ahead of an accelerated quantum timeline or classical attack provided by AI. Solana uses Ed25519, where each signing key is derived by hashing a secret seed. Breaking the curve, whether by a quantum computer or a classical attack, would expose the derived key, but not the seed, and seeds are never exposed onchain. With a one-time network upgrade, rightful owners could prove knowledge of their seed using a hash-based proof and move their accounts to a safe signature scheme. A working proof of concept already exists: github.com/anza-xyz/cryptogr…. Solana remains secure today and has a defined path forward.
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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Thomas | Exponent retweeted
Exciting next chapter for our partners at @Loopscale as they unveil Formation, a new company at the frontier of capital markets More to come 🤝
Introducing Formation.
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Bullish Congrats to @Luketruitt @marygooneratne and the team. Very excited to see them ship even harder with this beast of a merger
Introducing Formation.
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Thomas | Exponent retweeted
.@marygooneratne and I started Bridgesplit in late 2021 to build the rails for tokenized assets and DeFi to replace traditional financial products. The assets changed significantly over the last five years: NFTs, then tokenized collectibles, and now everything from reinsurance to home equity loans and public equities. In the year and a half since launch, Loopscale has funded over $2.5B in loans and holds $150M+ in deposits. We built it for what this space will need to become the foundational credit primitive of the real economy. Today Loopscale and Orca become Formation, an American DeFi company. We've worked with @cpmontagano and the Orca team for years, and I'm excited to formally build alongside them. Together we can take on much bigger challenges than either of us could have alone, and an embrace a bigger vision for what DeFi can enable. Thank you to the users, investors, and team members who got us here through many ups and downs and I'm grateful to have the opportunity to lead this team toward a more ambitious future for DeFi.
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