GGboy

face reveal. be kind.

我来讲一下我对这个项目的看法： SODI 项目的主要开发者是 Rowan Weiss（GitHub：rowanweiss），个人简介里面写到prev. @aztecnetwork flashbots，主要开发者开发过这两个项目，$AZTEC是部署在以太坊的隐私L2，市值最高到达115M，目前50M，请看以下分析 1、开发者8年来代码仓库非常活跃，SODI 在做隐私相关功能时，大量使用了 Noir（Aztec 开发的零知识证明编程语言）。他们的 Stage 2 隐私仓位就是用 Noir 电路来证明 solvency、borrow、claim 等。 2、SODI的方向是隐私和杠杆，还做了给 AI Agent 用的隐私支付（rx402）、Stealth 地址等功能，代币化股票、隐私、借贷/杠杆、Agent支付，这些都完美踩中了罗宾汉这轮周期的风口（这从罗宾汉官方推特这两天的行动就可以看出来）。 3、SODI这个方向目前是罗宾汉首个，可以说是没有类似的项目，按照路线发展，有非常大的概率得到罗宾汉的资金注入。 4、开发者对项目的态度，非常活跃，每次更新都提供了更新的代码验证，非常扎实，开发者手续费1.5%用来回购销毁$SODI，目前已经回购销毁了13.9K，约75.8M枚代币，我观察了开发者的钱包，一直在这样执行。 5、手续费的0.8%进入 Backstop（为密封仓位提供第一层保障金），gnosis safe 地址： 0xb5e9917BEe060EFc3d48D0FF16c34457d068aD35，截止开发者上次更新已累计14.5K，可进行验证。 以上5条我觉得已经可以让我梭哈了，非常靠谱的项目方，所有以上均可以进行验证，最开始我认为他最少可以到达2M或者3M，今天我又看了开发者的更新后，我觉得这是一个轻松10M的跑者，如果顺利50M-100M。 @sodi_trade $SODI

I've been doing some DD into $SODI on Robinhood Chain. 0xEc383A25b6434216eaA695c11c26B765BA061521 The idea is to borrow against tokenized stocks, then spend the borrowed USDG without leaving an obvious trail from your loan to everything you do with the money. In the first version, the position itself stays public. Hiding the position is a later stage. I can see the appeal. Onchain finance makes your collateral, debt and trading activity visible to anyone willing to look. Borrowing against something you want to keep is already a familiar idea. Giving people more privacy around what they do with the proceeds could make that useful to a particular group of traders. I’ll cut to the chase, what got my attention is that there's actual testnet code here to test, and this was very reminiscent of when I was DD’ing robinhood:0xdcd885f5c60b3ad49f6d58718696417314e8724d. There’s three types of code here. Mainnet, testnet, and code I had to fork. The borrowing side uses Morpho, which isn’t available on Robinhood’s public testnet, and thus I used a local mainnet fork to test what required Morpho. Mainnet has their swaps which is cool and all, but isn’t the main selling point of $SODI. So on testnet, the deposit-approval service, withdrawal relayer and AI gateway were all responding and operational. I traced existing transactions showing testnet USDG moving out of the privacy pool into a session wallet, followed by a successful stealth payment to a merchant address. Separately, I sent a fresh request to the free AI gateway. It correctly answered my question, showing there’s real inference layer attached to the project. The agent side gives the same payment infrastructure another potential use, although the full agent interface isn't live. There are functioning payment components. For the blockchain flow, I verified existing transaction receipts, but didn’t complete a new paid session or establish that the transactions couldn’t be linked through timing or other clues. The stock-backed borrowing product wasn’t deployed on public testnet yet, so I downloaded the code and tested it against a local copy of mainnet. I pulled the original repository onto my Windows server and ran 66 selected checks, out of which 65 passed. That included 40 tests on borrowing, yield and deployment checks, eight solvency-proof verification checks, and 11 burner checks. The test that failed was inconsequential in the grand scheme of things and I’ll forward it to the dev for him to review. Granted I’m not a professional auditor, but these tests show there is concrete work behind the scenes. Usually the “coming soon, waiting for audit” that is on the website would give me pause, but given that the actual code is written and works, you know the actual hard part, I believe that they’re waiting on an audit to be finished. The borrowing code could borrow, repay, enforce limits and handle liquidation in a local copy of mainnet. The verifier accepted valid proof fixtures and rejected altered proofs or inputs. Some privacy-exit paths use mocks, so this wasn't a complete end-to-end privacy test, but I’m happy with what I found. There are working testnet payment components too. I verified fresh session addresses, stealth merchant payments and recycling leftover funds. I verified existing transactions and got a correct answer from the free AI gateway. Then there's the token. The fees are 2.8%. The stated allocation is 1.5% toward buying and burning SODI, 0.8% toward the borrower backstop, 0.2% for development and 0.3% for Pons. While team is handling its allocation manually during launch, automatic contracts are written and have working fork tests, but aren’t deployed on public testnet or mainnet yet. I also traced and confirmed that the burns are real. As of writing this, 4.65% of $SODI has already been burnt. The longer-term thesis is that useful private payments and borrowing bring customers, and customer activity eventually funds token purchases. Operators would also need to bond SODI under the proposed design. Those links still need to ship. Right now, the demonstrated burn activity is connected to token trading, not established production lending revenue. The devs GitHub is also 8 years old with a very very busy history of working on private projects. Like every month for the past 8 years there’s a ton of activity. Github also says that he previously worked at FlashBots and Aztec (Privacy based ETH L2). My reservations are straightforward. The testnet needs to ship to mainnet. Stock-backed borrowing isn't publicly deployed, and neither are operator bonding and slashing. There's no completed independent audit, adoption is unproven, and privacy can still leak through timing and amounts. But the fact that the testnet code is there, AND works, has my balls tingling. Feels like the robinhood:0xdcd885f5c60b3ad49f6d58718696417314e8724d trade all over again. Higher it goes! PS: While I was writing this they’ve launched the inference gateway on mainnet, followed by a console, chat interface and hosted MCP server. I checked that the new interfaces respond and payment quotes now request real mainnet USDG. That gives the AI side a route to paying customers, although I haven’t completed a paid request myself. The privacy pool and stock-backed borrowing are still separate milestones, but the fact that they're shipping makes me bullish.