Pleasure chatting with @doctorfission of @FissionXYZ on Ep. 02 of Conviction. We discuss: > The $10M Series A led by @PanteraCapital > How Fission quotes instant liquidity for tokenized funds > Private products like ARKVX by @ARKInvest & @Securitize for a diversified portfolio

The market cap of $CREDITSTR by @token_works is now $2.7M, past its launch-day ATH of $2.5M. @jackbutcher keeps cooking. A @Uniswap CCA auction for $BALANCE is ongoing. It will be Jack's first-ever token, tied to his Credits/Statements NFT collection. Launches tomorrow! My initial entries on $CREDITSTR weren't great, but it feels good to have maintained conviction and let the thesis play out. This experiment has been sick. All its iterations have been so novel, plus the art is sick. The flywheel is in full gear, and 43.4% of CREDITSTR supply has been burned, more than any @token_works strategy token! The mechanism @Rhynotic created was a perfect fit.

This is the craziest piece of technology I’ve ever seen. It’s shocking. We are in the future, and science fiction is becoming reality. The rate of acceleration in tech in our lifetimes is unprecedented. I’m grateful to be living in this era. Wen Mars?

For all my @Blockworks friends going to @blockworksDAS, you have to go! Wish I could be there. Always a blast. Wonder what timepiece @ajbanon will pick this time 👀

ICYMI - @Figure is one of crypto’s major success stories, having tokenized over $24B in Home Equity Lines of Credit (HELOCs) to save ~120 basis points in per-loan costs. @HastraFi bridges Figure’s business with DeFi. In less than a year, Hastra has turned $648M in real-world credit into composable tokens that can be lent against and looped on protocols like @Morpho and @kamino. Tokens like $PRIME, $AUTO, and $SMB finance loan originators like Figure, Agora Data, and Credibly. They expand access to yield opportunities across three distinct credit classes spanning home equity, consumer auto, and small business lending. Real-world credit is becoming productive DeFi collateral, and Hastra is paving the way for retail investors to access novel yield from consumer and commercial credit. Props to @mcagney and @reidlikeabook for steering this ship and trailblazing!

The @Figure and @HastraFi teams are onchain credit trailblazers. The expansion of $PRIME to Ethereum has been a massive success. It is the 7th-largest collateral asset by active loans on @Morpho, trusted by @SentoraHQ, @Bitwise, and @gauntlet_xyz. I expect $AUTO to follow.

Writing reports for @arbitrum, topping the @KaitoAI leaderboard, and being part of the community was a highlight of my time at @MessariCrypto. One of my takes I wrote about in the Messari Crypto Theses 2025 is playing out. @Arbitrum now has a native stablecoin, in partnership with @global_dollar. As $USDG supply on Arbitrum One scales, an (undisclosed) portion of interest generated by the underlying treasuries will flow to the ArbitrumDAO treasury. As I expected, Season 2 of the DeFi Renaissance Incentive Program (DRIP) will focus on driving the stablecoin's growth. Two days after launch, USDG supply is $26.2M, accounting for 0.6% of Arbitrum One’s total stablecoin market cap. Assuming growth to $426M, 10% of the current total, and a 3.5% APY, ArbitrumDAO would generate $14.9M in annual revenue. That is just over the $391.5M in $PYUSD on the network, and about half of the $812M in $USDT0. Those numbers show that scale is feasible, but I don't expect $USDG to reach it quickly. DRIP Season 2 should push supply toward $100M, and likely past it if backroom liquidity deals are in play, but growing into the hundreds of millions will be a challenge. I wouldn't expect that level of scale until 2027. Nonetheless, Arbitrum’s economic engine keeps churning.

Attractive yield opportunities from @HastraFi and its growing ecosystem of composable credit tokens. > Allocated to $srAUTO on @ExponentFinance for 12.4% APY (7.5% base + 4.8% incentives) > Will loop $AUTO at 3.8x leverage for 21% APY on 30-day fixed-rate markets on @kamino

I'd rather we push the envelope and see what's possible for onchain credit. Lots of novel uses happening with these assets being borrowed against and looped (@HastraFi, @paretocredit, @USDai_Official, @maplefinance, etc.). Quarterly assets like ACRED have proven difficult to integrate, as @anzep13 says. The liquidity/duration problem has become clear to everyone, and it limits composability. But if liquidity providers like @FissionXYZ, or other players using infrastructure like @multiliquid_xyz, can price the exit of longer-duration assets and enable integrations with DeFi, then let's try it. The potential unlock is worth it, and we don't need to handhold retail "lenders." That is a personal risk decision, and one that will largely be outsourced to institutional curators and leading centralized exchanges/fintechs anyway.

Pleasure working with @nomos_paradox, @jensenhaji, and the @ChronicleLabs team on this research! Only 29.2% of the tokenized asset market's value offers verifiable, asset-level holdings data. If unaddressed at the projected trillion-dollar scale, that becomes a systemic risk.

Conviction is live! Each 20-minute episode will highlight the convictions of those building at the frontier of onchain finance. Pleasure to have @itsbhaji from @centrifuge as our first guest. Don't forget to like and subscribe. It would mean a lot!

So excited to put out the first episode of Conviction with @itsbhaji from @centrifuge! I didn't expect to become a video editor, but it has been fun, as has the creative process leading up to all this. Final hour tweaks and designs are being made. Catch Ep. 01 tomorrow!

We're launching a show at @serotonin_hq! I'll be hosting guests on 20-minute episodes about how finance is moving onchain, highlighting the convictions of those building at the frontier. The first episode of Conviction∎ drops this week.

In case you didn't know what a tombstone is. Watch out for a @serotonin_hq announcement coming on Monday 👀

This is a tombstone ∎

New RWA just launched, and it could set a precedent. ARK Venture Fund by @ARKInvest is an SEC-registered fund available to retail investors that invests in both public (@SpaceX, @Figure) and private companies (@OpenAI, @Kalshi, @AnthropicAI). The fund is tokenized on Ethereum by @Securitize, with tokens minted and delivered to your wallet T+1. ARK will offer up to 5% redemption liquidity quarterly. This is where instant liquidity providers like @FissionXYZ and @multiliquid_xyz can step in to offer a quicker exit. The fund is open to investors regardless of accreditation, and if instant liquidity is available, $ARKVX could become collateral on DeFi protocols like @Morpho. The @SECGov approving this move may set a precedent. Tokenized share classes could become a standard feature for registered funds, rather than requiring one-off bespoke relief each time.