Founder @LotusFi_ | Prev Product Index Coop & Exodus | Defi microstructure, vaults, trade prophesies
Mojave Desert
Joined May 2023
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Better Vaults need better market structure.
With Resolv, a single issuer-side opsec failure was enough to create losses, illiquidity, or emergency actions across a web of downstream vaults, pools, and credit markets. Last year it was the $93m Stream Finance debacle due to a bad balance sheet.
LPs aren’t being compensated adequately for the opaque risk they’re taking on in many of these assets through diversified vault allocations.
@LotusFi_ doesn’t eliminate collateral risk, but we think our model eliminates much of the incentive to lend against riskier collateral. Lend against blue-chip collaterals like BTC and ETH. Keep liquidity connected. Price credit risk on a curve inside one market.
Guard up
DeFi has been in sore need of an industry standard for operational security.
That’s why we’re working toward @_SEAL_Org certification at Lotus. The framework covers six operational security modules:
· Multisig operations
· Treasury operations
· Incident response
· DevOps and infrastructure
· DNS and registrar security
· Identity and accounts
Operational and economic risk deserve just as much attention as smart contracts in a lending protocol's security process.
David Reising retweeted
Lotus separates the base rate from the credit spread so borrowers can model their financing costs and plan ahead.
David Reising retweeted
Loanscape, now available at a trusted agent near you.
David Reising retweeted
I keep back to @Smith_Diction's Google Fonts board, so i had the idea to make an interactive explorer for it
Browse by vibe, pin your favs
tfam.io/type
David Reising retweeted
Credora's footprint continues to expand within the tokenization space. We've completed a preliminary rating of JPMD, @jpmorgan's first USD-based tokenized deposit.
It's an interesting exercise to contrast this new instrument with a more battle-tested one, the tokenized fund. By design, a deposit is not a segregated reserve or a bankruptcy-remote claim, so the metrics that define a fund, asset segregation, beneficial ownership, proof of reserves, do not apply. What backs it instead is the issuer: J.P. Morgan's balance sheet and supervision. A deposit is fundamentally a credit instrument and at a G-SIB that claim sits close to sovereign quality. What determines the risk, then, is the issuing bank's robustness and credit standing.
As such asset matures, a few questions will shape how the asset class is understood. How FDIC insurance coverage ($250k/depositor) applies to a holder who receives the token on-chain. Whether the legal claim transfers with the token as it changes owners. And how issuer controls like freezing, burning, or transferring are defined for compliance. Those are some aspects we considered and that will distinguish one deposit token from the next, as more banks and currencies come on-chain.
Know your tokenization risk.
J.P. Morgan's deposit token launched on Ethereum on 19 Oct. We rated it.
JPMD: A+ (indicative), Probability of Default (PD) 0.088%.
It positions as 7th of 9 rated tokenized dollars and Treasury funds, behind BUIDL and USDC. Everything that pulls it down sits in the token layer.
ALT Credora rating card for JPMD, J.P. Morgan's tokenized deposit on Ethereum and Base. Indicative rating A+, Probability of Default 0.088%, scored 19 Oct 2026. Anchor PD (bank) 0.023%, token-layer charge x3.89, largest charge -0.70 for smart contract.
David Reising retweeted
JUST IN: Morgan Stanley says the tokenized assets market will become a $3 trillion to $10 trillion market by 2030.
David Reising retweeted
Building an agent that helps people borrow?
The Loanscape skill gives you a cross-venue comparison before you choose a loan: live APR, 30-day rate stability, LTV and liquidity.
There's more to borrowing than just the rate.
David Reising retweeted
SoFi and Figure co-founder Mike Cagney has raised $19M for Navra, a new platform designed to give retail and institutional investors access to DeFi lending, borrowing and trading through a single interface.
Ribbit Capital led the round, with Jump Crypto and Figure among the strategic investors.
axios.com/pro/fintech-deals/…
David Reising retweeted
The intramarket Bitcoin carry trade will be the opportunity cost of capital for BTC yield.
It’s surprisingly difficult to find bitcoin yield that’s both attractive and easy to understand.
In this clip from the @edge_pod, our founder @Davidareising explains how an intramarket carry generates yield on cbBTC on Lotus.
4% or .16% wyd 🤷🏻♂️
It’s surprisingly difficult to find bitcoin yield that’s both attractive and easy to understand.
In this clip from the @edge_pod, our founder @Davidareising explains how an intramarket carry generates yield on cbBTC on Lotus.
David Reising retweeted
I think I'm most excited about @LotusFi_ 's BTC carry vault. It's hard to get good, sustainable, understandable yield on BTC... just look at BTC yield on @DefiLlama.
>3% on BTC, onchain, w/o some complex offchain strategy legs - yes please!
David Reising retweeted
Is that me or does this look like a risk curve? 🧐
ask and you shall receive 🫡
same collateral, same debt asset, but pretty different tradeoffs once you look beyond today’s rate
this is the kind of question we want anyone to be able to ask @loanscape_agent. dropping a skill soon @chavis_
David Reising retweeted
A jump from 4.92% to 7.70% in a day can erase a carry trade’s profit. Rate stability matters as much as the entry rate.
Lotus is designed to dampen those swings: utilization adjusts the credit spread above the base rate, rather than repricing the entire borrowing rate.
compound charges 7.70% to borrow dollars, up 278bps in a day.
the market itself barely moved. borrows grew, supply fell under a percent, and utilization, the share of a market's supplied dollars currently lent out, went from 90.2% to 91.0%.
crowding isn't the story. aave's main dollar market has 94.1% of its supply lent out and quotes 4.58%.
so less than a point of utilization repriced $341.7m of outstanding debt by 278bps. the same fullness costs different money at every venue, and compound's curve is steep.
David Reising retweeted
Not just another lending protocol, but brand new approach. @LotusFi_ enables a range of risk tiers to exist as one market sharing liquidity.
David Reising retweeted
Searching for yield on your bitcoin?
Borrow against BTC in a lower-risk tranche, then lend those dollars into a higher-risk tranche to capture the spread.
Upcoming Lotus BTC Carry Vaults automate this within a single market, powered by @ipor_io
Kalshi gonna end up on one of those documentaries
This thread is 100% gonna blow up and I am gonna look like a salty c****again but @icobeast pissed me off so now it's gonna get ugly
Kalshi fakes their crypto volume and I can prove it
NOTHING pisses me off more than watching a company treat its own customers like complete fucking idiots
Grab some popcorn cause I dissected every piece of evidence one by one until there’s basically no way for him to respond without making this look even worse
Oh and FYI, I left every source at the end so y’all can check the receipts yourselves 😘
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