U.S. banks hold $11T+ in undrawn commitments. Promise looping is live on LCC, bringing fractional reserves to capital commitments in crypto Earn promise fees on up to 6.25x your net worth: +7.8% APY on top of your DeFi assets deployed elsewhere, funded via @Morpho debt if called

We discovered a sophisticated recording device that was hidden inside one of our offices. We used our models to understand the device and where it had come from, identifying that a specific employee had planted it a few days earlier. We referred the matter to the FBI, and we’re grateful to the agents and prosecutors who moved quickly to make an arrest. The FBI’s investigation is ongoing and we will continue to support their work. At this time, we have no indications of this individual inappropriately accessing or exfiltrating model weights, source code, or customer data. The employee was terminated. We take protecting our technology, data, and people seriously, and as a matter of national importance. Our security program is designed to protect against a wide range of threat actors, from insider risks to cybercriminals to nation states, and this case is an example of how AI can help address these sophisticated security threats.

LCC has crossed $10M in total value promised, capitalized by ~$50M in DeFi assets Stakers are monetizing their creditworthiness at ~20% APY, with a median Cred Score of 754/1000 Early analysis on credit scores vs. wealth and capitalization below

Introducing credit scores on @3janexyz x @cred_protocol Reputation can now be collateralized to generate higher yield within DeFi, permissionlessly and at scale, starting with undercollateralized promises on LCC

Crypto teenage years are over. I hope you enjoyed it (and made decent bank on it). The time when the industry discovered itself, tried all the crazy stuff, shunned traditional standards in favour of more innovative, never-before-tried strategies has come to an end. I personally enjoyed it very much, and will be forever grateful for living through an era where simply being online and with an active address was enough reason for people to gift away sometimes 100s of thousands (Big shoutout to Tornado Cash and Uniswap). Crypto is no longer about having fun, good vibes and posting on Twitter. It's about hitting KPIs and creating shareholder value. It's about building a valuable brand and deep corporate relations that grow the bottom line. Historically the labour market in crypto has been pretty fucked, being 'crypto native' was a hard requirement, in short supply with an unreliable workforce (opp cost was messing around in the trenches), nowadays the crypto edge has eroded substantially, the crypto career risk has subsided meaningfully and the domain specific knowledge has shifted from deeply niche to traditional skills (tech and finance) which allows for crypto projects to tap into a broader workforce. Regardless of the money, working in a high stakes environment and being respected by your contemporary peers is the raison d'être for most of us here. I don't have enough fingers to count how many of my peers 'made it', stayed crypto native and now wander through life, outdated and desperately resting on former glories from their beach mansion, where they escaped to avoid taxes knowing that they'll never again make the kind of money they made in the past. It's never about where you are now, it's where you want to be in a couple of moves. The crypto shift has been obvious and glacially slow, however caught a lot of people blindsided who refused to 'grow up' with the industry and are now the 40-year-old skater who just won't let go. All this to say that I'm once again grabbing my buttoned shirts, getting on 30-hour plane ride, 11 timezones away, and going to be Singapore for Token2049. Looking to grow KPIs together so hit me up if you have potential business with Spark.

The chief economist at Apollo is warning that mass adoption of AI agents could trigger a bank run as they optimize user investments. Gary Gensler spent his last few years as SEC chair warning that the exact same problem will hit the markets: the pursuit of algorithmic perfection at scale destroys system stability. Personal-finance agents making simultaneous optimal decisions could potentially cause a massive flash crash. Agent acausal coordination, with no messages passed between them, will show up in a lot of places. Markets will get the big headlines, but huge numbers of clever advisors making very similar choices will impact all of human society. Capability gains make this worse, not better. The smarter the agents, the narrower the optimal path; and knowing that other agents see that exact same path lets them move together without talking to each other. Agents do not need to collude to act in unison. Thus, they break no human laws by doing so. Human laws were not written for this. They were not written for a lot of what is coming, and it is about to start happening very fast.

3Jane will be at DealCatalyst Asset-Backed Finance in New York next week @_yakovsky & Head of Credit @obadje_ will be there to evangelize cryptonative securitizations Hit is up if you are around

It’s becoming increasingly clear that crypto platforms are converging toward the same business models. Not because everyone suddenly had the same vision but because there are still only a handful of things in crypto that have found real PMF and actually make money.