quote: . @gdog97_ explains @Ethena Pay and lays out why owning the entire stack matters by pointing to how Coinbase captures 60% of Circle's USDC revenue
"A lot of the products in the market haven't got the full vertical integration between owning the stablecoin infrastructure, the yield generation engine, and the front end that sits on top. Taking a debit card and putting it on someone else's stablecoin means you lose the most valuable piece of the entire chain, the stablecoin sitting in the background"
"If you're creating one of these platforms and you don't own the whole stack, the issuance of the stablecoins, the generation of the yield, and all the UX and cards and spending on top of it, you've lost the beating heart of these businesses"
"People speak a lot about the Coinbase and Circle deal, where Coinbase makes something like 60% of the revenues of the USDC sitting there. If you always depend on the distribution of others, there isn't that much margin left for you in the end. If you never own the user, you can never control that economic relationship in a much more powerful way"
@ethena | E184: @ethena CEO - Why @EthenaPay Feels Like Revolut, Not MetaMask
@gdog97_ is the founder and CEO of Ethena. He stumbled into DeFi in 2019 when a friend showed him MakerDAO - taking out a $5,000 loan against $10,000 of ETH with no one standing in the middle of the transaction.
Six years later he's running Ethena, which scaled to $15 billion in stablecoin supply faster than anything else in crypto history, and his thesis is that a dollar with a yield in an app that doesn't feel like crypto is what finally brings 100 million new users in.
Timestamps
0:00 Intro
2:37 Which Of Guy's Plans Fell Apart
5:37 Where Actually Are The Users Everyone Wants
7:10 What Got Guy Hooked On Crypto
9:20 PayPal vs Revolut vs Neo Banks
12:43 Partnerships: @variational_io @Bitwise
13:36 Revolut vs Stablecoin Neo Banks
15:58 Is Switching To Neo Banks Really A 10x
18:00 EthenaPay, Explained Simply
21:21 Why Build Another Crypto Neo Bank
23:53 Will Crypto Banks Fight Over The Pie
25:55 How Ethena Wins Users By Helping Everyone
32:47 What Actually Makes Ethena Different
36:51 Ethena's Cashback System Revealed
38:32 How Ethena Cuts Fees
39:39 How Ethena Finds The Best Yield
45:16 Guy On Dealing With FUD
48:35 Why Guy Stays Quiet
49:29 Partnership: @KASTxyz
50:17 Ethena's KPI Targets
51:55 The Holy Grail For A Stablecoin Neo Bank
52:31 Partnerships: @JupiterExchange Ethena
53:14 If Everyone Does The Same Thing, Who Wins
55:23 What's Next For Ethena After EthenaPay
56:36 Is EthenaPay Basically USDe
58:04 Closing Thoughts
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ICYMI: Injective is now officially an SEC registered transfer agent.
With this move, Injective becomes the first layer 1 blockchain to possess the RWA infrastructure and regulatory readiness needed to accelerate tokenization to new heights.
Injective has rapidly expanded its RWA efforts in recent months. Markets for digital asset treasuries, equities, and shares in pre-IPO companies such as SpaceX and OpenAI have also launched on Injective.
Recently, Injective expanded into enterprise trade finance. POSCO International, South Korea’s largest trading company, and LG CNS, the technology arm of LG Group, selected Injective for an exclusive live pilot that issues, transfers, administers, and settles trade receivables generated through international commerce.
This past week, Injective tokenized over $1 Billion in mortgage records onchain, cementing Injective as the fastest growing chain for RWAs. Publicly listed company Pineapple Financial also plans to tokenize over $10 Billion on Injective in the coming months.
The full stack for internet capital markets is here on Injective. Powered by $INJ
65·B+Long
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One month = 130,000 engineering tasks done by AI agents.
@DoorDash is already operating Agents at serious scale.
Once you reach that point, the model isn’t the only thing that matters.
One month = 130,000 engineering tasks done by AI agents.
@DoorDash is already operating Agents at serious scale.
Once you reach that point, the model isn’t the only thing that matters.
You need:
→ Agent identity
→ Tool access
→ Permissions
→ Communication
→ Observability
→ Reliable execution
That’s why @Fetch_ai built an end-to-end Agent stack. Not another isolated AI tool.
https://www.infoq.com/news/2026/08/doordash-flux-cloud-agent/
70·B+Long
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meme9/8meme
One month = 130,000 engineering tasks done by AI agents.
@DoorDash is already operating Agents at serious scale.
Once you reach that point, the model isn’t the only thing that matters.
You need:
→ Agent identity
→ Tool access
→ Permissions
→ Communication
→ Observability
→ Reliable execution
That’s why http://Fetch.ai built an end-to-end Agent stack. Not another isolated AI tool.
https://www.infoq.com/news/2026/08/doordash-flux-cloud-agent/
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news9/8news
One month = 130,000 engineering tasks done by AI agents.
@DoorDash is already operating Agents at serious scale.
Once you reach that point, the model isn’t the only thing that matters.
That’s why http://Fetch.ai built an end-to-end Agent stack. Not another isolated AI tool. https://www.infoq.com/news/2026/08/doordash-flux-cloud-agent/
70·B+Long
n
news9/8news
One month = 130,000 engineering tasks done by AI agents.
@DoorDash is already operating Agents at serious scale.
Once you reach that point, the model isn’t the only thing that matters.
You need:
→ Agent identity
→ Tool access
→ Permissions
→ Communication
→ Observability
→ Reliable execution
That’s why http://Fetch.ai built an end-to-end Agent stack. Not another isolated AI tool.
https://www.infoq.com/news/2026/08/doordash-flux-cloud-agent/
70·B+Long
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Self-Sovereign GraphQL in Every Browser
Arweave holds the data and the index; PermawebOS gives every user a node that can answer and prove its own queries.
The third principle of Arweave is “Guarantee the right to listen”. In cyberspace, you can only hear if you can actually discover the data. On the permaweb, that’s made possible with GraphQL.
GraphQL provides a critical link in the composability architecture of the permaweb: allowing all apps to build on top of the same, shared content lake, joined by a single global index. Arweave transactions are posted with tags, discoverable by wallet address, or the block they were mined into, but GraphQL is the layer that lets users and applications see all data matching these queries. Without it, there’d be no way to find data matching criteria, or build data protocol-based apps.
It’s one of the permaweb’s core utilities, but until now it has been confined to the realm of enterprise-grade hardware. Services like that are usually incredibly difficult to decentralize because the hardware requirements are high and the incentives are low. The permaweb’s GraphQL services so far have depended on building and maintaining gargantuan off-chain indexes of more than 76 billion rows: scanning the historical chain, keeping it current and serving it quickly. In practice, this has meant that permaweb apps inherit the availability and policy of a tiny number (often two, sometimes – like today – even just one) of hosted indexers which had no incentive to adopt a decentralized model.
Offset queries (queries that seek, intersect and page by weave position) will change everything about how Arweave’s query layer is served. HyperBEAM's offset-query path makes the index compact enough to publish on Arweave, orders it by weave offset, and lets any node or client query the relevant pages directly.
(txid)
This is not another centralized GraphQL service, and it’s not just a way to make GraphQL more available to node operators. It is a method that makes GraphQL execution so lightweight that it can be run directly on users’ browsers, with Arweave nodes simply serving them data chunks.
Hyperoptimized GraphQL with Offsets
All pieces of data in Arweave already have unique positions in the weave – every byte is either ‘before’ or ‘after’ every other byte. We call these byte positions in the network offsets. In March, we showed how any transaction on the weave can be referenced by its offset as a name -- short, deterministic values like 101t.arweave.net, derived only from the data’s onweave properties.
That same offset property gives us more than a way to retrieve bytes. It also can power queries because it gives us a common ordering that can be reused across every possible match in an index.
The new match index stores rows using three extremely compact values:
a hash of the field name being matched;
a hash of the value that is present;
the weave offset of the item carrying that predicate.
Each potential match is compressed into an average of just ~9.5 bytes per row, each stored in an onweave ArLMDB database. By utilizing Arweave chunks as batches of LMDB pages, ArLMDB allows us to traverse the database to find any specific node with only a few individual Arweave node requests. By organizing rows into the compressed components 1-3 above, a query with two or three factors to match can walk those ordered sets together, advancing whichever cursor is behind until the offsets meet – a ‘leapfrog’ version of the same flow as a single lookup. Critically, finding the intersection is part of finding the results for each match criteria -- not a second step.
The same ordering solves pagination -- page fifty can seek to its starting offset instead of replaying pages one through forty-nine. Offset lookups give results a stable order without adding another ordering database.
AO Compute; Arweave the Shared Hard Drive
LMDB is normally a local database file. HyperBEAM's new arlmdb store reads that database from Arweave instead.
Try decentralized GraphQL from your browser
This is already proven at production scale with item lookup. A 622 GiB transaction contains the locations of over 70 billion rows. HyperBEAM reads the database where it sits. A cold lookup traverses it with three Arweave chunk requests; once the shared branches are cached, another lookup needs just one. The ArLMDB implementation is merged into HyperBEAM and used for ID lookups from Arweave.
With an immutable index on Arweave, anyone can read it without trusting the publisher to keep a query endpoint online. Like the Arweave schedulers powering Bazar, this is another example of AO employing Arweave as the source of truth, and using it to power the permaweb.
Instead of every query operator repeating the historical sweep and building the same large database, nodes serve chunks while the client traverses the index locally. The node's job is reduced to serving bytes quickly. It does not decide which results exist, execute the filter or ask the application to trust its view of the weave. The live tip still needs rolling indexes, but the expensive historical work no longer has to be repeated by every participant.
The client does not even need the whole database (depending on optimization, we’ve seen database sizes anywhere between 1 and 60 terabytes). The production offset index already demonstrates the access pattern: in the live chunkar browser demo, the second arbitrary lookup needs only around half a megabyte of new index data to traverse the full offset index. The match index works the same way. It traverses the pages needed for the requested predicates, intersects the ordered rows, reads the candidate items and checks that they actually carry the fields requested by the query. This is lightweight enough to make it so that every user can be their own personal no-dependency GraphQL service provider, with provable data, from the browser.
As well as the browser playground, today you can use the arlmdb.js library to integrate Arweave-stored database lookups into UIs.
From Centralized Node to Self-Sovereign Service
Today an application sends a GraphQL request to a server that already holds an index. With a published offset index, the application can instead hold a locator and a cache.
A HyperBEAM node can do that, but one way we imagine most users will access the query layer is through the browser: a user's application fetches Arweave chunks, keeps the hot index pages locally and performs the query for itself. This can be baked into the PermawebOS browser extension along with the local AO node the extension already spawns. This shift brings more and more AO services that were previously hosted (on exclusive TEE hardware) into a local-first environment. The stack is becoming so lightweight it’s able to be run cheaply, per-user, as background services in the browsers, phones and laptops everyone already has.
Previous designs for a decentralized GraphQL layer were unable to answer the question of trust without TEEs. How can you be sure that the response you get back from a GraphQL server has arrived complete and uncensored? While PermawebOS node architectures like LapEE and AndEE solve the trust question in theory, in practice the job of indexing the entire blockweave is too big for small workers.
Offset queries over onweave LMDB data -- made lightweight enough to traverse and prove by any browser -- change the equation entirely.
The browser never asks a server to decide the answer. It asks nodes for the exact index chunks it needs and walks the authenticated LMDB pages itself, intersecting the offset-ordered sets locally.
The new schema provides chunks and Merkle paths for each page accessed; the recipient can repeat the exact same work and see that they get the same complete set, with no missing results. The hashpath signs the request + response pair, and the validator can trivially repeat the work, whether on a node or in a browser. The resulting item is then bound back to its ANS-104 ID. A node can withhold bytes and make itself unavailable, but it cannot alter a row, skip a qualifying result or invent one without breaking the proof.
The Personal Permaweb Stack
Decentralizing GraphQL does not necessarily require a decentralized fleet of GraphQL servers. The permaweb is unique in that it combines a decentralized permanent storage layer with everyday web semantics. HTTP, lightweight proofs, and browser-based nodes handle the workload when the logic is optimized enough to sidestep expensive hardware.
The network holds the whole index. Each user keeps only the path to their answer.
With PermawebOS putting an AO node in every browser and LapEE turning abundant consumer hardware into secure bundlers, schedulers and tunnels, local GraphQL pushes the permaweb towards a cyberspace everyone can own.
Read this on the Permaweb:
https://ao.arweave.net/#/blog/self-sovereign-graphql-in-every-browser
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How Hedera Guardian Revolutionizes Environmental Asset Management
Recap, a look back at an earlier Hedera session. Environmental asset management is evolving beyond the limitations of traditional paperwork and bureaucratic hurdles. With the Hedera Guardian, you're equipped to integrate decentralized identities, verifiable credentials, and advanced policy workflow engines to streamline the creation and trade of digital environmental assets. Interested in sustainability tech or building with Hedera? This piece offers valuable insights to shape impactful applications in today's eco-conscious landscape. 🔗 Key Links 📺 Watch the full livestream → Delivering Trust in Environmental Assets and Outcomes with Hedera Guardian (https://www.youtube.com/watch?v=TUzQ2CF-I8o) 📄 Explore the Hedera Guardian docs → Hedera Documentation (https://docs.hedera.com) 🛠� Dive into Hedera Token Service → HTS Docs (https://docs.hedera.com) 📌 TL;DR Hedera Guardian enhances environmental asset digitization effortlessly. Version 3.5 supports decentralized identities and credentials. Demonstrated modular architecture offers flexibility. Builders can use Guardian infrastructure for community solutions. A 39% insurance premium reduction was achieved, showcasing real-world benefits. Unpacking the Hedera Guardian’s Key Innovations A Dive into the Modular Architecture The Hedera Guardian employs a flexible, modular architecture, simplifying user experience in digitizing complex environmental asset methodologies. It enhances security and transparency by integrating with decentralized identities and verifiable credentials. This design allows you to tailor your technology stack for specific environmental requirements—be it carbon credits or biodiversity tracking. The APIs within this architecture facilitate smooth data handling, helping you query data tied to issued tokens, assess user permissions, and manage asset statuses effectively. This level of customization opens doors to build applications that uniquely match demands. Key takeaway: The Guardian's modular architecture offers the flexibility and security you're looking for in managing diverse environmental assets. Policy Workflow Engine Excellence Perhaps the most notable feature is the policy configurator—a low-code environment that allows creators like you to define regulatory compliance and construct detailed workflows for managing environmental assets. This system promotes efficiency by letting you focus on optimizing solutions rather than getting tangled in coding complexities. Daniel showcased its utility in a captivating live demo, illustrating real-time data management and user interaction handling with drag-and-drop simplicity for scenarios like carbon offsets. Such functionalities make Guardian a powerhouse for streamlining complex environmental asset management. Key takeaway: The low-code workflow engine simplifies complex environmental asset management, keeping pace with emerging regulatory demands. Real-World Performance Metrics The Guardian's impact isn't just on paper. Featured during a livestream, the Tahoe Donner community realized a 39% lower insurance premium and an 89% lower deductible through smart forest management and the Guardian's data insights. These figures highlight the economic and ecological advantages the platform offers. By tapping into precise data analytics and risk management capabilities, you can predict and mitigate environmental risks like wildfires, expanding Guardian’s utility beyond asset management to a holistic environmental risk analysis tool. Key takeaway: The Guardian’s effectiveness in cutting insurance costs through informed environmental risk management marks its tangible value.
Leveraging Hedera Guardian in Practical Applications Build Next-gen Environmental Applications The Guardian provides practical avenues to construct industry-disrupting solutions. It enables you to craft applications focusing on the digitization and tokenization of environmental assets, like carbon credits or water rights. Supported by the Hedera ecosystem, these applications can meet the demands of eco-friendly consumers and industries aiming for sustainability. By maintaining transparent and verifiable tracking of asset provenance and movement, your applications will help industries transform environmental impact into tradable assets. Develop applications for digitizing environmental credits. Create solutions for managing ecosystem services. Use decentralized identity verification for secure trades. Unlocking Builder Opportunities Given the booming sustainability market, you're in a prime position to redefine environmental finance and management. With the Guardian's infrastructure, complex processes become more approachable, attracting eco-conscious investors and users alike. Here’s what you can explore: Design systems for biodiversity credits. Automate compliance for regulatory standards. Simplify distributed ledger technology solutions for environmental records. Key takeaway: The Guardian’s robust infrastructure presents a playground for innovation in the environmental sector, offering robust opportunities for builders. How It Works Under the Hood API Calls and Data Flow Explained The Guardian's architecture is centered around clear API endpoints, offering efficient interaction capabilities. Important API functionalities provide access to user permissions, asset issuance, and policy definitions, ensuring effective management and secure operations. It’s built to handle high transaction volumes, common in asset trading, assuring scalability. Its modularity allows dynamic process adjustments, aligning with your application's unique requirements. Design Patterns and Technical Decisions Integrating decentralized identities fortifies security while ensuring data integrity and privacy compliance, essential for building trust in environmental asset exchanges. Through verifiable credentials, you lay the groundwork for enhanced stakeholder confidence and standardized environmental reporting. The Guardian’s policy configurations use a microservice architecture. This supports independent scaling and integration of specific modules without overall disruption, providing a resilient system for asset management. Key takeaway: The Guardian’s secure, scalable design patterns build trust, enabling flexible environmental asset management solutions.
What You Can Build Now Harnessing the Hedera Guardian unlocks a spectrum of possibilities to innovate sustainable solutions. Here’s how you can kickstart: Identify a Use Case: Focus on an environmental asset to digitize, whether it’s carbon offsets, biodiversity credits, or water usage rights. Use APIs: use the Guardian’s APIs to secure and manage transactions and data robustly. Integrate Decentralized Security: Strengthen trust and compliance using decentralized identities and verifiable credentials. Develop Policy Workflows: Use the low-code configurator to automate reporting, establish compliance, and adhere to regulations. Test and Scale: Ensure performance and scalability through rigorous testing before scaling to broader markets. Key takeaway: use the Guardian's resources to develop comprehensive, compliant environmental asset management solutions seamlessly. Resources To explore more about building with the Hedera Guardian, consider these resources: Hedera Documentation: Hedera Documentation (https://docs.hedera.com) Join the Conversation on Discord: Hedera Community (https://hedera.com/discord) Explore HTS: HTS Docs (https://docs.hedera.com) Are you already building with the Hedera Guardian? Share your project in the replies, the Hedera community is keen to spotlight novel solutions and breakthroughs! Understanding the Role of Hedera Consensus Service The Hedera Consensus Service (HCS) plays a pivotal role in ensuring transparency and trust in environmental asset management. By acting as a decentralized message layer, HCS allows you to reliably timestamp and order messages, which is crucial for maintaining the integrity of data associated with digital environmental assets. This service can be particularly beneficial for complex environmental projects that require verifiable data transmission and storage. How HCS Facilitates Data Integrity With HCS, every transaction related to environmental assets can be logged in a tamper-proof manner. This ensures that the data remains consistent and accurate over time, a feature that is indispensable for regulatory compliance and stakeholder trust. Builders can appreciate this feature because: It establishes a trusted timeline of events and transactions. It prevents data manipulation or unauthorized alterations. It supports interoperability with other services, enhancing system integration. Implementing HCS in Environmental Projects To effectively implement HCS in your environmental projects, consider the following steps: Define Your Data Needs: Identify what environmental data needs to be tracked and verified. Integrate with Existing Systems: use HCS to complement your current data management tools. Monitor Transactions: Regularly check the logs to ensure data integrity and accuracy. By following these steps, you can enhance the trustworthiness and efficiency of your digital environmental asset management processes. Leveraging Hedera Smart Contract Service for Environmental Solutions The Hedera Smart Contract Service (HSCS) provides a robust framework for creating and executing smart contracts tailored to environmental asset management. The HSCS supports the Ethereum Virtual Machine (EVM), which allows you to deploy contracts that automate complex workflows, ensuring transparency and reducing administrative overhead. Benefits of Using HSCS The use of smart contracts in environmental projects offers several advantages: Automation: Streamline processes such as asset creation, transfer, and verification. Cost Efficiency: Reduce manual intervention and associated costs. Scalability: Manage large volumes of transactions without compromising performance. By harnessing these benefits, builders can create more efficient and scalable solutions for environmental asset management. Creating Smart Contracts with HSCS To deploy effective smart contracts using HSCS, you can follow these guidelines: Define Clear Contract Terms: Ensure that the contract terms are precise and unambiguous to avoid disputes. Test Extensively: Conduct thorough testing in a controlled environment to identify and rectify potential issues. Monitor and Update: Regularly review and update the contracts to adapt to new requirements or regulations. Implementing smart contracts effectively can significantly enhance the functionality and reliability of your environmental management solutions.
Community Collaboration Through Hedera's Ecosystem The Hedera ecosystem thrives on community collaboration, offering builders a variety of opportunities to engage with partners and contribute to collective environmental goals. The Apex Hackathon is one such platform that brings together developers, experts, and organizations to innovate and create impactful solutions. Engaging with Ecosystem Partners During events like the Apex Hackathon, participants can collaborate with ecosystem partners like AWS, Neuron, and Hashgraph Online. These partnerships enable you to: Access a wealth of resources and expertise. Gain insights into best practices for environmental asset management. Build connections with other innovators in the field. Such collaborations can propel your projects forward, providing the support and knowledge needed to tackle complex environmental challenges. Building Community Solutions Hedera encourages the development of community-driven solutions that address local and global environmental issues. By participating in community initiatives, you can: Contribute to sustainable development goals. Innovate with a focus on real-world impact. Share knowledge and experiences with a broader audience. Engagement in community projects not only enhances your technical skills but also enriches your understanding of environmental sustainability. Real-World Applications and Case Studies The practical applications of Hedera's technology in environmental asset management are numerous. By examining real-world case studies, builders can gain valuable insights into how Hedera can be applied to achieve tangible outcomes. Case Study: Wildfire Mitigation One notable application of Hedera technology is in wildfire mitigation. By integrating real-time data streams with the Hedera platform, organizations can monitor and respond to wildfire threats more effectively. This approach offers several advantages: Timely Alerts: Automated alerts allow for quicker response times. Data-Driven Decisions: Access to accurate data supports informed decision-making. Resource Optimization: Efficiently allocate resources to areas of greatest need. Case Study: Reforestation Projects Another example is the use of Hedera in reforestation projects. By tracking the lifecycle of each tree planted, organizations can ensure the success and sustainability of their efforts. Key benefits include: Verification of Impact: Transparent data supports claims of environmental impact. Stakeholder Engagement: Demonstrates commitment to transparency and sustainability. Compliance and Reporting: Simplifies the process of meeting regulatory requirements. These case studies illustrate the potential of Hedera's technology to facilitate effective environmental management and enhance sustainability initiatives.
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⚠️ Exploit breakdown:
Sept 6: @Liquid_BTC got hit through an Elements consensus / asset-validation bug. Attacker minted ~4,000 unbacked L-BTC, then used SideSwap’s normal peg-out flow to cash out 3,996.01834922 BTC from the Liquid Federation reserve.
They called it whitehat and said funds come back after every node is patched. Still sitting. No return.
📌 IOCs
Attacker:
https://mempool.space/address/bc1qgslsydz56d0ed6827hdemfmk5w2f6ldyc6wt7p
Collection wallet:
https://mempool.space/address/bc1ql4mfu6aundtkksxklfajs2h3t9nzcd6gyqjlte
Hit reserve:
https://mempool.space/address/bc1qdlld6antmv4xug242ed83q7k4rqw50cwfns38szx4qu2f4jwaxxsuhwxxr
🔍 How it played out
1. Phantom L-BTC
Liquid block 4,050,336 (2026-09-06 21:53:10 CST) was accepted by Federation / Blockstream nodes. http://mempool.space’s independent Liquid node rejected it and stalled on the prior block. Clean consensus split.
Suspect mint:
https://blockstream.info/liquid/tx/c652a1047ff549698b09242a66e20f6e9a044d5c972419342fa552b0856ba674
2. Peg-out via SideSwap
3,996.01834922 BTC paid to bc1qgsls...c6wt7p
https://blockstream.info/liquid/tx/ce4caece413cd9d444ce7ed9f54e5b328b3da5e4af301aff59a3571f76e988f2
Blockstream later said the L-BTC came from an Elements bug. SideSwap PAK + infra were not compromised.
https://x.com/side_swap/status/2096709838310928674
3. Federation pays on Bitcoin L1
https://mempool.space/tx/8db751a650ae2f12006b7e8c69a75e4df360e8afd6b9e05ae0b9fa6458a7b140
4. Funds swept
https://mempool.space/tx/85d2ca15bea33a592e73ed40c6a5da887feecf1e77f58ec7f580e00841645043
5. On-chain note
OP_RETURN: “we are whitehats. contact us on chain.”
Also told Liquid to patch first, then they’d return funds — and even sent the project fix details. Comedy/taunt meter is maxed. Whitehat claim is shaky. Reads more like buying time.
https://mempool.space/tx/83825b2135dd0abac12c9dfe17f29ab81b3427e1ae864947b0bebce5e47c3c4b
🧠 Impact
▪️ Hit: Liquid Network / Federation BTC reserve
▪️ Loss: 3,996.01834922 BTC (~$320M at the time)
▪️ Reserve left: ~197.4719 BTC. ~95% of the stack walked
▪️ Bitcoin L1: not exploited. Mainnet just executed a Federation-signed payout
▪️ SideSwap: used as the peg-out rail. Official word is PAK + systems were not breached
▪️ Other Liquid assets: USDT, DePix, RWAs were not weirdly minted, but the pause still froze transfers + liquidity
▪️ Recovery: principal still sits on the collection address. No CEX, no mixer, no bridge. Better recovery odds than a washed drain — until it’s actually returned, treat it as unrealized loss
▪️ Attacker label: self-claimed whitehat, unknown actor. Parking nine figures and then asking to talk is not standard responsible disclosure.
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A lot of privacy tech depends on open source cryptography maintained by a surprisingly small number of people.
@DuskFoundation dusk-network:native has been contributing to that stack for years, from PLONK and Poseidon to Phoenix.
Merlin is another part of that stack. We use it through PLONK, but upstream hasn't seen a release since 2021 and useful maintenance work has been sitting in open PRs.
We depend on this stuff, so waiting indefinitely isn't much of a strategy. Especially now that AI is making exploit discovery faster and cheaper.
I forked Merlin under Dusk, brought it up to date and we'll maintain our fork from here.
Privacy tech needs maintainers, not spectators. We'll keep carrying the torch for privacy and ZK forward, like we have since the beginning.
https://t.co/upGWwjLW5d
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Injective Tokenizes More Than $1 Billion in Mortgage Records Onchain
Pineapple Financial has now moved more than $1 billion in residential mortgage records onto Injective, turning a growing share of its historical loan book into digital records that can be inspected and verified onchain. This now makes Injective now one of the leading layer-1 blockchains for RWAs with respect to total value to tokenized assets. The company, listed on NYSE American as PAPL, is migrating funded residential mortgage records onto Injective. Each mortgage is represented by a metadata-rich onchain record tied to the underlying loan file, rather than repackaged as a new mortgage security. Pineapple's stated goal is to migrate its entire historical portfolio over time: more than 29,000 funded mortgages which amount to more than $10 billion in value. Mortgage markets move enormous amounts of debt, but the records behind them often remain fragmented across PDFs, email threads, and operational systems. Servicers, custodians, and counterparties may have to reconcile ownership and servicing information across separate databases, turning routine verification into a slow manual process. Pineapple is changing the location and structure of the mortgage record itself.
What Is Being Tokenized This is not a synthetic instrument designed to track a mortgage portfolio. Pineapple is converting records from a working mortgage loan book into standardized onchain data assets. The original mortgage remains within its legal and servicing framework, while the tokenized record provides an auditable digital counterpart that captures loan-level data, provenance, and update history. That distinction matters because the practical value comes from giving authorized participants a consistent, verifiable record. Instead of maintaining separate copies and reconciling them later, the parties involved can inspect the same underlying information. How It Works Each tokenized record contains more than 500 data points, enough to make it useful for more than a timestamp or proof of existence. Structured loan-level data can support automated verification, real-time audit trails, more responsive risk analysis, and compliant sharing with institutions that need to inspect a portfolio. The back-office workflow changes with it. A servicer or auditor can query a consistent record instead of assembling a picture from disconnected files, reducing the delays and duplication that make mortgage administration expensive. Where Pineapple Fits in the Broader Stack Pineapple's migration illustrates why tokenization is not simply an issuance exercise. An asset needs a clear identity, rules governing who can interact with it, and records that remain aligned as it moves or changes. Injective Mint, now live in private alpha, brings creation and administration into a single interface. Institutions can define an asset, configure holder and jurisdictional restrictions, assign administrative roles, and manage issuance or redemption without writing a custom contract. A deeper look into Injective Mint can be viewed here. Pineapple's mortgage program is a distinct deployment, but it reflects the same shift from a standalone token toward an operating onchain asset. For securities, the record layer also carries a regulated function. On August 19, Injective Institutional Services became registered with the U.S. Securities and Exchange Commission as a transfer agent, and the registration is effective. That affiliated capability can support official securities ownership and transfer records alongside onchain settlement. It does not make Pineapple's mortgage records, or every asset created through Mint, a security; it gives institutions that issue regulated products another piece of the operational and regulatory infrastructure they need. The Traction So Far The migration is already measurable. Pineapple's dashboard reports 2,079 mortgage records onchain, compared with 1,259 at the December 2025 launch. Token Terminal lists PAPL0 at roughly $1.1 billion in asset market cap, an increase of about 48% over the past nine months. That remains early against a target of more than 29,000 mortgages, but it is no longer just a proof of concept. Pineapple is moving a live portfolio in public, one record at a time, with the progress available for anyone to follow. Anchored by an INJ Treasury The mortgage migration is one part of Pineapple's broader relationship with Injective. Separately, the company established a $100 million INJ Digital Asset Treasury, giving it balance-sheet exposure to the network alongside its operational use of the infrastructure. Pineapple stakes INJ from the treasury, with Kraken serving as a primary validator. The treasury and the tokenization program are distinct initiatives, but together they show a company committing both operating data and capital to the same financial rails. See It For Yourself Pineapple's tokenized book is public and independently trackable. Follow the live mortgage dashboard and view PAPL0 on Token Terminal.
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Injective Tokenizes More Than $1 Billion in Mortgage Records Onchain
Pineapple Financial has now moved more than $1 billion in residential mortgage records onto Injective, turning a growing share of its historical loan book into digital records that can be inspected and verified onchain. This now makes Injective now one of the leading layer-1 blockchains for RWAs with respect to total value to tokenized assets.
The company, listed on NYSE American as PAPL, is migrating funded residential mortgage records onto Injective. Each mortgage is represented by a metadata-rich onchain record tied to the underlying loan file, rather than repackaged as a new mortgage security.
Pineapple's stated goal is to migrate its entire historical portfolio over time: more than 29,000 funded mortgages which amount to more than $10 billion in value.
Mortgage markets move enormous amounts of debt, but the records behind them often remain fragmented across PDFs, email threads, and operational systems. Servicers, custodians, and counterparties may have to reconcile ownership and servicing information across separate databases, turning routine verification into a slow manual process.
Pineapple is changing the location and structure of the mortgage record itself.
What Is Being Tokenized
This is not a synthetic instrument designed to track a mortgage portfolio. Pineapple is converting records from a working mortgage loan book into standardized onchain data assets. The original mortgage remains within its legal and servicing framework, while the tokenized record provides an auditable digital counterpart that captures loan-level data, provenance, and update history.
That distinction matters because the practical value comes from giving authorized participants a consistent, verifiable record. Instead of maintaining separate copies and reconciling them later, the parties involved can inspect the same underlying information.
How It Works
Each tokenized record contains more than 500 data points, enough to make it useful for more than a timestamp or proof of existence. Structured loan-level data can support automated verification, real-time audit trails, more responsive risk analysis, and compliant sharing with institutions that need to inspect a portfolio.
The back-office workflow changes with it. A servicer or auditor can query a consistent record instead of assembling a picture from disconnected files, reducing the delays and duplication that make mortgage administration expensive.
Where Pineapple Fits in the Broader Stack
Pineapple's migration illustrates why tokenization is not simply an issuance exercise. An asset needs a clear identity, rules governing who can interact with it, and records that remain aligned as it moves or changes.
Injective Mint, now live in private alpha, brings creation and administration into a single interface. Institutions can define an asset, configure holder and jurisdictional restrictions, assign administrative roles, and manage issuance or redemption without writing a custom contract. A deeper look into Injective Mint can be viewed here.
Pineapple's mortgage program is a distinct deployment, but it reflects the same shift from a standalone token toward an operating onchain asset. For securities, the record layer also carries a regulated function. On August 19, Injective Institutional Services became registered with the U.S. Securities and Exchange Commission as a transfer agent, and the registration is effective. That affiliated capability can support official securities ownership and transfer records alongside onchain settlement. It does not make Pineapple's mortgage records, or every asset created through Mint, a security; it gives institutions that issue regulated products another piece of the operational and regulatory infrastructure they need.
The Traction So Far
The migration is already measurable. Pineapple's dashboard reports 2,079 mortgage records onchain, compared with 1,259 at the December 2025 launch. Token Terminal lists PAPL0 at roughly $1.1 billion in asset market cap, an increase of about 48% over the past nine months.
That remains early against a target of more than 29,000 mortgages, but it is no longer just a proof of concept.
Pineapple is moving a live portfolio in public, one record at a time, with the progress available for anyone to follow.
Anchored by an INJ Treasury
The mortgage migration is one part of Pineapple's broader relationship with Injective. Separately, the company established a $100 million INJ Digital Asset Treasury, giving it balance-sheet exposure to the network alongside its operational use of the infrastructure.
Pineapple stakes INJ from the treasury, with Kraken serving as a primary validator. The treasury and the tokenization program are distinct initiatives, but together they show a company committing both operating data and capital to the same financial rails.
See It For Yourself
Pineapple's tokenized book is public and independently trackable. Follow the live mortgage dashboard and view PAPL0 on Token Terminal.
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quote: IA's analysis is always excellent. Just to add a few lines to his comment on memory:
The reduction in HBM stack height is partly because the need for it has diminished, but there is clearly another side to it. As high bandwidth HBM was demanded, meeting the bar for high bandwidth HBM was eating up DRAM wafers at too high a rate, so stack heights were lowered to make supply more elastic.
Does that mean HBM itself has become less scarce? I don't think so. Instead of stacking higher, I think a different dimension of scarcity will be emphasized: HBM's high pin speed. In other words, wafer consumption and supply capacity are now being consumed by pin speed rather than by stacking.
Put differently, you could also read it this way: each individual HBM layer has become so precious that the opportunity cost of stacking them up and failing has grown too large.
The HBM spec downgrade is real. Feynman, the generation after Rubin Ultra, was also lowered to 8-High, wasn't it? | Hot Chips 2026: Irrational Recap https://irrationalanalysis.substack.com/p/hot-chips-2026-irrational-recap?r=28k8q1&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true
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quote: IA’s analysis is always excellent. Just a few additions to his comments on memory:
The HBM layer count was nerfed partly because fewer layers are now needed, but there was clearly another consideration: meeting the specs for high-bandwidth HBM was consuming too many DRAM wafers, so reducing the stack height was also a way to improve supply elasticity.
That does not mean HBM itself has become less scarce. Instead of stacking more layers, I think the scarcity premium will increasingly shift toward another dimension: achieving higher HBM pin speeds. In other words, bits and supply capacity will now be consumed by pin speed rather than stack height.
Put differently, each individual HBM layer has become so valuable that the opportunity cost of losing it to a stacking failure has grown too high.
HBM de-spec is real. As far as I know, Feynman, the generation after Rubin Ultra, has also been reduced to 8-high. | Hot Chips 2026: Irrational Recap https://irrationalanalysis.substack.com/p/hot-chips-2026-irrational-recap?r=28k8q1&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true
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Moments That Defined Sui's August 2026
Post-quantum keys, regulated securities rails, and deep dives into Sui’s security work. Here are the moments that mattered in August: Making Sui quantum ready (Aug 6) Sui is adding two NIST-standardized post-quantum signature schemes: ML-DSA-65 as a native scheme for everyday accounts, and hash-based SLH-DSA-SHA2-128s inside Move contracts for high-value vaults. Existing accounts move to a quantum-safe key derived from the recovery phrase they already hold. Why it matters: Most migration plans ask every user to move their money to a new address, which is the moment things get lost. Not on Sui. Read more: https://www.sui.io/blog/making-sui-quantum-ready
Hadron by Tether goes live on Sui (Aug 13) @hadron_tether launched on Sui, giving institutions the rails to issue tokenized equities, bonds, and commodities, with sub-400ms finality and an object model built for real asset logic. Why it matters: Issuance is the step before every other step. Before an asset can be traded, lent against, or settled, somebody has to be able to bring it onchain inside a compliance framework. That capability now sits on Sui.
Hashi testnet keeps stacking numbers (Aug 10 and 22) Three weeks after launch, Hashi testnet had processed 1.1M deposits and 165K withdrawals, and more than 50% of all Bitcoin Signet transactions over the prior two weeks resulted from Hashi test activity. By August 28, deposits passed 2.2M. Mainnet imminent. Why it matters: Roughly $1T of Bitcoin sits idle in cold storage. Hashi keeps native $BTC on the Bitcoin network and lets formally verified Sui contracts orchestrate it as programmable collateral. With Testnet volume at this level, imagine what Hashi mainnet numbers will be like.
Security on Sui (Aug 17 to 21) @suidevelopers started the discussion: Whatever you build inherits the security properties of the stack you build on. The language decides what mistakes are possible. The protocol decides what it enforces for you. The reviews decide what you get to see.
What you inherit on Sui: Move's bytecode has no indirect-call instruction, so the hook most reentrancy exploits rely on does not exist. Every call target is statically bound and verifier-checked before it runs. Ownership is enforced at the protocol level through object metadata, so unauthorized modification is structurally impossible instead of a check a developer has to remember to write. August 18: From the cryptographer's desk. Mysten Labs Chief Cryptographer @kostascrypto published the reasoning behind both post-quantum schemes: the external cryptographers, wallet providers, HSM vendors and financial authorities who pushed back, the benchmarks, and the one migration path Sui is deliberately not shipping yet.
August 19: Can an LLM find a vulnerability a human auditor missed? @reginaldojsf hosted an X Space with @b1ackd0g, @hrkrshnn and @bbarwik on where AI actually helps in an audit: what it reliably catches, what it walks straight past, and how to fold it into a review pipeline without drowning your researchers in false positives. Why it matters: Humans took two years to review one code scheme and call it safe. An AI model halved its key strength in 60 hours. Quantum risk is not waiting for human timelines, and AI will find the cracks first.
Securitize and Neuberger bring high-yield credit onchain (Aug 18) Sui's first integration with @Securitize went live. The High Income Tokenized Fund (HINC) brings high-yield bonds, CLOs and leveraged loans onchain, subadvised by @neubergerberman, with daily subscriptions and BNY Mellon custody. @EmberProtocol launched $HIGH on Sui the following day as tokenized access to the same strategy. Why it matters: Most tokenized funds stop at treasuries and money markets. This is credit risk, actively managed, in a wrapper qualified investors can hold. Read more: https://www.sui.io/blog/securitize-neuberger-launch-tokenized-fund-across-sui Aftermath Perpetuals V2 ships (August 20) 15 markets on day one, entirely onchain: $BTC, $ETH, $SUI, $NVDA, $TSLA, $GOOGL, gold, silver, WTI crude, the S&P 500 and more. Twelve weeks of rebuild, two public audit reports by @osec_io and @Certora. Three days after launch, afLP crossed $2M TVL. Why it matters: Equities and commodities trading against the same engine as crypto, with both audits in the open before anyone deposited.
tZERO brings regulated securities infrastructure to Sui (Aug 25) Tokenizing an asset is step one. It still has to be issued, held, transferred, traded and settled inside a regulatory framework. @tZERO is bringing 7+ years of regulated digital securities infrastructure to Sui, built for exactly that. Why it matters: Institutional adoption needs infrastructure that reaches both ways, into the blockchain and into existing regulation. Read more: https://www.sui.io/blog/tzero-sui-institutional-digital-securities-infra Sui Overflow 2026 winners announced (Aug 27) 747 projects from 58 countries over six weeks, and 26 teams came out on top: 16 track winners across the Agentic Web, DeFi & Payments, @WalrusProtocol and @DeepBookonSui, plus 10 University Award recipients. @Sup_Wallet took the Agentic Web track with a self-custodial wallet an AI agent can trade and settle from inside limits you set once. Quay won DeFi & Payments with a merchant terminal that takes any token through the QR code a shop already has and pays out in $USDsui. Why it matters: The pattern across all four tracks was the same. Teams stopped building things for people to click and started building things for software to call. Read more: https://www.sui.io/blog/sui-overflow-2026-winners Sui Basecamp 2026 opens its lineup and puts the TPS record on the line (Aug 27 onwards) Speakers announced for Sui Basecamp 2026 in Singapore on October 7-8 with @token2049: @RaoulGMI, @EmanAbio, @HilmarVeigar, @jenzhuscott, @RichardSocher, @BrianQuintenz, @kostascrypto, @amoufarek, @CryptoMichNL, and more. On July 4, Sui hit 6,086,766 TPS on a livestream. On October 7, @kostascrypto will run it again on the main stage, verified live by @CertiK. Why it matters: This year's conversation is all about AI and the infrastructure the agentic economy actually needs. We’re inviting some of the most prominent voices to the Sui Basecamp stage to share their latest thoughts. Plus, Kostas and team will set a new record, live and verified. Join us at sui.io/basecamp. Read more: https://www.sui.io/blog/the-agentic-economy-takes-sui-basecamp-2026-singapore
Also this month: @ikadotxyz shipped Squid Mode, which gives an AI agent a wallet without giving it your keys, with policy enforced outside the agent and every signature split across independent validators. @0xbeepit released the Customizable Agent. Write your strategy into a prompt or a skills.md file and deploy an agent that reads the market your way. @navi_protocol introduced NAVI Prime, with independently curated lending markets, each carrying its own risk framework. @SlushWallet opened USDC pre-deposits that auto-migrated to @AftermathFi afLP on day one. Buyback Update: The Foundation has bought back 533.4K SUI year to date against $433.9M of stablecoin float, funded by yield rather than per-transaction fees. Nine moments, one direction. July showed how fast Sui goes. August showed what happens when you open the hood and let people look. Sui Basecamp 2026 in Singapore is where both get tested on stage. Register now: sui.io/basecamp?utm_source=twitter
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quote: We're thrilled to lead a $300M investment in Gimlet Labs.
AI inference is one of the fastest-growing market in the history of capitalism, and we are running out of nearly every physical input required to serve it. Inference demand compounds at software speed; power plants, data centers, and semiconductor fabs do not.
We believe @gimletlabs has built the solution: the first multi-silicon inference cloud, designed to produce more intelligence from every watt.
This system is already delivering up to 10x gains in throughput and interactivity on frontier models within the same power envelope. In a market starved for compute, efficiency is net-new capacity and latency is product differentiation.
Wherever the existing stack ends, the Gimlet team starts. Welcome, @zainasgar, Michelle Nguyen, @oazizi, @nserrino, James Bartlett, and the Gimlet Labs team!
By @RaghuRaghuram, @sarahdingwang, @shangdaxu, @steph_zhang | 1/ Today, we announced Gimlet Labs’ $300M Series B, led by @a16z, joined by @SapphireVC as a major investor bringing our valuation to $3B.
We started Gimlet with a simple conviction: inference would become the dominant AI workload, and its infrastructure would need to be rebuilt from the ground up.
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We're thrilled to lead a $300M investment in Gimlet Labs.
AI inference is one of the fastest-growing market in the history of capitalism, and we are running out of nearly every physical input required to serve it. Inference demand compounds at software speed; power plants, data centers, and semiconductor fabs do not.
We believe @gimletlabs has built the solution: the first multi-silicon inference cloud, designed to produce more intelligence from every watt.
This system is already delivering up to 10x gains in throughput and interactivity on frontier models within the same power envelope. In a market starved for compute, efficiency is net-new capacity and latency is product differentiation.
Wherever the existing stack ends, the Gimlet team starts. Welcome, @zainasgar, Michelle Nguyen, @oazizi, @nserrino, James Bartlett, and the Gimlet Labs team!
By @RaghuRaghuram, @sarahdingwang, @shangdaxu, @steph_zhang
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quote: I have been looking at the AI trade differently lately.
Everyone talks about the companies building AI models, but who supplies everything those models need to exist?
That's where $BUILDOUT caught my attention. Reserve AI Infrastructure DTF focuses on the hardware layer of the AI economy: semiconductors, memory equipment, networking, and more.
It currently tracks 25 U.S.-listed companies including NVIDIA, with individual positions capped at 10% and the portfolio rebalanced quarterly.
Visit: https://t.co/QVBFfmuZc6
I am not saying to buy BUILDOUT.
I'm saying do your research, focusing on exactly what BUILDOUT holds.
Why are those companies part of the AI infrastructure stack?
How is each position weighted?
How often does the portfolio rebalance?
What does it actually cost to mint or hold it?
Just understand the product.
That's the part of DTF I think most people should explore.
BUILDOUT isn't simply an AI token. It is an onchain portfolio built around a specific thesis: the physical infrastructure required to scale AI.
In my previous post, I spoke about DTF as an onchain token that represents a portfolio of underlying assets and strategies and helps give investors means to better portfolio diversification and access to specific investment thesis
Check the video in the quoted tweet below for more clarity👇 | A Decentralized Token Fund (DTF) is a fully asset-backed token representing a basket of underlying assets
ETFs made it easy to own a basket. DTFs bring that model onchain, enabling self-custody, 24/7 availability & permissionless access ↓
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BREAKING: South Korea is bringing its entire capital markets infrastructure onchain, powered by Avalanche
The Financial Services Commission and Korea Securities Depository are laying the groundwork to bring stocks, bonds and funds onchain, connecting the full capital markets stack from issuance and trading to clearing, settlement and investor rights.
South Korea is building toward a digital capital market where traditional securities can be issued, traded and ultimately settled onchain, marking one of the most ambitious government-led tokenization efforts to date.