Thoughts
Short pieces across the two frontiers: crypto vaults and AI agents.
The loop was always a tranche
Looping and tranching look unrelated. They are the same trade: moving first-loss risk to whoever wants it. One does it by accident, the other on purpose.
ReadTokenized vaults: regulated vs offshore
Two opposite ways to structure a tokenized vault and choose who can buy it: the regulated model and the offshore model, the trade-offs in construction and distribution, and a hybrid.
ReadHow to build a vault
A vault turns a strategy into a token. Wrapper or allocator, and the five decisions that decide whether it holds up, with the vaults already live.
ReadThe fund is now a token
Tokenized money market funds turn a fund share into a token you hold and reuse. The machinery, with BUIDL and Franklin Templeton live.
ReadDesign the loop, not the prompt
Stop prompting coding agents. Build the loops that prompt them, and step up a level.
ReadThe gap was never access
Everyone has the same model, one tab away. The difference is what they build around it.
Read