Founder @LotusFi_ | Prev Product Index Coop & Exodus | Defi microstructure, vaults, trade prophesies
Mojave Desert
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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.
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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
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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.
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David Reising retweeted
JUST IN: Morgan Stanley says the tokenized assets market will become a $3 trillion to $10 trillion market by 2030.
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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.
Compare DeFi loan options with your AI agent
Our Loanscape skill brings together live rates, 30d rate stability, capital efficiency and liquidity before you choose a venue
Could you be borrowing more for less? Try the skill ⤵️
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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/…
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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.
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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.
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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!
We said Lotus was a better engine for what's inside your vault. Now it's time to meet the vaults.
Lotus One allocates across risk-managed vaults to offer diversified stablecoin yield across the full risk curve
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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_
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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.
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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.
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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
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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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David Reising retweeted
its pretty clear that the addition of quality RWA collateral is one of many things needed to scale onchain credit the way that stablecoins have
@aave announced pooled RWA markets on @avax yesterday, @Morpho has some isolated RWA markets, and @LotusFi_ will have connected ones
RWA credit is coming to Lotus.
We’re welcoming @cicadacredit as our first RWA vault manager. Cicada will source, rate and monitor RWA markets.
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David Reising retweeted
RWA credit is coming to Lotus.
We’re welcoming @cicadacredit as our first RWA vault manager. Cicada will source, rate and monitor RWA markets.
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These incredible partners and issuers are just a selection of the launch coalition we’ve formed around @LotusFi_
We’re excited to announce more of this coalition as we approach launch day
Credit priced across the full risk curve without fragmenting liquidity.
That’s what onchain credit needs to scale.
Here’s where @LotusFi_ stands today ↓
• @BlockAnalitica and @M11Credit are coming on board to manage vaults across the Lotus risk curve.
• We’re building third-party risk ratings from @CredoraNetwork directly into Lotus, making risk across the curve transparent and independently verifiable.
• We’re welcoming @cicadacredit as our first RWA vault manager, extending Lotus beyond BTC and ETH into rated and actively monitored RWA credit.
• Lotus contracts have been through layered manual review from top security researchers, including @Cyfrin. Security remains an ongoing practice, with operational security work and SEAL certification ahead.
• We launched our testnet and API, putting borrower, lender and vault-manager workflows in partners’ hands ahead of launch.
• We built LotusUSD so idle lending capital keeps earning even at low utilization, powered by WTGXX from @WisdomTreePrime and @CoinbaseInsto .
• We’re developing intra-market carry vaults with @ipor_io and @superformxyz to produce BTC and ETH denominated yield.
• We shipped Loanscape so borrowers can shop for loans on more than headline rate, comparing cost, rate stability, LTV and liquidity to find the best fit.
Lotus is approaching mainnet with the protocol, risk stack, vault managers and integrations in place.
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As the rapper Project Pat once said, “There is cheese to be gotten”
Pre-deposit signups are now open
Three vaults will be available before markets launch: Lotus One (USDC), and two carry vaults (ETH & BTC)
All three earn a base yield through LotusUSD, with incentives on top. Earlier deposits get more from incentives.
signup.lotuslabs.net
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