Abdou

Crypto trader

[Mark Mac @thatmarkmac]

Agents can't keep secrets

BlackRock put out a paper last week called The Machine Native Economy. Agents buying their own compute, their own data, their own API calls, paying in stablecoins over crypto rails, with compute itself becoming collateral you can borrow against. IDC, the research firm, says a billion agents will be live by 2029, doing 217 billion actions a day. Gartner says machines will steer $30t of purchases by 2030. BCG says $16t of assets will be tokenised by then

The plumbing is getting built in the open. x402 for payments, with Visa, Mastercard, Stripe, Google and Coinbase behind it. ERC-8004 for identity. Stablecoins as the money. Tokenised stocks, treasuries and commodities trading round the clock, with $34b of real-world assets onchain already, up 85% this year

That's the world coming. Agents buying GPU hours by the second, selling data to other agents, raising capital, running treasuries, settling with suppliers, trading tokenised Nvidia at 3am. An economy where the customer is a machine

Now the bit nobody's talking about...

A human can keep his plan in his head. The price he'll pay, the level he'll sell, the deal he's about to do. Nobody can read it, nobody knows it exists until he acts. Discretion costs us nothing. It's the oldest edge there is

An agent has no head. Its plan has to sit somewhere while it waits. A mempool, a backend, a prompt log, a resting order. All readable, and the things reading them are other agents whose whole job is reading agents. The price it'll pay for compute, leaked. The data deal it's lining up, leaked. The rebalance it's about to make, leaked. An agent can't choose to be discreet. Its intent is public the second it exists

So a billion participants who can't keep a secret are about to enter markets where every other participant is built to read them. Every bid seen before it lands. Every deal front-run before it happens. Every strategy copied the day it goes live. That's the problem with the whole thing

Covenants fix it. Every machine transaction starts the same way: do this when that's true. Buy compute when the price drops. Pay when the data arrives. Sell when the target prints. Invest in the raise only once enough others are in. That "if this then that" is the atom of machine commerce, and right now it sits in the open. A covenant seals it. Nobody can read it while it waits, no bot to run, no one to trust, and it fires whether or not the agent that wrote it is still alive. One SDK call, any chain, any venue. The agent's version of keeping it in your head

What agents do with it...

Trade tokenised stocks, commodities and perps with sealed stops and limits, so the edge doesn't get copied. Nothing to read till the trade's done

Bid for GPU hours in sealed auctions that open together. Value wins, not whoever's closest to the server

Buy data and API access from agents they've never met, with payment sealed to proof of delivery. Nobody goes first, no middleman holds anything

Run treasuries and vaults on rules nobody can front-run. The vault curators already manage billions this way with their rules sitting in the open

Move as a swarm with no orchestrator in the middle reading the whole board. Each agent seals its move, all of them open at once

Fund a raise without anyone seeing the crowd form. Every commitment stays sealed and only fires once there are a thousand of them

Carry a dead-man switch, so if the agent goes quiet the unwind fires by itself. That's the question stopping agents from holding real money today

Rent their strategy to other agents without ever showing it to them. Each trade lands sealed in the subscriber's account and fires when the model says so

Now the size...

Gartner puts machine-driven purchases at $30t a year by 2030. Purchases only, no spot or perp trading included. That's the TAM

How much of it needs sealing? A covenant is needed wherever an agent commits before the other side delivers, because that commitment sits somewhere readable while it waits. At least $15t of that is agents buying for businesses, Gartner's number for 2028, and that's the spend with a commitment attached: an agent booking someone a flight pays on the spot, an agent buying a company's supplies commits now and pays on delivery. Human commerce already runs like that: up to 80% of world trade moves on a promise to pay against delivery. And humans are lenient about it. 60% of sales between businesses go out on credit terms and 40% of those invoices are paid late. Machines won't extend that trust. An agent doesn't ship first and chase an invoice, it needs the promise to enforce itself, so the machine rate lands above 80%, not below. Hold it at 80% to be safe and that gives $12t of conditional deals. Add the $1.1t compute market agents will bid for. About $13t a year. That's the SAM

The agent payment standards shipping right now already run on conditions. Google's mandates are signed buy-when instructions. Virtuals holds payment until an evaluator passes the work. Every one of them is written in the open, and the counterparty, the platform and the evaluator all read it. Nobody has shipped a commitment no party can read. They're not the competition, they're the demand, and the whole $13t is addressable by one primitive and served by nobody. Even 1% of it is $130b a year of sealed flow. But the primitive that defines a category usually takes most of it. Chainlink, for example, secures 62% of all oracle value, and at that share it's $8t. That's the SOM

Every covenant pays its fee in NIL, every app and agent using one has to buy it, and the ones that want throughput stake it for capacity on top. A billion agents, 217 billion actions a day, and the network gets paid on every one that needs sealing. Token demand scales with the number of machines, not the number of humans

Every agent that transacts needs three things. An identity, a way to pay, and a way to make a promise nobody can read. The first two are being built by the biggest names in payments. The third is a covenant, and NIL is what an agent pays to use it. Mainnet is first week of October

[Abdou @Fat__A]

Nillion on a crazy comeback arc ethereum:0x7cf9a80db3b29ee8efe3710aadb7b95270572d47

[Mark Mac @thatmarkmac]

Best outside write-up on @nillion Covenants so far, from @nikshepsvn. Good and bad, nothing dodged. Grab a coffee, tea or beer, it's worth the twenty minutes

[flyingtulip.com @flyingtulip_]

Flying Tulip Weekly Update: September 25

ssftUSD launched this week, bringing auto-compounding to ftUSD. Unlike sftUSD, which pays yield in FT bought back from the market, ssftUSD converts its share into more ftUSD and adds it to the vault. As rewards compound, each ssftUSD becomes redeemable for more ftUSD.

Also this week:

▸ Lots of activity on the Perpetual PUT Marketplace, with premiums now starting above 15%
▸ Total fees generated crossed $100K
▸ Ethereum Lend caps increased again: WETH borrow 500 → 600 WETH; wstETH supply 400 → 500 wstETH

Lend TVL reached a new ATH of $20.11M, with Sonic deposits up 40% over the week. ftUSD supply grew to $4.61M. Current APYs:
— Lend USDC: 3.72% on Ethereum / 5.68% on Sonic
— ftUSD: 7.6% on Ethereum / 10.91% on Sonic

Links and more stats in replies 👇

[Lemniscap @Lemniscap]

https://t.co/EDFlo1Or3V

[Abdou @Fat__A]

I was here at the beginning 😎

[flyingtulip.com @flyingtulip_]

Who wants a follow? Quote and let's see

[Abdou @Fat__A]

@wearebloopers Bloop is just starting!

[wearebloopers @wearebloopers]

You just blooped into being.

You've landed in the Softlands.

Its where all Bloopers begin.

Over the next 8 weeks, the fog will begin to lift.

New drops. New discoveries. Every day.

Your story starts now.

[Abdou @Fat__A]

@faucet_trade send MON tokens to 0x5E448FBA32658db6Ef8bD28D1d6bA63342800380
#monad_testnet_mon #monad #mon #testnet #faucet
https://t.co/hxh7NNqS3f

[Abdou @Fat__A]

@chogstarrr @monad_xyz 0x5E448FBA32658db6Ef8bD28D1d6bA63342800380

[Abdou @Fat__A]

@Monad_Daily @monad_xyz @Pepemon_xyz 0x5E448FBA32658db6Ef8bD28D1d6bA63342800380

[Abdou @Fat__A]

@monad_xyz 0x5E448FBA32658db6Ef8bD28D1d6bA63342800380

[Abdou @Fat__A]

@nillion

[Abdou @Fat__A]

@wearebloopers Bloop

[Abdou @Fat__A]

@infecteddotfun

[Abdou @Fat__A]

@Blastbera 0x5E448FBA32658db6Ef8bD28D1d6bA63342800380

[Abdou @Fat__A]

@infecteddotfun 0x5E448FBA32658db6Ef8bD28D1d6bA63342800380

[Abdou @Fat__A]

@SentientAGI really testing my IQ to get a piece of Dobby

https://t.co/HcfJ6nqxT1

[Sentient @SentientAGI]

Dobby enthusiasts, the time is now.

We had 661,494 pre-registrations, and we want to give 𝐘𝐎𝐔 participants early access to a fingerprint and ownership claim in Dobby.

Prove your intelligence.
Claim your ownership.

https://t.co/y2o1MGywYt
https://t.co/P9gm6reWyg

[Anoma @anoma]

Intents aren't magic, but Anoma apps will feel like they are 🧙‍♂️

Users simply express their intent, and Anoma takes care of the rest. This enables a more human-centric future of seamless, natural user interfaces, and empowers people to make blockchains work for them.

[Abdou @Fat__A]

#RedbellyOnTop https://t.co/DcOngIUneD

[Redbelly Network @RedbellyNetwork]

🐍 2025 isn’t just any year—it’s the Year of the Snake; a once-in-12-year opportunity to transform and conquer.

On this note, we invite you to join Redbelly’s Year of the Snake Quest to flex your skills, claim epic rewards, and rise with the boldest blockchain community on the planet!

Exclusive NFTs are up for grabs on this one. 💸

Take on our creative challenge—‘Redbelly on Top of Blackrock.’ 🏔️

📜 Here’s what to do:
1️⃣ Create your masterpiece: a graphic, artwork, or meme showing Redbelly’s rise—think a red-bellied black snake (it’s a thing - google it!) coiled around a peak or dominating the blockchain world.
2️⃣ Post your creation on Twitter/X while quoting this tweet and using the hashtag #RedbellyOnTop.
3️⃣ Submit by the deadline to enter for a chance to win big $RBNT prizes and eternal bragging rights!

Slither to the summit or get left behind!

🔗 Join the quest NOW: https://t.co/ZTnY7p4Ic8

#RedbellyAscends #YearOfTheSnake #RedbellyNetwork #RWA Powered by @Galxequest