Fede 🤌🏻

Spreading Italian gestures around the World 🌎 🇮🇹🍕🍝
Growth @kpk_io
prev. @nethermindEth

[Fede 🤌🏻 @Fedxyz]

The US–Iran peace talks basically have the same dynamics as my toxic ex relationship:

one day we’re planning a future together, the next day we’ve blocked each other. Rinse and repeat.

[Fede 🤌🏻 @Fedxyz]

Glad to see banks finding their new value preposition

[Fede 🤌🏻 @Fedxyz]

Recently discovered https://t.co/ffDroxTh06, and it's a game changer!!

If you find yourself typing the same thing more than twice in a day. This is for you.

Thank me later 😘

[Fede 🤌🏻 @Fedxyz]

@mark_is_here No caracoles?🐌🐌

[KPK @kpk_io]

Update on the Kelp DAO rsETH incident.
Within minutes, we activated our emergency playbook across the KPK Morpho vaults:

• Direct rsETH exposure: Exit agents activated on the rsETH market in KPK ETH Prime, zeroing supply caps and withdrawing available liquidity. Remaining exposure winds down automatically as liquidity returns to the market.

• Indirect exposure: As a precaution, we reduced exposure to markets whose collateral assets have Aave exposure, across all our vaults.

• Deposits temporarily paused: ETH Prime, ETH Yield, and USDC Prime. The latter two have no direct rsETH exposure. This is a protective measure to prevent secondary effects during an active incident.

• Gearbox unaffected: rsETH-related assets were not actively used as collateral, and quotas have been set to zero as a precaution.

We will re-enable deposits once the situation stabilises and continue to share updates.

[Lyn Alden @LynAldenContact]

We’re are at the point of history where most April Fool’s jokes are indistinguishable from totally real things that happen regularly now. 😅

[Fede 🤌🏻 @Fedxyz]

If you've been on CT long enough, you know the most enlightening articles come from @mathy_research and @SilvioBusonero (pretty sure you have them bookmarked).

Thrilled to have them moderating our Scaling DeFi panels. Expect anything but a boring conversation 😏.

If you can't make it, the full convo we'll be drop on @0xResearch podcast!

Thanks @Blockworks and @salveboccaccio for backing the idea since day one.

[0xResearch @0xResearch]

1/ We'll be hosting a live 0xResearch podcast with @mathy_research and @SilvioBusonero from @BlockworksAdv next week!

Join us on March 31st at Cannes @EthCC for @kpk_io's Scaling DeFi 🇫🇷 with @GearboxProtocol, @redstone_defi and @yearnfi

[Fede 🤌🏻 @Fedxyz]

@AntiD2ta @claudeai You'd better write these poems for me now 😇

[Fede 🤌🏻 @Fedxyz]

@0xResearch @mathy_research @SilvioBusonero @BlockworksAdv @EthCC @kpk_io @GearboxProtocol @redstone_defi @yearnfi 🔥🔥

[Deepcryptodive.eth ⟠ @deepcryptodive]

Reliable withdrawal liquidity is not a meme.

@kpk_io USDC Yield vault: ~$2M instantly withdrawable out of $2.9M TVL (69%), well above our 50% target.

Even during a market-wide liquidity crunch.
Hourly data across comparable vaults below.
Data as of Mar 22 23:00 UTC via @Dune

[Fede 🤌🏻 @Fedxyz]

What a 🌪️ weekend
First real stress test for @kpk_io vaults and curation team
and the result speaks for itself:

Minimal exposure (<200K)
Fast response (even on a Sunday)
Withdrawals available throughout the entire incident
Zero losses

Couldn't be prouder of this team 🫶

[KPK @kpk_io]

Update on the Resolv situation.

TLDR: kpk's vault architecture worked as designed under real stress. We detected the risk, paused new allocations, and the vault exited automatically the moment liquidity became available. The withdrawal queue design proved itself without requiring any manual intervention.

All Ethereum funds fully recovered. Zero loss to depositors.

Following the USR minting exploit on Sunday, our Morpho USDC Yield vaults on Ethereum and Arbitrum had limited exposure to the RLP collateral market.

When the risk was detected, we immediately set the risk tolerance on the affected market to zero and blocked new allocations. The vault's withdrawal queue was configured to recover the position automatically as soon as liquidity returned.

That's exactly what happened. The moment a borrower repaid, a depositor's redemption cascaded through the vault's withdrawal queue, recovering the full amount. Same block, no manual intervention needed. The vault's architecture handled the exit.

Result: all Ethereum funds fully recovered. Zero loss to depositors.

Concentration limits had already capped our maximum exposure to the market. This is a core part of how we curate: when an individual market fails, the loss ceiling is set at inception, not determined by the speed of the response.

Deposits into the Ethereum Yield vault have been re-enabled. The Arbitrum Yield vault is still paused, with ~$1k remaining exposure to Resolv markets. Withdrawals were available to depositors throughout, across both chains.

Where we go from here

We're using this as an opportunity to strengthen our monitoring and emergency response processes. This includes enhanced oracle divergence monitoring, faster automated exit triggers, and tighter integration with onchain security alerting services.

Full documentation of our vault risk framework, including how caps, tiers, and agents work: https://t.co/RVmT4xUkXc

[Fede 🤌🏻 @Fedxyz]

@AntiD2ta Ok using Claude for work but not for X😏

[Fede 🤌🏻 @Fedxyz]

@BullTheoryio I bet they're about to launch an AI product too

[Fede 🤌🏻 @Fedxyz]

@Aibtcvip @dl_research @kpk_io All policies are enforced onchain through the Zodiac Role Modifier module.

[Fede 🤌🏻 @Fedxyz]

Everyone's worried AI will take our jobs. What if instead it just makes the 4-day work week finally sustainable?

[Fede 🤌🏻 @Fedxyz]

"the original vision of L2s and their role in Ethereum no longer makes sense..."

Without offense, it never really did.

[vitalik.eth @VitalikButerin]

There have recently been some discussions on the ongoing role of L2s in the Ethereum ecosystem, especially in the face of two facts:

* L2s' progress to stage 2 (and, secondarily, on interop) has been far slower and more difficult than originally expected
* L1 itself is scaling, fees are very low, and gaslimits are projected to increase greatly in 2026

Both of these facts, for their own separate reasons, mean that the original vision of L2s and their role in Ethereum no longer makes sense, and we need a new path.

First, let us recap the original vision. Ethereum needs to scale. The definition of "Ethereum scaling" is the existence of large quantities of block space that is backed by the full faith and credit of Ethereum - that is, block space where, if you do things (including with ETH) inside that block space, your activities are guaranteed to be valid, uncensored, unreverted, untouched, as long as Ethereum itself functions. If you create a 10000 TPS EVM where its connection to L1 is mediated by a multisig bridge, then you are not scaling Ethereum.

This vision no longer makes sense. L1 does not need L2s to be "branded shards", because L1 is itself scaling. And L2s are not able or willing to satisfy the properties that a true "branded shard" would require. I've even seen at least one explicitly saying that they may never want to go beyond stage 1, not just for technical reasons around ZK-EVM safety, but also because their customers' regulatory needs require them to have ultimate control. This may be doing the right thing for your customers. But it should be obvious that if you are doing this, then you are not "scaling Ethereum" in the sense meant by the rollup-centric roadmap. But that's fine! it's fine because Ethereum itself is now scaling directly on L1, with large planned increases to its gas limit this year and the years ahead.

We should stop thinking about L2s as literally being "branded shards" of Ethereum, with the social status and responsibilities that this entails. Instead, we can think of L2s as being a full spectrum, which includes both chains backed by the full faith and credit of Ethereum with various unique properties (eg. not just EVM), as well as a whole array of options at different levels of connection to Ethereum, that each person (or bot) is free to care about or not care about depending on their needs.

What would I do today if I were an L2?

* Identify a value add other than "scaling". Examples: (i) non-EVM specialized features/VMs around privacy, (ii) efficiency specialized around a particular application, (iii) truly extreme levels of scaling that even a greatly expanded L1 will not do, (iv) a totally different design for non-financial applications, eg. social, identity, AI, (v) ultra-low-latency and other sequencing properties, (vi) maybe built-in oracles or decentralized dispute resolution or other "non-computationally-verifiable" features
* Be stage 1 at the minimum (otherwise you really are just a separate L1 with a bridge, and you should just call yourself that) if you're doing things with ETH or other ethereum-issued assets
* Support maximum interoperability with Ethereum, though this will differ for each one (eg. what if you're not EVM, or even not financial?)

From Ethereum's side, over the past few months I've become more convinced of the value of the native rollup precompile, particuarly once we have enshrined ZK-EVM proofs that we need anyway to scale L1. This is a precompile that verifies a ZK-EVM proof, and it's "part of Ethereum", so (i) it auto-upgrades along with Ethereum, and (ii) if the precompile has a bug, Ethereum will hard-fork to fix the bug.

The native rollup precompile would make full, security-council-free, EVM verification accessible. We should spend much more time working out how to design it in such a way that if your L2 is "EVM plus other stuff", then the native rollup precompile would verify the EVM, and you only have to bring your own prover for the "other stuff" (eg. Stylus). This might involve a canonical way of exposing a lookup table between contract call inputs and outputs, and letting you provide your own values to the lookup table (that you would prove separately).

This would make it easy to have safe, strong, trustless interoperability with Ethereum. It also enables synchronous composability (see: https://t.co/9jy6v1X6Fw and https://t.co/gZmu3YjebM ). And from there, it's each L2's choice exactly what they want to build. Don't just "extend L1", figure out something new to add.

This of course means that some will add things that are trust-dependent, or backdoored, or otherwise insecure; this is unavoidable in a permissionless ecosystem where developers have freedom. Our job should make to make it clear to users what guarantees they have, and to build up the strongest Ethereum that we can.

[Fede 🤌🏻 @Fedxyz]

Feels like the shift from degen to insti is real this time

[0xngmi @0xngmi]

at defillama we've also been moving away from discord into other channels like live support chat & email tickets

discord makes it impossible to protect your users from getting scammed, even if you ban scammers instantly they still DM users directly to scam them

[Sonya Kim @sonyasunkim]

State of finance in 2026

[Fede 🤌🏻 @Fedxyz]

Scaling DeFi: BA Edition 🎬

First full hosted @kpk_io event and it was an absolute blast!

Huge kudos to our amazing @emiruizdeolano for all the effort and hard work.

Big thanks to our sponsors, speakers and to everyone who showed up and made it special ❤️.

Can’t wait for the next one 👀

[Fede 🤌🏻 @Fedxyz]

If you’re into DeFi, great food and amazing people. Came and join us today!

See ya there 🫶

[KPK @kpk_io]

During @EFDevcon 🇦🇷, we’re joining @gnosis_, @safe, @HypernativeLabs and @Balancer to host Scaling DeFi, a curated event in Buenos Aires bringing together leading voices across DeFi infrastructure, risk, and institutional adoption.

Meet the agenda 👇