zkPantani

Study ZeroPants on DeBank. Lessons in there.

[zkPantani @ToTheLoom]

@0xWismerhill Man, I really missed these moonsheets. It's beautiful.

Hyperinsurance.

[zkPantani @ToTheLoom]

@coinfoin_ @re @SaulCapital @thecliffwhite @st3phdoteth Btw, would highly recommend taking a gander at this:

https://t.co/Im1qxaVgB7

[Bankless @Bankless]

INTERVIEW: How Re is Rebuilding the $1T Reinsurance Market with Stablecoins | Karn Saroya & Avichal Garg

@re is bringing the $1T reinsurance market onchain. Founder @karnsaroya and @ElectricCapital's @avichal join @TrustlessState to unpack how stablecoins can become a new capital source for insurance, why real-world reinsurance may offer crypto’s missing “real yield,” and how Re is using Ethereum, smart contracts, and AI to compete with legacy giants like Lloyd’s of London, Munich Re, and Swiss Re. They also discuss the $RE token, the future of onchain capital markets, and why stablecoins could become the backbone of a new financial system.

[TIMESTAMPS]

0:00 Intro
2:13 Blockchain Reinsurance Edge
4:12 Stablecoin Capital Markets
9:17 Efficiency Beats Incumbents
13:02 Rewiring Insurance Plumbing
16:24 Durable Startup Advantage
23:26 Reinsurance Market Size
30:09 How Reinsurance Pays
32:42 Capital Stack Mechanics
35:52 Leverage and Yield
40:02 What $RE Tracks
41:34 Tranche Yields
42:36 Productive Capital Returns
44:47 Looping the Receipts
48:01 $RE Token Governance
51:26 Roadmap to a Billion
52:13 Onchain Adoption Ahead
56:02 The DeFi Mullet Future

[zkPantani @ToTheLoom]

@coinfoin_ @re @SaulCapital @thecliffwhite @st3phdoteth It's been an honor farming alongside you!

Hyperinsurance.

[zkPantani @ToTheLoom]

@karnsaroya Hyperinsurance.

[zkPantani @ToTheLoom]

@0xWismerhill

[zkPantani @ToTheLoom]

@0xWismerhill The audience does indeed say nice!

[Ansem @blknoiz06]

disagree, crypto is just going through a maturation phase

stablecoins, perps, & tokenization as themes will continue to proliferate throughout the global economy, and there will be many successful crypto startups that do well

hyperliquid is just the first of many startups that has done a great job of illustrating how open blockchains & tokenization of a business can be a dominant combination

current issues with sentiment around crypto are due to the largest coins not doing well, BTC went from $0.01 to $100k per coin in less than two decades, it very successfully achieved it's goal of maintaining value against the dollar as USD continuously lost its value, present day problems with the ponzification of bitcoin due to saylor's shenanigans is a temporary thing, i dont think you see btc trend aggressively again until that situation is resolved, also quantum concerns are real, those two things along with exit liquidity from institutions were strong reasons for BTC OGs to derisk into excess liquidity as we've seen examples of with that large galaxy otc sale they facilitated ($9B sale in 2025 for one entity), there are many individuals like that who are up infinite

but bitcoin underperforming for a few years after outperforming every other asset on earth for over a decade does not mean crypto is dead, thats silly

ethereum also is suffering for its own individual reasons, i feel like ive talked about this enough on here but yes its been outcompeted by new entrants & has not done a good job of making eth a great asset to hold, every L1 is struggling on the demand side because historically the story around these tokens was future growth & not real revenues, but now that hyperliquid has demonstrably shown that you can connect a business directly to the L1 token the previous L1s are struggling bc they dont capture enough revenues from the apps that use their infra, eth has it even worse bc it also outsources execution activity to rollups

but this also does not mean there cannot be more successful crypto startups

there is a very clear trend of regulation improving for crypto in general, which will make it much easier for entrepreneurs to build businesses that use crypto, it is also clear that existing tech companies are acknowledging the advantages of using blockchains as we've seen with robinhood, stripe/tempo, & others

AI has taken a lot of the mindshare away from crypto as tech stocks have been much better trades since the bottom in 2022, id say it would be extremely foolish to not be splitting time between stocks & crypto as a trader, before it made sense to be overexposed to crypto if you were willing to take on the risk as it was a new industry that experienced supernormal returns as it became more mainstream

three underdiscussed tailwinds for crypto as AI models become exponentially better over the next few years

1) open source AI will become a lot more competitive with closed source AI
2) it will become more easier for smaller teams to build successful startups using software
3) stablecoins & blockchains are much better rails for AI agents to transact on

combination of these trends means that it's likely that you see more crypto experimentation w/ tokens not less, especially as regulatory environment improves *and* retail speculation becomes a megatrend

[⟠Palis⟠🐍 @palis]

This speaks to an underlying issue with our current version of capitalism. I have been a capitalism maxi my whole life. I used to be a libertarian, every MMO I played as a teenager I was a merchant/currency maxi, I love money and even more than I love money I love the process of making money

But I’ve come to learn that while capitalism is the best system of organization humans have made for civilization-sized societies, it is not immune to corruption. I don’t know the solution to the issue CL points to, because its rooted in one of my favorite attributes of capitalism, which is the free market of public investors aka the stock market

At some point in the last hundred years, capitalism reached the tipping point of transition from primarily consumer focused loyalty to primarily investor focused loyalty. This was a cumulative trend of competition, publicly traded companies and globalization which eventually reached a point where the former could mostly no longer compete. But it began hundreds of years earlier with the transition away from family businesses designed to sustain a family’s living expenses across generations, to corporations designed to give investors and speculators a return on their investment, with seeking infinite growth of profit being the default assumption

Sadly this transition was likely inevitable because if you take the example of social media algorithms, how can non-addictive algorithms compete with addictive retainmaxxing algorithms? It’s kind of just the logical conclusion of maximizing competition and profit over quality of life. It’s led to a steep reduction in quality of all kinds of products and services, predatory extractive behaviors, balanced with a perception of still be customer focused or virtuous in some social way. Many businesses still are genuinely customer focused or try to be, but in modern markets if there are investors, the customer will always comes second to the investor to some degree. To the extent the customer is focused on, its as a function of serving the investor, since customers still do have some choice and can take business elsewhere

As a lifelong self avowed capitalism, I hate this modern monopoly globalist capitalism. It’s given us low quality, low wages, soulless products to drive consumption, deception, addiction, exploitation wherever passable and possible. The GOATed version of capitalism is the family business, the hungry entrepreneur, the independent merchant. I wonder what can bring us back

[zkPantani @ToTheLoom]

@palis This might be of interest to you:

https://t.co/UeZR95hwdE

[zkPantani @ToTheLoom]

@thechosenberg You are doing the best one of this series injustice.

[zkPantani @ToTheLoom]

@SaulCapital @re >Business as usual.

[10Δ @_10delta_]

3 weeks ago I argued the US goal in Iran is to seize the global oil spigot. Venezuela in January -> Iran in February.

Neutralize every supply channel outside the dollar system within 90 days. Achieve a compliant successor government and complete energy dominance.

The oil thesis was the obvious layer. However, when you zoom out & view the last four years as a single sequence rather than isolated geopolitical events, the architecture of the grander US plan becomes visible.

1st was Europe, which laid the groundwork.

The Ukraine conflict provided the justification for sanctions that collapsed Russian pipeline gas from 150 billion cubic meters to 40.

Then Nordstream was destroyed, which rewired the entire European energy system permanently. The US went from supplying 28% of Europe's LNG in 2021 to 58% by 2025, exporting a record 111 million MTs, the 1st country in history to break 100 MT.

Europe was transformed from a customer with options into a captive market now purchasing its survival in USD.

2nd was Syria.

The fall of Assad severed the critical node connecting China's Belt & Road Initiative to the Mediterranean.

The trilateral railway linking Iran, Iraq & Syria, designed to bypass Western maritime chokepoints, was completely destroyed.

This isolated Iran geographically & cleared the path for what came next.

3rd was Venezuela.

In January the US effectively took control of the world's largest heavy crude reserves. The US Gulf Coast has the most advanced refining complex on earth, specifically built for heavy sour crude. Phillips 66, Valero & the rest are now positioned to process hundreds of thousands of barrels of Venezuelan crude daily.

The US captured a massive strategic reserve & solidified its position as the dominant exporter of refined petroleum products, an industry worth $110 billion in 2025 alone.

Venezuela & Iran were the two major oil supply channels that existed outside the dollar system. Both produce heavy crude sold primarily to China & evaded US financial supervision. Both now being neutralized within 90 days, which leads us to..

4th is Iran & the Middle East energy shock.

Israel struck Iran's South Pars gas field, the world's largest natural gas reservoir. Iran retaliated against Qatar's Ras Laffan, the single largest LNG facility on earth, responsible for a fifth of global supply. QatarEnergy's own assessment is that 17% of export capacity is gone and recovery will take up to 5 years. The Strait of Hormuz is closed. European gas prices spiked 70%. Asian spot prices doubled.

The only remaining scaled supplier? The United States.

If Iran falls & a successor government is installed that the US controls or influences (the Delcy model described weeks ago) then roughly 40 to 45 million barrels per day of global production out of 103 million is effectively under US control. OPEC becomes irrelevant because the US coalition is now the marginal producer. Now add the gas dimension & it goes beyond oil.

This war is solidifying the petrodollar system as it evolves into a hybrid petro/LNG-dollar. The old system was built on Saudi crude priced in USD. The new system is built on American crude plus American gas from the Gulf Coast, with no alternative supplier of comparable scale. The dependency is deeper because LNG infrastructure requires long term contracts & regasification terminals that lock buyers into supply relationships for decades. Europe & the Pacific allies (Japan, South Korea, Taiwan, etc.) cannot pivot away as there is nowhere left to pivot to. They're now locked into the US energy system.

The market confirms this. DXY went from 96 to 101. Gold down ~20% from its January all time high. Bitcoin down 20% on the year. Brent above $100. European & Asian institutions are liquidating precious metals and crypto to buy dollars because they need dollars to buy the only remaining scaled energy supply. The world is selling its gold to buy American energy in American currency. The dollar is now being weaponized through energy dependency.

The structural repricing is happening regardless of how the conflict resolves.

But the US grand strategy goes deeper..

Artificial intelligence is a physical industry. It runs on power and chips. Data centers require massive uninterrupted baseload electricity, primarily provided by natural gas. Semiconductor fabrication requires helium & rare earths.

By choking the Strait of Hormuz & crippling Middle Eastern LNG & helium production, the US is systematically degrading China's ability to power its data centers & fabricate semiconductors at scale.

The US is energy self sufficient, especially with newly captured Venezuelan reserves & expanding Gulf Coast capacity running on domestic gas.

On the other hand, China is import dependent & every joule it imports effectively now transits chokepoints the US Navy controls..

Iran was the Belt & Road's overland energy bypass, the corridor that allowed China to mitigate the Malacca Trap. With Iran neutralized that corridor is severed. China faces a world where its compute infrastructure competes for scraps on a depleted global LNG market, while American data centers run at full capacity on domestic energy.

Russia is next in the sequence. A post-war Iran reopening under US influence competes directly with Russia for the same refineries in China & India at lower cost. Iran's production costs are lower. Russia loses its last structural advantage in heavy crude & its economic lifeline. Additionally, under the Iran war cover, Ukraine has been opportunistically destroying Russian energy infrastructure & all signs point towards Russia being at the end of the line. The message from Washington becomes very simple: we dismantled two regimes in three months, your economy is about to get crushed, sign the Ukraine deal.

Then Trump sits down with Xi holding every card. Complete energy dominance. The hybrid petro/LNG-dollar fortified, Iran cleared, Russia cornered, & China facing the Malacca Trap fully closed with no remaining energy bypass.

Israel & the GCC are absorbing the kinetic cost of a conflict whose primary beneficiary, counter to the mainstream narrative, is actually America (First). Qatar offline for 5 years reprices the entire global gas market in favor of US exporters for the remainder of the decade. The Gulf states face years of rebuilding. Europe faces its 2nd energy crisis in four years.

Sure, the average American might face temporary moderate inflation & higher gas prices. But if you are the architect of the US empire & you view the rise of China & Chinese ASI as an existential winner takes all scenario, the collateral damage is acceptable cost.

Whoever controls the energy corridors controls the monetary system. Whoever controls the monetary system & the energy supply simultaneously controls the compute infrastructure that determines which civilization builds ASI first.

The US is seizing all 3.

[zkPantani @ToTheLoom]

@0xSindermann @0xMudaMuda Fair enough. Wish you all the best for your agricultural endeavors.

[zkPantani @ToTheLoom]

@0xMudaMuda @0xSindermann For real tho, I've left the business of convincing anybody of anything for some time now.
Would recommend reading this from the oracle of yield itself, in case there's the slightest sliver of interest: https://t.co/Et7iLPLjtX

[Wismerhill @0xWismerhill]

It's been a long time, old friends. Mostly because there was no alpha to share, or only cap-restrained alpha. But today, there is ALPHA.

Introducing reUSD positive carry + TGE upside.

reUSD has just been added as collateral on Fluid. And it's magnificent.

Fluid is the first of many lending protocols that will allow you to borrow against reUSD at market borrow rate. Until now, it was only available on Morpho where predatory curators maintained the borrowing rate near reUSD yield level. Now, you can fully enjoy reUSD positive carry by borrowing USDT and USDC at market (Aave/Fluid) rate. I've heard from reliable sources that it will soon be listed on many other lending venues, with more cheap borrowing. APR goes brrrr.

What's reUSD? Ask your AI https://t.co/cCdCoYSLFD.

Why I like it:
1) Low backing risk: minted capital sits idle in sUSDe, they keep some reserves in USDC for instant redemptions
2) It's a senior tranche to a mezzanine and junior - junior: $73M, mezzanine (reUSDe): $13M, senior (reUSD): $136M; Re reinsures low volatility insurance portfolios, not catastrophies
3) Yield is above market rate: sUSDe + 2.5%
4) Not another RWA loanbook scam
5) Profitable protocol
6) TGE!!!

Re currently runs a pre-TGE points campaign. I think it's very well worth participating. It's the icing on the cake. You can enjoy positive carry and upside from its upcoming TGE. In my opinion, it's one of the rare TGEs that can do well regardless of the market conditions, because it doesn't care about them: it's tradfi doing an IPO on-chain.

To give you some comparables:
> High-growth AI insurance platforms are valued 8-15x written premium
> Insurtech platforms are valued 5-10x written premium
With $337M written premium in force, Re would be valued between $1.6B and $5B.

Caveat: the protocol doesn't earn 100% of the revenue like a reinsurer, because this revenue goes to the reinsurance business while Re protocol is the layer that connects capital to reinsurers. So you need (and I too) to temper your expectations. Nonetheless, it's valuable, and I will keep digging for comparables.

They still have some work to do to make this easier to digest for the common mortals:
1) Better reinsurance book transparency - historic performance, schedules, etc.
2) Clearer debt tranching and capital exposure risk - especially for the junior tranche that sits off-chain and is mostly team-owned
3) Tokenomics and protocol's reinsurance premiums revenue-share in due time

Bullish. Send it.

[zkPantani @ToTheLoom]

@0xMudaMuda @0xSindermann I've been summoned?

[Wismerhill @0xWismerhill]

It's been a long time, old friends. Mostly because there was no alpha to share, or only cap-restrained alpha. But today, there is ALPHA.

Introducing reUSD positive carry + TGE upside.

reUSD has just been added as collateral on Fluid. And it's magnificent.

Fluid is the first of many lending protocols that will allow you to borrow against reUSD at market borrow rate. Until now, it was only available on Morpho where predatory curators maintained the borrowing rate near reUSD yield level. Now, you can fully enjoy reUSD positive carry by borrowing USDT and USDC at market (Aave/Fluid) rate. I've heard from reliable sources that it will soon be listed on many other lending venues, with more cheap borrowing. APR goes brrrr.

What's reUSD? Ask your AI https://t.co/cCdCoYSLFD.

Why I like it:
1) Low backing risk: minted capital sits idle in sUSDe, they keep some reserves in USDC for instant redemptions
2) It's a senior tranche to a mezzanine and junior - junior: $73M, mezzanine (reUSDe): $13M, senior (reUSD): $136M; Re reinsures low volatility insurance portfolios, not catastrophies
3) Yield is above market rate: sUSDe + 2.5%
4) Not another RWA loanbook scam
5) Profitable protocol
6) TGE!!!

Re currently runs a pre-TGE points campaign. I think it's very well worth participating. It's the icing on the cake. You can enjoy positive carry and upside from its upcoming TGE. In my opinion, it's one of the rare TGEs that can do well regardless of the market conditions, because it doesn't care about them: it's tradfi doing an IPO on-chain.

To give you some comparables:
> High-growth AI insurance platforms are valued 8-15x written premium
> Insurtech platforms are valued 5-10x written premium
With $337M written premium in force, Re would be valued between $1.6B and $5B.

Caveat: the protocol doesn't earn 100% of the revenue like a reinsurer, because this revenue goes to the reinsurance business while Re protocol is the layer that connects capital to reinsurers. So you need (and I too) to temper your expectations. Nonetheless, it's valuable, and I will keep digging for comparables.

They still have some work to do to make this easier to digest for the common mortals:
1) Better reinsurance book transparency - historic performance, schedules, etc.
2) Clearer debt tranching and capital exposure risk - especially for the junior tranche that sits off-chain and is mostly team-owned
3) Tokenomics and protocol's reinsurance premiums revenue-share in due time

Bullish. Send it.

[Jeff Park @dgt10011]

https://t.co/2aS67tgO0o

[ellington @not_ellington]

The entire idea of a perpetual underclass as a looming threat of AGI is so stupid because it already exists and has for decades for those with the eyes to see.

The entire point of technology is that it makes humans less useful. The steamboat made rowers useless. The loom made seamstresses useless. The computer made human algebraists useless. And now AI is going to make most white-collar humans useless. It is important to understand that this is not a new phenomenon, it is just the first time that many 'computer people' have seen it with their own eyes and are shaken by it because they lived an entire life of arrogance believing their own intelligence to be uncommoditizable.

So, naturally, to cope with this slightly overblown but also very real fear that they are becoming economically useless, many of these white collar professionals have been joking about the 'perpetual underclass'. Yeah, its kinda funny, mostly worn out by now, but I think the extent to which it is referenced is a sign that it is a real anxiety a lot of people are facing. I do think that it is coming in one form or another, so what do we do?

What do we do with millions of people when AI can do their job for cheaper and better than they themselves can? Andrew Yang style UBI? Hmmmm. Maybe we give everyone a fake job to make them still feel productive. Maybe we have them entirely reliant on the government for all necessary goods (food, housing, etc.). Maybe, after they get home from their (fake) Real Hard Intellectually Stimulating and Meaningful™ job, we just let them ingest marginal cost, addictive, meaningless entertainment. What else could a realistic underclass look like? It cannot be cartoonish (i.e. industrial London circa 1894 with rampant pollution, starvation, etc.) because then we risk a serious revolt.

What these types who comment on this don't understand (apropos the previous paragraph) is that the 'permanent underclass' already exists and has for quite some time now. The only difference is that most in the permanent underclass ('The Matrix' as some more controversial figures call it) are so blinded by societal norms and trivialities (sports, politics, etc.) to recognize the extreme wealth inequality that is right in fucking front of them. What these types also don't understand is that many people are born into slavery. Not 1850s South Carolina, but mental, psychological slavery. They don't believe in their own agency. They don't believe in their own potential salvation. Life is just what passes through your eyes and you are a viewer.

What's more, even if they did seek agency, they do not have the intelligence, ideas, charisma, confidence, strength, or creativeness to capitalize. Most people are slaves because the non-slaves are so individual most could only believe that they were touched by God.

The issue is that those who were born with the aforementioned qualities are dwindling with respect to the prerequisites to outpace AI/automation. You now need to be 4 standard deviations above the mean in one of (if not more) of these qualities because AI, when prompted correctly, is already capable of up to 3 standard deviation skill in ALL of these domains (rough example metrics). This trend will continue frighteningly quickly until those whose skills are truly unique number in the thousands.

So what do you do with the rest of society? Unfortunately you have two options. One right-wing-coded, one left-wing-coded.

Option 1. Only the strong survive. Let natural selection run its course until there are a few tens of thousand Übermensch that run the neo-feudal system.

Option 2. The entire Earth is turned into a welfare state akin to what is happening now on a much smaller scale. Go to your fake job, go to your state-sanctioned 10ft x 10ft apartment, and watch TikTok with your state-sanctioned AI girlfriend (the real women are reserved for the A10s)

All to say, the perpetual underclass is real. It is coming, but the reality is most people actually want it to. Most people want to outsource thinking to an AI and live hedonistically. The K shaped world will accelerate.

It is up to us to decide whether this rising tide lifts or sinks all ships.

[Alex Corrino @AlexCorrino]

https://t.co/W9g73rjhTD