gonafonso

Doing things, talking crypto, occasionally rage-baiting political posts. my opinions are my own.

[Steakhouse Financial @SteakhouseFi]

Big thanks to @tokenterminal for the detailed Q1 2026 report.

Our north star remains the same: disciplined risk curation and transparent infrastructure our users trust.

Full metrics and team commentary below

[gonafonso @gonafonso]

@pedro_verdades @turtledotxyz 🦜🦜

[Grove Finance @grovedotfinance]

USDS is the largest decentralized stablecoin onchain, backed by a diversified mix of crypto and real-world assets.

From MakerDAO to Sky, the protocol has shaped decentralized stablecoins for almost a decade.

Accessing sUSDS is as easy as visiting https://t.co/a3VakCkshd

[Rand @randhindi]

Thanks to @zachxbt, we found the root cause and will be taking the appropriate actions to unblock the situation. Tldr; this has nothing to do with Zama, or privacy.

The issue stems from an address related to the Overnight Finance hack, which deposited over ~$12.5m USDC into our confidential USDC wrapper contract. Back when they did, their address wasn't on any sanctions list and was not flagged by our KYT tools. However, a court order yesterday night placed a restraining order on various wallets linked to the hacker.

Since there wasn't much utility yet for the cUSDC wrapper, there were very little funds in it, and as a result the vast majority (>99%) of funds in the cUSDC contract came from that single hacker's deposit. Because of this, the court order asked to freeze our wrapper contract to freeze the hacker's fund.

So the sanction was not against Zama, or against privacy. It was a classic restraining order as we see often in DeFi, and we should have been notified so we could have taken the appropriate actions on our side.

I want to be very clear about something: our posture has always been compliant confidentiality, and we will not tolerate any illicit behavior in our protocol. It's also really useless for hackers to try to use Zama to hide their trail as we are precisely not a mixer and we do not obfuscate the sender and recipient, only balances and amounts. Eg you can see the hacker's cUSDC transactions here: https://t.co/yFtdaz5ytU

We are in touch with the various people involved to resolve the situation asap. In the meantime, we will pause the cUSDC, cUSDT and cWETH contracts until we have finished our investigation, identified all addresses linked to this case and taken appropriate action.

I will share a more detailed post-mortem and how we plan to deal with such requests in the future.

[Steakhouse Financial @SteakhouseFi]

Stablecoin Earn, now live in Trezor Suite.

@Trezor's 2M+ users can access Steakhouse Prime USDC and USDT vaults.

Curated by Steakhouse. Powered by @Morpho.

[Aes @AesPoker]

I'm assuming this is mostly rage-baiting hyperbole, but it's still worth drawing the distinction here, especially given how new onchain vault products are and how few people have actually looked under the hood.

The hedge fund comparison breaks down at the part that actually matters, which is custody. A fund manager holds your assets and moves them around at their own discretion. A Morpho vault curator never touches the deposits at all. The smart contract holds the funds, the protocol enforces the rules, and the curator only sets parameters. We could disappear tomorrow and your money would sit exactly where it is, governed by code anyone can read.

And it goes further than custody. The Guardian role on our @SteakhouseFi vaults isn't us, it's the depositors, all of them in aggregate. If Steakhouse proposes adding a new collateral, any depositor can start a vote to veto it, and we set the quorum deliberately low so it only takes a small fraction of them to block it. Nothing gets slipped in behind your back. New collateral sits behind a timelock, so if you don't like what's coming you can either help vote it down or just withdraw before it ever goes live. You would have to wait until the next investor update to learn about mandate drift in a hedge fund. Here you get a vote and an exit before anything changes.

What curators configure is asset backed lending, with transparent and strongly enforced constraints. Every position is a loan against posted collateral, with a published liquidation loan to value, a named oracle, a defined rate model, and hard supply caps. It's hardly a black box though I concede it can be hard to parse and compare. It is, however, evidently not opaque.

Compare that honestly to a credit hedge fund. There you get a quarterly letter, marks you can't independently verify, concentration you can't see, unilateral discretion, and a manager who is literally holding your money. With a vault you get every loan, every allocation, every realized loss, and every fee, live, queryable by anyone, enforced by code instead of promised in a pitch deck. It's not less transparent than a fund. It's dramatically more.

You are right that the data can be scattered and that nobody has fully packaged it yet. That is absolutely a frontend and user experience problem. We also believe it is eminently fixable and our philosophy is to show our work and maximize the constraints we operate our vaults with.

The reason we build onchain is to put more transparency into a system that has spent decades getting good at the opposite. We're not perfect and there's considerably more that needs to be done to achieve that, but we believe we're on the right trajectory.

[gonafonso @gonafonso]

@Dantoshi @SteakhouseFi @Morpho

[gonafonso @gonafonso]

@danmatern solid

[gonafonso @gonafonso]

As simple as it gets.

I always prefer them in green.

[gonafonso @gonafonso]

@Trezor I like them, like my candles.

[gonafonso @gonafonso]

@Trezor plated

[gonafonso @gonafonso]

@Dantoshi 👨‍🍳🥩

[Steakhouse Financial @SteakhouseFi]

https://t.co/ZIo2iJO5tv

[gonafonso @gonafonso]

RT @grovedotfinance: Grove Points Program leaderboard is now live 🦜

Check where you rank, anytime.
Points accrue every 15 minutes, and the…

[gonafonso @gonafonso]

Tell me you’re deep into LLMs without telling me you’re deep into LLMs.

I'll go first.

[gonafonso @gonafonso]

Credit where credit is due.

[Grove Finance @grovedotfinance]

The Grove Points Program is Live🦜

Grove Points opens Grove to the wider community, with 10M points available daily.

There's only one way to Enter the Grove: supply USDS or USDC through Grove Savings and accrue points.

Credit where credit is due.
https://t.co/a3VakCkshd

[Carlos @0xcarlosg]

Missed this yesterday, but this could be a good farming opportunity.

If I had to guess, the program will be relatively short-lived. Grove has a direct financial incentive to launch GROVE as soon as possible.

Per the Atlas, Sky imposes a 30% penalty on Grove’s income for missing the July 2025 deadline to complete its TGE, and the penalty continues accruing until Grove launches its token.

[Grove Finance @grovedotfinance]

The Grove Points Program.

May 21, 9am ET.

Credit where credit is due.

[Steakhouse Financial @SteakhouseFi]

All credit goes to the users who trust us and believe in our work.
Our goal is to keep earning that trust for the long road ahead.

The kitchen is open and will keep serving.