Hunter Thomas

Prev: Intel Specialist @MessariCrypto

hltcrypto.inj |

[Hunter Thomas @hltcrypto]

Been pretty quiet on here for a while so figured I’d post a quick update.

Over the past year I was working at Messari monitoring crypto markets, governance activity, exchange listings, security incidents, and broader ecosystem developments in real time. It was one of the most demanding environments I’ve worked in, but also one of the best professional experiences I’ve had.

Like many others across tech and crypto recently, I ended up getting laid off earlier this year.

Still, I’m genuinely grateful for the experience and the people I got to learn from along the way. A lot of incredibly smart people helped sharpen how I think about research, intelligence, markets, and operating in fast-moving environments.

I still believe strongly in what @MessariCrypto is building and think they’re positioned well for the future.

Feels good to start building and sharing again! Excited to see where things lead next

[Hunter Thomas @hltcrypto]

Excellent overview of @CantonNetwork for anyone interested. And now with @cancore_io launching public access yesterday, canton now has a proper settlement layer to public blockchains.

institutional grade infrastructure just got a direct bridge to public liquidity

[Jake Koch-Gallup @immutablejacob]

the most in-depth and up-to-date @CantonNetwork report is live.

22 pages covering:
> technical architecture
> privacy model
> tokenomics
> governance
> institutional adoption
> the role of $CC

👉 https://t.co/97GhXpnLUP

let’s break down the key points:

1/ what is Canton Network?

Canton is a public network for interoperable, privacy-preserving financial applications.

unlike most blockchains, Canton does not rely on a single globally replicated state where every validator sees every transaction.

instead, each participant only sees the part of a transaction it is entitled to access.

Canton’s core differentiator -> configurable sub-transaction privacy with composability.

independent financial applications can interoperate atomically across shared infrastructure without exposing all transaction data to the entire network.

2/ what problem is Canton solving?

traditional financial infrastructure is fragmented.

collateral, cash, securities, repo, and settlement workflows often sit across separate ledgers, intermediaries, and operational systems.

that creates:
> reconciliation overhead
> delayed settlement
> operational risk
> trapped collateral
> inefficient capital movement

most blockchains solve interoperability by making everything globally visible.

most private systems preserve confidentiality but recreate isolated silos.

Canton is designed to solve both problems at once:
> synchronized shared infrastructure
> without full public transparency

3/ how does Canton actually work?

Canton separates transaction coordination
from transaction visibility.

validator nodes only store and validate the subset of state relevant to the parties they host.

the Global Synchronizer orders transactions and prevents conflicts, but transaction contents remain encrypted and selectively disclosed.

applications can interoperate atomically across the network while preserving confidentiality.

this is very different from monolithic blockchain architecture.

4/ why does sub-transaction privacy matter?

financial workflows often involve multiple parties that need to settle together, but should not see the same information.

in Canton, a transaction can settle atomically while each participant only sees the portion relevant to them.

issuers, counterparties, validators, and applications can coordinate without every party observing the full transaction graph.

this is the privacy/composability tradeoff Canton is trying to solve.

5/ who is building on Canton?

Canton already has a meaningful institutional and crypto-native footprint. examples include:
@Broadridge, @The_DTCC, @jpmorgan, @HSBC, @FTI_US, @Tradeweb, @Visa, @EuroclearGroup, @SocieteGenerale, @chainlink, @LayerZero_Core, @circle, @FireblocksHQ, @BitGo, @zerohashx, @tradecraftfi, & @temple_ny

key developments include:
> tokenized deposit pilots
> collateral mobility workflows
> synchronized repo settlement
> stablecoin and custody infrastructure

Broadridge DLR processes more than $8T in monthly repo volume on Canton infrastructure.

important note: much of Canton’s highest-value activity has historically occurred through private deployments or private synchronizers using the same underlying technology.

the next phase is the migration of these workflows toward shared public infrastructure coordinated through the Global Synchronizer.

6/ where does $CC fit in?

$CC is used for:
> transaction fees
> infrastructure incentives
> application rewards
> operation of the Global Synchronizer

fees are denominated in USD terms and settled in $CC.

Canton’s token model uses a burn-mint equilibrium tied to network usage.

higher activity increases $CC demand/fees, and $CC burn is linked to market price.

higher $CC price -> fewer $CC burned per tx
lower $CC price -> more $CC burned per tx

issuance is distributed across:
> Super Validators
> validators
> application providers
> users

over time, the reward model increasingly shifts toward applications generating real network activity.

7/ what is next on Canton’s roadmap?

Canton’s 2026 priorities are focused on institutional asset adoption, performance, usability, standards, and ecosystem participation.

key roadmap items include:

> DTCC’s tokenized U.S. Treasury MVP, targeted for H2 2026
> initial phases of JPM Coin integration
> continued expansion of collateral mobility and synchronized settlement workflows
> scaling improvements targeting thousands of TPS on the Global Synchronizer
> higher throughput across application-specific subnets
> migration toward Canton-native BFT consensus
> broader adoption of wallet interoperability standard CIP-0103
> continued development of token standard CIP-0112
> further simplification of validator onboarding

longer term, Canton is focused on:
> regulated digital cash
> tokenized collateral
> privacy-preserving DeFi
> public-party functionality
> public verifiability for private transactions
> expanded smart contract language support beyond Daml

the roadmap reinforces Canton’s broader strategic focus of building shared infrastructure for privacy-preserving institutional settlement and regulated asset movement.

8/ disclaimer

this report was commissioned by Canton Network. all content was produced independently.

this post is informational only and not investment advice.

[Hunter Thomas @hltcrypto]

been watching $ZEC, $TAO, and $HYPE long before the CT noise…the pumps didn’t create the fundamentals, the fundamentals created the pump. iykyk

[Messari by Blockworks @MessariCrypto]

Introducing the Messari Spreadsheets Plugin🔌

Simplify the creation of extensive reports on crypto assets.

Just select the formula you need, the metrics you want, and view data dashboards right in your Google or Excel spreadsheet.

Access it with only your Messari Enterprise API key.

[Hunter Thomas @hltcrypto]

@hunter_nft LFG!! nothing like Olympic hockey and the games have been insane!!

[Hunter Thomas @hltcrypto]

@HHorsley great point and imo we’ve kind of lost sight of the original goal by focusing so much on institutional adoption, regulation, and politics instead of building something neutral and permissionless. time to bring back the cypherpunk mentality!

[Hunter Thomas @hltcrypto]

@hunterorrell ALL ROADS LEAD TO @lute!!! iykyk

[Messari by Blockworks @MessariCrypto]

State of DePIN 2025 🧵

[Dylan Bane @dylangbane]

State of DePIN 2025 drops tomorrow.

Is it dying or is it still the frontier?

Mark your calendars.

[Hunter Thomas @hltcrypto]

@gmhunterart Lfg!!! Congrats man!!

[Hunter Thomas @hltcrypto]

@lute @Polymarket 👀

[Hunter Thomas @hltcrypto]

@ParadyzeFi 👀👀

[Hunter Thomas @hltcrypto]

@goatysteve1 @lute hltcrypto

[Hunter Thomas @hltcrypto]

@hunterorrell @lute @Polymarket 👀ALL ROADS LEAD TO @lute and @Polymarket 🚀

[Hunter Thomas @hltcrypto]

One trading platform to rule them all!

[LUTE @lute]

it pays to be early

[Ishraq Alim @ishraq8]

Paxos minted over $300 trillion in PYUSD. Copilot has a summary of what happened, how it happened and future measures stablecoin issuers can take.

[Hun @gmhunterart]

https://t.co/kEwp4ydxWG

[Messari by Blockworks @MessariCrypto]

🚨 For a Limited Time Only: Get 50% off Messari Enterprise 🚨

The most powerful homepage in crypto is now half off.
Here’s what you unlock ⬇️

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[Hunter Thomas @hltcrypto]

@lute glute to you too

[Messari by Blockworks @MessariCrypto]

State of @solana Q2

Key Update: Solana unveils Alpenglow consensus upgrade, aiming to dramatically reduce transaction finality times while enhancing network efficiency and security.

QoQ Metrics 📊
• DeFi TVL ⬆️ 30.4%
• App Revenue Capture Ratio ⬆️ 211.6%
• RWA value ⬆️ 24% QoQ to $391M

Read the full report 👇