PinHao

[Anton Cheng @antonttc]

Personal news: I've joined @Morpho full-time as a solutions engineer focusing in the APAC region.

I've been public about my obsession with Morpho since the protocol showed up in 2023, and I've been building @monarchlend for more than two years. Along the way I've talked to countless teams and individuals building on top of Morpho, and it became clear to me that this immutable contract is becoming one of the most trusted pieces of code on EVM.

What I didn't see at the beginning is how much Morpho has quietly been doing to onboard the real world — a team bigger than any other in DeFi, dedicated entirely to that movement. That's some unprecedented effort, compounding for three years.

With Morpho Midnight coming, lending is about to expand fast. Midnight adds a new dimension — duration — both a challenge and something familiar to TradFi. Risk curation becomes far more than asset selection, and the best curators will push lending to a new level. This is DeFi's one shot to prove smart contracts can be a trustless layer like Ethereum, and make finance better.

If any institution wants to go onchain and manage money for users, I want them to use Morpho. Because as an immutable layer, Morpho gives end users the best protection: the cleanest isolated markets for proper risk assessments, the most trustworthy base layer to settle loans, and the most tools in the ecosystem to keep finance transparent onchain.

That's what ultimately made me join.

I'll keep working on Monarch in my own time, and slowly hand it over to other builders in the Morpho ecosystem in the next few months. I'll make sure Monarch keeps existing as an independent platform and service provider — for anyone who wants a different access point to Morpho. It'll always be here.

Before I joined, I tried to make sure everything I did was best for the Morpho protocol and $MORPHO. After joining, I'll do exactly the same.

Morpho will win.

P.S. 如果有亞太、中文區的夥伴想 connect，歡迎私訊 tg (@)antonasso 或 email [email protected]

[leafwind🐹 @leafwind]

AI 寫文已經是紅海市場，現在我只要看到疑似 AI 文，就直接隱藏，就算曾經是臉書好友也一樣。

給視聽者：
信任的來源就看不完了，重要的資訊也不會逃走，把時間花在篩選才是正解。

給創作者：
AI 文就像是抖音幹片，沒人會在意你是誰不要浪費時間卷了。

[World Baseball Classic @WBCBaseball]

TEAM CHINESE TAIPEI SECURES THE VICTORY! 💪

#WorldBaseballClassic

[Shibetoshi Nakamoto @BillyM2k]

japanese volleyball player makes the most genuine apology after accidentally hitting someone with his serve

[PinHao @mnipinhao]

@amidoggy_xyz 太狠了，在推特寫 Latex

[amidoggy.xyz @amidoggy_xyz]

https://t.co/IGRigx6GXb

[Monarch @monarchlend]

1/5 It’s been a massive shipping week at Monarch.

We’re focused on making liquidity deeper and data more actionable. Here are the 3 major upgrades now live on the platform:

[Netflix @netflix]

Alex Honnold’s selfie from the top of Taipei 101 after his historic free solo. #SkyscraperLIVE

[Anton Cheng @antonttc]

2025 was a massive year for Monarch. What started as a side project exploded into a full-scale product. In November, we processed over $200M in volume just from the Ethereum mainnet, skyrocketing from a handful of users to over 100 visits daily

This signals a clear trend: sophisticated users and institutions want more control and customization on-chain, preferring to trust their own judgment over third parties

Monarch was built for exactly this. We’re upfront about risks and don’t push you to deposit; we respect your intelligence and aim to help you make informed choices

I’m excited to finally roll out features like autovault and swaps alongside a major UI upgrade for easier navigation

We still charge 0 fees, but I’m exploring monetization options to keep things sustainable. Expect some paid services soon. And if you’re an investor or experienced founder, let’s chat. I’m ready for real business advice and am ready to make it happen

Let’s make trustless products work, for real

[oskarth @oskarth]

Devconnect today for me and @iptf_updates:

1) Intro and moderate a panel on institutional privacy at Privacy Stack @web3privacy 1320-1350 (with @zachobront @Reggia91 @huitseeker Amzah)

2) Talk on Institutional Privacy at DeFi Today @ethconomics 1600-1630

Come check it out!

[Raiza Martin @raizamrtn]

If you're 13 right now here's what you should do:

Spend all your time reading philosophy, sci fi, poetry, and history. Go to museums and look at every damn thing in there. Watch all the classic films and maybe every single movie made in the 90s. Learn how to write prose, document your thoughts and observations as thoroughly as you can. Go outside, play sports, learn how to play an instrument. Paint. Listen to all kinds of music.

Live life as humanly as you possibly can, and bring that love and energy back to whatever it is you decide to do in the future.

[Anton Cheng @antonttc]

參戰一下：看完了律動的文章，只能說全是情感，放大了不真實的錯誤訊息。

我一直是個 curator 的批評者，上週 drama 開始發酵時，我就寫了一篇文章，批評這種 curator 的中間模式，我一直以來在做的專案也是希望一般用戶能直接使用 Morpho，而不需要透過 risk curator。在我看來中間有許多的利益衝突，因此我相信透過 curator 管理的模型是有問題的，也贊同文章中對於道德風險的描述。

但同理，文中針對的「新型借貸協議」與所謂「舊牌 DeFi」Aave, Compound 的比較，則毫無根據。

Euler 與 Aave，其實是實作上基本是一樣的協議，甚至 Aave V4 可以完全類比 Euler V2 的市場建構模式。

差別只在於現在 Aave 的 DAO 自己做 curator。（別忘了 Compound 的curator 也是 Gauntlet，在 Morpho 上最多 Vault 的 curator）。 所以所謂的新版借貸跟舊版借貸究竟差在哪裡呢？其實沒有差異。

我不知道筆者為什麼這麼吹捧 Aave，因為 Aave 跟 Euler, Morpho 本質上是一樣的，誰好誰壞，在於你究竟相信誰來幫你管理風險。

有人的地方就有江湖，Morpho 為什麼離開 Aave 生態系出來做了一套 isolated risk 的借貸協議，很明顯是因為他們看到 Aave 那套「管理」邏輯中，也是利益交換、政治的操作。真正的「風險管理」云云，老實說任何看過 governance post 的人都會知道，團隊裡人的 opinion，比任何分享出來的數據都重要。去論壇隨便找一個討論增加抵押品的文章來看，就會發現所謂 DAO 根本沒人說話，隨邊貼貼價格截圖，對於最終能不能經過 DAO 的審核，都是政治大於一切。

文中說到 Morpho 是比舊版 DeFi 更有效率的模式，很明顯就不理解兩種 lending protocol 的底層邏輯了。Morpho 是 isolated lending：最沒有效率的，yield 也不會比較高，但這又是另一個問題了，想了解細節可以看我之前寫過 Morpho vs Euler 的文章。

如果真的要批評 Curator，那唯一的解決方法擺在眼前：不要用 Aave，不要用 euler，不要用 morpho vaults，直接去跟 Morpho market 互動式唯一「管理者」的借貸市場。

這就是為什麼 coinbase 直接去用 USDC/cbBTC Morpho Market：沒有 curator、沒有 DAO。

歡迎光臨 @Monarchlend

[Zatoshi @Zac_Aztec]

https://t.co/pgr0cbBW6Y

[flyinglimao ⚡ @billwu1999]

🔐 Introducing zkEnc: Witness Encryption for Circom Circuits

Built at ETHGlobal Online 2025, zkEnc lets you encrypt with a QUESTION and decrypt with an ANSWER—no need to know who the recipient is!

🔗 https://t.co/abG6bzjhIn
📦 Open source: https://t.co/Vzspnw1oHv

Thread 🧵👇

[Jaco @DoaJacobellis]

ブルペンへ向かう山本由伸を見て佐々木朗希が「マジ？」 #Dodgers #LetsGoDodgers #Postseason #WorldSeries

[PinHao @mnipinhao]

@chyyynh @echodotxyz 你應該開一間媒體🤣

[oskarth @oskarth]

We just open sourced our initial market map for @iptf_updates, the institutional privacy task force.

It is a very early version, but we want to involve the broader ecosystem in this effort and iterate.

It includes (validated) use cases from institutions, approaches with specific patterns/specs and vendors, as well as details on business domains and jurisdictions.

Contributions welcome!

(Link in reply)

[Anton Cheng @antonttc]

1/3) Vitalik's post on low-risk DeFi marks an important shift for the community—focusing on sustainable protocols in DeFi.

But I think there's a clearer proxy than categorizing by use case: trustlessness is a good framework for identifying truly low-risk protocols.

https://t.co/MZMRL6Zykp

[Merkle Japan(旧ZK Tokyo) @merklejapan]

@VitalikButerin finally showed up at ZK Tokyo!

We had discussions with Core Program participants and exchanged views on the future of Ethereum and ZK Tokyo!

Special Thanks
@CryptoCafenBar

[Thomas Coratger @tcoratger]

WIP zkEVM book from EF’s zkEVM team for Ethereum engineers/researchers has been published recently: https://t.co/lp5no8IWO9 (repo: https://t.co/NPrAHMAhmr).

It explains what we’re building, why, and how. Feedback welcome, under active construction.