Taravello

Treasury Management at @kpk_io | Yield Maxi | Opinions are my own

[Taravello @taravello_]

🤯🤯🤯

[Spark @sparkdotfi]

Introducing the Stablecoin FX Layer.

Every bank, fintech and payment provider is launching stablecoins. But every new stablecoin fragments liquidity.

Today, Spark introduces the Stablecoin FX Layer, built on @Uniswap v4, a shared liquidity infrastructure that allows stablecoins to access shared liquidity instead of building isolated pools.

The initial deployment brings approximately $150M of liquidity to Uniswap v4 across the first USDS/PYUSD and USDS/USDT pools.

This is just the beginning.

Learn more:
https://t.co/S5xVANjUt4

[Taravello @taravello_]

What happens at KPK every month.
Spoiler: this is the tip of the iceberg.

Behind these numbers sits rigorous risk management, agentic workflows, strategic allocation and governance execution.

Yield is democratized.
Producing it consistently, onchain, at scale is the hard part.

[KPK @kpk_io]

https://t.co/cKc9jSRDXX

[KPK @kpk_io]

1/ A month before the rsETH exploit, KPK ran a drill simulating an oracle failure: detection, escalation, decisions under incomplete information, down to building the exit payloads.

On 18 April, a real incident occurred. New article: Inside the War Room.

[KPK @kpk_io]

1/ Predictable pricing is what lets capital lend and borrow at scale. Onchain ETH credit has rarely had it.

KPK ETH Yield Term, live on @eulerfinance, brings a fixed, benchmark-set rate to ETH lending.

[Deepcryptodive.eth ⟠ @deepcryptodive]

KPK has fully exited any exposure to rsETH. Zero user funds lost.

All @kpk_io @Morpho vaults are 100% operational, with zero exposure to rsETH. Deposits are re-enabled in the ETH Prime vault. Our Prime vaults also have no direct or indirect exposure to Aave nor LayerZero.

Don't panic, the yield is organic 😎

[Taravello @taravello_]

@phtevenstrong @aave Fyi: docs are not up to date, need to dig directly in the forum:

"[ARFC] Safety Module & Umbrella Emission Update"

[Taravello @taravello_]

@phtevenstrong @aave I think you are reading this wrong ser.

It got updated back in October 2025.

[KPK @kpk_io]

Update on KPK vaults following the rsETH incident.

Deposits have been re-enabled on KPK ETH Yield and KPK USDC Prime on Ethereum mainnet.
Both vaults were paused as a precautionary measure. Neither had direct exposure to the affected asset.

KPK ETH Prime remains paused while exit agents continue withdrawing from the affected market when liquidity becomes available. We will provide a further update once that vault is fully resolved.

All other KPK vaults on Morpho are operating normally.

[Taravello @taravello_]

Ngl, $BTC at 77k after ranging between 63 and 75k feels like a new ATH.

Are we back?

[Taravello @taravello_]

Perfect representation of crypto market sentiment in 2026:

- Picking a side between @justinsuntron and @worldlibertyfi

We are cooked.

[Taravello @taravello_]

Coingecko casually reporting $USDS at $1.15 earlier this morning.

Will we test the resistance at $1.3 or the support at $0.9 first?

[Taravello @taravello_]

Volume on for maximum dopamine release.

You're welcome.

[KPK @kpk_io]

KPK started managing a single DAO treasury. Today it runs Vaults, Funds and Treasury mandates across leading DeFi protocols.

The work got broader. The systems got sharper. Now the brand reflects the same thing.

New brand, same discipline.

[Taravello @taravello_]

Really impressed by what the chads at @SkyEcosystem are building.

[Obex @obexincubator]

1/ Today we're unveiling Obex's inaugural cohort.

8 projects to join the Sky Ecosystem.

$1B in capital deployment begins today.

Meet Cohort 1:

Maple | Securitize | Centrifuge | Daylight | USDAI | Better | River | TVL Capital

🧵👇

[Taravello @taravello_]

Gentle reminder to all the @Kalshi and @Polymarket arbitrageurs out there.

You have 6 days left to adjust your scripts before letting "the house" win.

You are welcome.

[Castle Labs 🏰 @castle_labs]

. @Polymarket will turn on fees for most market categories starting March 30th.

The fee structure varies and is downward-parabolic, depending on the market state and the per-share price. So users pay the most when shares are priced at $0.5 and pay progressively less at the edges.

To estimate annualised revenue, we sampled the last 30 days of volume across different categories and applied the new fee structure. Since the fee structure varies, we take 30% of the peak rate as an average rate for the analysis.

In the last 30 days, Polymarket did $9.55b in trading volume, and with the same metrics, we estimate revenue of about $25m, which would be $300m annualised at current volume levels. At a $20b valuation, it would be a 67x multiple; at $9b (ICE investment), a 30x multiple.

On the other hand, @Kalshi is running at an annualised revenue of $1.5b (reported by Bloomberg), implying a revenue multiple of 15x based on their recent round at a valuation of $22b.

Additionally, the Polymarket numbers are expected to go higher as they launch Polymarket U.S.

[Taravello @taravello_]

More details here:

https://t.co/7osTHU6nX7

[Balancer @Balancer]

Two new governance proposals are now live on the Balancer forum.

They cover tokenomics changes and protocol priorities.

Read both:
• https://t.co/AukBBPY11D
• https://t.co/qmJ2epIHTp

[Taravello @taravello_]

For sure not an easy one to digest.

Having worked closely with @Balancer, my personal conviction in the team doesn't change.

Real builders that have proved themselves over all these years.

Will do it again this time.

Onward and upward.

[Ignas | DeFi @DefiIgnas]

Balancer proposes a survival restructuring after the V2 exploit in Nov 2025.

- Balancer Labs winds down. Operations consolidate under OpCo
- Team cut from ~25 to 12.5. Budget down 34% to $1.9M per year
- veBAL... dead. $500K compensation to locked holders over 6 months
- All BAL emissions stopped.
- 100% of protocol fees now go to DAO treasury (was ~17.5%)
- V3 protocol fee cut from 50% to 25% so LPs keep more

Annual deficit drops from $2.6M to $700K. Runway extends from 4 years to ~9.

Very sad to see as I received the BAL airdrop and had great fun LPying on it. Good times.

Though I haven't used Balancer in quite a while.

[Taravello @taravello_]

Nice win for the @kpk_io curation team here.

And yes anon, not a single $ lost across kpk-managed treasuries.

[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

[Taravello @taravello_]

The hype is real, ngl.

[Aave @aave]

Aave DAO has approved the ARFC to deploy Aave V4 on @ethereum.

Next up is an AIP vote, then launch.

[Taravello @taravello_]

Audited contracts.

Live bug bounty program.

And still, $80M minted through a flaw in the core minting logic.

This isn't about one protocol. It's about where the industry actually stands on security infrastructure and reliability outside of the few bulletproof protocols out there .

Capital moves on trust.

And trust takes longer to build when stuff like this keeps happening despite all the right boxes being ticked.

We need to get better at this if we want to really "make it" as an industry.

[Taravello @taravello_]

So called “crypto influencers” and extractoors fully pivoting to AI content.

They now act like experts in an industry they probably do not even understand.

Clean your timeline. Be selective.

Pay attention to the real ones who stick to their roots.
To the real builders.