Glad to be building @getMoonUp with the incredible @SuperteamAE community. Thanks @afscott @InnaK2305 and all superteam members !

Never give up

What if crypto was a sport? 🎾

Great to be on your list @Xiznft 🫶

Field testing a Dubai gold @CudisWellness ring. Trying to optimise my sleep to ship more on Solana thanks to @SuperteamAE !

👉For 4 years, 1 day, and 10 hours, anyone who understood the Orchard circuit could have minted ZEC out of thin air, silently, with no on-chain signature. The bug was disclosed this week. It was found by an AI-driven audit running Opus 4.8, not by an attacker. 1. Call the bug what it is Two lines in halo2's variable-base scalar multiplication gadget used assign_advice() where copy_advice() was required. As a result, the diversified-address integrity check pk_d = [ivk]·g_d could be satisfied for arbitrary inputs. A malicious prover could spend the same note multiple times with different nullifiers, i.e. counterfeit ZEC inside the Orchard pool, undetectable on-chain because the privacy of the ZK proof hides exactly the inputs that would reveal the attack. We do not know whether it was exploited. We will probably never know. 2. Four years. Multiple audits. Top-tier reviewers. Orchard was reviewed by some of the strongest cryptographers in the field before activation. They missed it. Earlier automated audits with Opus 4.7 missed it. Opus 4.8 catches it in roughly 1 in 4 runs when prompted generically. The bug is hard. And ZK inflation bugs are not new. Zcash itself shipped a counterfeiting vulnerability in Sprout (BCTV14) that survived years before being silently neutralized during Sapling. Similar soundness issues have appeared in circom, halo2, and rollup verifiers since. The pattern is consistent: when the protocol is private, exploitation is undetectable. You patch the bug and hope. 3. What Zcash did right This was a textbook decentralized incident response: ▶️Audit: a full AI-assisted soundness audit of halo2 Orchard, scoped end-to-end. ▶️Discover: the agent flagged the missing constraint and worked out the algebra to turn it into an exploit. A working RPC-level PoC in ~6 hours, mostly waiting on tokens. ▶️Coordinate: a soft fork disabling Orchard, prepared and distributed without leaking the bug, activated 2 days and 15 hours after acknowledgement. Coordinating a soft fork across miners, exchanges, and nodes without disclosing why is genuinely hard. They did it. ▶️Disclose: timeline, code lines, math, open questions. No spin. Worth naming explicitly: Zcash's turnstile invariant caps the value that can ever leave a shielded pool by the value that entered it. Privacy and verifiability inside the same protocol. That is not an accident. That is good engineering, and it is what kept the worst case bounded. 4. The economics of security just changed AI does not change whether bugs like this exist. It changes the cost of finding them. I wrote about this x.com/P3b7_/status/203643721…: a missing constraint in a 4-year-old production ZK circuit used to require a top-tier cryptographer with months of context. It now requires a few tokens, an API key, and a well-framed prompt. The defender benefits. The attacker benefits more, they only need to find it once, and they never disclose. Orchard is the optimistic version of this story: defense got there first. The pessimistic version is the one we cannot rule out, because the chain is private by design. 5. The only real exit You do not patch your way out of this asymmetry. You raise the floor. Formal verification of consensus-critical circuits, every assign_advice audited by SAT solvers and AI for under-constraint, as the reporter himself recommends. Proof-grade engineering that used to be too expensive is now cheap enough to be mandatory. Hardware roots of trust, secure enclaves, certified secure elements, WYSIWYS. Cryptographic guarantees the user can actually verify, not promises a host can lie about. Continuous AI-assisted audit of every consensus-critical commit, re-run immediately on the release of any new frontier model. Zcash didn't just patch a bug. They demonstrated the new defensive playbook: AI-driven audits, decentralized coordination, radical transparency, verifiable invariants. That is the direction the rest of the industry needs to follow. And those who don't raise the bar for security will be rekt in this new world. Stay safe. Stay honest about your trust assumptions.

Tokenized stocks are rapidly expanding. The total market cap of onchain tokenized stocks is now up to a record $1.6 billion. This marks a 240% increase year-to-date as tokenization gains popularity and equity markets have experienced a historic rally. Additionally, trading volume is also gaining momentum as xStocks and Ondo, two of the most active spot providers in the space, have both posted ~200% growth in monthly active trading volume this year. Amid this growth, Jupiter, the largest onchain platform, has processed over $400 million in onchain tokenized stock spot volume, becoming a key venue for tokenized spot trading. Meanwhile, in a sudden shift, Bloomberg reported that the SEC is now preparing a framework for the trading of tokenized stocks. Tokenization is accelerating.

Building @getmoonup on @solanamobile with @SuperteamAE 🚀

Year to date performance:

That’s the endgame for tokenization Tokenized U.S. Treasuries by @vaneck_us can now be used as onchain collateral on @eulerfinance. The $VBILL fund is tokenized by @Securitize, has $63M in AUM, and now allows TradFi investors to unlock liquidity on their T-bills by borrowing stablecoins in 1-click and at ultra-low rates. DeFi composability is one of the main advantages of bringing offchain assets onto blockchains, and this is the future of crypto. Tokenize everything.

Looking ahead, forecasts for tokenized assets vary a lot but they all point in the same direction: growth. McKinsey: $2–4T by 2030. Ark Invest: $11T by 2030. BCG/Ripple: $9.4T by 2030, $18.9T by 2033. Standard Chartered: $30T by 2034. The gap between $2 trillion and $30 trillion is more about definitions than adoption. Different institutions are measuring different things. McKinsey focuses mostly on bonds, loans, funds, and equities. Standard Chartered adds commodities and trade finance. BCG and Ripple include deposits and stablecoins alongside more traditional asset categories. Despite these differences, the broader trend is consistent: Asset tokenization is expected to expand.

Ndf is not really a retail product in tradfi. Suitability and collateral constraints (although private banking client can access ndf through private note issuance) Interesting area to explore on chain for @getMoonUp

Today I woke up to the tragic news of @nathanlallman ’s passing. 🖤 Nathan helped shape one of the most important companies in the RWA space, advancing the future of finance through tokenization and on-chain capital markets. My sincere condolences to his family, loved ones, and the entire Ondo team during this incredibly difficult time. 🙏🕊️ Our thoughts and prayers are with you, Nathan ❤️

🚨 BREAKING: Active supply chain attack across npm, PyPI, and Crates.​io. Socket detected TrapDoor, a crypto stealer campaign hitting 34 malicious packages and 384 versions and artifacts, with attackers repeatedly pushing new releases across ecosystems. TrapDoor targets #crypto, #DeFi, AI, and security developers, stealing wallets, SSH keys, cloud credentials, GitHub tokens, browser data, env vars, and API keys. Socket detected releases with a median detection time of 5 minutes, 27 seconds. The fastest detection occurred 58 seconds after publication.

Don’t get lost. Don’t overthink it. Just follow the path 👇

Different categories of tokenized assets have scaled at very different rates. Asset-backed credit hit $1 billion in market cap in just 185 days. Specialty finance crossed the same threshold in under two years. At the other end of the spectrum, venture capital took more than seven years to reach $1 billion, while active strategies took nearly as long. More complex structures with longer time horizons take more time.

“Forecasts project 100x growth in tokenized assets by 2030.” Strong read by @a16zcrypto on where tokenized markets are heading. The next phase will be defined by liquidity, composability, and execution quality. open.substack.com/pub/a16zcr…