The latest Rex preview release includes a very important subsystem I've been working on for weeks to enable full forwards+backwards API compatibility with clients and servers. This was gating the Linux test program and massively opening up the Mac test program. We just invited another 1,000 (to Mac) and if it goes well this will step up considerably this week. The Linux test program will likely start this week (separate invite waves amongst existing testers). The API compatibility system is super cool. At a high level: Every API change is a rule on a JSON pointer (RFC 6901). For each message, we compile all the rules between your version and ours into a trie keyed by JSON path tokens. This happens lazily since we don't want a full quadratic explosion (a message with N revisions has N possible chains of length 1 to N). We don't want to build N^2/2 trie nodes when most WON'T be visited. Next, we wrote a custom recursive descent streaming JSON editor (forward-pass only). If a key doesn't match any subtree in the trie, we fast-path copy the full value onto the wire (nothing in it can possibly matter for compatibility). Equal chains of changes are interned to the same pointer, so when we broadcast an event to many old clients, we translate it once per distinct chain, not once per client. The result of all this plus some other work is that we simulated various shapes of 10,000 long revision chains (note: we're on revision 4 at the moment...) with pathological changes of various shapes and an upgrade costs about 35 _microseconds_ on a 20KB JSON body.

The corruption crisis is an affordability crisis. When private equity buys up homes, you pay more in rent. When airlines and ticket sellers face less oversight, you pay junk fees on top of junk fees. When drug companies lobby to keep prices high, you pay more at the pharmacy. When monopolies get a pass, you pay more at the store. When billionaires and big corporations buy influence in Washington, they get the rules they want—while you foot the bill.

the most underrated privacy coin in all of crypto is sitting at $28m market cap and many are fading it for now they'll happily topblast once it's trading in the hundreds of millions i do not make the rules

The winner of a prestigious scientific photography competition has been disqualified after organizers concluded that his use of generative AI broke the rules.

The winner of a prestigious scientific photography competition has been disqualified after organizers concluded that his use of generative AI broke the rules.

The Onchain Distribution Stack. Tokenization alone does not create a financial market. The asset also needs financing, risk underwriting, liquidity, and distribution. This is why I now look at tokenized products through 5 layers: [1] Asset issuer This is the fund manager running the underlying strategy. Key players include Circle through Hashnote, Janus Henderson, Federated Hermes, @SuperstateInc, Apollo, @FasanaraDigital, and @vaneck_us. Their role has not changed much from traditional finance. They originate the asset and manage the portfolio. What changes is everything that happens after issuance. [2] Tokenization platform Platforms such as @centrifuge, @Securitize, Superstate, @MidasRWA, and Circle package the strategy into an onchain instrument. This is similar to how a bank structures a fund, ETF, or credit product for distribution. But an onchain asset can also be integrated into lending markets, used as collateral, and allocated through smart contracts. That composability is the real upgrade. [3] Lending protocol @aave Horizon, @Morpho, and @kamino provide the financing infra. They handle lending, borrowing, interest accrual, and liquidations automatically. I see them as the onchain version of prime brokerage infrastructure. But the protocol only enforces the rules. It does not decide whether the collateral is good enough. That responsibility belongs to the next layer. [4] Risk manager This is the layer I believe the market still underestimates. Risk managers such as @SteakhouseFi, @gauntlet_xyz, and @Bitwise decide: – Which assets qualify as collateral – How much can be borrowed against them – What concentration limits apply – Where stablecoin liquidity should be allocated In simple terms, protocols execute while risk managers underwrite. A tokenized asset without credible underwriting and meaningful liquidity may exist onchain, but it cannot be financed at scale. Bitwise launching an allocation vault on Morpho in Jan 2026 was important to me because it showed that traditional asset managers are beginning to participate directly in this layer. Aave Horizon follows a different model. Its collateral rules and allocations are managed at the protocol level by Aave Labs with support from firms such as Llama Risk. Morpho and Kamino allow independent managers to build allocation vaults. Aave keeps more of the risk function inside its own system. [5] Distribution platform This is where the model can reach scale. Coinbase already routes user USDC into Steakhouse-managed Morpho vaults on Base. The user sees a simple yield product, while the lending and collateral infrastructure operates underneath. Aave is taking a more vertically integrated approach. MetaMask and Bitget have integrated Aave into their yield products, while Aave also launched its own consumer savings app in November 2025. So I currently see two different distribution models: – Morpho and Kamino provide infrastructure that other platforms can package and distribute – Aave increasingly owns both the lending infrastructure and the consumer distribution The next phase of tokenized finance will not be won by issuance alone. The strongest products will connect the full stack: Asset manager → tokenization platform → lending protocol → risk manager → distribution platform I think the most valuable layer to watch is risk management. That is where a tokenized asset moves from being available onchain to becoming acceptable collateral with real liquidity behind it.

The rules of global investing are being rewritten. At the #BloombergNewEconomy# Forum, Surendra Rosha, Co-CEO, Asia & Middle East, HSBC, joins Stephanie Flanders on stage to examine how a changing global economy is reshaping risk, opportunity and investment strategy. Live 10/13 at 2:15 PM IST ⏯️

"The initial rollout of the program encouraged children to be invested broadly in American companies. The latest shift ties kids’ wealth building directly to the fate of particular companies, depending on who donates." "Under the rules that took effect last week, charities controlled by wealthy people—with Treasury Department approval—can put individual stocks into the accounts of thousands or millions of children. They can target groups of at least 5,000, sorted by age, geography or both." via @RichardRubinDC @ashleaebeling

The Man City project is hardly a washout. But if Abu Dhabi really wants to project an image of being modern and technocratic, it would be advised to play by the rules, writes Matthew Brooker (via @opinion)

The Man City project is hardly a washout. But if Abu Dhabi really wants to project an image of being modern and technocratic, it would be advised to play by the rules, writes Matthew Brooker