This is a significant step for the U.S. markets. Rather than forcing an AMM into the existing exchange and Regulation NMS framework, the Commission is creating a temporary regulatory lane that allows permissioned AMMs to trade real NMS stocks while preserving selected investor-protection features of the existing securities markets.

When @humancapitol walked us @strobefund through @tarecredit’s vision, one thing immediately struck us: the scale of the problem and opportunity in what is often seen as boring credit piping, and rarely challenged despite its inefficiencies. Trillions of dollars evaporate into legacy infrastructure; origination fees, servicing middlemen, fragmented rails. Not because that's the right cost structure, but simply because no one has rebuilt the pipes in decades (spoiler, it’s not easy). Today, @tarecredit is rebuilding those pipes, obsessing over every little problem in the supply chain today. Onchain loan infrastructure, AI native servicing, and a direct lending product that proves the model before opening it to the market. We invested in @tarecredit because we believe the next generation of credit infrastructure won't look like the last one. Tare is a strong signal of what's coming. @humancapitol, @lucasvo, and @keerthimoudgal are the avengers of tokenization, and we’re proud to back them in their journey.

In true fashion, my panel photography from the @avax summit is mainly ceiling but the insights shared were clear from the folks building onchain products with some of the largest asset managers. @itsbhaji on what success means to an asset manager: “adoption of their products”

The first SKY burn is complete. 2.86M SKY, purchased on the open market using 5% of monthly Net Protocol Surplus, has been permanently removed from circulation. The link between protocol performance and reductions in SKY supply is now active.

New episode of @ChronicleLabs Unwrapped Series featuring @SkyEcosystem on why oracles matter so much for risk management onchain. A point that stuck with me from Rune: You can build great tech, but you can't prove people's intentions.. not the builders, not the operators, and history shows you can't separate the two. Early Maker (now Sky) builders are rare in truly appreciating that gravity and they operate knowing exactly what a mistake or shortcut would cost in financial risk and loss.

Verifying collateral at the point of origination, not after the pool is assembled, is the harder problem to solve. @ChronicleLabs Proof of Asset framework can monitor and verify the full credit chain, start to finish. Excited to see this come to life with @Grove and @galaxyhq

Chronicle is powering the data layer behind Grove and Galaxy Digital’s first $500M institutional warehouse lending facility. Proof of Asset brings loan positions and underlying collateral data onchain, so key risk conditions can be evaluated continuously.

Checking is cheaper when the system is built to be checked. With Chronicle Proof of Asset, anyone can verify the full data path behind a tokenized asset, from the underlying data sources through to the final output onchain. Make the infrastructure verifiable, and institutions no longer have to rebuild trust by hand every time.

It’s natural for the industry to stray further and further from its cypherpunk roots each cycle. And I know it’s bizarre that the hottest thing right now is a single sequencer corporate chain publicly supporting memecoin gambling. I find it uninspiring too. But I’ve also learned over time to not fight the zeitgeist. Whether Robinhood Chain, Solana, or something else, this behavior is not going away anytime soon. When you give anyone in the world the ability to create and trade assets 24/7, it’s practically guaranteed that people end up playing the craziest money games. Blockchains are a gravity well for all the speculation that’s in the air. If you don’t like it, that’s fine. There’s many less speculative use cases that are secularly growing so that you don’t have to care if you don’t want to. But in the meantime degens will keep degening. Attention will follow the biggest spectacle. And there’s no bigger spectacle than the masses making and losing silly sums of money on preposterous internet coins.

Next week kicks off the @rwasummit and @ChronicleLabs team will be there to chat about the ever perplexing topic of Oracles. Bonus topics include how our Proof of Asset solution lets tokenized assets tell you more than just a price. Dm if you’re interested in meeting.

In defence of Morpho: There’s still a widespread misconception in crypto that nobody should ever lose money lending, and that if they do, the protocol or curator must have failed and somebody else should make them whole. But the interest lenders earn is compensation for taking risk. Risk means losses will sometimes happen. Over a long enough period, lending against almost any collateral will eventually produce losses, regardless of oracle design, LTVs or other parameters. If there were literally no risk of loss, there would be little reason for borrowers to pay meaningful interest. Higher yields generally exist because somebody is taking more risk. There’s also no universally “safest” lending design, because protections for lenders and borrowers are often in tension. Every design makes trade-offs. A fixed oracle can protect borrowers from short-term volatility and manipulation, but transfers more risk to lenders. Lenders should demand more interest for bearing that risk. A market oracle gives lenders more responsive pricing and can protect them better as collateral deteriorates, but exposes borrowers to volatility, liquidity shocks and manipulation. Borrowers should therefore be more conservative. No protocol design can protect lenders if the collateral itself goes sour or if there’s a hack somewhere else in the system. Morpho has more blow-ups than Aave largely because it permits a much broader spectrum of markets and risk. Anyone can create a market, so naturally some markets will be much riskier than anything Aave would list. That isn’t evidence that the model is broken.

This gets at something I think about a lot working on oracles + onchain verification, two deceptively complex services. We get requests for price feeds or @ChronicleLabs Proof of Asset that we have to say no to. Not because the use case isn't interesting, but because the underlying data isn't sufficient to deliver the product to the standard we think the name implies. Competition is good. No category benefits from a single provider. But with verification infrastructure, there's a meaningful difference between what can be marketed and what can actually be verified. Sometimes saying no is part of the product

Latest Unwrapped featuring @g_dip & @nomos_paradox: -Both early Maker builders -Both built transparency into their infrastructure design @m0 & @ChronicleLabs -Both people I’ve work(ed) with! Not a bad common denominator

Proof of Asset has grown into an ecosystem spanning a wide range of asset classes, from money market funds to private credit. It’s grown across categories because each one hits the same wall in a different way. See the Proof of Asset ecosystem ↓

Janus Henderson oversees over $500B in assets, and its $JAAA is the largest AAA-rated CLO ETF in the world with $29.67B in AUM. The same strategy was brought onchain by @centrifuge in June 2025. Today, JAAA has $692M in assets across @ethereum, @solana, @avax, @base, and other networks. The two largest holders are @grovedotfinance and @ethena, which hold it as a capital-preserving reserve asset that earns a floating short-term yield of 4.6% APY. JAAA makes up 13.9% of Grove’s assets ($391M) and 6.5% of Ethena’s assets ($251M). Anyone can independently verify the fund's asset-level holdings data using Proof of Asset by @ChronicleLabs. JAAA's usage across DeFi is still growing, but it has several integrations across @aave, @Morpho, and @eulerfinance, while @3f_xyz enables one-click leveraged looping that can achieve a maximum APY of 11.6% when taking the maximum leverage of 10x.

Joining crypto in 2018 to help bring the first decentralized stablecoin (DAI) to market was exciting. Fast forward to 2026 (still here 🤯) and really excited to obtain ISO certification for @ChronicleLabs to meet the expectations of enterprises and institutions onchain