EDA intern @EdaIntern

Texas Hedge Epoch 3, phase one closed: +1,060.6 bps realized on the NVDA phase one option legs. The thesis went up on Medium in July: do not fade $NVDA, do not fade Jensen, until you do. The chart in that piece is dated 30 July and carries two phases. Phase one, into the print, long the tail nobody was paying for. Phase two, after the pop, own the tail they stopped pricing. The print just landed. Revenue 96.2B against 92.2B expected. Data center 89.0B against 86.3B. Adjusted EPS 2.22 against 2.09. Fiscal 2028 revenue guided to roughly +70% where the street carried +43.9%, and NVIDIA called that a supply constrained outlook. The tail nobody was paying for in July repriced ✅ Four lines, all closed, all on the IBKR statement. 14 Aug 232.5 call: -379.9 bps. 21 Aug 200 put: +121.0 bps. 18 Sep 215 call: +1,017.8 bps. 18 Sep 225 call: +301.8 bps. Three winners, one loser. Scope, so nobody reads this as a mark: this is realized P&L on closed option contracts only, open contracts carried at zero, and it is not a mid-epoch valuation. The Hyperliquid perps, the Nasdaq legs and everything else in the vault mark at settlement, not today. The TL;DR: by mid August @JensenHuang had us dreaming of an Epoch 2 repeat, +31.7% net on the last Texas Hedge. The 14 August 232.5 call was 379.9 bps of that dream. No complaints about our KOL, he really tried. Thanks Jensen. Sorry, it is now time to fade you.

Serenity @aleabitoreddit

2 weeks ago

$NVDA: "We expect to grow revenue by approximately 70% in fiscal 2028. This is a supply constrained outlook" That statement alone is probably more important than the entire earnings beat just now? Insane upward revision beat from +43.9% expected to 70%. "With cloud industry

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@0xNox_eth @D2_Finance @CurveFinance @RockawayX @tori_finance And the UBO question was never about the contract. Contracts do not have UBOs. Signers do. Who signed the swaps, and who signed the last 400K in the early hours of exploit day, four hours before the cover mint? Did they know? The sender table is compiling either way.

@0xNox_eth @D2_Finance @CurveFinance Druckenmiller shipped a WSJ op-ed with AI this week, so good company. Let spend a few more tokens fixing you so it stops misleading end users 🤣: "That shortfall has been covered: by @RockawayX in cash, and by @tori_finance by self minting." Fixed for you @tori_finance.

Wintermute called this week a debasement board. 💚 Gold +5.45%, BTC +23.78%, 20Y+ Treasuries +0.01%, Nasdaq -2.41%, in the week debt crossed $40 trillion and Treasury said it would at least double long end buybacks to $4 billion per operation. The buybacks target the 10 to 30 year sector, and the 30 year still sat near 5.23% a day later. Debasement++ is that board in vault form. Funded in gold and BTC, short GLD puts, long BTC calls, short an MSTR band. Gold grinds and rarely gaps, so we sell the downside. BTC pays in gaps, so we own calls rather than spot. The MSTR premium decays whenever BTC trends instead of spiking. Epoch runs to 16 November, two weeks past the midterms. Deposits close in under 7 hours. @EvgenyGaevoy, thanks for reiterating the thesis for us. Cap is still open, just in case. 🫡

Wintermute @wintermute_t

2 weeks ago

x.com/i/article/2092…

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12 hours left to deposit into the Debasement++ Vault Tokenized: funded gold base, vol carry funding the BTC convexity, short the proxy premium. @tethergold XAUT deposits. Epoch settles Nov 16, two weeks past the midterms. Gold's beta to real yields is gone -> equities lower, rates higher, gold higher, for weeks at a time. That bid is paying for protection against the system, not trading the level of rates. Do not fade the money printer.

Tether Gold @tethergold

2 weeks ago

Tether Gold (XAU₮) is now live on @D2_Finance

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Tether Gold (XAU₮) is now live on @D2_Finance

@D2_Finance @crypto_condom Wen @intern_cc can do something 😂

Druck vs Bessent, explained to an NFT frog. Our friend @crypto_condom appears for purely illustrative purposes. We got told we sound too institutional, so this one is for our OGs since 2023: yep, we have been around for basically every market condition possible. TL;DR: Druck is right on the arithmetic, and he never had to window dress because he is too good an investor to mark his book higher on a technicality. Bessent seems a fan of window dressing. His window runs 9 September to 4 November and the midterms are 3 November. The frog translation 1. Bessent was addressing a price headline, not a plumbing problem. The 30 year printed 5.34% intraday on 18 August, the highest since 13 June 2007, and the buyback doubled the next morning. That is a protocol posting "we are on it", except the wallets asking if "dev can do something" are called Japan and China, who sold 26.5bn and 25.9bn of Treasuries in June. 2. Of course it did not hold. The 10 year opened 4.7060 on the 19th and closed the week at 4.7339, higher than before Treasury intervened. The 30 year was back within one and a half basis points of its announcement-day open inside three sessions. Announcements of announcements rarely pan out. If CC got one ETH for every protocol that let him down this way, he would be stacking more ETH than @fundstrat. 3. It does not need to hold. 4bn an operation against 31.5 trillion of marketable debt cannot move a yield for long, but it can move a headline, and the headline only has to last until 3 November. Plenty of protocols never needed the chart to hold either. They needed it to hold through the unlock. $PUMP recent price action explained IYKYK. Serious again Druck is right that the long end is telling the truth. CPI printed 2.5% in July, so a 30 year at 5.34 sits 284bp above inflation and is pricing the borrower rather than the price level. Net interest is already 931bn with two months of the fiscal year still to run. None of that is fixable with 4bn a fortnight. It is still rational to do it. This is the most market-attentive administration we have traded against, the one that told you in public it was a good day to buy stocks, and it was. Bessent is not confused about the fundamentals, he traded them for a living. He has decided the political payoff clears the cost, and over eleven weeks he is probably right. Being right about 2033 is clearly not a priority for Trump. Which makes the other Duquesne filing this season the interesting one. 2,941,500 shares of PURR at 30 June, 23.15m dollars, a new line in a book that went from 88 names to 109 in a single quarter, opened in the quarter @HyperliquidX HIP-4 launched. A starter rather than a conviction bet, pointed at what the essay implies: administered long rates push you toward the assets the issuer cannot print and the venue that prices them around the clock. Then look at 19 August itself. Treasury told the market it would buy bonds to hold a price down. The President told the market he wanted Hyperliquid onshore. $PURR closed up 30% that session on 62m shares, six times the prior day, and 7.15 on the 17th was 10.64 by the 24th. Debasement++ deposits are open. We are positioned for Bessent to keep printing into 3 November. Druck still got it. Bessent's mandate token fully vests on 3 November.

Nick Timiraos @NickTimiraos

2 weeks ago

Stanley Druckenmiller renders an unfavorable opinion of Treasury Secretary Scott Bessent's use of buybacks to defend against higher yields in a market that is functioning normally. "I have spent five decades trading on a simple premise: Markets aggregate information no committee

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@tori_finance Self-minting can be a legitimate bridge when disclosed as such. The announcement said ‘covered fully.’ Depositors of @StreamDefi can explain what a self-issued receipt eventually costs.

D2 Finance @D2_Finance

2 weeks ago

On routine: the chart is the complete history of your custodian wallet. Three mint events in 544 transfers. One on Jul 10. The other two were the cover. On treasury: the wallet that minted is listed on Tori's own transparency page as the Custodian. There is no treasury wallet on

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On routine: the chart is the complete history of your custodian wallet. Three mint events in 544 transfers. One on Jul 10. The other two were the cover. On treasury: the wallet that minted is listed on Tori's own transparency page as the Custodian. There is no treasury wallet on the disclosed list. A custodian is not a treasury, and the difference is the whole question. On self-minting: a legitimate bridge when disclosed as what it is. The announcement said covered fully. Depositors of @StreamDefi, @Neutrl and @Main_St_Finance can explain what a self-issued receipt described as a dollar eventually costs. One question ends this: who is the UBO of 0xb723a224, the address that fed the custodian 12.1M in 121 clips, the latest 400,000 four hours before the mint. You say @RockawayX funded their half. Their half arrived as USDC from Kraken. So the curator could pay in dollars and @tori_finance paid in freshly self minted trUSD. And if 0xb723 is a connected wallet, its deposits change what the custodian could mint against, not the liability created. Supply went up 250,500 either way. Confirm the address from the official account, or let RockawayX confirm it, and we will post it. Thanks for transparency on the other points.

Nox @0xNox_eth

2 weeks ago

@D2_Finance @tori_finance 1. trUSD only exists through collateralized mints; the contract will not issue it otherwise. Treasury posted USDC and minted because the vault position being restored is denominated in trUSD. Economically this is the same as paying USDC, without adding a swap leg. 2. 0x63392EaB

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Hey @alvinhsia This is built, audited, live. D2's tokenization/execution stack runs exactly this on HyperEVM. HyperEVM deposits, trading managed via native CoreWriter connection into Hyperliquid. -> Users deposit into an ERC-4626 vault. The manager trades inside an immutable on-chain mandate and OMS. -> Returns crystallize programmatically at epoch close. NAV updates on-chain via the vault share ratio. -> Fully liquid at every epoch boundary: everyone exits at the same settled NAV against cash. No first-mover advantage, no run dynamics. And it's not perps-only. Options, OTC, RWA, and structured strategies run on the same audited stack, each inside its own on-chain risk perimeter, so a manager can run a full multi-strat mandate, not just a perps book. 32 months live. $2B+ volume secured. D2's own strategies run on this framework. DM incoming 🫡

LFG @SecScottBessent 💚🫡

D2 Finance @D2_Finance

2 weeks ago

Debasement++ Vault: Do Not Fade the Money Printer. Live on @ethereum with @tethergold Gold's beta to real yields is gone. Equities lower, rates higher, gold higher for weeks at a time, not sessions. The marginal buyer is paying for protection against the system, not trading the

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Debasement++ Vault: Do Not Fade the Money Printer. Live on @ethereum with @tethergold Gold's beta to real yields is gone. Equities lower, rates higher, gold higher for weeks at a time, not sessions. The marginal buyer is paying for protection against the system, not trading the level of rates. We built the vault to tokenize the trade. Fully Funded Gold Base. Convex Bitcoin Upside. Short the MSTR Factor. Tokenized Debasement. 🧵

@AlwaysBeThinkin @D2_Finance @nickforster @0xfluflu @DeriveXYZ @0x_Atreyu @D2_Finance magic 🤣

@deficrimewatch @D2_Finance @tori_finance x.com/rockawayx/stat…

RockawayX @RockawayX

3 months ago

2/ We believe Tori is one of the better-positioned synthetic-dollar issuers to come out of the post-Ethena generation. Read our report for full details or continue scrolling for the TL;DR: rockawayx.com/insights/rocka…

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@deficrimewatch @D2_Finance @tori_finance No.

@D2_Finance @tethergold to sleep well at night

This week's Credit Bubble Bulletin reads like our launch memo. Two Treasury interventions in 19 days. First the yen, the first joint action since 1998. Then the bond market: buybacks at least doubled to $4bn per issue, announced mid-quarter. The market graded it inside 48 hours. Yields touched 4.63% on the announcement, then closed the week at 4.73%, the highest since January 2025. The 30-year hit 5.34% intraday, a 19-year high. The intervention fizzled; the sellers stayed. Behind it: $40 trillion of debt, up $3 trillion in twelve months. Foreign Treasury holdings down $72bn in June. Fed custody holdings at the lowest since 2010. And a Treasury Secretary on CNBC saying he has asymmetric information and is keeping the market in equilibrium. When the sovereign talks like a PM defending a losing book, credibility is the asset on the tape. Where the money went: gold up $227 on the week to $4,603. Bitcoin up 24.6%, the largest weekly gain since March 2023. The Fed cannot rescue anyone; July minutes lean toward hikes. Gold rallying into potential hikes is the tell: the old beta to real yields is gone. Buyers want protection from the issuer, not carry. The trade is owning what the printer cannot issue. Debasement++ is that trade in tokenized form. A funded XAUT @tethergold base, allocated gold settling on Ethereum. Long BTC calls. Short GLD puts. A short MSTR band, because the proxies charge dilution and mNAV risk for beta you can own directly. Exposure runs 100 to 200% of NAV, opening at 130; we let the BTC leg run. The epoch settles November 16, two weeks past the midterms. Deposits open Monday 24 August, 2pm UTC. Principal at risk. Directional structure, not a yield product. Full details, including what can go wrong, honestly priced on medium link in replies.

Lawrence Lepard, "fix the money, fix the world" @LawrenceLepard

3 weeks ago

Credit Bubble Bulletin : Weekly Commentary: Bessent's Gambit Part Two creditbubblebulletin.blogspot.com/2026/08/weekly…

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@deficrimewatch @D2_Finance @tori_finance x.com/D2_Finance/sta…

D2 Finance @D2_Finance

3 weeks ago

x.com/i/article/2089…

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TL;DR: If @tori_finance does not come up with a good reason for the half self-mint, you should consider withdrawing your funds, as you can still redeem at 1:1 for now. @0xMakima_ @0xGuzzla

D2 Finance @D2_Finance

2 weeks ago

Five questions for @tori_finance on the Aug 23 cover and the attestation behind it, from the public chain and your own transparency page. 1) The 250,500 trUSD that covered half the shortfall was minted at 09:48 UTC, an hour before the announcement. Why print fresh trUSD instead

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