SebVentures✓

@SebVentures

interest rate scholar Founding Chef at @SteakhouseFi Too boring for #DeFi, too punk for #TradFi

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980 Following12.6K Followers5.5K Posts
  1. SebVentures✓@SebVentures
    1/ Introducing the Crypto Banking System, a roadmap to bring DeFi to be a challenger to TradFi
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  2. SebVentures✓@SebVentures
    SebVentures
    RT @SteakhouseFi: Binance is reported to have suffered a significant hot wallet hack. We have been monitoring since the first reports. Tether and Circle have frozen a significant amount of USDT and USDC linked to the incident. Ethena, Maple, mF-ONE, FalconX and other collateral issuers onboarded to Steakhouse vaults on all available chains have confirmed no impact. Our only indirect exposure is to Ethena, which has confirmed limited potential impact ($8.8M) via unrealized basis positions, fully covered by the reserve fund ($60M) in a worst-case scenario if there is a failure to realize. Our systems have triggered, on a precautionary basis, to withdraw liquidity from a number of markets. We are reviewing these manually and will release throughout the next few hours. The situation is fluid and may evolve rapidly. We will continue to monitor the situation and provide updates as we receive them.
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  3. SebVentures✓@SebVentures
    Thrilled to be speaking at Digital Asset Summit 2026 in London this November 10 and 11 at the Hilton on Park Lane. Come find me there. @BlockworksDAS
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  4. SebVentures✓@SebVentures
    If I was the CFO of a major company I would probably act the same way and veto. Crypto is a tiny market so no impact. Compliance will find it risky because life is full of risk. It will change within 24-months.
    Mike MacCana @mikemaccana
    Full page ad in WSJ against tokenized equities:
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  5. Mike MacCana✓@mikemaccana
    Full page ad in WSJ against tokenized equities:
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  6. SebVentures✓@SebVentures
    .@Morpho has more than 2B on @base . Probably more than 1B on @ethereum
    MSB Intel @MSBIntel
    Jupiter Lend has $981.24M in active loans on Solana, more than Aave, the largest DeFi lender, has lent on any network except Ethereum. Aave's next-largest is Plasma at $756.40M. Compound V3 has $648.53M across all its networks. @JupiterExchange
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  7. MSB Intel✓@MSBIntel
    Jupiter Lend has $981.24M in active loans on Solana, more than Aave, the largest DeFi lender, has lent on any network except Ethereum. Aave's next-largest is Plasma at $756.40M. Compound V3 has $648.53M across all its networks. @JupiterExchange
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  8. SebVentures✓@SebVentures
    Up to $500M to provide funding against tokenized stocks. This is rebuilding finance ... onchain.
    Steakhouse Financial @SteakhouseFi
    Steakhouse is onboarding Robinhood Stock Tokens as collateral in Morpho Vaults on @robinhoodcrypto Chain. Initial supply caps are set for an observation period, allowing integrators to build on these markets while demand develops. Powered by @Morpho. Curated by Steakhouse.
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  9. Steakhouse Financial✓@SteakhouseFi
    Steakhouse is onboarding Robinhood Stock Tokens as collateral in Morpho Vaults on @robinhoodcrypto Chain. Initial supply caps are set for an observation period, allowing integrators to build on these markets while demand develops. Powered by @Morpho. Curated by Steakhouse.
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  10. SebVentures✓@SebVentures
    Now is a probably a good timing to add HY corporate bonds fund as collateral on onchain repo markets with both a term premium and a nice credit spread. Especially as USDT borrow rate are at 3% those days.
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  11. SebVentures✓@SebVentures
    A MiCA supervised stablecoin failed 6-months ago due (apparently) to poor opsecs. I feel the answer will be that we need MORE supervision and paper filling. Not that there is an answer yet anyway. Meanwhile, USDT is still #1 stablecoin but banned from EU.
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  12. SebVentures✓@SebVentures
    Much of what we do at @SteakhouseFi, as well as my own writing, is deeply inspired by @PMehrling. It's why we saw DeFi protocols as balance sheets from the very beginning. Ever since taking his course more than a decade ago, and revisiting it regularly over the years, I've been obsessed with balance sheets. I always hoped to convince him that USDC was more than just "casino chips where money is long gone." Sadly, that conversation will remain unfinished. Eternally grateful for everything he taught me.
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    International and Monetary Economics Network @int_mon_econ
    Perry Mehrling, RIP. According to the History of Economics Society, Perry Mehrling died "Monday night from injury sustained in a fall several days earlier." He was Professor of International Political Economy at Boston University and, previously, longtime Professor of Economics at Barnard College. He was a highly esteemed historian of economics. Here is his homepage: His last book: "Money and Empire: Charles P. Kindleberger and the Dollar System" "Charles Kindleberger ranks as one of the twentieth century's best known and most influential international economists. This book traces the evolution of his thinking in the context of a 'key-currency' approach to the rise of the dollar system, here revealed as the indispensable framework for global economic development since World War II. Unlike most of his colleagues, Kindleberger was deeply interested in history, and his economics brimmed with real people and institutional details. His research at the New York Fed and BIS during the Great Depression, his wartime intelligence work, and his role in administering the Marshall Plan gave him deep insight into how the international financial system really operated. A biography of both the dollar and a man, this book is also the story of the development of ideas about how money works. It throws revealing light on the underlying economic forces and political obstacles shaping our globalized world." Charles Goodhart: "The discipline of economics is balanced, somewhat unsteadily, between two legs, with the skill of the historian on one side and of the mathematical modeler on the other. In the second half of the 20th century, the tide flowed strongly to elevate the second leg and to diminish the first. In this delightful biography of Charlie Kindleberger, a charming and loveable man, Perry Mehrling shows how Charlie, in his chosen role, as an international monetary economist, fought against that tide, often unsuccessfully. Perry writes so beautifully that one would only need a smattering of economics to enjoy the tale; while if one is interested in the history of economic thought in international monetary economics, then this book is, of course, a must read.'
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  13. International and Monetary Economics Network✓@int_mon_econ
    Perry Mehrling, RIP. According to the History of Economics Society, Perry Mehrling died "Monday night from injury sustained in a fall several days earlier." He was Professor of International Political Economy at Boston University and, previously, longtime Professor of Economics at Barnard College. He was a highly esteemed historian of economics. Here is his homepage: His last book: "Money and Empire: Charles P. Kindleberger and the Dollar System" "Charles Kindleberger ranks as one of the twentieth century's best known and most influential international economists. This book traces the evolution of his thinking in the context of a 'key-currency' approach to the rise of the dollar system, here revealed as the indispensable framework for global economic development since World War II. Unlike most of his colleagues, Kindleberger was deeply interested in history, and his economics brimmed with real people and institutional details. His research at the New York Fed and BIS during the Great Depression, his wartime intelligence work, and his role in administering the Marshall Plan gave him deep insight into how the international financial system really operated. A biography of both the dollar and a man, this book is also the story of the development of ideas about how money works. It throws revealing light on the underlying economic forces and political obstacles shaping our globalized world." Charles Goodhart: "The discipline of economics is balanced, somewhat unsteadily, between two legs, with the skill of the historian on one side and of the mathematical modeler on the other. In the second half of the 20th century, the tide flowed strongly to elevate the second leg and to diminish the first. In this delightful biography of Charlie Kindleberger, a charming and loveable man, Perry Mehrling shows how Charlie, in his chosen role, as an international monetary economist, fought against that tide, often unsuccessfully. Perry writes so beautifully that one would only need a smattering of economics to enjoy the tale; while if one is interested in the history of economic thought in international monetary economics, then this book is, of course, a must read.'
    Download
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  14. SebVentures✓@SebVentures
    SebVentures
    RT @Vault__Summit: Ralf Taner (@MontBlancDeFi) of @NexusMutual notes that admin key compromise and OpSec incidents sit outside Protocol Cover today. His route to covering them: higher operational security standards that protocols attest to and underwriters monitor. Watch our panel with Andrew O'Neill of @SPGlobalRatings, Sébastien Derivaux (@SebVentures) on Steakhouse Financial (@SteakhouseFi), and Anastasiia Zbandut (@mathy_research) of Blockworks Advisory (@BlockworksAdv).
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  15. SebVentures✓@SebVentures
    SebVentures
    RT @blockworksDAS: Most retail investors pay ~10% to borrow against their stocks. In DeFi, it's 4.5%. @SebVentures of @SteakhouseFi on why tokenized stocks are where DeFi can actually beat TradFi.
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  16. SebVentures✓@SebVentures
    SebVentures
    RT @SteakhouseFi: Our Chefs are in Singapore for @token2049 and side events 🇸🇬 Find us around or book a sit-down in advance.
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  17. SebVentures✓@SebVentures
    Join us to discuss the frontier model of vaults. @Vault__Summit is where the future of vault is created.
    Vault Summit @Vault__Summit
    Sébastien Derivaux (@sebventures), Co-Founder at @SteakhouseFi, will take the stage at Vault Summit Singapore on the panel: "Insurability and the Limits of Coverage Across Vault Strategies." 9 October ·
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  18. Vault Summit✓@Vault__Summit
    Sébastien Derivaux (@sebventures), Co-Founder at @SteakhouseFi, will take the stage at Vault Summit Singapore on the panel: "Insurability and the Limits of Coverage Across Vault Strategies." 9 October ·
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  19. SebVentures✓@SebVentures
    Very timely topic. Plenty of thoughts on it. Join us at the Raffles Hotel
    Digital Asset Yield Summit @Yield_Summit
    What Does It Take for Institutional Capital to Actually Use DeFi? Arik Galansky (@arik_g), Chief Product Officer at @zama, Colin Jones, Founder & Chief Investment Officer at @OuterlandsCap, Adam Bilko, Partner, Market Neutral at @RockawayX, and Sébastien Derivaux (@SebVentures), Co-Founder at @SteakhouseFi, will take the main stage at DAYS to explore what institutional capital needs to move from interest to active DeFi participation: from risk and infrastructure to yield, liquidity, and execution. The panel is moderated by Robbie Klages (@robbieklages), Co-Founder at @therollupco. ⏱️11:15 AM SGT 📍Raffles Hotel, Singapore Catch Robbie, Arik, Colin, Adam, and Sébastien on stage! 🔗 Request an Invite →
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  20. Digital Asset Yield Summit✓@Yield_Summit
    What Does It Take for Institutional Capital to Actually Use DeFi? Arik Galansky (@arik_g), Chief Product Officer at @zama, Colin Jones, Founder & Chief Investment Officer at @OuterlandsCap, Adam Bilko, Partner, Market Neutral at @RockawayX, and Sébastien Derivaux (@SebVentures), Co-Founder at @SteakhouseFi, will take the main stage at DAYS to explore what institutional capital needs to move from interest to active DeFi participation: from risk and infrastructure to yield, liquidity, and execution. The panel is moderated by Robbie Klages (@robbieklages), Co-Founder at @therollupco. ⏱️11:15 AM SGT 📍Raffles Hotel, Singapore Catch Robbie, Arik, Colin, Adam, and Sébastien on stage! 🔗 Request an Invite →
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  21. SebVentures✓@SebVentures
    It's Friday midnight, slides for @Blockworks DAS Asia are finished. This slide needed to be simplified, sad because it's great like that. An earlier (even more arcane) version was sourcing @conksresearch equity repo which you can read here :
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  22. SebVentures✓@SebVentures
    I'm quite bullish about UK right now. Might just rent a flat right away and stay here. Very unexpected.
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  23. SebVentures✓@SebVentures
    SebVentures
    RT @SteakhouseFi: Robinhood Earn surpasses $500 million in deposits. Powered by @Morpho. Curated by Steakhouse.
    Download
    Robinhood @RobinhoodApp
    $500M+ in deposits and counting—making Robinhood Earn’s vault the largest on @Morpho. Robinhood Earn is bringing DeFi yield to eligible users through self-custodial onchain lending built right into the app. Learn more:
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  24. Robinhood✓@RobinhoodApp
    $500M+ in deposits and counting—making Robinhood Earn’s vault the largest on @Morpho. Robinhood Earn is bringing DeFi yield to eligible users through self-custodial onchain lending built right into the app. Learn more:
    Download
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  25. SebVentures✓@SebVentures
    I fear that this bull run might delay the work to onboard RWA in DeFi money markets because of increased borrow cost for everyone. On the other hand it will increase the capital lent in DeFi money markets due to high rates vs tradfi.
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  26. SebVentures✓@SebVentures
    The SEC innovation exemption for tokenized stocks is NOT only for permissioned tokens. It could apply to permissionless token as well it seems. Only trading on venues need to be permissioned (at the venue level not the token level).
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