# ![@ImperiumPaper Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::1412230982795673607.png) @ImperiumPaper PaperImperium

PaperImperium posts on X about crypto, defi, money, business the most. They currently have [-----] followers and [---] posts still getting attention that total [------] engagements in the last [--] hours.

### Engagements: [------] [#](/creator/twitter::1412230982795673607/interactions)
![Engagements Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1412230982795673607/c:line/m:interactions.svg)

- [--] Week [-------] +79%
- [--] Month [-------] -34%
- [--] Months [---------] +95%
- [--] Year [----------] +107%

### Mentions: [--] [#](/creator/twitter::1412230982795673607/posts_active)
![Mentions Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1412230982795673607/c:line/m:posts_active.svg)

- [--] Week [---] +22%
- [--] Month [---] +46%
- [--] Months [---] +31%
- [--] Year [-----] +16%

### Followers: [-----] [#](/creator/twitter::1412230982795673607/followers)
![Followers Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1412230982795673607/c:line/m:followers.svg)

- [--] Week [-----] +0.69%
- [--] Month [-----] +1.70%
- [--] Months [-----] +26%
- [--] Year [-----] +49%

### CreatorRank: [-------] [#](/creator/twitter::1412230982795673607/influencer_rank)
![CreatorRank Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1412230982795673607/c:line/m:influencer_rank.svg)

### Social Influence

**Social category influence**
[finance](/list/finance)  48% [cryptocurrencies](/list/cryptocurrencies)  12% [technology brands](/list/technology-brands)  9% [stocks](/list/stocks)  7% [exchanges](/list/exchanges)  5% [countries](/list/countries)  4% [luxury brands](/list/luxury-brands)  1% [financial services](/list/financial-services)  1% [travel destinations](/list/travel-destinations)  1% [social networks](/list/social-networks)  1%

**Social topic influence**
[crypto](/topic/crypto) #5693, [defi](/topic/defi) #130, [money](/topic/money) #3739, [business](/topic/business) 8%, [stablecoins](/topic/stablecoins) #139, [if you](/topic/if-you) 6%, [in the](/topic/in-the) 4%, [token](/topic/token) 4%, [at least](/topic/at-least) 4%, [oracle](/topic/oracle) #961

**Top accounts mentioned or mentioned by**
[@itsjustcornbro](/creator/undefined) [@octalmage](/creator/undefined) [@cocoahomology](/creator/undefined) [@ceazor7](/creator/undefined) [@decentraland](/creator/undefined) [@jongalt14](/creator/undefined) [@d2_finance](/creator/undefined) [@vitalikbuterin](/creator/undefined) [@ammori](/creator/undefined) [@tradinator33](/creator/undefined) [@defillama](/creator/undefined) [@puniaviision](/creator/undefined) [@3janexyz](/creator/undefined) [@40acresfinance](/creator/undefined) [@divineresearch](/creator/undefined) [@ifullyported](/creator/undefined) [@ilivinskiy](/creator/undefined) [@norbertbodziony](/creator/undefined) [@worldcoin](/creator/undefined) [@tonyhua75926122](/creator/undefined)

**Top assets mentioned**
[USDC (USDC)](/topic/usdc) [TrueFi (TRU)](/topic/truefi) [Clearpool (CPOOL)](/topic/clearpool) [Bitcoin (BTC)](/topic/bitcoin) [Snap, Inc. (SNAP)](/topic/$snap) [Kamino (KMNO)](/topic/kamino) [crvUSD (CRVUSD)](/topic/crvusd)
### Top Social Posts
Top posts by engagements in the last [--] hours

"If there was an award for best educational materials in DeFi I think it would hands down go to @pendle_fi. Its got real consumer education and not just a collection of 500-word gitbook entries. Whomever their website designer is should be proud"  
[X Link](https://x.com/ImperiumPaper/status/1973493536185303549)  2025-10-01T21:01Z [----] followers, [----] engagements


"Anyone watching CeFi in [----] would notice the rise of Maples syrupUSDC. Maple like Euler is a feel-good comeback story from the the previous cycle. Like rivals such as TrueFi and Clearpool Maples lending pools were impacted badly by the falling dominos of [----] collapses. Unlike rivals Maple redesigned and came back which is the Maple of today which grew its flagship syrupUSDC from $0 to almost $1.5b in market cap. However Maple is entering [----] with a major challenge to reduce its reliance upon funding from Maker/Sky which is currently dialing back exposure to syrupUSDC. Of the $1.34b in"  
[X Link](https://x.com/ImperiumPaper/status/2006089085505397175)  2025-12-30T19:44Z [----] followers, [----] engagements


"I was asked to do some light diligence on an asset manager and word of advice to anyone starting up: Spend [--] minutes looking into your service providers before using them. You dont want to use people connected to money laundering networks. And dont use people who will show your formation documents with half-assed redactions. Relatedly this is especially important if youre a Dallas Federal Reserve official where setting up a Panamanian shell company through sketchy characters might give the appearance of impropriety. https://twitter.com/i/web/status/2016235694566383708"  
[X Link](https://x.com/ImperiumPaper/status/2016235694566383708)  2026-01-27T19:43Z [----] followers, [----] engagements


"There are people who really know and those who know how to fake knowledge. You can only tell between the two if you yourself know. And the world is such that the guys who just speak end up in positions of power very often. Really good description of financial literacy levels in crypto which is ostensibly a financial industry. Also very good advice to simply read a lot https://t.co/uFnytcwQq2 https://t.co/uFnytcwQq2"  
[X Link](https://x.com/ImperiumPaper/status/2017593117654872116)  2026-01-31T13:37Z [----] followers, [----] engagements


"This was always a really weird deal and looked (to my non-real-estate-experienced eyes) like it had poor financials unless BTC suddenly mooned. In which case why not just hold the BTC yourself I guess Cardone et al wouldnt get their fees that way though. Cardone capital adds more BITCOIN at $76000. https://t.co/waKibNRqOX Cardone capital adds more BITCOIN at $76000. https://t.co/waKibNRqOX"  
[X Link](https://x.com/ImperiumPaper/status/2018328172278747314)  2026-02-02T14:18Z [----] followers, [----] engagements


"@RockChartrand Good take. Josiah Wedgwood famously discovered child labor was more economically efficient for his business after implementing rigorous accounting standards. Luckily those days are behind us due mostly to the higher productivity you cite"  
[X Link](https://x.com/ImperiumPaper/status/2018328962783441175)  2026-02-02T14:21Z [----] followers, [----] engagements


"@will__price @DefiLlama Revenue profits. Id be careful assuming these make money"  
[X Link](https://x.com/ImperiumPaper/status/2018897449700692045)  2026-02-04T04:00Z [----] followers, [---] engagements


"Speaking of heres one that is now public. Send me more examples of interesting lending protocols doing differentiated stuff like this please Whats inside your vault When you look under the hood most vaults start to look the same. Introducing Lotus: a new credit engine https://t.co/0ORGZAs5pK https://t.co/6T1HgnNjH8 Whats inside your vault When you look under the hood most vaults start to look the same. Introducing Lotus: a new credit engine https://t.co/0ORGZAs5pK https://t.co/6T1HgnNjH8"  
[X Link](https://x.com/ImperiumPaper/status/2019070464551792971)  2026-02-04T15:28Z [----] followers, [----] engagements


"Oh look its a publicly listed company doing what most crypto projects do $SNAP has about $600m in operating cash flow. That sounds fine until you notice they are paying roughly $1b every year in stock based compensation. That absolutely CRAZY In plain English the company only generates cash because employees are being paid with stock instead of https://t.co/LmPUkvHyCW $SNAP has about $600m in operating cash flow. That sounds fine until you notice they are paying roughly $1b every year in stock based compensation. That absolutely CRAZY In plain English the company only generates cash because"  
[X Link](https://x.com/ImperiumPaper/status/2019079541029794236)  2026-02-04T16:04Z [----] followers, [----] engagements


"@fede_intern @farrmacro The stablecoin is backed with $17.4b of gold as of Dec [--] 2025"  
[X Link](https://x.com/ImperiumPaper/status/2019267468338831545)  2026-02-05T04:30Z [----] followers, [----] engagements


"@puniaviision @3janexyz @40acres_Finance @DivineResearch We only have half of v2 Morpho so far. Whats new at Kamino thats different"  
[X Link](https://x.com/ImperiumPaper/status/2019475699950649800)  2026-02-05T18:18Z [----] followers, [--] engagements


"With all the liquidations its a good time to refresh your understanding of backstop mechanisms if youre a gov token holder. In particular Id recommend checking to see if any first loss buffer is empty thereby making you the de facto first loss"  
[X Link](https://x.com/ImperiumPaper/status/2019477889620619551)  2026-02-05T18:27Z [----] followers, [---] engagements


"Remember BTC could go to zero and crypto would have mostly the same use cases it has today. Stablecoins and DeFi work just fine"  
[X Link](https://x.com/ImperiumPaper/status/2019486418024694141)  2026-02-05T19:00Z [----] followers, [----] engagements


"@ifullyported @CredibleCrypto"  
[X Link](https://x.com/ImperiumPaper/status/2019550935484137486)  2026-02-05T23:17Z [----] followers, [--] engagements


"@ilivinskiy"  
[X Link](https://x.com/ImperiumPaper/status/2019551094935007377)  2026-02-05T23:17Z [----] followers, [---] engagements


"I am not in the weeds on Balancer specifically but one consequence of multiple entities working on most projects is you are in the dark on expenses. Off balance sheet entities like foundations and DevCos often shoulder expenses that you cant track or are mixed in with non-core expenses. This makes figuring out true profit (and thus true P/E multiples) very hard You cant just pop over to Seeking Alpha or Yahoo Finance to find a P/E in [--] seconds. It can take a day of work or more to get a P/E you can be confident in using. To complicate things many projects publish intentionally misleading or"  
[X Link](https://x.com/ImperiumPaper/status/2019780214247596132)  2026-02-06T14:28Z [----] followers, [----] engagements


"@Iv4n_Ko I think we could all find three or four variables that are counted improperly on almost all protocols. I ascribe this to disorganization rather than malice even when formal reports are released with obviously bogus numbers"  
[X Link](https://x.com/ImperiumPaper/status/2019784605994197498)  2026-02-06T14:45Z [----] followers, [---] engagements


"Link: https://decentraland.org/governance/proposal/id=6f5db064-ab6c-4bdc-9bdc-011dceb56417 https://decentraland.org/governance/proposal/id=6f5db064-ab6c-4bdc-9bdc-011dceb56417"  
[X Link](https://x.com/ImperiumPaper/status/2019792107905417308)  2026-02-06T15:15Z [----] followers, [---] engagements


"This just seems like a poorly organized plan by an otherwise thoughtful team. 1) Why would you use USDtb to back it which is strictly worse than just holding BUIDL (what backs USDtb) And its not as if BUIDL is a great yield. If youre going to forgo yield at least get that Blackrock-adjacent claim of using BUIDL. I hope they at least dont get charged some kind of fee from Ethena - Ethena should be paying MegaEth. 2) Why does this exist For the user not for the issuer. Why do I as a user want to hold USDM vs USDC/T This is by the way a question I dont think most stablecoin issuers seriously ask"  
[X Link](https://x.com/ImperiumPaper/status/2019903916620575050)  2026-02-06T22:39Z [----] followers, 13.3K engagements


"But its such a weird choice in backing and also youre just asking people to hold some novel stable for no yield It doesnt feel like theres a fully developed GTM for this stablecoin. Stablecoins are hard. Basically no one but Tether and (when spending is under control) Maker are consistently profitable https://twitter.com/i/web/status/2019905749795705046 https://twitter.com/i/web/status/2019905749795705046"  
[X Link](https://x.com/ImperiumPaper/status/2019905749795705046)  2026-02-06T22:47Z [----] followers, [---] engagements


"Surprised Kalshi and Polymarket arent out here pushing the Olympics more"  
[X Link](https://x.com/ImperiumPaper/status/2019962278372860045)  2026-02-07T02:31Z [----] followers, [---] engagements


"@itsjustcornbro @decentraland A project that had a metaverse. Their gov token is MANA. Think it had like [--] players at the peak or something"  
[X Link](https://x.com/ImperiumPaper/status/2020124040287924702)  2026-02-07T13:14Z [----] followers, [--] engagements


"@itsjustcornbro @decentraland Id forgotten SAND"  
[X Link](https://x.com/ImperiumPaper/status/2020125121118134590)  2026-02-07T13:18Z [----] followers, [--] engagements


"@octalmage @decentraland If theres one thing Ive learned from Taschas Destroyed Diamond being sold for a profit last year its that theres always a greater fool with more money than you"  
[X Link](https://x.com/ImperiumPaper/status/2020132963661316280)  2026-02-07T13:50Z [----] followers, [---] engagements


"@Richard_ISC You have to know basic accounting. Its the language of practical business"  
[X Link](https://x.com/ImperiumPaper/status/2020148159066853705)  2026-02-07T14:50Z [----] followers, [--] engagements


"I feel like the latency that matters here is you (offchain) receiving news USDC is dead. I dont understand the value of a super fast Chainlink oracle on a major stable. By the time they report a price change the information has already been acted upon to some extent. That being said Im a practitioner of Chestertons Fence and Id like to know why the fence was built since its rarely for no reason. https://twitter.com/i/web/status/2020210513611800698 https://twitter.com/i/web/status/2020210513611800698"  
[X Link](https://x.com/ImperiumPaper/status/2020210513611800698)  2026-02-07T18:58Z [----] followers, [---] engagements


"@matthew_sigel Same ones that bought the Motorola [---] year"  
[X Link](https://x.com/ImperiumPaper/status/2020902840118444155)  2026-02-09T16:49Z [----] followers, [----] engagements


"This is not quite correct Unfortunately collateralization is more complex than this for CDP stablecoins. In practice no one tallies proper figures for CDP stables that Ive seen so youd have to monitor this exposure yourself. Lets examine why: Imagine there are [---] PaperUSD which were minted into existence by two people. Arnold swapped [--] USDC for [--] PaperUSD. Bertie deposited $200 of ETH collateral to borrow [--] PaperUSD. How collateralized is PaperUSD The naive answer that you usually get is: 250% derived from a combined collateral of $200 ETH and $50 USDC. But this is wrong Just because"  
[X Link](https://x.com/ImperiumPaper/status/2020912448321224981)  2026-02-09T17:27Z [----] followers, [----] engagements


"Im a fan of prediction markets but its in Polymarkets best interest to clean this stuff up. Not because there isnt value in I as an observer to see MNPI leaked. Its because theyre going to burn through their users. Imagine if half the roulette tables at a casino had someone who knew the next spin. People have fun when the house edge is 5% (American roulette of course) but if theres also a 50% chance that someone else at the table will win for sure then your odds get worse the deeper the market gets. I suspect what will have to happen is making the outside observation (which is what is"  
[X Link](https://x.com/ImperiumPaper/status/2020916903607177498)  2026-02-09T17:45Z [----] followers, [----] engagements


"The first principle is that you must not fool yourself and youre the easiest person to fool. -Richard Feynman probably to some stablecoin or blockchain or DEX startup that proceeded not to listen to him"  
[X Link](https://x.com/ImperiumPaper/status/2020979763662422197)  2026-02-09T21:54Z [----] followers, [---] engagements


"@mikebelshe @AlexH_Johnson Ironically fully reserved PYUSD is probably safer than a vanilla PayPal balance"  
[X Link](https://x.com/ImperiumPaper/status/2020980146422137137)  2026-02-09T21:56Z [----] followers, [--] engagements


"Most crypto use cases (other than token trading) are for people living in geographical locations where financial services are underdeveloped or terrible. The Super Bowl is almost entirely an American audience. $5m ad budget goes a lot further in S America Africa Middle East Odd that no large layer-1s or crypto app had a Super Bowl ad. Are they restricted from doing so Odd that no large layer-1s or crypto app had a Super Bowl ad. Are they restricted from doing so"  
[X Link](https://x.com/ImperiumPaper/status/2021004028881129832)  2026-02-09T23:31Z [----] followers, [----] engagements


"@norbertbodziony I think the last one we helped with was a fund trying to decide whether to buy Circle shares"  
[X Link](https://x.com/ImperiumPaper/status/2021245589212524768)  2026-02-10T15:31Z [----] followers, [--] engagements


"Who owns the trademark Arbitrum: Offchain Labs Inc. Optimism: Optimism Foundation Aave: Quantum Swan O MakerDAO: DAI Fonden USDS: Moonbow Foundation Uniswap: Universal Navigation Inc. USDT: Tether Operations S.A. De C.V. USDe: Circle Internet Financial Limited; Castor Pollux Holdings S.a.r.l. (Interesting that both Circle and Paxos have registered USDe or USDE) https://twitter.com/i/web/status/2000926951201017872 https://twitter.com/i/web/status/2000926951201017872"  
[X Link](https://x.com/ImperiumPaper/status/2000926951201017872)  2025-12-16T13:52Z [----] followers, 28.6K engagements


"First FTC action Ive seen in a while in crypto. Also curious why bother pursuing an action against a functionally closed project (Nomad). Link: Proposed consent order: https://www.ftc.gov/system/files/ftc_gov/pdf/NomadOrder.pdf https://www.ftc.gov/news-events/news/press-releases/2025/12/ftc-will-require-illusory-systems-return-money-stolen-hackers-implement-information-security-program https://www.ftc.gov/system/files/ftc_gov/pdf/NomadOrder.pdf"  
[X Link](https://x.com/ImperiumPaper/status/2001364472997515648)  2025-12-17T18:50Z [----] followers, [----] engagements


"People have asked why the Uniswap Foundation executive compensation is considered unusually high. Lets compare UF to another large grants-giving organization: the Optimism Grants Council. UF filings show they gave $9992919 in grants and had $4794393 in employee compensation. Of that $3871155 was for officers. Thats $4.8m in employee compensation to deliver $10m of grants. Lets be generous and assume the $2.8m of Other Expenses were supporting Uniswap on par with grants. UF: $4.8m in comp to deliver $12.8m in spending in [----] Optimism Grants Council in roughly the same time period had total"  
[X Link](https://x.com/ImperiumPaper/status/2003614949562540033)  2025-12-23T23:53Z [----] followers, 114.5K engagements


"The Q4 [----] report for Arbitrum by @entropyadvisors is out. TLDR; OK quarter not a lot to remark upon. Net income $3.6m (up 29% QoQ) Expenses $5.5m (up 40% QoQ) Treasury excluding ARB $199m (down marginally) First its important to remember that Arbitrum like many DAOs has several off-balance-sheet affiliates that while covered in the report may make a given quarter look better than if they were all consolidated. In the case of Arbitrum the Arbitrum Foundation Arbitrum OpCo and Arbitrum Gaming Ventures are all entities funded by governance but who receive funds in large lumpy sums (usually"  
[X Link](https://x.com/ImperiumPaper/status/2018441533364621344)  2026-02-02T21:48Z [----] followers, [----] engagements


"What are the new borrow-lend protocols these days I feel like I havent seen an differentiated new crop since @3janexyz @40acres_Finance and @DivineResearch"  
[X Link](https://x.com/ImperiumPaper/status/2019041000208072869)  2026-02-04T13:31Z [----] followers, [----] engagements


"A few weeks ago I discussed ROSCA savings devices and I had a lot of people reach out with interest to learn more. In the spirit of reminding people in DeFi what banking substitutes look like in practice (thats why were here right to bank the unbanked) lets dive into a close cousin known as an ASCA. An ASCA (accumulating savings and credit association) can come in a lot of forms just like the ROSCA but my favorite is the type with a winding down date. Such an ASCA works something like the following: Members contribute savings to a common pool. Unlike a ROSCA members are not obliged to"  
[X Link](https://x.com/ImperiumPaper/status/2019461324296651211)  2026-02-05T17:21Z [----] followers, [----] engagements


"crvUSD peg could use a little attention. If you have debt denominated in crvUSD you may want to take advantage"  
[X Link](https://x.com/ImperiumPaper/status/2019482138685350239)  2026-02-05T18:43Z [----] followers, 11.6K engagements


"Remember @decentraland I didnt expect them to be providing DAO drama. Theres an ongoing vote to remove a member of its Security Advisory Board due to an ongoing legal dispute involving unreturned DAO-related funds. She has been involved with Decentraland since at least [----] as far as I can tell. Ill be honest that I didnt realize Decentraland still existed much less has a tiny bit of income and $1.8m in ETH. Still has $195m market cap somehow. I couldnt locate the lawsuit but dont know the jurisdiction. https://twitter.com/i/web/status/2019792105153998890"  
[X Link](https://x.com/ImperiumPaper/status/2019792105153998890)  2026-02-06T15:15Z [----] followers, [----] engagements


"With the decimation of crypto assets in sophisticated financial markets this is a good time to remember the initial promise of DeFi: providing safer more accessible financial services to anyone who needs them. Unfortunately the years of high speculative returns crowded out investment in these products. VCs cant instantly 100x an investment in products aimed at relatively poor retail users and small businesses outside of North America Europe and East Asia. One family of products in particular Id love to see more DeFi activity in is risk-sharing. Ive talked in the past about tontines and today"  
[X Link](https://x.com/ImperiumPaper/status/2019811827471778222)  2026-02-06T16:34Z [----] followers, [----] engagements


"All of these are fairly simple to put onchain with the possible exception of proof of marriage. Im sure thats something @vitalikbuterin or the folks at @worldcoin could figure out though. Most countries offer legal documentation of marriage and some enterprising mind could figure out a way to oracle marriage onchain. https://twitter.com/i/web/status/2019811830047080758 https://twitter.com/i/web/status/2019811830047080758"  
[X Link](https://x.com/ImperiumPaper/status/2019811830047080758)  2026-02-06T16:34Z [----] followers, [---] engagements


"@cocoahomology @VitalikButerin @worldcoin Burial fund"  
[X Link](https://x.com/ImperiumPaper/status/2019816579572330957)  2026-02-06T16:52Z [----] followers, [---] engagements


"One thing that Ive never understood about L2s and alt-L1s is the focus on technical improvements. Generally these can be copied once invented and applied. I dont see the moat from such innovations (from an investor perspective - obviously its good from a user perspective). The problem is blockspace is a commodity business. Its kind of like in textiles or airplanes. These are brutally competitive businesses where net profits to all shareholders over the lifetime of the industry are negative for airlines (just like blockchains) Its a problem of second-order effects. Imagine you owned a textile"  
[X Link](https://x.com/ImperiumPaper/status/2020167156114055190)  2026-02-07T16:05Z [----] followers, 19.5K engagements


"If a dApp wants to use USDC it will have to fall back to standard "pull" or "push" oracles which introduces oracle lag - a death sentence on a 10ms chain. Can someone explain to me who is underwriting USDC on the basis of a tick-by-tick oracle This argument feels not grounded in reality. Its $1. Its not some new fly-by-night stablecoin with weird mechanics. Id say the same for USDT. Even if you have an oracle theres not much to gain by running it constantly. This is just another version of the classic math problem around a 99% accurate test for a rare disease. Theres really no advantage to a"  
[X Link](https://x.com/ImperiumPaper/status/2020206427965731279)  2026-02-07T18:42Z [----] followers, [----] engagements


"Im not a venture capitalist but I get asked to angel a fair bit. As someone with a value background I think theres a wide open VC niche in crypto by just Moneyballing into the original DeFi promise of improving financial services access to the middle- and low-income countries. Rather than invest based on speculative potential or liquidity I think you could make a solid return by investing in the regional lending and stablecoin ventures (maybe others but those are what I know best) that are better than replacement. Note that Tether is a great example of this As I harp on constantly Tether isnt"  
[X Link](https://x.com/ImperiumPaper/status/2020858420681752878)  2026-02-09T13:52Z [----] followers, [----] engagements


"By the way if youre already doing this as a VC Id love to meet your portcos"  
[X Link](https://x.com/ImperiumPaper/status/2020860318432289271)  2026-02-09T14:00Z [----] followers, [---] engagements


"@yieldsearcher You asked about [---] year time frame not [---] year time frame"  
[X Link](https://x.com/ImperiumPaper/status/2020934288556917131)  2026-02-09T18:54Z [----] followers, [----] engagements


"This may seem pedantic but it means that a CDP stablecoin with any negative equity is insolvent even if you add $1b of collateral to your personal vault. Just like if your bank was insolvent but you were personally in good standing on the mortgage they gave you. This is not quite correct Unfortunately collateralization is more complex than this for CDP stablecoins. In practice no one tallies proper figures for CDP stables that Ive seen so youd have to monitor this exposure yourself. Lets examine why: Imagine there are [---] This is not quite correct Unfortunately collateralization is more"  
[X Link](https://x.com/ImperiumPaper/status/2020942315020484616)  2026-02-09T19:26Z [----] followers, [----] engagements


"Note that Liquity is a weird edge case where this doesnt apply since your collateral can (by design) be purchased out from under you. Probably also hinders their adoption. Imagine if you took out a car loan and someone paid it off for you and took your car one day"  
[X Link](https://x.com/ImperiumPaper/status/2020942767573303624)  2026-02-09T19:27Z [----] followers, [---] engagements


"Many chains want to become the hub for RWA lending. But most RWAs are illiquid onchain and/or gated redemptions. Believe it or not theres a fix for this and the first chain to repurpose their incentives budget will have a major differentiator and a lot of market power over lending protocols asset issuers and curators. But it involves more effort than bleeding incentives on a DEX pool 🤷♂"  
[X Link](https://x.com/ImperiumPaper/status/2021322828516126872)  2026-02-10T20:38Z [----] followers, [----] engagements


"Lets concede the premise briefly. Guy in prison for fraud doesnt understand that misappropriation of assets and then lying about it is fraud. Whether the company was insolvent doesnt actually matter. However the inability to simply service withdrawals of custodied assets is strong evidence of both insolvency AND fraud. Agree with almost all of this. But FTX was never bankrupt. I never filed for it. The lawyers took over the company and [--] hours later they filed a bogus bankruptcy so they could pilfer it for money. https://t.co/L7VWJK4Wny Agree with almost all of this. But FTX was never"  
[X Link](https://x.com/ImperiumPaper/status/2021353676896399510)  2026-02-10T22:40Z [----] followers, [----] engagements


"Imagine if Treasury Direct issued a Visa card. Instant fatality to both banks and stablecoins. banks to congress: "if people can earn 3.5% on stablecoins they'll pull $6.6 trillion out of our 0.1% accounts" yeah. that's called competition welcome to capitalism banks to congress: "if people can earn 3.5% on stablecoins they'll pull $6.6 trillion out of our 0.1% accounts" yeah. that's called competition welcome to capitalism"  
[X Link](https://x.com/ImperiumPaper/status/2021427214219346050)  2026-02-11T03:32Z [----] followers, [----] engagements


"@TonyHua75926122 Feels CBDC adjacent"  
[X Link](https://x.com/ImperiumPaper/status/2021436514073444649)  2026-02-11T04:09Z [----] followers, [--] engagements


"@Tiza4ThePeople Devils Advocate: Sounds like a credit union in your description"  
[X Link](https://x.com/ImperiumPaper/status/2021547453653377255)  2026-02-11T11:30Z [----] followers, [---] engagements


"Im still waiting for evidence that stablecoins compete with US bank deposits. Checking accounts didnt become rare simply because money market funds were invented. Also its not as if there arent savings accounts with higher rates than tbills already but AmEx et al dont magically have all the bank deposits https://twitter.com/i/web/status/2021549669650780370 https://twitter.com/i/web/status/2021549669650780370"  
[X Link](https://x.com/ImperiumPaper/status/2021549669650780370)  2026-02-11T11:39Z [----] followers, [---] engagements


"Does anyone have confirmation on this I have only seen the Fortune article make this assertion which didnt elaborate on why they thought that. Everyone else seems to cite the Fortune article. This would be really big news but experience tells me its good to verify @ammori So they actually did buy UNI tokens Everyone cites the Fortune article but its been hard to confirm it. @ammori So they actually did buy UNI tokens Everyone cites the Fortune article but its been hard to confirm it"  
[X Link](https://x.com/ImperiumPaper/status/2021660091821511163)  2026-02-11T18:58Z [----] followers, [----] engagements


"Theres only [--] bounty programs big enough to pay this: L0 Sky Reserve Stargate USDT0 GMX Spark Wormhole Olympus Ethena Chainlink Below that someone would have to come in with more than their max bounty. Security researcher ily2 has just earned a staggering $3000000 from submitting a critical smart contract bug via Immunefi. That's the largest single payout in web3 security in recent memory. In total he's submitted [--] reports. All [--] were paid. 100% accuracy. His leaderboard https://t.co/RHsiYk5hk4 Security researcher ily2 has just earned a staggering $3000000 from submitting a critical smart"  
[X Link](https://x.com/ImperiumPaper/status/2021691280632270859)  2026-02-11T21:02Z [----] followers, [----] engagements


"Summoning @Polymarket to get this up quick"  
[X Link](https://x.com/ImperiumPaper/status/2021697070374010912)  2026-02-11T21:25Z [----] followers, [---] engagements


"@cocoahomology @Halko500k No its just that we know its on Immunefi. The Euler bounty is on Cantina"  
[X Link](https://x.com/ImperiumPaper/status/2021700982057439730)  2026-02-11T21:40Z [----] followers, [--] engagements


"@newmichwill @ammori This feels like the Ethena no ADL thing where it was reported and then turned out to be untrue when you finally got someone with knowledge to go on record. Fool me once etc etc"  
[X Link](https://x.com/ImperiumPaper/status/2021711589880090880)  2026-02-11T22:22Z [----] followers, [---] engagements


"DeFi would take that paper for [---] bps above tbills and ask for more. High yield debt issuers really dont have much to lose by doing bearer tokenized bonds. I promise DeFi buyers wont even care if theyre issued from Panama instead of US/UK. You want to know where we are in the credit cycle A prison food company just issued CCC bonds to pay a dividend to its PE sponsor. That's where. You want to know where we are in the credit cycle A prison food company just issued CCC bonds to pay a dividend to its PE sponsor. That's where"  
[X Link](https://x.com/ImperiumPaper/status/2021773535543259553)  2026-02-12T02:29Z [----] followers, [----] engagements


"@ana__vc Due diligence"  
[X Link](https://x.com/ImperiumPaper/status/2021792742704345492)  2026-02-12T03:45Z [----] followers, [--] engagements


"@jaibhavnani You jest now but when you find a girl who laughs at this propose. You have to lock down someone to appreciates lame jokes once you have kids bc they wont"  
[X Link](https://x.com/ImperiumPaper/status/2021793396872949776)  2026-02-12T03:48Z [----] followers, [--] engagements


"@octalmage @D2_Finance I view Goldfinch v1 as proof of principle on my original comment"  
[X Link](https://x.com/ImperiumPaper/status/2021959630117908689)  2026-02-12T14:48Z [----] followers, [--] engagements


"Barring favorable rulemaking anyone not named Uniswap Liquity Morpho probably needs to think about how to reduce or disperse control. Or find novel ways to comply with the Bank Secrecy Act. Cant really hide out as non-US under this bill either. Theyll still come for you. @_SEAL_Org If a protocol: - is under common control that can materially alter operation or rules OR - doesnt act solely based on pre-established rules OR - is under common control to censor or restrict (does white labeling count) THEN it's not decentralized. Game over full stop. [--] https://t.co/xhB5JY6Ndv @_SEAL_Org If a"  
[X Link](https://x.com/ImperiumPaper/status/2011273360857284714)  2026-01-14T03:05Z [----] followers, 14.8K engagements


"I think focusing on SparkLend ignores the real story at Spark which is basically being an asset manager for Maker/Sky. SparkLend doesnt make money while their spread on investing Makers money does. The asset management business is where the value sits. Unfortunately its not connected to the token which currently has no real rights. https://twitter.com/i/web/status/2019042847790440461 https://twitter.com/i/web/status/2019042847790440461"  
[X Link](https://x.com/ImperiumPaper/status/2019042847790440461)  2026-02-04T13:38Z [----] followers, [---] engagements


"@SBF_FTX @rsalame7926 Misappropriating assets and then lying about it is fraud regardless of solvency. If I took your car for a joy ride it would still be theft even if I returned it in one piece. Insolvency is not necessary to be fraud"  
[X Link](https://x.com/ImperiumPaper/status/2021544281350316443)  2026-02-11T11:18Z [----] followers, [----] engagements


"This SBF filing seems so clearly a PR stunt. He had to get his mother to file it and it focuses on solvency rather than fraud Lets for a moment assume we can trust the valuations claimed by FTX insiders. Then what If you broke into my house to throw a party its still a crime even if you managed to clean up and not break anything"  
[X Link](https://x.com/ImperiumPaper/status/2021556524317905002)  2026-02-11T12:06Z [----] followers, [---] engagements


"Window tax story time William III needed a new tax. This was 1600s so state capacity was low. You needed things that were easy to count unambiguous and hard to hide. Property tax fits the bill. They used number of windows as a proxy for dwelling value (there was no Zillow back then to guess the value from). So people just bricked up windows. Same would occur with bedrooms - board up a closet or window or something so it cant legally be a bedroom. Boom. Same house but with an office or library (that maybe has a bed bc you nap while working or reading)"  
[X Link](https://x.com/ImperiumPaper/status/2022446336461726008)  2026-02-13T23:02Z [----] followers, [--] engagements


"I think SparkLend is not the story at Spark. The main business of Spark (and other Stars) is being an in-house curator for Maker/Sky. SparkLend doesnt make money - only $215k in platform revenue in Q4 [----]. What makes money is the spread Spark gets from borrowing at 4.3% from Maker and investing it elsewhere. That was $40.5m revenue in Q4. Of course $15.4m of that was as a depositor on SparkLend but its hard to imagine comparable amounts couldnt be earned elsewhere. I would go so far as to say SparkLend should be sold or spun out since TVL is largely a function of Spark parking its own assets"  
[X Link](https://x.com/ImperiumPaper/status/2019046089584759161)  2026-02-04T13:51Z [----] followers, [----] engagements


"Sloppy rating agency slapped down by third-tier financial regulator. Good job Bermuda. Maybe you should move up in the financial regulator world. For reference Egan Jones is know for putting out [----] ratings a year with a staff of less than [--] people. Said private ratings agency https://t.co/um2KaaztGo Said private ratings agency https://t.co/um2KaaztGo"  
[X Link](https://x.com/ImperiumPaper/status/2019162124736688639)  2026-02-04T21:32Z [----] followers, [----] engagements


"Useful new dash started by Aragon to verify technical rights of gov tokens. Currently covers Aave Curve Aerodrome Lido and Uniswap. Helpfully I was able to sign up for alerts when there are new or changed listings. @Uniswap @CurveFinance @LidoFinance @AerodromeFi @aave Start using the dashboard and sign up to be notified when new tokens are added: https://t.co/5A2mdWFqS4 @Uniswap @CurveFinance @LidoFinance @AerodromeFi @aave Start using the dashboard and sign up to be notified when new tokens are added: https://t.co/5A2mdWFqS4"  
[X Link](https://x.com/ImperiumPaper/status/2019433672102015442)  2026-02-05T15:31Z [----] followers, [----] engagements


"At what point do L2s start waking up to the fact that Circle Tether L0 are now their competitors"  
[X Link](https://x.com/ImperiumPaper/status/2021433159389483508)  2026-02-11T03:56Z [----] followers, [----] engagements


"@crypto_condom I have a book I can loan you on this topic Package arrived and felt like a book. I immediately opened it expecting a textbook fraud examination Ive been waiting on. Will see what @Pusheen can offer for detecting financial statement fraud I guess https://t.co/xPDWu3VYC1 Package arrived and felt like a book. I immediately opened it expecting a textbook fraud examination Ive been waiting on. Will see what @Pusheen can offer for detecting financial statement fraud I guess https://t.co/xPDWu3VYC1"  
[X Link](https://x.com/ImperiumPaper/status/2021990918099022171)  2026-02-12T16:52Z [----] followers, [---] engagements


"No level of bad acting by Sullivan & Cromwell or claims of solvency change whether fraud occurred. If I steal your car but when the cops pull me over its still in good shape that does not make it less of a crime to steal the car. If lawyers do shenanigans to milk you for fees to get your car back from the impound lot that does not make it less of a crime to steal the car. If I claim I would have brought it back and youd have never noticed that does not make it less of a crime to steal the car. These accounts trying to lay the groundwork for public acceptance of a pardon are either"  
[X Link](https://x.com/ImperiumPaper/status/2021914827694710818)  2026-02-12T11:50Z [----] followers, [----] engagements


"@TheTakenUser I think thats not robust protection. The whole point is to not have to check in every week. We already have seen examples of fees raised or collaterals added that I bet close to zero depositors even knew about. A major challenge is inability to alert depositors to changes"  
[X Link](https://x.com/ImperiumPaper/status/2022043604685140412)  2026-02-12T20:22Z [----] followers, [---] engagements


"Well if the junior tranche is too big then youll dilute the premium and should fix itself into an equilibrium. The minimum participation in the junior is pretty much required or else the senior ends up less protected than expected. Thats no good because they usually get a fixed rate so need to know what their risk profile is"  
[X Link](https://x.com/ImperiumPaper/status/2022075347097768310)  2026-02-12T22:28Z [----] followers, [---] engagements


"In this case they saw that the largest debtor to the borrower (it was a lender who gave revenue based financing) was put into receivership. The borrower had not informed anyone (a separate issue). Junior creditor queued for withdrawal got out their entire investment. Then there was no liquidity left and the senior creditor was stuck waiting for recovery. I think it was eventually about $450k recovered on about $2m after a year but I dont have the numbers at hand. https://twitter.com/i/web/status/2022084169304563761 https://twitter.com/i/web/status/2022084169304563761"  
[X Link](https://x.com/ImperiumPaper/status/2022084169304563761)  2026-02-12T23:03Z [----] followers, [--] engagements


"In [----] @Arbitrum quietly embarked on a program to accumulate cash reserves. In my opinion every DAO should be doing this although with the warning to avoid capture grift and being rugged. Proposed by @devanshmehta the goal was to convert 1% of the ARB token treasury to stable-value investments each year. I was lucky enough to serve as @labsGFXs representative on the 5-person committee for both rounds that have occurred so far. The goal was simple: have USD-denominated assets that minimized risk while having nonzero yield. As a secondary objective the allocations were used to help Arbitrum"  
[X Link](https://x.com/ImperiumPaper/status/2022379305594978489)  2026-02-13T18:36Z [----] followers, [----] engagements


"Thats fair but many hands make light work. Im lucky enough to have all [--] grandparents within [--] minutes (including in-laws who moved to do so). Its parenting on easy mode and also means elder family are now nearby for when *they* need help as they age. Not possible for everyone but extended families have a structural advantage that I think many people dont appreciate until theyre [---] miles from those most motivated to help with childcare"  
[X Link](https://x.com/ImperiumPaper/status/2022691223421513943)  2026-02-14T15:15Z [----] followers, [---] engagements


"When people ask me why its so hard to diligence crypto projects this is a large part of it. Its like trying to understand the value just the Outlook email product inside of Microsoft. Even if you can reasonably assign a standalone business or liquidation value to Outlook its hard to know how much it benefits or is hindered by being embedded in a larger machine where each cog has different owners and incentives. https://twitter.com/i/web/status/2022324814002753902 https://twitter.com/i/web/status/2022324814002753902"  
[X Link](https://x.com/ImperiumPaper/status/2022324814002753902)  2026-02-13T14:59Z [----] followers, [---] engagements


"As was foretold 🔮 Stablecoins are inputs for money transmitters not competitors. A match made onchain. Happy (early) Valentine's Day. https://t.co/xHvOi1mL9q A match made onchain. Happy (early) Valentine's Day. https://t.co/xHvOi1mL9q"  
[X Link](https://x.com/ImperiumPaper/status/2022450466823795094)  2026-02-13T23:19Z [----] followers, [----] engagements


"Multicoin weighs in on the Aave funding proposal https://t.co/THqQEu0Nnu https://t.co/THqQEu0Nnu"  
[X Link](https://x.com/ImperiumPaper/status/2022465091350782281)  2026-02-14T00:17Z [----] followers, [----] engagements


"@TerribleMaps What happened to England on the right"  
[X Link](https://x.com/ImperiumPaper/status/2022770367010369858)  2026-02-14T20:30Z [----] followers, 21.9K engagements


"Having reviewed approved and rejected hundreds of grants here is some FREE ALPHA to help score grants funding* *My own opinion but most are common opinions amongst reviewers I think Lets start"  
[X Link](https://x.com/anyuser/status/1772717963285570046)  2024-03-26T20:11Z [----] followers, 56.3K engagements


"I know everyone is talking about risk curators these days so this is a great time to look at how its just a pretty underwhelming standalone business. And yes that includes curator-as-platform like @aave. Some numbers from @DefiLlama & reports: Aave: $159m revenue/$39b TVL SparkLend: $3.5m revenue/$5.8b TVL Compound: $1.2m revenue/$2.6b TVL Steakhouse: $1.6m revenue/$1.7b TVL Gauntlet: $0.6m revenue/$1.6b TVL MEV Capital: $2m revenue/$1.5b TVL K3 Capital: $1.3m revenue/$0.82b TVL Re7: $3.7m revenue/$0.74b TVL Remember - this is revenue. All of these folks have overhead in at least the form of"  
[X Link](https://x.com/anyuser/status/1983520223832539570)  2025-10-29T13:04Z [----] followers, 14.6K engagements


"They hardcoded the oracle 🫠 Yet at the end of September funds managed by BlackRock and MidCap Financial were still marking the new Renovo debt at par This was two months ago"  
[X Link](https://x.com/anyuser/status/1987971468916097366)  2025-11-10T19:51Z [----] followers, 26.1K engagements


"I need to go through in detail at the smart contract level but this is a structure thats at least interesting I always say DeFi is speed running the history of finance and were somewhere a bit past the Renaissance (double entry bookkeeping finally appeared) https://t.co/lyssuXzqWx https://t.co/lyssuXzqWx"  
[X Link](https://x.com/ImperiumPaper/status/1990983392662302785)  2025-11-19T03:20Z [----] followers, [----] engagements


"I must not be the only one asking questions about the counterintuitive accounting practices at Maker/Sky. Why other people Because my questions about not classifying $60m transfer to foundations as an expense arent addressed. This is clearly in response to a different set of accounting questions. Ill need time to read again and digest before commenting on if this clarifies anything noteworthy but I see discussion of the subsidiary-like relationship with Stars so seems likely to have relevance for anyone underwriting SKY or SPK or upcoming Grove tokens. The link is below"  
[X Link](https://x.com/ImperiumPaper/status/2022063765353902148)  2026-02-12T21:42Z [----] followers, [----] engagements


"@JonGalt14 Can you expand on that"  
[X Link](https://x.com/ImperiumPaper/status/2022794482748359026)  2026-02-14T22:06Z [----] followers, [--] engagements


"Ive been doing a lot of accounting-related posts lately as investors finally wake up to there needing to be a fundamental business case for investment. Here is a list of items crypto needs to do better to become investable: 1) Your own tokens are $0 in assets if uncirculated. They are a contra asset or contra equity if repurchased. 2) DATs that are related to the issuers of their tokens are hobbled with cost-minus-impairment valuation under GAAP. So valuation can only ratchet down and never up. Unrelated DATs can use fair value where GAAP value can go in both directions. 3) If you send money"  
[X Link](https://x.com/ImperiumPaper/status/2021187311803764901)  2026-02-10T11:39Z [----] followers, [----] engagements


"Its time for Curation [---]. The curator model was a big advancement but there are some commonsense enhancements that can result in a better product for users. Tranching is back in vogue lately. I think Ive had at least three teams reach out to me about tranching design. Where there are three there are likely more so Im going to share my advice publicly. First lets understand how challenging it is to tranche an evergreen vehicle like a Morpho or Euler vault. People have to be able to withdraw at some point - theres no winding down date where all the books are balanced and gains/losses"  
[X Link](https://x.com/ImperiumPaper/status/2021984824823521469)  2026-02-12T16:28Z [----] followers, [----] engagements


"Coinbase earnings TLDR: $667m GAAP loss that appears to be driven by unrealized losses on investments and crypto. $178m net income under Coinbases adjusted formula that focuses on core businesses"  
[X Link](https://x.com/ImperiumPaper/status/2022073899551535607)  2026-02-12T22:22Z [----] followers, [---] engagements


"Not a great lineup for the DeFi side of things. Mostly people who make more money if DeFi cant compete with them. Here is the full roster of the @CFTC Innovation Advisory Committee.👇 https://t.co/J8YwpXQ8I9 Here is the full roster of the @CFTC Innovation Advisory Committee.👇 https://t.co/J8YwpXQ8I9"  
[X Link](https://x.com/ImperiumPaper/status/2022107441031471596)  2026-02-13T00:35Z [----] followers, [----] engagements


"Tangential to OPs discussion these numbers are rarely as straightforward as they seem because crypto projects have a balkanized structure meant for building software retained to take advantage of speculative premiums as a form of financing and mostly not helpful with modern projects. The rise of DAOs and tokens means you have dispersed assets liabilities revenues and expenses around a project with varying levels of transparency. To stick with fundraises we often reference the total spends on both tokens and equity and any other instruments. But value accrual to a token is not the same as"  
[X Link](https://x.com/ImperiumPaper/status/2022324811590967317)  2026-02-13T14:59Z [----] followers, [----] engagements


"Just for perspective Aave DAO could buy a US bank for this amount of money. I think thats a good opportunity cost framing. Aave team can probably deliver more growth but even a poorly run bank has better net interest margin than a DeFi protocol. Not sure what Aaves equivalent of ROE is but banks typically have pretty modest ROE. https://twitter.com/i/web/status/2022403312989958257 https://twitter.com/i/web/status/2022403312989958257"  
[X Link](https://x.com/ImperiumPaper/status/2022403312989958257)  2026-02-13T20:11Z [----] followers, [----] engagements


"Why is China underperforming so badly in the Olympics Theyre in 19th place by medal count and [--] of their [--] medals was won by an American. They were 4th in the Beijing Olympics for comparison. Maybe their best sports havent happened yet"  
[X Link](https://x.com/ImperiumPaper/status/2022786040663073206)  2026-02-14T21:32Z [----] followers, [---] engagements


"In a few years crypto twitter will see a comment like this and assume Peloton was an L2 or alt-L1. I think many chains ultimately have a future but theyre pretty much all overvalued still. @goooonnney @kevinxu Its insane that Peloton had a market Cap of $233B. @goooonnney @kevinxu Its insane that Peloton had a market Cap of $233B"  
[X Link](https://x.com/ImperiumPaper/status/2022817592264565055)  2026-02-14T23:37Z [----] followers, [---] engagements

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