Marcin Kaźmierczak

Marcin Kaźmierczak@MarcinRedStone · 14 天前赛道影响

Stellar's RWA market grew from roughly $800M in January to over $3B in July. And the next phase is using these assets in DeFi. Blend, the largest lending protocol on Stellar, holds $127M in TVL. The RWA pools inside it hold just over $2M. That is the gap between issuance and markets. What was missing is pricing them in a way protocols can build on. Most RWAs do not trade 24/7. Their value comes from what sits in the portfolio rather than from continuous order flow, and TradFi still reports it over email and text files - which we are happy to support. RedStone now runs 47 price feeds on Stellar, 18 of them SEP-40 compliant, covering Franklin Templeton BENJI and iBENJI, Ondo USDY, Centrifuge deJTRSY and deJAAA, Etherfuse CETES, USTRY and TESOURO, Matrixdock XAUm and Paxos PYUSD. SEP-40 matters more than it sounds. One interface, timestamp indexing, TWAP built in, no custom adapter per provider. Any Soroban protocol can consume any feed. The RWA decade is here, and Stellar is where the next $3B gets put to work. And that's even before the DTCC tokenization project kicks off.

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Marcin Kaźmierczak@MarcinRedStone · 14 天前政策影响

@HyperliquidPC @tradexyz @CFTC Hyperliquid.

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Marcin Kaźmierczak@MarcinRedStone · 14 天前政策影响

Revolut launches EURR stablecoin. And more are coming. "Stablecoins tied to other currencies are already in development" The stablecoins and RWA growth cycle continues. https://t.co/jNE1pfZkby

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Marcin Kaźmierczak@MarcinRedStone · 14 天前赛道影响

@ruvaag Definitely not an unavoidable one. But there are always trade-offs; we introduced a dynamic PT oracle methodology some time ago and will dive deeper there now that there's room for discussion again. https://t.co/792Rxwq98O

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Marcin Kaźmierczak@MarcinRedStone · 14 天前观点输出

@robdogeth Some time ago, we worked on the Dynamic PT Oracle methodology, and it's probably a good moment for a broader discussion on the PT designs that can scale properly. https://t.co/792Rxwq98O

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Marcin Kaźmierczak@MarcinRedStone · 14 天前观点输出

Credora keeps expanding where it matters. Tydro, now powered by Credora.

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Marcin Kaźmierczak@MarcinRedStone · 15 天前观点输出

@enzo_gte 👀

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Marcin Kaźmierczak@MarcinRedStone · 15 天前观点输出

@defillama_res @tydrohq Ratings is the next frontier

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Marcin Kaźmierczak@MarcinRedStone · 15 天前赛道影响

The PT-reUSD oracle manipulation today is an interesting one. A 2.6% move in the PT-reUSD oracle price liquidated 12 borrowers holding $36.1m of positions. The liquidator took 96% of the liquidation collateral, earning roughly $1.3m. Those markets were deployed on June 15 and price collateral with a TWAP oracle - reUSD markets created before that date used a linear discount oracle. Other Morpho PT markets priced with TWAP oracles carry the same structural exposure, some that you might want to observe: PT-USDat-14JAN2027 PT-sUSDD-27AUG2026 PT-AUSD-8OCT2026 PT-USDat-27AUG2026 PT-USDG-24SEP2026 PT-USDAi-15OCT2026 Even if collateral stays strong, the risk sits in the pricing method here. If you are looping any of these PTs, keep your health ratio at 1.06 or above. High leverage against a TWAP price on a thin market is what makes a position liquidatable at a 2.6% move. Another interesting event to take lessons learned.

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Marcin Kaźmierczak@MarcinRedStone · 15 天前观点输出

4/ What bothers me is that the attack surface moved and keeps repeating. Five governance incidents this year for $25.1M. BonkDAO, $4.4M in votes unlocked $20M. BarnBridge, $777K off a $600 position. We have spent years auditing code, but buying control is what matters here.

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