Billy Marsh

We've met the "front men" of Plasma ($XPL):
Paul Faecks (The CEO & Strategist)
Christian Angermayer (The Billionaire & "TradFi" Backer)
Lucas Tchejeyan (The CTO & "Bitfinex" Tech Brain)
But a 3-man army can't build a global financial rail. Plasma has a ~50-person "shadow team" of engineers and operators. The real story—and the real "TradFi" bull case—is not who the founders are, but who this "shadow team" is.
This team's background was revealed during the "$600M dump" controversy, and it's the ultimate "alpha."
1. The "Blast/Blur" Rumor (The "Bear" Case)
During the post-launch price crash, a powerful "FUD" (Fear, Uncertainty, Doubt) narrative spread: that the Plasma team was just the "ex-Blast/Blur" team, "recycling" a project. This rumor was designed to scare investors, as those projects were seen as "controversial."
This forced CEO Paul Faecks to "dox" his own team's pedigree to stop the rumor.
2. Faecks' Rebuttal (The "Real" Team)
In his public statement, Faecks confirmed the "rumor" was false.
He stated the team was ~50 people.
Of those 50, only THREE had ever worked at Blast or Blur.
But the real news was what he said next. He revealed where the rest of the team came from: a "murderers' row" of "Big Tech" and "TradFi" giants, including:
Google
Facebook (Meta)
Square (Block)
Goldman Sachs
Temasek (the "Sovereign Wealth Fund" of Singapore)
3. Why This "TradFi" DNA Is the Real Bull Case
This is the "institutional" alpha. Plasma's "compliance-first" and "RWA" strategy is not a "marketing" gimmick; it is a "cultural" mandate.
You don't hire from "Goldman Sachs" to build a "degen" memecoin casino. You hire them to build a "TradFi-grade" settlement layer. They understand "compliance," "risk-management," and "institutional" capital.
You don't hire from "Google" and "Facebook" to build a slow dApp. You hire them to build "high-frequency," "internet-scale" systems that can handle billions of users (like the "Plasma One" neobank).
You don't hire from "Temasek" by accident. You hire them because they are a "sovereign wealth fund" that is the "TradFi" establishment. They understand global regulation and "nation-state" level finance.
Conclusion: The Team is the Product
Plasma ($XPL) is not a "crypto" project being "shopped" to banks.
Its "DNA" (its team) proves that it is a "Fintech" project being built by "TradFi" and "Big Tech" veterans for "TradFi" and "Big Tech." They are not "outsiders"; they are "insiders" building a new "internal" rail.
This "TradFi DNA" is the clearest signal of their true ambition: to replace the old rails (like SWIFT) with their new ones.
@Plasma #Plasma $XPL
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We've covered how Aave on Plasma ($XPL) provides "over-collateralized" loans—you must deposit $150 of collateral to borrow $100. This is the "DeFi" standard, but it is not how the real world works.
"TradFi" (Traditional Finance) runs on credit. Real businesses (like Apple or a major trading firm) do not over-collateralize to borrow. They borrow based on their reputation and creditworthiness.
To be a true "TradFi" rail, Plasma needed a "credit" protocol. This is why its "Day 1" partnership with Clearpool ($CPOOL) is so critical. Clearpool is the "TradFi" engine for uncollateralized lending on the network.
1. What is Clearpool ($CPOOL)?
Clearpool is a "DeFi" protocol, but it's built for "TradFi" clients. It is a "permissioned" credit marketplace.
How it Works: Clearpool allows whitelisted, KYC'd, institutional borrowers (like "TradFi" trading firms) to open a "liquidity pool" and borrow uncollateralized (or "under-collateralized") stablecoins.
The "Lenders": Any "DeFi" user (like you) can act as the "bank." You can "lend" your stablecoins (like $USDT) directly to these institutional borrowers.
The "Yield": Because the loan is uncollateralized (higher risk), the institution pays a much higher interest rate to the lenders.
2. Why This Is a "TradFi" Killer App for Plasma
This integration is a "bullseye" for Plasma's "TradFi" backers (like Founders Fund and Angermayer).
It Creates a "Real" Credit Market: Plasma is not just a "payment rail"; it's now a capital market. It allows "TradFi" institutions to bypass traditional banks (like J.P. Morgan) and borrow $USDT directly from the "DeFi" public.
A "Capital Sink" for $USDT: It creates a "high-yield" utility for the billions in $USDT on Plasma. Lenders can now get a "real," non-inflationary yield for their stablecoins, paid by real-world institutions.
The "Permissioned" Layer: Clearpool's "permissioned" pools (which require KYC) fit perfectly with Plasma's "compliance-first" (Elliptic, Chainalysis) and "Swiss Foundation" legal strategy. It's a "walled garden" for institutions that lives on a "public" L1.
3. The "Risk" (The "TradFi" Contagion)
This is the "double-edged sword" of "TradFi."
The "Risk": This is not "DeFi" risk. It is "credit default risk."
The "Bear" Case: If the "TradFi" borrowing institution (e.g., a trading firm) "goes bankrupt" (like FTX or Genesis), there is no collateral to liquidate. The "lenders" (the DeFi users) will lose 100% of their money.
This is "real-world" finance: The yield is high because the risk is real.
Conclusion: A "Grown-Up" Financial Rail
The "Day 1" integration of Clearpool proves that Plasma's "TradFi" ambitions are not just talk.
While "Aave" (over-collateralized) is the "DeFi" lending pillar, Clearpool (uncollateralized) is the "TradFi" credit pillar.
By providing a compliant, high-speed rail for both, Plasma is building the full-stack "banking" infrastructure—from simple payments to complex credit markets—that "TradFi" institutions actually need.
@Plasma #Plasma $XPL
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When you deposit into a Morpho Vault, you're not just trusting Morpho's code. You are trusting a professional risk manager called a "Curator."
Today, we're spotlighting the most famous (and arguably most important) curator in the ecosystem: Gauntlet.
•Who is Gauntlet?
Gauntlet is one of the most elite, high-profile quantitative research and risk management firms in all of DeFi. They are "quants" (quantitative analysts) who build sophisticated, AI-powered simulation models to manage risk.
For years, they were the #1 risk manager for Aave, earning millions to help keep that protocol safe.
The "Split" That Shook DeFi
In early 2024, Gauntlet made a shocking announcement: they were terminating their multi-million dollar relationship with Aave. They cited "inconsistent guidelines" and frustration with Aave's slow, political governance model.
Less than one week later, they announced their new, full-time focus: Morpho.
This was a bombshell. It wasn't just a partnership; it was a "bet." Gauntlet didn't just advise Morpho; they became a builder on top of it.
•Why Morpho? The "Open Market for Risk"
Gauntlet's move highlighted the fundamental difference between the two protocols:
Aave's Model: Gauntlet was a "consultant." They had to make recommendations, which then had to be debated and slowly voted on by the Aave DAO.
Morpho's Model: Gauntlet is a "Curator." They operate in a permissionless, open marketplace. They don't need to ask for a vote. They can instantly launch their own vaults, set their own risk parameters, and compete directly for user funds based on their performance.
Gauntlet now offers a full suite of vaults on Morpho, from "Prime" (ultra-safe, blue-chip assets) to "Core" (higher-yield). Their incentives are 100% aligned: if their vault performs well and safely, they earn a small fee. If they fail, they lose.
•Conclusion:
Gauntlet's move from Aave to Morpho was a defining moment. It signaled a paradigm shift away from slow, monolithic "consultant" models to a new, fast, and competitive "open market" for risk.
When the #1 risk manager in DeFi chose Morpho as the best platform to build their business, it was one of the biggest votes of confidence possible.
•Call to Action (CTA):
What do you think of this "open market" for risk? Does it give you more confidence to know that experts like Gauntlet are competing to manage your funds? Let me know! 👇
@Morpho Labs 🦋 #Morpho $MORPHO
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In the "L1 Wars," an "inflationary" token is often seen as a "bearish" sign. Plasma's ($XPL) tokenomics include a 5% annual inflation (paid out to stakers), which has led many to worry about a constantly diluting supply.
To counter this, a common rumor is that Plasma uses a "buy-back-and-burn" mechanism. This is incorrect.
The truth is more complex and far more "crypto-native." Plasma has adopted Ethereum's "EIP-1559" fee model. This creates a powerful, real-time "tug-of-war" between the inflation from staking and the deflation from network usage. Here’s how it works.
Part 1: The "Inflation" (The "Staking Yield")
This is the "supply" side of the equation.
The "What": The Plasma network creates new $XPL tokens at a rate of 5% per year.
The "Why": This inflation is the "salary" paid to the Validators and their Delegators (stakers) for securing the network. It's the "base pay" that incentivizes staking (which is scheduled to launch in Q1 2026).
The "Catch": This 5% inflation rate is designed to decrease over time (by 0.5% per year) until it reaches a long-term, sustainable baseline of 3%.
Part 2: The "Deflation" (The "EIP-1559 Fee Burn")
This is the "demand" side of the equation, and it's Plasma's "secret weapon."
When you make a "non-free" transaction on Plasma (like a complex DeFi swap, an RWA trade, or minting an NFT), you pay a gas fee in XPL. Just like on Ethereum, this fee is split in two:
The "Priority Fee" (The "Tip"): This is the small "tip" you add to get your transaction processed faster. This portion goes directly to the Validator as "real yield."
The "Base Fee" (The "Burn"): This is the main part of the gas fee. This entire portion is permanently destroyed (burned).
Why This Is "Better" Than a "Buy-Back"
A "buy-back" is a corporate decision (e.g., "This quarter, we will use our profits to buy 1M tokens").
A "fee burn" is a "protocol" decision. It is an automated, real-time, and trustless mechanic.
It's "Real-Time": The XPL "Base Fee" is burned on every single block.
It's "Tied to Demand": The more people use the network (trading, gaming, minting), the higher the "Base Fee" gets, and the more XPL is burned.
Conclusion: The "Tug-of-War" for Scarcity
This creates the central, long-term "bull vs. bear" thesis for the XPL token's value.
The "Bear" Case: In the early days, if network activity is low, the 5% inflation will be higher than the "fee burn." This will increase the total supply (inflationary).
The "Bull" Case (The "Ultra-Sound" Goal): As the "Plasma One" app and the 100+ dApps on the network drive millions of daily transactions, the "Base Fee" burn will grow.
The ultimate "bull case" for XPL is a future where the total XPL burned from high network usage becomes greater than the 5% (or 3%) inflation paid to stakers. This would make XPL a deflationary asset—a "digital commodity" that becomes more scarce the more popular it gets.
@Plasma #Plasma $XPL
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You've probably seen that Coinbase now offers crypto-backed loans to its users. But did you know how it works?
It's not a private, off-chain system running on a Coinbase server.
That entire, billion-dollar-plus lending service is just a permissionless Morpho Blue market running on the public Base blockchain.
Here is the "on-chain" breakdown:
A Coinbase customer wants a loan against their Bitcoin.
Coinbase takes their BTC and wraps it into cbBTC (Coinbase Wrapped BTC).
It then deposits that cbBTC as collateral into a public, permissionless Morpho Blue market on Base.
The customer instantly receives their USDC loan from that market.
Why this is a bombshell:
This is the single greatest institutional adoption of DeFi, ever. Coinbase, one of the world's largest, most-regulated exchanges, didn't build a walled garden. They chose to build their flagship lending product on top of an open, immutable, and decentralized protocol.
It's the ultimate proof of trust in Morpho's security and efficiency.
Call to Action (CTA):
What does it mean for DeFi when a giant like Coinbase decides to build on a public protocol instead of competing with it? Is this the future? 👇
@Morpho Labs 🦋 #Morpho $MORPHO
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This is one of the most important and impressive facts about the Morpho protocol.
The core Morpho Blue smart contract is immutable.
This means that after it was deployed to the Ethereum blockchain, its core logic can never be changed, paused, or "upgraded."
Not by the developers.
Not by the Morpho DAO.
Not by anyone.
This is a deliberate design choice, not an oversight. It's the ultimate commitment to security and trust.
While the Morpho DAO can vote on things around the protocol (like where to send fees or to approve new types of risk parameters for new markets), it cannot touch the core engine that holds the $11B+ in funds.
Why this matters:
This "immutability" is what gives institutions like Coinbase and Société Générale the confidence to build on Morpho. They know the fundamental "rules of the game" can never be changed under their feet by a malicious upgrade or a hacked governance vote.
The protocol is not an "app"; it's a permanent, unstoppable piece of public infrastructure, like a highway for money.
Call to Action (CTA):
What do you think of this? Does an immutable, unchangeable protocol give you more confidence to deposit your funds? Let me know your thoughts! 👇
@Morpho Labs 🦋 #Morpho $MORPHO
{spot}(MORPHOUSDT)

For years, "Real-World Assets" (RWAs) have been the biggest "what if" in crypto. Well, it's not a "what if" anymore. It's happening right now, and Morpho is at the center of it.
Did You Know: One of Europe's largest banks, Société Générale, is actively using Morpho to bridge traditional finance (TradFi) with DeFi.
Here's the simple breakdown of this groundbreaking integration:
The Bank: Société Générale's digital asset arm (SG-FORGE) issues regulated, MiCA-compliant stablecoins, like EURCV (a tokenized Euro).
The Asset: A fintech partner, Spiko, issues tokenized Money Market Funds (T-Bills) called EUTBL (Euro T-Bills).
The Engine: Morpho provides the on-chain "engine."
A dedicated, institutional-grade Morpho Blue market has been created where users can deposit their tokenized T-Bills (EUTBL) as collateral and instantly borrow the bank's regulated EURCV stablecoin.
Why this is a game-changer:
This is the holy grail of RWA. It means you can hold a safe, traditional, yield-bearing asset (a T-Bill) and, without selling it, use it as collateral to get 24/7 liquidity from a bank, all on a public blockchain.
This isn't a test. It's a live, regulated, institutional financial product built on Morpho.
Call to Action (CTA):
The RWA revolution is here. What do you think this integration means for the future of banking and DeFi? Let me know! 👇
@Morpho Labs 🦋 #Morpho $MORPHO
{spot}(MORPHOUSDT)

For years, "Real-World Assets" (RWAs) have been the biggest "what if" in crypto. Well, it's not a "what if" anymore. It's happening right now, and Morpho is at the center of it.
Did You Know: One of Europe's largest banks, Société Générale, is actively using Morpho to bridge traditional finance (TradFi) with DeFi.
Here's the simple breakdown of this groundbreaking integration:
The Bank: Société Générale's digital asset arm (SG-FORGE) issues regulated, MiCA-compliant stablecoins, like EURCV (a tokenized Euro).
The Asset: A fintech partner, Spiko, issues tokenized Money Market Funds (T-Bills) called EUTBL (Euro T-Bills).
The Engine: Morpho provides the on-chain "engine."
A dedicated, institutional-grade Morpho Blue market has been created where users can deposit their tokenized T-Bills (EUTBL) as collateral and instantly borrow the bank's regulated EURCV stablecoin.
Why this is a game-changer:
This is the holy grail of RWA. It means you can hold a safe, traditional, yield-bearing asset (a T-Bill) and, without selling it, use it as collateral to get 24/7 liquidity from a bank, all on a public blockchain.
This isn't a test. It's a live, regulated, institutional financial product built on Morpho.
Call to Action (CTA):
The RWA revolution is here. What do you think this integration means for the future of banking and DeFi? Let me know! 👇
@Morpho Labs 🦋 #Morpho $MORPHO
{spot}(MORPHOUSDT)

This is not a drill. This is a real-world, high-stakes test of a protocol's design, and it's happening right now.
In the past 48 hours, the DeFi protocol Stream Finance collapsed after an external fund manager lost ~$93 Million. This caused its stablecoin, xUSD, to depeg violently, crashing to ~$0.33.
This xUSD asset was used as collateral across many DeFi protocols, creating a "contagion" event. And yes, some high-risk, "degen" markets on Morpho were using xUSD.
But here is the bombshell...
Those degen markets failed, and the lenders in those specific markets took a loss.
However, the $11B+ in Morpho's main vaults (like the wBTC/USDC, wstETH/ETH, or the institutional Coinbase and Société Générale markets) were 100% unaffected.
This is the ultimate proof of Morpho's "Isolated Market" design.
The "risk firewalls" held. The collapse of xUSD was "contained" only to the users and curators who had opted-in to that specific, high-risk market. The contagion could not spread to the rest of the protocol.
Conclusion:
An audit can only tell you so much. A real-world crisis is the only true test. Morpho was just hit by a live grenade, and its core, conservative vaults didn't even flinch. This event proved that Morpho's "isolated risk" design is not just a theory—it's a reality.
Call to Action (CTA):
This real-world event is more valuable than 100 audits. Does this prove to you that "isolated markets" are the only safe way to build a lending protocol? Let me know! 👇
@Morpho Labs 🦋 #Morpho $MORPHO
{spot}(MORPHOUSDT)

This is arguably the most bullish signal in Morpho's history. The Ethereum Foundation (EF)—the non-profit organization that guides the entire Ethereum ecosystem—has just deployed $15.6 Million of its own treasury funds into Morpho.
The deposit includes 2,400 ETH ($9.6M) and $6M in stablecoins.
This isn't just a random investment. It's a powerful endorsement. Here’s why they did it:
A "Commitment to Open Source": The EF specifically cited Morpho's "commitment to Free/Libre Open Source Software (FLOSS) principles." Morpho's core code is released under a GPL license, making it a true public good, which the EF exists to support.
Trust in the Security Model: The Ethereum Foundation is one of the most security-conscious organizations on the planet. Placing $15.6M of its treasury into Morpho's vaults is the ultimate "vote of confidence" in its immutable code, isolated markets, and world-class audits.
"Eating Their Own Dog Food": The EF stated it is engaging more with Ethereum's own DeFi ecosystem. By choosing Morpho, they are signaling to the entire industry that Morpho is a trusted, foundational "blue chip" protocol for the Ethereum stack.
Conclusion:
When the creators of Ethereum trust Morpho with their own treasury, it's a signal that can't be ignored.
Call to Action (CTA):
What do you think? Is this the single most bullish endorsement in DeFi this year? Let me know! 👇
@Morpho Labs 🦋 #Morpho $MORPHO
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Morpho's growth has been explosive, with its TVL soaring past $11.6 Billion. But what is the long-term outlook? Let's look at the "Bull Case" (why it could take over) and the "Bear Case" (what could stop it).
🐂 THE BULL CASE (Why Morpho Could Win Everything)
Massive Institutional Adoption: This isn't a theory; it's happening.
Coinbase: Uses Morpho to power its $1.5B+ institutional lending service.
Société Générale: The French banking giant uses Morpho for its RWA stablecoin lending.
Ethereum Foundation: The EF itself just deposited $15.6 Million of its treasury into Morpho, calling it a "commitment to open source" and a core part of the ecosystem.
The "Risk Firewall" Works: The "Isolated Market" design is a proven success. When the xUSD contagion event happened, the risky markets failed, but the $11B+ in all other vaults were 100% unaffected. This security is exactly what institutions need.
It's a "Protocol for Protocols": Morpho is becoming the foundational "backend" for the entire industry. CEXs (Coinbase, Crypto.com), TradFi banks (SG), and L1s (Stable/Bitfinex) are all building on top of Morpho.
🐻 THE BEAR CASE (The Potential Risks)
The "Curator" Risk: Morpho's vaults are not magic. Their safety relies on expert, third-party "Curators" (like Gauntlet) to set the risk parameters. If a Curator makes a mistake, the funds in their vault could be at risk. You are trusting their "opinion."
Oracle Risk (Per-Market): Because anyone can create a market, a market is only as good as the price oracle it uses. A "degen" market with a weak or manipulatable oracle could fail. The risk is "contained," but it's still a risk for users in that specific market.
Fierce Competition: Morpho is not alone. It's fighting for every dollar of liquidity against established giants like Aave and Compound, who have massive brand recognition and are not standing still.
Conclusion:
The "Bear Case" is about managing isolated, "opt-in" risks. The "Bull Case" is about a fundamental technology shift that has already won over the biggest players in crypto and traditional finance.
Call to Action (CTA):
Which case do you find more compelling? Are you a Morpho Bull 🐂 or a Bear 🐻? Let me know your stance in the comments. 👇
@Morpho Labs 🦋 #Morpho $MORPHO
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