Bitcoin is the best collateral in the world.

So why is borrowing against it still expensive and shallow?

In Chapter 1, we break down the fundamentals of BTC-backed lending and the core structural gap: loans originate, but they don’t become markets.

- Why…

DeFi lending didn’t fail: it scaled.

But scaling came with tradeoffs.

In this chapter, we trace the evolution from early orderbooks to pooled liquidity models like Compound and Aave, and then to isolated risk designs like Morpho V1.

Liquidity improved.…

Morpho V2 reintroduces orderbooks through a fundamentally different mechanism.
Instead of requiring lenders and borrowers to actively post and manage offers, V2 separates price discovery from liquidity provisioning.

Passive capital is pooled, but matched…

Loans don’t scale. Markets do.

When BTC-backed loan claims become fixed-term and reusable, they can be traded and financed in secondary markets. That recycling of capital is what allows credit to deepen.

This chapter breaks down how onchain tokenization…

The cheapest credit flows to the lowest-trust systems.

In Bitcoin credit markets, custody models, oracle design, and governance discretion all affect pricing. Risk isn’t abstract — it’s embedded in rates.

This chapter explores how minimizing discretion…

Bitcoin credit doesn’t scale without distribution.

But distribution has historically required giving up control of custody.

Account abstraction breaks that constraint.

This chapter explores how BTC-backed credit can be embedded into user-friendly products…

In traditional finance, the deepest collateral anchors repo markets.

Bitcoin can play a similar role onchain.

When BTC-backed loan claims become standardized and reusable, they function as collateral for further credit — allowing capital to recycle at scale.…

00:00 As 4 regras que eu quebrei
02:10 "Acorde antes de todo mundo"
05:09 "Trabalhe mais que todo mundo"
09:46 "Responda clientes e colaboradores"
11:24 "Foque no que importa"

Havia alguns meses que os mantenedores do GrapheneOS, uma versão alternativa e focada em segurança do Android, falavam de uma parceria com uma grande fabricante. Nesta segunda (2)…

Understanding economics is the key to preserving civilization. This is because civilization itself is a consequence of choices.

I just sent the February edition of my sponsors-only monthly newsletter. If you are a sponsor (or if you start a sponsorship now) you can access it here. In this …

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Google released new guidance explaining how its Universal Commerce Protocol powers AI-driven checkout across its platforms.

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$26B in January. China's $8.5B nuclear bet. America's uranium revival. And the largest nature restoration deal we've ever tracked.

The libertarian leader stood steadfast against statism.

News and insights on the Android platform, developer tools, and events.

Cisco Talos uncovers the stealthy Dohdoor malware targeting healthcare and education networks using encrypted DNS traffic to evade detection.

A SpaceX não para de surpreender. A mais recente novidade? A Starlink Mobile já alcança mais de 1.7 bilhão de pessoas em 32 países, muitos deles na África. O Brasil, infelizmente, ainda não está na lista. Mas o que isso significa para o mercado global e para…

Se você está construindo um produto de inteligência artificial, sabe que o tempo é inimigo e aliado ao mesmo tempo. Validar rápido, ajustar rápido, lançar rápido. A web é o campo de testes perfeito para isso. Mas quando chega a hora de entregar uma experiência…