Phil Fogel ( 🦇, 🌳, 🍾)
@Philfog
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Crypto Fashion Icon Co-Founder @Corkprotocol, @weareflowcarbon, @Corner3VC
New York, NY
Joined November 2009
After nearly a decade of hands-on research, I have uncovered a new fundamental constraint in crypto protocol design: The #SwagTrilemma. Let’s dive in 🧵
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What DeFi risk management that isn’t “up only, trust me bro” looks like.
tldr: For lenders, nothing happened. for more background on mF-ONE, please find some more details below:
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Trump has a ledger on a shelf with 30 billion USDT on it!
Trump claiming there's a shelf in the White House with 30 billion dollars in unmarked bills Assuming all 100's, that's 300 million bills. That's about 66,000 pounds and would take up about 500 cubic meters. And somehow nobody but him knew about it That's one hell of a shelf.
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Nothing makes me happier than when a friend calls to ask how to buy their first bitcoin!
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OpEd: 🗣️ Cork co-founder Phil Fogel argues that while perps have been on shaky ground since the Oct. 10 crash, they are here to stay for the long term... but they may need some "adult supervision" moving forward. https://t.co/VYxDIZnvlq
coinmarketcap.com
Opinion: Perps have been struggling since the Oct. 10 crash, but they aren't dead yet. They just need to mature a bit.
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Tokenization is going to change the world, but vaults are going to turn things up to an 11.
Onchain vaults take familiar financial tools and rebuild them as transparent software. Pooled capital. Proportional shares. Strategy in code. A cleaner upgrade to how yield products work.
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to S&P regarding your Tether rating: We wear your loathing with pride. The classical rating models built for legacy financial institutions, historically led private and institutional investors to invest their wealth into companies that despite being attributed investment grade
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Perps are not dying, they’re just asking for adult supervision Wrote about it 👇
coinmarketcap.com
Opinion: Perps have been struggling since the Oct. 10 crash, but they aren't dead yet. They just need to mature a bit.
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This programmable risk layer is essential for more exotic markets with embedded credit and duration risk. Cork creates clear risk profiles for borrowers and lenders, leading to a safer and more resilient environment for all onchain finance participants. DM me to discuss
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No matter which oracle design you choose, someone in that equation is taking on the risk (borrower, lender, or protocol). With @Corkprotocol integrated into a market, a third party can take on the risk, and a protection buyer can directly pay them for underwriting that exposure.
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A promising hybrid approach is MetaOracle from @SteakhouseFi, which switches between a stable primary feed and a market-based backup when price deviations persist. More info in their latest publication:
Weekend reads: How we approach oracle design at Steakhouse Financial, including the release of MetaOracle, an open-source oracle adapter under the MIT license, built to help mitigate these trade-offs
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In short: your oracle choice determines which axis of risk you surface (issuer / depeg risk, market / liquidity risk, or redemption / realisation risk).
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NAV feed: Measures intrinsic value (underlying assets + yield), which reduces noise and avoids rapid liquidations, but NAV can also move large and suddenly (xUSD’s reported 93m loss). And because the underlying assets often aren’t redeemable instantly, the feed can diverge
Yesterday, an external fund manager overseeing Stream funds disclosed the loss of approximately $93 million in Stream fund assets. In response, Stream is in the process of engaging Keith Miller and Joseph Cutler of the law firm Perkins Coie LLP, to lead a comprehensive
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Market price feed: Reflects real-time value so liquidations adjust fast. But temporary market fluctuations that have no bearing on the actual value of the collateral can lead to liquidations. Example: the 2022 Inverse Finance exploit stemmed from manipulating the external price
1/ @InverseFinance was exploited in https://t.co/OaCemQfWug, leading to the gain of ~$1.26M for the hacker (The protocol loss may be larger).
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Hard-coded price: Fixed rate makes for stability but if the real value moves (depeg, stall, redemption failure), the protocol carries hidden bad debt. This is what happened on Morpho with the xUSD/USDC market for example.
rate has spiked / xUSD depeg has worsened since Elixir came out saying they are structurally senior to all other lenders per a previously undisclosed offchain agreement looking at 6figs of bad debt in this morpho market based on current xUSD market price (no liquidations as
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Hard truth: in a lending market, the choice of oracle (hard-coded vs market vs NAV) dictates who eats the risk: borrowers, lenders, or the protocol. You want to be able to choose who bears the risk? Here is the missing piece no one is talking about that DeFi desperately needs
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Was one of my highlights of 2025 has meeting my long lost cousin @TFGolden at DevConnect! Thank you @Mona_El_Isa for bringing us together!!
Came to Buenos Aires to talk about tokenisation at @BaillieGifford… accidentally discovered @Philfog and I are distant cousins. Crypto: bringing liquidity, composability, and apparently family reunions too 😂🇦🇷 Love u cuz xo
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Devcon in India.
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This is why we need onchain CDS markets! Let’s price the risk these lawyers have structured!
Conversation from Buenos Aires: “We are building a vault that has 11% fixed. It’s backed by mortgages” Me: “oh, what kind of mortgages are they?” “They are underwritten by an Australian company ______ (never heard of them)” Me: “oh, what kind of mortgages are they? Prime?
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The bull case for @Celo is insanely strong!
This is not unexpected. (1/5) From the outset, we envisioned Celo as a transport layer for global stablecoin payments, with sub-cent fees. 5.5 years after mainnet launch, we are beginning to see network effects kick in.. How big can this get? https://t.co/kHS2mB3GNP
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Far and away the best moment of the week:
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