After months of intense work, the Cork team is ready to reveal what’s next. Cork Phoenix marks a new chapter, the litepaper gives a first look at the future we’re creating. The programmable risk layer for onchain finance.

The real leap is composability. Your claim is a token, not an IOU. TradFi instruments settle once a day. Vaults settle truth in real time. Full article here 👇 https://t.co/1mFGUOhbML

Platforms like @aave, @ribbonfinance and @veda_labs show how deep the design space gets. Users get exposure to strategies once locked behind accreditation or large minimums. Now accessible by anyone.

Vaults mirror parts of TradFi. Mutual funds. ETFs. Prime brokerage. Hedge funds. But they add instant accounting, open strategies and 24 hour liquidity that legacy rails cannot match.

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.

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

founder built different, sorry

TradFi has funds Crypto has vaults Only one is programmable, composable, and transparent in real time This piece breaks it down https://t.co/1mFGUOhbML

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

TradFi has glass ceilings Vaults have glass walls

People think vaults are just new wrappers for old ideas They are not

There is no FDIC safety net here So vaults will rely on new primitives like programmable backstops and onchain hedges Cork markets, swap tokens, principal tokens Risk tools that let managers unwind, protect, and price tails in software This is where the ecosystem is heading

And the transparency is not a metaphor Balances, flows, parameters, share prices, risk moves All queryable in near real time No month-end letters No settlement lags This is what glass box finance looks like when it is coded instead of promised

With vaults, it is a token your wallet actually holds A bearer-style asset you can route across lending, bridges, and apps without asking permission Self sovereign exposure is the upgrade, not the yield

The real shift is custody and truth moving from institutions to code A vault is a contract that settles itself in public view, block after block In TradFi, your “claim” is a line in a broker database

People think vaults are just new wrappers for old ideas They are not

Cork Co-Founder @PhilFog is featured in @CoinMarketCap with a deep dive on the future of perpetuals following the October 10 “Black Friday” crash:

• DFC Yield Lounge with curators, LPs and founders • @DeFiFounders Club evening in BA • @TheRealStone at @summit_defi sharing crisis stories • Supporting @BlockMitzvah to close the week Thank you to everyone who joined us See you at the next stop

Buenos Aires was a full week for the Cork team Panels, partnerships, and a tennis court full of builders • @Philfog on RWAs at @officialforkoff • Match Point with @CertoraInc @OlympixSecurity @NexusMutual • Universal Staking Day with Phil and @robdogeth

The Universal Staking Day panel by @partyactionppl on decentralization brought together some of the strongest voices in the space: Cork Co-Founder @robdogeth joined a select group of builders to discuss the realities of operating in an increasingly centralizing environment: •

Grateful to @partyactionppl for hosting a strong Universal Staking Day discussion on the emerging Credit Layer of Restaking. Cork Co-Founder @PhilFog joined an exceptional group of builders: • Mathieu Baril - Founder @OctavFi • Kody Sale - Head of Product Marketing