Sumcap (@Sumcap) / X

Sumcap

1,105 posts

Sumcap

@Sumcap

Research, conviction & capital as catalyst. Σ DeFi-native yield fund.

Joined October 2021

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Sumcap
@Sumcap
Aug 3
Article
Papertrade: The House Always Wins
A perpetuals venue seeded its liquidity pool with $0, funded it with nothing but the losses of the people betting against it, and let them trade at up to 1,000x. It should break the first time someone...
Sumcap
@Sumcap
Jun 19
The recent @portals_fi podcast with @MidasRWA hit one of the most underrated problems in RWAs: redemption. The token clears instantly, the asset behind it doesn't, and someone has to absorb that gap and be paid for it. A shared buffer like MSL is one of the cleaner answers.
Portals.fi | DeFi Explorer
@portals_fi
Jun 19
We asked @MidasRWA about the RWA unwind problem on The DeFi Drop. Building a leveraged RWA position can be done in a single block but unwinding it can take days. @Sumcap published a detailed analysis on this exact problem of who absorbs that risk and how they get paid for it✍️
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Sumcap
@Sumcap
Jun 17
Congrats to the @Plasma team on the P1 public launch 🕊️ Out of closed beta with real usage already on the board: ~26k cardholders ~$10m card spend ~$11m across Earn + Checking Live flows: dune.com/sumcap/plasma-…
Plasma
@Plasma
Jun 17
Plasma One is live now. Join in the next 7 days and get the Core tier free for your first year. Over $1,000 in value, reserved for early users.
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Sumcap
@Sumcap
Jun 10
Article
Stuck in the Loop: The RWA Unwind Problem
An RWA position is a call on the way in and a put on the way out, written across the same settlement gap. Cheap to build. Expensive to dismantle. In DeFi, leverage is supposed to be atomic - a...
Sumcap
@Sumcap
Jun 2
Two protocols can run the exact same strategy and hand you completely different risk. The difference is tranching. A thread 🧵
Sumcap
@Sumcap
May 28
Article
Tranching in DeFi: Who Actually Gets Paid and Who Holds the Bag
DeFi does not have a yield problem. It has a risk problem. The yield sources exist, but most products still force everyone into the same position. Tranching changes that by separating who gets paid...