Sumcap (@Sumcap) / X

Sumcap

1,087 posts

Sumcap

@Sumcap

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

Joined October 2021

Pinned
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...
27K
Sumcap reposted
Subvisual
@subvisual
Jun 4
Thank you to everyone who showed up for Braga Blockchain yesterday for honest talks around the Web3 space and what is and isn't true nowadays. A special thanks to @polpedu for sharing his take on HIP-4, Polymarket, and who decides what's true on-chain. See you at the next one!
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Sumcap
@Sumcap
Jun 2
Replying to @Sumcap
We break it all down: yield sources, waterfalls, redemption design, incident response, and composability. Full piece: sumcap.xyz/blog/tranching…
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Sumcap
@Sumcap
Jun 2
Replying to @Sumcap
The harder question is still open. When tranche tokens become collateral elsewhere, gates and cooldowns collide with money markets that need to liquidate fast. Both can work alone. Together, one is usually wrong during stress.
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Sumcap
@Sumcap
Jun 2
Replying to @Sumcap
The real test is stress. The recent @aave / KelpDAO event made it clear: every tranche system chooses where the pain goes. Sometimes juniors. Sometimes reserves. Sometimes treasury. But it always goes somewhere.
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Sumcap
@Sumcap
Jun 2
Replying to @Sumcap
The sector splits in two. Tranching as a Product: the protocol runs the strategy and the tranches. @ResolvLabs, @avantprotocol, @YuzuMoneyX, @3janexyz, @mezzanine_fi. Tranching as a Service: infrastructure to tranche external yield. @strata_markets, @roycoprotocol, @centrifuge.
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Sumcap
@Sumcap
Jun 2
Replying to @Sumcap
A senior tranche gets priority on cash flows and loss protection, with capped upside. A junior tranche absorbs first losses and keeps the residual yield. In short: seniors buy stability, juniors sell protection.
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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...
560
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...
391K
Sumcap reposted
Subvisual
@subvisual
May 27
One week to Braga Blockchain at our office. @polpedu (@Sumcap Labs) on HIP-4 vs Polymarket and what happens when two protocols can't agree on the truth. 📅 June 3 · 18:20. RSVP through the link in bio 👆 #bragablockchain #web3
Subvisual
@subvisual
May 13
Braga Blockchain is back at the Subvisual office on June 3. This time, the theme is Deciding What's True, with honest talks with people building in Web3. Lineup drops soon. RSVP through the link in bio. 📍 Subvisual's Office 📅 Wednesday, June 3 · 18:20 #bragablockchain
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Sumcap
@Sumcap
Apr 28
Replying to @Sumcap
Disclaimer: Metrics are reconstructed from on-chain Plasma data activity which might be incomplete, incorrect and subject to change. We’re continuously refining coverage and accuracy.
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Sumcap
@Sumcap
Apr 28
Plasma One officially launches in June 2026. Ahead of that, we’re rolling out the first public on-chain dashboard for the @Plasma ecosystem, now live in beta. Track: • Card holders; • Spend Volume; • $XPL Cashback; • & much more! Explore the data: dune.com/sumcap/plasma-…
6.2K
Sumcap
@Sumcap
Apr 16
Our team took home the win at Agents Day Braga. One day. One idea. A multi-agent debate simulation for prediction markets, finding cross-market hedges through emergent patterns of discussion. Proud of the team. More on this soon. Thanks @subvisual @LayerXlab @TalentProtocol
Subvisual
@subvisual
Apr 16
Agents Day Braga is a wrap! 🕵️‍♂️ Thank you to everyone who showed up to work and to those who shared their knowledge through workshops: @0xdavidesilva on Agentic Development, Mário Alves and @thatCarlosM on Devs-GTM, and Simão Nogueira on cloning OpenClaw to run in the cloud for
1.3K