As Canton’s native Ethereum-compatible execution layer, @ZenithFdn offers unmodified EVM (Solidity) and SVM (Rust) virtual blockchains that run atomically within @CantonNetwork’s privacy-preserving infrastructure. This enables institutions to: 1. Seamlessly deploy to battle-tested Web3 DeFi applications from Canton without bridging to external environments, 2. Utilize ERC tokenization standards (ERC-1400, ERC-3643, DS Protocol, CMTAT, ST Protocol, etc.) and EVM based product/tooking dependencies for their Canton strategies, 3. Migrate Hyperledger Besu stacks with lift and shift code redeployments to compose with the broader Canton ecosystem and external L1s. All of this happens natively on Canton Mainnet, without economic bridges, code rewrites, or compliance fragmentation. This is Canton EVM. This is Zenith. Zth.

.@austincampbell put it nicely, and I’ll paraphrase my take with a mishmash of his: The demands and needs of the time are always in flux. There are capitalization windows for these periods. However, it doesn’t mean they all have staying power, and it’s likely the be all end all blockchain might not even exist yet. Trends are your friend, until they’re not. The recent Bitcoin doomerism is an interesting take I would have not expected this cycle. ZEC being pitched as a replacement was not in my cards. Broader basal network growth is cooked and everything is being steered towards the application level. Revenue generating businesses are winning market meta and capital allocation. As such my thesis still stands: My financial cynicism stems from the fact that I think general purpose L1s will largely be a write off in the coming decade as Ethereum will be fully sufficient to absorb the entire market once we reach ETH 2.0/Lean Ethereum status in production. “It’s more that people have come to believe that even if a new chain wins, there’s no prize worth winning. If $ETH is just a meme, if it’ll never generate real revenue, then even if you win, you won’t be worth $300B. The contest is not worth winning, because these valuations are all bunk and it’ll all come crashing down before you go to claim your prize.” The contenders then will not be from within the crypto industry, but from real businesses displacing them. We’re already seeing that now with: a) Robinhood > Kalshi b) Stripe > Tron That to me is inevitable and where I’d make my bets. Blockchain is here to stay, but Web3 is too redundant and messy. It’s easy to come in and scoop out the necessary ingredients without all the noise. Should we make tech improvements, definitely. Is that what wins? No. It’s like eating a handful of raw sugar, egg, and flour and saying you just ate a pie. Better ingredients with best execution are critical. My cynicism is that crypto teams largely don’t have what it takes by way of execution. Too few of them have been around long enough to understand the true game. Those that do understand are already building the necessary ingredients for when the executors come along from the Web2 world. A la @CantonNetwork and others. Zth.

Asian work hours: 9/9/6 That’s average I’d say. Some companies would look at this as underperforming. I’d expect nothing less. There is no such thing as work-life balance. Only winning. Zth.

Happy to see the portco cooking. When I met @MurielMedard we had really amazing strategic discussions out the gate, so I knew I had to support. I really appreciated the @get_optimum team’s ability to architect sophisticated tech while also having a knack for constantly seeking PMF. $3.4B in staked $ETH is no small endeavor. This team was clear to win from the onset though. Thrilled for them! It’s just the beginning.

The Universal Burn CIP is still in draft, but it has important implications. @bc1pxxx + @ShaulKfir just put out this CIP that unifies Canton MainNet’s economics. What it is: Today, Global Synchronizer traffic burns $CC and pays rewards. Dedicated synchronizers mostly sit outside that via license fees. This CIP makes every production synchronizer burn CC at the same list price ($60/MB ≈ $1 per typical ~16.7 KB transaction), extends app/validator rewards to all traffic, and makes dedicated synchronizers fully permissionless. It adds volume pricing + commitment discounts (backed by staked $CC) so high-throughput, low-value workloads can actually live here. Hard dollar numbers (not yet approved): → Volume curve on dedicated synchronizers: price halves every 10× sustained throughput: ≤1 TPS stays at list (~$1). 10 TPS → 50¢. 100 TPS → 25¢. 1,000 TPS → 12.5¢. → Commitment (1yr+, 20% collateral of annual fees): 50% off the volume price. Extra collateral up to 100% of a year’s spend stacks further (toward ~74% off volume price). Loyalty adds up to another 60% after four years. → Full stack example: a 10 TPS app drops from 50¢ gross to about 5¢ per transaction. Most of what’s burned is expected to come back as rewards (≥90%), so the net cost is substantially lower. → Why the curve exists: a flat $1 everywhere would make 1,000 TPS cost ~$31.5B/year. That prices real payment and trading volume off the network. Scale implications: The current split leaves high-volume dedicated capacity economically outside the @CantonNetwork $CC economy. Universal burn turns that into net-new burn. Volume + commitment pricing is what makes sustained institutional throughput (payments, trading, composed RWA flows) viable without forcing everything onto the Global Synchronizer or leaking value as licenses. Collateral commitments lock $CC and make future burn more forecastable. Dedicated capacity becomes additive rather than fragmenting. One network, one economy. The framework decision is the one that matters first. Numbers follow. Zth.

Metric just came out of stealth and the timeline is doing what timelines do. Been watching this one, and know the founder. Hats off @mick_metric 🫡 Active pools that separate pricing from liquidity: a Price Provider sets the bid/ask/reference from oracles (Pyth, Chainlink, custom logic), and the pool holds liquidity in percentage bins around that reference. When the external price moves, the ranges move with it. No more LPs constantly getting picked off because the pool itself is the stale oracle. That’s the actual problem with almost every AMM for anything that already has a real market. Tokenized stocks, gold, majors, FX. The pool sits wrong until an arb corrects it, LPs fund the correction, spreads widen, and the whole thing becomes a tax on real flow. Metric’s approach is the opposite: quote to reality, keep capital where the market actually is, and let the reference do the heavy lifting. Capital turnover numbers in stealth were absurd for the TVL. Live on Ethereum, BNB, and Robinhood Chain, and later 👀. Aggregators were already routing to them quietly. Now it’s open: trade, LP, or deploy your own pool. Audited (Zellic, Sherlock). Team has real DeFi LP and protocol experience; one of them just left Uniswap after a few years. Excited to see how this works for DTCC assets. A few thoughts here: 1. Most “RWA DEXs” still try to force real assets into AMM designs built for tokens that discover their own price. It doesn’t work once size and continuity matter. 2. Separating the price source from the liquidity inventory is the right primitive if you want professional market-making infrastructure to become permissionless. 3. The hard part is the freshness, oracle risk, weekend gaps on equities, and whether LPs actually get compensated for the residual risks (latency, inventory, feed integrity). This design fixes that. 4. If this holds up under real flow on tokenized stocks and majors, it becomes one of the few pieces of spot infrastructure that institutions can actually route through without the usual DeFi tax. That’s rarer than people want to admit. 5. Launch hype and airdrop farming will be loud for a week. The only thing that matters is whether the pools stay tight and capital-efficient once the early volume normalizes like Paper. Been waiting for this for awhile. The interesting part is whether active pools become the default way anything with a real external price trades onchain. They could be a fundamental piece of market infrastructure moving forward. Some people are claiming they’re the Morpho of AMMs. Zth.

“I see Zenith as Canton’s first credible entry point for Solidity developers. But it is still a testnet,…” We appreciate the nod! Respectable post. But if I may… A handful of testnets have been in prod for several months already with clients. It’s only a marketing choice when to announce things 👀 “…not an active application economy.” This is the core value proposition of having a single public, permissionless EVM virtual blockchain deployed to Canton. We could have just left it at Zenith Stack deploying EVM subnets for specific businesses, but like you noted, that would not yield Robinhood-esque results. You’ll be pleasantly surprised. Your post is accurate in its scope, but still only a small fraction of what’s possible with this technology and what we impact we can actually make. Zenith Stack VBs going live will be the first time the EVM has been baked natively into a non-EVM L1, with true atomicity - not marketing jargon. Brew on the implications. And hey, we can do any VM. “Zenith could solve the developer-access problem. It does not solve distribution by itself.” Could? It does. Can’t solve distribution? Says who? Unlike the ecosystems of yesteryear: 1. I believe bringing the technology to MainNet is only the starting line of the race. 2. I believe incubator/accelerator/start-up/hackathon driven application level ecosystems are doomed from the jump. 3. I believe only mature, robust, stress-tested and trusted applications matter. 4. I believe asset issuance is nearly worthless without bringing the entire value chain… onchain. Why tokenize if you haven’t found the buyer/lender? I could care less personally who the intermediary technology provider is to connect the two as long as it’s on the Zenith Stack and both parties agree to it. 5. I believe in focusing on PMF not market meta noise. I was steering the company in this direction since mid-2024. 6. I believe RWAs will just be called digital assets. Back to the basics. 7. I believe in 10-20 years global financial markets will be entirely migrated with some, if not all, of the backend onchain. Blockchain will just be a technology, not a trend. 8. I believe we’re in an institutional hype bubble with regards to the deployment phase. It’s fine, but there’s lots of noise and shaking trees. 9. I believe CMC/CoinMarketCap top100 is unlikely to include many Web3-first companies/assets in 10 years. 10. I believe applications should pay for protocol dependencies, not the network. As such, what if it could be amortized by all applications and subnets? 11. I believe you shouldn’t overly hype your launch. 12. I believe in rising tides and finding angles to work with all parties, even “competitors.” 13. I believe there is no winner take all. 14. I believe innovative technology isn’t the core element of a successful business. Just a useful piece of the puzzle. 15. I believe in my team. Between my co-founder, our head of ecosystem, and myself we have over 35 years of Web3 experience in core architecture, ecosystem growth, governance, advisory, investment, leadership/board seats. We’re not in Kansas anymore Dorothy. Zth.

Without Vitalik I fear for the long-term consistency of Ethereum to uphold the same values. Vitalik exemplifies strong opinions loosely held, and is not hypnotized by money or grandeur. If and when another ruling class co-opts the network I am skeptical it can maintain the directional guidance Vitalik has set forth 5-10-15-20 years later. Look what happened to Siddhartha Gautama’s words. It all turned into fairy tales just decades after. Look at where some of the other Ethereum co-founders are and how they steered those ships. Vitalik is not the layman. We all know this. IMO this is how and why Ethereum is where it is now. On to another matter. Privacy is not real. Don’t be so easily fooled. When you’re given option A and B it’s to make you believe you have a say in the matter. Panopticon. Omnipresence. We’re nearly there. Palantir + Pegasus + Beamforming Feedback Information + Facial Recognition Technology… tip of the iceberg. "By way of deception you shall engage in war.” Mossad / Not-Mossad. Allegory of the cave. Just being frank. Smell the roses. Zth.

When you see it you can’t unsee it. Ethereum <> Zenith <> Canton Exporting the EVM and ETH. It’s quite simple really. Zth.

Feels like bread crumbs here… Read between the lines… Keep thinking… Yup 🤯 Zth.

DAS ASIA: Balancing Privacy vs Transparency in Onchain Finance was a banger. Crowd was nuts. Eric from Digital Asset @wesarn_real Keone from Monad @keoneHD Zach from Grayscale @LowBeta Myself Moderated by @robbiek__ TLDR: there’s not one size fits all for privacy. That’s why Zenith provides full optionality on deployment structures: a. Open public permissionless b. Open public permissioned c. Private permissioned isolated d. Private permissioned multi-party Q2 pilots for privacy-enabled EVM optionality on public permissionless. Zth.

One of my favorite events over the last 2 weeks because I saw friends from the last decade. The original STO cabal showed up and we got to talk old war stories. It’s good to see friends and partners doing well this many years later with the same or different businesses. Wishing everyone success in whatever they’re working on now. Having been through the thick of it and the rollercoasters between, we can all empathize with each others’ journeys. Onwards and upwards. To the Zenith. Zth.

Two panels in one day. I’m excited to speak on why stablecoins are becoming the settlement layer for onchain finance. What infrastructure can make that liquidity work at institutional scale? Zenith. At the Singapore edition of TokenizeThis 2026, @HeslinKim (@ZenithFdn), @jeremyng777 (@OpenEden_X ), Bhaumik Kotecha (@paxoslabs ), and @MattWyss (@obligatecom) will discuss stablecoins and liquidity infrastructure. Moderated by Dan Sun (@Alchemy ). See you there at 6:30PM on October 6th! Zth.

On October 6th, I am thankful to also be speaking at Merkle Science Meet: Token2049 Singapore. There’s a stellar crew on this panel: “Real-World Asset Tokenization: Compliance at the Intersection of TradFi and Blockchain” Ilya Brovin - CGO at @sumsub Sheena Lim - CEO at @1Xexchange Jenna Peterson - COO at @MidnightNtwrk Arthur Breitman - Co-Founder at @tezos Heslin Kim - Co-Founder CBO at @ZenithFdn Yan Ma - Executive Director at @TheSpartanGroup Moderated by Mark Tang - VP Client Solution at Hydra X. I’m scheduled to speak from 3:55 – 4:35pm! See you all there. Zth.