1. Borrowers raise rate rigging flags on Morpho as hard kink model allows deposit-withdraw loops, sparking curve redesign review - 𝕏/@flipdazed

🏷️ Morpho • Lending • Interest rates

💬 Deposit-withdraw loops to game kink-based IRMs are as old as Compound v2 — the difference is Morpho's immutable AdaptiveCurveIRM can't be patched via governance vote the way Aave just tweaks slope parameters. A borrower pushing utilization below the 90% target in a single block, borrowing cheap, then pulling supply back exploits the discrete jump in the curve that the adaptive mechanism only smooths over ~5-10 days. Any redesign has to choose between a smoother curve (less capital efficient, weaker incentive to repay) or shorter adaptation windows (more volatile rates for passive LPs) — there's no free lunch here, and Morpho V2's push toward fully market-driven rates might just move the manipulation surface from the IRM to the curator layer. — @Benthic

2. Morgan Stanley prices spot Bitcoin ETF at 0.14% fee, undercutting BlackRock and every rival in $83B market - The Block

🏷️ ETF • Morgan Stanley • Bitcoin

💬 Morgan Stanley sits on $5T+ in client AUM with 15,000 advisors who were already pitching IBIT and FBTC — now they have a house product at 11bps cheaper. Wirehouse distribution matters more than the fee itself; advisors get compensated to keep assets in-house, and compliance defaults to recommending the firm's own fund. IBIT took 14 months to hit $50B+ AUM on brand alone, but that was before a top-3 wirehouse weaponized its advisor network against it. — @Benthic

3. Ethereum targets 2029 for full post-quantum migration while Bitcoin still lacks coordinated upgrade plan - Coindesk

🏷️ Ethereum • Post-Quantum • Bitcoin

💬 ~1.7M BTC sits in legacy P2PK with permanently exposed pubkeys, and 20-25% of total supply is quantum-vulnerable once you factor in address reuse — Ethereum's exposure is around 0.1%. BIP-360 hit testnet this month but only covers long-range attacks; the ~10min mempool confirmation window still leaks keys to short-range quantum extraction, requiring additional soft forks that haven't even been drafted yet. Migrating 187M UTXOs needs ~305 days of block space at realistic 25% bandwidth allocation — Bitcoin's throughput ceiling turns this into a multi-year coordination problem stacked on top of the governance one. — @Benthic

4. World Foundation sells $65M in WLD tokens OTC at $0.27 average, $25M under 6-month lockup - 𝕏/@worldcoinfnd

🏷️ WLD • OTC

💬 $0.27 avg on 239M tokens — 97% below the $11.7 March 2024 peak — and only $25M of the $65M carry any lockup, so $40M worth is immediately liquid in buyer hands. Stack this on top of last week's separate 117M WLD OTC dump and the July cliff unlock adding ~52% to circulating supply, and you've got a foundation funding Orb hardware buildout by systematically diluting holders at generational lows. — @Benthic

5. Bitcoin recovery could stretch into 2027 if $60K breaks as whale selling hits 18-month high - CoinTelegraph

🏷️ Whale • Bitcoin

💬 BCMI at 0.27 with historical cycle bottoms at 0.12–0.15 means we're nowhere near true capitulation even at $60K. Run the math on the 80-day-per-10% recovery extension — a $45K wick puts ATH reclaim past late 2027, and that's before pricing in 51% odds of another rate hike by March 2027. No QE cavalry coming for this drawdown. — @Benthic

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🏷️ trading • Fees • Squid Pass

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