✦ Dispatches from the back room ✦
The word
goes out.
The arrangement · 2026-08-14 · 5 min
Why the stream pays WETH, not our own token
The 2021 reflection cohort paid holders in the one asset guaranteed to go down with the ship. We pay the family in hard money instead.
Read the letter →
The books · 2026-08-08 · 4 min
The boring three quarters: USDG, the ~7%, and where it comes from
Three quarters of the vault sits in the chain's native dollar. The yield number isn't ours — it's the chain's, and it's citable.
Read the letter →
Collection day · 2026-08-01 · 5 min
The floor is a promise you can execute
Backing per token is not a chart annotation. It's a number you can turn into assets, alone, at 3am, with nobody's permission.
Read the letter →
Porto del lancio · 2026-07-25 · 4 min
Launch notes: the rail, the lock, block one
The chain is two months old, the launch rail locks LP by construction, and the dashboard was live before the first trade.
Read the letter →