The next phase of Edel Markets is taking shape. Private trading infrastructure on Canton was the foundation. Now comes the liquidity required to turn that infrastructure into a serious market. We've been working behind the scenes with some of the industry's most established players. More to come Monday. The pieces are coming together.

On their quarterly earnings call, @Nasdaq CEO Adena Friedman highlighted collateral mobility as a leading near-term opportunity for tokenization, citing a Canton proof of concept with Vanguard and Wellington that moved collateral between pools “instantly” and “perfectly.” Tokenizing assets was the first step. Making them move is the real opportunity. That’s the financial market utility Canton is built for.

Ethereum built the most composable financial ecosystem in the world. @CantonNetwork built what institutions needed first: privacy, compliance, and atomic settlement at real scale. For years those two things existed in parallel, with no native path between them. Zenith’s role is to be the middle ground where they converge. Not by picking which asset class comes first or by betting on a specific tokenization thesis, but by building the execution environment that lets the full scope of traditional capital markets - U.S. Treasuries, sovereign debt, JGBs, tokenized funds - compose natively with the lending protocols, liquidity pools, and DeFi primitives that Ethereum developers have spent a decade building and hardening. @HeslinKim explains the philosophy behind this in the clip below. Zenith doesn’t define the product roadmap in advance. The institutions coming to Zenith as customers define it, because when a specific institutional need drives what gets built, you already know the application has a home before a single line of code is written. The Zenith EVM Testnet is where that convergence starts, open today for developers to build on: Zth.