Web3

If you’ve been paying attention to us or are active in the Ethereum ecosystem you probably know Interface . It’s a social trading product based on a feed of onchain activity (with a for you and following feed like twitter). They’ve been building for years and have had a good group of core users, but they’ve hit an inflection point and have been con... See more

Economic Flywheel . The core purpose of the DAO is to become a very effective trading firm and grow AUM. All assets the DAO is holding are publicly viewable and with the levels of attention the project has any trade it makes will rapidly be copied (just as is the case with any trader with good reputation and a tg channel where they share their call... See more

Social Flywheel . Their virtual trust marketplace allows token holders to suggest trades to the agents, have their reputation evaluated as a source of insights, and grow their influence as their suggestions yield good results. Not only will having a good reputation score and ranking high on the leaderboard be socially desirable, but being able to i... See more

Tech Flywheel . They’ve built an open source framework for launching agents, called Eliza, that many of the top sentient coins are building on top of and contributing to. It’s becoming a no brainer tech stack for people wanting to build crypto agents which is quickly becoming everybody. They also have a “standard deal” where if you build on Eliza a... See more

I find Ai16z so fascinating because it’s so much more than just the fund it appears to be on the surface. It’s an attention network and agentic schelling point. It’s a memecoin, an agent launchpad, and social network. And the flywheels that are going to kick off when it starts trading are going to melt faces.

ai16z is a fully AI-managed tokenized venture DAO where agents evaluate investment opportunities suggested to it by the community, execute trades, evaluate the reputations of members based on the success of those trades, and grow the AUM of the fund. It’s been on a crazy speculative run over the past few weeks on the backs of a big vision and stron... See more

Stripe recently announced its acquisition of Bridge, a stablecoin payments platform, in a landmark $1.1 billion deal. This acquisition, Stripe's largest to date, positions the fintech giant to expand its services into crypto, offering businesses streamlined access to stablecoin infrastructure for global transactions. By integrating Bridge’s banking... See more

We covered a lot of ground here, so let’s summarize our key takeaways here:

• Cryptonetworks are not companies. Income/expense/profit metrics generally do not logically apply at this level. We can try to assess the profitability of all token holders, and/or subsets of them.


• PoS issuance to stakers is not a “cost to the network,” and it isn’t even a net

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Interestingly, Ethereum’s rollup-centric roadmap is implicitly a gambit in this direction. ETH is sacrificing REV to its L2s rather than capturing it all to itself, in return for spreading the moneyness of ETH the asset. It’s unclear if its L2s will win out, or if they’ll continue to aggressively use and spread ETH in the future, but it’s clearly t... See more

Bitcoin is special. It was the first, and it’s still the most decentralized, credibly neutral, predictable, and reliable network. No other network can match its story, and perhaps no other will match these features.

Also, unlike most of its peers here, BTC makes no attempt to be a productive capital asset. Now, that may sound like a weakness at firs... See more