Web3

The Treasury has two choices on how it pays the government’s bills. They can either issue debt (dollar liquidity negative) or spend money from its checking account at the Fed (dollar liquidity positive). Because the aggregate amount of debt cannot rise until the US Congress increases the debt ceiling, the Treasury can only spend funds from its chec... See more

This may be the first time we see a shift in public perspective where automated accounts and bots are not seen as bad actors on social media, but community leaders and influencers.

At a high level, compute is just electricity transformed by a machine to perform a calculation . More precisely, it’s processing power, memory, networking, storage, and other resources required for the computational success of any program.

Typically venture funds won’t invest in direct competitors to a portfolio company to avoid conflicts of interest (this decouples at the latest stages of private investment, but typically not series A/B/C). This means that venture firms will invest in only one company within a competitive space, even if the space is big enough for multiple successfu... See more

Technologies like Ethernet, Internet Protocol, Simple Mail Transfer Protocol, and Universal Serial Bus are among the key communication standards of our day. Of those, USB is the youngest at 28 years, while some of the others on that list are over 50 years old and still going strong. When a protocol wins out over competition in its adoption phase, i... See more

Today, crypto tokens are the latest protocol innovation to expose a disruptive new model. Just as BitTorrent allowed us to exchange packets of information instantly and without an intermediary, crypto tokens let us distribute value in the same way.

My (e)thesis: settlement, data availability, execution — in that order.

The subscription access business model results in a creator’s dilemma. If their best content is paywalled, how will they demonstrate the value of subscribing to new readers? If their best content is paywalled, subscribers have no way of accurately assessing the quality of a creator’s work.

With all the basics in place, let’s put it together with a simple valuation example. Consider the price at which a single rational value investor would be willing to purchase all tokens for a given network:

• For simplicity, we will assume all REV for this network are paid in assets other than the native token (e.g., paid in USDC). This makes it possi

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