Devin Baker

Therefore, unless the US Fed restarts QE, the omens for Global Liquidity are not great. Does this mean that investors face a threatening financial crisis? We are not this downbeat simply because the heightened demands for debt refinancing that so offer trigger crises are unlikely to bite until 2026. However, a future threat remains, even if we are... See more

In the skeuomorphic era, the design thinking is largely adapted from older domains. For example, the early web was mostly digital adaptations of pre-internet activities like letter writing and mail-order shopping. Websites back then were mostly read-only.

It took about a decade for technologists to start seriously exploring the idea that websites... See more

What value investors implicitly assume is ‘perfect liquidity’ (at least when they need to sell), but the history of investment over recent decades confirms that market liquidity is highly cyclical moving over a 5-6 year frequency from abundance to scarcity. The chart below demonstrates the close correlation between weekly changes in Global... See more

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

... See more

At a16z, we believe that the best thing that a society can do for a person is to give them a chance. Give them a shot at a great life regardless of their circumstance, background, ethnicity, religion, gender or any other attribute. Give them a shot, a chance to contribute, a chance to do something larger than themself and make the world a better... See more

Again this underscores my core premise, which is that Ethereum should maximize economic activity within its platform (including rollups) and ETH should position as a true permissionless, digital store of value (see related tweets from Doug & Sassal) more so than an interest-bearing capital asset.

Art followed a similar path.

For centuries, it was a passion asset, a canvas-bound vault for the wealthy. Then Sotheby’s launched a financial services division.

Art-backed loans took off. And in 2024, they packaged $700 million worth of art-secured debt into investment-grade bonds.

A Rembrandt may still hang on a wall, but it now funds interest... See more

TGE's are at-best more akin to SPACs.