Devin Baker

Now, it is still incredibly useful to calculate net income = income – expenses when evaluating any subset of token holders (and you’re not concerned with directly comparing the line items from PoW vs. PoS). For example, if you are considering staking a given token, you especially need to also know the expected net income from staking. The inverse... See more

There’s one big difference here, though. While Ben sold Eater and Resy to centralized companies, that’s not an option for Blackbird. Instead, ownership of the network of restaurants will primarily go to the restaurants themselves as the company progressively decentralizes. “Overall, the restaurant industry should own roughly half of the network,”... See more

To the extent that it is an empire, America is an empire defined not by its ability to expand geographically to capture existing resources, but by its ability to expand technologically to create new ones. America, therefore, is a boundless empire.

One of the most powerful, unique features of STP is Subscriber Rewards, which allow creators to share a percentage of their revenue with subscribers. Our philosophy has always been that your earliest subscribers should get rewarded more than later subscribers, incentivizing support for Hypersub creators from the earliest days.

In STPv2, we’ve... See more

Institutions are finally getting a way to earn real yield on their Bitcoin — without giving up custody or taking on bridge risk. Enter lstBTC, a new institutional-grade Bitcoin yield product from CoreDAO and Maple Finance, designed to turn idle BTC into a performance asset. Backed by trusted custodians like BitGo, Copper, and Hex Trust, lstBTC... See more

We contend that Pumpfun does not tokenize memes, and it does more than issue lotto tickets. Instead, for the past 18 months, Pump.fun, via permissionless listing of NNAs, exists as a crypto native game of chicken, wrapped in internet culture, with technical analysis as a core enabling feature. The supply side issues arbitrary assets, typically... See more

When I was jotting down notes for this piece I started listing out all the best observable reasons 2026 could be a bad year.

• the labor market is weakening


• AI capex can’t continue at this rate and is propping up the market


• stocks are expensive and multiples will contract


• private credit boogeyman


• inflation returns

The regulatory environment is clearing a path for builders to realize the potential of tokens as a new digital primitive, akin to what websites were for previous generations of the internet. With regulatory clarity, more network tokens will be able to complete their economic loop by generating revenue that accrues to tokenholders — creating a new... See more

The defining characteristics of Web3 are decentralization, ownership, trustlessness, and the use of cryptocurrencies. Web3 enables users to own their data, digital assets, and even the governance of platforms via blockchain-based systems. It also eliminates the need for intermediaries, allowing for trustless transactions conducted through smart... See more