Devin Baker

• Peer-to-peer internet platforms that enable users to transact and enforce contractual relationships without government or corporate intermediaries


• Digital dollars that can be stored and transferred anywhere on earth where there's internet, providing billions of people with cheap and reliable money


• Permissionless exchanges that enable anyone,

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Indeed, persistence often requires that one change one's mind. That's where good judgement comes in. The persistent are quite rational. They focus on expected value. It's this, not recklessness, that lets them work on things that are unlikely to succeed.

The end goal for Ethereum is to become the financial layer for global coordination.

AI can absolutely be used to dehumanize, with more surveillance, more speed, more noise, more extraction, fewer jobs with dignity, and fewer reasons and opportunities to look someone in the eye. But it can also be used to rehumanize, with less drudgery, less paperwork, and less rote work. Fewer hours spent being a “human API” means more time in the... See more

A central theme in Howell’s analysis is the assertion that liquidity flows have become crucial in understanding the modern financial landscape. In recent years, particularly since the global financial crisis, the nature of capital investment has evolved. Interest rates, which historically served as a critical indicator of capital allocation, have... See more

In both cases though, you also need to care about the net income of all token holders in aggregate. That is the measure of the token’s overall value capture from generating income, and hence is a major component in its valuation. Imagine a network with high issuance and low staking participation. The income statement for stakers might look great.... See more

Reserve currencies since we have understood them have been intertwined with the geopolitics as much as the economics of the system that sustains it. Which is why the incumbent generally converts that economic power to military dominance. When faced with a challenger, the up and coming competitor must unseat and surpass both the economic and... See more

We believe that growth will hold up while inflation stays tame (if not drift to the target of the next year or more). In that scenario, real rates can easily come down to 1.5% (or lower), which enables another 100bps of cuts without too much imagination. As this comes to fruition, money will again flow from wealth preservation assets to wealth... See more

In a traditional rollup, users send their transactions to a dedicated sequencer — essentially a single machine operated by the rollup team. This sequencer is responsible for collecting user transactions, determining their sequence, and packaging them into blocks that are posted on Ethereum.