Devin Baker

The hype cycle is now in full swing. Gensler is a lame duck sitting SEC Chair and it’s clear he won’t be back when his term ends in 2026. While the CFTC hasn’t officially been deemed the regulator of choice for crypto, it’s evident that’s now just a formality; the United States averts what was previously viewed as an existential threat.

All of the... See more

The symbiotic relationship between L2s and Ethereum is undeniable. L2s thrive on Ethereum's infrastructure and security, while Ethereum benefits from the increased activity and increased demand for ETH, making it a better store of value.

So as long as the govt is running deficits that it has to monetize in order to pay for, inflation will continue at much higher rates.

On the brighter side, by this point BTC and ETH are solidified. Similar to how FAANG stocks performed during the overall stock market drawdown in 2022-23, BTC and ETH are now relentlessly bid by younger generations who control an increasing share of global wealth. A lot of the reflexivity in crypto prices is now muted – at least for these two large... See more

We’re becoming a culture that worships the jackpot and increasingly prices survival at zero.

At a basic level, the protocol consists of:

• A substrate blockchain (Subtensor) that serves as a system of record


• A Native token (TAO) that incentivizes participation


• A network of specialized projects (called “subnets”) that compete for TAO emissions


• A consensus mechanism (Yuma Consensus) for scoring performance and allocating token rewards

In this framework, it becomes clear that the traditional 60/40 portfolio of stocks and bonds is no longer relevant. In that scenario, you’ve already failed, as you're holding 100% centrally planned assets whose custody and value is manipulated by cross-border flows that influence global liquidity, disconnected from real economic productivity.

Institutional capital is in its infancy within alpha token investing. DCG’s subsidiary Yuma and less than a handful of emergent liquid funds like Contango Capital and Unsupervised Capital are playing a mixed role of ecosystem evangelist, VC, incubator, and liquid token investors. These teams are working with early subnet teams to adopt a long-term... See more

The American Empire isn’t over. It’s just beginning. This will be the American Millennium as long as Americans believe that they can take matters into their own hands, build solutions to the challenges that we will inevitably face, and continuously rebuild a better America, and a better world.