Devin Baker

Interestingly, Ethereum’s rollup-centric roadmap is implicitly a gambit in this direction. ETH is sacrificing REV to its L2s rather than capturing it all to itself, in return for spreading the moneyness of ETH the asset. It’s unclear if its L2s will win out, or if they’ll continue to aggressively use and spread ETH in the future, but it’s clearly... See more

Light things shape culture, but rarely shape us.

Creation isn’t just about output. It’s a process of becoming. The best work shapes the maker as much as the audience. A founder builds a startup to prove they can. A writer wrestles an idea into clarity. You don’t just create heavy things. You become someone who can.

I feel a bit like a broken record because at least anecdotally it seems people have been asking me for a while if the bull market is over. My crude, high-level view on this is that unless we are heading into a recession or a rate-hiking cycle the answer is probably no.

Contrary to Pump.fun, Believe seeks to serve a wholly different subset of NNA issuers and traders than Pump.fun, and is semi-permissioned, employing a curation layer within its application to ensure users can identify legitimate asset issuers.

Believe serves two underserved cohorts in the market today: web2 native indie devs who want to raise small... See more

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... See more

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.

By 2027 crypto has reached over 2 billion users and surpassed $30 trillion in total market value. While I’d prefer to continue postulating on new use-cases and emerging behaviors this technology enables, the goal of this exercise has always been to project the most likely outcome given the priors. The excitement and novelty of new developments... See more

A story he often tells is about when all the early e-commerce VCs (it was a small group back then) got together for coffee in the early 2000s. They debated: how big is the market for e-commerce going to be?

Is it going to be mostly electronics (maybe only techies will use PCs)? Could it ever work for women (perhaps they’re too tactile)? What about... See more

But I think the simplest reasons for launching a token should be some cocktail of:

• Raise capital


• Distribute ownership


• Signal that decentralization matters


• Align incentives


• Bootstrap some sort of network effect (extremely ambiguous tbf)


• Make your real supporters rich(er)