Coming of Age
A note on revenue formation within crypto, how valuations have compressed and the emergence of moats within the industry This article was originally published on our newsletter at
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When the world comes on chain
We think number goes up Hyperliquid is turning into a venue for everything, and a third of its volume is no longer crypto. We sized what HYPE is worth if that continues, crypto volume returns to
Perps Will Eat Options
On why crypto needs options and why perp exchanges could end up owning that market For the past couple of weeks, I have been playing around with Papertrade. The house takes the other side of
On Conditional Markets
What Happens When Governance Becomes a Market? Note: Was originally published on our daily newsletter. More on that soon. Every prediction market today, from a contract on @Polymarket to a listing
Your AI Agent Screwed Up!
Who pays when your AI agent screws your money up? Meta recently shipped Muse, a personal agent that is probably the closest thing to Iron Man's Jarvis we've ever had. Within ten days of