$ZEC is one Peter Thiel comment aways from beeing 5 digits

funny how arrogant we are towards the US while delivering nothing they don't take us serious and they are right

Got one for every pitch

Celestia's perception change - when green candles arrive @celestia is humming along, currently sitting at just 0.5% of Ethereum’s market cap share. Token unlocks? Will be completed in November. Polychain dumping until then? No because their allocation got cleared with other investors like us. Lotus which is coming next Tuesday is directly addressing interoperability concerns as well as investor fears around inflation and locked staking rewards. The rollup and sovereign chain thesis remains intact. Every major corporation seems interested in launching its own chain. Why? It can give them full control over the chain and revenues associated with it. Rollups are the perfect tool for them since they can bring their own distribution and funnel it towards ‘owning’ the asset issuance layer while monetising on ordering and execution in an open and verifiable way. It doesn't make sense for them to build out an L1 since it carries higher regulatory risk, is slower and more expensive to market, and there’s an argument to be made that you can’t fully own it. Ethereum’s data availability supply, even post Fusaka will not be enough. We are already using 72% of Ethereum’s data availability target capacity, and we haven’t even reached the end-stage cycle craziness yet. This creates a strong onboarding window for Celestia, as throughput demands are exploding across the board. We see a common mistake to underestimate growth and demands for scalable and decentralised Blockspace and therefore stay delusional bullish for Celestia since they have a crystal clear scaling path understandable for their rollup providers. Since the narrative follows price and not the other way around, let me paint a positive picture of how it could be perceived when the green candles arrive Celestia Current Perception: Right now, Celestia is viewed by many as a commodity primarily because anyone can post data to it and independently verify its availability. While I don’t necessarily agree with that assessment, it remains a common viewpoint. The idea is that Celestia guarantees data availability, but not correctness. This minimal guarantee leads some to believe it lacks deeper utility or value accrual potential. The fear is that everyone who is offering cheaper DA can undercut them. Potential Future: Interop + Pricing Power Even if Celestia is perceived as commoditized, many projects may still choose to use it as their data availability layer. It actually helps them to onboard new chains/rollups since who wants to compete in a commoditized business? This could create an interoperability moat, where Celestia becomes the standard DA layer across multiple ecosystems since Ethereum is not scaling fast enough their DA capacity or new users will just not use it due to cost. As more sovereign chains anchor to the same DA layer, the overall experience begins to feel more cohesive and "composable" to the end user, even if execution remains fragmented. You have way faster finality as with Ethereum and therefore achieve that feeling. If we reach that point, there's a strong case for Celestia to become the coordination hub, one that can command a premium for enabling better interoperability between chains. The question then becomes similar to what we've seen with L1s: How much do the states of different applications and ecosystems actually interact with one another? How much is that worth? If the level of interaction is high, there's a compelling case for strong network effects to emerge. You enable chains full ownership and sovereignty while providing the rails to move value around frictionless. The Accidental Computer: Interop + Proofing Layer Over time, Celestia might evolve into a "settlement" competitor to Ethereum not by design, but through emergent behavior. If rollups begin to post proofs of execution to Celestia (rather than Ethereum), they can achieve verifiability of correct execution at a much lower cost. While this doesn’t offer settlement or finality in the Ethereum sense, it allows rollups to remain sovereign and VM-agnostic, while still giving users strong guarantees about transaction correctness. Ethereum rollups today post proofs to Ethereum for finality, settlement, and security. For L2 issued tokens a lot of this is basically a meme in the Ethereum sense since I cannot withdraw them to L1. Overall, if Celestia evolves into this vision, it essentially becomes an “Ethereum without smart contracts” but without the awkward conflict between L1 and L2, and with significantly less complexity. Honestly, I was never a fan of the “Lazy” branding sorry, sloths. It gives the impression that Celestia isn't doing much, when in reality, it's enabling a system that could end up being more robust and scalable and provide the same services that matter similar to ethereum regarding data availability and verification of execution proofs. Celestia aims to be the coordination hub of rollups, which could evolve into a more elegant and, I would argue, less fragile due to less complexity version of the “world computer”. Fees and Money in L1s One might ask if I didn’t include the fee question on purpose until now, since Celestia fees have been underwhelming in this cycle so far. To challenge that perspective, I’d argue that this won’t matter in the early phases of the ecosystem, as we’ve seen with ETH in 2017, SOL in 2021, and SUI right now. Celestia is still in its beginning stages and shouldn’t be judged based on current fees, but rather on its positioning and potential to capture fees five years down the road. There is a caveat, though: all of those execution environments have the ability to capture MEV and “own the liquidity.” We would argue that the market is currently correctly pricing Celestia's potential to capture MEV in the future, and we are aware of that. We also believe other L1s are mispriced in terms of the percentage share of MEV they can capture, given that “monolithic chains” face pressure to implement ASS to retain their applications. I wouldn’t go as far as some Ethereum statements suggesting that Solana’s capturable MEV will eventually be 0%, since that’s still a long way off—even if MEV is currently almost solely captured by validators. I would, however, assume that 10–25% will remain within the chain over time. Another perspective often discussed is the monetary side of things: a borderless, neutral asset that’s seen as a sovereign store of value, with users holding surplus due to not using the commodity effectively. There’s some truth to the argument that only BTC and maybe ETH are currently able to sell the “Asset as a Product” narrative. However, it remains to be seen how this evolves for other ecosystems. This challenges the “user holding surplus” thesis because if you are an active on-chain user experimenting with new apps, you’ll notice that we are moving quickly toward privy logins and gas abstraction. Celestia seems correctly priced for having business holding surplus, while other L1s are likely less accurately priced as they transition from user-holder surplus to business-holder surplus. We are seeing this happen increasingly quickly with apps like @Infinex, where we have also been investors. Businesses are abstracting away the poor UX of signing and gas fees to gain an edge over their competitors. One area where Lotus makes a significant improvement is on the collateral side of money, as it will now be much easier to use Celestia across other chains and move assets around. I prefer to view things in terms of dominance and relative pairs. I see positive tailwinds emerging for Celestia, while other ecosystems may struggle to maintain their current narratives as they are forced to stay competitive. Those tailwinds don’t matter if your product doesn’t win in the end, but I would strongly argue that you have a very focused team that is well-positioned to become the main DA provider for the next generation of rollups. If you’re winning this market, I don’t see a strong argument for why it shouldn’t be considered a viable Ethereum competitor, given its potential to serve as both the interoperability layer and the “Accidental Computer” in the future. Bringing it together Ethereum is definitely in its "war time" phase right now, pushing hard to expand Blobs and increase gas limits. You can tell Celestia is a serious competitor otherwise Base’s L3s would opting for it and not using AWS to stay aligned with Ethereum. Celestia is, product-wise, where Ethereum wants to be in a few years. It’s simply waiting to further scale its block size and reduce block times. That gives it a real window of opportunity to become a serious contender. All that Celestia needs is one breakout app/chain that will validate it for others. Disclaimer: I hold $TIA, $ETH and $SOL Disclaimer: I’m buying more $TIA

Naval's friends are not your friends If you’re arguing for ZEC on the basis that it might become money or a store of value someday, you’re massively missing the forest for the trees. People think retail will move this coin, but this it’s especially interesting for ultra-wealthy individuals who want protection from debasement, political attacks and capital controls. I think it's becoming more clear that we will see a major shift to the left again, driven by demographics, cost-of-living pressure and a conservative government that currently continues with asset holders policy since their hands are tight. “Mandami” will be the new reality, and your personal political takes on that won’t matter. There will be increasing pressure for capital controls, which in turn will drive more demand for encrypted BTC. It became the shelling point with an easy narrative Crypto Twitter compares @naval talking about ZEC to random KOLs paid by a project. They forget that Naval’s friends aren’t trenchers trying to make it—they’re people with real wealth to protect. Something like $ZEC becomes an extremely easy sell as an interim solution for more financial privacy down the road. For transparency: I bought ZEC at $50, shielded some and have nonetheless rebalanced my portfolio as of late. Sizing it down doesn’t mean I’m bearish at all.

btw where are all those ETH$ ETF has no flows guys?

Bought more $TIA here

Of all the chains @Celestia gets the most fud for unlocks - Series B investors are basically at cost basis now - Vesting will be done in Oktober - 71% of investor tokens are unvested now The impact gets less and less every day

Within the next few years, even crypto evolves into a token-picker's market I usually avoid sharing too many macroeconomic thoughts or relying on charts, as I believe much of this falls into the "too hard" bucket, as @bgurley or @WarrenBuffett might suggest. However, I still have a mental model for the next decade. My baseline assumptions over a long enough time frame are that technology will always outperform, and anyone attempting to profit from downturns using macro insights is playing a fools game. Markets are inherently designed to grow, so it’s better to play an EV+ game rather than an EV- one. If there are no investable assets, I’m comfortable holding cash, but I generally avoid speculating on lower asset prices. Instead, I look for markets and companies offering better opportunities than my current holdings. I aim to stay invested in secondary uptrends. To do this, I constantly evaluate whether I expect higher prices for the markets or assets I hold over a 5–10 year horizon. I’m a strong believer in Perez’s Innovation Framework, which is why I wanted to share my perspective on some @cburniske takes. In crypto, I believe we are still in the "installation phase" but are transitioning into the "deployment phase." While it’s encouraging to see early signs of product-market fit (PMF) with something like SpaceX and stablecoin transfers, we’re not yet at the stage where global commerce runs on our rails. Today’s UX hurdles are unsustainable for global adoption, even though these problems must and will be solved. We are at a pivotal moment of "Crossing the Chasm," where we must shift focus from enthusiasts to mainstream users. Although stablecoin predictions suggest a $500 billion market this year, most activity remains speculative (buying and selling assets). Changing enterprise habits to transact commerce via crypto rails will take time. Maybe @santiagoroel can get us there faster with @inversion_cap I went through the comments and generally agree the most with what @AriDavidPaul is writing: "One of the few times in ~8 years where I’ve disagreed with you. My mental model is closer to 1999 tech bubble. Yes blockchain may be our future as .coms were in 1999…but mostly not these protocols or tokens and we have a 10x-50x valuation gap. That bubble might peak in a couple years making our predictions the same locally, but then I expect a super violent crash without a “normal” recovery, more like a clearing out as happened in 2000 where most stuff never recovers. I.e. I don’t think current blockchains can “cross the chasm.” We’ll need more radical innovation for sustainably useful and scaleable tech. And that probably doesn’t happen by incumbents gradually upgrading." 1. My Mental Model for overall markets Looking beyond our short-term mindsets, it’s valuable to examine what the best long-term investors are doing. With over $300 billion in government bonds, Berkshire can’t allocate capital because there aren’t enough "good companies for fair prices" at their liquidity profile. Those familiar with Buffett and Munger strategies know they consider market prediction a fool’s game, focusing instead on value buys. Buffett isn’t attempting to "larp" macroeconomics; his actions though signal that disciplined value investors find no attractive buy-side opportunities. The biggest mistake traders make when trying to be investors is inferring long-term fundamentals from short-term price action. Narrative follows price, especially in crypto, where valuations can become so inflated that projects can never grow into them. Even when fundamentals improve, extreme valuations may never be regained. The following captures my current perspective: While optimism surrounds regulatory change and regime shifts, I question whether this means valuations will move further away from levels where value investors like Buffett would engage—or if this is none the less needed to close the valuation gap Ari is talking about. My TL;DR: The U.S. and tech markets appear overheated, resembling a typical installation-phase frenzy. It’s difficult to discern whether we’re in 1995 or 1999, but if the business cycle turns against me, I’ll cautiously reduce exposure in crypto and diversify into other secular uptrends. India, energy, and commodities (especially copper) are potential secular trends I’m closely watching. I expect them to benefit from data center expansion, anti globalization movements , weapon arms races and the rise of India’s middle class. The margin of the MAG5 build out phase will imo go to @nvidia and deeper into the supply chain. Shoutout @altcap for Charts I anticipate investors will increasingly prioritize better forward-discounted cash flows over stronger property rights and therefore start the secular rotation into EM. 2. Crypto Crypto While I remain incredibly bullish on crypto fundamentals over the next years, I’m cautious about 5-10y price action. I will stay here no matter if the market goes up only or sideways for some while because I don't want to miss the early innings of the deployment phase. You will never be able to write the seed check in Facebook if you are an opportunistic player who is no longer there if, for example, we don't make ATHs in the next cycle. I believe that blockchains and crypto is an unstoppable force where we will look back in 20 years and realise we did indeed bring all the equity value and commerce on chain. Bearish headwinds for prices but not fundamentals to consider 1. Valuations in general are very high and cashflows still mainly depended on token prices to go up 2. We are still not UX ready to cross the chasm 3. When we become a UX ready “chain abstracted world” we lose a lot of what we call L1/Monetary premium. We will have much better resource pricing for L1 commodities and no longer automatically have the user flow that everyone has to hold the base asset. The user's “buy pressure” will thus disappear completely and no longer trigger the same form of reflexivity. More here: nitter.app/cryptovlat/status/1877… 4. Needed VC DPI to be able to roll funds when risk appetite prevails. The funny thing about '21 is that many of the VCs didn't sell at all despite lockups because they had a longer term time horizon. They were burned so hard and now have problems raising a new fund. These funds must now show DPI in order to be able to raise for a new but probably smaller fund. 5. The most overlooked risk, however, is not the DPIs rolling out but the big VC funds from 2018-2021 that are slowly entering the distribution phase. Of course, distributions are partially rolled here, but the market is not aware of how much deca billions have to exit the market. So far we have only seen inflows more or less but we expect the biggest outflow wave from the time when VC was significantly scaled up in crypto. 6. Saylor Situation is hidden leverage which will probably turn out into a grayscale situation on steroids. Until now he might seem as the smartest financial engineer on the planet but he’s also a gambling addict with an extremely high cost average. He doesn't seem to stop increasing it even further. but but but but we get ETFs for everything and Institutions will buy my $XRP $SOL bags “No more 90% bear markets due to holder profile of institutions” My problem with any statements suggesting that institutions are now involved and, therefore, the markets will not fall much is that only the demand side is being addressed, with no consideration for supply. It assumes that natives are willing to underwrite their current bags at current valuations only because Institutions are coming in. The following chart shows institutional interest around the dot-com bubble. What the industry would call ‘buy pressure’ has not really materialised in higher prices and institutions just have been last to a trend that turned with high demand. shoutout @mattigags for charts Believe me I don't want to sound bearish because bears don't make money but a lot of the arguments I see flying around are extremely biased and opportunistic thinking. I don't mean @cburniske in any way by saying that but more the overall swarm of crypto. I am extremely optimistic about the future of what we are building and have dedicated my career to grinding it out here.

The "Institutional Adoption" is our exit liquidity The new 13Fs from the mega crypto funds are out Look in the comments 👇 In one of my last posts I wrote this "The most overlooked risk, however, is not the DPIs rolling out but the big VC funds from 2018-2021 that are slowly entering the distribution phase. Of course, distributions are partially rolled here, but the market is not aware of how much deca billions have to exit the market. So far we have only seen inflows more or less but we expect the biggest outflow wave from the time when VC was significantly scaled up in crypto." 2018 marked the beginning of early adopter smart capital flowing into crypto. The VC era of 2022 was characterized by 'dumb capital,' where funds were easily raised due to rising prices, or Tier 1 firms raised billion-dollar funds driven by the insane performance of their earlier funds. Especially on the VC side, you basically have this lifecycle, which is usually around 8-10 years. If we take a look in their 13Fs, a lot of smart capital funds are still sitting on high multiples and a lot of unsold assets that are now gradually entering the liquidation phase. My prediction is that a lot of the funds that present themselves as ‘long term holders’ and publish theses to underwrite their bags will become very aggressive sellers in the following years. If we now look for example at one of the oldest funds in crypto @PanteraCapital we see that a very large bar of AUM was between 2018-2020. I think the new mega funds will probably be happy if they could create a 1x return on their capital not related to Pantera qualifications just by the size they have raised in the last funds. Accordingly, we are seeing an outflow of AUM to an extent that we are not yet fully aware of in the following years. There were of course funds before 2018, such as Pantera itself , but the cummulative size of these is dwindling compared to the AUM of the later classes 2018-2020. I call this the first big venture outflows we have ever seen. Funds will be rolled in new VC funds since Crypto DPI is by far better than tradVC but we still underestimate the sellpressure.

The wind will blow it back. Got myself my first ⁦@refikanadol⁩

Bought more $TIA

Joining @turtleclubhouse Crypto a world full of “Special Deals” I know I know this may be an unbelievable alpha leak because many investors don't want to get their hands dirty with something like this, but you can bargain with protocols, validators or funds. Whether it's staking validators that want to attract large funds or protocols that issue tokens for TVL, there are a lot of backroom deals that the public doesn't know about. A fully autonomous world of smart contracts without human interaction may be a utopian headline, but it couldn't be further from reality. Do you really believe that if someone holds a big % of the token supply and doesn't run a validator that they will pay the typical validating fees listed on the staking portal, for example? No, they call their ‘buddy’ who runs nodes and makes a special backroom deal with them. Somebody getting a better deal in crypto while I don't have access doesn't sound new to me. What exactly does Turtle do for me now? Turtle is basically like your discount code app which always provides you with the best deal within cryptos farming opportunities. Today they already have $1.04bn in ‘Boosted TVL’ which comes from 148k members of the Turtle Club. They now have 43 partner protocols from all sectors from DeFi to L1s and at least 30-40 that are in the process of integration. These include projects such as @Scroll_ZKP, @LineaBuild , @deBridgeFinance and @EtherFi. The elevator pitch would be: Turtle offers better risk adjusted returns for LPs with no added smart contract risk while having one of the biggest margins within DeFi Bold claim I know so let me unbundle this cause I'm already hearing the oroborus crowd coming closer “where does the yield come from?” The yield comes from your personal BD powerhouse or how I’d like to call it the union of farmers In general it comes from a hyper motivated Team which spoke to over 300 protocols and funds in the last months and struck one deal after another for the union. If you have a network of farmers and funds which LP in DeFi protocols you are in a better position to bargain for your community compared to me as an individual. These deals are happening usually on an ongoing basis behind doors/telegram channels. The same way @echodotxyz opened the possibilities to invest into pre TGE rounds Turtle opens doors to backroom liquidity deals. They have found PMF by offering “Yield Boosts” in points programs. The deal for the protocols is simple:They are in demand of liquidity for their new points or incentive campaign. Turtle approaches them and negotiates a better deal for the LP base and creates the incentives for the community funds to be routed there. Unlike yield aggregators, the Turtle Protocol imposes no direct fees on the liquidity provided by its LPs. Obviously Turtle Club as DAO structure isn't working for free and there is also a part paid by the partner protocol to Turtle DAO. But the bottom line is that Turtle DAO only earns money if a better deal is created for LPs. What other risks can turtles reduce? The most important thing for Turtle is that the LPs are doing as well as possible and that they are not restricted in any way. The happier the LPs the more partner protocols can be served. The background of the team itself is in smart contract auditing and they set high standards for desired audits until a protocol manages to be accepted as a partner. The aim is to minimize the rug risk as much as possible in order to build up a strong base of LPs despite having many partner protocols. Any rug could scare the LP base away from following turtle boosts. By now It should be clear where the ‘extra yield’ at Turtle comes from, but there are certainly still some OG farmers who get PTSD thinking about smart contract risk. Let me assure you that Turtle doesn't add any smart contract or custodial risks. LPs ALWAYS retain control over their liquidity, while benefiting from Turtle's security standards and collective bargaining power. The product is called a phantom protocol, which from the farmer's point of view simply means that the funds are never held in a smart contract of the protocol but the farmer only signs a message to confirm his action. This creates an order of magnitude higher trust for the LP since he/she does not have to monitor Turtle for it being hacked. We see the reusability of liquidity and self-custodial nature of @turtleclubhouse as a new liquidity coordination primitive that will lead to better matchmaking between LP interests and protocols over time. There will be a Token at some Point but until then use @turtleclubhouse the same way you are using honey for shopping coupons. It will provide you with better deals than you are used to If you are a bigger big LP or fund and have questions dm me If you are a chain or app that wants to incentivise certain things and tap into the Turtle Club community dm me The future of Turtle In the next part I will write about where the journey for Turtle could go. The promise land of a two sided marketplace which is serving liquidity via bids and asks all across the stack

still a chartcrime as long its not in % of AUM

DeSci DeSci DeSci this must be our first proper industry map - thats how early we are

Wait until CT timeline gets that @pudgypenguins will be the biggest L2. While others discussing decentralising the sequencer, based rollups and other tech topics all day there is one which focus on controling the relationship with the user. A thing many from the old classes don't want to hear is that we entering a time in which brand building, user relationship and BD in general is more important than pure tech due to it beeing commotozied. We hopefully finally crash the "L1/L2 premium" by shipping out 1000s of them and those who were in the shaddow (dApps/Brands) will comeout as gigantic winners rivaling big chains I know who Iam betting on The one which creates lock ins and moats through cuteness

Imagine you’re a new builder looking to launch a niche chain ecosystem or an app with your own execution environment. - Are you seriously considering Ethereum for DA? - When was the last time a non-general purpose chain launched there? Why is it only general purpose chains? - Why are newer ecosystems like @AbstractChain and @convergeonchain choosing @Celestia instead? I'm not trying to start a fight with the Ethereum community, I’m a holder myself and believe all those chains want to have ETH bridges. I believe in the ETH revenge arc, the institutional flows narrative and see the shift toward scaling the L1 and blobs capacity. I don't believe that new founders with a fresh mind will choose scarcity over abundance for DA though. Celestia found a wedge to break into a bigger market Now its time for Celestia to win this market if they want to grow further

There is no need to be bearish @santiagoroel will 5x onchain users by doing a fintech telco up sell. That’s just one deal by @inversion_cap Grow up and dream bigger right now we are outgrowing the casino in many ways

Hey @circle and @stripe Just use @celestia for your L1

DeSci is more than a two-week momentum pump Iam ready for an era of degen science for capital formation and entrepreneurial science for cashflow

Not sure why Celestia gets shilled ten times more but Polygon crushing it lately shipping every layer of the stack.

Imagine not beeing a mammoth here 🦣

I would argue this cycle @ethena, @pudgypenguins / @AbstractChain, @pumpdotfun and @HyperliquidX are the breakout teams with extremely hungry founders that succeeded in new areas of the market. @gdog97_ and @LucaNetz choose to go with @celestia for building @convergeonchain and @AbstractChain You don't understand how much social signal this is to new builders. Imitation of Idols will happen

What are DeSci DAOs doing? 1.Become a social interaction place for people interested in the topic 2. Fund research with raised funds or governance tokens and hold the IP 3. Leverage your brand and IPs into spinouts, products and services to earn cash flows to fund more research DeSci DAOs At this stage, DeSci DAOs are capital formation tools that try to find underfunded research. Ultimately, they look like community-led research backing VCs with an ultra long time horizon but are not limited to that vision. They seek alpha in backing underfunded research which is left behind by the bureaucratic research funding cycle process. The thesis is that in research there are a lot of long hanging fruits caused by the long funding cycle of universities that eventually lead at some point to Biotech Startups to pursue their findings. An opening of the funding market brings the possibility of improving the incentives of the researchers with commercial ambition in the form of IP-NFTs selling or the pursuit of commercial spin outs. IP NFTs are a hybrid legal-smart contract structure which enables on-chain registration and management of IP and R&D data rights. This structure basically allows us to find legally binding agreements between capital allocators and researchers. A capital allocator can therefore fund a certain type of R&D and get the IP/Data rights which evolve from it. They open a new mechanism which reminds us of what we have seen in the past with liquidity pools to expand the state and economy of our chains by another asset class. IP-NFTs make it possible to build markets around intellectual properties on-chain and combine people interested or in need of certain research. As a Lab, instead of spending a lot of time on grant applications and having your PhD student do the research you can now accept direct funding from your on-chain friendly Desci-DAO. Therefore DeSci DAOs can bring down transaction costs in research funding by a wide margin. We have already seen a wide range of DeSci DAOs dedicated to different topics. One buzzword that we quickly forgot in the bear market after we massively over indexed it in the bull market is the community and the possibility of building a brand from it. If you look through the different Discords of the Desci DAOs you will realize that firstly there is already an overlapping core community in all DAOs dedicated to the research topics but most importantly that for each topic there is a core community that is relatively energetic about the research topic. The dynamics and network effects for sharing ideas that a Reddit/Discord/Farcaster group can take on are massively underestimated here. We see BioDAOs as a way for the ‘bourgeoisie capitalists’ to pursue their own interests and fund longshot ideas like cryopreservation in an environment that greatly reduces transaction costs while simplifying access and increasing trust. This sounds negative, but we mean it in the most positive way and expect to make great synergetic humanitarian progress in areas that are considered to be too niche but of high value to single human beings. Due to the underfunded nature we and cryoDAO expect a lot of low hanging fruits that can be achieved with very little research. Entering CryoDAO We became aware of CryoDAO and Kai during the $3M fundraise and decided to invest (NFA). For us, Kai is a typical crypto founder who, instead of following a traditional education path, has been shipping one project after another for over 10 years. For a few years he has focussed on cryopreservation as a subcategory of longevity that directly addresses the issue of ‘not dying’ rather than extending life expectations. We are not surprised by his CV and highly energetic personality type that he ended up in the much sought-after Thiel Fellowship programme with @cryopets alongside other industry visionaries like @VitalikButerin and the @0xferg . The combination of @cryopets , a hands-on cryopreservation startup focussing on full body pet cryopreservation, and @cryodao gives us the perfect symbiosis between community led research (theory) which can be directly implemented in practice. A fast feedback loop in which we hope for extreme acceleration in the topic. Another interesting side note is that there will be the @bio_xyz genesisevent which is starting soon. Participants seed the network and receive $BIO by locking their BioDAO tokens like $CRYO in the BIO protocol and getting $BIO tokens in return. @vitadao / $VITA @HairDAO_ / $HAIR @valley_dao / $GROW @athena_DAO_ / $ATH @cryodao / $CRYO @ResearchHub / $RSC @Cerebrum_DAO / $NEURON @psy_dao / $PSY

Somehow @crypto_bitlord7 must be living in a differnt universe. He actually is the prophet that greedy CT deserves but ignores. You cant manage to hit two times in a row the most unexpected high cap in a cycle with this kind of conviction. Betting $DOGE in january '21 after Defi Summer seemed insane same with $XRP now but damn this seems not retarded enough at 130bn. Does anyone have the @UpOnlyTV clip?

Nothing is as underhyped as @arcium People don’t realise how much they cooking

This! TLDR: - Companies like to have chains "own state" - Companies will find out they care about ordering, performance and owning the cashflows themselves - Companies will move to @celestia for DA since we need 1000x more blockspace in that world

Probaly turning of twitter in bullmarkets and turning at back on bear is the best strategy

I funded $CRYO I got $BIO I bioswapped $CRYO I got $BIO I held $CRYO and I get $BIO again

Timeline still sleeping on DeSci First sell off after momentum picking up You know what this means So much higher

Yeah Iam not going to use my other wallets anymroe. If I am going to be a power user of it, I size up Guys Have fun navigating chain rotations while Iam comfy operating from @infinex_app. Imagine opening up your EVM wallet search for the right RPC go to @deBridgeFinance then open up @phantom copy paste the adress make some token approvals and send. After waiting some while you lost yourself on the timeline until remembering that you wanted to go to @JupiterExchange to swap for $ANON. I need day one @megaeth support. Pls dont let me switch to metamask or phantom again @kaiynne Picture: @kmao37

DeSci DeSci DeSci @daohydra closed their Juicebox sale today and raised 1,113E ($4.1M) ❤️‍🔥 There is one more DAO with @ErectusDAO which is still raising 🍆 juicebox.money/@erectusdao

My take on @cryodao and why we invested Gotta update this soon tbh We hint on it but it was a no brainer that it will reprice at some point as soon as DeSci gets a bid again @kaimicahmills @elimohamad are exceptional

My @coinbase account is under review since two months? Apparently a problem that several people currently have Whats going on over there we need non custodial wallets with on and offramp possibilites

All those bad takes about ETHdenver got evaporated seeing my uber driver using @Hivemapper

mammoth season

DeSci is the most aysmetric dark horse of crypto sectors and it's not close

Great report! Love to see @peaqnetwork mentioned We have basically backed half of the ecosystem because we keep seeing that the best dePin founders are there. Too many funds fumble the application eco here far too much just because it comes from an outsider position but would get interested when the token of the dePin would be deployed on @Solana @silencioNetwork @NATIXNetwork @Staex_io @aizel_network @combinderio @xmaquinanetwork

In anticipation of the upcoming exhibition in Seoul by @refikanadol , we @moonrockcapital wanted to show our own WoY collection which got bought recently 🍃 The exhibition in @SerpentineUK was already my favourite exhibition I've seen this year so I can only recommend anyone who has the opportunity to go to the Seoul one Yesterday WoY had a really strong volume day and the floor is getting thinner and thinner Here are our five pieces:

Around one year ago we raised 1108E for @cryodao via @juicebox_money one year after incecption we will launch the first IPT with cryorat more IPTs to come 🫡 Sale starts in 3days juicebox.money/@cryorat

There is @brian_armstrong on CNBC telling everyone the market structure bill will pass and you hold memetic tokens Thats be beginning of Tokens = Stocks Don't hold memetic stuff but future cashflow DeFi tokens are becoming a forever hold here

ARCIUM - THE ENCRYPTED SUPERCOMPUTER The Lag of Innovation: The Three Waves of Acceleration In crypto, the question always comes up: "Where’s the next big innovation? What’s the killer use case?" You hear it at every conference—conversations full of vague, noncommittal answers. But the truth is, we’re not stuck. Some things just take time. Vitalik outlined some while ago three key areas for mass adoption, and we’re making major progress across all fronts: Scaling: The core scaling primitives are largely solved. The industry is converging on a similar design pattern in which everyone is iterating on an IBRL-inspired mental model. We’re already seeing new applications unlocked with @megaeth . Fat sequencers, which optimize latency to directly enable CEX-competitive order book DEXs. Fully on-chain games with acceptable tick rates could be the next to follow. These advancements are big, but scaling alone doesn’t create the next step-function in adoption. UX: Innovations like @infinex_app are redefining how users interact with blockchains. A gas-free interface lets users navigate assets seamlessly across ecosystems, eliminating the need for multiple blockchain plug-in wallets. From a user’s perspective, does ecosystem lock-in even exist anymore? Crypto increasingly feels like a unified state layer rather than fragmented networks. The modular vs. monolithic debate doesn’t matter to users—it’s just "chains and bridges," a UX mess that needs bundling. We’ve finally reached the point where products can be distributed without requiring users to navigate complex infrastructure themselves. Privacy: While scaling and UX have laid the groundwork for mass adoption, privacy remains the missing piece—especially for businesses. Privacy isn’t just about hiding transactions; it’s about enabling enterprises to operate on-chain without exposing sensitive strategies. It’s the key to unlocking entirely new asset classes and applications. With @arcium , that next wave is finally here. (Our portfolio company—NFA, but I’ll be shilling.) Arcium and The History of Privacy Privacy in crypto has historically involved balancing strong anonymity with the need for broader financial integration. Early projects like Monero and Zcash established the foundation with anonymous transactions, yet their use cases were tied to a volatile L1 asset, too limited for widespread adoption beyond the darkweb. As the need for privacy grew, tools like Tornado Cash introduced mixers and shielded pools to obscure transaction trails, yet some operated on the fringes of the larger crypto landscape and often encountered regulatory challenges. At the same time that Tornado Cash was sanctioned we underwrote Elusiv/Arcium on the premise that on-chain privacy is still essential for a financial system. However, their pitch has always been that the privacy space is far too idealistic, and that true confidentiality must be balanced with regulatory compliance. After the Hangover in 2021, this became one of the key insights that Elusiv provided, guiding our decision. They are a team that wants to accelerate blockchain adoption and build within the privacy space, yet they are pragmatic enough to understand how to deliver on their vision and ship a product that aligns with social norms. It takes a special kind of founder team to double down on this vision in such a time though. Especially when you hear that developers are going to jail for shipping open source code. Without talking those teams down they made it clear to me that a world where everyone uses Tornado Cash or Monero does not represent a bright future we should optimize for and leads to a future where we don't have privacy at all. With the recent U.S. Treasury decision to lift sanctions on Tornado Cash though, privacy-focused founders now appear to have some breathing room again. There couldn't be a better moment for a privacy renaissance. In addition to compliance options to ship a socially acceptable and scalable product, the other important angles to us are friction- utility of privacy and usability with the current user/liquidity set. As long as people do not feel compelled by fear, they will not adopt privacy solutions on their own if these impose a poorer experience or higher friction. For example, consider how many of you use DuckDuckGo compared to Google Chrome. Ultimately, we must continually work to bring privacy to market while adding the least amount of lag in terms of latency and cost overhead compared to the current industry standard. While I certainly believe that we are going into a more and more abstracted world where we have more or less different states that we can all access in a bundled way, we can't build an isolated privacy chain and then expect to build a big ecosystem of privacy applications around it. We already have chains that have many users and significant liquidity like Solana, and we must put privacy where the users/funds are, not building in isolation next to them in the hope that users and funds come. Since we invested in 2022, we have seen several new approaches emerge, including zk-based privacy-focused chains like Aleo, MPC-based architectures such as Arcium or Zama which are pursuing the fully homomorphic encryption (FHE) route. Here’s my ultra short TLDR to why Multi-Party Computation (MPC) for now is the right approach: - Zero-Knowledge Proofs (ZKPs) are excellent for verification but not for computing on encrypted data in a shared state setting, since they are cumbersome for efficiently modeling and verifying evolving shared state. - Fully Homomorphic Encryption (FHE) is too slow and costly for practical use— it may become viable for Arcium in the future. - Trusted Execution Environments (TEEs) suffer from side-channel vulnerabilities, but there are ongoing security improvements. - Multi-Party-Computation (MPC) is significantly faster and more cost-effective than FHE while providing stronger security assurances than TEEs. For anyone wanting to argue about technical infrastructure, there’s only one question that matters in the coming months/years: "Do you even encrypt, bro?” If the answer to this is no and you are waiting for innovation to pick up before encrypting, you’re already behind. What the “added utilities” privacy Arcium Enables? Finding a Wedge in Blockchain Every post about privacy can't miss talking about the adoption story of VPNs. Much of this growth is fueled by the added utility of VPNs, such as bypassing geo-restrictions for streaming services, which appeals to users more than privacy features alone. Techwise blockchain startups aren't the first to work on MPC or FHE solutions for privacy. Inpher has been pursuing confidential computing since 2015, with a total of $25M in funding. However, due to their non-blockchain positioning, they may have been too early to the market and struggled to find a strong wedge. Despite this, as a technology leader, they accumulated patents and expertise, which Arcium can now leverage through their acquisition of them. As a result, the Arcium team is stacked with PhDs who have been working on this for a decade. If you combine the knowledge with an actively used shared state (initially Solana) and bring a compliant solution to the market that is also performant, you already have a very strong market position. But what are the “added” utilities that make us use Arcium? Businesses On-chain Let’s start with “DAOs” which is the biggest psyop in crypto. Most DAOs are essentially for-profit businesses, yet they operate in full transparency, making them easy targets for adversaries. Take ConstitutionDAO. Its failure highlighted the structural weakness of public blockchain organizations. Without privacy, on-chain businesses will always be vulnerable. Right now, the "privacy layer" for blockchain startups is keeping their balance sheets off-chain. If we want to see real economic activity on-chain and truly build the Internet Financial System (IFS), we need to give companies privacy, starting with basic treasury management like encrypted transfers, to be able to pay employees without the whole company and world knowing their salaries. If you have to decide something with token holder voting and, for example, have to hold a minimum threshold to see the result, it is possible to hold a vote on strategic decisions such as an M&A deal that only token holders with X% of the voting power can see. In the end, if we as funds and startups are not using our own rails to run our companies, who will? Confidential Tokens: Confidential Fungible Tokens Confidential tokens enhance privacy while ensuring compliance. Unlike typical tokens, which expose balances and transaction details, confidential tokens use cryptographic techniques to conceal this data while remaining verifiable. This is crucial for tradFi institutions and RWA tokenization, where both privacy and regulatory transparency can be required. Confidential Non-Fungible Tokens I am a collector of on-chain assets. Whether from artists like Refik Anadol and XCOPY or game assets like Dark Forest Planets, I’ve often thought about the "right-click save" meme. In the crypto space, we often have a misguided perspective on scarcity, largely influenced by Bitcoin. Even in the collector market, we tend to think of scarcity in terms of token supply, whereas I’d argue that owning an XCOPY piece that comes directly from the artist, one that only he and I have seen before, would hold immense value. While there is scarcity from a dilution standpoint with the total number of artworks, there is also "attention scarcity" in the unique opportunity to view something exclusive. In this regard, the "right-click save" meme might not be entirely wrong. In an environment where anyone can generate and consume virtually anything, the one thing that remains unobtainable which I would call “Attention Scarcity” feels highly desirable. Therefore Privacy + NFTs is an immense unlock on the consumer and high-end art market within crypto. Secret Network previewed this in 2021 but failed to align an ecosystem around it. Still, their primitives revealed new user behaviors—like Quentin Tarantino’s Pulp Fiction NFT drop, which made it clear: if I’m not the only one who can see my purchase, I’m just paying for a glorified movie release. Dark Pools and other Private Marketplaces Institutional capital won’t fully embrace DeFi as long as on-chain markets remain too transparent. Arcium enables private order matching, shielding trade intent and preventing front-running. The result? True dark pools for DeFi and high-frequency trading without manipulation. A Darkpool built with Arcium therefore allows participants to trade privately without revealing sensitive order details. This preserves transaction confidentiality and prevents issues like market manipulation and front-running, while also supporting other use cases such as large block trades and off-exchange liquidity. While token exchanges are the first example that comes to mind, the concept of keeping my wallet hidden or maintaining private bids and asks can be applied to all marketplaces. We can also explore new auction and sale mechanisms using this approach Beyond Blockchains: Secure AI & Data Collaboration Secure AI Model Training Imagine two pharmaceutical companies working on AI-driven drug discovery. They want to train a model on their combined datasets but can’t expose sensitive research to each other. With Arcium, they can securely train AI models on encrypted data without ever revealing their proprietary information. Collaborative Data Analytics Consider multiple banks trying to detect fraud patterns. Normally, they wouldn’t share raw transaction data due to competitive and regulatory concerns. Arcium enables them to analyze encrypted transaction records together, spotting suspicious activity without exposing individual transactions. The same applies to healthcare providers collaborating on patient data while maintaining compliance with HIPAA and other regulations. Internally, we have a joke that there are hardly any "chat outcomes" from German founders because, once, when we were discussing a deal with another VC, they made the statement: "Typically not the most chad outcomes from German founders." @yrschrade, @julian_arcium, @cryptopapi997, @manzgoeggel are the outliers <encrypted>

Yesterday I met a friend who is in crypto for some while but isnt 24/7 The majority of people who have been here since 2017 are still not on chain and have no desire to deal with metamask bridges and chains. He knows the differences between custodial and non-custodial and knows the advantages of beeing on chain but is just frustrated to deal with it in his spare time. He just uses @binance , @coinbase , @Bybit_Official and co for trading I showed him the @infinex_app The login and create account features with Face ID aswell as swapping USDE to USDC got him extremly impressed and he couldnt believe that we are already that far in crypto today. He is frustrated with the low number of listings on Cexes and wants to buy the shiny new thing. He complained he can't get on Binance anymore because its full of old coins and listings that are going down. It took two minutes for someone who normally has no desire to set up a @MetaMask to make an @infinex_app account

Biome Lumina by @refikanadol is the first collection that is done with what they call Large Nature Model. It will be living painting that now after their $5M mint goes into Metamorphosis. The RAS team did data collection for the model themself. They travelled all around the world equipped with sensors and cameras. The artwork also changes based on live data collected. Compared to entry level knowledge work, I strongly believe that art is not fading in the world of Ai. Artists who can paint a picture of how we/nature can coexist/evolve with Ai will be the ones who lead the way for the next decades. Looking forward going to @DatalandMuseum anytime soon and see all those works.

Definitely have a soft spot for the Fungis and will put this one on my wall but just look at this mystic butterfly in motion 🦋 @refikanadol

DeSci DeSci DeSci

Funny how tradFi hate this thing you guys really want Fartcoin to trade at +10bn

A world full of IP that lives on chain was born around @Molecule_dao and @bioprotocol The new regulatory environment will make it much easier for us to explore monetisation and funding A market-based approach that has its foundations in individual ownership will lead to a funding explosion in science We will reduce so much friction in the scientific process of resource allocation which will lead to a better EV in funding Many see it as ‘science is slow to change’ but you want to innovate where the others are rusty If you are interested in a topic around one BioDAO join the discords of: @vitadao @cryodao @HairDAO_ @valley_dao @athena_DAO_ @psy_dao

Timeline not ready for how lifechanging $BIO airdrop will be Many passionate community member will now find the courage to go full time since the got a safety net and some conformation of the market Imo it will be the wealth effect to keep the reflexive momentum going and funnel riskcapital to research Cudos to @bioprotocol which pulled a masterclass in "Liquidity Trigger Moment" for a sector

Europeans doing the 999 twaps

If the charts look like this and you can't have a real discussion because the comments are just filled with "insider allocation" or "celestia makes 3$ a year" you should feel comfy in your bags. Embrace the FUD Bear Arguments: Marketstructure based Bull Arguments: Fundamentally based Its hard to get comfortable with underwriting ETH at a $300–400 billion valuation or SOL at over $100 billion. TIAs relative valuation seems extremly tempting given my conviction that the DA market is shifting toward Celestia and succesful applications still being interested in having their own execution enviorment. The "first principles" Solana investors are the ones who of course consistently point to REV but also seem to overlook the ‘risk of revenue loss’ on the MEV side when it comes to valuations. The idiological Ethereum investors do not seem to see that Pectra will not be enough and that base alone will exceed the data requirements over the next 1-2 years. New chains see little reason to have their DA on Ethereum. A lot of talks around this but I actually believe that Celestia has significant pricing power right now which has been the topic of the timeline for some while. I am comfortable with some uncertainty regarding getting a DA interop MOAT and understanding how big it will be People tend to get tribal—I love all of them. This is purely a valuation comment, but my exposure has been rebalanced accordingly.

Early stage commerce wif upside - back to kickstarter on steroids The biggest driver user behavior in crypto is the casino (speculation) therefore we should lean into it even if we sell products. You only bought the SAGA phone because you saw a positive expected value transaction through the various airdrops. We have some and I can tell you there's no way I'd give up my iPhone for using this thing. The lesson is not that the Saga will suck forever, but that we have seen a mechanism to sell products that harnesses the speculative bid of tokens. On-chain we bootstrap products and services through incentives points and retroactive airdrops "because we want to reward/incentivise/bootstrap the community". We think we will see “early buyers” in commerce in a fundraise-like fashion the same way we have “farmers” as users with incentivisation. Early users on-chain are basically like product testers. There is no reason why we cannot see something similar in consumer products. The DeSciDAO HairDAO which is usually focused on funding research and gathering a community of people who are interested in the the topic of Hair Loss is launching their own Shampoo which can be preordered right now. The Shampoo comes with 0,0025% share of the Subdao token which governs the shampoo line of @HairDAO_ . There is a very similar product on kickstarter which has also been funded: Crypto Shampoo:Wif upside Kickstarter Shampoo:Wifout upside Basically what we do is take Kickstarter Ideas and strap a hidden launchpad around it. The inner drive for speculation will carry this purchase decision for me and take HairDAO's FulliCool shampoo everyday instead of the Kickstarter product for nearly the same price. Usually, If I want to produce a product and offer it for sale in the preorder stage, I hope that I get as many pre orders as possible so that my marginal costs fall heavily to generate the most profit producing the badge. However, in a world where everything in crypto trades at gigantic premiums, the question arises as to why I should price my product based on the costs and not think about at what valuation the buyer of the first badge will be willing to speculate on the product line. While we as customers normally choose our consumer goods mainly according to price and brand/reputation, our expected value of a product/line we test could become a completely new input here. If the expected value is greater than the product cost, every rational customer is driven to buy the product anyway. This gives the on-chain business (DAO) the opportunity in terms of setting the price of the product from time to time orders of magnitude higher than its competitors by e.g. harvesting the speculative premium of crypto degens speculating on HairDAOs shampoo line. The speculative bid of degens is therefore captured in the gross profit of the first batch of the product/line. HairDAO's shampoo line has a Valuation of 2 million FDV. Keeping my Hair and betting on the product line on the side seems like something I'm interested in as a degen. What I am writing here is in no way a speculative recommendation or anything. What should be clear for this type of product sale is that if you want to capture the speculative premium the industry has to view tokens more similar to equity (on-chain equity). We are interested in on- chain businesses and its cash flows as Investors and not the power to decide on which EVM to deploy next. For $SHAMPOO I can't tell you exactly what governing the shampoo treasury means but the decision making power will remain with HairDAO and the producers anyway which is probably a net positive for the product line. At @MoonrockCapital , we believe we will see significantly more of this across sectors in crypto. Savvy entrepreneurs will understand that they can turn speculative premium into gross profits and bootstrap their business faster with this. My normal shampoo probably costs 4 euros. I didn't even hesitate for a second to buy FolliCool everyday shampoo even though I still have a full head of hair. Neither @MoonrockCapital nor myself have exposure to $HAIR or a payed for the post but we are definitely buying the shampoo wif upside

Still insane how many teams are not adjusting to what @Uniswap currently did. Cudos to @haydenzadams and the team SAFE + TW is the biggest sin of our industry. Thats also a one way door you cannot revert easily so choose wisely and not with short term greed. If you choose equity then all the cashflow should go there If you bring a token then all the cashflow should go there Double-dipping in order to manipulate the cost of capital based on false assumptions from retail investors, or to treat all cash flow as your own then, should at least be considered a fraudulent misrepresentation

12 winds until 8E floor 🍃 one flower at 16E (which is a steal) This collection soon becomes the holy grail of collectible Ai Art @refikanadol

There are a ton of Crypto x AI projects. The clearest use case for a venture outcome is AI-enabled wallets that can navigate today’s fragmented crypto mess for you. @delegatedotxyz , @clustersxyz , and @CircuitAI have always operated under the premise of bundling crypto, built by a team that has proven itself in security. There are few products that excite me as much as Circuit. Disclosures: we are investors

So bearish on all the founders and other stakeholders who think in terms of "this should belong to equity." Every founder who allows that conflict of interest is essentially fine with having incentives that will destroy their project for some short-term opportunity. The moment you go for SAFE + TW and your project has a TGE, you end up with two different cap tables. @JeffBezos would call this mistake a one-way door—a decision you can’t reverse. Be aggressive with two-way doors, but don’t be naive with one-way doors. The only way to manage this is to accept that if you are in crypto and launching a token (you don’t have to), that’s your value accrual mechanism. You will be able to tell your early investors who received a warrant that everything is owned by the token, but you will not be able to say this the other way around to the public market in the future. This doesn’t mean you can’t use revenue for growth, or that you must immediately buy back and burn it. If you burn, it’s no longer an asset on your balance sheet. And if you’re a startup, it often doesn’t make sense to use the little cash flow you have to buy back tokens instead of growing. For all the founders who are trying to get cash flows from the real world and just use the token for growth—but then tell me afterwards that the cash flow is equity-owned—take a look at @chainlink Also take a look at what @Morpho and @ethena are doing. All those chads will win way bigger

Got myself one of @JulienLabat bidonville riots. Even though gen art is not the talk of the town this collection feels more important to me every day. (1/2)

If you still need $ZEC use @infinex

If you are living in Germany @geodnet gives you 2cm precision on positioning data basically across the whole country. Prices are down and people like to prentend that nobody in crypto is solving real world problems. They are

Starting to build my Terraforms by @mathcastles collection. What a masterpiece @xaltgeist @0x113d Level 14 at {0, 18} Level 14 at {20, 42} Level 14 at {25, 8} Level 14 at {38, 3} If you want to play around with them: gallery.so/Vlatimir/2icMPwxk…

The following is just a thread about why I like @ether_tulip and especially the storytelling behind it and in no way a recommendation to find gains. Since I own tulips and would like to have a small bouquet in the end, my opinion is of course not objective.

Patron holder can now try out the first version of the @infinex perp integration There is no need to change the app anymore

@ZeePrimeCap pushing good writing after good writing. For me, the article best summarises why we simply should view tokens as internet native global progammable equity. Good continuation of the UGP thesis of @multicoin

There couldn’t be better tailwinds for projects like @arcium The last chance for gp chains to institutionalise due to needed privacy It’s not a cypherpunk fiverdream it‘s a necessity for real companies to do business

Seems like market didn't realise by now that BioDAOs hold a lot of $BIO and $vBIO check the @etherscan anon

I collect @RedruMxART since some while now from a taste perspective I’ve always loved what he did, and I really think he’s stepping up his game with this Imago Altera Somehow missed the Imago mint but couldn't live without one A little jealous on Collapsa and @RaoulGMI Delirium though

Fake Metamask support accounts extracted more value than $46 million.

It‘s my first time at real world events and I can't describe what a overwhelming experience Modular Summit was. Big shoutout to @CelestiaOrg and @Maven11Capital !

I think the market isn't releasing bandwith demands with CLOBS coming onchain. There might be not much fees now but thats not true looking forward. I like the @ethereum focus on L1 but @celestia is becoming the pure bet on the modular vision now As it always has been

One thing I have seen in every prediction for ‘25 and agree with is that stablecoins will go absolutely parabolic especially with FIT21 I think as @hosseeb articulates SMBs will be way more likely to use them especially after seeing companies like @SpaceX settling payments in USDC. The main use will still be speculation, but a significant proportion of the volume and the hodler will also be used for commerce. What the market still overlooks is the possibility to build marketplaces around it. Therefor unlocking the marketplaces that Web2 could never go for due to creditcard and bank transfer infra @AgriDexPlatform is the prime example of a insanely high TAM marketplace that should have existed 10 years ago but got unlocked with Stablecoins Picture for those who are saying @solana is a pure memechain

this guy went from maxi to anti the fastest I've ever seen

Cant stress enough how bullish we are on @realAllenNg

I'm going to be annoyingly pro-DeSci this year.

You also could have retweeted it

Founder Archetypes Venture is mainly about founder qualities and archetypes. Many so-called “OGs” in crypto are slowly fading out, which is a normal part of the adoption cycle of the space. It’s basically losing many of its tinkerers — those who are mainly interested in technical challenges. There are still sub sectors where thinkers can drive in crypto. The big secular upside lies in betting on evangelists who can evolve into strong integrators. I’m thinking of the second term of Steve Jobs at Apple. Many of those types of founders can now be found in liquid markets, and in our view founders like @kaiynne will have staying power to last for decades. As a venture firm, you want to find great integrators. People like @santiagoroel — who understand the state of the technology and can apply first principled business logic to it. Crypto today is very different from the past, and the principles of investing or the pure momentum trading many have learned so far will not apply going forward. The divide between the haves and the have nots has always existed, but due the effects of compounding are becoming visible now.

My Farcaster/Twitter ratio is going up. Still using Twitter/X for positing my thoughts but doom scrolling time on @farcaster_xyz increases. @Polymarket and @farcaster_xyz are the clearest trends of working consumer facing products right now in the space. Everyone of my non crypto friends looses their mind around @Polymarket. Guess what both haven't been using any point systems or liquidity mining bullshit but just have been shipping good products and working on them for years. Imagine still talking about new L1s/L2s to farm if we actually have something to look at. Build products not liquidity games.

Hey @nevlyfans I guess we would’ve appreciated it if you had reached out earlier to clarify what our actual biased are. I think though you choose the worst fund involved with Celestia for this kind of video. A few points regarding the video: - Everyone at @celestia can confirm that we've never been part of any private or OTC round . We bought our tokens on the same market as retail at the same time we tweeted about it. We were aware that some private investors were still offloading parts of their allocation, but we still believe in what the team is building and think this is a great time for them to grow. - You paint the picture that VCs are just pumping and dumping on retail. First of all, we only manage prop capital so we don't have a fund lifecycle, meaning we’re not under pressure to return capital to LPs. VCs typically have long time horizons, but we can be even longer-term. In emerging technologies you will win the most by betting on secular winners. We think Celestia could become one if they manage to further expand their rollup base and create a lockin via interop over time. - Celestia got scapegoated for the staking rewards to investors. As you mentioned, everyone was doing it. Even though private investor unlocks for @Celestia end in November 2025, the upcoming Lotus upgrade will adjust for that in the final months. It's a clear signal from them that even if this was standard in the industry, they believe it was the wrong move. They want to set a new standard for future projects. That’s what CIP-31 is about, if you want to check it out. - We fully agree on the importance of scrutinizing people’s biases and actions. That’s why we’re big supporters of @blockworks’s transparency framework — it helps create a shelling point for the kind of disclosures you're talking about. We advocate especially for insider selling disclosures and equity/token conflict so people can compare them against public statements. We actively encourage our portfolio companies to apply the framework to give the public more transparency. A couple of thing to add: in capital markets, everyone has to take responsibility for their own actions. You’re right a lot of people are playing games. But at some point, people also have to own the consequences of their decisions. We are currently down on our Celestia position and not complaining about that since we knew the risk of our actions and operate on a different timeframe. We’ve seen how broken the VC/public market structure has been over the past few years. But I haven’t felt this optimistic in a long time about those problems actually getting addressed. Many in the industry like Echo, Blockworks and others are pushing towards that.

There will be a time were you go to @opensea but there aren't any @refikanadol artworks around

I'd say the pumpamentals for DeSci DAOs due to effectively reducing supply via @bioprotocol genesis are heavily underestimated A glimmer of success can trigger an insane reflexive feedback loop You couldn't ask for more goated founders in the sector Fred Ehrsman, CZ and Brian Armstrong show interest or build

1) The @pudgypenguins thesis is quite simple. Attention/memes in crypto is 90% and with a bet on @LucaNetz you have the jockey in the race who can use resources most effectively to ride the crypto attention curve for distribution.

This is what you are looking for in a DeSci founder "@hydradao will drag the longevity field back to bold, unapologetic science that can actually save our lives"

My Macro Larping TLDR: Secular View: - We have an extreme debt problem - We face immense deflationary technology pressure - We have lived in a strong dollar environment for some time (since 2008) - Due to higher rates, the net interest cost for U.S. households is ballooning. This increases refinance tension risk - The case for EM and Commodity Cylces might be still early but becomes stronger - S&P forward PE ratios are not that interesting on a 10y timeframe - It’s hard to see a future where the U.S. keeps taxes low and avoids implementing capital controls Cyclical View: - You have to issue new debt to pay off old debt to avoid default - Global M2 is increasing rapidly - Leading liquidiy indicators looking like expansion into Q4'25-Q1'26 - There are strong arguments for rate cuts and some form of QE or direct debt monetization while refinancing - We dont finish the business cycle without going out the risk curve Tactical View: -There was significant fear priced into tariffs. While this might remain a secular topic, it seems over for now. Charts and datapoints that I look at regularly. I try to ignore any new ‘news’ that is being discussed as much as possible 👇

Financial Engineering a signal rather than a Innovation in most cases

No exposure but pure appreciation of the hustle. Mfs at @Polymarket focussing on shipping and grinding and success will compound. To those who are optimising for marketing, storytelling, token launches and growth strategies purely by incentives study @Polymarket. Some people will make deca millions without suceeding in anything filling it with trivial mimetic desires. Others will change the world.

What a banger and a must-read! It clears a lot of technical dogma while filling it with a lot of alpha For example, I’ve got an old thread on why funds have to sell similar to what @ssaintleger mentions with @polychain. This is knowledge Fundmanagers have but is often not well understood around CT. Your Thesis makes me feel some pressure to step up my own writing ngl and to buy more $TIA

DePin is a very broad sector kinda similar to DeFi back then. Since the industry has not yet dealt with it much, we still see that everything is labelled DePin instead of simply talking about the subsectors. Obviously Uniswap is DeFi but I'm talking primarly about it as a DEX. Always very funny when I talk to other funds and they just say ‘bullish on DePin’ without expressing what they are bullish on (projects, sectors, approach). All of this means we as a industry are still early in the narrative and starting to collectively wrap our head around it. A lot of funding and bidding in the pure buzzword without understanding will lead to left curve opportunities even if the approach of a single project is broken. Nevertheless, there will be the clear winners of the narrative as we have seen with the "DeFi Blue Chips" Especially on the data collection startup side there are in my oppionion outsized returns in the models that can scale up quickly and dont rely on their own hardware.

Thanks for having me on @CarlKVogel Was great talking about @celestia with @nickwh8te Even the trenches token shows some action pump.fun/coin/4z7secBe41i5Sv…

This! We were buyers before and not buying those allocations for selling the vesting 😅

Play to win 🦣

Very excited to be a part of that! It’s time to think beyond the casino @inversion_cap single handedly pushes us cross the chasm

Fix it @kaimicahmills @cryodao

More than funding

LobbyFi the only protocol that can make governance a timeline topic again Origin Story: During our accelerator program, we sat down with the now @lobbyfinance team to review the Arbitrum STIP program. We quickly realized that, much like what’s currently happening with Yaps, securing votes for STIP was primarily a business development (BD) game. If projects were allowed to keep the ARB, they would likely be willing to pay close to the marginal cost to get into the STIP. This brought us to consider how much of the ARB’s cash value might have been exchanged in backroom deals to secure votes. Would it not be more honest to sell votes publicly and transparently rather than relying on opaque backroom negotiations? We’ve explored the idea that such demand, typically fulfilled through private lobbying, could instead be addressed in a more open marketplace. LobbyFi has therefore established a delegate presence on @arbitrum , @Optimism , @zksync , @Scroll_ZKP , @blast , and @MantaNetwork . Additionally, LobbyFi will launch the @_kaitoai Yaps marketplace to address a similar situation. Currently, decisions on vote allocations and pricing are often made in private telegram chats. Our marketplace aims to bring transparency to this process. How could a small player like LobbyFi become the largest Delegate overnight? Apparently, very few token holders are interested in governance. Since tokens frequently change hands, delegates primarily rely on the voting power of long-term community members or investors. Since very little voting power is needed a politician has to only some BD work to get more impact. For now, @lobbyfinance is the largest Delegate in @arbitrum , surpassing @l2beat , @gauntlet_xyz , @OlimpioCrypto and @wintermute_t . LobbyFi as a delegate LobbyFi has positioned itself not as an all-in-one solution to today’s governance challenges but rather as a platform that highlights structural issues in an effort to increase voter participation. It has likely fulfilled the expectations of its delegators more effectively than any other delegate. Everyone who delegates to LobbyFi is aware that it does not make its own decisions but instead allows the highest bidder to decide. With other delegates, there will always be some degree of bias toward their own interests. While we are not claiming they are untrustworthy, if L2s truly aim to operate their ecosystems as direct democracies, LobbyFi stands out as the least susceptible to external bias. Current discussions/fears/actions in the forums against LobbyFi: - LobbyFi is a governance attack. They will overtake a seat in the Security Council - We need to blacklist them from governance - Foundation wanting to do lobby work to get the delegates away from LobbyFi - @tallyxyz is removing the Karmascore from Lobbyfi my addon The LobbyFi team is very interested in having the conversation with everyone, even if they are often not invited to the delegate discussions. I hear a lot of criticism and blacklisting considering but little self-reflection on how easy it was to get into this position and how low participation is that LobbyFi could decide any vote with 0.2%. Blacklisting might get LobbyFi into trouble but it won't solve the vulnerabilities of the system. Incidentally, it also does not solve the fact that some votes are bought or exchanged for other benefits. So what problem would we solve with this? These system might not be run in the right way if they are that fragil.

buying more $TIA

1) A massive oversimplification of how the degens of @MoonrockCapital approach the markets of crypto. Our short TLDR to why we don’t like fund vehicles which are not open ended and have mandates to only deploy capital in secondaries or primaries. We like the lag

I hate to give calls on time horizons like a year but there are some things in the market right now that I'm very excited about but I don't think it's getting the attention it deserves yet: 1. ART NFTs have PMF as tokens while most tokens are still in regulatory like greyzones (since they are equities) Everyone still hates NFTs due to the ‘21 PFP mania and because there were a lot of grifters similar to memecoins. However, people often forget that NFTs as a medium for art even have a better PMF than most tokens that are more or less just call options on equity (apart L1s coins). Even though the collectors community is still small it is extremely energetic and if I had to make a call on what the current 20-35 year olds will buy once they are in the financial position to afford high end art the ratio between real world / digital is definitely not the same as it was for gen x and boomers. There are a handful of thoughleaders on the Ai Art side and it is with crypto the most socially structurally changing wave of innovation we will see in our lifetime. Now, like always, classic midcurved fud is going around like there will be no more art because of the generative possibilities of Ai or that it's not a real art because it's not be "done" by humans which is very much not true if you talk about the process with artists. but yeah perhaps output is no longer so important in today's art world, but what about provenance? Could be very valueable 2. Celestia Revenge Arc We are and have been huge @solana bulls for a long time but see that the mindshare is swinging more to the modular side again. I would even argue that although Solana has some prop the best founders/devs right now that there seems to be a lack of creativity and we haven't really seen net new breakout applications from the ecosystem. My greatest hope for new applications on Solana lies in the possibilities that @arcium unlocks with confidental compute. I also think things like @MetaDAOProject are cool experiments. Applications like @payy_link are leveraging the ecosystem around celestia to build privacy enhancing compelling vemo like product without using external wallets. To my knowledge, they could only have built their product as a separate execution environment. I don't particularly like the word and would therefore suggest something like vertically integrated applications rather than modular appchains. We believe that successfull apps still want to have their own chains but appchains don't want to worry about consensus and prefer rollups as they are cheaper to deploy and maintain plus bring latency benefits. Through their solid scaling roadmap and work on the interop side, we believe @celestia is best positioned to be a long-term partner of most chains. Celestia and EigenDA are also taking over the Ethereum Blob Market is a similar setup to AltL1s in '21. Even with the upcoming increases, @base and worldchain alone will completely exceed the data requirements and sooner or later will have to change their DA provider. 3. Non custodial wallets in combination with orderorgination We discuss monolothic vs modular all day but the funny thing is for someone looking at it from the outside it just seems like a sea of chains and bridges. Nobody will understands whether it's an L1 or L2 or which ecosystem it belongs to. In an abundance of chains, we need a bundling so that it is bearable from the userexperience. In the process of bundling it seems less clear to me that the MOAT is necessarily in the state itself. The most valuable position should be the one that can access all states ,perform order origination and asset holder ship. We believe that @infinex_app is best positioned to transform the wallet space and offer an experience to handle everything from one frontend. The longtail of assets will always be accessible on-chain first and not through a CEX and if I want to swap my BTC into memecoins on @berachain I'll use it. Honorable Mentions: - gaming actually has a lot of impressive launches like @GunzillaGames but has very bad investor sentiment. - DeSci is at the very beginning and has a very ideologically driven community which is extremely important at this stage to get to a point to find PMF.

And they really dare to say memecoins were better than NFTs @infinex_app

The engagement farmers hating on @infinex right now are beyond my level of understanding. Don’t be weak and offended just because you didn’t get more rewards when you were clearly farming it. Don’t attack teams that are actually shipping while you sit at home doing nothing, waiting for free allocations. The team has always prioritized the community and was the first to bring back ICOs, letting the community enter at the same valuation as VCs. This was before @echodotxyz even got rolling. Everyone claiming PATRONs are worthless NFTs is delusional. Anyone who knows @kaiynne knows they’ll be a 1:1. None of this will matter in a couple of months , the Kaito FUD will be forgotten, because real teams that ship will outlast. In case you missed it: @SuiNetwork integration is coming, onramps are on the way, Perps NFT and Predict integrations are planned, and the browser extension is almost here. And you’re bearish because your automated AI-generated slop got filtered out? Chads are accumulating

first place they are capital allocators but can become interest hubs for certain topics powered via collaborative patent owenership @cryodao @vitadao @valley_dao @athena_DAO_ @HairDAO_ @Molecule_dao