Introducing Onchain Group (OG). After leaving Coinbase, I spent time reflecting on what was actually worth working on. My background was as a venture investor — pattern matching, working with founders, and figuring out what’s coming next. What I realized, though, was that the most energizing part wasn’t investing. It was working with teams to define strategy and bring the right transaction into existence, like architecting the Coinbase <> Morpho deal — a new kind of onchain alliance that combined product, capital, and distribution to create an entirely new category and market. It made me wonder: was this a one-off, or the start of something new? Having been in crypto for nearly a decade, this is the most dynamic the space has felt. Onchain products are becoming real businesses, tokens are becoming real assets, and regulatory clarity is opening up an entirely new design space — introducing a new class of capital structuring opportunities. Over the past year, working closely with founders, it became clear that this wasn’t a one-off, but the first of many. The opportunity design space is just beginning — from tokens turning on fees, to restructurings, to equity-like conversions, to acquisitions and distribution partnerships involving tokens. Teams are realizing that getting this right is no longer optional. As onchain products mature into real businesses, taking ambitious steps toward the right capital structure becomes a requirement — and the market is beginning to reward those who do it well. In our conversations with builders, investors, and stakeholders over the past year, it became clear that nobody was exploring this area the right way — with an early-stage mindset, cryptonative intuition, and institutional rigor all at once. So we started Onchain Group. OG exists to define and execute the transactions that create new markets and shape this new system. If crypto is the software upgrade to finance, then capital structure needs to evolve alongside it — requiring ambitious strategy and creative execution.

0⃣ Coinbase Onchain Loans As I wrap up my time at @coinbase, I’m thrilled to unveil the most impactful project I’ve worked on during my tenure alongside @MorphoLabs. This is a defining moment and a major step forward in bridging CeFi + DeFi. 🧵👇

gm - some personal news! After 4 amazing years at Coinbase, I’ll be saying farewell this month. Building @cbventures from day 0 has been an incredible honor and an unforgettable journey. Sharing the note I sent to the team below. 👇

App Chains are not new. The difference in 2023 is that they are coming to EVM, where the majority of users + integrations (wallet, validator, bridge, node) support. Optimism’s OP Stack @optimismFND is open-source and allows any project/team to launch their own roll-up chain. In 2023 alone, adopters include: > Coinbase’s Base @BuildOnBase > Zora’s Network @ourZORA > Worldcoin’s ID @worldcoin If you ask a project the reason behind a roll-up strategy, they will give you some flavor of the following: > Scaling: “ETH L1 is too slow” > Flexibility: “Contracts are not optimized” or “I want to support an EIP that hasn’t hit mainnet yet” > Value Capture: “Token launch does not make sense but I want to monetize on-chain” The first two are pretty familiar arguments. The last is the most pertinent. The holy grail for a crypto project is able to monetize on-chain — you get global access at basically zero marginal cost (all forms of “traditional” marginal cost is outsourced to the chain). The headwinds are unknown regulatory risk on a case-by-case basis. Today’s versions of these are: > NFTs (@opensea) — secondary fees of on-chain NFTs > DeFi (@0xProject) — routing fees of on-chain swaps > Staking (@BlockdaemonHQ) — validator income of inflation + chain fees The conversation of roll-ups have mostly been around tech optimization, but the goal is really value capture optimization in the absence of a token launch. Factors like: > Sequencer PnL — company can monetize like a validator on block activity. > Flexibility — company can loss-lead on a contract-level (zero cost for NFT minting) to optimize for user growth but still capture downstream sequencer fees > BD — company gives a % of fees to partners that come to chain The long-term payoff will come down to the project’s ability to lean on their user network effects. It’s not purely a tech game, it’s a BD/Strategy game. 2023 App Chains are about value capture as much as it is about tech.

I've wrote tons of research internally at @coinbase but never got around to externalizing them. I'll be sharing many these next few weeks! First up~ 0/ Happy to externalize @cbventures research on the State of Bridging / Interop. Full link here: paragraph.xyz/@coinbase_vent…

It’s been super impressive to watch Arbitrum $ARB grow from beyond its initial rep as “DeFi chain” and generalize to other verticals with its L2/L3 stack into gaming, NFTs, etc (Disclosure @arbitrum is a @cbventures portco)

1/2 I joined #Coinbase 2 yrs ago. It took a while figuring out its crypto-fwd product DNA. Amazing to see how far it has come… just in the past few weeks: - USDC MakerDAO proposal - Tornado Cash lawsuit - cbETH launch - MPC Dapp Wallet - Native bridging in @CoinbaseWallet …

📢 Coinbase Ventures (@cbventures) is open for an Investment Associate to join our investment team! We're looking for somebody who has sat in an investor role + has curiosity of the crypto / web3 space. 📍Apply here or DMs! coinbase.com/careers/positio…

🔵 Coinbase Smart Wallet + Magic Spend are now live on mainnet. Quick TLDR below: [0] Here's your dashboard track the growth: dune.com/ryanyyi/coinbase-sm… [1] Coinbase Smart Wallet ("CSW") is a 4337 Smart Contract Wallet. It's a single address that can work on any EVM chain with multiple signers. Signers can be anybody - existing wallets (even embedded ones like @privy_io), Passkeys on web/mobile (your iPhone FaceID or your Chrome browser), or even 3rd parties (like Coinbase). "CSW" is multi-network, but personally I expect most of the activation on Base. While total "CSW" accounts are <1K (vs all AA accounts which are 5M+) I expect to see major growth contribution from "CSW" going fwd. [1] Magic Spend ("MS") is a Paymaster that will sponsor gas on behalf of "CSW" accounts. While "CSW" is a product that can be used by any user anywhere, "MS" will mostly be used to enable gasless tx for Coinbase users interacting onchain. Repeating this point again - tracking "MS" stats will reflect the real-time adoption of the Coinbase CeFi Retail user activation onchain. "CSW" + "MS" = Coinbase Retail onchain. [2] Passkeys. RIP-7212 is a standard where we can track onchain the growth of Passkey signature validation. Because "CSW" treats Passkeys as a major onboarding mechanism, we expect to see CSW as one of the main drivers of Passkey adoption in web3 / crypto. We can track how many Passkey-related calls onchain are happening - imagine every webauthn or FaceID approval recorded onchain.

Coinbase Smart Wallet deployer contract is 0x0..BASED

Thanks @brian_armstrong for the kind words. You are crypto’s best founder. Coinbase mafia grows by one!

📣📣 0/ I'm super excited to share publicly a multi-month zero-to-one effort for Coinbase onchain verifications live on @BuildOnBase 🔵

Coinbase halvening swag is top tier #BTC

Continuing the exercise of externalizing @coinbase ventures @cbventures research… Last edition was on "State of Bridges." Next up is introducing the "State of Wallets" series. Part 1 is on Wallet Technologies. Full link here: paragraph.xyz/@cbventures/st…

🔵Base will be remembered as one of the most exciting products in the crypto history books. It marries the scale of Coinbase + scale of onchain; the last time I can recall smth similar is the launch of $USDC. The next ~5 years will see many web2.5 companies adopting this strategy.

📣 Another major crypto wallet has entered the Smart Account arena. > Smart Wallet SDK by @CoinbaseWallet. No more seed phrases❌, sign with Passkeys (FaceID your way to glory)✅ > Account Abstraction Kit by @CoinbaseCloud to support Bundler + Paymaster initially on @base > @coinbase now offers web3 builders + users the full suite of wallet options. Whether you want your [1] Self-Custody EOA [2] Embedded Wallet As A Service [3] Smart Account I'll be sharing full length @cbventures post on why you should care about Smart Accounts (soon!)

Part 1 of "State of Wallets" covered various wallet technologies across self-custody, embedded wallets, and Smart Accounts. Up next is the “State of Wallet” Part 2 Smart Accounts. Full link here: paragraph.xyz/@cbventures/st…

Quick check-in on Coinbase Verifications (@CoinbaseCloud) so far... - 50K+ Attestations (Verified Account + Country) - 33K+ Unique Users - 30% of all @eas_eth 🧙dune.com/ryanyyi/verificatio…

Make Tokens Great Again

📢 PSA - I was the victim of a targeted crypto account takeover / SIM swap attack. Good news is that nothing was stolen or compromised - sharing my story here to remind crypto folks to stay on top of your OpSec! [0] SIM Swap - On August 3, I received an email that somebody has swapped my SIM on my personal number. This was made right before the store hours closed IRL. - I immediately suspended the number via my online account. - For somebody to request a SIM change, they need to [1] provide identification and [2] confirmation text to another number on the same account (or otherwise). I believe the attacker provided fake identification using my name + working idea is the confirmation text was forwarded somehow. - Immediately after, I was getting requests to access my email account. Luckily I had 2FA enabled but there will still a recovery option for the compromised number as well as a 2FA app tied to my device. Also the email in question wasn't tied to anything sensitive or too important. - Remediation basically was taking all mobile number / device-related 2FA off - and opted to hardware Yubikey 2FA. This meant only gating access to the hardware. [1] Coinbase Account Takeover Attempt - 24 hours later, I received a phone call from somebody posing at Coinbase CX / Support - They said there was an unauthorized attempt to transfer our crypto from an IP address out of Germany - so they were confirming whether this was me or not - They were able to confirm my balance on my account - and then requested that I needed to sign into Coinbase via a link they provided, and then 2FA using Coinbase Wallet - Something about the vibe was just off - so I decided to "lock my account" on the Coinbase app on my phone - and told the person on the phone that I did so - They replied saying "if you do that, we cannot help you" - which confirmed my alarm bells and immediately hung up. No CX person would ever advise me against that option. - This was a clear phishing attempt, and the link they provided was "casenumber-coinbase.com" which is a clear sign as well. [2] Was this targeted? - Yes 100%. - I work at @coinbase and attackers knew I had a high chance that I hold crypto - In retrospect, I realize that they likely got access to an old cointracking site that was breached, which I had forgot had an old legacy read-api access to my Coinbase account. This is why they knew which email to target, which phone number to target, and could track balances. [3] OpSec for the Future - Do not attach any mobile number or related 2FA apps as they can be breached for Coinbase or related emails. Opt for Yubikey 2FA. - If you do want to have a new fresh mobile number for 2FA, do not sign up via Verizon or AT&T. According to a friend who specializes in opsec, the large providers will log an event with the credit reporting agencies that "Ryan Yi" just created a phone number, and once that event hits the credit reporting agencies, it's only a matter of time before it ends up in the free people search sites that fill up your Google results whenever you search "Ryan Yi" New York City. So your new digits will be public records. Opt for private resellers. - Remember that Coinbase CX will never "ask for your password or 2-step verification code, install software on your device, remotely access your device to take action on your account, or access or move funds held in your account." - see help.coinbase.com/en/coinbas… Hopefully this will help others to improve their own crypto OpSec. I was very lucky and you never think you need it until you do. Don't be lazy!

TLDR: @eas_eth is shaping up to be an early open-source onchain primitive for DID / attestations 🖋️@viamirror: mirror.xyz/ryanyyi.eth/Q0NMT… 🧙 @DuneAnalytics: dune.com/ryanyyi/eas What is it? EAS is an open-source Ethereum-based smart contract infrastructure for making attestations onchain or offchain. Who is using it? EAS is deployed on all major EVM chains. @optimismFND core infra + @gitcoinpassport is migrated. What’s novel about it? EAS differs from existing concepts such as NFTs and SBTs. NFTs – ERC standard that defines an object that is transferable (secondary markets) but not revocable – the closest concept being for a user to “burn” their NFT by sending to 0x…0 address; SBTs – modification of an NFT where the object is non-transferable (forever tied to address) and therefore if a wallet is compromised, it is difficult to clawback. Both have limitations as well because standards would have to be modified to support more complex data schemas and required methods. The modifications would need to add other metadata like expiration / revocation – which would become a different standard beyond ERC721 / ERC1155. What’s the value proposition? > Purpose-built for attestations. Because attestations are immutable, non-transferrable, and can be expired/revoked – it achieves authenticity and provenance because we get a snapshot of the past, and present. > Simple + flexible. Because it does not pre-assume any schema/data the issuer is attesting, issuers can “bring their own data.” For example, Gitcoin Passport transitioned from issuing and storing attestations on their own to then migrating to EAS on Optimism. > Composable. Because there exists the concepts of “hooks” on attestations, a different smart contract can perform certain actions and subsequent workflows upon the attestation logic (ex. collecting payments or triggering other actions). > Permissionless. The permissionless nature allows anybody to attest against anything and all the data can be shared among the ecosystem vs custom standards. As a result, the ecosystem avoids data fragmentation and proprietary data storage. Implications? > Macro DID Thesis: DID is basically “wallets/keys + data.” Onchain-generated data will grow as web3 communities mature + decentralized social graphs are created. Also, more offchain-generated data will be mapped to wallets, EAS will be a key component of how it is represent onchain/smart contracts. > Ability to Import Data Silos: Given the flexibility and composability of EAS, we expect individual ecosystems to continue to converge. Web3 social graphs may eventually be ported onchain to lower the cost of data verification, introduce new use-cases, and grow the data verification economy. > Strategic Adoption: As large players are entering web3, there will be a key question on how they bring existing data and map it to wallets. If they decide on an onchain / public approach, EAS will be the tool that a 1st-party issuer might explore. We may also see projects that have utilized SBTs transition to EAS eventually as they mature in community management. > Tie-in to ENS: The provenance of the issuer is important, and thus if the issuer can tie it back to their @ensdomains name, it provides a powerful effect of combining primitives. Example is “DMV.eth” signing attestations. Also imagine a “blue check mark” added to your ENS if you have been attested on a specific EAS schema.

Just saw this at LAX airport. So cool to see a product built by a crypto team out in everyday life - congrats to the SpruceID team @SpruceID

Chain abstraction

Lots of chat around L3s lately. I am in the pro L3 camp. Some points: TLDR - I am seeing a growing pipeline of would-be builders that want to deploy on an L2, to deploying an L3 that settles to that L2. L3s will eventually offer better UX once chain abstraction is solved imo. - Onramps / Distribution. When I talk to builders, they are fully aware (and excited) that L3s are extensions of L2 tech / strategy. L3 builders want experimentation but also want to leverage the underlying distribution and onramps at the L2 level. - Experimentation. The main modifications that are made on the L2 stack are enabling custom gas tokens, routing to alt-DA, settling to underlying L2s. There is obviously dependencies on the L3 stacks that are used, but builders mainly want flexibility, subcent tx and subsecond settlement, on top of the onramp/distribution mentioned above. - L2 vs L3 DA. The implementation difference is that L3s are more flexible in using alternative DAs like Arbitrum DA / Celestia / EigenDA. Technically L2s can use alternative DAs too. But this ignores that L2s likely need to continue settling / using ETH L1 for DA for alignment purposes. - Chain Abstraction PMF. Using L3s are not easy from a bridging POV - it's like bridging to an L2 from L1 - and so the UX today is not where it needs to be. That said, L3s (vs L2s) are alot more comfortable in having their bridge contracts managed / co-opted by 3rd-party providers. The future is for protocols in chain abstraction space to play a big part where users / wallets / assets on the L2 level from a wallet POV and then utilize / relay to any L3 (that settles on that L2). Lots of amazing builder energy ongoing here (@reservoir0x Relay, @SocketProtocol, @decentxyz, @biconomy) - No L4s, only horizontal L3s. With subcent and subsecond, I think L3s can service most of the use-case universe. I don't foresee us going to "L4" or whatever that's supposed to be. It's more likely to spin up L3s that are horizontal powered by some form of interop - and with chain abstraction matured, users won't even know that a new L3 was spun up for their UX. {h/t @matassi}

👀👀👀

$DEGEN L3 has settled ~65M lifetime transactions since launch in late March. In the same timeframe, Base settled ~87M transactions. L3 szn 👀

Lots of convos on $TON recently. Sharing some quick thoughts below: Context: $TON has been cooking quietly and the Token2049 announcement made their work more public. - Historically, web2 co's incubating chains has usually not gone well. $TON was in that initial wave of co's and faced some regulatory/decentralization hurdles too. Sounds like $TON is governed via Foundation structure and generally operating w/ less headwinds. So What: Some stats to share on the "superpower" of $TON. - Telegram 800M+ MAUs - Telegram has a built-in wallet in the TG app, ex-US. This is custodial (TG owns keys) but can be non-custodial on opt-out. (@wallet_tg). Comp this to any in-app / embedded wallet. - Telegram ID can be natively mapped to keys if wallet. Comp this to any namespace. - Telegram has mini-apps where devs can build things like games natively baked into TG interface. I'm seeing more of these use web3 under-the-hood and can settle to any chain (@TeamUnibot) powered by 3rd-party wallet or the 1st-party TG wallet. Comp this to a Farcaster Frame. - TG has stickers as NFTs. - $TON trading around $30B FDMV; 3.3M onchain activated wallets; @notcoin when I played had almost 3.5M DAUs. Ecosystem: I do think $TON will be an interesting comp, alongside Coinbase/Base, around how onchain efforts are activated with mass user distribution. Likely lots of overlaps and lessons learned in terms of builder + user attention. Main elephant-in-the-room to call out is that $TON is still early in building out their 3rd-party ecosystem. Alot of $TON projects/infra (like Notcoin) are co-built by TopCo (@topdotco) - but I'm bullish on them to continuing using $TON and Telegram distribution as a way to attract those builders. It's a blue ocean right now. (Disclaimer - this reflect my personal thoughts and does not reflect any opinions of my employer.)

🚨this is a banger acquisition > coinbase does not do well internationally but wants to compete > to win intl, must win perps; binance, okex, and others dominate this market > coinbase buys a legacy product and marks stamp to win intl > this was a greg ballanco production

The real L2 wars is to win the L3 narrative. Once you see it, it's very hard to unsee.

Congrats to @lmrankhan and team. Web3 YC in the making. Proud backer from the Coinbase Ventures side!

🔵🔵🔵🔵🔵🔵🔵🔵🔵🔵🔵👀

protocol tank

Landed in Denver - hmu!👋🏔 @EthereumDenver @cbventures

🚨Hey all - Coinbase Ventures @cbventures is hiring an Associate to join our team! Apply here~ coinbase.com/careers/positio…

Current state of coinbase: On-ramp (@coinbase ), exchange (@GDAX), custody, VC fund, index fund, wallet (@CipherBrowser), and now distribution tool (@earndotcom ).

Today’s crypto markets feels eerily similar to early 2019. Emerging from the previous cycle’s hangover / valuation reset, building / tech is advancing behind-the-scenes, and small greenshoots for new markets. One retro is we confused the occasional price spikes in tokens as a broader rally - but market was mostly flat until the March 2020 run. I’m not a macro guy so can’t comment on the different capital regimes - but intuitively cycle feels similar.

An on-chain post-mortem into the @DigixDAO liquidation. blog.coinfund.io/digixdao-di…

Hearing the NewCo is joint Stripe + Paradigm (on Stripe’s board). If it follows Stripe’s crypto playbook (Privy, Bridge), expect wholly-owned but independent — own brand, team, roadmap, startup speed until proven. Stripe’s using this independent subsidiary model for all crypto bets.

🚨 PSA: the # of attestations powered by @eas_eth on @BuildOnBase has 10x'd in 1 week dune.com/ryanyyi/eas

Tfw you realize you're a crypto boomer + everything feels like new-age lingo wrapper of old ideas again (but with PMF) "Token Curated Registry" == Leaderboards, Attestations, Allowlists "Enterprise blockchain" == "incubated L2" "Parachain auctions" == "Restaking / AVS"

Coinbase Ventures @cbventures is live on Farcaster @farcaster_xyz. Give us a follow 🙏

Discord fading crypto / onchain will be the biggest missed growth opportunity for them. Start with in-platform wallets today (tech is ready) and then L2 sequencer later. AI agents, onchain communities, game streaming payments. It’s sitting right there in front of them.

Morpho wins best merch of DevCon 2024 🇹🇭 @MorphoLabs

L3s on Base

The macro thesis on M&A was always that eventually trad companies will want to do crypto and will need to acquire because there's just such a large gap in team / DNA. Bridge is the first datapoint. All prior M&A was crypto companies acquiring each other (Coinbase <> Tagomi).

Excited to play around with new @TabuApp Cosmos wallet 😎 #ATOM #OSMO #UMEE

Just a few from the Coinbase Ventures (@cbventures) side - @swaglord__420 @LukeYoungblood @raoufbenhar @0xbeans @ZhuoxunYin @juliankoh @MaraSchmiedt @NikitaVarabei @jaysonhobby @jai_prasad17 @dennis_qian @vezzabel @turnkeyhq

tokeneconomy.co/decentraland… | CC: @decentraland @digitallyrare @Metaverse_VC @nonfungibles @DCLBlogger

Happy to be joining as a judge on inaugural EAS Attestation Fellowship, a 6-week builder program taking promising attestation founders from idea stage to demo day - apply here! attest.sh/fellowship

OAuth into Web3 - the next phase of for identity / onchain use-cases. So Far: all identity has been onchain-only. Examples include - Verifications by Coinbase, Binance Account Bound Token, etc. What's Brewing: We are seeing all vectors of existing web2 social log-ins being incorporated into web3. Below are just the very few examples of what I've been noticing: > Embedded Wallet - OAuth their Tiktok / LinkedIn (via @privy_io) > Social - OAuth their Twitter / Github / Telegram/ Discord (via @friendtech, @guildxyz ) > Gaming - OAuth their Steam (via @EarnAlliance) > Other - OAuth their Strava (Fitness), Chess.com ratings (via @receiptsxyz) > Music - OAuth their Spotify What It Means: New Users: we can now go to web2 users and provide a keyless onboarding experience (w/ the power of embedded wallets). Upgrading web3 users: we can now link existing data to a wallet address [(user's Twitter graph + web3 wallet (0x...)] - which gives us more datapoints around social graphs, outreach, growth, engagement, etc. Extending bounds of utility: you could provide crypto-style primitives (bonding curves/MEV) and allow web2 users to "price themselves." Imagine this extended to any/all social graph data. I expect interest in embedded wallets and their positioning in helping their partners dictate these use-cases + infrastructure for minting this data onchain will only become more important

1⃣ Introducing “CeFi in the front, DeFi in the back”: For the first time, @coinbase Retail users can seamlessly access DeFi capabilities directly through the Coinbase app. Here's how it works: - A Coinbase user can now open the app and, with just one click, take out a loan (in USDC) using their crypto (in BTC) as collateral. Behind the scenes - - A Coinbase Smart Wallet (on Base) is provisioned in real time. Coinbase provides the smart wallet - The Coinbase user's BTC is converted 1:1 into Coinbase Wrapped BTC (cbBTC) on Base (@base) - The cbBTC is collateralized on top of Morpho (@MorphoLabs), an onchain borrow / lend protocol on Base, and USDC is borrowed - The entire transaction is powered by MagicSpend, enabling Coinbase users to seamlessly pay directly from CeFi accounts to onchain. With Coinbase's account abstraction software (Paymasters), users skip wallet funding, simplify transactions, and eliminate gas-related UX issues—ensuring smooth, onchain interactions without needing direct wallet funding.

2/2 - Solana Archival Nodes @CoinbaseCloud - Active role in the Merge and much more… There are bumps along the way when big co’s get bigger and chase innovation, but Coinbase tries its best and hope that the public gives credit for it 🤠

Bridging thesis is simple - it's a directional infrastructure bet in multiple app chains + abstracted UX. Insert any tangential themes (intents, DA, x-domain MEV, AA, etc) and bridging will likely play a role. Use-cases today are simple v0 things like asset transfers. Universe will expand to atomic DeFi (deposit once, LP everywhere), x-chain contract ownership, governance propagation, and more. Given the security complexities, segmentation will be ecosystem-specific (bridges that specialize in EVM). Excited to have our portfolio reflect the @coinbase strategic direction of next billion onchain users!

Looks like # of attestations powered by @eas_eth on @base (192K) just flippened @Optimism mainnet (191K). Coinbase Verifications (@CoinbaseCloud) comprises almost all of Base EAS, and is 50% of all EAS everywhere.

2⃣ Implications This integration is a major step toward bringing onchain capital markets to the mainstream, blending Coinbase’s ease of use and security with the openness of DeFi technology. It’s the future of retail financial services realized today. - Exemplifies the incredible potential of DeFi when combined with CeFi’s user-friendly interfaces and trust. - Paves the way for broader adoption of decentralized financial services by retail users. - Provides a glimpse into what the next generation of financial products will look like: seamless, powerful, and user-centric. This project has been in the works and under wraps for some time, and I’m thrilled that the world can now see it. It turned out to be my final project at Coinbase, and I'm lucky that it became the biggest, most impactful, and truly the career highlight of my time here. I feel incredibly lucky to end on such a high note. Special thanks to Coinbase teams across Retail, Base, Ventures - and @PaulFrambot and the Morpho team for the collaboration. 🧙 For those who want to track its growth, check out this @Dune Dashboard. dune.com/ryanyyi/coinbase-on…

“DAO” stands for Discord Always On

GMonad

Looks like EAS #'s on @optimismFND just went 2x parabolic overnight 😲😲. Data is showing @OptimismGov just went full ape into minting their Grants on @eas_eth. Source: dune.com/ryanyyi/eas

New/refreshed charts on the @eas_eth Dune dashboard (dune.com/ryanyyi/eas). Takeaways are... 1/ EAS went from 0 to 100K onchain attestations in ~2 months 2/ OP + Base led the entire inflection points (collectively 98% of cumulative attestations) 3/ Largest contributors were Gitcoin Passport, OP Grants, and Coinbase Verifications

Super stoked to welcome Definitive at @cbventures + back our fellow @coinbase alums @jai_prasad17 @dennis_qian @bablake. They’re at that sweet intersection of FAANG-grade builders + degen category knowledge.

If I were Robinhood - it may be a now or never moment to fully embrace crypto / onchain. Wish list would be: 1) Acquire Phantom 2) Do the Base playbook but on Solana / SVM 3) Merge their app + wallet (like @okx @wallet) $HOOD gets a crypto growth bid.

My baby cousin doodled on a napkin and I helped him mint them as NFTs. Excited to let him know that he may be issuing securities and that he should go in and register to his federal regulator 😭👍

Getting rich together is basically the strongest form of community in crypto. For that reason alone Solana community is very strong rn.

Underrated stat - Uniswap Labs printing money right now @Uniswap (h/t @teo_leibowitz). Fee switch only activated earlier this year. $5M in the past month alone. $60M annual run rate.

TLDR: 4844 is an amazing feat and should help bring down L2 costs, but L3s are still needed for hyperscale and sub-cent tx (ex. payments, gaming). So far average is ~50% reduction in fees, but L3 demand is still warranted. Don't fade the L3s...

hyperliquid $jelly == $eth dao hack 2025 edition

This is the first user-oriented Smart Account offering by a major incumbent in @TrustWallet. Passkeys will become the norm for key onboarding. Still some improvement needed for the cost side but great step in the right direction. (Disclosure @biconomy is a @cbventures portco)

Booted my @urbit ship, hello world!

💯 @ann_droo is Coinbase’s resident SOL maxi. His advice is probably incorporated in every SOL related effort here. Give him a follow.

NYC really is the new crypto capitol

Real-time validation that @standwithcrypto is working

Congratulations to @PaulFrambot and @MorphoLabs team. Huge milestone and one of the most exciting investments we have made this year. For me what stood out is (1) compelling vision for onchain credit and (2) dedication / execution skills are in the top 1% of crypto teams. 🦋🔵

4/ It was important for us to have a "source-of-truth" address to attest from and so we experimented with subdomains using our existing coinbase.eth @ensdomains name and issued from verifications.coinbase.eth, showcasing the power of cross-primitives

Had a fun time with @Ben_floyd50 + @CoinbaseInsto sharing POV on recent web3 VC themes coinbase.com/institutional/r…

> Lunch with friend who is SWE on Meta AI team > Educates me about AI wars in web2. Llama vs GPT4 etc. > Vibe is around optimization. Centralized value games. Narrative is set; culture is kinda bland. > Tell him $TAO emissions est. at nine figures this year (money) > $GOAT onchain agent, feels subversive (culture) > Got a text last night from him - “where do I learn more on crypto /AI?” (FYI I don’t own either) So it begins…

Passkeys are coming to web3. Most of it has manifested via wallet service providers (embedded / Smart Accounts) but the holy grail is to implement validation at the protocol level. EIP-7212 wya (Disclosure @Aptos_Network is a @cbventures portfolio co)

Path to 1 million onchain attestations for EAS @eas_eth. Coinbase Verifications leads charge (~300K), followed by Gitcoin Passport (~200K) @gitcoinpassport, and Clique @Clique2046 (~100K). Added Linea support (h/t @kbw) to the dashboard: dune.com/ryanyyi/eas

Proud to have built the portfolio from ~40 to ~400 companies in only ~2 years! The ETF of Crypto VC.

morpho szn

0/ Over the past few months, I've been thinking a ton of the future web3/crypto wallets as transforming from custodians of assets -> custodians of data. It's been cool to see this attention pick up as a narrative - in the @fredwilson minting post. paragraph.xyz/@ryanyyi/web3-…

2024 is return of Protocol Shark Tank / Blockspace Wars. Dapp builders have a ton of leverage and many protocols will pay-to-play. Take your pick - EVM L2, SVM, ZK chains, Interop, SVM, MoveVM, DA, etc. nitter.app/yiryan/status/11519415…

↗️↗️↗️ EAS is becoming the de facto standard for EVM onchain identity and attestations. Congrats to the @eas_eth contributors on hitting 1M milestone. (CC @stevedakh @brycepatrick) (query here: dune.com/ryanyyi/eas)

0/ Given the launch of $SUI today, wanted to share the following: Back in 2019, Facebook ventured into web3/crypto thrulaunch of Libra/Diem and MoveVM. Due to variety of factors, the project was shelved as it was readying its debut.

Base🔵 X 🦋Morpho

major nostalgia vibes

🐐

Excited to be backing @0x_Osprey who I got to know collabing together during his time @ Framework. Witness stands out in their novel design in the oracle space for identities. Expecting more cool announcements from them 🙏

100K is wild. To date, seed-stage startups were the main adopters of embedded wallets. I think this might be the first datapoint of a Series B+ web3 company to adopt embedded wallets. Industry is entering a new paradigm! (Disclosure @opensea is a @cbventures portfolio company)

TLDR Robinhood's Crypto at ETHCC - 1. Web2 + Onchain gets another entrant. Coinbase + Base started the onchain revolution. Robinhood joins the party with their own chain. 2. DeFi is on it's next step function of growth. Any and all asset classes will be tokenized. 3. It's now table stakes for all fintech to integrate crypto / onchain. Wall St will punish your stock if you don't include onchain in your growth roadmap. The Board room bullying into product strategy will be beautiful. -- 1. Perps. EU Only. US soon once CFTC clears. Powered by their Bitstamp acquisition. 2. Crypto App. Nothing too groundbreaking. Better trading experiences (AI summaries, tax lots, etc). Staking feature added. 3. Tokenization / RWA. Stocks are tokenized and held in Robinhood. Later on - these are transferable as ERC20 tokens. Integration onchain. 4. Robinhood Chain. Expect the tokenized assets to live here. TLDR - Base for Robinhood. 5. Pre IPO = Pre ICO. Private secondaries (like OpenAI) can be purchased as stock tokens. Super exciting development. Global access to illiquid markets. DeFi's 10x from here has been de-risked.

gm Dubai 🇦🇪 at the @ton_blockchain TON Gateway conference. say hi!

with all the regulation going on, $eos is running the biggest 'token sale' ever - raising estimated ~$5 billion USD. here's how they are pulling it off: blog.coinfund.io/the-hard-sp…

Watch this space~ I think what we traditionally call advertising will take a different form factor (Frames) and the web3 growth companies are positioned to define those behaviors. Folks like @questprotocol_ @Galxe @guildxyz. Releasing some internal research about this area soon!

All buzzwords aside, the general trend is Dapps will define user control / experience. Keys - Wallet-As-A-Service (@turnkeyhq) Delegated Interaction Mgmt - Acct Abstraction, Intents Blockspace - App Chain (@optimismFND) Settlement - MEV + Bridging (@SocketDotTech)

Awesome use-case of [1] Onchain Identity enabling [2] RWAs used by [3] Borrow / Lend on Morpho @MorphoLabs [4] on Base @base