ONE to ZERO ⟠ @precyz

Incredible to see how far this industry has come in just a few years. Congress used to ask what crypto is and why it matters. Now members of Congress on both sides of the isle are speaking at industry summits about why it’s critical to the future of the U.S. economy and national security.

By 2032 or 2034, crypto crosses $100 trillion. For context... there's about $800 trillion of assets in the world right now. Gold is $30 trillion, global M2 is $80 trillion. The entire digital asset space is $3.5 trillion. Adoption has followed the same log regression channel for over a decade. Forward-project it and you land at $100 trillion by the early 2030s. That's $97 trillion of new wealth in under a decade. More than every Russian billionaire, US tech billionaire, and finance and real estate billionaire on earth, combined. I've been saying this for years. This is how you unfuck your future.

There's a new coffee shop in your area. It seems to do well. And all of a sudden there are many new coffee shops. This generation of crypto products like Hyperliquid proved that crypto can have businesses that make serious money. It is bound to attract other businesses to crypto. Think Robinhood fits the bill really well. Especially because of how it's perceived culturally, it'll find users in crypto. We also argue why stablecoins might be the next $100M business for Robinhood.

DCo @Decentralisedco

7 days ago

x.com/i/article/2075…

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cloudflare is about to update the way content and value is exchanged on the internet

Cloudflare @Cloudflare

2 weeks ago

We're opening the waitlist for our Monetization Gateway, which will allow you to charge for any web page, dataset, API, or MCP tool behind Cloudflare. The charges will settle in stablecoins over the x402 open protocol. cfl.re/4eUFdt6

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The token vs equity problem. When a protocol has both a token and equity, there's a constant tug-of-war over who captures the value. Equity wins ~every time: it's the cleaner vehicle with actual legal precedent. Your bags are priced accordingly.

563 @563defi

2 weeks ago

x.com/i/article/2072…

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i have a thesis that buybacks don't actually work hyperliquid makes $800M annualized revenue pump fun makes $440M annualized revenue $HYPE trades at $65B FDV while $PUMP trades at $1.4B FDV both teams do regularly recurring buybacks with portions of their profits from the business but they trade at vastly different ratios to their revenues i believe the difference is not in how much actual revenue is generated by the business but instead its reflective of the trust premium ascribed to the team determined by their actions and decisions in the market, hyperliquid never overpromised anything, only focused on shipping product and emphatically rewarded their core users based on pre-determined metrics that contributed the most to the platform, the core users of hyperliquid have a very high trust rating with Jeff, & even if you believe the perps revenues are slightly more durable which maybe they are, i believe this trust premium on their execution and social alignment with the community is a major factor in why the token trades so well in contrast, pump fun made $1B in revenue, raised another $1B in their ICO, and promised an airdrop to users that was never delivered, even though they are one of the most successful and consistent businesses in crypto, they do not have social alignment with their core userbase and therefore do not have a comparable trust premium that hyperliquid has, recently it seems they've made concerted effort to improve comms and talk to community more, i believe that if they were ever to seriously focus attention on shifting this dynamic by actually doing the airdrop they've promised and responding to the concerns of their core user base, then the token would trade 10-15x higher, as it would also likely materially increase their volume, attention, and resulting revenues on their platform bitcoin makes $0 in revenue but has a ~$1.3T market cap, it has the greatest trust premium of any asset to ever exist, people know that there will only ever be 21M coins, and they know that the network will always continue to function no matter what to fulfill its necessary actions this is part of what ive been talking about when i say that there is intangible value that contributes to the valuation of a business in addition to the tangible value that is determined purely from revenues and other metrics trust, memetics, and attention are all very important and heavily underdiscussed in markets

Its time to stop thinking about Hyperliquid, Lighter, Aerodrome, Uniswap as front-ends for onchain users. Think bigger. They are building a liquidity layer for all of the tokenized assets, crypto assets, and any tradable asset in the world. There are so many consumer front-ends (think Revolut, MetaMask, Coinbase eToro, Robinhood) that are going to plug these DEXs in the backend and offer a superior product for their users. In this, you can see how the TAM of these apps isn't just DeFi, but all of finance. Higher.

The Rollup @therollupco

2 days ago

Jeff Yan framed Hyperliquid as the AWS of finance. Rob and Andy on why that thesis is real: "Consumer front-ends plug into Hyperliquid's 24/7 permissionless liquidity layer. MetaMask, Phantom, Valor already. Interactive Brokers, TradingView, Revolut potentially next. That's the

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Actually agree with this. As a victim of crypto theft myself, this seems like a reasonable solution

Armani Ferrante @armaniferrante

a day ago

You want to stop getting hacked? Kill instant settlement. It’s just not worth it. Every exchange and protocol should add mandatory withdrawal delays. People will hate it. People might dunk on me for saying this, but these people don’t care about you or the safety of your

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The more I dig into this report, the bigger it gets. The recent GDF/ISDA sandbox report brought together BlackRock, JPMorgan, Fidelity, Franklin Templeton, State Street, Citi, CME Group, ICE, SWIFT, and HUNDREDS of other instituions to test Crypto networks including Hedera, Ethereum, Besu, Hashgraph, Canton, LayerZero, and more. They didn't just test them, the report actually says: • No single blockchain is emerging as the universal settlement layer. • INTEROPERABILITY is the foundation for scaling tokenized finance. • The same assets were able to move across multiple blockchains and custodians without replacing existing financial infrastructure. That's super bullish for our public chains. For years the debate has been "Which chain wins?" These institutions appear to be building something very different: a multi-chain financial system where different networks serve different use cases, with interoperability connecting them all. Credit to @IOV_OWL for his latest video, which prompted me to dig much deeper into the report. If you haven't watched it yet, it's well worth checking out.

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Mark @markchadwickx

a week ago

HUGE: The CLARITY Act hasn't even passed yet - but we can already see where crypto is headed. BlackRock, Franklin Templeton, JPMorgan, DTCC, SWIFT and all the big boys just completed a Sandbox to test how tokenized U.S. money market funds could be used as collateral across

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The most boring corner of finance just had its iPhone moment. @jpmorgan just did something quietly significant. They posted tokenized assets to satisfy a margin call with CME Group, the biggest derivatives exchange on earth. Real assets, represented on-chain, accepted by a central clearing counterparty as collateral. First time it's ever happened. If you don't care about financial plumbing, stay with me. This is bigger than it sounds. When you trade derivatives, you don't just venmo the other guy. You post collateral with a middleman called a CCP, basically an escrow account both sides fund so nobody walks away from a bad bet. It's why the 2008 crash didn't completely melt the system. The CCPs held the collateral and kept the wheels turning. But the pipes are ancient. Margin calls happen during market hours. Collateral crawls through custodians, settlement systems, correspondent banks. Catch a margin call at 4:45 PM Friday and you're calling people, hoping someone picks up before the weekend. Cash settles T+1. Securities T+2. And here's the crazy part: the collateral just sits there. Hundreds of billions in Treasuries and high-grade bonds, locked in accounts, doing nothing except proving you're good for the trade. A fire extinguisher in a locked vault. Available in theory. Useless when you need it fast. ----- What actually happened J.P. Morgan tokenized the assets, took real securities and created digital twins on a blockchain. Same legal rights, same instruments, just wrapped to move instantly. They posted those tokens as margin with CME Clearing. CME accepted them. Margin requirement met. Trade covered. Done. Sounds small. One margin call, one counterparty, one pilot. But the infrastructure took years. J.P. Morgan built Onyx Digital Assets and the Tokenized Collateral Network to let institutions move tokenized assets without the settlement spaghetti. CME built the ability for a CCP to accept those tokens alongside cash and physical securities. This wasn't a lab experiment. It was a real margin call on a real exchange. ----- Why it matters Collateral today runs on banker hours. Markets don't. Equities trade near-24/7 across venues and time zones. Crypto never sleeps. But the pipes connecting institutions still punch out at 5 PM. Tokenized collateral changes that. Assets move when you need them. No settlement delay, no custodian rush. Transfer the token, the other side receives it, the blockchain records it, done. Then there's the capital efficiency angle, and this is where the numbers get big. When collateral is tokenized, the same Treasury bond can move between margin accounts, CCPs, and venues without settlement friction. An asset idle with one clearer at 2 AM could cover a margin call with another. It goes where it's needed, when it's needed. For an institution, this might mean holding $60 million in collateral instead of $100 million "just in case." The other $40 million gets deployed somewhere productive. Scale that across a derivatives market measured in tens of trillions and you're freeing up real money, hundreds of billions in trapped capital that can actually work. ----- The real signal isn't this one pilot. It's whether it expands: more asset types, more CCPs, more institutions. J.P. Morgan didn't build TCN for a one-off, they've been on this path since at least 2020. I'm also watching how tokenized collateral intersects with stablecoins and tokenized deposits. If margin gets posted in tokenized Treasuries and settled in tokenized USD on the same rails 24/7, no bank cutoffs, no settlement windows, you're looking at a fundamentally different market structure. Not a slightly faster version of the old one. Something materially cheaper and less fragile. The reason this pilot worked is that it didn't try to operate outside the regulatory perimeter. The tokens have the same legal standing as the physical securities. The CCP is regulated. The custodian is regulated. It's an upgrade from inside the system, not an attempt to replace it. ethereum:0x514910771af9ca656af840dff83e8264ecf986ca

DTCC @The_DTCC

2 days ago

One of the world's most traded ETFs, @InvescoUS, has now been tokenized by @jpmorgan as part of today’s activity. Hear from @Nasdaq and DTCC leaders on what this milestone could mean for the future of digital markets. Stay tuned for additional milestones and insights on

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Incredibly excited to publish @cyberfund's broad investment thesis! @Lomashuk & team coined it many years ago, and we have recently developed economic & cybernetic foundations of it. *Driven by technology, Capitalism will transition to either Cyberlsavery, or Cybereconomy* 🧵

cyber•Fund @cyberfund

2 days ago

AGI is 3 years out. Humanity faces a choice: 𝐀𝐜𝐜𝐞𝐥𝐞𝐫𝐚𝐭𝐞 𝐭𝐡𝐞 𝐂𝐲𝐛𝐞𝐫𝐧𝐞𝐭𝐢𝐜 𝐄𝐜𝐨𝐧𝐨𝐦𝐲 𝐨𝐫 𝐀𝐜𝐜𝐞𝐩𝐭 𝐂𝐲𝐛𝐞𝐫𝐬𝐥𝐚𝐯𝐞𝐫𝐲 Today we share our thesis on why a transition from Capitalism to the Cybernetic Economy is inevitable. cyber.fund/content/cyber-…

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one of the clearest, most plausible, and potentially most enriching investment theses from one of the best funds investing in autonomous technologies get rich by resisting cyberslavery

cyber•Fund @cyberfund

2 days ago

AGI is 3 years out. Humanity faces a choice: 𝐀𝐜𝐜𝐞𝐥𝐞𝐫𝐚𝐭𝐞 𝐭𝐡𝐞 𝐂𝐲𝐛𝐞𝐫𝐧𝐞𝐭𝐢𝐜 𝐄𝐜𝐨𝐧𝐨𝐦𝐲 𝐨𝐫 𝐀𝐜𝐜𝐞𝐩𝐭 𝐂𝐲𝐛𝐞𝐫𝐬𝐥𝐚𝐯𝐞𝐫𝐲 Today we share our thesis on why a transition from Capitalism to the Cybernetic Economy is inevitable. cyber.fund/content/cyber-…

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First Polyana post in a while, discusses the tension between Supply and Demand for blockspace and L1 value capture I thought about this tension a lot when writing about why I sold my ETH. Eventually, at the endgame, for max-value ETH, fees won't/cant't matter. 'ETH is money' implies a market cap far higher than revenue could ever support. But the bootstrapping process is different than the terminal environment for ETH, and the bootstrapping process requires Fees. Two unfortunates things happened at the same time: - blockspace demand across the industry collapsed ('strong crypto' died) - blockspace supply exploded Ethereum was caught in the middle of this collision, and the ETH bootstrapping process got derailed. So we arrived at the terminal state of ETH economics a little too soon, and imo now it seems we're stuck there. ETH is now a SoV money, at its current market cap. That's the story that makes the most sense to me.

🦔Warren Buffett told CNBC it's "tough to find values when everybody is preferring gambling." His company Berkshire Hathaway is holding $397 billion in cash and has been selling more stock than it buys for over a year. In May he called the market "a church with a casino attached." He was specifically talking about same-day options, which are essentially bets on whether a stock goes up or down within hours. Volume on those is at record levels while retail investors pile into Micron and the SpaceX IPO. My Take Buffett is describing something bigger than a stock market cycle. You can bet on sports from your phone in 38 states. Robinhood turned same-day options into a slot machine. Crypto never stopped. DraftKings turned every NFL game into a portfolio of micro-bets. The entire culture has shifted toward treating everything as a wager, and the financial industry spent the last five years making it easier, faster, and more addictive. Buffett's holding $397 billion in cash because he can't find anything priced like an investment instead of a lottery ticket. Buffett also said there's "more money in cultivating gamblers than cultivating investors," and that applies well beyond Wall Street. The brokerages, the sportsbooks, and the crypto exchanges all run the same business model. They don't need you to win. They need you to play. The house edge on same-day options and leveraged ETFs is enormous, and customers keep coming because the product is designed to feel like entertainment, not risk. Hedgie🤗

ETHEREUM

The Benner Cycle is a 150-year-old market forecasting model created by 19th-century Ohio farmer Samuel Benner, who theorized that economic and commodity prices follow recurring, predictable waves. It divides time into repeating 54-year major cycles and 27-year minor cycles categorized into "Good Times" (sell), "Hard Times" (buy), and "Panic" years. [1, 2] Although not 100% accurate (nothing is) it is the closest thing we have to a monetary and economic roadmap. Crypto is not part of this. It is a new standard being rolled in for 2030 super cycle. Like gold it will be repriced by the FIC to back the dollar bond markets.

MartyParty @martypartymusic

a day ago

Subscribers had the game plan at the bottom and have secured their futures. Im not here to mess around. This is a 10 year plan.

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1/ As crypto winter comes to an end, it's time for a new blue chip asset to lead the way forward All major innovation - tokenization, stablecoins, perps, L2s, DeFi - happens on Ethereum Blockchain's NVIDIA moment is here at last... And so this next cycle belongs to ethereum:native

2/ It's time to upgrade the primary flag-bearer asset for the blockchain ecosystem Digital gold was a good start. But ETH is the endgame - a yield-bearing, self-sovereign, quantum-resistant, AI-native store of value ETH is productive money. productivemoney.org

been saying since last spring that privacy is the last 1,000x & PvE in crypto not just in terms of price, but in terms of the impact it will have on product, adoption, and the ideological trajectory of the industry every day more people are waking up to this encrypt the money

Chamath Palihapitiya @chamath

a day ago

x.com/i/article/2077…

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This is awesome. @LynAldenContact has come up with a new way to leverage Bitcoin to bolster businesses, support economic activity, and protect value through the power of sound money. Very excited to see how this changes the private equity landscape. Bullish 🔥

Lyn Alden @LynAldenContact

2 days ago

Private equity generally aims to buy businesses, cut costs, and flip them in 4-7 years for a profit. As an alternative, we started a company to buy and hold businesses, and back them up with a bitcoin treasury: lynalden.com/orange-juice/

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