With TPU mostly in the rear mirror, it's a yield story where market will punish fiscal exuberance absent any slowdown and monetary accommodation. Bring back the bond vigilantes

THE CASE FOR TREASURY COMPANIES (July 2025) THE CONCEPT Superficially, treasury companies seem to resemble exchange traded funds designed to provide exposure to cryptocurrencies. But the analogy is misleading. The true attraction of treasury companies lies in their ability to

Protocol Debt: Turning DAOs into Defensible Growth Engines The 2022 crypto crash was the sector’s first credit crisis and led to a period analogous to the Great Depression. It exposed a system built on opaque, uncollateralized leverage—primarily servicing prop trading firms with

So many people chasing the next DAT trade. There is no next DAT trade, there is no second best, the ticker is $ETH.

Don't think this market has the odds nor the liquidity (muh size) it deserves. Dubious on broad market impact as it'd be a continuation of the fragmentation thesis, but imho <25c is a steal.

What differentiates cross-chain solvers from the rest in the picture? Cross-chain solvers are capital constrained. Take Across, one of the largest bridging protocols. It routinely bridges around $1B monthly. Yet its largest relayer is the Across team itself, which maintains its

Terminal-bench leaderboard looks great until you realize 1.4K in → 81K out → 15M cache tokens. Agentic workflows don’t scale like this, we’ve blown past the Pareto frontier.

A tad early