Excited to announce our investment in Crunch (Quant/acc), the world’s first open, community owned prediction marketplace. Cruncher Jean and team have built an incredible platform of 10,000+ ML engineers and 1,200 PhDs solving some of the worlds most challenging predictive problems. Read

Major crypto derivatives markets should have circuit breakers. Allowing a flash crash to blow up a significant percentage of your users is strictly value destructive. But if the exchange is left with bad debt which would have been liquidated if not for circuit breakers? That is

The attention economy is broken. Conduct is a quiet revolution. No ads. No swipes. Just a screen saver, and a block being produced while you breathe 😌

October 9, 2025 – The day we @fwdind brought Internet Capital Markets to Wall Street's front door.

TikTok says: “Don’t look away.” Instagram says: “Don’t look away.” Facebook says: “Don’t look away.” YouTube says: “Don’t look away.” Conduct says: “Look away. We'll take care of the rest.”

I disagree with this. Listing fees are a reasonable component of an exchange's business model. What is not acceptable is lying about them, or gaslighting everyone to think they are not listing fees but are rather used for opaque unverifiable airdrops or security deposits.

This type of raise is actually quite dilutive. Yes it appears the shares are sold at a premium but that assumes the warrants have no value. Once you include the value of the warrants which investors received, this offering was done at a discount to market price. Market price is

Making money for shareholders

2nd order effects of this will be fascinating. Why take risk to deposit at a traditional bank vs using a narrow bank that only holds tbills? Narrow banks will have lower expenses & will pass more interest to depositors. Narrow bank = less risk and higher interest for depositors

The Lion is just getting started. 🧊

It was an honor to host a panel on stablecoins at the Federal Reserve ‘s payment innovation day yesterday!

In virtually all respects, the way society talks about the economy is not the value of current wealth, but the rate of capital turnover We talk about GDP not national net worth Focus on on-chain metrics of capital turnover (transfers, trading volume), not asset issuance

11/ Just as with Chair Atkins nomination at the start of the year, this is a great day for American Markets. Congrats

See you in Abu Dhabi SolanaConf in December Theme: stablecoins and the next generation of money -> importing productive assets onchain -> enabling yield -> managing 360º risks P.S. Perena is bringing flowers to the desert

If your market is 24/7, then you are 24/7. crypto today is global, non stop and ever accelerating

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0/ I’m excited to publish our updated investment thesis for @Multicoin. Together with @spencerapplebaum_ and shayon, we refined our core thesis and crystallized 8 themes we believe will define the most exciting investment opportunities over the next ~5 years.

This is the first post in a series about onchain market structure. It explores how ACE can benefit DeFi value capture without extracting value from users. DeFi needs positive sum innovations like ACE in order to scale to power global capital markets.

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Paul Hsu reveals where AI x crypto investment is actually flowing, and it's not where most people think.