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2024 was in many ways the centralization cycle. Decentralized primitives lost out to centralized apps across the board.
Ethereum decentralization -> L2 multisigs
Uniswap immutability -> Jupiter frontends
Seaport programmability -> Ordinals offchain orders
Metam*sk selfcustody -> Privy app wallets
dYdX cosmos chain -> Hyperliquid validator
The one beautiful exception to this? LayerZero
- immutable protocol with flexible DVNs
- clear tokenholder governance and rights
- dominating marketshare across bridges
- sovereign universal token standard for OFTs
- opensourcing better L1 tech than any 11-figure chain
In the past few months alone, they've shipped:
- QMDB, a better blockchain database which gives you 2.3 million state updates per second
- FAFO, a transaction parallelization approach handling storage read/write conflicts that can process 1.1 million transactions per second
- vApps, an architecture to fit any Rust application into a universal onchain proof framework
Back in 2021 I would joke that the corollary to the blockchain trilemma was the bridge trilemma: if we have at least 3 live crosschain bridges, one of them is about to get hacked. Ronin (625m), Poly (610m), Binance (570m), Wormhole (325m), Nomad (190m), Harmony (100m), Multichain (125m) - all eviscerated user capital.
We don't worry about that any more.
It's so rare to see the team with the best cryptonative ethos also dominate on both tech and distribution.
Kudos to @LayerZero_Core for all the quality opensource shipping.
Ethereum decentralization -> L2 multisigs
Uniswap immutability -> Jupiter frontends
Seaport programmability -> Ordinals offchain orders
Metam*sk selfcustody -> Privy app wallets
dYdX cosmos chain -> Hyperliquid validator
The one beautiful exception to this? LayerZero
- immutable protocol with flexible DVNs
- clear tokenholder governance and rights
- dominating marketshare across bridges
- sovereign universal token standard for OFTs
- opensourcing better L1 tech than any 11-figure chain
In the past few months alone, they've shipped:
- QMDB, a better blockchain database which gives you 2.3 million state updates per second
- FAFO, a transaction parallelization approach handling storage read/write conflicts that can process 1.1 million transactions per second
- vApps, an architecture to fit any Rust application into a universal onchain proof framework
Back in 2021 I would joke that the corollary to the blockchain trilemma was the bridge trilemma: if we have at least 3 live crosschain bridges, one of them is about to get hacked. Ronin (625m), Poly (610m), Binance (570m), Wormhole (325m), Nomad (190m), Harmony (100m), Multichain (125m) - all eviscerated user capital.
We don't worry about that any more.
It's so rare to see the team with the best cryptonative ethos also dominate on both tech and distribution.
Kudos to @LayerZero_Core for all the quality opensource shipping.
2024 was in many ways the centralization cycle. Decentralized primitives lost out to centralized apps across the board.
Ethereum decentralization -> L2 multisigs
Uniswap immutability -> Jupiter frontends
Seaport programmability -> Ordinals offchain orders
Metam*sk selfcustody -> Privy app wallets
dYdX cosmos chain -> Hyperliquid validator
The one beautiful exception to this? LayerZero
- immutable protocol with flexible DVNs
- clear tokenholder governance and rights
- dominating marketshare across bridges
- sovereign universal token standard for OFTs
- opensourcing better L1 tech than any 11-figure chain
In the past few months alone, they've shipped:
- QMDB, a better blockchain database which gives you 2.3 million state updates per second
- FAFO, a transaction parallelization approach handling storage read/write conflicts that can process 1.1 million transactions per second
- vApps, an architecture to fit any Rust application into a universal onchain proof framework
Back in 2021 I would joke that the corollary to the blockchain trilemma was the bridge trilemma: if we have at least 3 live crosschain bridges, one of them is about to get hacked. Ronin (625m), Poly (610m), Binance (570m), Wormhole (325m), Nomad (190m), Harmony (100m), Multichain (125m) - all eviscerated user capital.
We don't worry about that any more.
It's so rare to see the team with the best cryptonative ethos also dominate on both tech and distribution. Kudos to @LayerZero_Core for all the quality opensource shipping
Ethereum decentralization -> L2 multisigs
Uniswap immutability -> Jupiter frontends
Seaport programmability -> Ordinals offchain orders
Metam*sk selfcustody -> Privy app wallets
dYdX cosmos chain -> Hyperliquid validator
The one beautiful exception to this? LayerZero
- immutable protocol with flexible DVNs
- clear tokenholder governance and rights
- dominating marketshare across bridges
- sovereign universal token standard for OFTs
- opensourcing better L1 tech than any 11-figure chain
In the past few months alone, they've shipped:
- QMDB, a better blockchain database which gives you 2.3 million state updates per second
- FAFO, a transaction parallelization approach handling storage read/write conflicts that can process 1.1 million transactions per second
- vApps, an architecture to fit any Rust application into a universal onchain proof framework
Back in 2021 I would joke that the corollary to the blockchain trilemma was the bridge trilemma: if we have at least 3 live crosschain bridges, one of them is about to get hacked. Ronin (625m), Poly (610m), Binance (570m), Wormhole (325m), Nomad (190m), Harmony (100m), Multichain (125m) - all eviscerated user capital.
We don't worry about that any more.
It's so rare to see the team with the best cryptonative ethos also dominate on both tech and distribution. Kudos to @LayerZero_Core for all the quality opensource shipping
It is very hard to browse crypto websites with a straight face
People say they want to own the leading stablecoin blockchain, but they keep bidding Plasma instead of Tron. Very confusing
you've heard about the hyperliquid of casinos
now time to learn about
openai: the hyperliquid of artificial intelligence
circle: the hyperliquid of stablecoins
drift: the hyperliquid of perpetual swaps
now time to learn about
openai: the hyperliquid of artificial intelligence
circle: the hyperliquid of stablecoins
drift: the hyperliquid of perpetual swaps
The reason onchain gaming struggles is that crypto is already one giant metagame
“Buy onchain assets to level up and gain new ranks” - this is just jupiter and hyperliquid
“Explore the environment and interact with repetitive NPCs to accomplish goals” - welcome to twitter 🫠
“Buy onchain assets to level up and gain new ranks” - this is just jupiter and hyperliquid
“Explore the environment and interact with repetitive NPCs to accomplish goals” - welcome to twitter 🫠
When onboarding family and friends to crypto, they always decline, "we don't have enough stablecoins yet"
I tell them about USDC, USDT, USDS, USDE, USDY, USDD, USDB.
Not good enough. They want more.
"Why no USDK? Where is USDQ?" they complain.
The STABLE GENIUS act fixes this
I tell them about USDC, USDT, USDS, USDE, USDY, USDD, USDB.
Not good enough. They want more.
"Why no USDK? Where is USDQ?" they complain.
The STABLE GENIUS act fixes this
Agents will do to wallets, what hyperliquid did to perps
People are now pitching "tokenized SBET"
What's next, dehydrated water packets?
What's next, dehydrated water packets?
People are now pitching "tokenized SBET"
What's next, dehydrated water?
What's next, dehydrated water?
The legibility trap: defining a market can break it
- tokenized attention degrades all CT
- cash is fine but blockchain privacy is illegal
- liquid governance collapses Downs' paradox
- flashbots pushed all transactions into private RPCs
- tokenized attention degrades all CT
- cash is fine but blockchain privacy is illegal
- liquid governance collapses Downs' paradox
- flashbots pushed all transactions into private RPCs
Refreshing to see the stripe x privy acquisition. Real app with real users solving real problems. No vaporware infra token fugazi. Crypto markets maturing 💪
Circle sold $1 billion of CRCL shares yesterday in a 25x oversubscribed IPO at $31 each
Now it is trading at $88 in public markets
Maybe they should have just…raised the price and made an extra billion? 25x oversubscribed means you are priced too low, that’s the market signal
Now it is trading at $88 in public markets
Maybe they should have just…raised the price and made an extra billion? 25x oversubscribed means you are priced too low, that’s the market signal
You should be willing to use your own products
You should build something that's so good, you *want* to use your own product
So always strange to see that a token launchpad is not using their own launchpad for their own token
Dogfooding is dead
You should build something that's so good, you *want* to use your own product
So always strange to see that a token launchpad is not using their own launchpad for their own token
Dogfooding is dead
Stablecoins are rerunning the L2 metagame
Users want one big stablecoin with giant liquidity and good yield, not stablecoin-launchpad-as-a-service to swap between Playstation stablecoin and McDonalds stablecoin
Users want one big stablecoin with giant liquidity and good yield, not stablecoin-launchpad-as-a-service to swap between Playstation stablecoin and McDonalds stablecoin
The Future of Wallets 🧵
When you abandon safe CEX and buy your first onchain crypto, you pick a wallet and all your stuff gets stuck there.
For the 2021 crew, Metamask.
For the 2023 crew, Phantom.
But tech changes quickly, and 2025 has way more firepower. Here’s what’s next:
When you abandon safe CEX and buy your first onchain crypto, you pick a wallet and all your stuff gets stuck there.
For the 2021 crew, Metamask.
For the 2023 crew, Phantom.
But tech changes quickly, and 2025 has way more firepower. Here’s what’s next:
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