ChainLinkGod
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An underrated attribute of Chainlink $LINK is that there is no toxic VC influence so common in our industry
Unlike some competitors, there is no conflicts of interests whereby VCs force their portfolio companies to integrate a portfolio protocol as part of the deal or under the threat of pulling funding
Companies choose Chainlink because it’s the best solution, not because they’re forced to by their VC overlords
The quality of the product speaks for itself, not dangling money over the heads of devs
Unlike some competitors, there is no conflicts of interests whereby VCs force their portfolio companies to integrate a portfolio protocol as part of the deal or under the threat of pulling funding
Companies choose Chainlink because it’s the best solution, not because they’re forced to by their VC overlords
The quality of the product speaks for itself, not dangling money over the heads of devs
Chief Innovation Officer at @swiftcommunity on the recent collaboration between Chainlink, Kinexys by J.P. Morgan, and Ondo on enabling cross-chain DvP settlement for tokenized assets
To Tom's points, at Consensus 2025, Sergey presented the Chainlink Compliance Services stack (incl. identity, KYC/AML, policy management, monitoring, and regulatory reporting) so institutions can create and engage with compliant tokenized assets
He also presented how the Chainlink Runtime Environment (CRE) enables the creation of complex workflows that orchestrate activity across blockchains and existing systems, unlocking advanced onchain use cases
To Tom's points, at Consensus 2025, Sergey presented the Chainlink Compliance Services stack (incl. identity, KYC/AML, policy management, monitoring, and regulatory reporting) so institutions can create and engage with compliant tokenized assets
He also presented how the Chainlink Runtime Environment (CRE) enables the creation of complex workflows that orchestrate activity across blockchains and existing systems, unlocking advanced onchain use cases
.@SergeyNazarov on the collaboration between Chainlink, Kinexys by J.P. Morgan, and Ondo that enabled the cross-chain DvP settlement of a tokenized Treasuries Fund between a private bank chain (Kinexys) and a public L1 chain (Ondo Chain), using the Chainlink Runtime Environment
It’s pretty cool to say that @jpmorgan, the largest bank in the United States, is now a @Chainlink user
Tokenized assets are inevitable, and creating seamless methods for institutional investors to purchase these assets across chains is crucial
Just use Chainlink
Tokenized assets are inevitable, and creating seamless methods for institutional investors to purchase these assets across chains is crucial
Just use Chainlink
Decentralization and credible neutrality is not a product, it is not an end goal, it is not even a vision, it’s a means to an end
For L1 chains, it is a way to achieve censorship-resistant access to verifiable state
Such state is useful for app devs and asset issuers who want a common platform to deploy on
Users do not give a shit about any of this, don’t pitch them properties of a system, pitch them the product!
The product is the apps and tokens, not some abstract grand vision of a decentralized utopia
Etheruem has apps and tokens in spades, it’s what it’s best at, but people still pitch the technobabble, why
For L1 chains, it is a way to achieve censorship-resistant access to verifiable state
Such state is useful for app devs and asset issuers who want a common platform to deploy on
Users do not give a shit about any of this, don’t pitch them properties of a system, pitch them the product!
The product is the apps and tokens, not some abstract grand vision of a decentralized utopia
Etheruem has apps and tokens in spades, it’s what it’s best at, but people still pitch the technobabble, why
Ethereum is fighting a war on three fronts and not really winning any of them currently
- ETH is not a better SoV commodity money than BTC (fight me)
- Ethereum L1 execution layer is not more scalable than Solana or alt L1s
- Ethereum blobspace is not more scalable than Celestia or alt DA
There is an argument to be made that Ethereum only needs to be semi-competitive on each of these to win based on network effects alone (sum greater than its parts), plausible
While one can also argue it’s a chase three rabbits, catch none situation, a lack of definitive focus to be exceptional at any one thing
As an $ETH holder, I obviously want Ethereum to win, but at a certain point you have to recognize the landscape is shifting, the success of a platform doesn’t mean you automatically win as a SoV asset
My thesis in general is that the entire L1 coin category is massively overvalued as:
- BTC continues to domains as the primary SoV commodity money reverse asset
- Apps capture more their own revenue via ASS + OEV recapture + app chains
- Gas tokens are abstracted away and stablecoins become the dominant MoE
- Most chains generate a modest but not particularly exceptional revenue, and it’s a power law distribution
- Chain-abstraction infra layers blur the lines between chains and users follow the apps which follow the liquidity
Out of every non-BTC L1 coin, ETH has the best bet to overcome these headwinds, but it’s in no way guaranteed
Couldn’t tell you where ETH goes in the short / medium term, probably does well as sentiment reverses, but it does have long term challenges to overcome
- ETH is not a better SoV commodity money than BTC (fight me)
- Ethereum L1 execution layer is not more scalable than Solana or alt L1s
- Ethereum blobspace is not more scalable than Celestia or alt DA
There is an argument to be made that Ethereum only needs to be semi-competitive on each of these to win based on network effects alone (sum greater than its parts), plausible
While one can also argue it’s a chase three rabbits, catch none situation, a lack of definitive focus to be exceptional at any one thing
As an $ETH holder, I obviously want Ethereum to win, but at a certain point you have to recognize the landscape is shifting, the success of a platform doesn’t mean you automatically win as a SoV asset
My thesis in general is that the entire L1 coin category is massively overvalued as:
- BTC continues to domains as the primary SoV commodity money reverse asset
- Apps capture more their own revenue via ASS + OEV recapture + app chains
- Gas tokens are abstracted away and stablecoins become the dominant MoE
- Most chains generate a modest but not particularly exceptional revenue, and it’s a power law distribution
- Chain-abstraction infra layers blur the lines between chains and users follow the apps which follow the liquidity
Out of every non-BTC L1 coin, ETH has the best bet to overcome these headwinds, but it’s in no way guaranteed
Couldn’t tell you where ETH goes in the short / medium term, probably does well as sentiment reverses, but it does have long term challenges to overcome
Ethereum folks will say L1 revenue is irrelevant and you shouldn’t value an L1 coin on the basis of revenue
And then turn around talk about the ETH staking yield, burn rate, low issuance, and its attractiveness as a PoS asset
Reality we’re seeing is:
1) competition on chain scalability is driving a race-to-zero for tx fees
2) apps are moving to capture their own MEV with ASS + OEV recapture + app chains
3) L2s have a 90%+ profit margin vs L1 settlement + DA costs
4) DA blobs is becoming increasingly commoditized and settlement doesn’t drive fees
5) gas tokens are being abstracted away in favor of stablecoins as a MoE
Optimize for REV-maxing or don’t, the indecision is painful
And then turn around talk about the ETH staking yield, burn rate, low issuance, and its attractiveness as a PoS asset
Reality we’re seeing is:
1) competition on chain scalability is driving a race-to-zero for tx fees
2) apps are moving to capture their own MEV with ASS + OEV recapture + app chains
3) L2s have a 90%+ profit margin vs L1 settlement + DA costs
4) DA blobs is becoming increasingly commoditized and settlement doesn’t drive fees
5) gas tokens are being abstracted away in favor of stablecoins as a MoE
Optimize for REV-maxing or don’t, the indecision is painful
.@aave is voting to expand their use of Chainlink SVR to more markets, increasing coverage from ~5% to ~28% of Aave’s TVL on Ethereum
Vote has 100% approval thus far, love to see it
As a related note, SVR’s economics are pretty interesting as they’re counter-cyclical
When markets dump and there’s liquidations, SVR starts printing revenue for Aave + Chainlink
The trade-off is that it’s very feast-or-famine, most days little see little, but a few volatile days create a pay greatly
Users on lending protocols are systemically long, so that’s why downward price action prints more revenue than upwards price
Vote has 100% approval thus far, love to see it
As a related note, SVR’s economics are pretty interesting as they’re counter-cyclical
When markets dump and there’s liquidations, SVR starts printing revenue for Aave + Chainlink
The trade-off is that it’s very feast-or-famine, most days little see little, but a few volatile days create a pay greatly
Users on lending protocols are systemically long, so that’s why downward price action prints more revenue than upwards price
There are four primary use cases of blockchain apps today
Payments
Swaps
Lending
Leverage
There are ~100 chains with $10M+ TVL, and since chains usually have 1 of each app, that’s ~400 apps covering the same 4 use cases
And yet, every week, we see a new collection of L1 / L2 chains go live, who inevitably offer the same 4 basic apps
Combine this with the fact that 1) chain scalability is driving a race-to-zero for transaction fees, 2) apps are moving to capture their own MEV, and 3) gas tokens are being abstracted away…
Maybe, just possibly, the speculative premium that the market is placing on hundreds of these L1 / L2 tokens is not rational
Just saying
Payments
Swaps
Lending
Leverage
There are ~100 chains with $10M+ TVL, and since chains usually have 1 of each app, that’s ~400 apps covering the same 4 use cases
And yet, every week, we see a new collection of L1 / L2 chains go live, who inevitably offer the same 4 basic apps
Combine this with the fact that 1) chain scalability is driving a race-to-zero for transaction fees, 2) apps are moving to capture their own MEV, and 3) gas tokens are being abstracted away…
Maybe, just possibly, the speculative premium that the market is placing on hundreds of these L1 / L2 tokens is not rational
Just saying
In case you're curious how $SXT Rewards are allocated for Chainlink Rewards: Season Genesis
If you staked $LINK in v0.1, you get +2,250 $SXT
If you staked $LINK in v0.2, you get +1,500 $SXT
If you were actively staking $LINK as of March 31, 2025, then you get an amount of $SXT based on your time-weighted average stake (~18K $SXT if you max staked since v0.2 launched, ~24K $SXT if you max staked since v0.1)
All of the above is additive so if you max staked $LINK in v0.1 + v0.2 since the beginning and were actively staking on March 31, then you'd get ~28K $SXT
If you staked $LINK in v0.1, you get +2,250 $SXT
If you staked $LINK in v0.2, you get +1,500 $SXT
If you were actively staking $LINK as of March 31, 2025, then you get an amount of $SXT based on your time-weighted average stake (~18K $SXT if you max staked since v0.2 launched, ~24K $SXT if you max staked since v0.1)
All of the above is additive so if you max staked $LINK in v0.1 + v0.2 since the beginning and were actively staking on March 31, then you'd get ~28K $SXT
You didn’t unstake, did you anon?
With 100M $SXT going to eligible $LINK stakers in Chainlink Rewards: Season Genesis
And Binance perps pricing $SXT at $0.28 currently (pre-market, value at launch could be different)
That’s upwards of $28M becoming claimable by $LINK stakers this Thursday
Plus add another 100M $SXT on top of that for future Chainlink Rewards campaigns
Ecosystem alignment through and through
@SpaceandTimeDB 🤝 @Chainlink
And Binance perps pricing $SXT at $0.28 currently (pre-market, value at launch could be different)
That’s upwards of $28M becoming claimable by $LINK stakers this Thursday
Plus add another 100M $SXT on top of that for future Chainlink Rewards campaigns
Ecosystem alignment through and through
@SpaceandTimeDB 🤝 @Chainlink
Pretty wild that I can claim a $32K airdrop... but only if I launch a memecoin market, which I have absolutely zero interest in doing
No shame for anyone who takes the money while telling people not to buy it, but I hope they realize the tokens are locked for 30 days, which can only be reduced if you pump the coin to certain marketcap milestones
Only in crypto...
No shame for anyone who takes the money while telling people not to buy it, but I hope they realize the tokens are locked for 30 days, which can only be reduced if you pump the coin to certain marketcap milestones
Only in crypto...
The first crypto app to break into the mainstream will be a stablecoin payment and savings app
A PayPal/Vemno UX with yield-bearing stablecoins under the hood
- Non-custodial
- No KYC
- Fiat on/off-ramps
- Gas abstraction
- Chain agnostic
- On-device signing
- MPC cloud backups
- Basic curated DeFi
The challenge here is not technical, but rather the legal, UX, and user distribution
Just takes one app to crack this, and it’ll probably be a household name you already know
From there, you can easily expand into more use cases and more onchain assets as you own the user relationship
A PayPal/Vemno UX with yield-bearing stablecoins under the hood
- Non-custodial
- No KYC
- Fiat on/off-ramps
- Gas abstraction
- Chain agnostic
- On-device signing
- MPC cloud backups
- Basic curated DeFi
The challenge here is not technical, but rather the legal, UX, and user distribution
Just takes one app to crack this, and it’ll probably be a household name you already know
From there, you can easily expand into more use cases and more onchain assets as you own the user relationship
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