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Blockchains are getting busier and cheaper while their tokens crash "There's a great report from Bitwise showing this strange phenomenon. Blockchain adoption is increasing massively, but the tokens are dumping to Hades. Eth, Sol and Avax each fell approximately 50% or more over the past year" "Ethereum transactions increased... from 121 million to nearly 240 million, but revenue on that dropped 41%. That's because there's more blockspace now, it's become a commodity, and that's made transactions cheaper. So even on more transactions they're making far less money, which is actually very good for the consumer. Solana processed nearly record transaction volume while its network revenue declined, and Avalanche C-chain transactions roughly quadrupled to 236 million while revenue fell to approximately $330,000" "More transactions prove that people want the product, but they don't prove that the token captures the value, which has become a huge problem. The tokens are priced based on speculation from previous cycles, and even if their utility increases, maybe it doesn't justify the price they're trading at"show more

The Wolf Of All Streets

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Ran Neuner shares his checklist for identifying protocols actually worth investing in "What are the protocols that are actually going to succeed? Number one, big daddy is Hyperliquid. That's why the market's giving Hyperliquid an $81 billion valuation. Why? Because they buy back tokens and burn them with fees every single day. Their fees in the last couple, has it been $4 million, $5 million a day? And they literally take that and buy back tokens with a large percentage of that money." "Pumpfun, same thing. Massive use case, growing. It's a network, definitely, because the more users that join the network, the more fun that network becomes. And they're buying back and burning the tokens. They tick all the boxes." " Venice, the AI token, they've got 4 million users, $100 million in annualized revenue, growing extremely fast, and a mechanism to give the value back to token holders." "So I think that's the formula. Are you growing? Are you growing into a network? Do you have real sustainable revenues? And do you have a mechanism to actually give that revenue back to your token holders? If the answer to all four of those is yes, invest." "If the answer to the first is yes and the fourth one is no, also invest."

Ran Neuner shares his checklist for identifying protocols actually worth investing in "What are the protocols that are actually going to succeed? Number one, big daddy is Hyperliquid. That's why the market's giving Hyperliquid an $81 billion valuation. Why? Because they buy back tokens and burn them with fees every single day. Their fees in the last couple, has it been $4 million, $5 million a day? And they literally take that and buy back tokens with a large percentage of that money." "Pumpfun, same thing. Massive use case, growing. It's a network, definitely, because the more users that join the network, the more fun that network becomes. And they're buying back and burning the tokens. They tick all the boxes." " Venice, the AI token, they've got 4 million users, $100 million in annualized revenue, growing extremely fast, and a mechanism to give the value back to token holders." "So I think that's the formula. Are you growing? Are you growing into a network? Do you have real sustainable revenues? And do you have a mechanism to actually give that revenue back to your token holders? If the answer to all four of those is yes, invest." "If the answer to the first is yes and the fourth one is no, also invest."

The Wolf Of All Streets

35,089 Aufrufe • vor 15 Tagen

SOL staking could evolve from passive yield into a claim on real network revenue Mert highlights a key part of the Solana staking thesis: stakers can benefit from economic activity happening directly on the network. “Not only are you getting protected from issuance, you’re getting additional real productive yield from actual on chain revenue.” “The validators capture those fees.” “That can only happen on a chain where it can support mass activity at scale.” High frequency traders and market makers pay transaction and MEV fees to get their activity processed. Validators capture that revenue, and some can pass it back to SOL stakers. The model becomes: More onchain activity → more fees → more validator revenue → more productive yield for stakers For Mert, scale is critical. A network needs enough transaction throughput for fees to accumulate into meaningful revenue without making each transaction prohibitively expensive. SOL staking can capture the economic value generated by the network itself. w/ mert, Solana

SOL staking could evolve from passive yield into a claim on real network revenue Mert highlights a key part of the Solana staking thesis: stakers can benefit from economic activity happening directly on the network. “Not only are you getting protected from issuance, you’re getting additional real productive yield from actual on chain revenue.” “The validators capture those fees.” “That can only happen on a chain where it can support mass activity at scale.” High frequency traders and market makers pay transaction and MEV fees to get their activity processed. Validators capture that revenue, and some can pass it back to SOL stakers. The model becomes: More onchain activity → more fees → more validator revenue → more productive yield for stakers For Mert, scale is critical. A network needs enough transaction throughput for fees to accumulate into meaningful revenue without making each transaction prohibitively expensive. SOL staking can capture the economic value generated by the network itself. w/ mert, Solana

Kaiz 🐂🀄️

21,337 Aufrufe • vor 18 Tagen

Everyone obsesses over 21 million Bitcoin. But they memorized the wrong number: 4,000. That's roughly the max transactions in a block. 8 billion people. One transaction each. 60 years to clear the queue. The coin supply tells you the price potential Blockspace tells you who can afford to move the real thing Miners execute the final settlement. Fees are a tiny slice of miner revenue today, and that math has to break eventually. When it does, blockspace becomes the new oil. and you're either pumping it or paying for it.

Everyone obsesses over 21 million Bitcoin. But they memorized the wrong number: 4,000. That's roughly the max transactions in a block. 8 billion people. One transaction each. 60 years to clear the queue. The coin supply tells you the price potential Blockspace tells you who can afford to move the real thing Miners execute the final settlement. Fees are a tiny slice of miner revenue today, and that math has to break eventually. When it does, blockspace becomes the new oil. and you're either pumping it or paying for it.

Billy ₿oone

23,921 Aufrufe • vor 1 Monat

#WATCH | On UPI payments to remain free for person-to-person transactions and Merchant Discount Rate (MDR) applicable only on Large-Value Merchant Transactions, Founder & CEO of PhonePe, Sameer Nigam, says, "...Around 96% of transactions will remain free because the majority of UPI transactions in India are below Rs 2,000. The NPCI has authorised a 0.4% MDR on UPI transactions exceeding Rs 2,000. As a result, the charge will apply only to larger transactions, and the revenue generated will help the industry at least recover its operational costs. For the past six years, while UPI transactions were MDR-free, the entire payments industry has been absorbing substantial losses every year. We have consistently raised this issue with the government and the RBI...Digital payment systems operate in more than 200 countries worldwide, yet India was the only country where UPI transactions carried no MDR. Now that a limited MDR has been introduced, we hope it will contribute to the further growth of the UPI ecosystem. This additional revenue will enable the industry to invest more in expanding UPI...This move is important for the long-term growth and sustainability of the UPI ecosystem..."

#WATCH | On UPI payments to remain free for person-to-person transactions and Merchant Discount Rate (MDR) applicable only on Large-Value Merchant Transactions, Founder & CEO of PhonePe, Sameer Nigam, says, "...Around 96% of transactions will remain free because the majority of UPI transactions in India are below Rs 2,000. The NPCI has authorised a 0.4% MDR on UPI transactions exceeding Rs 2,000. As a result, the charge will apply only to larger transactions, and the revenue generated will help the industry at least recover its operational costs. For the past six years, while UPI transactions were MDR-free, the entire payments industry has been absorbing substantial losses every year. We have consistently raised this issue with the government and the RBI...Digital payment systems operate in more than 200 countries worldwide, yet India was the only country where UPI transactions carried no MDR. Now that a limited MDR has been introduced, we hope it will contribute to the further growth of the UPI ecosystem. This additional revenue will enable the industry to invest more in expanding UPI...This move is important for the long-term growth and sustainability of the UPI ecosystem..."

ANI

62,431 Aufrufe • vor 1 Tag

Hedera Network is booming! The number of transactions on the Hedera network is at an all-time high, averaging about 291,200 transactions per day over the last two weeks and reaching a record 346,943on August 12. It demonstrates the high-throughput capability that the network was designed to deliver. Total value locked on the Hedera network has risen by ~5.2% in the last 7 days to $20.6 million, marking another influx of capital despite negative 30-day growth. Trading volume of $40.8 million per day supports strong liquidity, but the $HBAR token is far below its all-time high of $0.5692.

Hedera Network is booming! The number of transactions on the Hedera network is at an all-time high, averaging about 291,200 transactions per day over the last two weeks and reaching a record 346,943on August 12. It demonstrates the high-throughput capability that the network was designed to deliver. Total value locked on the Hedera network has risen by ~5.2% in the last 7 days to $20.6 million, marking another influx of capital despite negative 30-day growth. Trading volume of $40.8 million per day supports strong liquidity, but the $HBAR token is far below its all-time high of $0.5692.

BSCN

28,737 Aufrufe • vor 1 Monat

"The way they achieve their private transactions is exactly the trust me bro, there's a sequencer who has a reputation and you send all your transactions to that sequencer" Aztec Labs CEO Joe Andrews on why Canton's privacy is just trusting an intermediary, not real cryptographic privacy "It's what I touched on earlier, privacy through intermediaries versus cryptographic privacy. The way they achieve their private stablecoins or private transactions is exactly the trust me bro, there's a sequencer who has a reputation, and you send all your transactions to that sequencer and trust, with a non-credible commitment, that they're not going to monetize that data or sell it to anyone" "So while it jumps on the privacy bandwagon, it's basically a bunch of banks trying to adopt a different tech stack" "I think it should come out in the wash, at least for these use cases that require strong credible commitments and actual privacy that's backed by cryptographic guarantees"

"The way they achieve their private transactions is exactly the trust me bro, there's a sequencer who has a reputation and you send all your transactions to that sequencer" Aztec Labs CEO Joe Andrews on why Canton's privacy is just trusting an intermediary, not real cryptographic privacy "It's what I touched on earlier, privacy through intermediaries versus cryptographic privacy. The way they achieve their private stablecoins or private transactions is exactly the trust me bro, there's a sequencer who has a reputation, and you send all your transactions to that sequencer and trust, with a non-credible commitment, that they're not going to monetize that data or sell it to anyone" "So while it jumps on the privacy bandwagon, it's basically a bunch of banks trying to adopt a different tech stack" "I think it should come out in the wash, at least for these use cases that require strong credible commitments and actual privacy that's backed by cryptographic guarantees"

Laura Shin

12,747 Aufrufe • vor 1 Monat

So comes the biggest threat to the AI trade, which relies on ever-increasing revenues to the AI model companies to support ever-increasing valuations. Those revenues are a function of price and quantity. Quantities are all good, from my perspective. Despite increasing competition from open source and Chinese models, OpenAI and Anthropic continue adding more businesses and drawing more token usage from new and existing customers. Price, as a lever, is deteriorating. Over the last month, the average cost per million tokens has fallen 27%. This week, OpenAI cut prices for it's frontier model by another 20%. Further gains to the model companies will have to rely on driving more volume, and driving it even faster as prices fall, to support their valuations.

So comes the biggest threat to the AI trade, which relies on ever-increasing revenues to the AI model companies to support ever-increasing valuations. Those revenues are a function of price and quantity. Quantities are all good, from my perspective. Despite increasing competition from open source and Chinese models, OpenAI and Anthropic continue adding more businesses and drawing more token usage from new and existing customers. Price, as a lever, is deteriorating. Over the last month, the average cost per million tokens has fallen 27%. This week, OpenAI cut prices for it's frontier model by another 20%. Further gains to the model companies will have to rely on driving more volume, and driving it even faster as prices fall, to support their valuations.

Ara Kharazian

36,878 Aufrufe • vor 23 Tagen

If you do anything today, please listen to this 3-min clip on what Co-CEO Joseph Chalom refers to as The ETH Opportunity... FYI, Joe is the former Head of Digital Assets Strategy at BlackRock, who drove the creation of IBIT, ETHA, and BUIDL. "The more assets and transactions that are secured on the Ethereum network, have been proven to increase the value of ETH..." "If you look at the last 5 years, for each $2 secured on the network, on Ethereum and the L2s, it's driven about $1 of market cap value of Ethereum [ETH]..." "And if you take a step back and say stablecoins are at this size today, but Treasury Secretary Scott Bessent says it's gonna grow to a trillion over the next 3 years, if you look at the adoption of RWAs, which is in the first inning and can literally go j-curve, the value of tokenized assets which could be measured in the trillions or tens of trillions... they are gonna be secured by a decentralized network. We believe the vast majority is gonna be Ethereum. That is a bull case for ETH..." "If more assets are secured on the Ethereum network, the value of ETH will go up, and the value of it being a trust commodity, the highest value of money, is gonna be critically important if you believe we are at a paradigm shift, and that's what I call the ETH opportunity. It's not a trade, it's an ETH opportunity." "And for all of those who feel like they missed the early days of crypto, you are at still a very early entry point in the adoption of Ethereum and that is the long term ETH opportunity, not the ETH trade." ACCELERATE 🚀

If you do anything today, please listen to this 3-min clip on what Co-CEO Joseph Chalom refers to as The ETH Opportunity... FYI, Joe is the former Head of Digital Assets Strategy at BlackRock, who drove the creation of IBIT, ETHA, and BUIDL. "The more assets and transactions that are secured on the Ethereum network, have been proven to increase the value of ETH..." "If you look at the last 5 years, for each $2 secured on the network, on Ethereum and the L2s, it's driven about $1 of market cap value of Ethereum [ETH]..." "And if you take a step back and say stablecoins are at this size today, but Treasury Secretary Scott Bessent says it's gonna grow to a trillion over the next 3 years, if you look at the adoption of RWAs, which is in the first inning and can literally go j-curve, the value of tokenized assets which could be measured in the trillions or tens of trillions... they are gonna be secured by a decentralized network. We believe the vast majority is gonna be Ethereum. That is a bull case for ETH..." "If more assets are secured on the Ethereum network, the value of ETH will go up, and the value of it being a trust commodity, the highest value of money, is gonna be critically important if you believe we are at a paradigm shift, and that's what I call the ETH opportunity. It's not a trade, it's an ETH opportunity." "And for all of those who feel like they missed the early days of crypto, you are at still a very early entry point in the adoption of Ethereum and that is the long term ETH opportunity, not the ETH trade." ACCELERATE 🚀

DeFi Dad ⟠ defidad.eth

260,032 Aufrufe • vor 1 Jahr

Joseph Chalom on when Ethereum will start triggering the burn again "At some point, the transaction volumes coming on Ethereum are going to be many, many multiples of what we see today. Right now there's a lot of blockspace, we're not triggering the burn. But when you start seeing stablecoin growth like we expect, and tokenization, that changes" "There's only $31 billion of tokenized real world assets. The estimates, whether it's BCG or Citigroup or B. Riley, is that it's going to be measured in the trillions. DeFi has had a hiccup from a security perspective, but wait until RWAs join Bitcoin and ETH in borrowing and lending markets. You're gonna see massive transaction volume, and that's even before we get to agentic" "This stuff is compounding. If stablecoins, tokenized real world assets, and DeFi are largely happening on Ethereum, this is gonna be a righteous circle, and more and more share of transactions are gonna happen on Ethereum. At some point, we'll start triggering the burn"

Joseph Chalom on when Ethereum will start triggering the burn again "At some point, the transaction volumes coming on Ethereum are going to be many, many multiples of what we see today. Right now there's a lot of blockspace, we're not triggering the burn. But when you start seeing stablecoin growth like we expect, and tokenization, that changes" "There's only $31 billion of tokenized real world assets. The estimates, whether it's BCG or Citigroup or B. Riley, is that it's going to be measured in the trillions. DeFi has had a hiccup from a security perspective, but wait until RWAs join Bitcoin and ETH in borrowing and lending markets. You're gonna see massive transaction volume, and that's even before we get to agentic" "This stuff is compounding. If stablecoins, tokenized real world assets, and DeFi are largely happening on Ethereum, this is gonna be a righteous circle, and more and more share of transactions are gonna happen on Ethereum. At some point, we'll start triggering the burn"

Laura Shin

24,617 Aufrufe • vor 2 Monaten

"It's a sign that crypto actually built infrastructure that works. But is it bullish for the projects and tokens involved? I'm not sure it is" Joshua Frank on what Robinhood building on Arbitrum really means for crypto "There's a reason Robinhood is choosing to do this onchain. They can go 24/7, low fee trading for their customers. But Robinhood is operating all the sequencers behind the scenes. It's their chain, they're controlling everything. It's not like Arbitrum is being used for transactions of any sort" "As we saw with Base and Optimism, loyalty is not necessarily a real thing. But obviously they saw something in Arbitrum's technology they liked, so maybe that's bullish broadly for Arbitrum" "The reality is it probably creates more demand for trading tokenized equities 24/7. Maybe dYdX or other platforms offering that are able to generate fees back to token holders. A few years ago the crypto market would have reacted and ARB would have been up 70% on the day. But this is just a picks and shovels kind of play"

"It's a sign that crypto actually built infrastructure that works. But is it bullish for the projects and tokens involved? I'm not sure it is" Joshua Frank on what Robinhood building on Arbitrum really means for crypto "There's a reason Robinhood is choosing to do this onchain. They can go 24/7, low fee trading for their customers. But Robinhood is operating all the sequencers behind the scenes. It's their chain, they're controlling everything. It's not like Arbitrum is being used for transactions of any sort" "As we saw with Base and Optimism, loyalty is not necessarily a real thing. But obviously they saw something in Arbitrum's technology they liked, so maybe that's bullish broadly for Arbitrum" "The reality is it probably creates more demand for trading tokenized equities 24/7. Maybe dYdX or other platforms offering that are able to generate fees back to token holders. A few years ago the crypto market would have reacted and ARB would have been up 70% on the day. But this is just a picks and shovels kind of play"

The Wolf Of All Streets

31,562 Aufrufe • vor 2 Monaten

YC Managing Partner Harj Taggar says many young founders are still too conservative with token spend and advises them to not skimp on token budget. "Token spend is more like rent. You don't say, 'I'm not moving to San Francisco to build my tech startup because the rent's expensive.' Yes, it's expensive, but it's the place to be. You don't conserve on that. You actually want to spend money on that. There's other things you save money on." "Many of the founders, especially if they're younger, just don't have the budgets to use the latest models and be cost insensitive and token-max. They're just used to conserving and trying to do more with less." "Internally, we wonder if there's some training to push the founders to spend more on tokens because maybe they're thinking about tokens as something you should conserve spend on."

YC Managing Partner Harj Taggar says many young founders are still too conservative with token spend and advises them to not skimp on token budget. "Token spend is more like rent. You don't say, 'I'm not moving to San Francisco to build my tech startup because the rent's expensive.' Yes, it's expensive, but it's the place to be. You don't conserve on that. You actually want to spend money on that. There's other things you save money on." "Many of the founders, especially if they're younger, just don't have the budgets to use the latest models and be cost insensitive and token-max. They're just used to conserving and trying to do more with less." "Internally, we wonder if there's some training to push the founders to spend more on tokens because maybe they're thinking about tokens as something you should conserve spend on."

TBPN

66,654 Aufrufe • vor 3 Monaten

Chamath says OpenAI and Anthropic could be $5 to $10 trillion companies each if they remain a duopoly "I suspect revenues are going to crank at OpenAI and Anthropic and the open labs for a while. But again, that's not the important thing." "If you're thinking about valuation, the markets will look five to 10 years out to answer that question, they're not going to give you a premium valuation on something that they feel could be fragile in the first two to three years." "Somebody has to answer that question precisely. Because if the answer is that it is a duopoly, then there is no risk to the revenue five to 10 years from now, these things are $5 to $10 trillion companies each." "But if there are harnesses that cut the token consumption, because you stop wasting tokens to get to the same output, then it's a little bit more of a question mark. And I think that'll need to get sorted out."

Chamath says OpenAI and Anthropic could be $5 to $10 trillion companies each if they remain a duopoly "I suspect revenues are going to crank at OpenAI and Anthropic and the open labs for a while. But again, that's not the important thing." "If you're thinking about valuation, the markets will look five to 10 years out to answer that question, they're not going to give you a premium valuation on something that they feel could be fragile in the first two to three years." "Somebody has to answer that question precisely. Because if the answer is that it is a duopoly, then there is no risk to the revenue five to 10 years from now, these things are $5 to $10 trillion companies each." "But if there are harnesses that cut the token consumption, because you stop wasting tokens to get to the same output, then it's a little bit more of a question mark. And I think that'll need to get sorted out."

dnap

275,325 Aufrufe • vor 1 Monat

A viral tweet claimed that Meta is now responsible for nearly a third of Anthropic's $30B ARR, based on reporting that Meta used 60.2T tokens over 30 days. This doesn't actually pencil out. It assumes all of Meta's spend is on output tokens, which are much more expensive than input tokens, and which would be extremely unusual — according to OpenRouter data, about 98.9% of all Opus 4.6 tokens are input. The actual number is *maybe* closer to $136M a month, or $1.6B a year. Tyler Cosgrove goes through the math:

A viral tweet claimed that Meta is now responsible for nearly a third of Anthropic's $30B ARR, based on reporting that Meta used 60.2T tokens over 30 days. This doesn't actually pencil out. It assumes all of Meta's spend is on output tokens, which are much more expensive than input tokens, and which would be extremely unusual — according to OpenRouter data, about 98.9% of all Opus 4.6 tokens are input. The actual number is maybe closer to $136M a month, or $1.6B a year. Tyler Cosgrove goes through the math:

TBPN

254,894 Aufrufe • vor 5 Monaten

Users are returning to Core Network... The number of daily active users on Core DAO 🔶 is gradually increasing once more. The chain counted 9,118 active users on August 16, up from 8,974 on August 7, and added 372 new users that day. Transaction volume remained consistently high, averaging 48,000–54,000 per day over the past ten days, with 48,150 transactions on August 16. Regarding revenue, Core earned $254.80 in fees over the last 30 days, up 4.4% from the previous period. Despite the ~24% drop in TVL, this suggests the network is showing signs of improvement in underlying activity.

Users are returning to Core Network... The number of daily active users on Core DAO 🔶 is gradually increasing once more. The chain counted 9,118 active users on August 16, up from 8,974 on August 7, and added 372 new users that day. Transaction volume remained consistently high, averaging 48,000–54,000 per day over the past ten days, with 48,150 transactions on August 16. Regarding revenue, Core earned $254.80 in fees over the last 30 days, up 4.4% from the previous period. Despite the ~24% drop in TVL, this suggests the network is showing signs of improvement in underlying activity.

BSCN

101,828 Aufrufe • vor 1 Monat

"I think Visa is just coping here when they say that all of us are going to need to transact still peer-to-peer using credit cards" "They're saying that most of your small transactions, let's call it sub $1, are going to be handled by an agent on your behalf. You won't know what they're doing, they'll just be out there doing it" "I'm going to be honest, I think they're going to do some of the bigger transactions too" "We've already actually seen some evidence of this. Visa reports that X402, which was originally created by Coinbase but is now stewarded by the Linux Foundation, has already done 109.6 million transactions from AI agents with $15 million in volume, in roughly a year since they launched at the beginning of the summer of 2025"

"I think Visa is just coping here when they say that all of us are going to need to transact still peer-to-peer using credit cards" "They're saying that most of your small transactions, let's call it sub $1, are going to be handled by an agent on your behalf. You won't know what they're doing, they'll just be out there doing it" "I'm going to be honest, I think they're going to do some of the bigger transactions too" "We've already actually seen some evidence of this. Visa reports that X402, which was originally created by Coinbase but is now stewarded by the Linux Foundation, has already done 109.6 million transactions from AI agents with $15 million in volume, in roughly a year since they launched at the beginning of the summer of 2025"

The Wolf Of All Streets

20,184 Aufrufe • vor 2 Monaten

"I used to be a bitcoiner. The transition to a new store of value only happens once every 3,000 years. That's the main prize -- just focus on that. But [security] is the criteria that ultimately convinced me to flip from Bitcoin to ETH." "I have a higher degree of certainty that Ethereum will be around longer [than Bitcoin]. The reason for that is because Bitcoin relies on proof-of-work, which is less efficient than proof-of-stake and doesn't scale with the value of the network. And as the block subsidy of Bitcoin halves every four years, it is increasingly becoming more and more reliant on transaction fees to fund the security budget paid to miners." "If you look at [Bitcoin's] security budget right now, about 0.6% of revenue to miners is transaction fees... The problem with that is if Bitcoin becomes 'digital gold', flips gold, and becomes a $30 trillion asset, but it only costs $10-20 billion to attack it, that's too asymmetric." "You want the security budget to scale with the market cap, similar to how countries spend a % of their GDP on defense. The more valuable something is, the more you need to spend to protect it." "Ethereum, with the Merge, migrated to proof-of-stake, which is fundamentally more secure because it's less reliant on transaction fees and it scales with the value of the network. If 1/3rd of ETH is staked and then you need 1/3rd of those ETH to censor the network, you're looking at roughly 10% of the total market cap as the cost to attack the network." "So if Ethereum flips Bitcoin and gold and becomes a $30 trillion asset, it'll cost ~$3 trillion to attack the Ethereum network versus Bitcoin at like $10 billion." "The other aspect here is that as AI hyperscalers invest more and more in AI, proof-of-work becomes increasingly vulnerable because the cost to attack the Bitcoin network is starting to look close to the quarterly CapEx these hyperscalers are spending on their data centers." Full interview on Bankless with Vivek Raman discussing the new Etherealize "Productive Money" report below.

"I used to be a bitcoiner. The transition to a new store of value only happens once every 3,000 years. That's the main prize -- just focus on that. But [security] is the criteria that ultimately convinced me to flip from Bitcoin to ETH." "I have a higher degree of certainty that Ethereum will be around longer [than Bitcoin]. The reason for that is because Bitcoin relies on proof-of-work, which is less efficient than proof-of-stake and doesn't scale with the value of the network. And as the block subsidy of Bitcoin halves every four years, it is increasingly becoming more and more reliant on transaction fees to fund the security budget paid to miners." "If you look at [Bitcoin's] security budget right now, about 0.6% of revenue to miners is transaction fees... The problem with that is if Bitcoin becomes 'digital gold', flips gold, and becomes a $30 trillion asset, but it only costs $10-20 billion to attack it, that's too asymmetric." "You want the security budget to scale with the market cap, similar to how countries spend a % of their GDP on defense. The more valuable something is, the more you need to spend to protect it." "Ethereum, with the Merge, migrated to proof-of-stake, which is fundamentally more secure because it's less reliant on transaction fees and it scales with the value of the network. If 1/3rd of ETH is staked and then you need 1/3rd of those ETH to censor the network, you're looking at roughly 10% of the total market cap as the cost to attack the network." "So if Ethereum flips Bitcoin and gold and becomes a $30 trillion asset, it'll cost ~$3 trillion to attack the Ethereum network versus Bitcoin at like $10 billion." "The other aspect here is that as AI hyperscalers invest more and more in AI, proof-of-work becomes increasingly vulnerable because the cost to attack the Bitcoin network is starting to look close to the quarterly CapEx these hyperscalers are spending on their data centers." Full interview on Bankless with Vivek Raman discussing the new Etherealize "Productive Money" report below.

Michael McGuiness

120,514 Aufrufe • vor 4 Monaten

Why BlackRock CEO Larry Fink calls Ethereum "The Toll Road to Tokenization" "What he meant by that is assets will be tokenized, people will transact, and then each of those transactions will pay a fee to the Ethereum network. Part of that fee will be burned and decrease the supply of ETH. The other part will be paid to stakers. So it's kind of like a toll road for anyone who wants to transact with tokenized assets." "The first example of product/market fit with tokenization was stablecoins. There are a lot of reasons why a tokenized dollar is better than one on fiat rails. But the big things are accessibility -- it gives people around the world who don't have access to the US financial system access to dollars -- and reducing the friction of settling those transactions. If you've had to send a wire or ACH transfer, it takes days. Stablecoins settle instantly, so it's way more efficient. You've even heard Jamie Dimon come around to the advantages of stablecoins." "Stablecoins are really just tokenized dollars, and then that's going to happen with almost every asset class. Stocks will be next. People are talking a bout tokenizing art and real estate. The theme is 'the tokenization of everything.' And as all of these assets move on chain because more people can access them and the friction of transacting with them is reduced, trillions of dollars of assets will move on-chain... and Ethereum will be the global settlement layer for all of those transactions, and all of those transactions will generate a fee to ETH holders, which is why your ETH will compound."

Why BlackRock CEO Larry Fink calls Ethereum "The Toll Road to Tokenization" "What he meant by that is assets will be tokenized, people will transact, and then each of those transactions will pay a fee to the Ethereum network. Part of that fee will be burned and decrease the supply of ETH. The other part will be paid to stakers. So it's kind of like a toll road for anyone who wants to transact with tokenized assets." "The first example of product/market fit with tokenization was stablecoins. There are a lot of reasons why a tokenized dollar is better than one on fiat rails. But the big things are accessibility -- it gives people around the world who don't have access to the US financial system access to dollars -- and reducing the friction of settling those transactions. If you've had to send a wire or ACH transfer, it takes days. Stablecoins settle instantly, so it's way more efficient. You've even heard Jamie Dimon come around to the advantages of stablecoins." "Stablecoins are really just tokenized dollars, and then that's going to happen with almost every asset class. Stocks will be next. People are talking a bout tokenizing art and real estate. The theme is 'the tokenization of everything.' And as all of these assets move on chain because more people can access them and the friction of transacting with them is reduced, trillions of dollars of assets will move on-chain... and Ethereum will be the global settlement layer for all of those transactions, and all of those transactions will generate a fee to ETH holders, which is why your ETH will compound."

Etherealize

10,793 Aufrufe • vor 4 Monaten

Offchain Labs CEO Steven Goldfeder on why Robinhood chose Arbitrum over Solana "Yeah, and by the way, that exactly is the point. You're in two buckets: you're Ethereum layer one, you're your own layer one, you're Ethereum layer two. If they would have put their products on Solana, think about it. Robinhood is attracting millions of dollars in daily transaction volume today. Where would those dollars have gone had they built on Solana? They would have gone to Solana validators." "I think Vlad said it the best he said, 'I want to be a landlord, not a tenant.' Today, they're driving Robinhood Chain, they're driving Robinhood Wallet. That wouldn't happen if they launched on Ethereum layer one. It wouldn't happen if they launched on Solana. They'd basically be contributing to the success of Solana validators, contributing to the success of the popular Solana wallets like Phantom." "But today they're actually able to own the ecosystem and be the landlord here. They're generating not only the revenue from their direct products, but also from all the others that want to be co-located with Robinhood." "There's a strip mall and you have a very popular store that a lot of people are coming to. everyone in the strip mall benefits from that. But if you don't own the strip mall, you don't really benefit from that at all."

Offchain Labs CEO Steven Goldfeder on why Robinhood chose Arbitrum over Solana "Yeah, and by the way, that exactly is the point. You're in two buckets: you're Ethereum layer one, you're your own layer one, you're Ethereum layer two. If they would have put their products on Solana, think about it. Robinhood is attracting millions of dollars in daily transaction volume today. Where would those dollars have gone had they built on Solana? They would have gone to Solana validators." "I think Vlad said it the best he said, 'I want to be a landlord, not a tenant.' Today, they're driving Robinhood Chain, they're driving Robinhood Wallet. That wouldn't happen if they launched on Ethereum layer one. It wouldn't happen if they launched on Solana. They'd basically be contributing to the success of Solana validators, contributing to the success of the popular Solana wallets like Phantom." "But today they're actually able to own the ecosystem and be the landlord here. They're generating not only the revenue from their direct products, but also from all the others that want to be co-located with Robinhood." "There's a strip mall and you have a very popular store that a lot of people are coming to. everyone in the strip mall benefits from that. But if you don't own the strip mall, you don't really benefit from that at all."

The Wolf Of All Streets

48,474 Aufrufe • vor 12 Tagen

Gavin Baker Gavin Baker says open source is "awesome" for AI infrastructure names because it shifts the economic value from the frontier labs to the infrastructure, and it is already 80% plus of all tokens processed. "A misconception that a lot of people have is that open source models are somehow bad for AI. They're awesome for the AI infrastructure providers. They just shift economic value from the margins of the frontier labs to the infrastructure." "But I do think there's still a role for these frontier models. And it may be true, to date, frontier tokens are capturing 90% of the economic value, and open source tokens are probably 80% plus of tokens processed, and those ratios may be here to stay." _______ Follow Fireside Alpha for more highlights of the best business and technology conversations.

Gavin Baker Gavin Baker says open source is "awesome" for AI infrastructure names because it shifts the economic value from the frontier labs to the infrastructure, and it is already 80% plus of all tokens processed. "A misconception that a lot of people have is that open source models are somehow bad for AI. They're awesome for the AI infrastructure providers. They just shift economic value from the margins of the frontier labs to the infrastructure." "But I do think there's still a role for these frontier models. And it may be true, to date, frontier tokens are capturing 90% of the economic value, and open source tokens are probably 80% plus of tokens processed, and those ratios may be here to stay." _______ Follow Fireside Alpha for more highlights of the best business and technology conversations.

Fireside Alpha

162,832 Aufrufe • vor 1 Monat