The basic model of a bank run goes like this: You’re a bank and you get $100 worth of deposits. You turn those deposits into $100 of rock-solid loans and $20 cash sitting in yo Gringotts-style bank vault. One day, your depositors show up and demand... Read more

Going to run some napkin math here on USDC. As a disclaimer, this is napkin math. There is stuff I don’t know, and there are potential hidden risks elsewhere. This is my best estimate of the current situation. First, there’s been ~$3b drawndown from... Read more

First: mandatory disclaimer that I am not a banking expert and this is meant to distill my personal thoughts around the USDC situation. Risk avoidance in crypto has been at an astoundingly high level for the past 10 months. And understandably so. Th... Read more

Implementing leverage in crypto is not easy. Many current platforms use middle-term solutions or large off-chain components. Crypto leverage trading therefore lacks the composability and permissionless nature of other DeFi products. Infinity Pools i... Read more

The field of generative AI has rapidly evolved in recent years and is already being used for a variety of different purposes. The intersection of generative AI and NFTs is a natural one — both are cutting-edge technologies that are pushing the bound... Read more

In this week’s Chart of the Week, Jason discussed the volume profile of Bitcoin and how it may fill out into a more normal distribution pattern over the next few months, highlighting that this break to the downside was likely. Jason also shared his t... Read more

In December, Starbucks made its foray into the realm of web3 with the introduction of Starbucks Odyssey, an NFT-powered enhancement to their flourishing loyalty initiative. Although the program has presently only given out complimentary airdrops, Sta... Read more

Ordinals have breathed new life into Bitcoin. For the first time in a long time, I am having trouble following all the new developments, tools, markets, and apps developers are creating for the orange coin. There is something new to follow every day.... Read more

Do you hear that? That’s the sound of 17M ETH getting ready to be withdrawn from staking, nearly $30B of ETH supply previously locked up coming onto the market ready to be sold. Or at least, that is what you may think if you’ve wandered into certain... Read more

Building off an earlier post, Powell’s hawkish commentary this week caused a sizable repricing in rate expectations. The market is now pricing in a ~70% chance of a 50bps hike at the March FOMC meeting (two weeks from today), up from 25% at the start... Read more