gm – so far 2025 has brought with it some extremely volatile price action. as we move into the final week before the new administration takes office, I figured I would give my thoughts on how markets have played out so far.

from jan 1 through jan 6, nearly 4bn in BTC OI (from 26bn to over 30bn) was added to markets. during this timeframe,

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You’ve probably seen Boyco and Berachain over twitter the past week or so and are confused as to what it is with the chain not live. In essence, it’s pre-launch points farming. Berachain pre-deposits have hit >$1B recently as people begin to farm one of the most anticipated L1 launches this year. Right now Berachain is in the “pre-Boyco”

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Risk in the context of financial markets follows similar logic to the conservation of energy — it is not something that can be created nor destroyed, but only transferred. This implies that any attempt to mitigate some risk is inherently subject to some symmetric tradeoff. This framework is especially useful when conceptualizing DeFi’s la

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Introduction

Our fund thesis is entirely premised on the Internet Financial System. It is our Kierkegaardian idea to live and die for, and we often find ourselves attempting to explain the promise and meaning of the Internet Financial System to our friends and investors. It’s a difficult task because so much of the existing financial syst

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Decentralized AI platforms and AI agents have been dominating crypto mindshare for the past few weeks. Solana and Base have taken the lead as the go-to networks for AI focused projects with multiple tokens reaching billion dollar market caps. 

Given the recent market pullback, I wanted to use the opportunity to follow up on our AI platfor

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Pendle launched two markets today for Berachain: liquidBeraBTC (10 Apr 2025) and liquidBeraETH (10 Apr 2025). With Berachain being one of the most hyped new L1s coming along with the plethora of points offered, I expect these to grow fairly big (right now at $2.2m & $3.6m).

Pendle is a weird product to me, it’s fundamentally a yield tr

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Over the holidays, the AI agent narrative was the subject of fierce and divisive debate. AIXBT was exposed as a twitter scraper, AI16Z and others were accused of being ChatGPT wrappers, and the disruptiveness of the AI agents crypto has produced so far was called into question.

nah y’all are absolute retards. happy to be the one to say i

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Limit Break recently announced what it has been working on for the past 9+ months. Apptokens are a new class of tokenized digital assets that cover both ERC721-C and ERC20-C tokens. They encompass a series of token smart contracts that provide developers with a toolbox for more granular control over the issuance and management of tokenize

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DoubleZero is arguably the most ambitious project in crypto. While the vision in technically dense, this post aims to provide a brief overview of (1) why our internet infrastructure is fundamentally flawed and (2) how DoubleZero is harnessing crypto-economic incentives to fix it.

Todays’s internet infrastructure routes data packets based

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I largely agree with the below tweet from Ryan Watkins.

https://x.com/RyanWatkins_/status/1876460273608884462

This bodes well for the current leaders: Virtuals & ai16z, respectively.

Having spent years in consumer internet investing pre-crypto, I have seen this pattern play out quite a few times. Originally I was skeptical agentic fram

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