gm – had a quick conversation in one of my group chats around short term positioning this week given the recent rally, macroeconomic prints, and upcoming inauguration.

this is a sort of follow up on my thoughts posted to the alpha feed earlier this week, so make sure to give that a quick read as well.

will post direct timestamped screensh

It’s not every day we get a token launch for a bona fide sector leader. On Wednesday, Jan-15 (tomorrow), Derive (formerly Lyra) will launch its DRV token after a 9-month transition period. Lyra has led the DeFi options space for most of its tenure, but options have failed to take off and the sector has lacked a blue chip with a valuation

Let’s talk about something you couldn’t have missed in the crypto world – SUI’s meteoric rise to a $50B fully diluted valuation. But something more interesting to answer is: where’s all that money flowing? As someone who’s been tracking L1 ecosystems for a while, I’ve noticed a pattern of how capital flows in L1 and L2 ecosystems.

Classic

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,

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”

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

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

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

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

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