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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On November 7th I gave my thoughts on what would change post-election and Trump win. It’s now 2 months later, so I wanted to repost and see if my thoughts were correct and/or changed. The original post is at https://members.delphidigital.io/feed/post-election-thoughts-what-happens-next?utm_source=link&utm_medium=portal but I’m reposting i

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Prediction #1: Front-ends increasingly capture value

As the MEV supply chain matures, value is increasingly captured by whoever owns exclusive order-flow. The reason is simple. Anyone downstream of order-flow origination — DEXs, searchers, builders, validators etc. — will experience more competition for the same order-flow. Conversely, th

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