Many are downright exhausted from the last several months of false breakouts and seemingly endless chop in crypto markets. Yet despite this week’s latest pullback, there’s plenty to be optimistic about as we head into Q4 and inch closer to 2025. Are the stars finally aligning? That’s the big question Raoul and I try to a... Read more

A massive blockade to prediction market widespread adoption is the structural inability to handle parlays. In the ‘real’ world, parlays account for a significant portion of sports wagering volume. Sportsbooks are also more incentivized to push them because they have a significantly higher gross margin. In sports betting, traditional par... Read more

Given there is alpha in following the money, I figured it would be cool to give a breakdown of the recent top raises and if any opportunities to farm these protocols exist/what the money shows us. Celestia: $100M raise in September led by Bain Capital. This raise likely took place a few months before September, but was only recently an... Read more

The post below has also been posted on Twitter by the Head of Delphi Labs Jose Macedo. You can read the thread on Twitter here: https://x.com/zemariamacedo/status/1839691280768696422?s=46 Tbh Initia is one of the rare teams I’d back without seeing a deck It helps I’m also bullish af on what they’re building. As  @SmokeyT... Read more

Paradex is a perpetuals exchanged built on a Starknet appchain optimized for truly open finance. Backed by Jump and Dragonfly, they are well-positioned to dominate a weak perpetuals space on Starknet. Through putting everything onchain while still providing a sleek experience, Paradex is effectively trying to create an onchain Binance. ... Read more

Milkway is a hub for liquid staking & restaking. They are backed by a plethora of VCs including Polychain and Binance Labs. They currently have one product live: liquid staking for Tia through the milkTIA wrapper. This was launched in December, 2023, and TVL is currently ~$23M. Their restaking portal, which combines liquid staking ... Read more

Forgive me for the delayed publication of this week’s Market Musings as I’ve been recovering from the long journey back from Singapore. Given this opportunity, I would like to share a couple of my thoughts and takeaways from the Solana Breakpoint Conference and what I think it means as we move into Q4 and beyond. While you wait for the fu... Read more

In A New Framework For Understanding Moats in Crypto Markets, I established a simple heuristic for assessing the defensibility of a crypto application: If I fork this app, with $50M in token subsidies, can I steal and maintain market share? If the answer is yes, it is likely a matter of time before an emerging fork or undifferentiated com... Read more

CTG is a crypto social experiment that has drawn comparisons to the Hunger Games and Survivor. In June they were acquired by Uniswap Labs in anticipation of S3, which has still not launched. Based on the tweet frequency from the CTG official twitter in September, I expect CTG S3 to launch sometime in October/November. Game Design (S2) T... Read more