By this point, the restaking pitch is well-known: use the already bootstrapped economic security of another asset to secure your app, instead of bootstrapping security from scratch with your own token...

Welcome to another Market Musings, spooky szn edition. Sixteen years ago, to the day, one of the most innovative and influential papers in the 21st century was published and began to permeate the...

Elixir enables anyone to provide order-book liquidity. In the same way that Uniswap democratized access to liquidity provisioning via AMMs, Elixir wants to do the same for order-books....

The agentic economy may prove to be the most lucrative investment theme of our generation. With the value of your labor going to zero, the train only leaves the station once. The industrial revolution...

Much of the last few Market Musings has been focused on the shifting tides in macro land. And rightfully so – a lot has materially changed over the last several weeks. For those who haven’t had a...

Off The Grid - Web3’s first ever true AAA title - just launched on PC, PS5 and Xbox, marking the most exciting gaming release of this cycle. With top streamers like Ninja or Ludwig playing a Web3 game...

Protocols and applications are “thinning-out”, freeing up more room for whoever owns the end user. The “Fat Wallet Thesis” asserts that as the ultimate front-end, no one is better positioned to re-cap...

This report explores how prediction markets and futarchy harness the general intelligence of markets and why they are two of the most powerful ideas to come out of crypto since Bitcoin and Ethereum....

Real Vision's Raoul Pal and Delphi Digital's Kevin Kelly are back to discuss the latest trends in macro and crypto....

It’s good to be back in the saddle after a brief hiatus while attending industry conferences in Singapore. If you haven’t had a chance to read my conference takeaways, you can find them on the Alpha F...

In this report, we will take a practical look at some of the most inefficient markets that exist today and draw parallels to crypto apps exploring solutions. We will unpack zkTLS and discuss why it is...

Recently, there has been an increasing focus on value accrual within blockchain networks. In this memo, we will explore Arbitrum’s […]...

After heating up in Q4 2023, Web3 gaming has gone through a volatile 2024 so far. However, the growing number of experienced teams getting closer to launching their products is an encouraging sign for...

When we compare traditional markets to crypto markets, the difference is clear. 2024 has essentially turned into a tale of two markets. On one hand, TradFi markets look generally fine. We see near...

Despite an overall decline in NFT markets, creators keep adapting to current metas, and new narratives emerge. On the one hand, some NFT collections embraced memecoining to the point where they develo...

The report discusses Paladin, a solution designed to combat predatory MEV while allowing validators, stakers to capture maximum proceeds from other MEV opportunities. We dive deeper into the Paladin b...

Introduction The video games industry has seen many defining genres throughout the years, but few have had as rich and […]...

In an industry where the laws of competition are inherently accelerated, the concept of a moat is profoundly important. However, we currently lack the right frameworks for understanding moats, and dow...

Welcome to Market Musings, a weekly publication designed to keep our readers informed about the most important and timely developments in the crypto market. A year ago, Jerome Powell took the stage...

Software is eating the world. AI is eating software. AI is largely the combination of data, compute and talent. The entity or network which most effectively organizes these resources is set to own the...