Tokens are a better structure for equity.
Why?
1. Revenue is onchain by default
2. Data is real time (!)
3. Easier to report to regulators
4. Token wrapper is programmable
Win win for investors, issuers, and regulators.
Make tokens great again.
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Did millennials and Gen Z eat overpriced burritos or did boomers print $12T in 10 years 🧐
Greatest Generation: survived the Great Depression and defeated the Nazis
Boomers: got shipped off to die in Vietnam
Gen X: saw 9/11, fought the Iraq War, and lived through the 2008 financial crisis
Millennials and Gen Z: ate overpriced burritos
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The first wave of DAS Asia speakers are LIVE.
The institutional bull market is raging on as DAS moves to Asia for the first time.
First wave of speakers include:
Jeff Yan - Hyperliquid
Nikhil Sharma - Blackrock
Cynthia Lo Bessette - Fidelity Investments
Roland Chai - Nasdaq
Kefei Lin - SBI Holdings
And so many more.
Tickets are up only from here, don't stand on the fence, get em now!
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Blockworks Data Everywhere
Solana in four charts:
1. Solana apps generated $82.9M in revenue in July, the highest since February.
2. Solana's share of network revenue climbed to 16.5% in July, now third among all chains and ahead of Ethereum.
3. Stablecoin supply grew to $15.7B, an all-time high.
4. Memecoins are back, jumping to ~25% of all Solana DEX volume as trading rotated back in.
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It's gone underreported how many crypto native funds have expanded (pivoted?) into TradFi products.
I believe this is a natural consequence of the blurring lines between TradFi and crypto.
Expect to see more of this.
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*WINTERMUTE'S U.S. BUSINESS SECURES BROKER-DEALER LICENSE -- WSJ
*WINTERMUTE TO TRADE COMMODITIES, CRYPTO ETFS, TOKENIZED STOCKS UPON REGULATORY APPROVAL -- WSJ
It is extremely intuitive why solo stakers oppose this?
I had never actually considered that the EF would assume that they'd like this.
Would be very concerning if they hadn't considered this.
I can understand why big players who have lots of ETH to stake can be opposed to EIP-8363 at first sight. But it's a lot more puzzling to see solo stakers opposing it 👀
It's not a straightforward concept to grasp and this is why it's important to go beyond the tag lines and ad-hominem you see on twitter.
Let me explain that in cookies term (and "yes", I used AI to ELI5 it, cancel me all you want!):
1. Imagine a big cookie jar that everyone shares.
2. Right now, every time someone puts more cookies into the jar, the jar gets a little bigger and gives out more cookies overall.
3. It never stops rewarding people for adding more: The big kids (large staking companies) keep dumping in more and more cookies because they always get even more cookies back. They grow bigger and bigger.
4. The little kids (home stakers with just a few cookies) watch their share of the reward get smaller and smaller. The big kids take up more space, so the little kids end up with fewer cookies relative to what they put in. Eventually some little kids get tired and stop playing.
In other words:
* Big entities keep adding stake → their absolute income rises.
* Solo staker keep the same stake → their absolute income falls (dilution).
* This process has no natural stop under the current rules, so large operators can keep expanding and continuously compress yields for everyone else.
EIP-8363 reverses the dynamic FOR THE LARGEST PLAYERS FIRST.
It removes the perpetual incentive for unbounded stake growth by the biggest operators while leaving solo stakers’ marginal incentive intact until much higher network participation.
Fixed operating costs remain a real issue for home stakers whenever yields fall (including under the current curve btw), but the proposal itself is designed so that large operators hit the "growth no longer pays" wall earlier.
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DAS Singapore is the strongest institutional conference in Asia this year.
See you all there.
NEW: @chameleon_jeff to speak at DAS Asia
Oct 7th. Hyperliquid.
DAS Singapore is the strongest institutional conference in Asia this year.
See you all there.
NEW: @chameleon_jeff to speak at DAS Asia
Oct 7th. Hyperliquid.
Blockworks. Data. Everywhere.
Our friends at @fomo flipped Axiom
There's a new king in Solana trading
In this post, we compare @Blockworks / @blockworksres Token Transparency Framework with the EU's MiCA Whitepaper disclosures.
We also make some suggestions as to how the Blockworks TTF can be iterated to be equivalent & better to MiCA's standards.
GG to @JasonYanowitz , @EffortCapital and everyone at Blockworks for creating the TTF - it is a gamechanger.
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The direction of travel for crypto has never been clearer.
Crypto is becoming the back end of global finance.
The opportunity is onboarding new pools of capital.
We've maxed out the non-regulated pools, the only way to grow is by integrating with finance.
Act accordingly.
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Bank opposition to CLARITY is the most blatant act of regulatory capture I've seen in my lifetime.
Also, imagine if you told Occupy Wall Streeters that in 2026 democrats would be campaigning to protect bank net interest margins.
Shameful.
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This is like the Japanese soldier who refused to surrender his WW II post until 1974.
I personally think it's a bad proposal but that's not the point.
The market wants Ethereum to be laser-focused on the problem at hand (activity leaving), not this.
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[ ZOOMER ]
JUSTIN DRAKE AND OTHERS CREATE EIP-8361 TO REDUCE ETHEREUM INFLATION, WOULD REDUCE STAKING YIELD TO 0% ABOVE 50% OF ETHEREUM STAKED, AND HALF STAKING YIELD TO 1% AT CURRENT STAKED AMOUNTS: X
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Full agree.
My first reaction to this was a feeling of exhaustion.
It's demotivating that the EF is devoting any time to this.
The existential issue for Ethereum is activity moving to other chains.
Killing yield just harms the only use case that's currently working.
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This proposal misses what the incremental ETH buyers (TradFi) actually want, while creating infighting among Ethereum’s long-term supporters (DeFi). It’s not clear to me who it’s supposed to serve.
TradFi wants:
- Yield: even inflationary yield. ETF issuers are increasingly excited about passing staking yield to holders
- Revenue: Ethereum needs a clear line of sight to sustainable monetization
- The real issue: incremental users/liquidity have been going to Base and Robinhood Chain, not mainnet. Better to focus on growth (driving mainnet onboarding and usage, or monetizing L2s) than on austerity
DeFi cares about:
- Native ETH yield, which makes up a real chunk of some app revenues. Killing it overnight alienates builders and long-term supporters
- Credible neutrality: OGs are ideologues on this, and issuance being changeable by a few individuals undermines it
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One in Twenty-Four
T-minus 3 months until people start talking about the four year cycle again (in a good way this time)
The market demanding that protocols use the majority of revenues for buybacks is a structural disadvantage.
Imagine you have two identical projects.
One of them is encouraged to reinvest all of their earnings back into the product and compound their advantage.
The other is encouraged to divert the majority of those earnings into buybacks.
Long term company success is a compounding game, even basis points make a difference over decades.
Token projects essentially have a tax that private projects don't need to pay.
If you are a token project, I would recommend you ignore the pressure to do these today.
There is another way: demonstrate the credibility of your future cash flows to the market.
Tell your story with data, disclose critical information for investors before they ask, and deliver results.
This is the way.
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I'm going to keep pointing out the shocking state of affairs we're at in token land.
Based on this metric of "holder revenue," if a protocol doesn't buyback tokens, it doesn't count as revenue.
That would be like saying a company's revenue doesn't count unless it's directed towards share buybacks.
A part of me wants to write this off as insane, but I do understand where it's coming from.
This is the market saying "I have SO little trust in any protocol that unless you put the dollar back IN MY HAND I don't trust that I'll ever get it."
It's the best solid indicator I've ever seen in a market that there is absolutely zero trust.
It's also an incredibly steep price that no company could ever pay long term.
If all revenues are diverted to buybacks, there's nothing to reinvest.
Something simply has to give here, the state of affairs is not sustainable and makes no sense.
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Absolutely brutal, the team supposed to save Ethereum decided to continue the honored tradition of max extracting from token holders
Blockworks Research is publishing a report on the performance of tokens over the last 5 years.
The results are illuminating to say the least.
