Guy Wuollet
@guywuolletjr
GP @a16zcrypto. Common sense will not accomplish great things. Simply become insane and desperate. See disclosures:
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Crypto is at a pivotal moment.
As Congress debates landmark market structure legislation, Marc Andreessen and Chris Dixon discuss the decisions that could shape where the next generation of financial infrastructure is built, and whether the United States remains the global leader in crypto innovation:
00:00 Intro
05:31 From crypto subculture to financial infrastructure
08:37 Why crypto needs rules now
12:20 The regulatory war on crypto
15:41 How CLARITY could prevent another FTX
22:42 Why criminals using crypto may be easier to catch
26:20 Privacy, blockchains, and the invention of HTTPS
30:41 Government ethics and crypto
34:52 The banking lobby’s stablecoin fight
37:05 Why every major bank is building on blockchains
41:04 Developer liability as a killshot
45:23 How CLARITY provides oversight
49:30 What happens if CLARITY fails?
50:50 Regulation vs. innovation
54:12 Why America should lead
55:36 What CLARITY could unlock
@pmarca @cdixon @rhackett
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An excellent and historically grounded motivation for the DUNA, read more below
Agentic commerce will eat procurement, especially for businesses
Agentic commerce will not impact consumer discretionary spend. We’ll actually see the Hermes-ification of more categories where the product is shopping experience itself and the associated status
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The perpetual future was conceived by Robert Schiller in 1992 to enable derivatives on illiquid assets.
Yet today perps are focused on the most liquid assets (fungible tokens, equities, etc.)
Give us the real estate, art, fund, compute, etc. perps
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I think this is my favorite podcast I’ve done yet, mostly because @NoahCitron is infinitely fun to debate with
What happens when intelligence becomes a line item?
For the first time, companies can treat AI token spending almost like headcount: allocate more money, deploy more intelligence, and potentially get more work done.
That changes the economics of building a company. It could reshape how companies form, how teams are managed, how businesses are financed, and who is best positioned to build them.
a16z crypto General Partner @guywuolletjr and Head of Engineering @NoahCitron join @rhackett to explore why engineering leaders may soon manage token budgets like P&Ls, the emergence of software-engineering “pod shops”; and whether the future belongs to smaller, leaner businesses run by people who are unusually good at directing agents.
They also ask why AI agents may naturally transact using stablecoins, and confront a larger question: If AI has created so much new intelligence, why hasn’t it produced an obvious jump in economic growth? And in a world where everyone can access powerful models, will intelligence matter less than grit, judgment, and agency?
0:00 Intro
4:01 Why token spending is starting to resemble headcount
4:51 Deciding how much spend is too much spend
9:04 The agentic A/B test: How to quantify "return on tokens"
12:05 The software-engineering "pod shop"
25:13 Paying deference to the Machine God
26:06 The rise (or not) of lean, AI-native microbusinesses
28:05 Everyone's a manager? The new style of thinking for engineers
30:48 Why AI agents may naturally use stablecoins
34:33 When AI productivity will appear in GDP
47:49 Why grit and agency may matter more than IQ
51:38 How AI could create new paths for startups
54:53 Innovation, commoditization, and creative destruction
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One small step for Morpho, one large step for onchain lending
Morpho Midnight is live.
This is our most ambitious step yet, introducing what onchain finance was missing: giving the users the ability to set their rates and terms.
Midnight opens up many possibilities for fintechs, institutions, and credit desks alike, offering a level of customization, predictability and control that has never been possible before onchain.
This new protocol brings us closer to building the open credit network for the world, and bringing the $200 trillion global credit market onchain. It enables new kinds of markets, which attract new assets and new distributors. Those attract new curators, and new curators bring in even more loans, creating a flywheel that drive onchain credit forward.
Let’s fly 🦋
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Great fun being at the @HyperliquidX Summit at NYAC talking markets, compute, and energy
The most entertaining outcome is the most likely because your feed prioritizes engagement, and whoever controls the feed controls the world.
Great fun speaking today at the NY Fed Innovation conference.
Blockchains are improving access, efficiency and latency for payments, risk, and capital markets.
Today, we're announcing our Series Seed funding of $33M led by @a16zcrypto
This is like decaf cold brew or alcohol free beer.
A pleasurable thing creates an association with the experience of consuming it, and eventually we crave the consumption itself as much as the thing.
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This is an extremely weird trend. Apps that resemble food delivery apps, except they don't deliver the food. They just provide the satisfying dopamine hit of getting to scroll food options and clicking a BUY button that doesn't do anything.
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Everything you need to know about perps in 3 minutes, from @guywuolletjr
The greatest city on earth
We’ve just raised $175M in a round co-led by @paradigm, @a16zcrypto, and @RibbitCapital. And this is the largest raise in DeFi history.
The current financial system is broken. Access to capital still depends on where you live, who you know, and which intermediaries are willing to trust you. The only way to fix that is to build a new infrastructure, and that’s @Morpho.
Moving trillions to a completely new infrastructure requires an enormous amount of energy, conviction, and resources. This is why we raised.
This moment also lets us take a step back and appreciate Morpho's growth throughout the years, from a project started by four students to being integrated with the world's leading financial institutions.
I’m incredibly proud of the way we scaled: consciously, staying aligned as co-founders (perhaps not on whether butter should have salt in it or not, but that's another story), 100% focused on Morpho and nothing else, and growing the Morpho team into one of the best (if not the best!) and most principled teams building in DeFi.
In the months ahead, a big part of the work will be bringing Morpho to more teams and institutions: better integrations, better onboarding, better support, and a stronger go-to-market overall.
If we do our job well, the long-term outcome is clear: Morpho becomes the open credit network for the world, embedded into every financial institution, and changing the financial system for the better.
🦋
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We’ve just raised $175M, in a round co-led by @paradigm, @a16zcrypto, and @RibbitCapital, the largest raise DeFi has ever seen.
Credit is the bedrock of our civilization, but the infrastructure underneath is fragmented, extractive, and closed to most of the world. That is what @Morpho is here to change.
Morpho is building the open credit network for the world. The global credit market is $ 200T. We are building the infrastructure layer that will move it onchain, and every institution, fintech, and bank that wants to participate in the next era of finance will connect to this network.
After four years of being heads down building Morpho, we now count more than $11B in deposits and integrations with leading financial institutions including @Coinbase, @Binance, @FireblocksHQ, @SG_Forge, @krakenfx, @Bitwise, and dozens of others building on Morpho to offer better products to their users. But this is just the beginning.
This raise will allow us to accelerate: activating the global credit network at scale, building the go-to-market engine to match our ambition, and bringing more institutions onto the network faster.
Having any kind of onchain strategy in this era will mean going through Morpho at some point. Reach out and let's talk. And if you want to help build the open credit network for the world, we have plenty of open roles.
Let’s fly 🦋
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Demand for energy in the US plateaued after 2000.
It’s over determined, but perhaps this was because we didn’t have a good use for more energy.
AI training/inference means there is always a marginal use for more power.
The marginal megawatt is now more intelligence
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Stablecoins lower the barrier to entry building new checking products
Vaults lower the barrier entry to offer new savings products
DeFi lowers the barrier to new capital market products
CAC becomes essential with greater product parity
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Especially with more firm specialization as a result of AI, I think it could be an awesome time to build for SMEs globally
Stablecoins give you full reach from day one, and Claude/Codex make it possible to fine tune a unified platform for each customer
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