I still remember the day Paul Tudor Jones came out and called Bitcoin the fastest horse in the race. It was May 2020. Bitcoin was at $9k. That moment changed everything for Bitcoin. PTJ's public call forever eliminated the career risk for hedge funds to buy BTC. Bitcoin went on to 10x over the next year. Druck investing in trade xyz is that moment for all of onchain capital markets. The career risk for all funds to participate in onchain capital markets is now zero. "If druck is doing it, I can too" I wouldn't be surprised to see onchain market volume 10x from here. Welcome to the next stage of the bull market.

We just sent the SEC our comment letter on Regulation Crypto Assets. Our goal is to give every token one current, public record to make onchain compliance cheaper and faster. Our asks: 1) Let projects file disclosures through Qualified Onchain Disclosure Agents 2) Let third parties file on behalf of projects It's time we protect investors so we can protect this industry.

Really clean onboarding for Backpack. Foolishly didn't listen to our analysts when they said to buy $BP at $120m fdv. I'm in at $1.3b... still cheap for potentially the hottest exchange of this cycle and a clean bet on tokenization.

LAUNCH DAY Tokenization is a supply shock for onchain assets. AI agents are a demand shock for the data. 100 days after acquiring Messari, the two platforms are now one. We give you a swarm of agents to underwrite and monitor everything onchain. Say hello to Blockworks Intel.

Fascinating. Chief Economist at Apollo: agents could cause a bank run by sweeping household cash into accounts paying 3-5% instead of the 0.1% national average, causing banks to lose a large share of their cheap deposits.

Sales friends, need your help sharing this. Blockworks has hit an inflection point and we're scaling rapidly. Inbounds leads are hitting ATHs week after week (see chart). We need amazing salespeople. Deals run $100 - 500k+, selling to financial institutions, enterprises, fintechs, and crypto protocols. You'll be a good fit if you: > were top of the leaderboard at a tier one sales org > believe deals die on zoom > would rather fly to a maybe than email a yes > have run a 9-stakeholder deal with no champion > have handed a lead to a teammate bc they'd win it faster > know the difference between pipeline and hope > rebuilt a proposal at midnight because procurement moved the goalposts > have spent a friday night on a deal that wasn't yours > have flown to the client for a 45-min meeting > have sold three complex products in one single contract The role is full cycle, selling across the entire Blockworks platform. Our systems are imperfect and our products ship fast. If you need clean lanes, this will frustrate you. Title, base, and OTE range are based on seniority. Target comp is $200 - 280k but we've had sellers make $600k, $700k, $800k in the past. It's a remote role though preference given to those in NYC.

Ethena doing all the right things. They just announced a buyout of early investors, token x equity alignment, and buybacks. Even better, they announced it alongside their TTF filing. A win for the industry.