.@Uniswap settled 140 million trades in August, more than Cboe BZX and NYSE American combined. NYSE American has been around since 1908. Uniswap launched in 2018. Five years ago it was ~2 million trades a month. Next rung up: NYSE Arca, at 232 million.

There’s a very simple way to screw up RWA tokenization It’s stablecoin fragmentation from the rollup-centric roadmap and EVM sprawl, but turbocharged. Let’s not do this again. Crypto UX is already hard enough for end users. This is the future awaiting us in the next year

CoinEx and Balancer are shutting down. I think the wave of CEXes and DEXes shutting down is only beginning. From a stablecoin and tokenized asset perspective, it is becoming pretty clear that unregulated venues are losing market share to regulated ones. That shift will undoubtedly squeeze everything downstream of these exchanges: apps, networks, and assets that rely on their liquidity, volumes, or distribution. I think there are a lot of conclusions to draw from a marketshare perspective

I think AI is going to elevate pretty incredibly people who have true first principle thinking and are willing to read long format specifically. It has happened to me several times in the last month where I send an article of more than 5 pages say, and my friends are literally unwilling to read it, they will put it through ChatGPT and make their minds up on the summary. You become by definition completely irrelevant and unable to think, as I can have that same opinion with my own chatgpt session. I think the number of people willing to read long format is going to decline precipitously and this will have profound consequences imo. LLMs and agents are drawing an ocean line between creative but truly thoughtful people and intermediaries of chatbots. Before you know it, you will be unable to make your own mind on a subject before asking the chatbot

Institutional blockchain is moving beyond individual use cases. Can programmability become part of the financial infrastructure itself? 🎤 Ian Allison (@IanAllison123) — @CoinDesk 🎤 Simona Pasero — @GENERALI 🎤 Lorenzo Valente (@LorenzoARK) — @ARKInvest 🎤 Martin Onyeador — @NatWestGroup 🎤 Simone Cortese — @fnality The conversation will explore what it takes to move from experimentation to infrastructure institutions can use at scale. 📍 Barcelona | 16–17 Sept 2026 🎟️

Could not disagree more. Teaching is one of the professions that has been bastardized the most in our society. Of course, “mediocre” anything is not what you want. But there are exceptional teachers out there. We need to elevate the status of teachers, pay them more, and be much more selective about who gets to teach. And yes, AI will play an important role in the future of education. But I am much more bullish on AI-enabled teachers than AI teachers.

This is, in my opinion, one of the few charts that actually explains the stablecoin landscape. Stablecoins are a network effect asset. Sure, there are thousands of them, but look at the slope of each cohort, it flattens VERY fast as the threshold rises. The only cohorts that matter are $10B+ and increasingly $100B+ and 500B+ $1B+ has barely moved since inception: single digits in 2021, 12 today. $10B+ is actually down. There were 4 at the peak in 2022, now it's just @tether and @circle. Getting into the $10B+ club is brutal already. $100B+ might be a two-horse race for a long time and 500B+ probably a one horse race for 2+ years

How well do L1s/L2s monetize per tx? And which one has the likeliest path to multi-billion dollar ARR? This is a good chart for understanding the trade-offs and use-cases of different L1/L2s as revenue-generating networks. I used Q2 2026 numbers, and for Base and Robinhood Chain I used the last 2 weeks, so Robinhood's numbers are most likely inflated and will probably sit closer to Base and Hyperliquid over time. Ethereum L1 is actually a wonderful business, you monetize at 30+ cents per tx, people are willing to pay for high-value/high-security tx but it doesn't scale beyond tens/hundreds of TPS. Solana sits at the other end of the spectrum: it monetizes at 0.52 cents per tx, but Solana can likely scale to 10k+ TPS, so it has more than 2 orders of magnitude more scaling headroom than ETH. Hyperliquid does similar TPS to L2s, close to hundreds of tx per second, but it obviously monetizes at the application layer and takes bips of transaction volume, so overall it brings substantial economics per tx. Hyperliquid says it can scale to 200k order/cancel messages per second, but from a realized-trades perspective it's probably in the low thousands, likely 10-25k TPS. L2s are actually pretty good businesses. Looking at Robinhood Chain over the last week, they monetize roughly 35+ cents/tx. Base is closer to single-digit cents per tx. Jesse has often talked about 1 gigagas/s as the ultimate goal, so if L2s can scale to that, it's roughly low thousands of TPS for complex DeFi transactions and 20-30k TPS for simple ETH transfers. So how many TPS do you need to become a multi-billion dollar ARR business? And command tens or hundreds of billions in market cap value? L1/L2 Monetization: TPS Needed for $1B / $5B / $10B / $25B ARR (at current revenue-per-tx run-rate) Robinhood Chain — 38.50¢/tx → 82 / 412 / 824 / 2,059 TPS Ethereum (L1) — 31.03¢/tx → 102 / 511 / 1,022 / 2,555 TPS Hyperliquid — 19.97¢/tx → 159 / 794 / 1,588 / 3,970 TPS Base — 1.44¢/tx → 2,202 / 11,010 / 22,021 / 55,052 TPS Solana — 0.526¢/tx → 6,029 / 30,142 / 60,285 / 150,712 TPS Looking at this table, Solana has a clear path at these low monetization rates to scale to multi-billion dollar ARR, it needs 60k TPS for $10B ARR. Ethereum currently doesn't scale to even high hundreds of TPS, so it's hard to see the L1 monetizing much further. L2s are great businesses for more centralized companies, it's a business that can clearly scale to $1B+ ARR, which is just huge for Robinhood or Coinbase long term in terms of earnings potential. Will be interesting to see how monetization rates per tx evolve over time. The big question for me: can we see an L1 scale to hundreds of thousands or 1M+ TPS at rates around single-digit cents per tx? Something reasonable.

The @toly and @sgoldfed debate on Robinhood chain economics comes down to one question: breadth vs. specialization. If you think the first-party Robinhood apps will be the most used ones, and you bring nearly all the users who transact there, then Solana is the cheaper backend. What you pay Solana in REV is probably less than Ethereum + 10% to Arbitrum, and the front-end fees you charge can equal or exceed Hood's net REV either way. But if you think you can be the tollbooth on a large economy building on your own chain, breadth wins even at a lower take rate, because you collect gas on every app that deploys, whether you built it or someone else did. So it reduces to: do you gain more from network effects by building on someone else's chain, or do others gain more by coming to build on yours?

Was debating this with the boys from @therollupco yesterday: is Robinhood Chain activity net-new users onboarded to crypto, or just the same degens ? Dug into the contract-level data. My read: overwhelmingly the latter. Robinhood Wallet routes swaps through 0x's Settler contract, that's the only activity we can actually confirm is Robinhood users, and it's under 1% of transactions (generously call it ~5% if you assume some of the unidentified long tail is Robinhood too). The rest is degen flow from GMGN, Axiom, OKX and other trading terminals doing exactly what they do on every other chain. Same degens, new chain. Will let the @Blockworks guys confirm @smyyguy

We need much more throughput. These chains work “fine” under normal conditions, but trading infrastructure matters most when people actually need to use it, not when the network is quiet and execution is easy. Being able to send a stablecoin payment cheaply is not enough. The real test is whether the chain still performs when volatility spikes, everyone is trying to trade, and you have price discovery for blockspace

Messaging/interop protocols have been critical infra since the proliferation of L1s, app-specific chains, and the rollup-centric roadmap. As many more assets move on-chain, the need for ubiquitous interoperability only grows exponentially. It's becoming pretty clear to me that @LayerZero_Core 's interop business ALONE will probably grow into nine-figure ARR very quickly. Much more to come from the team.

Contention on Solana and Ethereum is very low right now, you can see it in REV, so it's apples to oranges. But at this point in the cycle, if we can't scale a single sequencer server running out of the suburbs of Brooklyn, that's kinda bearish. We need way more throughput.

Robinhood Chain's trailing 7-day revenue annualizes to ~$589M. That drops it right next to prediction markets ($624M) and above equities trading ($516M). HOOD discloses 13 business lines over $100M ARR. You should never annualize seven days. But Chain retains ~90% of the fees it generates. On operating income it's a far higher-margin line than anything else on this chart.

“Blockchains Are Cities” from @hosseeb and @jmonegro “Fat Protocols” are two pieces I’ve returned to repeatedly over the yrs But things changed in the last 10 years This piece looks at the trade-offs between ETH, SOL, and HYPE and why all 3 can win imo