It’s true and overwhelmingly positive that blockchains are being adopted through tokenized RWAs and fiat stablecoins. I understand the push to rebrand the industry around Finance (or grouping it with other Frontier tech) rather than "crypto".

But to me, the word crypto has e beliefs around cypherpunk tech, decentralization, and the creation of entirely new economic institutions.

I believe "crypto" in its original sense will make a resurgence in the years ahead. As public blockchain rails become deeply integrated into legacy system, they’ll also lay the foundation for something far more transformative: the dominance of decentralized exchange, the proliferation of futarchy, the global preference toward non-sovereign money, and entirely new forms of economic coordination.

We’ll need a word to distinguish these new institutions from the traditional ones they’re replacing.

Fortunately, we already have one.

So yeah, I’m going to keep calling it crypto.

$ORE +25% today. +36% this week.

And no, this isn't another meme pump.

Here's what's actually happening:
💰 About $3.7M in revenue over the last month, $120K+ every single day
🔥 That revenue buys back ORE every round, and buybacks just went from 5 SOL to 7 SOL
🏦 The Reserve's cut of revenue went from 10% to 15%, and it's grown to $444K in under three weeks, up from $177K
📈 Half the Reserve's stables now earn yield, so ORE has a second revenue stream

Real users. Real revenue. Real buybacks.

All for a coin that's still under $80M market cap.

Most of crypto is bleeding this week. BTC is down, ETH is down, SOL is fighting for $100. ORE is the one going up, and it's because of the numbers, not vibes. Wonder what happens when the broader market bounces…

You're still early anon…

The beginning of a generational run.

For an asset to become a SoV it must endure devastating crashes where all hope seems lost, only for a group of holders to traumabond, reaffirm the mission, and emerge as hardened believers.

This cycle must repeat multiple times. Keep that in mind when evaluating potential SoVs.

Massive turnout across blockchain ecosystems in Crypto World's Fair.

We're heads down in our judging cave for the next month to determine winners, as well as the startups we will invest in through Colosseum's venture fund.

Thanks to all of the builders who submitted! 🙏

Launch your own stablecoin on Solana in under a minute

"hey, on the upside we don't store private keys in railway." - @n8levine

A big thank you to our friends at @anza_xyz for bringing the monumental Alpenglow upgrade to Solana! 🎉

To dominate blockchain activity long-term, an L1 needs to win two key verticals:

1. Capital formation
2. Future-proof money

Fortunately for Solana, the most dynamic project in each emerged from its primordial soup, grinded for years, and are now gathering unstoppable momentum.

Until now, you had to use Ethereum to get structured yield on PRIME.

Now, @reflectmoney Protected PRIME is almost 3x as big as srPRIME on Ethereum, and junior is on the path to close the gap today.

@HastraFi is back home on @solana, powered by Reflect.

I was struck by how bearish investors were on crypto while watching the TOKEN2049 videos, especially compared to their enthusiasm around AI.

AI will likely be the most broadly applicable technology of the 21st century. However, crypto will be equally consequential for society.

Blockchains uniquely enable the creation of entirely new institutions through new forms of money, capital formation, markets, ownership, and coordination.

This type of new substrate is incredibly rare historically, which is why I believe crypto remains the most compelling greenfield area for investment over the next decade.

I used to spend a lot of time reading Bitcointalk forum posts predicting how Bitcoin would function in a futuristic/scifi economy. There were many posts about how fiat currencies might evolve in relation, and later how smart contracts could be integrated to enable a more composable, permissionless, and efficient financial system with a non-sovereign SoV at its core.

For the most part, those visions of a decentralized financial system have yet to materialize. Bitcoin has been the notable exception by popularizing the concept of a non-sovereign digital asset.

We have been investing in the 3rd and 4th generations of DeFi protocols, like @ORE and @solomon_labs. These teams have learned from watching previous attempts, many of which failed to find meaningful adoption or gradually evolved into centralized versions of the systems they originally aimed to replace.

I believe centralized stablecoins and tokenized RWAs are in the process of indirectly laying the foundation for a truly decentralized financial system to flourish. Blockchain rails will be adopted, and the DeFi ecosystem hiding within the trojan horse will end up replacing large components of the legacy system.

Years ago, the idea that a product built on an L1 blockchain could generate more revenue than the L1 itself seemed crazy.

Then it happened.

To many, the idea that a product built on an L1 could achieve a larger market cap than the L1 itself seems crazy.

This will happen too.

Hackathon review Day 3.

A monster in the making.

Khosla wants to own the Seahawks forever. It's never been so over for Seattle sports fans.

we offer him 1,000x leverage trading with no funding and no slippage. once he presses the button we take his money and give him tokens.

it's called papertrade and it's the future of finance.

🇯🇵 Our biggest partnership yet!

Tokyo Dome, here we come! 🏟️

We're bringing One Arena to one of Japan's largest entertainment destinations.

This is just the beginning.

Only possible on @solana

A month later, Credible's volume is up 50% MoM, good for $3.3B in annualized TPV. At 20bps take rate, Credible is making $6.6m in gross revenue, trading at 2.5x sales, and have been cash-flow positive since May.

In comparison, payment and cross-border infra trades at 5-10x EV / gnificantly cheaper relative to comps, thus the market is clearly skeptical of its sustainability and quality of revenues. Perhaps then, a natural complement to this hockey-stick chart is a description of the business and how it operates today.

Credible provides T+0 fiat <> stablecoin settlement for internet businesses that traditional PSPs underserve: prediction markets, fintechs and remittance apps, creator platforms, and gaming apps. Notably, Credible is live across India, Nigeria, and 40+ markets worldwide.

How a payment flows:
- Customers (e.g OTC desks, remittance apps, neobanks) pay with a local method.
- Credible routes to the best PSP or acquirer per transaction, for approval rate and cost.
- Credible underwrites the risk and fronts the float from a stablecoin liquidity pool.
- The merchant settles instantly in USDC, USDT, USD, EUR or GBP.
- Credible earns a take rate on the flow. Additionally, stablecoin trade a 2-3% premium in many emerging markets (e.g India, Nigeria, etc) because of capital controls and high take rates, so Credible earns the entire 2% in these hard to reach corridors.

Lastly, the business is still capacity constrained. This recent uptick in TPV was unlocked from a mere $500k increase in stablecoin float last month - metadao.fi/decisions/cred… - and the team is expecting to grow this significantly with credit partners soon.

The natural question is why is this available to Credible? Regulatory access. Only 2 other providers in India have all 3 licenses: banking, payment aggregator, and stablecoin processing. This offers them incredible access and flow relative to competitors. All in, the team has a coveted cornered resource, sticky customers, and an excellent management team.
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