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I am more excited about the opportunity set for crypto and crypto capital markets than I have ever been.
At @multicoin, we believe that crypto will house the vast majority of economic value globally, and serve as the rails as it moves across the planet. Money will be programmable, markets will be permissionless and global, and capital coordination will be more efficient.
My partners @tushar_jain, @SpencerApplebau, and I think that today of all days is an opportune time for us to call our shot on the most compelling strike zones for our business.
Fintech 4.0, DeFi Mullet, Financial Globalization, More Efficient Borrow/Lend, Entertainment Finance, Programmable Ownership, Credibly Neutral Blockchains, and Cryptographic Primitives will reshape trillion dollar markets. This is an inevitable manifestation of the ideals and principles that drove the founding of our firm.
Link below
At @multicoin, we believe that crypto will house the vast majority of economic value globally, and serve as the rails as it moves across the planet. Money will be programmable, markets will be permissionless and global, and capital coordination will be more efficient.
My partners @tushar_jain, @SpencerApplebau, and I think that today of all days is an opportune time for us to call our shot on the most compelling strike zones for our business.
Fintech 4.0, DeFi Mullet, Financial Globalization, More Efficient Borrow/Lend, Entertainment Finance, Programmable Ownership, Credibly Neutral Blockchains, and Cryptographic Primitives will reshape trillion dollar markets. This is an inevitable manifestation of the ideals and principles that drove the founding of our firm.
Link below
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shayon retweeted
Great research report on $GRASS published by @FalconXGlobal today.
In their base case analysis, they value Grass at $2.53 per token (249.7% above the current price) based on an average of crypto, big tech, and AI training data comps.
Looking just at major AI training data comps AI, Mercor, Exa, Parallel, Firecrawl, and Tavily, $GRASS is valued at $3.69 (409.1% increase in price).
This all lines up very closely with my own internal model where I project fair value in the $4-5 range, driven by slightly higher long term projected revenue figures.
Definitely worth a read as @martin_gaspar1 does an awesome job laying out the business and growth opportunity.
Grass remains one of my two highest conviction AI tokens (along with $VVV). Great to see one of the top firms in digital assets also recognizing the strong setup here.
Not financial advice
In their base case analysis, they value Grass at $2.53 per token (249.7% above the current price) based on an average of crypto, big tech, and AI training data comps.
Looking just at major AI training data comps AI, Mercor, Exa, Parallel, Firecrawl, and Tavily, $GRASS is valued at $3.69 (409.1% increase in price).
This all lines up very closely with my own internal model where I project fair value in the $4-5 range, driven by slightly higher long term projected revenue figures.
Definitely worth a read as @martin_gaspar1 does an awesome job laying out the business and growth opportunity.
Grass remains one of my two highest conviction AI tokens (along with $VVV). Great to see one of the top firms in digital assets also recognizing the strong setup here.
Not financial advice
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banger as usual. other instances of attacking the abstraction:
- unity (unbundled game engine and game design, enabling independent studios)
- shopify (unbundled ecommerce infrastructure from merchandising/distribution, enabling independent online merchants)
- column (unbundled bank charter/rails from fintech product, enabling hyperfocused financial services businesses)
... and obviously AWS. what else?
- unity (unbundled game engine and game design, enabling independent studios)
- shopify (unbundled ecommerce infrastructure from merchandising/distribution, enabling independent online merchants)
- column (unbundled bank charter/rails from fintech product, enabling hyperfocused financial services businesses)
... and obviously AWS. what else?
TSMC doesn’t just make chips. It manufactures its customers.
New essay. Abstract Warfare: How TSMC Made Its Own Market
kwokchain.com/2026/10/09/abs…
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lucas is a beast, thrilled to work together!!
Life update - I've joined the investment team at @multicoin
Honored to be working with @tushar_jain @SpencerApplebau @shayonsengupta & the team to invest in the next generation of founders
If you're building something incredible in crypto - let's talk. DMs are open
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shayon retweeted
We do 2% less inference volume than Together but it’s half the price with better caching and higher TPS 😛
choose inference™️
choose inference™️
Together is #1 on @OpenRouter token share across top open coding models, today:
🥇 @Zai_org GLM 5.3 Flash: 29.2%
🥇 @deepseek_ai V4.1 Flash: 25.6%
🥇 @Kimi_Moonshot Kimi K3: 18.9%
Running coding agents on open models? Look no further.
openrouter.ai/provider/toget…
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this piece from @0xdrej is an excellent distillation of the grass thesis.
at one point, indexing the internet was a problem so capital and resource intensive that only google and microsoft even tried.
the internet is about to get a lot bigger in the next few years, and making it tractable/parsable for AI systems is an *enormous* opportunity. andrej and the grass team are going after that prize with a structural cost arbitrage, compounding relationships with the largest buyers, and the technical might to deliver the internet better, cheaper, faster.
at one point, indexing the internet was a problem so capital and resource intensive that only google and microsoft even tried.
the internet is about to get a lot bigger in the next few years, and making it tractable/parsable for AI systems is an *enormous* opportunity. andrej and the grass team are going after that prize with a structural cost arbitrage, compounding relationships with the largest buyers, and the technical might to deliver the internet better, cheaper, faster.
I put out a new post titled Abundant Intelligence. Grass is beginning to get a lot of attention from audiences that aren't familiar with its mission and its overarching goals, and I hope this serves as a useful reference. Link below.
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billion dollar PDF
I wrote an essay about why the next frontier for AI is the world outside the data center
Nature is a system more complex than anything we've ever created
AI can learn how the system fits together, so we can finally understand how to shape it
How?
naturalgeneralintelligence.ai
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nice to see, but for all paying attention keep in mind that these numbers do not yet reflect 1) pretraining data purchase/budget cycles at the major labs (which are much more back half of the year heavy) and 2) the 2-3 order magnitude larger TAM in live retrieval + inference time search products (that this team will inevitably dominate in)
Grass DataCo Ltd., a wholly owned subsidiary of Grass Foundation, provides data infrastructure to leading AI labs training frontier models.
We're publishing an independent attestation of its revenue through Q2 2026, conducted by Regen Financial.
Full report: grass.io/resources/gras…
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"...and a strong distribution channel" is the operative phrase
This is not true from what I’m hearing from the Chinese AI labs.
They plan to keep open-sourcing models.
Revenue share from inference providers is a sustainable business model with limited GPUs, and a strong distribution channel.
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I think YC cohorts are a good (but potentially lagging) indicator for sentiment around a sector in tech more broadly.
I wish the absolute numbers here were 3x bigger for recent batches, but it seems like crypto and new market infrastructure are starting to come back in vogue.
I wish the absolute numbers here were 3x bigger for recent batches, but it seems like crypto and new market infrastructure are starting to come back in vogue.
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best operator in crypto right now and it’s not close
Everyone should be able to access high-quality financial assets, wherever they live.
That's what tokenization unlocks: taking the best of US capital markets and making them available on a global scale.
The industry is still small compared with global finance, but the advantages are becoming harder to ignore. Traditional market infrastructure was built around fixed hours, closed networks and layers of intermediaries. It was never designed for 24/7 execution, programmable assets, composability or self-custody.
The needs of investors have moved faster than the rails underneath them. We're working to change that.
What gives me confidence is seeing how many different people are now pushing this industry forward. Founders are building new products, LPs are bringing liquidity, traders are finding new uses, and infrastructure teams are making the whole thing work.
It's a privilege to be in the trenches with all of you.
We are still early, and there is a huge amount left to build. It will also take time and effort for the old guard to get onboard. This is worth fighting for.
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shayon retweeted
I think he's just upset he can't print and dump stock via ATMs to memestock traders if those traders move to memecoins instead.
The pearl clutching about "fake markets" is purely theatrical. No one is accusing Robinhood of issuing unbacked tokenized stock.
The pearl clutching about "fake markets" is purely theatrical. No one is accusing Robinhood of issuing unbacked tokenized stock.
Seriously? What’s the concern you ask, @vladtenev? The list of concerns is almost existential.
U.S. securities laws are in place to protect investors. For good reason, we spend millions and millions of dollars every year to comply with U.S. securities laws. In good. conscience, how can Robinhood as a U.S. company set up an operation in far offshore Jersey, an island 3000 miles away, and market a security sort of posing as AMC in some shape or fashion, and not comply with U.S. securities laws. That is shocking and shameful.
Our past issuance of equity to strengthen our balance sheet was vital to our success. Your setting up some kind of fictitious synthetic equity market decouples stock token ownership from a company’s ability to control its own capital raising efforts.
Share ownership gives shareholders various rights, including the right to vote their shares. Your stock token pretend to be some form of stock ownership, but disclosures to the contrary notwithstanding, they are not ownership and they deprive investors of their rights.
This quasi-fake market you are creating on the island of Jersey sows distrust amongst the public about financial markets in general. There already is distrust in financial institutions, you are potentially making it far worse.
These are but a few of my concerns about your actions.
I hereby call on you and Robinhood to voluntarily CEASE AND DECIST the trading of AMC stock tokens. If you don’t, our high priced securities counsel has been asked to see whether we can force you to stop.
I also wonder how can the SEC possibly support your sham ignoring of U.S. securities laws. You can be sure we will be asking them.
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