Liz Coyne

In the latest episode of Blockworks&#8217; &#8220;<a href="https://www.youtube.com/watch?v=vEYn9mSwu_s" target="_blank" rel="noreferrer noopener">Generational Arbitrage</a>,&#8221; host Tyler Neville speaks with founder of 21st Paradigm, Dylan LeClair. 



Tyler and Dylan discuss Bitcoin as a long volatility hedge, opportunity cost, the effect of debt on younger generations and the future outlook for bitcoin throughout 2021. 



Check out what they had to say in the video below. 👇



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<iframe loading="lazy" title="Bitcoin as a long volatility hedge | Dylan LeClair" width="1024" height="576" src="https://www.youtube.com/embed/vEYn9mSwu_s?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
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The social fabric of contemporary American life is tearing itself apart. On &#8220;Generational Arbitrage,&#8221; once a week, Tyler Neville, author of Blockworks&#8217; smash hit <a href="https://cms.blockworks.co/newsletter/" target="_blank" rel="noreferrer noopener">Daily Newsletter</a>, digs into the institutions whose promises are left unfulfilled. The generational imbalances are vast and very few can speak out against entrenched interests. Let’s find them!



Episodes are released every Friday morning.&nbsp;



Subscribe to Empire today on&nbsp;<a href="https://podcasts.apple.com/us/podcast/generational-arbitrage/id1571134391" target="_blank" rel="noreferrer noopener">Apple</a>&nbsp;or&nbsp;<a href="https://open.spotify.com/show/1fPKtTSDvg7xzm8FaSljjL?si=1iHi3qpnSiCb34pwgd5hpQ&amp;dl_branch=1&amp;nd=1" target="_blank" rel="noreferrer noopener">Spotify</a>. Watch episodes on&nbsp;<a href="https://www.youtube.com/watch?v=tNe4cMKNEU4" target="_blank" rel="noreferrer noopener">YouTube</a>.

Podcast: Bitcoin as a Long Volatility Hedge

Byron Gilliam

This is a segment from The Breakdown newsletter. To read more editions,&nbsp;<a href="https://blockworks.co/brand/the-breakdown">subscribe</a>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“Winning. That’s my idea of fun.”



― Larry Ellison
</blockquote>



Larry Ellison will never be featured in a habits-of-billionaires listicle.



In the 2000s, while running one of the most important companies in the world, he typically strolled into the office at 1:30 in the afternoon.



When he did arrive, he wasn’t always fully engaged. “He had a reputation for being easily bored by the process of running a business,” according to his <a href="https://www.amazon.com/Softwar-Intimate-Portrait-Ellison-Oracle-ebook/dp/B00AK78QVI/ref=sr_1_1?crid=2T4NPSXUYQFW8&amp;dib=eyJ2IjoiMSJ9.3-g-y_80yuEPnN6qJMvJflA5Y4ipn_XRUgjf7BYf8v9yFsbsNYNABwa0EZWb-xyUj1w642CZTrBTp5iEz7bkDYWrYEyKnL8e_LJ_FrnzaBLrdAbJhzA_64no6hQpUp0h.Slr1G6Ds8n0opK70_uWB0dP1LGQtSopsFM6WDG7ITkc&amp;dib_tag=se&amp;keywords=softwar+larry+ellison&amp;qid=1757701157&amp;sprefix=softwar+larry%2Caps%2C153&amp;sr=8-1">biographer</a>.



He was often absent for long stretches, “leaving the shop to senior colleagues.”



On earnings calls, Wall Street analysts asked how much time he’d spend on boats in the coming quarter.



In short, he was the antithesis of the young tech founders profiled in The Wall Street Journal <a href="https://www.wsj.com/business/entrepreneurship/artificial-intelligence-startup-founders-bc730406?mod=hp_lead_pos7">this morning</a> — so devoted to work they barely take time to eat, let alone pursue an outside interest or go on a date.



Ellison, by contrast, devoted years to competitive sailing, learned to pilot airplanes, bought an island, designed Japanese-inspired homes, regularly played tennis with Rafa Nadal and did enough dating to be married five times.



All while running one of the world’s most important companies.



When his first marriage ended in divorce in 1978, Ellison’s ex-wife thought so little of his prospects as a founder that she sold him her claim to the one-year-old Oracle for $500.



(In three subsequent divorces, he again somehow managed to avoid surrendering any part of Oracle.)



And yet, Ellison passed Elon Musk to become the world&#8217;s richest man this week — for the second time.



The first time was in 2000, when he briefly passed Bill Gates near the height of the dotcom bubble.



By then, Oracle’s ubiquitous databases had made the company one of the three main characters in the dotcom boom, alongside Cisco and Sun Microsystems.&nbsp;



Few tech investors survived the subsequent bust: Sun Microsystems was sold for parts in 2009 (to Oracle), and Cisco is an afterthought in tech investing; its shares still below their 2000 peak.



But Oracle’s shares are now eight times above their 2000 peak. Larry Ellison is again vying for the title of world’s richest man, and the company he founded in 1977 is now, suddenly, more relevant than ever — all thanks to Oracle’s eye-popping <a href="https://www.wsj.com/business/openai-oracle-sign-300-billion-computing-deal-among-biggest-in-history-ff27c8fe?gaa_at=eafs&amp;gaa_n=ASWzDAiCtQOIoQWa7Cbn-ZPitRefzCSrIDwvrjrQ5To6hRCXTvwE-9ohD9S_kNwZ3XU%3D&amp;gaa_ts=68c43ae4&amp;gaa_sig=00W5SXFHEXVwc79JeKdJ-3Z359G3yGz6PjqV_slBi-j8sevHu8poP58ydd4Q4pcXobIiQH35WC8KMjDmfbHj3A%3D%3D">$300 billion deal</a> to provide computing power to OpenAI.



Many are skeptical.&nbsp;



OpenAI remains a long way from profitability, so it’s unclear where this $300 billion is supposed to come from — investors presumably won’t foot the bill forever.&nbsp;



Ellison gave back some of his immense paper gains as Oracle shares fell amid concerns over the gigantic investments required to build the data centers and buy the GPUs required to provide $300 billion of computing power.



If demand for artificial intelligence falls short of expectations, or today’s data centers and GPUs become obsolete faster than expected, Oracle risks becoming to the AI bubble what Cisco was to the dotcom one.



But I&#8217;m sure Ellison — who says he’s only happy when everyone thinks he’s wrong — will welcome the doubters.



He proved doubters wrong about relational databases in the 1980s, enterprise software in the 1990s and cloud computing in the 2010s.



Now, by going all in on data centers, Oracle has reinvented itself once again — and become a main character in the unfolding drama of artificial intelligence.



If Ellison’s right, investors will again be winners — not just in Oracle, but in nearly everything.



Let’s check the charts.



Doubling down:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1522" height="918" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-111.png?w=1024&amp;h=1024" alt="" class="wp-image-107724" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-111.png?w=1522 1522w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-111.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-111.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-111.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-111.png?w=426 426w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-111.png?w=433 433w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-111.png?w=363 363w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-111.png?w=80 80w" sizes="auto, (max-width: 1522px) 100vw, 1522px" /></figure>



The US hyperscalers, Oracle included, have doubled capex in just two years. If tech is going to continue to lead markets, they’ll have to prove that earnings will grow faster than their data centers depreciate.



Sustainable?



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="976" height="488" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.04.51.png" alt="" class="wp-image-107728" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.04.51.png?w=976 976w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.04.51.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.04.51.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.04.51.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.04.51.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.04.51.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.04.51.png?w=80 80w" sizes="auto, (max-width: 976px) 100vw, 976px" /></figure>



Corporate profitability has decoupled from its usual tight relationship with GDP growth, but profit margins may be inflated by hyperscalers depreciating their capex over too many years. How long will all the Nvidia chips Oracle is buying be useful to them?



Hyper-outperformance:



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="964" height="574" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.10.32.png" alt="" class="wp-image-107733" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.10.32.png?w=964 964w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.10.32.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.10.32.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.10.32.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.10.32.png?w=438 438w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.10.32.png?w=368 368w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.10.32.png?w=80 80w" sizes="auto, (max-width: 964px) 100vw, 964px" /></figure>



The outperformance of US tech is now well in excess of the dotcom peak. If it turns out to be a bubble again this time, it will likely be because companies like Oracle built too many data centers.



Warning sign?



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1400" height="768" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/1_Rtw8FNlT4F73oPh9dg5AQg.png?w=1024&amp;h=1024" alt="" class="wp-image-107742" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/1_Rtw8FNlT4F73oPh9dg5AQg.png?w=1400 1400w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/1_Rtw8FNlT4F73oPh9dg5AQg.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/1_Rtw8FNlT4F73oPh9dg5AQg.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/1_Rtw8FNlT4F73oPh9dg5AQg.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/1_Rtw8FNlT4F73oPh9dg5AQg.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/1_Rtw8FNlT4F73oPh9dg5AQg.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/1_Rtw8FNlT4F73oPh9dg5AQg.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/1_Rtw8FNlT4F73oPh9dg5AQg.png?w=80 80w" sizes="auto, (max-width: 1400px) 100vw, 1400px" /></figure>



Corporate use of AI might be leveling off. If so, OpenAI might struggle to come up with the $300 billion it’s promised Oracle and Oracle might struggle to keep its data centers busy.&nbsp;



AI is saving global trade:



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="796" height="504" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.12.08.png" alt="" class="wp-image-107736" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.12.08.png?w=796 796w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.12.08.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.12.08.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.12.08.png?w=406 406w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.12.08.png?w=412 412w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.12.08.png?w=346 346w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.12.08.png?w=80 80w" sizes="auto, (max-width: 796px) 100vw, 796px" /></figure>



 Brad Setser <a href="https://www.cfr.org/blog/trump-shock-wasnt-least-not-yet">notes</a> that despite tariffs, US imports will increase this year, with rising imports of tariff-exempt semiconductors offsetting a fall in vehicle imports.



Someone’s paying the import tax:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1430" height="784" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-112.png?w=1024&amp;h=1024" alt="" class="wp-image-107725" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-112.png?w=1430 1430w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-112.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-112.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-112.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-112.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-112.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-112.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-112.png?w=80 80w" sizes="auto, (max-width: 1430px) 100vw, 1430px" /></figure>



The US collected a record $31.4 billion in tariffs in August — but total revenue still fell $345 billion short of spending. The US is <a href="https://x.com/jamiedupree/status/1966210985095463079">on track</a> to run a budget deficit of over $2 trillion this year.



The coffee tax:



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="938" height="516" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.11.15.png" alt="" class="wp-image-107734" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.11.15.png?w=938 938w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.11.15.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.11.15.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.11.15.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.11.15.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.11.15.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-12-at-16.11.15.png?w=80 80w" sizes="auto, (max-width: 938px) 100vw, 938px" /></figure>



 BLS data shows coffee prices up more than 20% on the year, thanks in part to the 50% tariff on goods from Brazil. So, how long does it take to grow a coffee tree (plant? bush?), and do they grow in North Carolina?



It’s never too late to make a few billion:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="885" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-110.png?w=1024&amp;h=1024" alt="" class="wp-image-107723" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-110.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-110.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-110.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-110.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-110.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-110.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-110.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-110.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-110.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Ellison made 95% of his <a href="https://www.bloomberg.com/billionaires/profiles/lawrence-j-ellison/">$363 billion net worth</a> after the age of 72, and 40% after age 80.&nbsp;



The core of Ellison’s business philosophy, according to his biographer, “is that you can’t get rich by doing the same thing as everyone else.” I wouldn’t say betting on AI meets that criteria — but betting bigger than almost anyone else might.



Have a great weekend, world’s-richest readers.



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Friday charts: Ellison is having fun again

Casey Wagner

The White House wants Congress to move quickly on cryptocurrency market structure legislation. When it comes to ironing out the details, though, lawmakers and industry stakeholders have their work cut out for them.&nbsp;



Speaking at an industry event in Washington, D.C. Thursday, Patrick Witt — the newly-appointed executive director of the President&#8217;s Council of Advisors on Digital Assets — said getting the bill over the finish line is a top priority.&nbsp;



Senate Republicans last week <a href="https://blockworks.co/news/us-house-passes-clarity-act">unveiled an updated draft</a> of their crypto market structure bill, the Responsible Financial Innovation Act of 2025. The legislation is notably different from the CLARITY Act, which the House passed in July with bipartisan support.&nbsp;



This week, a group of historically crypto-friendly Senate Democrats released their own crypto market structure wishlist. The industry is still waiting for a market structure draft from the Senate Agriculture Committee, which needs to be released before lawmakers can move on to marking up the legislation.&nbsp;



Industry members are generally happy with the Republican draft, according to three sources familiar with lobbying efforts. Some companies might not be as satisfied with the Agriculture Committee’s draft, though, depending on what it says about exchange registration requirements, one source added.&nbsp;



The Democrats’ <a href="https://www.gallego.senate.gov/wp-content/uploads/2025/09/Market-Structure-Framework-Final.pdf">framework</a>, released on Tuesday, aligns in many ways with the Republican draft, but includes a significant update to stablecoin regulation.&nbsp;



The GENIUS Act, which became law in July, stipulates that no stablecoin issuers can offer any yield or interest on holdings. In their proposal, Senate Democrats take this a step further, suggesting a “prohibition on interest or yield paid by stablecoin issuers, including indirectly or through affiliates.”&nbsp;



The language of the GENIUS Act prohibits issues from offering yields directly, but does not block exchanges, or “affiliates,” from doing so.&nbsp;



“Through affiliates” is a term big banks wanted included in the GENIUS Act, and even after it was signed into law, they haven’t stopped lobbying the issue. In an August <a href="https://bpi.com/closing-the-payment-of-interest-loophole-for-stablecoins/">statement</a>, the Bank Policy Institute urged lawmakers to use the market structure bill to “close the loophole” created by the GENIUS Act.&nbsp;



The crypto industry disagrees, arguing that the GENIUS Act fairly permits exchanges and affiliates to pay interest to holders. Only giving banks such allowances “tilts the playing field” and limits consumer options, crypto lobbying groups <a href="https://theblockchainassociation.org/blockchainassociation-and-crypto-council-for-innovation-letter-of-opposition-to-aba-state-bankers-letter-on-the-genius-act/">wrote</a> in response to the Bank Policy Institute’s statement.&nbsp;



Crypto exchange Coinbase, which currently <a href="https://www.coinbase.com/blog/Coinbase-Wallet-USDC-Rewards">offers a USDC rewards program</a> on Coinbase Wallet holdings, is particularly concerned with the language in the Democrats’ framework — and with the banking industry’s efforts to re-litigate parts of the GENIUS Act.&nbsp;



“I expect that the focus of Chairman Scott and Chairman Boozman is going to be on market structure, not revisiting previous legislation,” Coinbase Chief Policy Officer Faryar Shirzad said.&nbsp;



“I feel confident that we&#8217;ll end up in the right place on the other end of this, but it&#8217;ll require a fair amount of work,” he added.&nbsp;



Back in March, when GENIUS Act negotiations were underway, Coinbase CEO Brian Armstrong emphasized the need for allowing interest payments on stablecoins.&nbsp;



“We can choose to level the playing field and ensure these laws pave a way for all regulated stablecoins to deliver interest directly to consumers, the same way a savings or checking account can,” Armstrong wrote in a <a href="https://x.com/brian_armstrong/article/1906723887112401179">post</a> on X.&nbsp;



The stakes are significant, as demonstrated by the size of the stablecoin market today. The current stablecoin market capitalization is $251 billion, according to data compiled by Blockworks Research. Tether’s USDT leads with $170 billion in circulated assets, followed by Circle’s USDC with $72.3 billion.&nbsp; Coinbase has a revenue-sharing <a href="https://www.sec.gov/Archives/edgar/data/1876042/000119312525070481/d737521ds1.htm">agreemen</a>t with Circle, granting the exchange 50% of reserve interest income.



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Industries, Senators clash over crypto market structure legislation

Ben Strack

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forward-guidance" target="_blank" rel="noreferrer noopener">subscribe</a>.



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Figure went public yesterday, and Gemini was set to follow suit today. Somewhat related (you’ll see), we were reminded of how the biggest asset managers could help fuel a tokenization boom.&nbsp;



Let’s hone in on Figure, which just debuted on the Nasdaq. Shares of FIGR opened at $36 on Thursday — 44% above its $25 IPO price. The stock was trading around $33.20 at 1:30 p.m. ET.&nbsp;



Making another appearance in this newsletter (after I cited his <a href="https://blockworks.co/news/crypto-stock-digest-sep-2025">COIN vs. HOOD report</a>) is Blockworks Research’s Marc Arjoon. His latest <a href="https://app.blockworksresearch.com/research/figure-ipo">write-up</a> points out a regulatory edge Figure has over certain competitors — 180 lending and servicing licenses, 48 money transmitter licenses and the distinction of being an SEC-registered broker-dealer.



Founded in 2018, Figure focuses on home equity lines of credit (HELOCs) and uses the Provenance Blockchain. The company claimed in a recent <a href="https://www.sec.gov/Archives/edgar/data/2064124/000162828025040673/ftintermediateinc-sx1.htm">filing</a> to reduce the time it takes to fund a home equity loan to a median of 10 days (compared to the industry median 42 days).&nbsp;



“With over $17B in equity unlocked for homeowners and 40% of HELOC volume transacted on Connect, Figure is the largest non-bank HELOC lender in the US,” Arjoon noted.



The company — with partners like banks, credit unions, fintechs, etc. — dominates the private credit tokenization space:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="1082" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-109.png?w=1024&amp;h=1024" alt="" class="wp-image-107709" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-109.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-109.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-109.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-109.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-109.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-109.png?w=380 380w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-109.png?w=386 386w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-109.png?w=324 324w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-109.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Though HELOCs remain Figure’s main offering, the company <a href="https://blockworks.co/news/sec-registered-yield-bearing-stablecoin">introduced a stablecoin</a> earlier this year and <a href="https://blockworks.co/news/figure-raises-60m-launches-dex">looks to diversify</a> even more.&nbsp;



Figure building its presence in the Debt Service Coverage Ratio (DSCR) loans space and expanding into unsecured lending could contribute to its revenue growth in the years ahead, Arjoon predicts.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="1082" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-109.png?w=1024&amp;h=1024" alt="" class="wp-image-107708" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-109.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-109.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-109.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-109.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-109.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-109.png?w=380 380w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-109.png?w=386 386w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-109.png?w=324 324w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-109.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Pantera Capital Partner Ryan Barney said in a Thursday letter that he expects Figure to ultimately cement a spot among a cohort of Web3 public companies comparable to the “Magnificent Seven.”



“The reason is simple: They are proving that blockchain can re-architect the foundation of capital markets, not just disintermediate a few steps,” Barney wrote.



Other candidates for such a group could be <a href="https://blockworks.co/news/coinbase-eyes-everything-exchange-q2">Coinbase</a>, <a href="https://blockworks.co/news/sp-500-hood-mstr">Robinhood</a>, <a href="https://blockworks.co/news/takeaways-circles-first-earnings-call">Circle</a>, Gemini, etc. Time will tell.



<h2 class="wp-block-heading">The BlackRock news we already knew</h2>



On the topic of transforming capital markets, I wanted to at least bring up BlackRock’s tokenization ambitions before we break for the weekend.



A Thursday Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-09-11/blackrock-seeks-to-tokenize-etfs-after-bitcoin-fund-breakthrough">report</a> (citing anonymous sources) said the world’s largest asset manager is looking into making ETFs available on the blockchain.&nbsp;



No kidding.



The firm declined to comment on specific efforts here. But didn’t you read BlackRock CEO Larry Fink’s March investor <a href="https://www.blackrock.com/corporate/investor-relations/larry-fink-annual-chairmans-letter">letter</a>? Plenty of <a href="https://blockworks.co/news/blackrock-fink-bitcoin-dollar">interesting bits</a>, along with the explicit line: “Every stock, every bond, every fund — every asset — can be tokenized. If they are, it will revolutionize investing.”&nbsp;



So of course BlackRock is looking into that — especially with <a href="https://blockworks.co/news/buidl-collateral-tokenization">the traction</a> the firm has seen with its tokenized money market fund, BUIDL. Nasdaq, as you read recently, is looking to <a href="https://blockworks.co/news/tradfi-bid-nasdaq-fidelity">tokenize the securities</a> trading on its exchange.



Bloomberg Intelligence’s Eric Balchunas pointed out that he views this more as modernizing rails than a wholesale pivot that will disrupt the nearly $14 trillion ETF industry.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">We need to define the trend better: If by &#39;tokenization&#39; you mean the back office (plumbing) of TradFi will be slightly more efficient by utilizing blockchain technology? Then sure, fine, probably will but zzzz. What is implied tho by the hype is getting actual investors to sell… <a href="https://t.co/SzXROTB9oi">https://t.co/SzXROTB9oi</a>&mdash; Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1966216300004249739?ref_src=twsrc%5Etfw">September 11, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Fink noted in that letter that identity verification would have to be solved before tokenized funds become as familiar to investors as ETFs. We’ll need patience as we monitor how these efforts evolve.



That’s enough reading for a Friday afternoon. Get on outta here and enjoy your weekend.



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Weighing Figure’s growth potential after Nasdaq debut

Macauley Peterson

Ethereum is scaling into its role as the neutral settlement layer. Value accrues across L2s and applications — not from squeezing L1 fees. The paradox is, on a usage versus revenue basis, Ethereum appears to be both winning and losing.



Consider this:



<ul class="wp-block-list">
<li>Throughput up: monthly transactions and unique active addresses are at, or near, highs.</li>



<li>Cost down: median and average tx fees sit near cycle lows; base-fee gwei is low and steady.</li>



<li>Mix shift: rollups are stuffing blobs at record levels; users trade more, especially stables, without pushing L1 fees up.</li>



<li>Revenue craters: base-fee burn + tips are far below 2021–22; net issuance is low but generally positive.</li>
</ul>



The implication: Value derives from demand for Ethereum’s credible neutrality, security, and settlement across L2s, and not by maximizing L1 fees.



1. Transaction count: a steady climb to a new high (~50M+ monthly). Even reverted transactions have trended down, now barely registering as a percentage, evidence of healthier <a href="https://app.blockworksresearch.com/glossary#M">mempool</a> and <a href="https://blockworks.co/tag/mev">MEV</a> dynamics.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="889" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-100.png?w=1024&amp;h=1024" alt="" class="wp-image-107688" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-100.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-100.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-100.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-100.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-100.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-100.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-100.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-100.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-100.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://blockworks.com/analytics/ethereum/ethereum-activity">Ethereum Onchain Activity</a>, accessed Sep. 12, 2025</figcaption></figure>







2. Unique active addresses: at a multi-year high, with a larger slice of “new” addresses. This is not a user metric, but is directionally supportive over long time periods.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="889" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-102.png?w=1024&amp;h=1024" alt="" class="wp-image-107690" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-102.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-102.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-102.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-102.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-102.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-102.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-102.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-102.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-102.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://app.blockworksresearch.com/analytics/visualization/677">Ethereum Onchain Activity</a></figcaption></figure>







3. Transaction fee (USD): on average, well below prior cycles despite higher usage. That reflects elasticity from gas-target increases, better mempool behavior, and migration of heavy activity to <a href="https://blockworks.co/tag/layer-2-2">layer-2</a>.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="889" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-104.png?w=1024&amp;h=1024" alt="" class="wp-image-107693" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-104.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-104.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-104.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-104.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-104.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-104.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-104.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-104.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-104.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://app.blockworksresearch.com/analytics/visualization/674">Ethereum Onchain Activity</a></figcaption></figure>







4. Base fee rate (gwei): The drop in fees is primarily a function of base fee compression, now down to around 1–3 gwei most days. Spikes fade quickly, showing persistent excess capacity at L1, and those fees are far more predictable than a year ago.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="889" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-101.png?w=1024&amp;h=1024" alt="" class="wp-image-107689" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-101.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-101.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-101.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-101.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-101.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-101.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-101.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-101.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-101.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://app.blockworksresearch.com/analytics/visualization/717">Ethereum Onchain Activity</a></figcaption></figure>







5. Fee breakdown: Priority fees have dominated in recent months (≥50% of total), reflecting low base-fee gwei and more competition for ordering/MEV. Pricing power has shifted toward tips rather than congestion-driven base fees, since the <a href="https://blockworks.co/news/ethereum-dencun-upgrade-mainnet">Dencun upgrade</a> in March, 2024.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="889" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-102.png?w=1024&amp;h=1024" alt="" class="wp-image-107691" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-102.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-102.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-102.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-102.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-102.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-102.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-102.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-102.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-102.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://app.blockworksresearch.com/analytics/visualization/718">Ethereum Onchain Activity</a></figcaption></figure>







6. Blob utilization: all-time highs. Dencun initiated blobs, and Pectra made them much cheaper for L2 <a href="https://blockworks.co/tag/rollups">rollups</a>. <a href="https://blockworks.com/analytics/unichain">Unichain</a> and <a href="https://blockworks.co/tag/base">Base</a> lead, with <a href="https://blockworks.co/tag/optimism">OP</a>, <a href="https://blockworks.co/tag/arbitrum">Arbitrum</a>, <a href="https://blockworks.co/tag/worldcoin">World Chain</a>, <a href="https://blockworks.co/news/unpacking-the-based-rollups-debate">Taiko</a> contributing. Rollup data demand remains the growth engine for now.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="889" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-105.png?w=1024&amp;h=1024" alt="" class="wp-image-107694" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-105.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-105.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-105.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-105.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-105.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-105.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-105.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-105.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-105.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://blockworks.com/analytics/ethereum/ethereum-da">Ethereum Data Availability</a></figcaption></figure>



But Ethereum mainnet itself is a pleasure to use today, thanks to its reliability and modest fees.







7. DEX volume (pair mix): August popped to cycle highs; ETH-stable and stable-stable dominate, showing — for the most part — trading intensity is up without fee pressure. The <a href="https://blockworks.co/news/wlfi-claim-eth-gas">launch of WLFI</a> on Sep 1, 2025 proved a notable exception!



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="889" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-108.png?w=1024&amp;h=1024" alt="" class="wp-image-107697" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-108.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-108.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-108.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-108.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-108.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-108.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-108.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-108.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-108.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://blockworks.com/analytics/ethereum/ethereum-dex">Ethereum DEX Activity</a></figcaption></figure>







8. Stablecoin swaps by DEX: This has been the story of the summer. Stablecoin swaps are way up. Uniswap still #1, but <a href="https://blockworks.com/analytics/fluid">Fluid</a> and <a href="https://blockworks.co/price/ekubo">Ekubo</a> shares are growing.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="889" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-107.png?w=1024&amp;h=1024" alt="" class="wp-image-107696" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-107.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-107.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-107.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-107.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-107.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-107.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-107.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-107.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-107.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://app.blockworksresearch.com/analytics/visualization/1429">Ethereum DEX Activity</a></figcaption></figure>







9. Network revenue (ETH): Ether burned as a result of fees is well below peak eras. The addition of blob fees is still small on L1, meaning as a settlement layer Ethereum is not getting much revenue, despite higher activity metrics across the board.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="889" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-106.png?w=1024&amp;h=1024" alt="" class="wp-image-107695" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-106.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-106.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-106.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-106.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-106.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-106.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-106.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-106.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-106.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://blockworks.com/analytics/ethereum/ethereum-financials">Ethereum Financials</a></figcaption></figure>



But here’s the thing. Revenue may not matter as much as it does elsewhere.







10. ETH issuance (USD): Since <a href="https://blockworks.co/tag/ethereum-merge">The Merge</a> and the switch to <a href="https://blockworks.co/tag/proof-of-stake">proof-of-stake</a>, ether issuance has been low. We see a gradual rise with staking/price indicative of a low burn. While net supply tilts closer to zero, it remains slightly positive. But, it’s still below that of <a href="https://blockworks.co/tag/bitcoin">Bitcoin</a>, which is known as a hard-money digital gold.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="889" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-103.png?w=1024&amp;h=1024" alt="" class="wp-image-107692" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-103.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-103.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-103.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-103.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-103.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-103.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-103.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-103.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-103.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://app.blockworksresearch.com/analytics/visualization/312">Ethereum Financials</a></figcaption></figure>







Ethereum’s long-term trajectory is defined more by efficiency than extraction, with growing transaction volume and user activity settling on L1 at ever-lower per-tx cost.



As fee capture migrates up the stack to L2 sequencers, MEV supply chains, and applications, Ethereum’s base layer increasingly serves as a low-margin, high-integrity settlement platform.



For investors, this means shifting focus away from fee revenue and burn rates, and toward metrics like L2 blob utilization, settlement share, validator quality and incentives, and overall network security spend. These are the real levers of value in Ethereum’s evolving <a href="https://blockworks.co/tag/modular-blockchains">modular</a> stack.lorem ipsum



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Ethereum’s paradox: Usage at all-time highs as fees plummet

Donovan Choy

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed" target="_blank" rel="noreferrer noopener">subscribe</a>.



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Crypto Twitter loves its “Ethereum vs. Solana” debates.&nbsp;



But that framing is problematic.



Solana is built as a high-throughput execution layer. Ethereum, by design, offloads execution to L2 rollups and positions its L1 for settlement and data availability.&nbsp;



As such, the Ethereum vs. Solana comparison may amount to comparing apples to oranges.



This is explicitly acknowledged by leading developers on both chains. Solana’s co-founder <a href="https://x.com/aeyakovenko/status/1936813032996540479">Anatoly</a> has said that “Solana isn’t at war with Ethereum” but with “centralized sequencer L2s.”



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1159" height="396" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-91.png?w=1024&amp;h=1024" alt="" class="wp-image-107671" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-91.png?w=1159 1159w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-91.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-91.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-91.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-91.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-91.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-91.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-91.png?w=80 80w" sizes="auto, (max-width: 1159px) 100vw, 1159px" /></figure>



Ethereum researcher Justin Drake himself has <a href="https://x.com/DefiantNews/status/1861088679990587562?t=3244">echoed</a> this in the past: “In my mental model, it’s the L2s that are competing with Solana, not the Ethereum L1 directly.”



If the real battleground is execution, then the more appropriate matchup may be Solana vs. Base, Ethereum’s most active L2 backed by the full weight of Coinbase distribution.



Let’s look at how both these chains compare on headline network metrics.



<h2 class="wp-block-heading">Network usage</h2>



In August, Solana’s REV (all fees and tips paid to transact on the network) was $77.8 million, far exceeding Base at $6.2 million.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="948" height="496" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-96.png" alt="" class="wp-image-107677" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-96.png?w=948 948w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-96.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-96.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-96.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-96.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-96.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-96.png?w=80 80w" sizes="auto, (max-width: 948px) 100vw, 948px" /><figcaption class="wp-element-caption">Source: <a href="https://blockworks.com/analytics/solana">Blockworks Research</a></figcaption></figure>



Active addresses on Solana too, outpaced Base by 124% in August.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="959" height="707" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-94.png" alt="" class="wp-image-107674" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-94.png?w=959 959w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-94.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-94.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-94.png?w=349 349w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-94.png?w=354 354w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-94.png?w=297 297w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-94.png?w=80 80w" sizes="auto, (max-width: 959px) 100vw, 959px" /><figcaption class="wp-element-caption">Source: <a href="https://blockworks.com/analytics/solana">Blockworks Research</a></figcaption></figure>



<h2 class="wp-block-heading">Application revenues</h2>



One measure of how successful a blockchain is looks at the value captured by apps built on top of it.&nbsp;



On this measure, Solana too beats Base by a mile. Solana app revenues generated $136 million in August, vs. $21 million for Base.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="774" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-97.png?w=1024&amp;h=1024" alt="" class="wp-image-107678" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-97.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-97.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-97.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-97.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-97.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-97.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-97.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-97.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-97.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://blockworks.com/analytics/solana">Blockworks Research</a></figcaption></figure>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="772" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-98.png?w=1024&amp;h=1024" alt="" class="wp-image-107679" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-98.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-98.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-98.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-98.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-98.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-98.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-98.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-98.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-98.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://blockworks.com/analytics/base">Blockworks Research</a></figcaption></figure>



<h2 class="wp-block-heading">Spot DEX volumes</h2>



How much are users trading on Solana and Base? On spot DEX volumes, Solana has consistently outperformed Base. In August, Solana had about $118 billion in volumes, against $53 billion for Base.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1212" height="590" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/spot-dex.jpg?w=1024&amp;h=1024" alt="" class="wp-image-107715" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/spot-dex.jpg?w=1212 1212w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/spot-dex.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/spot-dex.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/spot-dex.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/spot-dex.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/spot-dex.jpg?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/spot-dex.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/spot-dex.jpg?w=80 80w" sizes="auto, (max-width: 1212px) 100vw, 1212px" /></figure>



<h2 class="wp-block-heading">Stablecoins</h2>



The below charts compare Base and Solana’s stablecoin supply. Base has $4.3 billion, considerably lower than Solana’s stablecoin supply of $11.2 billion.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="534" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-99.png?w=1024&amp;h=1024" alt="" class="wp-image-107680" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-99.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-99.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-99.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-99.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-99.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-99.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-99.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-99.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-99.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://blockworks.com/analytics/solana">Blockworks Research</a></figcaption></figure>



Despite lower supply, though, Base sees a higher velocity of stablecoin transfer volumes. Transfer volumes in August were $1.5 trillion, compared to Solana’s $292 billion.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="951" height="490" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-92.png" alt="" class="wp-image-107672" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-92.png?w=951 951w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-92.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-92.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-92.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-92.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-92.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-92.png?w=80 80w" sizes="auto, (max-width: 951px) 100vw, 951px" /><figcaption class="wp-element-caption">Source: <a href="https://blockworks.com/analytics/chain-comparison">Blockworks Research</a></figcaption></figure>



While Solana outcompetes L2s in most metrics, the one area where Solana pales in comparison is circulating stablecoins, especially relative to Ethereum ($167 billion), Blockworks Research’s Carlos Gonzalez Campo told me.



<h2 class="wp-block-heading">Memecoin wars</h2>



Solana’s top spot as the “memecoin chain” saw its first serious challenge last month. Tokens launched from memecoin launchpads on Base exceeded Solana, largely due to the <a href="https://blockworks.co/news/zora-latest-content-coin-fad">rise of Zora</a>.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="954" height="505" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-93.png" alt="" class="wp-image-107673" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-93.png?w=954 954w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-93.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-93.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-93.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-93.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-93.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-93.png?w=80 80w" sizes="auto, (max-width: 954px) 100vw, 954px" /><figcaption class="wp-element-caption">Source: <a href="https://blockworks.com/analytics/chain-comparison">Blockworks Research</a></figcaption></figure>



It’s too early to write Solana off, though. Launchpad tokens on Solana still command far higher trading volumes (and market caps) than their Base counterparts, a crucial data point since transaction activity is a key revenue stream for blockchains.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="955" height="495" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-95.png" alt="" class="wp-image-107675" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-95.png?w=955 955w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-95.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-95.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-95.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-95.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-95.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-95.png?w=80 80w" sizes="auto, (max-width: 955px) 100vw, 955px" /><figcaption class="wp-element-caption">Source: <a href="https://blockworks.com/analytics/launchpads">Blockworks Research</a></figcaption></figure>



Base’s recent lead in new token launches over Solana indicates increased developer interest — likely aided by its Coinbase integration, Blockworks Research’s Dan Shapiro told me.



“However, Solana remains the revenue juggernaut, pulling in consistently higher network fees and boasting a significantly larger active user base.&#8221;



<h2 class="wp-block-heading">Conclusion</h2>



Aside from stablecoin transfer volumes and memecoins launched, Solana outcompetes Base on most headline chain metrics.&nbsp;



Solana is still the frontrunner, but there are a few caveats worth noting.&nbsp;



First, this comparison isolates Solana against a single L2. Yet, Ethereum’s broader rollup ecosystem has at least a <a href="https://l2beat.com/scaling/summary">hundred</a> L2s. Put together, they may exceed Solana in aggregate throughput.&nbsp;



Second, benchmarking stablecoin supply and DEX volumes against Base alone doesn’t show the full picture. Ethereum itself posts <a href="https://blockworks.com/analytics/ethereum/ethereum-dex">larger figures</a> than Solana on these measures, and remains an economic hub for the EVM ecosystem in its own right.



Finally, Ethereum’s chain security and decentralization remain unmatched. Compared to Solana, Ethereum’s validator set is vastly larger, has lower barriers to entry and greater client diversity. From that perspective, one could argue that Base inherits stronger security because it settles on a more decentralized foundation.&nbsp;



The contest over “which chain is better” ultimately depends on the weight given to different metrics, making the comparison less an objective truth and more a matter of subjective perspective.



Updated 9/12/25 at 3:30 p.m. ET with the correct chart for DEX volumes.



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Solana vs. Base: How Ethereum’s most active L2 compares against Solana

Jack Kubinec

Katherine Ross

Tether announced Friday that it is entering the US market with a new stablecoin, USAT. Former White House crypto official Bo Hines is expected to be CEO of the new venture.



“I am honored to lead USAT as we prepare for its launch, creating a U.S.-regulated dollar-backed stablecoin designed to strengthen America’s role in the global economy,” Hines said.



The move marks Tether’s official entry to the US, and comes just a few months after Congress passed the GENIUS Act, a US stablecoin regulatory framework. The bill, <a href="https://blockworks.co/news/trump-signs-genius-law">signed into law</a> by President Trump in July, gives the Office of the Comptroller of the Currency oversight of prospective and approved stablecoin issuers.&nbsp;



The stablecoin issuer has established a notable presence in Washington, DC since President Trump took office. However, USAT is set to be headquartered in Charlotte, NC, Hines said Friday morning.



USAT is targeting an end-of-year launch, Hines and Ardoino said onstage at an event announcing the launch.



Both Cantor Fitzgerald — which has a <a href="https://www.reuters.com/technology/softbank-backed-consortium-partners-with-spac-36-billion-crypto-venture-2025-04-23/">relationship</a> with Tether — and Anchorage are partners in the launch. Anchorage, which recently <a href="https://www.anchorage.com/insights/anchorage-digital-bank-first-federally-chartered-stablecoin-issuer-following-genius-act">became</a> a federally chartered stablecoin issuer, will handle issuance for USAT, while Cantor will custody its treasury reserves.



Tether announced the move during an event held at the spy-focused Spyscape museum in Manhattan. Hines, Apollo Global Management partner Christine Moy, and Multicoin Capital managing partner Kyle Samani were among those in attendance. As museum staff packed up “Detox Sunshine” and “Clean Green Antioxidant” juice containers, Tether CEO Paolo Ardoino stood up to speak.



Tether is not just a stablecoin company, it’s a stable company, Ardoino said, detailing how the digital dollar brings stability to its user base around the world.



Tether’s USDT is the largest stablecoin with a market cap of over $160 billion, per Blockworks Research. Stablecoins have surpassed a total market cap of over $250 billion.



“Tether holds dominant market share and exhibits supernormal margins and profits. These margins are opportunities for other competitors, which should attract new entrants in the stablecoin issuer market,” Blockworks Research analyst Luke Leasure <a href="https://app.blockworksresearch.com/research/stablecoins-as-financial-superconductors#the-current-stablecoin-market">wrote</a> back in March.&nbsp;



Since then, the stablecoin market has continued to grow, and a number of traditional financial entities have expressed <a href="https://www.reuters.com/business/finance/bank-america-expects-launch-stablecoins-morgan-stanley-weighs-use-2025-07-16/">interest</a> in stablecoins, including Morgan Stanley.&nbsp;



Read more: <a href="https://blockworks.co/news/crypto-innovation-genius-act">Can the Genius Act save banks from stablecoins?</a>



Ardoino <a href="https://www.cnbc.com/2025/05/02/crypto-tether-eyes-us-expansion-with-new-stablecoin-as-ceo-courts-washington.html">told</a> CNBC back in May that it was considering a domestic version of USDT for American users.&nbsp;



“A domestic stablecoin would be different from the international stablecoin,” Ardoino said in May, before the GENIUS Act was passed.&nbsp;



In 2021, Tether previously <a href="https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal">settled</a> with the New York attorney general’s office for $18.5 million over allegations that it was not honest about its reserves. It also settled with the <a href="https://www.cftc.gov/PressRoom/PressReleases/8450-21#:~:text=October%2015%2C%202021,and%20CFTC%20regulations%2C%20as%20charged.">CFTC</a> over allegedly making “misleading statements.”&nbsp;



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Tether enters US market with USAT stablecoin

This is a segment from The Breakdown newsletter. To read more editions, <a href="https://blockworks.co/brand/the-breakdown">subscribe</a>



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<a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5434457">Strategy as financing franchise</a>



Bond investors are generally considered more sophisticated than stock market investors (there’s more math involved, for one thing) — and no one has ever accused professional bond investors of being less sophisticated retail stock market investors.



But a recent paper that does the math on Strategy’s valuation suggests they might be.



Equity investors, it finds, are paying the right price for Strategy’s equity — but only because bond investors are paying the wrong price for Strategy’s bonds.



This makes Strategy a “financing franchise” that can be valuable enough to justify the premium to NAV it usually trades at: “the ability to sell overpriced bonds to invest in fairly priced securities…creates an intangible asset whose value can make the market value of equity exceed the market value of the firm’s (tangible) assets.”



Why would bond investors continually overpay for Strategy’s bonds?



The authors suggest it’s because Michael Saylor is blinding them with science.&nbsp;



Strategy’s convertible bonds, layered preferred stock, optional conversion features and callable provisions — full of “various embedded optionalities and differing seniority levels” — are deliberately engineered to make “returns more salient while obfuscating risk.”



If so, this should reframe the debate around Strategy: Instead of asking how long it can sell shares above NAV, as investors typically do, we should be asking how long it can sell bonds above fair value.



Not forever, presumably.



“In our model, the pool of ‘dumb capital’ willing to purchase overpriced debt is not bottomless,” the authors caution.



By their calculation, an equity premium of 70-135% over NAV implies that Strategy will be able to sell overpriced bonds for about eight years.



That sounds optimistic to me — which might be why Strategy’s <a href="https://blockworks.co/analytics/treasury-companies/market-data/crypto-treasury-companies-mnav/">premium</a> to NAV has fallen to about 30% now.



This is all a bit academic. Are equity holders really doing the math required to build a “continuous-time structural credit model”?



After looking at all the bewildering equations in the paper, I highly doubt it. Even bond investors will struggle to make sense of the equation they use to value Strategy’s “intangible asset”:&nbsp;



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="660" height="168" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-11-at-17.01.26.png" alt="" class="wp-image-107630" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-11-at-17.01.26.png?w=660 660w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-11-at-17.01.26.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-11-at-17.01.26.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-11-at-17.01.26.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-11-at-17.01.26.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-11-at-17.01.26.png?w=80 80w" sizes="auto, (max-width: 660px) 100vw, 660px" /></figure>



Still, it feels directionally correct: Strategy’s premium to NAV is falling because Michael Saylor is pushing up against the limit of how much overly complicated debt he can sell.&nbsp;



With an enterprise value of <a href="https://www.strategy.com">$108 billion</a>, Strategy might simply have outgrown the market for such debt.



But another implication of the paper is that you can’t be too small, either.



All digital asset companies are modelled on Strategy, but few, if any, are big enough to sell complex debt in the first place. If that really is what gives Strategy its value, most DATs shouldn’t trade any higher than 1x NAV.



Even I can do the math on that one.



<a href="https://blockworks.co/news/native-markets-leads-usdh-race">A hyper-crypto stablecoin race</a>



This week’s dog and pony show to select an issuer for a new Hyperliquid stablecoin looks — from a distance at least — like everything crypto is meant to be.



A DAO making a multi-billion-dollar decision: Validators — and the HYPE holders who stake with them — will determine who issues USDH, which is set to siphon as much as $5 billion away from USDC.



Profit margins being competed away: Most of the leading proposals promise to return all of their profits (the yield earned on reserves) to the Hyperliquid ecosystem.



A TradFi CEO <a href="https://x.com/JanvanEck3/status/1965193995182899702">making</a> his pitch on X: Decentralized decisionmaking means the head of a $130 billion asset manager has to do his lobbying on social media, and not, as CEOs are surely more comfortable doing, behind closed doors.



There are sceptics: <a href="https://x.com/hosseeb/status/1965520465172328717">Some</a> suspect the outcome of the vote has been predetermined in favor of Native Markets, a newly formed firm with no track record to support its proposal.



But this, too, might reflect what crypto was always meant to be.



After withdrawing his proposal for USDH, the CEO of Ethena Labs <a href="https://x.com/gdog97_/status/1966137801650614362">lauded</a> the Hyperliquid community’s willingness to consider a new entrant: “No one [cares] how big you are, your background, pedigree or financial resources. It is a level playing field where emergent players can win the hearts of the community and are given a fair shot at succeeding.”



There’s a lot to be sceptical about in crypto (see above and below), but the process around USDH seems like a timely reminder of what can make it worthwhile.



<a href="https://www.theverge.com/c/22947663/justin-sun-tron-cryptocurrency-poloniex">Justin Sun is a character</a>



Christopher Harland-Dunaway&#8217;s feature on Tron founder Justin Sun is full of colorful detail, much of which could get people in trouble: “More than one person believed that talking to me might put their lives at risk,” he writes.



One anonymous source, for example, told Harland-Dunaway that Sun was running an “insider trading team” out of Tron’s Beijing office.&nbsp;



(I’m guessing that refers to the Tron Foundation, since the Tron blockchain presumably doesn’t have an office.)



Another source said his job at TRON was “to make sure the TRX price is at some level Justin wants.” Sun, he claimed, instructed them to buy TRX when he knew that Tron was about to announce good news to the public.



This happened “all the time,” according to another ex-employee.



In this telling, Sun seems to almost go out of his way to invite legal trouble, without fear of the consequences: “Justin’s tolerance for risk is absurdly high,” another ex-employee said. “Like, absurdly high.”&nbsp;



For example, Sun appears to have bought the crypto exchange Poloniex with the express purpose of dismantling its KYC process: “Fake the KYC!” he screamed after being told it was slowing their efforts in China. “Fake it!”&nbsp;



Thereafter, he installed an automated KYC system designed to accept virtually any ID: “Didn’t matter if they submitted a pic of Daffy Duck,” a Poloniex employee said.



There are shades of Sam Bankman-Fried here as well: “I think over time, he started to see all the possibilities of using [Poloniex] as more or less his personal bank,” a source said, with the implication that Sun used customer funds in much the same way SBF did.



When Sun instructed employees to collect tiny amounts of bitcoin that customers had mistakenly sent to a wallet intended only for USDT, for example, “they understood Justin Sun would take the bitcoin personally.”



The tiny amounts added up: In what was known internally as “Operation Couch Cushions,”



230 bitcoin that customers had lost in the deep recesses of Poloniex’s “archaic” exchange was eventually recovered.&nbsp;



But he’s not just about the money.



Sun is quirky enough to have disappeared “for months” without telling anyone at Tron where he was going or when he’d be back.



When an employee finally reached him on the phone and asked where he was, he said “I’m in the forest with this [llama].”&nbsp;



As Harland-Dunaway tells it, Sun’s story reads like a classic rise-and-fall narrative — but without the fall.



Tron’s market capitalization hit an all-time high of over $30 billion in August, making Sun’s 60% stake worth $18 billion (on paper, at least).



The token is even available on US stock exchanges now: Tron Inc., a DAT that holds Tron tokens, was up as much as 17% today.



Crypto really is different.



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Thursday links: Overpriced debt, community-approved stables and Justin Sun

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forward-guidance" target="_blank" rel="noreferrer noopener">subscribe</a>.



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No one is really arguing whether the Federal Reserve will cut rates next week. The conversation has become: by how much? And how will that impact crypto markets?



It’s perfect timing for such a question, as more data dropped today.



The Consumer Price Index (CPI) increased 0.4% in August (on a seasonally adjusted basis) — up from a 0.2% rise in July. It rose 2.9% for the 12 months ending August, slightly up from the 2.7% annualized figure last month. Core CPI (excludes food and energy) rose 0.3% in August, as it did in July.



21Shares crypto investment specialist David Hernandez said this data reinforces that inflation continues to moderate to a level that supports next week’s rate cut expectations.



CME Group’s <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">FedWatch</a> tool (using price data of CME Group&#8217;s 30-day fed funds futures contracts), shows a shift in recent weeks. A month ago, the data implied a ~14% chance the Fed would hold rates steady on Sept. 17. That is now at 0%.&nbsp;



The market, as of Thursday afternoon, thinks a 25bps cut is much more likely than a 50bps cut:&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1572" height="334" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-87.png?w=1024&amp;h=1024" alt="" class="wp-image-107620" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-87.png?w=1572 1572w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-87.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-87.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-87.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-87.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-87.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-87.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-87.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-87.png?w=80 80w" sizes="auto, (max-width: 1572px) 100vw, 1572px" /><figcaption class="wp-element-caption">Source: FedWatch</figcaption></figure>



“This comes on the heels of yesterday’s PPI report, which pointed to a sharp softening of producer prices, suggesting that pipeline inflation pressures are easing,” Hernandez explained. “Together, the CPI and PPI data support the view that the Fed can afford to cut rates at their FOMC next week, increasing investor confidence across risk assets.”



Along with the CPI and PPI prints, we saw initial claims for state unemployment benefits rise to 263,000 last week. This was above some expectations and the highest total in about four years.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Aug. CPI rose 0.4%, more than expected. Annualized, that&#39;s 5% inflation. However, weekly unemployment claims spiked to 263K, the most since Oct. 2021. The Fed will look past rising inflation and cut rates anyway, due to rising unemployment, a mistake that will worsen stagflation.&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1966121258824970729?ref_src=twsrc%5Etfw">September 11, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Bitcoin rose above $114,000 yesterday before retreating a bit. It then reached as high as $114,700 this morning. It wasn’t far off that level at 1:45 pm ET:&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1544" height="1082" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-89.png?w=1024&amp;h=1024" alt="" class="wp-image-107622" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-89.png?w=1544 1544w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-89.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-89.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-89.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-89.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-89.png?w=367 367w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-89.png?w=372 372w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-89.png?w=313 313w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-89.png?w=80 80w" sizes="auto, (max-width: 1544px) 100vw, 1544px" /></figure>



Bitcoin’s next key technical level is just above $115,000, Hernandez explained — “where significant liquidation clusters could fuel increased volatility.” A Fed rate cut and dovish guidance could lead BTC even higher, he said.&nbsp;



“The rate cut opens the door for risk-seeking investors to look beyond bitcoin too — to tokens like solana and XRP, whose ETFs are highly anticipated to debut this fall,” the 21Shares pro argued.&nbsp;



The SEC is set to rule on various US solana ETF proposals by Oct. 10. Not to mention, we saw corporate buying of SOL spike last week, per Blockworks Research data.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="888" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-88.png?w=1024&amp;h=1024" alt="" class="wp-image-107621" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-88.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-88.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-88.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-88.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-88.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-88.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-88.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-88.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-88.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



These SOL buys are much smaller than those by companies acquiring BTC and ETH, but they’re becoming more frequent nonetheless. The below chart shows the same time span but with more assets — giving us a sense of the different scales of acquisition. <img loading="lazy" decoding="async" src="blob:https://cms.blockworks.co/be804058-9b6a-485a-8ead-bc82b14b7d3a" width="624" height="341">



Bitwise’s Matt Hougan noted in his latest CIO <a href="https://experts.bitwiseinvestments.com/cio-memos/solana-season">memo</a>, called Solana Season: “Its promoters argue that Solana is the only blockchain fast enough to support the tokenization of major assets at a global scale.” There’s that word tokenization again. I’m doing my best to give it a rest.



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What’s next for crypto markets as Fed rate cut expectation holds?

Kate Irwin

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The TGE for LINEA has begun — and Consensys CEO Joe Lubin is hinting that more tokens are coming.



LINEA is the token for Consensys’ existing Ethereum L2 zk rollup of the same name. The token comes roughly <a href="https://blockworks.co/news/linea-mainnet-ethereum">two years after</a> the Linea blockchain’s mainnet launch.&nbsp;



But LINEA isn’t the chain’s native gas token — it’s <a href="https://blockworks.co/news/linea-previews-eth-first-roadmap">using ETH for that</a>. LINEA also isn’t a governance token, either, which might lead some to ask: What is it for?



LINEA’s market cap was higher than $560 million at launch. That’s already been <a href="https://www.coingecko.com/en/coins/linea">sliced</a> down to $360 million as of Thursday morning — a 36% plunge in less than a day.&nbsp;



For better or worse, a token’s price history tells a story. While that story can certainly be manipulated or subject to macroeconomic pressure, token price fluctuations can also be an indicator of interest over time.&nbsp;&nbsp;



Lubin is now telling traders why he thinks the LINEA token is worth hanging onto: You may get a lot more tokens.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Well, just holding Linea will open up further rewards opportunities, mostly in other tokens; some from Consensys and some from protocols that we are aligned with. MetaMask and Linea are cooking somETHing together to make this happen. Together we are all bootstrapping the Linea… <a href="https://t.co/AGhPovMSBH">https://t.co/AGhPovMSBH</a>&mdash; Joseph Lubin (@ethereumJoseph) <a href="https://twitter.com/ethereumJoseph/status/1965986280828727566?ref_src=twsrc%5Etfw">September 11, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



“Just holding Linea will open up further rewards opportunities, mostly in other tokens,” Lubin <a href="https://x.com/ethereumJoseph/status/1965986280828727566">wrote</a> late Wednesday night. “MetaMask and Linea are cooking somETHing together to make this happen.”



He added: “If we notice, at some date in the future that you&#8217;ve held n LINEA tokens for m days, that just might lead to another token landing in your account.”&nbsp;



Does this mean MASK is coming?&nbsp;



Lubin previously <a href="https://decrypt.co/95039/metamask-consensys-30-million-users">confirmed</a> a MetaMask token was part of the bigger plan back in 2022, though that hasn’t materialized yet.&nbsp;



Now that the US regulatory outlook has changed, it’s possible that dream may be revived.&nbsp;



MetaMask recently <a href="https://thedrop.beehiiv.com/p/hot-take-friday">announced</a> its own stablecoin, mUSD, which will exist on Ethereum and Linea.



While we’re speculating, Lubin’s comments could alternatively mean some kind of yield could be in the works, whereby holding LINEA in your fox wallet results in other tokens (like ETH or mUSD) being earned over time.&nbsp;



But the way his comment was phrased — with other tokens just “landing” in your wallet one day — sounds more like he’s describing future airdrops across one-time events and not a steady earning mechanism.



Hence my speculation that a fox token (that’s not a stablecoin) could be coming.



Lubin’s comments didn’t appear to inspire a surge of buyers to drive LINEA’s price back up. Since his post, LINEA’s price has more or less remained stable around $0.02 with a $360 million market cap. The dangled carrot of future rewards might have prevented further selloffs, though.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="560" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-86.png?w=1024&amp;h=1024" alt="" class="wp-image-107614" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-86.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-86.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-86.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-86.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-86.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-86.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-86.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-86.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-86.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Image: A look at Linea’s profitability as a chain. </figcaption></figure>



As a chain, Linea is profitable for Consensys. It’s seen over $65 million in L2 revenue so far, with a profit of over $34.3 million after subtracting costs for proofs and other fees, according to SeaLaunch data on Dune.&nbsp;



It’s still much smaller than Base and Arbitrum from a profits standpoint, but it’s still in the game.



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<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Consensys CEO Joe Lubin hints at future LINEA perks

Starknet’s most ambitious upgrade to date has gone live, but it promptly reminded users of the risks of pushing cutting-edge infrastructure into production.



The layer-2 network rolled out its Grinta <a href="https://x.com/starknet/status/1962457868277305357">upgrade</a> earlier this month, a sweeping release that touches nearly every layer of its architecture. Among the headline features:



<ul class="wp-block-list">
<li>Instant transactions with ~0.5 second pre-confirmations, bringing a “Web2-like” user experience.</li>



<li>Seven-times faster block production, reducing latency for DeFi, gaming, and AI applications.</li>



<li>A new fee market modeled on Ethereum’s <a href="https://blockworks.co/tag/eip-1559">EIP-1559</a>, with STRK as the default gas token. Paymasters can still let users pay in ETH or stablecoins.</li>



<li>The first step toward sequencer decentralization, with three sequencers sharing responsibility instead of a single centralized one.</li>



<li>A mempool upgrade that lets users prioritize transactions by fee, akin to Ethereum’s gas bidding.</li>



<li>A standardized Paymaster API (<a href="https://github.com/starknet-io/SNIPs/blob/main/SNIPS/snip-29.md">SNIP-29</a>) to simplify integration for wallets and dApps.</li>
</ul>



<a href="https://blockworks.co/tag/starkware">StarkWare</a>, the team behind Starknet, framed the release as a historic milestone. “Starknet is moving from a centralized network to a credibly neutral, performant network ready to onboard millions of users,” the project said in its Grinta announcement.



<h2 class="wp-block-heading">Outage overshadows launch</h2>



But the triumph was quickly tempered. On September 2, just after Grinta’s debut, Starknet went offline for more than two hours. A chain reorganization wiped transactions submitted during a roughly two-hour window, frustrating users and raising questions about rollout strategy.



According to the incident report <a href="https://www.starknet.io/blog/starknet-incident-report-september-2-2025/">published</a> today, the root cause was “ungraceful recovery from earlier P2P issues on the Ethereum network.” Specifically, the sequencer processed an unprovable stream of transactions, forcing a rollback.



Developers acknowledged the severity: “It sucks, plain and simple,” StarkWare contributor Abdelhamid Bakhta <a href="https://x.com/dimahledba/status/1962810098922795030">wrote</a> on X. He emphasized, however, that “no one has decentralized a ZK rollup architecture on a live chain before. Setbacks come with the territory, but they drive progress.”



The upgrade’s scale contributed to the risk. StarkWare batched multiple features into a single release, rather than phasing them in. “Usually when we know there is a major upgrade coming that will anyway require a short downtime, we prefer to batch multiple features,” Bakhta <a href="https://x.com/dimahledba/status/1962810098922795030">explained</a> in response to community criticism. Strategically, he added, the team wanted Grinta live ahead of “something important coming very soon related to the Bitcoin plans.”



Reaction was mixed. Bakhta compared the episode to Solana’s repeated outages — a network that nevertheless retained developer momentum. “Bullish on Starknet downtime. Solana playbook, all planned,” he <a href="https://x.com/dimahledba/status/1962810098922795030">quipped</a>. Others noted the irony of a rollup, whose very selling point is Ethereum-grade reliability, suffering downtime.



Researcher Eric Wall, a StarkWare advisor, pressed why the rollout wasn’t staged more carefully. Bakhta <a href="https://x.com/dimahledba/status/1962810098922795030">countered</a> that progress in uncharted ZK rollup design comes with inevitable turbulence.



Despite the hiccup, Grinta marks a turning point. Starknet is now the first rollup to decentralize sequencing in production, technically, although all sequencers operated by StarkWare for now. Future phases will bring in independent operators, aiming to improve censorship resistance, reliability, and throughput.



As the outage fades from memory, the scope of the upgrade should come to the fore. As Bakhta put it: “We’re humbled by the issues, but proud of what we’ve achieved. Let’s fix it, learn from it, and keep building.”



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Starknet’s Grinta upgrade is massive, but arrived with turbulence

Kunal Doshi

Shaunda Devens

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/0xresearch" target="_blank" rel="noreferrer noopener">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



With risk assets back in rally mode, crypto is leaning hard into the easing narrative. Softer inflation data has lifted expectations for Fed cuts, sending majors higher and reigniting speculative flows. In this environment, protocols are reaching for every tool available to capture attention and support valuations, from pump.fun buying ecosystem memes to Lido potentially experimenting with buybacks as a way to bolster token performance.



<h1 class="wp-block-heading">Market Update</h1>



It’s a field of green today with BTC, ETH and SOL up 2.3%, 1.7% and 2.7%, respectively in the last 24 hours. This follows the PPI surprising to the downside, falling 0.1% MoM vs a forecast +0.3%. Traders took it as proof that Trump’s tariffs aren’t fanning inflation.



All eyes now turn to tonight’s CPI print to confirm the trend and pave the path for rate cuts ahead. <a href="https://kalshi.com/markets/kxfeddecision/fed-meeting/kxfeddecision-25sep">Current odds</a> show an 82% chance of a 25bp cut next week, with even a 17% chance of 50bp cut. Expectations for three cuts this year have <a href="https://kalshi.com/markets/kxratecutcount/number-of-rate-cuts/kxratecutcount-25dec31">doubled</a> since last week. The anticipation of an easing cycle has turned sentiment bullish, with Pump the standout performer, up 46% in the last seven seven days.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="448" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-78.png?w=1024&amp;h=1024" alt="" class="wp-image-107587" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-78.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-78.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-78.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-78.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-78.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-78.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-78.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-78.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-78.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



The easing cycle that began last September sparked Solana’s meme season, peaking in December 2024 when the Fed signaled slower cuts ahead. Potential airdrops from Meteora, Seeker, and maybe even Pump in Q4 could fuel the next wave. Historically, infrastructure plays like Raydium and Solana benefited most from meme trading, but flows now tilt towards Pump as a more direct play. In August, pump.fun drove 31% of Solana app revenue and currently dominates <a href="https://dune.com/queries/5440992/8878702">92%</a> of launchpad volumes.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="900" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-79.png?w=1024&amp;h=1024" alt="" class="wp-image-107588" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-79.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-79.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-79.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-79.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-79.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-79.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-79.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-79.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-79.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Initially criticized as extractive, pump.fun has since emphasized community alignment. Its <a href="https://dune.com/adam_tehc/pumpfun-glass-full-foundation">Glass Full Foundation</a> injects liquidity into ecosystem tokens, while <a href="https://dune.com/adam_tehc/pumpfun-creator-earnings">Project Ascend</a> boosted creator earnings by 12x. Fading a project with PMF is a losing trade, and Pump keeps printing.



— <a href="https://x.com/Kunallegendd">Kunal</a>&nbsp;



<h1 class="wp-block-heading">Lido: Buybacks without profits</h1>



Lido contributors and <a href="https://www.steakhouse.financial/">Steakhouse</a> have proposed <a href="https://research.lido.fi/t/nest-network-economic-support-tokenomics/10648">NEST</a> (Network Economic Support Tokenomics), a buyback sink that uses stETH set aside by the DAO to buy LDO. The mechanism operates as follows:



<ol class="wp-block-list">
<li>Funding: The DAO fills NEST with a chosen amount of stETH via <a href="https://vote.lido.fi/">Aragon</a> votes.</li>



<li>Execution cadence: For any stETH held in NEST, at least one CowSwap order must be created every ~7,000 blocks (approximately once per day), with a maximum order size calibrated to stay under 1% slippage.</li>



<li>Keeper incentive: Whoever triggers an eligible order receives two basis points of the order size in stETH as a reward.</li>
</ol>



Two factors make this proposal particularly interesting. First, Lido DAO will be responsible for filling and topping up the NEST contract with stETH, meaning the buybacks are uncorrelated from the protocol&#8217;s direct earnings, a contrast to the majority of programs that fund themselves with revenue. With Lido&#8217;s treasury holding 26,816 stETH ($115 million), although there&#8217;s no indication of how much will be deployed, it&#8217;s likely that holders will appreciate any form of financial engineering that could support price appreciation.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="900" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-81.png?w=1024&amp;h=1024" alt="" class="wp-image-107590" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-81.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-81.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-81.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-81.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-81.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-81.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-81.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-81.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-81.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



However, the irony is that Lido DAO has yet to turn a profit. The protocol has accumulated $345.4 million in cumulative losses since 2021, despite processing over $2.68 billion in gross staking rewards. While 2025 shows improvement with losses narrowing to just $200K (approaching breakeven), the fundamental economics remain challenging.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="900" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-80.png?w=1024&amp;h=1024" alt="" class="wp-image-107589" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-80.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-80.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-80.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-80.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-80.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-80.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-80.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-80.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-80.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Interestingly, the topic has been discussed extensively before, particularly in 2024 after Uniswap&#8217;s fee switch proposal ignited a buyback meta among DeFi 1.0 projects. Hasu pushed back, arguing that revenues are insufficient to cover the runway and that the protocol should wait for profitability before implementing buybacks.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="448" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-78.png?w=1024&amp;h=1024" alt="" class="wp-image-107586" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-78.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-78.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-78.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-78.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-78.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-78.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-78.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-78.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-78.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



But with LDO trading 78% below its all-time high at $1.26, perhaps the DAO has grown tired of waiting. Watching the whole market pump, the prospect of deploying treasury assets to support token price may be more attractive than enduring another year of underperformance. 



— <a href="https://x.com/shaundadevens">Shaunda</a>



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Respect the PUMP: Crypto’s emerging meme season

This is a segment from The Breakdown newsletter. To read more editions, <a href="https://blockworks.co/brand/the-breakdown">subscribe</a>



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<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“Inflation in the United States is made in Washington and nowhere else.”



— Milton Friedman
</blockquote>



When Fed Chair Paul Volcker raised short-term interest rates to as high as 22%, angry construction workers sent him two-by-fours in the mail in protest.



They had no other use for them, they explained, because his rate hikes were stopping them from building houses for people.



It was a fair point. The recessions Volcker induced with rate hikes are credited with ending inflation in the US — but they probably shouldn’t be because raising interest rates can only slow inflation in the near term.



In the medium term, higher interest rates might even do the opposite: The Fed fights inflation by reducing demand, but that can ultimately be counterproductive.



Putting home builders out of work, for example, reduces the supply of houses and fewer houses means higher house prices.



“Today’s demand is tomorrow’s supply,” John Cochrane writes in explaining why rate hikes can be counterproductive to durably reducing inflation. “The economy needs investment and housing.”



In the long term, higher interest rates are probably no help at all.



Inflation is ultimately a case of too much money chasing too few goods and higher rates don’t change that.



Why then did it work for Volcker? Cochrane argues it’s because “tight money in the early 1980s was quickly followed by tax, spending and regulatory reform.”



Those reforms reassured consumers and investors that the government would not have to resort to printing money to pay off its debts.



Volcker might get credit for that, too, however: It was the threat of repeated Fed-induced recessions that forced the White House and Congress to demonstrate they were committed to lowering the deficit over the long term. In Cochrane’s view, this is the only way to durably lower inflation: “The US has to persuade people that over the long haul of several decades it will return to its tradition of running small primary surpluses that gradually repay debts.” The Fed can’t help with that — but thanks to the legend of Volcker, everyone thinks it can.



Economist and ex-Fed board member Henry Wallich recognized this as long ago as 1975, <a href="https://oll-resources.s3.us-east-2.amazonaws.com/oll3/store/titles/1097/0102.08_LFeBk.pdf?utm_source=chatgpt.com">bemoaning</a> the mistaken belief that &#8220;deficits can do no major damage so long as the central bank does its job right.&#8221;



Volcker then supercharged that belief. He raised rates and inflation went down, so it seems like that’s all there is to it: When inflation happens, it’s the Fed’s job to fix it.



His successors have cemented that impression.



After the last FOMC meeting, for example, Chair Powell <a href="https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20250730.pdf">reassured</a> markets “there should be no doubt that we will do what we need to do to keep inflation under control.”



He has to say that, of course — a big part of how the Fed keeps inflation in check is by using the kind of confident language that keeps inflation expectations in check.



But the confident language also lets Congress and the White House off the hook.



Why do the hard, politically treacherous work of raising taxes, cutting spending and promoting growth if the Fed can simply control inflation with interest rates?



In other words, we have a free rider problem: Congress and the White House don’t feel responsible for inflation, so they do feel free to run giant deficits — always, even when the economy is good.&nbsp;



But what if interest rates were effectively set by the White House?



President Trump has recently been terrifying economists with a campaign to end the Fed’s independence, explicitly calling on the Fed to lower interest rates in order to make the deficit easier to finance.&nbsp;&nbsp;



This is the “fiscal dominance” that economists have long warned would undermine faith in the US dollar and risk runaway inflation.



But this non-economist wonders if it might have an entirely different effect.



Is it too naive to think that if the president politicizes the Fed, politicians will be forced to take responsibility for inflation?&nbsp;



Volcker spooked Congress into fiscal responsibility in the 1980s, and maybe voters, once they realize that inflation is made in Congress, could do so now.



There may not be any other choice, because the Fed is not so scary anymore.



If the Fed were to dramatically raise interest rates, the first-order effect would be higher interest costs on the government’s $37 trillion of debt, which in turn creates inflation by undermining people’s belief that the debt can ever be paid off.



That makes rate hikes unsuitable as a short-term fix for inflation and counterproductive as a longer-term one — and no longer something the Fed can plausibly threaten.



Ideally, recognition of this new reality would focus politicians&#8217; minds on the long-term fixes that only they can implement.



They will be reluctant, of course, because the fixes are politically unpopular and Congress would prefer that the proverbial two-by-fours continue to be mailed to the Fed.



But inflation is wildly unpopular, too, and if voters recognize that politicians are ultimately responsible for it, they might force them into action (or out of office).



To be clear, few economists are rooting for the president to succeed in his campaign to break the Fed, and it&#8217;s not my first choice, either.



But if you break it, you own it — and now is the time for the White House and Congress to own the inflation problem.



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How I stopped worrying and learned to love a politicized Fed

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I started covering Franklin Templeton half a dozen years ago while on the asset management beat at a B2B finance pub. I wasn’t aware of the term TradFi back then and knew little about crypto.



The $1.6 trillion money manager is still very relevant to my transformed beat. You might remember my July interview with Sandy Kaul, during which she said all Franklin Templeton products are likely to <a href="https://blockworks.co/news/franklin-templeton-products-onchain-exec-says">end up onchain</a>.&nbsp;



She promised there’d be more to come. Sure enough, the financial giant said today it would team up with Binance on digital asset initiatives and solutions.



The companies were vague, noting they’d share more details later this year. But essentially, they are combining Franklin’s tokenization muscle with Binance’s trading infrastructure and investor reach to bring offerings with “competitive yield generation and settlement efficiency.”



Blockworks Research data shows Binance’s prevalence in crypto today — with the definitive edge over competitors in spot volume, for example:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1352" height="741" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-76.png?w=1024&amp;h=1024" alt="" class="wp-image-107571" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-76.png?w=1352 1352w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-76.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-76.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-76.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-76.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-76.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-76.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-76.png?w=80 80w" sizes="auto, (max-width: 1352px) 100vw, 1352px" /></figure>



As Franklin Templeton’s Sandy Kaul said in a Wednesday statement: “We see blockchain not as a threat to legacy systems, but as an opportunity to reimagine them.”&nbsp;



And so we’ve seen the company migrate more into the crypto segment in recent years. It was one of the dozen or so issuers that lined up to launch a bitcoin ETF in January 2024. But well before that — in 2021 — Franklin launched a money market fund that used the Stellar blockchain to record transactions. A share of the fund is represented by one BENJI token, which the firm made accessible in digital wallets through an app.&nbsp;



I recall Franklin exec Roger Bayston telling me in mid-2023 how BENJI can essentially <a href="https://blockworks.co/news/stablecoin-with-yield-franklin-templeton">act as a stablecoin</a> while also generating income. That conversion was about a year before BlackRock launched a similar yield fund (aka BUIDL), which spurred tokenized treasury momentum.&nbsp;



BUIDL quickly surpassed Franklin’s product in assets under management, with the totals now standing at ~$2.2 billion and ~$740 million, respectively.&nbsp;&nbsp;



Speaking of BlackRock, today’s news kind of reminded me of the world’s largest asset manager <a href="https://blockworks.co/news/industry-watchers-execs-weigh-significance-of-blackrock-coinbase-deal">teaming up with Coinbase</a> in 2022.&nbsp;



The bottom line is this trend of TradFi and DeFi worlds coming together is in no way slowing. That means I’ll have to be cautious about not reusing headlines — whether one from <a href="https://blockworks.co/news/tradfi-bid-nasdaq-fidelity">earlier this week</a> or months back. <img loading="lazy" decoding="async" src="blob:https://cms.blockworks.co/42acb2e6-66f9-465c-8d35-6a2474c1a465" width="624" height="183">



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1586" height="344" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-77.png?w=1024&amp;h=1024" alt="" class="wp-image-107572" style="width:643px;height:auto" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-77.png?w=1586 1586w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-77.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-77.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-77.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-77.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-77.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-77.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-77.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-77.png?w=80 80w" sizes="auto, (max-width: 1586px) 100vw, 1586px" /></figure>



Franklin Templeton CEO Jenny Johnson has said she thinks we’ll see more financial market infrastructure transformation in the next five years than we’ve seen in the last 50.&nbsp;



Translation: It’s a rad time to be a crypto/finance journalist and reader.



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Fund giant-crypto exchange collab another bid to ‘reimagine’ finance

VanEck plans to file for a Hyperliquid spot staking ETF in the US and an exchange-traded product in Europe, two employees at the firm told Blockworks.



HYPE would become the youngest token to earn an ETF filing from the crypto-friendly investment management firm, which currently offers bitcoin and ether ETFs among other crypto funds.&nbsp;



Hyperliquid has been a major focus for VanEck’s liquid fund this year, VanEck senior digital assets investment analyst Matt Maximo said.



The firm is considering allocating a percentage of the investment products’ net profits to HYPE buybacks, digital assets products director Kyle Dacruz added. Hyperliquid currently performs HYPE buybacks <a href="https://app.blockworksresearch.com/flashnotes/hype-still-cheap">equal</a> to nearly all of the platform’s revenue.



The pair declined to comment on when VanEck’s HYPE ETF filing may go live. A spokesperson for the firm did not immediately return a request for comment.



Hyperliquid is a layer-1 blockchain that underpins a popular perpetual futures exchange. The chain grew quickly after launching in 2023.&nbsp;



It has led all blockchains in network revenue for four consecutive weeks, according to Blockworks research data.&nbsp;



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="948" height="549" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-75.png" alt="" class="wp-image-107563" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-75.png?w=948 948w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-75.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-75.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-75.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-75.png?w=451 451w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-75.png?w=378 378w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-75.png?w=80 80w" sizes="auto, (max-width: 948px) 100vw, 948px" /><figcaption class="wp-element-caption">Source: Blockworks Research</figcaption></figure>



VanEck finds Hyperliquid to be an attractive ETF candidate because it has “plenty of demand” but does not currently trade on major US crypto exchanges like Coinbase, Dacruz said. A HYPE staking ETF would give US investors better access to the token — and perhaps nudge exchanges to list the token, he added.



The firm’s Hyperliquid products would depend on regulatory approval, although 21Shares successfully <a href="https://www.globenewswire.com/news-release/2025/08/29/3141292/0/en/21Shares-Launches-First-ETP-Tracking-Hyperliquid-the-Market-Leader-in-Decentralized-Perpetuals.html">launched</a> a European Hyperliquid ETP in August.&nbsp;



In the US, approvals may take a little more time. The SEC has a slew of crypto ETF applications to work through, including ones for larger tokens like XRP and SOL.



VanEck has also applied to list ETFs for AVAX, SOL, JitoSOL, and BNB.



The move comes amid a sweepstakes to issue USDH, a ticker <a href="https://discord.com/channels/1029781241702129716/1030197017655394447/1414930967843438663">reserved</a> for a Hyperliquid-aligned stablecoin. One of the contestants is Agora, a stablecoin startup co-founded by Nick van Eck, son of VanEck CEO Jan van Eck. The senior van Eck <a href="https://x.com/JanvanEck3/status/1965193995182899702">posted</a> on X defending Agora’s proposal to issue USDH, and VanEck <a href="https://finance.yahoo.com/news/exclusive-stablecoin-startup-agora-raises-120000399.html">reportedly</a> helps manage Agora’s reserves.



The CEO also added that the firm is “bullish Hyperliquid.”



Dacruz said VanEck’s decision to file for Hyperliquid ETPs is“completely separate” from Agora’s USDH bid and stressed that the products are not contingent on Agora being USDH’s issuer. He also noted Agora and VanEck are separate entities. 



If VanEck gets its HYPE ETF filing in first, it would continue a trend for the firm, which was also <a href="https://blockworks.co/news/eight-firms-listing-solana-etfs">first to file</a> for both Solana and <a href="https://www.nasdaq.com/articles/vaneck-files-for-first-ethereum-etf-in-us-2021-05-07">Ethereum</a> ETFs.



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VanEck plans to file for Hyperliquid staking ETF, European ETP

This is a segment from The Drop newsletter. To read full editions, <a href="https://blockworks.co/newsletter/the-drop" target="_blank" rel="noreferrer noopener">subscribe</a>.



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A new financial app trend is emerging: Just add posting.



Last night, Robinhood <a href="https://x.com/RobinhoodApp/status/1965589746937446623">unveiled</a> “Robinhood Social,” an upcoming new tab within the Robinhood app that will let Robinhood users see and create posts about stocks and crypto tied to real trades and follow others’ accounts. There’s a “For You” page and a “Following” page, too.&nbsp;



Sounds a lot like Crypto Twitter, if you ask me.&nbsp;



But Robinhood’s also deploying these social media features to help show traders new assets to buy — which could ultimately keep users on the app longer and make Robinhood more money. Traders may also copy others’ trades, as TechCrunch has <a href="https://techcrunch.com/2025/09/09/robinhood-embraces-copy-trading-after-warning-competitors-about-regulatory-risks/#:~:text=Roughly%20nine%20months%20after%20suggesting,feature%2C%20all%20the%20more%20notable.">pointed out</a>, which is a tune-change from Robinhood’s prior concerns about the practice.



“Most people today use social media before trading, especially our active traders, yet social media is overrun with clickbait, marketing bots, fake profiles and doctored screenshots,” Robinhood VP of product Abhishek Fatehpuria <a href="https://x.com/i/broadcasts/1mrGmBVPjgBJy">said</a> during the company’s “Enter The Mainframe” event on Tuesday.&nbsp;



Robinhood thinks it’ll be able to establish itself as a trusted SocialFi platform because users are tied to Robinhood trading accounts.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Introducing Robinhood Social. Coming next year. Show off your recent gains, discuss strategies, follow your favorite traders, and make market moves in real-time.<a href="https://twitter.com/hashtag/RobinhoodPresents?src=hash&amp;ref_src=twsrc%5Etfw">#RobinhoodPresents</a> <a href="https://t.co/cLhiCw7bpH">https://t.co/cLhiCw7bpH</a> <a href="https://t.co/LYaLgkcuuM">pic.twitter.com/LYaLgkcuuM</a>&mdash; Robinhood (@RobinhoodApp) <a href="https://twitter.com/RobinhoodApp/status/1965589746937446623?ref_src=twsrc%5Etfw">September 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



But Robinhood isn’t the only consumer finance app pushing heavily into SocialFi features — Coinbase continues to add lots of social media features into the beta version of its wallet overhaul, too. Yesterday Base <a href="https://x.com/baseapp/status/1965532254433857959">said</a> users will be able to create posts from the Base app’s homepage and buy each other’s posts, much like what Zora also offers. Zora’s being integrated into Base (and Zora posting via the Base app now <a href="https://blockworks.co/news/zora-app-accounts-debate">accounts for a notable portion</a> of Zora’s overall activity).



Upstart players have also been trying to forge a name for themselves in the SocialFi space.&nbsp;



<a href="https://fomo.family/">FOMO</a> lets users track others’ trading activity by tying accounts to Twitter handles and letting them buy and sell tokens all on one mobile app. And Pump has made livestreaming a big part of its site — and recently added “Pump Chat” to its mobile app.



This year, we’ve even seen Kraken release a Venmo-like app hilariously dubbed <a href="https://play.google.com/store/apps/details?id=com.kraken.pay.app&amp;hl=en_CA">Krak</a>, which displays a list of your friends on the app and lets you send them crypto (they compare sending money on Krak to sending a DM).



A trend is clearly emerging: US crypto exchanges see social features as a key part of crypto’s future growth.&nbsp;



But will this latest SocialFi push amount to little more than a limited-time experiment — like the since-forgotten CoinbaseNFT?&nbsp;



I think this latest social push is going to stick around for a while, though it could run out of steam if traders get tired of juggling multiple apps.&nbsp;



Robinhood and Coinbase may be angling to swipe some of Twitter’s market share in the finance sector and retain users by becoming more like the “everything apps” WeChat and Naver have already become.



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From Base to Robinhood: Why trading apps are going social

US Securities and Exchange Commission chair Paul Atkins said during a keynote address on Wednesday that “most crypto tokens are not securities,” signaling a major policy shift for the agency. Speaking at the OECD Roundtable, Atkins <a href="https://www.sec.gov/newsroom/speeches-statements/atkins-keynote-address-inaugural-oecd-roundtable-global-financial-markets-091025">reiterated</a> the SEC’s Project Crypto initiative — first launched in July — and sharpened its focus by pledging that most tokens will fall outside securities law and that entrepreneurs will be able to raise capital on-chain without &#8220;endless legal uncertainty.&#8221;



He argued that for too long, the SEC relied on ad hoc enforcement actions that drove innovation offshore, and pledged instead to offer predictable regulatory guidance for digital assets.



The statement seemingly breaks with years of SEC practice since the 2017 DAO Report, which applied the Howey test to many token sales, leading to enforcement actions against exchanges and issuers. Under Atkins, the agency will distinguish more clearly between securities and non-securities, giving entrepreneurs firmer ground when structuring tokenized projects. He also endorsed a “super-app” platform model that would allow trading, lending, and staking under a single regulatory framework, aligning the SEC more closely with the European Union’s Markets in Crypto-Assets regime.



Atkins’ comments follow the President’s Working Group report on digital asset markets, which urged agencies to accelerate rulemaking to keep the US competitive.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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SEC chair Atkins says most tokens not securities in regulatory shift

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Speakers

Joseph Lubin is a co-founder of Ethereum, the founder and CEO of <a href="https://consensys.net/" target="_blank" rel="noreferrer noopener">Consensys</a> and Chairman of SharpLink. Since 2014, Consensys has played a foundational role in Ethereum’s growth, from pioneering products like MetaMask and Infura to shaping protocol development and staking infrastructure.



Born and raised in Toronto, Lubin graduated from Princeton University with a degree in Electrical Engineering and Computer Science. He worked in the Princeton Robotics Lab, at tomandandy music developing an autonomous music composition tool, and at private research firm Vision Applications Inc. building autonomous mobile robots.



As a software and AI consultant, Lubin worked with eMagine on the Identrus project and was involved in the founding and operation of a hedge fund with a partner. He held positions as Director of the New York office of Blacksmith Software Consulting, and VP of Technology in Private Wealth Management at Goldman Sachs. Through these posts, Joe focused on the intersection of cryptography, engineering, and finance.



In 2014 he met Vitalik Buterin, a Canadian programmer, writer and Founder of Ethereum and joined the Ethereum Project as a co-founder. After the Project was launched, Joe established Consensys. Since 2014 Joe and the Consensys team have been working on the foundational software for web3, the next wave of the internet for a decentralized future.

Joseph Lubin

Chris is a passionate advocate for the potential of technology and the benefits of diversity and inclusion. His core policy focus is on digital technology for the public good with a particular interest in technologies such as AI and blockchain.



In Parliament, he specializes in legislation that deals with technology. He is a member of the House of Lord’s Digital and Communications Select Committee and was appointed to the Special Bill Committee considering Digital Asset legislation. He introduced a private members’ bill that proposed the regulation of artificial intelligence and was integral to the passing of the ground-breaking Electronic Trade Documents Bill.



On technology, he has previously co-authored House of Lords Select Committee Reports on: Democracy and Digital Technologies [2020], Artificial Intelligence [2018], and Digital Skills [2015] and under his own auspices published an influential report encouraging government testing of blockchain solutions for policy delivery, DLT for Public Good: leadership, collaboration and innovation [2017] He is also adviser to several tech and fintech companies.



On inclusion, and again under his own auspices, he has published influential reports on accessibility in the public realm and support for disabled students as well as Lords reports on Financial Exclusion [2017], Social Mobility [2016] and, for the Cabinet Office, The Lord Holmes Review on opening up public appointments to disabled people. He continues to advise the government on diversity and inclusion.



An ex-Paralympic swimmer, Chris won nine gold, five silvers and one bronze medal across four Games, including a record haul of six golds at Barcelona 1992.

Lord Holmes of Richmond MBE

Mathew has more than 25 years of industry and leadership experience, having previously held several leadership positions at Goldman Sachs globally and across different functions. As Global Head of Digital Assets at Goldman Sachs, Mathew is responsible for leading the firm’s cross-divisional digital assets strategy, which includes a wide range of client-led tokenization activities, crypto-linked product offerings and blockchain investments.

Mathew McDermott

Elif Bilgi Zapparoli is head of International Client Strategy. In this role, Elif leverages her long-standing relationships around the world to ensure connectivity and consistency in delivering the firm to our clients and develops strategic business initiatives.



 The role is a franchise function, covering both banking and markets clients and bringing the firm together, such as in Sovereign Solutions Group and International Analytics, with the objective of adding strategic value to clients and utilizing the full might of our platform. Elif is a member of Bank of America’s Management Committee, International Management Committee and the Global Corporate &amp; Investment Banking (GCIB) Executive Committee. 



She is based in Paris. Prior to this position, Elif served as co-head of Global Capital Markets at BofA Securities, the institutional broker dealer business of Bank of America. In this role, she was responsible for leading four primary businesses – Equity Capital Markets, Investment Grade Capital Markets and Debt Advisory, Leveraged Finance and Rates and Currencies Solutions. Her earlier roles included serving as co-head of Asia Pacific GCIB from 2015 to 2018, head of Investment Banking coverage in Central-Eastern Europe, Middle East, and Africa, and country executive for Turkey. Elif served from 2009 to 2019 as a member of the Supervisory Board of OMV Aktiengesellschaft. She was a trustee at Robert College from 2006 to 2022 and is on the Global Advisory Council of Harvard University.



She has been recognized by Barron's as one of the 100 Most Influential Women in U.S. Finance in 2022; by American Banker as one of the Most Powerful Women in Finance for the fourth consecutive year in 2023; and by the World Economic Forum as one of the 100 Global Leaders for Tomorrow in 2004.



Elif holds a Master of Business Administration from the Harvard Graduate School of Business Administration and a Bachelor of Arts degree in economics and international relations from Brown University and the London School of Economics and Political Science.

Elif Bilgi Zapparoli

Daniel is the Chairman, Founder and largest shareholder in CoinShares International Limited, Europe’s largest digital asset manager with $6 Billion USD under management. He serves on the Board of the Tezos Foundation, StableMint, GTSA, Satohshi pay, and a number of CoinShares' affiliates. Since engaging initially in 2012 in crypto he has made numerous investments across the infrastructure powering crypto from data to blockchains to wallets, defi, mining, custody and crypto banks. He was formerly the global head of energy trading at JP Morgan and ran two successful commodity hedge funds. He holds three degrees: Physics, Management Science, and Applied Statistics.

Danny Masters

Chris Rayner-Cook, CIO, leads Brevan Howard’s Digital investment team. Over a 20+ career, Chris has held senior roles including at Coinbase, where he was Global Head of Trading and Financing, managed capital at large hedge funds including Brevan Howard, Citadel and Millennium, and founded and successfully sold a tokenisation business. Chris started his career at Merrill Lynch in 2000. He obtained his BSc in Pharmacology from the University of Bristol in June 2000.

Chris Rayner-Cook

Samantha is RockawayX's Partner &amp; Chief Growth Officer. Samantha invests across stages and is a member of the firm’s Investment Committee. She also oversees the firm's post-investment engine and portfolio management, and its growth efforts across operating divisions.



Samantha previously spent four years as Head of Growth at DCG (parent company of CoinDesk, Grayscale, Luno, Foundry, Genesis and Tradeblock.) In that position, Samantha oversaw the firm's 250+ company venture portfolio and ran strategic growth and corporate development initiatives on behalf of DCG and its network of businesses. Prior to DCG, Samantha led business development efforts at Elder, a London-based health tech company, and spent four years at Orbis Investments, the global asset manager, working on its emerging market equity fund and spearheading the roll-out of an innovative online retail investment platform.

Samantha Bohbot

Ray Hindi is the co-founded L1D and currently acts as the CEO/CIO. Ray has an investment background in venture, hedge funds and interest rate trading. Ray holds a BEng from UCL and an MSc in Finance from Imperial College. He previously acted as the CIO of Bellegarde Capital AG an independent investment group with activities focused in fintech, blockchain and other alternative investments. Also previously at Swiss Capital (StepStone Group) responsible for the firm’s macro outlook, macro hedge funds and event driven coverage. From 2005 to 2011 Ray was part of Harcourt Investment Consulting AG, a USD 6 bn fund of hedge funds firm in Zurich, and responsible for USD 2 bn of investments (rates, macro and distressed). He started his career at Bloomberg LP in London and subsequently left the firm to trade interest rates for a London based proprietary group. Ray holds a BEng from University College London (UCL) and an MSc in Finance from Imperial College.

Ray Hindi

Ben founded ParaFi in 2018 as one of the earliest investment firms focused on the blockchain and digital asset ecosystem. Prior to founding ParaFi, Ben spent the first 10 years of his career in institutional investing roles at leading asset managers including KKR and TPG. While at KKR, Ben served as a Director in the credit business, investing across a wide array of industry sectors and parts of the capital structure, including distressed special situations, private credit, and opportunistic and liquid credit. Ben also led KKR's blockchain research as part of the firm's Innovation and Disruption Council beginning in 2016. Prior to KKR, Ben served as a Vice President with TPG’s former credit business, Sixth Street Partners. As one of the first investment professionals to join the platform, Ben helped scale its private credit vehicle, TPG Specialty Lending, which went public in 2014. Earlier in his career, Ben was a member of the private equity team at Littlejohn &amp; Company and investment banking team at Rothschild &amp; Co. Ben has a passion for capital markets, behavioral economics and game theory, all of which drew him to the blockchain space. He grew up playing chess competitively and continues to play actively to this day (peak ELO 1871). He graduated with a B.A. in Philosophy, Politics and Economics, magna cum laude, from the University of Pennsylvania.

Ben Forman

Sandy Kaul is senior vice president, Franklin Templeton, providing advisory consulting for the firm and thought leadership as part of the Franklin Templeton Institute. She delivers actionable intelligence and insights on the future of the investment and wealth management industry for the firm and its clients. Ms. Kaul has cultivated deeply informed insights and has an extensive background in driving market leading research, thought leadership and predictive models centered on the evolution of the investment and wealth management industry. She identifies and champions opportunities to address industry advancements and drive transformation, with a focus on innovative distribution trends and digital disruption. She delivers strategic insights to inform the firm's decision-making on partnerships and investments, including within Franklin Templeton's growing digital asset business. Ms. Kaul has over 25 years of well-rounded industry experience and is a frequent speaker at industry events and a widely published author. She combines her unique blend of sell-side, buy-side and consulting insights to drive her research and thought leadership around what constitutes best practices and where innovation is occurring. Ms. Kaul joined Franklin Templeton in 2022 from Citi, where she served as Managing Director and Global Head of Business Advisory Services, and launched and built out the Citi's Business Advisory Services practice, a market leading provider of industry thought leadership spanning Citi's Markets and Global Wealth organizations. Ms. Kaul rejoined Citi in 2009, after originally starting her career there in 1985 as a Futures Research Analyst covering the soft commodities markets with Citi's predecessor firm, Shearson Lehman Brothers. She joined Commodities Corporation/Goldman Sachs Asset Management in 1995 as a Commodity Trading Advisor (CTA) and Portfolio Manager. After managing money for nearly six years, Ms. Kaul shifted her attention to consulting where she led the strategy practice within the Financial Services division of the renowned dot.com firm, Scient, and then went on to become a Partner at the capital markets niche management consulting firm m.a.partners/Detica. Ms. Kaul holds a bachelor's degree in history and political science from Colgate University.

Sandy Kaul

Leading Strategy and Partnerships for Digital Assets in Citi's Treasury and Trade Solutions Business. Working with a truly dynamic global team serving 140 countries, 160 currencies while regulated in 95 countries.

David Cunningham

Ryan is based in London and heads up Digital Assets globally and Strategic Investments across Europe and Asia at Barclays. The DA team is responsible for digital asset strategy, governance and the establishment of new asset, money and tokenisation initiatives across the bank. The SI team is responsible for originating, executing and portfolio managing all strategic principal equity investments made by Barclays in external companies.  Ryan joined Barclays in 2011 as an M&amp;amp;A advisor in the investment bank and moved to the Strategy and Corporate Development team in 2013, where he acted as a principal in originating and executing M&amp;amp;A transactions.Prior to Barclays, Ryan was at Nevsky Capital, a $7bn long/short equity asset manager, where he covered a range of sectors including oil &amp;amp; gas, chemicals and agriculture and before that worked at Deutsche Bank as a corporate finance advisor in the Industrials practice across Europe. Ryan holds a BA in Politics, Philosophy and Economics from the University of Oxford and also holds an MA (Oxon) from the University of Oxford.

Ryan Hayward

Peter Left

Mike Higgins is an early Partner and acting, International CEO and Global Head of Corporate Development at Hidden Road. An experienced Director with two decades of active engagement within financial markets, Mike possesses expertise in market structure across the full spectrum of Global Financial Markets, including Digital Assets, FICC and Synthetic Swaps. A strong emphasis on electronic trading technologies, methodologies and workflows. His specific skills in E-Commerce, APIs, GUI, price generation algorithms, risk management and hedging strategies to a diverse group of market participants prove invaluable as Hidden Road network continues to expand. Prior to joining Hidden Road, Mike successfully built, managed and commercialised a number of businesses within financial markets which included solutions in technology, trading and brokerage. Having started his career in New York on Wall Street, Mike moved with his family to London in 2009. Mike earned a bachelors degree in economics and statistics from Fordham University in New York.

Michael Higgins

Meltem Demirors is Founder and General Partner at Crucible, an early-stage fund investing in the foundations of our digital future. Before launching Crucible in 2024, she served as Chief Strategy Officer at CoinShares, Europe’s largest and longest standing digital asset investment firm which oversees $7B in AUM. Meltem started her crypto career on the founding team at Digital Currency Group, which grew from 40 to 200 portfolio companies and 2 to 4 subsidiaries during her tenure. Beyond her corporate positions, Meltem has lectured at MIT and Oxford and is an active angel investor in over 100 startups. She leverages her vast network – ranging from major institutions to builders at the fringe – to find and fund unique opportunities for Crucible. Before joining the crypto industry in 2015, Meltem began her career trading and working in the oil and gas industry. She studied math and econ at Rice University and has an MBA from MIT’s Sloan School of Management. When she isn’t talking about data centers, the energy grid, or forward curves she can be found reading, wandering in the woods, or scheming with her magical internet money friends.

Meltem Demirors

Xiao-Xiao J. Zhu currently serves as Digital Operating Partner at KKR where he leads technology-driven value creation, innovation and digital transformation at the board and top management level of European private equity portfolio companies such as Axel Springer, GfK and Roompot Landal. He also leads KKR’s global Digital Assets &amp; Blockchain strategy, driving investments in foremost Crypto VCs such as Dragonfly Capital and Ethereal Ventures as well as Digital Assets companies such as Anchorage Digital. He is a regular speaker at key Digital Assets &amp; AI conferences, and is an angel investor in fast growing early stage technology companies such as Fuse Energy or Anagram. Prior to joining KKR, he was General Manager at BCG Digital Ventures in London and Beijing where he founded, launched and scaled new digital companies such as Heycar.com (backed by Volkswagen &amp; Daimler) or Tracr.com (backed by DeBeers). He began his career in management consulting advising Fortune 500 companies at the Boston Consulting Group in London. Notably, in an earlier life, he performed as a professional concert pianist on some of the world’s most prestigious concert venues including the Berlin Philharmonie, and played for global leaders such as George H.W. Bush, Helmut Kohl or Mikhail Gorbachev. He holds a MSc in Managerial Economics &amp; Strategy from the London School of Economics, a BA in Philosophy &amp; Economics from the Humboldt University Berlin, and a Masters in Concert Piano from the Berlin University of Arts.

Xiao-Xiao Zhu

Melvin Deng is the Chief Executive Officer of QCP, one of the first digital asset trading firms in Singapore and global market maker in digital asset derivatives. As the CEO, Melvin leads the company’s rapid growth and expansion towards its vision to partner the next generation of investors to unlock institutional opportunities in digital assets. Under his leadership, he has built the company’s institutional-grade experience, research and infrastructure into a compelling proposition for clients, in addition to overseeing all operations and risk management. He is a believer in the immense growth potential of digital asset derivatives, to unlock future adoption by traditional and institutional players. Inspired by the opportunity to disrupt financial services through digital assets and blockchain technology, he left a more than 15 year career in banking to join QCP in 2021. He was previously the Head of Treasury for a global bank, where he was a member of the Singapore management team, responsible for business and balance sheet strategy. In addition to oversight of all the bank’s Treasury-related activities, he also led balance sheet optimisation initiatives, and launched the first SORA bond in Singapore, deepening the local financial market. Melvin holds a Bachelor of Engineering with honours from the National University of Singapore, and speaks four languages.

Melvin Deng

Nikita is a Managing Partner and Head of Fasanara Digital, the crypto division of Fasanara Capital, a $5 billion hedge fund based in London. He oversees the investment strategies and strategic direction of Fasanara Digital. He originally started The Quant Group from his dorm room, building quant strategies for digital assets. In 2018, the team joined Fasanara Capital and became Fasanara Digital, which has since grown into one of the leading and best-performing digital asset funds in the space.



Additionally, Nikita is the founder of The Digital Asset Conference, an annual event aimed at advancing industry adoption, and hosts the Speaking to Legends podcast. He’s a regular speaker at major crypto conferences and has been recognised by Forbes 30 Under 30 and Financial News’ Rising Stars in Finance. Nikita is also a Young Leader Circle (YLC) at the Milken Institute, and holds a BSc in Mathematics from the University of St Andrews.

Nikita Fadeev

Michael Howell is CEO of CrossBorder Capital, a London-based FCA registered, independent research and investment company that he founded in 1996. The firm provides asset allocation and capital markets advice to institutional investors, and manages US$1 billion of assets. Michael is involved with educational charities and currently advises a major educational foundation on its investment strategy. He brings 40 years finance experience and is a regular international conference speaker, and a media and social media commentator. He has also advised the World Bank on capital flows, co-authoring their publication Opportunities in Emerging Markets (World Bank, 1995), served as board director of a listed Japanese investment trust and recently authored the book Capital Wars (Macmillan, 2020). Previously he was Head of Research for Baring Securities and board member, where he focussed on Emerging Markets, and Research Director of Salomon Brothers Inc, the US investment bank. Before entering finance, Michael worked as Group Economist for Blue Circle Industries plc. He holds a Phd. in financial economics from London University, specialising in Fixed Income, and is a SEC-qualified US Supervisory Analyst. Michael lives in Oxford, England, and is married with four children.

Michael Howell

Jess is the CEO of WalletConnect, the connectivity layer for the financial internet. Previously she led Crypto at Checkout.com, a global fintech company. Jess was also a member of the Bank of England CBDC Engagement Forum and a member of UK Finance New Digital Money Steering Group, Innovate Finance Fintech Strategy Group and Department for International Trade Fintech Group.

Jess Houlgrave

David Karney

Dan Tapiero is a renowned macro-focused investor with over 25 years of investing and entrepreneurial experience. He is the Founder, CEO and CIO of 1Roundtable Partners (1RT) and 10T Holdings (10T), which collectively manage over $1.4 billion of investments in 24 active companies across the Digital Asset Ecosystem (DAE). 1RT is a growth equity fund focused on mid-to-late stage companies in the DAE. Dan serves on several boards including Ledger, LEDN, Futureverse, and Quicknode. Before founding 1RT and 10T, Dan was Managing Partner of DTAP Capital Advisors, a global macro investment fund that he founded in 2003. He is Co-Founder of Gold Bullion International (GBI), a physical precious metals platform for the wealth management industry. GBI expanded into the cryptocurrency business through its integration with Uphold (fka Bitreserve) in 2014. Prior to GBI, he was formerly Co-Founder of the Agricultural Company of America (AGCoA), one of the largest farmland REITs in the U.S. at the time of its sale to the Canadian Pension Plan Investment Board (CPPIB) in 2013. Previously, from 1992-2012, Dan was a macro-focused portfolio manager and analyst at Duquesne Capital Management, SAC Capital Advisors, Tiger Management and Steinhardt Management Co. Dan graduated Phi Beta Kappa from Brown University, where he earned his B.A.'90 and M.A.'91 in European History. Dan has been on the Board of Trustees of the Lawrenceville School for the past 15 years and currently leads the Investment Committee for its endowment.

Dan Tapiero

Santiago Roel Santos (CryptoPunk #9159) is an investor focusing at the intersection of DeFi and the Web3 metaverse (NFTs/gaming). Most recently was a Partner at ParaFi Capital, one of the largest crypto funds specializing in DeFi. Prior to that, he was at Sageview Capital investing in Internet and software and, before that, at JP Morgan investment banking. Santiago began investing in crypto in 2012.

Santiago Roel Santos

Matt Kunke, CFA, is an iShares Product Strategist at BlackRock focused on digital assets. In this role, Matt is focused on developing the growing digital assets ETF business, supporting efforts across research, marketing, and sales. Before joining BlackRock, Matt was a crypto research analyst at GSR, a crypto market maker and OTC trading desk, where he authored fundamental crypto research and was frequently cited in crypto media outlets. Prior to joining GSR, Matt led the digital assets research vertical at Global X ETFs and he spent several years researching alternative investment strategies in J.P. Morgan's Private Bank before that. Matt graduated Summa Cum Laude from Portland State University with a Bachelors of Arts in Mathematics and Finance, and he is a CFA charterholder.

Matt Kunke

Waqur Chaundry

Jeff Park is the CIO of ProCap. He also serves as an advisor to Bitwise Investments.

Jeff Park

Rebecca Rettig is the Chief Legal Officer at Jito Labs, where she leads legal, compliance, and policy strategy. She previously held the same role at the Aave Companies, a DeFi software developer, and Polygon Labs, a blockchain technology company; at both, she built the policy function and managed all legal and compliance matters. Ms. Rettig is a pioneer in shaping legal and regulatory frameworks for blockchain systems and applications, advising on matters including decentralization, token launches, and mechanisms. DeFi, structuring, and decentralized governance. She has liaised with policymakers and regulators globally on how DeFi systems operate and the appropriate intersection of law with this novel technology. Ms. Rettig began her legal career at Cravath, Swaine &amp; Moore LLP, litigating complex financial disputes, as well as a landmark peer-to-peer file-sharing case and one of the largest airline mergersin history. She was a partner at Manatt, Phelps &amp; Phillips and currently is Of Counsel at Arktouros pllc, a boutique law firm specializing in cutting-edge technology companies. She has been recognized as one of Crain’s Top Women Lawyers in New York City.

Rebecca Rettig

Nicolas is a Founding Partner of Numeus, a global digital asset investment and trading firm founded by a team of finance, blockchain and technology professionals. Nicolas leads the firm's asset management division, Forteus, that is backed by Schroders and offers institutional funds for investors seeking exposure to the digital asset ecosystem. Nicolas brings over twenty years of professional experience in a career spanning crypto, traditional finance and consulting industries. Before co-founding Numeus, Nicolas was a founding partner of Argentière Capital, a volatility-focused multi-strategy hedge fund where he was a Senior Portfolio Manager focusing on volatility strategies across equities and FX. He was a member of the firm’s Risk Management Committee and was instrumental in building many of the tools and processes employed by the firm across investment and risk management functions.



Prior to launching Argentière, Nicolas was a Portfolio Manager in JPMorgan Chase’s Equity Proprietary Trading Group in London. He previously spent nine years at Bain &amp; Company, where he was a Manager running consulting projects in the areas of corporate strategy, M&amp;A, private equity and operational improvements for clients in Europe, US and Japan.



Nicolas obtained his BA / MA in Mathematics from the Ecole Polytechnique of Lausanne in Switzerland.

Nicolas Vanhoutteghem 

Jakob is the President of GSR, he previously served as the Global CEO of GSR for over 2.5 years. Prior to joining GSR, he was Head of EMEA business at Two Sigma Investments and a board director of Two Sigma International. He has 18 years of experience developing business and investment solutions in systematic investment management, including roles at Winton Capital Management and Barclays Global Investors (BGI). Jakob earned a BSc in Economics from Lund University where he also completed the MSc coursework in Economics (without dissertation). He also holds a Ships Officers Degree, Class VIII from Chalmers University of Technology.

Jakob Palmstierna

Prior to joining the Board of the Algorand Foundation, Staci ran the Global Market Development practice at the Milken Institute, where she led its work on capital market development, crypto/blockchain solutions, and innovative finance to promote the sustainable development goals. Prior to Milken, Staci ran JPMorgan’s EMEA public sector practice out of London. Before JPMorgan, she led the Nasdaq’s two markets for microcap companies, and in the public and non-profit sectors had senior roles at the U.S. Treasury Department, the Center for Global Development, and the Harvard Institute for International Development. Staci has done business in more than 50 countries and has advised and spoken widely on the potential for cryptocurrencies and blockchain to solve real-world problems, and for financial innovation to improve inclusion and reduce global poverty. In addition to the Algorand Foundation, she sits on the Boards of the Global Blockchain Business Council, the Rwandan Capital Market Authority, and the Energy for Growth Hub. She also serves on the advisory committees of the United Nations Capital Development Fund (UNCDF), the European Parliament’s Science and Technology Committee (STOA), the U.S. Financial Technology Association, and Evolution Environmental Asset Management.

Staci Warden

Ruud Smets is the Managing Partner and CIO at Theta Capital Management, one of theworld’s largest fund of funds allocators in blockchain-native VCs, having deployed a $650 million into early-stage strategy across 45+ specialized managers since 2018. Under Ruud's stewardship, Theta has secured early, private-stage exposure to 80% of successful blockchain projects, leveraging its unique relationships with top VCs. With Master’sdegrees in Information Technology and  Investment Theory and as a Chartered Alternative Investment Analyst, Ruud combines deep financial acumen with blockchain expertise. Ruud joined Theta in 2005 and has positioned the firm as a pioneering, AIFMD licensed fund manager, offering unmatched access to blockchain’s investment potential.

Ruud Smets

Haseeb is a Managing Partner at Dragonfly. He was previously a partner at Metastable Capital, and has a background in software engineering at Airbnb and Earn.com (acquired by Coinbase).

Haseeb Qureshi

Matt Hougan is one of the world’s leading experts on crypto, ETFs, and financial technology. He is Chief Investment Officer for Bitwise Asset Management, a pioneer in cryptoasset index funds with more than $1.2 billion in assets under management. He was previously CEO of ETF.com, where he helped build the world’s first ETF data and analytics system, the leading ETF media site, and the world’s largest ETF conference, Inside ETFs. Hougan is co-author of both "A Comprehensive Guide to Exchange-Traded Funds" and "Cryptoassets: The Guide to Bitcoin, Blockchain and Cryptocurrencies for Professional Investors" from the CFA Institute’s Research Foundation. He is a crypto columnist for Forbes, and a three-time member of the Barron’s ETF Roundtable.

Matt Hougan

Morgan Krupetsky is Senior Director of Business Development for Institutions &amp; Capital Markets at Ava Labs. In her role, Morgan partners with financial services institutions as they operationalize their digital asset strategies, as well as with early stage teams building blockchain-enabled products and services for institutions.



Before joining Ava Labs, Morgan spent 12 years at Citi; she spent the majority of that time on the Institutional FX &amp; Macro sales desk covering Hedge Funds, Asset Managers, and Pension Funds, before transitioning to become Chief of Staff to Citi’s Chief Compliance Officer.

Morgan Krupetsky

Konstantin Richter is a serial entrepreneur, investor, and advisor. He has been active in the blockchain ecosystem as an advisor and contributor since 2015, with the likes of Gem, <a href="http://po.et/" target="_blank" rel="noreferrer noopener">Po.et</a>, and MadHive. In 2017, he created Blockdaemon in order to bring institutional-grade infrastructure to blockchain protocols, crypto native and traditional financial institutions. Subsequently, Konstantin has helmed Blockdaemon through three major funding rounds raising $400M to date. The most recent being a Series C raising $207M at a $3.25B valuation led by Sapphire and Tiger Global with previous backers SoftBank, Goldman Sachs, and Citi Ventures. Blockdaemon is the world’s largest blockchain infrastructure company for node management, MPC tech, and staking.

Konstantin Richter

Mara Schmiedt, CEO and Co-Founder of Alluvial, oversees business, operations, and strategy. She previously worked at Coinbase as Head of Sales for Coinbase Cloud, managed Business Development at Bison Trails, and served as Strategy Manager at ConsenSys, focusing on Codefi. Mara is a board member at Obol Labs, a leading DVT provider, and a strategic angel investor in over 15 projects. Passionate about open-source technology, she has published research on liquid staking and led a working group with the Ethereum Foundation that developed the Ethereum Launchpad and the first DVT proof of concepts.

Mara Schmiedt

With 7 years of experience across investment banking, hedge funds, and private equity, Guy has built a strong foundation in the financial sector. Prior to founding Ethena, he spent 6 years at Cerberus Management, a firm with $60 billion in assets under management, where he focused on investing in financial services businesses across the capital structure.

Guy Young

Sid Powell is the CEO &amp; Co-Founder of Maple Finance and with his Co-Founder Joe Flanagan founded Maple in 2019. Sid comes from a background in debt capital markets and institutional banking. During his career in traditional finance, he participated in $3BN+ of corporate bond issuance,and served as Treasurer for a commercial lending company in Australia. Maple has originated more than $5b in institutional lending since inception and currently holds over $550m in assets on the platform. We aim to be the global leader in tokenized private credit and first choice for institutional borrowers.

Sid Powell

Jordi Alexander is the Founder of Selini Capital, a leading firm within Digital Assets trading and investing. Selini has its roots in traditional markets and High-Frequency Trading, but is currently one of the most active firms in onchain DeFi as well as early stage venture investing. Jordi is an advisor to projects innovating in the space including Mantle, and is cohost of the weekly Steady Lads podcast.

Jordi Alexander

Evgeny has 15+ years of experience growing fintech businesses. He has consistently grown market share in Europe’s top fiat exchanges, developed and executed ambitious expansion projects and led agile cross-functional teams. Prior to founding Wintermute, Evgeny built and ran the Optiver’s European ETF business (HFT and OTC) – one of the largest in the EU. Evgeny holds MSc in Finance and EMBA from London Business School.

Evgeny Gaevoy

Vivek Raman

Michael Bucella is Co-Founder and Managing Partner of Neoclassic Capital, a digital asset investment firm with a strong focus on Asia. Prior to Neoclassic, Michael served as General Partner with BlockTower Capital from 2017 to 2022, growing the firm near inception to managing in excess of $1B in AUM across hedge fund, venture, and credit strategies. Previous to BlockTower, Michael spent nearly a decade with Goldman Sachs in New York across both the Asset Management (GSAM) and Securities Division.

Michael Bucella

Simon Taylor is the Founder of Fintech Brainfood. Simon has been immersed in the technology of financial services for as long as he’s been working and is consistently voted one of the most influential people in Banking, Insurance and Fintech by banks, his peers and a number of industry bodies. Simon runs Fintech Brainfood, the weekly newsletter subscribed to by over 45k people at banks, fintech companies and VCs. A regular speaker, media presenter and podcaster, Simon has spent two decades in financial services in payments, banking, crypto and consulting. Simon is now focused on bringing payments onchain at Tempo, the payments-focused Blockchain incubated by Stripe and Paradigm.

Simon Taylor

Anatoly is an investment professional with 30 years of experience in investment management and hedge fund industry. Nickel Digital is a regulated multi-PM quant hedge fund specialising in market-neutral strategies in digital assets, providing institutional-grade access to this nascent market. In co-founding Nickel Digital in 2019, Anatoly leveraged his prior experience with investment management divisions of Goldman Sachs and JPMorgan in London, where he was dealing with asset allocation and portfolio construction. Anatoly earned an MA degree in International Business from the University of National and World Economy in Sofia and an Executive MBA degree from the University of Oxford in 2009. He returned to Oxford in 2018, to become part of the pioneering cohort of global investment professionals to graduate from the Oxford Blockchain Strategy Programme, which played a pivotal role in the decision to transit from traditional finance into digital assets. Anatoly is an avid sailor who has crossed both the Atlantic and Pacific Oceans, on a single-hull racing sailboat and a catamaran, respectively.

Anatoly Crachilov

Diogo is the co-founder of Anchorage Digital, where he served as President prior to joining Haun Ventures and where he currently serves as Executive Chairman. Anchorage Digital is the first federally chartered crypto-native bank in the US. Prior to founding Anchorage Digital, Diogo served as Platform Security Lead at Square (now known as Block). At Square, Diogo worked on the infrastructure security platform (including identity, access management, and responses systems) that is now used to move over $200B in annualized gross payments volume. Diogo also served as Security Lead at Docker, where he and his team wrote code that helps secure one of the core underpinnings of modern computing infrastructure: containers. Diogo serves as the Chairman of the NEAR Foundation. He previously served as an advisor to Airtable and StackRox.

Diogo Monica

Jenna Wright is the Managing Director of LMAX Digital, part of LMAX Group, and has recently been named as one of the top 25 Women Leaders in Financial Technology of Europe by The Financial Technology Report. Jenna has been instrumental in driving growth of LMAX Digital and building it into the leading institutional spot crypto currency exchange globally.  Jenna joined LMAX Group in January 2009 and has held multiple senior managerial roles at LMAX Group, including Head of Broker Operations and Head of Client Services. Prior to LMAX Group, Jenna worked at Cantor and UBS. Jenna holds BA in Economics &amp; Politics from the University of Manchester.

Jenna Wright

Lekker Capital is a global macro hedge fund with a particular focus on the emerging digital asset industry. Prior to founding Lekker, Quinn served as the Head of Capital Markets for two institutional lending businesses in the digital asset ecosystem, most recently at Maple Finance. Quinn spent five years in fixed income and capital markets at Guggenheim Partners in New York before his full-time foray into crypto.

Quinn Thompson

Zaheer Ebtikar

Rob Hadick is a General Partner at Dragonfly, a ~$4bn crypto focused investment firm. Previously, he helped lead multi-stage investments into crypto companies and protocols at GoldenTree Asset Management ("GTAM"), a ~$50bn multi-strategy hedge fund. Prior to GTAM, Rob invested in and advised fintech, technology, and crypto companies while at Heritage Partners, Goldman Sachs, and PJT Partners. He holds a MBA from Columbia Business School, and a Bachelors in Economics and Political Science from Washington University in St. Louis.

Rob Hadick

Hadley is the Chief Commercial Officer at Marinade Labs, the web3 software development team behind Solana liquid and native staking protocol Marinade. He previously founded and led Fidelity’s digital assets division, after serving as SVP of Fidelity Labs where he led several divisions to research and pilot several emerging technologies, including wearable computing, VR/AR, mobile applications (including the company’s first-ever app and app brokerage), AI, and others. He also led global digital asset custody for the Bank of New York Mellon, where he launched the industry’s first bank-grade platform for digital asset custody on bitcoin and Ethereum. He also served as COO at blockchain infrastructure company Bloq, and previously led Amazon Web Services’ AWS Innovation Lab.

Hadley Stern

Alexia Theodorou is head of derivatives at Kraken, responsible for the development and product strategy of Kraken's full suite of fixed-term and perpetual contracts. Before joining Kraken, Alexia was the Chief Strategy Officer at Trading Point Group and has more than 15 years worth of experience in traditional finance, including at UBS and JPMorgan. Alexia is a qualified Chartered Financial Analyst (CFA) and holds degrees from Imperial College London and the University of Cambridge.

Alexia Theodorou

Omar is a digital asset expert, investor, and consultant active in the space since 2016. As Chief Business Development Officer at SecondLane (Web3 native investment bank and asset manager with $100 M+ AUM) Omar leads strategic partnerships and oversees complex deal execution with a focus on legal and operational integrity.



In addition to his role at SecondLane, Omar is a LP in several leading crypto venture funds, including Multicoin Capital, Alliance DAO, and Topology Ventures, backing the next generation of protocols and infrastructure across Web3. His investment focus also spans the convergence of blockchain and artificial intelligence, with recent backing of frontier tech companies such as Figure AI and Apptronik.



With deep involvement at both the operational and capital levels, Omar operates at the intersection of institutional adoption, capital formation, and regulatory evolution in digital assets. He is driven by his deep belief in blockchain’s potential to drive long-term, meaningful social impact on a global scale.

Omar Shakeeb

Marc Vanlerberghe is the Chief Strategy and Marketing Officer at Algorand Foundation. Marc brings more than 20 years of experience in executive marketing positions, with a strong background in entrepreneurial, hyper-growth business environments. Prior to Algorand Foundation, he was the CEO of Rulai, a startup in the nascent conversational AI space. Before that, he was CMO at Medallia, the leading SaaS platform that enables companies to capture actionable customer data in real time. At Google, Marc was Vice President of Marketing for Access and Energy and anadvisor to CapitalG. Marc is known for launching Android and developing the brand into the most popular mobile operating system. In addition, he led marketing for Google Play and Google’s hardware and retail organizations. Marc lives in Sunnyvale, California. He sits on several boards and enjoys advising startup entrepreneurs. Marc received his MBA from Stanford University and his MS degree in engineering from the University of Ghent, Belgium.

Marc Vanlerberghe

Chris is the CIO of Digital Assets at Amitis Capital. In his early career, Chris worked at several major institutions including CIBC World Markets, Société Générale Barr Devlin, Antarctica Asset Management and ING Investment Management. In 2010, he joined SAIL Advisors (the family office of the founder of Duty-Free Shoppers) as Head of Research for Tactical Trading and Relative Value Strategies. He later joined Cliffwater LLC as Managing Director covering global macro and relative value strategies on the hedge fund research team. Most recently, Chris was the CIO of Digital Assets at Forest Road, where he oversaw a digital assets-focused venture capital fund of funds. Chris has a BA in Economics and Anthropology from the University of Pennsylvania and an MComm in Finance from the University of New South Wales, where he was a Federation Scholar. Chris holds the CFA, CPA, and CAIA designations. Chris has broken 9 Guinness World Records and has run marathons on all 7 continents and in all 50 US states.

Chris Solarz

Simone Maini

Seth Ginns is a Managing Partner and Head of Liquid Investments at CoinFund, and a key member of the Venture Investment Committee. He has 20 years of Wall Street experience and has been deeply involved in the crypto community since his angel investment in Coinbase in 2012. He is also an angel in Starkware, Chainalysis, participated in the Ethereum ICO in 2014, and loves traveling globally to developer events as a way to keep a finger on the pulse of the market. His angel portfolio also includes Instacart, BillionToOne and DoorDash, and many earlier stage, high growth startups.



Prior to CoinFund, Seth invested in public growth equities over 18 years at Jennison Associates. He holds a BA in Mathematics and South Asia Studies from the University of Pennsylvania, where he serves on the International Advisory Board of the Center for the Advanced Study of India at the School of Arts and Sciences and served as an Overseer at the School of Nursing and Co-Chair of the Innovation Committee.

Seth Ginns

Andrew Peel is CEO and Founder of TVL Capital and a board member of SIX Digital Exchange. With 20 years in global finance, including as Head of Digital Assets at Morgan Stanley, he has been active in digital assets since 2013. TVL Capital is a Swiss investment and technology firm positioned at the intersection of TradFi and DeFi, focused on asset management, technology, and onchain product issuance.

Andrew Peel

Ryan Rasmussen is the Head of Research at Bitwise Asset Management. Prior to Bitwise, he held a variety of corporate finance roles at Cetera Financial Group, a network of independent broker-dealers with over 8,000 financial advisors and $300 billion in assets under administration. Before Cetera, Ryan was a business analyst at Oakley and spent time as a research associate at UK Trade &amp; Investment in Sydney, Australia. He is a graduate of the Argyros School of Business &amp; Economics at Chapman University, with a B.S. in finance and a secondary focus in graphic and web design.

Ryan Rasmussen

Paul Faecks is the Founder and CEO of Plasma, a high-performance, scalable, and secure blockchain built for stablecoin payments. At Plasma, Paul is leading the team building a blockchain tailored for stablecoin transactions from the ground up. Before founding Plasma, Paul served as the CEO and Co-Founder of Alloy, a platform for institutional digital asset operations, beginning in August 2021.

Paul Faecks

Richard Green

Serene Murphy is head of corporate development, Europe &amp; Asia at Tradeweb. Serene manages a team focused on identifying trends and opportunities to grow the Tradeweb business, and is responsible for sourcing and executing these opportunities across the firm’s divisions. She also works in partnership with business product heads to drive innovation and design of new products and offerings. After joining Tradeweb in 2011, Serene spearheaded the launch of its wholesale business (Dealerweb) in Europe, and drove the design and implementation of the firm’s link to China’s Northbound Bond Connect initiative. She also led Tradeweb’s acquisition of Australian trading platform Yieldbroker, as well as other strategic investments, including several partnerships in the digital space. In recognition of her contributions to Tradeweb and the industry, Serene won the ‘Excellence in Innovation’ category in the European Women in Finance Awards 2022, and was included in the 2023 FN100 Women in European Finance list. In early 2024, she joined as an independent non-executive director the board of Axiology, a Vilnius-based alternative capital market infrastructure. Prior to Tradeweb, Serene worked in the Principal Strategic Investments group at Goldman Sachs in New York and London. She holds a BA in Economics from Boston College.

Serene Murphy

Alwyn Clarke is a Director on Galaxy Digital’s investment banking team. Prior to joining the firm, Alwyn worked at Fenchurch Advisory Partners and Barclays Capital in London and New York, advising businesses on M&amp;A, capital raising and other strategic initiatives. He has worked with businesses across the full financial services landscape, with a core focus on financial technology and asset management. Alwyn holds a B.A. in Jurisprudence (Law with French Law) from the University of Oxford.

Alwyn Clarke

Ian brings over 20 years of experience in capital markets and fintech and is widely regarded as one of the UK’s foremost experts in blockchain and digital assets. He most recently led KPMG’s UK Crypto &amp; Digital Assets practice, and previously served as Executive Director and Board Advisor to CryptoUK, the UK’s digital asset trade association.

Ian Taylor

Christian Angermayer is a serial entrepreneur and investor who builds and invests in companies that are shaping the Next Human Agenda: a future in which technology empowers people to live longer, healthier, and happier lives. He is the world’s leading advocate for human enhancement and believes in advancing scientific progress to usher in an era of physical and mental potential, improving life for all.



Apeiron Investment Group, Christian’s family office and private investment firm, has more than USD 2.5 billion under management and 50 people in London, New York City, Abu Dhabi and Berlin. Apeiron focuses on Life Sciences, FinTech &amp; Crypto, Future Tech, Natural Resources &amp; Clean Energy, and Experiences, Hospitality &amp; Happiness. Over the past 20 years, Christian has founded three unicorns and has been the lead investor in four unicorns and two decacorns.

Christian Angermayer

Chuck Mounts is the Chief DeFi Officer in S&amp;P Global Ratings and leading the newly formed DeFi strategy team. In this role Chuck will help advance S&amp;P Global Ratings' approach and capabilities in the fast-moving decentralized market environment. The team will focus on bringing S&amp;P Global's robust analytic and risk assessment capabilities forth to support both traditional institutional (TradFi) clients and the growing universe of crypto-native DeFi clients. With 30 years of experience in global financial markets, Chuck has led global businesses comprised of research teams, strategists, and product specialists that integrate market knowledge, product expertise and analytic capabilities across asset classes. Chuck began his career as a bank regulator at the Federal Reserve Bank of New York and spent the majority of the following two decades as a global credit analyst and a manager of research teams, including stints at Goldman Sachs and UBS, where he was the Global Head of Fixed Income, Currency and Commodity Research for UBS investment bank. He has served as the Chairman of the Bond Market Association’s Committee on Research Conflicts and has been recognized by global institutional investors for his understanding and insights in global financial markets. During his career Charles has presented at numerous conferences, has been cited in international publications and has appeared in the media. Chuck holds B.A. from Claremont McKenna College and a master’s in public policy from Harvard University.

Chuck Mounts

Avi Felman is a Principal and Head of Digital Assets Trading at&nbsp;GoldenTree&nbsp;Asset Management. Mr. Felman is also a General Partner of&nbsp;GoldenChain, a wholly owned subsidiary of&nbsp;GoldenTree&nbsp;that manages the Firm’s funds focused on digital assets. Mr. Felman is one of the longest tenured traders in digital assets and has held several prominent positions, including most recently as Co-Portfolio Manager and Head of Trading for&nbsp;BlockTower&nbsp;Capital where he grew the flagship fund portfolio from $40mm at time of joining to over $800mm. Previously, Mr. Felman was Lead Trader at Wave Financial where he co- led the development of the first SEC-regulated Bitcoin fund and he also was responsible for the derivatives strategy and trading execution. Prior to joining Wave Financial, Mr. Felman founded Ledger Capital, a firm focused on cryptocurrency trading and investments. Mr. Felman received a B.S. in Chemical Engineering&nbsp;from&nbsp;Washington University.

Avi Felman

Eric Chen is the CEO of Injective Foundation. Eric has worked within the crypto industry for over six years with his latest project, Injective, garnering interest from leading professionals across hedge funds, venture capitals and blockchain projects, including but not limited to Pantera Capital, Mark Cuban, Hashed and Binance.



Eric was featured in Forbes 30 under 30 in 2024 for his work on Injective.

Eric Chen

Ran Neuner is the founder of Crypto Banter, one of the world’s largest and most influential crypto media platforms. With over 1.5 million YouTube subscribers, 10M+ monthly views, and one of the most engaged communities in the industry, Crypto Banter is a go-to source for real-time crypto content. Ran personally hosts the largest live crypto show on the internet. He also co-founded Crypto Town Hall, a leading daily X (formerly Twitter) Spaces series, alongside Mario Nawfal and Scott Melker, making it one of the most consistent and widely followed audio platforms in the crypto space. In addition to his media leadership, Ran is the CEO of Onchain Capital, a blockchain investment fund and advisory firm that manages over $250 million in venture and listed crypto assets. Ran gained international recognition as the creator, producer, and host of CNBC’s “Crypto Trader”, the world’s first televised cryptocurrency show, where he interviewed the biggest names in Web3 during their earliest days, building a vast network of early blockchain pioneers in the process. Before entering the crypto industry, Ran was already an award-winning entrepreneur. He co-founded and scaled The Creative Counsel, Africa’s largest marketing agency, which was acquired by Publicis Groupe in 2015 for over $150 million, marking one of the continent’s largest private transactions at the time. Ran’s mission is to build the most profitable and educated crypto community in the world, a vision he pursues through a mix of educational content, community-building, investment, and mentorship.

Ran Neuner

Lewis is a Portfolio Manager at Re7 Capital - an award winning Digital Asset Investment firm, specialising in DeFi Yield and Liquid Alpha strategies. Lewis focuses on the Opportunities Fund, investing via liquid secondary market strategies. Lewis has over 6 years running liquid portfolio strategies in digital assets, directing the investment strategies at Decentral Park Capital previously. Lewis is the most extensive writer for OurNetwork, the largest on-chain analytics newsletter globally. Lewis studied Psychology at the University of Bristol before starting his career at Tilney Investment Management.

Lewis Harland

William joined Marshall Wace in May 2022 to oversee Fintech and Digital Assets investments for MW Digital Finance Fund.



Prior to joining Marshall Wace, William worked at Candy Capital, a family office where he was responsible for various investments across the technology sector. Prior to Candy Capital, William worked for HSBC and Greyspark Partners, were he was heading Fintech Investment Advisory. William is also an active seed investor across digital assets and fintech.

William Benattar

James is General Partner – Fund Manager &amp; GP at Republic. Prior to this, James worked in a wide variety of investing, business building and operating roles across the Alan Howard ecosystem. Originally hired into Brevan Howard, his focus was Principal Investing across Crypto, Web3, Fintech &amp; Frontier Technologies. James was also one of the founding team at WebN Group, the well-known incubator for Fintech &amp; Web3 innovation, where over 18 months significant equity value was created. Twinstake, TruFin, Libre, Geometry and Soter are a few of those companies. Due to James’s extensive experience, he additionally spent 6 months restructuring, realigning and putting into place operational policies and scaling procedures at Elwood, a market leading EMS &amp; PMS provider backed by Goldman Sachs, Citi Bank, and Barclays. Having been heavily involved in Web3 &amp; Digital Assets Markets for over 8 years, James started his career with ~15 years of investment banking experience across multi-asset trading, derivative, sales and structuring desks at top tier banks. His deep understanding of the intersection between digital assets, financial technologies and traditional finance has been crucial to creating robust investment thesis’s, venture builds and implementing operational policies, scalable processes and go-to-market strategies in portfolio companies. Outside of work, James is an advisor to various companies, including Saltford FC and has published numerous quantitative, financial and regulatory papers across both traditional and digital markets, most recently for the Digital Economic Initiative. As a qualified Chartered Financial Analyst®, James holds a Masters in Finance (Distinction) &amp; graduated with an Honours Degree in Economics from Durham University.

James Newman

Serafin Lion Engel is the Founder and CEO of Yield.xyz (formerly StakeKit), the ultimate Web 3 yield infrastructure Backed by Multicoin Capital, Yield.xyz provides customers access to over 1,000 self-custodial yields across staking, stablecoins, and DeFi. The platform facilitates over $100 million in monthly volume and powers more than 50 of the leading companies in Web3 and Fintech, including wallets like Ledger and neobanks like DeBlock.



 Before Yield.xyz, Serafin founded Omni in 2021, one of the first mobile multichain wallets. Omni was acquired by Paxful via Echo Base in 2024. Serafin entered the crypto space in 2014 through Draper University and began building on Ethereum in 2016, pioneering data sovereignty technologies and early data marketplaces.