Liz Coyne

In the weekly roundup episode of Blockworks&#8217; podcast &#8220;<a href="https://www.youtube.com/watch?v=Y2DPySOE1pA" target="_blank" rel="noreferrer noopener">On the Margin</a>,&#8221; Michael Ippolito, co-founder, sits down with Economic Strategist Tyler Neville to talk about the news in macro, including Mike and Tyler cover Binance’s regulatory issues, OnlyFans ban on pornography, and Jay Clayton joining Fireblocks’ board.



Watch the podcast to find out more on:



<ul class="wp-block-list"><li>The US Misery Index</li><li>Binance&#8217;s regulatory issues</li><li>OnlyFans ban on pornography</li><li>Jay Clayton joining Fireblocks’ board</li></ul>



Watch the full episode below:



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Binance has regulatory issues, OnlyFans bans pornography, and Jay Clayton joins Fireblocks’ board" width="1024" height="576" src="https://www.youtube.com/embed/Y2DPySOE1pA?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
</div></figure>



&#8220;On the Margin&#8221; is a two-part show.&nbsp;Once a week, Mike interviews industry experts, and then at the end of the week he is joined by co-host <a href="https://cms.blockworks.co/newsletter/" target="_blank" rel="noreferrer noopener">Tyler Neville</a> where they break down the top crypto and macro stories. Episodes go live every Wednesday and Saturday morning.



Subscribe to &#8220;On the Margin&#8221; today on <a href="https://podcasts.apple.com/us/podcast/lyn-alden-explains-connection-between-inflation-bitcoin/id1558223079?i=1000513411286" target="_blank" rel="noreferrer noopener">Apple</a> or <a href="https://spoti.fi/3bTa9uw" target="_blank" rel="noreferrer noopener">Spotify</a>, or watch episodes on <a href="https://youtube.com/playlist?list=PLvER9nHSRN3xVs_p-dl7L7K_ZgL6lSudu" target="_blank" rel="noreferrer noopener">YouTube</a>.

Weekly Roundup: Binance, OnlyFans and Jay Clayton

Katherine Ross

The biggest deal this week wasn’t a venture capital raise. Instead, it was the announcement that Stripe is buying stablecoin platform Bridge for $1.1 billion.&nbsp;



There’s been a lot written about the deal and what it means, and we wrote about it from numerous angles here at Blockworks focusing on the Solana impact, what it means for crypto and whether or not this could open the door for more merger and acquisition activity.&nbsp;



Stripe CEO Patrick Collison, in a <a href="https://x.com/patrickc/status/1848393059559502177">post</a> earlier this week, said, “<a href="https://blockworks.co/tag/stablecoins">Stablecoins</a> are room-temperature superconductors for financial services. Thanks to stablecoins, businesses around the world will benefit from significant speed, coverage and cost improvements in the coming years. <a href="https://blockworks.co/tag/stripe">Stripe</a> is going to build the world’s best stablecoin infrastructure.”



Read more: <a href="https://blockworks.co/news/stripe-bridge-acquisition-stablecoin-infrastructure">Stripe looks to build ‘world’s best stablecoin infrastructure’ after Bridge buy&nbsp;</a>



Empire co-host Santiago Santos <a href="https://blockworks.co/podcast/empire/4164753c-9261-11ef-b1b7-270f254cfcb9">praised</a> Collison’s words, calling the post “one of the best tweets I’ve ever seen.”



“There&#8217;s this whole universe and part of crypto that people outside of crypto don&#8217;t appreciate unless you&#8217;re using it. But very few people are using it because they&#8217;re distracted in this noise that crypto is just a casino,” Santos said, talking about stablecoins and their use cases.&nbsp;



Read more: <a href="https://blockworks.co/news/lightspeed-newsletter-bridge-solana-vc">Stripe’s $1.1B acquisition: Implications for Solana and crypto VC</a>



But the Stripe/Bridge deal wasn’t the only piece of <a href="https://blockworks.co/news/empire-newsletter-dydx-founder-comeback">M&amp;A activity</a> this week. Crypto custodian Komainu — which is backed by Nomura — also <a href="https://komainu.com/resources/komainu-agrees-to-acquire-propine-in-singapore-to-expand-its-footprint-in-asia-ex-japan">announced</a> that it was acquiring Propine, a rival based in Singapore.&nbsp;



The deal amount was not disclosed.&nbsp;



On the funding front, we saw Azura — a DeFi platform — <a href="https://x.com/azura/status/1848712029244428443">announce</a> a $6.9 million round alongside its launch.&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">Our goal is to allow anyone, from anywhere, to trade any asset—enabled by DeFi. Considering the scope of this problem, we&#39;ve decided to establish a new category: The first application and interfacing standard enabled to support any blockchain and any protocol. 2/ <a href="https://t.co/OgxGSZMi83">pic.twitter.com/OgxGSZMi83</a>&mdash; Azura (@azura) <a href="https://twitter.com/azura/status/1848712032239157687?ref_src=twsrc%5Etfw">October 22, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h2 class="wp-block-heading">Notable news:</h2>



<ul class="wp-block-list">
<li>Shuttle Labs <a href="https://x.com/GeniusTerminal/status/1849105492754452559">said</a> it raised $6 million to build Genius, a self-custodial crypto exchange. Investors included CMCC, Flow Traders and Anthony Scaramucci’s SALT.</li>



<li>MoonWalk Fitness <a href="https://x.com/moonwalkfitness/status/1849481961137377538">announced</a> a $3.4 million seed round led by Hack VC. Binance Labs, Flowdesk and Reciprocal Ventures all participated.</li>
</ul>



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Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.



Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.



Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.



The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.

Funding Roundup: Stripe buys Bridge for $1.1B, Azura bags $6.9M

Ben Strack

The co-CEO and chief technology officer of crypto market maker GSR have exited the firm, the company revealed this week.&nbsp;



Rich Rosenblum, who co-founded the company more than a decade ago, has stepped down “to pursue entrepreneurial opportunities,” GSR said in a Wednesday X <a href="https://x.com/GSR_io/status/1849138871876923579">post</a>.&nbsp;



“His visionary leadership and innovative approach have played a pivotal role in shaping our strategic direction and establishing <a href="https://blockworks.co/tag/gsr">GSR</a> as a leading player in the cryptocurrency market,” the company wrote.



Read more: <a href="https://blockworks.co/news/copper-okx-name-new-executives">Crypto Hiring: Copper, OKX name new executives</a>



John MacDonald, GSR’s CTO since January 2022, will also be leaving the firm.&nbsp;



It is unclear where Rosenblum and MacDonald will work next. A GSR spokesperson did not return a request for comment about who could replace the executives.&nbsp;



The moves come after <a href="https://blockworks.co/news/jump-crypto-president-resigns-gsr-adds-ceos">Rosenblum and Xin Song became co-chief executives</a> on July 1. GSR said at the time that then-CEO Jakob Palmstierna would transition to a president role and lead the company’s client franchise.&nbsp;



As for C-suite additions, crypto trading firm BlockFills appointed Amy Shelly as its chief financial officer and promoted Neil Van Huis to lead the company’s strategy.&nbsp;



Shelly formerly spent about six years — from 2016 to 2022 — as CFO for the Options Clearing Corporation (OCC).



Her new firm “solves fragmented liquidity problems through aggregation and matching algorithms, and provides an end-to-end software suite that simplifies all aspects of the trade lifecycle for institutions,” Shelly said in a LinkedIn <a href="https://www.linkedin.com/posts/amy-shelly-cpa_crypto-cryptocurrency-liquidity-activity-7254897695796994049-4Xme/">post</a>.



Van Huis, a director at BlockFills since 2018, now carries the chief strategy officer title. As a founding partner, Van Huis was tasked with building out global trading relationships and driving new business.



The two executives step into their new positions as the firm “prepares to launch international offices, expands the BlockFills product offering and positions itself for major growth in the institutional digital assets space,” the company said in a statement.&nbsp;



Read more: <a href="https://blockworks.co/news/on-the-margin-newsletter-inevitable-institutional-digital-assets-involvement">Digital assets involvement becoming “inevitable” for more institutions</a>



<a href="https://blockworks.co/tag/coinshares">CoinShares</a>, a crypto asset manager that recently established a New York office, is hiring for roles in sales, marketing, operations and compliance.&nbsp;



These upcoming hires will support the Europe-focused firm’s “commitment to scaling US operations” after the company <a href="https://blockworks.co/news/coinshares-buys-valkyrie-fund-business">acquired Valkyrie’s crypto ETFs</a> earlier this year, the company said this week.&nbsp;



Another crypto-related player, meanwhile, has cut staff, Blockworks has learned.



Nova Labs, the company behind the <a href="https://blockworks.co/tag/helium">Helium</a> Mobile cell network, laid off 36% of its workforce in August, Lightspeed’s Jack Kubinec <a href="https://blockworks.co/news/helium-parent-company-layoffs">reported</a> Friday.&nbsp;



One person familiar with the situation said the layoffs were done to focus more on Nova Labs’ core cellular business. A former employee estimated the company had 105 employees at the time of the cuts.



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Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.



Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.



Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.



The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.

Crypto Hiring: Senior execs depart, appointed across segment

Donovan Choy

MetalCore is making a <a href="https://www.metalcore.gg/news/metalcore-is-migrating-to-solana-using-the-gameshift-platform">move</a> from the Immutable zkEVM chain to Solana.



Currently in closed beta, MetalCore is a futuristic shooter game involving tactical warfare on vehicular combat with prehistoric monsters in a post-apocalyptic world.



MetalCore is developed by Studio369. The team will be leveraging Solana Lab’s GameShift platform that offers a marketplace with integrated payment systems and a self-custodial wallet via GameShift’s API.



Matt Candler, CEO of Studio369, said of the launch: &#8220;MetalCore has repeatedly won best Web3 game awards, and we want to bring the best infrastructure to our players so they can enjoy the game in the most convenient and frictionless way possible.”



Read more: <a href="https://blockworks.co/news/lightspeed-newsletter-a16z-solana-gaming">A16z is placing a bet on Solana gaming</a>



The <a href="https://blockworks.co/tag/solana">Solana</a> version of MetalCore season two will be available in November, with the option for players to bridge their in-game assets to Solana.



<h2 class="wp-block-heading">LALIGA partners up with Sportsbet</h2>



Spanish football league LALIGA is partnering with Sportsbet.io, a crypto betting platform to boost fan engagement.



Announced on Thursday, the partnership plans to bring “exclusive offers, prizes and content” to LALIGA’s football fans.



Read more: <a href="https://blockworks.co/news/decentralized-sports-betting">Peer-to-peer sports betting is crypto’s next killer app</a>



Jorge de la Vega, executive general manager of LALIGA, said of the partnership: “Together, we aim to deliver new and dynamic experiences for our fans, offering them fresh ways to engage with the passion and excitement that defines LALIGA. This collaboration marks an important step in our strategy to connect with global audiences and continue growing our international presence.”



Based on a 2023 <a href="https://www.socios.com/deloitte-fan-report-reveals-growing-interest-in-fan-tokens-among-younger-generations/">Deloitte</a> report, 60% of sports fans are open to purchasing a “fan token” if it gives them an opportunity to <a href="https://blockworks.co/news/psg-becomes-chiliz-validator">win rewards like tickets</a> to a live sporting event.



<h2 class="wp-block-heading">Some interesting stats:</h2>



<ul class="wp-block-list">
<li>The “Gold Rush” tap-to-earn Telegram minigame by PiP World saw over <a href="https://docs.google.com/document/d/1U3J5R_DGjeWjy9SrzGTAjaa-GTVsnsd2cjud32QxXjo/edit?tab=t.0">500,000</a> users in the last month since its launch. </li>



<li>Daily trading volumes for blockchain games saw a 8.94% rise in August, based on <a href="https://research.nansen.ai/articles/future-of-gamefi-in-web3">Nansen</a>. The action RPG Seraph is leading in daily active wallets of 537,000, above both Illuvium and Axie Infinity.</li>
</ul>



<h2 class="wp-block-heading">Also of note:</h2>



<ul class="wp-block-list">
<li>The move-to-earn Web3 game STEPN GO is <a href="https://stepnofficial.medium.com/snoop-dogg-feat-stepn-go-from-west-coast-to-web3-1d3c4ccd62a1">teaming</a> up with Snoop Dogg to drop 800 limited edition Genesis Sneakers. They will be available via a raffle on STEPN GO&#8217;s X and FSL’s marketplace MOOAR from Oct. 28 to Nov. 8.</li>



<li>The metaverse game Nifty Island unveiled its latest dev <a href="https://guide.niftyisland.com/nifty-island-dev-roadmap">roadmap</a>, introducing features like UGC tools, a creator marketplace to trade NFTs and digital land ownership.</li>



<li>OpenSea integrated <a href="https://opensea.io/blog/articles/announcing-b3-chain-on-opensea">B3 Chain</a>, a <a href="https://blockworks.co/tag/gaming">gaming</a> ecosystem on Base.</li>
</ul>



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Web3 Watch: MetalCore is leaving Immutable for Solana

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance">subscribe</a>.



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



We already know MicroStrategy loves bitcoin. How about Microsoft?



To catch you up, a Thursday <a href="https://microsoft.gcs-web.com/node/33151/html">filing</a> showed a proposal the National Center for Public Policy Research intends to submit for consideration at Microsoft’s annual meeting.



It notes a corporation’s “fiduciary duty” to maximize shareholder value by protecting profits from debasement in an inflationary world. The proposal calls on Microsoft — with $484 billion in assets, as of March 31 — to consider <a href="https://blockworks.co/news/bitcoin-treasury-strategies">diversifying its balance sheet</a> with assets beyond the US government securities and corporate bonds it currently holds. Namely, bitcoin.



<a href="https://blockworks.co/news/empire-newsletter-crypto-trends">BTC’s volatility</a> is acknowledged. Still, the proposal notes “companies should evaluate the benefits of holding some, even just 1%, of its assets in bitcoin.”&nbsp;



The proposal shouts out the similarly named <a href="https://blockworks.co/news/corporate-bitcoin-purchases-accelerate">MicroStrategy</a>, which held 252,220 BTC as of last month. MicroStrategy’s stock is up 249% this year, while Microsoft’s is up 16%.



MicroStrategy founder Michael Saylor also had a message for Microsoft CEO Satya Nadella:



<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">Hey <a href="https://twitter.com/satyanadella?ref_src=twsrc%5Etfw">@SatyaNadella</a>, if you want to make the next trillion dollars for <a href="https://twitter.com/search?q=%24MSFT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MSFT</a> shareholders, call me. <a href="https://t.co/NPnVvL7Wmj">pic.twitter.com/NPnVvL7Wmj</a>&mdash; Michael Saylor⚡️ (@saylor) <a href="https://twitter.com/saylor/status/1849790766945587241?ref_src=twsrc%5Etfw">October 25, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



It doesn’t appear this proposal will pass.&nbsp;



In a statement of opposition, Microsoft’s Board of Directors said that “volatility is a factor to consider in evaluating cryptocurrency investments for corporate treasury applications that require stable and predictable investments to ensure liquidity and operational funding.”



The company already has “strong and appropriate processes in place” for its corporate treasury, the board adds — noting: “This requested public assessment is unwarranted.”



Perhaps the takeaway, though, is that the board notes it has evaluated bitcoin and other cryptocurrencies in the past, and that Microsoft “continues to monitor trends and developments related to cryptocurrencies to inform future decision-making.”&nbsp;



So the company’s not closing the door on BTC altogether. I’d say we can add that to the list of positive developments made during a year in which the asset has gone more mainstream.



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Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.



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Microsoft to hold BTC on its balance sheet?

Jack Kubinec

Nova Labs, the company behind the Helium Mobile cell network, undertook a significant round of layoffs at the end of August, three people with knowledge of the matter told Blockworks.



Nova Labs Chief Operating Officer Frank Mong confirmed to Blockworks that 36% of the company was let go.&nbsp;



One person familiar with the situation cast the layoffs as right-sizing the company to focus on Nova Labs’ core cellular business. A former employee estimated Nova Labs had around 105 employees at the time of the <a href="https://blockworks.co/tag/layoffs">layoffs</a>.&nbsp;



Read more: <a href="https://blockworks.co/news/lightspeed-newsletter-helium-future-vision-depin">Inside Helium’s vision for the future</a>



“We experienced tremendous growth in our mobile network business. We saw an opportunity to focus more attention and resources on accelerating the growth of the network and subscriber base, resulting in the need to be more efficient across the board. We appreciate the efforts of all our current and former employees,” Mong said in an email.



Former employees said the layoffs spanned multiple departments within Nova Labs, including its engineering team.



<a href="https://blockworks.co/tag/helium">Helium</a> began as a startup focused on the internet of things (IoT), which is a nebulous term for physical objects with the capacity to connect and exchange data with other devices.&nbsp;



Read more: <a href="https://blockworks.co/news/lightspeed-newsletter-helium-solar-power">Helium eyes energy sector with new solar power play</a>



Over time, Helium became one of <a href="https://blockworks.co/news/helium-mobile-is-letting-third-parties-license-its-hardware">crypto’s buzziest businesses</a>, using tokens to incentivize users <a href="https://blockworks.co/news/lightspeed-newsletter-helium-cell-coverage">to build distributed wireless networks</a>. People or businesses can use Helium-approved hardware to generate a wireless signal and receive tokens as a reward. The “people’s network” raised over $360 million in venture capital funding between 2013 and 2022, according to funding tracking site CryptoRank. 



The Helium Foundation today maintains the Helium IoT network, and Helium co-founder Amir Haleem has taken the helm at Nova Labs, which was spun out from the original project.&nbsp;



One source said the Nova Labs layoffs were partly a result of a strategic pivot from the project, which started out building wireless networks but has now coalesced at Nova Labs around a core business of crypto-forward cell phone plans.&nbsp;



Helium Mobile sells nationwide unlimited cell plans <a href="https://blockworks.co/news/helium-cell-plan-goes-nationwide">for $20 a month</a>. The plan is enabled through a partnership with T-Mobile in which Helium Mobile users connect to the Helium network where possible, and Helium Mobile pays for T-Mobile data otherwise.



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Helium Mobile’s parent company cut nearly 40% of staff in August

Casey Wagner

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance">subscribe</a>.



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I’m back in New York after a quick trip to DC (just in time to watch the Yankees hopefully beat the Dodgers in Game 1 of the World Series tonight). But I digress.&nbsp;



I spent yesterday at the DC Privacy Summit, where there was no talk of baseball — but, unsurprisingly, a lot of policy talk.&nbsp;



In these final days ahead of the election, we’ve heard a lot of the same sound bites. Industry officials want to go on record saying they look forward to working with the next administration and are excited to continue engaging with policymakers. I get it; everyone has a job to do and a message to publicize, but these comments are getting repetitive.&nbsp;



In an effort to spice things up, here are some of my favorite and (in my opinion) most interesting quotes I heard on Thursday:&nbsp;



“Privacy doesn&#8217;t inherently mean the absence of data or anonymity of persons.” 



Carole House, special adviser for cybersecurity and critical infrastructure policy at the White House National Security Council, said this during a keynote discussion.&nbsp;



House, a co-author of President Joe Biden’s 2022 crypto <a href="https://blockworks.co/news/bidens-crypto-executive-order-may-be-watershed-moment-despite-lack-of-specifics">executive order</a>, added that privacy relates to the balance between protecting sensitive data while maintaining “certain permissions” that allow it to be disclosed when needed.&nbsp;



“It takes dozens of roundtables for staff and members [of Congress] to really feel comfortable with having a hearing.”



The above quote came from Allison Behuniak, staff director for the House Subcommittee on Digital Assets, Financial Technology and Inclusion. The subcommittee has had seven or so crypto-focused hearings so far this year, which is impressive and speaks to the work happening behind the scenes.&nbsp;



While there has been more dialogue around crypto on the Hill recently, I think the industry sometimes glosses over the <a href="https://blockworks.co/news/defi-hearing-lawmakers-clash">uphill battle</a> often required to get crypto issues in front of lawmakers. With Chair Patrick McHenry retiring at the end of the session, the agenda for the next Congress is even more uncertain.&nbsp;



“We have to propose solutions that actually will address what policymakers are legitimately concerned about.” 



Michele Korver, head of regulatory at a16z Crypto, made this comment. In what many industry leaders refer to as a “<a href="https://blockworks.co/news/end-sec-war-on-crypto">hostile regulatory environment</a>,” it’s not often we see these types of concessions expressed.&nbsp;



Korver added that the industry should share some of policymakers’ concerns when it comes to privacy.&nbsp;



“We want our users and the technology to be successful,” she noted. “We want them to be safe and trusted and secure, and not facilitating [illicit activity].”



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Policymakers on privacy: Highlights from the DC Summit

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



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For the past six months, Solana’s onchain volume has ebbed and flowed with the momentum of memecoins. In recent days, that general trend seems to have been turbocharged.



Solana’s onchain metrics are at levels unreached, even in the peak of this summer’s <a href="https://blockworks.co/news/memecoin-mania-learn-risk-management">memecoin mania</a>. The theme of this memecoin upswing appears to be <a href="https://blockworks.co/news/lightspeed-newsletter-ai-bot-goat-memecoin">AI bots</a>, which have captured trader mindshare and given memecoins something they have so far seemed to lack — a semblance of <a href="https://blockworks.co/news/ai-new-favorite-memecoin">meaning</a>.



Solana’s real economic value (REV), a measure of the blockchain’s income, has set new highs for four consecutive days, ginning up a record $36 million last week. This week will likely break that record again —&nbsp;Solana’s REV was $11 million on Thursday alone.&nbsp;



Last week, nearly 78% of Solana DEX volume pertained to memecoins, per <a href="https://app.blockworksresearch.com/analytics/sol?dashboard=sol-dex&amp;interval=daily">Blockworks Research</a>, which marks an all-time high for memecoin dominance.



Solana’s price has also hit an all-time high relative to its rival, ether: For the first time ever, SOL hit 7% of ETH’s price. This frothiness has been a couple weeks in the making, but it seemed to really take off with the <a href="https://blockworks.co/news/0xresearch-newsletter-goatse-memecoin">bizarre saga</a> of Goatseus Maximum — a memecoin endorsed by an absurdist AI bot called truth_terminal.&nbsp;



The story was unhinged enough to go viral. The token now has a market capitalization of over $730 million, while the chat bot’s public wallet now holds more than $2.7 million in crypto, largely driven by airdrops of other memecoins.



GOAT spawned a cottage industry of would-be follow-ups. On Thursday evening, each of the top eight trending tokens on the trading data site DEX Screener were AI-related, with many claiming to also be linked to some sort of “AI agent.”



For much of this year, memecoins have drawn inspiration from unserious things like funny pictures of <a href="https://blockworks.co/news/memecoin-moodeng-market-cap-soars">animals</a> or <a href="https://blockworks.co/news/elections-politifi-memecoins-impact">public figures</a>. In this new memecoin market phase, traders are making it seem like they think something <a href="https://blockworks.co/news/ai-pushing-memecoins-into-next-phase">more serious</a> is going on.&nbsp;



One viral X thread and blog post author said truth_terminal represents “the birth of an entirely new category of coins/money,” and the saga is “unlocking portions of my brain I didn&#8217;t know I possessed.”



“It&#8217;s basically a new species of digital organism,” Miko Matsumura from gumi Cryptos Capital told me in a text.



Still, if all this AI agent business holds any real meaning, that significance remains elusive. To summarize multiple conversations I’ve had this week, “the truth_terminal story feels really important, but I can’t quite articulate my take on it.” And as Helius CEO Mert Mumtaz <a href="https://x.com/0xMert_/status/1849403913172086826">pointed</a> out, “AI agents” may just be a sleight of hand rebranding of chat bots.



Memecoins now purport to be about something real though, and just having that pretense could be what’s responsible for the meme market pushing Solana metrics to all-time highs.&nbsp;



“Financial nihilism is inherently self-limiting,” the popular anonymous account Sisyphus wrote of GOAT on X.



“Memecoins are a meaningless casino” isn’t a great sales pitch. “We’ve discovered a new frontier in AI” — whether that’s true or not — could be.



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AI bots turbocharge Solana trading metrics

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/research">subscribe</a>.



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Ethereum’s major oracle provider, Chainlink, is making moves in the growing ecosystem of BTCFi (Bitcoin Finance).



Botanix Labs, the team behind the EVM-compatible Bitcoin L2 <a href="https://blockworks-research.beehiiv.com/p/spiderchain-bitcoin-l2-multiverse">Spiderchain</a>, is integrating Chainlink’s data feeds to allow inter-blockchain communication to the world of EVM.



As part of the partnership, Botanix is participating in <a href="https://blog.chain.link/chainlink-scale-program/">Chainlink Scale</a>, a gas grant program that Chainlink offers to onboarded blockchains to initially cover the operating costs of their oracle networks.



Spiderchain is also integrating Chainlink’s cross-chain interoperability protocol (CCIP), which serves to enable programmable token/data transfers across different blockchains.



Johann Eid, chief business officer at Chainlink Labs, said “Botanix is the first Bitcoin layer-2 to join Scale, a significant step in helping its developers to build secure, scalable and fully-featured dapps on Bitcoin.”&nbsp;



Like other players in the BTCFi space, Spiderchain strives to unlock the use of BTC natively on the thousands of EVM-compatible dapps today.



Spiderchain explicitly eschews Bitcoin’s non-fungible UTXO (unspent transaction output) model while embracing Ethereum’s nimbler “<a href="https://docs.alchemy.com/docs/utxo-vs-account-models">account model</a>.”



It’s a <a href="https://blockworks.co/news/bitcoin-powerful-defi-potential">slow redefinition</a> of what Bitcoin is traditionally known for. Bitcoin’s dominant narrative is being a digital gold-like “reserve” asset due to the blockchain’s lack of smart contract compatibility.



Spiderchain derives its name from its chain’s design. According to Botanix’s <a href="https://www.botanixlabs.xyz/en/technology">docs</a>, the chain is a permissionless set of “distributed network of multisigs, safeguarded by a randomized subset of participants,” known as orchestrators.



Orchestrators deposit BTC into the multisig wallets as a kind of escrow bond to participate in consensus, and run a Bitcoin and Spiderchain node simultaneously.



A decentralized sequencer will be used from day one of Spiderchain’s launch. By leveraging Bitcoin’s <a href="https://blockworks.co/news/btc-price-flat-after-taproot-lightning-network-continues-to-grow-markets-wrap">Taproot upgrade</a>, Spiderchain is also able to accommodate a larger network of multisigs on the Bitcoin parent chain as is, without requiring any soft forks.



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Chainlink brings data feeds to Bitcoin L2 Spiderchain

Though Ripple is in talks with financial institutions exploring real-world asset tokenization, there remains work to be done before mass traditional finance migration to this space occurs.



James Wallis, who leads business development for RWA tokenization with financial institutions at Ripple, told Blockworks that trillions of dollars worth of assets coming onchain — and the speed at which that happens — will depend on institutions seeing enough value in the use cases that emerge.



Read more: <a href="https://blockworks.co/news/tokenization-updates-rwa-summit">Takes on tokenization vary at RWA Summit</a>



The tokenized <a href="https://blockworks.co/tag/real-world-assets">RWA</a> segment has grown to about $12 billion. That excludes the stablecoin market, which sits at roughly $170 billion.



Some of the cited benefits of <a href="https://blockworks.co/tag/tokenization">tokenization</a>, such as creating efficiencies and broadening investor access to certain assets, “have yet to be fully proven, may not be uniquely achievable through tokenization, and may involve trade-offs that might negate the benefits,” according to a Tuesday <a href="https://www.fsb.org/uploads/P221024-2.pdf">report</a> by the Financial Stability Board (FSB).&nbsp;



Fractionalization mechanisms (like securitization) already aid investor access to certain assets, for example. Atomic settlement may increase liquidity demands on market participants, the FSB report explains. Then there’s the challenge of scaling adoption, which the potential gains of tokenization are likely to depend on.



The FSB adds there is likely to be a blending of tradition and blockchain systems, with the latter used for “asset classes for which the cost-benefit trade-off for tokenization is most clear.”



Back in April, Ripple revealed <a href="https://blockworks.co/news/ripple-issuing-cash-equivalent-backed-stablecoin?utm_source=forward-guidance.beehiiv.com&amp;utm_medium=newsletter&amp;utm_campaign=a-hawkish-50bps-cut&amp;_bhlid=bda59067634b9d46a954fe7d9681694ada80b281">its plan to launch a USD-pegged stablecoin</a> backed by US dollar deposits, short-term US Treasurys and other cash equivalents.



Last week, the company shared the exchanges and platforms on which the stablecoins — RLUSD — would be available: Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA and Bullish.&nbsp;



One of the few stablecoins issued under a New York Trust Company Charter, Wallis said the company is working closely with regulators to launch RLUSD “soon,” but declined to comment further.



Keep reading for excerpts from Blockworks’ interview with Wallis.



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



Blockworks: What have been some of your main takeaways as you speak with institutions that are exploring the tokenization space?



Wallis: There are a few proof points now that there’s a business case to do this. Collateral management efficiencies and operating costs and efficiencies are on that side of the equation. And then, in parallel, we’re seeing with those examples traditional institutions launching on public blockchains, which I think is a fairly big shift in the last six to 12 months.



The utopia for me is where you have onchain assets and then obviously onchain settlement and payment capabilities. That’s Web3, so this is the start of Web3 really becoming a reality.



Blockworks: You mention more institutions getting comfortable with public blockchains. Why do you think that is?



Wallis: There was always a nervousness around the public chains because of the transparency, which is one of the benefits of blockchain. I think now people have seen they can issue on those technologies in a sort of controlled way, and there are benefits around things like liquidity and market access.&nbsp;



A private ledger is, by definition, private. So if you ultimately want to get to the world where you have broader access capability, then the public chain is definitely the way to go.



Blockworks: We have seen the tokenized money market funds from <a href="https://blockworks.co/news/stablecoin-with-yield-franklin-templeton">Franklin Templeton</a> and <a href="https://blockworks.co/news/empire-newsletter-blackrock-buidl-milestone">BlackRock</a>. What do you expect to see next in this category? Wallis: Those have been a great place to start.&nbsp;



There have been tons of projects over the years tokenizing gold and tokenizing commodities. When you get into securities, it gets to be a little more complicated because you’ve obviously got a tighter set of regulations. I think you’ll see more and more types of securities being tokenized in the next few years. Where it ultimately gets interesting, though, is when you start thinking about secondary markets.



Blockworks: What do you make of some of the big projections, such as Standard Chartered saying it <a href="https://www.sc.com/en/press-release/trade-finance-to-play-substantial-role-in-usd-30-1-trillion-tokenised-real-world-assets-market-by-2034/">expects</a> that the tokenized RWA market could hit $30 trillion by 2034?



Wallis: I’m always a glass half full kind of guy. But I think it comes down to what’s the use case and the benefits. It really is that simple; it sounds obvious, but if you have an existing fund in the traditional market and you want to tokenize it, why would you do that? What is the benefit? So people are working through that.



Read more from our opinion section: <a href="https://blockworks.co/news/tokenizing-assets-substance-not-speculation">We should be tokenizing assets with substance, not speculation&nbsp;</a>



A lot of these new funds are designed for the crypto-friendly participants, so it makes it an easier sell. I think that’s the difference between the $2 trillion and the $20 trillion [projection], is how many of the existing traditional assets will make it onchain?



There’s an operational benefit or collateral management efficiency for the issuer. That’s good, they can lower their cost; but then they could either pass on some of the benefit to their clients or just make more margin.



Blockworks: What concerns might some of the institutions you are chatting with have about tokenizing assets?



Wallis: I wouldn’t say there are many concerns. It’s more about understanding and education.



If you look at the traditional institutions, they always have one eye on the regulatory and the risk. So they’re always thinking, “If I pick XYZ asset class, what are the rules of the road and how would I do that on a blockchain? How do I ensure a suitable level of privacy?”



So those are all design considerations that we get into conversations, and we go through that.



Blockworks: What regulatory developments are you watching out for?



Wallis: On the <a href="https://blockworks.co/tag/ripple">Ripple</a> stablecoin — RLUSD — we made the decision that we wanted to go for the absolute highest-quality regulator, so our regulator for that will be the New York DFS. Many other stablecoins are running more on money-transmitter licenses.&nbsp;



You have to embrace the regulators. When you go with a new technology, you can either fight or collaborate; our philosophy is to collaborate. I think also, not to be forgotten, all of these big institutions — whether they be in this country, in Europe or in Asia — they work with the regulators the whole time, so they’re actually best positioned.



Read more: <a href="https://blockworks.co/news/crypto-must-work-closely-with-regulators">Crypto needs ‘to work closely with the regulators:’ Gemini deputy general counsel</a>



They have to get comfortable. It’s a partnership; it’s not Ripple pushing anything, it’s not the client pushing anything. It’s like, let’s figure this out together. Let’s figure out what the characteristics are on the XRP Ledger that are a good fit. How does Ripple as a private company help with getting these things moving?&nbsp;



And then obviously the regulator is always part of the equation.



This interview was edited for clarity and brevity.



A modified version of this article first appeared in the daily Forward Guidance newsletter. Subscribe <a href="https://blockworks.co/newsletter/forwardguidance">here</a> so you don’t miss tomorrow’s edition.



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Tokenization growth to depend on use cases, benefits

David Canellis

This is a segment from the Empire newsletter. To read full editions, <a href="https://blockworks.co/newsletter/empire">subscribe</a>.



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If you think the Ethereum L2 space is overcrowded, perhaps you’re not thinking big enough.



Granted, there are now more than 100 different satellite blockchains orbiting Ethereum mainnet, per <a href="https://l2beat.com/scaling/summary">L2Beat</a>.&nbsp;



Kraken is preparing to <a href="https://blockworks.co/news/kraken-ethereum-layer-2-superchain">launch one more</a>, Ink, which it aims to deploy on Optimism’s Superchain. It will be the Superchain’s 24th fully participating network.



L2s generally process transactions offchain — where it’s much cheaper — and periodically transmute them to Ethereum for proper settlement.&nbsp;



The low fees and speed free developers to build apps that are otherwise too unwieldy if run on Ethereum directly. Swapping tokens on Ethereum right now <a href="https://l2fees.info/">costs</a> $5.48 in gas fees compared to only $0.18 for OP mainnet.&nbsp;



The Superchain is a meta-network intended to make the Ethereum ecosystem more cohesive. Optimism Labs offers a standardized tech stack which developers can use to customize their blockchains, either as general purpose networks or something more app-specific.



Superchain networks — operating alongside Optimism’s own layer-2 — agree to share the fees they generate, either 2.5% of chain revenue or 15% of onchain profit, whichever is higher.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfrb8tVfSecCtw1I3xGYZmPyPwi3HkgLJkdL1YHHMFfF73urwscH5jNkfpyYtpZJg4B7_tIaAOYERnSlOvrXXacc-PlWcNnL0Cg8rKzNFuXPohCrir5Of0EgYXbRJRO5m_WQ2FIUMc7rC-FfZuLRqhR_wFN?key=7nPNWYIbOuSj8-pnQJ6oew" alt=""/><figcaption class="wp-element-caption">Weekly fee spend on the Superchain has recently jumped to August levels</figcaption></figure>



So, if Kraken were indeed to make a big splash with Ink, it would work to the benefit of the two dozen others on Superchain.



Users of those networks have in total forked out $180 million in ETH, valued daily, since OP mainnet launched in July 2021.&nbsp;



And while Ethereum’s <a href="https://blockworks.co/news/ethereum-longest-inflationary-period-since-merge">blobs cut L2 fees</a> significantly in March, almost 38% of Superchain’s lifetime total came after Dencun.



Base is largely to thank for that. Coinbase’s layer-2 — with which Kraken’s Ink will ultimately compete — is currently bringing over 80% of all OP Superchain fees right now, or between $620,000 and $1.23 million per week in October, with transaction counts and profitability at record highs.



Uniswap, memecoin launchers and trading bots like Banana Gun are contributing the bulk of Base gas spend right now, per <a href="https://app.blockworksresearch.com/analytics/base?dashboard=base-onchain-activity">Blockworks Research</a> data.



Whether Kraken really intends to loosen Base’s grip on the memecoin corner of the Ethereum space is moot, even if it would come with bragging rights. <a href="https://blockworks.co/news/0xresearch-newsletter-uniswap-layer-2">Uniswap Labs is gearing up to launch</a> its own Superchain network, Unichain, next month, which could throw an even bigger spanner in the works.



It does however say something about where we are headed: a blockchain for every company, app, game and community. Build the blockspace and they will come.



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A chain for every app is the new crypto meta

Felix Jauvin

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If I were to tell you that since the Fed’s rate cut of <a href="https://blockworks.co/news/fed-interest-rate-cut-50-bps">50 basis points</a> in September, financial conditions tightened (as opposed to loosened), would you believe me?



Well, that’s exactly what has happened. And for those not in the fixed income weeds, it might be a bit confusing how this could have occurred. So let’s break it down.



<h2 class="wp-block-heading">1. The rates complex</h2>



When the FOMC decides to lower interest rates, they’re actually just lowering one of what comprises many interest rates that make up the yield curve. Specifically, they are lowering the interbank overnight rate, otherwise known as the federal funds rate. As you move further out in duration on the yield curve, the less direct control the FOMC has on what that rate is, and the more it is controlled by market forces: <img loading="lazy" decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcfE94WvEAfI9R2pZbWV-uI3bIRrytq2pKzNXNb3JZYJlLtTdGnvU6rbCUH-zSlv8gHsU4m8DEp7X0Oj_3Le115vucjxz1mRKvJ8A4qxnwPELt_qIfbnAv9mHknREaAgOawByIdtLez13-Ze5JPtUsLH7A?key=E7z8h0jFtNIbVQuX9wHyOA" width="624" height="299">



<h2 class="wp-block-heading">2. Priced for aggressive slowdown</h2>



The FOMC can attempt to influence the long-duration parts of the curve through guidance on the path of rates, however. Through this combination of guidance and a summer of soft economic data, the market then moved to price in one of the most aggressive cutting cycles in history: <img loading="lazy" decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfxUaeM4_nZwMLP1RG08hircyyDLJomJU4NCmAtqGvbBrPm0HGA3xBuz5m-2PuRRGDIFmbDsxXyTjRQihgiehv-dwOAHcSBRH-JFjSXBjCx7K3GqpUbKUnnH71R-T3SfMRWxVg5mGKPSielrV5PrAZRxPha?key=E7z8h0jFtNIbVQuX9wHyOA" width="618" height="341">



We effectively were priced to see the fed funds rate reach 3% by the second half of 2025. From this aggressive pricing, the long end of the yield curve moved significantly lower to price in positioning that looked like a recession.&nbsp;



<h2 class="wp-block-heading">3. The 50bps cut as a trigger</h2>



From there, the Fed moved to cut 50bps, which was only priced at roughly 50% odds. This aggressive move helped quell concerns that the Fed was behind the curve and was risking a recession from happening if it moved too slowly and cut by “only” 25bps.&nbsp;



With the context of the near-recessionary pricing in the long end of the yield curve in mind — paired with an onslaught of positive economic data throughout September and October — something weird happened.&nbsp;



As the Fed cut the fed funds rate by 50bps, nearly every other maturity on the yield curve actually increased, as seen below:



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfyR-ccw51xFxh6L-9u9hfOO4CnhjowwkPegy8v6oEbxZGGjOdhT7el_IUEpGWkb6ZsHsh7sE_OrbpnXY-HHV4ldTMn1I-e8WmqHAaSmTtGcmFoBU9uCRBTavaTOGQMS_KVwGIE5mSPtNM38I9AXZVyt1Yb?key=E7z8h0jFtNIbVQuX9wHyOA" alt=""/></figure>



So despite the 50bps cut to the fed funds rate, the vast majority of the yield curve is substantially higher than it was a month ago.&nbsp;



<h2 class="wp-block-heading">4. The economy operates on the long end </h2>



Most borrowing in the economy occurs at the long end of the yield curve as opposed to the short-term money market rates. Therefore, when the price of borrowing on the long end increases, financial conditions tighten, generally speaking. And so, with this recent surge in long bond yields since the 50bps cut, we have seen financial conditions actually tighten.&nbsp;



Term premia has increased, reflecting an increase in opportunity cost for borrowing on longer durations vs. short: 



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="951" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-1-1.png?w=1024&amp;h=1024" alt="" class="wp-image-93756" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-1-1.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-1-1.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-1-1.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-1-1.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-1-1.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-1-1.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-1-1.png?w=439 439w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-1-1.png?w=368 368w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-1-1.png?w=80 80w" sizes="(max-width: 1600px) 100vw, 1600px" /></figure>



Also, 30-year mortgage rates have actually increased since the 50bps cut, despite the narrative that rate cuts would lead to lower mortgage rates:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="796" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2-1.png?w=1024&amp;h=1024" alt="" class="wp-image-93758" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2-1.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2-1.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2-1.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2-1.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2-1.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2-1.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2-1.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2-1.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2-1.png?w=80 80w" sizes="(max-width: 1600px) 100vw, 1600px" /></figure>



This led to the mini mortgage refinancing wave we saw peaking during the week of the FOMC cut. It has decreased ever since, given the opportunity cost to refinance has gotten less alluring as mortgage rates have risen: 



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="863" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2.png?w=1024&amp;h=1024" alt="" class="wp-image-93755" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2.png?w=80 80w" sizes="(max-width: 1600px) 100vw, 1600px" /></figure>



And so completes our journey of mechanically unpacking how, despite a cut in the federal funds rate, aggregate borrowing costs have actually increased of late. It’s crucial to look at the broad economy and not just the overnight rate that the Fed talks about.



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Financial conditions tightened since the Fed cut rates. Why?

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Solana could be seeing a substantial change in who benefits from the blockchain being built.



A <a href="https://forum.jito.network/t/jip-8-adopt-tiprouter-ncn-protocol-development/413">proposal</a> from Jito’s DAO would send 3% of all maximal extractible value (MEV) tips collected by the protocol to the DAO treasury and to TipRouter, an in-house program developed for Jito’s forthcoming restaking platform.&nbsp;



Jito Labs has also pledged to reduce its own tip share from 5% to 3%, meaning 6% of all Jito MEV tips would be taxed under the new program, up from 5% currently. The proposal estimates the fee switch would generate $22.8 million in annual revenue for the recently-formed Jito DAO.



MEV refers to the potential profit generated by reordering transactions within blockchain blocks. Jito created a validator client, which is the software validators use to connect to the blockchain, in which “MEV searchers” bid to have validators process their profitable sequence of transactions first. Searchers can add tips to sweeten the deal, and these tips have proven to be quite lucrative for validators, especially when there is more interest in trading on Solana.



From March through September of this year, Jito MEV tips <a href="https://app.blockworksresearch.com/analytics/sol?dashboard=sol-financial&amp;interval=monthly">generated</a> roughly $232 million in economic value, per Blockworks Research. Solana processed $20 million in Jito tips last week alone amid a memecoin-driven trading surge. MEV tips accounted for 54% of Solana’s real economic value (REV), a <a href="https://www.blockworksresearch.com">Blockworks Research</a> metric that estimates how much income blockchains are generating.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfYBrhHtflyVD69M-frRKq6EP7XiGCyxHXBrLUYio0ZmjiU0J3qohpCPuUvStssUKsuAWLd7yS4yr0UsRoxWPutkEqPcdPPU9DxxwMknlTP8f6X1Is-1RLOCXyWaysdiAJa_ajjPu6LPIVaV6ZTR6IsIC3R?key=pofk4YC4WKDPTZmDgbSoYA" alt=""/></figure>



The Jito DAO proposal would represent a shake up in how one of the Solana blockchain’s biggest income generators divvies up its spoils. This chart tells an interesting story in that regard:



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXf_p5Nb9zBVN7iGLdhZAnzrA5uPCcMEqnJIhCnxs1zXDRkpdnLcg38hYG9cdGHDJpfjSFVA8BXOihrJsBmPE5LRnSPzZLe_p1Lu3NalhjE5AFJ0M0vCKC_5MarVnqOqnoqCo9F1VawocxFriUL--ukqm7I?key=pofk4YC4WKDPTZmDgbSoYA" alt=""/></figure>



As you can see, SOL stakers’ income from Solana has slowly been growing in recent months, at the expense of validators and SOL that is burnt, or removed from circulation to slow down inflation.&nbsp;



Jito Labs’ 5% of MEV tips currently earns it around 2.5% of Solana’s REV. With the pending proposal, less REV would go to Labs and some would go to the DAO. Whether you think stakers or validators should be receiving more REV, or if Jito deserves a bigger share of the Solana network’s economic value, is all a question of values (for what it’s worth, I argue validators should be better rewarded in <a href="https://www.youtube.com/watch?v=Y7x6VFF2Dew">this podcast episode</a> with Dan Smith from Blockworks Research).&nbsp;



Another recent shift in Solana stakeholder revenue came from Solana Improvement Document (SIMD)-0096, which would <a href="https://blockworks.co/news/solana-validators-tackle-side-deals">send priority fees entirely to validators</a> rather than burning half.



Most of the new tip structure would go to Jito’s DAO, but 0.15% would also go to TipRouter, a Jito-conceived protocol which will “programmatically” distribute MEV tips. The TipRouter network will run as a node consensus network (NCN) on Jito Restaking.&nbsp;



In a sense, TipRouter can be thought of like EigenDA on EigenLayer, as an early restaking service built by the restaking platform.



This is all subject to a vote from Jito governance. But since the protocol is basically asking Jito DAO whether or not it wants to receive an estimated $22.8 million annually, I’d venture that the proposal has a pretty good chance of passing.



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Jito DAO may start taking in MEV fees

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Uniswap and Across announced a <a href="https://across.to/blog/Uniswap-Labs-Integrates-Across-for-In-App-Bridging">partnership</a> yesterday to power permissionless cross-chain swaps for the former.



With the rapid sprout of L2 rollups in recent years, trading cross-chain has proven increasingly frustrating as users have to manually bridge assets to different chains in order to trade specific assets or take advantage of deeper liquidity elsewhere.



The integration of Across’s intent-based bridging now allows traders to easily bridge and perform cross-chain swaps, all within Uniswap.



Across Protocol is built by Risk Labs, the team also behind the Universal Market Access (UMA) optimistic oracle.



Based on Risk Labs’ Dune dashboard, Across has bridged a cumulative $12.7 billion in lifetime volumes, with about $20-40 million in daily volumes over the last week.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd0hlXEp2yBGqglhgGU-OFtQCMA7QZmj2av1_9oUf-JpiDcA5vcxnnPEC6urQ1YFVaIw299Q-f6RV9CL247u3VsmTOBQ0Su8-IsQjudb1Av2a6yMJ9TJ316QHvJFbsNKnr1OnJ4K6VW-cpe3lIueRnIjCnS?key=pvGK6A-7vGIGDCPtny430g" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://dune.com/risk_labs/across-protocol-stats">Dune</a></figcaption></figure>



According to Across’s <a href="https://across.to/blog/Uniswap-Labs-Integrates-Across-for-In-App-Bridging">blog</a>, its bridging infrastructure is a “&#8230;robust, intents-powered solution that aims to execute certain L2-to-L2 transfers in just 3 seconds for transactions under $10,000 — which represent 99% of all L2 bridging activity.”



Nine EVM chains are included in the Across integration, which went live yesterday: Ethereum, Base, Arbitrum, Polygon, OP mainnet, Blast, ZKsync, Zora and the just-announced <a href="https://blog.uniswap.org/world-chain-is-now-live-on-uniswap">World Chain</a>.



Initially supported tokens will include stablecoins, <a href="https://blockworks.co/tag/wbtc">WBTC</a>, and any native chain assets i.e., OP on Optimism, ARB on Arbitrum or ETH on Ethereum.



Uniswap and Across co-developed <a href="https://www.erc7683.org/">ERC-7683</a>, a new cross-chain intent-centric token standard that would make it easier for cross-chain transactions to be executed by intermediary solvers/relayers on different chains.



As <a href="https://ethereum-magicians.org/t/erc-7683-cross-chain-intents-standard/19619/2">explained</a> by Across CTO Nicholas Pai, ERC-7683’s goal “&#8230;is to shrink the scope of the problem so that Bridges and DEXs can use the standard today while maintaining composability with existing messaging networks.”



For Uniswap’s upcoming <a href="https://blockworks.co/news/0xresearch-newsletter-uniswap-layer-2">L2, Unichain</a>, ERC-7683’s planned use is to enable cross-chain swaps for blockchain networks that fall outside of Optimism’s network of blockchains, <a href="https://blockworks.co/news/optimism-interoperability-layer-superchain">dubbed the Superchain</a>.



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Uniswap collabs with Across for cross-chain swaps

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Thanks to the success of GOAT, there’s a new trend in town: AI memecoins.&nbsp;



Whether it’s a lasting trend is still up in the air — and you could argue that it’s far too soon even to debate this topic — but it at least can’t be ignored (if you’re active in crypto).



As of now, nothing’s coming close to GOAT and Truth Terminal, but K33 analyst David Zimmerman pointed out that “the staying-power test for GOAT and its closely associated tokens now comes after this first major selloff. While the market decides this through price discovery, the debates on X over the substance of this new narrative are deafening.”



For Zimmerman and K33, it doesn’t matter if AI memecoins are truly here for good.&nbsp;



“Whether it’s a cute animal, an obscure new DeFi project, or an LLM-associated memecoin, they are almost all best simplified to one thing — momentum-trade opportunity. Crypto produces strange new narratives on a regular basis, but they can all be boiled down to momentum or volatility. A quick look at GOAT we see an abundance of big moves backed by significant volume for relatively small onchain tokens,” Zimmerman wrote. 



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdOX8L6dcnTpXj4ZCYPAYEaZ9iYko0XY0TXPbvP5RWybeF5gRFRa0Z2zQQCTVK0Nr_oUsD2KUrsyfTOobgO3QzrUQAPJY0EMYoM6sbDdKDJXEIByKNWYb4dbQR8h2Gn4mGubVUUBpBIHTmQ7AicLotCs_ob?key=UcK6LPhXq2KBoBm-2KBgAw" alt=""/><figcaption class="wp-element-caption">Source: K33</figcaption></figure>



And if we’re just looking at the data, AI memecoins have quite a ways to go to catch up to DOGE, PEPE or any of the major memecoins.&nbsp;



Zimmerman’s analysis is simple: Ignore the noise.&nbsp;



“If the optimistic proponents of AI memecoins turn out to be correct, and we are at the beginning stages of a rising tide that ushers in a new ‘easy mode’ period akin to the DeFi Summer of 2020, then we have months of opportunities in a budding sector ahead. If the opposite occurs, then one does not want to be left holding the AI memecoin bag,” he said.



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How AI is pushing memecoins into their next big phase

Billy Luedtke

The internet is built on a fragile foundation of trust assumptions — and it’s breaking. Every time we browse the web, make online purchases or share personal information, we rely on unspoken assumptions about how platforms manage our data and ensure our security. But trust assumptions are inherently flawed.



A trustless internet, grounded in decentralized technologies like blockchain, can reduce these risks by ensuring that actions are verifiable and secure without requiring blind trust. If we don&#8217;t act now to address the internet’s trust problem, we’ll continue to see data breaches and manipulation that undermine both personal privacy and societal stability. By developing new trust protocols and adopting decentralized solutions, we can secure the future of the web.



<h2 class="wp-block-heading">What are trust assumptions?</h2>



A trust assumption is a condition that you blindly assume is true. While that may seem vague or overly simplistic, trust assumptions are actually a critical component of security audits, and form the bedrock upon which security assessments are built.&nbsp;



Imagine a security auditor tasked with evaluating a simple iPhone game. There are hundreds of components to consider, from the device running the app to the compiler processing the code. Not to mention the app itself, which likely contains thousands of lines of code and dozens of interactions with other systems — think connecting to GameCenter for multiplayer or using Google to let users sign in. The auditor cannot realistically verify every single component or piece of code; instead, they are forced to make trust assumptions.



Read more from our opinion section: <a href="https://blockworks.co/news/blockchains-still-arent-great-at-communication">Blockchains still aren’t great at communication</a>



The auditor might decide to make the trust assumption that GameCenter is secure and will function exactly as indicated by Apple, or that the iPhone hardware will match the stated specs for the operating system and compiler to function as indicated. By assuming certain conditions are true, the auditor can concentrate their efforts on probing other aspects of the system that are more likely to harbor risks. However, once a trust assumption is stated in a security audit, the accuracy of the audit hinges entirely on that assumption being correct. If any trust assumption proves to be flawed, the entire program could be compromised.



Trust assumptions aren’t limited to security auditors; in fact, users make scores of trust assumptions everyday when navigating the web. When you log into a social media site, you trust that it won’t harvest and sell your data to untrustworthy third parties; that it employs adequate security practices and will keep your account and data secure; and that it won’t simply pull up stakes and delete all of your content.&nbsp;



But modern society is built on an increasingly complex web of trust assumptions, and avoiding them simply isn’t possible. It’s why many users continue to get burned by data breaches, most recently like that of <a href="https://www.latimes.com/business/story/2024-08-13/hacker-claims-theft-of-every-american-social-security-number">national public data</a>, which led to the breach of 2.9 billion people’s sensitive information. It’s also why search engines like Google can convince you you’re browsing “incognito,” while actively <a href="https://www.wired.com/story/chrome-incognito-mode-privacy-warning/">gathering and selling your browsing data</a>.



<h2 class="wp-block-heading">Encoding sociology</h2>



It’s clear that trust assumptions breed vulnerabilities, so how can we reduce room for error with a more secure solution?&nbsp;&nbsp;



Read more from our opinion section: <a href="https://blockworks.co/news/decentralization-for-data-security">Without decentralization, our data will never be safe</a>



Countering the trust assumption are “trustless systems.” Operating on the principle of, “don’t trust, verify,” these systems allow every action performed on the network to be easily authenticated. Between cryptographic algorithms and decentralized consensus mechanisms, trustless systems establish security and integrity without needing participants to know or trust other network participants. This method has been especially novel in improving tasks like verifying payments or transferring digital assets, where actions are straightforward and can be easily verified.



However, while the cypherpunks got it right with Bitcoin, not all online interactions can or should be made trustless — at least for now. Consider, for instance, the Better Business Bureau, which helps resolve disputes between companies and their customers. The site must filter out illegitimate complaints, which involves subjective judgment and layers of context, making it difficult to fully automate. Given the complexity of language and the current limitations of AI, discerning clear-cut rules to determine a valid complaint is challenging, so human moderation is very necessary.



Read more from our opinion section: <a href="https://blockworks.co/news/blockchain-audits-ey">Stop calling them audits</a>



Because some processes will always require a degree of trust, it is crucial to develop protocols that effectively monitor and manage trust assumptions, so as to identify their potential blind spots and fortify them against manipulation. These protocols can pin-point dependencies, reveal potential vulnerabilities and assess the trustworthiness of network participants. For example, users could see how many others trust a website before sharing their personal data, turning blind trust into an informed, measured decision that enhances security.



<h2 class="wp-block-heading">Leveraging the power of trust</h2>



There has never been a more critical time to rethink how we handle trust online. As our digital and real-world identities become more intertwined, the consequences of misplaced trust grow increasingly dire. And while embracing trustlessness is ideal for certain use cases, a more effective solution for others may lie somewhere on the spectrum.



By developing and leveraging better tools to monitor and evaluate digital trust, we can gain deeper insights into online security and create a safer environment for everyone. Strengthening these trust mechanisms is not just important — it’s necessary. We deserve an online world where reliability and safety are the standard, not the exception.



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The fatal errors plaguing the internet, and how we can fix them

Binance has BNB Chain, Coinbase has Base, OKX has the X Layer and now Kraken has Ink.



Kraken announced <a href="https://blog.kraken.com/news/announcing-ink">today</a> its plans to launch its own Ethereum layer-2 network, Ink, expected to go live on mainnet in early 2025.



Ink uses Optimism’s OP Stack, and will be part of Optimism’s constellation of blockchains, dubbed the Superchain.



<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 Ink. A single, integrated DeFi ecosystem here to make onchain easier. Join us: <a href="https://t.co/kKPhCeRLFf">https://t.co/kKPhCeRLFf</a> <a href="https://t.co/tH4nqENKZ7">pic.twitter.com/tH4nqENKZ7</a>&mdash; ink (@inkonchain) <a href="https://twitter.com/inkonchain/status/1849443457883885801?ref_src=twsrc%5Etfw">October 24, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The OP Stack is the most widely-used rollup stack today, with about 43 live chains, according to <a href="https://l2beat.com/scaling/summary">L2Beat</a>. Other upcoming layer-2 chains include Sony’s <a href="https://blockworks.co/news/web3-watch-sony-lends-its-name-to-ethereum-l2">Soneium</a> and <a href="https://blockworks.co/news/0xresearch-newsletter-uniswap-layer-2">Uniswap’s Unichain</a>.



Read more: <a href="https://blockworks.co/news/optimism-interoperability-layer-superchain">Optimism plans to unify its Superchain with an interoperability layer</a>



Based on a press release shared with Blockworks, <a href="https://blockworks.co/tag/kraken">Kraken</a> is opting into the Optimism Superchain and will therefore share a percentage of its sequencer revenues with Optimism.



Coinbase’s Base layer-2, for instance, shares <a href="https://optimism.mirror.xyz/Luegue9qIbTO_NZlNVOsj25O1k4NBNKkNadp2d0MsTI">2.5% &#8211; 15%</a> of its sequencer revenue with the Optimism treasury. Optimism has earned about <a href="https://dune.com/queries/3016366/5015846">2566</a> ETH in sequencer revenues from Base since <a href="https://blockworks.co/news/base-next-internet-jesse-pollak">its October 2023 launch</a>.



Andrew Koller, founder of Ink, said of the launch: “A [layer-2] is only as good as the value it brings to users, and that value is created by a thriving ecosystem of developers.” 



Read more: <a href="https://blockworks.co/news/0xresearch-newsletter-kraken-wrapped-bitcoin">Kraken joins Coinbase to compete with BitGo’s wBTC</a>



The Ink blockchain is being touted by Kraken as a DeFi-centric chain, and will enjoy one-second block times on day one of its launch, with improvements to sub-second block times to come down the road.



Ink’s testnet is set to go live in 17 days. The testnet launch will come with AMAs, live demos and contests to target developers.



Founded in 2011 by Jesse Powell, Kraken is one of the oldest crypto exchanges today with about 10 million users across 180+ countries. Based on <a href="https://coinmarketcap.com/rankings/exchanges/">Coinmarketcap</a>’s rankings, Kraken is the sixth largest crypto exchange today.



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Kraken unveils new Ethereum L2 built on Optimism’s Superchain

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Speakers

Caitlin Long

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

Kristin is the CEO of the Blockchain Association, the Washington, D.C.-based trade association representing more than 100 of the industry’s leading companies. She also serves as a board member of the Filecoin Foundation for the Decentralized Web. Kristin serves as a liaison between policymakers and the cryptocurrency industry to assist in the creation of legislation and regulation that promotes the growth of the cryptocurrency ecosystem in the U.S. She is also a leading, public voice advocating for the cryptocurrency and blockchain industry through top-tier media interviews, op-eds and letters to the editor, and global speaking engagements. Kristin is a renowned voice for the industry, having been featured on Fortune’s 2020 40 under 40 list, CoinDesk’s 2021 50 people who defined the year in crypto, and CoinTelegraph’s 2022 top 100 Influencers in Crypto and Blockchain. Prior to leading the Blockchain Association, Kristin helped blockchain and technology companies achieve their public policy objectives in Washington. She served as a Senate and congressional aide on Capitol Hill for nearly ten years, much of which was spent focusing on technology policy.

Kristin Smith

Wiley Nickel is the U.S. Representative of the 13th District of North Carolina, a 50/50 toss-up district in Raleigh and surrounding metro area. Wiley serves on the Financial Services Committee and the Digital Assets Subcommittee, and has been a champion for expanding the group of pro-crypto Democrats. He led the way to secure support from 71 House Democrats on FIT21 and was the Democratic lead on the Congressional Review Act to overturn SAB121. Prior to being elected to Congress, Wiley served as a North Carolina State Senator, attorney, and worked for two White House administrations.

Wiley Nickel

Pascal Gauthier is the Chairman &amp; CEO of Ledger, a tech company that specializes in developing secure consumer devices for storing and managing cryptocurrencies and NFTs.



He began his career at Kelkoo, later acquired by Yahoo, and was COO at Criteo, where he played a key role in the company's pivot to advertising and global expansion. Pascal Gauthier also worked as a Venture Partner at Mosaic Ventures, a London-based VC firm, and is non-executive chairman of Kaiko, a leading digital data analytics provider.&nbsp;



Since he became Chairman &amp; CEO of Ledger in 2019, Pascal Gauthier has expanded the company's product line with Ledger Live, an intuitive digital asset management app, and a next-generation consumer device, Ledger Stax. He is committed to driving ownership and security in the cryptocurrency industry.

Pascal Gauthier

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

Ray 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

ERIC BALCHUNAS is Senior ETF Analyst at Bloomberg Intelligence, where he leads the ETF and fund research and contributes to Bloomberg Opinion. He is a frequent speaker at industry events and conferences, as well as the co-creator of the Bloomberg podcast Trillions and Bloomberg TV’s ETF IQ. Eric is author of The Bogle Effect (2022) and The Institutional ETF Toolbox (2016). Eric holds a bachelor's degree in Journalism and Environmental Economics from Rutgers University.

Eric Balchunas

Anthony Scaramucci is the founder and managing partner of SkyBridge, a global alternative investment firm, and founder and chairman of SALT, a global thought leadership forum and venture studio. Prior to founding SkyBridge in 2005, Scaramucci co-founded investment partnership Oscar Capital Management, which was sold to Neuberger Berman in 2001. Earlier, he worked in Private Wealth Management at Goldman Sachs &amp; Co. In 2022, Scaramucci was ranked #47 in Cointelegraph’s Top 100 Influencers in Crypto and Blockchain. In 2016, he was ranked #85 in Worth Magazine’s Power 100: The 100 Most Powerful People in Global Finance. In 2011, he received Ernst &amp; Young’s New York Financial Services “Entrepreneur of the Year” Award. Anthony is a member of the Council on Foreign Relations (CFR) and a board member of the Federal Enforcement Homeland Security Foundation. He is the author of five books. Scaramucci served on President Donald J. Trump’s 16-person Presidential Transition Team Executive Committee, and in 2017 briefly served as Chief Strategy Officer of the Export-Import (EXIM) Bank and White House Communications Director. Scaramucci, a native of Long Island, New York, holds a Bachelor of Arts degree in Economics from Tufts University and a Juris Doctor from Harvard Law School.

Anthony Scaramucci

David Mercer is the Chief Executive Officer of LMAX Group, a global, high-growth financial technology company based in London. A former City banking executive and currency specialist, he joined LMAX Group in 2011 and after a successful management buyout, rapidly built LMAX Group into the leading operator of institutional FX and cryptocurrency exchanges with offices in 11 countries and global client base. An outspoken industry commentator, David is a long term champion of the UK’s fintech sector and passionate about supporting entrepreneurship in the UK.

David Mercer

Amy is the head of emerging markets equity, a member of the Morgan Stanley Investment Management Operating Committee, the Morgan Stanley Investment Management Equity Technology Council, the Morgan Stanley Innovation Council and the Morgan Stanley Arts and Culture Committee. She manages digital asset initiatives at MSIM and has held roles in equity and FX trading, portfolio management support, product development and strategy.



Prior to joining Morgan Stanley in 2001, Amy managed business development at Arc Worldwide. She has over 25 years of financial services experience.

Amy Oldenburg

Gautam Sharma is CEO &amp; CIO of BH Digital, Brevan Howard’s crypto asset management division. Gautam previously led principal investments at Brevan, including overseeing Alan Howard’s family office strategic businesses in crypto &amp; fintech. Prior to this, Gautam spent over 4 years at Steadview Capital, a tech-focused growth stage fund, and 5 years at McKinsey &amp; Co., focused on fintech &amp; digital banking transformations.

Gautam Sharma

Joe McCann is the Founder, CEO, and CIO of <a href="http://asymmetric.financial">Asymmetric</a>, a contemporary digital assets investment firm. Asymmetric is backed by Marc Andreessen, Chris Dixon, and Circle Inc., as well as the founders of Solana, Multicoin, CoinFund, and many other reputable investors and entrepreneurs. In April 2024, Preqin named Asymmetric’s Liquid Alpha Fund the #1 hedge fund by net performance out of tens of thousands of hedge funds across all asset classes globally.&nbsp;



With over 24 years of experience working on Wall Street to Silicon Valley and with skills ranging from systematic and quantitative trading to fundraising and running a venture-backed, open-source enterprise software company, McCann's perspective on technology and finance is rather unique. McCann is a frequent speaker on the global conference circuit, actively promoting emerging technologies and relevant business use cases to bring pragmatism to futurism.&nbsp;&nbsp;



Most recently, McCann was a Senior Director at Microsoft in the Cloud and AI organization, focusing on incubations, M&amp;A, and startups. McCann also ran Quantitative and Systematic Trading for Cryptocurrencies at Passport Capital, a San Francisco-based hedge fund.&nbsp; Before that, McCann was the Founder and CEO of NodeSource, The Node.js Company, the most popular and widely adopted open source project of the last decade.&nbsp;&nbsp; McCann is also an advisor to a handful of companies like <a href="https://dharma.io/">Dharma</a> (a decentralized finance app on Ethereum, acquired by <a href="http://opensea.com">OpenSea</a>), <a href="https://voltage.cloud/">Voltage</a> (Bitcoin lightning nodes-as-a-service), and <a href="http://zebec.io">Zebec</a> (a money-streaming protocol on Solana) and is frequently mentioned in publications ranging from <a href="https://techcrunch.com/2015/04/18/the-unbundling-of-everything/">TechCrunch</a> to <a href="https://www.forbes.com/sites/forbestechcouncil/2017/09/22/the-meteoric-rise-of-open-source-and-why-investors-should-care/#3fbdc35d5484">Forbes</a> and the <a href="https://www.wsj.com/articles/tech-firms-grapple-with-how-to-make-open-source-pay-1457031731">Wall Street Journal</a>.

Joe McCann

Matt Homer is the General Partner of The Department of XYZ. He also serves as a board member at Gemini Trust Company and Standard Custody &amp; Trust. Prior to launching The Department of XYZ, Matt led blockchain investments at Nyca Partners.



A two-time former regulator, Matt most notably served as the primary regulator for many leading digital asset firms in the United States. As&nbsp; Executive Deputy Superintendent at the New York State Department of Financial Services, he oversaw the licensing and supervision of digital asset firms and was responsible for the Department’s broader innovation agenda as well.



Matt previously worked for Plaid, one of the world’s most successful fintech unicorns, and started his career as a strategy consultant at Deloitte. He has also held roles at at the FDIC and US Agency for International Development and has advised institutions such as the UN Capital Development Fund, the World Bank, and the Cambridge Center for Alternative Finance. Matt holds a masters from the Harvard Kennedy School.

Matt Homer

Colleen Sullivan is Co-Head of Ventures at Brevan Howard Digital. Prior to joining Brevan Howard Digital, Colleen co-founded and served as CEO of CMT Digital, where she was also a partner with the broader CMT Group and commenced activities in the crypto industry in 2013. Prior to starting CMT Digital, Colleen co-founded Sullivan Wolf Kailus, a boutique law firm that specializes in hedge fund, private equity, venture capital, digital assets, and other alternative investment products. Colleen also previously practiced law in the Investment Funds and Derivatives group at Sidley Austin LLP and, at age 25, co-founded a company called iOptions Group LLC, which developed hedging and monetization strategies for holders of employee stock options. Ms. Sullivan currently serves on the Advisory Board of the Chamber of Digital Commerce.

Colleen Sullivan

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

Min Teo is the Co-Founder and Managing Partner at Ethereal Ventures, a leading crypto venture firm founded by Min and Joseph Lubin. Ethereal has 40+ portfolio companies globally, including Aleo, EigenLayer, Aztec Protocol, and SpruceID. Prior to Ethereal, Min led venture investments at ConsenSys, previously built a fintech company in the UK and started her career in private equity.

Min Teo

Jonah Van Bourg is a professional crude oil and cryptocurrency trader with 18 years of experience managing trading teams and running risk in volatile markets. Most recently, he was Global Head of Crypto and Precious Metals Trading at DRW. Prior to this, Jonah was a partner and oil derivatives trader at Vitol. In his early career, he ran the global oil derivatives desk at Goldman Sachs. Jonah graduated with a BA in Economics and Statistics from Columbia University.

Jonah Van Bourg

Vance Spencer is the co-founder of<a href="https://framework.ventures/" target="_blank" rel="noreferrer noopener"> Framework Ventures,</a> one of the largest VC firms in the blockchain industry. Under the leadership of Vance and his co-founder Michael, Framework was arguably the first VC firm to <a href="https://decrypt.co/16943/why-framework-ventures-is-going-all-in-on-defi" target="_blank" rel="noreferrer noopener">“go all in”</a> on the emerging Decentralized Finance (“DeFi”) ecosystem, notching up major early investments in several multi-billion dollar apps and networks like Chainlink, Aave, Synthetix, The Graph, and more. Over the last year, the firm has raised $400M for its third fund, and has also expanded into additional maturing verticals like web3 gaming, real world assets, and social crypto. Before Framework, Vance and his co-founder Michael launched and sold Hashletes, a digital collectible startup with official licensing from the NFL. Prior to entering the crypto space, Vance worked at Netflix in Los Angeles and Tokyo, where he was part of the team responsible for the relaunch of the Japan business, eventually joining the team leading corporate development for most of northern Asia.

Vance Spencer

Robert&nbsp;Leshner&nbsp;is the CEO and Co-founder of Superstate, an asset management firm modernizing investing through tokenized financial products. Prior to founding Superstate,&nbsp;Leshner&nbsp;co-founded Compound Labs in 2017, which developed one of the first DeFi applications.&nbsp;Robert is a venture investor at Robot Ventures and co-hosts&nbsp;The Chopping Block,&nbsp;a crypto-native podcast. He is directly responsible for designing smart contracts such as Governor Bravo and the ERC-7246 token standard, Encumber.&nbsp;



 He has a degree in economics from the University of Pennsylvania and is a Chartered Financial Analyst. Additionally,&nbsp;Robert is the former chair of the San Francisco Revenue Bond Oversight Committee and a CFA charter holder.

Robert Leshner

Brian Quintenz is the Head of Policy for a16z crypto, where he helps to translate between the crypto and policy communities.



Brian has long stood out as an innovative thinker in crypto and DeFi and was one of the earliest leaders in Washington to recognize the value of crypto. Brian initially joined a16z crypto as a senior advisor. In December 2022, he moved to the full-time role leading its policy team.



Prior to joining a16z, he was nominated by both Presidents Obama and Trump to serve as commissioner of the Commodity Futures Trading Commission (CFTC) and, in August 2017, was unanimously confirmed by the U.S. Senate. He also led the agency’s Technology Advisory Committee, which hosted the most comprehensive set of public crypto-related policy discussions and briefings of any federal financial regulator. During his service, the CFTC oversaw the listing of the first U.S. regulated Bitcoin and Ether futures contracts on derivatives exchanges, and the rapid expansion of DeFi. All the while, he was a champion for tailored, risk-calibrated regulation.



Prior to his appointment to the CFTC, Brian was the Founder and Managing Principal of Saeculum Capital Management, LLC where he developed and implemented Saeculum’s long term, momentum-based investment process for both traditional discretionary accounts as well as a managed-futures, commodity pool hedge fund.



Brian began his career on Capitol Hill, where he worked for 6.5 years and served as senior policy aid to a Member of Congress. He received his B.S. from Duke University and M.B.A. from Georgetown University.

Brian Quintenz

Joseph is the CIO at Monetary Macro, principal of FedGuy.com, author of the bestselling book "Central Banking 101," and previously a senior trader on the Federal Reserve’s Open Markets Desk. Joseph writes widely on the mechanics of the financial system and his work has been featured in Barrons, Bloomberg, Financial Times and many other media outlets. Earlier in his career, Joseph was a credit analyst and in another life he practiced law. He holds a B.A. in Economics from Northwestern University, a J.D. from Columbia Law School, and an MSc. in Financial Economics from Oxford University.

Joseph Wang

Carlos Domingo is co-founder and CEO of Securitize. Carlos has 25+ years of experience in innovation and digital transformation, including having also founded SPiCE VC, the first truly liquid, inclusive and transparent tokenized VC on the blockchain. Previously, Carlos was CEO of Research &amp; Development for Telefonica (one of the largest telecom companies in the world), as well as CEO of New Business and Innovation for Telefonica Digital. Carlos holds a PhD in computer science, speaks English, Spanish and Japanese, and is based in Miami.

Carlos Domingo

Chris Perkins serves as Managing Partner and President of CoinFund, driving day-to-day excellence and enterprise-scale by bridging the gap between cryptocurrency-native investing and traditional ﬁnance. He also advocates for the interests of the crypto ecosystem through his appointment to the CFTC’s Global Markets Advisory Committee and its&nbsp; Digital Asset Markets Subcommittee. He has also testified before Congress on crypto market structure design.



Chris is the co-inventor of the Composite Ether Staking Rate (CESR), which is the first interest rate benchmark of its kind in the crypto industry.



Prior to joining CoinFund, Chris served as Global Co-Head of Futures, Clearing and Foreign Exchange Prime Brokerage (FXPB) businesses at Citi. In this capacity, he was responsible for delivering leading listed derivative electronic and voice execution, comprehensive central clearing and #1 ranked OTC Clearing and FXPB services to top institutional clients.



Prior to joining Citi in 2008, Chris served as the U.S. Head of Derivatives Intermediation at Lehman Brothers.&nbsp; An Iraq war veteran, Chris served in the U.S. Marine Corps for nine years, achieving the rank of Captain. Chris is the co-founder of Veterans in Digital Assets (VIDA) and Veterans on Wall Street (VOWS) (<a href="http://www.veteransonwallstreet.com/" target="_blank" rel="noreferrer noopener">www.veteransonwallstreet.com</a>),&nbsp; two international initiatives focused on veterans’ employment and empowerment. He has a Bachelor of Science degree from the U.S. Naval Academy, with distinction, and a Master of Arts degree in National Security Studies from Georgetown University.&nbsp; He is a member of the Economic Club of New York.

Chris Perkins

Jim Bianco is President and Index Manager at Bianco Research Advisors. He is also the President of Bianco Research LLC. Since 1990, Jim’s commentaries have offered a unique perspective on the global economy and financial markets. Unencumbered by the biases of traditional Wall Street research, Jim has built a decades long reputation for objective, incisive commentary that challenges consensus thinking.



 Jim appears regularly on CNBC, Bloomberg, and Fox Business, and is often featured in the Wall Street Journal, Bloomberg News, Grants Interest Rate Observer, and MarketWatch. Jim has a Bachelor of Science degree in Finance from Marquette University (1984) and an MBA from Fordham University (1989).

Jim Bianco

Marco is the Chief Legal Officer at Kraken Digital Asset Exchange. Marco is a recognized authority in the law and policy of blockchain technologies. Prior to his move to Kraken, Marco was the Chief Legal Officer of Blockchain.com, as well as a Partner at both Cooley LLP and Pillsbury Winthrop, where he counseled banks, broker-dealers, exchanges, digital wallets, payment providers and other companies making new and exciting uses of distributed ledger technology. Marco counseled his clients primarily on the money transmission and securities laws, including anti-money laundering regulations. Marco is an author of the SAFT Project Whitepaper, a self-regulatory effort to curb Initial Coin Offerings. He is an advisor to the International Monetary Fund, the Blockchain Ambassador to the State of Delaware and was the Chairman of the Regulatory Affairs Committee of the Bitcoin Foundation.

Marco Santori

Sébastien Derivaux is a chef and co-founder of <a href="https://www.steakhouse.financial/" target="_blank" rel="noreferrer noopener">Steakhouse Financial</a>, a boutique consulting business that helps DeFi protocols thrive. Sébastien focuses on Real-World Assets (RWA), having begun leading the RWA efforts at MakerDAO in 2020, and Asset-Liability Management. He holds a PhD in Data Science from Strasbourg University. Read more of his thoughts on the <a href="https://cryptobanking.network/" target="_blank" rel="noreferrer noopener">Crypto Banking Network</a>.

Sébastien Derivaux

James Seyffart is a research analyst within Bloomberg Intelligence (Bloomberg's Research Department), focusing on the broader asset management industry with specialized expertise in the coverage of Funds like ETFs, Mutual Funds and Hedge Funds. He also aids colleagues in digital asset research and their overlap with traditional financial markets. This overlap gives him particular expertise in the area digital asset funds. Professionally, he's been covering Crypto and particularly attempts to launch digital assets ETFs since at least 2017.



James is a Chartered Financial Analyst (CFA®), a Chartered Alternative Investment Analyst (CAIA®) and a member of their New York societies/chapters. He has a B.S. in Finance and Accounting from The College Of New Jersey (TCNJ)

James Seyffart

Michael Anderson is the co-founder of<a href="https://framework.ventures/" target="_blank" rel="noreferrer noopener"> Framework Ventures,</a> one of the largest VC firms in the blockchain industry. Under the leadership of Michael and his co-founder Vance, Framework was arguably the first VC firm to <a href="https://decrypt.co/16943/why-framework-ventures-is-going-all-in-on-defi" target="_blank" rel="noreferrer noopener">“go all in”</a> on the emerging Decentralized Finance (“DeFi”) ecosystem, notching up major early investments in several multi-billion dollar apps and networks like Chainlink, Aave, Synthetix, The Graph, and more. Over the last year, the firm has raised $400M for its third fund, and has also expanded into additional maturing verticals like web3 gaming, real world assets, and social crypto. Before Framework, Michael and his co-founder Vance launched and sold Hashletes, a digital collectible startup with official licensing from the NFL. Before entering the crypto space, Michael served as a product manager at both Snapchat and Dropbox, where he helped build out their monetization platforms.

Michael Anderson

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

Alex Thorn is a Managing Director and Head of Firmwide Research at Galaxy Digital. At Galaxy, Alex leads a team of researchers dedicated to understanding and unpacking developments in the cryptocurrency ecosystem, producing insights for internal and external audiences. Prior to joining Galaxy Digital, Alex spent 12 years at Fidelity Investments, mostly recently co-managing Avon Ventures, the early-stage crypto venture fund affiliated with FMR LLC, the parent company of Fidelity Investments. Before that, Alex was Director of Blockchain Research at Fidelity Center for Applied Technology where he directed technology experimentation and published research on the cryptocurrency and blockchain ecosystem, and held several roles in Legal and Compliance functions before that. Alex has a B.A. in Political Science from Vanderbilt University.

Alex Thorn

James is Global Head of Business Development at WebN Group, the Alan Howard backed incubator for Fintech &amp; Web3 innovation. Prior to WebN, James worked at Brevan Howard, in Alan Howard’s Family Office, focusing on Principal Investing across Crypto, Web3, Fintech &amp; Frontier Technologies.



Having been heavily involved in Web3 &amp; Digital Assets Markets for 7 years, James started his career with ~15 years of investment banking experience across multi-asset trading, derivative, sales and structuring across a number of top tier banks. James’s deep understanding of digital asset markets and his extensive derivative, treasury and trading experiences have been central to various digital venture builds, developing innovative solutions and bootstrapping technological expansion across both traditional finance players and digital natives.



James is a qualified Chartered Financial Analyst® and holds a Masters in Finance &amp; Honours Degree in Economics from Durham University. Previously, James has published quant, financial and regulatory papers across traditional and digital markets, most recently for the Digital Economic Initiative.

James Newman

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Hear from the world's most sophisticated investors about how liquidity, interest rates and economic drivers are shaping their digital asset portofolios. 

Macro Case for Digital Assets

Institutional investment will continue to drive this crypto cycle. At DAS you'll hear from investors on strategy, portfolio allocation, and more.

ETFs & Institutional Investment

Hear allocator's perspectives from the top funds in the world on how they are navigating the expanding public & private digital asset markets. 

Allocator's Perspective

This year's programming will explore the evolution of global standards and regulatory frameworks that policy makers are crafting for the maturing digital asset ecosystem. 

US & Global Digital Asset Policy

The largest financial institutions like Blackrock & JPMorgan are moving onchain to settle treasuries, collateral, and other securities. At DAS, these partnerships and innovations will be at the forefront of conversations. 

Tokenization & Real World Assets

DAS will delve into the evolving landscape of stablecoins and digital asset payments. Consumers and institutions alike will gain from their insight into these payments innovations. 