Osmosis is Layer-1, Proof-of-Stake (PoS) blockchain built using the Cosmos SDK that has optimized its design to be a sandbox for automated market makers (AMMs). The chain enables developers to design and deploy customized AMMs by using its various modules and leveraging Osmosis' on-chain governance system. Osmosis' native token, OSMO, grants holders the right to vote on proposed network changes and earn rewards for helping secure the network. Its first application, also called Osmosis, is an AMM that features ATOM and OSMO as its initial base trading pairs.

Osmosis

Jeff Albus

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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Automated market makers (AMMs) offer continuous market liquidity and decentralized trading mechanisms that make a whole host of <a href="https://blockworks.co/news/the-future-of-automated-market-makers-are-key-to-unlocking-defi-liquidity">DeFi innovations</a> viable. Recently, a few projects — including memecoin launchpad pump.fun — have taken an interest in developing their own use case-specific AMMs, veering away from reliance on third-party platforms.



To understand this trend, we need a more intimate understanding of how AMMs work, the problems they solve, and the <a href="https://x.com/blockworksres/status/1791184195265671479">strategic advantage</a> of customizing liquidity mechanisms to align&nbsp; with project objectives.



AMMs remove TradFi&#8217;s order book model entirely, instead replacing the concept with liquidity pools. These are user-supplied reserves of tokens (typically equal in value within constant-product concepts) that get locked inside of smart contracts. Instead of matching buy and sell orders directly, AMMs facilitate trades using formulas that continuously determine token prices based on their relative quantities within each pool.



One of the most prevalent AMM models utilizes the constant-product market maker algorithm, expressed mathematically as x * y = k. In this markup, x and y represent the reserve balances of two tokens in the liquidity pool, while k is a constant representing the product of these reserves.



When a user conducts a trade, exchanging token x for token y (or vice versa), the quantities shift, altering the ratio of tokens in the pool. To maintain the invariant constant (k), the AMM algorithm adjusts the price dynamically, ensuring the product of the token quantities remains stable post-trade.



If it&#8217;s helpful, you can also just pretend this all happens by magic, the mechanics of which are entirely indiscernible to all but the most learned pursuers of the occult. The outcome is the same either way, with the key point being: At the end of a trade, a given liquidity pool will always remain balanced according to the AMM&#8217;s ruleset. Through the maintenance of this balance, the system preserves a continuous state of liquidity and predictable token pricing without reliance on centralized counterparties. Abracadabra.&nbsp;



Of course, this model also introduces certain trade-offs. Impermanent loss for one, <a href="https://blockworks.co/news/the-investors-guide-to-navigating-impermanent-loss">which can occur</a> due to price fluctuations and alter token ratios. AMMs also typically require significant liquidity to reduce slippage (the difference between expected and executed trade prices). When a liquidity pool has limited reserves, even relatively small trades can substantially impact the token ratio, causing notable price swings during execution.&nbsp;



So why would a project that is not primarily concerned with generalized token swapping want to operate its own AMM? Let&#8217;s take pump.fun as a recent for-instance. It initially employed a bonding curve mechanism for token launches, where token prices increased as more tokens were purchased. Once a token&#8217;s bonding curve was completed, it would migrate to third-party provider Raydium to facilitate all of the aforementioned AMM balderdash.



However, pump.fun <a href="https://blockworks.co/news/pumpdotfun-ditching-raydium-rumor">has recently transitioned</a> to its own proprietary DEX, PumpSwap, eliminating the need for migration to Raydium and the associated fees. By internalizing its AMM, pump.fun gains complete control over liquidity dynamics, and can customize incentives and trading features to match the unique speculative and meme-centric interests of its community. For users, this means a more streamlined trading experience with scaled back costs.



As Web3 platforms progress, it&#8217;s clear that some believe tailored AMMs offer competitive advantages and facilitate closer alignment of economic incentives with community-specific behaviors and objectives. Thus, the real strength of tailored AMMs might lie not just in their financial or technical innovations, but in their capacity to cultivate deeper loyalty and sustainable engagement within niche communities.



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Understanding automatic market makers

Ben Strack

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



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I’ve been getting Ledn CIO John Glover’s bitcoin price technical analyses by email for a while now.&nbsp;



But I was finally able to catch up with him in person at the Digital Asset Summit.



Glover, ex-managing director at TD Securities and Barclays, uses Elliott Wave Theory — examining price patterns related to changes in investor sentiment and psychology — to predict BTC price.&nbsp;



Essentially, the theory goes: A deeply liquid market will move in the main trend direction in five waves (three “motive” phases pushing price up, with two downward “corrective” phases in between). There are then three waves that go opposite that trend.&nbsp;



Traders sometimes use this theory alongside other technical analyses to identify possible entry and exit points.



Last week, we perhaps neared the end of Wave 4 (the way down) within this broader BTC price uptrend that began in 2023 at around $16,000, according to Glover. The market, he noted, was not moved by the <a href="https://blockworks.co/news/donald-trump-digital-asset-summit-address">pro-crypto remarks</a> that Donald Trump recorded for last week’s Blockworks conference.&nbsp;



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfQZnt5Bh_wEA5uMh3fa2O3lYq37W4GAKE8J_Gv-FxvsfKMxP5alGDPcbb7Wwc2cRljmtDxMaZgG6Kl56GYtCJE45Wjs0UO_oHqA07ZBc3CA8mJ-kI2gLxRnow2nFEfwWwOLlzwdA?key=l2rfBhxSgjUxuQVfeEf0RGdy" alt=""/><figcaption class="wp-element-caption">BTC performance since January 2023. Source: TradingView.</figcaption></figure>



But BTC saw a boost over the weekend. Its price of $88,370, as of 2:10 pm ET Monday, was 2.6% higher than 24 hours prior.



Regardless of whether Wave 4 has officially ended or not, Glover expects Wave 5 to lead to a BTC price rally to between $130,000 and $135,000 by Q1 2026.



Taking the convo beyond specific price levels, I asked Glover about <a href="https://blockworks.co/news/investors-bitcoin-narrative-confusion">how bitcoin is perceived</a> — as a safe-haven to some, and as a risk asset to others.



“Even though we have deep liquidity, there’re not enough participants in [bitcoin] that have a complete understanding of what it is yet and have formed that view,” he said.



Those believing BTC is “digital gold” (and an inflation hedge) might be bulking up their bitcoin ETF positions, for example, as the price has come down. Those fearing that BTC’s rise to roughly $109,000 was just the result of a “Trump pump” might be exiting in panic.&nbsp;



“To me, [bitcoin] is digital gold, and once more and more traditional finance players get in, it will start tracking gold much more closely,” Glover added.



Nearly one-fifth of <a href="https://bitwiseinvestments.com/crypto-market-insights/the-bitwise-vettafi-2025-benchmark-survey">surveyed</a> financial advisers with no crypto allocation for clients planned to add that exposure in 2025 (more than double the previous year’s 8%). But those who haven’t committed yet will likely want to see BTC start moving up again before they do, Glover said.&nbsp;&nbsp;&nbsp;



Those tend to be stickier positions.&nbsp;



“If people have it in their portfolios, I don’t think they’re going to freak out if it’s correcting,” Glover said. “I think they’re going to say, ‘OK, it’s only 1% of my portfolio, I’m happy to hold that for the long term.’”



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Have we reached the bitcoin bull run’s final wave?

Casey Wagner

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



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The SEC’s new <a href="https://blockworks.co/news/new-sec-crypto-task-force">crypto task force</a> gathered Friday to hear from 11 crypto attorneys and legal experts.&nbsp;



It was the group’s inaugural roundtable discussion, lasting two hours and followed by 90 minutes of public Q&amp;A. The meeting was dubbed the “Spring Sprint Toward Crypto Clarity” and had a focus on “defining security status.”&nbsp;



Spoiler: To the <a href="https://www.coindesk.com/opinion/2025/03/24/the-sec-crypto-roundtable-was-a-missed-opportunity">chagrin</a> of much of the crypto industry, roundtable attendees were not able to reach agreement on the very question that has plagued the securities regulator for 5+ years.&nbsp;



Of course, answering the question of how to determine whether a crypto asset is a security wasn’t the primary purpose of the meeting. And, given that the SEC is operating with three commissioners and doesn’t currently have a permanent chair, we’d be shocked if the agency even hinted at passing formal rules around crypto.&nbsp;



All that aside, though — even if Friday’s meeting seemed on the surface to be a nothingburger, we’d argue that the conversation was still telling when it comes to what we could expect from the agency in the next few years.&nbsp;



Here are our top takeaways:&nbsp;



<h2 class="wp-block-heading">Howey is still king&nbsp;</h2>



All roads, for better or for worse, lead back to Howey.&nbsp;



The panel on Friday spent almost the entire time debating how and if cryptocurrencies fit into the four-pronged Howey test. Until a formal crypto-specific rule is passed (which we don’t expect until the commission is full and a new chair is in place), don’t expect the Howey talk to die down.&nbsp;



<h2 class="wp-block-heading">The guestlist was striking&nbsp;</h2>



I can’t prove this, but I have a feeling that Friday’s meeting was the largest gathering of crypto-native lawyers inside the SEC, ever (well, save for the depositions and settlement meetings that undoubtedly have taken place over the years).&nbsp;



Attendees included a16z Crypto Head of Policy &amp; General Counsel Miles Jennings and Delphi Ventures General Counsel Sarah Brennan.&nbsp;



<h2 class="wp-block-heading">Commission “interpretation” is just that&nbsp;</h2>



Speaking of Howey, let us not forget that the SEC’s cherished securities framework is the result of a landmark Supreme Court ruling.&nbsp;



The industry talks a lot about legal wins, like the district court ruling that secondary XRP sales were <a href="https://blockworks.co/news/judge-rules-ripple-xrp-not-security">not unregistered securities</a>). But until a crypto case makes it further up the appellate ladder, we aren’t going to have meaningful legal precedent.&nbsp;



Yes, commissioners can pass rules and staff can issue guidance, but I’m still a believer that we’ll need to see more judicial opinions before crypto fits neatly into the current securities landscape.&nbsp;



The guidance we’ve seen from the SEC in the post-Gensler era is even less permanent.&nbsp;



Acting Chair Mark Uyeda himself said Friday that these “staff statements” have no legal backing. In other words: As of now, there’s nothing stopping the next chair from coming in and reversing everything that’s happened since Jan. 20. 



Of course, the next SEC Chair is widely expected to be <a href="https://blockworks.co/news/sec-chair-nominee-crypto-past">Paul Atkins</a>, Trump’s pick, who heads to the Senate on Thursday for his nomination hearing. We don’t currently foresee any major hurdles to his confirmation, and we certainly don’t expect him to walk back any of Uyeda’s pro-crypto statements. Still, we’ll be monitoring the situation closely.



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Inaugural crypto roundtable shows ‘clarity’ is a long way off

Kate Irwin

This is a segment from The Drop newsletter. To read full editions, <a href="https://blockworks.co/newsletter/thedrop">subscribe</a>.



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Star Atlas, an ambitious sci-fi interplanetary MMORPG, has made strides toward its full launch since its white paper released back in 2021.&nbsp;



Right now, there’s a web-based game known as SAGE (Star Atlas Golden Era) that’s available until the full, immersive 3D main game launches.



In a broader crypto market where quick hype cycles can dominate narratives, it can be difficult for a game with a longer development timeline to retain interest — and stay financially afloat.&nbsp;



Michael Wagner, CEO and co-founder of Star Atlas, tells me they’re doing just fine.



“It&#8217;s been a wild couple of years, but this year it&#8217;s looking strong for us,” Wagner said in an interview with Blockworks at GDC. “Things have recovered quite well post-FTX.”



Last month, Star Atlas released a substantial patch adding things like Galia mode, which offers single-player space exploration without any loading screens.&nbsp;



“There’s not really anything going on there yet. They are just barren planets. But you can experience the diversity in the biome,” Wagner explained. “[But] what’s really cool about this is we’re starting to showcase the seamlessness of navigation through Star Atlas.”&nbsp;



I jumped into this mode. Here are a few screenshots from my exploration:



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd79LsDQXXbm_o1bSQMG6JvG68Ii5Bolrsc1sjg_0D6-gQvZbWtmb1EqWuGuKVZ4bN2ZmfKVTbEsvUZqTvO8gmoFbV5CDgnssMBAosK94InGgTRLEzuAJKGQGdXCZ68wP8eZ_wI?key=mWGVCLsFWZX_XFPQa0D-EWta" alt=""/></figure>



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdR80h1y2Rk8WK3iRCHGaNQaeOvGZnbueMYPprD4NZpK-Ale_3twyIkix-X9Ldafs7d6fB-QzGFYDCqKiczIaFL5GtONJIRCG4p5fbgUCIJaFEbh6eZ8JV5jTzTvmzGMoAc9aEy?key=mWGVCLsFWZX_XFPQa0D-EWta" alt=""/></figure>



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXepf-gMXgOCU9oscTaMAvmU-A7666l8TDJ8Dbs-gs_Uzd9E14cRG6r8xHx38Wv-N0qxpJU6FVDj0D175Yn62nMdpqZfUECrMJSixDamoRur8HJu5jKLVT4YUkCcKGYpY_ToN29T6A?key=mWGVCLsFWZX_XFPQa0D-EWta" alt=""/></figure>



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfnl01nq4dC-SnDqy0i3q467YvA14sZEQkgpLbgZUv9dL8mOePN6EXIJ1ej-NNq_mQftQqLZNk8xxqFX6MmLIymuv5Qx9qZBUPnJ4swmMmhXCmAleCLXjv26i7Qdq_NsAq5u4TTYg?key=mWGVCLsFWZX_XFPQa0D-EWta" alt=""/></figure>



The graphics in general look amazing overall, and flying through space was pretty smooth. You can definitely feel the physics of how gravity changes in this game. I tried out two different ships and encountered some glitches trying to get out of one of them after landing on a planet. Not sure if it was my fault or an issue with the game, but hiccups are normal with in-development games.



Aside from Galia mode, there’s also Fleet Command, where you can manage ships from a macro viewpoint. They’re also adding mining within Galia mode, but without the crypto rewards at first.



There will also be a team deathmatch arena shooter mode, plus an extraction shooter and zone-based gameplay, all within the main game client.



Star Atlas will also have a built-in Solana wallet and in-game NFTs.&nbsp;



“We’re kind of a blend between multiple games,” Wagner said, citing Star Citizen, No Man’s Sky, and Eve Online. “What we really like about Eve is [for] one, they have a quite sophisticated economy in-game, and I think that’s really a critical component of what we’re building. It’s part of the value proposition of Web3 is you can engage in this game, you can carve out a niche for yourself, and you can produce real income while you’re playing.”



But Wagner also admitted that the financial side of things won’t always be up only.&nbsp;



“We’re largely correlated with crypto markets. I mean, if you look at our token charts, they’re not looking great either. But that’s not to say we’re not considering the full utility of the token through the game economy itself,” he explained.&nbsp;



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfmGXNaad1Bu1NtHaClBgS8JQO3B0AR4D2a53cZ5nl8LLXmCR6gxQ0bM20Pn-iMGQfVzlIRTXzKSHuJoJ4pYFuZznsl3VMiP8AHi5z1dZ1uqr26sPvQTxGIwGoJizrrwaKpw2dTWQ?key=mWGVCLsFWZX_XFPQa0D-EWta" alt=""/><figcaption class="wp-element-caption">Source: Atlas price over time</figcaption></figure>



The ATLAS token is down over 99% from its all-time high, and the project’s DAO token POLIS has endured a similar fate thus far.



Wagner doesn’t buy into the narrative from some game devs that just making a “fun game” instead of focusing on a game’s economy should be the main strategy in blockchain gaming, though.&nbsp;



“I’ve pushed back pretty heavily on that,” he said, arguing that having a real financial model behind a game is one of the main reasons to even use crypto in the first place. Obviously, he wants Star Atlas to look good and have entertaining game loops, but the game economy is a major focus.



In-game snaps from others:



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdFmGFexY_Oa6Rv5Ak7Y6kRZKomxHACdbDxR30xagj2oHMzoK8owq7I5qRCWImxXU9vH5Nbmmb_b6hNd_TDo0BcJDRLVtzZDRsjy9fHsYCqG310ELPcdfwPA4_FFEOe9sYLYVioJA?key=mWGVCLsFWZX_XFPQa0D-EWta" alt=""/></figure>



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcUCxdv-RPTJ-dRiXG8iWFbDK6RSrXWBi2_OB4_zYliI0N8RM-KRCXutzmLC45b3U_GM4c6ACALs-PlQOpOnmVGTujUCzkgGc03Hrii3EYqqTMmBURmk-B4npGXK01fg9lq2fRLTQ?key=mWGVCLsFWZX_XFPQa0D-EWta" alt=""/></figure>



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdcA5MqN4QA7XGn70TcoJTMv9ej89yQQ41M4wDcR4cep822LQ-WTLMRPP8Ir1GiMmEX-b0tbu2u_FWD7k4_7BGr_rIq3XSkhaUeJqm5fjoSsrx3DeQylh2FVsi67nM4D1z09ZhM?key=mWGVCLsFWZX_XFPQa0D-EWta" alt=""/></figure>



Still, it&#8217;s worth mentioning that Star Atlas’s sky-high ambitions may not be fully achieved.&nbsp;



During the interview, Wagner cited Star Citizen as a comparable project. Star Citizen&#8217;s long-running sci-fi gaming project (note: not a crypto one) has drawn an array of detractors who&#8217;ve criticized the game&#8217;s decade-plus development timeline and sales of expensive ship models.&nbsp;



It&#8217;s hard not to see echoes here, especially given Star Atlas&#8217; ambitious — and lengthy — list of promises to players.&nbsp;



In the future, the team plans to expand the game’s existing world, add a companion app, pets, PVE and PVP modes, ship customization, arena maps, careers for players and a tram system.&nbsp;



As Star Atlas development pushes forward, the team is focusing on a desktop PC release first — though a port to console isn’t off the table at some point.&nbsp;



Star Atlas is currently free to check out through the game’s public Discord server.



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Star Atlas development pushes forward despite token price action

Macauley Peterson

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



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After months of delay, Nillion has officially launched its mainnet — a milestone for one of crypto’s more technically-ambitious privacy networks.



Focused on the market for “blind compute,” Nillion hopes its architecture will unlock a new set of use-cases with long-term impact.



Alongside mainnet is the NIL token, which debuted today on exchanges, including Binance.



The mainnet was previously slated for February (under the moniker “Nilluary”), but the launch slipped into late March. “Good tech needs time to cook,” a team member quipped on the project’s Discord last month.



And this wasn’t the first time. Nillion marketing head Charlie Rogers previously wrote the mainnet delay was due to the fact that “the broader economic markets and the crypto industry have been filled with uncertainty and turmoil,” and urged that “during times of uncertainty, the best path forward is to keep building.”



That sounds like it could easily apply to the present day, but it was in August 2024!



At the time, Nillion’s community was already eagerly awaiting the release of NIL. The project has <a href="https://blockworks.co/news/depin-glow-solar-farms-fundraise">raised</a> $50 million across VC and angel rounds <a href="https://blockworks.co/news/web3-funding-builders-in-bear-market">since 2022</a>.



But now the day has finally arrived. While only 19.5% of supply is circulating at launch — and a 48-month total unlock schedule — a full 80% is allocated to insiders or entities under their control.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcPta3O0b16-BkAXf4Vf3CiF2uDzF_7vC-75V_l72wp8ZYEEFE-Itk1wT8xu-WseMc5NL-lxvswuklO-NLS6acn1VBmFET7W1gBL88QBrRQG7qT0doWQz9gOAWzOJlLYiwJHuP-vA?key=hQ_QmSOkv9gOo4QHi9EhJWR4" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://x.com/nillionnetwork/status/1902724262806355986">Nillion</a></figcaption></figure>



The figures for early backers (21%) and core contributors (20%) are straightforward. Another 10% goes to “protocol development,” and 29% to “ecosystem and R&amp;D” — both typically team-directed. That leaves 20% clearly earmarked for the community.



Unlock cliffs hit between months 6 and 12, followed by linear vesting. Most insider allocations will be substantially unlocked within three years.



Despite the typical vesting period, the structure skews toward early stakeholders, leaving an important question: Will the team deploy the ecosystem and community buckets in ways that meaningfully decentralize ownership — or will governance and value capture remain top-heavy?



<h2 class="wp-block-heading">‘Validator’ is a misnomer</h2>



Nillion isn’t a blockchain — it doesn’t rely on consensus to settle transactions or produce blocks. Instead, it’s a decentralized infrastructure for privacy-preserving computation.



Consequently, its validators&#8217; nodes don’t validate transactions or reach consensus on a shared state like in Ethereum or Solana. Instead, their role is to jointly perform secure, distributed computations on encrypted data.



Its architecture is built around multi-party computation (<a href="https://blockworks.co/news/mpc-wallets-security">MPC</a>) — a cryptographic technique that allows multiple parties to jointly compute a function over private inputs, without ever revealing the inputs themselves.



Whereas most privacy networks in crypto focus on <a href="https://blockworks.co/news/crypto-exchanges-delisting-privacy-coins">privacy in transaction</a> layers (e.g., Zcash with zk-SNARKs, Monero with ring signatures, or <a href="https://blockworks.co/tag/tornado-cash">Tornado Cash</a> with mixers), Nillion targets off-chain compute privacy — enabling smart applications (e.g., AI inference, genomic analysis, financial modeling) to operate on encrypted data without decrypting it. This unlocks a different class of use cases beyond anonymous payments or shielded transfers.



So far, the mainnet supports an early wave of ecosystem projects. These include:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/news/artificial-intelligence-decentralization-web3">Ritual</a>, for blind AI inference;</li>



<li>Skillful AI, a privacy-first AI assistant network;</li>



<li>Salt, a financial application enabling confidential portfolio comparisons among wealth managers;</li>



<li>Monadic DNA, for secure genomics analytics; and</li>



<li>Soarchain, which lays claim to having processed over 130 million privacy-preserved data points from a global driving competition.</li>
</ul>



That said, access to the network remains tightly gated. Nillion’s node program <a href="https://nillion.com/news/where-are-we-now-a-2024-product-update/">ended</a> in late 2024, and there are currently no plans to open validator participation. The current set of testnet validators remains closed, and community node operations are on pause. Developers can build on the network, but compute execution depends on approved infrastructure — a <a href="https://app.blockworksresearch.com/unlocked/privacy-crypto-s-sleeping-giant">scaleability tradeoff</a> for MPC networks.



For participants in Nillion&#8217;s 2024 CoinList Community Round, the vesting schedule is as follows:​



<ul class="wp-block-list">
<li>Capped purchases: 5% of tokens unlock at the TGE (today), with the remaining 95% vesting linearly over six months.​</li>



<li>Uncapped purchases: 25% of tokens unlocked, with the remaining 75% vesting monthly over the subsequent 24 months, completing by mid-March 2027.</li>
</ul>



Looking ahead, Nillion says it will focus on expanding its orchestration layer and building out tooling to make private computation more accessible. The long-term ambition is to become a generalized privacy layer for Web3 applications and beyond.



The question now is whether the network can translate its unique architecture into real-world traction — before the token unlocks start to ramp up. As of 12:00 p.m. ET, NIL is changing hands at about $0.74, giving Nillion a $750-million fully-diluted valuation.



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Starting from NIL: Privacy focus of Nillion

David Canellis

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



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We’re back with another collection of cool bitcoin stuff from all corners of the internet.&nbsp;



First, a quick reminder to join Pete Rizzo, the Bitcoin Historian, twice a week as he explores the latest in bitcoin with a historical twist, featuring interviews with the most important developers and investors in the space today.&nbsp;



<a href="https://blockworks.co/news/introducing-supply-shock-new-bitcoin-brand">Read more about the Supply Shock vision.</a>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">WE ARE LIVE! Supply Shock, the best Bitcoin podcast in crypto, drops today. Hosted by The Bitcoin Historian <a href="https://twitter.com/pete_rizzo_?ref_src=twsrc%5Etfw">@pete_rizzo_</a>, Supply Shock is for everyone who wants to stay on top of the biggest cryptoasset in the world and understand the lore that got it there. <a href="https://t.co/R8vGq5orKd">pic.twitter.com/R8vGq5orKd</a>&mdash; Supply Shock (@SupplyShockBW) <a href="https://twitter.com/SupplyShockBW/status/1895116065861955651?ref_src=twsrc%5Etfw">February 27, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Now, onto the roundup!



<h2 class="wp-block-heading">A presidential first</h2>



It’s hard to beat this: the first sitting US president to ever address a bitcoin and crypto conference.



“A very big hello to everyone at the Blockworks Digital Asset Summit; it’s an honor to speak with you about how the United States is going to dominate crypto and the next generation of financial technologies,” Trump told the crowd in New York last Thursday, in a pre-recorded message.



Trump re-upped his pledge to make the US an “undisputed bitcoin superpower,” and end the Biden administration’s “regulatory war” on bitcoin. That includes the “lawless Operation Chokepoint 2.0,” which has seen US-based bitcoin companies struggle to maintain banking partners.



<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">WATCH: The complete Presidential address at the Digital Asset Summit <a href="https://t.co/PL2BoGJiws">pic.twitter.com/PL2BoGJiws</a>&mdash; Blockworks (@Blockworks_) <a href="https://twitter.com/Blockworks_/status/1902738351385350400?ref_src=twsrc%5Etfw">March 20, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



“It was a form of lawfare through government weaponization. Frankly, it was a disgrace,” Trump said.



Strategy executive chairman Michael Saylor appeared onstage shortly after the Trump address to present his <a href="https://www.michael.com/21-truths-of-bitcoin">21 Truths of Bitcoin</a>, followed by a <a href="https://www.youtube.com/watch?v=25eDzdyN4Q0">sit-down interview</a> with Rizzo for <a href="https://www.youtube.com/@SupplyShockBW">Supply Shock</a>.&nbsp;



Name a more iconic trio.



<h2 class="wp-block-heading">Moby Degen</h2>



This past week, a spiritual sequel to 2014’s <a href="https://nymag.com/intelligencer/2014/10/bearwhale-is-freaking-out-the-bitcoin-markets.html">story of the BearWhale</a> played out on Hyperliquid with a <a href="https://x.com/0xsudogm/status/1890658737603698722">tokenized</a> version of bitcoin…only the bulls weren’t so lucky this time around.



One trader — whom ZachXBT later <a href="https://x.com/zachxbt/status/1901904031351509266">linked</a> to a string of allegedly dodgy behavior — had opened a short position with 40x leverage reportedly worth as much as $449 million.&nbsp;



In this case, the whale would profit if bitcoin stayed under $83,923, or be liquidated if it exceeded $85,940. This would’ve led to forced buying of bitcoin to cover the short, and potentially additional short squeezes to boot.



So some traders tried to band together to liquidate the whale. But the whale took evasive <a href="https://ambcrypto.com/crypto-whale-vs-justin-sun-will-bitcoin-bulls-take-down-hyperliquids-biggest-short/">maneuvers</a>: they added margin, momentarily controlled order books with huge buy-and-sell walls, and scaled back their shorts slowly.&nbsp;



They even <a href="https://x.com/ericonomic/status/1901200128041521408">attempted</a> to FUD stablecoin Tether.



<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">7 figs size only in DM please, we already have 8 figs committed&mdash; CBB (bera era) (@Cbb0fe) <a href="https://twitter.com/Cbb0fe/status/1901286942173511686?ref_src=twsrc%5Etfw">March 16, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



In the end, the whale was calculated to have closed their short with $9 million profit. “We lost the war, but it&#8217;s been a long time since we had this much fun on the internet,” <a href="https://x.com/Cbb0fe/status/1901897942140641584">tweeted</a> trader CBB.&nbsp;



“Gg to the shorter for the win 🫡”



<h2 class="wp-block-heading">Working as intended</h2>



It was five years ago on Saturday that Minneapolis Fed President Neel Kashkari said the quiet part out loud.



The world was gripped by the first act of the coronavirus pandemic at the time: closures of schools, cinemas, gyms, and restaurants; shelter-in-place orders; and worldwide market crashes.



60 Minutes correspondent Scott Pelley had <a href="https://www.cbsnews.com/news/coronavirus-and-economy-best-and-worst-case-scenarios-60-minutes-2020-03-22/">asked</a> Kashkari what he’d say to someone who’s worried about the collapse of the US banking system — and may be headed to an ATM to withdraw $3,000.



Kashkari reassured them that they don’t need to withdraw the cash. The ATM and the banks were safe.



“And there&#8217;s an infinite amount of cash at the Federal Reserve. We will do whatever we need to do to make sure that there&#8217;s enough cash in the banking system,” Kashkari said.



<iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/OSQeLMhOLtU?si=mhcuF30ZGOOt4BzE" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>







What better advertisement for Bitcoin than that? The price of bitcoin has appreciated by 1,300% since the 60 Minutes spot, while the US dollar has lost 24% of its value due to inflation.&nbsp;



Who could’ve possibly predicted this?



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Bitcoin price up 1,300% since the Fed said it had ‘infinite cash’

Katherine Ross

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



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



Stablecoins are still a very hot topic right now. Especially for institutions, now that there seems to be a clear pathway for them to gain exposure to the space. 



<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">Crypto capital of the world <a href="https://t.co/eA1w6JDHI0">pic.twitter.com/eA1w6JDHI0</a>&mdash; Digital Asset Summit 2025 (@blockworksDAS) <a href="https://twitter.com/blockworksDAS/status/1902752350319661263?ref_src=twsrc%5Etfw">March 20, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



If Empire host Jason Yanowitz is correct, then we could have a decent chance of getting US stablecoin legislation passed in the next month and a half (his predicted range is 30-45 days). 



Keep in mind: “The big unlock is the distribution of stablecoin technology,” as Zero Hash CEO Edward Woodford told the crowd at DAS last week.&nbsp;



But Foresight Ventures poses a big question here: How deeply will stablecoins assimilate into the financial system?



Right now, the most popular approach to stablecoins — <a href="https://blockworks.co/news/paypal-ultimate-payments-goal">something we’ve heard from both Robinhood and PayPal, among others</a> — is the “stablecoin sandwich” in which “stablecoins act solely as a bridge between fiat currencies in the middle of a transaction’s lifecycle.”



The potential unlock for stablecoins would be if folks decide to hold their stablecoins instead of swapping back into fiat. This seems like a more likely scenario in Central and South America as well as parts of Asia, but it could still hit some roadblocks in terms of US adoption.



Foresight says there are three concerns (but really just two if we take Yanowitz’s comments into account): regulatory uncertainty, user experience and compliance concerns.&nbsp;



“Mass adoption of stablecoins will not solely come from emerging startups, but from the collaboration of established distribution channels,” Foresight said.&nbsp;



“We’re seeing a trend where Web3 payment startups are taking advantage of mature distribution channels by integrating their technology into existing companies with SDKs, offering users the option to pay with both fiat and crypto in any situation. This approach helps address the cold-start problem and builds trust with enterprises and users from the beginning.”



The door’s starting to open — now we just need to get the crowd inside.



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Three roadblocks preventing mass stablecoin adoption: Foresight Ventures 

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



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



The AI/crypto narrative seems to have died down, despite some mentions of it during DAS (AI itself was a hot topic).&nbsp;



But while the narrative may not be top of mind, that doesn’t mean it doesn’t exist anymore.



Pantera’s Cosmo Jiang believes that both AI and crypto — together and separately — are two of the biggest disruptors today. Jiang’s background is in tech investing, which makes the way he views opportunities unique in comparison to some players in the space.&nbsp;



For example, Jiang said that the wildly volatile nature of crypto can simply be boiled down to the fact that it’s a space dominated by startups, which sometimes justifies the craziness. Eventually, though, Jiang believes that we’ll see a more fundamental focus enter the market via institutional capital.&nbsp;



Jiang specifically is looking for a return on time as well as the “biggest growth areas” that’ll be rife with disruption — particularly areas where there’s an abundance of debate and disagreement.



It’s obvious to Jiang that “AI is uniquely enabled by crypto, and that blockchain … can be helped by AI in a few ways.” The talent pool also possesses a heavy amount of crossover already.&nbsp;



“AI naturally creates abundance and blockchain naturally creates scarcity,” he noted.&nbsp;



It wouldn’t surprise Jiang if we see a world — 10 or 15 years down the line — where AI is as frequently used as the internet is today. And that’s where he has some alpha for all of you.&nbsp;



Jiang is closely watching projects like <a href="https://blockworks.co/news/grass-data-verification-depin-funding">Grass</a>, which he praised as doing an “incredible job getting multimodal data in a very unique way that could not have been done without a decentralized network. Lo and behold, they’re now selling their data to the largest AI companies that you and I all probably use in our everyday life.”



Then there’s Bittensor, which is dominating in token incentives. Pantera previously showed support for Bittensor, and a <a href="https://blog.bittensor.com/november-network-update-114234436dfb#:~:text=Subnets%20are%20proving%20to%20be%20very%20positive%20for%20the%20Bittensor&amp;text=Pantera%20Capital%20and%20Collab+Currency%20are%20among%20two%20new%20proud%20holders%20of%20TAO.">2023 update</a> from Bittensor said the venture capital firm bought TAO as well as expressing interest in “supporting the ecosystem.”



“Historically, open source developers or researchers have never been able to be compensated for their open source work,” Jiang said. But the idea is that you could compensate them with token incentives that could be monetized.&nbsp;



That then becomes a “very sustainable system.”



Bittensor “is such an interesting instantiation of the first time on a very global basis and a bit scaled basis, open-source research can be profitable for those who don&#8217;t want to go to big tech companies and become close source.”



And there you have it folks — some early morning alpha to go with your coffee.



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Two projects Pantera’s Cosmo Jiang is watching

Jack Kubinec

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



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



Yesterday marked the end of Blockworks’ Digital Asset Summit, where attendees seemed doggedly bullish on the reality of institutional crypto adoption — but somewhat vague on the particulars.



The Solana faithful showed real belief in stablecoins — the network’s co-founder Anatoly Yakovenko during our panel called them “the most disruptive thing that crypto’s built.” There was also real belief in spot SOL ETFs gaining the SEC’s approval as soon as CME futures — and the first <a href="https://blockworks.co/news/sol-futures-etfs-to-launch">SOL futures ETFs</a> — began trading. But above all, I left with the impression that crypto can be imprecise when it refers to institutions.



Institutional adoption can probably be broken down roughly into two buckets: institutions gaining exposure to crypto assets and institutions using crypto technologies for their existing businesses. The first is certainly bullish for crypto asset prices, although Crypto Twitter seems to have rather outsized expectations in this area. Bitcoin plummeted once investors found out a strategic bitcoin reserve wouldn’t mean the US government market buying bitcoin.&nbsp;



The second, I would think, is more of a mixed bag. If institutions were to use stablecoins for cheaper and faster money transmission, then that sounds like a win. But outside of a few <a href="https://www.linkedin.com/posts/bluechip-org_robinhood-ceo-vlad-tenev-on-stablecoins-activity-7295856785972764673-JY7z/">examples</a>, that kind of thing doesn’t appear to be happening much. Crypto tech is also useful for speculation, and institutions adding crypto to their business portfolios could just look like major asset managers pumping liquidity into the casino.



“Every asset manager and bank doing ‘crypto’ is earning insane fees for putting things ‘onchain’ [i.e.] holding treasuries, or in the case of TRUMP, selling retail crypto pipe dreams,” read a slide from Crucible VC’s Meltem Demirors’ DAS kickoff talk.



Even if they’re not so malevolent, institutional crypto plays can feel more like marketing than real business. Franklin Templeton has an onchain mutual fund, for instance, that connects with Solana. I’m not sure what makes this product necessary nor why so much of it has been <a href="https://app.rwa.xyz/assets/BENJI">minted</a> on the Stellar network.&nbsp;



But lest I be too bearish on a Friday, I’ll note that the DAS bonhomie wasn’t meaningless. Industry folks I spoke with seemed to be experiencing a dealmaking frenzy. I heard it remarked that following all the years of halfhearted crypto initiatives from TradFi, 2025 is different, and the institutions are actually serious now. We’ll just have to wait and see what that means exactly.



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Crypto promises ‘institutional adoption’. What does that mean?

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



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As President Trump was denouncing the “lawless” Operation Chokepoint 2.0 at the <a href="https://blockworks.co/news/donald-trump-digital-asset-summit-address">Digital Asset Summit</a>, the Office of the Comptroller of the Currency yesterday said it will remove “reputational risks” from its examination manual for supervisors.&nbsp;



The move from the national bank regulator, which came after increased pressure from Republicans, will, in theory, prevent banks from refusing to serve clients involved in distasteful industries. That includes crypto.&nbsp;



“The OCC’s examination process has always been rooted in ensuring appropriate risk management processes for bank activities, not casting judgment on how a particular activity may fare with public opinion,” acting Comptroller of the Currency Rodney E. Hood said in a Thursday <a href="https://www.occ.gov/news-issuances/news-releases/2025/nr-occ-2025-21.html">statement</a>.&nbsp;



Those in favor of removing “reputational risks” argue that banks are letting politics interfere by blocking customers that may be engaged in unpopular activities, even if those activities pose no actual financial risk to the bank.&nbsp;



Risk is, of course, still at the center of the examination handbook. But banks will have to prove a potential client truly endangers the institution to justify not accepting them as a client.&nbsp;



We’d heard from people familiar with the situation that the Trump administration is working on an executive order related to crypto and debanking. Given this move from the OCC, we imagine a ruling from the executive branch is no longer a top priority. We’ll still be keeping an ear out, though, so you just keep an eye on your inbox.&nbsp;



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<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Start your morning with the top news and analysis to inform your day in crypto.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance">Forward Guidance</a>: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.</li>



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OCC to remove ‘reputational risk’ from bank inspection guidelines

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



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



Thursday was the last day of Blockworks’ Digital Asset Summit. It also marked Volatility Shares’ launch of two <a href="https://blockworks.co/news/sol-futures-etfs-to-launch">solana futures ETFs</a> — and we even saw Canary Capital file for a Pudgy Penguins fund.



As we try to predict what the SEC may approve next, let’s go over what I heard on the DAS stage and in my chats with executives at some of the biggest issuers.&nbsp;



Bloomberg Intelligence’s James Seyffart said, during a Thursday panel with BlackRock’s Robbie Mitchnick and Nasdaq’s Giang Bui, that futures products are used more as trading vehicles and see less demand than spot products.&nbsp;



“But it’s still very interesting to see, because as we saw with bitcoin and ethereum, if you get a futures product, you’re pretty likely to get a spot product at some point in the future,” he added.&nbsp;



The occasion of CME solana futures going live Monday was viewed as a possible pre-requisite for proposed spot SOL ETFs to get <a href="https://blockworks.co/news/bitwise-ceo-solana-ncredible-emerging-asset">a green light</a>.&nbsp;



Kyle DaCruz, VanEck’s Director of Digital Assets Product, noted CME futures were indeed a way for the Gary Gensler-led SEC to check the “regulated market of significant size” box. But there are paths — beyond futures — to demonstrate that markets are not manipulated, he argued, such as crypto exchanges sharing data with the regulator.



Canary’s filing for a PENGU ETF — to hold both the Pudgy Penguins token and NFTs — is the latest altcoin proposal. Issuers also have live filings for products that would hold XRP, LTC, HBAR, AXL, DOGE, AVAX and others.



Executives noted that while the <a href="https://blockworks.co/news/gary-gensler-resigning">Gensler-less</a> SEC (with its new <a href="https://blockworks.co/news/new-sec-crypto-task-force">crypto task force</a>) is <a href="https://blockworks.co/news/hester-peirce-on-sec-priorities">more willing</a> to actively engage about products, the proliferation of <a href="https://blockworks.co/news/crypto-etf-plans-abound">altcoin ETF filings</a> shouldn’t be taken as a sign issuers are being told they have a good shot.&nbsp;&nbsp;



Will Peck, WisdomTree’s Head of Digital Assets, told me: “Sometimes people just put stuff forward on the off chance that they could be first.”



Now if BlackRock — the world’s largest asset manager — filed for a specific altcoin ETF, that might be more of a cue.&nbsp;



When Seyffart asked Mitchnick what it would take for the firm to float another crypto ETF, the BlackRock exec gave a rather vague response.&nbsp;



He said client demand is “the number one guiding thing.” He added that building a product — the kind that investors can be sure solves a problem and in a beneficial structure — is “not so easy to do for a lot of these things.”



As for the possible next approvals, DaCruz said in-kind creations/redemptions for existing crypto ETFs and staking for the ETH products are “low-hanging fruits.”



Despite the many altcoin filings, the SEC is likely awaiting possible legislative change (e.g. whether crypto oversight will lie with both it and the CFTC, security status questions, etc).



“I think it’s a hard job for the SEC to take every single crypto asset one by one and say we’ll approve or not approve,” DaCruz explained. “It [would be] much easier if they had a framework…and [could] operate like that.”



Updated March 24, 2025 at 10:13 am ET: Modified headline.



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Execs expect patient SEC after SOL futures launch, more altcoin filings

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Walrus is an upcoming decentralized-storage platform from Sui developer Mysten Labs that will offer programmable file storage for the gaming-focused L1 Sui, as well as devs on Solana, Ethereum, or other chains that also want to use it.&nbsp;



Walrus is designed for large binary files, or “blobs.” Right now, there’s 833.33 TB in total storage available, with about 78,890 GB currently being used across more than 4.5 million blobs, according to <a href="https://walruscan.com/testnet/home">Walruscan</a>.&nbsp;



That means Walrus could store videos, images, PDFs, or other files, as well as apps. Walrus uses Sui smart contracts to make those blobs programmable.



Flatlander is one of the early projects using Walrus. Flatlander is an imaginary world concept with NFTs; their site is being hosted on Sui, and all site resources are being loaded from Walrus.&nbsp;



The Walrus mainnet will launch next week on March 27. The team has also released their tokenomics for the WAL token.&nbsp;



The upcoming data storage chain uses delegated proof of stake, and it consists of storage nodes that will have to compete with each other to offer competitive pricing for file storage.



Walrus has just raised <a href="https://www.walrus.xyz/blog/walrus-foundation-fundraising">$140 million</a> in funding from a round led by Standard Crypto.&nbsp;



Could Walrus be good for blockchain gaming or art? I think so.&nbsp;



One of the primary appeals of crypto is that it’s supposed to be decentralized. That’s a term that gets thrown around a lot, but it’s supposed to mean that the underlying infrastructure that supports a token’s existence — including the chain itself&nbsp;— is owned and operated by many different people around the world. Therefore, a decentralized chain is difficult to censor via shutdowns if there are enough participants owning a small share of the nodes.&nbsp;



As we know, NFTs themselves aren’t technically the art you see but the underlying tokens and data tied to them. The visual data of an NFT is metadata that can be changed by the creator.&nbsp;



That metadata can be stored on centralized platforms like AWS — or IPFS, a decentralized solution. More options aren’t a bad thing, though we don’t know yet how decentralized Walrus will ultimately become.



“Today the majority of decentralized apps rely on traditional web hosting to serve their front ends and client side code, which offers poor integrity and availability. Decentralized stores may be used to serve web and dApps content directly while ensuring its integrity and availability,” the Walrus <a href="https://docs.walrus.site/walrus.pdf">whitepaper</a> reads.&nbsp;



Mysten Labs believes Walrus is faster, more affordable, and more robust than the competition.



“There’s absolutely a world where games on Sui use Walrus for a wide variety of possibilities,” Mysten Labs Head of Communications Lexi Wangler told me.



TBD on whether it’ll make sense to store an entire game’s assets onchain. We’ve already seen a few games that are almost 100% onchain (like Pirate Nation), but it would be cool if a more graphically-complex game could run more game components onchain, too.



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Mysten Labs’ Walrus could reshape decentralized gaming and apps

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The crypto market is at an interesting crossroads. While showing some signs of bottoming 10 days ago near $77,000, BTC is in a period of high correlation with US markets, which are rolling over following this week’s FOMC meeting. Bitcoin and Ethereum have seen ETF flows stabilize alongside declining volatility, allowing macro forces to take center stage.



The past month saw record <a href="https://blockworks.co/news/btc-price-at-critical-juncture">ETF outflows</a>, coinciding with a -22% dip in BTC price. Nick at Ecoinometrics notes that every significant ETF inflow or outflow cycle has correlated with major price swings:



<ul class="wp-block-list">
<li>The initial ETF launch drove BTC from $40k to $70k.</li>



<li>A second wave of inflows in late 2024 pushed BTC to $110k.</li>



<li>The recent outflow wave aligned with BTC’s -22% correction.</li>
</ul>



Now, ETF flows are <a href="https://farside.co.uk/btc/">leveling out</a>, which could indicate a new accumulation phase if inflows return. &#8220;If flows turn positive in the coming weeks, it could mark the beginning of a new accumulation phase by professional investors,&#8221; Ecoinometrics suggests.



Historically, Bitcoin halvings were the dominant narrative shaping price action. But the current cycle is breaking from precedent, Nick argues. Bitcoin is well below its historical post-halving growth trajectories, suggesting that supply-side factors are no longer the primary driver of price. Instead, institutional flows and macroeconomic conditions are playing a far greater role.



<h2 class="wp-block-heading">Ethereum: Sentiment over mindshare</h2>



Analysis out Friday from FalconX’s David Lawant highlights how ETH’s price correlates more with sentiment, while SOL’s price is driven by mindshare, based on Kaito sentiment data.



For SOL, “changes in mindshare can explain up to 36% of price variance,” and using a more sophisticated model, this jumps to 46%, Lawant wrote.



For ETH, the most significant statistical predictor is sentiment, not mindshare, with a causality test showing that sentiment can help predict future ETH price action. In other words, Ethereum’s price is more sensitive to narrative shifts.



<h2 class="wp-block-heading">Uncertainty remains</h2>



The Federal Reserve maintained its rate projections, giving risk assets a temporary reprieve, but not enough to reverse the crypto market’s downward momentum from the <a href="https://blockworks-research.beehiiv.com/p/bull-market-over">late-February breakdown</a> below the 91,000 range.



Inflation risks remain, even as Fed Chair Powell <a href="https://blockworks.co/news/tariff-inflation-fed-projections-2025">revived</a> the infamous “transitory” adjective to describe policymakers’ expectations when confronting tariff-induced inflation. The Fed has <a href="https://blockworks.co/news/fed-holds-interest-rates-2025">slowed</a> measures of quantitative tightening, but that shouldn’t be mistaken for quantitative easing. Any shift in the stance toward a more hawkish outlook could hit crypto liquidity.



The bottom line is, after an anemic bounce attempt, BTC looks headed to chop around its 200-day moving average a bit longer before picking a direction and dragging the rest of the crypto market with it. Institutional flows may take a front seat going forward as macro conditions dictate risk appetite.



One bright spot in the news coming out of Blockworks’ Digital Asset Summit is that sentiment at TradFi institutions is much better than what we see in the crypto-native trenches — an unusual dichotomy. That’s due to the many real improvements on the regulatory front, ranging from the <a href="https://blockworks.co/news/hester-peirce-reveals-sab-121-rescission">repeal of SAB 121</a>, to late breaking news of Tornado Cash being <a href="https://ofac.treasury.gov/recent-actions/20250321">removed</a> from OFAC&#8217;s SDN list — which may bode well for the future mainstreaming of DeFi protocols generally.



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Crypto crossroads: ETF flows stabilize, but macro risks loom

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Bitcoin has multiple personalities, equal parts money, freedom, resistance and hope.



MicroStrategy chairman Michael Saylor sits below all of them as bitcoin’s id — its rawest instincts, personified.



Thursday marked the 25th anniversary of Saylor <a href="https://slate.com/news-and-politics/2000/03/michael-saylor.html">losing $6 billion in one day</a> ($11 billion adjusted for inflation) as the dot-com bubble burst. That event was among the biggest single-day personal losses in human history until that point.&nbsp;



This is his comeback story.



<h2 class="wp-block-heading">Premium domains</h2>



Saylor was not always the apex Bitcoin bull. He did, however, understand digital scarcity long before the first block was ever mined: in domain names.



After founding MicroStrategy in 1989 and spending years building it up as a data mining and business intelligence operation, Saylor in the ‘90s had the bright idea to start buying up “premium” domain names: simple, single-word domains with potentially universal appeal and, preferably, over 500 million hits on Google Search.



Angel.com. Alarm.com. Wisdom.com. Emma.com. Speaker.com. Alert.com. Voice.com. Hope.com. Only one person could ever own each one at a time, and MicroStrategy spent $2 million overall acquiring those types of premium domains — at an average of around $100,000 each — alongside thousands of less valuable secondary domains.



“I bought all these domains because I thought, ‘Wouldn’t it be great to own a part of the English language?’” Saylor said on the <a href="https://www.youtube.com/watch?v=g8TwxyhkTIQ">My First Million podcast</a>. He personally owns Michael.com and one for his nickname, Mike.com.



“I mean, [as to] owning ‘hope’ or owning ‘voice’ — eventually, there’ll be a Google Voice, or some telecom company will want to launch a service. And what a great domain to launch on — a word like ‘Voice.com.’”



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdBwge8WT2RV6gJncFpPEi-krFuB9PTnaSkXBQiitsn-Z4b6Eg-Xgb6PPt2lHRk7wkWobOqhyLabP8p1PZmRQvM6TQMzhssSd_-_piU2vT13r_qokycmL99jc_WsLrEdp-eBLFH1g?key=y2TEMfTsQ9h7Ei8GaCPtYnlE" alt=""/></figure>



Alarm.com and Angel.com were later commercialized with real companies, respectively spun up by Saylor and MicroStrategy’s research and development division.&nbsp;



MicroStrategy eventually <a href="https://www.pehub.com/abs-capital-buys-alarmcom/">sold</a> Alarm.com and its associated business for $27.7 million in 2009 to venture capital firm ABS Capital Partners. In 2013, software company Genesys <a href="https://www.prnewswire.com/news-releases/microstrategy-announces-sale-of-angel-subsidiary-193265481.html">acquired</a> Angel.com with its business for $110 million cash, and quickly rebranded it under its own corporate umbrella.



Saylor, meanwhile, was adamant that Voice.com was worth $1 billion to the right buyer.



It was around this time, in December 2013, that Saylor first publicly commented on Bitcoin: “Lacking a credible sponsor, Bitcoin is in imminent danger of being regulated out of existence,” Saylor <a href="https://x.com/saylor/status/409356401375739905">tweeted</a>.&nbsp;



He posted again another week later, after bitcoin had fallen by up to two-thirds from an all-time high of $1,242:



<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"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.&mdash; Michael Saylor⚡️ (@saylor) <a href="https://twitter.com/saylor/status/413478389329428480?ref_src=twsrc%5Etfw">December 19, 2013</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h2 class="wp-block-heading">Sunk cost</h2>



Saylor wouldn’t really return to Bitcoin until mid-2020, at least publicly, and going by the timeline of events, a premium domain sale to a crypto startup might’ve been his lightbulb moment, with a capital ₿.



In May 2019 — one year before MicroStrategy first showed intent to buy bitcoin — the company behind upstart blockchain EOS, Block.one, had <a href="https://b1.com/press/block-one-introduces-social-media-application-voice/">announced</a> a new social media app in the form of Voice, which promised to pay token payouts to users for posting and sharing content.



Block.one was previously calculated to have <a href="https://www.cnbc.com/2018/05/31/a-blockchain-start-up-just-raised-4-billion-without-a-live-product.html">raised</a> $4.1 billion in ETH during a year-long initial coin offering that started in mid-2017 and ended around a year before Voice was revealed.



“They [Block.one] contacted us, one of their domain brokers, and they asked, ‘Do you want to sell it? We’ll give you $150,000.’ I said no. I thought nothing of it, because I just couldn’t see the point,” Saylor recounted.



“They come back and say, ‘They doubled it to $300,000.’ I said, ‘Tell them no.’ So a couple days later they [Saylor’s colleagues] go, ‘Well the broker’s really insistent; they went to $600,000.’ I said no. So they said, ‘Well, what should we say?’ I said, ‘Don’t tell them anything. Tell them we’re not interested. It’s got to be something serious.’”



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcjSGsnDrPLsMidWxNatJd63lj6msqkd5SCVr58-dxIUVaRdcEHtV-gv4gGLb9GB8TJnSxDi87L0lCZm-uYY_6yIB3OSPucXHUkLqxWeAM6sTAIlUp1CniPQkbq9GY6GNMi-NbgMg?key=y2TEMfTsQ9h7Ei8GaCPtYnlE" alt=""/><figcaption class="wp-element-caption">MSTR returned to all-time highs last November after more than two decades — thanks to its Bitcoin plan. EOS is down 75% in the past five years. Source: TradingView.</figcaption></figure>



Block.one then offered $1.2 million, which Saylor rejected. Then $2.5 million. Then $5 million. Then around $10 million.



“When it got to $12 million, I said I’d get on the phone for half an hour. That call started with someone saying, ‘Well, how about $22 million?’ And I said, “Let me explain. This is like my daughter. I’m willing to marry her off, but only to a man that values her more than I value her.”



MicroStrategy <a href="https://domainnamewire.com/2019/06/18/record-breaker-voice-com-domain-name-sells-for-staggering-30-million/">closed</a> the deal in June 2019 for $30 million — 200 times above Block.one’s initial offer. It’s still the largest known pure domain name sale in <a href="https://en.wikipedia.org/wiki/List_of_most_expensive_domain_names">history</a>, nearly doubling the previous record of $17 million, which <a href="https://www.forbes.com/sites/dougyoung/2015/02/06/qihoo-eyes-360-brand-with-record-domain-buy/">Qihoo paid for 360.com</a> in 2015.



Block.one went on to <a href="https://protos.com/block-one-social-media-voice-offline-unfinished-nft-platform/">sink another $150 million</a> into Voice.com’s development over the next two years before shutting it down in late 2023. Voice <a href="https://x.com/VoiceHQ/status/1702041043980492946">stated</a> that “the ongoing uncertainty in the crypto and NFT market will continue for more time than we have.”



Conversely, Saylor and MicroStrategy began buying bitcoin, positioning themselves to capitalize immensely on an impending bitcoin rally fueled by anticipation of ETFs from BlackRock, Fidelity and others.



<h2 class="wp-block-heading">How it started</h2>



One year after the domain sale closed, in July 2020, Saylor said in a quarterly earnings <a href="https://www.fool.com/earnings/call-transcripts/2020/07/28/microstrategy-mstr-q2-2020-earnings-call-transcrip.aspx">call</a> that MicroStrategy may start buying bitcoin over the next year as part of a new capital allocation strategy.



The plan was to invest $250 million over the next 12 months in alternative assets — “which may include stocks, bonds, commodities such as gold, digital assets such as bitcoin, or other asset types,” while buying back $250 million in company stock from shareholders.



Except it didn’t take a year. MicroStrategy bought 21,454 BTC for $250 million in less than two weeks, and in August 2020 <a href="https://x.com/saylor/status/1293141856700768257">declared</a> bitcoin its primary treasury reserve asset.



<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"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy.&mdash; Michael Saylor⚡️ (@saylor) <a href="https://twitter.com/saylor/status/1307029562321231873?ref_src=twsrc%5Etfw">September 18, 2020</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Bitcoin was then trading for under $12,000, and within four months had broken its $20,000 price record, which had previously held for almost three years.&nbsp;



<h2 class="wp-block-heading">Corner the market</h2>



By December 2020, MicroStrategy had <a href="https://www.strategy.com/press/microstrategy-announces-proposed-private-offering-of-400-million-of-convertible-senior-notes">opened</a> its first debt sale since opting into bitcoin — $400 million with 0.75% interest — which it pledged to spend on buying more coins. Then a second raise two months later, and a third four months after the second.



So by the time Block.one wound down Voice in September 2023, MicroStrategy was sitting on $4.2 billion in BTC at the very early stages of a monster bull run.



Since then, MicroStrategy has spent almost $27.8 billion to acquire an additional 340,860 BTC ($28.7 billion). Bitcoin has more than tripled in price in that time, while MicroStrategy has dropped the “Micro” from its name and only <a href="https://blockworks.co/news/strategy-rebrand-and-2025-targets">goes by Strategy</a> these days.



Strategy now holds a total of 499,096 BTC — 2.5% of the circulating supply — and is valuable enough to be included in the benchmark Nasdaq 100 stock market index. Saylor has relentlessly bull-posted the entire time, picking up where former evangelists such as Roger Ver left off.



<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">21 Rules of ₿itcoin 1. Those who understand buy Bitcoin. 2. Those who don’t, criticize Bitcoin. 3. Everyone is against Bitcoin before they are for it. 4. You will never be done learning about Bitcoin. 5. Bitcoin is powered by chaos. 6. Bitcoin is the only game in the casino…&mdash; Michael Saylor⚡️ (@saylor) <a href="https://twitter.com/saylor/status/1891492169409593715?ref_src=twsrc%5Etfw">February 17, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Of course, Strategy has raised billions of dollars across nine completed debt sales to help fund the bitcoin acquisition plan.



<h2 class="wp-block-heading">How it’s going&nbsp;</h2>



Right now, the firm has <a href="https://www.mstr-tracker.com/">$9.3 billion</a> in convertible debt against $41.8 billion in BTC, and is this year <a href="https://x.com/Strategy/status/1897353660696551901">responsible</a> for 30% of the US convertible market, all “powered by Bitcoin.”&nbsp;



Strategy has spent $33.2 billion on bitcoin in total, and the napkin math puts Strategy effectively ahead by $700 million at time of writing. Saylor’s personal net worth is <a href="https://www.bloomberg.com/billionaires/">estimated</a> at $6.6 billion, and in January, the firm openly promised to raise $42 billion over the next three years to buy a whole lot more.



Whether it’s conviction that Voice.com is really worth $1 billion, or that bitcoin is “<a href="https://www.youtube.com/watch?v=zTPoRDrtc0s">going up forever</a>,” Saylor’s career has been marked by the same base instinct to corner the market on long-lasting digital assets, particularly ones that serve as foundational structures for internet economies.&nbsp;



Saylor simply expanded from one highly-illiquid digital asset class in domain names — a niche space where he’s also <a href="https://www.youtube.com/watch?v=izpxH4XNmk8">considered a legend</a> — to one deeply liquid digital asset in bitcoin.&nbsp;



Amazingly, what followed the Voice.com deal doubles as a near-perfect allegory for crypto investing. Block.one sunk nine figures into a token project that pivoted to NFTs, only to go zero before it even started, defeated by a bear market.



Strategy has otherwise <a href="https://www.ledger.com/academy/glossary/stack-the-sats">stacked sats</a> throughout, driving its market value from under $4 billion to more than $80 billion. 



Saylor is thus living proof that there’s “bitcoin,” and then there’s “crypto.” 



He’s just planned accordingly.



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Deep dive: How Michael Saylor came back from losing $6B in 1 day

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



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



After watching hours of DAS panels of institutions being bullish on crypto, I have one thought: VC isn’t dead.&nbsp;



I’m somewhat joking, but I think there are some really strong takeaways about the current state of venture capital in crypto.&nbsp;



And they didn’t all come from the venture capitalists themselves!



Take, for example, the Empire round-up filmed live on stage. It featured Avara’s Stani Kulechov, Skale’s Jack O’Holleran and, of course, Santiago Santos and Jason Yanowitz.&nbsp;



<iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/SKljrlBjZhQ?si=VsyapsGq2swFYtjh&amp;start=4759" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>







One of the topics they discussed was the size of raises today, with Yanowitz asking whether mega-raises — or funding rounds over $150 million —&nbsp;are here to stay (at 1:39:00).



O’Holleran said that huge funding rounds “paint yourself into a corner.”



“ It&#8217;s a little counterintuitive thinking, ‘Oh, give me all the cash and more ownership.’ But the reality is we see this in the market today, [that a lot depends on] where that valuation is: if you start here [he gestures at the ceiling] and it just goes here [he gestures at the floor], that&#8217;s not a good look. It&#8217;s not good for the decentralized efforts of the community,” he added.



O’Holleran said that he actually becomes a “little bit pessimistic” when the mega raises come in, and I get it (though to be clear, I just get more nosy).&nbsp;



It’s honestly why, in my role in the space, I prefer covering smaller raises, which I’m sure y’all have noticed. I don’t always think it’s a bad thing to go out and raise a ton of money if it’s necessary, but I think the smaller raises give you a real inside baseball look at what the firm’s trying to build.&nbsp;



O’Holleran said that he thinks the “right amount” when talking about larger raises would be around $50 million. That makes sense —&nbsp;it’s enough money to have a nice cushion, and it’s not too much money that’ll start “flying around” and not be used well, to O’Holleran’s points.&nbsp;



Kulechov seemed to agree, noting that it’s all about the resources.



The other part of my takeaway comes from a different panel: Do VCs still matter?&nbsp;



Blockworks Research analyst Boccaccio was joined by Dragonfly’s Haseeb Qureshi and 6MV’s Mike Dudas and had the two defend venture capital.&nbsp;



(Sidenote: Whoever put Qureshi on a panel with Dudas deserves all the praise, because those two had so much chemistry it was hard not to be amused.)



<iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/NsN_Kjbyf4k?si=vGYKSFSyvooKXZfD&amp;start=3563" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>







While Qureshi (at 1:00:13) very quickly answered the panel&#8217;s big question — telling Boccaccio “I’m a VC…I still matter” — I thought Qureshi’s later point that VCs are a resource for the firms they invest in to be an important point — and one, perhaps, that gets lost in the critiques of VC.&nbsp;



Now, I know this sounds overly supportive of VCs. I’m mindful that there are still a lot of reasons to be cautious of how they influence the space and to temp check whether they’re actively helping the industry. This newsletter isn’t seeking to give them a hall pass by any means, just so we’re clear.



Anyway, they talked about the fact that — specific to crypto — folks who got in early on a token or who follow a project closely sometimes demand a token-go-up scenario without always acknowledging the project is working on more than just price action.&nbsp;



“The value of VC is that we get it&#8230;we understand what you&#8217;re building and we can actually help,” Qureshi noted.&nbsp;



Dudas later noted that the truth is also important when being a crypto VC. As he later put it on X:



<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">i tell the truth this is why i win, our investors win, our founders win, my partners win and I live an enjoyable and authentic life choose honesty and integrity gn&mdash; Mike Dudas (@mdudas) <a href="https://twitter.com/mdudas/status/1902883983534198987?ref_src=twsrc%5Etfw">March 21, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Both Qureshi and Dudas cautioned that not all VCs are good VCs —&nbsp;a salient point to remember.



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<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/daily">Blockworks Daily</a>: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.</li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Start your morning with the top news and analysis to inform your day in crypto.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance">Forward Guidance</a>: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.</li>



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Mega VC raises aren’t ‘good for the decentralized efforts’ of crypto

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



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



Titan’s so-called meta DEX aggregator has moved to private mainnet, the team told Lightspeed exclusively.



The platform lets users swap by choosing among quotes from multiple Solana DEX aggregators, including Titan’s own. Titan Exchange CEO and co-founder Chris Chung says Titan bests Solana’s incumbent DEX aggregator Jupiter on price 80% of the time.



DEX aggregators algorithmically route trades across multiple DEXs to find the best possible price for a user. As a result, swapping between tokens on Jupiter nearly always nets traders more bang for their buck than on, say, Phantom. Meta DEX aggregators let users choose between the quotes given by various aggregators. LlamaSwap is a popular meta DEX on Ethereum, but Titan is porting the concept to Solana.&nbsp;



Sitting in a coffee shop a stone’s throw away from the Blockworks Digital Asset Summit, I asked Chung to explain how Titan can beat Jupiter on price. He said it’s “pure mathematics.”



“Classical pathfinding is more like spray and pray. That’s why [Jupiter’s] routes are always like in 10% chunks,” Chung said. “Our contracts right now get into basis point precision,” meaning they can reduce trades to 0.01% increments. Chung added that Titan’s aggregator is able to route through more pools than what Jupiter is capable of.



Titan’s approach is inspired by pathfinding in traditional equities markets where low-latency trading requires a “probabilistic” pathfinding approach, Chung said.&nbsp;



Tech improvements aside, Jupiter also recently <a href="https://blockworks.co/news/jupiter-majority-stake-moonshot">began charging</a> a 0.1% fee on swaps, and Titan initially will not. I ran a few swaps on Titan in parallel to Jupiter swaps, and Titan’s aggregator did get me a better price each time. The price improvement is marginal if you’re moving a few cents around like me, but the improvement would be more noticeable with size.



That’s not to say switching to Titan will be a no-brainer for users. Jupiter’s aggregator includes quite a few memecoins that Titan’s does not, and Jupiter has a smoother UX. Jupiter still boasts a suite of features like perpetual futures, the JLP token, and recently-acquired businesses like the Moonshot memecoin platform. Plus, Titan is only in mainnet beta, and its better pricing algorithm is yet to face the wild.



But in any event, competition ideally creates better outcomes for users, and Jupiter is currently pretty unchallenged in the Solana DEX aggregation landscape. Solana traders will likely welcome any new protocol that’s able to swap one coin for another at a better price.



It strikes me that Solana’s newest battle between protocols has a mythological theme. In Roman mythology, Jupiter was king of the gods. The Greeks had Titan gods, though Titan will hope it can avoid their fate.



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Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/daily">Blockworks Daily</a>: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.</li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Start your morning with the top news and analysis to inform your day in crypto.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance">Forward Guidance</a>: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: Built for Solana investors, developers and community members. The latest from one of crypto&#8217;s hottest networks.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: For crypto collectors and traders, covering apps, games, memes and more.</li>
</ul>

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