Adam Efrima is the SSV Core team Co-founder. He has been active in the crypto industry since 2013. Over eight years living in China working in the financial industry and fintech space, Adam has worked in CITIC Bank covering outbound investments for Chinese SOEs, he was also in charge of setting up the eToro Shanghai operation. Since then, Adam has been deeply involved in Ethereum staking, co-founding top performing staking project Bloxstaking as well as co-founding SSV Network, a decentralized validator infrastructure for ETH staking.

Adam Simmons is Chief Strategy Officer at RDX Works, a key contributor to the Radix public ledger. He has over 13 years of experience in building &amp; growing businesses in a range of industries including online video, blockchain &amp; digital marketing. With experience in both senior leadership &amp; hands-on roles, he has repeatedly recruited, managed, and trained highly successful teams within marketing, customer success and operations functions. Adam is also a previous member of the UK Paralympic Sprint Kayaking Team and has competed in multiple World and European Championships.


Adam Swick is the Chief Growth Officer at Marathon Digital Holdings. Prior to joining Marathon, he served as a principal at Refinery Ventures, where he was responsible for identifying and recommending business strategies to accelerate the growth of all companies in Refinery’s portfolio. Before Refinery, Swick was the director of strategic finance at Kraken Digital Asset Exchange, where he managed the company’s balance sheet, debt program, investor relations, and all forecasting activities. Prior to Kraken, he founded Swick Capital, a crypto-asset hedge fund, worked at Pritzker Group Venture Capital, and was a consultant at Boston Consulting Group. Swick holds an MBA from the Kellogg School of Management at Northwestern University and a BS in finance from the Wharton School of Business at the University of Pennsylvania.

Adrian Brink is the co-founder of Namada and Anoma, where he focuses on building privacy-preserving systems that are resilient to global crises. Previously, he was a core developer at Tendermint (Cosmos) and worked at the Web3 Foundation. He also co-founded Cryptium Labs, which was later sold to Chorus One, and Metastate, where he contributed to major upgrades to the Tezos protocol​.

Adrien Stern is the founder &amp; CEO of Reveel, the omnichain payments infrastructure that enables one-click cross-chain payments to connect people across borders and networks. Before founding Reveel, Adrien led digital transformation efforts at BNP Paribas CIB. He was also previously a venture builder, and owns Bridge Music, a record label and recording studio. Adrien has a Bachelor’s degree in Sciences of Management from The University of Lausanne and a Master’s degree in Business Administration from Esade. 

Alex Hoffman is Head of Ecosystem at Superposition Finance. Superposition is revolutionizing DeFi by addressing its core challenges through robust risk management powered by Concordia’s best-in-class risk engine, omnichain functionality, and transparency.

Alexei Zamyatin is a co-founder of BOB, a first-of-its-kind hybrid Layer-2 powered by Bitcoin and Ethereum. He has been a Bitcoin and interoperability research contributor since 2015 and is most known for his work on trustless cross-chain bridges and L2s. Alexei holds a PhD in computer science from Imperial College London.


Alison Haire is the CEO and founder of Lilypad, a serverless, decentralized compute network that democratizes access to computational power by providing scalable infrastructure for AI, machine learning and other high-demand processes. Before founding Lilypad, she held roles at companies such as Filecoin, IBM and Accenture. Under her leadership, Lilypad leverages idle GPU capacity worldwide to fuel an open AI economy, providing cost-effective and scalable compute resources. Her work focuses on making high-performance computing accessible to more developers and researchers, while challenging the dominance of large centralized cloud providers​​.

With over 20 years of experience leading and designing games and tech companies, Alun is well-versed in creating innovative products that tackle experiential and developer challenges. In addition to his stewardship of LAOS Network, he is CEO and co-founder of the company building LAOS, Freeverse, which focuses on building scalable blockchain infrastructure. His history as the co-creator of ‘Barcelona World Race - THE GAME,’ a cutting-edge video game enabling virtual participation in real-world events, and his wider passion for gaming, have fed into his vision for LAOS Network as a solution for the intersection of Web3 tech with both gaming and real-world applications. Alun also led Shar3d.io, a pioneering company enabling collaborative 3D web applications, and served as CTO of Bodypal.com, a virtual garment services company. He holds a Ph.D. in Medical Physics from University College London.



Amanda Cassatt is the founder and CEO of Serotonin. Amanda previously served as Chief Marketing Officer of ConsenSys from 2016 through 2019. Joining one year after the launch of Ethereum, Amanda played a crucial role in defining, creating, and growing the narrative for ConsenSys, Ethereum, and blockchain overall.

Amanda stewarded the ConsenSys brand through its global expansion across enterprises, governments, developers, and consumers. She created and scaled the marketing team to over 50 people, serving both the ConsenSys brand and 50+ portfolio companies such as MetaMask, Infura, Truffle, and Gitcoin; managing teams in product marketing, growth, design, content, community, events, email, analytics and SEO. Amanda’s contributions to some of the most successful product launches, token sales and fundraises landed her on Forbes 30 Under 30 in 2016. Amanda is the author of the world's first web3 marketing book, Web3 Marketing: A Handbook for the Next Internet Revolution.

Amanda Keleher currently serves as Chief People Officer at Consensys, one of the largest and fastest-growing companies in the blockchain technology space. A well-rounded business leader with an over 25-year career in the technology space, Amanda is the driving force behind the human element of Consensys where she is responsible for overseeing all of the aspects of people, from building and maintaining the company culture to harnessing human capital as a key driver of business. 

Before joining ConsenSys, Amanda served as the Head of People at ThoughtWorks, a global technology consultancy company, for nearly ten years, where she led the global scale expansion by opening offices around the world and recruiting a diverse workforce at a time when the DevOps movement had just been born and a new skill set were yet to be developed. After her time at ThoughWorks, she served as the Executive Vice President, People &amp; Culture of Index Exchange, one of the world’s premier ad tech organizations; and as VP of People at Little Bits and Intent Media where she excelled in designing effective and creative strategies to attract and retain world-class talent in hyper competitive environments

Andrea Berry is a seasoned online video strategist with 15+ years of experience in transformative media partnerships. 

Her early successes include helping to launch Qello Concerts, the first direct-to-consumer live-music OTT service, later transforming it into Qello Media Services and Vimeo’s OTT channels offering across various industries as their first strategic sales director for their enterprise.

Currently, as the Head of Business Development at Theta Labs, Andrea leverages her expertise in online video and blockchain to drive strategic partnerships and growth opportunities for the company. She helps enterprises take advantage and lean into the opportunities Web3 presents. 

Andrew Redden is the CEO and CTO of Last Network, a blockchain platform focused on sustainable cash flow and reinvestment. Previously, he worked at Gitcoin and has contributed to numerous DeFi and Web3 projects. Redden's career reflects a commitment to developing technologies that prioritize long-term viability and community engagement​.

Andrew Thurman is a Data Editor based in Washington, DC. He previously wrote for CoinDesk and Cointelegraph, and worked in various roles for Chainlink and Nansen. His analysis has been quoted in The Financial Times, The Washington Post, The Wall Street Journal, Bloomberg, Forbes, Fortune, Reuters, The BBC, CNBC, and elsewhere. Contact Andrew at andrew@blockworks.co.

Andrey Sergeenkov writes educational articles as a freelancer. His works have been published in Coindesk, Cointelegraph, Entrepreneur and CoinMarketCap. He believes that transforming society towards lifelong learning, combined with decentralization in government and business, will lead to exponential social development.

Andy Bromberg is CEO of Beam and Contributor to the Eco Protocol. Eco has raised more than $90 million from an array of leading investors, including a16z Crypto, L Catterton, Activant Capital, Founders Fund, Pantera Capital, and others. Prior to Eco, Andy was Co-founder and President of CoinList. Andy is also a founding board member at FreeWorld, a non-profit seeking to end institutionalized poverty in the United States by providing access to living-wage jobs for people with criminal histories. He studied Mathematics and Computer Science at Stanford University and co-founded the Stanford Bitcoin Group.

An established and versatile Financial Executive with over two decades of experience running multiple trading businesses across top-level banks such as HSBC, Barclays, and UBS. After running the top Agency and SSA business for both UBS and Barclays, he took over Emerging Markets macro trading for Barclays. In 2018, wanting to go deeper into Emerging Markets he took a role as Head of Latam local markets trading where he was responsible for trading activities across Brazil, Mexico, Argentina, and Chile. In 2021 DeMartino moved into Crypto when he became CEO and founder of Coinbase Risk Strategies focused on DeFi and Derivatives trading. More recently he started Trident Digital Group, a crypto-native solutions firm that is focused on lending and safe yield generation and stablecoin adoption.


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.

Antoni is a co-founder of Aleph Zero Foundation (Switzerland), an organization overseeing the development of the Aleph Zero blockchain, and a Managing Partner of Cardinal Cryptography (Poland), firm focused on core development of the Aleph Zero ecosystem.

Ari Juels is the Weill Family Foundation and Joan and Sanford I. Weill Professor in the Jacobs Technion-Cornell Institute at Cornell Tech and the Technion and a Computer Science faculty member at Cornell University. He is a Co-Director of the Initiative for CryptoCurrencies and Contracts (IC3). He is also Chief Scientist at Chainlink Labs. He is the author of crypto thriller novel The Oracle (Talos Press), which was released on 20 February 2024.

Austin Alexander is co-founder of LayerTwo Labs, a company focused on advancing the Bitcoin ecosystem through innovative solutions and specializing in the development of Drivechain, a specific type of blockchain sidechain designed to foster creativity and scalability within Bitcoin.

Austin Campbell is the founder and managing partner of Zero Knowledge Consulting and an adjunct professor at Columbia Business School. Previously, he has run portfolio management at Paxos for the stablecoins as well as being the chief risk officer of Paxos National Trust, has managed fixed income trading desks at JP Morgan and Citi, and has been a portfolio manager and structurer at Stone Ridge, the parent of NYDIG. He holds a BS in Mathematics from CSU Chico and a MBA from NYU Stern.

Ben Mills is the co-founder of Meso, a payments platform connecting banks and blockchains. Prior to Meso, Ben spent a decade building payments products as an early team member at Braintree (acquired by PayPal), as Head of Product at Venmo, and working on Solana Pay at Solana Labs.

Ben Rubin is the CEO and co-founder of Towns, a decentralized messaging platform dedicated to redefining online communication. Rubin has a rich background and a decade of experience in creating digital spaces that build trust and foster human connection. Prior to founding Here Not There Labs, the developer of Towns, Ben founded two venture-backed startups, Meerkat and Houseparty, both of which reimagined how people interact digitally. He scaled his communication products to hundreds of millions of users and raised over $70M in funding from Sequoia Capital and Greylock. After Houseparty was acquired by Epic Games in 2019, Ben went on to found Here Not There Labs, a venture-backed startup with over $30M in funding from a16z crypto and Benchmark Capital.

Ben Strack is a senior reporter covering macro and crypto-native funds, financial advisors, structured products, and the integration of digital assets and DeFi into traditional finance. Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence and was a reporter and editor for various local newspapers on Long Island. He graduated from the University of Maryland with a degree in journalism.

Contact Ben via email at ben@blockworks.co

Bessie is a Brooklyn-based reporter covering DeFi and technology. Bessie worked as a tech journalist for The Org prior to joining Blockworks and was a management consultant for KPMG in another life. She is originally from Melbourne, Australia and holds an MA from New York University. She is also the mother of a bratty cat named Mochi. You can reach Bessie at bessie@blockworks.co

Bezalel Eithan Raviv, an ex-member of IDF Cyber Unit 8200, is a seasoned entrepreneur with deep expertise in technology and innovation. He now leads Lionsgate Network, a blockchain analysis firm specializing in professional money recovery services for digital asset investors in the +$2.5 trillion market. Prior to this role, Bezalel founded an investment banking firm supporting AI startups and developed Halleluiah, a pioneering web3 migration pattern for global music copyrights.

Billy Luedtke is the CEO and founder of Intuition, an information protocol powering a more trustful internet. Billy previously served as senior technology advisor at EY, a leading global professional services organization providing assurance, tax, audit, strategy and transactions. At EY, Billy created the company’s blockchain consulting practice, leading the technical development of blockchain-enabled distributed systems. Billy later became a senior token engineer at Consensys, a leading Ethereum developer (MetaMask, Infura, Linea). Billy continues to serve as an advisor at Consensys and MetaMask.

Billy Sebell is the Executive Director of the XDC Foundation and an early contributor to the XDC Network. Since early 2018, Billy has worked to develop the XDC community, focused on ecosystem and network growth and implementing use cases in trade finance. Billy previously spent more than 25 years in manufacturing and consumer products, dealing with the challenges businesses face in capital markets and international trade.

Bob Bodily is the Provo, Utah-based CEO and Co-Founder of Bioniq, a BTC Ordinals wallet and marketplace. He has a bachelor’s degree in neuroscience and a Ph.D. in educational/instructional technology from Brigham Young University, with 25 articles and 1K citations. He is a data engineer with 100K+ lines of production Python code, and he has two previous software startups, including an EdTech SaaS that sold in 2021.


Bogdan is the Co-Founder and CTO of Tenderly, the full-stack infrastructure solutions provider powering Web3 developer teams with the essential tools and services throughout their development journeys. 

Prior to co-founding Tenderly, Bogdan worked as a software engineer for major software platforms such as MVP Workshop and Go Daddy where he was responsible for constructing and managing the development of distributed cloud systems before realizing the lack of infrastructural support for Web3 developers. With his vast experience in constructing, expanding, and overseeing extensive distributed cloud systems, he is well-versed in the intricacies of blockchain technologies and their practical applications. 

Brandon Truong is lead product contributor for ZetaChain. He previously co-founded social platform Yada (which was acquired in 2020) and spent time building products for BuzzFeed and Udacity. 


 Brian Pak is CEO &amp; Co-Founder of ChainLight, an award-winning blockchain security firm that specializes in smart contract audits and on-chain monitoring. He is also a co-founder of Theori, an established US-based offensive cybersecurity company, since 2016, which he still leads today, having now amassed trusted partners including Microsoft, Google and Samsung. Brian’s early career started when he co-founded and developed Kaprica Security, inventing and patenting the Skorpion Charger, an Android mobile charger that can detect malicious software with no user action required. He has worked on research and development projects with the Defense Advanced Research Projects Agency (DARPA) of the US. Brian is also a founder of the team PPP (Plaid Parliament of Pwning) which won DEF CON CTF, one of the most prestigious hacker competitions held in Las Vegas, in 2013, 2014, 2016, 2017, 2019, 2022 and 2023. Brian graduated with a Masters Degree in Software Security Research from Carnegie Mellon University.

Three years ago, his act of burning a physical Banksy ignited global discourse on NFTs and Web3, exposing the industry's flaws. Now, through XION, founder Burnt Banksy leads a mission to democratize Web3 to the masses, making ownership accessible to all by removing unnecessary barriers and complications through chain abstraction. To date: XION has raised over $36M in funding with the goal of "making crypto disappear." Ultimately, Burnt Banksy wants to provide the benefits of crypto to people without requiring them to know anything about crypto.

Byron Donalds grew up in Brooklyn, New York, and he is also the proud son of a hardworking and loving single mother. His mother dedicated her time instilling in him that greatness requires sacrifice, which drives him as a devoted family man and United States Congressman.  

Byron is a graduate of Florida State University and received a Bachelor of Arts degree in finance and marketing. Byron's career led him to Southwest Florida, where he worked in the banking, finance, and insurance industries. Elected to the Florida House of Representatives in 2016, Byron represented Hendry County and east Collier County in the State Capitol. During his tenure in the Florida House, Byron served as the PreK-12 Quality Subcommittee Chair during the 2018-2019 Legislative Session and served as the Insurance &amp; Banking Subcommittee's Chairman 2019-2020 Legislative Session. While serving in the Florida House, primarily focused on elder affairs, criminal justice reform, and ensuring that each child has access to a world-class education. 

Byron is committed to serving and giving back to the community that gave him so much. He has served Southwest Florida in many ways, including previously serving on the Board of Trustees for Florida Southwestern State College after being appointed by then-Governor Rick Scott. Byron continues to volunteer in his church as a youth leader and a mentor. He also enjoys volunteering as a coach in youth football and basketball leagues.

Congressman Byron Donalds lives in Naples, Florida, with his wife, Erika, and their three sons: Damon, Darin, and Mason. Byron has spent his entire adult life serving others, whether it be through volunteering, business, or leadership. He is committed to representing Florida's 19th Congressional District's conservative values in Washington DC to ensure a stronger Florida and a stronger nation.

Byron Gilliam writes the Blockworks Daily newsletter, in which he tries to explain crypto markets to traditional investors and traditional markets to crypto investors (while trying to explain both to himself). Before joining Blockworks, Byron spent 25 years trading international equities for banks and brokers in Frankfurt, London, Paris and New York. He holds a bachelor's degree in History from Binghamton University. Contact Byron at byron@blockworks.co.

Cameron B. Pick is a partner and patent attorney at the Chicago-based intellectual property boutique law firm Marshall, Gerstein &amp; Borun. He prosecutes patents for emerging technologies, including blockchain and crypto, among other innovative areas. He may be reached at cpick@marshallip.com. 

Candace Kelly is the Chief Legal and Policy Officer for the Stellar Development Foundation (SDF), a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world's financial infrastructure. She leads the team responsible for SDF’s legal affairs and the policy team that is focused on bridging the gap between the public and private sectors. Previously, Candace worked for Uber Technologies, Inc., where she helped navigate the company’s response to regulatory investigations and advised on safety, security, privacy, consumer protection, and law enforcement response. Prior to that she served for 17 years at the United States Department of Justice.

Carlos Mercado is a data scientist at Flipside Crypto, specializing in the convergence of data science, cryptocurrency, economics, and open-source research. His expertise spans the Ethereum ecosystem and over 20 other blockchains, where he leverages SQL, R, Python, and Solidity to develop innovative data models and analytics tools. Carlos's notable contributions include the creation of the True Freeze DeFi primitive and leading the production of the 2023 Crypto Users Report, generating significant industry impact. Prior to Flipside, he applied his skills in AI strategy and product development at Guidehouse and offered data science consulting services.


​​Casey Wagner is a Senior Reporter based in New York. Casey covers crypto regulation, markets and central banks. Prior to joining Blockworks, she reported on macroeconomics at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies. Contact Casey via email at casey@blockworks.co

Charles Hoskinson is a Colorado-based technology entrepreneur and mathematician. He attended Metropolitan State University of Denver and University of Colorado Boulder to study analytic number theory before moving into cryptography through industry exposure.

His professional experience includes founding three cryptocurrency-related start-ups – Invictus Innovations, Ethereum and IOHK – and he has held a variety of posts in both the public and private sectors. He was the founding chairman of the Bitcoin Foundation’s education committee and established the Cryptocurrency Research Group in 2013.

His current projects focus on educating people about cryptocurrency, being an evangelist for decentralization and making cryptographic tools easier to use for the mainstream. This includes leading the research, design and development of Cardano, a third-generation cryptocurrency that launched in September 2017.

Chris Barrett serves as the Director of Communications at Chainlink Labs and has been involved with Chainlink since 2017. Chainlink is the only on-chain data and cross-chain platform that enables financial institutions to develop customized, flexible, compliant, and future-proof blockchain applications and tokenized assets. Before this role, he founded a leading PR agency for technology startups, where he worked with over 1,000 innovative companies. Chris is also an avid runner, having maintained a streak of running for over five consecutive years. 

Chris Brooks founded CryptoAssetRecovery.com in 2017 to help digital asset owners recover lost assets. Chris was a programmer at Fidelity Investments, VP of Technology at venture-backed Carescout (which sold to GenWorth, a spinoff of General Electric) and has founded and sold three bootstrapped internet companies. 

Chris Swenor is a seasoned entrepreneur and blockchain pioneer with a 20-year career that kicked off as a self-taught programmer at age 13. He swiftly moved from corporate roles into startups, leading several to successful acquisitions. Chris started venturing into blockchain and cryptocurrency in 2013, founding Reach in 2019, a platform that has since attracted over $13M in funding and onboarded more than 8,000 developers.

In recent years, Chris founded Humble, a decentralized exchange on Algorand, and Alloy, a blockchain gaming platform acquired in 2023. He is currently working on Voi Network, a layer 1 blockchain empowering its community with user-centric governance and economics. 

Christopher Perkins is President of CoinFund, a web3 focused Registered Investment Advisor.  He is also a member of the CFTC’s Global Markets Advisory Committee and its Digital Asset Markets Subcommittee.

Ciarán Murray is a seasoned veteran of the blockchain industry. Aside from advising on numerous blockchain projects over the years, and releasing a synthetics assets proof-of-concept last year, Ciarán previously worked in the media industry for British Sky Broadcasting. He is not only well placed to understand the issues facing the media industry but also how to apply blockchain and other distributed technologies to remedy them.

Da Hongfei is the founder of Neo, an open-source, community-driven blockchain platform designed to welcome developers into the Smart Economy. Hongfei operates as CEO of Neo Global Development (NGD), the executive arm of the Neo Foundation that is committed to developing the Neo protocol and its supporting ecosystem. He is seen as a luminary in the Web3 space and as a blockchain pioneer in Asia. Hongfei received his education at the South China University of Technology, receiving degrees in technology and English.

Damian Alvarez is a communications professional helping Web3 clients get their stories heard. He is currently the Head of Communications at Aori, an omni-chain logic layer that leverages off-chain data storage to enable high-frequency on-chain trading. He has worked at agencies such as Edelman and YAP Global to assist a variety of emerging and established clients to engage in industry-wide narratives surrounding technology. He may be contacted at damian@aori.io.

Dan Keeler is Editor-in-Chief at Blockworks. Prior to joining Blockworks, he was Frontier Markets Editor at the Wall Street Journal where he managed the Journal’s coverage of smaller emerging markets as well as created a number of high-profile events and a highly regarded newsletter. Before joining the WSJ, he was the Editor of Global Finance magazine. He is also the founder of New York’s FM Network, a group that hosts gatherings of finance professionals focused on smaller emerging markets.

Contact Dan via email at dan@blockworks.co

Dan Smith is a Senior Research Analyst based in the United States covering Curve, Convex, Aave, and Compound. Daniel previously worked in tax and valuation at EY and Bennett Thrasher. He is focused on using data visualization tools to better understand the health and profitability of various DeFi protocols. Contact Dan at daniel@blockworks.co

Daniel Batten is a ClimateTech investor, Bitcoin environmental impact analyst, CEO advisor and author. He is most widely known for his data-driven approach to Bitcoin mining research.


Daniel Cawrey has been involved full-time in the crypto space since 2013, including as an editor at CoinDesk. He is author of 2020’s “Mastering Blockchain” and 2023’s “Understanding Crypto” books, both available on Amazon.

Daranee Ganesh is a publishing and production manager based in Washington, DC. She holds an LLB with a focus on emerging technologies. Prior to Blockworks, Daranee worked on several legal and non-profit projects aimed at integrating decentralized solutions in the social justice framework, specifically within immigration and environmental law. Contact Daranee at daranee@blockworks.co.

Darren Kleine is an Alberta-based reporter covering podcast content at Blockworks. Previously reporting for Cointelegraph, he wrote feature content and a weekly series focused on the personal stories of influential figures in the Web3 space. He has been an active participant in the NFT art scene since 2020, creating works on curated platforms including SuperRare and KnownOrigin and hosting an NFT art-focused podcast called NFP with DKleine. Contact Darren Kleine at darren@blockworks.co.

David is an Editor based in the Netherlands focused on data-driven journalism. Previously, he wrote for TheNextWeb's crypto vertical before launching Protos in 2021. He's a reformed hardline Bitcoiner passionate about permissionless and decentralized networks. Contact David at david@blockworks.co

David Schwed serves as the Chief Operating Officer at Halborn, an elite blockchain security firm. Prior to Halborn, he was the Global Head of Digital Assets Technology at BNY Mellon, the world's biggest custodian bank, where he integrated the IT strategy for the company's digital asset services. David was also CISO for Galaxy Digital, where he led the development of information security and IT infrastructure, and served as a risk committee advisor, evaluating emerging threats in financial services. He also founded the Cybersecurity Master's Program at Yeshiva University’s Katz School of Science and Health, sharing his expertise as a practitioner-in-residence.


Delphine Forma is the policy lead for Europe &amp; UK at Solidus Labs, a leading market compliance and market integrity firm in digital assets. With a career spanning roles in major banks and blockchain ventures, she brings extensive experience in compliance and legal across sectors. She is the founder of the crypto compliance and legal TG group with 1,400 members. A Sciences Po Lyon alumna, Delphine also holds advanced degrees in European Criminal Business Law and anti-money laundering.

Denelle Dixon is the CEO and Executive Director of the Stellar Development Foundation (SDF), a non-profit organization focused on working with and supporting changemakers to create equitable access to the global financial system through blockchain technology. She leads the teams that help maintain Stellar's codebase, support the communities around Stellar, and advocate on behalf of the network with international stakeholders. Before joining Stellar, Dixon served as COO of Mozilla, one of the most successful mission-driven open-source organizations.. During her tenure at Mozilla, she led the organization’s business, revenue and policy teams including the ongoing fight for net neutrality and the global effort to ensure that people can control their personal data.

Dermot O’Riordan serves as a Director at the POKT Network Foundation where he helps steer product development and strategy. From Ireland to Silicon Valley, Dermot’s career ranged from advising tech companies and VC firms to leading marquee industry events. His interest in Web3 was sparked in 2016 with the rise of DAOs, leading him to dive deeper into the blockchain space, where he served as an advisor to projects like Radix and Dusk, and later, spearheading growth at Eden Block.

Donovan is a reporter based in Singapore. He previously worked in editorial at Bankless and is a huge fan of spaghetti Westerns and the Wu-Tang Clan. Contact Donovan at donovan@blockworks.co.

Elena leads product marketing at Hiro Systems, a developer tooling company bringing smart contracts to Bitcoin. She has spent the past six years working in blockchain and cryptocurrency startups. Elena co-founded Blockchain Latinx, an online community that explores what blockchain means for Latinos and for Latin America. She has an MBA from NYU Stern School of Business.

Eli Cohen is a corporate lawyer with 25+ years of experience in commercial transactions, financial services and regulatory matters and has worked in Asia, Europe and the United States. He is the General Counsel for Centrifuge, a real-world asset (RWA) tokenization and securitization platform and Chief Compliance Officer for Anemoy Capital SPC Limited a British Virgin Islands fund company issuer of the tokenized Anemoy Liquid Treasury Fund 1. He is a graduate of the Georgetown University Law Center, has a Masters in International Relations from the University of Pennsylvania and a Bachelor of Arts from the University of Michigan, Ann Arbor.

Eli Zeger writes about democracy and its relationship with technology. His work has been published in the Boston Review, Noema Magazine, Strange Matters, Zora Zine, among numerous other publications.

Elliot is the Head of Climate Strategy at Sustainable Bitcoin Protocol, where he is helping unlock Bitcoin's clean energy potential by bridging sustainable miners and climate-conscious investors. In his role at Sustainable Bitcoin Protocol, Elliot educates policymakers and NGOs on Bitcoin’s relationship with the energy system. He is a climatetech operator focused on alleviating energy poverty, bridging the digital divide, and promoting financial inclusion through technologies such as Bitcoin. Elliot was previously a Schwarzman Scholar and has served in the military, US Department of Energy, Clinton Foundation, and more. 

Evan Thomas is General Counsel for Alluvial, a software development company supporting the Liquid Collective liquid staking protocol. He was previously at Wealthsimple, Canada’s largest consumer fintech, where he was Head of Legal for Wealthsimple’s crypto trading platform. While at Wealthsimple, Evan helped launch Canada’s first regulated staking product. Before Wealthsimple, Evan was a litigator at Osler, Hoskin &amp; Harcourt LLP for nearly 15 years. Among other notable cases, Evan was hearing counsel to 3iQ Corp. in its appeal securing regulatory approval for Canada’s first publicly traded bitcoin fund in 2019.

Felix Jauvin is the host of the On the Margin podcast. Based in British Columbia, Canada, he lives and breathes where crypto and macroeconomics intersect.

Felix Xu, crypto geek, early adopter, and NFT collector. Felix graduated from NYU Stern and founded two crypto projects, ARPA and Bella Protocol, among the global top 500 by market cap. Felix previously worked at Fosun Investment, Sackler family office, and Vertical Research in New York and Beijing. Felix loves sailing, kitesurfing and was featured in the Wall Street Journal and The New York Times for his NFT collection.

Frank has a diverse career that spans creative writing, day trading, and a 12-year stint in financial planning. After experimenting with blockchain and being an early adapter to the Solana ecosystem, Mathis co-founded GenesysGo in 2021 to create a faster, more reliable and more secure decentralized data storage protocol. Their flagship product, shdwDrive is built on Solana and aims to bridge the gap between blockchain technology and traditional business infrastructure. GenesysGo is powered by a new type of decentralized data storage consensus mechanism, built from the ground up by the GenesysGo team.

Fraser is co-founder &amp; CTO of Cubist and an Assistant Professor at Carnegie Mellon University. She is an expert in software correctness: her research focuses on systems security, automated bug finding, and formal verification, from verifying (parts of) production systems like browser JITs, to finding exploitable bugs in real codebases. Her tools have found many zero-day bountied bugs and CVEs in the Chrome and Firefox browsers and multiple operating systems. Fraser received her BA in English and her MS and PhD in Computer Science from Stanford.


Garrett Harper is the producer for the Empire podcast. Garrett worked in private equity and product management before jumping into crypto full-time in 2021. His favorite thing about crypto? It conflates art, gaming, finance, software, and psychology into one hyper-growth industry.

Gijs op de Weegh is the CEO and Founder of StablR, where he leads the strategy, business operations, and investor relations. He founded StablR out of his passion for implementing blockchain technology in the financial industry and exploring its possibilities. Before founding StablR, Gijs co-founded Payvision, an e-commerce payment service provider, in 2002. Under his leadership, Payvision grew to over 300 employees and achieved a turnover exceeding €4 billion.

Gísli Kristjánsson is co-founder and CTO of Monerium, the first company to issue fiat onchain. He fell in love with programming at the age of 13. After working as a bonds broker, Gísli saw the inefficiencies of securities settlements firsthand and recognized the potential of Bitcoin. Prior to co-founding Monerium in 2015, Gísli founded and sold a platform to give users access to geo-blocked content. Fun fact: Gísli’s Ethereum address is among the 1% of the oldest addresses.

Haden Patrick is Director of Business Operations of Cordial Systems, a provider of institutional-grade self custody software using a Zero Trust security model.  Haden has executive experience in team leadership, engineering and education originating from his 24 year career as a Naval Officer. After co-founding SoloKeys, the first open-source security key company, he went on to manage projects connecting web3 to traditional finance at a cryptocurrency trading firm before joining Cordial Systems.

Hadley Stern, Advisor to MPCH, has extensive experience in leadership roles within TradFi and digital asset industries. As Global Head of Custody at the Bank of New York Mellon (BNYM) from 2021 to 2023, Hadley spearheaded the creation of the industry’s first bank-grade crypto-custody platform. Hadley also previously served as Chief Operating Officer at Bloq where he was responsible for the P&amp;L, product roadmap, and general operations. Hadley was Founding President of Fidelity Digital Asset Services where he led Fidelity's Blockchain Incubator and Digital Currency group and was pivotal in early product launches, including activating Bitcoin donations to Fidelity Charitable and building and running Fidelity first Bitcoin mining Operation.



Hannah Finnerty is Blockworks' editorial operations manager and is based in the US. Hannah previously worked in podcast production for The National in Abu Dhabi. She graduated from Bowling Green State University with a degree in multiplatform journalism and Middle Eastern politics. Contact Hannah at hannah@blockworks.co.

Hatu Sheikh is the co-founder and CMO of DAO Maker, the largest on-chain funding platform with 1.5M+ users. The platform's contracts have distributed over $600M, with a cumulative return of around 10x. Hatu has a strong background in marketing and strategy and has played a pivotal role in driving the success of various blockchain-based projects and tokens, crafting effective marketing strategies, and forging powerful synergies within the industry.

Harry Duckworth, a law graduate, embarked on a unique journey that led him to become the youngest trader at global commodities giant Trafigura. He then went on to set up desks for several hedge funds worldwide, accumulating over a decade of experience in trading, hedge funds, and emergent technologies. 

Through his work, he became fascinated by the revolutionary power of blockchain tech soon after the inception of Bitcoin. Years later he founded AgriDex International, to provide digital marketplaces and supply chain information for all participants in the global food chain. 

Hind Kurhan is a Co-Founder of Thesis Defense, a decentralized technology security auditing company whose mission is the facilitation of broad adoption of decentralized technology by improving security and audit consistency throughout the blockchain sphere.


Ian Rogers is the Chief Experience Officer at Ledger, leading the consumer-facing business delivering the world’s #1 way to buy and secure cryptocurrency.  Prior, Ian was the Chief Digital Officer at LVMH for five transformative years, working with a portfolio of nearly one hundred brands across luxury including Louis Vuitton, Dior, Sephora, and Hennessy.  Ian also sits on the boards of Dr Marten’s and Lyst.

Ian spent twenty years bringing digital music to the mainstream, first with Winamp then Yahoo!, Beats, and Apple.  Ian contributed to the 2015 launch of Apple Music including Beats 1, their digital streaming channel. Ian graduated with a Bachelor of Arts in Computer Science (with honors, Phi Beta Kappa) from Indiana University in 1994.  Ian built some of the earliest music-related Web sites in the early 90s and has been working with Beastie Boys since 1993.

Igor Telyatnikov is the CEO and co-founder of the blockchain and financial services technology company AlphaPoint. Headquartered in New York, AlphaPoint supports over 10 million users, powering marketplaces and wallets in over 35 countries. With 15 years of experience in tech and innovation, Igor has empowered over 150 clients, including CME Group and Scotiabank. In 2022, he partnered with the Government of El Salvador to upgrade its Chivo Wallet into a national Bitcoin and dollar wallet, creating the first nationalized crypto ecosystem. Igor previously held roles at Cvetlo, LiftDNA, and Ingersoll Rand/Allegion, and has a Bachelor’s degree in Business Marketing from Penn State University. He is a frequent speaker at industry events.

Ishan is a University of Texas McCombs School of Business graduate with a BBA in Finance &amp; Marketing. He founded and managed a Private Equity Fund that reached an eight-figure Assets Under Management (AUM) and has also gained experience with many top 200 projects of crypto market cap. In 2022, he helped found SCRIB3, a Web3 Marketing and PR venture. He was notably among the first to raise an alert about potential deceptive and unethical business practices by FTX. Ishan contributes as a DeFi analyst, an active angel investor, and an advisor in projects like Polygon Technologies.

Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.

Jag is the CEO and co-founder of re.al, an L2 build to facilitate deep onchain liquidity for tokenized RWAs. re.al seeks to redefine how RWAs are integrated into DeFi, using yield-generating real-world assets as novel building blocks in existing DeFi primitives.

James Cirrone is a breaking news reporter based in New York. Prior to joining Blockworks, James was a reporter and newsletter writer at Bloomberg News. He graduated from the University of Maryland with a degree in journalism. He also played trumpet in the university’s marching band. Contact James via email at james.cirrone@blockworks.co.

Jason Allegrante is the Chief Legal and Compliance Officer at Fireblocks. He is an experienced Counsel with a demonstrated history of working in the financial services industry with both large, traditional financial institutions as well as early stage fintech startups.



Jason Dehni is the co-founder and group CEO of Credbull, a leading DeFi platform offering structured high fixed yield solutions in SME private credit. Jason has over 25 years of senior management experience in asset management, private banking, SME lending, insurance, risk management, and crypto across North America, Latin America, Asia, and the Middle East. His background includes serving as group COO &amp; MENA CEO of a publicly traded crypto asset management company, co-founder &amp; CEO of an SME trade finance platform, and senior leadership roles in asset management, wealth management,  insurance, and management consulting. Jason holds an MBA from Harvard Business School and an Honours BA in Economics &amp; Political Science from the University of Toronto. 

Jean-Marie Mognetti is Chief Executive Officer of CoinShares, a publicly listed investment firm that manages over five billion in digital assets on behalf of a global investor base, and an experienced commodities trader with a background in quantitative strategies. A veteran of the Global Advisors group of companies since 2011, Jean-Marie has served in various leadership roles throughout his tenure, most recently as CEO of Global Advisors (Jersey) Limited and director of GABI, the world’s first regulated Bitcoin fund. In addition to his management responsibilities as CEO, Jean-Marie oversees the firm’s proprietary trading arm, capital markets portfolio, and risk management practices – areas in which he has developed unique expertise over his career. Prior to joining Global Advisors, Jean-Marie was a quantitative strategist with Hermes Commodities Fund Managers, and an Energy Trader Assistant at Lehman Brothers. He holds Master of Science degrees in Mathematical Trading and Finance from Sir John Cass Business School in London, and Bank-Finance-Insurance from Université Paris Dauphine in Paris, in addition to a Bachelor of Science degree in Economics and Finance from Université Paris Dauphine.

Jeff is an editor at Blockworks, based in the United States. He has been a part of the blockchain space for over a decade, most recently working as US news editor at Cointelegraph. His areas of focus include empowering artists and creators through technology, using proof-of-participation methods to reward self-improvement, reducing the effectiveness of Sybil attacks, seeking transparent equity for disadvantaged communities, and exploring fairer models of world governance. Contact Jeff at Jeffrey@blockworks.co.

Jesper Johansen is the founder and CEO of NORTHSTAKE, a regulated custodial staking company specialized in building regulatory compliant crypto staking products for institutional investors and financial institutions. The team holds backgrounds from financial institutions, pension funds, large investment companies to consulting, technology and audit firms, such as Accenture, Deloitte, PwC as well as blockchain and crypto projects e.g. DAI Foundation (MakerDao), Ethereum and L1/L2s. 

Prior to NORTHSTAKE, Jesper held leadership positions with Accenture Strategy and Deloitte Consulting advising clients in heavily regulated industries to implement new technologies and drive business transformation. He holds a MBA from Copenhagen Business School and a B.Sc. in International Business. 

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

Jess Sun is an independent writer and content strategist. She loves bringing good ideas to light, helping the people behind them shine, and bridging gaps in understanding. Follow her on Twitter or LinkedIn. Go to her website to learn about working with her.

Jesse Knutson is the head of operations at Bitfinex Securities, where he is responsible for expanding the platform’s issuance pipeline, overseeing distribution and building its user base while ensuring compliance with regulatory standards. Prior to this role, Knutson served as vice president of financial products at Blockstream, and held roles at prominent investment banks including Macquarie Group and Barclays.

Jim Myers is an engineer, early-stage investor, and the CTO &amp; Co-Founder of Flipside Crypto, a leading blockchain data analytics and business intelligence platform. Prior to co-founding Flipside, Jim developed the core technology that took products from 0 to 1 at companies such as Mylestone, Pluralsight, and Smarterer. Jim’s journey into the crypto industry began in 2015, eventually co-founding Flipside Crypto in 2017 to help empower crypto communities to create and share data-driven insights on the projects they care most about. Jim's passion for building extends to the broader startup community via his developer event series, Stack Dive, and as an angel investor to several local Boston-area startups, including AdHawk and LinkSquares. In a previous life, Jim developed advanced models to quantify risk and abnormal returns in the market for Financial Transmission Rights, a type of energy derivative.

JJ is an advisor, mentor and co-founder working across Bitcoin, mining and web3. He currently mentors for Outlier Ventures new Bitcoin Base Camp program and has co-founded a new protocol operating in stealth mode.

Joey is ranked by Chambers and Partners as one of the top 12 lawyers in the world, advising many of the largest platforms around the globe in the space. He co-chaired the Gibraltar Government’s working group on Blockchain for 3 years, which was established to develop the infrastructure to accommodate a DLT regulatory framework. Joey is also a specialist consultant to the United Nations and trains and assesses authorities primarily around South East Asia in virtual asset developments, DeFi and regulation. He is a member of several think tanks including the prestigious global ‘Wharton Reg@Tech’ initiative, the Blockchain Industry Parliamentary Roundtable on Blockchain Technologies at Parliament in the UK, and also contributed to the UK Law Society on the Blockchain Legal and Regulatory Guidance publication. He was the Xapo Representative on the Libra/Diem Association and has also contributed to various stablecoin and CBDC developments. 

Joeyz Yu is an entrepreneur with over 18 years of experience in product design and development. He co-founded Sending Labs to revolutionize communication protocols and social applications for Web3, leading the development of their flagship products SendingMe and SendingNetwork. Previously, Joeyz co-founded MoboTab, where he created the Dolphin Browser, used by over 200 million users and later acquired by ChangYou. Joeyz's passion for empowering users and building exceptional teams drives his mission to shape the future of the internet. 

Byron Gilliam

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



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



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“Macroeconomics in this original sense has succeeded: Its central problem of depression prevention has been solved.”&nbsp;



— Robert Lucas, 2003
</blockquote>



I’m old enough to remember when people thought recessions might not be a thing anymore.&nbsp;



By the early 2000s, economists like Robert Lucas and Alan Greenspan argued that traditional recessions, in which a cyclical decline in demand led to a shrinking economy, were becoming an endangered species: less frequently seen and less dangerous when they were.



This was known as “The Great Moderation,” but just as the idea was catching on, it was seemingly discredited by the “Great Recession.”&nbsp;



There was nothing moderate about the 2008 recession: Peak to trough, US GDP fell 4.3%, the largest decline since World War II.



That should not have discredited the moderation thesis, however, because the Great Recession is more accurately known as the Great Financial Crisis — a financial own-goal that had little to do with macroeconomics.



Nearly two decades later, the US still hasn’t experienced a recession in “the original sense.”



The last traditional, business-cycle recession was way back in 1991, when Fed Chair Greenspan raised interest rates to 10.5% and unemployment rose to 7.8% — and even that was considered a mild downturn by the standards of the time.



In the 34 years since, we’ve only had three recessions and they were all triggered by non-cyclical shocks: the dotcom bust and 9/11 in 2001, the financial crisis in 2008, and the Covid pandemic in 2020.



As recently as last week it seemed like we were inevitably headed for a fourth.



But this week, markets rallied on a rising consensus that we’d avoid it yet again.



Which makes me wonder: If a sudden trade war can’t tip an aging expansion into recession, what can?



Is it only pandemics and banking accidents that cause recessions now?



Probably not.



But equally, Greenspan was probably right that the recessions we do have will be less frequent and less severe.&nbsp;



His <a href="https://www.federalreserve.gov/boarddocs/speeches/2004/20040220/default.htm">hypothesis</a> was based primarily on a belief in “better monetary policy,” and that seems to have been borne out: If Fed Chair Powell guides the US to a soft landing despite pandemic-induced inflation and tariff-induced uncertainty, I expect he’ll go down in history as the second greatest central banker of all time (behind only the patron saint of inflation fighting, Paul Volcker).



Another reason Greenspan cited for optimism was the ongoing “shift away from manufacturing toward services,” and that, too, might now be vindicated: This week’s market action seems to suggest that even a 10x increase in tariff rates won’t derail the US economy.&nbsp;



“The more flexible an economy,” Greenspan concluded, “the greater its ability to self-correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances.”



The US economy, he explained, was getting more flexible thanks to automatic stabilizers, just-in-time logistics, deregulation and the “increased depth and sophistication of financial markets.”



More sophisticated markets give policymakers better information to work with — and the best information, of course, comes in the form of charts.



So let’s see what they’re saying.



It won’t be this quarter:



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfMxzB_wOyEfVHWj9yzY3PvOix0pbZOgar9mrr-jTcBGEggUwM1W-sE2YI3gJwmhXBKY701c_vFv2aIakkE1sA92JiDhvx15zfKDBgGTharO6GMjb7uXUGygqbZlq5iOnSt2e_5?key=zUftSAzS29kyOH4DvuNdQg" alt=""/></figure>



Suddenly, the next recession seems as far off as ever: The Atlanta Fed’s GDPNow model sees the US economy growing 2.4% in the current quarter.



It’s unlikely in Q3 or Q4, too:



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcMseWSFUM-UGrtrOp-c1jmDZJ8gP5yzbG8pmIs1Aaj9w8OA2n8TnwyQuUWwsGIX4seTv1AVXlYbx4uAveBSdS1rtZ5EhLgtx2aFswxBRYKFvdW7MaWY-n0OcxZJBrvFHtsUwuD?key=zUftSAzS29kyOH4DvuNdQg" alt=""/></figure>



Polymarket odds of a US recession in 2025 are down to 36%.



Are tariffs priced in now?



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcTuhGTM3ilSuipq0dFNbppJ-WyL18gjWZjtO02hFKuNbzR6xs8q_36bKIsUvbJt3mKKy4WxK7bBEv11JoPCtSIAwphJBhVeLlwoFtlCLYyRSz09gtEb1j9nnlErejCHfbeo9ppMg?key=zUftSAzS29kyOH4DvuNdQg" alt=""/></figure>



Barclays Research (via the Odd Lots newsletter), estimates that the current trade-weighted US tariff rate is now around 14% and analysts at Goldman Sachs said it “would probably remain elevated for the foreseeable future.” That’s lower than expected just a couple of weeks ago, but we may not be out of the woods yet. President Trump <a href="https://www.politico.com/news/2025/05/16/trump-says-us-will-set-new-tariff-rates-for-countries-skirting-negotiations-00353370">said today</a> that, because there are too many countries to negotiate with, he will unilaterally decide tariff rates sometime in the next two or three weeks.



Wages &gt; inflation, still:



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcTYNo9Y4O2BeZRJLF6BPsc4ZNoVORjl0FiYjzN-LSFh661RMJd1PAvoEQncmVRbOEpwiqt2NSe1-LtCJh5ZyICOJuoghk8LSBNKo5rk3Ht5W6vddUcBoJfymYjISB7AS0fHBFm?key=zUftSAzS29kyOH4DvuNdQg" alt=""/></figure>



US wages are still growing at 4.3%, according to the Atlanta Fed — well in excess of CPI, which ticked down to just 2.3% in April. The top line above is wage growth for job switchers, which may have further to fall: The Wall Street Journal <a href="https://www.wsj.com/lifestyle/careers/job-market-overpaid-salary-9eeabbaa?mod=djem10point">noted</a> this week that two-thirds of US workers believe they are overpaid.



Apropos of nothing:



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcVkmjeIzxnygDYiHL86eFZwzZCAuFYHb-6qbZ-4QEAME9obEu2I2Z1TO7rgC0VyIqUyTvEcRamR0wzifGqN8Z6IKLww-thCJ9TRjP1bklIlXub8lV5nEBI1dB9bITNzBRWeNjQFA?key=zUftSAzS29kyOH4DvuNdQg" alt=""/></figure>



This is from 2024, but I only found it this week: An Ipsos survey found that Asian (and some Latin American) countries are “excited” about AI while Europe and the Anglosphere are “nervous.” Let’s check back in a decade or two and see if that’s correlated to growth rates. (I suspect it will be.)



Why Joe Rogan should be for free trade:



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcOHB7aSF7zc2GJn30XrbhrDowS9gsAnY4RLdMAlAN64MuazH85MWU6_9k8K9sijjchB18EkPUuTQV1EPw34Pi3cTKw3z8PqOf7PsjWvlLGrcvZkpVbCgzgv6EcMzZlGyWVNCfIow?key=zUftSAzS29kyOH4DvuNdQg" alt=""/></figure>



John Lettieri notes that the beginning of globalization (marked by NAFTA in 1994) was coincident with a trend change in male earnings: After two decades of decline, male wages began rising again.&nbsp;&nbsp;



Why everyone should be for free trade?



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcpAPh63mCcGhHx6tNMtq3R97tiwJIzm9d7I-_4LtSPEyTLRGxQ9VRMpQ2yIEZzRzQzixFMCsTJanu3x-ToKOoywzfm8fH1eayZAm5NS1Y8SFn2nOgWQpRwmpG_r5qajN4JvuA2PQ?key=zUftSAzS29kyOH4DvuNdQg" alt=""/></figure>



Lettieri also finds that, starting with NAFTA, wages for the lowest quartile of earners rose faster than wages for the top quartile. If, like me, you enjoy these kinds of narrative violations, his <a href="https://x.com/LettieriDC/status/1922704137088577873">full thread</a> on trade is a must-read.



The other deficit problem:



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcayiXEE18ElJk88KrsQYgL72jvMCn48ibhGrGwdWI0Sw0BQc7UoW8oYF_BnZam8_3LWkVEhJOpIoZALF_m1njFTyyd7BVTTGDjK79sWTFVUkdjstlLO0JNy25bK2b7mbDmcBWW3A?key=zUftSAzS29kyOH4DvuNdQg" alt=""/></figure>



The current House budget proposal would add $3.3 trillion to federal debt through 2034. It probably wouldn’t pass the Senate, but it seems a safe bet that whatever eventually does will be only marginally more responsible.



In good times and bad: 



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1224" height="630" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/05/unnamed.png?w=1024&amp;h=1024" alt="" class="wp-image-102609" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/05/unnamed.png?w=1224 1224w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/unnamed.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/unnamed.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/unnamed.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/unnamed.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/unnamed.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/unnamed.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/unnamed.png?w=80 80w" sizes="auto, (max-width: 1224px) 100vw, 1224px" /></figure>



The really bad news about the US budget is not that it’s running a big deficit — it’s that it’s running a big deficit while the economy is booming. What’s this chart going to look like in the next recession? (If there ever is one.) Also, if your goal is to reduce the trade deficit, running a trillion dollar budget deficit year after year is, uh, not the way to do it.



Deficits are good for business, though:



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcQlAPjbz4gJrhDoT8vI2zpiwuMC9cir_PqkzkfWrcUnNSoyGkOmw4zIPWzFB2R456zLE5jHQKjuD-LrJP1ikgDN7x-6K098zoVZpxkJZoEjGEeHWX-13G90-15m3weOBaoHLEwxw?key=zUftSAzS29kyOH4DvuNdQg" alt=""/></figure>



Global equities (orange) and a 60/40 portfolio of global stocks and bonds (purple) both made all-time highs today. Global equities ex-US (blue) made the highest highs.&nbsp;



Who said investing is hard?



If we don’t have to worry about traditional recessions anymore, it might not be.



Have a great weekend, moderate readers.



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The Breakdown Newsletter

Friday Charts: What if there are no more recessions?

Jack Kubinec

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



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



Continuing a string of recent hires, Jito Foundation has appointed Nick Almond as its head of governance, Lightspeed has learned exclusively.



An academic by training, Almond comes to Jito following a stint as CEO of the DAO-focused R&amp;D shop Factory Labs. In comments shared with me, Almond said he hopes to steer Jito’s DAO clear of some common pitfalls that have befallen these organizations by “cautiously expanding” what the DAO tries to do.



Jito is Solana’s most important infrastructure project. Its Jito-Solana client, which adds <a href="https://blockworks.co/news/solana-top-protocols-by-fees">revenue-boosting</a> MEV modifications to the original Solana Labs client, is <a href="https://jito.retool.com/embedded/public/3557dd68-f772-4f4f-8a7b-f479941dba02">run</a> by 96% of Solana stake.



Jito has a labs entity, which develops software, and a foundation entity, which tries to grow Jito’s ecosystem of products and oversees the Jito DAO. Both sides have been staffing up recently: Jito Labs brought on veteran DeFi-focused lawyer Rebecca Rettig as its <a href="https://blockworks.co/podcast/lightspeed/3f681e50-efe0-11ef-9dea-1391c9fce092">chief legal officer</a> in January, and Jito Foundation made Jane Street veteran Thomas Uhm its chief commercial officer in April.&nbsp;



The headcount growth likely has something to do with Jito’s central positioning to benefit from Solana’s uptick in network usage. A majority of Solana’s <a href="https://blockworks.co/analytics/solana#:~:text=What%20is%20Network%20REV%20in%20Solana%20analytics%3F">REV</a>, a Blockworks Research metric for value accrual to blockchains, <a href="https://app.blockworksresearch.com/analytics/solana?dashboard=15">comes</a> from Jito tips that users pay to get transactions included in Solana blocks.&nbsp;



Jito also boasts perhaps Solana’s most advanced DAO, which has a lucrative revenue source vis-à-vis its 2.7% cut of those Jito tips. To put that in perspective, Jito tips were on pace to total roughly $1.5 billion this year at the end of April. 2.7% of that number would put Jito DAO at roughly $40 million in annual revenue.



Almond said Jito DAO’s “high potential” drew him to the role. I asked him about the favored governance mechanism among Solana governance nerds in <a href="https://blockworks.co/news/metadao-solana-governance-platform">futarchy</a>, which he said still needs to “prove itself as an effective decision-making mechanism.”



Probably the first question Almond will need to answer in his new role will deal with value accrual for the JTO token, which Jito launched in 2023 but which does not yet directly benefit from Jito revenue. Almond moderated multiple livestreams on JTO’s tokenomics before joining Jito Foundation.



“Fee switches, yield boosting mechanisms and buybacks have all been discussed heavily,” Almond said. “It’s going to be up to the DAO which direction we take very soon. I’d like to see one of and potentially more of the above, all implemented as quickly as possible.”



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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/thebreakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



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



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha directly in your inbox.</li>



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



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



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

Jito Foundation hires head of governance

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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After a process that took years (1,300 or so days, Galaxy CEO Mike Novogratz noted on a Tuesday earnings call), GLXY shares are trading on the Nasdaq.&nbsp;



The US listing boosts the stock’s visibility — i.e. via Robinhood and perhaps, one day, in indexes (S&amp;P, MSCI, Russell, etc.) More than that, though, we’re watching how it helps the firm scale as competition stiffens in the growing crypto space.&nbsp;



“Most of Galaxy&#8217;s growth over the last seven years was internally funded with investing profits or trading profits, and so there was a regulator on how fast we could grow,” Novogratz explained. “Depending on the opportunities we see, being able to tap the deepest capital market in the world is a huge advantage.”



In other words, the CEO added on the call: “Bigger is better in financial services, and we plan to get a lot bigger.&#8221;



We’ve seen some huge crypto M&amp;A so far this year. To name a few: <a href="https://blockworks.co/news/coinbase-deribit-deal-focus-derivatives">Coinbase-Deribit</a> (a $2.9 billion deal); <a href="https://blockworks.co/news/crypto-ma-mergers-feeding-frenzy-kraken">Kraken-NinjaTrader</a> ($1.5 billion); and <a href="https://blockworks.co/news/crypto-tradfi-intersections-ripple-blackrock">Ripple-Hidden Road</a> ($1.25 billion).



Novogratz noted that having a more fairly-valued stock — after historically trading below its book value — allows Galaxy to more seriously look at acquisitions.&nbsp;



“There are some businesses that make sense to grow organically, and some that make sense to add on,” Novogratz said. “And so, I think you&#8217;re going to see a little of both in the coming 36 months.”&nbsp;



DeFi Technologies also listed on the Nasdaq this week.&nbsp;



That company, like Galaxy, has been trading publicly in Canada (and continues to).&nbsp;



But as DeFi Technologies CEO Olivier Roussy Newton put frankly: “Canada is a small population base compared to the United States. The world trades on the US capital markets.”



He also alluded to M&amp;A, telling me: “You [present] your equity for investors, and if you can do that effectively you trade at a high multiple and you raise more money and you buy more companies.”



DeFi Technologies looks to have 100 crypto investment product listings by the end of the year. The company bought ETP issuer Valour in 2021 before acquiring Reflexivity Research and crypto liquidity provider Stillman Digital last year.



As for future acquisition targets, Newton said: “There’re a lot of private trading technology companies in the digital asset space that would want to…access capital market equity financings and other derivatives mechanisms to enhance those opportunities.”



Scale and product breadth will be especially important for firms like Galaxy and DeFi Technologies as more financial giants wade deeper into crypto.&nbsp;



One area that TradFi players entering the space are focused on (or will be) <a href="https://blockworks.co/news/yield-bearing-settlement-network-tokenization">is tokenization</a>, Novogratz said.



“We are trying to build our moat through domain expertise, through better customer relationships, and through kind of staying one step ahead of those guys,” he noted on the earnings call.



All’s to say, we’ll be watching more than just the GLXY and DEFT stock prices.



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DeFi Technologies

Galaxy, DeFi Technologies look to leverage new Nasdaq listings

Kate Irwin

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



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Coinbase said on Thursday that “less than 1%” of its monthly users’ personal identifiable information has been exposed in a <a href="https://www.coinbase.com/blog/protecting-our-customers-standing-up-to-extortionists">breach</a>, including names, addresses, phone numbers, the last four digits of Social Security numbers, government ID data and other information.



According to the exchange, “overseas” Coinbase support agents gave private customer data — including government IDs and customer addresses, among other info — to scammers. The scammers are believed to be using that data to target Coinbase customers via social engineering scams.&nbsp;



Coinbase has declined to pay the $20 million bitcoin ransom the attackers reportedly demanded. CEO Brian Armstrong says they’re taking steps to prevent something like this from happening again, and they are paying back those who were impacted by the incident.



Coinbase estimates this data breach may cost it anywhere from <a href="https://www.reuters.com/business/coinbase-says-cyber-criminals-stole-account-data-some-customers-2025-05-15/">$180 million</a> to $400 million.



“People are terrified,” <a href="https://x.com/GivnerAriel/status/1923130484873121917">wrote</a> crypto and IP attorney Ariel Givner in a post, reporting that she has received multiple concerned messages from clients who were notified that their information was exposed in the Coinbase breach.&nbsp;



So what can people do to protect themselves from data breaches, which have become <a href="https://www.wsj.com/tech/cybersecurity/why-are-cybersecurity-data-breaches-still-rising-2f08866c">increasingly common</a>?



If you were notified by Coinbase that your data was impacted and you want to be cautious, there are a number of things you can do. Identity theft, fraud in your name, and targeted financial scams toward you or your immediate family are the most likely areas of concern.



There are personal information removal services out there, like DeleteMe, that can remove information about you from the internet. You can also request this <a href="https://support.google.com/websearch/answer/12719076?hl=en">through Google</a>. But if the data is already in an attacker’s hands, you may want to consider <a href="https://www.aarp.org/home-family/personal-technology/info-2021/remove-home-from-google-street-view.html">blurring out</a> your home from Google Maps’ street view and freezing your credit to stop anyone from opening lines of credit in your name. And as Microsoft <a href="https://support.microsoft.com/en-us/topic/national-public-data-breach-what-you-need-to-know-843686f7-06e2-4e91-8a3f-ae30b7213535">suggests</a>, you may want to place a fraud alert with the major credit bureaus.



For further awareness, you may want to warn immediate family members and close friends that attackers may attempt to socially engineer them in a scam tied to you. You can also talk to loved ones about having a <a href="https://x.com/netdragon0x/status/1923062046632837291">secret word</a> or phrase that’s unrelated to your personal info that you use to verify your identity with them.



The Texas Attorney General’s office <a href="https://www.texasattorneygeneral.gov/consumer-protection/identity-theft/help-prevent-identity-theft#:~:text=Store%20documents%20that%20have%20your,them%20for%20a%20specific%20reason.">advises</a> Americans to not use debit cards for online purchases, and to only use one credit card for online purchases to streamline and better protect your online identity.&nbsp;



California’s Attorney General <a href="https://oag.ca.gov/idtheft/facts/top-ten">agrees</a> that using antivirus software, being wary of unrequested phone calls, and being careful to not click on potential “phishing” emails are additional ways to protect yourself. <a href="https://www.optoutprescreen.com/">Opting out</a> of pre-approved credit card offers is another way to prevent credit card fraud in your name, and it’s good practice to review monthly statements and free annual credit reports.



When it comes to crypto, of course, never share your seed phrase or recovery phrase — or even your wallet password — with anyone, including those who claim to be customer support. Only storing recovery phrases on pen and paper in a safe location is your best bet.



You can also consider using an encrypted password manager app, ensure two-factor authentication via an authenticator app is enabled on as many accounts as possible, and make sure you’re using strong, unique passwords for every account you have.



Coinbase is telling users to “expect imposters” and to turn on withdrawal allow-listing, lock their Coinbase accounts if something feels off, and <a href="https://www.coinbase.com/blog/hang-up-the-phone-stop-social-engineering-scams">review tips</a> on avoiding social engineering scams.



Data breaches, more broadly, are unfortunately common. Last year, AT&amp;T, UnitedHealth’s Change Healthcare, Ticketmaster, Dell, Disney, Roku, Trello, and other companies, government entities and data brokers faced data breaches. Sometimes, such breaches result in class-action lawsuits or government-issued fines, with the average data breach costing a company <a href="https://nordlayer.com/blog/data-breaches-in-2024/">$4.88 million</a> last year.



NordLayer reported that <a href="https://nordlayer.com/blog/data-breaches-in-2024/">68% of data breaches</a> last year involved human errors, citing Verizon’s latest Data Breach Investigations report.



A lot of data breaches are preventable, and it starts with access and data storage practices.



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Coinbase

Coinbase breach fallout: What to do if your data was exposed

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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A Solidity developer friend of mine reached out on Signal the other day in a tizzy. “I can’t believe this,” he wrote. “How did <a href="https://blockworks.co/tag/ethereum">Ethereum</a> developers let this happen?”



He was referring to a <a href="https://cointelegraph.com/news/pectra-wallet-exploit-offchain-signature-risk">recent article</a> worrying about Ethereum’s <a href="https://blockworks.co/news/ethereum-pectra-fork-live">Pectra upgrade</a> — specifically EIP-7702 — and its supposed ability to let hackers “drain wallets with just an offchain signature.” The piece has been bandied about on X/Twitter, it seems, though not by people I follow. Fears were clearly being stoked in some circles that a new transaction type quietly enabled attackers to seize control of wallets without an onchain transaction or even a user’s knowledge.



But like many things in crypto, the reality is both more nuanced — and less dramatic.



Ethereum’s recent Pectra upgrade, <a href="https://blockworks.co/news/ethereum-pectra-fork-live">activated on May 7</a>, introduced a powerful mechanism that enables externally owned accounts (EOAs) to temporarily act like smart accounts. But the rollout has been accompanied by breathless claims that it exposes users to some insane new risk.



Those headlines are misleading. While <a href="https://blockworks.co/news/ethereum-upgrade-account-abstraction-proposal">EIP-7702</a> could introduce a new attack surface for phishing, it doesn’t bypass wallet signatures or allow unauthorized access per se. Instead, it signs a special message for the temporary superpowers. But if that message falls into the wrong hands, someone else could take control — as if handing over a private key to your wallet for a single session.



Sounds dangerous, and it can be, but only if a user is tricked into signing a malicious delegation. It’s not a protocol failure, but something for wallet software publishers to take account of.



Security <a href="https://www.fireblocks.com/blog/security-first-approach-to-eip-7702">researchers</a> and <a href="https://x.com/AmbireWallet/status/1920068000901734459">wallets</a> responded proactively to 7702. For example, alongside support for the feature, Ambire and Trust Wallet released patches or warnings. Wallets that don’t yet support 7702 are not suddenly made insecure. But confusion <a href="https://x.com/0x_AgentSmith/status/1921574316040454548">spread</a> with viral tweets claiming EIP-7702 made hardware wallets “no longer safe,” for example.



Will Hennessy, a product manager at Alchemy, strongly pushed back on that narrative:



“It’s a non-issue for end users,” he told Blockworks. “No wallet supports signing arbitrary delegations, nor is there a wallet RPC for a dapp to request an arbitrary delegation signature.”



He’s right…today. Mainstream wallets like <a href="https://blockworks.co/tag/metamask">MetaMask</a> and <a href="https://blockworks.co/tag/ledger">Ledger</a> don’t expose a method for signing EIP-7702 authorization tuples — the term for the one-time-use permission slip, signed by the wallet owner.



But that’s beginning to change. Embedded wallet SDKs — including Alchemy’s own Account Kit — already include a method called signAuthorization that creates valid EIP-7702 signatures. These products can bypass the <a href="https://eips.ethereum.org/EIPS/eip-1193">EIP-1193</a> standard entirely by bundling their own provider. As wallets begin to natively support smart accounts, this functionality will likely spread.



“The article describes signing a message with a wallet from a malicious website,” Hennessy added, “but it is not possible for any website to request an EIP-7702 delegation signature from an external wallet.”



Keep an eye on this threat vector. Just as existing standards have been exploited in “<a href="https://blockworks.co/news/security-firms-react-to-bybit-hack">blind signing” attacks</a>, the same could happen with EIP-7702 if wallet UX isn’t explicit about what the user is delegating and to whom.



TL;DR — the criticism of 7702 as an “auto-drain” threat is exaggerated. There is no magical backdoor, and attackers still need your signature. But the phishing risk is there if wallets don’t clearly show the contract, <a href="https://app.blockworksresearch.com/glossary/#nonce-which-stands-for-number-only-used-once">nonce</a> and scope of a delegation.



So, don’t sign opaque 32-byte hex strings, people. Favor wallets that flag EIP-7702 requests and simulate the delegated contract. Pectra opens the door to powerful smart account features, but remember, with great power…



<figure class="wp-block-image is-resized"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc5QPbFh7b3V0Ao_C7lG1sYes9-xOe_tgmyP8KAW_k_KmPx1wFvjZtfu0H9rRiEXlLtDhWStkxv5qwS8ldcgsNxVlqAY0-3t0GjtHL3a11X07QwbBRS1dkfXVDatUQ2TS2XWsEfEg?key=fATPsJ4nUj3pjzttTi_B_Q" alt="" style="width:629px;height:auto"/></figure>



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0xResearch Newsletter

Ethereum smart wallet mode panic, unpacked

Amid the shifting regulatory landscape, crypto firms are expanding their US footprint and ramping up hiring across policy, compliance, and go-to-market roles.



Companies looking to capitalize on <a href="https://blockworks.co/news/washington-dc-blockchain-summit-takeaways">US opportunities</a> are hiring policy and compliance pros, as well as leaders focused on “go-to-market” strategies, recruiters told Blockworks.  



Wintermute became the latest to reveal a new US headquarters on Thursday. The crypto-focused trading firm’s New York office will focus on business development and partnerships, a spokesperson told Blockworks — with managing director David Micley leading those efforts.&nbsp;



Ron Hammond, a former government relations director at Blockchain Association, is set to lead Wintermute’s policy engagement in the United States.



Wintermute currently employs about 100 people in London and 25 people in Singapore. Its projected US headcount for this year is 10, with Wintermute CEO Evgeny Gaevoy telling Blockworks the firm plans to add policy, legal and compliance leaders in New York.



“The US is at a pivotal moment in shaping digital asset market structure,” Gaevoy said. “While we remain policy agnostic, this is the right time to be part of the conversation and offer our expertise.” On the commercial side, being “on the ground” allows Wintermute to engage directly with new and existing counterparties, the CEO explained.



While London and Singapore have historically offered clearer crypto regulatory frameworks than the US, the new office “follows the country’s greater openness toward digital asset innovation and large financial institutions’ accelerated adoption of the asset class,” Gaevoy added.



Wintermute’s New York office announcement came a couple weeks after MoonPay said its new 5,000 square-foot space in Manhattan would be the “central hub” for its growing US staff.



MoonPay now has roughly 70 people in the US, representing about 20% of its global workforce. That is second only to the UK, where the company opened its largest office last year.



Keith Grossman, MoonPay’s president of enterprise, is set to lead the New York City office, a spokesperson told Blockworks. Espi Elio, a VP of operations, and Treasurer Derek Yu will also be based there, along with the company’s directors of social media, engineering, solutions engineering, partnerships and accounting.



The New York office will be the base for various MoonPay legal professionals too, including two of its deputy general counsels. The company is looking to fill a <a href="https://jobs.lever.co/moonpay/539ada88-7654-4885-b7c4-f0036e0b7195">position</a> for a senior product director focused on stablecoins as well.



“We plan to hire across a range of roles, which may include product, compliance, operations, engineering and more,” the representative added.



Just as Wintermute and MoonPay cited US regulatory developments as a reason to open a new site, so too did Crypto.com upon last week opening its new Washington DC office. That location will focus on public and government affairs work, the company noted in a May 7 release.



Matt David, the company’s North America President and Chief Corporate Affairs officer, called the US market “the most exciting frontier for our entire industry” in a statement.



This new office follows the crypto platform last year creating a North American headquarters in Tyler, Texas.



A company spokesperson declined to comment further.&nbsp;



<h2 class="wp-block-heading">Building out US workforces</h2>



WorkInCrypto.Global founder Sam Wellalage said many of his European clients are thinking about how to boost their presence in the US.&nbsp;&nbsp;



“There’s a growing sense of urgency, partly driven by the perception that Trump-era policies and ongoing de-regulation are making it easier for crypto businesses to set up in the US and acquire both retail and institutional customers more quickly,” he said.



Wellage added: “It’s also widely acknowledged that the US has access to some of the best crypto talent globally.”



The most common roles Wellalage has helped clients fill have been what he called “go-to-market” positions. Those include sales directors, as well as heads of commercial and heads of revenue roles.&nbsp;&nbsp;



“Marketing roles like growth marketing and digital marketing are also in high demand,” he said.



Zachary Plotkin, a managing partner at recruiting firm Madison-Davis, said most of the small and midsize crypto companies he’s seeing expand to the US are looking for technology, compliance, risk and data security professionals.



“I have noticed that more of these firms are willing to hire a temporary chief compliance officer, a temporary chief risk officer or temporary [Bank Secrecy Act] officer that can handle the load of the work to see if the firm&#8217;s US footprint can expand,” he said.



Crypto exchange OKX, which last month debuted its US headquarters in San Jose, California, is searching for a US-based head of risk strategy, a head of product compliance and a senior compliance manager focused on anti-money laundering investigations.



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crypto hiring

As crypto firms boost US footprint, the race for talent is on

David Canellis

Pete Rizzo

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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Bitcoin Pizza season is back.



This Sunday will mark 15 years since early adopter Laszlo Hanyecz first posted his historic, cheesy request to Bitcointalk: <a href="https://bitcointalk.org/index.php?topic=137.msg1141#msg1141">Pizza for bitcoins</a>?



Hanyecz boldly offered to pay 10,000 BTC to anyone who could deliver two large pizzas — two, “so I have some left over for the next day. I like having leftover pizza to nibble on later.”&nbsp;



Those coins were worth about $42 at the time and more than $2 billion today, enough to make your stomach grumble!&nbsp;



In many ways it was the most important transaction in Bitcoin’s history, even to this day. As Laszlo put it best: “Somebody had to start it off.”



<h2 class="wp-block-heading">Bitcoin Legends — Laszlo Hanyecz</h2>



Long-time subscribers to Supply Shock, from when it was called Bitcoin History, might remember our feature profile on Hanyecz from last year.&nbsp;



It does a fantastic job of plotting Hanyecz’s legacy, from early miner, to Satoshi collaborator, to Bitcoin Pizza Guy and beyond. Be sure to <a href="https://bitcoinhistorynl.beehiiv.com/p/laszlo-hanyecz-bitcoin-legend?utm_source=bitcoinhistorynl.beehiiv.com&amp;utm_medium=newsletter&amp;utm_campaign=laszlo-hanyecz-is-a-bitcoin-legend">check it out in our archives</a>.



This time around, let’s collect a few slices of the story that are sometimes left out.



<h2 class="wp-block-heading">1. Hanyecz kept spending bitcoins on pizza.&nbsp;</h2>



In June 2010, about a month on from the original purchase, Laszlo posted: “This is an open offer by the way. I will trade 10,000 BTC for 2 of these pizzas any time as long as I have the funds (I usually have plenty). If anyone is interested please let me know.”



By August of that year, Laszlo cut the experiment short due to demand. The bitcoin hash rate had multiplied by more than 26 times since his initial offer, a monster jump attributed to <a href="https://x.com/pete_rizzo_/status/1890763182555197539">pioneering pseudonymous miner ArtForz</a>, who’d built their own GPU mining software and kept it private for a competitive edge.



“Well I didn&#8217;t expect this to be so popular but I can&#8217;t really afford to keep doing it since I can&#8217;t generate thousands of coins a day anymore. Thanks to everyone who bought me pizza already but I&#8217;m kind of holding off on doing any more of these for now.”



<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">5/ Laszlo was one of the first 5 developers to work on <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>. Here’s Satoshi crediting him for his work helping to test and review the 3rd version of the software in history 🏆 <a href="https://t.co/vEjTX2oySB">pic.twitter.com/vEjTX2oySB</a>&mdash; The Bitcoin Historian (@pete_rizzo_) <a href="https://twitter.com/pete_rizzo_/status/1829158445905301666?ref_src=twsrc%5Etfw">August 29, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Laszlo would share in 2014 that he’d spent every coin he mined on pizza. His bitcoin <a href="https://mempool.space/address/1XPTgDRhN8RFnzniWCddobD9iKZatrvH4">address</a> shows him receiving 81,432 BTC, presumably from his mining operations, with the same in outgoing transfers representing his pizza trades.&nbsp;



So, if what Laszlo says is true, that would mean he spent today’s equivalent of $8.45 billion on pizza.&nbsp;



If he’d held until today, Laszlo would only be $1.5 billion short of Michael Saylor on Forbes’ billionaires rich list. But he <a href="https://www.coindesk.com/markets/2020/05/22/10-years-after-laszlo-hanyecz-bought-pizza-with-10k-bitcoin-he-has-no-regrets">doesn’t seem to mind</a>.



<h2 class="wp-block-heading">2. The other guy also sold his bitcoins.</h2>



Jeremy “Jercos” Sturdivant was only 18 when he used his credit card to buy pizza for Laszlo from across state lines.



Jercos wasn’t an active poster on Bitcointalk and instead coordinated the deal with Laszlo via IRC, where the two had already crossed paths. It was on IRC that Studivant first learned of Bitcoin, and thought it interesting in light of the failure of e-gold around the same time.



He was even a bitcoin miner in his own right, “probably mining several thousand coins” by remotely running a cpuminer through Linode’s cloud computing service.



Studivant has shown similar grace as Laszlo when asked if they regret the experiment.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdlB3T2YnkceGEIu3vwk_bHSQOkixjqVxA8x_CcLkoc-OmP2RJr7PJKH85dQIqm7wC8OhHYkIG10XAHF8C2OiSTXnpmJh1R_xhqE4cxZMMQOqZWGLy9JBDv0su0Wjcf8VTrYcYilA?key=i5DYGJeOmBGtu_z4AmZ77w" alt=""/></figure>



“Bitcoin as a currency is meant to be spent,” he said in an <a href="https://www.bitcoinwhoswho.com/jercosinterview">interview</a> from 2015. “&#8230; Naturally there will always be people hoarding coins, trying to get rich, and quite a few people did get quite rich, but they wouldn&#8217;t have got that way without economic growth allowing it.”&nbsp;



At the time, Jercos appeared to still be sitting on quite a few coins, and was indeed using them as money.&nbsp;



“To that extent my bitcoin holdings do usually measure in hundreds or thousands of USD, simply because I use them much as I would a checking account, to conduct business both online and offline when I have the opportunity.”



“Notably the ‘humble bundles’ and the attached store accepting bitcoins significantly bolstered my video game library.”



<h2 class="wp-block-heading">3. Satoshi invented GPU mining before Laszlo.</h2>



The mainstream mostly knows Hanyecz as the Bitcoin Pizza Guy.&nbsp;



Around these parts, across the Rubicon, he’s also well-respected for porting Bitcoin Core to macOS in the space of a week, and being the first person ever to mine bitcoin with a GPU, even before ArtForz.



It could be that Satoshi had beaten Laszlo to the punch. In an <a href="https://cointelegraph.com/news/satoshi-invented-gpu-mining-to-defend-the-network-says-early-dev">interview</a> from May 2020, Hanyecz said that Satoshi had already invented GPU mining as a sort-of-secret Death Star to protect Bitcoin from 51% attacks.



“And he actually shared with me his version of it,” Hanyecz said, after he’d shown his own GPU mining code to see what Satoshi thought. Satoshi then famously cautioned Hanyecz in private over potentially developing GPU miners too quickly.&nbsp;



“So even though it wasn&#8217;t in Bitcoin, he did have GPU mining code and he said he was just keeping it ready in case he had to defend the network with it.”



In late 2009 on Bitcointalk, Satoshi softly <a href="https://satoshi.nakamotoinstitute.org/posts/bitcointalk/20/">pushed</a> for “a gentleman’s agreement to postpone the GPU arms race for as long as we can for the good of the network,” which looking back is quite interesting phrasing, considering they were already sitting on serious firepower.



<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">9/ Rather than quit mining, Laszlo decided to give back to <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>. In fact, he dusted off one of Satoshi’s own ideas – taking an example from the official Bitcoin FAQ. <a href="https://t.co/zfc895dLrV">pic.twitter.com/zfc895dLrV</a>&mdash; The Bitcoin Historian (@pete_rizzo_) <a href="https://twitter.com/pete_rizzo_/status/1829158545876529509?ref_src=twsrc%5Etfw">August 29, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The legacy of Laszlo and Jercos within the context of Bitcoin Pizza Day is largely ironic. Bitcoin is absolutely money, and anyone who swapped bitcoins for pizza with Laszlo or anyone else was absolutely reasonable to do so.&nbsp;



Money is for spending, just like Jercos said, and the term HODL would only be coined three and a half years after the first Bitcoin Pizza Day.



At the same time, bitcoins became so valuable so quickly that these days, actually spending them is instinctively viewed as tempting fate.&nbsp;



Nobody wants to accidentally spend billions of dollars on pizza. And that’s precisely why Laszlo will forever be a Bitcoin Legend.



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Bitcoin

3 piping hot Pizza Day facts for Bitcoin connoisseurs

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"/>



The Department of Justice will continue its case against Tornado Cash’s Roman Storm.&nbsp;



Previously, the DoJ said it was going to reconsider, after an <a href="https://www.justice.gov/dag/media/1395781/dl?inline">internal memo</a> from Deputy Attorney General Todd Blanche said that the department would “stop participating in regulation by prosecution in this space.”



There was a slight change in the case, per the letter, which will drop the charge of Storm allegedly not complying with the money-transmitter business registration rules.&nbsp;



Storm now faces a trial, and the remaining charges are focused on money laundering.&nbsp;



ICYMI: Storm is one of the founders of <a href="https://blockworks.co/tag/tornado-cash">Tornado Cash</a>, which has had a <a href="https://blockworks.co/news/ny-fed-tornado-cash-report">bumpy road</a> with the US government (though it recently received a <a href="https://www.coindesk.com/policy/2025/04/29/tornado-cash-can-t-be-sanctioned-again-texas-judge-rules">court win</a> when a judge ruled it can’t be sanctioned again by the government). The DOJ initially <a href="https://blockworks.co/news/roman-semenov-tornado-cash-ofac-list">charged Storm</a> back in 2023 alongside his co-founder Roman Semenov. 



In the April memo from Blanche, he outright said that the DOJ will focus its cases on the bad actors who are using the various platforms, rather than the platforms or the developers themselves.&nbsp;



Here’s Blanche’s direct quote: “The Department will pursue the illicit financing of these enterprises by the individuals and enterprises themselves, including when it involves digital assets, but will not pursue actions against the platforms that these enterprises utilize to conduct their illegal activities.”



The DeFi Education Fund noted that the dropped charge is “consistent” with the April memo.



<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">Today, the DOJ filed notice it is dropping the Section 1960(b)(1)(B) charge against <a href="https://twitter.com/rstormsf?ref_src=twsrc%5Etfw">@rstormsf</a> in U.S. v. Roman Storm, but will continue to trial on other charges. While this was consistent with an April 2025 DOJ Memo, calling for the end to “regulation by prosecution” and for the… <a href="https://t.co/STDP2xXzP2">pic.twitter.com/STDP2xXzP2</a>&mdash; DeFi Education Fund (@fund_defi) <a href="https://twitter.com/fund_defi/status/1923100662147035538?ref_src=twsrc%5Etfw">May 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



It seems that, even with the changes, this potential trial sets up a tricky situation — with the US just opening up, is there a possible precedent set legally that could impact developers?&nbsp;



Potentially.



Variant Fund’s Jake Chervinsky said in a post on X that the case “should end, period.”



<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">DOJ clearly ordered the end of regulation by criminal enforcement in crypto. But SDNY dropped only one of many inappropriate charges against Roman Storm. Like spitting in DOJ’s face. This is why people call it the Sovereign District of New York. The case should end, period. <a href="https://t.co/JXdJSg7aDf">https://t.co/JXdJSg7aDf</a>&mdash; Jake Chervinsky (@jchervinsky) <a href="https://twitter.com/jchervinsky/status/1923113075139322090?ref_src=twsrc%5Etfw">May 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Back in April, Paradigm chief legal officer Katie Biber <a href="https://x.com/katiebiber/status/1914392536795455822">wrote</a>, “If developer liability is unlimited and tied to the conduct of unknown third parties, no developers will want to build in America. It destroys the innovation economy here and ships crypto, AI &amp; all nascent tech offshore.”



DEF, in another post, said that the case moving forward with the current charges means that the prosecutors are arguing that Storm “‘[transferred] funds on behalf of the public,’ pursuant to 1960(b)(2), which means the accused must have custody and control over other people’s funds.”



<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">In short, the DOJ will continue with its illogical and unlawful theory of money transmission. For any Section 1960 charge, the accused must be “transferring funds on behalf of the public,” pursuant to 1960(b)(2), which means the accused must have custody and control over other…&mdash; DeFi Education Fund (@fund_defi) <a href="https://twitter.com/fund_defi/status/1923100664881942651?ref_src=twsrc%5Etfw">May 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



“That is plainly not the case with software devs of noncustodial p2p protocols, and under any fair reading of the law, both charges should be dismissed,” DEF continued.&nbsp;



So now Storm heads to trial, and this could be a very important one to keep an eye on for the space.&nbsp;



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DOJ moves forward with trial for Tornado Cash’s Roman Storm

BitGo, the leading infrastructure provider of digital asset solutions, today announced that it has partnered with GlobalStake to deliver a next-generation institutional staking solution combining best-in-class security, sustainability, and scalability. As BitGo’s first fully bare-metal staking partner, GlobalStake’s infrastructure will be integrated directly into all BitGo institutional client UIs for SOLANA, ETHEREUM, BNB, POLKADOT, and the new WALRUS NETWORK from SUI, with more asset support to follow, allowing for direct staking through a unified and trusted interface.



“BitGo has earned its reputation as a trusted custodian for institutions, and GlobalStake’s expertise in secure, bare-metal, and carbon-negative staking solutions further elevates our offerings,” said Mike Belshe, CEO of BitGo. “As our first partner operating exclusively on bare-metal infrastructure, GlobalStake brings an alternative approach that complements the diverse staking options we provide  institutional clients.”



<h3 class="wp-block-heading">A TradFi Approach to Institutional Staking</h3>



This partnership reflects BitGo’s ongoing mission to deliver secure, flexible, enterprise-grade staking options to clients across leading digital assets. GlobalStake addresses the most pressing needs of institutional investors, including mitigating the risks associated with cloud dependency, ensuring top-tier security, and facilitating seamless scaling across multiple blockchain networks. GlobalStake is pioneering the MultiStake model, which evolves the traditional finance concept of “multi-prime.&#8221; This strategy encourages institutions to diversify their staking activities across multiple providers, hardware, and approaches to reduce risks, enhance capital efficiency, and optimize returns. Key highlights of this collaboration include:



<ul class="wp-block-list">
<li>Unmatched Security: GlobalStake&#8217;s SOC 2 Type II and CCSS (imminent) certifications guarantee institutional-grade security for your assets. These certifications establish a gold standard in security, enhanced by BitGo’s proven custody platform, which has protected digital assets since 2013.</li>



<li>Exclusive Reporting Powered by MG Stover: MG Stover, a recognized leader in digital asset reporting, has partnered exclusively with GlobalStake to offer clients best-in-class, institutional-grade staking reports. This collaboration enhances transparency, simplifies audits, and streamlines back-office integration for fund managers and allocators.</li>



<li>Unparalleled Choice &amp; Performance: GlobalStake provides complete control and flexibility. Stake across over 40 blockchains, choose specific jurisdictions for regulatory compliance, and experience exceptional global performance with our independent, custom staking-tuned infrastructure.</li>



<li>Sustainability: Stake with a Conscience: GlobalStake is 100% carbon-negative, removing more greenhouse gases than it generates. The more you stake with GlobalStake, the more significant the positive impact on the environment.  </li>



<li>Cost-Efficiency &amp; Higher Returns: Thanks to GlobalStake&#8217;s self-owned infrastructure, this partnership translates to competitive pricing, allowing you to maximize returns on your staked assets.</li>
</ul>



“We are honored to partner with BitGo, a pioneer in institutional-grade digital asset solutions,” said Rich Shorten, Co-Founder &amp; Chairman at GlobalStake. “This collaboration represents a new chapter in secure and scalable staking solutions for institutions. With BitGo’s world-class custody services, we offer a combined solution with unmatched value that can exceed TradFi standards for enterprise-grade infrastructure, stringent risk controls, spectacular performance, vendor diversity, and environmental responsibility.”



<h3 class="wp-block-heading">About BitGo</h3>



BitGo is the leading infrastructure provider of digital asset solutions, offering custody, wallets, staking, trading, financing, and settlement out of regulated cold storage. Founded in 2013, BitGo is the first digital asset company to focus exclusively on serving institutional clients. BitGo is the world’s largest independent digital asset custodian, with multiple regulated entities worldwide and over 2,000 clients in 90 countries.&nbsp;



For more information, visit: <a href="http://www.bitgo.com/?utm_source=blockworks">www.bitgo.com</a>



<h3 class="wp-block-heading">About GlobalStake</h3>



GlobalStake is the leading next-generation non-custodial institutional staking platform. Through self-owned, Web3-tuned bare-metal infrastructure, we deliver superior security, diversification, and returns. Operating globally in Tier 4/5 data centers, GlobalStake is SOC 2 Type II and CCSS certified and committed to sustainability, with 100% carbon-negative operations.



For more information, visit: <a href="http://www.globalstake.io/?utm_source=blockworks">www.globalstake.io</a>



<h3 class="wp-block-heading">Media Contacts:</h3>



BitGo Press press@bitgo.com



Jordan Knecht Global Head of Institutional Strategies and Partnerships, GlobalStake jknecht@globalstake.io



This content is sponsored and does not serve as an endorsement by Blockworks. The veracity of this content has not been verified and should not serve as financial advice. We encourage readers to conduct their own research before making financial decisions.



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GlobalStake and BitGo partner to deliver enhanced institutional staking solutions

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



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<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&#8220;The value of all Wares arise from their Use; things of no use, have no value.&#8221;&nbsp;



— Nicholas Barbon (1690)
</blockquote>



Q: What did dinner with the president cost?



The final TRUMP holder to qualify for <a href="https://trumpdinner.gettrumpmemes.com/leaderboard">dinner with the president</a> held 4,196 tokens, which were worth about $60,000 at the cut-off.



But that’s not the cost of the invite, because holders were free to sell as soon as the period or record ended.



If they did, they would have taken about a 10% loss, making the real cost of dinner with the president (and 219 others) about $6,000.



This is a bargain!



For comparison, a Super PAC <a href="https://www.wired.com/story/people-paying-millions-donald-trump-mar-a-lago/?utm_source=chatgpt.com">sold tickets</a> in March to a “candlelight dinner” with the president for $1 million each — 166x more!



Donors were also offered a one-on-one meeting with the president for $5 million.



That, I think, seems roughly on par with the 25-person VIP meetup for TRUMP token holders, which cost at about $240,000 for those who sold immediately after qualifying.



Many did sell, including the last VIP qualifier, whose wallet now shows a balance of zero TRUMP.&nbsp;



Roughly 40 others also sold as soon as they had qualified — including several mature jokesters who reduced their holding to 69 tokens (the conversation at dinner will be riveting, I’m sure).



There might be consequences for gaming the contest like that — I’m guessing the zero and near-zero holders will be seated further away from POTUS, at the very least.&nbsp;



But the 220th holder appears to be a true believer: They <a href="https://solscan.io/account/8AovnumJUHq1hM8VUbFdbhPV26u5xqUxFVjK3QtzkD59">doubled</a> their TRUMP holdings after the contest ended.



Might that earn them a <a href="https://www.cnn.com/2017/05/11/politics/trump-time-magazine-ice-cream">second scoop</a> of ice cream?



Let’s hope they report back.



Q: Are memecoins making a comeback?



They’re less dead than I thought — forgotten pan flashes like Moo Deng are up as much as 600% over the past week or so.&nbsp;



There were also 63,000 new Solana-based tokens created on Tuesday alone (nearly all of which presumably qualify as memecoins):



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcU2TpA-FRRu9Ww7nVQePJRTYug2onyzDO86PkBmJPsFi0_aCAcfjTh04XXU19ijHttd_c8Wg73mAlXM4uRTXQOH2OrsEWmTCmyBGKpf0Nf59LZtJ34160Z3Ec0Px8WxizmamHpKA?key=ChJ4r-vpAeosRk-2Ltri8g" alt=""/></figure>



I couldn’t name a single one, however — in fact, I can’t recall the last time I heard about a new memecoin launch.&nbsp;



Memecoins don’t have nearly the mindshare they once did, and the <a href="https://x.com/Awawat_Trades/status/1922156537394389233">list</a> of memecoins that are up this week (Goat, Pnut, Fwog, Popcat…) feels as dated as a playlist of 1970s disco hits.&nbsp;



That’s probably a good sign.



With luck, none of the memecoins created yesterday will get traction — and with a little more luck, that will incentivize crypto investors and builders to reallocate their time and money toward projects that are useful to people.



We’re not there yet — Blockworks Research data shows that memecoins still trade 14x more volume than “project tokens:”



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc1pvceLWaaP0UKRRfYa7nZXFzbgyg8Sn6nggJJEBPq1Jbflot2sD0v4ORqbvquegdxrV-SySUo6pDnjYD55WtWPxZoDLtevio79VLRKMTjF6J-V7xf73FFpMgm-LKbFGxbmDSoxw?key=ChJ4r-vpAeosRk-2Ltri8g" alt=""/></figure>



Q: Should memecoins be regulated?



They’re collectibles, not securities, so I guess not.



But the purpose of securities regulation is to encourage retail participation in stock markets by giving people the impression that the playing field is level.



So, if the crypto industry wants retail to participate in crypto markets, it might have to self-regulate in some way that gives people the impression that the playing field is level for crypto investors, too.



Memecoins give the opposite impression, as only insiders appear to be getting rich from them.



That’s a problem because you only need to watch kids on a playground argue over the rules of tag or kickball to know that a game that doesn’t seem fair won’t last very long.



Q: Would HYPE be 4x more valuable on the stock exchange?



It was fun to <a href="https://x.com/Keisan_Crypto/status/1922731410282189225">hear</a> David Balin, formerly the chief investment strategist at Citi, cite Hyperliquid as an example of how traditional investors might diversify their investment portfolios.



In response to the host’s typical question about the intangible value of crypto, he responded, “It’s true that memecoins and NFTs and stuff don’t generate revenue but there’s a handful of others that are online that literally generate revenue every day and you can see it.”&nbsp;



True!



He does unfortunately get -1 point for repeatedly saying “online” when he means “onchain.”&nbsp;



But I think that is good news, too — when investors who aren’t totally clear on the difference between online and onchain are interested in something as deep-cut as Hyperliquid is, we’re really making progress.



“This is a company that, were it to be Robinhood or were it to be Coinbase, it would probably be worth 4x what its market cap is in the digital world.”



4x!



I’d be curious to see the math on that, because Hyperliquid trades on about 17x revenue and Robinhood trades on…wait for it…17x revenue.



Hyperliquid probably has much higher margins — it somehow returns all revenue to token holders.



But Robinhood trades on 34x earnings, so even if Hyperliquid has 100% net margins (which is presumably impossible) it would only be 2x undervalued vs. Robinhood.



On the other hand, the stock market values bitcoin held by Strategy (née MicroStrategy) at 2x what it’s otherwise worth and bitcoin promised to a SPAC (Cantor Equity Partners) at 3x what it’s otherwise worth.



So maybe Balin’s right that the stock market would value Hyperliquid at 4x what the crypto market does, who knows.



Q: Is TRUMP a memecoin?



We can quantify this now.



The TRUMP token has not given back all of its gains from before the dinner contest was announced, which implies that holders believe it will continue to have utility above whatever value it previously had as a memecoin.



Specifically, the additional $700 million of market capitalization it’s retained might be seen as the present value of future TRUMP utility.



TRUMP’s market cap is $2.6 billion, so I’d argue it’s now 75% memecoin and 25% utility token.



If $700 million sounds like a lot, consider that Roger Ver paid a lobbyist <a href="https://www.wsj.com/politics/policy/the-wild-west-of-presidential-pardons-in-trumps-second-term-a250160f?mod=djem10point">$600,000</a> to try to get the president’s attention on his behalf; there’s a waiting list to pay $500,000 to get into Donald Trump Jr.’s new private club <a href="https://www.cnbc.com/2025/04/28/donald-trump-jr-private-members-club-executive-branch.html">“Executive Branch</a>” which promises access to lesser government officials; and Qatar has offered the president a $400 million airplane — presumably to stay in his good graces.



Relative to that, the TRUMP coin seems like a much cheaper way to get the president’s attention.



Could crypto disintermediate DC lobbyists?



It’s not the use case anyone was hoping for, but it has real value, for sure.



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Thursday Mailbag: Dinners, memecoins and lobbyists

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XP, a ticketing resale exchange built with Solana rails, has raised $6.2 million in a seed round led by Blockchange, the platform tells Lightspeed exclusively.



L1D and Reflexive also participated in the round. XP uses Solana rails for discounted ticket sales, but hints at grander ambitions surrounding fan experience down the road.&nbsp;



XP is one of a number of upstart ticketing exchanges seeking to disrupt the popular but widely-disliked incumbents such as TicketMaster and SeatGeek. These ticketing titans caught the ire of the Biden administration, which just had a rule banning hidden so-called junk fees from ticketing platforms go into <a href="https://www.pbs.org/newshour/nation/a-biden-era-junk-fee-rule-is-now-in-effect-ticketmaster-says-it-will-display-fees-more-clearly">effect</a> on Monday.



XP lists all-in prices by default. Its listed prices for tickets to upcoming New York Mets games roughly track with prices on TickPick, another popular resale ticketing app.



The Solana of it all <a href="https://solana.com/news/case-study-xp">comes</a> from the ticketing codes, which are encrypted as NFTs. You wouldn’t know that from browsing the website, though — the only apparent crypto mention is the option to connect a crypto wallet and pay for tickets in USDC.



“XP has sold millions of dollars in annualized ticket sales to thousands of customers,” XP founder and CEO Mike Saunders said when I asked about the platform’s traction. He did not give a firm answer when I asked if XP would be launching a token.



Saunders has been around the block: His 1990s food ordering and menu website company was acquired by GrubHub in 2011. Saunders went on to found a tech development shop named Blueprint before starting XP, which is his first foray into blockchain.&nbsp;



I actually met Saunders briefly at the Solana Boston conference in October, where I recall him saying he thinks about his startup constantly and obsessively.&nbsp;



But whether all that thinking creates venture-scale returns following this fundraise may depend on XP’s coming expansion. Ticketing marketplaces are a crowded field, and with the Biden junk fees rule in effect, transparent pricing may become a bit less of a selling point.&nbsp;



On its site, XP teases that the platform will soon be about “more” than just tickets. Saunders also added that XP has plans in the works for users to be able to list and resell their own tickets.&nbsp;



“Fandom is deeply personal, and we believe blockchain unlocks a whole slew of opportunities for fans to be recognized, celebrated and rewarded,” Saunders said. “Our goal is to leverage verified fandom to provide access to special rewards, epic experiences and exclusive perks to members of the XP community.”



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



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



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Lightspeed Newsletter

Solana ticketing platform XP raises $6.2M

Felix Jauvin

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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We’re entering the phase where we can see the impact of tariffs on the economy and gauge how companies are responding to these price increases.



We’d forgive you for not knowing what the current <a href="https://blockworks.co/news/inflation-april-rose-less-tariff-impact">tariff rates</a> are, considering they change quite frequently. As for the China 90-day <a href="https://blockworks.co/news/big-tech-stocks-tariffs-ai">pause agreement</a>, the aggregated effective tariff rate is somewhere around 12.6%:



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXf0aCT3iqaVYGh0OpS2VVnmVjp1uBwCMq9dbXShpKpCovc0bsxOOVJzoHav4zSJHWiXBSlSJosBc1idI6cqtN32G63Bo40xf8TKjpkwJC7hg60MQqXw7tawh6i6h1tlsoAkIEzn?key=7Beeripi-Yq_O-ch2f0yhA" alt=""/></figure>



We’re now also seeing tariff revenue actively being collected:



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXftGjohIKHMwS9eP252xCKctzSA9Y6ojTqd7qUdQZ8BE3ObXqyc6P169dHBsgUu2pmt0JWalkB2_UgxsJVAtcO0lZcdJOpLH4DgfrKmQ1998BjNyZ8CLo6M6Q3EXI1R6uStNiBeGQ?key=7Beeripi-Yq_O-ch2f0yhA" alt=""/></figure>



We’re now well within the phase where corporations must decide to either absorb cost increases or pass them onto consumers. The result of this calculus will set the stage for how the economy navigates the next 12 months and who bears the brunt of it.&nbsp;



Some of the economic data released today hints at the answer:



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



We saw a huge downside miss in PPI today. When you dig into the data, it becomes apparent that the miss was largely caused by a big decrease in portfolio management fees.&nbsp;



This was due to the market crash in April:



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXckjpoORpfuxlb-oE4ZimSxqusQ3rCm8k5VcC6lM0xOKnzGuONXB3ZNVWPHPwTE1RAmKJqCDXb0rn1_AkzHVONkqMBYCnanB8uvsBOoxP_HkB7iw0PQd7Y3c5Vy2PNDi3RsvbJh-g?key=7Beeripi-Yq_O-ch2f0yhA" alt=""/></figure>



This downtick masked interesting insights into how much price increases are being passed to consumers vs. being absorbed by corporations.&nbsp;



Economist Parker Ross <a href="https://x.com/Econ_Parker/status/1923039680766857580">outlined</a> how most of the increases are being absorbed by corporations, for now:



“So far, it looks like the impact of tariffs is generally not being meaningfully passed on to consumers, but they do appear to be getting passed on to businesses.”



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeVdPWdqWSZrKAXSuontOkjpTOgVc8o4PLsGmlHxCf5woS7sa_CTgCrzC2alRp4GHNPaoeq_CsehhtTqnr08GkmFdj5lEX2you6y4d0FOuG58f2-Qtx49crKspyYXc3TDPuFTJ6Tw?key=7Beeripi-Yq_O-ch2f0yhA" alt=""/></figure>



“We see this in the limited acceleration in PPI for core finished consumer goods contrasted against the sharp acceleration in PPI for private capital equipment to 0.61%, the strongest monthly gain outside of the pandemic since 2008.”



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXek-GeZPplGtI2WtWSZJqgJO2VYZiyIuctcgPBXqMzA0IdvnjbPJECve1CSryrEcYlhj0zyBhA6B6JjsOLDziXal7JnRQmpdMmTFD3BdbbmAeCMoGUjBAnV0YHsGI9BzXi7jzYZYQ?key=7Beeripi-Yq_O-ch2f0yhA" alt=""/></figure>



<h2 class="wp-block-heading">Retail sales</h2>



We also received the retail sales print today, which illuminates how consumption habits are shifting based on the tariff implementation.&nbsp;



Categories not impacted by tariffs (like food services) surged. On the other hand, categories heavily impacted by tariffs, such as big box retailers and sporting goods —&nbsp;where a lot of frontrunning occurred before the tariffs went live —&nbsp;are now cratering:



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeq4UsDdx0y-iy3-bzm_SZzCRdCi8y_KQU_o06s0KnnZA803T5CJBO7jQ1jpuByYJAJYUHtQ8a1rdW6g4PhOvkcfquxsaVFe2-Or4vrJY4otTirABffOCLxonFqEx9ClDq9mpp-rQ?key=7Beeripi-Yq_O-ch2f0yhA" alt=""/></figure>



This dynamic is a small example of what is likely to happen as the economy digests tariffs: frontrunning before the tariffs, then a singular price level increase, then demand destruction as higher prices lead to decreased demand.&nbsp;



As we navigate the next few months, the economic data will be extremely noisy.&nbsp;



As we can see from these two prints, it’s essential to dig beneath the topline numbers to better understand what’s driving the numbers.



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Forward Guidance newsletter

Parsing the data for hints of US tariff impacts

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



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Blockchain gaming has gone through various cycles of sentiment.



These cycles include 2017, with CryptoKitties, and 2018, with games like Axie Infinity, Gods Unchained and Splinterlands.&nbsp;



While some might think crypto gaming is in decline these days, venture capital firm Bitkraft Ventures doesn’t see it that way.



“Not only is it not dead, but its future is as bright as almost any category,” Matt Halstead, a new venture partner at Bitkraft, told me in an interview.



The firm counts AMGI, <a href="https://blockworks.co/news/immutable-ubisoft-tcg-might-and-magic">Immutable</a>, HyperPlay and Yield Guild Games among their 100+ portfolio companies, plus non-crypto firms like Discord and Epic Games. Bitkraft obviously stands to benefit from crypto gaming’s success, but they’re also investing in what they believe the future will look like.



“One bet that I would be, you know, very happy to make is that gaming will not only exist, but it will be multiples bigger than it is today. And I just don’t think you can look at the world and have that level of conviction in too many themes. And so I think to ignore gaming will be proven to be a big mistake,” Halstead added.



After the play-to-earn run subsided in early 2022 — when tokens like Axie Infinity’s AXS token fell roughly 91% in less than six months — some upstart crypto game studios touted a “play-and-earn” narrative.&nbsp;



A number of crypto games studios told me around that time that the industry needed to get away from the farming-focused financialized games, arguing that their games would put gameplay before their economies to “make a good game first.”&nbsp;



Around that time, some game studios and investors held the view that in-game items would become interoperable, and that NFTs would be part of that vision.



But crypto gaming’s once-touted vision of interoperable in-game items as assets on the blockchain hasn’t quite panned out — especially when hype around the metaverse faded in 2023.&nbsp;



Halstead suggested the prevailing sentiment toward crypto gaming is something that’s a problem across crypto: There’s a very short feedback loop where expectations don’t always meet reality.



“I just think there’s a fundamental lack of understanding of games in general,” he added.



So how could crypto organically fit into games, and where will we see future success?



Halstead sees the creator economy, cosmetic items, and the social element of gaming as areas that could do well with blockchain integrations going forward.&nbsp;



But there’s also the obvious, continued fit of more financial-forward games, or “GameFi” titles, wherein a betting element or gambling element is offered with an entertainment layer on top.



Bitkraft General Partner Carlos Pereira predicts that this year, we’ll see a solid AI-native crypto game release. But “risk-to-earn” is also a big subgenre.



Loot Labs is one of Bitkraft’s most successful portfolio companies right now, Pereira told me. Loot Labs offers buyers mystery assets as NFT loot boxes, whereby you spin a wheel and don’t know what you’re going to get.&nbsp;&nbsp;



“And so as long as you acknowledge that there’s this concept of risk-to-earn,” Pereira said, “that’s totally okay. And we’ve had these games for a long time, and there’s fit with crypto. [And] there’s still the space for all the other types of games.”



Bitkraft advises all their portfolio game studios against selling NFTs or launching a token before the game releases because that approach sets high expectations — and puts studios in a bind if they fail to meet those expectations by backing out or adjusting earlier plans.



“We certainly believe that on average, the right decision is not trying to monetize your community too early [&#8230;] and that’s not what the average games have done,” Pereira said. “Of course, we have had things that fail. Of course, we’re in the business of making mistakes, and then hopefully when we don’t make a mistake, it’s a really good thing. But you haven’t seen us attached to the games that raised a bunch of money on a launchpad, or the games that sold $40 million in NFTs.”



Updated at 1:04 p.m. ET on 5/16/25 to accurately describe a venture partner, and with new logo image.



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Gaming

Why crypto games shouldn’t monetize too early

One of the SEC’s next <a href="https://blockworks.co/news/sec-grayscale-solana-etf">crypto ETF rulings</a> could prove a milestone for investors seeking to diversify their exposure within the segment.



Hashdex CIO Samir Kerbage pointed to the expected SEC decision in July that could allow <a href="https://blockworks.co/news/crypto-etf-filing-optimism-bloomberg">crypto index products</a> to expand the assets they hold.



The Hashdex Nasdaq Crypto Index US ETF (NCIQ), which launched in February, holds both BTC and ETH. Kerbage noted the holdings in that ETFs are “designed to evolve as the market evolves” — referring in part to regulatory developments.



The Brazil-based firm in March sought approval for NCIQ to invest in other assets that the international version of that index <a href="https://www.sec.gov/Archives/edgar/data/2031069/000121390025024262/ea0209567-11.htm#T9912">invests</a> in, such as solana (SOL). Other assets include XRP, cardano (ADA), chainlink (LINK), avalanche (AVA), litecoin (LTC) and uniswap (UNI). 



<a href="https://blockworks.co/news/trump-media-etf-cryptodotcom">Kerbage told me previously</a> Hashdex ultimately wants to create “the Nasdaq 100 for crypto.”



Grayscale filed last November to uplist its Digital Large Cap Fund — holding BTC, ETH, SOL, XRP and AVA at the time — to an ETF. The SEC’s final deadline to rule on that proposal is July 2. Clarity on that specific offering could extend to products by Hashdex, Bitwise and others.&nbsp;



Scott Johnsson, a general partner at Van Buren Capital, is indeed watching that date. He said in an April X post that because the index products have more undefined allocations, the SEC could adopt a general rule (rather than “case-by-case” rules for the proposed single-asset crypto ETPs).



<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">Most interesting part of upcoming crypto ETF season is going to be the index products. Broader implications for the space and set the tone for what comes next. This is really the event to be watching. (1) They&#39;re first on deck. July 2 is the final deadline for Grayscale Digital…&mdash; Scott Johnsson (@SGJohnsson) <a href="https://twitter.com/SGJohnsson/status/1915619368156762388?ref_src=twsrc%5Etfw">April 25, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



“How they address the security question for each of the non-BTC/ETH allocations will draw the most attention,” Johnsson added.



Kerbage told Blockworks he expects to see the SEC allow US products to hold assets beyond BTC and ETH before approving more single-asset crypto ETFs.&nbsp;&nbsp;



“But this is the big question,” he noted. “If they’re not comfortable with having one specific single asset as an ETP, they still might allow an index to have a small allocation to that specific asset.”



Keep reading for more excerpts from Blockworks’ Q&amp;A with Kerbage.&nbsp;



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



Blockworks: You mentioned in March that Hashdex was about to meet with the SEC. What did you discuss, and how do you expect the agency to proceed with the proposed crypto ETPs in front of them?



Kerbage: Our goal was to share the experience we’ve had outside of the US…and what we’ve seen working and not working. We think the SEC could approach this space by setting up a listing standard that will give more predictability.  



So instead of having more than 100 ETF applications and everyone trying to figure out what the SEC is trying to approve…just set out the rules and we [won’t] need to guess.



We think the SEC has everything they need to make their own decision. They don’t necessarily need to change legislation. Some other aspects are more complicated, like broker-dealer rules, the market structure, what is a security and what is not — so there’s a lot of complicated stuff around crypto. But I think clarity on the ETF side is within the SEC’s current mandate.



Blockworks: How do you view the demand for crypto index ETFs versus existing and future single-asset crypto products? Kerbage: We think that crypto is way bigger than just bitcoin. But we think, at least for traditional investors, it’s too risky to try to pick the winners…especially advisers and financial professionals.



They’re looking for a small allocation in their portfolio — like 1% to 5%. If eventually they’re in a situation [where] they need to decide between bitcoin, ether, solana, XRP, litecoin, all these different assets, it’s just too complicated for a 1% position. So that’s why it just makes sense to go diversified and have an index approach. This is what they do in all the different asset classes. When they decide to invest in emerging markets, they don’t go out to Brazil or South Africa trying to pick out specific stocks. They just buy an emerging market index. We think they should be looking at crypto assets the same. 



Blockworks: Hashdex also offers a US ETF that only invests in bitcoin. Are investors still interested in that one now that you have the BTC/ETH option?&nbsp; Kerbage: I would say 90% of the conversations we have are around indexes.&nbsp;



If you want to buy bitcoin, that’s fine, we have a bitcoin product and there [are] a lot of different bitcoin ETFs out there. But when you’re investing only in bitcoin, you’re making a decision to short the crypto market.&nbsp;



The biggest opportunity we see right now is getting exposure to the space with the optionality that crypto is bigger than just bitcoin.



Blockworks: How much more interest do you see from clients in a product like NCIQ when BTC and ETH prices are up, versus when they’re down? Kerbage: Most of the advisers understand that this asset class is here to stay and they need to have a strategy around it. So they’re all looking at the space and studying it.



Of course, as we have positive price action, it helps. Because they have more questions from clients, and as they have more questions from clients, they’re more inclined to take action.



Blockworks: How might the latest vote against the stablecoin-focused <a href="https://blockworks.co/news/waters-crypto-congress-block-hearing-trump">GENIUS Act</a> impact broader crypto regulatory progress and the timeline for more crypto ETF approvals?    



Kerbage: It’s hard to talk about the timeline. In the executive branch, there’s definitely a strong guidance towards giving clarity to the industry and doing this fast.



So you can have some discussion in Congress, with Democrats fighting back, and they might argue [President Donald] Trump getting involved in crypto and building his own crypto business is controversial.



But even with the chairman of the SEC [speaking] publicly about this, this is one of the priorities of his administration…to give clarity to this industry.



This interview was edited for clarity and brevity.



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ETFs

Crypto indexes offer ‘biggest opportunity’ as SEC decision looms: Hashdex CIO

Donovan Choy

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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The following is the third and final part of a multi-part series on the state of crypto liquid markets, based on several conversations with liquid funds. You can find part <a href="https://blockworks.co/news/crypto-liquid-funds-bitcoin-target-this-cycle">one</a> and <a href="https://blockworks.co/news/crypto-liquid-funds-fundamentals">two</a> here.



Which crypto sectors are the most reviled by the average person in the industry? Anecdotally, gaming and crypto x AI projects seem to make the easiest punching bags. If I had a dollar for every time I heard “crypto games aren’t fun…”



The liquid funds I spoke to, however, had much more lukewarm and varied feedback. Though some were uninterested in gaming, others expressed optimism.



“The Web3 gaming space is very challenged at the moment and is most overlooked or under-owned,” Spartan co-founder Kelvin Koh told me.&nbsp;



“We need a big hit game for people to pay attention to Web3 gaming again. Off the Grid, Maplestory Universe and FIFA Rivals are three games we are watching closely.”



Off the Grid in particular has continued to average about <a href="https://flipsidecrypto.xyz/yasmin/gunzilla-network-metrics-explorer-kbgQ38">552k</a> daily players after its <a href="https://blockworks.co/news/off-the-grid-blockchain-gaming-experience">big bang launch</a>. Its active player base has cemented the GUNZ chain as a top 10 chain based on active addresses and transaction count, according to <a href="https://x.com/pierskicks/status/1906626745794519419">Delphi Ventures</a>, an investor in the game.



1kx was another fund that <a href="https://x.com/pet3rpan_/status/1887140527310864481">expressed</a> greater optimism for Web3 gaming.



Traditional free-to-play mobile games have an incredibly high entry barrier and require millions to breakeven. But a Web3 game that leverages the power of token incentives can greatly reduce that barrier of user acquisition, 1kx partner Peter Pan told me.



“A game like Pixels raised $4 million in their first year and was able to go to market within 18 months. They spent $70 million in token incentives on user acquisition and made about $25 million back — that’s roughly a 30% return on spend that would never be possible for a Web2 startup managing the same budget.”



Despite the early days of crypto x AI, a few funds also expressed hopefulness for the sector. At the very least, most acknowledged that in the long run, blockchain would enable AI in some specific use cases.



For instance, one crucial way that blockchain tech can support AI is in the area of “identity,” Pantera’s Cosmo Jiang said.



&#8220;Infinite agents and bots will exist thanks to AI. So there will always be a demand to know what is truly human. What better way to create a global, permissionless, censorship-resistant identity solution than using a blockchain? World [formerly known as Worldcoin] is doing something critical here.”



When it came to more mature token sectors within DeFi (DEX, lending liquid staking), there was general agreement among the funds I spoke to that these were markets with proven PMF and ways to perform valuations.



This however also crucially means that token valuations in DeFi were increasingly tethered to financial reality and less susceptible to speculative valuations than, say, memecoins, as one investor told me.



This is in stark contrast to L1/L2 tokens, which saw more disagreement on how they should be valued.



The valuations of most existing L1 tokens (on a P/E ratio basis) were far beyond what a fundamental analysis would explain, and poised for a harsh correction to the downside, one investor told me.



Another believed that L1 tokens were still erroneously being valued as a comps to bitcoin, which has become more of a store of value.



Here’s what Blockworks head of research Ryan Connor had to say on L1 valuations:



“The reason, all else equal, for the higher valuations for L1 and L1-like things is because they are platforms, and platforms can be money-making machines. So all else equal, theoretically, you&#8217;re pricing in higher growth. Solana, for example, can 5x its revenue in the next 12 months to above 10b. That&#8217;s incredible earning power. You can&#8217;t say the same for AAVE.”



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Liquid funds remain optimistic about Web3 gaming and blockchain uses for AI

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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Bitcoin has its enemies.



Environmental alarmists, stubborn central bankers and out-of-touch politicians would surely count, even if their ranks have thinned in the past few years.&nbsp;



There’s also the odd boomer economist who would still jump at the chance to suggest that bitcoin has no intrinsic value and embodies the greater fool theory, if it meant extra engagement.



All those archetypes are great heels that routinely serve as sounding boards for Bitcoin discourse.&nbsp;



There are also those who’ve attacked Bitcoin out of boredom, curiosity or just for fun. Which I suppose is somewhat cooler.



This is the tale of one such punk hellbent on disrupting Bitcoin as best they could.



<h2 class="wp-block-heading">On This Day — Bitcoin gets Stoned</h2>



This story starts all the way back in 1987, more than two decades before Bitcoin.



It’s believed that an unknown student at the University of Wellington in New Zealand had developed malware known as Stoned, one of the first ever computer viruses.



Stoned was an early boot virus, a category which infects the boot sector of a hard drive or removable media (mostly floppy disks back then), altering how computers initially load their operating systems and run other necessary start-up functions.



It was <a href="https://www.computerarcheology.com/Virus/Stoned/">technically</a> a novel virus, but in reality, Stoned was more of an elaborate prank.&nbsp;



An infected machine would have a one in eight chance of loading a screen that would simply display a pro-pot message:&nbsp;



“Your PC is now stoned! LEGALIZE MARIJUANA!”



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfgDBc_6qcRlLNpcqzSBOt47t-3WutWG_iX-KXJA-F_G8uNCvgZI3QOw2oBn69IlWLf932_iwjpMS-Hqw5xoVcMqR9-rktlCAwWsWBV4XRFKDgL4fUP_686qE0Z39hqnL1VRDNfOQ?key=cjdYwqDPndWtenbHiMRJ1A" alt=""/><figcaption class="wp-element-caption">Check the bottom right corner — you’ve been Stoned!</figcaption></figure>



Twenty-seven years later, on May 15, 2014, a pseudonymous Windows 7 user <a href="https://web.archive.org/web/20170219103210/https://answers.microsoft.com/en-us/protect/forum/mse-protect_updating/microsoft-security-essentials-reporting-false/0240ed8e-5a27-4843-a939-0279c8110e1c?tm=1400189799602&amp;auth=1">reported</a> a worrying false positive from their Microsoft Security Essentials package.



Microsoft&#8217;s built-in antivirus software had detected Stoned’s virus signature in Bitcoin’s blockchain data, leading to constant annoying popups and even deletion of all relevant files.



That included removal of the complete copy of the chain’s history required to sync nodes, which was almost 19 GB large at the time, data that would be automatically re-downloaded by the Bitcoin client.



It didn’t make any sense for Stoned to have really infected Bitcoin Core. The virus’s code would be completely benign, even if it were somehow written to the chain in its entirety.&nbsp;



The running theory was that perhaps by some statistical anomaly, Bitcoin’s hash function for its block headers had somehow generated enough of Stone’s hexadecimal byte sequences for Microsoft’s malware scanner to recognise it as the actual virus.



Microsoft then quickly patched Security Essentials to ignore the curiosity.



The smoking gun only came about six weeks later, by way of IT professional Didier Stevens. It was not a hoax: Someone had intentionally attempted to bring down Bitcoin nodes.



Stevens had <a href="https://blog.didierstevens.com/2014/06/30/update-stoned-bitcoin/">discovered</a> a series of transactions from April 4, 2014 featuring outputs containing identical byte sequences to ones inside Stoned’s code.



<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">Bitcoin &amp; Stoned Computer Virus: I found the smoking gun! <a href="http://t.co/PIGqktn8Gf">http://t.co/PIGqktn8Gf</a>&mdash; Didier Stevens (@DidierStevens) <a href="https://twitter.com/DidierStevens/status/481174370317242368?ref_src=twsrc%5Etfw">June 23, 2014</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Meanwhile, two days earlier, a <a href="https://pastebin.com/ct2WHUK5">Pastebin</a> post by an anonymous author had outlined a method of spamming the Bitcoin specifically to trigger false-positives from antivirus software.



They wrote: “Spamming the bitcoin database with virus signatures will cause havoc. Some antivirus-programs will delete the database locally, others will deny their bitcoin-client access to the databases.”



“Some won&#8217;t be able to start their bitcoin-clients again (and can&#8217;t understand why). Some will format and reinstall their computer&#8230;to once again get ‘infected&#8217; when they get a bitcoin client again.”



Next, panic would strike “computer n00bs” alongside rumors that Bitcoin is spreading viruses. Then, chaos, with the media dramatizing the situation.&nbsp;



“The value of bitcoins will drop hasty…Please help spamming the bitcoin database with virus signatures :)”



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd82-YC2LPCPeVRyuVgboN-lyyXnOEKoW_QMPdb_sIvramcSRzS4jmd-qiBtjrEzhCVO74WEndA0A0WsuX7r7grnTOMt90UG8vhB7xKLoz_JmA4feSAgST07Wrv3ZclkUw_X5QsKw?key=cjdYwqDPndWtenbHiMRJ1A" alt=""/></figure>



Stoned bytecode was injected into Bitcoin’s chain data within about a day of the post.



Of course, there was no widespread panic. The price of bitcoin never crashed in relation to the prank, and there wasn’t a noticeable drop in hash rate due nodes being knocked offline.



But there were forum threads about it, as well as <a href="https://www.theregister.com/2014/05/18/bitcoin_user_stoned_on_virus_warnings/">media headlines</a>, blogs and other posts, including this one, 11 years later. That’s gotta count for something.



— David



<h2 class="wp-block-heading">From The Pod</h2>



These days, Bitcoin is increasingly divided over whether spam, not unlike the Stoned bytecode, is, in fact, a virus.



“We’ve always been hostile to the shitcoiners when they invade. Make no mistake, they are invading right now and we should be hostile to them again.”



Those are the passionate words of Chris Guida, a Bitcoin ecosystem developer in favor of stopping non-standard data from ever making it to the chain via the ever-polarizing OP_RETURN field. 



<iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/4CdPv-herxA?si=-t3mW8HYwyn0x7rM" 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>







In today’s epic two-hour episode of Supply Shock, Guida and host Pete Rizzo cover the spam filter debate, miner incentives, the realities of decentralization in modern day Bitcoin and other spicy topics.



“It’s called a filter and not a wall because some things are going to slip through. That’s okay, the point of spam filters is to raise the cost of spamming so that the worst offenders, things like BRC20s that had huge transaction volume at the peak, can&#8217;t happen.” Check out the full episode on <a href="https://www.youtube.com/watch?v=4CdPv-herxA">YouTube</a>, <a href="https://podcasts.apple.com/us/podcast/bitcoins-last-stand-the-op-return-invasion-chris-guida/id1558223079?i=1000708560827">Apple Podcasts</a> and <a href="https://open.spotify.com/show/2yFL2nSsQucf1rzdEKbFZY">Spotify</a>.



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