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. 

David Canellis

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



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



Bitcoin Pizza Day is meant to celebrate the first-ever bitcoin payment for a physical good: Papa John’s pizza in 2010.



But here’s a palate cleanser: Three days earlier, the founder of early MMORPG A Tale in the Desert adopted bitcoin for monthly subscriptions, apparently becoming the first commercial video game to do so.



<h2 class="wp-block-heading">On This Day</h2>



We’re cheating a little bit: Bitcoin MMO Day was actually yesterday, on May 19.



At least, that was when Andrew “teppy” Tepper first announced he had opened his Ancient Egypt-themed online roleplaying game to bitcoin.



“I run the MMO <a href="https://www.desert-nomad.com/">A Tale in the Desert</a>. We charge $13.95/month for the game, and pay about $0.74 in merchant and gateway fees,” teppy <a href="https://bitcointalk.org/index.php?topic=30.msg1159#msg1159">wrote</a> on Bitcointalk.



“We’ll now accept Bitcoins as an alternate payment method. The price per month is 2,000 BTC, which according to the exchange is a discount right now.”&nbsp;



He was right: Bitcoins traded for less than half a cent at the time, pricing one month worth of game time at only $9.20 if paid in BTC — a 33% discount.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXe90FVRbG8cVb2RnfyVOHnfIfP57q7ngzZ61VNyVO4M5ignuZ3IOiEBs38mrVG65W21gXVeXuj5JjRObNRqZNicX8hZndhXHQfA8fo8QpM7Ij64-gqd6LxGN_NnWnrTPegyYCIj5A?key=tyl1-0TKTUZTU4F69tqd8A" alt=""/><figcaption class="wp-element-caption">A screenshot from A Tale in the Desert circa 2010 shows a new frontier, just as Bitcoin was.</figcaption></figure>



Tepper had initially hoped to match in-game usernames with messages attached to each bitcoin transaction. Laszlo Hayncez, the Bitcoin Pizza Guy, quickly pointed out that messages could only be included when sending coins to IP addresses, a feature that was eventually removed in 2012 due to security concerns.



“Hmm &#8211; is there any text field associated with an address based transaction? It does make accepting Bitcoins a bit more cumbersome. Would including such a text field as part of the protocol compromise anonymity somehow?” Tepper replied.



Tepper’s quest spawned a discussion about encrypted messaging via transaction outputs that roped in Satoshi himself: “Bitcoin uses EC-DSA, which can only do digital signing, not encryption. RSA can do both, but I didn&#8217;t use it because it&#8217;s an order of magnitude bigger and would have been impractical.”



Laszlo continued to help Tepper in engineering a secure solution to accept bitcoins, one that would generate a new bitcoin address for receiving each separate payment.



It’s unclear whether such a system was ever implemented, but the address Tepper originally supplied for subscriptions <a href="https://mempool.space/address/17CJvRrNdqSPN3Zs2dWfNY6GoCiMRfNG2T">received</a> an eye-watering 42,100 BTC across 27 separate transactions in two months, worth around $3,600 back then but $4.4 billion today.



Tepper went on to <a href="https://www.theguardian.com/technology/gamesblog/2013/jul/08/dragons-tale-mmorpg-gambling-bitcoin">launch</a> another MMORPG, Dragon’s Tale, three years later, based entirely around online gambling.&nbsp;



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd097dHtPG3kqTDJn0obQxhZD9MVFFf2Py0Ih8WsCdfTHaqR-T9dc1Fzog0TgJKuWPYBeWeceeOz-FUkqRNuVe64N9be_O202c1whQR_6eWicmEw3gZO-o2um-lOA5Lhabjg8G7Uw?key=tyl1-0TKTUZTU4F69tqd8A" alt=""/><figcaption class="wp-element-caption">Y&#8217;all got any more of those soldier statues?</figcaption></figure>



Of course, Dragon’s Tale accepted bitcoins (and credit cards), and even featured <a href="https://bitcointalk.org/index.php?topic=1591143.msg15978685#msg15978685">faucet-like mini-games</a> that gave out free BTC as late as 2016, when coins were trading at nearly $600 apiece.



We’ve got a line out to Tepper to see if he’s up for a chat, but in the meantime…



Happy Bitcoin MMO Day!



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



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>

Bitcoin

Happy Bitcoin MMO Day to those who celebrate

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"/>



As crypto continues to shift to a more fundamental focus, it makes sense that new metrics will be introduced — such as net new assets (NNAs).&nbsp;



Blockworks Research <a href="https://app.blockworksresearch.com/research/consumer-crypto-and-net-new-assets">defines them</a> as “assets that didn’t previously exist and/or couldn’t exist without crypto rails.” And, to be fair, it’s not a new metric to track, according to my colleague Ryan Connor.



Connor penned a report on NNAs and how they play into the rise of consumer crypto, something I’m keenly interested in.



Basically, Connor makes the case that crypto is becoming more mainstream and rolling out the red carpet for the consumer apps. These now have the opportunity to build up their user bases and, hopefully, become profitable. UXs have improved, the SEC’s no longer out to get US-based crypto projects, and <a href="https://blockworks.co/tag/meme-coins">memecoins</a> have found a niche.&nbsp;



There are three examples for Connor: <a href="https://blockworks.co/tag/pump-fun">Pump[dot]fun</a>, <a href="https://blockworks.co/news/permissionless-capital-markets">Time[dot]fun</a> and Believe. Pump[dot]fun is perhaps the most obvious, being the go-to memecoin hub for everyone. For reference, the chart below shows the tokens launched.&nbsp;



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXf9p9R5rI8YS_oWlOdTMx92JTac-aNwPis9V-4NtgqLPVeFLGtxMdM-eiHkFDLHj6agiKG8m8MeSaeJAY5jDzlC7VH1Cb4nFBdsV362SaMSQ8raZRbcV211AOyrB-mKDfCGEdNnpw?key=0o_wAyLiexIHyqxofZECZQ" alt=""/></figure>



“Importantly, Pump[dot]fun didn’t invent anything new. It simply addressed latent demand. For years, crypto natives have bent over backwards to issue arbitrary assets with funny names, trade them, and find the next 1000x,” Connor wrote. Pump[dot]fun just simply took advantage of the narrative.



I mean, just take a look at Pump[dot]fun’s total volume.&nbsp;



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="978" height="562" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/05/punpfun-volue.png" alt="" class="wp-image-102688" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/05/punpfun-volue.png?w=978 978w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/punpfun-volue.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/punpfun-volue.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/punpfun-volue.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/punpfun-volue.png?w=454 454w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/punpfun-volue.png?w=381 381w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/punpfun-volue.png?w=80 80w" sizes="auto, (max-width: 978px) 100vw, 978px" /><figcaption class="wp-element-caption">The dark purple is the volume of Pump[dot]fun’s AMM, Pumpswap, which <a href="https://blockworks.co/news/pumpswap-large-amm-solana">launched back in March</a>.</figcaption></figure>



But the effects go further than just the platform, Connor told me. It’s also sparked a rise in overall memecoins.



“A handful of crypto native funds are telling us they believe Pump[dot]fun style memecoin trading has staying power. We think the market is starting to wake up to this reality, as builders are leaning harder into the category,” he wrote.&nbsp;



Stemming from similar roots, Blockworks Research thinks that social tokens, too, have their own staying power…but they’ll need to somehow sustain value. Time[dot]fun’s sought to solve that issue by allowing creators to both earn trading fees when minutes are sold or bought, and allowing them to earn fees on volume and the redemption of minutes by fans.&nbsp;



For a non-crypto comparison, think <a href="https://www.cameo.com">Cameo’s</a> playbook.&nbsp;



But Time and Believe each have a ways to go to prove that they can maintain Pump[dot]fun level traction.



Candidly, I’ve had multiple discussions with Connor on Believe and, initially, I was lukewarm to it. But he has a compelling case. And the chart does speak for itself.&nbsp;



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdzrbBFbFy2Y_y6HPeJkiuco7ErjP2l7FTdXjSM2NNyVfACYt7ZGC3ASqKkJzTDpKqQPYrJLT33NyyzIVtTk6NjaHYtPdJJuazJqJ-a1Ycb-vVPDvl-ON8XOK27JqxMAgKmMMkStA?key=0o_wAyLiexIHyqxofZECZQ" alt=""/><figcaption class="wp-element-caption">Look at that volume go. </figcaption></figure>



Believe is different from either Pump[dot]fun or Time[dot]fun in that it seeks to give traders and developers access to a market where the two can directly interact. The goal is to remove venture capital from the picture and let traders invest in smaller projects aiming to build apps.



“The potential equity valuation of a few million dollars of free cash flow would be low, but let’s say, best case, may be valued at 20M USD via its forward [free cash flow], plus some premium for growth via a large installed base of a few [hundred] thousand or million downloads,” Connor explained.&nbsp;



“While this is a fantastic outcome for the founder, this outcome is too small for a VC portfolio. By targeting this underserved cohort on the supply side, Believe brings venture-like upside to a growing cohort of retail crypto capital,” he said.



If successful, a market for crypto opens up, similar to one giving TradFi traders access to private companies like SpaceX. Undoubtedly, there’s demand, but for how long?&nbsp;



Even with Pump[dot]fun’s record, you can see in the charts that there have been times when activity has dipped due to decreased appetite.&nbsp;



It’s hard to deny the data, though, and for now it looks like these three act as a way to not only get retail investors in the door but keep them active in the space.



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<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>



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Empire Newsletter

How 3 projects show the rise of consumer crypto

Casey Wagner

The Republican-sponsored GENIUS Act, which seeks to establish regulatory guidelines for stablecoins, has passed a key procedural vote in the US Senate.&nbsp;



The legislation is now clear to advance to a full floor vote. The cloture vote passed  66-32 on Monday evening.



The passage comes after a cloture vote on the GENIUS Act <a href="https://x.com/Blockworks_/status/1920552806135538057">failed</a> earlier this month in a 48-49 vote.&nbsp;



Senators have been negotiating elements of the bill over the past few weeks, people familiar with the matter told Blockworks.



The latest draft of the bill states that foreign stablecoin issuers not predominantly engaged in financial services activities must be unanimously approved by the Stablecoin Certification Review Committee, according to a copy of the draft obtained by Blockworks.&nbsp;



The new draft also updates some of the language around data sharing, stating that stablecoin issuers are permitted to share consumer information only when needed to comply with existing laws or legal requirements.&nbsp;



Some Democrats, however, are still unsatisfied with the new language, which has not been released publicly. Sen. Elizabeth Warren, a longtime critic of crypto-friendly legislation, told Senators ahead of the vote that the GENIUS Act, as it currently stands, is “worse than no bill at all.”&nbsp;



“It is fitting that we are voting on the GENIUS Act just a few days before President Trump hosts a ‘private, intimate dinner and a VIP White House tour’ for the top investors in his memecoin,” Warren added.&nbsp;



While a floor vote on the GENIUS Act has not yet been scheduled, it could be on the calendar as soon as this week.



This story has been updated with finalized vote tally figures. 



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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>

congress

Senate advances stablecoin bill in cloture vote redo

Byron Gilliam

This is a segment from The Breakdown newsletter. To read full editions,&nbsp;<a href="https://blockworks.co/brand/the-breakdown" target="_blank" rel="noreferrer noopener">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">
“Public service is my motto. Ninety-nine percent of the people in Chicago drink and gamble. I’ve tried to serve them decent liquor and square games. But I’m not appreciated.”&nbsp;



— Al Capone
</blockquote>



<h2 class="wp-block-heading">Breaking the law can be productive (for everyone)</h2>



Here are two things I believe: Tipping in cash so your server doesn’t owe taxes is good — but officially making income earned from tips tax-free is bad.



Let me explain.



Paying tips in cash is good because it helps low-margin businesses like restaurants hire staff they might not otherwise be able to afford.



More broadly, cash payments for off-the-books work enable quick hiring and firing, which benefits both high-risk businesses and workers in informal or gig-style jobs.



This makes the economy more efficient, to everyone’s benefit.



But officially making tips tax-free is bad because it would unfairly favor one industry over others and distort incentives by making income earned in tips more valuable than income earned in salary.



Also, it’s regressive.



Consider the case of the exotic dancer in Miami who made <a href="https://x.com/baldridgecpa/status/1922386539218194813?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1922386539218194813%7Ctwgr%5Ed50b8cf2378b2c2fd06884a66e56e9ea6b1ddcb2%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.totalprosports.com%2Fgeneral%2Fsocial-media-is-freaking-out-over-mind-blowing-video-of-exotic-dancer-explaining-how-she-does-her-taxes%2F">$710,635 last year</a>, including $297,385 of “self-reported cash.”&nbsp;



(That’s 14,869 $20 bills, in case you’re wondering.)



As detailed in her very revealing TikTok video, she chose to report that cash to the IRS only because she wouldn’t otherwise be able to explain where her substantial investment income comes from.



But if that cash income was made tax free, high-income dancers in Miami would pay a lower marginal tax rate than, say, medium-income newsletter writers in Chapel Hill.



I know what you’re thinking, and, in this particular example, it’s hard to argue — some professions contribute more to society than others, so maybe her tips should be tax free.



But the tax code shouldn’t be making judgment calls like that.



Ideally, the IRS would treat all forms of earned income equally — if the goal is to help low-income workers, then just lower taxes for all low-income workers, not just for those who get tips.



But tax-free tips is good politics and politics is what has turned the tax code into an incomprehensible labyrinth of counterproductivity.&nbsp;&nbsp;&nbsp;



To escape that labyrinth, you sometimes have to do something “productively illegal” — like tipping your waiter in cash, paying someone to clean your house without reporting it on your taxes, or hiring an undocumented migrant to harvest crops that would otherwise wither in the fields.



This is one of the benefits of physical cash: “You want to have ways you can evade the law up to a point,” Ken Rogoff, an otherwise law-abiding economist, recently <a href="https://www.youtube.com/watch?v=u1bqpyqLn0A">told</a> Tyler Cowen.



Cowen agreed: &#8220;You’re lowering output by not enabling them to pay the nanny with cash.”&nbsp;



In other words, people probably wouldn’t bother hiring a nanny if it meant complying with the full suite of employment bureaucracy, so the economy would be less productive if physical cash didn’t enable them to break a few laws.



But what about breaking laws with crypto?



Stablecoins, for example, enable people to hold and send money without being KYC’d in the same way physical cash does.



But cash allows people to evade the law “up to a point.” With stablecoins, there is no stopping point — cash enables law evasion at a small scale and crypto enables it on a large scale.



That might still be a net positive, though, assuming there are some forms of socially desirable economic activity that are precluded by KYC — like using stablecoins to avoid banking rules in countries with hyperinflating currencies or autocratic governments, for example.



The places where stablecoins have most caught on are also the places most likely to benefit from the “productive illegality” of informal economies, as scholars like <a href="https://hir.harvard.edu/an-economists-view-of-the-informal-economy-interview-with-friedrich-schneider/">Friedrich Schneider</a> and <a href="https://www.elibrary.imf.org/view/journals/023/0029/021/article-A005-en.xml">Hernando de Soto</a> have documented.&nbsp;



In the relatively sensible US economy, by contrast, stablecoins have so far mostly been used to trade crypto tokens, many of which are functionally equivalent to equity, but with no investor protection, no rights, and no rules.&nbsp;



I’d argue that makes them illegal under current US law.



But that, too, may be productive.



If unregulated crypto equity is used to fund useful new services that would not have been funded otherwise, then it could well be a net positive that regulators are currently leaving crypto unregulated.



Not for much longer, of course — both stablecoins and equity-like crypto tokens are on the verge of being legally recognized in the US.&nbsp;



But if they go on to be truly productive, their few years of illegality will be equally to thank.



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regulation

Breaking the law can be productive (for everyone)

Jeff Albus

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



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If you want to build in Web3, you&#8217;ve pretty much always needed to know how to code. Not necessarily at an elite level, but at least a baseline understanding. That plus lots of late nights, semicolon-heavy syntax, compiler errors, and a burly stack of ever-open documentation tabs.



The technical barrier was part of the “chewing glass” culture.



Gatekeeping, maybe, but also a necessary filter in an ecosystem where one misplaced line in a smart contract could drain a treasury.&nbsp;



That filter is eroding fast these days, however.



Brace yourselves, friends. We&#8217;ve now entered the era of vibe coding. The term, coined by computer scientist Andrej Karpathy, refers to a novel AI-native coding style where developers (and perhaps more importantly, non-developers) describe what they want and, at the click of a button, an LLM generates a working iteration of their request.



Tools like Cursor, Dev.fun and Poof.new are already lowering the floor, turning ideas into dApps with a few lines of stumbling prose. A Poof co-founder told Lightspeed that vibe coders have created over 2,000 apps on the platform since its open beta started on Thursday.



But, of course, there&#8217;s a dark side to every moon. Because if it&#8217;s easier than ever to build something legitimate, it&#8217;s also easier than ever to build something that only has the appearance of legitimacy.



The ICO boom of 2017 gave us a glimpse of this dynamic. Once the profit motive was clear, hundreds of anonymous teams emerged from the woodwork to spin up faux white papers and (usually crap) landing pages. They promised revolutionary tech, launched tokens, raised millions&#8230;and vanished into vapor.



Now imagine that, but times infinity. 



Imagine some clown throwing up an LLM-generated codebase, a slick AI-generated branding package, wholly-believable GitHub activity, a world-class website UI with Web3 login, and then getting his fake chatbot founders to do some live AMAs.



Honeypot contracts with backdoors phishing sites that buoy authentic functionality as an indicator of legitimacy…Mint buttons that seed approvals you don&#8217;t notice ‘til your wallet is drained…The potential for bad actors runs deep.



Once things really get going, reputation systems and persistent identities will likely be the only hope we have of ever trusting another product. Proof-of-humanity systems, social graphs and third-party attestations will form the backbone of trust in an AI-coded world in Web3 and beyond.



We&#8217;ll need open auditing tools built for non-coders, and sandbox environments that simulate contract behavior before anything hits mainnet. Smart contract registries could begin to mirror app store models, with verified publishers, community ratings, and AI-generated trust scores.



The responsibility won&#8217;t just fall on users — it&#8217;ll sit with platforms, protocols, and indeed, the vibe coders themselves.



But even with those risks, even with the inevitable rough edges, something big is happening here. We&#8217;ve spent years saying Web3 is about empowering creators. Now it actually can be. Not just for the technically-minded or the crypto-native.



The poet, the game designer, the high school kid with a better idea for an auction format or voting platform — they can actually build. And if we establish proper protection early enough, the best ideas may finally have a chance to win. Not because they raise the most capital but because they exist — functional, forkable, live.



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The rise of vibe coding on Solana

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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Assets whipsawed to start the week as investors weighed growing concerns over US debt, a new budget that looks poised to pass and, of course, ongoing trade war updates.



US equities were on the recovery path after a rocky start Monday morning. The S&amp;P 500 was trading virtually flat at 2 p.m. ET after opening almost 1% lower. The Nasdaq Composite similarly had rebounded to Friday’s closing level after starting off 1.3% in the red.&nbsp;



Bitcoin dipped this morning, but it had recovered some losses by the early afternoon. The largest cryptocurrency was trading just above $105,000 — around 1% lower than its Sunday high.



After the close on Friday, Moody’s downgraded the US government’s triple-A credit rating to Aa1. That’s one notch lower, representing a slightly higher risk; the change is likely what had indexes in the red and Treasury yields on the rise this morning.&nbsp;



Moody’s analysts attribute the downgrade to the growing fiscal deficit in the US. The move follows downgrades from others: S&amp;P Global Ratings in 2011 and Fitch Ratings in 2023.&nbsp;



All three groups have similarly cited a growing deficit and debt-interest costs.&nbsp;



While the updated Moody’s rating is likely driving the increase in Treasury yields we’re seeing today, DataTrek Research co-founder Nicholas Colas warns not to put too much weight on it.&nbsp;



“While the Moody’s downgrade may cause a bit of near-term equity market volatility, history shows it does not portend structurally higher interest rates, an imminent recession or declining stock prices,” Colas said.&nbsp;&nbsp;



“Rating agencies play a critical role in capital markets, but their decisions about US sovereign debt have never signaled anything useful about future asset prices,” he added.&nbsp;



The Trump administration was also unfazed, with Treasury Secretary Scott Bessent calling Moody’s a “lagging indicator” during an NBC <a href="https://www.nbcnews.com/politics/trump-administration/scott-bessent-calls-moodys-lagging-indicator-us-credit-downgrade-rcna207535">appearance</a> this morning.&nbsp;



Meanwhile, Trump’s “big, beautiful” tax bill — which experts on both sides of the aisle <a href="https://www.wsj.com/politics/policy/tax-plan-budget-national-debt-analysis-e9822072">agree</a> will increase the deficit over the next decade — advanced through a key House committee over the weekend in a rare Sunday night vote.&nbsp;



Speaker Mike Johnson said that “some minor modifications” have been made to appease the more budget-conscious members of the Republican Party. The bill is still under negotiation, House Budget Committee Chair Jodey Arrington told reporters last night.&nbsp;



We’ll be watching this play out, but Republican leadership has said the bill could pass as soon as Thursday.&nbsp;



Over in the Senate, the stablecoin-focused GENIUS Act is headed to a key procedural vote this afternoon. The bill narrowly missed passing cloture (which ends debate and allows legislation to advance) earlier this month, but Hill insiders tell us today is expected to have a different outcome.&nbsp;



And, of course we’d be remiss not to mention tariffs. We didn’t see any major updates on the trade war (or any negotiations that will end it) over the weekend, but Trump is still going after Walmart for their decision to pass on higher prices to consumers. Unfortunately, it’s a move we think other retailers will soon follow should rates not come down.&nbsp;



The European Commission today lowered its growth forecast for the year, citing lower exports due to US levies. Not surprising, but still disappointing for investors. 



That’s what’s going on around the market. Keep an eye on <a href="http://blockworks.co">Blockworks.co</a> tonight for an update on the GENIUS Act vote.



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US equities, bitcoin par losses while yields rise on deficit fears

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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Pengu Clash has kicked off its launch today by letting in a portion of its waitlist ahead of a full public release.



The new Telegram game featuring the Pudgy Penguins NFT collection’s cutesy seabirds is a 1v1 multiplayer battler. Players can dress up their penguins and fight each other at different types of minigames, whether it’s curling, darts, football or something else.&nbsp;



Pengu Clash isn’t a pay-to-win game but instead rewards skill, Michal Dabrowski, CEO and founder of crypto gaming protocol Elympics, told me in an interview.



Elympics built Pengu Clash for Pudgy Penguins with the goal of starting a trend around skill-first crypto social games.&nbsp;



“Pengu Clash is created with great care for actual gameplay,” Dabrowski said, emphasizing that it’s different from other Telegram-based crypto “clickers.” Such clicker games have short lifespans because they revolve around users farming for an airdrop, he added.



“I have mixed opinions about some games that have been out there on Telegram. But this…this connects to the trend and to the topic [of] why crypto gaming has not, you know, fulfilled its promise to bring a lot of users to crypto up until now. I think that a lot of the games created were very superficial, let’s say.”



Dabrowski continued: “So ‘crypto’ was just to have some kind of trading, or have some kind of crypto component, and not really focusing on the gameplay. And I deeply believe that it should be the other way around.”



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdgC3QpUf5Dn1VlGVVYYkQ8U9i6GWmsBUi4Vh7E_zSsTTpHlXigF7taVf8S7OG_nj5pRIfTpBTt5EULXImiOAhn1mbg1LH05z-9fR6KFKve0inzkBk0ED3ahG22T7RaCiw7WhqatA?key=J0xDdw6PHTElYzdsP9UReA" alt=""/></figure>



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd4unvUnKkOTJfmpgjok1JDeKLr-_fokV35VYg5fHVJhMSjsJvvHMfkpj2rBqD8uWul8nWUon3rF24fSehnXNLnlUBmhGGdFCNujkzQdAa3B-oDxDGt5DlUtAuDS-zU4Ws-mTqWtQ?key=J0xDdw6PHTElYzdsP9UReA" alt=""/><figcaption class="wp-element-caption">A look at Pengu Clash’s shop and curling minigame.</figcaption></figure>



The game offers quickplay matches, a “PVP arena,” and a shop tab as of right now, with quests coming soon. The waitlist currently consists of more than 1.1 million Telegram accounts.&nbsp;



Like other crypto Telegram games, Pengu Clash is using TON for its in-game NFTs and optional wagering component (the original Pudgy NFTs are on Ethereum and the Pudgy memecoin is on Solana).&nbsp;



Players can enjoy Pengu Clash without logging in or creating a wallet, but those who want to buy cosmetic items can connect the Telegram built-in wallet (that’s <a href="https://wallet.helpscoutdocs.com/article/113-wallet-where-to-start#Wallet-doesnt-work-on-my-device-what-is-the-issue-y8T1u">not yet available</a> in the US, UK, and some other countries), or connect an external TON wallet to the game.



Pudgy Penguins has also recently made broader consumer plays toward younger audiences, like <a href="https://www.penguinrandomhouse.com/books/807250/pudgy-penguins-worst-birthday-gift-ever-by-michael-leviton-illustrated-by-kuma-labs-and-pudgy-penguins/">releasing</a> a children’s picture book and a kid-friendly animated series on YouTube.



When asked why Pudgy Penguins chose to build a Telegram-based game using TON — instead of its own Ethereum L2 <a href="https://blockworks.co/news/rekt-abstract-apple-seltzer-nfts">Abstract</a> — CEO Luca Netz told me in a message that their goal is “to become the face of crypto” and the world’s “most popular penguin.”



“That vision is chain-agnostic,” Netz said, adding that a desktop version of Pengu Clash using Abstract is also part of the plan.



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The Drop newsletter

Pudgy Penguins’ Telegram game Pengu Clash begins launch

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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Fluid’s flagship ETH-USDC pool has recorded more than $8.5 million in cumulative losses since launch, <a href="https://x.com/danrobinson/status/1923194745095905588">according to</a> a Dune dashboard by Paradigm researcher Dan Robinson. The issue: a rebalancing mechanism that not only underperformed during volatility, but appears to be systematically unprofitable, even outside of rebalance windows.



The pool, launched in December 2024, was designed to auto-rebalance liquidity once ETH’s price moved beyond ±10%. That design worked well during periods of modest volatility, but as ETH dropped from around $3,800 to $1,560 and then rebounded to $2,400, rebalancing dragged down liquidity provider (LP) capital. CEX-DEX arbitrage opportunities swamped any trading fee income LPs received.



The <a href="https://dune.com/queries/5142347/8473747?markout_minutes_t6c1ea=15">markout data</a> paints a grim picture. As the chart shows, LP PnL has been consistently negative, not just during rebalances. This contradicts the assumption that fee income from the concentrated liquidity <a href="https://blockworks.co/news/understanding-automatic-market-makers">AMM</a> model would offset rebalancing-related losses. Instead, it appears the entire design structure allowed MEV-extractive trades to bleed LP value, even under normal conditions.



Since the May 11 <a href="https://gov.fluid.io/t/current-issues-with-eth-usdc-pool/1606">governance post</a> detailing the problem, Fluid co-founder Samyak Jain has been playing defense.



As Sorella Labs CEO, who goes by @0xvanbeethoven, <a href="https://x.com/0xvanbeethoven/status/1923147878148735100">noted</a>, LPs lost millions in rebalancing-driven losses — effectively subsidizing arbitrage with no meaningful upside.



Critics argue the problem isn’t simply rebalance frequency, but the fact that arbitrageurs are able to consistently extract value, while LPs are structurally disadvantaged.&nbsp;



Fluid’s team has responded to the criticism, drawing parallels to the early days of Uniswap v3. Referencing a similar debate around using markouts as a proxy for LP returns, they point to <a href="https://x.com/xin__wan/status/1589321975767666688">prior commentary</a> from Uniswap researchers, such as Xin Wan, who argued that short-interval markouts can be misleading and don’t fully account for fee accrual or LP lifecycle behavior.



The planned Fluid v2 upgrade — targeted for June or July — will introduce dynamic fees, permissionless pools, and custom LP ranges. It may also work out the LP issues in other ways.



“There are multiple things that can be added including adding them via hooks on v2,” chief operating officer DMH told Blockworks. “I actually like [the] <a href="https://x.com/0xvanbeethoven/status/1923147944926249398">Angstrom solution</a> but have to study it more,” he added.



As proposed interim relief, the Fluid team suggests distributing 500,000 FLUID tokens (0.5% of supply) over a year to affected ETH-USDC LPs, plus $400,000/month in rewards until DEX v2 launches.



Rather than widening the rebalance band to reduce loss frequency, Fluid also proposes narrowing the range from ±10% to ±7.5%, increasing fee accrual per unit of liquidity, although that would also increase rebalancing events and potential losses.



This short-term fix has raised eyebrows. “If your pool is losing money on average, increasing concentration will increase both losses and variance,” wrote Dan Robinson. “So concentrating liquidity more would be a double whammy.”



Even if DEX v2 gives LPs more control, it assumes users will be able to model volatility risk and pick defensible ranges, a challenge even protocol governance struggled to get right in v1.



It’s to Fluid’s credit that the team has acknowledged the issue publicly, citing their own $1 million LP position as evidence of skin in the game. They also emphasize that correlated pairs (like cbBTC–WBTC) have performed well, and so the ETH-USDC pool’s struggles are not representative of the broader DEX performance.



Still, the damage to LP trust is real. Whether DEX v2 can reverse that dynamic will be the true test of Fluid’s unified architecture.



For now, the ETH-USDC pool stands as a cautionary tale: capital efficiency can cut both ways, especially when market volatility meets rigid strategy design.



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0xResearch Newsletter

Swimming in red: Fluid’s ETH-USDC pool springs a leak

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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Stacking sats?



Chances are you’d be buying alongside any one of the dozen or so companies that are actively accumulating right now.



An estimate of the number of bitcoins held by corporate treasuries, both private and publicly-listed, has today reached a new all-time high: 1,082,164 BTC ($110.8 billion), according to <a href="https://bitcointreasuries.net/">BitcoinTreasuries</a>.



It’s equivalent to almost 5.5% of the current circulating supply. And if we don’t include Satoshi’s million or so coins, or the <a href="https://river.com/learn/what-happens-to-lost-bitcoin/">estimated</a> 1.57 million BTC believed to be lost forever, corporate treasuries are actually holding 6.25%.



That’s four times more bitcoins on corporate balance sheets than three years ago, as Terra/Luna was driving a wrecking ball through crypto markets.&nbsp;



Most of that growth is coming from public companies, led by Strategy of course, but Metaplanet, Semler Scientific and Tether are proving to be as ravenous as Saylor’s firm was in 2020.&nbsp;



The Jack Mallers-led XXI is on track to do the same, starting off with 31,500 BTC ($3.2 billion) disclosed late last month.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="862" height="648" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/05/bitcoin-treasuries-chart-strategy.png" alt="" class="wp-image-102630" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/05/bitcoin-treasuries-chart-strategy.png?w=862 862w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/bitcoin-treasuries-chart-strategy.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/bitcoin-treasuries-chart-strategy.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/bitcoin-treasuries-chart-strategy.png?w=342 342w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/bitcoin-treasuries-chart-strategy.png?w=347 347w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/bitcoin-treasuries-chart-strategy.png?w=291 291w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/bitcoin-treasuries-chart-strategy.png?w=80 80w" sizes="auto, (max-width: 862px) 100vw, 862px" /><figcaption class="wp-element-caption">This morning, Strategy disclosed buying another 7,390 coins, bringing its running total to 576,230 BTC ($59 billion). Purple bubbles point to Strategy’s bitcoin acquisition.</figcaption></figure>



Tether now holds over 25% more bitcoin than it did last October: 100,521 BTC ($10.3 billion) as of its latest disclosure.&nbsp;



Metaplanet holds 700% more coins across the same period, today reaching 7,800 BTC ($800 million). Semler has meanwhile tripled its stack to 3,808 BTC ($390.1 million).



Some of the data on BitcoinTreasuries may be a little screwy (does Block. one really still have 164,000 BTC, worth $16.8 billion?), but that’s besides the point.



The rate at which businesses are adopting bitcoin to reinforce treasuries (and copy the Strategy acquisition playbook) has, in turn, advanced Bitcoin to its intermediate phase.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="860" height="647" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/05/bitcoin-treasuries-chart.png" alt="" class="wp-image-102628" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/05/bitcoin-treasuries-chart.png?w=860 860w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/bitcoin-treasuries-chart.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/bitcoin-treasuries-chart.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/bitcoin-treasuries-chart.png?w=342 342w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/bitcoin-treasuries-chart.png?w=347 347w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/bitcoin-treasuries-chart.png?w=291 291w, https://blockworks-co.imgix.net/wp-content/uploads/2025/05/bitcoin-treasuries-chart.png?w=80 80w" sizes="auto, (max-width: 860px) 100vw, 860px" /><figcaption class="wp-element-caption">Every bubble is more bitcoin added to corporate balance sheets. Not shown: Strategy’s buys.</figcaption></figure>



And just like the internet, mobile phones and social media, businesses were significantly slower to adopt Bitcoin than the public. It was now a decade ago, in 2015, that individuals in Venezuela and Argentina adopted bitcoin to protect their wealth from hyperinflation.



A handful of governments have clearly developed a keen understanding of the technology adoption curve and acted accordingly. We all know what comes next.



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Strategy, Metaplanet take bitcoin treasuries to new all-time high

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>.



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You know what’s better than big, splashy M&amp;A deals?&nbsp;



A bunch of smaller ones that show the appetite isn’t just isolated to the top.&nbsp;



Take, for example, three M&amp;A deals announced last week: Alchemy acquiring DexterLab, 0x buying up Flood, and Gnosis buying <a href="http://hq.xyz">HQ.xyz</a>.&nbsp;



That means that, so far in May, we’ve already seen a handful of acquisitions. Just last week, we had announcements from Robinhood, Alchemy, 0x, Anchorage and Gnosis.



<figure class="wp-block-image is-resized"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcRluzZtZHpGdx2zH-0vnQ8m17q9grdb3_hv0IvHsv6y274lWfeokhMZ6YJq1usf-dITEddRL2w-ZGx3t-IAUgKT8k_EuX1_BIpWMLo9k7hAt7EZ56akGwBPh6U7UFwETzUVp5R?key=tOhX2MjK5hSWxQJ7tAu5eA" alt="" style="width:1023px;height:auto"/><figcaption class="wp-element-caption">Source: <a href="https://blockworks.co/analytics/deal-flow/markets-fundraising-m-a">Blockworks Research</a></figcaption></figure>



We certainly fared better last year than we did the year prior, but we’re already on track to surpass 2021 levels, thanks to the mega-deals we’ve seen from the likes of Coinbase and Kraken.&nbsp;



The majority of deals tend to fall in the “Finance” category, per Blockworks Research, which isn’t necessarily a surprise given that companies are looking to add to their toolboxes as crypto sees wider adoption and activity picks up.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeKa5WKnFatpxByRBVsJC68O8H0BdZkBmqEUAL5IAw4Wf7NS5LPocNBx_-Mgd2pXlgkN94mGaG9t8MdFNpIm7P_akR-R6rgMhhb4Z3yNcWgmbiCGPzywHN8O3FhaepUsihjmDhM?key=tOhX2MjK5hSWxQJ7tAu5eA" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://blockworks.co/analytics/deal-flow/markets-fundraising-m-a">Blockworks Research</a></figcaption></figure>



Both Robinhood and Anchorage’s respective deals last week gave some insight into how the firms are looking to develop their offerings: Robinhood gained a Canadian foothold, while Anchorage widened its stablecoin exposure (although it won’t continue Mountain’s yield-bearing stablecoin <a href="https://blockworks.co/price/usdm">USDM</a>).&nbsp;



The <a href="https://blockworks.co/tag/gnosis">Gnosis</a> acquisition looks like a further foray into stablecoin payments, a la Anchorage. <a href="http://hq.xyz">HQ.xyz</a>, now Gnosis HQ, gives Gnosis the ability to offer stablecoin offramps, treasury oversight controls and accounting tool integrations.&nbsp;



“If <a href="https://blockworks.co/news/non-custodial-crypto-cards-ftx-industry-trend">Gnosis Pay</a> represents our commitment to empowering everyday consumers with self-custodial financial tools, Gnosis HQ completes that vision on the enterprise side: offering crypto-native teams and traditional businesses alike the tools they need to operate with autonomy, compliance, and clarity,” the team said.



Meanwhile, <a href="https://blockworks.co/tag/0x-labs">0x</a> is taking another step to stay competitive in the DEX aggregation space by acquiring Flood. This acquisition was of particular interest to me because it involves a firm buying up a competitor, and it speaks further to some activity I think we’ll see down the line as crypto really heats up.&nbsp;



The terms of the deal weren’t disclosed, but 0x <a href="https://0x.org/post/0x-acquires-flood-to-optimize-trade-execution?utm_source=social&amp;utm_medium=tw&amp;utm_campaign=flood">said</a> it’s “consolidating our leadership in aggregation infrastructure, bringing together elite technical talent and pioneering routing architecture to accelerate the evolution of decentralized trading.”



But Alchemy’s <a href="https://www.coindesk.com/business/2025/05/16/alchemy-acquires-solana-developer-dexterlab-for-undisclosed-sum">acquisition</a> of DexterLab is a bit of a different story. At first glance, my read is that Alchemy is acknowledging that firms want to build on <a href="https://blockworks.co/tag/solana">Solana</a>, and this acquisition gives them exposure to that play. 



Per CoinDesk’s report, the team said DexterLab will help the development of Web3 applications on Solana, which will help organizational demand. 



At this point, I might have to rethink calling it “M&amp;A season” and instead call it crypto’s M&amp;A year… But maybe I’m getting ahead of myself.&nbsp;



Either way, these deals show that firms have the appetite to grow or consolidate their offerings, which is a very healthy sign for crypto.&nbsp;



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Crypto M&A picks up in May

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">
“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>.



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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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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

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

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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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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