We’ve gotten RWAs all wrong. The future of RWAs aren’t copy-paste of tradfi assets, inheriting the inefficiencies of the old system. The RWA mega-protocols of 2030 will leapfrog tired off-chain infrastructure and: A) Solve an actual, non-fugazi non-legerdemain problem for real world issuers and investors B) Give rise to new new, blockchain-native asset classes (birth assets) The reality is that most RWAs that end up on-chain otherwise wouldn’t be financed traditionally. The “problem” being solved, if any, is that risk is being underpriced. Adverse selection. During my time at Maker, we (RWA units) helped usher in the current, flourishing era of on-chain RWAs. Serving as a sovereign mega balance sheet willing to take risk on commercial real estate, US gov debt, and structured credit. We were the buyer in the market, we provided almost all the demand. This was key because every on-chain RWA marketplace easily finds asset issuers to SUPPLY assets (will look for anywhere that gives them the cheapest capital), but it has always been and will always be the DEMAND side that is elusive. The next, binary unlock for RWAs is getting traditional, institutional investors to allocate. What will drive this? Again - 1) Solving a problem for them - i.e. lowering risk 2) Providing net new asset classes, otherwise inaccessible via traditional deal flow 1) Lowering Risk Risk takes a number of forms, from credit to market to liquidity and many more. To me, fundamentally, blockchains are risk-reduction machines: counter-party risk, settlement risk, data fidelity risk, and eventually, as a function of successfully mitigating these risks, liquidity risk. 2) Net New Assets Not the same old shit. Parametric insurance contracts, hash-power derivatives, deterministic debt (on-chain borrower's revenue contracts are escrowed), and vast securitizations of assets that would've otherwise never been securitized. This is what we are doing at @EntheosNetwork with smart battery securitizations. This last point is important. Securitization is one of the most fundamentally important financial innovations in our lifetimes. Diversification drives a lower risk profile, which invites more investment, driving down the cost of capital to end borrowers, driving demand for more assets, which then get sluiced back into securitization and so on... But most assets never make into securitization execution. Why? Because the service providers necessary to make it happen in a tradfi are prohibitively expensive. Placement agents, investment banks, trustees, special servicers, master servicers, lawyers, auditors. These parties are paid massive amounts to pass paper and cash back and forth. Reporting on asset performance and remitting distributions. Blockchains are built to remit high fidelity data, distribute value without settlement, custody, and counter-party risk, be audited easily and deterministically, enforce cash waterfalls via smart contracts, and permit seamless capital formation, combination, and composability. Of course the devil lies off-chain: the oracles. I believe blockchains will combine with a new generation of higher-fidelity, tamper-proof oracles (i.e. not a servicer who collects a rent roll from landlords once a month). Asset performance will be machine-reported, real-time, and highly reliable. We'll see composability between sensors, drones, and wearables reporting on assets and DePIN networks like @helium and @Hivemapper. Ultimately what's being built is a completely fresh supply chain for infrastructure, physical (renewables, telecoms, etc.), financial (new securitization structures, reporting (IoT), and legal (smart contract logic). Incrementalism isn't going to cut it. Blockchains are an exponential technology and will seep into every aspect of the real world.

Vehicle-to-Everything (x) is a sort of hybrid of the grid and energy storage, borrowing from and potentially improving on both. Vehicles can move electrons around like the grid and can store energy like fixed batteries.

Combustion engine is 20-30% efficient in conversion of energy in gasoline to power. Batteries are 90-95% efficient, but li-on is 100x less energy dense than gasoline. Break-even economics are in A) fuel cost and B) maintenance, summing to lifetime cost of ownership.

Batteries are hitting a ceiling, entering an era of incremental innovation. Mass adoption demands leaps in costs, performance, and connectivity. The next breakthrough will be not through chemistry, but through intelligence. Enter @EntheosNetwork and “The Battery OS” 🔋

The vibes have been impeccable lately @EntheosNetwork

An American, a Dutchman, and a Norwegian walk into a bar in Oslo. After hours of deliberation and six or seven sparkling waters, they depart with a blueprint for a world we all want to live in. One where energy storage is as ubiquitous as bars are. @EntheosNetwork

Against the ire of environmentalists, US is top 3 oil/gas exporter, providing energy security that Europe lacks. As electro states > petro states, metal security, esp. Lithium becomes existential. But if we won't mine, we must re-use