Jonathan retweeted
In an AI compute short squeeze, everyone in the stack looks smart. That doesn’t tell you who earns durable long-term returns.
You can be right on demand and still own the wrong businesses.
Today we estimate that every incremental GW of data center capacity currently generates $40-50bn of revenue across the stack.
Data centers are under-earning (~$2.2mn/MW) relative to the value they unlock at the token factory layer (~$40mn+/MW).
Frontier models face real pricing pressure from open-source and the hyperscalers. A 40% token-price cut can push standalone inference near breakeven — while hyperscalers still make money on the hardware.
The picture will look very different in 6–12 months. Energy capacity, tokens per watt, model-layer competition, and financing are all in motion.
We built a dynamic tool to track how it plays out.
This map will look different in 6-12 months. Four forces to watch:
- Energy, the most acute bottleneck today
- More tokens per watt from better hardware and software
- Rising competition at the model layer
- Financing all this capex
So we open-sourced our model. Input your assumptions and watch how value shifts across the stack.
Jonathan retweeted
The inaugural @PanteraCapital Founders Retreat was elite
But don’t tell them I’m not the founder of Metaplex, I want to go back next year 😂
Jonathan retweeted
Thank you @PanteraCapital @FranklinBi @JonathanGieg @veradittakit @stutireal @sui414 for an incredible few days.
The Pantera Blockchain Summit was full of sharp conversations on AI x crypto, institutional adoption and policy. The Founders Retreat was the best part. Real time with @dan_pantera and founders building the next decade of finance.
Grateful to be part of the family.
Jonathan retweeted
Panel 04: Who Wins the Institutional Infrastructure Race
On stage: Melody He (@TheSpartanGroup), Marco Manoppo (@sharpbytexyz), Nihal Maunder (HSG), Tycho Onnasch (@zestprotocol), moderated by Jonathan Gieg (@PanteraCapital), discussing who wins as infrastructure consolidates.
Jonathan retweeted
Whales discovering @verantaxyz BTC Upside Perps and putting trades on agentically, driving up 24hr volume to over $4B !
Upside is the most capital efficient perp in DeFi:
- Zero fixed opening / closing fees.
- Isolated leverage.
- Only pay from profits.
- Market / Limit orders.
- Executes at accurate BTC spot prices (powered by @PythNetwork oracles).
Reminder: Profit sharing fees from Upside Perps go back into buying and burning $AVNT.
Highest fee + buyback day in the last 3 months!
Jonathan retweeted
We’re excited to host the 3rd edition of Thought Leaders Summit, together with @PanteraCapital and @Maven11Capital , in Singapore.
Join us on 7 Oct for an afternoon of conversations exploring the trends shaping the next chapter of digital assets. Agenda below 👇
🔗 Register: luma.com/h0vfc5sy
See you there!
Jonathan retweeted
Pantera's latest State of Tokenization report is out.
We analyzed the $332bn tokenization market across 671 assets.
Institutions entered in force this quarter. J.P. Morgan, HSBC and Fidelity launched onchain products.
BlackRock's BUIDL moved $441mn onchain in June, runs a $1bn daily redemption facility, and is now accepted as collateral.
On the consumer side, Robinhood Chain hit $888mn in weekly RWA volume in August, two months after launch.
Collateral markets matured, with private credit putting 45% of its matched value to work in DeFi.
The lack of a market-structure bill didn't stop tokenized stocks. A five-year SEC exemption lets the market keep developing under current rules.
Full report: panteracapital.com/state-of-…
Jonathan retweeted
Up Only chart for @Novig Notional Volume since Aug launch
source s/o @datadashboards : dune.com/datadashboards/novi…
Jonathan retweeted
Robinhood Chain is three months old. In API calls it already runs at roughly a quarter the volume of Google search.
@nikil (@Alchemy) and @JohannKerbrat (@RobinhoodCrypto) join Stateful, hosted by @FranklinBi, to talk tokenized assets and agentic commerce:
• 40% of all new developers on are building on Robinhood Chain
• 190 tokenized US stocks and ETFs. Number one chain on Alchemy within two weeks
• Democratizing U.S. equities to a global audience
• Alchemy made its entire product accessible to agents. No CAPTCHAs, no humans. Grew 20% in two weeks
• Memecoin and stock token pairs nobody planned for
04:27 Day Zero: Why Robinhood Built Its Own Chain
09:19 A Quarter of Google's Traffic: The Scale of Robinhood Chain
10:43 Three Mega Trends: Stablecoins, Tokenized Equities, Agentic Commerce
15:23 The WhatsApp Effect and Why Most of the World Can't Buy US Stocks
22:11 Why the Blockchain Industry Has to Be Built in the U.S.
27:20 Alchemy's Bet: The Customer Is No Longer the Developer
28:39 Agentic Cards, Mastercard, and the Dave the Minion Story
31:20 Inside Robinhood's Agentic Trading Launch
36:44 Verifiable Intent and Giving Agents Guardrails
40:36 What an Onchain Financial System Feels Like in 10 Years
Jonathan retweeted
We backed @OndoFinance to bring traditional finance onchain.
Today the world's largest asset manager's portfolio strategies are live as single onchain tokens, three strategies developed by BlackRock for Ondo.
Institutional allocation expertise is now an onchain product.
ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3
Introducing Ondo Intelligent Portfolios, the first three portfolios powered by BlackRock.
Ondo Intelligent Portfolios introduces a new onchain product category: curated investment portfolios delivered as single onchain transferable tokens.
The first three portfolios are based on portfolio strategies developed by BlackRock for Ondo, marking the first time eligible onchain investors can access exposure to such strategies through a single token.
1. BLKHIon: Ondo High Income Powered by BlackRock
2. BLKDIGon: Ondo Diversified Growth Powered by BlackRock
3. BLKGRWon: Ondo High Growth Powered by BlackRock
Diversified, professionally constructed strategies have historically required brokerage accounts and traditional fund structures. Now, delivered as peer-to-peer transferable tokens from Ondo, these onchain portfolios become accessible to eligible non-US investors in permitted jurisdictions through the wallets, exchanges, and DeFi applications they already use.
“Tokenization creates new ways for portfolio strategies to be delivered through digital infrastructure. Diversified portfolio strategies can be incorporated into tokenized investment products, enabling eligible investors to access diversified allocations through a single instrument. It shows how established portfolio construction approaches can be delivered through new channels and technologies.” - Lisa O’Connor, Global Head of the Model Portfolio Solutions team and Co-CIO for Global Solutions within the Multi-Asset Strategies group at BlackRock
Ondo Intelligent Portfolios can unlock novel capabilities:
→ Programmatic rebalancing
→ Full composability with DeFi
→ Complete transparency onchain
→ Multiple asset classes in a single token
This is just the start for Ondo Intelligent Portfolios. The infrastructure is now in place for leading financial institutions to bring their asset allocation expertise onchain.
Jonathan retweeted
: : Introducing Four Pillars Advisory Network (FPAN)
Our goal is simple: Bridge institutional Asia with the best of onchain.
We’re bringing Asia’s leading institutions closer to the protocols, platforms, and people shaping the global onchain economy through strategic advisory and direct ecosystem connections.
Founding participants include: @AlliumLabs, @arbitrum, @Figure, @further, @LayerZero_Core, @LidoFinance, @MetaMask, @PanteraCapital, @redstone_defi, @RWA_xyz, @Securitize, @solana, @sphere_labs, and @SuiNetwork
Institutional adoption in Asia is just getting started.
Jonathan retweeted
During KBW 2026, @FourPillarsFP will be everywhere.
Literally.
While everyone else is cutting back and laying off,
we’re going all in.
Let us show you why @FourPillarsFP has become the largest research-driven organization in Asia.
: : Four Pillars Joins KBW2026 as a Supporting Partner
Four Pillars is joining @kbwofficial as a supporting partner. KBW2026 takes place from September 30 to October 1, 2026 at Walkerhill Hotels & Resorts in Seoul, bringing together the leaders, and builders shaping the next chapter of the global crypto industry.
This year's edition features Upbit, 0G Labs, Stable, and Tria as main sponsors. The speaker lineup includes Joseph Lubin (Consensys), Bo Hines (Tether USA₮), Jeff Yan (Hyperliquid Labs), Tom Lee (Bitmine), Yuval Rooz (Canton), Kyoungsuk Oh (Upbit, Dunamu), Caroline Pham (MoonPay), Balaji Srinivasan (The Network State), Arthur Hayes (Maelstrom), and Harry Jung (Former White House).
KBW is one of Asia's largest gatherings for the global crypto community, and this September, Seoul once again becomes the meeting point for the industry.
As a supporting partner, Four Pillars will support KBW with research and by connecting builders, institutions, and investors shaping what comes next.
Event Page:
koreablockchainweek.com/
Jonathan retweeted
One of the hardest questions in stablecoins shouldn't be:
"Who else is building and where?"
Today we launched a completely rebuilt Stablescape to help answer that.
- 6,000+ stablecoin companies
- Interactive market maps
- Rich company profiles
- And more
You can now submit your company, claim an existing one, and play around with interactive charts.
See it for yourself here: stablescape.xyz
Jonathan retweeted
"what if you could OWN (not rent) your own commercial / workstation grade GPUs (H200s, B300s) on leverage, while still earning from these productive assets?"
a simple concept - but what if it scales?
we'll move from the age of "supercomputers in your pocket" to "supercompute in your backyard"
Jonathan retweeted
This is silly.
If you want $100 on the Knicks to win it all and @DraftKings offers $1,200 while someone on an open exchange offers $1,500, you don’t care who the counterparty is. You care that you got $300 more, whether that’s Citadel or Joe Schmo.
That’s what @JasonDRobins intentionally leaves out. There are three main reasons his framing is wrong:
1. Just because a market is facilitated by pro MMs doesn’t mean it’s not peer-to-peer. The stock market is peer-to-peer. StubHub is peer-to-peer. Nobody thinks otherwise bc market makers exist.
2. DraftKings is overwhelmingly owned by the same Wall Street firms he’s warning you about. He is the counterparty he’s describing — except his product bans you for winning and doesn’t allow competition.
3. Counterintuitively a sharp counterparty is good for you. Competition among liquidity providers is what tightens the spread and the sharper a LP is, the better odds they can give you. A sportsbook with no competition on the other side of your bet has to ban winners to survive.
.@DraftKings CEO Jason Robins made a point today to say that prediction markets are not "peer-to-peer."
“It’s really more peer-to-Wall Street, peer-to-professional bettor or peer-to-market maker. … You’ve got to present the product as what it is.”
sportico.com/business/sports…
Jonathan retweeted
We’ve released three episodes of our podcast so far, all entirely in Korean. Here’s a snapshot of how they’ve performed.
Starting from zero and building a crypto, tech, finance focused podcast in Korea, we may be one of the very few shows to see this level of traction so early.
We also have a major guest joining us soon, and that conversation will be in English.
A special thanks to @liquidtrading, who believed in us and became our sponsor from the very first episode.
People say only around 10% of podcasts make it past ten episodes. We intend to go far beyond that and keep showing up consistently.
Our goal is to grow into a new media platform that goes beyond crypto. One that explores finance, technology, and, most importantly, people.
We’re always open to collaborations.
The world's first bilingual (KR/EN) Crypto Podcast Coming soon.
Cooking up something with @morbid19, who I used to co-host the Casual Crypto podcast with, and @alexlimasia from @LayerZero_Core -longtime partner of ours.
The goal is simple: build a podcast that’s actually sustainable.
We’re not optimizing for monetization from day one. We’d rather consistently put out conversations that are worth listening to and let everything else follow.
The first episode might drop sooner than you think. The first few episodes will be in Korean, but we’re more than happy to host English-speaking guests as well. All of us are comfortable having conversations in English.
Juhyuk × Alex × me is probably not a lineup many people expected, but after a few sessions together, the chemistry has been surprisingly good.
We’ll be inviting builders, founders, investors, and anyone with an interesting perspective to have honest, unfiltered conversations about crypto.
If you are interested in being part of this podcast, feel free to let us know! Happy to discuss.
Stay @face_east_
Jonathan retweeted
Excited to partner with @gordonliao @circle to cohost this Agentic Economy event next Tuesday at SBC!
Featuring a series of mini talks from @arc team, founders, investors @0xfishylosopher and researchers @_phvv_ to demo and discuss the frontier of Agentic payments & privacy topic!
luma.com/sgs5pubk
Jonathan retweeted
Every founder asks the wrong question first. They ask whether this is the right market.
The better question is are you uniquely built to win the market you chose?
Markets change. Products change. Regulations change. Founder-market fit is the one thing that compounds through all of it, and the only thing that keeps compounding when price doesn't.
The developers leaving crypto are the ones who arrived for the last bull market. The builders who have been here two years or longer just hit an all-time high, and the operators walking in now are coming from Goldman, Citadel, Stripe, Block, and much more.
We have never seen this much founder-market fit in any cycle. Here is a new piece on the four things we underwrite, and why a winter is the best time to back them.
@Alchemy @arbitrum @circle @Morpho @Ondo
veradiverdict.com/p/the-foun…
