mattytay retweeted
Until now, you had to use Ethereum to get structured yield on PRIME.
Now, @reflectmoney Protected PRIME is almost 3x as big as srPRIME on Ethereum, and junior is on the path to close the gap today.
@HastraFi is back home on @solana, powered by Reflect.
The solana:3b8X44fLF9ooXaUm3hhSgjpmVs6rZZ3pPoGnGahc3Uu7 tranches on Reflect have reached $300K in deposits 🏠
Both Protected and Amplified are now at capacity.
More room is opening in 2 hours.
I was struck by how bearish investors were on crypto while watching the TOKEN2049 videos, especially compared to their enthusiasm around AI.
AI will likely be the most broadly applicable technology of the 21st century. However, crypto will be equally consequential for society.
Blockchains uniquely enable the creation of entirely new institutions through new forms of money, capital formation, markets, ownership, and coordination.
This type of new substrate is incredibly rare historically, which is why I believe crypto remains the most compelling greenfield area for investment over the next decade.
I used to spend a lot of time reading Bitcointalk forum posts predicting how Bitcoin would function in a futuristic/scifi economy. There were many posts about how fiat currencies might evolve in relation, and later how smart contracts could be integrated to enable a more composable, permissionless, and efficient financial system with a non-sovereign SoV at its core.
For the most part, those visions of a decentralized financial system have yet to materialize. Bitcoin has been the notable exception by popularizing the concept of a non-sovereign digital asset.
We have been investing in the 3rd and 4th generations of DeFi protocols, like @ORE and @solomon_labs. These teams have learned from watching previous attempts, many of which failed to find meaningful adoption or gradually evolved into centralized versions of the systems they originally aimed to replace.
I believe centralized stablecoins and tokenized RWAs are in the process of indirectly laying the foundation for a truly decentralized financial system to flourish. Blockchain rails will be adopted, and the DeFi ecosystem hiding within the trojan horse will end up replacing large components of the legacy system.
Years ago, the idea that a product built on an L1 blockchain could generate more revenue than the L1 itself seemed crazy.
Then it happened.
To many, the idea that a product built on an L1 could achieve a larger market cap than the L1 itself seems crazy.
This will happen too.
A monster in the making.
The $ORE reserve crossed $300k earlier.
In barely a month from launch.
It’s a monster in the making.
How soon do we get to a milly?
Sooner than you think.
Stay tuned and grab an ORE before it’s out of reach.
Khosla wants to own the Seahawks forever. It's never been so over for Seattle sports fans.
In partnership with Vinod Khosla (@vkhosla), I’m proud to introduce Reservoir.
Billionaires have owned their cells for years. Starting today, you can too.
Sign up today: withreservoir.com
mattytay retweeted
🇯🇵 Our biggest partnership yet!
Tokyo Dome, here we come! 🏟️
We're bringing One Arena to one of Japan's largest entertainment destinations.
This is just the beginning.
Only possible on @solana
mattytay retweeted
A month later, Credible's volume is up 50% MoM, good for $3.3B in annualized TPV. At 20bps take rate, Credible is making $6.6m in gross revenue, trading at 2.5x sales, and have been cash-flow positive since May.
In comparison, payment and cross-border infra trades at 5-10x EV / Revenue. Credible is significantly cheaper relative to comps, thus the market is clearly skeptical of its sustainability and quality of revenues. Perhaps then, a natural complement to this hockey-stick chart is a description of the business and how it operates today.
Credible provides T+0 fiat <> stablecoin settlement for internet businesses that traditional PSPs underserve: prediction markets, fintechs and remittance apps, creator platforms, and gaming apps. Notably, Credible is live across India, Nigeria, and 40+ markets worldwide.
How a payment flows:
- Customers (e.g OTC desks, remittance apps, neobanks) pay with a local method.
- Credible routes to the best PSP or acquirer per transaction, for approval rate and cost.
- Credible underwrites the risk and fronts the float from a stablecoin liquidity pool.
- The merchant settles instantly in USDC, USDT, USD, EUR or GBP.
- Credible earns a take rate on the flow. Additionally, stablecoin trade a 2-3% premium in many emerging markets (e.g India, Nigeria, etc) because of capital controls and high take rates, so Credible earns the entire 2% in these hard to reach corridors.
Lastly, the business is still capacity constrained. This recent uptick in TPV was unlocked from a mere $500k increase in stablecoin float last month - metadao.fi/decisions/cred-00… - and the team is expecting to grow this significantly with credit partners soon.
The natural question is why is this available to Credible? Regulatory access. Only 2 other providers in India have all 3 licenses: banking, payment aggregator, and stablecoin processing. This offers them incredible access and flow relative to competitors. All in, the team has a coveted cornered resource, sticky customers, and an excellent management team.
Higher
mattytay retweeted
Personal update: I’ve joined @Colosseum as Principal.
I was first introduced to @clayrobbins in January 2024, the month Colosseum launched and right before they raised their first fund. I was impressed with him, @mattytay and @n8levine from the start, and I’ve followed them from afar ever since, watching them turn Solana’s hackathons into a pipeline of incredible companies. Over the past year we kept getting excited about the same startups, and realized we see early stage investing the same way. Very excited to finally be a part of it.
Most crypto venture money right now goes into later-stage rounds. But the next big companies start as two people and a hackathon project, usually too early for a typical fund check.
Colosseum covers that whole stretch. The hackathons bring builders in and keep the culture grassroots. The accelerator backs founders from the idea stage. The fund lets us keep backing the breakouts from the accelerator, and companies beyond it.
The best part is how many founders I’ll get to work with, and helping them build the next generation of crypto products and companies. Looking forward to reviewing your hackathon submissions in the arena @mxmnci built.
If you’re building, even if it’s just an idea, my DMs are open. I’ll be in London for Breakpoint too.
mattytay retweeted
A very interesting new launch from Flovia, a Colosseum hackathon winner and portfolio startup.
The product enables builders, traders, and startups to pool demand in order to unlock API pricing they'd never be able to get on their own. Group buying for the AI economy.
