How crypto really works. Podcast by @dcanellis | Newsletter by @bgilliam1982 Built by @Blockworks
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Joined April 2020
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NEW EP: Venice raised $65M. Its token dropped 50%. @dcanellis checks the onchain data to find out what's actually going on.
We cover:
🔹 What VVV actually is — and what it isn't
🔹 Haseeb Qureshi's take on the token/equity split
🔹 12M monthly visitors, but only ~4,600 DIEM holders
🔹 VVV buyback and burn declining every month since December
Token holders will eventually have to get something for it. If they don't, they'll leave.
"The billion-dollar question is how patient can token holders be with waiting for that flywheel to start?"
@dcanellis
Venice raised $65M. Its token dropped 50%. On good news.
"Token holders were not going to immediately benefit — there is this dichotomy between venture capital investors, equity, the company itself, and then token holders who are kind of left holding the bag." @dcanellis
There are two factions inside Ethereum. @post_polar_ calls one of them the "business school faction."
"They're not basic degens. They are people who believe in the efficiencies of the market."
@dcanellis
Every major Ethereum upturn had a new primitive. DAOs. DeFi. NFTs. Prediction markets should have been next, but they went elsewhere.
"There needs to be some new primitive." @post_polar_ @dcanellis
Pure ossification may never happen. But Ethereum is probably about a decade away from something close.
"A lot of the more ambitious ideas will either migrate somewhere else or just run out of steam." @post_polar_ @dcanellis
Now that the dust has settled, it's clear that the EF has become a Cypherpunk organization.
"It's clearly some kind of reassertion of the hard-line Cypherpunk position by the Ethereum Foundation." @post_polar_ @dcanellis
ETH Labs could be looked back on as one of the most consequential moments in Ethereum history.
"I do see ETH Labs as the culmination of that populist revolt." @post_polar_ @dcanellis
NEW EP: Ethereum has been strengthened by a populist revolt. @dcanellis with @post_polar_ on the motivations behind the EF restructure and the launch of ETH Labs.
We cover:
🔹 The EF's Silviculture: what it is and why it's now almost redundant
🔹 ETH Labs as a list of everyone on “the other side.”
🔹 Governance forums, issuance debates, all-core devs: where the clash will come
🔹 How far away Ethereum is from ossifaction.
Zuck is building the Zynga of prediction markets. Is he onto something?
"It is definitely a gateway into real money betting at some point." @dcanellis
We are effectively now in a draconian regime when it comes to AI development.
"We're just going to have this watered-down intelligence suite that is going to be permanently monitored by the US government." @dcanellis
Binance has $132B on the platform. It lost $1B over the past month amid the EU fallout. Maybe the big fish on Binance aren't in the EU.
"Whether this truly impacts Binance at a material level, at least right now in the interim, I'm not too sure." @dcanellis
AI is going through exactly what crypto went through. Freedom technology, until it wasn't.
"It is pushing the coolness factor out into the edges." @dcanellis
NEW EP: Binance is out of the EU. The US government is now approving AI model releases. And Zuck is building a Polymarket clone. @dcanellis with the data on all three.
We cover:
🔹Binance's MICA failure and who gains from it
🔹Mythos 5 whitelist, Fable 5 still blocked, GPT-5.Sol same story
🔹Meta's Arena app and what Polymarket/Kalshi look like right now
Strategy insiders actually bought MSTR as it was falling earlier in the year. Average price: $92. Current price: $85. One is down 45%.
"Those confidence bets in Strategy have not exactly paid off yet." @dcanellis
Strategy insiders have been selling since 2021. Saylor alone accounts for 99% of that big spike.
"The big burst of sales, those options exercised, the 400K shares sold by Saylor — he generated $411 million almost by selling those shares." @dcanellis