nowadays, the ARR is neither Annual, Nor Recurring, Nor Revenue

Disappointed by the European Central Bank’s (ECB) and European Banking Authority’s (EBA) responses to the MiCA consultation. They are not only advocating for a prohibition on paying yield on stablecoins, but also for restrictions on CASPs providing access to DeFi, including protocols offering yield on non-MiCA-authorized stablecoins, without providing a clear framework for how access to DeFi should work in practice. They also suggest that CASPs offering access to DeFi should restrict it to certain groups of users through so-called “suitability tests,” alongside a potential certification regime for DeFi lending protocols. It is unclear how these requirements would work in practice. If regulators determine which protocols are deemed suitable for European users, the result risks looking very different from the open DeFi that exists today. Instead, we could end up with more walled gardens that undermine the liquidity and network effects of open financial networks, ultimately limiting Europeans’ ability to access new ways to grow and preserve wealth. These proposals are presented as measures to “protect consumers.” But excessive restrictions can instead create more friction for innovation and slow the development of open, transparent, and auditable financial infrastructure that can benefit consumers. The reality is that onchain finance, including stablecoins, DeFi, and tokenized securities, has the potential to reshape financial infrastructure by reducing friction, increasing transparency, and expanding access to financial opportunities. European consumers and businesses stand to benefit significantly from this transformation, particularly if the companies building this infrastructure can continue to build and compete from within Europe. Meanwhile, U.S. regulators, including the SEC and CFTC, have increasingly taken a more pragmatic approach toward enabling onchain financial innovation. European regulators should put users and their interests at the center of the framework. Banks and other incumbents should be able to adapt their businesses to serve users in an increasingly onchain economy, rather than relying on artificial restrictions that risk increasing costs and reducing access for Europeans as the rest of the world moves onchain. DeFi will win.

LAUNCH DAY Tokenization is a supply shock for onchain assets. AI agents are a demand shock for the data. 100 days after acquiring Messari, the two platforms are now one. We give you a swarm of agents to underwrite and monitor everything onchain. Say hello to Blockworks Intel.

Investors are overindexing on huge TAMs and grand visions, just for the sake of it. But the greatest companies in the world didn't start that way. They started as niche ideas that evolved into leaders of entirely new categories nobody could have imagined at the time. Amazon was an online bookstore. Airbnb was renting out air mattresses. Nvidia made chips for gamers. YouTube was a video online dating platform. None of these were giant TAM pitches, they were simply obsessions that outgrew their category. Just give me a passionate founder and a dream, I'll take that over a bs vision or pseudo TAM slide every single time.

Things Near touches tend to do well Venice Zcash / Zodl Near. com I use @infinex a lot because it gives me everything I want, and it can do that via Near intents Near enables all the siloed pockets of value to connect to each other Everything is Near’s L2

What if bond yields are going up because the market expects tremendous growth, equities to skyrocket and investors are demanding higher returns from bonds

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