As tokenization explodes, Coinbase will become crypto's “Amazon”. The lull in listing marquee tokens is a temporary problem. They are very well positioned to solve the headaches that come with becoming an Amazon.
However this is also why we will see the “Gucci”s of crypto emerge: specialized boutique exchanges built on top of DEX rails.
- Meme coin marketplaces (Moonshot, Photon etc)
- AI-native/agent marketplaces (Virtuals)
- NFT marketplaces (Opensea, Magiceden) etc.
Base layer liquidity + customized experiences.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
For the past few years, our fund Canonical has been laser-focused on "Decentralized Intelligence." During our AGM last week, I presented our investment thesis and why we are excited about backing founders building in this category.
We want this work in the open, so we are publishing the content here for founders and LPs to build on. Here is what we shared: 🧵
AI is evolving and decentralization matters to its future.
Decentralized Intelligence is no longer just a concept.
What does this mean for crypto and, specifically, for our strategy at Canonical.
Before diving into decentralized AI, we grounded LPs in just how rapidly AI is infiltrating our daily lives and scaling in the real world.
Consider autonomous driving. Waymo now completes 250K autonomous rides/week, up from 150,000 per week at the end of 2024.
It’s a clear signal: AI is in production, touching people’s daily routines, and scaling at a pace we’ve never seen before. And this same acceleration is playing out across many other sectors.
A thread on Privacy-Preserving Machine Learning with Fully Homomorphic Encryption
(say that 3 times fast)
1/ Most LLMs (Large Language Models) today are trained primarily on publicly available data. This can limit their applicability in domains with strict data privacy requirements.
While training data impacts these models’ capacity, other factors such as model architecture, training techniques, and computational resources are significant as well.
2/ The ability to operate on private data is crucial for many use cases such as:
- Medical
- Finance
- Government
- Legal
Unfortunately, the one-size-fits-all LLM approach may not always be suitable.
3/ However, techniques exist to adapt LLMs to work with private data securely. These include:
- Fine-tuning models on encrypted or anonymized datasets
- Using federated learning
- Privacy-preserving methods like differential privacy
- Using Full/Partial Homomorphic Encryption
Gm! I am happy to announce Canonical Crypto, a $20M early stage, “picks and shovels” fund focused on investing in founders building infrastructure in web3/crypto.
2/ When we look at the web3 developer stack, it is still maturing compared to what we see in web2.
3/ We take the web2 dev stack for granted - everything from code collaboration, testing, security, infrastructure, data storage, scaling, messaging, analytics, identity, monitoring, interop etc.
1/ Token Warrants have become quite popular as founders in Web3 have been raising capital. But what is this mysterious document and what purpose does it serve?
2/ First we had convertible debt, then YC introduced SAFEs (Secure Agreement for Future Equity). These have been the most popular form of instruments to raise capital at the very earliest stages of a startup (equity based investments also being popular).
3/ SAFTs (Secure Agreement for Future Tokens) have gained popularity in the last few years. SAFTs state that investors are investing in exchange for tokens in the future. And as an early backer, the investor will get a discount on the token price.
A few friends, especially those entrenched in VC, have reached out to me over the last few days asking for a take on the $SUSHI situation. So I thought I'd start a thread to share my thoughts.
This has basically evolved in to a DeFi maxis version of reality TV. #drama
0/ First a disclaimer and some transparency: I've been HODLing $SUSHI ($XSUSHI since I'm staking) since late last year.
I believe $SUSHI is undervalued.
Let's start with some background and history:
1/ Sushi is an automated market maker (AMM), a decentralized exchange (DEX) and a DeFi darling. Sushi runs on the Ethereum blockchain.
@0xMaki is one of the founding members of Sushi. He operates mostly anonymously (one of the beautiful aspects about working in this space).
1. My life has truly changed since I first dipped my toes in the world of Decentralized Finance (DeFI) last year. It started with me wanting to challenge myself and learn something new, but I have now been fully sucked into the DeFi vortex.
2. However the onramp was non-trivial and I have learned a lot along the way. I have since been sharing my learnings by helping several of my friends make the leap. And I want to help more people make the leap.
And so I'm launching a cohort-based course, a "DeFi Masterclass".
3. It will be a 4 week *hands-on* course that will
- introduce you to the fundamentals of DeFi
- get you setup such that you can play with DeFi primitives firsthand (such as trading on decentralized exchanges, staking, yield farming etc.)