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Alana Levin Profile picture
@AlanaDLevin
Aug 20 • 1 tweets • 1 min read • Read on X
The biggest surprise of the past year: tokenized treasuries aren't bigger

There are about $7.5B of tokenized t-bills right now (per @RWA_xyz). The category has experienced ~100% growth in the past 6 months

But it's still small, especially compared to other assets. Total stablecoin supply exceeds $260B. Multiple individual stablecoins exceed the total amount of tokenized t-bills. Seems like at least some of those deposits should be tokenized onchain.

Why don't we have more tokenized t-bills?

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More from @AlanaDLevin

Alana Levin Profile picture
Nov 18
Excited to publish my Crypto Trends Report for 2025!

It frames crypto’s growth as a story of 3 compounding s-curves: asset creation, asset accumulation, and asset utilization

The report applies this lens across five key thematic areas – macro, stablecoins, centralized exchanges, onchain activity, and frontier markets – to predict where the industry may be headedImage
Where we are on each curve helps identify where there’s still significant startup opportunity and what tailwinds we can expect

Keep reading for key highlights, or skip to the full report here: docsend.com/v/sfvqr/crypto…Image
From a macro perspective, the major crypto assets keep getting bigger. There are more tokens than ever, but the concentration of value among the top 10 has remained shockingly consistent Image
Read 23 tweets
Alana Levin Profile picture
Dec 14, 2024
1/ We’re in the app phase of the app-infra cycle
2/ Each portion of the app-infra cycle has lasted 1-1.5 years

H2 2022-2023: base level infra improvements (L2s maturing, Solana stability)

2023-2024: mid-level infra implementations (embedded wallets, better security, faster bridges)

H2 2024-now: app emergence
3/ We entered an app phase sometime in the past 6-9 months

Apps are products that interface directly with the end consumer

Eg stablecoins are infra for apps, but aren’t apps themselves. It’s analogous to how users can trade ETH or SOL, but ETH and SOL are assets (not apps)
Read 9 tweets
Alana Levin Profile picture
Jul 30, 2024
1/ Distribution is all that matters

These are my favorite examples of how founders got their products into the hands of users
2/ Twitter and SXSW

By 2007, Twitter had started to pick up early momentum in the Bay Area. But it really hit its stride during SXSW

The team put a flatscreen in the main conference hallway where folks congregated between talks. It had a live Twitter feed, driving tons of sign ups and generating buzz both at the conference + beyond
3/ Blendtec and Will it Blend?

In the mid-2000s, Blendtec founder Tom Dickson wanted to show folks the quality of Blendtec’s blenders

Dickson started a video series called Will it Blend? where he’d put unlikely items to the test. The videos went viral, the show won awards, and Blendtec sales boomed
Read 9 tweets
Alana Levin Profile picture
Jul 28, 2024
1/ On DeFi superapps and their bottlenecks

tldr: it’s not just UI
2/ DeFi superapps enable users to easily trade & earn using onchain protocols

We’ve seen a bunch of these projects over the past few months

It seems like low-hanging fruit. The infra is better than it's ever been. Embedded wallets make self-custody easy. Tx fees are cheap. Etc etc

But I’m not sure any of those were really the bottlenecks
3/ Imo the core question is: who is the wedge audience?

Is it:
a) New crypto users
b) Moderately onchain cryptonatives
c) DeFi “degens”

Understanding the blockers for each is critical. The more the blockers between segments overlap, the more winning one group provides a wedge into the next
Read 8 tweets
Alana Levin Profile picture
Dec 6, 2022
Over the past several months, Variant has purchased a number of Nouns. We're excited to be new community members -- here's why:
Nouns is a powerful experiment in bootstrapping identity, community, governance, & accessible capital formation on the internet

It’s a self-propagating meme machine, operated by a community that values public goods funding as a means to further propagating that meme & community Image
In particular, we're excited about 3 of the pillars underpinning Nouns' design for user-ownership:

1. The continuous auction mechanism

2. A treasury governed by Noun holders, denominated in ETH

3. Its CC0 model
Read 8 tweets
Alana Levin Profile picture
Oct 26, 2022
On-chain identity primitives are going to be the foundation of web3 social, lending, and more

But today, it's still early. As they continue to develop, I think two categories will form the foundation of this new category:

1. Things you've done
2. Things you own

(thread)
Primitive #1 - Things you’ve done (and w/ whom you’ve done them with)

This is a form of *earned* reputation. Build an identity around contributions + collaborators, all tracked through code and commits.

Key use cases include: hiring, promotions, governing influence, etc
I’ve previously written about governance as a core use case for earned influence, as well as how to design tokens that promote this idea

Highly recommend the read if earned vs. bought influence is a topic that interests you! variant.fund/articles/desig…
Read 11 tweets

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