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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
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
Alana Levin Profile picture
Oct 8, 2022
One of the big questions facing teams building zk infra is which to decentralize first: the prover or the sequencer?

There are a number of good arguments for both sides; I’ll do my best to lay out some of the trade-offs below 👇
#1: Why decentralize the prover?

Primarily, it improves liveness. The more provers, the less one prover going down affects the performance of the network

AFAIK decentralizing the prover is a priority for many teams building zkEVMs (eg @Scroll_ZKP @zksync @0xPolygonHermez, etc)
There may also be some merit to the argument that the more (distributed) provers there are, the harder it is for provers and verifies to collude. However, non-interactive zk proofs (eg STARKs and SNARKs) are intended to eliminate this risk
Read 12 tweets

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