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NASA Profile picture
@NASA
Apr 28 • 1 tweets • 1 min read • Read on X
onramp/offramp for local stables will be fast and free for most western g10 countries in next 1-2 yrs imo

biggest unlock is changing consumer behavior to holding usd and only converting to local currency at point of spend (rather than at receipt)

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More from @NASA

NASA Profile picture
Jul 31, 2025
Market sentiment has shifted meaningfully against crypto venture funds and in favor of liquid managers

Last week a prominent liquid fund blew up and liquidated its assets, reigniting this debate

1/ A jumbled defense of the role that venture funds play in crypto
2/ It all started with this tweet from @SOLBigBrain

Remind me not to lose this man's money 🤣

3/ There was speculation that the fund was Asymmetric

This was confirmed a day later when Joe McCann announced that he was shutting down the fund
Read 30 tweets
NASA Profile picture
Jul 17, 2025
Crypto venture is quietly undergoing a radical transformation

Fund sizes are compressing, strategies are shifting, and new winners are emerging

Why?

1/ The set of risks that VC's get paid to take is evolving - and that changes everything
2/ A decent mental model of crypto venture from 2017 to 2021 is that you were arbitraging the gap between private and public valuations of blockchains

A L1 blockchain like Solana or Terra would raise at $50-200M in private markets and could trade up to $100B in public ones
3/ This trade worked really, really well

-There were not that many crypto funds and so you could generally get into deals
-Competition was less stiff and so private valuations were not crazy
-There were a limited number of tokens on CEX's and retail gobbled these things up
Read 20 tweets
NASA Profile picture
Feb 13, 2025
It was the best of times
It was the worst of times

One of the most overused quotes in English literature, but honestly pretty accurately describes current crypto vibes

1/ Some jumbled on why people seem so fucking grumpy
2/ We have gotten everything we've wanted

Degen president who is launching meme coins
Smart, friendly leadership at SEC/CFTC
Largest M&A ever
BTC + ETH ETF's

So why is everyone so utterly miserable?

I don't have all the answers but I have some ideas
3/ Let's rewind to Jan 1 2024

There are no BTC or ETH ETF's
BTC is <$45K
Gensler is on a war path against the SEC
LP's have absolutely zero interest in hearing about crypto
Read 28 tweets
NASA Profile picture
Jan 16, 2025
ICO's roaring back is wildly health for the space and sets this cycle up for a much stronger base of token holders

Let's dig into how we got here, where we go, and why it matters

1/ Some jumbled thoughts on the future of capital formation in crypto
2/ This story start in 2010 as @naval saw an opportunity to bring retail investors into venture capital and democratize the asset class

He launched @AngelList and by 2013 the platform had helped startups raise more than $200M

wired.com/story/follow-t…
3/ AngelList's original product was an email list (hence the name!) that connected startups with investors

This sounds silly and basic but Naval was already very influential in Silicon Valley and a ton of credible companies including Uber raised money through this email list
Read 35 tweets
NASA Profile picture
Nov 22, 2024
Spent the last few days talking to family offices/endowments/allocators interested in crypto

No surprise but the mood is good! BTC nearing $100K after us being called idiots for 2 years

1/ Some jumbled thoughts on how I'm seeing private markets slowly opening up
2/ The direction is clearly in the direction of capital inflows but it will take time

Let's assume that most institutional sources of capital read the NYT and don't follow Polymarket

They assigned a Trump victory roughly 50% chance and positioned their portfolios as such
3/ If you assume people rationally deal with their largest positions first, there is a bunch of work to do on repositioning fixed income, energy stocks, anything touching ESG, etc

Opportunistic things like crypto or the 1-3% crypto exposure you already have is not a Q1 thing
Read 21 tweets
NASA Profile picture
Oct 1, 2024
Today we're publishing our 2nd annual State of Seed report

We analyzed 1000+ companies that raised seeds rounds in 2022 and evaluated if they were finding PMF, raising follow on funding, and launching tokens

1/ Let's look and see where all those VC dollars went
2/ Here is the full report including the dataset, which are we open sourcing

Kudos to @MikeZajko and @PChuzeville who drove the research on our end

I just sit here and tweet :)

lattice.fund/writing-and-pr…
3/ So why is this data valuable?

It generally takes 1-2 year for a seed-stage team to find commercial validation and raise more funds

So a look back two years on is a reasonable view at how a cohort is likely to do long term
Read 12 tweets

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