I don't think people realize how dire the situation is for tokens right now.

A quick six part story about how bad things are told with charts🧵 Chart 1: Total crypto market cap.

Not a TA guy, but this chart looks pretty good.

I'd buy this chart, no issues here yet.

Quick thread on DATs, operational vs financial income, and BTC vs ETH vehicles 🧵 First off, I still mostly think DATs are silly.

However, I have increasingly begun to view many sub-optimal structures in crypto as the result of overregulation.

So while I think they aren't great, I see why they exist and think they'll be around for a while.

27 predictions for 2025🧵 1. The US will reemerge as the dominant global hub of crypto.

Founders will move back and open offices in NY.

US conferences will be larger than their Asian counterparts.

Some musings on restaking protocols🧵 It's become clear that EigenLayer isn't the only game in town anymore.

That said, EigenLayer is the clear category lead in the largest market (ETH) with an enormous head start.

So the question is - what strategy will newcomers use to compete?

A quick thread on if we're speedrunning this cycle 🧵 I'm currently at Eth Denver.

Lots of people are asking the same question.

"Has this cycle happened too fast, and does that mean it will be shorter?"

Big announcement from Bell Curve.

Season 7 will be on the multichain endgame with @hal2001 as co-host.

This is going to be an epic season, major themes and inspo below 🧵 1. CHAIN ABSTRACTION

The details of the architecture are still fuzzy, but the endgame design is coming into focus.

We are heading towards a world of multiple interoperable chains with complexity abstracted from the user.

Enter chain abstraction.

New Bell Curve with @sreeramkannan and @zmanian is LIVE.

In this episode, Myles and I dive into how restaking acts as a shared security layer to further unite the converging roadmaps of Cosmos and Ethereum.

Full episode and quick thread below 🧵 The respective endgames of Cosmos and Ethereum have been converging for some time.

Both ecosystems are working towards the same vision, an interoperable layer of chains supported by shared security.

The key insight is that they each started with a different part of the stack.

The era of scarce, expensive blockspace is coming to a close.

Soon we will enter a new age of cheap, abundant blockspace for all.

A quick thread on why this will be the most seismic shift crypto has ever gone through🧵 First of all, a bit of history.

Since the creation of Bitcoin, there have been contentious arguments about how much data should be allowed into blocks.

It's perhaps the oldest and most hotly debated issue in crypto, which famously led to a civil war in Bitcoin back in 2017.

27 predictions for 2024 🧵 1. The data availability wars kick off and become one of the biggest narratives of the year

NFTs are about to rise from the ashes.

The business model is being rewritten, and the opportunity is absolutely gargantuan.

These are the three new models I see forming 🧵 1. NFTS AS A BOOTSTRAPPING MECHANISM

Several high quality products are experimenting with using NFTs to bootstrap distribution for a product they own.

@tensor_hq and @xNFT_Backpack are great examples of this.

Enshrinement is the topic du jour in both Ethereum and Cosmos right now.

The reason for both ecosystems is different, but it's looking like the conclusion will be the same.

Some thoughts 🧵 Back in July, I wrote that enshrinement was coming back.

Vitalik spoke about it at EthCC, and then again wrote a long blog post about it this week.

This also comes at a time when the future of protocols like Lido and Eigenlayer are being questioned.

x.com/MikeIppolito_/…

EthCC was electric.

I’ve never interacted with so many energized people focused on L2 scaling, AA, MEV, and ZK tech.

If you missed the conference, here are 5 big takeaways for what's coming next 🧵 DATA AVAILABILITY IS COMING

Until recently, the only DA solution for rollups has been Ethereum.

This is less than ideal for a lot of reasons, but mainly due to cost.

Today DA is the largest cost bucket for most rollups by a wide margin.

Why censorship (not inflation) will drive Bitcoin adoption in 2022 and beyond🧵 Bitcoin’s narrative has undergone several changes throughout the years.

2011: Peer to peer cash
2015: Payments
2017: Inflation hedge
2020: Store of value

The question is, why does its narrative need to change?

Every speculative bubble in crypto gives us a glimpse into the future.

Here’s what the 2021 bull run has to tell us about what’s coming next 🧵 There are three important ideas to understand about bubbles:

1. They're directionally correct but off on timing
2. The magnitude of the bubble is proportionate to the level of euphoria
3. Bubbles need a driving narrative that turns out to be half right, half wrong

We might be entering a bear market, but it won't be anything like the 2018 crypto winter.

In fact, we've arguably been in a bear market for the last 6 months.

Some thoughts 👇 .@intocryptoverse has done a great job of explaining the "lengthening cycles" theory of crypto.

Basically, since crypto's first bull run in 2011 two patterns have emerged:

1. The cycles go for longer periods of time
2. The ROI of each cycle diminishes

Joe. F***ing. Rogan.

Yesterday, Spotify announced a $100 million exclusive partnership with Joe Rogan.

$100 million sounds like a lot of money - but is it really?

Time to look into who the real winner of this deal is.

Thread 👇 Joe Rogan is the undisputed king of podcasting.

He has built an empire that attracts 190M downloads a month with only a microphone.

As @APompliano says:

“One of the true paths to freedom is making a living with only an internet connection.”

No one does it better than Joe.