I recently joined Ventuals as an advisor to help bring Pre-IPO Perps to life.

My hot take is that PERPS, not tokenized spot, is the real gateway to bringing RWAs onchain. Here's why: 🧵 1/ When people hear RWAs, they think tokenization.

Wrapped stocks. onchain treasuries. tokenized commodities. But what if the FIRST phase of bringing RWAs onchain isn’t wrapping them, but abstracting them?

Figma just left $2.3 BILLION on the table -- nearly double what they actually raised.

IPO'd at $33. Target open at $95.

That's not "market excitement". It's deliberate underpricing and legalized theft by investment banks who sold it cheap to their institutional buddies. Retail shoves in at open and gets used as exit liquidity.

Same playbook:
- DoorDash: $3.4B stolen
- Airbnb: $3.5B stolen
- 2021 total: $50B stolen

Since 2020, this cartel has stolen over $100 billion that should have gone to real value creators: founders, employees, and retail. For decades, IPOs have been legalized front-running. Figma was obviously underpriced. The IPO was literally 40x oversubbed.

The playbook? Banks underprice shares by 20 to 40%, sell them cheap to institutions, and manufacture fake scarcity to create guaranteed pops on day-one for their recurring clientele. Retail gets in only after the edge is gone. Companies stick with this system not because it’s optimal, but because it’s the default.

Insights for L1/L2 teams from an aspiring app-layer builder

Listen in if you want to attract builders to your chain and hear what app founders actually care about 👇🏽 I’m sure many infra founders who have built performant L1s/L2s over the past 2 years touting architectural improvements are scratching their heads as to why its so hard to attract app devs and no-one is bidding their chain.

My thesis on why all of @wallstreetbets and retail trading will gravitate to memecoins from memestocks like GME: 1) There’s no fundamental utility which the meme is tethered to. The ceiling is infinite.
2) Total supply is fixed and finite. Companies have a fiduciary duty to issue more stock out of thin air for financing whenever price unpegs from ‘real valuations’

$BLAST is dropping this month, yet everyone is still framing it as ‘just another rollup’ with native yield.

You're fading an entirely new category.

Appchains revolutionized perp DEXs. “Yieldchains” will be the next gen of DeFi protocols. Perp DEXs like @HyperliquidX, @dYdX, and @aevoxyz have built appchains. It makes sense for targeting speed, monetizing blockspace, and decentralization.

But, the value prop hasn’t been so clear for passive yield-generating protocols… until now.

I attended the SBF trial. It was one of the most mind-blowing experiences of my life.

Seeing him get a 25 year sentence today is as surreal as it felt sitting right behind him in that courtroom.

Here’s my story of that day: On Crypto Twitter, SBF was a larger than life character. I first texted him as a freshman Research Assistant in 2020 when FTX was getting started. He inspired me to join the Solana ecosystem in early 2021. Soon, Sam was the youngest billionaire in the world.

FriendTech V2 is dropping in 1 month.

I bought @0xRacerAlt’s key for $10,000 and digested all his private messages from the past 6 months so you didn’t have to. As the 3rd largest @friendtech key buyer of the past 7D, read on for V2 leaks. 👀

Revival arc inbound? 🐰 TLDR;
• Base + Memecoin frenzy = excellent tailwinds
• Enhanced chat utility, retention, onchain communal cooperation, and accessibility
• Assets originated within consumer social apps and embedded DEXs will be the primary domain for retail trading

Economics was born through “The Wealth of Nations”. DeFi is its modern Renaissance.

@danielesesta & Frog Nation. @stablekwon & Lunatics. @Tetranode & Tetrasimps.

Beneath the legions of zealots they command, a common gem crystallized - the ultimate control stack of DeFi legos. Composability and decentralized governance enables the unification of users like never before. DeFi Mafias who control the financial levers of liquidity,
collateral ratios, and interest rates have the power to build the most efficient, synchronized economic engines ever.

2/

We all know L2 tokens are coming and they will 🚀 But there’s been little info about what L2 tokenomics will look like, and wen token?

I launched one of the first L2 tokens and reviewed every existing one: here’s what I think #L222 @StarkWareLtd @zksync @optimismPBC @arbitrum Disclaimer: I led @Immutable’s token launches for $IMX, $GODS, and $GOG on @StarkWareLtd. Altho I worked w the Starkware team then, I have no insider info about any of these L2 tokens. This is mainly what I think good rollup tokenomics look like, and just an educated guess.

2/

A NEAR Thesis.

@NEARProtocol is the fastest sharded PoS chain with unique sharding tech, high multi-chain interoperability, and relentless focus on UX/DevX.

1/x Advantages:
1. Dynamic Re-sharding (Nightshade): Currently 3k TPS with 4 shards, projected 100k in 1yr, no ceiling
2. One of the fastest finality (2s) and lowest tx fees (<$0.01) out of alt-L1s
3. Gasless EVM chain- Aurora
4. IBC-compatible Parachains- Octopus Network

2/x