Investing

Imagine that you own 100% of the tokens for a PoS network, and it issues 100% of new tokens to stakers. This makes it clear why it seems silly to tax this issuance. This looks like a stock split – it’s just a redenomination.

As you could see from the examples above, we’re trying to get at the “sustainability” of two related points here:

• Security – In the absence of indefinite subsidization (e.g., from token holders), you need REV to sustainably attract operators and potentially token stakers. An increase or decrease in REV can result in a corresponding increase or decr

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The biggest misconception to dispel is that L2s are a magically profitable design vs. L1s because they don’t have to pay inflation. If you’ve read the article up to here, this should be clear to you why this is incorrect. As we have established, PoS issuance is not a “cost to the network.” It isn’t even a net expense to tokenholders in aggregate.

Even though they will be devaluing the value of cash via money printing, during this process, it will be worth holding, in order to acquire assets, particularly illiquid ones that produce real goods and real cash flows.

We reduced inflation, but the token holders’ profit is unchanged. The only difference is that there is directionally less incentive to stake rather than hold idly (because the staking yield is reduced). On its own, PoS issuance is simply an internal tax which redistributes network ownership among token holder subsets to incentivize staking.

And now, I think what comes next is real consumer tokens. Tokens that combine the expansive ambitions of top infrastructure projects, with the belief systems, cultural value, and social properties of memecoins. Tokens connected to product and social experiences that people actually care about instead of vaporware. Tokens from projects that are tryi... See more

In almost all cases, we’re not particularly interested in incremental improvements. For one, by definition if you’re incrementally improving something that already exists, then a lot of people deeply understand the specific area you’re building in. The degree of difficulty for incrementalism is also meaningfully lower when building with open-source... See more

By 2028 the NFT landscape has shifted dramatically. While initial iterations of NFTs focused almost exclusively on profile pictures, art and gaming assets, the zeitgeist of NFTs is materially different in 2028. We now view them much more like containers for specific types of composable data to live – be that text, image, video, mapping, movement, l... See more