Sublime

Another well-known potential solution is called the Lightning Network, which aims to do most transactions “off the blockchain” to avoid the fees and delays of transactions put on the blockchain. Each pair of people tracks their payments to each other on a digital scratchpad; they only “settle” their balances once in a while.

This is the price of decentralization. This investor would need to keep paying these decentralized and independent operators if that’s what’s required to keep the REV coming in. In reality, this is a very difficult number to assess. What is the marginal value provided by additional network operators vs. the marginal cost added, and when does that s... See more

Bringing Programmability to Bitcoin

Protocol’s tokenStablecoins (DAI, USDC, etc.), a portion of which earn yield. Stablecoin allocation depends on the liquidity needs and treasury budget.Blue chip crypto assets (BTC, ETH)DeFi index (DPI)Early-stage token investments and M&A that improve the protocol's competitive positioning. The discussion between Keep and NuCyphur is an example... See more

Niche Lending Protocols

I want to talk about one very concrete problem: the tangle of angel investing. This is an area where off-chain web2 tools like Docusign, Hellosign, Carta, and AngelList could be profitably augmented with on-chain web3 tools that have matured over the last several years — particularly the Ethereum blockchain, the USDC stablecoin, and the Ethereum Na... See more