The CLARITY Act, if passed, is bullish for L1s (and decentralized L2s) because its "mature blockchain systems" definition of "impartial system" excludes centralized L2s (w/ single-entity sequencers). (However, L2s can satisfy this criteria if its sequencer is elected by decentralized governance.) Screenshot of Section 42(c)(2)(F) in CLARITY Act * more precisely L1 tokens or tokens of decentralized chains

Crypto as an industry has so much further to go. Crypto has only captured ~0.1% of its potential of disrupting the financial service industry, which is ~6x larger than all of software / "tech". (Data and chart compiled by ChatGPT o3)

Ethereum gas limit: 30M → 45M ETH: ~50% up over past month Clearly, the tech is 50% better.

Monthly reminder for infra builders: Blockchain scaling is about scaling network effects, not just throughput or TPS. Some questions to ask: → If there's a successful app in your eco, how does it benefit other apps? → If a users onboards to one app in your eco, do they also onboard to your eco as a result? → Why would the best app teams build on your infra? Is it just better tech or do they get access to users/liquidity/distribution?

Technical and product-focused founders are often very good at identifying the global maximums for their optimization problems at hand (e.g. reaching PMF). However, what they often underestimate is the path dependency of getting from where they are to the global maximum. Execution is about navigating and forging the best path in the tradeoff space.

It's 2025. Can we stop saying "the blockchain"?

State of tokenization: > private excel sheets and databases can't interop > migrate all systems to a public chain like Ethereum > keep access and transfers gated behind KYC > no privacy at all for hodlers of these tokens So who's building whale trackers for RWA tokens?

it is increasing clear that crypto is entering the phase of verticalization, with projects going "full stack" infra projects are focusing on first-party apps apps are replacing their non-critical infra adapt or be outcompeted

Markets are efficient when all participants can easily discover counterparties. Platform monopolies destroy this dynamic: Uber demands steep take rates from participants. Crypto should create efficient monopolies.

Blockchain designs have been flawed. What do cloud services do when they are at capacity? → Raise capacity What do chains do when they are at capacity? → Raise fees If you think we don't need better chains anymore think again.