New pfp, who dis FP Aura Farming 🐧⛵️

Validator Management Must Be Part of Layer 1 Tokenomics While mature networks like @ethereum or @solana may warrant a different discussion, the reality is starkly different for newly launched Layer 1 chains. In their early stages, these networks often engage in a quasi-transactional process of distributing massive delegations to validators as a form of “compensation,” laying down the starting line for network participation. Though I haven’t analyzed every new chain’s validator set in detail, the overall trend is clear. Becoming a top 10 validator often guarantees annual token rewards exceeding $100,000. For chains with even moderate recognition, the figure climbs to $300,000–$500,000, and cases exceeding $1 million per year are not uncommon. But the issue isn’t simply that validators earn a lot. My position has always been: “As long as validators contribute value equal to—or greater than—what they receive, the system is functioning appropriately.” The real problem is that we lack the means to verify those contributions. If token inflation burdens holders while the validator’s tangible impact remains opaque, isn’t that a design flaw? Quantitative metrics like token rewards are transparently recorded on-chain. But the actual contributions of validators—community support, SDK improvements, participation in governance, or organizing local events—aren’t easily captured through on-chain data. As a result, most networks offer near-zero visibility into a critical question: “How much positive impact is this validator actually having on the ecosystem?” I believe foundations and core teams must establish minimum contribution standards. The era of assessing validators solely by uptime and performance is over. Technical reliability is just the baseline. Networks should holistically evaluate validators based on community building, developer ecosystem growth, and their role in governance discourse. In essence, each validator should have a public “KPI dashboard.” Transparency isn’t optional—it’s a mandate. Foundations must publish standardized, periodic (e.g., quarterly or biannual) validator contribution reports. Ideally, these reports should allow side-by-side comparison of on-chain data (e.g., rewards, uptime) and off-chain contributions (e.g., number of dev PRs, hosted events, community engagement). This level of disclosure would empower token holders and the community to answer a crucial question themselves: “Why is this validator receiving so much?” Furthermore, it may be time to consider dynamic reward adjustments. Validators falling below a defined contribution threshold could face reduced—or even revoked—rewards. Conversely, outstanding contributors should be incentivized with additional rewards. Just as healthy businesses measure ROI, a healthy protocol should assess its “inflation ROI.” Token holders and the community deserve to know: What services are validators providing to justify hundreds of thousands in annual rewards? If this information asymmetry persists, it will ultimately erode trust in the token—and suppress its value. If the crypto ecosystem wants to champion decentralization and transparency, it must start by scrutinizing the activities of its largest inflation beneficiaries. At the end of the day, inflation is a cost paid by the network. If we can’t clearly account for who is receiving it, why, and how much—then tokenomics devolves into empty arithmetic. Especially when validators sit at the top of the cost structure, measuring and disclosing their utility isn’t just good practice—it’s an existential strategy. And every time I hear that a validator on a certain chain is earning over a million dollars a year, I find myself asking, in all honesty: “What kind of service or value are they delivering to command such compensation?” That curiosity, I believe, is where the journey toward a more transparent and resilient ecosystem begins.

It's pretty clear @theunipcs (Bonkguy) and the @bonk_inu community (backed by deep China money) are openly kingmaking @bonk_fun as Solana’s default memecoin launchpad. Bonkguy is both a leading, highly regarded $BONK whale and the second-largest holder of $USELESS, so the shilling isn’t stopping anytime soon. That + if CT keeps going for the “bonk = community token with buybacks, = extractive evil launchpad” narrative, attention and liquidity from the trenches should continue flowing to bonkfun.

(@bonk_fun by @bonk_inu) doesn’t need to “win” to be meaningful. Its presence alone as a peer to @pumpdotfun in the memecoin launchpad space is already hugely valuable—and that’s why I fully support it. I don’t care which project the Solana OGs are backing, nor do I want to know. That’s not my concern. What matters is that @bonk_fun 's emergence breaks the monopoly narrative. Without it, we’d all be blindly accepting @pumpdotfun's $4B FDV as gospel, with no real comp in sight. Many, including myself, might’ve believed that valuation was justified—because there was nothing else to challenge it. But @bonk_fun changed that. While $BONK currently sits at a $2B FDV—half of $PUMP's FDV—@bonk_fun is already surpassing @pumpdotfun in launchpad market share. That forces a new set of questions for the market: Is @pumpdotfun overvalued? Was @HyperliquidX ever a valid comp? If @bonk_fun is already leading but valued lower, something doesn’t add up. Yes, @bonk_fun has only been #1 for a few days(two days I believe), and yes, FDV comparisons this early may be premature. But the very fact that we can start comparing is the real value. If @bonk_fun keeps this up, either 1) $BONK’s FDV will rise, or 2) $PUMP’s will drop. Either way, the pricing power shifts. What makes $BONK especially interesting is its clear buyback model—giving users a framework for valuation. $PUMP still lacks that transparency. In the end, price is information. @bonk_fun didn’t just launch a product—it injected a market signal into a space that was dangerously close to echoing a single voice. Now, we decide.

Obviously this site isn't perfect. But got sent it from a friend, and was blown away. We started Delphi in 2018. The same exact month as @MessariCrypto and @TheBlock__ There was basically no research in the space other than a few great write ups by @multicoincap Insane to see how far the industry has come. Regardless of their “rank”, highly recommend giving everyone on this list a shot. Writing research is a grind and unfortunately a thankless job in this industry. Proud of Delphi to still be working hard alongside these teams all these years later.

: : Korea’s Top Developers Are MOVing on to the Practical MOVE Stack As a researcher, I’ve met countless Korean builders, and after giving a talk at the Nexon Developers Conference held last Wednesday, I can say with confidence that the biggest question among developers is: which ecosystem should I build in? For Web2 developers, the most important thing is to provide new value without compromising the utility of existing services when introducing Web3. For example, if a game is already extremely fun, there’s no need to introduce Web3 - which means, if Web3 is to be introduced, it must offer additional value or enjoyment beyond what already exists. Therefore, developers considering expanding their Web2 services into Web3 must evaluate infrastructure around the following three pillars: 1. "High Scalability" that can reliably handle the large volume of transactions generated by its service 2. "A Highly Expressive Tech Stack" that allows flexible design of onchain assets and interactions 3. "A Mature Infrastructure" with a strong user base and app ecosystem capable of generating synergies Currently, smart contract platforms can largely be grouped into three execution environments: EVM, SVM, and MOVE. Each has its own infrastructure technology, focusing domains, and strategic initiatives. Therefore, it is important for existing developers to thoroughly analyze these differences and strategically choose the ecosystem that best matches their service direction. Ethereum, for example, pioneered the early smart contract ecosystem with accessible languages like Solidity and Vyper, and grew rapidly through various ERC standards. However, since many of these standards are difficult to implement at the protocol level, they had to be implemented at the application level—resulting in fragmented implementations and difficulties in security and maintenance. Furthermore, since Ethereum was not designed with scalability as a priority, there are inevitable limitations to the richness of business logic that can be implemented through the EVM. On the other hand, SVM and MOVE, represented by Solana(@solana) and Sui(@SuiNetwork) respectively, overcome many of these EVM limitations and are emerging as next-generation execution environments gaining attention from both retail and institutional participants - personally, I recommend Solana to builders targeting payment or institutional infrastructure, and Sui to app-centric builders due to its tech stack optimized for implementing a wide range of use cases. Sui is a protocol developed by the core members of Meta(@Meta)’s blockchain project ‘Diem’, and every aspect—from language design to infrastructure architecture—has been meticulously optimized for all practical business logics. Thanks to this, Sui has been able to quickly implement standards that were difficult to realize in other protocols and is now recognized as one of the fastest-growing ecosystems. In particular, Sui is boldly focusing on the gaming sector, where other protocols have repeatedly failed. In Q3, Sui is even preparing to distribute a dedicated gaming device called SuiPlay(@SuiPlay), which aggregates Sui's infrastructure innovations - multiple games utilizing Sui-native features are expected to become playable on this device. In this context, more and more Korean builders are turning their attention to Sui. First, we have OVERTAKE(@overtake_world), an onchain digital asset marketplace specialized in P2P trading of gaming assets. OVERTAKE is being built on Sui based on the following strategy: - Onboard Web2 user bases through an "onchain escrow system", leveraging years of experience operating P2P gaming asset platforms with tens of millions of dollars in annual volume - Integrate direct interaction with in-game assets through connections with individual titles and publishers - Ultimately evolve into a decentralized P2P asset trading protocol with modular APIs and SDKs that can be embedded into each game In short, OVERTAKE aims to solve the limitations of the existing gaming asset trading environment, enabling safer and more efficient transactions. For users, it creates an environment where they can focus more on the fun of gameplay while realizing ownership rights. For developers, it provides a foundation for each game to secure IP scalability and sustainability through onchain integration. (For a detailed overview of OVERTAKE, please look at: #1: #2: Second, we have OpenGraph (@OpenGraph_Labs) team under KAIST, building a Validation Layer for AI/ML that won first place in a Sui hackathon. They are creating “Only Possible on Sui” use cases using Sui’s unique feature: PTB (Programmable Transaction Blocks), which enables multiple logical operations within a single transaction. OpenGraph is leveraging a core SDK called TensorFlowSui, which allows all ML models to be represented onchain as graph states. This enables the implementation of explainable and trustworthy AI models, unlocking a wide range of advanced AI use cases. (For more on OpenGraph’s initiative please refer to: Additionally, Korean teams such as Mizupay, @exclusive_sui, and @zktx_io have shown meaningful results using Sui-native stacks at the Sui Overflow 2025 event. (Refer to: -- The claim that “there are no builders in Korea” is simply not true. Developer-centered, cohesive organizations like @SuiDevGroup and @Orakle_KAIST have always existed. The only thing that was missing was a truly developer-friendly stack. Moreover, with Korea beginning discussions on KRW-backed stablecoins, the Korean builders are accelerating their study and adoption of practical blockchain infrastructure. Of course, practicality is not the only value blockchain has to offer—but from a business adoption standpoint, I believe it is one of the most essential. In that regard, I see Sui and its MOVE stack as an exceptionally strong choice. As a researcher, researching Sui is always a joy. I'll continue to explore practical use cases and highlight other examples of MOVE adoption further—not just for Korean builders, but for global ones as well. Lastly, here I attach the Sui Mega Report by @Steve_4P, which has been instrumental in spreading deep insights and rich materials on Sui throughout Korea:

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: : Will You See Korea as a Dumb Exit Liquidity Pool — or as a Smart Strategic Partner? Koreans are often described as “creative.” While many factors contribute to this perception, one trait stands out: a keen sensitivity to trends, coupled with a fast and active engagement with them. When a new wave emerges, Koreans don’t just observe — they dive in, reinterpreting it in unique ways and often producing outcomes that surprise even the originators. Crypto has been no exception. Although the underlying philosophy and technological trends began in the West, Korea rapidly absorbed and evolved them. As a result, Korea has consistently ranked among the top in global trading volume — regardless of market conditions. In some cases, like the rise of Terra (though it ultimately ended in failure), Korea even led the global narrative for a time. Of course, due to a lack of regulatory clarity, Korea’s crypto scene has long skewed toward speculation rather than serious investment or building. This environment created and sustained vast pools of liquidity, and over time, many global projects began to view Korea primarily as a source of “exit liquidity.” But let’s be clear — Koreans are far from dumb. We observe, we learn, and increasingly, we are co-architecting strategies that maximize mutual benefit. If you’re still counting on Korean retail to blindly buy into your token — the foolish one might actually be you. More importantly, Korea is laying the groundwork for transformation at a remarkable pace. The government is actively restructuring regulations in a more crypto-friendly direction, and we at @FourPillarsFP are receiving a growing number of consultation and collaboration requests from local institutions and policymakers. Seminars are becoming routine, and the national discourse has begun to shift — from caring speculation to meaningful innovation that can create real-world impact. Fueled by a high density of talent and a sharp rise in industry literacy, Korea is now moving into its next chapter — faster than ever before. Global projects that have sensed this early are already engaging deeply to build long-term synergy in Korea. Some are sourcing talent directly. Others are facilitating genuine collaboration through initiatives like developer sessions. These are not the same as short-sighted marketing pushes or empty meetups that burn through budgets and disappear without leaving trust or impact. So, who will be the real winner in the long run?

The best place to build in Web3 right now is @AbstractChain. For years, indie developers were promised Web3 magic (open economies, true ownership, instant distribution). Instead, they got wallet friction, zero discoverability, and fly-by-night airdrop hunters. Abstract fixes every one of those pain points. From its XP-fueled discovery engine to one-click onboarding, it finally gives indies a real shot at building, launching, and scaling hit games. 1. Distribution without gatekeepers The Abstract Portal is a curated front page for Web3 titles, beaming new releases to 2 M crypto-native players. @deathfungame logged 1m plays in its first month, @moonsheepverse 100k plays in the first week. 2. One wallet, zero friction The Abstract Global Wallet (AGW) lets players sign in with email, socials, or passkey. No seed phrases. Gas can be sponsored or batched, so minting and trading feel invisible. XP, badges, and assets travel with the player across every game on the chain. UX is truly first-in-class. 3. Built-in discoverability Players earn XP for up-voting, streaming, and questing. Top-ranked games rocket up the charts without devs burning budgets on ads. Red Bull Racing’s Portal run hit 896k NFT mints and 240k new users purely from community lift. 4. Indies keep the loot No 30% store tax from the App Store or Google Play. Devs plug in NFT sales; royalties flow automatically on every resale, and play fees are collected by default. @onchainheroes NFTs saw 1.1k ETH traded in their first few days, while @moonsheepverse earned 2 ETH in gaming fees in week one. Popular apps also share network revenue via Abstract’s builder incentives and incubator grants. 5. Culture that gets games Founded by gamers like ex-Blizzard vet @CashBowie, Abstract is culture-first. The scene feels like an always-on arcade, not a DeFi farm. The result is 70+ apps, fast transactions, passionate players, and economic rails that actually pay creators. If you’re an indie aiming for Web3, ship on Abstract.

: : Reflections on My NDC(Nexon Developers Conference) Presentation On June 25th, I had the honor of being invited by NEXON(@NEXON_KR) —Korea’s largest game company—to speak at NDC (NEXON Developers Conference), the country’s largest game developer conference. Out of a total of 48 sessions, only two were related to blockchain. Given that the traditional gaming industry in Korea still holds considerable skepticism toward Web3, the inclusion of even two blockchain-related sessions was an encouraging sign of changing tides. I was truly honored to be selected for one of those slots. My presentation was divided into two parts. The first part explored the question: "How should we understand and approach blockchain in the context of gaming?" - I focused on the potential utility that can arise from combining smart contract platforms with games. One of the key points I emphasized in that part was that if a game is already fun and competitive based purely on its core gameplay, there’s often no need to incorporate Web3. That said, if Web3 is to be introduced, it must do so in a way that adds a new layer of utility—such as enabling open IP ecosystems expansion or trustless network-based user interactions—without compromising the core fun of the game. The second part of the presentation addressed how game developers should approach the integration of Web3 in a strategic way. I broke this down into four key perspectives: 1. A fundamentally different user persona : Web2 gamers and Web3 gamers have fundamentally different expectations and behavior patterns. 2. The scope of blockchain implementation in game elements : Varying technical and design layers like OCM, OCA, and FOC. 3. Choosing the right ecosystem to build in : Comparisons on technical specs, community strength, strategically focused initiatives, foundational support, overall ecosystem maturity, etc. 4. Do you 'really' need its tradable native token? : Whether it's for in-game assets or governance, introducing a token adds significant complexity, so it should be approached very conservatively. After the presentation, I had the chance to speak with several groups of developers and planners. Among the follow-up conversations, the third point—'choosing the right ecosystem to build in'—sparked the most interest. I spoke with five groups, and four of them expressed strong interest in the Sui ecosystem. During the session, I explained that while EVM gained early dominance in the smart contract platform space due to its accessible language design, it has faced growing limitations in terms of technical scalability and operational viability in real business use cases. As a result, we’re now seeing many onboarding cases shift toward SVM-based Solana(@solana) or Move-based Sui(@SuiNetwork). I also noted that Sui is uniquely optimized for all real business logic—from its programming language design to its infrastructure architecture. It has been strategically focusing on the gaming sector and is even preparing to launch its own dedicated gaming handheld, SuiPlay(@SuiPlay) - these factors seem to have resonated strongly with many developers at the event. As the concept of smart contract platform approaches its 10-year milestone, the blockchain industry has grown into a massive ecosystem, with institutions and governments now taking serious interest in real-world applications like stablecoins. With more capital and talent flowing into the space, I believe gaming will also see real, tangible opportunities emerge. I hope that game developers in Korea and around the world will continue to engage with Web3—not simply to issue tokens or ride speculative waves, but to pursue meaningful experimentation that leaves a lasting impact on the gaming sector, even if some of those attempts result in failure. --- Below, I’ve attached several Korean-language news articles that reference and summarize the key themes from my talk. - - -