Short term attention economist | Director of Venture Capital @OregonBlock
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solana:5UUH9RTDiSpq6HKS6bp4NdU9PNJpXRXuiw6ShBTBhgH2 is the #1 trending NFT collection, ahead of Bored Apes and CryptoPunks.
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Feels good supporting teams that are putting 100% of their effort into the right things and growing the community the right way.
Happy that some of the boys and I got to talk to @TuomHolmberg about where Collector Crypt is headed. We can proudly say we’re backing them to the max!
Records are meant to be broken.
Last week, a 1st Edition Shadowless Charizard sold for $600,000 on Collector Crypt.
Today, another sold for $825,000.
The largest tokenized TCG sale in history. Again.
The future of collecting is happening onchain.
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122,184 people sent @jackbutcher $8 through X Money
totaling $977,472 in less than 24 hours, beast
all credits now issued
any credit without a properly assigned recipient can be checked below
jack.art/creditcheck
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Been thinking about what @meta_rylan and @davernandez have been saying about GEODNET, and I think it’s true. Extremely undervalued when you look at its revenue, burns, and other tokenomics. But to be honest, I’m just not in support of the DePIN narrative right now
When it comes to blockchain, DePIN seems to be at the bottom of the priority list. I feel like so many more innovations within blockchain need to be widely adopted before DePIN projects receive the attention they deserve
Before I bid on DePIN projects, my focus is more on DeFi, DONs, on-chain RWAs, and a couple of other areas before thinking about DePIN long-term
Based on the metrics, though, I could easily be convinced that GEODNET is a good investment
The winning crypto narratives have centered around bringing digital financial assets on-chain (e.g. equities, options, credit cards, AI privacy).
Naturally, I believe another narrative will come back into focus: rewarding users for bringing physical infrastructure on-chain. The DePIN sector was once crypto's darling, and while the sector has seen a structural decline, growing demand for robotics, drones, and physical AI infrastructure could bring renewed mindshare to the category.
Within this theme, solana:7JA5eZdCzztSfQbJvS8aVVxMFfd81Rs9VvwnocV1mKHu could be the protocol that revitalizes DePIN. It rewards users for deploying RTK base stations, which provide correction data for satellite positioning signals. This allows drones, robotics, and autonomous vehicles to pinpoint their location and operate with centimeter-level accuracy rather than meter-level.
Geodnet also checks the boxes of being both revenue-generating and value-accruing. It has been the second-highest revenue-generating DePIN protocol the past 30 days, with ~$10.6M ARR (10.5x FDV/R), ~80% of revenue going toward buybacks, and weekly issuance offset by burns increasing from 37% to 95%+ YoY. It has deployed 21,700+ base stations across 170+ countries, with the United States representing its largest market, where the buildout of physical AI infrastructure should continue to accelerate.
This is not a recommendation to full-port, but if you believe in the exponential growth story of drones, robotics, autonomous vehicles, etc., that DePIN can once again become the “cool tech” powering this growth, and that investors will further prioritize traceable fundamentals and value accruing to tokenholders, it is worth paying attention to in case it catches on.
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nvm no need to listen to me
With all the excitement around tokenized equities over the past couple of months, I’m leaning bearish on Backpack (solana:BPxxfRCXkUVhig4HS1Lh7kZqV6SPJhzfEk4x6fVBjPCy), especially with the token up ~30% this month
Backpack currently has a $146M circulating market cap against approximately $32M in tokenized equities, representing a 4.6x multiple and its $582M FDV represents an 18.4x multiple.
Meanwhile, Ondo (ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3), which I’m bullish on, has a $2.1B circulating market cap against roughly $850M in tokenized equities, representing a 2.5× multiple and its $4.3B FDV represents a 5.0× multiple.
Backpack is trading at the premium here, but I believe Ondo should have that premium given its greater RWA scale, broader distribution, stronger regulatory positioning, and more developed infrastructure, etc, etc, etc
Thesis: long ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3, short solana:BPxxfRCXkUVhig4HS1Lh7kZqV6SPJhzfEk4x6fVBjPCy
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Confidential NEAR Intents are just 10% away from surpassing public intents.
Curious to see what this will do for privacy perps as adoption grows within the Hyperliquid community.
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If you’re bullish on tokenized stocks moving onchain, pick a chain and bid one of these four tokens:
Aerodrome issues 90% of the tokens on Base
Raydium issues 90% of the tokens on Solana
PancakeSwap issues 90% of the tokens on BNB Chain
Uniswap issues 90% of the tokens almost everywhere else
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With all the excitement around tokenized equities over the past couple of months, I’m leaning bearish on Backpack (solana:BPxxfRCXkUVhig4HS1Lh7kZqV6SPJhzfEk4x6fVBjPCy), especially with the token up ~30% this month
Backpack currently has a $146M circulating market cap against approximately $32M in tokenized equities, representing a 4.6x multiple and its $582M FDV represents an 18.4x multiple.
Meanwhile, Ondo (ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3), which I’m bullish on, has a $2.1B circulating market cap against roughly $850M in tokenized equities, representing a 2.5× multiple and its $4.3B FDV represents a 5.0× multiple.
Backpack is trading at the premium here, but I believe Ondo should have that premium given its greater RWA scale, broader distribution, stronger regulatory positioning, and more developed infrastructure, etc, etc, etc
Thesis: long ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3, short solana:BPxxfRCXkUVhig4HS1Lh7kZqV6SPJhzfEk4x6fVBjPCy
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This is horrible, @nickshirleyy please provide the location name & address so I can go check this out and help shut them down!!!!
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near just woke up, trading at $3.50, ATH $20
Wow. NEAR intents is gobbling up TVL.
If you haven't tried it in a while, check out near.com for x-chain trading. Supports perps on HL, multi-chain memecoins, equities. All confidential, non-custodial.
The product has gotten really, really good.
(We own $NEAR)
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Bullish on Fake World Assets (ethereum:0xa0df17b5ac76ababa36e1450e2cbcd18a620c845 ), here's the thesis:
the basics. FWA is a gacha machine for NFTs
- users deposit an NFT with ETH backing on it
- someone pays ~0.07 ETH for a random pull
- they keep the jpeg or take the ETH
- fees buy and burn ethereum:0xa0df17b5ac76ababa36e1450e2cbcd18a620c845
last quarter it did $12.2m in gross fees, and at its July peak it was the #2 fee generator on Ethereum, behind only Sky
v2 opened 2 days ago and has already collected 710 ETH in gross fees
last 30 days:
fees: $1.95m
revenue: ~$700k
holder revenue: $1.07m
sitting at an $18m market cap
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insane stats
defillama.com/protocol/fake-…
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TL;DR on the thesis:
Pros: Strong narrative, solid tokenomics, and impressive revenue growth
Cons: You may be buying at a premium, the DIEM model is confusing and could be difficult to adopt, team is small and recently went through a split
Little late to the party, but here are my bullish and bearish thoughts on base:0xacfe6019ed1a7dc6f7b508c02d1b04ec88cc21bf (VVV)
The Blockchain Club considered pitching this at some point last year, but we thought we might be too early to the AI narrative. At the time, we were also pretty down on some TAO subnet positions
Nevertheless, we passed on it. Looking back, that was a horrible mistake. Won’t happen again
I still love Venice for several reasons long term, but I’m also skeptical about a few things. Here they are:
Pros:
-Venice sits at the intersection of two of the strongest narratives in the market right now: AI and privacy. The TAM for LLMs with a privacy layer is unfathomable IMO. Venice went from around 1.7 million registered users at the start of the year to 4 million by mid-August. At the end of the day, I believe crypto trades on attention, and right now Venice has all of it
-The tokenomics are also very attractive, especially the burn mechanism. New subscriptions trigger a buy-and-burn, and $5 out of every $100 in API credits does the same, on top of monthly buybacks funded by platform revenue. Emissions have also been cut repeatedly, from 14 million per year at launch to 2.5 million now, with another reduction to 2 million planned for October
-Revenue growth has been insane. Erik (CEO) said annualized revenue crossed $100 million in mid-August. Paid tiers have been growing faster than the free user base, and only around 8% of users pay in crypto. Most use a credit card, which is a good sign that the product is reaching beyond the usual crypto crowd
Cons:
-The price has moved massively over the past couple of weeks. VVV is up roughly 40–50% on the week and just printed an all-time high near $29. Buying here means you may be paying a premium
-The token model is difficult to understand and could be a threat to scaling. To use VVV properly, you have to buy it, stake it, and then lock that stake to mint DIEM if you want perpetual inference credits. IMO that’s a lot of steps for the average AI user. It could leave the token as a crypto-native layer on top of the product rather than something that scales alongside it
-There’s also team and governance risk. Voorhees is still the founder and CEO, but the co-founder and COO left in January to build a competing project. The team is small, VVV has no governance, and the mint authority was never renounced
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Little late to the party, but here are my bullish and bearish thoughts on base:0xacfe6019ed1a7dc6f7b508c02d1b04ec88cc21bf (VVV)
The Blockchain Club considered pitching this at some point last year, but we thought we might be too early to the AI narrative. At the time, we were also pretty down on some TAO subnet positions
Nevertheless, we passed on it. Looking back, that was a horrible mistake. Won’t happen again
I still love Venice for several reasons long term, but I’m also skeptical about a few things. Here they are:
Pros:
-Venice sits at the intersection of two of the strongest narratives in the market right now: AI and privacy. The TAM for LLMs with a privacy layer is unfathomable IMO. Venice went from around 1.7 million registered users at the start of the year to 4 million by mid-August. At the end of the day, I believe crypto trades on attention, and right now Venice has all of it
-The tokenomics are also very attractive, especially the burn mechanism. New subscriptions trigger a buy-and-burn, and $5 out of every $100 in API credits does the same, on top of monthly buybacks funded by platform revenue. Emissions have also been cut repeatedly, from 14 million per year at launch to 2.5 million now, with another reduction to 2 million planned for October
-Revenue growth has been insane. Erik (CEO) said annualized revenue crossed $100 million in mid-August. Paid tiers have been growing faster than the free user base, and only around 8% of users pay in crypto. Most use a credit card, which is a good sign that the product is reaching beyond the usual crypto crowd
Cons:
-The price has moved massively over the past couple of weeks. VVV is up roughly 40–50% on the week and just printed an all-time high near $29. Buying here means you may be paying a premium
-The token model is difficult to understand and could be a threat to scaling. To use VVV properly, you have to buy it, stake it, and then lock that stake to mint DIEM if you want perpetual inference credits. IMO that’s a lot of steps for the average AI user. It could leave the token as a crypto-native layer on top of the product rather than something that scales alongside it
-There’s also team and governance risk. Voorhees is still the founder and CEO, but the co-founder and COO left in January to build a competing project. The team is small, VVV has no governance, and the mint authority was never renounced
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5th in the world*
Oregon Blockchain currently ranks fifth in a national portfolio competition, despite a bear market
Our portfolio has returned more than 23%, nearly double the competition average of roughly 12%
Two standout positions:
Hyperliquid: +250%
Pendle: +121%
The season is not over, and we are focused on finishing strong
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near:native Intents TVL hit $169M this week, a new all-time high
ZEC is now the largest asset in it at $33.1M, about 20% of the total. That's more than wNEAR ($25.6M), USDC ($25.5M), and all forms of BTC combined ($29.6M)
$71.4M of the TVL sits in confidential intents, a category that only launched a few months ago. Already 42% of the total
Most of the ZEC flow comes through Zashi, which routes its private swaps over NEAR Intents
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