$USDE at nearly $17 now. Still mostly a result of $ENA ripping rather than mNAV catching up.

We're publishing a technical deep dive on Tempo's privacy solution. Tempo Zones are private execution environments that keep transactions and balances private while preserving access to liquidity on mainnet through exchanges, onramps and DeFi. Here's how they work:

a world where everyone has a perfectly rational, tireless optimizer working on their behalf is much more adversarial than people realize. a lot of our existing infrastructure will not survive this transition.

Blink compresses the deposit experience from minutes to seconds.

With $ENA trading at 22c, $USDE (the DAT) trades at a 0.42x mNAV (0.56x if including warrants) at the current price of $12. For the USDE and ENA bulls, below is a sheet with valuations of $USDE depending on the price of $ENA and what mNAV it's trading at. E.g at 30c $ENA and 0.8x mNAV (simple), $USDE trades at $30.88 (2.5x). Disclaimer: I'm long $USDE on @QFEX

Today we’re releasing Helix 2.5 We rented 30 homes in the Bay Area. The robots arrived with no additional training and started doing useful work

After co-inventing ChatGPT, I kept asking myself: why have superhuman chat models not led to AGI? I’ve spent the last 2 years in stealth building a new way to train models (RLCD), and a new type of frontier AI model that we are releasing today: Jev • 20-200x faster • 40-400x cheaper (w/ output tokens free) • Frontier composable intelligence optimized for decisions AFAICT the shortest path to AI-based economic revolution

Erebor knew they would lose money on this product and made that trade off (for now). Headline buries the lede a bit, the real story re enterprise stablecoin adoption is tweet #2: "Stablecoins...are in practice often not $1 because of redemption fees, uneven liquidity"

spoke to enough people at the top, you realize the game is actually pretty simple once basic needs are met, everyone starts chasing the same things good sleep, a stable relationship, regular workouts, time alone, books, deep focus, eating on time, and freedom from other people’s opinions funnily enough, you don’t need to reach the top to start optimizing for any of them

Pearl is one of our highest conviction bets. @nolimithodl has been aggressively accumulating. Today we publish the thesis. TLDR - AI Capex > Bitcoin Capex - $30+ $PRL price target, 117x upside - Pearl can become a top 10 crypto asset - Pearl = harder money than Bitcoin

JUST IN: Michael Saylor's 'Strategy' Bitcoin investment is currently at a $4,930,000,000 unrealized gain. $MSTR gains since the company began its BTC investment in 2020:

This is GPT-6 Astra. Anything you can do on a computer, Astra can do for you. Fast.

BREAKING: There are now a record 1.9 million onchain tokenized equity holders, up +134% month-over-month. The total number of holders is up +1,360% year-to-date. Amid a record IPO market, driven by SpaceX, OpenAI, and Anthropic, and increased demand for 24/7 markets, tokenization is seeing rapid adoption. Just 10 months ago, there were less than 100,000 people holding tokenized assets. Jupiter, the largest onchain trading platform on Solana, has driven much of this growth, with 61% of volume now traded during off-hours. The platform has also seen a +46% month-over-month increase in active tokenized equity traders. Tokenization is the future.

Deposit addresses are preventing people from depositing and making generational wealth on your app.

Walked around SF downtown for a few hours yesterday and it genuinely feels like the city has changed from almost Detroit level to the best city in the country in under 3 years.

5% of VCs generate 90% of venture profits 🤯 @IlyaStrebulaev, a Stanford GSB professor, built a ranking to find them His study with Blake Jackson covers 230,000+ investments, 13,000 VCs and 5,000 firms across 30 years. Zero editorial judgment, no self-reported numbers What it corrects for: 1️⃣ Private valuations discounted, since unicorn marks run ~50% overstated 2️⃣ Dilution tracked round by round 3️⃣ Net profit after cost, so spraying checks earns nothing 4️⃣ Time decay, with a 3-year half-life on every result The Midas List correlation with his ranking: 0.27 SV Angel backed 139 unicorns and ranks 31st. Thrive backed 47 and ranks 8th Full study and methodology 👇 thevccorner.substack.com/p/1… Does your lead sit in that 5%?

“If they had a cure for cancer they wouldn’t sell it” Yes they would, because it would make them rich

Contrary to popular beliefs, returns do not persist in VC. New categories become obvious and arbitraged. Sourcing networks become stale and outdated. GPs become rich and quiet quit off of fees. You are only as good as your next investment.