Interesting to think about all the implications in a world where agents begin to make the best or most efficient choice for their users. On one hand, there is some subset of the economy that benefits from the friction customers traditionally have changing something about their habits. In those parts of the market, switching costs will come down and competition is going to increase dramatically until some equilibrium is reached between the disruptive alternatives and the incumbents. On the other hand, there are lots of markets that are hurt by a significant amount of friction, where agents will begin to unlock all kinds of economic activity by making it far easier to buy products or services that were too frictionful before. Healthcare, travel, local services, certain information services, and other entirely new markets probably are net beneficiaries of agents as a result. No matter what, a future meaningfully mediated by agents that work tirelessly for us and our goals can’t possibly function exactly the same as today. Going to be wild.

Just finished accumulating a bigger solana:KMNo3nJsBXfcpJTVhZcXLW7RmTwTt4GVFE7suUBo9sS position on the open market. Very bullish on the overall trend of tokenized equities, and I genuinely believe the supply here grows another 100x from here, led by @solana. I've been thinking a lot about how to best position for this. I'm a big fan of what Backpack, Securitize and co are doing, but I'm still hesitant on the business model and monetizability of the issuers, especially at these valuations. Much more interesting to me are the businesses and protocols actually built on top of that layer, the ones that benefit massively from this secular trend. DEXs are the obvious play here, but what has excited me far more is @kamino. I'm usually not overly excited about lending businesses, but they made the move into tokenized equity lending early and have been dominating market share ever since. As I expect this market to grow orders of magnitude from here, there's a realistic path for Kamino to massively expand their business in a positive-sum way, and a real shot at rivaling Morpho. Especially since I expect tokenized equities to keep being led by Solana, which Kamino has already proven it can dominate. Beyond that, the recent hire of @WeiszM is massive, and in my opinion still overlooked. If you want to dominate the upcoming institutional adoption and the influx of trillions in capital as an onchain financial business, you need someone at the top who not only speaks the TradFi language, but has the background and network to actually get the right things moving and open the right doors. Let's see how this evolves, but definitely one of the more interestingly positioned DeFi protocols right ahead of a massive DeFi supercycle.

NEW ROUNDUP We Cover: – Markets sending w/o CLARITY – Consensus trades winning – Is $META’s AI bet underpriced? – Why crypto’s 1st movers lose – Who captures tokenization’s value? @JasonYanowitz @santiagoroel @HadickM TIMESTAMPS: 00:00 Intro 00:58 Blockworks’ Origins And Crypto’s Red Flags 05:08 Crypto Ripping Without CLARITY? 09:41 Can Consensus Coins Keep Winning? 13:18 Why Dragonfly Shifted Toward Equity 20:48 Is Meta’s AI Bet Underpriced? 33:26 Why Crypto’s First Movers Lost 36:29 Blockworks’ DAS Asia And Unified API 39:08 Who Captures Tokenization’s Value? 46:42 Content Of The Week

Vaults are just getting started.

The Blockworks Unified API combined with Claude gives ANYONE access to their own data analyst. To show you what I mean, here's a thread of questions I asked it getting completely one-shotted: Q1: Show me the median listing-day return of tokens by CEXs:

You’ve seen Blockworks data everywhere. Now you can build with it. Introducing the Blockworks Unified API: market data, protocol financials, research and more. Plug in one API key and you're set.

You’ve seen Blockworks data everywhere. Now you can build with it. Introducing the Blockworks Unified API: market data, protocol financials, research and more. Plug in one API key and you're set.

BREAKING: The number of weekly spot DEX trades on Solana has officially surpassed the NYSE for the first time in history. This metric includes the number of individual onchain token swaps executed on decentralized exchanges built on Solana. In the week ending September 13th, Solana saw ~208 million spot DEX trades, compared to ~190 million on the NYSE. Meanwhile, the gap between the Nasdaq and Solana narrowed to ~47 million trades, the smallest gap on record. The growth has been largely catalyzed by Jupiter, the largest trading platform on Solana, which has processed over 80 million trades this month, up +38% month-over-month. To put this into perspective, Solana has now seen +185% growth in weekly spot DEX trade volumes compared to the lows seen in July. Crypto markets are on fire.

NEW: Now tracking stablecoin reserve compositions. Compare the current and historical backings for USDT, USDC, USD1, and more in a standardized format.

"I just actually bought a bunch of $META this week" While other AI leaders debate slowing down, Zuck is accelerating.

Just rebuilt this. When will Solana flip NASDAQ? Track the flippening in realtime: flipthe.market

Seems very underdiscussed