Head of Research @grayscale. Opinions are my own. Disclosure: grayscale.com/terms-of-servi…
Stamford, CT
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Hyperliquid is now one of the largest perps exchanges by open interest 😯
It's likely coming to the US in a deal with Kraken/Payward using permissioned HIP-3* markets
Blog post from @grayscalemzhao: grayscale.com/the-stack/hype…
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By the middle of next year there are 3 more Fed rate hikes already priced in
Fewer rate hikes is bullish impulse for markets
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Failure of mBridge is not a surprise
Infrastructure for the future of digital commerce will not come from the top down
It must be decentralized, open source, cryptographically secure, and based on long-term alignment of economic incentives. Ethereum $ETH has the best shot.
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In my view the debasement trade started ~18 years ago this week
9/15/08 = Lehman bankruptcy
9/19/08 = Paulson outlines TARP
Chart is Fed’s balance sheet
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Uber driver rocking 60s Grateful Dead at 6am on way to airport
Only in Colorado! (And maybe San Francisco)
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Crypto is getting regulatory clarity if not CLARITY
Quick blog post from my colleague @willhamilogden: grayscale.com/the-stack/cryp…
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Someone asked me today if John Connor in Terminator 2 was using a quantum computer with Schor’s Algorithm
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Solid Canton $CC event in NYC today
Different slice of the digital asset ecosystem
The phrase that captured it for me was “corporate liquidity orchestration”
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Let's do this
Odds of the #CLARITY Act passing have risen significantly. Congress has a long tradition of striking last-minute compromises on major legislation after plenty of public drama.
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Good read on the case for permissionless blockchains
"Permissioned networks are closer—in both design and output—to today’s legacy infrastructure than to public blockchains"
I just published a new paper exploring the operational, financial, and business benefits of permissionless blockchains as compared to permissioned networks for activities such as payments and capital markets.
It lays out how permissionless systems like Bitcoin and Ethereum offer desirable properties such as resilience, diminished counterparty risk, and guaranteed settlement. These benefits are endogenous to the system: what regulators and users see is what they get.
It then describes the mechanical reasons why the reintroduction of a gatekeeper in permissioned networks forfeits these benefits. Such networks can never be as reliable and are more vulnerable to cyberattack, particularly in the age of AI. Their guarantees are exogenous and live inside off-platform agreements.
My paper argues permissioned networks are not blockchains and the assets they hold should not be considered tokens. Their consensus and cryptography are mostly performative.
Lastly, my paper describes an oft-missed business benefit of permissionless systems: the inability of incumbents to take them over and exercise monopoly power, in the way they historically have in TradFi.
Permissioned networks are destined for the same fate, which is why they should be avoided by smaller entities (like community banks) and startups.
My argument relies on the decades-old literature in distributed consensus, current statistics on network reliability, and the first principles of TradFi design for clearing and settlement.
I wrote it because I think it’s important for lawmakers and regulators to start distinguishing between the two designs. Thinking the two types of platforms are similar opens the door to dangerous regulatory arbitrage.
Now is the time to understand the difference from a technical, financial, and practical point of view.
So take a look and let me know what you think ⬇️
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Zcash $ZEC mining is taking off
Compared to Bitcoin, Zcash mining rewards are currently ~2x higher per machine and ~4x higher per MWh
Blog post from Grayscale Research ⬇️⬇️
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High-ish core CPI means decent chance of Fed rate hike
This is "speed bump" scenario for crypto
IMO dips will be shallow and will create an opportunity for allocators that missed the August price jump
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Zcash price action suggests some allocators were just waiting on the CPI vol event to pass (imo)
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Public opinion on AI is incredibly lopsided
9% "more excited than concerned"
52% "more concerned than excited"
Count me among the 9%!
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$NEAR is waking up
There is a lot to like: intents revenue, improved tokenomics, privacy and AI betas
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Fairly strong jobs report today. We are in "good news is bad news" phase for mkts because Fed rate hikes are live. CPI report next week may determine whether they go.
In my view rate hikes would be only speed bump for crypto, not something that changes cycle view.
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Tokenized equities starting to see use onchain
Quick blog post from @grayscalemzhao: grayscale.com/the-stack/toke…
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FT article on the data center issue in US politics ⬇️
Includes this modern American Gothic image of Pennsylvania residents Dolly and Ken Potteiger
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Everyone hates bonds right now, but 30yr real (inflation-adjusted) Treasury yields look toppy ... just sayin
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Thesis: Mainstream attention on financial privacy comes in waves, and 3rd major wave has started
1st wave in 1970s => computers
2nd wave in 1990s => internet
3rd wave now => AI
New tech creates new threats and search for new solutions. Zcash $ZEC may be part of solution.⬇️
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I will be at the @rwasummit in Brooklyn on Wednesday
Come say hi! If you want an earful about all things tokenization ...
The Real-World Asset Summit Brooklyn 2026 agenda is live!
Just two weeks to go until the leaders in tokenization unite at The William Vale.
Panels. Firesides. Roundtables. All centered on the most pressing themes defining real-world assets.
Plus: a rooftop reception and padel tennis tournament co-hosted with our friends at @BNBCHAIN
Explore the full two-day agenda ↓
rwasummit.io/brooklyn-2026/a…
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Solana $SOL community agrees to accelerate disinflation
TLDR: More token scarcity, potentially more value
From Grayscale's research blog: grayscale.com/the-stack/ethe…
Solana Validator Governance has concluded.
Results:
✅ SGP-0001: The Solana Constitution
✅ SGP-0002: Double Disinflation
❌ SGP-0003: Resource and Inclusion Fee
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Avalanche $AVAX has long-term staying power
Grateful for the opportunity to share our thesis at the Avalanche Summit in NYC (9/16-17)
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Regime shift: Bitcoin now more correlated with gold than stocks
In digital assets we expect the so-called "debasement trade" to primarily benefit $BTC, $ETH, and $ZEC
Quick blog post (h/t @charlieperk4): grayscale.com/the-stack/regi…
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Told the younglings about both Bitcoin and Zcash
They can decide for themselves
Thank you to @malekanoms
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Debasement trade vs de-Dollarizarion trade
They are overlapping but distinct
Debasement trade = unchecked debt growth, structural inflation risk, and need for alternative stores of value
De-Dollarization trade = frictions in international payments and capital markets due to US foreign policy, and need for alternative mediums of exchange
When you put them together, the following assets are the primary winners, in my view:
Gold, Euro, Chinese Yuan, Bitcoin, Ethereum, Zcash
Good luck
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Bob Dylan's One More Cup of Coffee
Definitely not my favorite song, but it goes through my head every Sunday morning around this time ☕️
piped.video/watch?v=95cufW4h…
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Zcash $ZEC data dashboard if you're getting caught up
If you're new to Zcash take a look at zecstats.com.
It's my passion project and IMO one of the most complete and beautiful websites about any cryptocurrency.
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A coincidence that the US Treasury upped its buybacks on the *same day* it announced the public debt reached >$40 trillion?
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The SEC's proposed "Reg Crypto" lays the groundwork for token-based fundraising within the regulated US financial system
There is already demand for this blockchain use case (see chart) but it has been held back by regulatory ambiguity
Our quick take (🙏@CraigSalm) ⬇️⬇️
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Ethereum and Solana communities are debating changes to tokenomics that would reduce supply inflation
Greater scarcity may support token prices on the margin (all else equal)
More details in Grayscale's research blog: grayscale.com/the-stack/ethe…
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PNC Bank is running a new ad that positions buying NFTs as the opposite of sound financial advice: piped.video/watch?v=iDP3t8kJ…
NFTs are not for everyone, but they are here to stay, and some will be very valuable (imo, not financial advice!)
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Vote on CLARITY Act when Senate gets back from recess (although still long odds imo)
🚨NEW: Majority Leader Thune filed cloture on the motion to proceed to the Clarity Act.
It will be voted on by the Senate after they return at 2:15 PM on Tuesday, September 15, as agreed to by the Senate this morning.
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Victor Niederhoffer died today at 82yo. Soros protege and author of this classic Wall Street book. He reminds readers that trading can be a grueling existence.
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A lot of the feedback on this was: "what's the rush?"
But if you're doing something to reduce the risk of capture it's important to get on with it ... otherwise it can quickly become too late
🚨 New EIP: Tapered Issuance Burn
We just submitted an EIP to ethereum/EIPs: a minimal, market-driven fix to Ethereum's issuance policy removing the incentive for stake growth beyond 50% of ETH supply.
EIP-8361 by @pintail_xyz, @jdetychey, @dapplion, @pa7x1, @ladislaus0x & @drakefjustin 🧵
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I thought the Ethereum community would enjoy this comment from the Solana community on the challenges of changing network inflation $ETH $SOL
🚨 New EIP: Tapered Issuance Burn
We just submitted an EIP to ethereum/EIPs: a minimal, market-driven fix to Ethereum's issuance policy removing the incentive for stake growth beyond 50% of ETH supply.
EIP-8361 by @pintail_xyz, @jdetychey, @dapplion, @pa7x1, @ladislaus0x & @drakefjustin 🧵
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Because end of that particular phase of speculation, which was interrupted by massive Fed rate hikes
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Important news on Ethereum and $ETH
TLDR: Network update will result in lower issuance/lower inflation (see graphic); negative supply shock => positive for $ETH price
More background in our research blog: grayscale.com/the-stack/ethe…
🚨 New EIP: Tapered Issuance Burn
We just submitted an EIP to ethereum/EIPs: a minimal, market-driven fix to Ethereum's issuance policy removing the incentive for stake growth beyond 50% of ETH supply.
EIP-8361 by @pintail_xyz, @jdetychey, @dapplion, @pa7x1, @ladislaus0x & @drakefjustin 🧵
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Like the term "alternative rock", I would expect use of the term "alternative assets" to eventually peak, because they will be so commonplace in portfolios
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30yr real yield (TIPS) now almost 3%
Probably a buy at these levels
No hike. Three dissents. Small gain for $BTC so far.
*FED: HAMMACK, KASHKARI AND LOGAN DISSENT IN FAVOR OF RATE HIKE
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I don’t think they will hike tomorrow … but we’ll see!
Previewing The Fed's "Extremely Uncertain" July Decision, And How JPM and Goldman Are Trading It zerohedge.com/markets/previe…
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