Adam Efrima is the SSV Core team Co-founder. He has been active in the crypto industry since 2013. Over eight years living in China working in the financial industry and fintech space, Adam has worked in CITIC Bank covering outbound investments for Chinese SOEs, he was also in charge of setting up the eToro Shanghai operation. Since then, Adam has been deeply involved in Ethereum staking, co-founding top performing staking project Bloxstaking as well as co-founding SSV Network, a decentralized validator infrastructure for ETH staking.

Adam Simmons is Chief Strategy Officer at RDX Works, a key contributor to the Radix public ledger. He has over 13 years of experience in building &amp; growing businesses in a range of industries including online video, blockchain &amp; digital marketing. With experience in both senior leadership &amp; hands-on roles, he has repeatedly recruited, managed, and trained highly successful teams within marketing, customer success and operations functions. Adam is also a previous member of the UK Paralympic Sprint Kayaking Team and has competed in multiple World and European Championships.


Adam Swick is the Chief Growth Officer at Marathon Digital Holdings. Prior to joining Marathon, he served as a principal at Refinery Ventures, where he was responsible for identifying and recommending business strategies to accelerate the growth of all companies in Refinery’s portfolio. Before Refinery, Swick was the director of strategic finance at Kraken Digital Asset Exchange, where he managed the company’s balance sheet, debt program, investor relations, and all forecasting activities. Prior to Kraken, he founded Swick Capital, a crypto-asset hedge fund, worked at Pritzker Group Venture Capital, and was a consultant at Boston Consulting Group. Swick holds an MBA from the Kellogg School of Management at Northwestern University and a BS in finance from the Wharton School of Business at the University of Pennsylvania.

Adrian Brink is the co-founder of Namada and Anoma, where he focuses on building privacy-preserving systems that are resilient to global crises. Previously, he was a core developer at Tendermint (Cosmos) and worked at the Web3 Foundation. He also co-founded Cryptium Labs, which was later sold to Chorus One, and Metastate, where he contributed to major upgrades to the Tezos protocol​.

Adrien Stern is the founder &amp; CEO of Reveel, the omnichain payments infrastructure that enables one-click cross-chain payments to connect people across borders and networks. Before founding Reveel, Adrien led digital transformation efforts at BNP Paribas CIB. He was also previously a venture builder, and owns Bridge Music, a record label and recording studio. Adrien has a Bachelor’s degree in Sciences of Management from The University of Lausanne and a Master’s degree in Business Administration from Esade. 

Alex Hoffman is Head of Ecosystem at Superposition Finance. Superposition is revolutionizing DeFi by addressing its core challenges through robust risk management powered by Concordia’s best-in-class risk engine, omnichain functionality, and transparency.

Alexei Zamyatin is a co-founder of BOB, a first-of-its-kind hybrid Layer-2 powered by Bitcoin and Ethereum. He has been a Bitcoin and interoperability research contributor since 2015 and is most known for his work on trustless cross-chain bridges and L2s. Alexei holds a PhD in computer science from Imperial College London.


Alison Haire is the CEO and founder of Lilypad, a serverless, decentralized compute network that democratizes access to computational power by providing scalable infrastructure for AI, machine learning and other high-demand processes. Before founding Lilypad, she held roles at companies such as Filecoin, IBM and Accenture. Under her leadership, Lilypad leverages idle GPU capacity worldwide to fuel an open AI economy, providing cost-effective and scalable compute resources. Her work focuses on making high-performance computing accessible to more developers and researchers, while challenging the dominance of large centralized cloud providers​​.

With over 20 years of experience leading and designing games and tech companies, Alun is well-versed in creating innovative products that tackle experiential and developer challenges. In addition to his stewardship of LAOS Network, he is CEO and co-founder of the company building LAOS, Freeverse, which focuses on building scalable blockchain infrastructure. His history as the co-creator of ‘Barcelona World Race - THE GAME,’ a cutting-edge video game enabling virtual participation in real-world events, and his wider passion for gaming, have fed into his vision for LAOS Network as a solution for the intersection of Web3 tech with both gaming and real-world applications. Alun also led Shar3d.io, a pioneering company enabling collaborative 3D web applications, and served as CTO of Bodypal.com, a virtual garment services company. He holds a Ph.D. in Medical Physics from University College London.



Amanda Cassatt is the founder and CEO of Serotonin. Amanda previously served as Chief Marketing Officer of ConsenSys from 2016 through 2019. Joining one year after the launch of Ethereum, Amanda played a crucial role in defining, creating, and growing the narrative for ConsenSys, Ethereum, and blockchain overall.

Amanda stewarded the ConsenSys brand through its global expansion across enterprises, governments, developers, and consumers. She created and scaled the marketing team to over 50 people, serving both the ConsenSys brand and 50+ portfolio companies such as MetaMask, Infura, Truffle, and Gitcoin; managing teams in product marketing, growth, design, content, community, events, email, analytics and SEO. Amanda’s contributions to some of the most successful product launches, token sales and fundraises landed her on Forbes 30 Under 30 in 2016. Amanda is the author of the world's first web3 marketing book, Web3 Marketing: A Handbook for the Next Internet Revolution.

Amanda Keleher currently serves as Chief People Officer at Consensys, one of the largest and fastest-growing companies in the blockchain technology space. A well-rounded business leader with an over 25-year career in the technology space, Amanda is the driving force behind the human element of Consensys where she is responsible for overseeing all of the aspects of people, from building and maintaining the company culture to harnessing human capital as a key driver of business. 

Before joining ConsenSys, Amanda served as the Head of People at ThoughtWorks, a global technology consultancy company, for nearly ten years, where she led the global scale expansion by opening offices around the world and recruiting a diverse workforce at a time when the DevOps movement had just been born and a new skill set were yet to be developed. After her time at ThoughWorks, she served as the Executive Vice President, People &amp; Culture of Index Exchange, one of the world’s premier ad tech organizations; and as VP of People at Little Bits and Intent Media where she excelled in designing effective and creative strategies to attract and retain world-class talent in hyper competitive environments

Andrea Berry is a seasoned online video strategist with 15+ years of experience in transformative media partnerships. 

Her early successes include helping to launch Qello Concerts, the first direct-to-consumer live-music OTT service, later transforming it into Qello Media Services and Vimeo’s OTT channels offering across various industries as their first strategic sales director for their enterprise.

Currently, as the Head of Business Development at Theta Labs, Andrea leverages her expertise in online video and blockchain to drive strategic partnerships and growth opportunities for the company. She helps enterprises take advantage and lean into the opportunities Web3 presents. 

Andrew Redden is the CEO and CTO of Last Network, a blockchain platform focused on sustainable cash flow and reinvestment. Previously, he worked at Gitcoin and has contributed to numerous DeFi and Web3 projects. Redden's career reflects a commitment to developing technologies that prioritize long-term viability and community engagement​.

Andrew Thurman is a Data Editor based in Washington, DC. He previously wrote for CoinDesk and Cointelegraph, and worked in various roles for Chainlink and Nansen. His analysis has been quoted in The Financial Times, The Washington Post, The Wall Street Journal, Bloomberg, Forbes, Fortune, Reuters, The BBC, CNBC, and elsewhere. Contact Andrew at andrew@blockworks.co.

Andrey Sergeenkov writes educational articles as a freelancer. His works have been published in Coindesk, Cointelegraph, Entrepreneur and CoinMarketCap. He believes that transforming society towards lifelong learning, combined with decentralization in government and business, will lead to exponential social development.

Andy Bromberg is CEO of Beam and Contributor to the Eco Protocol. Eco has raised more than $90 million from an array of leading investors, including a16z Crypto, L Catterton, Activant Capital, Founders Fund, Pantera Capital, and others. Prior to Eco, Andy was Co-founder and President of CoinList. Andy is also a founding board member at FreeWorld, a non-profit seeking to end institutionalized poverty in the United States by providing access to living-wage jobs for people with criminal histories. He studied Mathematics and Computer Science at Stanford University and co-founded the Stanford Bitcoin Group.

An established and versatile Financial Executive with over two decades of experience running multiple trading businesses across top-level banks such as HSBC, Barclays, and UBS. After running the top Agency and SSA business for both UBS and Barclays, he took over Emerging Markets macro trading for Barclays. In 2018, wanting to go deeper into Emerging Markets he took a role as Head of Latam local markets trading where he was responsible for trading activities across Brazil, Mexico, Argentina, and Chile. In 2021 DeMartino moved into Crypto when he became CEO and founder of Coinbase Risk Strategies focused on DeFi and Derivatives trading. More recently he started Trident Digital Group, a crypto-native solutions firm that is focused on lending and safe yield generation and stablecoin adoption.


Anthony Scaramucci is the founder and managing partner of SkyBridge, a global alternative investment firm, and founder and chairman of SALT, a global thought leadership forum and venture studio.

Prior to founding SkyBridge in 2005, Scaramucci co-founded investment partnership Oscar Capital Management, which was sold to Neuberger Berman in 2001. Earlier, he worked in Private Wealth Management at Goldman Sachs &amp; Co.

In 2022, Scaramucci was ranked #47 in Cointelegraph’s Top 100 Influencers in Crypto and Blockchain. In 2016, he was ranked #85 in Worth Magazine’s Power 100: The 100 Most Powerful People in Global Finance. In 2011, he received Ernst &amp; Young’s New York Financial Services “Entrepreneur of the Year” Award.  Anthony is a member of the Council on Foreign Relations (CFR) and a board member of the Federal Enforcement Homeland Security Foundation. He is the author of five books.

Scaramucci served on President Donald J. Trump’s 16-person Presidential Transition Team Executive Committee, and in 2017 briefly served as Chief Strategy Officer of the Export-Import (EXIM) Bank and White House Communications Director.

Scaramucci, a native of Long Island, New York, holds a Bachelor of Arts degree in Economics from Tufts University and a Juris Doctor from Harvard Law School.

Antoni is a co-founder of Aleph Zero Foundation (Switzerland), an organization overseeing the development of the Aleph Zero blockchain, and a Managing Partner of Cardinal Cryptography (Poland), firm focused on core development of the Aleph Zero ecosystem.

Ari Juels is the Weill Family Foundation and Joan and Sanford I. Weill Professor in the Jacobs Technion-Cornell Institute at Cornell Tech and the Technion and a Computer Science faculty member at Cornell University. He is a Co-Director of the Initiative for CryptoCurrencies and Contracts (IC3). He is also Chief Scientist at Chainlink Labs. He is the author of crypto thriller novel The Oracle (Talos Press), which was released on 20 February 2024.

Austin Alexander is co-founder of LayerTwo Labs, a company focused on advancing the Bitcoin ecosystem through innovative solutions and specializing in the development of Drivechain, a specific type of blockchain sidechain designed to foster creativity and scalability within Bitcoin.

Austin Campbell is the founder and managing partner of Zero Knowledge Consulting and an adjunct professor at Columbia Business School. Previously, he has run portfolio management at Paxos for the stablecoins as well as being the chief risk officer of Paxos National Trust, has managed fixed income trading desks at JP Morgan and Citi, and has been a portfolio manager and structurer at Stone Ridge, the parent of NYDIG. He holds a BS in Mathematics from CSU Chico and a MBA from NYU Stern.

Ben Mills is the co-founder of Meso, a payments platform connecting banks and blockchains. Prior to Meso, Ben spent a decade building payments products as an early team member at Braintree (acquired by PayPal), as Head of Product at Venmo, and working on Solana Pay at Solana Labs.

Ben Rubin is the CEO and co-founder of Towns, a decentralized messaging platform dedicated to redefining online communication. Rubin has a rich background and a decade of experience in creating digital spaces that build trust and foster human connection. Prior to founding Here Not There Labs, the developer of Towns, Ben founded two venture-backed startups, Meerkat and Houseparty, both of which reimagined how people interact digitally. He scaled his communication products to hundreds of millions of users and raised over $70M in funding from Sequoia Capital and Greylock. After Houseparty was acquired by Epic Games in 2019, Ben went on to found Here Not There Labs, a venture-backed startup with over $30M in funding from a16z crypto and Benchmark Capital.

Ben Strack is a senior reporter covering macro and crypto-native funds, financial advisors, structured products, and the integration of digital assets and DeFi into traditional finance. Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence and was a reporter and editor for various local newspapers on Long Island. He graduated from the University of Maryland with a degree in journalism.

Contact Ben via email at ben@blockworks.co

Bessie is a Brooklyn-based reporter covering DeFi and technology. Bessie worked as a tech journalist for The Org prior to joining Blockworks and was a management consultant for KPMG in another life. She is originally from Melbourne, Australia and holds an MA from New York University. She is also the mother of a bratty cat named Mochi. You can reach Bessie at bessie@blockworks.co

Bezalel Eithan Raviv, an ex-member of IDF Cyber Unit 8200, is a seasoned entrepreneur with deep expertise in technology and innovation. He now leads Lionsgate Network, a blockchain analysis firm specializing in professional money recovery services for digital asset investors in the +$2.5 trillion market. Prior to this role, Bezalel founded an investment banking firm supporting AI startups and developed Halleluiah, a pioneering web3 migration pattern for global music copyrights.

Billy Luedtke is the CEO and founder of Intuition, an information protocol powering a more trustful internet. Billy previously served as senior technology advisor at EY, a leading global professional services organization providing assurance, tax, audit, strategy and transactions. At EY, Billy created the company’s blockchain consulting practice, leading the technical development of blockchain-enabled distributed systems. Billy later became a senior token engineer at Consensys, a leading Ethereum developer (MetaMask, Infura, Linea). Billy continues to serve as an advisor at Consensys and MetaMask.

Billy Sebell is the Executive Director of the XDC Foundation and an early contributor to the XDC Network. Since early 2018, Billy has worked to develop the XDC community, focused on ecosystem and network growth and implementing use cases in trade finance. Billy previously spent more than 25 years in manufacturing and consumer products, dealing with the challenges businesses face in capital markets and international trade.

Bob Bodily is the Provo, Utah-based CEO and Co-Founder of Bioniq, a BTC Ordinals wallet and marketplace. He has a bachelor’s degree in neuroscience and a Ph.D. in educational/instructional technology from Brigham Young University, with 25 articles and 1K citations. He is a data engineer with 100K+ lines of production Python code, and he has two previous software startups, including an EdTech SaaS that sold in 2021.


Bogdan is the Co-Founder and CTO of Tenderly, the full-stack infrastructure solutions provider powering Web3 developer teams with the essential tools and services throughout their development journeys. 

Prior to co-founding Tenderly, Bogdan worked as a software engineer for major software platforms such as MVP Workshop and Go Daddy where he was responsible for constructing and managing the development of distributed cloud systems before realizing the lack of infrastructural support for Web3 developers. With his vast experience in constructing, expanding, and overseeing extensive distributed cloud systems, he is well-versed in the intricacies of blockchain technologies and their practical applications. 

Brandon Truong is lead product contributor for ZetaChain. He previously co-founded social platform Yada (which was acquired in 2020) and spent time building products for BuzzFeed and Udacity. 


 Brian Pak is CEO &amp; Co-Founder of ChainLight, an award-winning blockchain security firm that specializes in smart contract audits and on-chain monitoring. He is also a co-founder of Theori, an established US-based offensive cybersecurity company, since 2016, which he still leads today, having now amassed trusted partners including Microsoft, Google and Samsung. Brian’s early career started when he co-founded and developed Kaprica Security, inventing and patenting the Skorpion Charger, an Android mobile charger that can detect malicious software with no user action required. He has worked on research and development projects with the Defense Advanced Research Projects Agency (DARPA) of the US. Brian is also a founder of the team PPP (Plaid Parliament of Pwning) which won DEF CON CTF, one of the most prestigious hacker competitions held in Las Vegas, in 2013, 2014, 2016, 2017, 2019, 2022 and 2023. Brian graduated with a Masters Degree in Software Security Research from Carnegie Mellon University.

Three years ago, his act of burning a physical Banksy ignited global discourse on NFTs and Web3, exposing the industry's flaws. Now, through XION, founder Burnt Banksy leads a mission to democratize Web3 to the masses, making ownership accessible to all by removing unnecessary barriers and complications through chain abstraction. To date: XION has raised over $36M in funding with the goal of "making crypto disappear." Ultimately, Burnt Banksy wants to provide the benefits of crypto to people without requiring them to know anything about crypto.

Byron Donalds grew up in Brooklyn, New York, and he is also the proud son of a hardworking and loving single mother. His mother dedicated her time instilling in him that greatness requires sacrifice, which drives him as a devoted family man and United States Congressman.  

Byron is a graduate of Florida State University and received a Bachelor of Arts degree in finance and marketing. Byron's career led him to Southwest Florida, where he worked in the banking, finance, and insurance industries. Elected to the Florida House of Representatives in 2016, Byron represented Hendry County and east Collier County in the State Capitol. During his tenure in the Florida House, Byron served as the PreK-12 Quality Subcommittee Chair during the 2018-2019 Legislative Session and served as the Insurance &amp; Banking Subcommittee's Chairman 2019-2020 Legislative Session. While serving in the Florida House, primarily focused on elder affairs, criminal justice reform, and ensuring that each child has access to a world-class education. 

Byron is committed to serving and giving back to the community that gave him so much. He has served Southwest Florida in many ways, including previously serving on the Board of Trustees for Florida Southwestern State College after being appointed by then-Governor Rick Scott. Byron continues to volunteer in his church as a youth leader and a mentor. He also enjoys volunteering as a coach in youth football and basketball leagues.

Congressman Byron Donalds lives in Naples, Florida, with his wife, Erika, and their three sons: Damon, Darin, and Mason. Byron has spent his entire adult life serving others, whether it be through volunteering, business, or leadership. He is committed to representing Florida's 19th Congressional District's conservative values in Washington DC to ensure a stronger Florida and a stronger nation.

Byron Gilliam writes the Blockworks Daily newsletter, in which he tries to explain crypto markets to traditional investors and traditional markets to crypto investors (while trying to explain both to himself). Before joining Blockworks, Byron spent 25 years trading international equities for banks and brokers in Frankfurt, London, Paris and New York. He holds a bachelor's degree in History from Binghamton University. Contact Byron at byron@blockworks.co.

Cameron B. Pick is a partner and patent attorney at the Chicago-based intellectual property boutique law firm Marshall, Gerstein &amp; Borun. He prosecutes patents for emerging technologies, including blockchain and crypto, among other innovative areas. He may be reached at cpick@marshallip.com. 

Candace Kelly is the Chief Legal and Policy Officer for the Stellar Development Foundation (SDF), a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world's financial infrastructure. She leads the team responsible for SDF’s legal affairs and the policy team that is focused on bridging the gap between the public and private sectors. Previously, Candace worked for Uber Technologies, Inc., where she helped navigate the company’s response to regulatory investigations and advised on safety, security, privacy, consumer protection, and law enforcement response. Prior to that she served for 17 years at the United States Department of Justice.

Carlos Mercado is a data scientist at Flipside Crypto, specializing in the convergence of data science, cryptocurrency, economics, and open-source research. His expertise spans the Ethereum ecosystem and over 20 other blockchains, where he leverages SQL, R, Python, and Solidity to develop innovative data models and analytics tools. Carlos's notable contributions include the creation of the True Freeze DeFi primitive and leading the production of the 2023 Crypto Users Report, generating significant industry impact. Prior to Flipside, he applied his skills in AI strategy and product development at Guidehouse and offered data science consulting services.


​​Casey Wagner is a Senior Reporter based in New York. Casey covers crypto regulation, markets and central banks. Prior to joining Blockworks, she reported on macroeconomics at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies. Contact Casey via email at casey@blockworks.co

Charles Hoskinson is a Colorado-based technology entrepreneur and mathematician. He attended Metropolitan State University of Denver and University of Colorado Boulder to study analytic number theory before moving into cryptography through industry exposure.

His professional experience includes founding three cryptocurrency-related start-ups – Invictus Innovations, Ethereum and IOHK – and he has held a variety of posts in both the public and private sectors. He was the founding chairman of the Bitcoin Foundation’s education committee and established the Cryptocurrency Research Group in 2013.

His current projects focus on educating people about cryptocurrency, being an evangelist for decentralization and making cryptographic tools easier to use for the mainstream. This includes leading the research, design and development of Cardano, a third-generation cryptocurrency that launched in September 2017.

Chris Barrett serves as the Director of Communications at Chainlink Labs and has been involved with Chainlink since 2017. Chainlink is the only on-chain data and cross-chain platform that enables financial institutions to develop customized, flexible, compliant, and future-proof blockchain applications and tokenized assets. Before this role, he founded a leading PR agency for technology startups, where he worked with over 1,000 innovative companies. Chris is also an avid runner, having maintained a streak of running for over five consecutive years. 

Chris Brooks founded CryptoAssetRecovery.com in 2017 to help digital asset owners recover lost assets. Chris was a programmer at Fidelity Investments, VP of Technology at venture-backed Carescout (which sold to GenWorth, a spinoff of General Electric) and has founded and sold three bootstrapped internet companies. 

Chris Swenor is a seasoned entrepreneur and blockchain pioneer with a 20-year career that kicked off as a self-taught programmer at age 13. He swiftly moved from corporate roles into startups, leading several to successful acquisitions. Chris started venturing into blockchain and cryptocurrency in 2013, founding Reach in 2019, a platform that has since attracted over $13M in funding and onboarded more than 8,000 developers.

In recent years, Chris founded Humble, a decentralized exchange on Algorand, and Alloy, a blockchain gaming platform acquired in 2023. He is currently working on Voi Network, a layer 1 blockchain empowering its community with user-centric governance and economics. 

Christopher Perkins is President of CoinFund, a web3 focused Registered Investment Advisor.  He is also a member of the CFTC’s Global Markets Advisory Committee and its Digital Asset Markets Subcommittee.

Ciarán Murray is a seasoned veteran of the blockchain industry. Aside from advising on numerous blockchain projects over the years, and releasing a synthetics assets proof-of-concept last year, Ciarán previously worked in the media industry for British Sky Broadcasting. He is not only well placed to understand the issues facing the media industry but also how to apply blockchain and other distributed technologies to remedy them.

Da Hongfei is the founder of Neo, an open-source, community-driven blockchain platform designed to welcome developers into the Smart Economy. Hongfei operates as CEO of Neo Global Development (NGD), the executive arm of the Neo Foundation that is committed to developing the Neo protocol and its supporting ecosystem. He is seen as a luminary in the Web3 space and as a blockchain pioneer in Asia. Hongfei received his education at the South China University of Technology, receiving degrees in technology and English.

Damian Alvarez is a communications professional helping Web3 clients get their stories heard. He is currently the Head of Communications at Aori, an omni-chain logic layer that leverages off-chain data storage to enable high-frequency on-chain trading. He has worked at agencies such as Edelman and YAP Global to assist a variety of emerging and established clients to engage in industry-wide narratives surrounding technology. He may be contacted at damian@aori.io.

Dan Keeler is Editor-in-Chief at Blockworks. Prior to joining Blockworks, he was Frontier Markets Editor at the Wall Street Journal where he managed the Journal’s coverage of smaller emerging markets as well as created a number of high-profile events and a highly regarded newsletter. Before joining the WSJ, he was the Editor of Global Finance magazine. He is also the founder of New York’s FM Network, a group that hosts gatherings of finance professionals focused on smaller emerging markets.

Contact Dan via email at dan@blockworks.co

Dan Smith is a Senior Research Analyst based in the United States covering Curve, Convex, Aave, and Compound. Daniel previously worked in tax and valuation at EY and Bennett Thrasher. He is focused on using data visualization tools to better understand the health and profitability of various DeFi protocols. Contact Dan at daniel@blockworks.co

Daniel Batten is a ClimateTech investor, Bitcoin environmental impact analyst, CEO advisor and author. He is most widely known for his data-driven approach to Bitcoin mining research.


Daniel Cawrey has been involved full-time in the crypto space since 2013, including as an editor at CoinDesk. He is author of 2020’s “Mastering Blockchain” and 2023’s “Understanding Crypto” books, both available on Amazon.

Daranee Ganesh is a publishing and production manager based in Washington, DC. She holds an LLB with a focus on emerging technologies. Prior to Blockworks, Daranee worked on several legal and non-profit projects aimed at integrating decentralized solutions in the social justice framework, specifically within immigration and environmental law. Contact Daranee at daranee@blockworks.co.

Darren Kleine is an Alberta-based reporter covering podcast content at Blockworks. Previously reporting for Cointelegraph, he wrote feature content and a weekly series focused on the personal stories of influential figures in the Web3 space. He has been an active participant in the NFT art scene since 2020, creating works on curated platforms including SuperRare and KnownOrigin and hosting an NFT art-focused podcast called NFP with DKleine. Contact Darren Kleine at darren@blockworks.co.

David is an Editor based in the Netherlands focused on data-driven journalism. Previously, he wrote for TheNextWeb's crypto vertical before launching Protos in 2021. He's a reformed hardline Bitcoiner passionate about permissionless and decentralized networks. Contact David at david@blockworks.co

David Schwed serves as the Chief Operating Officer at Halborn, an elite blockchain security firm. Prior to Halborn, he was the Global Head of Digital Assets Technology at BNY Mellon, the world's biggest custodian bank, where he integrated the IT strategy for the company's digital asset services. David was also CISO for Galaxy Digital, where he led the development of information security and IT infrastructure, and served as a risk committee advisor, evaluating emerging threats in financial services. He also founded the Cybersecurity Master's Program at Yeshiva University’s Katz School of Science and Health, sharing his expertise as a practitioner-in-residence.


Delphine Forma is the policy lead for Europe &amp; UK at Solidus Labs, a leading market compliance and market integrity firm in digital assets. With a career spanning roles in major banks and blockchain ventures, she brings extensive experience in compliance and legal across sectors. She is the founder of the crypto compliance and legal TG group with 1,400 members. A Sciences Po Lyon alumna, Delphine also holds advanced degrees in European Criminal Business Law and anti-money laundering.

Denelle Dixon is the CEO and Executive Director of the Stellar Development Foundation (SDF), a non-profit organization focused on working with and supporting changemakers to create equitable access to the global financial system through blockchain technology. She leads the teams that help maintain Stellar's codebase, support the communities around Stellar, and advocate on behalf of the network with international stakeholders. Before joining Stellar, Dixon served as COO of Mozilla, one of the most successful mission-driven open-source organizations.. During her tenure at Mozilla, she led the organization’s business, revenue and policy teams including the ongoing fight for net neutrality and the global effort to ensure that people can control their personal data.

Dermot O’Riordan serves as a Director at the POKT Network Foundation where he helps steer product development and strategy. From Ireland to Silicon Valley, Dermot’s career ranged from advising tech companies and VC firms to leading marquee industry events. His interest in Web3 was sparked in 2016 with the rise of DAOs, leading him to dive deeper into the blockchain space, where he served as an advisor to projects like Radix and Dusk, and later, spearheading growth at Eden Block.

Donovan is a reporter based in Singapore. He previously worked in editorial at Bankless and is a huge fan of spaghetti Westerns and the Wu-Tang Clan. Contact Donovan at donovan@blockworks.co.

Elena leads product marketing at Hiro Systems, a developer tooling company bringing smart contracts to Bitcoin. She has spent the past six years working in blockchain and cryptocurrency startups. Elena co-founded Blockchain Latinx, an online community that explores what blockchain means for Latinos and for Latin America. She has an MBA from NYU Stern School of Business.

Eli Cohen is a corporate lawyer with 25+ years of experience in commercial transactions, financial services and regulatory matters and has worked in Asia, Europe and the United States. He is the General Counsel for Centrifuge, a real-world asset (RWA) tokenization and securitization platform and Chief Compliance Officer for Anemoy Capital SPC Limited a British Virgin Islands fund company issuer of the tokenized Anemoy Liquid Treasury Fund 1. He is a graduate of the Georgetown University Law Center, has a Masters in International Relations from the University of Pennsylvania and a Bachelor of Arts from the University of Michigan, Ann Arbor.

Eli Zeger writes about democracy and its relationship with technology. His work has been published in the Boston Review, Noema Magazine, Strange Matters, Zora Zine, among numerous other publications.

Elliot is the Head of Climate Strategy at Sustainable Bitcoin Protocol, where he is helping unlock Bitcoin's clean energy potential by bridging sustainable miners and climate-conscious investors. In his role at Sustainable Bitcoin Protocol, Elliot educates policymakers and NGOs on Bitcoin’s relationship with the energy system. He is a climatetech operator focused on alleviating energy poverty, bridging the digital divide, and promoting financial inclusion through technologies such as Bitcoin. Elliot was previously a Schwarzman Scholar and has served in the military, US Department of Energy, Clinton Foundation, and more. 

Evan Thomas is General Counsel for Alluvial, a software development company supporting the Liquid Collective liquid staking protocol. He was previously at Wealthsimple, Canada’s largest consumer fintech, where he was Head of Legal for Wealthsimple’s crypto trading platform. While at Wealthsimple, Evan helped launch Canada’s first regulated staking product. Before Wealthsimple, Evan was a litigator at Osler, Hoskin &amp; Harcourt LLP for nearly 15 years. Among other notable cases, Evan was hearing counsel to 3iQ Corp. in its appeal securing regulatory approval for Canada’s first publicly traded bitcoin fund in 2019.

Felix Jauvin is the host of the On the Margin podcast. Based in British Columbia, Canada, he lives and breathes where crypto and macroeconomics intersect.

Felix Xu, crypto geek, early adopter, and NFT collector. Felix graduated from NYU Stern and founded two crypto projects, ARPA and Bella Protocol, among the global top 500 by market cap. Felix previously worked at Fosun Investment, Sackler family office, and Vertical Research in New York and Beijing. Felix loves sailing, kitesurfing and was featured in the Wall Street Journal and The New York Times for his NFT collection.

Frank has a diverse career that spans creative writing, day trading, and a 12-year stint in financial planning. After experimenting with blockchain and being an early adapter to the Solana ecosystem, Mathis co-founded GenesysGo in 2021 to create a faster, more reliable and more secure decentralized data storage protocol. Their flagship product, shdwDrive is built on Solana and aims to bridge the gap between blockchain technology and traditional business infrastructure. GenesysGo is powered by a new type of decentralized data storage consensus mechanism, built from the ground up by the GenesysGo team.

Fraser is co-founder &amp; CTO of Cubist and an Assistant Professor at Carnegie Mellon University. She is an expert in software correctness: her research focuses on systems security, automated bug finding, and formal verification, from verifying (parts of) production systems like browser JITs, to finding exploitable bugs in real codebases. Her tools have found many zero-day bountied bugs and CVEs in the Chrome and Firefox browsers and multiple operating systems. Fraser received her BA in English and her MS and PhD in Computer Science from Stanford.


Garrett Harper is the producer for the Empire podcast. Garrett worked in private equity and product management before jumping into crypto full-time in 2021. His favorite thing about crypto? It conflates art, gaming, finance, software, and psychology into one hyper-growth industry.

Gijs op de Weegh is the CEO and Founder of StablR, where he leads the strategy, business operations, and investor relations. He founded StablR out of his passion for implementing blockchain technology in the financial industry and exploring its possibilities. Before founding StablR, Gijs co-founded Payvision, an e-commerce payment service provider, in 2002. Under his leadership, Payvision grew to over 300 employees and achieved a turnover exceeding €4 billion.

Gísli Kristjánsson is co-founder and CTO of Monerium, the first company to issue fiat onchain. He fell in love with programming at the age of 13. After working as a bonds broker, Gísli saw the inefficiencies of securities settlements firsthand and recognized the potential of Bitcoin. Prior to co-founding Monerium in 2015, Gísli founded and sold a platform to give users access to geo-blocked content. Fun fact: Gísli’s Ethereum address is among the 1% of the oldest addresses.

Haden Patrick is Director of Business Operations of Cordial Systems, a provider of institutional-grade self custody software using a Zero Trust security model.  Haden has executive experience in team leadership, engineering and education originating from his 24 year career as a Naval Officer. After co-founding SoloKeys, the first open-source security key company, he went on to manage projects connecting web3 to traditional finance at a cryptocurrency trading firm before joining Cordial Systems.

Hadley Stern, Advisor to MPCH, has extensive experience in leadership roles within TradFi and digital asset industries. As Global Head of Custody at the Bank of New York Mellon (BNYM) from 2021 to 2023, Hadley spearheaded the creation of the industry’s first bank-grade crypto-custody platform. Hadley also previously served as Chief Operating Officer at Bloq where he was responsible for the P&amp;L, product roadmap, and general operations. Hadley was Founding President of Fidelity Digital Asset Services where he led Fidelity's Blockchain Incubator and Digital Currency group and was pivotal in early product launches, including activating Bitcoin donations to Fidelity Charitable and building and running Fidelity first Bitcoin mining Operation.



Hannah Finnerty is Blockworks' editorial operations manager and is based in the US. Hannah previously worked in podcast production for The National in Abu Dhabi. She graduated from Bowling Green State University with a degree in multiplatform journalism and Middle Eastern politics. Contact Hannah at hannah@blockworks.co.

Hatu Sheikh is the co-founder and CMO of DAO Maker, the largest on-chain funding platform with 1.5M+ users. The platform's contracts have distributed over $600M, with a cumulative return of around 10x. Hatu has a strong background in marketing and strategy and has played a pivotal role in driving the success of various blockchain-based projects and tokens, crafting effective marketing strategies, and forging powerful synergies within the industry.

Harry Duckworth, a law graduate, embarked on a unique journey that led him to become the youngest trader at global commodities giant Trafigura. He then went on to set up desks for several hedge funds worldwide, accumulating over a decade of experience in trading, hedge funds, and emergent technologies. 

Through his work, he became fascinated by the revolutionary power of blockchain tech soon after the inception of Bitcoin. Years later he founded AgriDex International, to provide digital marketplaces and supply chain information for all participants in the global food chain. 

Hind Kurhan is a Co-Founder of Thesis Defense, a decentralized technology security auditing company whose mission is the facilitation of broad adoption of decentralized technology by improving security and audit consistency throughout the blockchain sphere.


Ian Rogers is the Chief Experience Officer at Ledger, leading the consumer-facing business delivering the world’s #1 way to buy and secure cryptocurrency.  Prior, Ian was the Chief Digital Officer at LVMH for five transformative years, working with a portfolio of nearly one hundred brands across luxury including Louis Vuitton, Dior, Sephora, and Hennessy.  Ian also sits on the boards of Dr Marten’s and Lyst.

Ian spent twenty years bringing digital music to the mainstream, first with Winamp then Yahoo!, Beats, and Apple.  Ian contributed to the 2015 launch of Apple Music including Beats 1, their digital streaming channel. Ian graduated with a Bachelor of Arts in Computer Science (with honors, Phi Beta Kappa) from Indiana University in 1994.  Ian built some of the earliest music-related Web sites in the early 90s and has been working with Beastie Boys since 1993.

Igor Telyatnikov is the CEO and co-founder of the blockchain and financial services technology company AlphaPoint. Headquartered in New York, AlphaPoint supports over 10 million users, powering marketplaces and wallets in over 35 countries. With 15 years of experience in tech and innovation, Igor has empowered over 150 clients, including CME Group and Scotiabank. In 2022, he partnered with the Government of El Salvador to upgrade its Chivo Wallet into a national Bitcoin and dollar wallet, creating the first nationalized crypto ecosystem. Igor previously held roles at Cvetlo, LiftDNA, and Ingersoll Rand/Allegion, and has a Bachelor’s degree in Business Marketing from Penn State University. He is a frequent speaker at industry events.

Ishan is a University of Texas McCombs School of Business graduate with a BBA in Finance &amp; Marketing. He founded and managed a Private Equity Fund that reached an eight-figure Assets Under Management (AUM) and has also gained experience with many top 200 projects of crypto market cap. In 2022, he helped found SCRIB3, a Web3 Marketing and PR venture. He was notably among the first to raise an alert about potential deceptive and unethical business practices by FTX. Ishan contributes as a DeFi analyst, an active angel investor, and an advisor in projects like Polygon Technologies.

Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.

Jag is the CEO and co-founder of re.al, an L2 build to facilitate deep onchain liquidity for tokenized RWAs. re.al seeks to redefine how RWAs are integrated into DeFi, using yield-generating real-world assets as novel building blocks in existing DeFi primitives.

James Cirrone is a breaking news reporter based in New York. Prior to joining Blockworks, James was a reporter and newsletter writer at Bloomberg News. He graduated from the University of Maryland with a degree in journalism. He also played trumpet in the university’s marching band. Contact James via email at james.cirrone@blockworks.co.

Jason Allegrante is the Chief Legal and Compliance Officer at Fireblocks. He is an experienced Counsel with a demonstrated history of working in the financial services industry with both large, traditional financial institutions as well as early stage fintech startups.



Jason Dehni is the co-founder and group CEO of Credbull, a leading DeFi platform offering structured high fixed yield solutions in SME private credit. Jason has over 25 years of senior management experience in asset management, private banking, SME lending, insurance, risk management, and crypto across North America, Latin America, Asia, and the Middle East. His background includes serving as group COO &amp; MENA CEO of a publicly traded crypto asset management company, co-founder &amp; CEO of an SME trade finance platform, and senior leadership roles in asset management, wealth management,  insurance, and management consulting. Jason holds an MBA from Harvard Business School and an Honours BA in Economics &amp; Political Science from the University of Toronto. 

Jean-Marie Mognetti is Chief Executive Officer of CoinShares, a publicly listed investment firm that manages over five billion in digital assets on behalf of a global investor base, and an experienced commodities trader with a background in quantitative strategies. A veteran of the Global Advisors group of companies since 2011, Jean-Marie has served in various leadership roles throughout his tenure, most recently as CEO of Global Advisors (Jersey) Limited and director of GABI, the world’s first regulated Bitcoin fund. In addition to his management responsibilities as CEO, Jean-Marie oversees the firm’s proprietary trading arm, capital markets portfolio, and risk management practices – areas in which he has developed unique expertise over his career. Prior to joining Global Advisors, Jean-Marie was a quantitative strategist with Hermes Commodities Fund Managers, and an Energy Trader Assistant at Lehman Brothers. He holds Master of Science degrees in Mathematical Trading and Finance from Sir John Cass Business School in London, and Bank-Finance-Insurance from Université Paris Dauphine in Paris, in addition to a Bachelor of Science degree in Economics and Finance from Université Paris Dauphine.

Jeff is an editor at Blockworks, based in the United States. He has been a part of the blockchain space for over a decade, most recently working as US news editor at Cointelegraph. His areas of focus include empowering artists and creators through technology, using proof-of-participation methods to reward self-improvement, reducing the effectiveness of Sybil attacks, seeking transparent equity for disadvantaged communities, and exploring fairer models of world governance. Contact Jeff at Jeffrey@blockworks.co.

Jesper Johansen is the founder and CEO of NORTHSTAKE, a regulated custodial staking company specialized in building regulatory compliant crypto staking products for institutional investors and financial institutions. The team holds backgrounds from financial institutions, pension funds, large investment companies to consulting, technology and audit firms, such as Accenture, Deloitte, PwC as well as blockchain and crypto projects e.g. DAI Foundation (MakerDao), Ethereum and L1/L2s. 

Prior to NORTHSTAKE, Jesper held leadership positions with Accenture Strategy and Deloitte Consulting advising clients in heavily regulated industries to implement new technologies and drive business transformation. He holds a MBA from Copenhagen Business School and a B.Sc. in International Business. 

Jess is the CEO of Reown, the onchain UX platform and builders of the WalletConnect Network. Previously she led Crypto at Checkout.com, a global fintech company. Jess was also a member of the Bank of England CBDC Engagement Forum and a member of UK Finance New Digital Money Steering Group, Innovate Finance Fintech Strategy Group and Department for International Trade Fintech Group.

Jess Sun is an independent writer and content strategist. She loves bringing good ideas to light, helping the people behind them shine, and bridging gaps in understanding. Follow her on Twitter or LinkedIn. Go to her website to learn about working with her.

Jesse Knutson is the head of operations at Bitfinex Securities, where he is responsible for expanding the platform’s issuance pipeline, overseeing distribution and building its user base while ensuring compliance with regulatory standards. Prior to this role, Knutson served as vice president of financial products at Blockstream, and held roles at prominent investment banks including Macquarie Group and Barclays.

Jim Myers is an engineer, early-stage investor, and the CTO &amp; Co-Founder of Flipside Crypto, a leading blockchain data analytics and business intelligence platform. Prior to co-founding Flipside, Jim developed the core technology that took products from 0 to 1 at companies such as Mylestone, Pluralsight, and Smarterer. Jim’s journey into the crypto industry began in 2015, eventually co-founding Flipside Crypto in 2017 to help empower crypto communities to create and share data-driven insights on the projects they care most about. Jim's passion for building extends to the broader startup community via his developer event series, Stack Dive, and as an angel investor to several local Boston-area startups, including AdHawk and LinkSquares. In a previous life, Jim developed advanced models to quantify risk and abnormal returns in the market for Financial Transmission Rights, a type of energy derivative.

JJ is an advisor, mentor and co-founder working across Bitcoin, mining and web3. He currently mentors for Outlier Ventures new Bitcoin Base Camp program and has co-founded a new protocol operating in stealth mode.

Joey is ranked by Chambers and Partners as one of the top 12 lawyers in the world, advising many of the largest platforms around the globe in the space. He co-chaired the Gibraltar Government’s working group on Blockchain for 3 years, which was established to develop the infrastructure to accommodate a DLT regulatory framework. Joey is also a specialist consultant to the United Nations and trains and assesses authorities primarily around South East Asia in virtual asset developments, DeFi and regulation. He is a member of several think tanks including the prestigious global ‘Wharton Reg@Tech’ initiative, the Blockchain Industry Parliamentary Roundtable on Blockchain Technologies at Parliament in the UK, and also contributed to the UK Law Society on the Blockchain Legal and Regulatory Guidance publication. He was the Xapo Representative on the Libra/Diem Association and has also contributed to various stablecoin and CBDC developments. 

Joeyz Yu is an entrepreneur with over 18 years of experience in product design and development. He co-founded Sending Labs to revolutionize communication protocols and social applications for Web3, leading the development of their flagship products SendingMe and SendingNetwork. Previously, Joeyz co-founded MoboTab, where he created the Dolphin Browser, used by over 200 million users and later acquired by ChangYou. Joeyz's passion for empowering users and building exceptional teams drives his mission to shape the future of the internet. 

Byron Gilliam

This is a segment from The Breakdown newsletter. To read full editions, <a href="https://blockworks.co/brand/the-breakdown">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&#8220;Which is the bigger number? Five or one?&#8221; — Robert Baratheon, Game of Thrones
</blockquote>



Distribution matters in business. Often more than the thing being distributed.



Google, for example, always had the best algorithms for searching the internet, but the now-ubiquitous service didn’t catch on until Larry Page and Sergey Brin figured out how to get it widely distributed.



As recounted in an <a href="https://youtu.be/v1nkN0sM2wc?si=D7iCrPDvLfB1brRC">Acquired podcast</a> released yesterday, Google’s co-founders bet the company by guaranteeing AOL $100 million it didn’t have in exchange for the right to show ads to AOL’s users.



(Yes, I listen to three-hour Acquired podcasts the first day they drop. What of it?)



They also aggressively pursued revenue-sharing agreements, sometimes paying websites more than 100% of the ad revenue they generated (because Page and Brin recognized the long-term value of expanding their distribution). But Google’s real coup was the “toolbar” that it paid PC makers and software providers to bundle with their products.&nbsp;&nbsp;



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdK7QvTWhXG1sQPr-jRtMD-UssV6wDt80mJlHQeYW5pEZt0950TdbiYdIhInkjmDHYSMLo7MAPjjbqU565R42QU-ukV04dqCHhYNQKnQgdfpShoTSwGproETzcPBXg5hbr3hJvunQ?key=X26x6BxwP57TxqPeKWJ5Bw" alt=""/></figure>



This expanded Google’s distribution far beyond the early web-adopters who knew to go straight to the Google.com homepage for the best search algorithm.



This was critical because web search is a bizarro business in which the law of supply and demand is flipped on its head — the more ads Google sold, the more it could charge for them.



This unique dynamic of “increasing returns to scale” (as the Acquired co-hosts call it) made web search a winner-takes-all market.



It also ensured that whoever got the most users first would win that market, however good or bad their tech was.



We might soon learn if the same applies in crypto.



<h2 class="wp-block-heading">When one is the greatest number</h2>



Robinhood does not have the best tech in crypto — not yet, at least.&nbsp;



After announcing its new offering of tokenized stocks yesterday, CEO Vlad Tenev said Robinhood would be issuing the new tokens on Arbitrum, but only “for a short time” while it builds its own blockchain.



It might, however, have the best distribution.



Given its branding, Robinhood’s 25.9 million account holders probably represent the cohort of retail investors most inclined to give new crypto products a try.



In addition to tokenized stocks, Robinhood will be offering perpetual futures and crypto staking.



I’m guessing that Robinhood’s tech in these categories won’t be as good as, say, Hyperliquid’s and Jito’s, respectively.



But much like Google’s early revenue-sharing deals, Robinhood is doubling down on distribution by offering a “2% match” on any crypto that customers deposit.



And Robinhood’s slick, mobile-first UX could play the same role as Google’s search toolbar: a distribution shortcut that brought a complex product to the mainstream.



Unlike search, crypto is probably not a winner-takes-all business because it doesn’t enjoy “increasing returns to scale” — anyone that’s been long altcoins recently will know that the standard laws of supply and demand still apply.



But the standard laws of counting might not.



As Robert Baratheon explains in Game of Thrones, one can be bigger than five in the same way that one clenched fist is more powerful than five waggling fingers.



“One army,” he says, “united behind one leader with one purpose” will defeat five armies with five leaders and five purposes.&nbsp;



Similarly, Robinhood is betting that its unified offering of crypto services will defeat the crypto industry’s ever-growing offering of individual purposes.&nbsp;



Crypto has been arguing about this for a couple of years now: Solana is the clenched fist of monolithic blockchains and Ethereum is the waggling fingers of modular ones.



So far, that ever-heated debate has played out along technical lines: parallel execution, local fee markets, decentralized sequencers and other things I don’t totally understand.



Either approach could work, just as monolithic worked for Apple and modular worked for Microsoft.&nbsp;



And both sides can claim victories this week: Robinhood is building an Ethereum layer-2 blockchain for tokenized stock trading, and tokenized “xStocks” began trading on Solana <a href="https://x.com/blockworksres/status/1940043857842012211">today</a>.



So we might finally find out which approach to blockchains is faster, cheaper and more secure.&nbsp;



But what if it’s distribution that really matters?



If so, crypto could turn out to be a winner-takes-most kind of business.&nbsp;



Robinhood says its intention is to &#8220;make the technical part invisible&#8221; and offer &#8220;one platform for everything investing,&#8221; which sounds like a take-most-of-the-business kind of strategy to me.



Notably, that ambition was <a href="https://x.com/RobinhoodApp/status/1939701274217460047">announced</a> by a CEO in a white pinstriped suit and silk cravat at a French seaside villa in front of a Robinhood-branded pool and the Mediterranean Sea (not yet branded).&nbsp;



Could anything be further removed from crypto’s cypherpunk roots than that?



But crypto is a business now.



And distribution might make Robinhood its big winner.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/thebreakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha directly in your inbox.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/supplyshock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

The Breakdown Newsletter

The new crypto debate: Monolithic distribution vs. modular tech

Jack Kubinec

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed" target="_blank" rel="noreferrer noopener">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Nick Manannikov just graduated from Brooklyn Technical High School. Sitting in a restaurant a stone’s throw from his new alma mater, Manannikov is somewhat surprised by this fact.



“Somehow” he graduated, Manannikov told me, but for most of the past year, the long-haired teen has been building a business running Solana RPCs and validators. It involved lots of work calls and business during the school week and, this being crypto, a number of flights to conferences, including two month-long stints at Salt Lake City’s mtnDAO.



But while Manannikov may not be remembered much for his presence in the classroom, he is leaving his high school something it didn’t have before — a dedicated Solana validator.



Manannikov’s crypto company Shark Labs helped BTHS’ crypto club launch the validator, which is meant to give students “hands-on experience with running the nodes.” The high school node <a href="https://solanabeach.io/validator/Ay5AcULBRJznGEEaGm2mWziRbefETRjdfZ1kwsoXS9u">oversees</a> roughly 15,000 staked SOL.



Manannikov came to the US as a political refugee right before high school. His family was forced to flee Russia on two days’ notice after his father refused business demands made by figures with government connections, Manannikov told me.&nbsp;



After moving to the US, Manannikov combined an interest in coding with a flair for making money. He and a couple friends ran bots on the Kick streaming platform to claim giveaways the app was running to boost usage. He also got into crypto, first through NFTs and later through memecoins.



After turning a hefty profit sniping a Solana NFT collection called “Deez Nuts,” Manannikov decided to parlay his earnings into launching an RPC business, which became known as Shark Node. The startup has been successful enough that Manannikov decided to pursue it full time in lieu of college. He shares an office space on Broadway, and the business is profitable, Manannikov told me.



In the fall, Shark Labs decided to start running Solana validators. To get the new business line off the ground, the company would need to get into the <a href="https://blockworks.co/news/solana-foundation-pruning-validators-delegation">Solana Foundation Delegation Program</a>, a grant-like program for smaller validators. They narrowly missed meeting with a Solana Foundation connection at <a href="https://blockworks.co/news/solana-developers-are-reaping-vc-rewards">Breakpoint</a>, but Manannikov saw Solana Foundation executive director Dan Albert would be attending <a href="https://blockworks.co/news/lightspeed-newsletter-solana-boston">Solana Boston</a>.



“​​I was like, shit, I guess I got a hop in a bus, go there tomorrow, try to confront him in real life and be like…‘Answer our Telegram messages, please,’” Manannikov said.



Shark Labs got into the delegation program, and it has now gotten BTHS’ validator a delegation as well. Its validator-as-a-service model won’t stop in Brooklyn, either: Manannikov just <a href="https://x.com/ghostofharvard/status/1940054139192721618">announced</a> his company is partnering with 20 universities to launch dedicated Solana validators. These validators will charge no commission fees.&nbsp;



There are “no limits” in crypto, Manannikov told me. “If you&#8217;re good at what you do and you can actually execute on things, no one cares what your background is.”



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/thebreakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha directly in your inbox.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/supplyshock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

education

Brooklyn teen deploys Solana node for his high school

Casey Wagner

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance" target="_blank" rel="noreferrer noopener">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Most trade deals are apparently still in limbo, but the 90-day pause on the majority of President Trump’s “Liberation Day” <a href="https://blockworks.co/tag/tariffs">tariffs</a> is expiring soon. July 9, to be exact. 



Here’s what we know about where we stand and how tariffs continue to impact markets and monetary policy.&nbsp;



In a Fox News <a href="https://www.foxnews.com/video/6375019938112">interview</a> recorded Friday and released Sunday, Trump said that while he doesn&#8217;t intend on extending the pause, he “could.”&nbsp;



<a href="https://www.bloomberg.com/news/articles/2025-06-30/eu-to-accept-trump-s-universal-tariff-but-seeks-key-exemptions">Bloomberg</a> and <a href="https://www.reuters.com/business/eu-wants-upfront-relief-key-sectors-any-us-trade-deal-sources-say-2025-07-01/">Reuters</a>, both citing sources familiar, reported this morning that the European Union is willing to accept a trade agreement with the US (pending a few adjustments). The European Commission has agreed to a 10% tariff on several industries but asked for lower levies on a few sectors: pharmaceuticals, alcohol, semiconductors and commercial aircrafts, per Bloomberg.&nbsp;



A Canada-US deal is looking more promising after the former said it would abandon a proposed digital services tax (Trump last week called that a “direct and blatant attack” on the US). White House economic adviser Kevin Hassett told Fox yesterday that trade talks would resume “immediately.” Reuters reported that the US and Canada plan to have a deal penned by July 21.&nbsp;



China and the US entered a separate agreement in June to pause certain levies until Aug. 9, so next week’s deadline does not apply to Chinese imports.&nbsp;



While much of Washington is busy at the negotiating table, Fed Chair Jerome Powell spent Tuesday morning speaking at the European Central Bank forum in Portugal. The ECB’s Christine Lagarde said she’s very satisfied that the region’s inflation has reached its 2% target.&nbsp;



“I’m not saying mission accomplished, but I am saying target reached,” she said — adding that though there’s increased uncertainty ahead, the central bank is well equipped for the “tormented waters.”&nbsp;



If Powell, who spoke on a panel with Lagarde, is jealous of the EU hitting 2% inflation, he didn’t show it.&nbsp;



The US economy is “healthy overall,” Powell said. “If you ignore the tariffs for a second, inflation is behaving pretty much exactly as we had expected and hoped that it would.”&nbsp;



Speaking of tariffs, the moderator got a chance to ask what we’ve all been wondering: What would the Fed have done if there hadn’t been a “Liberation Day?”&nbsp;



Powell’s response was a bit guarded (did you expect anything different?), but was still fairly interesting. His full response (lightly edited for clarity) is below:



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
Moderator: Would the Fed have cut more by now if it weren&#8217;t for the tariffs?



Powell: I think that&#8217;s right. In effect, we went on hold when we saw the size of the tariffs. Essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs. So we didn&#8217;t overreact. In fact, we didn&#8217;t react at all. We&#8217;re simply taking some time.
</blockquote>
</blockquote>
</blockquote>



Trump has continued to ask Powell <a href="https://blockworks.co/news/trump-criticizes-fed-chair-powell">to cut rates</a> and now, in the final months of his term, Powell is biting back.&nbsp;



Keep an eye on your inbox for tariff deals and inflation rate updates in the coming days.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/thebreakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha directly in your inbox.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/supplyshock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Donald Trump

Tariff deadline approaches as Powell says trade policies delayed rate cut

Kate Irwin

This is a segment from The Drop newsletter. To read full editions, <a href="https://blockworks.co/newsletter/thedrop" target="_blank" rel="noreferrer noopener">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



During Robinhood’s big <a href="https://blockworks.co/news/robinhood-l2-staking-us">crypto announcements</a> in France this week, including an Arbitrum L2 chain of its own, the consumer trading app also <a href="https://www.ogcnice.com/en/article/128901/ogc-nice-and-robinhood-announce-multi-year-front-of-shirt-partnership.html">unveiled</a> a multiyear sponsorship with French soccer team OGC Nice that kicks off in the 2025/2026 season.&nbsp;



The Robinhood logo will appear across the front of team shirts, plus training and warm-up kits. Expect branded content and digital collabs, as well.&nbsp;



Robinhood will also be part of a dedicated web series with OGC Nice about financial accessibility, according to a message from a spokesperson.



“France is fast cementing its position as a global fintech hub — and it plays an important role in our international footprint,” said Robinhood Crypto SVP and GM Johann Kerbrat in a statement.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">L&#39;OGC Nice et <a href="https://twitter.com/RobinhoodApp?ref_src=twsrc%5Etfw">@RobinhoodApp</a> annoncent un partenariat pluriannuel de sponsoring pour la face avant du maillot ⤵︎&mdash; OGC Nice (@ogcnice) <a href="https://twitter.com/ogcnice/status/1939937014314607057?ref_src=twsrc%5Etfw">July 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



“This partnership represents a personal and meaningful moment for me as a lifelong football fan who studied and began my career in Nice, but it also demonstrates our commitment to growing our presence as Robinhood expands across the EU. It presents an opportunity to connect with a passionate fan base and introduce new audiences to a cutting-edge suite of financial products,” Kerbrat said.



Robinhood made some big announcements for EU customers this week including over 200 tokenized stocks and ETFs, plus perpetual futures. Prospective perp traders will have to fill out an application to be approved, though.



The duration and financial terms of Robinhood’s deal with the Ligue 1 soccer team haven’t been publicly disclosed.



The soccer and sports worlds more broadly aren’t strangers to crypto partnerships, of course. <a href="https://blockworks.co/news/fc-barcelona-nft-wallet-barca">FC Barcelona unveiled</a> an NFT avatar and crypto wallet play last month, for instance.&nbsp;



Robinhood has sponsored a few NBA teams in the past including the Washington Wizards, Memphis Grizzlies, and Miami Heat. This year, it sponsored NASCAR team 23XI.&nbsp;&nbsp;



But I still wouldn’t say crypto sports deals are booming — though maybe it’s unfair to compare the landscape to the frothiness of a few years ago.



The last time we really saw tons of them was when <a href="https://www.sportsbusinessjournal.com/Daily/Issues/2022/12/13/Technology/ftx-timeline-collapse-sam-bankman-fried-cryptocurrency-sports-sponsorships/">FTX sponsored</a> TSM esports, the MLB, two stadiums, Mercedes’ F1 team, the NBA’s Golden State Warriors, and others (which felt like a bit much, even at the time). Around that time in 2021, Crypto dot com reportedly paid $700 million to sponsor an LA-based stadium that’s now the Crypto dot com Arena.&nbsp;



Coinbase, arguably Robinhood’s biggest crypto competitor, has continued to sponsor NBA basketball. It also announced an esports <a href="https://blockworks.co/news/coinbase-sponsor-riot-games-league-of-legends-esports">partnership with Riot Games</a> earlier this year.



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International

Robinhood sponsors French soccer team OGC Nice

Ben Strack

The SEC is set to allow an index ETF holding crypto assets beyond bitcoin and ether to start trading in the US, marking another regulatory win for issuers in the segment.



NYSE Arca <a href="https://www.federalregister.gov/documents/2024/11/04/2024-25529/self-regulatory-organizations-nyse-arca-inc-notice-of-filing-of-proposed-rule-change-to-adopt-new'">filed</a> last year to list shares of Grayscale Investments’ Digital Large Cap Fund (GDLC) as an exchange-traded product. The securities regulator on Tuesday essentially <a href="https://www.sec.gov/files/rules/sro/nysearca/2025/34-103364.pdf">approved</a> that proposal.



GDLC launched as a private placement in 2018 and began publicly trading on OTC Markets the following year; it has roughly $775 million of assets under management. While 91% of the fund’s assets are allocated to bitcoin and ether, it also holds XRP, solana (SOL) and cardano (ADA).&nbsp;&nbsp;



Spot crypto ETFs have so far been limited to holding the two largest crypto assets. US spot bitcoin and ether ETFs launched in January 2024 and July 2024, respectively. <a href="https://blockworks.co/news/crypto-etf-updates-signal-regulatory-evolution">Products holding a combination of BTC and ETH</a> — issued by Hashdex and Franklin Templeton — hit the market in February.&nbsp;&nbsp;&nbsp;&nbsp;



Read more: <a href="http://v">Crypto indexes offer ‘biggest opportunity’ as SEC decision looms: Hashdex CIO</a>



Various industry observers and executives expected this approval.&nbsp;



Grayscale ETF head David LaValle said on Nate Geraci’s Crypto Prime <a href="https://cryptoprimepodcast.com/talking-crypto-etfs-with-grayscales-david-lavalle/">podcast</a> in May that he anticipated a multi-token offering would be the next crypto ETF to launch — noting “good conversations” with the NYSE and SEC.



Bloomberg Intelligence analysts James Seyffart and Eric Balchunas wrote in a note last month that they expected the SEC to greenlight the conversions of GDLC — as well as the Bitwise 10 Crypto Index Fund (BITW) — to ETFs by the July 2 deadline.



BITW, which holds 10 crypto assets, also has a heavy combined weighting (nearly 90%) to BTC and ETH.&nbsp;



“Having only small allocations to alternative coins might help their conversion bids even if the SEC hasn’t individually approved each asset for an ETF,” the Bloomberg analysts previously explained.&nbsp;



Geraci, president of The ETF Store, had shared a similar view in an X post earlier this week.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">One other thought… SEC now allows private assets in ETFs (up to 15% of holdings, though an issuer has gotten creative to exceed that). No reason to not allow 10% weighting to crypto assets besides already approved btc &amp; eth. 33 Act vs 40 Act. But still. Would be incongruent.&mdash; Nate Geraci (@NateGeraci) <a href="https://twitter.com/NateGeraci/status/1939464284574036251?ref_src=twsrc%5Etfw">June 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



It does not appear the SEC has made a ruling yet on whether the Bitwise fund can convert.&nbsp;&nbsp;



While the Grayscale crypto index fund conversion has received an initial regulatory nod, the SEC will next have to deem the product’s registration statement effective before it can uplist to an ETF.&nbsp;



The regulator is also weighing planned single-asset products that would hold SOL, for example — as well as ones that would invest in XRP, ADA, litecoin (LTC), dogecoin (DOGE), polkadot (DOT) and others. The SEC has until October to rule on a number of those.



This is a developing story. 



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SEC greenlights Grayscale crypto index fund conversion to ETF

Donovan Choy

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/0xresearch" target="_blank" rel="noreferrer noopener">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



The below picture of Ukrainian President Volodymyr Zelenskyy was from a recent NATO summit.



<figure class="wp-block-image is-resized"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcQpDmiCMb16Fq-gF22r9AYwjBxS92otQyClfWO_GXPNYYBPOSK7NZZN2LIIzE6gsMI5wyMUt9RhBPClbUxBOj0vkIXxJ8bRw12VIh1pR-8PNUan6V6uP1GsxfosDheNh9ccGDd3A?key=AnwRqr6vCbGnGEl0xq39XA" alt="" style="width:483px;height:auto"/></figure>



Is that a suit Zelenskyy is wearing?



The <a href="https://nypost.com/2025/06/25/world-news/volodymyr-zelensky-dons-suit-for-donald-trump-meeting-at-nato-summit/">New York Post</a> called it a suit, <a href="https://www.the-sun.com/news/14560567/zelensky-new-look-suit-trump-nato-summit/?utm_source=chatgpt.com">The Sun</a> called it a “slick black suit”, and <a href="https://www.reuters.com/world/zelenskiy-opts-more-formal-calibrated-wardrobe-ahead-trump-meeting-2025-06-25/">Reuters</a> called it a “suit-style jacket”.



But ChatGPT disagrees:



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
Under a narrow, traditional definition (tailored jacket with lapels + matching trousers made of the same suiting fabric), this outfit would not be called a suit. The jacket’s collar, patch pockets, utilitarian cut, and overall “field” or “workwear” styling put it outside classic suiting.
</blockquote>



Anyway, the answer to that incredibly inane question is key — there&#8217;s a <a href="https://polymarket.com/event/will-zelenskyy-wear-a-suit-before-july?tid=1751288477194">Polymarket bet</a> (&#8220;Will Zelenskyy wear a suit before July?&#8221;) with $12 million of open interest riding on it.



Unfortunately for bettors, mainstream media opinion is not the final resort of resolution on Polymarket — that decision lies with UMA token holders.



UMA whales are disputing that Zelenskyy was wearing a suit, so the market has currently cratered to a 3% implied probability of resolving to a “YES” vote now.&nbsp;



That has, hilariously, sparked activist <a href="https://x.com/Addict9Nft/status/1938912728506343441">Twitter</a> pages like “ZELENSKYY WORE A SUIT,” accusations of oracle capture, and what some are calling “Suitgate.”



I’m not here to referee Zelenskyy’s wardrobe debate.



I only wish to point out that newer prediction markets are catching on to this problem and innovating new ways to mitigate this “buy-the-truth” problem that can emerge on UMA.



<h2 class="wp-block-heading">Inside XO Market</h2>



Take XO Market, an upcoming prediction market built as a sovereign appchain using Celestia for data availability.



To eliminate oracle capture, XO Market’s oracle system is designed to be AI-first. The oracle queries “trusted APIs” and “uses algorithmic data retrieval and machine learning to quickly determine objectively verifiable outcomes,” according to its <a href="https://drive.google.com/file/d/1-jVRlM2zNQ8jlwlmX2MW1nORoM0tcpJM/view">whitepaper</a>.



Only in the event of a rare dispute does the resolution kick up to a similar jury system, where staked XO token holders are randomly selected to decide. Quadratic voting mechanisms are also implemented to deter the influence of any single large token holder from dominating a market’s outcome.



Then the market resolves in accordance with majority vote. Minority token holders are slashed.



XO Market also wants to be permissionless, in contrast to Polymarket or Kalshi where markets are subject to approval from central gatekeepers.



Think a marriage between pump[dot]fun and Polymarket, Ali Habbabeh, co-founder of XO Market, tells me.



Any user with a hot take can draft a question, define resolution criteria, choose any collateral, and set a fee to earn on all trades, so good questions become a revenue stream.



Allowing creators to use any token they wish leads to liquidity fragmentation, but it also enables different communities to introduce utility to their own tokens through what Habbabeh likes to think of as “conviction markets.”



To bootstrap liquidity for a long tail of niche markets, XO depends on a kind of adaptive liquidity AMM, or what some may remember as Augur’s Liquidity-Sensitive Logarithmic Market Scoring Rule (LS-LMSR).



The general idea is that creators start by seeding a market for a few dollars, then graduate to deep liquidity over time as trading volume increases.



This design lies in contrast to Polymarket’s liquidity model that relies on professional market-makers. Niche markets are therefore ignored until makers are convinced it is worth their capital.



“LMSR was very compute intensive and that&#8217;s why Augur died,” Habbabeh tells me, “It&#8217;s the best pricing algorithm for prediction markets and nobody&#8217;s using it.”



An orderbook may be eventually used for when adoption scales, he added.



XO Market is launching open alpha this week.



The team recently emerged as one of the winners at Celestia’s Mammothon hackathon and subsequently closed a $500,000 pre-seed round led by Cyber Fund and Delphi Ventures.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">💭 <a href="https://twitter.com/xodotmarket?ref_src=twsrc%5Etfw">@xodotmarket</a>: A social media-powered prediction market via <a href="https://twitter.com/privy_io?ref_src=twsrc%5Etfw">@privy_io</a>. <a href="https://t.co/D4QvoPZOh2">pic.twitter.com/D4QvoPZOh2</a>&mdash; Celestia 🦣 (@celestia) <a href="https://twitter.com/celestia/status/1902752214558621865?ref_src=twsrc%5Etfw">March 20, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h3 class="wp-block-heading">The prediction markets landscape</h3>



XO Market’s alpha launch comes in the backdrop of both Polymarket and Kalshi achieving unicorn status.



Bloomberg reported last week that Polymarket was <a href="https://www.bloomberg.com/news/articles/2025-06-24/polymarket-is-set-to-raise-funding-at-1-billion-valuation">raising</a> $200 million at a $1 billion valuation. Kalshi, on the other hand, recently closed a Paradigm-led $185 million round at a $2 billion valuation.



Polymarket’s open interest has held generally steady at the $100 million-$120 million mark in the last several months.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXddJXqCeULzxZ0l7t1L_F-ydx93eJyLVahKtLG9JhViU4ayTdexiSt9wBOPBkKgPSLm-4KQZJYErsARj7ty4nqdgGc2iSpalV4TkijJxE0TZKmSEsItzkmYcIRVLKc0dVS0E-n6ag?key=AnwRqr6vCbGnGEl0xq39XA" alt=""/></figure>



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0xResearch Newsletter

Permissionless prediction market XO Market raises $500K in pre-seed round

David Canellis

This is a segment from the Supply Shock newsletter. To read full editions, <a href="https://blockworks.co/newsletter/supplyshock" target="_blank" rel="noreferrer noopener">subscribe</a>.



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The Mount Rushmore of Bitcoin. Who’s on it?



Definitely Hal Finney. Jack Dorsey, probably. Adam Back? Maybe Tim Draper, or Ross Ulbricht.



Whoever you choose, there had better be room for Tyler and Cameron Winklevoss.



For the real Mount Rushmore, each of the four presidential heads is meant to represent one of the following: the founding of the US, its expansion, its development, and its preservation.



The Winklevoss twins would best fit into the second slot of the Bitcoin version. Expansion.



Whereas Thomas Jefferson <a href="https://americanexperience.si.edu/historical-eras/expansion/">brokered</a> the Westward Expansion — buying the Louisiana Territory from France for a cool $15 million, instantly doubling the size of the country — the Winklevoss twins sought to rapidly broaden Bitcoin’s influence with its first ETF.



Exactly 12 years ago today, the brothers <a href="https://www.wired.com/2013/07/winkelvoss-bitcoin/">filed</a> for what they called the Winklevoss Bitcoin Trust — a first-of-its-kind exchange-traded fund sponsored by the twins’ firm, Math-Based Asset Services, to the tune of $20 million in bitcoin (200,000 BTC).



One percent of BTC was about $11 million in July 2013, when each coin was worth $120, putting the Winklevoss’ unit count at around 100,000 BTC ($10.65 billion today).



The brothers had, three months earlier, <a href="https://archive.nytimes.com/dealbook.nytimes.com/2013/07/01/first-name-in-the-first-fund-for-bitcoins-winklevoss/">disclosed</a> that they’d quietly accumulated 1% of bitcoin’s circulating supply via their family office, Winklevoss Capital.&nbsp;



“We have elected to put our money and faith in a mathematical framework that is free of politics and human error,” Tyler told the New York Times. Initially, each share would be worth 0.20 BTC, worth about $24 at the time and $21,000 currently.



Under the surface, the Winklevoss Bitcoin Trust would’ve mirrored SPDR Gold Shares (GLD), with in-kind redemption, fees paid in BTC, and private keys to the Trust’s coins held under physical custody in bank vaults.&nbsp;



The bitcoins were to be managed by a unit of Delaware Trust Company before the Winklevoss’ own Gemini was named in later filings.&nbsp;



It was a bold first attempt at bringing bitcoin out of the more obscure financial fringes of the internet and into everyday brokerage accounts, or as the <a href="https://www.sec.gov/Archives/edgar/data/1579346/000119312513279830/d562329ds1.htm">prospectus</a> dryly put it: “The Shares are designed for investors seeking a cost-effective and convenient means to gain exposure to Bitcoins with minimal credit risk.”



The SEC took four years to formally <a href="https://www.forbes.com/sites/laurashin/2017/03/10/sec-rejects-winklevoss-bitcoin-etf-sending-price-tumbling/">reject</a> the Winklevoss proposal. Any exchange offering bitcoin ETFs would need “surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated,” the SEC said in March 2017. The move sunk the price of bitcoin by 18% at worst, but it quickly recovered and then some.



Bitcoin-backed ETFs would only <a href="https://blockworks.co/news/blackrock-bitcoin-etf-1b-inflows">arrive</a> on US exchanges seven years later, in January 2024, almost eleven years after the original Winklevoss proposal.



A long time, to be sure, but it’s still three years faster than it took to sculpt Mount Rushmore nearly a century prior.&nbsp;



And while the Winklevoss brothers never ended up launching their own ETF, Gemini is the <a href="https://www.gemini.com/blog/gemini-named-as-custodian-on-vanecks-newly-launched-spot-bitcoin-etf">custodian</a> for VanEck’s bitcoin ETF, HODL, and has <a href="https://blockworks.co/news/gemini-files-confidential-s1-with-sec">recently</a> confidentially filed for an IPO.



All good news for the Winklevosses. Now, all we need is to bring back “Math-Based Asset Services” — easily the coolest name for a Bitcoin company we’ve ever known.



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Bitcoin

Why the Winklevoss bros should be on Bitcoin’s Mt. Rushmore

Macauley Peterson

Botanix Labs has officially launched its mainnet, introducing what it calls the first fully decentralized, EVM-equivalent Bitcoin layer-2.&nbsp;



Live today, Botanix promises Bitcoiners access to DeFi features familiar to Ethereum users — such as trading, borrowing, lending, staking, LPing — but denominated natively in Bitcoin, with transaction finality in five seconds and average fees around $0.02.



Unlike typical federated sidechains or custodial bridges, Botanix relies on a novel security model called <a href="https://blockworks-research.beehiiv.com/p/spiderchain-bitcoin-l2-multiverse">Spiderchain</a>. This design uses BTC-staked Orchestrator nodes, selected via randomness sourced from Bitcoin block hashes, to manage a rotating multisig peg-in/peg-out system. State transitions are also anchored back to Bitcoin itself.



This combination of <a href="https://blockworks.co/tag/proof-of-stake/">proof-of-stake-style</a> incentives with direct <a href="https://blockworks.co/tag/bitcoin">Bitcoin</a> anchoring, aims to provide a middle ground between Ethereum’s flexibility and Bitcoin’s security principles.



Earlier this week, Botanix finalized its <a href="https://blockworks-research.beehiiv.com/p/fixing-token-holder-protections">founding 16-node federation</a>, featuring <a href="https://blockworks.co/tag/galaxy-digital">Galaxy</a>, <a href="https://blockworks.co/tag/fireblocks">Fireblocks</a>, and <a href="https://blockworks.co/tag/alchemy">Alchemy</a>, among other recognizable names. The governance transition removes operational control from Botanix Labs, distributing consensus and custody among independent operators. The network is designed to expand into a permissionless set of over 100 nodes by next year.



For users, the Spiderchain peg offers a crucial promise: fast exit back to Bitcoin itself, according to Willem Schroé, CEO and co-Founder of Botanix Labs:



“One of the interesting things about the Spiderchain is you can immediately withdraw back to Bitcoin, so you won&#8217;t have any liquidation or redeemability risks,” Schroé told Blockworks.



That design choice directly addresses longstanding criticisms of wrapped bitcoin models on Ethereum, which depend on either centralized custodians to process redemptions, opaque validator sets, or multi-day unbonding periods. Botanix’s rotating multisig aims to make these risks transparent, economically secure, and Bitcoin-native, in the sense that you can exit to Bitcoin permissionlessly.



Beyond bridging, Botanix aims to distinguish itself via a mainnet-ready DeFi ecosystem. For example, at launch, <a href="https://blockworks.co/price/gmx">GMX</a> and <a href="https://blockworks.co/price/dolo">Dolomite</a> are live, enabling spot and perp trading, lending, and borrowing, as are <a href="https://blockworks.co/news/chainlink-integration-bitcoin-l2-spiderchain">Chainlink feeds</a>.



The network also supports novel Bitcoin-native protocols like Rover and Palladium. Rover enables liquid staking of BTC itself, with yields funded directly by network gas fees. Unstaking remains possible without delay.



“All our gas fees are in Bitcoin,” Schroe said. “50% of all the gas fees go to a singular staking vault where you can stake your Bitcoin.”



Jerry Pio, head of partnerships at Rover developer Hydrogen Labs, was attracted by Botanix’s bitcoin-focus.



“It&#8217;s the least ruggable of all Bitcoin L2s, given the peg-in/peg-out mechanism, the Spiderchain architecture,” Jerry told Blockworks.



Palladium, meanwhile, is launching as a CDP-style protocol, based on <a href="https://blockworks.co/podcast/0xresearch/1766969a-7aa9-11ef-8787-df917c89931b">Liquity</a> V1, where users can borrow a stablecoin, PUSD, interest-free, backed by BTC collateral. That opens up the kind of composable credit layer that has defined DeFi on Ethereum, but without introducing a non-Bitcoin collateral.



As for adoption, Botanix is rolling out a large-scale promotional campaign that pays homage to Bitcoin’s early culture. Users can claim free <a href="https://blockworks.co/news/bitcoin-faucet">BTC via faucet-style</a> giveaways and explore “Bitcoin 2100,” a retro-futuristic video game world that introduces the dapps live on Botanix.



Seeing is believing, as Schroé put it:



“The moment you see your Bitcoin move at 5-second block times [and] you see these applications, that&#8217;s when you start to realize, damn, things are actually happening.”



By combining Bitcoin’s security model with Ethereum’s virtual machine, Botanix is betting that its architecture facilitates a DeFi ecosystem that Bitcoiners will actually use, seeing it as a way to do more with their BTC without sacrificing the principles that made Bitcoin worth building on in the first place.



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Botanix, a Bitcoin-based EVM chain, reaches mainnet

The experience users have when interacting with onchain apps and wallets is one of the biggest barriers to crypto adoption. The tools exist, the infrastructure is maturing but what we’ve lacked is alignment. A shared understanding of what “great” actually looks like.



That’s why we launched WalletConnect Certified.



Since Round 1 debuted at DevCon 2024, Certified has become a benchmark for wallet quality, a clear, community-driven standard for user experience, integration, and security. Think of it as the “DappRadar for wallets”: a signal users can trust, and a framework developers can build toward. And with the launch of Round 2, we&#8217;re raising the bar again.



WalletConnect Certified is not just a recognition program, it’s a movement to improve how users onboard, transact, and engage across the onchain ecosystem. It reflects a simple belief: if we want to scale trust and usability, we need shared expectations and consistent experiences.



Round 2 welcomes 9 new Certified wallets, including, Fireblocks, CTRL, Blockchain.com, Rakuten, BitPay, xPortal, Bitcoin.com, Bifrost, and Best alongside returning leaders like Safe, Trust Wallet, Zerion, Ledger, Binance Web3 Wallet, and many others.



Each Certified wallet has met rigorous criteria, including:



<ul class="wp-block-list">
<li>Top 50 ranking by users and activity on the WalletConnect Network</li>



<li>Support for Bitcoin, Ethereum, and Solana (where applicable)</li>



<li>Link-mode integration for instant mobile connections without QR codes</li>



<li>One-click wallet authentication (1wCA) for secure, passwordless logins </li>
</ul>



These features aren’t nice-to-haves, they’re the foundation of a better user experience. And they represent the kind of usability that will unlock the next wave of onchain adoption.



Certification is more than a badge. It&#8217;s a commitment to building wallets that are not only secure and performant, but intuitive for everyday users. For developers, it’s a reference point, a practical checklist for excellence. For users, it’s a mark of confidence when choosing where to custody their assets or sign in to apps.



The most important part? Certified is community-first. The standards are shaped in collaboration with wallet teams, developers, and partners across the ecosystem. And as we grow, that collaborative spirit will remain central.



Round 3 is already in motion. We&#8217;re inviting all wallets to apply and contribute to the evolving standard. Improving onchain UX isn&#8217;t something any single team can solve. It takes all of us.



If we want crypto to scale beyond early adopters and bring in the next billion users, we need to make wallets and apps that feel effortless, familiar, and safe. WalletConnect Certified is one step in that direction and a signal that the industry is ready to move forward together.



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Raising the standard for onchain UX with WalletConnect certified

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<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“We are the best place in the world to fail.”



— Jeff Bezos
</blockquote>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1438" height="762" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/06/image-5.png?w=1024&amp;h=1024" alt="" class="wp-image-104617" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/06/image-5.png?w=1438 1438w, https://blockworks-co.imgix.net/wp-content/uploads/2025/06/image-5.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/06/image-5.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/06/image-5.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/06/image-5.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/06/image-5.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/06/image-5.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/06/image-5.png?w=80 80w" sizes="auto, (max-width: 1438px) 100vw, 1438px" /></figure>



<h2 class="wp-block-heading">Crypto markets can win by frequently failing</h2>



Charlie Munger once said that in 50 years of reading Barron&#8217;s, he had found just one investable idea.



It was an unusually good one, though.



After a Barron’s article caught Munger’s eye in 2020, he spent just 90 minutes researching the auto parts company Tenneco before investing around $5 million.



Two years later, Tenneco was taken private at 15 times the price Munger had paid.



Munger then rolled his $80 million windfall into a fund managed by his friend, Li Lu, who more than quadrupled his money from there.



“So I have made $400 or $500 million reading Barron&#8217;s for 50 years and following one idea,” Munger concluded.



The twofold moral of the story, he implied, is that 1) it only takes one great idea to make it big, and 2) you should ignore all the others while you wait for it.



“The trick in investing,” Warren Buffett liked to say, “is just to sit there and watch pitch after pitch go by and wait for the one right in your sweet spot.”



I&#8217;m not sure how actionable that advice is for us mere mortals of investing; few of us will be able to pick out the one winner in 50 years of Barron&#8217;s articles.



But we can take heart in the idea that one big winner can more than offset a lot of our inevitable losers.



This is even more true in business.



In baseball, to extend Buffett’s analogy, swinging for the fences can only ever earn you four runs.



In the stock market, you might get the occasional “10-bagger” (or maybe even a 15-bagger, like Munger’s Tenneco investment), but not much more.



In business, however, “that upside isn’t really capped,” as Jeff Bezos explains. “Every once in a while in business, you step up to the plate, you swing as hard as you can, and you get 1,000 runs.”



Bezos was always swinging as hard as he could.



Unlike Munger, he usually struck out.



Worse yet, many of the pitches he swung and missed on seem a bit ridiculous in hindsight.&nbsp;



At one point, Bezos hired staff jewelers to craft custom rings over an open flame on the mezzanine of an Amazon fulfillment center in Kentucky because he briefly believed that the retail jewelry market was the key to Amazon’s future.



Personalized “zShops,” auto retailing, partnering with Toy“R”Us, and no-checkout stores are among Bezos’s other passing enthusiasms that failed to get anyone else enthused.&nbsp;



His investing track record wasn’t much better.



Bezos used money raised in Amazon’s 1997 IPO to make venture-capital investments in Drugstore.com, Pets.com, Gear.com, Wineshopper.com, Greenlight.com, Homegrocer.com, and Kozmo.com, all of which, perhaps predictably, turned out to be losers.



(A seed-round investment in Google was a giant winner, but he made that one with personal money.)



In other cases — such as auctions, search engines, and mobile phones — he picked a reasonable pitch to swing at, but whiffed.



He never regretted the misses, however, because if he wasn’t so willing to swing hard at seemingly every pitch, Amazon wouldn’t be anything more than an online bookstore.



From the beginning, he was always looking for opportunities to become much more than that.



When an employee suggested a subscription service for unlimited free shipping, for example, Bezos not only adopted the idea, he committed Amazon to losing an unknowable amount of money to make it not just a big bet, but a transformational one.



Similarly, when Amazon engineers began working on an early version of cloud computing — while they were still unsure it could work — Bezos demanded that they think bigger: &#8220;This has to scale to infinity. Infinity!&#8221;



Amazon Web Services does now effectively scale to infinity, which makes Bezos look like a prescient tech genius.



But he was equally high-conviction on all of his misses, too, which suggests that his real genius was in his willingness to always swing so hard — just in case he hit something.



That strategy won’t work for most of us; we’d all quickly go bust if we invested as aggressively as Bezos.



But the best financial markets encourage this kind of risk taking — where would we be without business founders willing to take irrational risks?



We’re fortunate that every entrepreneur wildly overestimates their odds of success because society captures the uncapped upside of all that risk-taking without bearing any of the downside risks.



At its best, crypto will enable more of this.&nbsp;



During Permissionless last week, I heard, for example, that “AI arbitration” would be a perfect use case for crypto; that crypto will turn data into an asset class; that decentralization is the only way to audit artificial intelligence; and that “DeSci” might accelerate the development of personalized medicine.



Whatever the investment merits of these ideas may be, I find it notable that they’re being floated at all, because the stock market, with all its centralized gatekeepers, is unlikely to encourage these kinds of bets.&nbsp;



Not that “permissionless capital markets” are perfectly decentralized. Far from it.&nbsp;



But they are permissionless in the sense of allowing anyone to take a swing at building something significant, and allowing anyone to back them.



It might be a long wait still for the next big crypto hit, of course.



In addition to finding just one investable idea in 50 years of reading Barron’s, Munger also said he read Fortune magazine for 60 years without finding any at all.



No one has that kind of patience in crypto.



But Permissionless capital markets could be well suited to the Bezos model of swinging hard at every reasonable pitch that comes by, no matter what the odds of connecting.



Like Amazon, crypto could win by being the best place to fail.



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Crypto markets can win by frequently failing

Jeff Albus

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed" target="_blank" rel="noreferrer noopener">subscribe</a>.



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On Friday, the SEC <a href="https://x.com/EricBalchunas/status/1938752099564560864">informed</a> REX Shares and Osprey Funds that it had “no further comments” on their solana staking ETF filing.



In ETF regulatory parlance, industry watchers often view that phrase as the SEC’s implicit greenlight. It’s the same wink-and-a-nod that preceded the <a href="https://blockworks.co/news/sec-approves-bitcoin-etf">launch</a> of spot bitcoin ETFs from BlackRock, Fidelity and others.



Essentially, the review is done. Fire when ready. According to <a href="https://x.com/REXShares/status/1939724797111304346">a post on X</a>, the fund will begin trading this Wednesday, July 2.



The product, officially titled the REX-Osprey Solana and Staking ETF, would be the first US ETF to offer investors exposure to Solana’s price movements alongside native staking rewards.



Unlike traditional crypto trusts, this ETF is <a href="https://www.rexshares.com/rex-osprey-etfs/">structured</a> under the Investment Company Act of 1940 using a C-corporation format, which allows staking income to flow through to investors without triggering regulatory red flags around yield, taxation or custody.



That structure was the hurdle.



When treated as ordinary income, staking rewards had proven incompatible with trust-based fund models, which couldn’t easily distribute variable staking yields.



On May 30, the SEC asked REX and Osprey to delay the effective date of their registration statements, <a href="https://blockworks.co/news/sec-staking-etf-objection-implications">citing unresolved concerns</a> over whether the proposed fund structures met the definition of an “investment company” under the 1940 Act.



Bloomberg’s James Seyffart <a href="https://x.com/JSeyff/status/1928543214530683328">noted</a> at the time that the funds’ “unique” C-corp format could bypass the typical 19b-4 rule-change process, and the SEC’s silence on the C-corp workaround now appears to validate it as a compliant solution.



REX Shares, stretching for its victory lap, has already begun <a href="https://x.com/REXShares/status/1938719417258647982">publicly teasing</a> the ETF as “coming soon.” Meanwhile, analysts like Eric Balchunas weighed in: “They are good to launch it looks like. Wow,” he <a href="https://x.com/EricBalchunas/status/1938752099564560864">posted</a> on X.



Until now, <a href="https://blockworks.co/analytics/solana/solana-supply-staking-and-validators">access to staking</a> meant handing tokens over to a crypto exchange or configuring your own validator setup. This ETF dramatically lowers that barrier.



For the first time, traditional investors may gain passive Solana exposure plus staking yields using the same brokerage account they use for stocks or index funds.



That leap in accessibility is precedent-setting. Several Ethereum-staking ETFs are queued behind this one, and Solana’s approval now offers them a roadmap. Though let&#8217;s be clear — Ethereum’s staking mechanics (like slashing and its longer unbonding period) will add complexity.



I think we can now also say that, at least under the present administration, the SEC was never trying to block staking outright. It just needed the right wrapper: one that could handle yield, taxes, custody, and compliance in a way that TradFi understands.



And while REX and Osprey aren’t quite household names in the way that <a href="https://x.com/pete_rizzo_/status/1920909692563239283">BlackRock</a> is, they now hold the first-mover advantage in what could become a multibillion-dollar ETF category.



The timing also coincides with a rise in staking momentum, with Jito, the Solana-based liquid staking and MEV protocol, <a href="https://app.blockworksresearch.com/analytics/solana?dashboard=131">up 5.7%</a> today. Meanwhile, Robinhood just <a href="https://x.com/0xMert_/status/1939720784185839810">launched</a> its own in-app SOL staking, offering retail investors a direct alternative.



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ETFs

SEC clears way for first Solana staking ETF

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance" target="_blank" rel="noreferrer noopener">subscribe</a>.



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In the 1980s, Ric Edelman started what is now called Edelman Financial Engines — a registered investment adviser that had $287 billion assets under management at the end of Q1. He’s now recommending a 10% allocation to crypto for conservative investors.&nbsp;



That should go up to 25% and 40% for those with moderate or aggressive risk appetites, respectively, he advised in a report earlier this month. An excerpt is below:&nbsp;&nbsp;



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfJI_umRSaqZhtBgPATTc1J2FsaZ89W4yQs5ufpSnKlTRSG8qZ6RgPzFxHFXX3akaA8Z7nDTf_E4fPbG3mO83cBdtGueASM4DbRpXTAwfahj1L44rBjhUkXSxrz9Z-jhCXFkU-d?key=CQQjHWZiLz6MTvfVBls3nA" alt=""/></figure>



Bloomberg Intelligence analyst Eric Balchunas labeled Edelman “Mr. RIA” in an<a href="https://x.com/EricBalchunas/status/1939647937472053509"> X post</a> — calling his statement “arguably the most important full throated endorsement of crypto from TradFi world<a href="https://blockworks.co/news/blackrock-fink-bitcoin-dollar"> since Larry Fink</a>.”



It’s worth noting that Edelman has been bullish on crypto for years, creating the Digital Assets Council of Financial Professionals in 2018. He said this month he expects BTC to hit $500,000 by 2030.&nbsp;



Still, it’s a dramatic increase from when Edelman, in his 2021 book The Truth About Crypto, recommended a 1% allocation. We had heard of<a href="https://blockworks.co/news/advisers-bitcoin-etfs-client-portfolios"> adviser allocations to bitcoin ETFs</a> ranging from 1% to 10%, and BlackRock in February started allocating 1-2% of the assets in its alternatives-focused model portfolios to its IBIT offering.



Unlike four years ago, there’s no risk the US government could ban crypto (and it actually supports the space), Edelman told me. Bank and brokerage firms can also now trade and custody crypto, allowing the adviser community to participate. Crypto has survived scandals and institutional engagement has begun, he added.



“A 40% allocation today is actually safer than a 1% allocation was four years ago,” Edelman said.



The financial pro has lots of chats with advisers, senior firm management and individual investors.&nbsp;



“Some are crypto-curious with no established view,” Edelman explained. “Others are skeptics, and some are downright hostile.”



As he put it, there are those who stubbornly resist (i.e. anti-MAGA folks who frame crypto in a political way, or those who don’t understand modern portfolio theory). But much of the “hostile” group can be converted by simply shifting their focus away from crypto and toward their business.



“Demonstrating that crypto can help them attract more clients, AUM and referrals is powerful commentary,” Edelman noted. (<a href="https://blockworks.co/news/tradfi-crypto-vanguard-stands-apart-bitcoin">He has told me</a> he expects crypto skeptic/fund giant Vanguard to ultimately reverse its anti-crypto policy position, too.)



When following up with Edelman on his latest allocation advice, I wanted to clarify what type of crypto exposure he was referring to. He leaves that to the adviser or investor, he said, as preferences range (BTC only, a mix of several tokens, crypto-linked equities, etc).&nbsp;&nbsp;&nbsp;



Digital asset investment products notched net inflows of $2.7 billion from June 23-27, CoinShares data<a href="https://blog.coinshares.com/volume-240-digital-asset-fund-flows-weekly-report-35a6ac1da67c"> shows</a> — marking an 11th straight inflow week for the segment. While the bulk of that capital flowed into bitcoin products ($2.2 billion), $429 million went to ether offerings.&nbsp;&nbsp;&nbsp;



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcOQsEF1RArSQprqX23mMQPh-heMuGVVk-FadYF0ADLeghiI2NjzN7elYqp_O8yNvRPEA632coGB47d8e8Ged47qiCAwdTV-DwLLmA9EDYsnLeUGcgHvXLLqawlWBdnwbDEMlNjxA?key=CQQjHWZiLz6MTvfVBls3nA" alt=""/></figure>



On the crypto stock front,<a href="https://blockworks.co/news/circle-shares-nyse-day-one"> Circle’s IPO</a> earlier this month clearly piqued both institutional and retail interest (its stock price was ~$180 this afternoon. There’s Coinbase, Strategy and Robinhood too, of course — with COIN, MSTR and HOOD having seen year-to-date gains around 37%, 34% and 134%, respectively.&nbsp;



HOOD stock was up 11% on Monday, as of 1:30 p.m. ET, after sharing some tokenized stock news.



A related update: Kraken, which signaled it would soon<a href="https://blockworks.co/news/kraken-tokenized-stocks-tradfi-crypto"> offer tokenized US stocks and ETFs</a> to non-US investors, went<a href="https://blog.kraken.com/product/xstocks/tokenized-equities-now-available"> live</a> with that today.If you missed my Permissionless/tokenization piece from Friday,<a href="https://blockworks.co/news/tokenization-superpowers-access-permissionless"> here you go</a>. Until next time.



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Forward Guidance newsletter

Why an RIA founder is suggesting a 10-40% crypto allocation

This is a segment from The Drop newsletter. To read full editions, <a href="https://blockworks.co/newsletter/thedrop" target="_blank" rel="noreferrer noopener">subscribe</a>.



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Frustrated owners of Ledger’s Nano S hardware wallet aren’t happy the company will <a href="https://developers.ledger.com/docs/news">no longer provide updates</a> for the nearly decade-old device.



For some, hardware wallets are intended to be a way to safely HODL crypto for many years — sometimes decades. At least that’s (in theory) what many users want to do, so the potential for long-term cold storage is one of the main appeals of a hardware wallet.



But Ledger retired its Nano S device in 2022 and is now in the process of phasing out support for it. The Nano S was released in 2016, meaning it was sold for six years.



I spotted dozens of frustrated, confused, and angry comments on CT from crypto traders unsure about what the move means. They called the Nano S sunset “<a href="https://x.com/pcaversaccio/status/1937908615261700349">uncool</a>” and “<a href="https://x.com/YorkDucks/status/1938617817240395832">scammy</a>,” while others <a href="https://x.com/zachherbert/status/1938364193700450395">raised</a> concerns about the device’s security going forward if any possible bugs are left unaddressed.&nbsp;



For some customers, it may also raise questions about whether they’ll need to keep buying new hardware wallets every five to 10 years if more older models are deprecated in the future. While older Ledger wallets cost around $100 each, newer models like the Ledger Flex are $250 and the Ledger Stax is $400. The Nano X is $150.



In response to the confusion, Ledger repeatedly <a href="https://x.com/Ledger/status/1938911425063227809">said</a> that while updates for the device are being phased out, the wallet will “still work.” The company is recommending users buy a newer device, though (and is <a href="https://x.com/Ledger/status/1938862606875341023">offering</a> Nano S owners 20% off to upgrade to a wallet that’s still being updated).



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">👉 Your Ledger Nano S still works, and the Ledger Nano S Plus remains fully supported. The Nano S had an incredible run, it was officially retired in 2022. Since then, we’ve been gradually phasing out its full support. 🧵 <a href="https://t.co/OqFNsHL9ti">pic.twitter.com/OqFNsHL9ti</a>&mdash; Charles Guillemet (@P3b7_) <a href="https://twitter.com/P3b7_/status/1938247864322347032?ref_src=twsrc%5Etfw">June 26, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Ledger CTO Charles Guillemet explained that technical issues played a factor in the decision to sunset updates for the Nano S — as well as the reality that crypto use cases and the sheer number of chains have greatly increased since 2016.



“Memory is its primary constraint,” he <a href="https://x.com/P3b7_/status/1938247868671820068">said</a> of the Nano S. “Initially robust, the rapid growth of blockchains means the Ledger Nano S can’t support new applications, feature submissions, or app updates. The LedgerOS, Bitcoin, Ethereum and Exchange apps alone nearly fill its 320KB memory, leaving very little room for anything else.”



He explained that the Nano S can’t support clearer transaction signing messages, swaps on some chains, language packs, or features like Transaction Check and Ledger Sync.



“BTC, ETH, and other major apps will remain functional on the Ledger Nano S for the foreseeable future. It still supports essential actions like sending, receiving, buying, selling, and swapping,” Guillemet said.



The company also <a href="https://x.com/Ledger/status/1939232198730690969">confirmed</a> that bitcoin transactions will continue to work on the Nano S “for the foreseeable future,” unless major changes were made to the Bitcoin protocol itself — in which case it would warn customers in advance.&nbsp;



The Nano S Plus, Nano X, and other Ledger devices are still being supported — for now.



I’ve reached out to Ledger for additional comment.



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Ledger

Ledger faces backlash over ending Nano S hardware wallet support

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/0xresearch" target="_blank" rel="noreferrer noopener">subscribe</a>.



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Kadena announced at EthCC in Cannes that its long-planned Chainweb EVM testnet is live. Unlike Ethereum L2s that promise scaling via rollups, Chainweb EVM runs on Kadena’s <a href="https://docs.kadena.io/smart-contracts/basic-concepts#chainweb-and-parallel-chains">braided proof-of-work architecture</a>, designed to scale horizontally without fragmentation from discrete sequencers or bridges.



The result, according to Stuart Popejoy, Kadena co-founder and CEO, is “seamless EVM compatibility without compromising decentralization or throughput.”



“This is vanilla EVM with Pectra, so you can deploy today right now onto our chains,” Popejoy <a href="https://www.youtube.com/watch?v=yvgDmvsDC2A">told</a> the audience in Cannes at EthCC today.



Chainweb EVM initially runs five parallel <a href="https://blockworks.co/tag/evm">EVM</a> chains on testnet, with Kadena&#8217;s architecture allowing this number to grow with demand, while still maintaining sub-cent transaction fees. As Popejoy explained:



“Every time we add chains, the throughput goes up linearly for that amount,” Popejoy said. “So for instance, when we went from 10 to 20 chains, our throughput doubled.”



Kadena’s existing chains run Pact, the network’s native smart contract language, designed to prioritize security, auditability, and formal verification. Unlike Solidity (which is Turing-complete and can express anything at the cost of complexity), Pact is intentionally Turing-incomplete.



But like so many L1s and former L1s which have <a href="https://blockworks.co/news/cosmos-canonical-evm">adopted the EVM</a>, the network effects of Ethereum’s virtual machine — especially for things like tooling and wallets — are hard to disrupt. Just today, there were additional EVM <a href="https://x.com/cosmos/status/1939698692178464945">launches</a> from heavyweights Ripple and TON, using the Cosmos stack.



Kadena is pitching its <a href="https://blockworks.co/tag/proof-of-work-2">proof-of-work</a> roots as a feature, not a bug:



“Proof-of-work is still the most secure and the most decentralized consensus technology out there,” Popejoy said, although this is <a href="https://arxiv.org/abs/2401.14527">debated</a>. “It eliminates the need for sequencers&#8230;and it&#8217;s a far more secure architecture.”



But the real question is whether developers and users will come. Kadena knows that onboarding Solidity developers will require overcoming significant UX complexity across multiple chains. Asked how they plan to abstract this complexity away, Popejoy said:



“Since its launch in 2020, Kadena’s multichain architecture has uniquely allowed dApps to scale linearly with demand&#8230;With our upcoming Chainweb EVM launch, we’re bringing this technology to Solidity developers, both by adapting techniques from Pact as well as working with builder partners to leverage advanced account abstraction and gas station functionality arriving with the Pectra EVM upgrade.”



To help bootstrap the ecosystem, Kadena is putting up real money: a $50 million grant program, half of it earmarked for Solidity-based dapps, AI integrations, and half for <a href="https://blockworks.co/tag/real-world-assets">real-world asset</a> (RWA) tokenization.



On the RWA side, Kadena is trying to differentiate with a compliance-first approach, according to chief business officer Annelise Osborne.



&#8220;From the outset, we have taken a deliberate and thoughtful approach in designing our Real World Assets (RWA) Token Standard to meet the complex needs of regulated entities seeking to tokenize assets on a public blockchain,&#8221; Osborne told Blockworks. &#8220;Our standard draws on the widely recognized ERC-3643 (T-REX) protocol and integrates <a href="https://docs.onchainid.com/">ONCHAINID</a>, enabling compliance features directly within token contracts.&#8221;



Even with grants and ambitious claims, Kadena&#8217;s challenge is clear: can they attract enough developers and users to sustain real activity once those incentives dry up?&nbsp;



“The goal isn&#8217;t just to be another EVM option,” Popejoy told Blockworks, but rather “the place where DeFi developers go when they&#8217;re tired of dealing with high fees, slow transactions, and complex bridging.”



Although Popejoy touts “an unparalleled EVM user experience,” Kadena’s <a href="https://www.kadena.io/perspectives/the-advantages-of-kadena-s-proof-of-work-mining">30-second block times</a> may feel slow compared to most L2s or the UX on, say, Solana or Sui.



The next few months on the road to mainnet should be telling.



“If we can nail that developer experience, where you get all the familiarity of Ethereum but with our performance and security, that&#8217;s when we know we&#8217;ve succeeded,” Popejoy said.



Correction, June 30, 2025 at 4:35 pm ET: Updated Annelise Osborne&#8217;s job title, and quote attribution.



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Kadena makes its play for Ethereum’s devs

Injective took a significant step forward at the Injective Summit, where it announced three game-changing developments: iBuild, a no-code platform that lets anyone build Web3 apps using simple text commands powered by AI; a brand new Injective Revenue Fund alongside a revamped Burn Auction; and the Injective Council, a new governing body comprising top industry leaders ready to meaningfully help guide Injective’s future.



Held in New York and headlined by compelling speakers like New York Mayor <a href="https://x.com/ericadamsfornyc?lang=en?utm_source=blockworks">Eric Adams</a>, Citi’s <a href="https://www.linkedin.com/in/gracechao82/?utm_source=blockworks">Grace Chao</a>, and Gemini’s <a href="https://www.linkedin.com/in/danchen13/?utm_source=blockworks">Dan Chen</a>, the Summit convened global financial institutions and key DeFi builders committed to shaping the next era of blockchain-powered finance.



More than a conference, the Summit doubled as a statement, leaving no doubt that Injective is a rising cornerstone of real-world finance. From powering dApps that generate some of the highest onchain revenues to attracting top institutional partners, Injective is a financial system where capital moves faster, further, and more transparently than ever before.



Let’s break down the three primary announcements and explore how they’re shaping the next chapter of Injective’s story for users, developers, and investors.



<h2 class="wp-block-heading">First, an intro to Injective</h2>



Injective is the blockchain fully dedicated to finance, aligning the needs of end users, traditional institutions, and forward-thinking developers passionate about making their mark in the next era of finance.



And with a robust <a href="https://injhub.com/featured-dapps/?category=featured?utm_source=blockworks">ecosystem</a> of focused players, including standouts like Coinbase International, Google Cloud, and Deutsche Telekom, Injective is quickly solidifying itself as the go-to infrastructure for building high-performance, real-world financial applications onchain.



Unlike general-purpose blockchains, Injective was purpose-built to support everything from decentralized exchanges and lending markets to structured products and RWAs. Its architecture is optimized for speed, interoperability, and low fees, making it one of the most capital-efficient networks in the space.



To support builders in developing finance-related applications, Injective offers a suite of custom, in-house-developed blockchain modules. They embed financial primitives—an onchain CLOB, oracles, bridging, tokenization, and much more—directly at the chain level, giving developers plug-and-play functionality to integrate advanced financial logic into their apps without needing to build core infrastructure from scratch.



And iBuild is the next major development to support ecosystem builders.



<h2 class="wp-block-heading">Leveling the development playing field</h2>



Injective’s iBuild is a first-of-its-kind AI-powered platform that empowers anyone to build high-fidelity Web3 finance applications using simple text prompts—no coding skills required.



<figure class="wp-block-embed is-type-video is-provider-vimeo wp-block-embed-vimeo wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="IBuild" src="https://player.vimeo.com/video/1097553501?h=a03b063973&amp;dnt=1&amp;app_id=122963" width="1024" height="576" frameborder="0" allow="autoplay; fullscreen; picture-in-picture; clipboard-write; encrypted-media; web-share"></iframe>
</div></figure>



Just tell iBuild what you want to build—anything from a lending platform to an asset management tool or RWA product launchpad—and the tool will generate a production-ready app, ready to launch on Injective.



It’s intuitive. It’s fast. And it radically lowers the barrier for the next generation of fintech builders on the blockchain, purpose-built for financial applications. As a chain known for fantastic developer support (thanks to Injective’s MultiVM, plug-and-play modules, etc.), this tool straps a rocket to an already strong builder foundation.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“dApp development will no longer be gate-kept by builders with years of experience and many projects under their belt. We are leveling the playing field and making it easy for anyone, with any skill level, to build a full-featured dApp in an afternoon. iBuild now enables Injective to be the most developer-friendly chain out there.” — Eric Chen, CEO &amp; Co-Founder, Injective Foundation
</blockquote>



<h2 class="wp-block-heading">Turning up the heat</h2>



Up until this point, every week, 60% of the fees generated by dApps using Injective’s <a href="https://docs.injective.network/developers/modules/injective/exchange?utm_source=blockworks">exchange module</a> were collected and pooled into a fund, which would then be put up for auction for users to bid on, using INJ. The winning bidder’s INJ was permanently burned in exchange for the diverse basket of assets from the pool, creating a deflationary mechanism within the ecosystem known as the “Burn Auction.”



To give you a sense of scale, across the history of the Burn Auction, over 6.6 million INJ has been burned ($≈31M), with the most recent (at time of writing) five completed auctions burning an average of 8,920 INJ ($≈98,000) per auction, INJ, USDT, and wETH were distributed to winners.



Moving forward, the auction will be a monthly event known as “Community Burn,” raising the stakes of this ecosystem game to attract more participation and up the “spectacle” factor.&nbsp;



And while this industry loves higher stakes, that’s not the most noteworthy part.



Previously, the Burn Auction operated as a winner-take-all event. In the Community Burn setup, participation will be powered by a revised mechanism: a smart contract that fully handles the process and serves as the sole bidder in the auction.



This enables anyone to register their address through the contract on a first-come, first-served basis, leaving the contract to handle the bidding process, placing bids at a fixed percentage below the pool’s value.&nbsp;



By upgrading to a smart contract-driven event, the auction now has clearer rules that encourage ecosystem participants to be active and pay attention in order to best ensure their involvement. Spots are limited, allocations per address are capped, and everything is recorded fully onchain for transparency and auditability. This ensures fairness, scalability, and efficiency as the ecosystem expands.



While it is limited-access, don’t get the impression that it’s an elitist event. Remember, the point of the auction is to burn INJ, benefiting all Injective stakeholders.&nbsp;



The Community Burn is more than creating a spectacle; it’s about empowering the community of one of the highest revenue-generating chains on the planet.



Alongside this, Injective unveiled the Injective Revenue Fund, which will act as a transparent public fund that collects revenue across Injective in real-time. This revenue can contribute more to the burns while also being used for a wide array of ecosystem initiatives moving forward, helping to accelerate all of Injective into a new era of finance where users have direct access to governing and earning from onchain revenue.



<h2 class="wp-block-heading">Key leadership joins governance</h2>



The last major announcement at Injective Summit was the formation of the Injective Council, a new governing body of core strategic partners dedicated to helping shape the future of Injective.



The Injective team made it very clear that this is not an advisory board. It’s a hands-on cohort of some of the most respected industry names in the world, combining their visionary minds, expertise, and willpower to grow Injective. The council will have full access to all needed context to fulfill their role, including Injective’s internal roadmap, first looks at product initiatives, and connection to Injective’s network of other top-tier industry leaders, for collaboration as needed.&nbsp;



Council members will meet with the Injective Foundation several times annually to review recent progress, evaluate upcoming initiatives, and help directly steer high-impact decisions, from new partnerships to groundbreaking protocol upgrades.



At time of writing, the Injective Council is already unmatched, with leaders from Google Cloud, Deutsche Telekom, Galaxy Digital, and more.



<h2 class="wp-block-heading">Built to lead finance forward</h2>



Injective’s latest developments are not just incremental changes. They’re foundational, reflecting the network stepping fully into its role as a core infrastructure layer for onchain finance.



With iBuild, Injective removes the technical barrier to dApp creation and opens the door for a new generation of builders. The upgraded Community Burn transforms protocol revenue into a community-aligned incentive system. And with the Injective Council, the network brings in hands-on leadership from some of the most influential names across crypto, Big Tech, and traditional finance.



Injective is building long-term systems designed to move capital efficiently, create new opportunities, and grow value onchain. For investors and developers alike, the message is clear: Injective is not waiting for the future of finance. It is bringing it directly to us, today.



This content is sponsored and does not serve as an endorsement by Blockworks. The veracity of this content has not been verified and should not serve as financial advice. We encourage readers to conduct their own research before making financial decisions.



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The state of Injective: Where onchain money goes further

This is a segment from the Supply Shock newsletter. To read full editions, <a href="https://blockworks.co/newsletter/supplyshock" target="_blank" rel="noreferrer noopener">subscribe</a>.



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Time to check in on the bull market.



There are no formal definitions for when bitcoin “bull markets” start and end. The <a href="https://fund-docs.vanguard.com/AU-Vanguard_A_timeline_of_bull_and_bear_markets.pdf">old-world says</a> that a “bull run” begins once an asset has risen at least 20% from the local trough, and ends when it’s retraced by the same amount from a recent peak.



It goes without saying, but those are rookie numbers. Let’s just start “bull markets” from the bottom of the previous bear cycle and go from there.



In that case, bitcoin has now been in a bull market for 952 days, starting on November 21, 2022, when BTC/USD hit a low of $15,504.&nbsp;



At $107,500, bitcoin has rallied by 590% over the bull market to date.



Does it compare to prior bull markets? Yes and no. Ignoring the initial price discovery that ran from the genesis block until mid-2011, the first bull market from late 2011 onwards topped out at 620x, sometime around day 750.



The second bull market, from late 2015, managed over 100x in less than 850 days.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeF0bq45R_vYT_Mdhk9yuCEKqzIYQGK4Xt7D-hqdJeQFErhEKPtin71EBjyBssJUwAG0XhP3gehYjWnz_win0mvJfPimlMpu1CoSx0RnShMSHNYGO1QmVnULVjJ_CRUxIFbw3-p9w?key=PR0IWCKSZ3cOysrYEzK3wA" alt=""/></figure>



It took around 1,060 days, close to three years, for bitcoin to pop nearly 22x in its third up cycle between late 2018 and 2022.&nbsp;



This time around, bitcoin has reached 6.2x at most, which is more-or-less in line with the <a href="https://blockworks.co/news/bitcoin-halving-cycle-returns">historical rate of diminishing returns</a> of bull cycles. You can see that on the log scale chart above. Notice that the distances between the lines are relatively constant.



If we’re indeed looking at a similar bull market to the last one — a big if as three bull markets are not enough for any legitimate trends to emerge — then we would have another 110 days or so before bitcoin reaches its cycle peak.&nbsp;



Awkwardly, the US dollar has lost about 10% of its value since November 2022, at least using the DXY index as a proxy. Which means that bitcoin’s price right now, in November 2022 dollars, is actually closer to $97,700.



Nevermind that. We can instead definitely say that bitcoin is on track for its second-longest bull market so far.&nbsp;



And if bitcoin peaks sometime after mid-October, then this one will officially be an all-timer, at least in terms of duration.



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