Liz Coyne

In the latest episode of Blockworks&#8217; podcast &#8220;<a href="https://podcasts.apple.com/us/podcast/lyn-alden-explains-connection-between-inflation-bitcoin/id1558223079?i=1000513411286" rel="noreferrer noopener" target="_blank">On </a><a href="https://www.youtube.com/watch?v=FPIC5F_loFk&amp;list=PLvER9nHSRN3xVs_p-dl7L7K_ZgL6lSudu&amp;index=9&amp;t=420s" target="_blank" rel="noreferrer noopener">the</a><a href="https://podcasts.apple.com/us/podcast/lyn-alden-explains-connection-between-inflation-bitcoin/id1558223079?i=1000513411286" rel="noreferrer noopener" target="_blank"> Margin</a>,&#8221; Michael Ippolito, co-founder, Blockworks, sits down with Jeff Booth, entrepreneur, technology leader and author of The Price of Tomorrow: Why Deflation is Key to an Abundant Future to talk about how technology causes deflation, how government intervention causes income inequality and a bitcoin-based future.



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&#8220;On the Margin&#8221; is a two-part show.&nbsp;Once a week, Mike interviews industry experts, and then at the end of the week he is joined by co-host <a href="https://cms.blockworks.co/newsletter/" target="_blank" rel="noreferrer noopener">Tyler Neville</a> where they break down the top crypto and macro stories. Episodes go live every Wednesday and Saturday morning.



Subscribe to &#8220;On the Margin&#8221; today on <a href="https://podcasts.apple.com/us/podcast/lyn-alden-explains-connection-between-inflation-bitcoin/id1558223079?i=1000513411286" target="_blank" rel="noreferrer noopener">Apple</a> or <a href="https://spoti.fi/3bTa9uw" target="_blank" rel="noreferrer noopener">Spotify</a>, or watch episodes on <a href="https://youtube.com/playlist?list=PLvER9nHSRN3xVs_p-dl7L7K_ZgL6lSudu" target="_blank" rel="noreferrer noopener">YouTube</a>.

Technology, Deflation, Income Inequality and Bitcoin

Ben Strack

Those keeping tabs on the crypto industry (this writer included) have been quick to refresh pages of daily bitcoin ETF flow data and digest them.



News headlines have kept segment observers up to date on the money going into, and more recently leaving, these funds.&nbsp;



The pent-up angst over the U.S. Securities and Exchange Commission’s long term refusal to approve spot bitcoin ETFs left many speculating about the potential investor capital these products would attract out of the gate.&nbsp;



There were also considerations about whether this demand would be enough to spur further interest, in order to draw both retail and institutional investors, along with their capital, into the crypto space.



We now have the initial data to answer some of these pressing questions.



On day one, the funds tallied <a href="https://blockworks.co/news/day-1-bitcoin-etf-trading-volume">trading volumes of $4.5 billion</a>, and $655 million of net inflows. By two months in, after the category <a href="https://blockworks.co/news/bitcoin-etf-inflows-price-rally">welcomed $1 billion in assets on March 12 alone</a>, the funds’ inflows amounted to $11.1 billion.



The total stands at about the same level today as momentum has slowed in recent weeks.&nbsp;&nbsp;&nbsp;



Continued GBTC outflows have coincided with stalled demand for the category’s most consistent flow-gatherers: BlackRock’s iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC).&nbsp;



And in an unprecedented turn Wednesday, 10 of the funds — including those by BlackRock and Fidelity — each saw outflows, spurring a $564 million exodus on the day.



Read more: <a href="https://blockworks.co/news/unprecedented-us-spot-bitcoin-etf-outflows">BlackRock, Fidelity bitcoin ETFs bleed Wednesday, joining GBTC</a>



With this background established, we can now zoom out to examine the broader implications of bitcoin ETF flows.



<h2 class="wp-block-heading">Bitcoin ETF flow impact&nbsp;</h2>



Because bitcoin is a speculative investment, inflows and outflows typically dictate price moves, said Bryan Armour, director of North America passive strategies research at Morningstar.&nbsp;&nbsp;



After all, bitcoin ETFs actually buy and hold bitcoins. The number of bitcoins in circulation will ultimately be capped at 21 million, and the new bitcoin entering the supply dropped by half on April 19.&nbsp;



Ipso facto, bitcoin ETF issuer purchasing in response to demand for the funds was a contributor to bitcoin’s price rally to a new all-time high of about $73,000 in mid-March. The opposite can happen when people sell shares of their bitcoin ETFs.&nbsp;



“ETF flows are meaningful because they provide a glimpse of how a substantial portion of the market that previously lacked straightforward exposure to crypto is behaving,” said David Lawant, head of research at FalconX. “I expect, therefore, ETF flows to continue to influence crypto price action.”



And we know many people care about bitcoin price action.



But what the flows represent, beyond numbers, is also worth noting.



Bitcoin ETF acceptance proved there was untapped demand for crypto and that institutions were willing to jump into the space, Armour told Blockworks.



Read more: <a href="https://blockworks.co/news/franklin-templeton-institutional-bitcoin-etf-allocation">New mix of bitcoin buyers bode well for ecosystem: Franklin Templeton exec</a>



“That signals support for future growth and interest in the broader crypto market and the future of blockchain technology,” he added.



<h2 class="wp-block-heading">Ignoring the shorter-term noise</h2>



Though bitcoin ETF flows will contribute to BTC price movements, this impact is set to unfold gradually over the coming quarters and years, Lawant said.



“While monitoring these flows is crucial and short-term fluctuations may capture headlines, I think it&#8217;s essential to filter out the short-term noise and focus on the factors that are more relevant in the long run,” he noted.



The seven straight days of bitcoin ETF net outflows may cause some alarm to the space’s interest parties. But this reversal was expected, Armour said.&nbsp;&nbsp;&nbsp;



“Demand cannot continue at the rapid pace seen early on for spot bitcoin ETFs,” he told Blockworks. “Demand will become intermittent, but I wouldn’t expect major sustained outflows without a significant price decline.”



Bitcoin’s price stood at about 61,700 at noon ET — up 4.5% on the day and down 4% from a week ago. 



Other segment observers took to the platform formerly called Twitter to let new ETF investors know that outflows are a thing that happens, regardless of the underlying asset.



Nate Geraci pointed to year-to-date outflows for State Street Global Advisors’ SPDR Gold Shares (GLD), which stand at about $2.9 billion, according to ETF.com. That comes despite the price of gold being up about 11% from the start of 2024.&nbsp;



“This is what ETFs do,” Geraci <a href="https://twitter.com/NateGeraci/status/1785849570552852579">wrote</a> on X. “Inflows don’t go up in [a] straight line.”



A little spat broke out when macro strategist Jim Bianco highlighted the latest bitcoin ETF outflows in an X <a href="https://twitter.com/biancoresearch/status/1786004000401424438">post</a> Thursday. The president of Bianco Research had formerly <a href="https://twitter.com/biancoresearch/status/1749779829531058250">said</a> that “normies” getting into crypto had been “rugged” following a so-called sell-the-news correction in the weeks after the fund launched. &nbsp;



Bloomberg analyst Eric Balchunas noted that outflows for the day in question (Wednesday’s $564 million of bleeding) roughly represented just 1% of the category’s assets under management.&nbsp;



The outflows over the past few weeks combined to amount to less than 5% of the segment’s total assets, which Balchunas added “is totally normal for [a] risk asset ETF during sell-off.”



“Are you saying yesterday was not a beginning, but an end?” Bianco replied.&nbsp;



Balchunas: could see the ETFs shedding 10% of assets under management if bitcoin’s correction worsens. “But, it&#8217;s a good [question] in that all of this is just beginning if we zoom out,” the Bloomberg Intelligence analyst noted. “These ETFs will be around for years, decades. And they tend to win assets and volume [versus] other vehicles over time, albeit not always in a perfectly straight line.”



<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">You can have this one, I&#39;ll give it to you bc I&#39;m a good sport. So enjoy your TD dance but keep in mind yesterday&#39;s outflows were like 1% of aum, and past few wks combined less than 4% of aum, which is totally normal for risk asset ETF during selloff. If we see 70% or more leave…&mdash; Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1786013932596924747?ref_src=twsrc%5Etfw">May 2, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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There is only so much you can surmise from bitcoin ETF inflows and outflows, as the data gathered doesn’t shed light on where prices go next, Armour said. “Will speculators flee during a bear market to the point of creating an existential crisis?” Armour posed. “Will crypto’s integration into daily life support current price levels? I don’t think a framework exists for accurately predicting where crypto will go from here.”



Read more: <a href="https://blockworks.co/news/bitcoin-price-movement-post-halving-etfs">What could drive BTC price with halving complete, ETF demand stalled</a>&nbsp;



Spot bitcoin ETFs are “just one cog in the bitcoin machine,” Armour added. They represent roughly 4% of bitcoin’s market cap.&nbsp;



“Their rapid ascension had an outsized impact on the price of bitcoin, but the broader bitcoin ecosystem will regain its influence as US ETF flows stabilize,” Armour said.



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Why tracking bitcoin ETF flows matters. And why it doesn’t.

Casey Wagner

The price of bitcoin was back above $61,000 this afternoon in New York while stocks rallied on reports that hiring is starting to slow.&nbsp;



Bitcoin was up more than 4% over 24 hours at time of publication, paring losses from earlier in the week that saw the largest cryptocurrency dip as low as $56,500, per Coinbase. Ether similarly bounced Friday, once again hitting the $3,000 level after hovering in the high $2,000 range for most of the week.&nbsp;



US stocks broadly opened higher Friday after the latest jobs report showed the economy added 175,000 positions in April, finally coming more in line with the pre-pandemic average of 183,000 job gains per month.



The S&amp;P 500 and Nasdaq Composite indexes were up 1% and 2%, respectively, at time of publication. The end-of-week rally was enough to push both indexes into the green over the past five trading days.&nbsp;



Crypto-related stocks posted mixed returns midway through Friday’s session. Coinbase lost 3% even after earnings released Thursday showed that revenue beat expectations by close to 20%. MicroStrategy and mining operation Marathon Digital, on the other hand, were in the green, posting around 8% and 3% gains, respectively, Friday.&nbsp;



The latest jobs data comes days after the Federal Reserve announced that interest rates would be holding steady for the time being. Central bankers will need to see further evidence that inflation is falling and the labor market is cooling, Fed Chair Jerome Powell said.&nbsp;



Even after Friday’s promising report, Fed fund futures markets still showed only a 14% chance of a rate cut in June, according to <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html">data</a> from CME Group. The delayed cut cycle could bode well for risk assets like cryptos, though, analysts said.&nbsp;



“With rate hikes off the table and markets already pricing in little to no cuts for 2024, we think that this bodes constructively for risk assets as the worst of stagflationary headwinds might be behind us,” analysts from Ryze Labs said in a note Friday.



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Bitcoin is back above $60K, stocks rally on cooler jobs data

Katherine Ross

13F filings continue to pour in and are a good gauge of institutional interest in bitcoin ETFs.&nbsp;



The forms were first filed at the beginning of last month and will continue to come in until mid-May.



The document is a required form filed with the Securities and Exchange Commission which discloses the quarterly holdings for institutions that manage $100 million or more.&nbsp;



Two of the biggest institutions to disclose holdings in a bitcoin ETF so far have been BNP Paribas and BNY Mellon.



BNY Mellon’s 13F <a href="https://www.sec.gov/Archives/edgar/data/1390777/000139077724000062/xslForm13F_X02/xml_filing.xml">shows</a> that it owns nearly 20,000 shares of IBIT and roughly 7,000 shares of Grayscale’s bitcoin ETF GBTC.&nbsp;



BNP Paribas, on the other hand, only owns about 1,000 shares of IBIT.



The holdings, clearly, are small potatoes. But there are some smaller firms with much bigger bags.



Take a look at Pittsburgh-based registered investment manager Quattro Advisors, for example.&nbsp;



The 13F <a href="https://www.sec.gov/Archives/edgar/data/1705929/000121465924007055/xslForm13F_X02/infotable.xml">showed</a> that they own 468,200 shares of BlackRock’s ETF. There’s also Legacy Wealth Management, which <a href="https://t.co/DJBJpuHWp0">disclosed</a> that it owns over 350,000 shares of Fidelity’s ETF.



But one of the largest IBIT holders is Yong Rong, which disclosed in its 13F that it holds over a million shares of BlackRock’s fund. According to the <a href="https://www.sec.gov/Archives/edgar/data/1738071/000173807124000004/xslForm13F_X02/20240331.xml">filing</a>, this makes BlackRock one of the biggest holdings in the manager’s portfolio.



Bloomberg’s Eric Balchunas pointed out that Yong Rong isn’t the only Hong Kong asset manager to leap into the bitcoin ETFs. Ovata, Balchunas posted on X, holds multiple bitcoin ETFs including Fidelity, Grayscale and Bitwise alongside IBIT.



<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">While Yong Rong has highest single ETF inv at $30m of <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$IBIT</a> there&#39;s another HK firm called Ovata that holds four of the spot bitcoin ETFs with total value of $74m, making it the biggest total allocator to date. It went Full Degen too as 4/5 biggest holdings are btc ETFs <a href="https://t.co/ePztBd6uUV">pic.twitter.com/ePztBd6uUV</a>&mdash; Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1786381912031781168?ref_src=twsrc%5Etfw">May 3, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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These companies join a list of firms who’ve previously disclosed their holdings, including Brookstone Capital Management —- which owns both Fidelity and Bitwise’s ETFs — and LexAurum, another IBIT holder.&nbsp;



As <a href="https://blockworks.co/news/empire-newsletter-uniswap-sec-woes">Blockworks previously reported</a>, some analysts have said that this is just the starting line and not to expect too much from this first quarter of 13Fs. But, as we continue to monitor the filings, the appetite may pick up. Some of the bigger institutions tend to wait to file until closer to the deadline. 



A version of this article was included in today’s <a href="https://blockworks.co/newsletter/empire">Empire newsletter</a>.



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What 13F filings tell us about institutional appetite for bitcoin ETFs

Analysts said it would be a strong quarter for Coinbase. Boy, were they right.



The crypto exchange saw a storm (the perfect kind, for its purposes) come together in the first three months of 2024 as bitcoin’s price reached new ground.&nbsp;&nbsp;



Coinbase’s ability to cross-sell its products is its “superpower,” according to Alyssa Choo, crypto equities specialist at Bitwise Asset Management.



While the crypto price rallies and launch of spot bitcoin ETFs made it a favorable environment for the company, the second quarter could prove a tougher period to post the same kind of numbers.



<a href="https://blockworks.co/tag/coinbase">Coinbase</a> had a higher adjusted EBITDA — earnings before interest, taxes, depreciation and amortization — in the first quarter than it did during all of last year. That number hit $1 billion, up from $324 million during the quarter prior.&nbsp;



Read more: <a href="https://blockworks.co/news/coinbase-q1-earnings-bullish-sign">Coinbase earnings show a bullish start to the year</a>



Net income also broke the $1 billion mark — at nearly $1.2 billion — for the first time since the last bull cycle in early 2022.



“However, Coinbase’s net income benefited from $737 million in pre-tax crypto asset mark-to-market gains, the vast majority of which were unrealized,” Choo noted.&nbsp;



This reflects the Financial Accounting Standards Board’s new rule. Previously, if a company was holding a crypto asset and the price of said asset rose, entities could not mark up the value unless it sold its crypto.



Transaction revenues doubled quarter over quarter, <a href="https://blockworks.co/news/coinbase-q1-earnings-results">mostly in line with analyst expectations</a>. Consumer trading volume and institution trading volume was up 93% and 105%, respectively.&nbsp;



While Choo said she expects these transaction trends to continue throughout the year, GraniteShares Chief Revenue Officer Paul Marino isn’t so sure.



Coinbase generated about $300 million of total transaction revenue in April, the company said in its Thursday shareholder <a href="https://s27.q4cdn.com/397450999/files/doc_financials/2024/Shareholder-Letter-Q1-2024.pdf">letter</a> — slightly behind the roughly $360 million monthly average it saw in Q1.&nbsp;



“Despite a very solid report, the stock traded lower after hours with concerns that trading volumes will decrease based on downward movement in bitcoin and the fact that more insider sales occurred in the quarter than any other time since Coinbase went public,” he told Blockworks.&nbsp;



Though bitcoin hit a new all-time high of about $73,000 in mid-March, the asset was trading at about $61,000 on Friday morning — down 5% in the last week



Coinbase’s stock price hovered around $226 just after 10 am ET — down about 1% on the day.&nbsp;



The crypto exchange would benefit from interest rates staying flat or declining, Marino noted, as well as continued institutional crypto buying.&nbsp;



<h2 class="wp-block-heading">A lift from the ETFs, stablecoin revenue</h2>



Coinbase is a custodian for eight of the 11 US spot bitcoin ETFs — a fund category that has collectively tallied $11.2 billion of net inflows since launch on Jan. 11.&nbsp;



Its assets under custody rose 69% from the prior quarter to $171 billion, while custodial fee revenue jumped 64% to $32 million.



Despite BlackRock and Fidelity products leading a flood of inflows into the category out of the gate, demand for those funds has stalled in recent weeks.&nbsp;



Read more: <a href="https://blockworks.co/news/bitcoin-etf-outflows-persist-third-straight-week">Bitcoin ETF snapshot: A few firsts during another week of outflows</a>



But in the first quarter, the ETFs seemed to unlock customer engagement across the crypto exchange’s Coinbase Prime products, Choo noted.&nbsp;



The institution-focused platform — offering custody, trading, financing and staking —



notched record trading volume and active clients, according to Coinbase’s letter. About 40% of Coinbase’s institutional clients engaged with three or more of the Prime products during the quarter.&nbsp;



<h2 class="wp-block-heading">Base becoming more key to the exchange</h2>



Coinbase started seeing major traction for its layer-2 network, with developer activity increasing eight times quarter over quarter.&nbsp;&nbsp;



Base has processed over twice as many transactions as the Ethereum network in the last 30 days, Coinbase noted.



Read more: <a href="https://blockworks.co/news/base-coinbase-l2-success">Based culture: Inside Coinbase’s L2 feat</a>



“Base has strong unit economics, so as transaction volumes grow, Base should become a material contributor to the company’s revenue and profits long term,” Choo told Blockworks. “Coinbase’s superpower here is their ability to cross-sell products. The company already has more than 100 million verified users on its platform, mainly engaging in trading activities, she pointed out.



“Now that they’ve made Base faster and cheaper to use with fee reduction by about 80% through protocol upgrades, over time it should become accessible and attractive to use for non-crypto native Coinbase users,” Choo added.&nbsp;



By Coinbase starting to integrate USDC on Base, it could also see a continued lift in its stablecoin revenues. 



<a href="https://blockworks.co/news/coinbases-circle-investment-reflects-the-shoring-up-of-major-revenue-stream">Interest earned on Coinbase USDC reserves</a> was $197 million during the quarter, up 15% from the fourth quarter of 2023.



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Coinbase cross-selling on display during impressive Q1

Nathaniel Harmon

People typically care about price above all else when it comes to the Bitcoin halving.



Instead, what they should be paying attention to is the net positive Bitcoin can have for the future of humanity.&nbsp;



While Bitcoin has long been criticized for being bad for the environment, the trend toward renewables and mining actually shows the opposite. Yes, fossil fuels are still a major component of the Bitcoin network, but with the halving freshly behind us and the block subsidy cut in half, miners with fewer operational expenses, like renewables, will continue their ascent.&nbsp;



The halving will be a catalyst for a greener, more renewable bitcoin mining movement to finally be recognized among its most staunch critics as a net positive for the environment.



<h2 class="wp-block-heading">Fossil fuels are the fiat of bitcoin mining&nbsp;</h2>



Bitcoin mining has been constantly criticized for its energy consumption and use of non-renewable energy sources. While the trend is reversing, a significant portion of bitcoin mining still relies on fossil fuels.&nbsp;



But why has there been a reliance on fossil fuels in the first place? Simply because fossil fuels have incredibly high energy density and are relatively stable, making them ideal as an energy carrier.&nbsp;



Read more from our opinion section: <a href="https://blockworks.co/news/bitcoin-halving-cycle-miners-energy-strategy">This Bitcoin halving cycle, miners need a new energy strategy</a>



While fossil fuel plants have relatively low upfront costs to build, they require the continuous procurement of fuel, i.e. low capex high opex. And that fuel is subject to variable pricing and increasingly prone to shocks. With climate change taking center stage this year, and with the role fossil fuels play, there is increased regulatory risk. Fossil fuels are essentially borrowing against the future for instant gratification, and it is we the people who will inevitably foot the bill for the consequences, with compounding interest. This is the definition of high time preference thinking — and it’s antithetical to Bitcoin’s philosophy.&nbsp;



But the good news is that there is a trend toward renewables and longer term, low time preference thinking already taking shape.&nbsp;



<h2 class="wp-block-heading">The economics of renewables&nbsp;</h2>



In addition to the environmental benefits, the shift towards renewable energy sources in bitcoin mining also makes economic sense. While renewables have a high initial capital expense, once they are installed, the energy produced has a low marginal cost — it costs nothing for the sun to shine or the wind to blow or the geo to therm. If there is no buyer for any given kWh, then the cost of said unit of energy will go to $0. This is increasingly the case for renewable generation capacity that has yet to connect to the grid.



What’s more, renewable energy sources like ocean thermal, wind and solar power, have become increasingly cost-competitive with fossil fuels in recent years. As a result, miners using renewable energy sources can enjoy lower operational costs, making them better positioned to weather the reduced block subsidy as we progress through the fifth epoch.&nbsp;



Additionally, the use of renewable energy sources enables energy sovereignty and decentralization. Whereas only a few nations have fossil fuel deposits, every country has access to renewables. This has led to massive centralization in the energy industry where a handful of super majors and state-run oil companies exert vertical control on the entire supply chain.&nbsp;



<h2 class="wp-block-heading">Facing the long term economics&nbsp;&nbsp;</h2>



Despite the economics favoring renewables over fossil fuels for the bitcoin mining industry, there are still challenges to overcome in the long term. The external cost of fossil fuel use has yet to be factored into their cost. This amounts to a government and taxpayer subsidy that artificially depresses the price today, making fossil fuel use more attractive in the short term.



What’s more, the intermittency of some renewable energy sources, like solar and wind, poses grid balancing challenges. But in areas with significant renewable energy resources, like Texas, bitcoin mining is gaining recognition for its ability to nearly instantaneously cycle on and off. During times of excess production, mining facilities provide a buyer for unused energy, while during high demand, the facilities are able to shut down to free up that power. This unique attribute is being integrated directly into the generation side, expanding renewables to new frontiers.



<h2 class="wp-block-heading">Gradually, then suddenly</h2>



As bitcoin mining continues to favor renewables and decarbonize energy markets in this fifth epoch, it will be undeniable how powerful this one two punch is. We will see more renewable, off-grid mining operations pop up, and we will even see historically dominant fossil fuel miners integrate renewables into their mix. It will likely take bitcoin mining catalyzing a new renewable energy source, like ocean thermal, for some of the staunchest critics outside of the industry to come around and see mining as a net positive. But it’s only a matter of time. 



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


<div class="wp-block-post-author-biography">Nathaniel Harmon is the co-founder of OceanBit, a leading ocean thermal energy conversion (OTEC) provider ushering in an era of clean baseload energy. Nate is the inventor of Demand Response OTEC, a chemical oceanographer and engineer who received his M.S. in Marine Geology, Geochemistry, and Marine Geology and a B.S. in Environmental Science from the University of Hawaii where he focused on autonomous oceanographic instrument development and microfluidic chemical engineering. Prior to co-founding OceanBit, Nate worked on proposals and research for the Hawaii Clean Energy Initiative and founded the Bitcoin-software development and consulting firm Blockchain Solutions Hawaii. 	</div>


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The Bitcoin halving is over — greener mining is coming

David Canellis

Michael McSweeney

<h2 class="wp-block-heading">Dueling tokens</h2>



As Paris Saint-Germain and Barcelona FC duked it out in the Champions League round of 16 over the past few weeks, their fan tokens mirrored the ups and downs almost perfectly.



The tokens have really small market caps, both under $40 million. Mix that with a diehard fan base sporting Binance accounts, and you get super volatile markets when the two teams clash.



To be clear: Both tokens have lost more than 90% of their value since their debut during the 2021 bull market’s peak. Whatever matches both teams won seem to have done little for either token’s price.



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1184" height="854" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image-1.png" alt="" class="wp-image-85289" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image-1.png?w=1184 1184w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image-1.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image-1.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image-1.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image-1.png?w=356 356w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image-1.png?w=362 362w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image-1.png?w=304 304w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image-1.png?w=80 80w" sizes="(max-width: 1184px) 100vw, 1184px" /><figcaption class="wp-element-caption">The Champions League finals started at the purple arrow — not long after all-time lows</figcaption></figure>



But it just so happens that both tokens bottomed out in the leadup to the Champions League finals, which began in February, and have since been in lockstep with match results.



This makes it super fun to zoom in.&nbsp;



From Jan. 1, both tokens started the year in tight correlation, with FC Barcelona’s (BAR) seemingly the market favorite going into the knockout phase.



Paris Saint-Germain beating Real Sociedad 2-0 on Feb. 14 helped close some of the gap.&nbsp;



That, followed by FC Barcelona’s 1-1 tie with Napoli, led PSG to eclipse BAR for year-to-date returns, a little under 30% at that point.



Both tokens began pumping in the leadup to their second knockout wins, which secured quarter final positions. Paris Saint-Germain’s 2-1 win against Real Sociedad sent the token 25% higher, topping out alongside Barcelona FC’s cryptocurrency following its own 3-1 victory.



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1188" height="855" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image-2.png" alt="" class="wp-image-85290" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image-2.png?w=1188 1188w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image-2.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image-2.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image-2.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image-2.png?w=357 357w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image-2.png?w=363 363w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image-2.png?w=304 304w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image-2.png?w=80 80w" sizes="(max-width: 1188px) 100vw, 1188px" /></figure>



Now for the showdown. Paris Saint-Germain and FC Barcelona had advanced in the same bracket, which meant two matches back-to-back, in April, to determine who would head onto the round of four.



Barcelona came from behind to win 3-2, which for whatever reason sent both tokens dumping by 25%. Perhaps markets felt there was no clear winner going into the decider. Bitcoin’s struggles might’ve also had something to do with it, having dropped more than 10% around the first match.



Both tokens bounced hard leading up to the rematch, which the Paris club won easily 4-1. PSG would rally up to 15% in the following days. BAR has otherwise slipped by more than 20% and is now barely in the green for the year to date.



In a market where fundamentals often have little to do with price, fan tokens seem to be doing exactly what’s on the box — at least during the Champions League finals.



— David Canellis



<h2 class="wp-block-heading">Data Center</h2>



<ul>
<li>FC Barcelona’s fan token sits at $2.46 while PSG’s at $4.75, per <a href="https://farside.co.uk/?p=997">CoinGecko</a>.</li>



<li>Bitcoin’s <a href="https://www.coinbase.com/price/bitcoin">back above</a> $60,000, still down roughly 10% over the last seven days.</li>



<li>BlackRock’s <a href="https://farside.co.uk/?p=997">reported</a> flows from Thursday were flat after it reported its first day of outflows earlier this week.&nbsp;</li>



<li>Short liquidations jumped to $55 million in the past 24 hours, <a href="https://www.coinglass.com/LiquidationData">according</a> to CoinGlass.</li>



<li>Despite beating on earnings, Coinbase <a href="https://www.marketwatch.com/investing/stock/coin?mod=search_symbol">slipped</a> in after-hours and early morning trading, hovering around $218 ahead of the bell.&nbsp;</li>
</ul>



<h2 class="wp-block-heading">NGMI</h2>



We got yet another bipartisan crypto bill in the House this week, this time from Reps. Drew Ferguson (R-GA) and Wiley Nickel (D-NC).&nbsp;



The pair introduced the Providing Tax Clarity for Digital Assets Act, which states that unrealized gains from staking activities are not subject to taxation.&nbsp;



The issue at the heart of the bill — taxing unrealized gains — made headlines when a <a href="https://blockworks.co/news/in-win-for-crypto-stakers-irs-offers-refund-on-untraded-token-rewards">Nashville couple sued the IRS</a> after paying income tax on staked rewards they never cashed out. The IRS eventually offered the couple a refund, and no legal precedent was ultimately set.&nbsp;



Ferguson and Nickel’s bill would make it so digital asset rewards received from validating blockchain transactions, including staking and mining, either directly or through service providers, are not treated as taxable income upon receipt.&nbsp;



Nickel, a member of the House Financial Services Committee, has been a vocal advocate for the crypto industry. Earlier this year, he helped spearhead an effort in the House to appeal the SEC’s Staff Accounting Bill 121 — the guidance that says digital asset custodians should report a liability and “corresponding assets” on their balance sheets for all custodied cryptocurrencies.&nbsp;



It’s an effort most miners and validators can probably get behind, but don’t hold your breath. It’s an election year, so the odds of just about anything getting through are slim.&nbsp;



For a bill to move, the chair and the ranking member of the relevant House and/or Senate committee has to sign off.&nbsp;



For Ferguson and Nickel, that means getting the greenlight from Reps. Patrick McHenry (who is favorable toward crypto, but set to leave office) and Maxine Waters (who is decidedly not favorable toward crypto) of the House Financial Services Committee.&nbsp;



Keep your eye on the bill, though. Maybe a new version will be introduced next session.



Plus, we are still waiting on final guidance from the IRS on a slew of tax issues, so more legislation is probably on the way, too.&nbsp;



— Casey Wagner&nbsp;



<h2 class="wp-block-heading">13F szn</h2>



Want to close out the week on a positive note?



I think we can agree that it may not be the best week for ETFs — both BlackRock and Fidelity posted outflows Wednesday night — so let’s get into an update on a topic we’ve talked about before.



Remember a few weeks ago <a href="https://blockworks.co/news/empire-newsletter-uniswap-sec-woes">when I said that we weren’t seeing</a> a lot of big institutions reporting bitcoin ETFS in their 13Fs yet? Well, we’re starting to see them trickle in.&nbsp;



The development isn’t necessarily a surprise, given that the bigger firms tend to file their 13Fs closer to the mid-May deadline.



To recap: 13Fs are a required form filed with the SEC which discloses the quarterly holdings for institutions that manage $100 million or more.&nbsp;



Most notably, BNY Mellon and BNP Paribas disclosed holdings in BlackRock’s bitcoin ETF IBIT.



BNY Mellon’s 13F <a href="https://www.sec.gov/Archives/edgar/data/1390777/000139077724000062/xslForm13F_X02/xml_filing.xml">shows</a> that it owns nearly 20,000 shares of IBIT and roughly 7,000 shares of Grayscale’s bitcoin ETF GBTC.&nbsp;



BNP Paribas, on the other hand, only owns about 1,000 shares of IBIT.



So the holdings are very small potatoes for one of the oldest banks in the US and one of the largest banks in Europe. But the appetite has been established.&nbsp;



If you want more proof that investment managers are interested, take a look at Pittsburgh-based registered investment manager Quattro Advisors.&nbsp;



The 13F <a href="https://www.sec.gov/Archives/edgar/data/1705929/000121465924007055/xslForm13F_X02/infotable.xml">showed</a> that they own 468,200 shares of BlackRock’s ETF, which adds up to be nearly $19 million. That’s a far cry from the $1.2 million of both GBTC and IBIT owned by BNY Mellon and the mere $41,684 of just IBIT owned by BNP Paribas.&nbsp;



Putting the nibbles aside, there’s one aspect of these filings that stands out. Namely, that many of the smaller fish are building up bigger positions.&nbsp;



For example, Legacy Wealth Management disclosed that it owns roughly $21 million of Fidelity’s ETF.



This was <a href="https://twitter.com/macroscope17/status/1781783089229738034?s=46&amp;t=yjAdM2ddX0KgGQimu7jcDQ">pointed out</a> by MacroScope, but echoes what I’ve seen. The filings have really picked up ahead of the mid-May deadline and we’re starting to see the bigger players disclose their holdings. 



Stay tuned.



— Katherine Ross



<h2 class="wp-block-heading">The Works</h2>



<ul>
<li>Officials in the Netherlands have <a href="https://www.fiod.nl/12-miljoen-beslag-en-aanhouding-in-onderzoek-naar-oplichting-op-gokplatform/">arrested an individual</a> in connection with a fraud investigation into ZKasino, a crypto gambling platform recently accused of fraud.&nbsp;</li>



<li>The Eigen Foundation <a href="https://blog.eigenfoundation.org/eigen-community-update/">says</a> it plans to distribute additional tokens, citing community feedback.&nbsp;</li>



<li>Jack Dorsey’s Block <a href="https://investors.block.xyz/investor-news/news-details/2024/Block-Announces-First-Quarter-2024-Results/default.aspx">announced</a> that it’ll invest 10% of its bitcoin profit into buying bitcoin.&nbsp;</li>



<li>Mining firm Stronghold is <a href="https://blockworks.co/news/stronghold-digital-mining-potential-sale">weighing a sale</a> following Bitcoin’s halving, Blockworks’ Ben Strack reports.</li>



<li>China is <a href="https://www.axios.com/2024/05/03/ai-race-china-us-research">beating</a> the US when it comes to AI research, Axios reports.&nbsp;</li>
</ul>



<h2 class="wp-block-heading">The Morning Riff</h2>



I’ve been thinking about “what sort of market is this,” and I think Coinbase’s latest quarterly earnings holds the answer, at least part of it.



Look at the trading volumes. Consumer volume rose from $29 billion to $56 billion,&nbsp;a 93% quarterly increase, nothing to slouch at. But the institutional figure was the real monster —&nbsp;$256 billion, up 10% quarter over quarter.



I think these particular tea leaves tell us that, while retail is “here,” it’s not really here. Not as it was in past crypto cycles —&nbsp;not yet, at least.&nbsp;



There’s no corresponding media circus. No rush to buy any token that moves. I’m not fielding family calls about some weird and probably sketchy crypto investment scheme, long a personal hallmark of a retail-driven cycle.



Call it the other side of the bitcoin ETF coin: It’s the institutions, stupid.&nbsp;



— Michael McSweeney



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Empire Newsletter: Fan tokens mirror Champions League performance

Coinbase’s earnings seem to show that crypto is ready for a bull market, if it’s not in one currently.&nbsp;



The company impressed Wall Street with its earnings on Thursday, posting beats across the board.



Coinbase also reported that Base was continuing to see adoption.&nbsp;



“We are seeing early product market fit with Base, our layer-2 solution, where developer activity has surged and Base has processed over 2x more transactions than Ethereum in the last 30 days,” Coinbase said in its earnings letter.&nbsp;



Stablecoin revenue also jumped 15% quarter over quarter to $197 million. 



“The primary driver was higher USDC market capitalization, which is the total amount of USDC in circulation. The USDC market capitalization growth rate was the highest among all USD stablecoins in Q1,” the company added.&nbsp;



Read more about the company’s earnings results in the article below:



<figure class="wp-block-image size-large"><a href="https://twitter.com/Blockworks_/status/1786128231403327522"><img loading="lazy" decoding="async" width="1178" height="870" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/05/Screenshot-2024-05-02-at-4.42.35-PM.png?w=1024&amp;h=1024" alt="" class="wp-image-85282" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/05/Screenshot-2024-05-02-at-4.42.35-PM.png?w=1178 1178w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/Screenshot-2024-05-02-at-4.42.35-PM.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/Screenshot-2024-05-02-at-4.42.35-PM.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/Screenshot-2024-05-02-at-4.42.35-PM.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/Screenshot-2024-05-02-at-4.42.35-PM.png?w=348 348w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/Screenshot-2024-05-02-at-4.42.35-PM.png?w=353 353w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/Screenshot-2024-05-02-at-4.42.35-PM.png?w=297 297w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/Screenshot-2024-05-02-at-4.42.35-PM.png?w=80 80w" sizes="(max-width: 1178px) 100vw, 1178px" /></a></figure>



Analysts were expecting the crypto exchange to come in on top, but the stock slipped in after-hours trading after notching gains throughout the day Thursday.



The stock hit a low of roughly $200 earlier this week, nearly $30 off of its current price. Bitcoin also notched a weekly low on Wednesday — falling to $56,000 before rebounding to $59,000. It’s down 8.5% in the past seven days.



Read more: <a href="https://blockworks.co/news/coinbase-q1-earnings-results">Analysts expect strong Q1 report for Coinbase, but are watching for this</a>&nbsp;



While it’s important not to downplay Coinbase’s quarter, it is a snippet of time in the past. The weakness seen in the crypto market just this week won’t be reflected in the company’s earnings until next quarter.&nbsp;



Over the past month, COIN is in the red — down roughly 8% — though it’s still posted impressive gains over the last year, up over 360%.&nbsp;



Coinbase isn’t the only company showing off its strength as we enter the next phase of the crypto cycle. 



Earlier this week, <a href="https://blockworks.co/news/tether-smashes-former-net-profit-record">Tether released its attestation</a>. The stablecoin issuer announced that it smashed previous records, tallying a net profit of $4.5 billion in the first quarter. It previously notched an all-time high of $.28 billion in net profit.



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



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Coinbase earnings show a bullish start to the year

Stronghold Digital Mining executives want you to know they’re not happy about the company’s stock price.



As a result, they are considering selling the bitcoin miner’s assets. Or the company outright.



Such a sale could be among the first deals after the April 19 Bitcoin halving — when per-block mining rewards were reduced from 6.25 BTC to 3.125 BTC. Various industry watchers said they expected mergers and acquisitions (M&amp;A) activity to pick up following the event.&nbsp;



Read more: <a href="https://blockworks.co/news/bitcoin-halving-crypto-miner-consolidation">Bitcoin miner consolidation appears imminent as halving looms</a>



Executives touted the company’s attributes during Stronghold’s Thursday earnings call.&nbsp;



It has 130 megawatts (MW) of energized data center capacity with an installed hash rate of 4.1 exahash per second. Stronghold also owns 750 or so acres of land, as well as the transmission lines that connect its assets to the <a href="https://www.ferc.gov/industries-data/electric/electric-power-markets/pjm">PJM</a> grid.



<a href="https://blockworks.co/tag/stronghold-digital-mining">Stronghold</a>’s current capacity could expand to more than 400 MW, with a potential focus on supporting the growing segments of <a href="https://blockworks.co/tag/artificial-intelligence">AI</a> and machine learning, Stronghold Greg Beard said on the call.



&#8220;We own a portfolio of hard assets where every known available comparable valuation is significantly in excess of the public market price of Stronghold today,” Beard noted. “Recognizing this dislocation, we have initiated a process to do something about it.&#8221;



The company has hired financial and legal advisors as part of a “formal strategic review process,” the company said in a Thursday news release.



Stronghold is considering “the sale of all or part of the company,” or another transaction that involves some or all of its assets, it added in a statement.



The company’s stock price was $3.16 at 12 pm ET — down 52% year to date.



This price plummet so far this year is more than most of the <a href="https://blockworks.co/tag/mining">mining</a> industry’s largest public competitors. Bitcoin mining behemoths Marathon Digital, Riot Platforms and Hut 8 for example, have seen share prices drop between 28% and 35% so far this year.&nbsp;



Core Scientific stock is down just 5%, while CleanSpark is up 44% from the start of 2024.



Read more: <a href="https://blockworks.co/news/depressed-miner-stocks-bitcoin-halving">How the Bitcoin halving could impact ailing mining stocks</a>



Stronghold tallied net income of $5.8 million during the first quarter, executives said Thursday. It held $8 million in combined cash and bitcoin on its balance sheet, as of April 30, including 26 BTC.



Beard said Stronghold trades at more than a 70% discount on an enterprise value to hash rate capacity basis.



“While factors such as scale and leverage could explain a modest discount, trading at a fraction of our peers’ multiple continues to be hard for us to understand,” he added.



The Stronghold CEO previously told Blockworks that selling the company, or its assets, to an interested industry peer would be “something to consider.”&nbsp;



“Generally speaking, companies that are misunderstood by the public market that have actual attributes and value that can be valued by other public companies…tend to be realized in that way,” Beard said last month.&nbsp;



Read more: <a href="https://blockworks.co/news/bitcoin-halving-outlook-for-public-miners">Financial trouble for bitcoin miners: A look back, and ahead as the halving looms</a>&nbsp;



Joe Flynn, an analyst at Compass Point Research and Trading, wrote in an April 9 research note that Stronghold’s debt and limited access to capital markets put it in a tough position.&nbsp;



It could potentially reduce expenses and “high overhead” as a small public company by selling its “valuable” infrastructure and access to power, he added.



The Stronghold executives said there is no timetable for when its strategic review process will be complete.&nbsp;



They then abruptly ended Thursday’s earnings call.



Beard said: &#8220;Given the sensitivity of the process that we&#8217;ve undertaken, we are not going to have a Q&amp;A session today.&#8221;



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



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The move for an ‘undervalued’ bitcoin miner? Perhaps selling the company.

The money laundering trial against Binance and two of its executives — Tigran Gambaryan and Nadeem Anjarwalla — was delayed until May 17.&nbsp;



The postponement was confirmed to Blockworks by a family spokesperson for Gambaryan, who’s been detained in the country since late February.&nbsp;&nbsp;



The postponement is just the latest development in a series of delays for Gambaryan, who was sent — by a Nigerian court — to the Kuje Correctional facility. The notorious prison was attacked as part of a jailbreak by the Islamic State two years ago.&nbsp;



Thursday’s adjournment, which specifically focuses on the money laundering charges, pushed the court date back. Binance, Anjarwalla and Gambaryan also face a second trial — this time for tax evasion — which was delayed to May 17 back in April.



Read more: <a href="https://blockworks.co/news/binance-comments-on-exec-nigeria-detention">Binance ‘deeply disappointed’ about the ongoing detention of an executive in Nigeria</a>



The decision came after a lawyer for <a href="https://blockworks.co/tag/binance">Binance</a> said they had not yet been served with documents necessary for case preparation, according to <a href="https://www.reuters.com/business/finance/nigeria-court-adjourns-binance-execs-trial-may-17-2024-05-02/">Reuters</a>.&nbsp;



Gambaryan’s bail hearing is also set for May 17.&nbsp;



Binance didn’t immediately return a request for comment.&nbsp;



Earlier this week, Garba Umar of Interpol Africa said that his agency had paperwork for Anjarwalla and was working on it. However, a red notice — which tells law enforcement that an individual is wanted for arrest — has not yet been issued for Anjarwalla, according to Interpol’s <a href="https://www.interpol.int/en/How-we-work/Notices/Red-Notices/View-Red-Notices">site</a>.&nbsp;&nbsp;



“The process is ongoing,” Umar told a local TV station on Tuesday.



The relationship between Binance and <a href="https://blockworks.co/tag/nigeria">Nigeria</a> deteriorated earlier this year, and the crypto exchange has since <a href="https://blockworks.co/news/binance-ends-support-nigeria-naira">ended support for the Nigerian Naira</a>. Nigeria, on the other hand, threatened fines against Binance after it claimed that <a href="https://blockworks.co/news/nigerian-government-binance-fine">$26 billion passed through</a> Binance Nigeria.



The company has <a href="https://blockworks.co/news/binance-employees-detained-nigeria">previously said</a> that the executives have “no decision-making power in the company.” A spokesperson called the decision to send Gambaryan to Kuje “outrageous.”



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Nigerian court postpones another Binance case to May 17

StakeKit, emerging from stealth after 18 months of development, has launched its powerful self-custodial yield API, powering Zerion&#8217;s newly unveiled Earn page. This integration marks a significant milestone in providing users a unified platform to manage and grow their digital asset portfolio across more than 13 blockchain networks natively within Zerion.&nbsp;



StakeKit aggregates over 500 yield opportunities into a single, easy-to-use interface. This includes staking, restaking, liquid staking, yield vaults, and lending pools. 



&#8220;Our goal was to make earning yield in self-custodial wallets as easy as earning yield on a CEX. We’ve spent more than 1.5 years building StakeKit and worked closely together with protocol teams and DeFi developers to make this a reality. We’re excited to power the new Earn section in Zerion and allow users to get yield with ultimate ease of use and without having to give up even an ounce of self-custody” says Serafin Lion Engel, CEO of StakeKit.



The Earn section on Zerion now offers users the ability to stake, liquid stake, restake, and earn DeFi yields with the simplicity typically available on centralized exchanges (CEXs), but with the crucial benefit of users retaining 100% self-custody over their funds. This integration not only simplifies access to diverse DeFi yields but also enhances user safety. 



&#8220;Each yield contract featured on our platform is manually authenticated and integrated which mitigates risks users would normally face if they sought yield in third party dapps, such as phishing risks. This allows users to stack yields safely and effectively,&#8221; added Engel.



While users can delegate to any validator of their choice, StakeKit enables users to delegate to members of their Preferred Validator Network which provides users additional benefits such as slashing protection and uptime guarantees, which safeguard their staked assets and ensure optimal yield generation.



“We&#8217;re thrilled to partner with StakeKit to offer users the opportunity to earn passive income with their assets across multiple networks, seamlessly. At Zerion, our users enjoy the multichain experience, from portfolio tracking to bridging and swapping natively within our self-custodial wallet. StakeKit further enhances this experience by abstracting the specifics of each chain and protocol,” shared Yassine, senior product manager at Zerion.



The new Earn section in Zerion is available as of the release of this article. For more information about StakeKit and the new Earn page on Zerion, visit <a href="https://app.zerion.io/earn">their website</a>.



<h3 class="wp-block-heading">About StakeKit&nbsp;</h3>



StakeKit is the leading provider of self-custodial yield solutions in the Web3 space. By combining the most powerful self-custodial yield API with a user-focused interface, StakeKit enables seamless, secure, and efficient yield generation across over 50 blockchain networks. Learn more at <a href="https://www.stakek.it/">https://www.stakek.it/</a>. 



<h3 class="wp-block-heading">About Zerion&nbsp;&nbsp;</h3>



Zerion is your premier crypto wallet for everything onchain. Easily and safely manage assets, collections, staked positions, and airdrops across multiple chains — all in one app. Over 550K monthly users trust Zerion as the self-custodial wallet for exploring Web3. Learn more at <a href="http://zerion.io/">zerion.io</a>. 



This content is sponsored by StakeKit 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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StakeKit launches market’s most comprehensive self-custodial yield API, powering Zerion’s new Earn section

Ben Mills

Financial technology has been an incredible growth sector for investors and innovators. But relatively soon, blockchain will become the only part of fintech that matters.



The success story of fintech over the past 15 years has been defined by tremendous developments on the part of electronic and online payments systems, with companies like PayPal, Venmo and Stripe becoming household brands. (Not to mention the evolution of monoliths like American Express, Visa and Mastercard.)



Only three years ago, venture funding for fintech companies topped $140 billion. But since then, investment in the sector, <a href="https://news.crunchbase.com/fintech-ecommerce/financial-services-funding-exits-forecast-2024/#:~:text=Early%2Dstage%20investment%20in%20fintech,in%202020%20and%20prior%20years">particularly in early-stage rounds</a>, has dwindled to levels not seen since Barack Obama was in the White House, totalling a mere $25 billion in 2023.



Caveat: I’m a huge admirer of fintech. It’s where I’ve spent most of my career, first at Braintree (acquired by PayPal), and later heading up Product at Venmo. I’ve seen firsthand how these companies have transformed societal habits around money.&nbsp;



But after diving down the rabbit hole with smart contracts and crypto, it became clear to me that blockchain is the new foundation we’ve been looking for to create a new global financial system.



Building anything involving traditional finance payments is complex and requires developers to take on a lot of scope — collecting user data, integrating payments and handling security, risk and compliance. If any one of those components is deficient, the entire system is doomed to fail. That’s a lot of responsibility for any project, and often requires small armies of developers to sustain.



So much time and resources are invested in overcoming risk-and-compliance barriers that you rarely see real innovation in building fintech products. Ultimately, many of these barriers relate to the complex web of regulations and requirements that have only become more complex as fintech has grown.&nbsp;



Blockchains not only solve those problems, but preclude them. Universal accounts mean there is no need to collect user data. Blockchains’ public and immutable ledger offers a single, universal and flexible payment system. Self-custody means developers can’t access user funds, which significantly simplifies considerations around security, risk and compliance.



In short, blockchain has eliminated many of the responsibilities that developers normally have to take on to build applications. That enables small teams to deliver uniquely valuable products to millions of people.



Just consider the impact that DEX pioneers like Uniswap and dYdX have had, springing from the heads of individual founders to quickly rival large corporate centralized exchanges in terms of trade volume, and then continuing to maintain absurdly small development teams thereafter.



Critics like to claim that crypto developers “don’t want to follow the rules,” but the reality is that blockchains and public key cryptography make many of the old rules irrelevant.



As a sector, crypto is burdened with regulatory inconsistencies and blind spots, of course. Applying old rules to new systems that have radically different characteristics was never going to make sense.



Innovation in fintech is being held back by the increasingly obsolescent traditional financial system. Blockchain gives fintech a new future because it is developing from a far stronger technical foundation where the possibilities have only just begun to be explored.



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


<div class="wp-block-post-author-biography">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.</div>


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Fintech has hit a wall. Blockchain will break through it.

<h2 class="wp-block-heading">Fully active</h2>



How many crypto users are there, really?



It turns out that it’s quite hard to measure. An “active user” can mean all sorts of different things depending on the use case.&nbsp;



Someone staking with MakerDAO for the yield is definitely an active user, for instance, but it’s murky at what point their “activeness” should be counted.



Only counting users when they deposit and withdraw would ignore the most critical activity of all: not touching the crypto once it’s in. This provides some types of crypto apps with massive user counts, while others seem relatively unused by little fault of their own.



We could use reported figures from widely popular apps as a proxy for the rest of the crypto space. MetaMask, for one, said it had more than <a href="https://blockworks.co/news/metamask-monthly-active-users-blockaid">30 million monthly active users</a> in February, almost an all-time high.&nbsp;



But to MetaMask, an active user is anyone who either “loads a page within the MetaMask extension or opens the mobile app at least once during any rolling 30-day period.” Not all of those users actually used their crypto —&nbsp;and as you can see, we’re now back to our original problem.



Token Terminal still gives it a stab. It says there were 88.6 million active addresses across all of crypto last month, with BNB Chain, Tron and Bitcoin making up about 40% of the total.



Read more: <a href="https://blockworks.co/news/privy-web3-onboarding-wallets">Privy launches to ease onboarding to consumer crypto apps</a>



One year ago, about 56 million monthly active addresses were recorded, representing nearly 60% growth year on year.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/F95PMdX9ubYv4uXzt5tVS5kFs-5YaQaU0Dvxxv8G-AGof_yiV9X5DWdF50o4uesnpy0XKBAouM8TfRrIs05EjHk_ip3z4d6m5SXyLhkvug-lVv_8L3_Qcrf8Tlu6Xv-qy0J811BjlYJTa__UYel2wsw" alt=""/><figcaption class="wp-element-caption">While the data isn’t exhaustive, it still shows that DEXs and token bridges are the most used apps in crypto</figcaption></figure>



Zooming into the app level shows where much of that growth has come from: DEXs, infrastructure protocols, onchain derivatives and decentralized social media.



By number of raw active addresses, DEXs and related protocols have by far added the most: 6 million over the past year. That figure stands at 9.56 million as of April, led by Uniswap, PancakeSwap, 1inch and SyncSwap.



Social media protocols and infrastructure apps have otherwise exploded by percentages: 2,100% and 1,150% over the past year. Social apps brought on an additional 100,000 active addresses year on year while infrastructure apps gained 670,000.



Read more: <a href="https://blockworks.co/news/farcaster-blockchain-onboarding">Farcaster is marrying social media and Web3 to onboard the masses</a>



<a href="https://blockworks.co/tag/farcaster">Farcaster</a>, the network powering crypto-infused social media app Warpcast, had about 3,100 active addresses this time last year, while the past three months have averaged out to 90,000 (in Farcaster’s case, data was sourced from this Dune <a href="https://dune.com/queries/3074977">dashboard</a>, not Token Terminal).&nbsp;



Lens Protocol and ICP-powered OpenChat have also seen decent activity upticks.&nbsp;



<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/N6KysgYB76GDmDI8qH6aqCKxCt12C8hfBbGNFqlJ59GotjK5kyRVw1T5G8-1xHU6wpBzOlbyD_wVYnGoRN-6jKJYes3D75_mk6ea518MmUbAicODKlIF_x6cW9eyAsQ1Zac8jKQhQuuGZctc8FxuhaY" alt=""/></figure>



As for the infra apps, blockchain data indexing platform The Graph has nearly quintupled its monthly active address count over the past four months, from 14,100 in January to 66,800 in April. Last April, that figure came in at under 1,000.&nbsp;



Worldcoin is also a standout, with active addresses surpassing 600,000 last month, practically double since January.



NFT marketplaces, however, are losing ground. Nearly half a million active addresses were recorded on OpenSea and others in April last year. Last month saw less than half that, with OpenSea shedding 57% year on year.&nbsp;



Zora is bucking the trend. It added close to 10% this year, rising from 72,200 in January to 78,600 last month.



Read more: <a href="https://blockworks.co/news/a16z-backed-social-dao">Web3 Watch: A16z-backed Scene Infrastructure Company hopes to show crypto is ‘not just money’</a>



Big picture: Trading remains the number-one crypto activity by far. The top 15 apps by active address count are, overwhelmingly, DEXs and bridges.&nbsp;



But other, less finance-focused use cases are clearly gaining traction.



— David Canellis



<h2 class="wp-block-heading">Data Center</h2>



<ul>
<li>Bitcoin is holding above $58,000 — now more than 20% below its all-time high in March.</li>



<li>Bitcoin’s hash rate is <a href="https://www.coinwarz.com/mining/bitcoin/hashrate-chart">steady</a> after the halving, now slightly ahead since April 19. It seems miners overall haven’t yet had to turn off many rigs.</li>



<li>Six <a href="https://explorer.rated.network/slashings?network=mainnet&amp;timesSlashedPage=1&amp;slashesReportedPage=1">slashing</a> events affected Ethereum validators last month, up from four in February. Slashings have been low since the 106 slashings in November, which largely <a href="https://twitter.com/BitcoinSuisseAG/status/1724741985141993821">affected</a> Bitcoin Suisse.</li>



<li>Buzzy layer-3 Degen’s TVL is <a href="https://defillama.com/chain/Degen?chainTokenVolume=false&amp;derivatives=true">down</a> almost 80% since shortly after launch, now under $2.5 million.</li>



<li>EigenLayer’s ETH <a href="https://defillama.com/protocol/eigenlayer?denomination=ETH">deposits</a> are net positive again after its stakedrop was confirmed, gaining ~10,000 ETH ($30 million) overnight.</li>
</ul>



<h2 class="wp-block-heading">Square one</h2>



All square? Maybe not for Block.



Jack Dorsey’s company reportedly faces a probe from prosecutors in New York, per <a href="https://www.nbcnews.com/business/personal-finance/prosecutors-examining-transactions-block-owner-cash-app-squarc-rcna147181">NBC News</a>.&nbsp;



Prosecutors, thanks to a potential whistleblower, are digging into unreported transactions and alleged compliance lapses.&nbsp;



Documents provided by a former Block employee allegedly show that Square and CashApp failed to collect enough information from customers, and that the company processed transactions that were subject to economic sanctions. The transactions include fiat and bitcoin.&nbsp;



But the story doesn’t end — or, honestly, begin — there. NBC News <a href="https://www.nbcnews.com/business/personal-finance/whistleblowers-cash-app-leaves-door-open-money-laundering-terror-rcna138958">reported</a> in February that other whistleblowers filed a complaint with the Financial Crimes Enforcement Network earlier this year, alleging similar compliance faults.&nbsp;



“Our compliance program includes systems, tools, and processes for sanctions screening, as well as investigating and reporting on sanctions issues in accordance with our regulatory obligations,” a Block spokesperson told NBC, though Block didn’t respond to our request for comment.



Do some of these allegations sound familiar? If you keep up with short-sellers, then you’ll probably remember Hindenburg Research’s <a href="https://hindenburgresearch.com/block/">report</a> on Block, which dropped in March of last year.&nbsp;



While some of the report&#8217;s allegations may not come up with prosecutors — like the Maryland gang that goes by Cash App — Hindenburg said that the compliance approach “made it easy for bad actors to mass-create accounts.”



Read more: <a href="https://blockworks.co/news/treasury-warns-congress-about-illicit-crypto-financing">Illicit actors are getting better at using crypto, Treasury tells Congress&nbsp;</a>



“Former employees described how Cash App suppressed internal concerns and ignored user pleas for help as criminal activity and fraud ran rampant on its platform,” Hindenburg’s report claimed.



The short-seller didn’t mention the potential sanctions issues raised by the whistleblowers in NBC News, but that adds another layer to a potentially sticky situation for Block.&nbsp;



If there’s any merit to the allegations, the company could face potential action from authorities and prosecutors. There are many unknowns in the land of crypto regulation, but New York has been steady in requiring compliance. In March, the <a href="https://blockworks.co/news/doj-alleged-kucoin-violation-aml-laws">SDNY DOJ charged KuCoin</a> with unlicensed money transmission offenses.



Of course, it’s far too early to speculate if Block will face repercussions — and what they could look like.&nbsp;



But this is one that I’ll be closely watching.



— Katherine Ross



<h2 class="wp-block-heading">MiCA gets some backup</h2>



Europe’s crypto regulatory footprint is about to get bigger.&nbsp;



The European Parliament pushed through a number of crypto and Web3-related bills just before recessing late last month, a year after the Markets in Crypto Assets law passed.



Lawmakers are hopeful that the package will fill some gaps in KYC and due diligence.&nbsp;



You may recall MiCA being the overwhelmingly dominant topic of conversation in the fall and winter of 2023. Some say the law is a valiant first step in bringing regulatory clarity to the region, others say it leaves out essential parts of the industry (hi, DeFi).&nbsp;



Now, a year later, EU member-states are taking some creative license when it comes to implementing the regulations. This approach, naturally, has led to some fragmentation.&nbsp;



Read more: <a href="https://blockworks.co/news/eu-crypto-aml-provisional-agreement">EU comes to provisional agreement to expand AML to crypto&nbsp;</a>



Enter the new legislative package.&nbsp;



The latest basket of laws from the <a href="https://blockworks.co/tag/european-union">EU</a>, as with MiCA, was widely anticipated to pass. Time will tell —&nbsp;literally, the laws take years to come into application —&nbsp;how member-states interpret the new policies.&nbsp;



Here’s a breakdown of the possible changes:



<ul>
<li>“Crypto asset service providers,” or CASPs (think exchanges, crypto gambling operations, you name it) will have to maintain due diligence standards and are subject to anti-money laundering supervision when they operate in six or more EU member-states.</li>



<li>The Anti-Money Laundering Authority will be established and based out of Germany in an attempt to streamline enforcement across member-states.&nbsp;</li>



<li>Parliament has expressed interest in beefing up consumer protection laws around financial influencers and how they promote crypto products, services and tokens.&nbsp;</li>
</ul>



Negotiations are slated to continue with the EU Council after elections next month, so keep an eye out.&nbsp;



— Casey Wagner



<h2 class="wp-block-heading">The Works</h2>



<ul>
<li>A former FTX executive in Europe paid $1.5 million to buy a <a href="https://www.wsj.com/finance/ftx-survivor-pays-1-5-million-for-gold-watch-recovered-from-titanic-71af4ae8">gold watch</a> recovered from the wreck of the H.M.S. Titanic, per the WSJ.&nbsp;</li>



<li>Ethereum co-founder Vitalik Buterin explored ways to make <a href="https://blockworks.co/news/vitalik-buterin-zk-proofs-more-efficient">zero-knowledge tech</a> more efficient in a new blog post.&nbsp;</li>



<li>BlackRock’s head of digital assets <a href="https://www.coindesk.com/business/2024/05/02/blackrock-sees-sovereign-wealth-funds-pensions-coming-to-bitcoin-etfs/?utm_medium=referral&amp;utm_source=rss&amp;utm_campaign=headlines">told</a> CoinDesk that the firm sees pension funds, sovereign wealth funds and more eventually entering the spot bitcoin ETF market.&nbsp;</li>



<li>MicroStrategy has <a href="https://twitter.com/intangiblecoins/status/1785795596798054832">unveiled</a> a new bitcoin-based decentralized identity product, dubbed Orange.</li>



<li>Microsoft inked a four-year $2.2 billion <a href="https://apnews.com/article/malaysia-microsoft-satya-nadella-invest-ai-chatgpt-25e92ce637a36ea8f88c2725dfa3d1f0">AI deal</a> with the government of Malaysia, AP reports.&nbsp;</li>
</ul>



<h2 class="wp-block-heading">The Morning Riff</h2>



Crypto thought leaders are negging memecoins these days.&nbsp;



Vitalik <a href="https://blockworks.co/news/cheatsheet-vitalik-buterin-on-memecoins">says</a> there’s nothing new or interesting about them, while, more recently, a16z execs Chris Dixon and Eddy Lazzarin have respectively said they represent <a href="https://www.ft.com/content/1ceaa1c6-47df-4430-950e-ffcbf1cc8f7b">gambling</a> — not innovation — and cause <a href="https://twitter.com/eddylazzarin/status/1783179299085856934">damage</a> to crypto.



David: Smart dudes but boomer takes.&nbsp;



Ignoring the fact that almost every cryptocurrency on the market today is a memecoin in one way or another (even bitcoin and ether), memecoins are by far the industry’s most effective stress tester.



Without them, crypto loses its only consistent scaling benchmark: memecoin mania.&nbsp;



Let ‘em rip.



Katherine: I’ve heard this argument before, though it was used back when memestock mania dominated the market.&nbsp;



If crypto’s really trying to be taken seriously, the memecoins — especially the racist and sexist ones —- don’t help. But one of the fun facets of crypto is that it’s not as stodgy as Wall Street.



Unfortunately, though, we’re doomed to be dubbed the “Wild West” until we can put together some semblance of respectability (and proper regulation is established, duh).&nbsp;



I’ll still be watching dogwifhat, though.



— Katherine Ross, David Canellis



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



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Empire Newsletter: Here’s where all the crypto users really are

US spot bitcoin ETFs saw unprecedented outflows Wednesday, as most of them came from funds other than Grayscale’s BTC fund.&nbsp;



Ten spot bitcoin ETFs trading in the US saw net money leave their coffers Wednesday, as bitcoin’s price dipped significantly. A fund by Hashdex saw zero flows.&nbsp;



The Grayscale Bitcoin Trust ETF (GBTC) contributed $167 million of the $564 million in net outflows seen on the day, according to Farside Investors data.&nbsp;



But <a href="https://blockworks.co/tag/fidelity">Fidelity Investments</a> saw the most capital leave its bitcoin ETF, enduring $191 million of net outflows — by far its most ever in a single day. 



BlackRock’s iShares Bitcoin Trust (IBIT) had seen five straight days of zero flows after its <a href="https://blockworks.co/news/blackrock-bitcoin-etf-inflows-streak">71-day streak of bringing in net money ended</a>. The fund witnessed its first ever net outflows, amounting to $37 million on Wednesday, the <a href="https://farside.co.uk/?p=997">data</a> shows.&nbsp;&nbsp;&nbsp;



The Ark 21Shares Bitcoin ETF (ARKB) hemorrhaged $98 million, while others saw more minimal investor capital trickle out.&nbsp;



Wednesday’s outflows come as bitcoin ETF demand has stalled over the last month or so. Analysts have attributed this in part to investors in the funds taking profits after seeing big price appreciation on their shares after entering the market earlier this year.



Read more: <a href="https://blockworks.co/news/bitcoin-etf-outflows-persist-third-straight-week">Bitcoin ETF snapshot: A few firsts during another week of outflows</a>



Still, the scope of the outflows across nearly the whole segment is something the fund category has not seen before.&nbsp;



BlackRock and Fidelity had been consistent asset gatherers in the space since the funds launched on Jan. 11, with their net inflows amounting to about $15.4 billion and $7.9 billion, respectively.&nbsp;



GBTC now has outflows of nearly $17.5 billion since converting to an ETF in January. The fund category overall has notched net inflows of $11.2 billion in nearly four months. &nbsp;



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BlackRock, Fidelity bitcoin ETFs bleed Wednesday, joining GBTC

Bessie Liu

Vitalik Buterin, the co-founder of Ethereum, has released a new blog post discussing a new cryptographic proving system that can make zero-knowledge proofs more efficient.



The proving system, called Binius, is designed to operate directly over binary code on computers. Binary code is a language understood by computers, and it is used to store information and represents data using the symbols zero and one, otherwise known as bits. 



Although there are some similarities between STARKs and Binius, Buterin explains that the mathematical tricks that enable these different proving systems are very different.&nbsp;



Generally speaking, STARKs is a technology that has enabled complicated statements to be easily cryptographically verified. It is designed in a way that can easily compute numbers when they are of small value, when there are large values, STARKs generate extra values, which can lead to inefficiency.&nbsp;



Unlike STARKs that “arithmetize” a statement into a polynomial equation — a mathematical expression which model a relationship between variables in a block — Binius treats data as a hypercube and grid, and uses multilinear polynomials to perform cryptographic proofs.



<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">BInius: highly efficient proofs over binary fields<a href="https://t.co/lHAGXbgI9r">https://t.co/lHAGXbgI9r</a> <a href="https://t.co/3Xx4zIAm1b">pic.twitter.com/3Xx4zIAm1b</a>&mdash; vitalik.eth (@VitalikButerin) <a href="https://twitter.com/VitalikButerin/status/1784912087098999263?ref_src=twsrc%5Etfw">April 29, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Binius converts individual values into bits and places them in a hypercube and a square. This hypercube is then converted into a grid and computations are performed in order to receive an output matrix.&nbsp;



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1021" height="637" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image.png" alt="" class="wp-image-85182" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image.png?w=1021 1021w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image.png?w=412 412w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image.png?w=418 418w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image.png?w=351 351w, https://blockworks-co.imgix.net/wp-content/uploads/2024/05/image.png?w=80 80w" sizes="(max-width: 1021px) 100vw, 1021px" /></figure>



A verifier will then perform its own computational calculations to ensure that the information itself matches and ensure that the compute columns returns a value claimed by the prover.



“I highly encourage people to understand and explore! Lots of innovations have been happening in ZK-proving recently. And I expect lots more to come soon,” Buterin wrote in an <a href="https://twitter.com/VitalikButerin/status/1784912152655974533">X post</a>.



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Vitalik Buterin talks ways to make zk proofs more efficient

In a highly anticipated move, the Federal Reserve chose to hold interest rates at their existing level on Wednesday following the Federal Open Market Committee two-day policy meeting.&nbsp;



The rate hike pause marks the central bank’s sixth since consecutively raising interest rates from March 2022 to July 2023. Persistent inflation and a healthy labor market contributed to central bankers’ decision to hold rates, they said.&nbsp;



“In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks,” Wednesday’s <a href="https://www.federalreserve.gov/monetarypolicy/files/monetary20240501a1.pdf">statement</a> read. “The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2%.” 



Central bankers will need to see more evidence that inflation is easing before cutting rates, Fed Chairman Jerome Powell said Wednesday during a press conference.



“The path forward is uncertain,” <a href="https://blockworks.co/tag/jerome-powell">Powell</a> said.&nbsp;



“Although some measures of short-term inflation expectations have increased in recent months, longer-term inflation expectations appear to remain well anchored as reflected in a broad range of surveys of households, businesses and forecasters, as well as measures from financial markets,” he added.



Stocks and cryptocurrencies were little changed on the news. Bitcoin (<a href="https://blockworks.co/price/btc">BTC</a>) traded sideways in the moments after the <a href="https://blockworks.co/tag/federal-reserve">Fed</a> released its statement at 2 pm ET, sitting around $57,786 at time of publication, per Coinbase. The largest cryptocurrency is down about 4% over the past 24 hours.&nbsp;



Ether (<a href="https://blockworks.co/price/eth">ETH</a>) similarly traded flat, hovering around $2,900 at time of publication – about 1% lower over 24 hours.&nbsp;



The Nasdaq Composite and S&amp;P 500 indexes inched marginally higher on the news, managing to move just barely into the green after an otherwise disappointing trading session.&nbsp;



Bitcoin has hovered below $60,000 since early Wednesday, a downward trend analysts say is poised to continue.&nbsp;



“A break to the downside through $59,200 in BTC has led to an accelerated selloff and, barring an unforeseen catalyst, there seems little in the way of this market testing the [$53,000] area before a meaningful turnaround,” Mike Tauckus, head of trading and structuring at BitOoda, said.&nbsp;



Markets on Wednesday expected about a 9% chance a rate cut will come in June, according to <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html">data</a> from CME Group.



Updated May 1, 2024 at 2:37 pm ET: Added statement from Fed Chair Jerome Powell. 



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Fed holds interest rates, markets hardly react 

Molly Jane Zuckerman

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="256" src="https://blockworks-co.imgix.net/wp-content/uploads/2023/06/Off-Topic-with-Molly-Jane_20230616a-1.png?w=1024&amp;h=1024" alt="" class="wp-image-60166" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2023/06/Off-Topic-with-Molly-Jane_20230616a-1.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2023/06/Off-Topic-with-Molly-Jane_20230616a-1.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2023/06/Off-Topic-with-Molly-Jane_20230616a-1.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2023/06/Off-Topic-with-Molly-Jane_20230616a-1.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2023/06/Off-Topic-with-Molly-Jane_20230616a-1.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2023/06/Off-Topic-with-Molly-Jane_20230616a-1.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2023/06/Off-Topic-with-Molly-Jane_20230616a-1.png?w=80 80w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



This isn’t going to be another op-ed about how silly it is for celebrities to do cryptocurrency ads. We all know that they don’t age well.



Instead, what I’d like to opine on is why a cryptocurrency ad with Marshall Mathers, aka Eminem, falls flat in particular. If you’re going to put a celebrity in your crypto ad, you need to go all out with creativity, humor or just overall entertainment value. Eminem’s new crypto ad does none of that —&nbsp;it has almost nothing to do with the rapper, or crypto at all.



The rapper’s voiceover on an <a href="http://crypto.com">advertisement for Crypto.com</a> aired during the Lakers NBA play-off game last week. The ad itself, just a minute long, shows a nameless, faceless boxer getting ready to face-off in a match at the Crypto.com Arena. You can hear Eminem’s voice saying empty platitudes of encouragement in the background, telling the audience to enjoy the moment, before the screen shows the somewhat infamous slogan, “Fortune favors the brave.”



I say infamous, because Matt Damon’s 2022 Crypto.com SuperBowl commercial —&nbsp;where the Oscar-nominated actor was actually pictured on screen saying that catchphrase out loud — just looked so silly in the wake of the FTX crash. Damon later gave an <a href="https://gizmodo.com/matt-damon-crypto-com-crypto-bitcoin-1850282413">awkward, pause-filled red carpet interview</a>, noting that he only did the commercial to support his water non-profit in a down year.



Some are <a href="https://www.stereogum.com/2261473/eminem-is-crypto-coms-new-spokesman-teases-new-album-the-death-of-slim-shady/news/">already speculating</a> that Eminem’s main motivation to lend his voice to Crypto.com’s latest ad is part of a marketing push for his upcoming album. But his motivations for being crypto’s latest celebrity spokesperson aren’t important. What’s important is how soulless that advertisement is. Watching the commercial for the first time as a longtime Eminem stan, I lamented all of the missed opportunities staring me in the face.



Read more from our opinion section: <a href="https://blockworks.co/news/cryptos-best-use-case-buying-goats-twitter">Crypto’s best use case? Buying goats on Twitter</a>



For one, this is far from Eminem’s first foray into crypto —&nbsp;he had his own, pretty cringey Bored Ape phase at the peak of the NFT boom, culminating in a <a href="https://www.youtube.com/watch?v=RjrA-slMoZ4">half-animated BAYT music video</a> with none other than Snoop Dogg. That was terrible, and also funny: and Crypto.com’s pretty basic ad could have benefitted from any sort of creative reference to Eminem’s actual crypto interests.&nbsp;



Granted, Crypto.com is not an NFT platform. That doesn’t mean that you aren’t allowed to have a sense of humor — especially when creating a likely very expensive advertisement with a very famous, previously NFT-obsessed rapper.



Which brings me to my second point —&nbsp;there’s no rap. Paying Eminem to remain faceless and read a short, only slightly rhyming text over a black-and-white boxing video feels like paying <a href="https://www.thecut.com/2019/07/i-think-about-bob-dylans-victorias-secret-ad-a-lot.html">Bob Dylan to promote Victoria’s Secret</a>.



Eminem’s crypto ad isn’t the first since the unfortunate crypto Super Bowl. Both Coinbase and Greyscale also <a href="https://blockworks.co/news/nba-nhl-bitcoin-halving-ads">put out slightly more entertaining ads</a> in the lead up to the Bitcoin halving, albeit celebrity-less ones.&nbsp;



As I said at the top, my point here isn’t to convince the world that celebrities in crypto ads are setting themselves up for <a href="https://blockworks.co/news/celebrities-erase-ftx-ties">future embarrassment</a>, <a href="https://blockworks.co/news/what-do-tom-brady-steph-curry-and-naomi-osaka-have-in-common-an-ftx-lawsuit">loss of money</a> and even potentially <a href="https://www.sec.gov/news/press-release/2022-183">SEC fines</a>. We already know that. And I also know that no one will stop crypto companies, especially during a bull market, from paying celebrities tons of money to promote their brands anyway. Sam Bankman-Fried set that precedent, and even with him in jail, it really shows no signs of abating.



Instead, I’d like to propose that if we are going to keep having celeb-studded crypto ads —&nbsp;make them really sparkle. Pay Eminem to write an entire song about trading on Crypto.com and release it alongside his new album, with a specially crypto-themed music video (he already has the experience). Get JoJo Siwa to <a href="https://www.tiktok.com/@itsjojosiwa/video/7352686405887331630">wrap another car</a> with whatever memecoin logo, or Brooklyn Beckham to tattoo Dogecoin eyes next to his <a href="https://pagesix.com/article/brooklyn-beckham-tattoos-for-nicola-peltz/">tattoo of his wife’s eyes</a>.



Celebrity crypto ads, in my opinion, should only exist if they do something really creative or really silly: In other words, make them match the whimsy and creativity of this burgeoning financial tech industry. I’m not sure that any SEC lawyers would agree with me. Good thing I don’t work for the SEC.



Otherwise, make celebrity crypto endorsements illegal for all of the obvious reasons (high potential for securities fraud and misleading investors to start). In a nutshell — go silly or go home.



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I don’t care much about tech, I don’t care a whole lot about finance, either. I care about writing stories and watching weird things unfold. And that’s why I’ve ended up in crypto. But because I’m missing that passion for what crypto and blockchain are all about — finance, tech, privacy, yadda yadda — I’m going to write instead about what I am actually interested in. Everything about crypto that has very little to do with crypto. That’s what this column will be about. All the tangential stories that come out of the blockchain and crypto space, what I think about them, and how I navigate it all as a skeptical former Russian literature major. It’s precisely my perch as an outsider that lets me do what I do: Opine on all sides of any crypto issue, no strings attached, no skin in the game. If you want to talk crypto with me, let’s go off topic.



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



Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.

Eminem’s new crypto ad fails to capture the moment, lets it slip

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The Aptos Advantage: Moving at Scale

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Speakers 

Balaji S. Srinivasan (@balajis) is an angel investor, tech founder, and <a href="https://twitter.com/balajis/status/1552329807437844480?ref=balajis.ghost.io">WSJ bestselling</a> author of <a href="https://www.amazon.com/dp/B09VPKZR3G?ref=balajis.ghost.io">The Network State</a>. Formerly the CTO of Coinbase and General Partner at Andreessen Horowitz, he is an early investor in many successful tech companies and crypto protocols, including Akasa, Alchemy, Benchling, Cameo, CoinTracker, Culdesac, Dapper Labs, Deel, Digital Ocean, Eight Sleep, EPNS, Farcaster, Gitcoin, Golden, Instadapp, Lambda School, Levels Health, Locals, Messari, Mirror, OnDeck, OpenSea, Orchid Health, Prospera, Replit, Republic, Roam Research, Skiff, Soylent, Stability AI, Starkware, Stedi, Superhuman, Synthesis, and Zora Labs, to name a few. Balaji was also an early investor in many important crypto protocols including Bitcoin, Ethereum, Solana, Avalanche, NEAR, Polygon, Chainlink, XMTP, ZCash, and more. Dr. Srinivasan was the cofounder of Earn.com (acquired by Coinbase), Counsyl (acquired by Myriad), Teleport (acquired by Topia), and Coin Center. He holds a BS/MS/PhD in Electrical Engineering and an MS in Chemical Engineering from Stanford University.

Balaji S. Srinivasan

Chris Dixon founded and leads a16z crypto, which invests in web3 technologies through four dedicated funds with more than $7 billion under management. He has been a general partner at Andreeseen&nbsp;Horowitz since 2013.



Chris is the author of&nbsp;<a href="https://readwriteown.com/" rel="noreferrer noopener" target="_blank">Read Write Own</a>:&nbsp;Building the Next Era of the Internet&nbsp;(Random House).



Previously, Chris was the cofounder and CEO of two startups, SiteAdvisor and Hunch. SiteAdvisor was an internet security company that warned web users of security threats. The company was acquired by McAfee in 2006. Hunch was a recommendation technology company that was acquired by eBay in 2011.



Chris has been a prolific seed investor, cofounding Founder Collective, a seed venture fund, and making a number of personal angel investments in various technology companies.



Chris started programming as a kid, and was a professional programmer after college at the high-speed options trading firm, Arbitrade. He has a BA and MA in Philosophy from Columbia and an MBA from Harvard.

Chris Dixon

Sreeram Kannan is founder of the EigenLayer project on Ethereum, which introduced the concept of restaking. Until recently he was a tenured associate professor at UW where he directed the UW Blockchain Lab, focussed on designing new blockchain infrastructure protocols.

Sreeram Kannan

Keone Hon is the co-founder/CEO of Monad Labs, a team of systems engineers bringing parallel execution and high performance to the Ethereum Virtual Machine.

Keone Hon

Li Jin

Michael Novogratz is the Founder and CEO of Galaxy Digital. He was formerly a Partner and President of Fortress Investment Group LLC. Prior to Fortress, Mr. Novogratz spent 11 years at Goldman Sachs, where he was elected Partner in 1998. Mr. Novogratz served on the New York Federal Reserve’s Investment Advisory Committee on Financial Markets from 2012 – 2015. Mr. Novogratz serves as the Chairman of The Bail Project and has made criminal justice reform a focus of his family’s foundation. He also sits on the Board of Overseers at NYU Langone Medical Center and is a board member of Princeton Varsity Club and Jazz Foundation of America. Mr. Novogratz received an AB in Economics from Princeton University and served as a helicopter pilot in the US Army.

Mike Novogratz

Ben is a co-founder of Optimism, a leading Ethereum L2 ecosystem. He served as Chief Scientist before becoming a director at the Optimism Foundation. In his free time, he makes Ethereum-based parody songs under his stage name, Weird ETH Yankovic.

Ben Jones

Evan Cheng is the co-founder &amp; CEO of Mysten Labs, the developer behind the groundbreaking Sui layer 1 protocol. In addition to being the winner of the the winner of the prestigious 2012 ACM Software System Award, Evan has an extensive background in platform development, with more than 24 years building developer-facing technology and leading engineering teams at companies such as Apple and Facebook. Prior to founding Mysten Labs, Evan led the Novi Research at Meta developing cutting-edge blockchain technologies.

Evan Cheng

Nick White

Kristin is the CEO of the Blockchain Association, the Washington, D.C.-based trade association representing more than 100 of the industry’s leading companies. She also serves as a board member of the Filecoin Foundation for the Decentralized Web. Kristin serves as a liaison between policymakers and the cryptocurrency industry to assist in the creation of legislation and regulation that promotes the growth of the cryptocurrency ecosystem in the U.S. She is also a leading, public voice advocating for the cryptocurrency and blockchain industry through top-tier media interviews, op-eds and letters to the editor, and global speaking engagements. Kristin is a renowned voice for the industry, having been featured on Fortune’s 2020 40 under 40 list, CoinDesk’s 2021 50 people who defined the year in crypto, and CoinTelegraph’s 2022 top 100 Influencers in Crypto and Blockchain. Prior to leading the Blockchain Association, Kristin helped blockchain and technology companies achieve their public policy objectives in Washington. She served as a Senate and congressional aide on Capitol Hill for nearly ten years, much of which was spent focusing on technology policy.

Kristin Smith

Eli&nbsp;is a co-founder and CEO of StarkWare, and Chairman of its Board of Directors.



He has been researching cryptographic and zero knowledge proofs of computational integrity ever since he received his Phd in Theoretical Computer Science from the Hebrew University in 2001.&nbsp;Eli&nbsp;is a co-inventor of the STARK, FRI and Zerocash protocols and a Founding Scientist of the Zcash Company. Over the years he held research positions at the Institute for Advanced Study at Princeton, Harvard and MIT, and, most recently, was a Professor of CS at Technion, which he left to co-found StarkWare.

Eli-Ben Sasson

Luca is the CEO of Pudgy Penguins, a next-generation IP company.

Luca Netz

Vance Spencer is the co-founder of<a href="https://framework.ventures/" target="_blank" rel="noreferrer noopener"> Framework Ventures,</a> one of the largest VC firms in the blockchain industry. Under the leadership of Vance and his co-founder Michael, Framework was arguably the first VC firm to <a href="https://decrypt.co/16943/why-framework-ventures-is-going-all-in-on-defi" target="_blank" rel="noreferrer noopener">“go all in”</a> on the emerging Decentralized Finance (“DeFi”) ecosystem, notching up major early investments in several multi-billion dollar apps and networks like Chainlink, Aave, Synthetix, The Graph, and more. Over the last year, the firm has raised $400M for its third fund, and has also expanded into additional maturing verticals like web3 gaming, real world assets, and social crypto. Before Framework, Vance and his co-founder Michael launched and sold Hashletes, a digital collectible startup with official licensing from the NFL. Prior to entering the crypto space, Vance worked at Netflix in Los Angeles and Tokyo, where he was part of the team responsible for the relaunch of the Japan business, eventually joining the team leading corporate development for most of northern Asia.

Vance Spencer

Santiago Roel Santos (CryptoPunk #9159) is an investor focusing at the intersection of DeFi and the Web3 metaverse (NFTs/gaming). Most recently was a Partner at ParaFi Capital, one of the largest crypto funds specializing in DeFi. Prior to that, he was at Sageview Capital investing in Internet and software and, before that, at JP Morgan investment banking. Santiago began investing in crypto in 2012.

Santiago Roel Santos

Bryan Pellegrino is a co-founder of LayerZero. He is focused on building an interoperability solution that scales to every chain while maintaining the core principles of censorship resistance, permissionlessness, and immutability. Before LayerZero, Bryan worked in AI research and ranked among the best poker players in the world.

Bryan Pellegrino

Lucas Bruder is the CEO of Jito Labs, which builds high performance MEV infrastructure for Solana. Jito Labs' main products, Jito-Solana and the Jito Block Engine, are running on more than 27% of Solana stake. Before co-founding Jito Labs, Lucas worked on robotics control systems for self-driving bulldozers and embedded firmware at Ouster and Tesla. He has a degree in Electrical and Computer Engineering from Carnegie Mellon University.

Lucas Bruder

Brian Quintenz is the Head of Policy for a16z crypto, where he helps to translate between the crypto and policy communities.



Brian has long stood out as an innovative thinker in crypto and DeFi and was one of the earliest leaders in Washington to recognize the value of crypto. Brian initially joined a16z crypto as a senior advisor. In December 2022, he moved to the full-time role leading its policy team.



Prior to joining a16z, he was nominated by both Presidents Obama and Trump to serve as commissioner of the Commodity Futures Trading Commission (CFTC) and, in August 2017, was unanimously confirmed by the U.S. Senate. He also led the agency’s Technology Advisory Committee, which hosted the most comprehensive set of public crypto-related policy discussions and briefings of any federal financial regulator. During his service, the CFTC oversaw the listing of the first U.S. regulated Bitcoin and Ether futures contracts on derivatives exchanges, and the rapid expansion of DeFi. All the while, he was a champion for tailored, risk-calibrated regulation.



Prior to his appointment to the CFTC, Brian was the Founder and Managing Principal of Saeculum Capital Management, LLC where he developed and implemented Saeculum’s long term, momentum-based investment process for both traditional discretionary accounts as well as a managed-futures, commodity pool hedge fund.



Brian began his career on Capitol Hill, where he worked for 6.5 years and served as senior policy aid to a Member of Congress. He received his B.S. from Duke University and M.B.A. from Georgetown University.

Brian Quintenz

Congressman Tom Emmer was sworn in for his first term in the U.S. House of Representatives on January 6, 2015. He is currently serving his fifth term.



After serving as the Chairman of the National Republican Congressional Committee for the 116th Congress and again for the 117th Congress, Tom was elected by his fellow Republican colleagues to be the House Majority Whip. Currently, he sits on the House Financial Services Committee.&nbsp;



Born in 1961, Tom grew up in Minnesota and attended St. Thomas Academy. He received his BA in Political Science from the University of Alaska-Fairbanks and his JD from William Mitchell College of Law.



After practicing law for several years, he opened his own law firm. The next 20 years were spent balancing family, business, coaching hockey, and serving on the city councils in Independence and Delano.



Before coming to Congress, he served in the Minnesota House of Representatives from 2004-2008.



He and his wife Jacquie have been married for over 30 years and have seven children. They reside in Delano.

Rep. Tom Emmer (R-MN)

Prior to founding Ikigai Asset Management in 2018, Travis spent 10 years in traditional finance. From 2008-2010, he was an investment banker at Simmons &amp; Company in Houston, focusing on energy M&amp;A. From 2011- 2015, he was a senior analyst at Magnetar Capital in Chicago, investing in long/short energy equities and non-control private equity and debt. From 2015-2017, Travis was a Portfolio Manager at Point72 in New York, where he managed a L/S portfolio of energy and materials equities. Travis has a BS in Accounting and a MS in Finance from Texas A&amp;M University.

Travis Kling

Zaki Manian is a Co-Founder of Sommelier, the most powerful coprocessor yet for DeFi traders and Liquidity Providers. He’s also a Co-Founder of iqlusion, which provides infrastructure like a data center and a Cosmos validator for next-gen crypto technologies. Previously, Zaki helped build the Cosmos ecosystem, including launching the first public Cosmos testnet, and served as a director of Tendermint. Zaki has been a leading developer in the blockchain space since 2014, when he taught himself cryptography and began contributing to projects including Bitcoin, Ethereum, Zcash, and Tendermint. Having studied history of science at the University of Pennsylvania, Zaki’s skill sets in software engineering, programming, and computer science are largely self-taught.

Zaki Manian

Ceo @ <a href="http://helius.dev/" target="_blank" rel="noreferrer noopener">helius.dev</a>, co-host of the Ligntspeed podcast.

Mert Mumtaz

Sandy Kaul is senior vice president, Franklin Templeton, providing advisory consulting for the firm and thought leadership as part of the Franklin Templeton Institute. She delivers actionable intelligence and insights on the future of the investment and wealth management industry for the firm and its clients. Ms. Kaul has cultivated deeply informed insights and has an extensive background in driving market leading research, thought leadership and predictive models centered on the evolution of the investment and wealth management industry. She identifies and champions opportunities to address industry advancements and drive transformation, with a focus on innovative distribution trends and digital disruption. She delivers strategic insights to inform the firm's decision-making on partnerships and investments, including within Franklin Templeton's growing digital asset business. Ms. Kaul has over 25 years of well-rounded industry experience and is a frequent speaker at industry events and a widely published author. She combines her unique blend of sell-side, buy-side and consulting insights to drive her research and thought leadership around what constitutes best practices and where innovation is occurring. Ms. Kaul joined Franklin Templeton in 2022 from Citi, where she served as Managing Director and Global Head of Business Advisory Services, and launched and built out the Citi's Business Advisory Services practice, a market leading provider of industry thought leadership spanning Citi's Markets and Global Wealth organizations. Ms. Kaul rejoined Citi in 2009, after originally starting her career there in 1985 as a Futures Research Analyst covering the soft commodities markets with Citi's predecessor firm, Shearson Lehman Brothers. She joined Commodities Corporation/Goldman Sachs Asset Management in 1995 as a Commodity Trading Advisor (CTA) and Portfolio Manager. After managing money for nearly six years, Ms. Kaul shifted her attention to consulting where she led the strategy practice within the Financial Services division of the renowned dot.com firm, Scient, and then went on to become a Partner at the capital markets niche management consulting firm m.a.partners/Detica. Ms. Kaul holds a bachelor's degree in history and political science from Colgate University.

Sandy Kaul

Matt Hougan is one of the world’s leading experts on crypto, ETFs, and financial technology. He is Chief Investment Officer for Bitwise Asset Management, a pioneer in cryptoasset index funds with more than $1.2 billion in assets under management. He was previously CEO of ETF.com, where he helped build the world’s first ETF data and analytics system, the leading ETF media site, and the world’s largest ETF conference, Inside ETFs. Hougan is co-author of both “A Comprehensive Guide to Exchange-Traded Funds” and “Cryptoassets: The Guide to Bitcoin, Blockchain and Cryptocurrencies for Professional Investors” from the CFA Institute’s Research Foundation. He is a crypto columnist for Forbes, and a three-time member of the Barron’s ETF Roundtable.

Matt Hougan

Muneeb Ali is the Co-Founder and CEO of <a href="https://trustmachines.co/" target="_blank" rel="noreferrer noopener">Trust Machines</a>, the company building out the Bitcoin economy. Earlier, he co-created <a href="https://stacks.org/" target="_blank" rel="noreferrer noopener">Stacks</a>, a Bitcoin layer for smart contracts. He received his Ph.D. in Distributed Systems from Princeton. He is one of the main characters in George Gilder's book Life After Google and was a technical advisor to the HBO show Silicon Valley.

Muneeb Ali

3LAU

<div class="wp-block-group">
Mike dudas is a founding partner of <a href="https://www.6thman.ventures/" target="_blank" rel="noreferrer noopener">6th man ventures</a>, an early stage crypto vc firm. mike is also founder of <a href="https://linksdao.io/" target="_blank" rel="noreferrer noopener">linksdao</a>, a community-first, nft-membership enabled golf &amp; leisure clubpreviously, mike was the founder &amp; ceo of <a href="https://www.theblockcrypto.com/" target="_blank" rel="noreferrer noopener">the block</a>, a leading research &amp; media company in cryptodudas earned a ba from Stanford and an mba from kellogg
</div>

Mike Dudas

Mr. van Eck joined the Firm in 1991 and its Executive Management Team in 1998. He serves as the President, Chief Executive Officer and an owner of Van Eck Associates Corporation. Additionally, he is the President and CEO of Van Eck Securities Corporation. Furthermore, Mr. van Eck is a Trustee, the President and Chief Executive Officer of VanEck ETF Trust, VanEck Funds and VanEck VIP&nbsp;Trust.



Furthering VanEck’s mission to anticipate asset classes and trends, Mr. van Eck has created strategic beta, tactical allocation, emerging markets, and commodity-related investment strategies in mutual fund, ETF, and institutional formats. Mr. van Eck founded the Firm’s ETF business in 2006. One of the world’s largest ETF sponsors, the Firm offers ETFs, branded VanEck, globally across equity and fixed income asset&nbsp;classes.



Mr. van Eck holds a JD from Stanford University and graduated Phi Beta Kappa from Williams College with a major in Economics. He has registrations with the National Futures Association and the Financial Industry Regulatory Authority. Mr. van Eck is a Director of the National Committee on United States-China Relations. He routinely appears in the media, including CNBC and Bloomberg Television.&nbsp; Mr. van Eck was a 2013 Finalist for Institutional Investor's Fund Leader of the Year and was a finalist for ETF.com’s Lifetime Achievement Award in 2019 and 2022.

Jan F. van Eck

Soona Amhaz is founder and managing partner of Volt Capital, a venture firm that backs early-stage crypto startups including many leading protocols and companies like Nansen, Sound, Magic Eden, Squads, Farcaster, LayerZero, and Magic. Prior to starting Volt Capital, Soona co-founded On Deck and operated in the big data/AI space, scaling companies from seed stage to post-Series C.

Soona Amhaz

Tom is a Partner at Dragonfly Capital. He previously led product at 0x, worked as a product manager at Facebook and Instagram, and worked in software engineering at Apple and Microsoft.

Tom Schmidt

Michael Anderson is the co-founder of<a href="https://framework.ventures/" target="_blank" rel="noreferrer noopener"> Framework Ventures,</a> one of the largest VC firms in the blockchain industry. Under the leadership of Michael and his co-founder Vance, Framework was arguably the first VC firm to <a href="https://decrypt.co/16943/why-framework-ventures-is-going-all-in-on-defi" target="_blank" rel="noreferrer noopener">“go all in”</a> on the emerging Decentralized Finance (“DeFi”) ecosystem, notching up major early investments in several multi-billion dollar apps and networks like Chainlink, Aave, Synthetix, The Graph, and more. Over the last year, the firm has raised $400M for its third fund, and has also expanded into additional maturing verticals like web3 gaming, real world assets, and social crypto. Before Framework, Michael and his co-founder Vance launched and sold Hashletes, a digital collectible startup with official licensing from the NFL. Before entering the crypto space, Michael served as a product manager at both Snapchat and Dropbox, where he helped build out their monetization platforms.

Michael Anderson

Sam is the Head of Product and Strategy at Skip, a team building cross-chain infrastructure for application-specific blockchains. He is also Co-founder of Timewave, an organization that creates tools for intelligent on-chain resource allocation and trustless cooperation.

Sam Hart

Haseeb is a Managing Partner at Dragonfly. He was previously a partner at Metastable Capital, and has a background in software engineering at Airbnb and Earn.com (acquired by Coinbase).

Haseeb Qureshi

Joe McCann is the Founder, CEO, and CIO of <a href="http://asymmetric.financial">Asymmetric</a>, a modern-day crypto fund. Asymmetric is backed by Marc Andreessen, Chris Dixon, and Circle Inc., as well as the founders of Solana, Multicoin, CoinFund and many other reputable investors and entrepreneurs.



With over 24 years of experience working on Wall Street to Silicon Valley and with skills ranging from systematic and quantitative trading to fundraising and running a venture-backed, open-source enterprise software company, McCann's perspective on technology and finance is rather unique. McCann is a frequent speaker on the global conference circuit, actively promoting emerging technologies and relevant business use cases to bring pragmatism to futurism.&nbsp;&nbsp;



Most recently, McCann was a Senior Director at Microsoft in the Cloud and AI organization focusing on incubations, M&amp;A, and startups. McCann also ran Quantitative and Systematic Trading for Cryptocurrencies at Passport Capital, a San Francisco-based hedge fund.  Before that, McCann was the Founder and CEO of NodeSource, The Node.js Company, the most popular and widely adopted open source project of the last decade.   McCann is also an advisor to a handful of companies like <a href="https://dharma.io/">Dharma</a> (a decentralized finance app on Ethereum, acquired by <a href="http://opensea.com">OpenSea</a>) and <a href="https://voltage.cloud/">Voltage</a> (Bitcoin lightning nodes-as-a-service), and <a href="http://zebec.io">Zebec</a> (a money-streaming protocol on Solana) and is frequently mentioned in publications ranging from <a href="https://techcrunch.com/2015/04/18/the-unbundling-of-everything/">TechCrunch</a> to <a href="https://www.forbes.com/sites/forbestechcouncil/2017/09/22/the-meteoric-rise-of-open-source-and-why-investors-should-care/#3fbdc35d5484">Forbes</a> and the <a href="https://www.wsj.com/articles/tech-firms-grapple-with-how-to-make-open-source-pay-1457031731">Wall Street Journal</a>.

Joe McCann

Colleen Sullivan is Co-Head of Ventures at Brevan Howard Digital. Prior to joining Brevan Howard Digital, Colleen co-founded and served as CEO of CMT Digital, where she was also a partner with the broader CMT Group and commenced activities in the crypto industry in 2013. Prior to starting CMT Digital, Colleen co-founded Sullivan Wolf Kailus, a boutique law firm that specializes in hedge fund, private equity, venture capital, digital assets, and other alternative investment products. Colleen also previously practiced law in the Investment Funds and Derivatives group at Sidley Austin LLP and, at age 25, co-founded a company called iOptions Group LLC, which developed hedging and monetization strategies for holders of employee stock options. Ms. Sullivan currently serves on the Advisory Board of the Chamber of Digital Commerce.

Colleen Sullivan

Avichal is a successful entrepreneur with executive experience at Google and Facebook, which acquired his previous company. As an angel investor, Avichal has invested in 15 unicorns and 5 decacorns including Airtable, Boom Supersonic, Color Genomics, Cruise, Deel, Figma, Newfront Insurance, Notion, Nova Credit, Pulley, and others. He co-founded Electric Capital in 2018 and has grown it to one of the largest crypto venture firms globally. Electric is an investor in many of the leading web3 protocols and companies such as Bitwise, Bitnomial, dYdX, Frax, Kraken, Magic Eden, NEAR, and Solana.

Avichal Garg

Vanessa Grellet is a Managing Partner at Aglaé Ventures. Vanessa is a Global Executive with over 20 years of expertise in the Financial Services and Tech industry. At Aglaé Ventures she manages the Web 3 focused fund. Prior to joining Aglae she was Head of Portfolio growth at CoinFund and Executive director at ConsenSys where she focused on driving adoption for Ethereum based products,  Strategic initiatives, Alliances and Channels.  She was involved in setting up the Enterprise Ethereum Alliance (EEA), the Accounting Blockchain Coalition (ABC) and the Blockchain for Social Impact Coalition (BSIC). Prior to ConsenSys she was a Strategy Executive at NYSE focused on investments and M&amp;A and a key member of PwC’s global wealth management team. Vanessa is a Founding Board member of AABC focused on Blockchain and Art, a member of the Advisory Council of ConsenSys, a Milken Institute Associate, a contributor to the  World Economic Forum Digital Future Council and part of <a href="https://cointelegraph.com/top-people-in-crypto-and-blockchain-2022/vanessa-grellet">Cointelegraph’s list of 100 most influential people for 2022</a>. Mrs. Grellet graduated Cum Laude from Law School (Paris II Assas) and Business School (HEC).

Vanessa Grellet

Stani Kulechov is a thought leader in blockchain technology, smart contracts, decentralized finance and web3 social. From an early age, he became fascinated with using technology as a tool to solve problems, empower people, increase access and enable stronger human connection.&nbsp;



Stani is a pioneer in decentralized finance. While still in college, he created one of the first decentralized, peer-to-peer protocols on Ethereum. He then went on to found Aave Companies, a technology company that develops decentralized protocols, developer tools and consumer applications powered by blockchain, smart contracts and token-based economies.&nbsp;



The Company is best known for creating the Aave Protocol – one of the largest and most popular, fully decentralized liquidity markets in the world. Users of the Aave Protocol supply and borrow cryptocurrencies while earning yield. In 2022, the Company introduced Lens Protocol – the social layer for web3.&nbsp;

Stani Kulechov

Barry is the cofounder of <a href="https://events.trustifi.com/api/o/v1/click/65c23bc8f626382a3afbcd5b/fff0f6/330618/38c45c/eb3beb/0a1240/119436/f394ce/c4bf49/e8666a/ef542d/85972d/627493/9a11d6/1f4096/1d247f/d58d79/c530d9/839df2/bdfa01/7316c5/c788a3/f74902/a30c45/38dabe/f58113/4f8f27/36d8f7/9ee4f4/99129c/db2655/8d1e66/9e626e/290212/fc3550/6d7b1f/38082b/616b1b/af8c50/8ebcbb/0df7b0/6423c4/c07c0b/e6dd1c/ba8ce6/6803c4/c37876/920221/297bc7/5a440b/f85ffc/ca2926/bacf60/3d1195/dc47d9/40aefc/e48a96/0052d7/57fa75/8cf655/c16b6b/f92718/0e7d73/abcb55/0dd73b/1b064a/069f8a/d5bc25/7c51b1/b0bcbd/28ac11/48d164/a0df45/7476ec/8558c8/dbcc78/521501/f2f211/13e330/aab4a2/b0ca1a/dd21ab/280ef4/e749da/debe9d/4974dc/0fb4a3/78f438/fb99c5/187646/4b3a51/0845db" target="_blank" rel="noreferrer noopener">Skip</a> — the leading infrastructure platform for app chains. Skip's products deliver users, tokens, and data to the best app chains in crypto — Osmosis, Stride, dYdX, Celestia, and many more.

Barry Plunkett

Over the last decade, Meltem has become a trusted, prescient, and influential investor in crypto. After helping to successfully build two asset management firms (Digital Currency Group and CoinShares), she is striking out on her own as an aspiring cult leader.

Meltem Demirors

Anand Iyer is a venture capitalist with a focus on AI x blockchain infrastructure. He is the Managing Partner of Canonical Crypto and Venture Partner at Lightspeed. With over 2 decades of experience in the tech industry, Anand has a deep understanding of the blockchain ecosystem. Prior to Canonical and Lightspeed, Anand was a Venture Partner at Pear where he focused on their blockchain investments. And prior to that he was the CEO &amp; Founder of Trusted, which was acquired in 2018. Anand has held leadership roles at startups as well as technology giants such as Microsoft and Cisco. He holds a degree in computer engineering Purdue University.

Anand Iyer

Sunny Aggarwal is the Co-Founder of Osmosis Labs, the core team responsible for developing Osmosis, an appchain that serves as the DeFi hub for the Cosmos ecosystem. Sunny dropped out of UC Berkeley to join Tendermint, where he served as a Core Developer of the Cosmos SDK and Gaia blockchain, and contributed to the development and launch of Cosmos and IBC. Sunny then decided to build on top of the core infrastructure he had developed at Tendermint, and co-founded Osmosis with the goal of developing a DEX appchain that rivals even the most robust centralized exchanges.

Sunny Aggarwal

Alex is a software architect with over 15 years experience in engineering and startups. He is the co-inventor of zkSync and currently serves as the co-founder and CEO of Matter Labs. At Matter Labs, he leads a talented team focused on addressing blockchain scalability challenges using zero-knowledge proofs. Alex's passion lies in using technology to advance personal freedom, self-ownership, and decentralization.

Alex Gluchowski

Tarun is an alumni of D. E. Shaw Research (DESRES), Vatic Labs, an HFT firm, and Cornell. He fell into the blockchain world in 2011, when he was working on ASICs at DESRES and observed Bitcoin ASIC mining rigs substantially delay DESRES’s ASIC production. He has spent the last seven years working on simulation-based R&amp;D at the intersection of high-performance computing and AI and is applying this knowledge to the blockchain ecosystem.

Tarun Chitra

Jim Bianco is President and Index Manager at Bianco Research Advisors. He is also the President of Bianco Research LLC. Since 1990, Jim’s commentaries have offered a unique perspective on the global economy and financial markets. Unencumbered by the biases of traditional Wall Street research, Jim has built a decades long reputation for objective, incisive commentary that challenges consensus thinking.



 Jim appears regularly on CNBC, Bloomberg, and Fox Business, and is often featured in the Wall Street Journal, Bloomberg News, Grants Interest Rate Observer, and MarketWatch. Jim has a Bachelor of Science degree in Finance from Marquette University (1984) and an MBA from Fordham University (1989).

Jim Bianco

Hart is the Co-Founder of Risk Labs, the foundation supporting the UMA and Across protocols. UMA is an optimistic oracle that can verify arbitrary data on-chain. Across is a "intents-based" bridge offering cheap and near-instant cross-chain interoperability.



Hart studied computer science before working as an interest rate trader at Goldman Sachs through the financial crisis. In 2013 he co-founded Openfolio, a personal finance tracking platform that was acquired in 2017 by an asset manager. He now leads a team of oracle and interoperability researchers at Risk Labs.

Hart Lambur

Aidan Salzmann is the co-founder of Stride and Stride Labs. He has a background in product and engineering, having built multiple software startups before founding Stride. He holds a degree in Computer Science from the University of California, Berkeley.

Aidan Salzmann

Anish Agnihotri

Ben Fisch is co-founder and CEO of Espresso Systems, the developers of the Espresso Sequencer network which brings decentralization and improved interoperability to L2s. Espresso Systems are also the developers of the CAPE data privacy application. Ben is additionally an assistant professor of computer science at Yale. Previously, Ben earned his PhD at Stanford working in the applied cryptography research group. His research on Verifiable Delay Functions (VDFs) sparked a multimillion dollar industry initiative (see VDF Alliance) and plays an important role in several blockchains including Ethereum 2.0, Chia, and Filecoin. His research on Proofs of Replication is the basis of Filecoin's incentive layer and consensus protocol. Filecoin is a live distributed storage system that already has reached a storage capacity exceeding 1.5 exabytes.

Ben Fisch

Jill is co-founder and Chief Strategy Officer of Espresso Systems, working on bringing interoperability and decentralization to rollups. Previously, Jill ran crypto investments for early stage venture capital fund, Slow Ventures. Jill was also a co-founder of the Open Money Initiative, a non-profit organization that researches how those without access to a free and open financial system manage their money. Jill has also conducted academic research on the use of cryptocurrencies in emerging markets as part of her graduate studies at Oxford University. She started her career as a fixed income trader at Goldman Sachs. She received an A.B. in Classics from Harvard University.

Jill Gunter

Scott Sunarto is the Founder &amp; CEO of Argus Labs, a crypto game developer/publisher behind the World Engine, backed by Haun Ventures. Scott was also the co-creator of Dark Forest, the category defining fully on-chain MMORTS game on Ethereum built using zkSNARKs

Scott Sunarto

A seasoned open-source developer with over 25 years of experience, Greg is the founder of&nbsp;Akash, an open network that provides permissionless access to cloud resources. Greg is also the CEO of Overclock Labs, which is the creator and largest contributor to&nbsp;Akash.



Before&nbsp;Akash, Greg founded AngelHack, the world's largest hackathon organization, which boasts over 200,000 developers across 164 cities worldwide. Greg began his career at IBM and later designed Kaiser Permanente's first cloud architecture in 2008.



With expertise in massively distributed systems, Greg is recognized for his contributions to widely adopted cloud-native technologies such as Kubernetes, Terraform, and Nomad. His work has been featured in top-tier publications, including The New York Times, CoinDesk, Cointelegraph, Forbes, TechCrunch, and Yahoo! Finance. Greg was instrumental in the passing of California's first Blockchain law, providing the first expert witness testimony at the Senate.

Greg Osuri

Sam MacPherson, co-founder and CEO of Phoenix Labs, significantly contributes to Spark, a leading platform in the decentralized finance (DeFi) sector. His extensive experience with the MakerDAO Protocol Engineering team provided him with a deep understanding of the technical and economic intricacies of the Maker ecosystem. Sam leverages this expertise to drive innovations at Phoenix Labs, influencing the broader DeFi landscape.

Sam MacPherson

Jake Brukhman is CEO and Founder at CoinFund, among the world’s first cryptonative investment firms. Born to two computer scientists, Jake learned how to code at the age of fourteen and achieved degrees in mathematics and computer science. Jake has expressed his passion for cutting edge, frontier technologies by being an early visionary advocate for decentralization and blockchain. At CoinFund, he’s made exciting investments in blockchain scalability and interoperability, DeFi, NFT infrastructure, zero knowledge proofs, and the intersection of web3 x AI.



Jake spent the prior 10 years of his career in pure and financial technology, serving as Partner &amp; CTO at Triton Research, a technical product manager and engineer at Amazon.com, and financial technologist at Highbridge Capital Management. He studied mathematics and computer science at the Rutgers College Honors Program, the Courant Institute of Mathematical Sciences, and University College London.

Jake Brukhman

Robert is the CEO of Superstate, an asset management firm modernizing the infrastructure of investment funds. Additionally. he is an investor at Robot Ventures, an early-stage venture capital fund investing in fintech and crypto. Prior to starting Superstate, Leshner founded Compound Labs, which developed one of the first DeFi applications, in 2017. He has a degree in economics from the University of Pennsylvania and is a Chartered Financial Analyst.

Robert Leshner

Mike Silagadze is the founder and CEO of&nbsp;<a href="http://ether.fi/" target="_blank" rel="noreferrer noopener">ether.fi</a>, the first ETH staking protocol that allows stakers to maintain full control of their keys throughout the entire staking process, making it the only truly decentralized liquid staking platform. Prior to founding&nbsp;<a href="http://ether.fi/" target="_blank" rel="noreferrer noopener">ether.fi</a>, Mike was CEO and co-founder of Top Hat, which he grew into the market leader in student engagement software, with 500 employees and $60 million in annual revenue.



He is also an active speaker and lecturer in the higher education, technology, and startup communities, having lectured at the Rotman Commerce Entrepreneurship Organization, the ASU GSV Summit, MaRS, Tech Fest Toronto, SAAS North and T­E­Dx­Laurier­University, among many others.

Mike Silagadze

Adrian joined Tendermint/Cosmos in 2017 as the 3rd core developer and became later the head of partnerships. After Tendermint, Adrian joined the Web3 Foundation as a technologist. Before Anoma &amp; Namada, Adrian co-founded with Awa and Christopher Cryptium Labs a proof-of-stake validator (sold to Chorus One) and Metastate, an R&amp;D organisation that developed the largest upgrades of the Tezos protocol in addition to ZKP cryptography.

Adrian Brink

Casey Caruso is the founder and managing partner of Topology, an engineering-centric frontier tech VC firm. Casey started her career as an engineer at Google and went on to become Bessemer Venture Partner's crypto specialist. She was recruited out of Harvard to join Paradigm as an Investment Partner and is Forbes 30 Under 30 awardee for Venture Capital. Casey holds her B.S. in Computer Engineering, and MS in CS/AI.

Casey Caruso

James Seyffart is a research analyst within Bloomberg Intelligence (Bloomberg's Research Department), focusing on the broader asset management industry with specialized expertise in the coverage of Funds like ETFs, Mutual Funds and Hedge Funds. He also aids colleagues in digital asset research and their overlap with traditional financial markets. This overlap gives him particular expertise in the area digital asset funds. Professionally, he's been covering Crypto and particularly attempts to launch digital assets ETFs since at least 2017.



James is a Chartered Financial Analyst (CFA®), a Chartered Alternative Investment Analyst (CAIA®) and a member of their New York societies/chapters. He has a B.S. in Finance and Accounting from The College Of New Jersey (TCNJ)

James Seyffart

Baek is a General Partner at Hashed, a leading web3 fund based in Seoul, Singapore, Bengaluru, and Silicon Valley. Hashed invests in early-stage blockchain projects globally to accelerate mass adoption of its technology. Baek actively participated in hackathons since young and was previously a software engineer at AWS. Baek was investor in many pioneering founders of startups such as ZKSync, Axie Infinity, Aptos, Sandbox, Mythical Games, Yuga Labs, and more. Hashed also operates subsidiaries including UNOPND (100+ engineers Web3 venture / gaming studio), KODA (The largest $6B+ digital assets custodian in Korea), Factomind (Digital asset management company), Hashed Emergent (Emerging market focused Web3 VC), and Hashed Open Research (digital assets policy think tank with ex. chairman of Korean Financial Services Commission)

Baek

Jake is Chief Legal Officer at Variant, where he works with our portfolio to develop legal and regulatory strategies that help them effectively execute their visions. He is the former Chief Policy Officer at Blockchain Association, the largest advocacy group for the crypto industry in Washington, D.C. Before that, he was General Counsel at Compound Labs, where he helped pioneer “progressive decentralization,” a playbook that became hugely influential across the crypto industry.



He began his legal career with Baker McKenzie LLP, where he focused on anti-corruption and anti-money laundering compliance and investigations. He later represented individual and corporate clients in cryptocurrency-related securities litigation and government enforcement defense matters at Kobre &amp; Kim LLP. Jake also clerked for the Honorable Fernando M. Olguin of the U.S. District Court for the Central District of California.

Jake Chervinsky

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Data Availability. Appchains. ZK Proofs. Chain Abstraction. Rollups. VM Optimization. Modular Money. Intents. Fee Markets. Interoperability. 

Modularity

Onchain Verifiability. Decentralized GPUs. DePIN. Agents. Inference. Co-owned AI. Open Source Models. Incentivized Training. 