Helium is a decentralized, open wireless network built on a new blockchain for the physical world. It relies on a novel type of work called Proof of Coverage, and a new consensus algorithm (based on HoneyBadger BFT). The Helium Network is used to route data for long-range, lower power IoT devices that use Helium's LongFi protocol

Helium

Jack Kubinec

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



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Liam Heeger spent two years as a core engineer for Firedancer, the <a href="https://blockworks.co/news/lightspeed-newsletter-solana-firedancer-testnet">high-performance Solana client</a> being written from scratch by Jump. In January, Heeger announced he had left Jump to create his own layer-1 blockchain called Unto. The next day, news broke that <a href="https://blockworks.co/news/jump-sues-former-solana-client-engineer">Jump was suing Heeger</a> for violating his non-compete agreement by working on a new high-performance blockchain.



Jump and Heeger <a href="https://x.com/whosknave/status/1897396270639251537">settled</a> the case in late February, so I was finally able to catch up with Heeger and get more details on Unto. In short, the layer-1 will architect a new virtual machine to try and improve on Solana’s performance by an order of magnitude.



“We tend to agree with [Multicoin Capital managing partner] Kyle Samani. Incremental performance improvements don&#8217;t matter,” Unto co-founder Will Yoo said. “So we&#8217;re gonna need a 10x to be relevant.”



Heeger agreed, but added that he’s “not making any promises.”



Heeger helped push Solana’s virtual machine closer to its limits with Firedancer, but he isn’t building on the SVM partly because Solana “made a lot of design choices that they pivoted on really quickly,” he said. Unto plans to spend a lot of time designing the blockchain before beginning the coding process so that it can avoid some of these same forced pivots.



For that, Unto will likely have to raise more cash at some point. The San Francisco-based startup raised $2.5 million in seed funding from Framework Ventures. Jump’s lawsuit says the raise came at a $50 million valuation.&nbsp;



Heeger didn’t get too specific on how Unto’s new VM might look, but he said it won’t use either traditional proof-of-work or proof-of-stake for consensus. The chain will use a globally distributed validator set, so it will appear similarly to PoS — which is what Ethereum and Solana use for consensus — but Heeger aims to create something different.



“The key issue with proof-of-stake is that it incentivizes operators purely on increasing and maintaining their stake rather than the performance of the network and being an effective operator,” Heeger said.



Heeger also pointed out that in single leader based networks like Ethereum and Solana, the leader has a monopoly on blockspace for as long as they are producing a block. This is undesirable, and competition among block producers would lead to a better user experience, he added.



In any event, it doesn’t sound like Unto plans to do much media and BD in the near future. Over talking numbers or hiring KOLs, the layer-1 is looking to hire additional engineers and wants to prioritize getting some version of its virtual machine in front of people.&nbsp;



“The roadmap is we want to ship stuff,” Heeger said.



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Unto wants to 10x Solana’s performance — but no promises

Ben Strack

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



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ETF issuers have, in recent months, plotted US products that would hold solana (SOL), XRP, litecoin (LTC) — even dogecoin (DOGE).



As the SEC mulls them, the pile <a href="https://blockworks.co/news/crypto-etf-plans-abound">keeps growing bigger</a>.



We saw two new assets make it into such proposals Wednesday. Bitwise <a href="https://www.sec.gov/Archives/edgar/data/2059135/000121390025020626/ea0232442-s1_bitwise.htm#a_003">filed</a> for an ETF that would hold Aptos (APT), while Canary Capital has <a href="https://www.sec.gov/Archives/edgar/data/2059208/000183988225013999/canary-s1_030525.htm">plotted</a> one focused on Axelar (AXL).



Developed by Meta’s Diem blockchain engineers, Aptos is a layer-1 blockchain that uses a smart contract programming language called Move.



Canary describes Axelar as a blockchain network that connects blockchains and financial infrastructure by offering interoperability and digital asset tokenization.



The market caps of APT and AXL hover around $3.6 billion and $400 million, respectively — a far cry from the others mentioned.&nbsp;



But size isn’t everything.&nbsp;



When investing in layer-1s, you’re searching for high-quality, differentiated technology, backed by a strong team, Bitwise CIO Matt Hougan told me in an email. “That&#8217;s Aptos to a T,” he added. “You have sub-second transaction finality, heightened security against certain smart contract vulnerabilities and parallel processing that supports giant throughput — all backed by a team that traces its origins to Diem.”



And why does Axelar stand out to Canary?



&#8220;I speak to developers a lot, and the dev team at Axelar is one of the most impressive I have met,” Canary CEO Steven McClurg shared with me. “Most projects build a community and market their coin before launching, but Axelar built real products and shipped [them] first.”



Bitwise also has filings for crypto ETFs holding SOL, XRP and DOGE. Canary has planned SOL and XRP products too — as well as ones focused on LTC and HBAR.



Some investors won’t want to hold a bunch of single-asset crypto ETFs, Bitwise CEO Hunter Horsley <a href="https://blockworks.co/news/bitwise-expansion-funding-regulation">said last week</a>. They could instead opt for crypto index funds (some early forms of those <a href="https://blockworks.co/news/crypto-etf-updates-signal-regulatory-evolution">are live</a>).&nbsp;



Remember <a href="https://blockworks.co/news/litecoin-etf-approval-odds-2025">the odds</a> the Bloomberg Intelligence guys gave for product approvals in this space? McClurg said he expects only two or three new crypto ETFs to launch in the first half of the year, not specifying which.&nbsp;



He added: “We are looking for the rising stars to put on the slate for the end of the year and into 2026.&#8221;



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More tokens named in new crypto ETF proposals

Felix Jauvin

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Often, macro is quite boring for a long time —&nbsp;and then it gets really exciting all at once.&nbsp;



The past couple weeks felt like one of those exciting moments as we’re clearly moving through a regime shift.



Let’s unpack everything that’s going on.



The <a href="https://blockworks.co/news/tariff-trade-overshadows-earnings-season">fear of tariffs</a> has led to a substantial <a href="https://blockworks.co/news/tariffs-impact-equities-volatility">frontrunning of imports</a>, leading to a cratering trade deficit — the exact opposite of what Trump is trying to achieve.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdOp5W2yp6ufPoQEQv9JxrRd8pDRrHIbxeDqqHYBIKoun5-a4b5P0F-ZKtCUpPHEzLeqEYQeNrk0eeQ_Hu4imoyg1pcfb9y5ERQas-G6ekzRyGs2khgK7Gzcw5P0hBm5-s3-tq4Sg?key=Lnfg30IpBKriUlzvlpdKBmZe" alt=""/></figure>



We’ve been able to track this tariff frontrunning through the ISM Manufacturing New Orders index.&nbsp;



As seen in the chart, there was a ratcheting up in order volume right up until the tariffs began to be implemented. With this week’s print, we’ve seen that order volume fall off a cliff:&nbsp;



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd-AEaZ_i2U0iQnLrG8CWVxar9d2Ruo7OU3Dbifpbhq9_LT0roS-eEE2DfmI1jMbDEsq4ajvibvj2N-Oaq68PaGSfOf9st8YMyOoVa28Ci-FQW5cJth-j9gvmZsZM0TYtd25epErw?key=Lnfg30IpBKriUlzvlpdKBmZe" alt=""/></figure>



<a href="https://blockworks.co/news/current-business-cycle-activity">As discussed previously</a>, this upswing in manufacturing was either the beginning of a new business cycle or simply a headfake due to tariff frontrunning. It’s now clearly evident it was tariff related.&nbsp;



As we move into the impacts of tariffs and the uncertainty associated with their implementation, we’re seeing the Atlanta Fed GDPNow Nowcast project a contraction in the economy.&nbsp;



Although primarily driven by the huge amounts of imports (net exports is a function of imports-exports, so when imports surge, GDP declines), we also see the impact of the uncertainty and import glut trickle into the broader economy:



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfwLhmXwgQeol6wo7EFKDiIrUFtvZOxaSWy7PSVWvi-xv6BLQYIZ8SCBah_ful_yyMtiWRRX9_62rm7Pcw9_Q7ID4FZEWe7CGdAb-XqA9ApLOsGKDJtAAzwodzo9zVYP25begm-4g?key=Lnfg30IpBKriUlzvlpdKBmZe" alt=""/></figure>



The tariff dynamic is being complemented by DOGE’s federal government employee layoffs. We received the Challenger survey job cuts print today and it was huge:&nbsp;



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdlhzgUVHd78Ycm3jYEIYp9wM4g9YnW2dGEwRDQVoqYFzmeEe2Y8fk91MUFu4NELwifLSWkSkTfLBmbcXLI4EU3vRuNfOExCS8ATY3RhhslEG4TfPuBXeJUvife9YvZbY0XONB42w?key=Lnfg30IpBKriUlzvlpdKBmZe" alt=""/></figure>



The dominating factor was, of course, the DOGE layoffs. However, the uncertainty associated with Trump policies is also affecting the private sector:



“The Government led all sectors in job cuts in February. (62.242K), followed by retail (38.956K) and tech (14.554K). So far this year, employers have announced 221,812 job cuts, the highest year-to-date total since 2009.”



With the jobs report out tomorrow, everyone will want to understand how vast this deterioration in the labor market will be. Unfortunately, since the survey window for this jobs report was Feb. 9-15, it will not provide as clean a picture as one would hope as the job cuts have only just begun to trickle into the data.&nbsp;



Regardless, it&#8217;s clear the trend is toward deterioration —&nbsp;it’s just a matter of how much.&nbsp;



Putting that all together, here’s where we stand:



<ul class="wp-block-list">
<li>The fiscal retrenchment is real and the primary tailwind to the economy the last couple of years — fiscal dominance — is now reversing.</li>



<li><a href="https://blockworks.co/news/monetary-plumbing-takeaways?utm_source=mail.blockworks.com&amp;utm_medium=newsletter&amp;utm_campaign=meme-spirited">Monetary policy</a> remains in a state of pause and the Fed will not be proactive with any change in stance as it was in September. The Fed is in a reactionary tilt as it awaits clarity on the fiscal situation.</li>



<li>DOGE is having a meaningful impact despite the debate on cutting costs. The layoffs are meaningful and those new job seekers are entering a labor market with an abysmal hiring rate. </li>
</ul>



The combination of these factors leads to an extremely fragile economic outlook with no signs of change. With all that said, it’s no wonder that risk assets have been having a hard time lately.



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Economic crosscurrents are straining the growth outlook

Kate Irwin

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



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Sam Altman’s World (formerly Worldcoin) is adding an important “Mini App” within its iOS and Android app called World Chat, which lets you “connect, chat, and send money” to people verified by the World Network.&nbsp;



And yes, based on the screenshots, you can send cryptocurrencies like USDC directly within your chat.



World Chat is in beta for now, but there are already over 100 other so-called mini apps on World. That’s a lot — I don’t think you’d be able to use all of them regularly.



“World Chat will be integrated with other Mini Apps to help drive even more growth and engagement in the ecosystem,” Tools For Humanity Chief Product Officer Tiago Sada said.&nbsp;



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdHfNPpzAYQJD6ZmJgZG8ooOwkKx1rR3CmYgm4pEhla_TWr9ynhSdlwU33e_WCKZJ_DiJcIDiicbqYTTuIgGZIoCyS8DuWsuo72XHCBzI9Gj6eM0NeFfVuSL2KGqHoFF6Qt7lgRPg?key=ZqYPGVAWnuRSCovJH1DbwK2y" alt=""/></figure>



Tools For Humanity is the for-profit firm tied to World, but World also has the World Foundation (like most projects that launch a token).



Altman, who is also founder and CEO of OpenAI, has predicted that at some point, the internet as we know it will become overrun with bots — so much so that it’ll be hard to tell who is a real human.



Well, I think we all know that ship has already sailed. From bots on social media to AI agents that can get around CAPTCHAs, we’re already living in a very artificially intelligent world.&nbsp;



Downloading the World app on your phone will show you where you can get your iris scanned to prove you’re human and use the platform, including the World Network. From there, you can access mini apps and use its crypto rails.



Worldcoin is the native token for the World Network, a blockchain dedicated to ID verification. You go to one of those weird eyeball-scanning orbs, and you can get some tokens to ultimately sell or use on that blockchain.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdrgdXQhSqmNiZ8J_9EAT9uSDfPWRmx5aItfHwNTjiQw4YjwXZl5ewfcQe1bTTL5wfP2QOznhylfarttd2ZoAWdtdND-frKddtJmqJmFDiZLj4mGa-rbOdySLALHShYu6v07vl20w?key=ZqYPGVAWnuRSCovJH1DbwK2y" alt=""/><figcaption class="wp-element-caption">Worldcoin price over time</figcaption></figure>



I absolutely think that World Chat adds more utility to the World app, but Apple Cash within iMessage already exists, and so does Venmo and PayPal. World Chat’s crypto payments feature looks a bit like Strike in its simplicity. The competition will be tough, and some anons may not be comfortable sharing their eyes with Mr. Altman.



That said, World could have more international appeal and accessibility.&nbsp;



WhatsApp — the favorite chat app of my friends in Mexico and South Africa — doesn’t offer in-app payments. It’s hard for those based in the US to send small amounts of money globally, and crypto is an obvious solution. It’s also great that World Chat conversations are end-to-end encrypted, so at least you don’t have to compromise on privacy on that front.



In my view, Telegram is World’s biggest real competitor. Telegram has global reach and hundreds of millions of users, and you don’t need to verify your identity and can send and receive payments using bots and different APIs.&nbsp;



But Telegram’s massive size can also be its downside, as its CEO and founder Pavel Durov has admitted himself. Telegram has faced criticism over the number of alleged criminals using the app. Cybercriminals are able to anonymously hawk malware, phishing kits, or scam users on Telegram, often without getting caught.



World offers a vetted, bespoke solution to combat bots and unknown individuals. If you’re not verified with a World ID, you can still use the chat mini app. But your messages and name will appear gray and without a unique gem, so verified users will know you haven’t proven your humanity just yet.



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Sam Altman’s World is adding chat and payment features

Macauley Peterson

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/research">subscribe</a>.



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The hard fork for the Pectra upgrade on Ethereum’s largest testnet, Holesky, saw the chain <a href="https://blockworks-research.beehiiv.com/p/pectra-hits-a-snag">split in two</a>. With validators scattered across two chains and slashing protections preventing an easy fix, the network became stuck in a state of non-finality.



Over the past week, developers have thrown everything at the problem. A coordinated slashing event was planned to purge the invalid chain and push Holesky back to finality. Yet, even with patches improving client synchronization, the validator set has remained below the 66% threshold needed for finality. While participation has climbed to 53%, developers now estimate that finality may not be reached until March 28.



The failure to finalize has sparked some debate among Ethereum’s core developers. Some, like CarlBeek, <a href="https://x.com/CarlBeek/status/1895145083990876494">suggested</a> in the aftermath of the bug that Holesky isn’t worth saving, and Ethereum should spin up a replacement testnet instead. Testnets are disposable, and forcing a broken network back to life could waste valuable dev resources.



Others strongly disagree. Holesky is supposed to be supported until 2027. <a href="https://blockworks.co/news/ethereum-foundation-leadership-shakeups">Newly appointed</a> EF co-executive director Tomasz Stanczak <a href="https://x.com/tkstanczak/status/1896873967270437003">stated</a> that making Holesky operational again is a &#8220;war mode test&#8221; for client teams. If Ethereum developers can&#8217;t restore Holesky, what does that say about their ability to maintain mainnet’s resilience?



For staking protocols like Lido, Holesky is mission-critical. Lido contributor Ivan Metrikin warned on today’s Consensus Layer call that without finalizing Holesky, testing staking integrations, monitoring and oracles become nearly impossible.



“For us, it’s really critical that it works,” Metrikin said, noting that on the plus side, Holesky will provide an opportunity to test Lido’s “bunker mode” in a production environment — a sort of silver lining.



In the near term, developers plan to fork Holesky as an additional testnet so as not to lose momentum for a Pectra mainnet launch. But to truly serve as a replacement, it would need to be as large as Holesky, with comparable validator participation, tooling and protocol deployments — an expensive and time-consuming process.



Another concern expressed on the call is that launching a new testnet would cause teams to abandon Holesky, turning it into a “second-class citizen.”



Still, this shadow fork is seen as a compromise to allow testing to proceed this month until Holesky is back on track. The shadow fork may end up serving as the primary testing ground for Pectra, as devs speculate that redistributing validator keys to fully restore Holesky could take up to a year.



It’s unclear how long teams will maintain this new shadow fork, but they did agree to spin down both Devnet 7 and the temporary <a href="https://blockworks.co/news/ethereum-devs-milestone-call">Mekong testnet</a>.



<h2 class="wp-block-heading">Wen Pectra?</h2>



The Holesky situation isn’t a direct risk to Ethereum — it was an edge case specific to the testnet — but it is <a href="https://x.com/ssaintleger/status/1897322751171658071">a bad look</a>.



And it will delay the Pectra mainnet upgrade slightly. Core developers on the call agreed not to move forward with setting a date for the fork until Holesky finalizes in a few weeks.



One positive sign is that Gnosis&#8217; Chiado testnet <a href="https://x.com/gnosischain/status/1897610623271465138">implemented</a> the Pectra fork, which was reportedly a success. The EVM-compatible Gnosis chain has historically proceeded to fork its mainnet a few weeks in advance of Ethereum.



For now, Ethereum Foundation researcher Alex Stokes — who moderated the call — signed off on an optimistic note when it comes to Holesky: “It’s been a lot of work and we’re in the middle of it, but we’ll get it back.”



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Ethereum devs push to save Holesky testnet

Pete Rizzo

In a surprising turn of events, Democrats in Washington DC are increasingly embracing Bitcoin, according to Dennis Porter, president and co-founder of Satoshi Action Fund. Porter, a key figure behind efforts to establish strategic bitcoin reserves in <a href="https://bitcoinlaws.io/">over 30 US states</a>, believes that the decentralized nature of Bitcoin aligns well with core Democratic values. &#8220;I have for a long time [&#8230;], despite being told by many Bitcoiners that I was wrong, said that I believe Democrats will be more likely to be more pro-Bitcoin than Republicans,&#8221; Porter stated in an interview on Blockworks’ <a href="https://www.youtube.com/@SupplyShockPod">Supply Shock</a> Tuesday episode. Porter told host Pete Rizzo that Bitcoin&#8217;s decentralized structure makes it particularly appealing to Democrats. &#8220;The reason why you&#8217;ll have a lot of Democrats that are really <a href="https://blockworks.co/news/newest-crypto-faces-on-capitol-hill">interested in this technology</a> is because it&#8217;s a bottom-up technology that is completely decentralized. There&#8217;s no VC hedge fund or executive board profiteering off of the people beneath them. It&#8217;s 100% bottom up. The people control it,&#8221; Porter explained. 



<iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/WW_cKV0hdU4?si=1LYtjCekz-TV0HbZ" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>







Elsewhere, Porter highlighted bitcoin&#8217;s potential to address global financial inequality, a cause often championed by progressive Democrats. &#8220;Bitcoin is a tool to be able to <a href="https://blockworks.co/news/central-banks-unbanked-looking-at-blockchain">bank the unbanked</a> and provide financial services for people all over the world who have been left behind,&#8221; Porter said. He emphasized that billions of people currently lack access to banking services or stable currencies, limiting their potential for economic growth and innovation.



The comments are notable given the Democratic Party’s continued efforts to oppose <a href="https://blockworks.co/news/donald-trump-day-one-actions">Trump’s initiatives</a> since his re-election. Trump has been a <a href="https://blockworks.co/news/tracking-trumps-crypto-footprint">strong supporter</a> of bitcoin and other crypto assets, most recently hinting at establishing a <a href="https://blockworks.co/news/trump-absurd-crypto-reserve">strategic crypto reserve</a> <a href="https://blockworks.co/news/us-crypto-reserve-clarification">this weekend</a>. Yet, Porter believes the Democratic Party&#8217;s current restructuring phase presents a unique opportunity for lawmakers to define their stance on bitcoin and digital assets. &#8220;Bitcoin is the most tightly regulated monetary asset in the entire world,&#8221; Porter argued. &#8220;The Bitcoin maxis, the most extreme Bitcoin maxis, were actually in favor of the most extreme form of regulation because it protected decentralization.&#8221; As the political landscape around cryptocurrencies <a href="https://blockworks.co/news/congress-crypto-regulation-updates">continues to evolve</a>, Porter&#8217;s insights suggest that the traditional partisan lines <a href="https://blockworks.co/news/crypto-bipartisan-usa-polarization">may be blurring</a> when it comes to bitcoin adoption. 



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Democrats are embracing Bitcoin despite Trump, says lobbyist

Katherine Ross

This is a segment from the Empire newsletter. To read full editions, <a href="https://blockworks.co/newsletter/empire">subscribe</a>.



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If you ask Simon Dedic of Moonrock Capital what he wants to see in crypto, there’s one big item on his list: more consumer apps.



In the last year, we’ve seen a <a href="https://blockworks.co/news/crypto-fundraising-capital-allocation">slew of investments</a> in infra projects — and <a href="https://blockworks.co/news/crypto-infrastructure-bloat">we’ve even asked the question ourselves over at Blockworks</a>: Are we building too much infrastructure?



While Dedic would prefer to see more investments in consumer apps, he told me he wouldn’t be surprised if infrastructure remains a focus, at least on the venture capital side.&nbsp;



“I just think it&#8217;s still kind of the case that infra plays are very easy for VCs,” he said. It’s what the space is currently used to, projects pitch their infrastructure — and they’re notably important to keep building on crypto, of course — and VCs are ready to put their money where their mouths are.&nbsp;



But the whole idea of building infra first and then gaining adoption through consumer apps is a backwards take if you ask Dedic. Why not do both?&nbsp;



“It’s something that can definitely evolve in parallel,” he noted. Remember how we <a href="https://blockworks.co/news/inversion-chain-avalanche">made the internet comparison</a> a couple of weeks ago with Empire’s Santiago Santos? Well, it’s back. Dedic’s point is that there wasn’t, say, a 20-year time commitment building the internet before emails were created. The internet had a bit of a lead, and then the technology was capitalized on so that we could all have inboxes in our pockets.&nbsp;



If you ask Dedic who should lead the charge, he thinks it’s up to VCs to a certain extent.&nbsp;



“I think it&#8217;s also kind of the responsibility of VCs to … take care of users getting into the space,” he continued. “And not just funding VC circlejerk infra rounds, right?”



The good news is that we’re starting to see this play out a bit, at least in Dedic’s opinion. And, speaking of consumers, I also picked Dedic’s brain on SocialFi given Kaito’s success.



For him, it’s about the project focusing on utility catered to users.&nbsp;



“One of the big problems that <a href="https://blockworks.co/news/socialfi-web3-social-media">SocialFi space</a> had so far [was its focus] on speculation and financialization of everything,” he said. Instead, it should be a feature, not the focus.&nbsp;



It’s one of the areas he’s “super bullish” on, but the narrative hasn’t yet taken off. Projects like Farcaster — in comparison to something like Kaito — are “too idealistic.” And, honestly, just too close to what we already have in a platform like X, which is a fair critique.&nbsp;



What would Dedic love to see in the space? Well, it’s simple: new social experiences on crypto rails.&nbsp;



Oh, and making the entry barrier “as low as possible,” to actually onboard the masses. After all, we want everyone to use crypto, right?



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Consumer apps can ‘evolve in parallel’ to infrastructure: Moonrock Capital

This is a segment from the Empire newsletter. To read full editions, <a href="https://blockworks.co/newsletter/empire">subscribe</a>.



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Here’s a fun exclusive for you this morning: Seismic, an encrypted blockchain, raised $7 million in a round led by a16z Crypto, with participation from Polychain, Alliance and 1kx, among others.&nbsp;



This was the first fundraising effort for founder Lyron Co Ting Keh, given that Seismic was his first startup. The idea, he said, came from wanting to start his own company.&nbsp;



As he spoke to various app developers, it became clear that “you need encryption to be in the foundation of the chain and not just built onto it. And so we tried for many months to build on it, on the chain, but we couldn&#8217;t get any of these nice properties that we wanted,” he explained.&nbsp;



One of the bottlenecks in building on big L1s is creating “apps with investment vehicles that are tailored to long term positions. Apps where social experience is built into everyday payments,” Co Ting Keh continued.&nbsp;



I know what you’re thinking: Co Ting Keh is entering a crowded space, but Seismic’s goal is to solve for forced transparency and limited scalability, two notable problems in crypto.



“Forced transparency [is as] big of a change as limited scalability, if someone were to solve this, and then it&#8217;s something that is on the brink of consensus, and not consensus opinion right now, where most people agree that, ‘hey, these are two problems, and we&#8217;ve been talking about them for the last decade,” he said.&nbsp;



“When I view the landscape of Seismic [among] blockchains right now, when I view it in the future, or where I&#8217;m looking to work, [there is a] distinction between transparent and encrypted blockchains.”&nbsp;



The big question, of course, is when will Seismic launch its mainnet? Co Ting Keh told me that they have yet to miss an engineering deadline, and are currently aiming for the end of the year. The team — which includes six engineers and Co Ting Keh — plans to release the developer testnet in roughly a month.&nbsp;



The funds will be allocated to the mainnet launch, he added.



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Exclusive: Seismic raises $7M in round led by a16z Crypto

Jeff Albus

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



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It’s been three days since President Donald Trump&#8217;s <a href="https://x.com/Blockworks_/status/1896232811566354634">surprise news</a> that SOL would be part of his upcoming US crypto strategic reserve. If that happens (and frankly it <a href="https://blockworks.co/news/trump-absurd-crypto-reserve">remains</a> a big “if”), the inclusion will place {{SOL}} alongside {{BTC}}, ETH, XRP, and {{ADA}} in a <a href="https://blockworks.co/news/trump-crypto-reserve-details">government-held reserve</a> of digital assets.



SOL quickly surged to a local high of $178 on the news, followed by an equally swift retracement. Too much adrenaline for a Sunday. Without a clear timeline for implementation, short-term traders took their exit, leaving SOL to settle around $141 at time of writing.



Still, let’s not be dramatic. That’s a 10% gain from its $128 price right before the announcement. Not bad, considering how rough the market was looking in the lead up.



Zooming out, SOL has also been tossed around by broader market turbulence. The escalating <a href="https://blockworks.co/news/trump-tariffs-trade-war">US trade war</a> — with tariffs on China, Mexico and Canada triggering countermeasures — has <a href="https://blockworks.co/news/trump-joint-congressional-address">created uncertainty</a>, pressuring equities and risk assets, including crypto. Bitcoin, which hit $95,000 on the Trump news, has since slumped to $88,400, reinforcing crypto’s <a href="https://blockworks.co/news/tariffs-impact-equities-volatility">continued correlation</a> with macro conditions.



Meanwhile, Solana-specific factors have likely influenced its pullback. <a href="https://x.com/blockworksres/status/1896919181918163128">Onchain activity has cooled.</a> Active addresses have dropped from 18.5 million in November to 8.4 million by late February. Much of last year&#8217;s memecoin hysteria has also waned, with pump.fun seeing a <a href="https://dune.com/jhackworth/pumpfun">63% drop in trading volume</a> last month.&nbsp;



Despite the retrace, big money interests don&#8217;t seem particularly spooked, and institutional interest in SOL remains strong. The CME recently announced <a href="https://blockworks.co/news/cme-planned-solana-futures">plans to launch Solana futures</a> on March 17. This should attract hedge funds and institutional traders who have been waiting for a more regulated way to get exposure.



So where to now? I’d bet on stabilization before another push to $160-$180. But if the sell pressure drags us below our current levels, we’re looking at $125 as the next real floor. Either way, expect more volatility. Nothing happens quietly in Solana.



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Tariff fears wipe out SOL’s weekend gains

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



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Some believe the Senate’s vote to overturn the so-called <a href="https://blockworks.co/news/blockchain-association-defi-broker-rule">DeFi broker rule</a> is a win that goes beyond this specific issue.



If you need a refresher, the IRS revealed a rule in December that sought to force tax reporting requirements on crypto software providers — even those not acting as intermediaries.



Fast forward to the following month, when the overwhelmingly <a href="https://blockworks.co/news/crypto-friendly-congress-steps-into-power">pro-crypto Congress</a> was sworn in. Two days after Trump’s inauguration, Sen. Ted Cruz and Rep. Mike Carey floated a Congressional Review Act (CRA) resolution to <a href="https://blockworks.co/news/irs-crypto-broker-rule-opposition">reverse</a> the rule.



Senate Majority Leader John Thune said in a floor speech that the IRS rule “puts at risk the privacy and security” of millions of Americans trading digital assets, according to an excerpt his press secretary sent me.



It could also give foreign companies, which wouldn’t have to comply with such a rule, an advantage, he added.



The Senate’s final vote on the CRA: 70 yeas and 27 nays.



With many crypto-friendly lawmakers now on the Hill, this vote marked “the first moment to convert that sentiment into action,” Blockchain Association CEO Kristin Smith <a href="https://x.com/KMSmithDC/status/1897064440853619067">said</a> on X.&nbsp;



It’s “a hopeful sign,” she added, and “bodes well for the efforts to design and pass stablecoin and market structure legislation.”



Van Buren Capital general partner Scott Johnsson <a href="https://x.com/SGJohnsson/status/1892237592222965883?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1892237592222965883%7Ctwgr%5E53f48167e9dfe17fc021e94246368b18cfb67286%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fblockworks.co%2Fnews%2Fblockchain-association-defi-broker-rule">said on X</a> last month that this vote would be a “heat check” on how Democrats could choose to vote on crypto-related issues going forward.&nbsp;



Smith noted that 18 Democrats voted to repeal the rule. Johnsson’s <a href="https://x.com/SGJohnsson/status/1897314016906596485">takeaway</a> was that “productive policy tailwinds got a big boost.” Ron Hammond, Blockchain Associated’s government relations director, added in a response to Johnsson that the vote count was “insanely high” for a CRA. To the point of being a positive sign for future laws, <a href="https://blockworks.co/news/stablecoin-legislation-top-priority">we heard from Cynthia Lummis</a> last week that stablecoin legislation was the Senate Digital Asset Subcommittee’s top priority.



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Senate vote against DeFi broker rule a ‘hopeful sign’

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



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Many in the US woke up Wednesday to bitcoin back above $90,000.



After Donald Trump mentioned five tokens in his Sunday post about a crypto reserve, prices soared. BTC included (despite confusion from some about why this wouldn’t be a BTC-only reserve).&nbsp;&nbsp;



Bitcoin ascended to about $95,000 Sunday, but essentially lost all those gains Monday. It traded in the mid-80s for much of Tuesday.&nbsp;



The early Wednesday surge wasn’t because Trump mentioned BTC in his address to Congress Tuesday night. He didn’t.&nbsp;



Rather it came after Commerce Secretary Howard Lutnick <a href="https://thepavlovictoday.com/howard-lutnick-reveals-trump-to-unveil-bitcoin-reserve-strategy-at-white-house-crypto-summit/">reportedly</a> said a bitcoin strategic reserve is “something the president’s interested in.” He added: “I think you’re going to see it executed on Friday.”



Lutnick, the ex-CEO of Cantor Fitzgerald, previously noted that TradFi firms would go “headfirst” into bitcoin when the regulatory environment improves.&nbsp;



Tokens outside of BTC could be treated “positively, but differently” than the largest crypto asset, he told The Pavlovic Today. I applaud the journalist who was able to chat with Lutnick about this. But I still take the comments with a grain of salt.&nbsp;



It seems kind of noncommittal. Trump’s interested in it and Lutnick thinks it will happen.&nbsp;



The best us onlookers can do is first see what the administration says at Friday’s <a href="https://blockworks.co/news/first-industry-crypto-summit">crypto summit</a>. Then go from there.&nbsp;



Chief bitcoin bull Michael Saylor <a href="https://x.com/saylor/status/1896978713792987498">said</a> he was invited to the event. <a href="https://x.com/saylor/status/1896612741374468541">CNBC asked him</a> if he thought any assets not named bitcoin should be in a US crypto reserve?



His response: “I think if you’re looking out over the next 100 years trying to figure out how you capitalize a nation-state or a country, what you want is a digital commodity.”



That would be bitcoin.&nbsp;



“But if you have a sovereign wealth fund, then I think it’s well within the rights of the leader of the nation to decide to put proprietary assets, securities, tokens and the like into it,” Saylor added. Trump’s executive order gives the Working Group until late July to make policy recommendations, including about a “national digital asset stockpile.” So don’t expect to know everything on Friday.



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US crypto reserve clarification coming? Wait til Friday.

Casey Wagner

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



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After wiping out the last of their “Trump bump” gains, US equities were surprisingly calm Wednesday following their tariff-fueled selloff earlier in the week.&nbsp;



Given today’s mild gains come after a particularly spirited address from President Trump last night, during which he doubled down in defense of his trade policies, I’m betting investors are expecting the powers that be to step in.&nbsp;



Whether this comes in the form of a “Fed put” or a “Trump put” is anyone’s guess. To be fair, investors probably don’t care which, as long as stocks start to see some relief.&nbsp;



To be clear, Trump last night made no indication that he’s concerned about sliding stock prices. He reiterated that short-term pain is to be expected, but long-term gains will swiftly follow. If there’s a specific level the S&amp;P 500 has to hit for the administration to start walking back its more aggressive economic policies, he didn’t seem concerned about reaching it.&nbsp;



Tariffs “are about protecting the soul of our country,” Trump said Tuesday, adding that he is “OK” with “a little disturbance.”&nbsp;



His Cabinet, however, seems to be doing damage control. Commerce Secretary Howard Lutnick told Bloomberg this afternoon that Trump is “listening to the offers from Mexico and Canada” and “thinking about trying to do something in the middle.” 



Trump met with Canadian Prime Minister Justin Trudeau today to talk tariffs. But Trump said in a Truth Social post that he’s not budging on the levies until there’s more action to stop the flow of fentanyl. The president did however grant a one-month exemption to Ford, General Motors and Stellantis for tariffs imposed on Mexico and Canada.&nbsp;



This signalling was enough to calm markets — for now at least. The S&amp;P 500 was trading 0.9% higher at 2 pm ET while the Nasdaq Composite had gained 1.1%.&nbsp;



Like I said before, if there’s an amount of S&amp;P 500 pain Trump is willing to endure, we don’t know it. But analysts have guesses.&nbsp;



Bank of America strategists say the so-called S&amp;P 500 “strike price” for a “Trump put” — i.e. a policy change — is around 5,720. That’s where the index closed on Nov. 5. Yesterday, the index closed around 5,780, which just so happens to be the lowest close since Election Day.&nbsp;



<a href="https://x.com/SpencerHakimian/status/1897041283102990828">Others</a> say anything greater than a 5% single-day loss would be enough to trigger a policy shift from Trump.&nbsp;



DataTrek Research founder Nicolas Colas, however, says the real figure to watch is volatility. He says a VIX of 36 or above is usually enough to trigger a “Fed put,” but Trump’s volatility strike price could be higher or lower.&nbsp;



Colas added that some mild relief in markets isn’t enough to convince him that this current bout of volatility is over. He doesn’t think we will see “tradeable lows” until the VIX hits 27+. We’re at around 23 today.&nbsp;



The Fed’s next interest rate decision comes on March 19 (this coincides with the <a href="https://blockworks.co/event/digital-asset-summit-2025-new-york">Blockworks Digital Asset Summit</a> in NYC, where Ben and I will both be. You should come too).&nbsp;



Markets are still pricing in just a 5% chance central bankers will cut rates. They are more optimistic about a policy shift in May.&nbsp;



Something tells me Trump has a higher pain threshold than Powell. Or, at the very least, he’s committed enough to seeing most of his trade policies through that it would take a lot for him to back down.&nbsp;



For now, enjoy seeing stocks in the green. Who knows how long it will last.



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What’s the strike price on Trump’s put? 

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



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Throwback time! Remember the Mfers? There’s a new one in town.



He’s messy, he’s shy, he’s a gamer, he’s eating pizza off the floor — he’s the Normal Mfer.&nbsp;



The team at CC0 Studios pulled inspiration from the November 2021 Mfers NFT collection to create <a href="https://www.youtube.com/watch?v=cuqRwvBUpIU">The Normal Mfer</a>, an animated YouTube pilot episode released this month chronicling the life of one young, normal-as-heck mfer who still lives with his parents at 23 years old.&nbsp;


<div class="wp-block-image">
<figure class="alignleft"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfGR5bHWvfuioqkDvUC3UK41BJdJ8Le9ezzE_SyhlH1bmk9a3ylqs8oanZeAgFjlN9uxsh5d-qERgASVDv4h9reqSF87S7P1_cIqf52XwVg6HHJBlFidLF651gqBA6VtXj3qkEsdg?key=ua7faDUA3M-RGdJXGPl_1GCE" alt=""/></figure></div>


The Mfers were one of those NFT boom-era collections that launched later into the hype. Attitudes toward NFT PFPs were already shifting toward degeneracy and skepticism at the time.&nbsp;



By that point, so many NFT collections had made massive promises through elaborate “roadmaps” that were rarely fulfilled. Teams often gave up after a few weeks or months, sparking accusations of “rugpulls” and scam projects. Pseudonymous founders exited and disappeared along with piles of cash.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfXsSjQBFhtcJNLO_mFSPWWsoQvhruWuluXcPC8fwpiAAwiDuQ0a22KUis78oMG6cX6ADA5MOBy6W4u63JTsROX07puHtLzn0mh_1rUKjG9FVJLXF-OZK_55UFhZlYn7oIltekbgg?key=ua7faDUA3M-RGdJXGPl_1GCE" alt=""/><figcaption class="wp-element-caption">Source: Mfers price floor over time since launch</figcaption></figure>



The Mfers were, in part, born out of that era. There was no roadmap, no utility, and the Mfers were launched in the public domain, meaning anyone could reuse the PFPs for any purpose. Free use was part of the vision.



Mfers creator Sartoshi — a play on the name of unknown Bitcoin creator Satoshi Nakamoto — <a href="https://mirror.xyz/sartoshi.eth/QukjtL1076-1SEoNJuqyc-x4Ut2v8_TocKkszo-S_nU">has confirmed</a> the obvious that the “Are ya winning, son?” meme was his favorite and directly inspired the NFT collection.&nbsp;



I chatted with “Lawl,” whose real name is Joe but prefers not to share his last name publicly. He is cofounder of <a href="https://www.youtube.com/@CC0Studios">CC0 Studios</a> and co-created the Normal Mfer project.&nbsp;



“I definitely resonate with that character,” he tells me of the Normal Mfer.&nbsp;



The Normal Mfer and his dog Max live in one messy room, dotted with posters, books, and miscellaneous artifacts of life. His mom is an astronaut for some reason, and his dad wants to sell their family home.



The Mfer has a crush on Leaf, the girl next door but is also afraid of her and isn’t sure what to do about it. His daydreams turn the animation from black-and-white into color when he’s around her. Dad walks in on him thinking of her, and well, wants him to move out of the house so his parents can get on with their lives.



The pilot episode is full of references to memes and meme culture. It’s funny, awkward, somehow charming, and, well, exactly what you would expect from an animated short about an Mfer. It has Rick and Morty vibes. It also nods at the self-help “manosphere” course culture that’s created unrealistic — and often toxic — expectations for men. Mfer’s Dad is his villain, and Normal Mfer feels like he’s earning and losing game points through life.&nbsp;



I won’t spoil the ending for you — you’ll have to <a href="https://www.youtube.com/watch?v=cuqRwvBUpIU">watch it</a> for yourself.



“I’ve always wanted to create a show like this,” Joe tells me. He describes himself as a member of the Mfer community (which does have a Discord server), and is hoping the Normal Mfer can get a corporate or brand sponsor so the team can make more episodes. There’s also the dream of appearing on existing animation-focused platforms and channels, too. Another goal is for the pilot episode to hit 100,000 views — he says that’s the threshold at which the team will consider making a second episode.



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Degen Ethereum NFT collection Mfers gets an animated short

Donovan Choy

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/research">subscribe</a>.



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Noble’s USDN “Noble Dollar” launches today.



USDN is a yield-bearing stablecoin with a current yield of 4.15% derived from its overcollateralized backing (102%) from US Treasury bills.



Noble is a Cosmos chain that has historically been a facilitator in digital asset issuance. The company has helped launch various stablecoin assets, such as Circle’s USDC, Ondo’s USDY, Hashnote’s USYC and Monerium’s EURe, across dozens of chains



With USDN, Noble is effectively becoming an original asset issuer.&nbsp;



Why care for yet another stablecoin? USDN is designed on the principles of “composable yield,” which enables apps or rollups that integrate the stablecoin to direct how the yield is programmatically distributed.



This contrasts to stablecoin issuers such as Tether, which does not share the underlying yield, effectively monetizing the end-user or app distribution for its own profit as part of its business model.



“$USDN is an evolution of stablecoin liquidity for the modular ecosystem. We believe that composable yield will be a game changer for appchains, users, developers and infrastructure providers,” said Noble co-founder Jelena Djuric.



USDN’s composable yield design is enabled by M^0, a stablecoin middleware infrastructure layer. Its “M” stablecoin serves as an extendable building block for players like Noble to launch their own custom-branded stablecoin on top of their stack.&nbsp;



Think of M^0 as offering a “stablecoin distribution as a service” (SDaaS).



M^0 has also previously partnered with <a href="https://blockworks.co/news/usual-depeg-spurs-defi-instability">Usual</a> to create USD0. Like Noble’s USDN, USD0 opens up a revenue stream for apps by sharing the yield from the underlying T-bill backing. Oher stablecoins, such as Agora’s AUSD, are similarly yield-bearing. Based on <a href="https://defillama.com/stablecoin/agora-dollar">DefiLlama</a>, AUSD is today a $78 million dollar market cap asset on Sui, Avalanche, Mantle and Ethereum, while USD0 has a market cap of <a href="https://defillama.com/stablecoin/usual-usd">just over</a> $1 billion.



To challenge the moats of today’s dominant stablecoins like USDT and USDC, stablecoins that promise an intrinsic yield look to be table stakes going forward.&nbsp;



Last November, Coinbase also <a href="https://www.coinbase.com/blog/Coinbase-Wallet-USDC-Rewards">announced</a> rewards for holding USDC, currently offering a <a href="https://www.coinbase.com/en-sg/usdc">4.1%</a> yield.



On launch, USDN will be supported in Keplr wallet and can be purchased via Kado, a payments infrastructure company.



You can also <a href="http://points.noble.xyz">earn</a> Noble points in the USDN Staking Vault, but that comes with a lockup of up to four months and forfeiture of the underlying yield.&nbsp;



Alternatively, USDN depositors can deposit into the Flexible Vault to accrue the underlying yield, plus a “boosted” yield that is forfeited from the Staking Vault.



Correction, Mar. 5, 2025 at 2:36 pm ET:&nbsp;Usual USD0 was launched with M^0, not Agora AUSD.



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Noble launches yield-bearing USDN stablecoin

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



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Multicoin Capital’s <a href="https://blockworks.co/news/solana-weighing-sol-inflation-cut">proposal to change</a> Solana’s emissions mechanism was introduced in January to generally positive reviews. But as a vote on the proposal draws nearer, more critics are emerging.



Perhaps the most notable skeptic has so far been Lily Liu, president of the Solana Foundation. In an X spaces debate Tuesday afternoon, Liu urged Solana to take a more holistic approach to inflation — and said institutional investors could be scared off by unpredictable staking rewards. 



SIMD-0228 is a Solana governance proposal penned by Multicoin Capital, currently being shepherded by Anza lead economist Max Resnick. It seeks to replace Solana’s current pre-set emissions curve with a market-based mechanism that raises or lowers inflation based on the percentage of Solana that is being staked.&nbsp;



Solana emits SOL to leaders who propose blocks. Those validators pass the inflation along to SOL holders staking SOL with them. Some SOL gets siphoned off along the way to tax obligations for jurisdictions where staking rewards count as income or validators (like the ones run by centralized exchanges) who charge commissions. Resnick likens the government and CEX portions as water dripping out of a “leaky bucket.”



SIMD-0228 would lower Solana’s inflation from its current 4.5% to less than 1% under current staking levels. This would put less water in the proverbial leaky bucket. The proposal targets a 50% staking ratio, down from 63% currently, but emissions would be lower than their present levels in any event.&nbsp;



Perhaps unsurprisingly for a proposal sure to cut into validator revenue, SIMD-0228 has its share of critics as well.&nbsp;



Liu’s critiques have so far focused on the lack of data collection and analysis on the expected impact of SIMD-0228, as well as how market-based staking rewards could scare away larger capital allocators.&nbsp;



“Widely fluctuating yields turned away institutional demand” from ATOM, which also adopted a market-based emission approach, Liu said.&nbsp;



In an X Spaces Tuesday afternoon, Liu doubled down.



“We need to think about the asset ecosystem,” Liu said, noting that she had gathered feedback from institutional players indicating that investors tend to like reliable dividends. Liu also called for Solana to slow down and take time to develop a more “holistic” perspective on monetary policy.&nbsp;



SIMD-0228 proponents argue the proposal is good for institutional adoption because reducing emissions could help adoption of SOL ETFs, which are in the process of <a href="https://blockworks.co/news/cme-planned-solana-futures">gaining SEC approval</a>. The SEC is yet to approve staking ETFs for ether, and it’s unclear how ETF liquidity would be affected by having staking rewards to think about.



The vote on SIMD-0228 is currently set for Thursday, March 6.



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Solana Foundation president cautions SIMD-0228 could spook institutions

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If we see a big resurgence in Web3 gaming, it’s probably going to look a lot different. And perhaps that’s for the best.&nbsp;



<a href="https://blockworks.co/newsletter/thedrop">The Drop</a>’s Kate Irwin told me that she’s seen a shift away from more traditional video games that have a “hidden” crypto element that’s optional, and more of an acceptance that the primary audience for Web3 games are, well, degens.



“Instead of trying to convert the Fortnite gamers of the world, they&#8217;re now trying to convert the non-gamers who are just crypto traders, and convince them to play a game that is basically just trading with a with a gaming layer on top that&#8217;s kind of a thin veneer in a lot of these titles,” Irwin explained.



Traditional gamers, she added, don’t like crypto. They’re not buying into the games with an NFT element or anything like that. So why keep trying to cater to an audience that isn’t interested?



It explains why, <a href="https://blockworks.co/news/game-studio-betting-pivot">in The Drop’s first official newsletter</a>, Irwin highlighted one such project that’s making the switch: THNDR. It’s swapping over to more of a casino-style game rather than focusing on play-to-earn projects.&nbsp;



The overall shift isn’t surprising, though, because the industry may have “overestimated” its potential and games like Off the Grid won’t be enough to bring in an audience still cautious about crypto. After all, it’s only been a few years since FTX’s collapse and while we — the folks who either stayed or joined post-FTX — have moved on, it’s understandable that non-crypto folks just don’t get it yet.&nbsp;



For me, I’ll be watching carefully to gauge when we start seeing more of an uptick in venture capital funding. More VC activity is one of the tells I use when looking at what parts of crypto are picking up interest.



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