Macauley Peterson

Onchain AI agents are edging out of the lab.&nbsp;



Lit Protocol’s agent stack, Vincent, now gives developers a way to ship non-custodial automation that actually touches money, but under explicit, enforceable limits set by users and app authors. An “early access” launch just went live, Blockworks has learned exclusively.



Lit frames the core model simply: policies (guardrails) and abilities (discrete actions like swap/borrow/bridge) that are bound together at deploy time and enforced at runtime, according to co-founder David Sneider.



“Vincent Policies (the guardrails and controls) are created and exposed by Vincent application developers based on any given use case,” Sneider told Blockworks. “For example, a trading app might expose a ‘spend policy’ or ‘token allowlist policy,’ which users would be able to fine-tune based on their own needs and preferences.”



Under the hood, Vincent rides on Lit’s existing “defense-in-depth” key model: Threshold-split keys run inside <a href="https://blockworks.co/news/0xresearch-newsletter-mev-trusted-execution-environments">secure enclaves</a> (TEEs), and the enclaves execute only when an onchain policy check passes. In practice, that means permissions like spend caps, allowlists, time windows and rate limits are evaluated before any signing or contract call occurs. A key recent improvement is how easily developers can now package and enforce those rules through Vincent at the point of execution.



According to examples from a “<a href="https://github.com/LIT-Protocol/vincent-starter-kit">starter kit</a>,” developers can define and expose app-specific policies as needed; the platform now supports both narrowly scoped and broader smart-contract permissions, with one-line SDK calls to invoke them.



In Sneider’s view, the job is to let agents act, but only inside well-defined lanes.



That’s effective, according to David Johnston, the lead code maintainer at Morpheus, which has built in Lit Protocol as part of its reference open-source agent work.



“MPC enables good spending caps, whitelists of agents, and limited time approvals for agents to access user funds,” Johnston told Blockworks. “These types of capabilities should be native to all agents,” he said, adding that it’s safer to integrate Lit rather than “rolling their own, less battle-tested solutions.” 



DeFi-specific risk hooks like <a href="https://blockworks.co/tag/mev">MEV</a> protection and dealing with oracles are being left to app authors. “They also have the power to define all of their data sources [and] integrations with external protocols, which can help address possible constraints like these,” Sneider said, referring to aspects like slippage caps, private order flow routes, RFQ checks, or price-staleness guards. That stance keeps the core platform minimal while allowing domain-specialized teams the flexibility to customize.



Automated agents are not magic, and Morpheus’ Johnston notes “all the normal attack vectors and failure modes from DeFi will apply to agents leveraging DeFi, so the best means of mitigating them is to leverage L2s that have eliminated many of these risks with their structure, such as ordering transactions to avoid attacks.”



Vincent already produces success and failure signals and proofs for every execution, but those remain local to the developer’s app rather than being published to a wider registry. The roadmap points to privacy-preserving attestations that could travel across registries and agent networks, such that compliance proven in one venue can be trusted in another.



“The bigger vision is that agents will be able to surface these attestations in privacy-preserving ways into shared registries like <a href="https://ethereum-magicians.org/t/erc-8004-trustless-agents/25098">ERC-8004</a> and interagent communication protocols like A2A [Agent-to-Agent],” Sneider said. Think verifiable credentials (e.g. “I’ve complied with XYZ policy 100 times”) broadcast into a shared agent ecosystem, where other agents or platforms can trust them without re-auditing.&nbsp;



<h2 class="wp-block-heading">Beyond DeFi</h2>



Crucially, the agent landscape is expected to evolve to new use cases other than pure DeFi automation, to encompass credentials and APIs that real businesses live on, said Sneider.



“Our focus at the moment is on managing more secret types, like passwords and API keys so that agents can log into apps and we can break the current paradigm of agents being embedded within apps,” he said. “We’re also continuing to build out more Policy and Ability examples across many different chains and protocols (i.e. BTC and Solana), to give developers more jumping-off points and make it simpler to start launching agents with Vincent.”



If this sounds like the agent version of account abstraction, it’s intentional. Back in 2024, Sneider argued that “key, material signing is like the ultimate unifier amongst distributed systems, which are really just like state and signing at the end of the day.”



Tie that to enforceable policies and you get something closer to production-grade autonomy, as we see starting to happen now.&nbsp;



“This idea that everybody is going to have essentially a quant in their pocket to manage their funds seems pretty, pretty coherent and is starting to come together.”



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Onchain AI agents move from demo to deployment

Donovan Choy

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



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Would you rather invest in the business model of a cinema or Netflix?



A theater needs real estate, seats, projectors and staff. When it’s full, you top out at ~200 paying customers per show.&nbsp;



Netflix beams the same video to its first customer and its millionth customer with basically the same operational cost.



That zero marginal cost is the intuition behind why investing in tech is attractive. Once you’ve built the product, each additional user generates a high gross margin, which produces sky-high multiples.



Now, that mental model — of zero marginal cost + uncapped demand — is being stress-tested.



In AI, for instance, serving the next user is not free. Your “software” rides on someone else’s model (OpenAI, Anthropic, Google, etc). Each user interaction burns inference tokens, which in turn costs real compute, power and data center capacity.&nbsp;



Even as unit prices per AI token trend down, token consumption per task rises, so the bill goes up.



For a few years, Anthropic aggressively courted developers with enterprise-friendly pricing mechanics (e.g. prompt caching, batch discounts).&nbsp;



That strategy worked! In enterprise usage share, Anthropic has overtaken OpenAI — 32% vs. OpenAI’s 25% by usage.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1303" height="581" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-19.png?w=1024&amp;h=1024" alt="" class="wp-image-107077" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-19.png?w=1303 1303w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-19.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-19.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-19.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-19.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-19.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-19.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-19.png?w=80 80w" sizes="auto, (max-width: 1303px) 100vw, 1303px" /></figure>



OpenAI lately responded by slashing prices. GPT-5’s API recently launched with $1.25/M input and $10/M output tokens, explicitly leaning into coding and agent use cases.



That’s dramatically cheaper than Anthropic’s Claude Opus’ prices at $75/M output tokens ($15/M input)!



With that, AI wrapper companies like <a href="https://www.youtube.com/watch?v=UbFtbiR7PrA">Lovable</a>, <a href="https://cursor.com/en/blog/gpt-5">Cursor</a>, <a href="https://www.linkedin.com/posts/boltdotnew_we-are-excited-to-launch-gpt-5-into-bolt-activity-7359288231617581056-XVpa/">Bolt</a> and more have quickly moved to integrate GPT-5.



&#8220;For the first time in SaaS history, the marginal cost of adding on a user is not close to zero,&#8221; said Amanda Huang of Bain Capital Ventures, per <a href="https://pitchbook.com/news/articles/how-long-can-ai-agents-like-cursor-keep-burning-cash-investors-are-divided?utm_medium=newsletter&amp;utm_source=daily_pitch&amp;sourceType=NEWSLETTER">Pitchbook</a>.



Crypto often looks like software economics. Once a chain is live, serving the marginal user is close to free.



That is theoretically true, but not necessarily so in practice.&nbsp;



Because while validators (proof-of-stake) incur zero marginal costs to produce the next block, when demand spikes, users want to pay to jump the queue.



That’s why MEV (maximal extractable value) persists. Being first in line is valuable, and blockchain networks explicitly price that preference.&nbsp;



On Ethereum, EIP-1559 formalized congestion pricing via a base fee plus optional tip. On Solana, “priority fees” exist precisely because blockspace is scarce at the margin — even if the average transaction is cheap.



Crypto investors like Multicoin’s Kyle Samani have explicitly <a href="https://x.com/KyleSamani/status/1838718619339100351">argued</a> in favor of valuing blockchains solely on MEV.



In the month of August, Solana did $68 million in MEV.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="686" height="486" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-17.png" alt="" class="wp-image-107075" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-17.png?w=686 686w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-17.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-17.png?w=363 363w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-17.png?w=368 368w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-17.png?w=309 309w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-17.png?w=80 80w" sizes="auto, (max-width: 686px) 100vw, 686px" /></figure>



Across the same month, Ethereum saw $32.5 million in MEV.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="691" height="524" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-18.png" alt="" class="wp-image-107076" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-18.png?w=691 691w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-18.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-18.png?w=339 339w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-18.png?w=344 344w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-18.png?w=289 289w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-18.png?w=80 80w" sizes="auto, (max-width: 691px) 100vw, 691px" /></figure>



Classic SaaS multiples assume high, stable gross margins and flat marginal costs.&nbsp;



But in both AI and crypto, that logic can be sometimes inverted. In crypto, even with low nominal fees, blockspace scarcity created pricing power (priority fees, MEV).&nbsp;



And in AI, “wrapper” applications that pass through model costs behave more like usage-metered utilities. Margins compress unless teams negotiate discounted batched rates.



What does this mean for the players involved? I guess you could just raise more venture money to subsidize usage.



Anthropic, for example, yesterday <a href="https://x.com/AnthropicAI/status/1962909472017281518">raised</a> $13 billion at a whopping $183 billion valuation to compete with OpenAI.



L1/L2 chains have also raised hundreds of millions historically, but you don’t need that much money to build a chain. Similarly to Anthropic, the money is merely a competitive weapon to fund subsidies, incentives and liquidity programs.



In both arenas, the bulk of venture dollars flow to subsidies aimed at entrenching network effects.&nbsp;



In the near term, consumers benefit from lower prices and better service. Enjoy it while it lasts.



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Is zero-marginal-cost tech no more?

Kate Irwin

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Camp wants to prove that an IP-focused chain can work long-term.&nbsp;



The Camp mainnet has been officially deployed as of this morning, along with its native CAMP token. The team worked with crypto infra firm Gelato and is using the <a href="https://docs.abundance.xyz/abc-stack-architecture/key-features">Abundance</a> rollup L1 stack, which is built on Celestia.



The CAMP token is expected to facilitate creator royalties and AI-agent monetization, in addition to functioning as a gas and governance token.



“We&#8217;re going to continue to see growth in AI, but without the proper infrastructure or the technology to protect IP and creativity, we’re going to see a really sort of value-destructive relationship between AI and IP,” Camp Network cofounder James Chi told me in an exclusive interview.&nbsp;



Chi has a TradFi background, and previously worked in investment banking at RBC Capital Markets and Goldman Sachs. He was then at Figma before ultimately starting Camp in 2023.&nbsp;



“AI is going to eat creativity as we know it, and there’s not going to be the right guardrails to protect creativity as a whole,” Chi said, echoing concerns felt by creatives across gaming, film, visual art and media.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Just another brick in what will be a permanent battle between AI and IP copyright law First started with <a href="https://twitter.com/ChatGPTapp?ref_src=twsrc%5Etfw">@ChatGPTapp</a> and <a href="https://twitter.com/Reddit?ref_src=twsrc%5Etfw">@Reddit</a> Second was <a href="https://twitter.com/StabilityAI?ref_src=twsrc%5Etfw">@StabilityAI</a> and <a href="https://twitter.com/GettyImages?ref_src=twsrc%5Etfw">@GettyImages</a> Third was <a href="https://twitter.com/SunoMusic?ref_src=twsrc%5Etfw">@SunoMusic</a> And all the record labels Now Hollywood and <a href="https://twitter.com/midjourney?ref_src=twsrc%5Etfw">@midjourney</a> Media tends to follow… <a href="https://t.co/PJXr3IgYbZ">https://t.co/PJXr3IgYbZ</a>&mdash; Nirav Murthy ⛺ (@niravmurthy) <a href="https://twitter.com/niravmurthy/status/1933163310414794888?ref_src=twsrc%5Etfw">June 12, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The vision is that Camp could help solve the problems AI creates for creators and IP owners by allowing brands, creators and licensors the ability to quickly tokenize their content to establish ownership onchain. Then, AI agents can license and train on that content, and creators can then be compensated via royalties for use of their work.



There’s a lot of mission overlap here with <a href="https://blockworks.co/news/story-protocol-world-ai-future">Story</a>, Camp’s biggest competitor at the moment.



“Most new IP generated will all be done via AI,” Camp cofounder Nirav Murthy told me. “And we envision blockchain being the mechanism by which that’s done.”



Camp is working with teams spanning the entertainment, gaming and consumer categories, including <a href="https://thedrop.beehiiv.com/p/no-usa">Black Mirror</a> (which has been making crypto plays through licensor Banijay UK), Japanese IP firm Minto, and comic book creator Rob Feldman.



“The ecosystem is what matters at the end of the day. We don&#8217;t want to build the ghost chain,” Chi said.



He emphasized that Camp is trying to give creators, licensors and brands a reason to stick around long-term.&nbsp;



“Our ethos is, we don&#8217;t want to lean into the pay-to-play model, right? We&#8217;ve seen that play out in crypto. People are paying, you know, upwards of eight figures of revenue to try to get big IP to launch with them,” Chi said.&nbsp;



“And while that might be exciting for two to three months, after that the IP holder is not incentivized to actually build a meaningful program, because they already got paid out.”



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdb5icSA09ZQAISNi3jljm-6yuDns7-gVWAYlFgUoIUzMcHbHD-gETcEE-pyjUaJn4hcwqEGiYkgV7d7OZ7rNn8UjMmAD29itmJSq3JmuZEBy6fX9CBvYXrktB1EZeaHANIL40QJQ?key=G0xaMQz1a05qXDrk0wsBqw" alt=""/></figure>



Camp previously raised $4 million in seed funding a year ago, and raised <a href="https://www.linkedin.com/posts/jameschi94_exclusive-camp-network-raises-25-million-activity-7323068093402951681-L96C?utm_source=share&amp;utm_medium=member_desktop&amp;rcm=ACoAABKdI6YBVCnELgEXIz0Jo0Q13EHkptJChqw">$25 million</a> in Series A funding in April.



Perhaps Murthy is right, and AI will be a wellspring for new and interesting IP. The threat of AI indeed feels stronger than ever before for creatives concerned that their work has already been stolen — and that they’ll lose out on jobs and income if clients opt to churn out AI-generated products.



Ownership can also be complicated, and licensing often benefits larger corporations and studios more than individual artists (who, for example, might have worked on a film, but don’t own the rights to license their work).



Licensors will ultimately have to decide if they’re ready to offer up their libraries to countless new AI models — or whether they might want to wait it out until the slew of active lawsuits against AI firms set a new standard.



While IP-focused blockchains have been tried in the past, we’re not in 2018 anymore. Although, that hasn&#8217;t stopped prediction markets, a sector borne of the ICO era, from <a href="https://blockworks.co/news/polymarket-culture-chasm">finally finding traction</a> with the mainstream.&nbsp;



Tokenized IP on the blockchain may just be taking a longer route.



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Exclusive: Camp Network launches L1 mainnet, token

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



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I’m a Firefox user. I say that with pride and shame.



Pride because I’ve stayed loyal to a browser that once upon a time was the “cool” alternative to Internet Explorer.



Shame because I know the world has moved on to Chrome.&nbsp;



The irony is that despite my “loyalty” to Firefox, it only exists thanks to Chrome.



85% of the Mozilla Foundation’s revenue ($570 million) comes from a revenue-sharing agreement with Google, where Mozilla takes a share of ad revenue generated by Google searches from Firefox users.



Google also pays out billions to OEMs like Samsung, Motorola and AT&amp;T to ensure Chrome (and Google Search) is preinstalled on their hardware devices.



It’s the price Google pays for maintaining the browser’s dominant (~70%) market share.



It was also always the plan. During Chrome’s 2008 launch, Sundar Pichai <a href="https://www.promarket.org/2024/08/08/chrome-is-the-forgotten-fulcrum-of-googles-dominance/">stated</a> upfront that Google’s core business depends on dominating the browser market.



If Google doesn’t control the browser market, less people are Googling, which means less ad revenue.&nbsp;



In other words, it all comes down to owning the end user.



Now Chrome’s decades-long dominance may be facing its first-ever serious competitive threat.



A slew of AI-first browsers, notably Perplexity’s recently-announced <a href="https://www.perplexity.ai/comet">Comet</a>, are looking to reinvent the browser experience.



Based on all the information our browsers know about us — our history, bookmarks, credentials, web behavior — AI-first browsers like Comet can become an “active participant” and “embedded” part of our workflows, Delphi’s Can Gurel <a href="https://www.delphiintelligence.io/research/browser-wars-got-personal?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=Browserwarsintel#browser-war-iii">pointed out</a> in “Browser Wars Got Personal.”



If a browser-integrated AI agent can find and make restaurant reservations for me, I no longer need Google.&nbsp;



Again, it comes down to owning the end user.



Crypto isn’t an exception to this rule. A similar phenomenon is playing out in Solana’s memecoin land.



Of late, Pump has been losing market share to LetsBonk — putting out $229 million in trading volumes compared to LetsBonk’s $1.1 billion in the last week.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfCuPzytdbx_b4N5rZEUZK5ox4wWg8sFLY3GJfZl0a3Nml73wQcbiO_PwGG-B6gwBuV6QGUwFy75KY5hBeKB_DWTLC6x6SIOdOanXkmHrFLbgDKEdOGUjloOqVB9leBBQ8FxL5t?key=Wntvl5Sn4L_8fKC76FtKdw" alt=""/></figure>



Pump’s revenues have seen a steep decline.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc8x2owpsoec1PgL32U8aCeRhupEAT4B8s0a-tuFFwYk9PY0-6Mkx60Bh-W7INz9kX_0J7QjF8WkS_u0YLl2wm6b5peIOGsfbR2dL-R1-v8IfL5OHNBuTUNnuAA-v78Ykx8CxTRpg?key=Wntvl5Sn4L_8fKC76FtKdw" alt=""/></figure>



Yet while order-flow volumes are bouncing between Pump and LetsBONK, it doesn’t affect the revenues of the dominant trading bot Axiom.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdvO9PyG9i4gpLBhIoB838V_VvcIOxkA0V1aZgQ1j5ivftgIG56NNBJ7JnsoUob9GjMzngD5I27n2fPx6C4lka-OVGcIjmhXAZw88X1s51Q6jZH70ZVi4r3fdaR8sx3udndKIEngw?key=Wntvl5Sn4L_8fKC76FtKdw" alt=""/></figure>



That’s because while memecoins are launched on Pump or LetsBonk, degen traders are in Axiom’s frontend UI.



Launchpad bonding curves are permissionless, so Axiom simply looks at every new token, detects which launchpad contract it came from and builds a buy/sell button around it.



And traders stick around on Axiom for its comprehensive suite of pro tools like advanced charts, wallet trackers and the integration of other popular trading products (Hyperliquid perps), rebates, etc.



In other words, Axiom — like Google — owns the user. It monetizes whatever launchpad is hot by pointing to any launchpad contract.



Whether it’s web search or onchain degen trading, the game is the same: The interface that commands daily habit and captures the last click captures the money.



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0xResearch Newsletter

Why owning the end user is profitable – lessons from Axiom and Google

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I’ve been hearing more chatter about decentralized file storage lately.



Yeah, it’s not exactly a sexy topic. But one could argue that decentralized storage is integral to a crypto ecosystem that’s actually decentralized and not concentrated within one or two corporate entities.&nbsp;



And even if decentralization doesn’t really matter to you, does fraud? How about the rise of AI-generated data and files that could be used to hack or scam you, or brick your phone when you need it most?



“With something like AWS [Amazon Web Services], you can’t actually verify if a file is what it’s supposed to be or not. And that fundamentally breaks blockchains and crypto transactions,” Pinata CEO Kyle Tut told me in an interview.&nbsp;



Decentralized storage methods could be ultimately used as a way to combat fraud by verifying authentic information including provenance data — especially in the increasingly AI-dominated world we’re hurtling toward.



“If we want to have automated transactions, whether they’re AI-powered or not, you need to have files and data sets that are verifiable and authentic. And so that is where we spend all of our time, is ensuring that data and files are exactly what they’re supposed to be. And if they changed, we know that they’ve changed,” Tut said.



<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">To show how it works, we built Pinnie’s Guestbook, an onchain app with social data from <a href="https://twitter.com/farcaster_xyz?ref_src=twsrc%5Etfw">@farcaster_xyz</a>, deployed on <a href="https://twitter.com/arbitrum?ref_src=twsrc%5Etfw">@arbitrum</a>. → <a href="https://twitter.com/ponder_sh?ref_src=twsrc%5Etfw">@ponder_sh</a> indexes each message from the smart contract → <a href="https://twitter.com/pinatacloud?ref_src=twsrc%5Etfw">@pinatacloud</a> stores them on IPFS, keeping the data queryable even if the node resets <a href="https://t.co/lMgnoE0UNn">pic.twitter.com/lMgnoE0UNn</a>&mdash; Pinata (@pinatacloud) <a href="https://twitter.com/pinatacloud/status/1940101795428409514?ref_src=twsrc%5Etfw">July 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Pinata has worked with a number of NFT collections and marketplaces like OpenSea and Sorare to decentralize their assets. Typically, it’s images, videos, and JSON files that get stored. More recently, it’s worked with memecoin platform pump.fun to store memecoin art files, too.



“IPFS [InterPlanetary File System] is, like, a very difficult protocol to get to work. And so what we spend all of our time on is ensuring that it&#8217;s fast and stable. We have seven-plus years of ensuring that when you&#8217;re trying to get files, you&#8217;re getting them fast and you&#8217;re getting them reliably,” Tut explained.



But his ultimate goal is to get everyone to run an <a href="https://docs.ipfs.tech/concepts/what-is-ipfs/#defining-ipfs">IPFS</a> node plus a crypto wallet on every device they own.&nbsp;



“That&#8217;s the only way that you can generate true provenance of that file from creation to consumption,” Tut said. “Where we&#8217;re going post-AI, where AI can DDoS everything, we need to verify what this file is, where it came from, who created it, when was it created? Like all those types of little things need to happen, and the only way you can do that is through IPFS and wallet signatures on-device. You have to sign this data as soon as it’s generated.



“Our whole underlying assumption and the future that we&#8217;re building to is [that] all files need to be identified through IPFS, and then they need to be signed by a blockchain. We don&#8217;t care what blockchain. And that&#8217;s kind of the beauty of IPFS. At the end of the day, it can work with every blockchain,” he said.



Spinning up nodes and wallets left and right is certainly a lot to ask people to juggle — and isn’t realistic for everyone right now.&nbsp;



But maybe this uncertain AI-driven future ahead will convince more of us that it’s worth the hassle.



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Why we need a wallet on every device in a post-AI world

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



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Permissionless Day 3 concluded yesterday, and we’re back with some highlight quotes. In case you missed it, we also did a recap of Day 2 <a href="https://blockworks.co/news/0x-permissionless-day-2">here</a>.



<h4 class="wp-block-heading">What role will crypto play in working AI products?</h4>



Haseeb of Dragonfly Capital: “We all know the obvious answers which [are]: engineer, accountant, lawyer, girlfriend, maybe in reverse order.”



Casey Caruso of Topology cited brain models coming within the decade: “The long story short is that we don&#8217;t have enough data on neural activity to train a brain model today and one thing that crypto is really good at is incentivizing people to aggregate data, so I&#8217;m super convinced that there&#8217;s going to be a DePIN network to collect this data, and from there we&#8217;ll have a model that can actually unlock things like mind reading — as crazy as that sounds.”



<h4 class="wp-block-heading">Does this Bitcoin-treasury-strategy thing going on in TradFi actually have legs?</h4>



Thomas Lee CIO of FundStrat Capital is optimistic:



“Oil companies have historically traded on a premium to their proven reserves because of expectation of future reserves. ExxonMobil was in the top five largest stocks in the S&amp;P 500 for 25 years from 1990-2015. Never valued on earnings but a price premium to its proven reserves.&nbsp;



“[Strategy] will probably become the biggest stock in the US. It doesn&#8217;t make earnings — it’s valued purely on its price to bitcoin reserves.”&nbsp;



<h4 class="wp-block-heading">Joe Lubin of Consensys on what motivated their lawsuit against the SEC:</h4>



The SEC “secretly decided to reclassify ether as a security…[and] tried to pin it on essentially people responsible for the Merge — on us as promoters, EIP writers, builders and Danny (Ryan)&#8230;When we saw that researchers were getting subpoenas, that’s when we decided to sue the SEC.”&nbsp;



<h4 class="wp-block-heading">Felix Jauvin on the macro factors driving stablecoin hype:</h4>



“We’re going into this world now where fiscal deficits are increasing…The big question at hand is, who is to be the one buying this debt? There’s a very logical reasoning for why we’re seeing such a push for the GENIUS Act right now, because that is a huge unlock for US T-bills coming forth.”



<h4 class="wp-block-heading">Joe Cutler, Partner at Perkins Cole, lamenting the entry of institutions into crypto thus far:</h4>



Crypto was about “democratizing access to the control over value, and that&#8217;s not happening in the institutional rebuild. I worry about that.&nbsp;



“The second thing is, it was also destined to sort of remake the value propositions of aggregation of wealth, money, power and control into a more balanced system than it was before, and I don&#8217;t see that happening either in the march towards institutional adoption…&nbsp;



“I just hope that we get out the map once in a while and remind ourselves what country we&#8217;re in, not what road.”



<h4 class="wp-block-heading">Is <a href="https://www.jpmorgan.com/kinexys/content-hub/deposit-tokens">JPMD</a> a permissioned coin on a permissionless network?</h4>



Suresh Shetty CTO of Kinexys by JPMorgan: “I’d say JPMD is a deposit token that is going to connect to public chains of which its primary use cases are cross border payments and settlement of securities.”



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Recapping Day 3 of Permissionless IV

Jeff Albus

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



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If you want to build in Web3, you&#8217;ve pretty much always needed to know how to code. Not necessarily at an elite level, but at least a baseline understanding. That plus lots of late nights, semicolon-heavy syntax, compiler errors, and a burly stack of ever-open documentation tabs.



The technical barrier was part of the “chewing glass” culture.



Gatekeeping, maybe, but also a necessary filter in an ecosystem where one misplaced line in a smart contract could drain a treasury.&nbsp;



That filter is eroding fast these days, however.



Brace yourselves, friends. We&#8217;ve now entered the era of vibe coding. The term, coined by computer scientist Andrej Karpathy, refers to a novel AI-native coding style where developers (and perhaps more importantly, non-developers) describe what they want and, at the click of a button, an LLM generates a working iteration of their request.



Tools like Cursor, Dev.fun and Poof.new are already lowering the floor, turning ideas into dApps with a few lines of stumbling prose. A Poof co-founder told Lightspeed that vibe coders have created over 2,000 apps on the platform since its open beta started on Thursday.



But, of course, there&#8217;s a dark side to every moon. Because if it&#8217;s easier than ever to build something legitimate, it&#8217;s also easier than ever to build something that only has the appearance of legitimacy.



The ICO boom of 2017 gave us a glimpse of this dynamic. Once the profit motive was clear, hundreds of anonymous teams emerged from the woodwork to spin up faux white papers and (usually crap) landing pages. They promised revolutionary tech, launched tokens, raised millions&#8230;and vanished into vapor.



Now imagine that, but times infinity. 



Imagine some clown throwing up an LLM-generated codebase, a slick AI-generated branding package, wholly-believable GitHub activity, a world-class website UI with Web3 login, and then getting his fake chatbot founders to do some live AMAs.



Honeypot contracts with backdoors phishing sites that buoy authentic functionality as an indicator of legitimacy…Mint buttons that seed approvals you don&#8217;t notice ‘til your wallet is drained…The potential for bad actors runs deep.



Once things really get going, reputation systems and persistent identities will likely be the only hope we have of ever trusting another product. Proof-of-humanity systems, social graphs and third-party attestations will form the backbone of trust in an AI-coded world in Web3 and beyond.



We&#8217;ll need open auditing tools built for non-coders, and sandbox environments that simulate contract behavior before anything hits mainnet. Smart contract registries could begin to mirror app store models, with verified publishers, community ratings, and AI-generated trust scores.



The responsibility won&#8217;t just fall on users — it&#8217;ll sit with platforms, protocols, and indeed, the vibe coders themselves.



But even with those risks, even with the inevitable rough edges, something big is happening here. We&#8217;ve spent years saying Web3 is about empowering creators. Now it actually can be. Not just for the technically-minded or the crypto-native.



The poet, the game designer, the high school kid with a better idea for an auction format or voting platform — they can actually build. And if we establish proper protection early enough, the best ideas may finally have a chance to win. Not because they raise the most capital but because they exist — functional, forkable, live.



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The rise of vibe coding on Solana

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



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The following is the third and final part of a multi-part series on the state of crypto liquid markets, based on several conversations with liquid funds. You can find part <a href="https://blockworks.co/news/crypto-liquid-funds-bitcoin-target-this-cycle">one</a> and <a href="https://blockworks.co/news/crypto-liquid-funds-fundamentals">two</a> here.



Which crypto sectors are the most reviled by the average person in the industry? Anecdotally, gaming and crypto x AI projects seem to make the easiest punching bags. If I had a dollar for every time I heard “crypto games aren’t fun…”



The liquid funds I spoke to, however, had much more lukewarm and varied feedback. Though some were uninterested in gaming, others expressed optimism.



“The Web3 gaming space is very challenged at the moment and is most overlooked or under-owned,” Spartan co-founder Kelvin Koh told me.&nbsp;



“We need a big hit game for people to pay attention to Web3 gaming again. Off the Grid, Maplestory Universe and FIFA Rivals are three games we are watching closely.”



Off the Grid in particular has continued to average about <a href="https://flipsidecrypto.xyz/yasmin/gunzilla-network-metrics-explorer-kbgQ38">552k</a> daily players after its <a href="https://blockworks.co/news/off-the-grid-blockchain-gaming-experience">big bang launch</a>. Its active player base has cemented the GUNZ chain as a top 10 chain based on active addresses and transaction count, according to <a href="https://x.com/pierskicks/status/1906626745794519419">Delphi Ventures</a>, an investor in the game.



1kx was another fund that <a href="https://x.com/pet3rpan_/status/1887140527310864481">expressed</a> greater optimism for Web3 gaming.



Traditional free-to-play mobile games have an incredibly high entry barrier and require millions to breakeven. But a Web3 game that leverages the power of token incentives can greatly reduce that barrier of user acquisition, 1kx partner Peter Pan told me.



“A game like Pixels raised $4 million in their first year and was able to go to market within 18 months. They spent $70 million in token incentives on user acquisition and made about $25 million back — that’s roughly a 30% return on spend that would never be possible for a Web2 startup managing the same budget.”



Despite the early days of crypto x AI, a few funds also expressed hopefulness for the sector. At the very least, most acknowledged that in the long run, blockchain would enable AI in some specific use cases.



For instance, one crucial way that blockchain tech can support AI is in the area of “identity,” Pantera’s Cosmo Jiang said.



&#8220;Infinite agents and bots will exist thanks to AI. So there will always be a demand to know what is truly human. What better way to create a global, permissionless, censorship-resistant identity solution than using a blockchain? World [formerly known as Worldcoin] is doing something critical here.”



When it came to more mature token sectors within DeFi (DEX, lending liquid staking), there was general agreement among the funds I spoke to that these were markets with proven PMF and ways to perform valuations.



This however also crucially means that token valuations in DeFi were increasingly tethered to financial reality and less susceptible to speculative valuations than, say, memecoins, as one investor told me.



This is in stark contrast to L1/L2 tokens, which saw more disagreement on how they should be valued.



The valuations of most existing L1 tokens (on a P/E ratio basis) were far beyond what a fundamental analysis would explain, and poised for a harsh correction to the downside, one investor told me.



Another believed that L1 tokens were still erroneously being valued as a comps to bitcoin, which has become more of a store of value.



Here’s what Blockworks head of research Ryan Connor had to say on L1 valuations:



“The reason, all else equal, for the higher valuations for L1 and L1-like things is because they are platforms, and platforms can be money-making machines. So all else equal, theoretically, you&#8217;re pricing in higher growth. Solana, for example, can 5x its revenue in the next 12 months to above 10b. That&#8217;s incredible earning power. You can&#8217;t say the same for AAVE.”



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Liquid funds remain optimistic about Web3 gaming and blockchain uses for AI

Casey Wagner

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



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Thanks to the early signs of a trade deal with China and a better-than-expected <a href="https://blockworks.co/news/inflation-april-rose-less-tariff-impact">April CPI print</a>, Big Tech (and just about everything else) is up this week.&nbsp;



The S&amp;P 500 North American tech sector index is up 8.4% over the past five trading days. The Nasdaq Composite has gained 6.3% in that time.&nbsp;



Even Microsoft and Nvidia — despite their respective headwinds (which we’ll get into later) — are in the green. They’re up 3% and 13%, respectively, in the past five days.&nbsp;



The way I see it, there are two main forces poised to significantly impact Big Tech: tariffs and AI. These two forces just so happen to be intertwined.&nbsp;



In an overgeneralized nutshell, higher tariffs mean many Big Tech companies may have to raise prices. While most consumer electronics are currently exempt from tariffs, Trump insists the relief is temporary.&nbsp;



On the AI side, tariff-fueled <a href="https://blockworks.co/news/tariff-supply-chain-effects-summer">supply chain disruptions</a> for semiconductors and other infrastructure also make investing in AI more expensive. Still, the biggest names in the space say they’re forging ahead with massive AI budgets.&nbsp;



Alphabet plans to spend $75 billion on AI and data center infrastructure, marking a 43% increase from 2024. Meta similarly upped its AI budget by 44% — bringing its 2025 target range between $60 billion and $65 billion.&nbsp;



Microsoft, which revealed on Tuesday it would cut ~3% of its global workforce, said it will have spent $80 billion on AI expansion by June (when the company’s fiscal year ends).&nbsp;



Grain of salt here. If tariffs make the tools to build out AI operations more expensive, of course the budgets will have to increase. But the budgets are growing by a lot. This signals companies are still on the offensive and see scaling AI models as an essential part of their businesses, even though this now costs much more.&nbsp;



Nvidia shares have gained more than 10% since Monday’s open, on news that the US and China had reached a temporary truce in the trade war. The chipmaker’s market cap is back above $3 trillion for the first time since February, even as its AI server maker, Foxconn, <a href="https://www.foxconn.com/en-us/press-center/press-releases/latest-news/1595">downgraded</a> its 2025 outlook.&nbsp;



A prominent theory in recent years has been that AI will improve productivity, and a new <a href="https://www.stlouisfed.org/on-the-economy/2025/may/industry-level-growth-ai-use-us-postpandemic-recovery">report</a> published by the St. Louis Fed yesterday backs this up.&nbsp;



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXesxtiaEEbxAw5-yYJXc6LKLo3Dxx20dphVOAQd2iszJVWxGczZL3cO9ZBimoozh3EKIURqWaAjNYKsZKoPqPa-5I4A6-rSWyzCOGG9_JQTvQtlP7j3W29AjT2223zmBOf0CeyZQQ?key=hXsPwiTivyY4kmJktT1tYg" alt=""/></figure>



See “Information” on that chart? That’s technology, and according to the St. Louis Fed, the industry has become about 5% more productive each year between 2019 and 2024.&nbsp;



But what about the labor force? Isn’t AI coming for jobs? Yes and no. General consensus seems to be that AI will both create and destroy jobs. For now, I’d argue the biggest impact the Big Tech push into AI has had on the labor market isn’t that humans are being replaced by machines. It’s that their salaries are being redirected to fund those machines.&nbsp;



The St. Louis Fed’s report notes that manufacturing jobs now make up a smaller share of overall employment, but productivity has increased. Economic growth happens when either more people are employed or when productivity increases. In a perfect world, we get both.&nbsp;



Also, in a perfect world, ChatGPT doesn’t come for this journalist’s job. Here’s hoping.



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