Advisor of DragonStake and Founder of Crypto Plaza. Active in DAO Gobernance at dYdX, Sky, Superfluid, Story, AAVE
Bitcoin was “only” down ~6% in 2025… but down ~17% in euros
FX can add (or subtract) 10+ percentage points from your returns—why measuring and deciding in your base currency changes everything
Bitcoin was “only” down ~6% in 2025… but down ~17% in euros
FX can add (or subtract) 10+ percentage points from your returns—why measuring and deciding in your base currency changes everything
SKY Fair Value: $0.20 A Cashflow-Driven Valuation Under the $50B USDS Scenario
1. The Master Chart: Stablecoin SupplyIf there is one chart that matters above all others when valuing Sky, it is the stablecoin supply chart. Everything else—revenues, buybacks, staking yields, ecosystem expansion—ultimately rolls up into one outcome: how much stablecoin supply the system can sustain and grow over time. Stablecoin supply is not just a vanity metric. It is the closest thing in crypto to a “core product KPI,” because it captures demand, trust, distribution, capital efficiency,...
SKY Fair Value: $0.20 A Cashflow-Driven Valuation Under the $50B USDS Scenario
1. The Master Chart: Stablecoin SupplyIf there is one chart that matters above all others when valuing Sky, it is the stablecoin supply chart. Everything else—revenues, buybacks, staking yields, ecosystem expansion—ultimately rolls up into one outcome: how much stablecoin supply the system can sustain and grow over time. Stablecoin supply is not just a vanity metric. It is the closest thing in crypto to a “core product KPI,” because it captures demand, trust, distribution, capital efficiency,...
Ethereum as an Open Source State
Ethereum’s long-term value depends on behaving like a state: neutral, sovereign, and sustainably funded to defend digital property rights.
Ethereum as an Open Source State
Ethereum’s long-term value depends on behaving like a state: neutral, sovereign, and sustainably funded to defend digital property rights.
Are Layer 1s Overvalued — or Are We Valuing the Wrong Thing?
Ethereum Is Not a Startup. It Is an Open-Source State
Are Layer 1s Overvalued — or Are We Valuing the Wrong Thing?
Ethereum Is Not a Startup. It Is an Open-Source State
SKY Total Supply 23.465.672.042
SKY Supply: From Maker’s Fixed Cap to a Post-Migration Era
SKY Total Supply 23.465.672.042
SKY Supply: From Maker’s Fixed Cap to a Post-Migration Era
Sky’s Growth Challenges: Rethinking Strategy for Sustainable Expansion
IntroductionSky has long been a pioneer in the stablecoin market. However, in recent years the protocol has faced difficulties keeping pace with the accelerated growth of the sector. While Sky was once the leading decentralized stablecoin and the third largest overall after USDC and USDT, it has since struggled to maintain this position. Understanding the dynamics behind this slowdown is key to identifying a path forward.Stablecoin SupplyStablecoin MarketcapThe Growth ChallengeIn its early ph...
Sky’s Growth Challenges: Rethinking Strategy for Sustainable Expansion
IntroductionSky has long been a pioneer in the stablecoin market. However, in recent years the protocol has faced difficulties keeping pace with the accelerated growth of the sector. While Sky was once the leading decentralized stablecoin and the third largest overall after USDC and USDT, it has since struggled to maintain this position. Understanding the dynamics behind this slowdown is key to identifying a path forward.Stablecoin SupplyStablecoin MarketcapThe Growth ChallengeIn its early ph...
Story Protocol Launches IP Vault: The Future of Programmable Intellectual Property
Introduction On September 12, Story Protocol unveiled IP Vault, a system designed to transform how intellectual property (IP) is managed, shared, and monetized. This announcement not only strengthens Story’s own ecosystem but also unlocks new possibilities across industries such as artificial intelligence, music, and genomics. What is IP Vault? IP Vault functions as a global, trustless access layer for IP data. The system stores information off-chain, while securing keys through Story’s multi...
Story Protocol Launches IP Vault: The Future of Programmable Intellectual Property
Introduction On September 12, Story Protocol unveiled IP Vault, a system designed to transform how intellectual property (IP) is managed, shared, and monetized. This announcement not only strengthens Story’s own ecosystem but also unlocks new possibilities across industries such as artificial intelligence, music, and genomics. What is IP Vault? IP Vault functions as a global, trustless access layer for IP data. The system stores information off-chain, while securing keys through Story’s multi...
Why Market Making on Panoptic Outperforms Traditional LP Strategies
Adding Market Making returns to your portfolio can significantly enhance your overall performance. Since the launch of Uniswap V3, capital deployment in AMMs has become far more sophisticated, and as a result, yield is no longer distributed equally among liquidity providers. Active management is now required to capture meaningful returns, which discourages many investors from participating. Panoptic takes market making to the next level—offering a more efficient, automated, and capital-optimi...
Why Market Making on Panoptic Outperforms Traditional LP Strategies
Adding Market Making returns to your portfolio can significantly enhance your overall performance. Since the launch of Uniswap V3, capital deployment in AMMs has become far more sophisticated, and as a result, yield is no longer distributed equally among liquidity providers. Active management is now required to capture meaningful returns, which discourages many investors from participating. Panoptic takes market making to the next level—offering a more efficient, automated, and capital-optimi...
Spark Community Call Update
🪐 Detailed Summary: SPK Token Launch & Integration into the Sky Ecosystem**Spark stands at the forefront of MakerDAO’s growth strategy.**Led by an exceptional team and restructured for agility, Spark is now well-positioned to compete in the increasingly competitive stablecoin landscape. One of the project’s main challenges will be identifying collateral types with strong credit demand. In this context, Spark’s CEO emphasized that Bitcoin is a strategic priority — offering BTC-backed loans re...
Spark Community Call Update
🪐 Detailed Summary: SPK Token Launch & Integration into the Sky Ecosystem**Spark stands at the forefront of MakerDAO’s growth strategy.**Led by an exceptional team and restructured for agility, Spark is now well-positioned to compete in the increasingly competitive stablecoin landscape. One of the project’s main challenges will be identifying collateral types with strong credit demand. In this context, Spark’s CEO emphasized that Bitcoin is a strategic priority — offering BTC-backed loans re...
Revisiting SKY: From Governance Trap to Strategic Reinvention
Introduction: From Critique to Evolution A few months ago, I published a critical analysis of MakerDAO’s governance model, arguing that despite impressive protocol growth, its value accrual mechanisms—particularly for MKR holders—were fundamentally broken. MKR had become a governance trap: token holders consistently approved initiatives that diluted their own stake in the project, funding an internal ecosystem with minimal accountability or returns. The disconnect between MakerDAO’s growing r...
Revisiting SKY: From Governance Trap to Strategic Reinvention
Introduction: From Critique to Evolution A few months ago, I published a critical analysis of MakerDAO’s governance model, arguing that despite impressive protocol growth, its value accrual mechanisms—particularly for MKR holders—were fundamentally broken. MKR had become a governance trap: token holders consistently approved initiatives that diluted their own stake in the project, funding an internal ecosystem with minimal accountability or returns. The disconnect between MakerDAO’s growing r...
