Who are the best long-term, fundamentals public markets investors you follow? Tokens or equities
Please drop recs in the comments, bonus points if they write publicly!
We've been doing a new quick-hitter series called Work In Progress
sub-20 min clips of WIP thematic ideas
This week's was about lending protocols. Check it out below! https://x.com/AlanaDLevin/status/1975573512795660664
There’s a huge opportunity to build defi infra for prediction markets
Aggregators, leverage, lending, better order routing, derivatives, & more
The best builders will draw on lessons from defi 1.0 while still approaching the unique market structures of PMs from first principles
The DraftKings turnaround plan:
1. Announce they are either integrating and/or embedding a prediction market
2. Get access to the 24 states they're not currently in, including CA, FL, and TX --> big potential rev boost
3. Re-rate into the "active trader" segment instead of just iGaming/casinos (much higher multiples)
The biggest surprise of the past year: tokenized treasuries aren't bigger
There are about $7.5B of tokenized t-bills right now. The category has experienced ~100% growth in the past 6 months
But it's still small, especially compared to other assets. Total stablecoin supply exceeds $260B. Multiple individual stablecoins exceed the total amount of tokenized t-bills. Seems like at least some of those deposits should be tokenized onchain.
Why don't we have more tokenized t-bills?
It's 2030
You're a merchant receiving payment from a customer. They pay with USDC on CircleChain but your payment termainl only receives StripeUSD on StripeChain.
But once you get StripeUSD, you want to transfer it to your account with Bank of America, so you need to transfer it to BofAUSD on BofAChain.
But wait, you go and pay your supplier. The problem is, they custody with JPMorgan. So then you need to get your BofAUSD on BofAChain to JPMorganUSD on JPMorganChain.
But JPMorganChain is permissioned, so you need to route it through a special intermediary... and so on
Is this the future we're headed toward?
Working hard doesn’t cause burnout. Lack of direction does
Having momentum and velocity make it easy to work the hardest you’ve ever worked, because the work feels energizing and fun
Know a bunch of really high quality projects looking to hire strong frontend and full stack engineers
If you know anyone looking for their next thing, drop your recs below (or dm me)
New ways to package assets onchain is the #1 idea I'm most excited about right now
There are ~4300 equities on the NYSE. Hundreds of products exist to structure, organize, and curate those assets for investors
There are millions of tokens, but far fewer products to help investors easily buy baskets of assets. Easily a space ripe for innovation
In Q2, Coinbase made more from stablecoins OFF platform (ie that they had little-to-nothing to do with) than ON platform (stables they helped distribute). Insane
