M0: The base layer for verifiable issuance
Last week, 300 trillion PYUSD (PayPal’s stablecoin issued by Paxos) was minted on Ethereum. For a brief moment, PYUSD was the most valuable asset on earth. To put it in perspective: that’s worth more than 10x the value of every ounce of gold ever mined. It was a glitch, obviously. And after 22 minutes, the 300 Trillion in question was burned, just as easily as it was created. Ironically, this isn’t PayPal’s first brush with astronomical numbers. In 2013, the payment app mistakenly credited a ...
M0: The base layer for verifiable issuance
Last week, 300 trillion PYUSD (PayPal’s stablecoin issued by Paxos) was minted on Ethereum. For a brief moment, PYUSD was the most valuable asset on earth. To put it in perspective: that’s worth more than 10x the value of every ounce of gold ever mined. It was a glitch, obviously. And after 22 minutes, the 300 Trillion in question was burned, just as easily as it was created. Ironically, this isn’t PayPal’s first brush with astronomical numbers. In 2013, the payment app mistakenly credited a ...
Native P2P Rails: The Missing Piece on Payment-Focused Networks
IntroAbout a year ago, Plasma landed in Cobie’s group on Echo at a 40m FDV. I was among those who had access to the deal but ended up passing. At the time, I dismissed Plasma as “just another L1.” Payment-focused infra always made sense imo, but I believed success hinged on tackling the first/last mile problem: Sure, I can send USDT instantly and for free across the world, but the receiver still has to off-ramp somewhere else to actually spend it locally. Fast forward to last week… Plasma TGE...
Native P2P Rails: The Missing Piece on Payment-Focused Networks
IntroAbout a year ago, Plasma landed in Cobie’s group on Echo at a 40m FDV. I was among those who had access to the deal but ended up passing. At the time, I dismissed Plasma as “just another L1.” Payment-focused infra always made sense imo, but I believed success hinged on tackling the first/last mile problem: Sure, I can send USDT instantly and for free across the world, but the receiver still has to off-ramp somewhere else to actually spend it locally. Fast forward to last week… Plasma TGE...
ZKP2P: Stitching together Payment Networks with Crypto rails
INTROEarlier this year, MegaMafia opened applications for its second cohort to find the next wave of breakout apps launching on MegaETH. One section asked applicants to choose a question from a list and answer it. I went for this one: “Bonding curves have become a core mechanic in breakout apps. What’s the next big design mechanism that will unlock new user behavior at the app level?” My answer: zkTLS. MegaMafia’s answer: thanks, but no thanks. I didn’t make the cut. Many months later and we’...
ZKP2P: Stitching together Payment Networks with Crypto rails
INTROEarlier this year, MegaMafia opened applications for its second cohort to find the next wave of breakout apps launching on MegaETH. One section asked applicants to choose a question from a list and answer it. I went for this one: “Bonding curves have become a core mechanic in breakout apps. What’s the next big design mechanism that will unlock new user behavior at the app level?” My answer: zkTLS. MegaMafia’s answer: thanks, but no thanks. I didn’t make the cut. Many months later and we’...
CAP: Bridging the gap Between DeFi users and unreachable yield
IntroductionDespite DeFi's maturity, most users remain locked out of its most lucrative yield opportunities. Tapping into MEV, arbitrage and complex yield strategies remains, for the most part, exclusive, limiting the average user’s choices to wrapped TradFi products and “player vs. player” schemes when pursuing yield. Current solutions fall into two categories, each with distinct limitations:Single-strategy products, such as Ethena's sUSDe focusing on funding rate arbitrage, leavin...
CAP: Bridging the gap Between DeFi users and unreachable yield
IntroductionDespite DeFi's maturity, most users remain locked out of its most lucrative yield opportunities. Tapping into MEV, arbitrage and complex yield strategies remains, for the most part, exclusive, limiting the average user’s choices to wrapped TradFi products and “player vs. player” schemes when pursuing yield. Current solutions fall into two categories, each with distinct limitations:Single-strategy products, such as Ethena's sUSDe focusing on funding rate arbitrage, leavin...
