"True safety is not about predicting the future, but designing a structure that can survive no matter what the future holds." —— Safe Haven: Investing for Financial Storms by Mark Spitznagel If you take too much risk, it will likely cost you wealth over time. And at the same time, if you don't take enough risk, it will also likely cost you wealth over time. Mark Spitznagel is one of the most famous hedge fund managers on Wall Street and also a partner of Nassim Taleb (the author of The Black ...

"True safety is not about predicting the future, but designing a structure that can survive no matter what the future holds." —— Safe Haven: Investing for Financial Storms by Mark Spitznagel If you take too much risk, it will likely cost you wealth over time. And at the same time, if you don't take enough risk, it will also likely cost you wealth over time. Mark Spitznagel is one of the most famous hedge fund managers on Wall Street and also a partner of Nassim Taleb (the author of The Black ...

The shift from "mining token logic" to "utility logic," exemplified by Shelby’s breakthrough, may mark the end of one era—and the dawn of another. The Rise and Fall of a Top Narrative Storage was once a flagship narrative in crypto. Filecoin, the sector leader during the last bull run, reached a market cap exceeding $10 billion. Its rival, Arweave, pitched "permanent storage" and peaked at $3.5 billion. Yet as cold storage’s practicality waned and permanent storage’s necessity faced skepticis...

The shift from "mining token logic" to "utility logic," exemplified by Shelby’s breakthrough, may mark the end of one era—and the dawn of another. The Rise and Fall of a Top Narrative Storage was once a flagship narrative in crypto. Filecoin, the sector leader during the last bull run, reached a market cap exceeding $10 billion. Its rival, Arweave, pitched "permanent storage" and peaked at $3.5 billion. Yet as cold storage’s practicality waned and permanent storage’s necessity faced skepticis...

The purpose of this piece is to share my framework for identifying critical market signals. To anticipate bottoms, we must grasp the psychology of risk and use it to our advantage.1. The Least Consensus Projects Crash FirstWhen uncertainty strikes, sellers dump assets they believe in the least. For example, low-consensus altcoins bleed out earlier and faster. Think logically: If you urgently need cash, you wouldn’t sell your most valuable possessions first—you’d offload the things you care ab...

The purpose of this piece is to share my framework for identifying critical market signals. To anticipate bottoms, we must grasp the psychology of risk and use it to our advantage.1. The Least Consensus Projects Crash FirstWhen uncertainty strikes, sellers dump assets they believe in the least. For example, low-consensus altcoins bleed out earlier and faster. Think logically: If you urgently need cash, you wouldn’t sell your most valuable possessions first—you’d offload the things you care ab...

On the surface, YBS appears deceptively simple—a 1:1 dollar peg ensuring enduring security. Yet beneath lies an intricately layered system.Prologue: The Banking MirageAs discussed earlier, the logic of yield-bearing stablecoins (YBS) mimics traditional banking—but only superficially. Critical challenges remain: sourcing user yields, distribution mechanisms, and sustaining long-term viability. While DeFi collapses are routine (see SBF’s imprisonment), incidents like Silicon Valley Bank’s meltd...

A "Loss-Porn" Influencer’s Secret: How James Wynn Faked $90M in Losses While Profiting in the Shadows Through on-chain data and behavioral analysis, this investigation reveals how crypto influencer James Wynn orchestrated a carefully crafted hedging scheme—publicly flaunting massive losses while privately securing profits. In crypto, identities and funds can be hidden, but transaction records never lie.Key Findings: The Dual-Account GameThe Smoking GunJames Wynn’s public Hyperliquid account s...

The Next Chapter of Stablecoins: Regulation, Compliance, and InnovationIf the first half of the stablecoin race was marked by "wild growth," the second half may be reshaped by three key variables: regulatory clarity, compliance pathways for major players, and market innovation. First, global regulatory frameworks—from Europe’s MiCA to the U.S. GENIUS Act—are transitioning from ambiguity to clarity, defining the rules of the game. Against this backdrop, Circle’s IPO debut (which surged nearly ...

This article provides an overview of the current state of stablecoins on Solana. It aims to quantify adoption levels, highlight the diversity of stablecoin products, and explore real-world use cases. The analysis is divided into five main sections:Solana Stablecoin Adoption: A data-driven assessment of network scale and stablecoin usage growth through key metrics.Stablecoins Issued on Solana: A detailed breakdown of the major stablecoin issuers and an overview of emerging long-tail stablecoin...

The feud will ultimately distract from Trump's agenda. Establishment Republicans are worried that the legislative opportunity window for a single administration is rapidly closing. Republican base voters have already begun to fiercely debate in three directions: supporting Trump, supporting Musk, or hoping for a reconciliation between the two. In the power game in Washington, few alliances have deteriorated so quickly from private disagreements to public warfare. Just a week ago, Musk was enj...

The MicroStrategy Effect It all started with MicroStrategy. Now, it seems like every week another publicly traded company announces plans to hoard Bitcoin or other cryptocurrencies. But here’s the catch: Investors are willing to assign these companies hefty valuation premiums simply because they’re buying Bitcoin. What happens if their stocks don’t rise as a result? Metaplanet’s Premium Puzzle Consider Japan’s Metaplanet, which has replicated Michael Saylor’s Bitcoin frenzy at MicroStrategy. ...

A once-obscure, nearly delisted small-cap U.S. stock, SharpLink Gaming, has suddenly become a focal point in the crypto market after securing a $425 million private investment from heavyweight Ethereum backers—including ConsenSys—and announcing plans to adopt ETH as its primary treasury reserve asset.A $425M Bet on ETH: From Penny Stock to Crypto DarlingOn May 27, SharpLink revealed it had raised $425 million via a private investment in public equity (PIPE) deal. The company will issue 69.1 m...

On the surface, YBS appears deceptively simple—a 1:1 dollar peg ensuring enduring security. Yet beneath lies an intricately layered system.Prologue: The Banking MirageAs discussed earlier, the logic of yield-bearing stablecoins (YBS) mimics traditional banking—but only superficially. Critical challenges remain: sourcing user yields, distribution mechanisms, and sustaining long-term viability. While DeFi collapses are routine (see SBF’s imprisonment), incidents like Silicon Valley Bank’s meltd...

A "Loss-Porn" Influencer’s Secret: How James Wynn Faked $90M in Losses While Profiting in the Shadows Through on-chain data and behavioral analysis, this investigation reveals how crypto influencer James Wynn orchestrated a carefully crafted hedging scheme—publicly flaunting massive losses while privately securing profits. In crypto, identities and funds can be hidden, but transaction records never lie.Key Findings: The Dual-Account GameThe Smoking GunJames Wynn’s public Hyperliquid account s...

The Next Chapter of Stablecoins: Regulation, Compliance, and InnovationIf the first half of the stablecoin race was marked by "wild growth," the second half may be reshaped by three key variables: regulatory clarity, compliance pathways for major players, and market innovation. First, global regulatory frameworks—from Europe’s MiCA to the U.S. GENIUS Act—are transitioning from ambiguity to clarity, defining the rules of the game. Against this backdrop, Circle’s IPO debut (which surged nearly ...

This article provides an overview of the current state of stablecoins on Solana. It aims to quantify adoption levels, highlight the diversity of stablecoin products, and explore real-world use cases. The analysis is divided into five main sections:Solana Stablecoin Adoption: A data-driven assessment of network scale and stablecoin usage growth through key metrics.Stablecoins Issued on Solana: A detailed breakdown of the major stablecoin issuers and an overview of emerging long-tail stablecoin...

The feud will ultimately distract from Trump's agenda. Establishment Republicans are worried that the legislative opportunity window for a single administration is rapidly closing. Republican base voters have already begun to fiercely debate in three directions: supporting Trump, supporting Musk, or hoping for a reconciliation between the two. In the power game in Washington, few alliances have deteriorated so quickly from private disagreements to public warfare. Just a week ago, Musk was enj...

The MicroStrategy Effect It all started with MicroStrategy. Now, it seems like every week another publicly traded company announces plans to hoard Bitcoin or other cryptocurrencies. But here’s the catch: Investors are willing to assign these companies hefty valuation premiums simply because they’re buying Bitcoin. What happens if their stocks don’t rise as a result? Metaplanet’s Premium Puzzle Consider Japan’s Metaplanet, which has replicated Michael Saylor’s Bitcoin frenzy at MicroStrategy. ...

A once-obscure, nearly delisted small-cap U.S. stock, SharpLink Gaming, has suddenly become a focal point in the crypto market after securing a $425 million private investment from heavyweight Ethereum backers—including ConsenSys—and announcing plans to adopt ETH as its primary treasury reserve asset.A $425M Bet on ETH: From Penny Stock to Crypto DarlingOn May 27, SharpLink revealed it had raised $425 million via a private investment in public equity (PIPE) deal. The company will issue 69.1 m...