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...

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...

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...

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...

Ethereum has always had a strong social orientation. Its commitment to the creation of public goods has been a defining feature of the network since its inception. Among all major crypto projects, Ethereum arguably represents the most socially-minded vision, in contrast to Bitcoin’s more libertarian ethos. However, Ethereum also introduced a key innovation that is often overlooked: its social approach is not rooted in statism or heavy bureaucracy. Instead, Ethereum promotes non-custodial, per...

Ethereum has always had a strong social orientation. Its commitment to the creation of public goods has been a defining feature of the network since its inception. Among all major crypto projects, Ethereum arguably represents the most socially-minded vision, in contrast to Bitcoin’s more libertarian ethos. However, Ethereum also introduced a key innovation that is often overlooked: its social approach is not rooted in statism or heavy bureaucracy. Instead, Ethereum promotes non-custodial, per...

The Long-Awaited Disruption of Traditional Social Media by CryptoThe idea that crypto could disrupt traditional social media has been one of the recurring promises ever since the early days of ICOs. Some of the first blockchain projects were already aiming to challenge the dominance of platforms like Facebook or Twitter. However, nearly five years later, the current state of crypto social networks has fallen well short of the expectations that were once set. Despite this underwhelming progres...

The Long-Awaited Disruption of Traditional Social Media by CryptoThe idea that crypto could disrupt traditional social media has been one of the recurring promises ever since the early days of ICOs. Some of the first blockchain projects were already aiming to challenge the dominance of platforms like Facebook or Twitter. However, nearly five years later, the current state of crypto social networks has fallen well short of the expectations that were once set. Despite this underwhelming progres...

https://zora.co/coin/base:0x3c3d86368b9dbd83eb7fd1f17392606f44eea4fe?referrer=0x077fe9e96aa9b20bd36f1c6290f54f8717c5674eContent Coins: A New Primitive or Just Another Pump-and-Dump?What happens when tokens meet content in the wild? The recent experiment on Base has sparked speculation, debate, and possibly a whole new category in crypto.Over the past week, crypto Twitter has been ablaze with speculation over a new phenomenon: Content Coins. The spark? A seemingly innocuous post minted on Zora...

https://zora.co/coin/base:0x3c3d86368b9dbd83eb7fd1f17392606f44eea4fe?referrer=0x077fe9e96aa9b20bd36f1c6290f54f8717c5674eContent Coins: A New Primitive or Just Another Pump-and-Dump?What happens when tokens meet content in the wild? The recent experiment on Base has sparked speculation, debate, and possibly a whole new category in crypto.Over the past week, crypto Twitter has been ablaze with speculation over a new phenomenon: Content Coins. The spark? A seemingly innocuous post minted on Zora...

One of the project's main challenges is identifying the levers that can drive sustained growth. This is not an easy task, as the overcollateralized stablecoin model inherently ties growth to credit demand—which is, by nature, highly cyclical. Additionally, the model is constrained by the limited market capitalization of the asset universe deemed acceptable as collateral. The $10 billion target—which would surpass the project’s all-time high reached in 2022—has proven to be a difficult ce...

One of the project's main challenges is identifying the levers that can drive sustained growth. This is not an easy task, as the overcollateralized stablecoin model inherently ties growth to credit demand—which is, by nature, highly cyclical. Additionally, the model is constrained by the limited market capitalization of the asset universe deemed acceptable as collateral. The $10 billion target—which would surpass the project’s all-time high reached in 2022—has proven to be a difficult ce...

The recent release of Uniswap V4, combined with the development of Unichain — its dedicated blockchain — has led to a significant shift in the Ethereum ecosystem: transaction fees have dropped to historic lows. Uniswap was previously one of the core applications sustaining Ethereum's transactional demand. Its high on-chain activity consistently dominated the top gas-consuming contracts. However, with this latest upgrade, Uniswap has significantly minimized its gas usage. Interestingly, w...

The recent release of Uniswap V4, combined with the development of Unichain — its dedicated blockchain — has led to a significant shift in the Ethereum ecosystem: transaction fees have dropped to historic lows. Uniswap was previously one of the core applications sustaining Ethereum's transactional demand. Its high on-chain activity consistently dominated the top gas-consuming contracts. However, with this latest upgrade, Uniswap has significantly minimized its gas usage. Interestingly, w...

It’s difficult to talk about economics in the Ethereum ecosystem. Since its inception, Ethereum has fostered a culture where financial discussions are often treated with suspicion—seen as distractions from the mission, or worse, invitations to speculation. This sensitivity has shaped the ethos of the community, and to an extent, that idealism has helped Ethereum avoid some of the pitfalls of short-termism. But idealism has its limits. Today, Ethereum’s greatest product-market fit—by far—is fi...

It’s difficult to talk about economics in the Ethereum ecosystem. Since its inception, Ethereum has fostered a culture where financial discussions are often treated with suspicion—seen as distractions from the mission, or worse, invitations to speculation. This sensitivity has shaped the ethos of the community, and to an extent, that idealism has helped Ethereum avoid some of the pitfalls of short-termism. But idealism has its limits. Today, Ethereum’s greatest product-market fit—by far—is fi...

🪐 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...

🪐 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...

One of the most important challenges Ethereum faces is defining its core value proposition—the one that justifies why, in such a Darwinian environment, the protocol should prevail due to its competitive advantages. Too often, we overestimate the power of narratives compared to the economic realities that ultimately shape our behavior. We tend to believe that narratives can override rational decision-making, but in practice, economic actors usually respond to the incentives that the environmen...

One of the most important challenges Ethereum faces is defining its core value proposition—the one that justifies why, in such a Darwinian environment, the protocol should prevail due to its competitive advantages. Too often, we overestimate the power of narratives compared to the economic realities that ultimately shape our behavior. We tend to believe that narratives can override rational decision-making, but in practice, economic actors usually respond to the incentives that the environmen...