guten morgen,
under today's blood moon, my heart rate will finally find peace at 146 bpm—some might call this "crypto: the game-induced tachycardia," but i prefer to think of it as my new resting state. yesterday while spending more time than I'd like to admit playing pinball as part of the game's daily resurrection challenge, i took a moment to appreciate how the greatest minds of our industry are out here grinding high-stakes arcade games instead of, say, solving global finance.
meanwhile, i've decided to speedrun my career as an aerialist at a new york city circus school, partly because dangling upside down 20 feet in the air produces the exact same mix of terror and euphoria as having your net worth in eth, and partly because, upon closer examination, clown school and crypto are functionally identical. both involve high-risk maneuvers, baffling financial decisions, and an audience that oscillates between deafening cheers and watching in stunned horror as someone plummets toward the floor like a red death candle.
anyway, enjoy some mostly accurate reporting below.
xx, c
'Crypto: The Game' returns with new twists and 'Resurrections' mode. Coinbase explores a tokenized version of $COIN stock. Senator Cynthia Lummis just reintroduced the BITCOIN Act, reaffirming the U.S. plan to acquire 1 million BTC over five years with a 20-year minimum hold. Kaito releases “Yaps Open Protocol” API for real-time attention scores. New MCP tool gives LLMs blockchain access. Grok AI tweet deployed $DRB memecoin with Bankr on Base. Binance announces community voting for token listings. Starknet announces plans to become the first L2 to settle on both Bitcoin and Ethereum. Jeff introduces Hypercore + HyperEVM as the two main umbrellas for Hyperliquid. BlockTower spins out Strobe Ventures, plans $100M Fund II.
Lore: Onchain Funds
Thomas Scaria from Lore joined the show to discuss their completely revamped platform focused on onchain funds. After spending two years building and iterating, Lore has shifted from a collector DAO platform to what Thomas describes as "AngelList but for liquid onchain opportunities" - essentially creating infrastructure for micro hedge funds rather than venture capital.
The platform addresses a reality in the DAO space: most successful investment DAOs operate more like traditional funds with a single manager making investment decisions while raising capital from passive investors. Lore provides the infra for these fund managers to operate transparently onchain, with verified track records that help establish trust.
Lore's key differentiator is its verification system. Users can import existing wallets and socials, with Lore compiling their onchain track record to create a trustworthy profile. This verification helps passive investors discover reliable fund managers, addressing issues of anonymous individuals raising money solely based on social reputation.
The platform streamlines fund accounting based on onchain deposits, tracking stakes and managing profit distributions. Currently, funds on Lore are invite-only and illiquid, with fund managers controlling who can enter or exit. However, the team is exploring a "graduation path" where successful fund managers could eventually tokenize their funds.
This approach contrasts with token-centric platforms like Daos.fund, which often have token market caps that are 300-400x whatever the AUM are. Lore instead focuses on building legitimate fund infra first, with potential tokenization later for select managers who demonstrate performance and longevity.
Fully Automated Firms
What fully automated firms will look like
Everyone is sleeping on the *collective* advantages AIs will have, which have nothing to do with raw IQ - they can be copied, distilled, merged, scaled, and evolved in ways humans simply can't.
Dwarkesh Patel published a piece on "Fully Automated Firms" that explores how orgs will transform when human-level and beyond AIs start running them. His key insight: "Everyone is sleeping on the collective advantages AIs will have, which have nothing to do with raw IQ but rather with the fact that they are digital—they can be copied, distilled, merged, scaled, and evolved in ways humans simply can't." The essay outlines four capabilities that will transform how AI-run companies operate:
1) copying. Imagine Google with a million AI software engineers that are exact copies of their best talent. "This ability to turn capital into compute and compute into equivalents of your top talent is a fundamental transformation," Dwarkesh writes. Not just individual star performers, but entire successful teams with complementary skills (think PayPal Mafia) could be replicated to tackle thousands of different projects simultaneously.
2) merging. Future AI systems won't suffer from miscommunication or knowledge silos. A central "mega-Sundar" could absorb knowledge from all specialized instances, creating a unified corporate intelligence with perfect information flow. This represents a step change from human social learning, which is bottlenecked by our inability to directly copy-paste information between brains.
3) scaling. The economics of AI firms will completely invert our understanding of scarcity. Once you've created one Jeff Dean-level engineer, the marginal copy costs pennies. What becomes expensive? The roles that justify massive amounts of inference compute. CEOs might warrant $100B annually in compute costs because strategic insights at that level can be worth billions, while the risk of missing something critical could cost tens of billions.
4) evolving. Unlike human orgs that struggle to maintain their culture and efficiency as they grow, AI firms can replicate themselves perfectly. Dwarkesh compares this difference to the evolutionary gulf between simple prokaryotes (bacteria) and complex eukaryotes that gave rise to all complex life. The ability to copy culture + knowledge without degradation creates a ton of room for organizational evolvability.
This vision suggests a future where the most successful companies won't just implement AI incrementally, but instead build entirely new organizational structures optimized for AI cognition. It's like comparing a single drone to a swarm of thousands - the dynamics fundamentally change when scale becomes virtually unlimited. The transition will be messy but those that truly reimagine their structure for AI-native operations will likely achieve 10x, 100x, or 1000x advantages that ultimately reshape entire industries.
First Principles - Compounders, L1s, IR, Buybacks
In his latest piece, Kyle argues that crypto's biggest problem is a lack of first-principles thinking. The industry remains trapped in cycles of short-termism, with founders focused on quick exits rather than building sustainable products. He outlines four key areas for improvement:
1) the space needs "compounders" - projects with high-integrity founders who build revenue-generating products people want to hold long-term.
2) generalized L1s should stop competing for the same developer pool and instead focus on excelling in specific verticals - building their own ecosystem-defining products first before expanding. Blockchains should function like cities, developing around specific attractions (like Hyperliquid's perp-DEX) before expanding outward, rather than trying to be everything to everyone from the start.
3) liquid token projects need proper investor relations, including regular reports and updates that showcase actual growth metrics to potential investors and users.
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4) he challenges the popular "buy back and burn" approach, arguing it's merely "the least worst option" rather than optimal capital allocation. In a nascent industry with massive growth potential, companies should prioritize expanding products, upgrading tech, and strategic acquisitions that build long-term moats.
He remains optimistic about crypto's future but emphasizes that after three market cycles of the same extractive patterns, the industry must evolve. Insanity is doing the same thing over and over again and expecting different results. We just have to start doing different things.
Live & online Fridays at 10am PT / 1pm ET.
How to be Authentic on the Internet
An essay an social media, authenticity, and being active on the internet
Spent dinner last night with my bf discussing the hierarchy of man.
He then used his PE slide-making abilities and sent me this today.
He then used his PE slide-making abilities and sent me this today.
Most app-making is just being extremely disciplined in deciding what you’re going to reinvent.
There are proven ways to get 85% push notification approval, how to sort of a list of suggested people, and how to share content to iMessage vs. Instagram Stories vs. X
It happens…
There are proven ways to get 85% push notification approval, how to sort of a list of suggested people, and how to share content to iMessage vs. Instagram Stories vs. X
It happens…
my future husband is on the @cryptothegame_ at risk list
I for one am shocked that the market isn’t responding better to 16th century mercantilist trade policies.
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copying // merging // scaling // evolving the fully automated firm
https://paragraph.xyz/@seedclubhq/blood-moon-rituals-for-builders
onchain funds, fully automated firms, first principles, and more @lore @tomscaria @cryptothegame @dylanabruscato @winnie @jess @joshcrnls @defiancecapital ++++ https://paragraph.xyz/@seedclubhq/blood-moon-rituals-for-builders
🌚 https://paragraph.xyz/@seedclubhq/blood-moon-rituals-for-builders