top of the morning,
last night I treated myself to a glass of beaujolais and the critically acclaimed film flubber on the big screen, whilst on the little screen i watched argentina's economy get rug pulled by a shitcoin with the kind of detached fascination usually reserved for car crashes. there's something darkly poetic about witnessing a nation's economic death spiral - like watching someone get liquidated in 4k while already being liquidated, all between sips of french wine and scenes of sentient green slime.
meanwhile, the ethdenver fomo settles in like a familiar high-altitude buzz, striking weeks before any actual elevation change. my neural pathways already twisting into abstract art from anticipating late-night chain abstraction discussions and watching starry eyed maxis pitch token-gated tacos to bewildered food truck owners. my brain - a dusty archive of semi-coherent ethdenver fever dreams - maintains just enough random-access nostalgia to plot yet another quixotic pilgrimage into the delirious unknown.
maybe just maybe one final embrace with a bufficorn could fix me.
xx, c
Hyperliquid stealth launched HyperEVM on mainnet casually on a Monday evening. You can check out projects building in the HL ecosystem here. Monad’s public testnet is now live. Here's a breakdown on how Monad actually works. Argentina's President Javier Milei tweeted about the $LIBRA coin, encouraging his followers to buy it on the grounds that it would “help fund small businesses and start-ups” only to rugpull and then get hit with fraud charges as Argentina's main stock index dropped over 5.7% following the scandal.
Sam Spratt’s ‘X. Masquerade’ sells for $3,000,000. Doodles launches $DOOD token on Solana. The $KAITO Yaps snapshot (yapshot) has been taken and the claim will be live tomorrow. Fold (personal finance powered by bitcoin) lists on the Nasdaq under ticker $FLD. OpenSea has announced the launch of its new platform OS2 and the upcoming $SEA token. MegaETH completed Phase 1 of its Fluffle mint. A dedicated wallet is coming to Warpcast. Strategy is acquiring even more BTC.
Rev Share Tokens
Brian Flynn argues we're witnessing a fundamental shift in token design. The previous playbook - launch first, find utility later - is dying. The new model directly connects token ownership to protocol earnings through automated revenue sharing.
Traditional token models face growing skepticism. Teams struggle to maintain value without clear utility, while users increasingly demand tangible benefits. Revenue sharing offers an elegant solution: when protocols earn, token holders earn. This creates intuitive alignment that even crypto newcomers immediately understand.
Protocols split revenue directly with token holders through smart contracts. This creates predictable value accrual, similar to dividends but with programmatic distribution. HyperLiquid and Jupiter are some examples to point to, with daily revenues in the millions supporting token value through automated buybacks and burns.
They do however face several challenges. Projects must generate meaningful revenue streams to justify the model, while carefully managing initial token distribution to build price momentum without triggering mass selling. Tax treatment of automated revenue distribution remains ambiguous in most jurisdictions, creating uncertainty for holders. Perhaps most critically, the market's current preference for growth over steady returns means revenue sharing may be undervalued compared to more speculative tokens. Any successful implementation needs to thread this needle - delivering enough upside potential to attract buyers while maintaining consistent revenue generation to support long-term value.
We're entering an era where sustainable value capture matters more than narrative. Revenue tokens provide a framework for this transition, but execution will separate winners from experiments. Successful implementations will likely start with minimum viable utility and phase in revenue streams as pmf emerges. The model works best for businesses with predictable cash flows and strong moats - infra providers being prime candidates. Combining revenue share with buybacks may offer optimal tokenomics.
The thesis isn't that speculation disappears - rather, that sustainable revenue models create foundation for healthy price discovery. As Brian notes: "Sometimes tokens go up because of retail, sometimes because someone's pumping a narrative, but with revenue share, you know exactly why you're earning."
The Consumer Crypto Playbook
Thesis: The Consumer Crypto Opportunity
First originally presented to @1kxnetwork's LPs last year on why we take consumer crypto so seriously. This is the opportunity that we see.
First originally presented to @1kxnetwork's LPs last year on why we take consumer crypto so seriously. This is the opportunity that we see.
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Diving into a thread from Peter.... The platform shift we previously saw in mobile gaming demonstrates how technical limitations can become strategic advantages. Mobile unlocked massive mainstream adoption not by competing with consoles on graphics, but by embracing simplicity - frictionless access, casual gameplay, and free-to-play mechanics. This created an entirely new market of users who never identified as "gamers."
Crypto follows this same disruption pattern. Like mobile gaming or streaming video, crypto enables fundamentally new user experiences through digital rights and programmable incentives. Coinbase evolved from exchange to launching Base, making a playground for onchain builders and explorers. Axie Infinity leveraged its player base to launch Ronin, optimizing specifically for gaming. Even traditional consumer companies like LINE and Kakao launched custom chains to extend their messaging platforms. This vertical integration isn't just about controlling infra - it's about optimizing the entire stack for specific use cases. It's also about enabling new user experiences that would be impossible in web2.
The winning crypto playbook: start with compelling consumer products that aggregate real users, then vertically integrate to capture more value. Just as Instagram surpassed mobile carriers in value capture, tomorrow's crypto winners will be consumer applications that leverage crypto's unique capabilities rather than replicating web2 products. It isn't just that new platforms create new winners - it's that embracing platform-native behaviors, rather than fighting against them, unlocks entirely new markets.
Slow Ventures
Slow is launching our first Creator Fund—backed by institutional LPs—to support creator-first founders and redefine the future of entrepreneurship.
Why does this matter? Because creators aren’t just glorified ad space anymore. The world is finally waking up to the real value…
Why does this matter? Because creators aren’t just glorified ad space anymore. The world is finally waking up to the real value…
Slow Ventures is pioneering a new model for creator investing by treating influencers as entrepreneurs from day one. Rather than waiting for creators to launch businesses and then investing, they're creating holding companies that receive founder equity and right of first refusal on all future ventures. This structure lets them identify emerging talent early, provide capital for community building, and capture value from the entire ecosystem that develops around successful creators.
The strategy acknowledges a fundamental shift - the best new consumer businesses often start with creators establishing trust and community before launching products. By positioning themselves at the formation of these creator-led businesses, Slow can participate in everything from merchandise to software platforms that emerge to serve their communities. It's a stark contrast to traditional creator investing which typically only gets exposure to individual business lines after they've proven successful. While the model brings obvious key-person risk, the potential upside of catching the next MrBeast or NELK Boys early makes it a compelling bet.
Live & online Fridays at 10am PT / 1pm ET.
I need to replace my screen time with beautiful woman time
sorry sir this hospital only treats the top 500 kaito yappers
You're gonna be a big star kid. I just need you to install this driver for our meeting
you're not depressed, you just don't have a quest. you need to be quest maxxing
it’s now socially acceptable again to clap when the plane lands
even a $1,000 marketcap for a picture on the internet is a mindblowing breakthrough that crypto people take for granted
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i forgot to post this here https://paragraph.xyz/@seedclubhq/the-little-fecal-coin-that-could-topple-a-govt
fecal coin hits diff
one more fecal coin could fix me
"Everyone is out here putting prophylactics on the pricks of print media. And you're out here raw dogging it. so ungoverned and real and informative I just love it" -a newsletter enjoyoor https://paragraph.xyz/@seedclubhq/the-little-fecal-coin-that-could-topple-a-govt
in a moood today
https://paragraph.xyz/@seedclubhq/the-little-fecal-coin-that-could-topple-a-govt