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weigh tariff exposure</span></a></div></section><section class="flex gap-3 py-5 w-full"><div class="item-center py-1.5 w-1/12 hidden"></div><div class="flex items-center w-full"><a href="/news/tariff-announcement-effect-ipo-venture-capital"><span class="text-sm font-semibold font-headline visited:text-gray-700 hover:text-brand whitespace-normal">Tariff announcements push IPO window closed</span></a></div></section><section class="flex gap-3 py-5 w-full"><div class="item-center py-1.5 w-1/12 hidden"></div><div class="flex items-center w-full"><a href="/news/tariffs-effect-economy-recession-gdp-trump"><span class="text-sm font-semibold font-headline visited:text-gray-700 hover:text-brand whitespace-normal">US economy braces for the largest tariffs in over a century</span></a></div></section><section class="flex gap-3 py-5 w-full"><div class="item-center py-1.5 w-1/12 hidden"></div><div class="flex items-center w-full"><a href="/news/fdusd-depeg-sun-justin-insolvency-stablecoin"><span 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and the DeFi Mullet</span></a></div></section><section class="flex gap-3 py-5 w-full"><div class="item-center py-1.5 w-1/12 hidden"></div><div class="flex items-center w-full"><a href="https://app.blockworksresearch.com/research/fluid-supercharging-lps-with-unified-liquidity" rel="nofollow" target="_blank"><span class="uppercase mr-1 text-xxs text-brand">research</span><span class="text-sm font-semibold font-headline visited:text-gray-700 hover:text-brand whitespace-normal">Fluid: Supercharging LPs with Unified Liquidity</span></a></div></section></div></div><div class="order-1 lg:order-2 lg:basis-2/3 xl:basis-1/2 h-full"><div class="flex flex-col justify-start items-start self-stretch flex-grow-0 flex-shrink-0"><div class="hidden sm:flex gap-2.5 px-4 md:px-10 py-5 border-b border-gray-200 w-full"><p class="text-xs uppercase font-semibold">featured</p></div><div class="flex flex-col justify-start items-start gap-4 md:gap-6 lg:gap-10 px-4 md:px-10 py-4 md:py-6 lg:py-8"><div class="flex flex-col justify-center items-start self-stretch gap-3"><div class="flex flex-col justify-start items-start self-stretch gap-2"><div class="flex justify-start items-center relative gap-1"><p><a class="text-brand text-xs uppercase" href="/category/business">Business</a></p></div><div class="gap-2.5 font-headline"><a class="flex-grow text-2xl md:text-3xl xl:text-4xl leading-snug hover:text-brand" href="/news/neon-machine-shrapnel-in-the-red">Neon Machine’s Shrapnel is in the red: Sources</a></div><div class="gap-2.5"><p class="text-gray-500">Documents and sources suggest Neon Machine is running out of cash and has laid off nearly all its employees — and struck a deal with the Chinese government to stay afloat</p></div><div class="flex flex-wrap justify-start items-start gap-1 mt-2 text-xs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/kate-irwin">Kate Irwin</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-04-04T16:06:09.000Z">April 4, 2025</time></div></div><div class="mt-0.5 w-full"><a class="cursor-pointer" href="/news/neon-machine-shrapnel-in-the-red"><img alt="article-image" fetchpriority="high" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent;background-size:cover;background-position:50% 50%;background-repeat:no-repeat;background-image:url("data:image/svg+xml;charset=utf-8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 768 432'%3E%3Cfilter id='b' color-interpolation-filters='sRGB'%3E%3CfeGaussianBlur stdDeviation='20'/%3E%3CfeColorMatrix values='1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 100 -1' result='s'/%3E%3CfeFlood x='0' y='0' width='100%25' height='100%25'/%3E%3CfeComposite operator='out' in='s'/%3E%3CfeComposite in2='SourceGraphic'/%3E%3CfeGaussianBlur stdDeviation='20'/%3E%3C/filter%3E%3Cimage width='100%25' height='100%25' x='0' y='0' preserveAspectRatio='none' style='filter: url(%23b);' 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srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FED_Shrapnel_20250403b-1.png&w=768&q=60 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FED_Shrapnel_20250403b-1.png&w=1536&q=60 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FED_Shrapnel_20250403b-1.png&w=1536&q=60"/></a></div></div></div><div class="flex justify-center items-start self-stretch gap-3"><div class="justify-start items-center flex-grow gap-2 w-full"><div class="gap-1"><p class="flex gap-2 flex-grow"><a class="text-brand text-xs uppercase" href="/category/business">Business</a></p></div><div class="mt-1 gap-2.5"><a class="flex-grow text-lg md:text-xl xl:text-2xl font-headline hover:text-brand" href="/news/xnet-att-partnership-wifi-depin">Exclusive: Wi-Fi DePIN XNET announces AT&T partnership</a></div><div class="mt-1 gap-2.5 text-gray-500">The cell provider is offloading data to XNET’s Wi-Fi network</div><div class="flex flex-wrap justify-start items-start gap-1 mt-2 text-xs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/jack-kubinec">Jack Kubinec</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-04-04T20:15:00.000Z">April 4, 2025</time></div></div></div></div><div class="flex justify-center items-start self-stretch gap-3"><div class="justify-start items-center flex-grow gap-2 w-full"><div class="gap-1"><p class="flex gap-2 flex-grow"><a class="text-brand text-xs uppercase" href="/category/business">Business</a></p></div><div class="mt-1 gap-2.5"><a class="flex-grow text-lg md:text-xl xl:text-2xl font-headline hover:text-brand" href="/news/web3-gaming-venture-capital-decline-invest">Why Web3 gaming won’t see an uptick in VC activity </a></div><div class="mt-1 gap-2.5 text-gray-500">While overall VC spending is on the rise, web3 gaming’s being left in the dust</div><div class="flex flex-wrap justify-start items-start gap-1 mt-2 text-xs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/kate-irwin">Kate Irwin</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-04-04T19:53:34.000Z">April 4, 2025</time></div></div></div></div><div class="flex flex-col lg:flex-row justify-start items-start self-stretch gap-4 md:gap-6 lg:gap-10"><div class="justify-start items-center flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/equities-trade-war-powell-rate-cut"><img alt="article-image" loading="lazy" width="560" height="315" decoding="async" data-nimg="1" class="w-full h-auto mb-2" style="color:transparent;background-size:cover;background-position:50% 50%;background-repeat:no-repeat;background-image:url("data:image/svg+xml;charset=utf-8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 560 315'%3E%3Cfilter id='b' 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srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-powell-tariffs.jpg&w=640&q=20 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-powell-tariffs.jpg&w=1280&q=20 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-powell-tariffs.jpg&w=1280&q=20"/></a><div class="gap-1"><p class="flex gap-2 flex-grow"><a class="text-brand text-xs uppercase" href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a></p></div><div class="mt-1 gap-2.5"><a class="flex-grow text-lg md:text-xl xl:text-2xl font-headline hover:text-brand" href="/news/equities-trade-war-powell-rate-cut">US equities slide as trade war escalates, Powell signals no rate cut</a></div><div class="mt-1 gap-2.5 text-gray-500">Tariff and interest rate concerns overshadowed a positive March jobs report</div><div class="flex flex-wrap justify-start items-start gap-1 mt-2 text-xs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/casey-wagner">Casey Wagner</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-04-04T19:21:47.000Z">April 4, 2025</time></div></div></div><div class="justify-start items-center flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/lens-mainnet-l2-socialfi-launch"><img alt="article-image" loading="lazy" width="560" height="315" decoding="async" data-nimg="1" class="w-full h-auto mb-2" style="color:transparent;background-size:cover;background-position:50% 50%;background-repeat:no-repeat;background-image:url("data:image/svg+xml;charset=utf-8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 560 315'%3E%3Cfilter id='b' color-interpolation-filters='sRGB'%3E%3CfeGaussianBlur stdDeviation='20'/%3E%3CfeColorMatrix values='1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 100 -1' result='s'/%3E%3CfeFlood x='0' y='0' 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srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-Lens.jpg&w=640&q=20 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-Lens.jpg&w=1280&q=20 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-Lens.jpg&w=1280&q=20"/></a><div class="gap-1"><p class="flex gap-2 flex-grow"><a class="text-brand text-xs uppercase" href="/category/0xresearch-newsletter">0xResearch Newsletter</a></p></div><div class="mt-1 gap-2.5"><a class="flex-grow text-lg md:text-xl xl:text-2xl font-headline hover:text-brand" href="/news/lens-mainnet-l2-socialfi-launch">Lens launches mainnet today, bringing a potential new era to SocialFi</a></div><div class="mt-1 gap-2.5 text-gray-500">The latest chain to join zkSync’s network also uses Avail for data availability</div><div class="flex flex-wrap justify-start items-start gap-1 mt-2 text-xs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/donovan-choy">Donovan Choy</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-04-04T17:00:00.000Z">April 4, 2025</time></div></div></div></div></div></div></div><div class="xl:basis-1/4 order-3"><div class="flex flex-col md:flex-row xl:flex-col border-t border-gray-200 xl:border-0 items-baseline md:items-stretch xl:items-baseline self-stretch"><div class="w-full md:w-1/2 xl:w-full flex flex-col md:flex-col-reverse xl:flex-col bg-white border-gray-200 grow border-b md:border-b-0 md:border-t-1 xl:border-t-0 xl:border-b border-r-0"><div class="flex flex-col justify-start items-center min-h-[20rem] w-full grow md:border-r-0 md:border-t xl:border-t-0"><div class="flex justify-between items-start relative px-10 py-5 border-b border-gray-200 w-full"><p class="text-xs uppercase font-semibold">Key metrics</p></div><div class="flex flex-col justify-center items-center self-stretch px-10 pt-5 pb-10"><div class="flex flex-col justify-start items-start self-stretch flex-grow-0 flex-shrink-0"><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0"><div class="flex justify-start items-center flex-grow h-8 pr-2 max-w-sm"><div class="flex justify-start items-start flex-grow relative gap-2.5"><p class="flex-grow text-sm text-left"><a class="hover:text-brand" href="/prices">Total Crypto Market Cap</a></p></div></div><div class="flex justify-start items-center h-8"><div class="flex justify-start items-center flex-grow relative gap-1 text-right"><p class="flex-grow text-sm text-brand"><a href="/prices"></a></p></div></div></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0"><div class="flex justify-start items-center flex-grow h-8 pr-2 max-w-sm"><div class="flex justify-start items-start flex-grow relative gap-2.5"><p class="flex-grow text-sm text-left"><a class="hover:text-brand" href="/price/btc">Bitcoin Market Cap</a></p></div></div><div class="flex justify-start items-center h-8"><div class="flex justify-start items-center flex-grow relative gap-1 text-right"><p class="flex-grow text-sm text-brand"><a href="/price/btc"></a></p></div></div></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0"><div class="flex justify-start items-center flex-grow h-8 pr-2 max-w-sm"><div class="flex justify-start items-start flex-grow relative gap-2.5"><p class="flex-grow text-sm text-left"><a class="hover:text-brand" href="/price/eth">Ethereum Market Cap</a></p></div></div><div class="flex justify-start items-center h-8"><div class="flex justify-start items-center flex-grow relative gap-1 text-right"><p class="flex-grow text-sm text-brand"><a href="/price/eth"></a></p></div></div></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0"><div class="flex justify-start items-center flex-grow h-8 pr-2 max-w-sm"><div class="flex justify-start items-start flex-grow relative gap-2.5"><p class="flex-grow text-sm text-left">ETH/BTC Ratio</p></div></div><div class="flex justify-start items-center h-8"><div class="flex justify-start items-center flex-grow relative gap-1 text-right"><p class="flex-grow text-sm text-brand"></p></div></div></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0"><div class="flex justify-start items-center flex-grow h-8 pr-2 max-w-sm"><div class="flex justify-start items-start flex-grow relative gap-2.5"><p class="flex-grow text-sm text-left">Ethereum Gas Price</p></div></div><div class="flex justify-start items-center h-8"><div class="flex justify-start items-center flex-grow relative gap-1 text-right"><p class="flex-grow text-sm text-brand"></p></div></div></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0"><div class="flex justify-start items-center flex-grow h-8 pr-2 max-w-sm"><div class="flex justify-start items-start flex-grow relative gap-2.5"><p class="flex-grow text-sm text-left">DeFi TVL</p></div></div><div class="flex justify-start items-center h-8"><div class="flex justify-start items-center flex-grow relative gap-1 text-right"><p class="flex-grow text-sm text-brand"></p></div></div></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0"><div class="flex justify-start items-center flex-grow h-8 pr-2 max-w-sm"><div class="flex justify-start items-start flex-grow relative gap-2.5"><p class="flex-grow text-sm text-left">Fear and Greed Index</p></div></div><div class="flex justify-start items-center h-8"><div class="flex justify-start items-center flex-grow relative gap-1 text-right"><p class="flex-grow text-sm text-brand"></p></div></div></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0"><div class="flex justify-start items-center flex-grow h-8 pr-2 max-w-sm"><div class="flex 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srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fglobalstake-ledger-pr.jpg&w=640&q=20 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fglobalstake-ledger-pr.jpg&w=1280&q=20 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F01%2Fglobalstake-ledger-pr.jpg&w=1280&q=20"/></a><div class="gap-1"><p class="flex gap-2 flex-grow"><a class="text-blue-500 text-xs uppercase" href="/category/sponsored">Sponsored</a></p></div><div class="mt-1 gap-2.5"><a class="flex-grow text-lg md:text-xl xl:text-2xl font-headline hover:text-brand" href="/news/globalstake-and-ledger-forge-partnership">GlobalStake and Ledger forge partnership to revolutionize secure, sustainable staking for institutions</a></div><div class="mt-1 gap-2.5 text-gray-500">Unmatched security, unparalleled performance, unwavering commitment </div><div class="flex flex-wrap justify-start items-start gap-1 mt-2 text-xs"><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-01-29T15:00:00.000Z">January 29, 2025</time></div></div></div></div><div class="flex flex-col justify-start items-start gap-3 w-full p-10"><div class="flex flex-col justify-start self-stretch gap-2"><div class="min-h-[100px]"><a href="https://app.blockworksresearch.com/research/morpho-and-the-defi-mullet" target="_blank" rel="noreferrer"><img alt="morpho 2 graphic.png" loading="eager" width="384" height="0" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent;background-size:cover;background-position:50% 50%;background-repeat:no-repeat;background-image:url("data:image/svg+xml;charset=utf-8,%3Csvg xmlns='http://www.w3.org/2000/svg' %3E%3Cfilter id='b' color-interpolation-filters='sRGB'%3E%3CfeGaussianBlur stdDeviation='20'/%3E%3CfeColorMatrix values='1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 100 -1' result='s'/%3E%3CfeFlood x='0' y='0' width='100%25' height='100%25'/%3E%3CfeComposite operator='out' in='s'/%3E%3CfeComposite in2='SourceGraphic'/%3E%3CfeGaussianBlur stdDeviation='20'/%3E%3C/filter%3E%3Cimage width='100%25' height='100%25' x='0' y='0' preserveAspectRatio='none' style='filter: url(%23b);' href='U17^}Wof00of~q?bIURj00IU?bxu00WB~q%M'/%3E%3C/svg%3E")" sizes="(min-width: 60em) 300px, (min-width: 28em) 150px" srcSet="/_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2Fmorpho_2_graphic_2fc2010512.png&w=16&q=20 16w, /_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2Fmorpho_2_graphic_2fc2010512.png&w=32&q=20 32w, /_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2Fmorpho_2_graphic_2fc2010512.png&w=48&q=20 48w, /_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2Fmorpho_2_graphic_2fc2010512.png&w=64&q=20 64w, /_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2Fmorpho_2_graphic_2fc2010512.png&w=96&q=20 96w, /_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2Fmorpho_2_graphic_2fc2010512.png&w=128&q=20 128w, /_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2Fmorpho_2_graphic_2fc2010512.png&w=256&q=20 256w, /_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2Fmorpho_2_graphic_2fc2010512.png&w=384&q=20 384w, /_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2Fmorpho_2_graphic_2fc2010512.png&w=640&q=20 640w, /_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2Fmorpho_2_graphic_2fc2010512.png&w=768&q=20 768w, /_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2Fmorpho_2_graphic_2fc2010512.png&w=1024&q=20 1024w, /_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2Fmorpho_2_graphic_2fc2010512.png&w=1280&q=20 1280w, /_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2Fmorpho_2_graphic_2fc2010512.png&w=1536&q=20 1536w, /_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2Fmorpho_2_graphic_2fc2010512.png&w=1920&q=20 1920w" src="/_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2Fmorpho_2_graphic_2fc2010512.png&w=1920&q=20"/></a></div><div class="flex justify-start items-center self-stretch gap-1"><p class="flex-grow text-xs uppercase text-brand">Research</p></div><div class="flex justify-start items-start self-stretch gap-2.5"><a href="https://app.blockworksresearch.com/research/morpho-and-the-defi-mullet" target="_blank" class="flex-grow text-[22px] font-headline hover:text-brand" rel="noreferrer">Morpho and the DeFi Mullet</a></div><div class="flex justify-start items-start self-stretch gap-2.5"><p class="flex-grow text-base text-left text-[#6a6a6a] line-clamp-6">Utilizing a ‘DeFi Mullet’ approach, Coinbase’s Bitcoin-backed loans integration with Morpho demonstrates a powerful blueprint for CEXs to monetize dormant assets by expanding adoption of wrapped products (cbBTC, USDC) while also supporting native and/or preferred DeFi ecosystems (Base) which can further lead to downstream growth in onchain liquidity and increased utilization of the related assets.</p></div><div class="flex justify-start items-start self-stretch gap-1"><div class="flex justify-start items-start relative"><p class="text-xs uppercase text-light-gray">by <a href="https://app.blockworksresearch.com/team/danny-k" class="text-brand hover:text-dark" target="_blank" rel="noreferrer">Danny K</a></p></div><div class="flex justify-start items-start gap-1"><p class="text-xs uppercase text-light-gray">/</p><p class="text-xs uppercase text-light-gray"><time dateTime="2025-04-03T10:40:38.000Z"></time></p></div></div></div></div><div class="ad-wrapper flex place-content-center overflow-hidden flex xl:hidden border-t p-6"><ins id="div-gpt-ad-1683112782771-0" data-ad-slot="/22757941429/Homepage_MOB_300x250" data-ad-client="ca-pub-5302683418973475" style="width:300px;height:250px" class="ad-slot ad-slot-label"></ins></div></div></div></div></section><section><div class="md:mt-0 md:flex md:justify-between md:items-center w-full px-10 py-5 border-b border-t"><div class="flex justify-start items-center gap-3"><div class="relative"><h2 class="text-base uppercase text-dark font-semibold"><a href="/news">news</a></h2></div><div class="hidden md:flex justify-start items-start text-center md:text-left relative gap-2.5"><p class="text-light-gray">Breaking headlines across our core coverage categories.</p></div></div><div><a class="text-sm text-center md:text-left uppercase text-brand" href="/news"><span class="flex align-middle">more from news<svg 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class="border-transparent hover:text-gray-700 hover:border-gray-300 pt-4 pb-6 px-1 border-b-2 cursor-pointer">Supply Shock</span><span class="border-transparent hover:text-gray-700 hover:border-gray-300 pt-4 pb-6 px-1 border-b-2 cursor-pointer">Uncategorized</span></nav></div></div></div></div><div class="mt-0 md:mt-6 lg:mt-12 grid gap-8 grid-cols-1 xs:grid-cols-2 md:grid-cols-3 xl:grid-cols-6"><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/tariff-announcement-effect-ipo-venture-capital"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-Ipos-tariffs.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-Ipos-tariffs.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-Ipos-tariffs.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/business">Business</a><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/tariff-announcement-effect-ipo-venture-capital">Tariff announcements push IPO window closed</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Anticipating an economic downturn, venture firms may be less likely to invest</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/casey-wagner">Casey Wagner</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-04-03T20:00:20.000Z">April 3, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/tariffs-effect-economy-recession-gdp-trump"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-fg-trump-tariffs.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-fg-trump-tariffs.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-fg-trump-tariffs.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a><a href="/category/policy">Policy</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/tariffs-effect-economy-recession-gdp-trump">US economy braces for the largest tariffs in over a century</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Trump’s tariffs may have potentially significant impacts on GDP, household spending and food prices — if they hold</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/felix-jauvin">Felix Jauvin</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-04-03T19:36:58.000Z">April 3, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/fdusd-depeg-sun-justin-insolvency-stablecoin"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-sun-loss-market.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-sun-loss-market.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-sun-loss-market.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/0xresearch-newsletter">0xResearch Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/fdusd-depeg-sun-justin-insolvency-stablecoin">Justin Sun’s allegations of FDUSD insolvency cause 9% depeg</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">The Binance-affiliated stablecoin lost about $200M of market capitalization </p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/donovan-choy">Donovan Choy</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-04-03T17:00:00.000Z">April 3, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/bitcoin-gavin-andresen-podcast-episode-mining-history"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-andresen.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-andresen.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-andresen.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/analysis">Analysis</a><a href="/category/supply-shock">Supply Shock</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/bitcoin-gavin-andresen-podcast-episode-mining-history">Bitcoin is up 11,000,000% since this 2011 podcast episode</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">How the Bitcoin conversation has evolved since the price was less than $1</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/david-canellis">David Canellis</a><span class="ml-1">&</span></span><span><a class="link-gray" href="/author/pete-rizzo">Pete Rizzo</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-04-03T15:05:05.000Z">April 3, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/wisdomtree-connect-expands-chain-base-tokenization"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-Wisdomtree2.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-Wisdomtree2.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-Wisdomtree2.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/business">Business</a><a href="/category/empire-newsletter">Empire Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/wisdomtree-connect-expands-chain-base-tokenization">Exclusive: WisdomTree Connect expands to Base, Arbitrum, Avalanche and Optimism</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">The platform also rolled out 13 tokenized funds for institutions on the Connect platform</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/katherine-ross">Katherine Ross</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-04-03T13:58:01.000Z">April 3, 2025</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/grayscale-launches-crypto-etf-product-innovation"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-grayscale.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-grayscale.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2025%2F04%2FPost-grayscale.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-brand gap-2"><a href="/category/finance">Finance</a><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-brand" href="/news/grayscale-launches-crypto-etf-product-innovation">New Grayscale launches, filing reflects crypto product innovation boom</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">The company’s expanded lineup introduces new ETF products, as more and more issuers get into crypto funds</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/benstrack">Ben Strack</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-04-03T13:00:00.000Z">April 3, 2025</time></div></div></div></div></div></section><section><div class="md:mt-0 md:flex md:justify-between md:items-center w-full px-10 py-5 border-b border-t"><div class="flex justify-start items-center gap-3"><div class="relative"><h2 class="text-base uppercase text-dark font-semibold"><a href="/events">Events & 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8.6001H8.11111C8.60203 8.6001 9 8.20213 9 7.71121V2.37788C9 1.88696 8.60203 1.48899 8.11111 1.48899H1.88889C1.39797 1.48899 1 1.88696 1 2.37788V7.71121C1 8.20213 1.39797 8.6001 1.88889 8.6001Z" stroke="#5637CD" stroke-linecap="round" stroke-linejoin="round"></path></svg></span></a></div></div><div class="grid grid-cols-1 md:grid-cols-2 flex-grow-0 flex-shrink-0 w-full relative gap-10 p-10 xl:grid-cols-3"><div class="flex flex-col justify-start items-start flex-grow gap-3"><div class="flex flex-col justify-start items-start flex-grow-0 flex-shrink-0 gap-3"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-2"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><p class="text-xxs text-left uppercase text-brand">webinar</p></div></div><div class="flex justify-start relative gap-2.5"><p class="flex-grow"><a class="text-xl font-semibold text-dark hover:text-brand" href="/webinar/the-trump-era-the-first-100-days-and-what-comes-next-in-crypto">The Trump Era: The First 100 Days and What Comes Next in Crypto</a></p></div><div class="flex flex-wrap justify-start items-center flex-grow-0 flex-shrink-0 relative gap-2"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><svg width="7" height="7" viewBox="0 0 7 7" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0" preserveAspectRatio="none"><path d="M2.00016 1.93343V0.600098M4.66683 1.93343V0.600098M1.66683 3.26676H5.00016M1.00016 6.6001H5.66683C6.03502 6.6001 6.3335 6.30162 6.3335 5.93343V1.93343C6.3335 1.56524 6.03502 1.26676 5.66683 1.26676H1.00016C0.631973 1.26676 0.333496 1.56524 0.333496 1.93343V5.93343C0.333496 6.30162 0.631973 6.6001 1.00016 6.6001Z" stroke="#110B29" stroke-width="0.5" stroke-linecap="round" stroke-linejoin="round"></path></svg><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><p class="flex-grow-0 flex-shrink-0 text-[10px] text-left uppercase text-dark"><time dateTime="2025-04-17T16:00:00.000Z">April 17, 2025</time></p></div></div></div></div><div class="flex justify-start items-start self-stretch gap-2.5"><div class="flex-grow text-sm text-left font-light text-dark">In this upcoming webinar, Bitwise CIO Matt Hougan, General Councel and CCO Katherine Dowling, and Head of Research Ryan Rasmussen will dive into the first 100 days of Trump-era policies and their impact on the crypto market. From the formation of […]</div></div><div class="flex justify-start items-start flex-grow-0 flex-shrink-0 gap-3"><a class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-0.5 text-brand hover:text-black" href="/webinar/the-trump-era-the-first-100-days-and-what-comes-next-in-crypto"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><p class="flex-grow-0 flex-shrink-0 text-xs text-left uppercase">learn more</p></div><svg width="10" height="11" viewBox="0 0 10 11" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-2.5 h-2.5 relative" preserveAspectRatio="xMidYMid meet"><path d="M6.67067 5.18341H1.6665V6.01674H6.67067V7.26674L8.33317 5.60008L6.67067 3.93341V5.18341Z" fill="#5637CD"></path></svg></a></div></div><div class="flex flex-col justify-start items-start flex-grow gap-3"><div class="flex flex-col justify-start items-start flex-grow-0 flex-shrink-0 gap-3"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-2"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><p class="text-xxs text-left uppercase text-brand">events</p></div></div><div class="flex justify-start relative gap-2.5"><p class="flex-grow"><a class="text-xl font-semibold text-dark hover:text-brand" href="/event/permissionless-iv">Permissionless IV</a></p></div><div class="flex flex-wrap justify-start items-center flex-grow-0 flex-shrink-0 relative gap-2"><div class="flex justify-start items-center gap-1"><svg width="7" height="8" viewBox="0 0 7 8" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0" preserveAspectRatio="none"><path d="M5.55228 4.93339C5.05014 5.43553 3.66667 6.81901 3.66667 6.81901C3.66667 6.81901 2.3203 5.47264 1.78105 4.93339C0.73965 3.89199 0.73965 2.20355 1.78105 1.16215C2.82245 0.120754 4.51089 0.120754 5.55228 1.16215C6.59368 2.20355 6.59368 3.89199 5.55228 4.93339Z" stroke="#111827" stroke-width="0.5" stroke-linecap="round" stroke-linejoin="round"></path><path d="M4.66667 3.04777C4.66667 3.60006 4.21895 4.04777 3.66667 4.04777C3.11438 4.04777 2.66667 3.60006 2.66667 3.04777C2.66667 2.49549 3.11438 2.04777 3.66667 2.04777C4.21895 2.04777 4.66667 2.49549 4.66667 3.04777Z" stroke="#111827" stroke-width="0.5" stroke-linecap="round" stroke-linejoin="round"></path></svg><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><p class="flex-grow-0 flex-shrink-0 text-[10px] text-left uppercase text-dark">Industry City | Brooklyn, NY</p></div></div><svg width="2" height="15" viewBox="0 0 2 15" fill="none" xmlns="http://www.w3.org/2000/svg" class="self-stretch flex-grow-0 flex-shrink-0" preserveAspectRatio="none"><line x1="1.0835" y1="14.6001" x2="1.0835" y2="0.600098" stroke="#B4B4B4" stroke-opacity="0.35" stroke-width="0.5"></line></svg><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><svg width="7" height="7" viewBox="0 0 7 7" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0" preserveAspectRatio="none"><path d="M2.00016 1.93343V0.600098M4.66683 1.93343V0.600098M1.66683 3.26676H5.00016M1.00016 6.6001H5.66683C6.03502 6.6001 6.3335 6.30162 6.3335 5.93343V1.93343C6.3335 1.56524 6.03502 1.26676 5.66683 1.26676H1.00016C0.631973 1.26676 0.333496 1.56524 0.333496 1.93343V5.93343C0.333496 6.30162 0.631973 6.6001 1.00016 6.6001Z" stroke="#110B29" stroke-width="0.5" stroke-linecap="round" stroke-linejoin="round"></path></svg><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><p class="flex-grow-0 flex-shrink-0 text-[10px] text-left uppercase text-dark">TUES - THURS, JUNE 24 - 26, 2025</p></div></div></div></div><div class="flex justify-start items-start self-stretch gap-2.5"><div class="flex-grow text-sm text-left font-light text-dark">Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.</div></div><div class="flex justify-start items-start flex-grow-0 flex-shrink-0 gap-3"><a href="https://www.universe.com/embed2/events/permissionless-iv-tickets-ZH94VC" class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-0.5 text-brand hover:text-black" target="_blank" rel="noreferrer"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><p class="flex-grow-0 flex-shrink-0 text-xs text-left uppercase">register</p></div><svg width="10" height="11" viewBox="0 0 10 11" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-2.5 h-2.5 relative" preserveAspectRatio="xMidYMid meet"><path d="M6.67067 5.18341H1.6665V6.01674H6.67067V7.26674L8.33317 5.60008L6.67067 3.93341V5.18341Z" fill="#5637CD"></path></svg></a><a class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-0.5 text-brand hover:text-black" href="/event/permissionless-iv"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><p class="flex-grow-0 flex-shrink-0 text-xs text-left uppercase">learn more</p></div><svg width="10" height="11" viewBox="0 0 10 11" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-2.5 h-2.5 relative" preserveAspectRatio="xMidYMid meet"><path d="M6.67067 5.18341H1.6665V6.01674H6.67067V7.26674L8.33317 5.60008L6.67067 3.93341V5.18341Z" fill="#5637CD"></path></svg></a></div></div><div class="flex flex-col justify-start items-start flex-grow gap-3"><div class="flex flex-col justify-start items-start flex-grow-0 flex-shrink-0 gap-3"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-2"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><p class="text-xxs text-left uppercase text-brand">events</p></div></div><div class="flex justify-start relative gap-2.5"><p class="flex-grow"><a class="text-xl font-semibold text-dark hover:text-brand" href="/event/digital-asset-summit-2025-london">Digital Asset Summit 2025</a></p></div><div class="flex flex-wrap justify-start items-center flex-grow-0 flex-shrink-0 relative gap-2"><div class="flex justify-start items-center gap-1"><svg width="7" height="8" viewBox="0 0 7 8" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0" preserveAspectRatio="none"><path d="M5.55228 4.93339C5.05014 5.43553 3.66667 6.81901 3.66667 6.81901C3.66667 6.81901 2.3203 5.47264 1.78105 4.93339C0.73965 3.89199 0.73965 2.20355 1.78105 1.16215C2.82245 0.120754 4.51089 0.120754 5.55228 1.16215C6.59368 2.20355 6.59368 3.89199 5.55228 4.93339Z" stroke="#111827" stroke-width="0.5" stroke-linecap="round" stroke-linejoin="round"></path><path d="M4.66667 3.04777C4.66667 3.60006 4.21895 4.04777 3.66667 4.04777C3.11438 4.04777 2.66667 3.60006 2.66667 3.04777C2.66667 2.49549 3.11438 2.04777 3.66667 2.04777C4.21895 2.04777 4.66667 2.49549 4.66667 3.04777Z" stroke="#111827" stroke-width="0.5" stroke-linecap="round" stroke-linejoin="round"></path></svg><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><p class="flex-grow-0 flex-shrink-0 text-[10px] text-left uppercase text-dark">Old Billingsgate</p></div></div><svg width="2" height="15" viewBox="0 0 2 15" fill="none" xmlns="http://www.w3.org/2000/svg" class="self-stretch flex-grow-0 flex-shrink-0" preserveAspectRatio="none"><line x1="1.0835" y1="14.6001" x2="1.0835" y2="0.600098" stroke="#B4B4B4" stroke-opacity="0.35" stroke-width="0.5"></line></svg><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><svg width="7" height="7" viewBox="0 0 7 7" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0" preserveAspectRatio="none"><path d="M2.00016 1.93343V0.600098M4.66683 1.93343V0.600098M1.66683 3.26676H5.00016M1.00016 6.6001H5.66683C6.03502 6.6001 6.3335 6.30162 6.3335 5.93343V1.93343C6.3335 1.56524 6.03502 1.26676 5.66683 1.26676H1.00016C0.631973 1.26676 0.333496 1.56524 0.333496 1.93343V5.93343C0.333496 6.30162 0.631973 6.6001 1.00016 6.6001Z" stroke="#110B29" stroke-width="0.5" stroke-linecap="round" stroke-linejoin="round"></path></svg><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><p class="flex-grow-0 flex-shrink-0 text-[10px] text-left uppercase text-dark">Mon - Wed, October 13 - 15, 2025</p></div></div></div></div><div class="flex justify-start items-start self-stretch gap-2.5"><div class="flex-grow text-sm text-left font-light text-dark">Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.</div></div><div class="flex justify-start items-start flex-grow-0 flex-shrink-0 gap-3"><a href="https://www.universe.com/events/digital-asset-summit-2025-london-tickets-HT30Y6" class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-0.5 text-brand hover:text-black" target="_blank" rel="noreferrer"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><p class="flex-grow-0 flex-shrink-0 text-xs text-left uppercase">register</p></div><svg width="10" height="11" viewBox="0 0 10 11" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-2.5 h-2.5 relative" preserveAspectRatio="xMidYMid meet"><path d="M6.67067 5.18341H1.6665V6.01674H6.67067V7.26674L8.33317 5.60008L6.67067 3.93341V5.18341Z" fill="#5637CD"></path></svg></a><a class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-0.5 text-brand hover:text-black" href="/event/digital-asset-summit-2025-london"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><p class="flex-grow-0 flex-shrink-0 text-xs text-left uppercase">learn more</p></div><svg width="10" height="11" viewBox="0 0 10 11" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-2.5 h-2.5 relative" preserveAspectRatio="xMidYMid meet"><path d="M6.67067 5.18341H1.6665V6.01674H6.67067V7.26674L8.33317 5.60008L6.67067 3.93341V5.18341Z" fill="#5637CD"></path></svg></a></div></div></div></section><section><div class="md:mt-0 md:flex md:justify-between md:items-center w-full px-10 py-5 border-b border-t"><div class="flex justify-start items-center gap-3"><div class="relative"><h2 class="text-base uppercase text-dark font-semibold"><a href="/podcasts">podcasts</a></h2></div><div class="hidden md:flex justify-start items-start text-center md:text-left relative gap-2.5"><p class="text-light-gray">Your favorite crypto and macro podcasts in one place.</p></div></div><div><a class="text-sm text-center md:text-left uppercase text-brand" href="/podcasts"><span class="flex align-middle">explore the network<svg width="8" height="4" viewBox="0 0 8 4" fill="none" xmlns="http://www.w3.org/2000/svg" class="ml-1 mt-1.5" preserveAspectRatio="none"><path d="M6.005 1.5H0V2.5H6.005V4L8 2L6.005 0V1.5Z" fill="#5637CD"></path></svg></span></a></div></div><div class="relative w-full md:h-[400pt]"><div class="gap-10 p-10 touch-scroll md:absolute md:left-0 md:right-0 flex flex-col md:flex-row overflow-x-auto px-8 w-full"><div class="shrink-0 grow-0 flex-none border min-w-[100px] md:w-72"><div><div class="w-full overflow-hidden"><a href="/podcast/0xresearch"><img alt="0xResearch" loading="lazy" width="300" height="300" decoding="async" data-nimg="1" class="w-full object-cover h-32" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fmegaphone.imgix.net%2Fpodcasts%2Ffe2cdbd0-5480-11ed-a0b3-fff47680c6ce%2Fimage%2F529778af9a0a01e4cedffbe432870717.png%3Fixlib%3Drails-4.3.1&w=384&q=75 1x, /_next/image?url=https%3A%2F%2Fmegaphone.imgix.net%2Fpodcasts%2Ffe2cdbd0-5480-11ed-a0b3-fff47680c6ce%2Fimage%2F529778af9a0a01e4cedffbe432870717.png%3Fixlib%3Drails-4.3.1&w=640&q=75 2x" src="/_next/image?url=https%3A%2F%2Fmegaphone.imgix.net%2Fpodcasts%2Ffe2cdbd0-5480-11ed-a0b3-fff47680c6ce%2Fimage%2F529778af9a0a01e4cedffbe432870717.png%3Fixlib%3Drails-4.3.1&w=640&q=75"/></a></div></div><div class="gap-4 p-5"><div class="gap-6"><div class="gap-2"><div class="flex justify-start items-start flex-grow-0 flex-shrink-0 relative gap-2.5"><a class="py-1.5 font-semibold text-xl text-left text-dark hover:text-brand" href="/podcast/0xresearch">0xResearch</a></div><div class="flex justify-center items-center self-stretch flex-grow-0 flex-shrink-0 relative gap-2.5"><div class="flex-grow text-sm font-thin text-left text-light-gray">0xResearch is the show for those who want to step up their game and think like a crypto analyst. We bring on crypto's best to uncover the latest research, explore protocol developments and identify new narratives. We are full-time crypto..</div></div></div><div class="mt-4 flex justify-between"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-2"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-1.5"><p class="pt-0.5 text-xxs text-left uppercase text-gray-500 font-light">follow</p></div><div class="flex justify-start items-end flex-grow-0 flex-shrink-0 relative gap-2"><a href="https://open.spotify.com/show/0rGocvZ7oZR6vuy0UHKAON" target="_blank" rel="noreferrer" aria-label="Follow 0xResearch on Spotify"><svg width="12" height="13" viewBox="0 0 12 13" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-3 h-3 relative" preserveAspectRatio="xMidYMid meet"><path d="M6 0.600098C2.7 0.600098 0 3.3001 0 6.6001C0 9.9001 2.7 12.6001 6 12.6001C9.3 12.6001 12 9.9001 12 6.6001C12 3.3001 9.3 0.600098 6 0.600098ZM8.775 9.3001C8.625 9.4501 8.475 9.5251 8.25 9.4501C6.825 8.5501 5.1 8.4001 3 8.8501C2.775 8.9251 2.625 8.7751 2.55 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text-light-gray">1000x is a crypto markets podcast hosted by professional traders Avi Felman and Jonah Van Bourg. We bring on experts to dive deep into the macro and micro factors that represent the lifeblood of digital money and web3. As an..</div></div></div><div class="mt-4 flex justify-between"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-2"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-1.5"><p class="pt-0.5 text-xxs text-left uppercase text-gray-500 font-light">follow</p></div><div class="flex justify-start items-end flex-grow-0 flex-shrink-0 relative gap-2"><a href="https://open.spotify.com/show/2zjOqjt5oAa8Ud43Wbcv8S" target="_blank" rel="noreferrer" aria-label="Follow 1000x on Spotify"><svg width="12" height="13" viewBox="0 0 12 13" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-3 h-3 relative" preserveAspectRatio="xMidYMid meet"><path d="M6 0.600098C2.7 0.600098 0 3.3001 0 6.6001C0 9.9001 2.7 12.6001 6 12.6001C9.3 12.6001 12 9.9001 12 6.6001C12 3.3001 9.3 0.600098 6 0.600098ZM8.775 9.3001C8.625 9.4501 8.475 9.5251 8.25 9.4501C6.825 8.5501 5.1 8.4001 3 8.8501C2.775 8.9251 2.625 8.7751 2.55 8.5501C2.475 8.3251 2.625 8.1751 2.85 8.1001C5.1 7.5751 7.125 7.8001 8.7 8.7751C8.85 8.8501 8.85 9.0751 8.775 9.3001ZM9.45 7.6501C9.3 7.8751 9 7.9501 8.85 7.8001C7.2 6.8251 4.8 6.5251 2.85 7.1251C2.625 7.1251 2.4 7.0501 2.325 6.7501C2.25 6.5251 2.4 6.3001 2.625 6.2251C4.8 5.5501 7.5 5.9251 9.375 7.0501C9.525 7.1251 9.6 7.4251 9.45 7.6501ZM9.525 5.9251C7.575 4.8001 4.425 4.6501 2.55 5.2501C2.25 5.3251 1.95 5.1751 1.875 4.8751C1.8 4.5751 1.95 4.2751 2.25 4.2001C4.35 3.6001 7.875 3.6751 10.125 5.0251C10.425 5.1751 10.5 5.5501 10.35 5.7751C10.2 6.0001 9.825 6.0751 9.525 5.9251Z" fill="#6A6A6A"></path></svg></a><a href="https://feeds.megaphone.fm/1000x" target="_blank" rel="noreferrer" aria-label="Download Podcast Feed for 1000x"><svg width="13" height="13" viewBox="0 0 13 13" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-3 h-3 relative" preserveAspectRatio="xMidYMid meet"><path d="M2.50838 12.6001C3.4369 12.6001 4.18962 11.8474 4.18962 10.9189C4.18962 9.99034 3.4369 9.23763 2.50838 9.23763C1.57986 9.23763 0.827148 9.99034 0.827148 10.9189C0.827148 11.8474 1.57986 12.6001 2.50838 12.6001Z" fill="#6A6A6A"></path><path d="M0.827148 0.600098V2.78262C6.24874 2.78262 10.6446 7.1785 10.6446 12.6001H12.8271C12.8271 5.97542 7.45183 0.600098 0.827148 0.600098ZM0.827148 4.96514V7.14766C3.83486 7.14766 6.27959 9.59239 6.27959 12.6001H8.46211C8.46211 8.38159 5.04566 4.96514 0.827148 4.96514Z" fill="#6A6A6A"></path></svg></a></div></div><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-0.5"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><a class="flex-grow-0 flex-shrink-0 text-[10px] text-left uppercase text-brand hover:text-light-gray" aria-label="All 1000x Episodes" href="/podcast/1000x">all episodes</a></div><svg width="10" height="11" viewBox="0 0 10 11" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-2.5 h-2.5 relative" preserveAspectRatio="xMidYMid meet"><path d="M6.67067 5.18344H1.6665V6.01677H6.67067V7.26677L8.33317 5.60011L6.67067 3.93344V5.18344Z" fill="#5637CD"></path></svg></div></div></div></div></div><div class="shrink-0 grow-0 flex-none border min-w-[100px] md:w-72"><div><div class="w-full overflow-hidden"><a href="/podcast/bellcurve"><img alt="Bell Curve" loading="lazy" width="300" height="300" decoding="async" data-nimg="1" class="w-full object-cover h-32" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fmegaphone.imgix.net%2Fpodcasts%2F55710820-1f1c-11ed-8cf8-df4510de1bcf%2Fimage%2Fb1401e44d12fd22a9790c4dbc9af145f.png%3Fixlib%3Drails-4.3.1&w=384&q=75 1x, /_next/image?url=https%3A%2F%2Fmegaphone.imgix.net%2Fpodcasts%2F55710820-1f1c-11ed-8cf8-df4510de1bcf%2Fimage%2Fb1401e44d12fd22a9790c4dbc9af145f.png%3Fixlib%3Drails-4.3.1&w=640&q=75 2x" src="/_next/image?url=https%3A%2F%2Fmegaphone.imgix.net%2Fpodcasts%2F55710820-1f1c-11ed-8cf8-df4510de1bcf%2Fimage%2Fb1401e44d12fd22a9790c4dbc9af145f.png%3Fixlib%3Drails-4.3.1&w=640&q=75"/></a></div></div><div class="gap-4 p-5"><div class="gap-6"><div class="gap-2"><div class="flex justify-start items-start flex-grow-0 flex-shrink-0 relative gap-2.5"><a class="py-1.5 font-semibold text-xl text-left text-dark hover:text-brand" href="/podcast/bellcurve">Bell Curve</a></div><div class="flex justify-center items-center self-stretch flex-grow-0 flex-shrink-0 relative gap-2.5"><div class="flex-grow text-sm font-thin text-left text-light-gray">Bell Curve breaks down the most important themes in crypto for people who, like us, are confined to the middle of the bell curve. Each season explores a different thesis that we'll test and refine through debate with crypto's best...</div></div></div><div class="mt-4 flex justify-between"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-2"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-1.5"><p class="pt-0.5 text-xxs text-left uppercase text-gray-500 font-light">follow</p></div><div class="flex justify-start items-end flex-grow-0 flex-shrink-0 relative gap-2"><a href="https://open.spotify.com/show/3uMWirMj2hc7IQYEUeBTyT" target="_blank" rel="noreferrer" aria-label="Follow Bell Curve on Spotify"><svg width="12" height="13" viewBox="0 0 12 13" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-3 h-3 relative" preserveAspectRatio="xMidYMid meet"><path d="M6 0.600098C2.7 0.600098 0 3.3001 0 6.6001C0 9.9001 2.7 12.6001 6 12.6001C9.3 12.6001 12 9.9001 12 6.6001C12 3.3001 9.3 0.600098 6 0.600098ZM8.775 9.3001C8.625 9.4501 8.475 9.5251 8.25 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flex-shrink-0 relative gap-0.5"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><a class="flex-grow-0 flex-shrink-0 text-[10px] text-left uppercase text-brand hover:text-light-gray" aria-label="All Bell Curve Episodes" href="/podcast/bellcurve">all episodes</a></div><svg width="10" height="11" viewBox="0 0 10 11" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-2.5 h-2.5 relative" preserveAspectRatio="xMidYMid meet"><path d="M6.67067 5.18344H1.6665V6.01677H6.67067V7.26677L8.33317 5.60011L6.67067 3.93344V5.18344Z" fill="#5637CD"></path></svg></div></div></div></div></div><div class="shrink-0 grow-0 flex-none border min-w-[100px] md:w-72"><div><div class="w-full overflow-hidden"><a href="/podcast/empire"><img alt="Empire" loading="lazy" width="300" height="300" decoding="async" data-nimg="1" class="w-full object-cover h-32" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fmegaphone.imgix.net%2Fpodcasts%2F1d504076-753d-11eb-b286-4728944530b4%2Fimage%2F38e3e4db397753a3e779b92ba6272839.png%3Fixlib%3Drails-4.3.1&w=384&q=75 1x, /_next/image?url=https%3A%2F%2Fmegaphone.imgix.net%2Fpodcasts%2F1d504076-753d-11eb-b286-4728944530b4%2Fimage%2F38e3e4db397753a3e779b92ba6272839.png%3Fixlib%3Drails-4.3.1&w=640&q=75 2x" src="/_next/image?url=https%3A%2F%2Fmegaphone.imgix.net%2Fpodcasts%2F1d504076-753d-11eb-b286-4728944530b4%2Fimage%2F38e3e4db397753a3e779b92ba6272839.png%3Fixlib%3Drails-4.3.1&w=640&q=75"/></a></div></div><div class="gap-4 p-5"><div class="gap-6"><div class="gap-2"><div class="flex justify-start items-start flex-grow-0 flex-shrink-0 relative gap-2.5"><a class="py-1.5 font-semibold text-xl text-left text-dark hover:text-brand" href="/podcast/empire">Empire</a></div><div class="flex justify-center items-center self-stretch flex-grow-0 flex-shrink-0 relative gap-2.5"><div class="flex-grow text-sm font-thin text-left text-light-gray">Empire features interviews with top crypto founders to get the real stories that aren’t shared elsewhere. Empire is your look behind the curtain of the crypto industry.We release two episodes per week: guest interviews on Monday and a weekly roundup..</div></div></div><div class="mt-4 flex justify-between"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-2"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-1.5"><p class="pt-0.5 text-xxs text-left uppercase text-gray-500 font-light">follow</p></div><div class="flex justify-start items-end flex-grow-0 flex-shrink-0 relative gap-2"><a href="https://open.spotify.com/show/4UTePv1CR3APdKOiosR3Iq" target="_blank" rel="noreferrer" aria-label="Follow Empire on Spotify"><svg width="12" height="13" viewBox="0 0 12 13" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-3 h-3 relative" preserveAspectRatio="xMidYMid meet"><path d="M6 0.600098C2.7 0.600098 0 3.3001 0 6.6001C0 9.9001 2.7 12.6001 6 12.6001C9.3 12.6001 12 9.9001 12 6.6001C12 3.3001 9.3 0.600098 6 0.600098ZM8.775 9.3001C8.625 9.4501 8.475 9.5251 8.25 9.4501C6.825 8.5501 5.1 8.4001 3 8.8501C2.775 8.9251 2.625 8.7751 2.55 8.5501C2.475 8.3251 2.625 8.1751 2.85 8.1001C5.1 7.5751 7.125 7.8001 8.7 8.7751C8.85 8.8501 8.85 9.0751 8.775 9.3001ZM9.45 7.6501C9.3 7.8751 9 7.9501 8.85 7.8001C7.2 6.8251 4.8 6.5251 2.85 7.1251C2.625 7.1251 2.4 7.0501 2.325 6.7501C2.25 6.5251 2.4 6.3001 2.625 6.2251C4.8 5.5501 7.5 5.9251 9.375 7.0501C9.525 7.1251 9.6 7.4251 9.45 7.6501ZM9.525 5.9251C7.575 4.8001 4.425 4.6501 2.55 5.2501C2.25 5.3251 1.95 5.1751 1.875 4.8751C1.8 4.5751 1.95 4.2751 2.25 4.2001C4.35 3.6001 7.875 3.6751 10.125 5.0251C10.425 5.1751 10.5 5.5501 10.35 5.7751C10.2 6.0001 9.825 6.0751 9.525 5.9251Z" fill="#6A6A6A"></path></svg></a><a href="https://podcasts.apple.com/us/podcast/empire/id1554930038" target="_blank" rel="noreferrer" aria-label="Follow Empire on iTunes"><svg width="11" height="13" viewBox="0 0 11 13" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-[10.83px] 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8.58753 5.05206 7.48563 3.94322C7.05827 3.51194 6.56391 3.25842 5.92529 3.14162C5.51332 3.06526 5.4258 3.06526 4.99331 3.13649C4.33657 3.24363 3.82803 3.49866 3.37622 3.94473C2.26708 5.03939 2.19495 6.73826 3.20449 7.94821L3.47008 8.26873V8.66108C3.47008 8.87747 3.45288 9.05343 3.43175 9.05343C3.41063 9.05343 3.26183 8.95051 3.10218 8.82164L3.08075 8.81198ZM4.86745 6.70959C4.40931 6.49621 4.16213 6.0942 4.157 5.56996C4.157 5.09884 4.41957 4.68778 4.87258 4.44724C5.16111 4.29634 5.67086 4.29634 5.95909 4.44724C6.2791 4.62004 6.51921 4.91071 6.6285 5.25759C6.92729 6.27317 5.85104 7.1629 4.87802 6.70838L4.86745 6.70959Z" fill="#6A6A6A"></path><path d="M5.49366 6.90987C6.2029 6.90987 6.77786 6.33492 6.77786 5.62568C6.77786 4.91644 6.2029 4.34149 5.49366 4.34149C4.78442 4.34149 4.20947 4.91644 4.20947 5.62568C4.20947 6.33492 4.78442 6.90987 5.49366 6.90987Z" fill="#6A6A6A"></path><path d="M5.61537 7.40701C5.761 7.42364 5.9049 7.45293 6.04545 7.49454C6.1992 7.54351 6.34439 7.61611 6.47583 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7.42301L5.61537 7.40701Z" fill="#6A6A6A"></path></svg></a><a href="https://feeds.megaphone.fm/empire" target="_blank" rel="noreferrer" aria-label="Download Podcast Feed for Empire"><svg width="13" height="13" viewBox="0 0 13 13" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-3 h-3 relative" preserveAspectRatio="xMidYMid meet"><path d="M2.50838 12.6001C3.4369 12.6001 4.18962 11.8474 4.18962 10.9189C4.18962 9.99034 3.4369 9.23763 2.50838 9.23763C1.57986 9.23763 0.827148 9.99034 0.827148 10.9189C0.827148 11.8474 1.57986 12.6001 2.50838 12.6001Z" fill="#6A6A6A"></path><path d="M0.827148 0.600098V2.78262C6.24874 2.78262 10.6446 7.1785 10.6446 12.6001H12.8271C12.8271 5.97542 7.45183 0.600098 0.827148 0.600098ZM0.827148 4.96514V7.14766C3.83486 7.14766 6.27959 9.59239 6.27959 12.6001H8.46211C8.46211 8.38159 5.04566 4.96514 0.827148 4.96514Z" fill="#6A6A6A"></path></svg></a></div></div><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-0.5"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><a class="flex-grow-0 flex-shrink-0 text-[10px] text-left uppercase text-brand hover:text-light-gray" aria-label="All Empire Episodes" href="/podcast/empire">all episodes</a></div><svg width="10" height="11" viewBox="0 0 10 11" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-2.5 h-2.5 relative" preserveAspectRatio="xMidYMid meet"><path d="M6.67067 5.18344H1.6665V6.01677H6.67067V7.26677L8.33317 5.60011L6.67067 3.93344V5.18344Z" fill="#5637CD"></path></svg></div></div></div></div></div><div class="shrink-0 grow-0 flex-none border min-w-[100px] md:w-72"><div><div class="w-full overflow-hidden"><a href="/podcast/expansion"><img alt="Expansion " loading="lazy" width="300" height="300" decoding="async" data-nimg="1" class="w-full object-cover h-32" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fmegaphone.imgix.net%2Fpodcasts%2Ff1cbbc04-1f3a-11ef-aa33-739b9d6a84dd%2Fimage%2F0e2b8c483976c89d8924e93a603c72e3.jpg%3Fixlib%3Drails-4.3.1&w=384&q=75 1x, /_next/image?url=https%3A%2F%2Fmegaphone.imgix.net%2Fpodcasts%2Ff1cbbc04-1f3a-11ef-aa33-739b9d6a84dd%2Fimage%2F0e2b8c483976c89d8924e93a603c72e3.jpg%3Fixlib%3Drails-4.3.1&w=640&q=75 2x" src="/_next/image?url=https%3A%2F%2Fmegaphone.imgix.net%2Fpodcasts%2Ff1cbbc04-1f3a-11ef-aa33-739b9d6a84dd%2Fimage%2F0e2b8c483976c89d8924e93a603c72e3.jpg%3Fixlib%3Drails-4.3.1&w=640&q=75"/></a></div></div><div class="gap-4 p-5"><div class="gap-6"><div class="gap-2"><div class="flex justify-start items-start flex-grow-0 flex-shrink-0 relative gap-2.5"><a class="py-1.5 font-semibold text-xl text-left text-dark hover:text-brand" href="/podcast/expansion">Expansion </a></div><div class="flex justify-center items-center self-stretch flex-grow-0 flex-shrink-0 relative gap-2.5"><div class="flex-grow text-sm font-thin text-left text-light-gray">The podcast on Modular. Exploring a refreshed vision for building in crypto.Expansion is a podcast exploring the intersection of modular blockchain design and abundant blockspace.We’ll bring on the leading voices from the modular ecosystem to discuss blockchain design, specialization, applications,..</div></div></div><div class="mt-4 flex justify-between"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-2"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-1.5"><p class="pt-0.5 text-xxs text-left uppercase text-gray-500 font-light">follow</p></div><div class="flex justify-start items-end flex-grow-0 flex-shrink-0 relative gap-2"><a href="https://open.spotify.com/show/5ZZIFIltH9gphj8I5wO60P" target="_blank" rel="noreferrer" aria-label="Follow Expansion on Spotify"><svg width="12" height="13" viewBox="0 0 12 13" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-3 h-3 relative" preserveAspectRatio="xMidYMid meet"><path d="M6 0.600098C2.7 0.600098 0 3.3001 0 6.6001C0 9.9001 2.7 12.6001 6 12.6001C9.3 12.6001 12 9.9001 12 6.6001C12 3.3001 9.3 0.600098 6 0.600098ZM8.775 9.3001C8.625 9.4501 8.475 9.5251 8.25 9.4501C6.825 8.5501 5.1 8.4001 3 8.8501C2.775 8.9251 2.625 8.7751 2.55 8.5501C2.475 8.3251 2.625 8.1751 2.85 8.1001C5.1 7.5751 7.125 7.8001 8.7 8.7751C8.85 8.8501 8.85 9.0751 8.775 9.3001ZM9.45 7.6501C9.3 7.8751 9 7.9501 8.85 7.8001C7.2 6.8251 4.8 6.5251 2.85 7.1251C2.625 7.1251 2.4 7.0501 2.325 6.7501C2.25 6.5251 2.4 6.3001 2.625 6.2251C4.8 5.5501 7.5 5.9251 9.375 7.0501C9.525 7.1251 9.6 7.4251 9.45 7.6501ZM9.525 5.9251C7.575 4.8001 4.425 4.6501 2.55 5.2501C2.25 5.3251 1.95 5.1751 1.875 4.8751C1.8 4.5751 1.95 4.2751 2.25 4.2001C4.35 3.6001 7.875 3.6751 10.125 5.0251C10.425 5.1751 10.5 5.5501 10.35 5.7751C10.2 6.0001 9.825 6.0751 9.525 5.9251Z" fill="#6A6A6A"></path></svg></a><a href="https://feeds.megaphone.fm/expansion" target="_blank" rel="noreferrer" aria-label="Download Podcast Feed for Expansion "><svg width="13" height="13" viewBox="0 0 13 13" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-3 h-3 relative" preserveAspectRatio="xMidYMid meet"><path d="M2.50838 12.6001C3.4369 12.6001 4.18962 11.8474 4.18962 10.9189C4.18962 9.99034 3.4369 9.23763 2.50838 9.23763C1.57986 9.23763 0.827148 9.99034 0.827148 10.9189C0.827148 11.8474 1.57986 12.6001 2.50838 12.6001Z" fill="#6A6A6A"></path><path d="M0.827148 0.600098V2.78262C6.24874 2.78262 10.6446 7.1785 10.6446 12.6001H12.8271C12.8271 5.97542 7.45183 0.600098 0.827148 0.600098ZM0.827148 4.96514V7.14766C3.83486 7.14766 6.27959 9.59239 6.27959 12.6001H8.46211C8.46211 8.38159 5.04566 4.96514 0.827148 4.96514Z" fill="#6A6A6A"></path></svg></a></div></div><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-0.5"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><a class="flex-grow-0 flex-shrink-0 text-[10px] text-left uppercase text-brand hover:text-light-gray" aria-label="All Expansion Episodes" href="/podcast/expansion">all episodes</a></div><svg width="10" height="11" viewBox="0 0 10 11" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-2.5 h-2.5 relative" preserveAspectRatio="xMidYMid meet"><path d="M6.67067 5.18344H1.6665V6.01677H6.67067V7.26677L8.33317 5.60011L6.67067 3.93344V5.18344Z" fill="#5637CD"></path></svg></div></div></div></div></div><div class="shrink-0 grow-0 flex-none border min-w-[100px] md:w-72"><div><div class="w-full overflow-hidden"><a href="/podcast/forwardguidance"><img alt="Forward Guidance" loading="lazy" width="300" height="300" decoding="async" data-nimg="1" class="w-full object-cover h-32" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fmegaphone.imgix.net%2Fpodcasts%2Ff398def0-373d-11ec-a51f-8fb207c4cf09%2Fimage%2F9e59ade84d3a011e770a83a3d3b4936e.png%3Fixlib%3Drails-4.3.1&w=384&q=75 1x, /_next/image?url=https%3A%2F%2Fmegaphone.imgix.net%2Fpodcasts%2Ff398def0-373d-11ec-a51f-8fb207c4cf09%2Fimage%2F9e59ade84d3a011e770a83a3d3b4936e.png%3Fixlib%3Drails-4.3.1&w=640&q=75 2x" src="/_next/image?url=https%3A%2F%2Fmegaphone.imgix.net%2Fpodcasts%2Ff398def0-373d-11ec-a51f-8fb207c4cf09%2Fimage%2F9e59ade84d3a011e770a83a3d3b4936e.png%3Fixlib%3Drails-4.3.1&w=640&q=75"/></a></div></div><div class="gap-4 p-5"><div class="gap-6"><div class="gap-2"><div class="flex justify-start items-start flex-grow-0 flex-shrink-0 relative gap-2.5"><a class="py-1.5 font-semibold text-xl text-left text-dark hover:text-brand" href="/podcast/forwardguidance">Forward Guidance</a></div><div class="flex justify-center items-center self-stretch flex-grow-0 flex-shrink-0 relative gap-2.5"><div class="flex-grow text-sm font-thin text-left text-light-gray">The laws of macro investing are being re-written, and investors who fail to adapt to the rapidly changing monetary environment will struggle to keep pace. Felix Jauvin interviews the brightest minds in finance about which asset classes they think will thrive..</div></div></div><div class="mt-4 flex justify-between"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-2"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-1.5"><p class="pt-0.5 text-xxs text-left uppercase text-gray-500 font-light">follow</p></div><div class="flex justify-start items-end flex-grow-0 flex-shrink-0 relative gap-2"><a href="https://open.spotify.com/show/4YWyPCna1Sg50fmRJGF0LV" target="_blank" rel="noreferrer" aria-label="Follow Forward Guidance on Spotify"><svg width="12" height="13" viewBox="0 0 12 13" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-3 h-3 relative" preserveAspectRatio="xMidYMid meet"><path d="M6 0.600098C2.7 0.600098 0 3.3001 0 6.6001C0 9.9001 2.7 12.6001 6 12.6001C9.3 12.6001 12 9.9001 12 6.6001C12 3.3001 9.3 0.600098 6 0.600098ZM8.775 9.3001C8.625 9.4501 8.475 9.5251 8.25 9.4501C6.825 8.5501 5.1 8.4001 3 8.8501C2.775 8.9251 2.625 8.7751 2.55 8.5501C2.475 8.3251 2.625 8.1751 2.85 8.1001C5.1 7.5751 7.125 7.8001 8.7 8.7751C8.85 8.8501 8.85 9.0751 8.775 9.3001ZM9.45 7.6501C9.3 7.8751 9 7.9501 8.85 7.8001C7.2 6.8251 4.8 6.5251 2.85 7.1251C2.625 7.1251 2.4 7.0501 2.325 6.7501C2.25 6.5251 2.4 6.3001 2.625 6.2251C4.8 5.5501 7.5 5.9251 9.375 7.0501C9.525 7.1251 9.6 7.4251 9.45 7.6501ZM9.525 5.9251C7.575 4.8001 4.425 4.6501 2.55 5.2501C2.25 5.3251 1.95 5.1751 1.875 4.8751C1.8 4.5751 1.95 4.2751 2.25 4.2001C4.35 3.6001 7.875 3.6751 10.125 5.0251C10.425 5.1751 10.5 5.5501 10.35 5.7751C10.2 6.0001 9.825 6.0751 9.525 5.9251Z" fill="#6A6A6A"></path></svg></a><a href="https://podcasts.apple.com/us/podcast/forward-guidance/id1592743188" target="_blank" rel="noreferrer" aria-label="Follow Forward Guidance on iTunes"><svg width="11" height="13" viewBox="0 0 11 13" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-[10.83px] h-3 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7.42301L5.61537 7.40701Z" fill="#6A6A6A"></path></svg></a><a href="https://feeds.megaphone.fm/forwardguidance" target="_blank" rel="noreferrer" aria-label="Download Podcast Feed for Forward Guidance"><svg width="13" height="13" viewBox="0 0 13 13" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-3 h-3 relative" preserveAspectRatio="xMidYMid meet"><path d="M2.50838 12.6001C3.4369 12.6001 4.18962 11.8474 4.18962 10.9189C4.18962 9.99034 3.4369 9.23763 2.50838 9.23763C1.57986 9.23763 0.827148 9.99034 0.827148 10.9189C0.827148 11.8474 1.57986 12.6001 2.50838 12.6001Z" fill="#6A6A6A"></path><path d="M0.827148 0.600098V2.78262C6.24874 2.78262 10.6446 7.1785 10.6446 12.6001H12.8271C12.8271 5.97542 7.45183 0.600098 0.827148 0.600098ZM0.827148 4.96514V7.14766C3.83486 7.14766 6.27959 9.59239 6.27959 12.6001H8.46211C8.46211 8.38159 5.04566 4.96514 0.827148 4.96514Z" fill="#6A6A6A"></path></svg></a></div></div><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-0.5"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><a class="flex-grow-0 flex-shrink-0 text-[10px] text-left uppercase text-brand hover:text-light-gray" aria-label="All Forward Guidance Episodes" href="/podcast/forwardguidance">all episodes</a></div><svg width="10" height="11" viewBox="0 0 10 11" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-2.5 h-2.5 relative" preserveAspectRatio="xMidYMid meet"><path d="M6.67067 5.18344H1.6665V6.01677H6.67067V7.26677L8.33317 5.60011L6.67067 3.93344V5.18344Z" fill="#5637CD"></path></svg></div></div></div></div></div><div class="shrink-0 grow-0 flex-none border min-w-[100px] md:w-72"><div><div class="w-full overflow-hidden"><a href="/podcast/lightspeed"><img alt="Lightspeed" loading="lazy" width="300" height="300" decoding="async" data-nimg="1" class="w-full object-cover h-32" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fmegaphone.imgix.net%2Fpodcasts%2Fabbbce92-1f64-11ee-b302-0345cd12db18%2Fimage%2Fb5c3f8cb6ee39c1dc65dc555fcf122c2.png%3Fixlib%3Drails-4.3.1&w=384&q=75 1x, /_next/image?url=https%3A%2F%2Fmegaphone.imgix.net%2Fpodcasts%2Fabbbce92-1f64-11ee-b302-0345cd12db18%2Fimage%2Fb5c3f8cb6ee39c1dc65dc555fcf122c2.png%3Fixlib%3Drails-4.3.1&w=640&q=75 2x" src="/_next/image?url=https%3A%2F%2Fmegaphone.imgix.net%2Fpodcasts%2Fabbbce92-1f64-11ee-b302-0345cd12db18%2Fimage%2Fb5c3f8cb6ee39c1dc65dc555fcf122c2.png%3Fixlib%3Drails-4.3.1&w=640&q=75"/></a></div></div><div class="gap-4 p-5"><div class="gap-6"><div class="gap-2"><div class="flex justify-start items-start flex-grow-0 flex-shrink-0 relative gap-2.5"><a class="py-1.5 font-semibold text-xl text-left text-dark hover:text-brand" href="/podcast/lightspeed">Lightspeed</a></div><div class="flex justify-center items-center self-stretch flex-grow-0 flex-shrink-0 relative gap-2.5"><div class="flex-grow text-sm font-thin text-left text-light-gray">Lightspeed is a podcast for those interested in how crypto can solve real problems and create products users love. It's a callback to the garage days of Silicon Valley, where builders pushed the limits of hardware and software to build..</div></div></div><div class="mt-4 flex justify-between"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-2"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-1.5"><p class="pt-0.5 text-xxs text-left uppercase text-gray-500 font-light">follow</p></div><div class="flex justify-start items-end flex-grow-0 flex-shrink-0 relative gap-2"><a href="https://open.spotify.com/show/6JWaXUZF24H0joX1e30GYi" target="_blank" rel="noreferrer" aria-label="Follow Lightspeed on Spotify"><svg width="12" height="13" viewBox="0 0 12 13" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-3 h-3 relative" preserveAspectRatio="xMidYMid meet"><path d="M6 0.600098C2.7 0.600098 0 3.3001 0 6.6001C0 9.9001 2.7 12.6001 6 12.6001C9.3 12.6001 12 9.9001 12 6.6001C12 3.3001 9.3 0.600098 6 0.600098ZM8.775 9.3001C8.625 9.4501 8.475 9.5251 8.25 9.4501C6.825 8.5501 5.1 8.4001 3 8.8501C2.775 8.9251 2.625 8.7751 2.55 8.5501C2.475 8.3251 2.625 8.1751 2.85 8.1001C5.1 7.5751 7.125 7.8001 8.7 8.7751C8.85 8.8501 8.85 9.0751 8.775 9.3001ZM9.45 7.6501C9.3 7.8751 9 7.9501 8.85 7.8001C7.2 6.8251 4.8 6.5251 2.85 7.1251C2.625 7.1251 2.4 7.0501 2.325 6.7501C2.25 6.5251 2.4 6.3001 2.625 6.2251C4.8 5.5501 7.5 5.9251 9.375 7.0501C9.525 7.1251 9.6 7.4251 9.45 7.6501ZM9.525 5.9251C7.575 4.8001 4.425 4.6501 2.55 5.2501C2.25 5.3251 1.95 5.1751 1.875 4.8751C1.8 4.5751 1.95 4.2751 2.25 4.2001C4.35 3.6001 7.875 3.6751 10.125 5.0251C10.425 5.1751 10.5 5.5501 10.35 5.7751C10.2 6.0001 9.825 6.0751 9.525 5.9251Z" fill="#6A6A6A"></path></svg></a><a href="https://feeds.megaphone.fm/lightspeed" target="_blank" rel="noreferrer" aria-label="Download Podcast Feed for Lightspeed"><svg width="13" height="13" viewBox="0 0 13 13" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-3 h-3 relative" preserveAspectRatio="xMidYMid meet"><path d="M2.50838 12.6001C3.4369 12.6001 4.18962 11.8474 4.18962 10.9189C4.18962 9.99034 3.4369 9.23763 2.50838 9.23763C1.57986 9.23763 0.827148 9.99034 0.827148 10.9189C0.827148 11.8474 1.57986 12.6001 2.50838 12.6001Z" fill="#6A6A6A"></path><path d="M0.827148 0.600098V2.78262C6.24874 2.78262 10.6446 7.1785 10.6446 12.6001H12.8271C12.8271 5.97542 7.45183 0.600098 0.827148 0.600098ZM0.827148 4.96514V7.14766C3.83486 7.14766 6.27959 9.59239 6.27959 12.6001H8.46211C8.46211 8.38159 5.04566 4.96514 0.827148 4.96514Z" fill="#6A6A6A"></path></svg></a></div></div><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-0.5"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><a class="flex-grow-0 flex-shrink-0 text-[10px] text-left uppercase text-brand hover:text-light-gray" aria-label="All Lightspeed Episodes" href="/podcast/lightspeed">all episodes</a></div><svg width="10" height="11" viewBox="0 0 10 11" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-2.5 h-2.5 relative" preserveAspectRatio="xMidYMid meet"><path d="M6.67067 5.18344H1.6665V6.01677H6.67067V7.26677L8.33317 5.60011L6.67067 3.93344V5.18344Z" fill="#5637CD"></path></svg></div></div></div></div></div><div class="shrink-0 grow-0 flex-none border min-w-[100px] md:w-72"><div><div class="w-full overflow-hidden"><a href="/podcast/supplyshock"><img alt="Supply Shock" loading="lazy" width="300" height="300" decoding="async" data-nimg="1" class="w-full object-cover h-32" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fmegaphone.imgix.net%2Fpodcasts%2F701a8bb0-75e0-11eb-b1ed-cb043298ccf9%2Fimage%2Ffb63621dcbdc3ba8159bf42250ed8b95.png%3Fixlib%3Drails-4.3.1&w=384&q=75 1x, /_next/image?url=https%3A%2F%2Fmegaphone.imgix.net%2Fpodcasts%2F701a8bb0-75e0-11eb-b1ed-cb043298ccf9%2Fimage%2Ffb63621dcbdc3ba8159bf42250ed8b95.png%3Fixlib%3Drails-4.3.1&w=640&q=75 2x" src="/_next/image?url=https%3A%2F%2Fmegaphone.imgix.net%2Fpodcasts%2F701a8bb0-75e0-11eb-b1ed-cb043298ccf9%2Fimage%2Ffb63621dcbdc3ba8159bf42250ed8b95.png%3Fixlib%3Drails-4.3.1&w=640&q=75"/></a></div></div><div class="gap-4 p-5"><div class="gap-6"><div class="gap-2"><div class="flex justify-start items-start flex-grow-0 flex-shrink-0 relative gap-2.5"><a class="py-1.5 font-semibold text-xl text-left text-dark hover:text-brand" href="/podcast/supplyshock">Supply Shock</a></div><div class="flex justify-center items-center self-stretch flex-grow-0 flex-shrink-0 relative gap-2.5"><div class="flex-grow text-sm font-thin text-left text-light-gray">Supply Shock, hosted by Pete Rizzo, The Bitcoin Historian, explores the latest Bitcoin news with a deep historical perspective. Featuring in-depth interviews with industry experts, each episode connects current events to key moments in Bitcoin history, revealing patterns, lessons, and..</div></div></div><div class="mt-4 flex justify-between"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-2"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-1.5"><p class="pt-0.5 text-xxs text-left uppercase text-gray-500 font-light">follow</p></div><div class="flex justify-start items-end flex-grow-0 flex-shrink-0 relative gap-2"><a href="https://open.spotify.com/show/2yFL2nSsQucf1rzdEKbFZY" target="_blank" rel="noreferrer" aria-label="Follow Supply Shock on Spotify"><svg width="12" height="13" viewBox="0 0 12 13" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-3 h-3 relative" preserveAspectRatio="xMidYMid meet"><path d="M6 0.600098C2.7 0.600098 0 3.3001 0 6.6001C0 9.9001 2.7 12.6001 6 12.6001C9.3 12.6001 12 9.9001 12 6.6001C12 3.3001 9.3 0.600098 6 0.600098ZM8.775 9.3001C8.625 9.4501 8.475 9.5251 8.25 9.4501C6.825 8.5501 5.1 8.4001 3 8.8501C2.775 8.9251 2.625 8.7751 2.55 8.5501C2.475 8.3251 2.625 8.1751 2.85 8.1001C5.1 7.5751 7.125 7.8001 8.7 8.7751C8.85 8.8501 8.85 9.0751 8.775 9.3001ZM9.45 7.6501C9.3 7.8751 9 7.9501 8.85 7.8001C7.2 6.8251 4.8 6.5251 2.85 7.1251C2.625 7.1251 2.4 7.0501 2.325 6.7501C2.25 6.5251 2.4 6.3001 2.625 6.2251C4.8 5.5501 7.5 5.9251 9.375 7.0501C9.525 7.1251 9.6 7.4251 9.45 7.6501ZM9.525 5.9251C7.575 4.8001 4.425 4.6501 2.55 5.2501C2.25 5.3251 1.95 5.1751 1.875 4.8751C1.8 4.5751 1.95 4.2751 2.25 4.2001C4.35 3.6001 7.875 3.6751 10.125 5.0251C10.425 5.1751 10.5 5.5501 10.35 5.7751C10.2 6.0001 9.825 6.0751 9.525 5.9251Z" fill="#6A6A6A"></path></svg></a><a href="https://podcasts.apple.com/us/podcast/supply-shock/id1558223079" target="_blank" rel="noreferrer" aria-label="Follow Supply Shock on iTunes"><svg width="11" height="13" viewBox="0 0 11 13" fill="none" xmlns="http://www.w3.org/2000/svg" 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7.42301C5.47542 7.41122 5.53259 7.41122 5.58791 7.42301L5.61537 7.40701Z" fill="#6A6A6A"></path></svg></a><a href="https://feeds.megaphone.fm/supplyshock" target="_blank" rel="noreferrer" aria-label="Download Podcast Feed for Supply Shock"><svg width="13" height="13" viewBox="0 0 13 13" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-3 h-3 relative" preserveAspectRatio="xMidYMid meet"><path d="M2.50838 12.6001C3.4369 12.6001 4.18962 11.8474 4.18962 10.9189C4.18962 9.99034 3.4369 9.23763 2.50838 9.23763C1.57986 9.23763 0.827148 9.99034 0.827148 10.9189C0.827148 11.8474 1.57986 12.6001 2.50838 12.6001Z" fill="#6A6A6A"></path><path d="M0.827148 0.600098V2.78262C6.24874 2.78262 10.6446 7.1785 10.6446 12.6001H12.8271C12.8271 5.97542 7.45183 0.600098 0.827148 0.600098ZM0.827148 4.96514V7.14766C3.83486 7.14766 6.27959 9.59239 6.27959 12.6001H8.46211C8.46211 8.38159 5.04566 4.96514 0.827148 4.96514Z" fill="#6A6A6A"></path></svg></a></div></div><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-0.5"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><a class="flex-grow-0 flex-shrink-0 text-[10px] text-left uppercase text-brand hover:text-light-gray" aria-label="All Supply Shock Episodes" href="/podcast/supplyshock">all episodes</a></div><svg width="10" height="11" viewBox="0 0 10 11" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-2.5 h-2.5 relative" preserveAspectRatio="xMidYMid meet"><path d="M6.67067 5.18344H1.6665V6.01677H6.67067V7.26677L8.33317 5.60011L6.67067 3.93344V5.18344Z" fill="#5637CD"></path></svg></div></div></div></div></div><div class="shrink-0 grow-0 flex-none border min-w-[100px] md:w-72"><div><div class="w-full overflow-hidden"><a href="/podcast/thebreakdown"><img alt="The Breakdown" loading="lazy" width="300" height="300" decoding="async" data-nimg="1" class="w-full object-cover h-32" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fmegaphone.imgix.net%2Fpodcasts%2F53cadc42-20da-11ee-a8f1-1bd22b61356c%2Fimage%2F62ee20ffa192fc89882f829ef0a903ad.png%3Fixlib%3Drails-4.3.1&w=384&q=75 1x, /_next/image?url=https%3A%2F%2Fmegaphone.imgix.net%2Fpodcasts%2F53cadc42-20da-11ee-a8f1-1bd22b61356c%2Fimage%2F62ee20ffa192fc89882f829ef0a903ad.png%3Fixlib%3Drails-4.3.1&w=640&q=75 2x" src="/_next/image?url=https%3A%2F%2Fmegaphone.imgix.net%2Fpodcasts%2F53cadc42-20da-11ee-a8f1-1bd22b61356c%2Fimage%2F62ee20ffa192fc89882f829ef0a903ad.png%3Fixlib%3Drails-4.3.1&w=640&q=75"/></a></div></div><div class="gap-4 p-5"><div class="gap-6"><div class="gap-2"><div class="flex justify-start items-start flex-grow-0 flex-shrink-0 relative gap-2.5"><a class="py-1.5 font-semibold text-xl text-left text-dark hover:text-brand" href="/podcast/thebreakdown">The Breakdown</a></div><div class="flex justify-center items-center self-stretch flex-grow-0 flex-shrink-0 relative gap-2.5"><div class="flex-grow text-sm font-thin text-left text-light-gray">A daily analysis of macroeconomics, bitcoin, geopolitics and big picture power shifts, hosted by Nathaniel Whittemore @nlw. The Breakdown is part of Blockworks...</div></div></div><div class="mt-4 flex justify-between"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-2"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-1.5"><p class="pt-0.5 text-xxs text-left uppercase text-gray-500 font-light">follow</p></div><div class="flex justify-start items-end flex-grow-0 flex-shrink-0 relative gap-2"><a href="https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF" target="_blank" rel="noreferrer" aria-label="Follow The Breakdown on Spotify"><svg width="12" height="13" viewBox="0 0 12 13" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-3 h-3 relative" preserveAspectRatio="xMidYMid meet"><path d="M6 0.600098C2.7 0.600098 0 3.3001 0 6.6001C0 9.9001 2.7 12.6001 6 12.6001C9.3 12.6001 12 9.9001 12 6.6001C12 3.3001 9.3 0.600098 6 0.600098ZM8.775 9.3001C8.625 9.4501 8.475 9.5251 8.25 9.4501C6.825 8.5501 5.1 8.4001 3 8.8501C2.775 8.9251 2.625 8.7751 2.55 8.5501C2.475 8.3251 2.625 8.1751 2.85 8.1001C5.1 7.5751 7.125 7.8001 8.7 8.7751C8.85 8.8501 8.85 9.0751 8.775 9.3001ZM9.45 7.6501C9.3 7.8751 9 7.9501 8.85 7.8001C7.2 6.8251 4.8 6.5251 2.85 7.1251C2.625 7.1251 2.4 7.0501 2.325 6.7501C2.25 6.5251 2.4 6.3001 2.625 6.2251C4.8 5.5501 7.5 5.9251 9.375 7.0501C9.525 7.1251 9.6 7.4251 9.45 7.6501ZM9.525 5.9251C7.575 4.8001 4.425 4.6501 2.55 5.2501C2.25 5.3251 1.95 5.1751 1.875 4.8751C1.8 4.5751 1.95 4.2751 2.25 4.2001C4.35 3.6001 7.875 3.6751 10.125 5.0251C10.425 5.1751 10.5 5.5501 10.35 5.7751C10.2 6.0001 9.825 6.0751 9.525 5.9251Z" fill="#6A6A6A"></path></svg></a><a href="https://feeds.megaphone.fm/thebreakdown" target="_blank" rel="noreferrer" aria-label="Download Podcast Feed for The Breakdown"><svg width="13" height="13" viewBox="0 0 13 13" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-3 h-3 relative" preserveAspectRatio="xMidYMid meet"><path d="M2.50838 12.6001C3.4369 12.6001 4.18962 11.8474 4.18962 10.9189C4.18962 9.99034 3.4369 9.23763 2.50838 9.23763C1.57986 9.23763 0.827148 9.99034 0.827148 10.9189C0.827148 11.8474 1.57986 12.6001 2.50838 12.6001Z" fill="#6A6A6A"></path><path d="M0.827148 0.600098V2.78262C6.24874 2.78262 10.6446 7.1785 10.6446 12.6001H12.8271C12.8271 5.97542 7.45183 0.600098 0.827148 0.600098ZM0.827148 4.96514V7.14766C3.83486 7.14766 6.27959 9.59239 6.27959 12.6001H8.46211C8.46211 8.38159 5.04566 4.96514 0.827148 4.96514Z" fill="#6A6A6A"></path></svg></a></div></div><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-0.5"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><a class="flex-grow-0 flex-shrink-0 text-[10px] text-left uppercase text-brand hover:text-light-gray" aria-label="All The Breakdown Episodes" href="/podcast/thebreakdown">all episodes</a></div><svg width="10" height="11" viewBox="0 0 10 11" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-2.5 h-2.5 relative" preserveAspectRatio="xMidYMid meet"><path d="M6.67067 5.18344H1.6665V6.01677H6.67067V7.26677L8.33317 5.60011L6.67067 3.93344V5.18344Z" fill="#5637CD"></path></svg></div></div></div></div></div><div class="shrink-0 grow-0 flex-none border min-w-[100px] md:w-72"><div><div class="w-full overflow-hidden"><a href="/podcast/empire"><img alt="Hivemind" loading="lazy" width="300" height="300" decoding="async" data-nimg="1" class="w-full object-cover h-32" style="color:transparent" srcSet="/_next/image?url=%2Fimages%2Fpodcasts%2Fhivemind2.png&w=384&q=75 1x, /_next/image?url=%2Fimages%2Fpodcasts%2Fhivemind2.png&w=640&q=75 2x" src="/_next/image?url=%2Fimages%2Fpodcasts%2Fhivemind2.png&w=640&q=75"/></a></div></div><div class="gap-4 p-5"><div class="gap-6"><div class="gap-2"><div class="flex justify-start items-start flex-grow-0 flex-shrink-0 relative gap-2.5"><a class="py-1.5 font-semibold text-xl text-left text-dark hover:text-brand" href="/podcast/empire">Hivemind</a></div><div class="flex justify-center items-center self-stretch flex-grow-0 flex-shrink-0 relative gap-2.5"><div class="flex-grow text-sm font-thin text-left text-light-gray">Hivemind combines Delphi Digital’s brightest minds to cut through the crypto noise. Jose, Yan, Ceteris and Duncan explore everything from venture to token design, offering an unfiltered perspective on what shapes the industry. We cut through the hype to focus..</div></div></div><div class="mt-4 flex justify-between"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-2"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 gap-1.5"><p class="pt-0.5 text-xxs text-left uppercase text-gray-500 font-light">follow</p></div><div class="flex justify-start items-end flex-grow-0 flex-shrink-0 relative gap-2"><a href="https://open.spotify.com/show/4UTePv1CR3APdKOiosR3Iq" target="_blank" rel="noreferrer" aria-label="Follow Hivemind on Spotify"><svg width="12" height="13" viewBox="0 0 12 13" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-3 h-3 relative" preserveAspectRatio="xMidYMid meet"><path d="M6 0.600098C2.7 0.600098 0 3.3001 0 6.6001C0 9.9001 2.7 12.6001 6 12.6001C9.3 12.6001 12 9.9001 12 6.6001C12 3.3001 9.3 0.600098 6 0.600098ZM8.775 9.3001C8.625 9.4501 8.475 9.5251 8.25 9.4501C6.825 8.5501 5.1 8.4001 3 8.8501C2.775 8.9251 2.625 8.7751 2.55 8.5501C2.475 8.3251 2.625 8.1751 2.85 8.1001C5.1 7.5751 7.125 7.8001 8.7 8.7751C8.85 8.8501 8.85 9.0751 8.775 9.3001ZM9.45 7.6501C9.3 7.8751 9 7.9501 8.85 7.8001C7.2 6.8251 4.8 6.5251 2.85 7.1251C2.625 7.1251 2.4 7.0501 2.325 6.7501C2.25 6.5251 2.4 6.3001 2.625 6.2251C4.8 5.5501 7.5 5.9251 9.375 7.0501C9.525 7.1251 9.6 7.4251 9.45 7.6501ZM9.525 5.9251C7.575 4.8001 4.425 4.6501 2.55 5.2501C2.25 5.3251 1.95 5.1751 1.875 4.8751C1.8 4.5751 1.95 4.2751 2.25 4.2001C4.35 3.6001 7.875 3.6751 10.125 5.0251C10.425 5.1751 10.5 5.5501 10.35 5.7751C10.2 6.0001 9.825 6.0751 9.525 5.9251Z" fill="#6A6A6A"></path></svg></a><a href="https://podcasts.apple.com/us/podcast/empire/id1554930038" target="_blank" rel="noreferrer" aria-label="Follow Hivemind on iTunes"><svg width="11" height="13" viewBox="0 0 11 13" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-[10.83px] h-3 relative" preserveAspectRatio="xMidYMid meet"><path d="M5.02862 12.4717C4.56776 12.3069 4.46907 12.083 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href="https://feeds.megaphone.fm/empire" target="_blank" rel="noreferrer" aria-label="Download Podcast Feed for Hivemind"><svg width="13" height="13" viewBox="0 0 13 13" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-3 h-3 relative" preserveAspectRatio="xMidYMid meet"><path d="M2.50838 12.6001C3.4369 12.6001 4.18962 11.8474 4.18962 10.9189C4.18962 9.99034 3.4369 9.23763 2.50838 9.23763C1.57986 9.23763 0.827148 9.99034 0.827148 10.9189C0.827148 11.8474 1.57986 12.6001 2.50838 12.6001Z" fill="#6A6A6A"></path><path d="M0.827148 0.600098V2.78262C6.24874 2.78262 10.6446 7.1785 10.6446 12.6001H12.8271C12.8271 5.97542 7.45183 0.600098 0.827148 0.600098ZM0.827148 4.96514V7.14766C3.83486 7.14766 6.27959 9.59239 6.27959 12.6001H8.46211C8.46211 8.38159 5.04566 4.96514 0.827148 4.96514Z" fill="#6A6A6A"></path></svg></a></div></div><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-0.5"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><a class="flex-grow-0 flex-shrink-0 text-[10px] text-left uppercase text-brand hover:text-light-gray" aria-label="All Hivemind Episodes" href="/podcast/empire">all episodes</a></div><svg width="10" height="11" viewBox="0 0 10 11" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-2.5 h-2.5 relative" preserveAspectRatio="xMidYMid meet"><path d="M6.67067 5.18344H1.6665V6.01677H6.67067V7.26677L8.33317 5.60011L6.67067 3.93344V5.18344Z" fill="#5637CD"></path></svg></div></div></div></div></div></div></div></section><section><div class="md:mt-0 md:flex md:justify-between md:items-center w-full px-10 py-5 border-b border-t"><div class="flex justify-start items-center gap-3"><div class="relative"><h2 class="text-base uppercase text-dark font-semibold"><a href="https://blockworksresearch.com" rel="nofollow">research</a></h2></div><div class="hidden md:flex justify-start items-start text-center md:text-left relative gap-2.5"><p class="text-light-gray">Insights you can't invest without.</p></div></div><div><a href="https://blockworksresearch.com" rel="nofollow" class="text-sm text-center md:text-left uppercase text-brand"><span class="flex align-middle">more research<svg width="8" height="4" viewBox="0 0 8 4" fill="none" xmlns="http://www.w3.org/2000/svg" class="ml-1 mt-1.5" preserveAspectRatio="none"><path d="M6.005 1.5H0V2.5H6.005V4L8 2L6.005 0V1.5Z" fill="#5637CD"></path></svg></span></a></div></div><div class="grid grid-cols-1 sm:grid-cols-2 md:grid-cols-3 xl:grid-cols-4 overflow-auto flex-grow-0 flex-shrink-0 w-full relative gap-10 p-10"><div class="lg:w-[300px] border"><div><div class="w-full overflow-hidden"><a href="https://app.blockworksresearch.com/research/morpho-and-the-defi-mullet" target="_blank" rel="noreferrer"><img alt="Morpho and the DeFi Mullet" loading="lazy" width="300" height="300" decoding="async" data-nimg="1" class="object-cover h-32 w-full" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2Fmorpho_2_graphic_2fc2010512.png&w=384&q=75 1x, /_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2Fmorpho_2_graphic_2fc2010512.png&w=640&q=75 2x" src="/_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2Fmorpho_2_graphic_2fc2010512.png&w=640&q=75"/></a></div></div><div class="gap-4 p-5"><div class="gap-6"><div class="gap-2"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><p class="flex-grow-0 flex-shrink-0 text-[10px] text-left uppercase text-brand">Blockworks Research</p></div><div class="flex justify-start items-start flex-grow-0 flex-shrink-0 relative gap-2.5"><a href="https://app.blockworksresearch.com/research/morpho-and-the-defi-mullet" class="py-1.5 font-semibold text-xl text-left text-dark hover:text-brand" target="_blank" rel="noreferrer">Morpho and the DeFi Mullet</a></div><div class="flex justify-center items-center self-stretch flex-grow-0 flex-shrink-0 relative gap-2.5"><div class="flex-grow text-sm font-thin text-left text-light-gray">Utilizing a ‘DeFi Mullet’ approach, Coinbase’s Bitcoin-backed loans integration with Morpho demonstrates a powerful blueprint for CEXs to monetize dormant assets by expanding adoption of wrapped products (cbBTC, USDC) while also supporting native and/or preferred DeFi ecosystems (Base) which can further lead to downstream growth in onchain liquidity and increased utilization of the related assets.</div></div><div class="py-4"><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><span class="link-gray">Danny K</span></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-04-03T10:40:38.000Z">April 3, 2025</time></div></div></div></div></div></div></div><div class="lg:w-[300px] border"><div><div class="w-full overflow-hidden"><a href="https://app.blockworksresearch.com/research/fluid-supercharging-lps-with-unified-liquidity" target="_blank" rel="noreferrer"><img alt="Fluid: Supercharging LPs with Unified Liquidity" loading="lazy" width="300" height="300" decoding="async" data-nimg="1" class="object-cover h-32 w-full" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2FResearch_Report_Templates_73a9b5a82e.png&w=384&q=75 1x, /_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2FResearch_Report_Templates_73a9b5a82e.png&w=640&q=75 2x" src="/_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2FResearch_Report_Templates_73a9b5a82e.png&w=640&q=75"/></a></div></div><div class="gap-4 p-5"><div class="gap-6"><div class="gap-2"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><p class="flex-grow-0 flex-shrink-0 text-[10px] text-left uppercase text-brand">Blockworks Research</p></div><div class="flex justify-start items-start flex-grow-0 flex-shrink-0 relative gap-2.5"><a href="https://app.blockworksresearch.com/research/fluid-supercharging-lps-with-unified-liquidity" class="py-1.5 font-semibold text-xl text-left text-dark hover:text-brand" target="_blank" rel="noreferrer">Fluid: Supercharging LPs with Unified Liquidity</a></div><div class="flex justify-center items-center self-stretch flex-grow-0 flex-shrink-0 relative gap-2.5"><div class="flex-grow text-sm font-thin text-left text-light-gray">Fluid's hybrid money market & DEX protocol has grown rapidly since launch in December of 2024.</div></div><div class="py-4"><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><span class="link-gray">Daniel Shapiro</span></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-04-02T11:00:53.000Z">April 2, 2025</time></div></div></div></div></div></div></div><div class="lg:w-[300px] border"><div><div class="w-full overflow-hidden"><a href="https://app.blockworksresearch.com/research/telegram-trading-bots" target="_blank" rel="noreferrer"><img alt="Telegram Trading Bots: Robinhood Without Borders" loading="lazy" width="300" height="300" decoding="async" data-nimg="1" class="object-cover h-32 w-full" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2Ftg_trading_bot_report_graphic_4d455b3682.png&w=384&q=75 1x, /_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2Ftg_trading_bot_report_graphic_4d455b3682.png&w=640&q=75 2x" src="/_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2Ftg_trading_bot_report_graphic_4d455b3682.png&w=640&q=75"/></a></div></div><div class="gap-4 p-5"><div class="gap-6"><div class="gap-2"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><p class="flex-grow-0 flex-shrink-0 text-[10px] text-left uppercase text-brand">Blockworks Research</p></div><div class="flex justify-start items-start flex-grow-0 flex-shrink-0 relative gap-2.5"><a href="https://app.blockworksresearch.com/research/telegram-trading-bots" class="py-1.5 font-semibold text-xl text-left text-dark hover:text-brand" target="_blank" rel="noreferrer">Telegram Trading Bots: Robinhood Without Borders</a></div><div class="flex justify-center items-center self-stretch flex-grow-0 flex-shrink-0 relative gap-2.5"><div class="flex-grow text-sm font-thin text-left text-light-gray">Telegram trading bots have found their primary niche in highly speculative token launches and retail-dominated memecoin markets, with many features specifically tailored to token sniping and copy-trading strategies.</div></div><div class="py-4"><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><span class="link-gray">Danny K</span></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-03-31T15:01:08.000Z">March 31, 2025</time></div></div></div></div></div></div></div><div class="lg:w-[300px] border"><div><div class="w-full overflow-hidden"><a href="https://app.blockworksresearch.com/research/bluefin-an-emerging-competitor" target="_blank" rel="noreferrer"><img alt="Evaluating Bluefin’s Precarious Market Position" loading="lazy" width="300" height="300" decoding="async" data-nimg="1" class="object-cover h-32 w-full" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2FResearch_Report_Templates_1151fcbfdb.jpg&w=384&q=75 1x, /_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2FResearch_Report_Templates_1151fcbfdb.jpg&w=640&q=75 2x" src="/_next/image?url=https%3A%2F%2Fimpressive-horses-5641a8b530.media.strapiapp.com%2FResearch_Report_Templates_1151fcbfdb.jpg&w=640&q=75"/></a></div></div><div class="gap-4 p-5"><div class="gap-6"><div class="gap-2"><div class="flex justify-start items-center flex-grow-0 flex-shrink-0 relative gap-1"><p class="flex-grow-0 flex-shrink-0 text-[10px] text-left uppercase text-brand">Blockworks Research</p></div><div class="flex justify-start items-start flex-grow-0 flex-shrink-0 relative gap-2.5"><a href="https://app.blockworksresearch.com/research/bluefin-an-emerging-competitor" class="py-1.5 font-semibold text-xl text-left text-dark hover:text-brand" target="_blank" rel="noreferrer">Evaluating Bluefin’s Precarious Market Position</a></div><div class="flex justify-center items-center self-stretch flex-grow-0 flex-shrink-0 relative gap-2.5"><div class="flex-grow text-sm font-thin text-left text-light-gray">Bluefin possibly stands at an inflection point. The token is near an all-time low yet the protocol’s spot volume market share and derivatives exchange usage have been increasing month over month since its November launch. Given its current market position and the upcoming upgrades (for both Bluefin and SUI), there may be upside potential before the increased supply growth in December. However, strong opposition from existing competitors (like Cetus and Suilend), as well as new entrants (like Aftermath), pose key challenges to Bluefin’s medium-term success.</div></div><div class="py-4"><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><span class="link-gray">Marc-Thomas Arjoon, CFA</span></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2025-03-27T12:35:52.000Z">March 27, 2025</time></div></div></div></div></div></div></div></div></section></main><div class="fixed bottom-0 z-10 left-0 right-0"></div><audio></audio><footer class="bg-[color:#110B29] w-full"><div class="flex flex-wrap sm:flex-nowrap justify-center border-b border-[#b4b4b4]/[0.35]"><div class="flex flex-col justify-start items-start self-stretch flex-grow gap-3 p-10 bg-[color:#110b29]"><div class="flex flex-col justify-start items-start self-stretch flex-grow-0 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3.712 3.2014 3.952 3.1934ZM4 0.337402C1.792 0.337402 0 2.1294 0 4.3374C0 6.5454 1.792 8.3374 4 8.3374C6.208 8.3374 8 6.5454 8 4.3374C8 2.1294 6.208 0.337402 4 0.337402ZM4 7.5374C2.236 7.5374 0.8 6.1014 0.8 4.3374C0.8 2.5734 2.236 1.1374 4 1.1374C5.764 1.1374 7.2 2.5734 7.2 4.3374C7.2 6.1014 5.764 7.5374 4 7.5374Z" fill="currentColor"></path></svg><p class="flex-grow-0 flex-shrink-0 text-[10px] text-left uppercase text-white">Blockworks Inc.</p></div><p class="flex-grow-0 flex-shrink-0 text-[10px] text-left uppercase text-white">133 W 19th St., New York, NY 10011</p></div><div class="text-white flex justify-start items-start flex-grow-0 flex-shrink-0 relative gap-3"><a href="https://twitter.com/Blockworks_" target="_blank" rel="noreferrer nofollow" aria-label="Twitter"><svg aria-hidden="true" width="24" height="25" viewBox="0 0 24 25" fill="none" xmlns="http://www.w3.org/2000/svg" class="flex-grow-0 flex-shrink-0 w-6 h-6 relative" preserveAspectRatio="xMidYMid meet"><path d="M20 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With a user-friendly platform, extensive range of trading pairs, and robust security features, Binance has attracted millions of users from around the world. The exchange has also expanded its services to include various blockchain-related products, including a decentralized exchange and a platform for creating and launching digital assets. In a rapidly evolving industry with continuous news and developments, staying informed is crucial. Follow Blockworks for the latest insights, expert analysis, and comprehensive coverage on Binance and other major players in the cryptocurrency exchange space, and stay up-to-date on the ever-changing world of blockchain and digital assets."},{"id":215,"count":372,"slug":"stablecoins","name":"stablecoins","description":""},{"id":515,"count":347,"slug":"bitcoin-etf","name":"bitcoin etf","description":""},{"id":164,"count":324,"slug":"latest","name":"latest","description":""}],"readMoreArticles":[{"slug":"satoshi-nakamoto-age-birthday-50-clues","id":100110,"permalink":"/news/satoshi-nakamoto-age-birthday-50-clues","title":"Satoshi Nakamoto turns “50” — how old is he really?","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-satoshi.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-satoshi.jpg","caption":"\u003cp\u003eSatoshi Nakamoto bust in Budapest | Szabolcs Magyar/Shutterstock and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 04 Apr 2025 16:00:34 GMT","publishedAt":"Sat, 05 Apr 2025 14:00:00 GMT","publishedAtTimestamp":1743861600,"excerpt":"Exploring theories behind April 5, Satoshi’s cryptic “birth date” – and potential clues about his real age","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the Supply Shock newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/supplyshock\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eOveranalyzing every crumb in Satoshi Nakamoto’s long-cold trail isn’t exactly useful these days. Not to mention that Satoshi left for a reason and deserves his privacy. \u003c/p\u003e\n\n\n\n\u003cp\u003eBut there’s hardly a better excuse to lean into the Nakamoto mystery than a cryptic fake birth date.\u003c/p\u003e\n\n\n\n\u003cp\u003eIt’s generally assumed that Satoshi listed April 5, 1975 as his birthday as a reference to President Roosevelt’s Executive Order 6102, which on that day in 1933 made it \u003ca href=\"https://www.federalreservehistory.org/essays/roosevelts-gold-program\"\u003eillegal\u003c/a\u003e for US citizens to hold physical gold — forcing them to give it to the government in return for cash.\u003c/p\u003e\n\n\n\n\u003cp\u003ePresident Ford reversed the order in 1975, so at best we figure Satoshi mashed up those dates as a nod to bitcoin’s potential as self-sovereign digital gold outside of government control. Neat!\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eOn This Day – Satoshi was \u0026#8220;born\u0026#8221;\u003c/h2\u003e\n\n\n\n\u003cp\u003eLet’s be clear — today is probably \u003cem\u003enot\u003c/em\u003e Satoshi’s 50th birthday.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe facts: \u003c/strong\u003eSatoshi set his birthday as April 5, 1975 in his P2P Foundation forum profile, which also stated that he resided in Japan (another unlikely factoid based on his known \u003ca href=\"https://medium.com/@insearchofsatoshi/the-time-zones-of-satoshi-nakamoto-aa40f035178f\"\u003eactivity\u003c/a\u003e patterns).\u003c/p\u003e\n\n\n\n\u003cp\u003eSatoshi’s only \u003ca href=\"https://satoshi.nakamotoinstitute.org/posts/p2pfoundation/threads/1/\"\u003eposts\u003c/a\u003e on this forum were to share the first version of Bitcoin, Bitcoin v0.1, in February 2009. He’d mined the genesis block about five weeks earlier and had already \u003ca href=\"https://www.metzdowd.com/pipermail/cryptography/2009-January/014994.html\"\u003ereleased\u003c/a\u003e the software via the Metzdowd cryptography mailing list.\u003c/p\u003e\n\n\n\n\u003cp\u003eIf today were really Satoshi’s birthday, he would’ve been 32 when he \u003ca href=\"https://satoshi.nakamotoinstitute.org/posts/bitcointalk/17/\"\u003estarted\u003c/a\u003e coding Bitcoin in 2007.\u003c/p\u003e\n\n\n\n\u003cp\u003ePerhaps Satoshi entering his founder era in his early thirties sounds about right.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAlthough you might already know about some idiosyncrasies that hint he could’ve been older.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003e\u003cstrong\u003eDouble spaces\u003c/strong\u003e\u003c/h2\u003e\n\n\n\n\u003cp\u003eSatoshi widely used double-spaces after sentences — in the whitepaper, on forums, and in emails. \u003c/p\u003e\n\n\n\n\u003cp\u003eDouble-spaces are a relic of the typewriter era, which more-or-less ended with the arrival of PCs in the 1990s. On typewriters, a single space was often not enough for the reader to easily differentiate between sentences, so people were taught to use two spaces after every end punctuation.\u003c/p\u003e\n\n\n\n\u003cp\u003eSetting aside the possibility that double-spaces were part of some sophisticated ploy to obscure Satoshi’s true identity, it points to him learning to type earlier than the ‘90s. Perhaps in the ‘80s or even the ‘70s — the latter likely making him a boomer born sometime in the ‘60s.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXePIPtL98KTf3DSXIOAnGWl0iKBzk796fOSrJHir2W18MM8xD2KZOHF4wsrMQkC8SfK0PeW7rr1npxohB4GFMk7F_F8mtXc7ueI71v9td5jbbdvhc-kkFwAP3bclYDd6spUTPm0?key=buPlaCJiNsJCSp2mfjZvf8BI\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eHere you can see Satoshi use double-spaces between sentences in the Bitcoin whitepaper.\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eThis would put Satoshi in his mid-forties when he started coding Bitcoin, and up to around 65 years old today.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003e\u003cstrong\u003eCoding style\u003c/strong\u003e\u003c/h2\u003e\n\n\n\n\u003cp\u003eSatoshi wrote Bitcoin in the programming language C++, released in 1983, which in and of itself is not peculiar. It’s the \u003cem\u003eway\u003c/em\u003e he wrote it.\u003c/p\u003e\n\n\n\n\u003cp\u003eDevelopers have pointed to Satoshi’s use of a variable naming \u003ca href=\"https://www.baeldung.com/cs/hungarian-notation\"\u003esystem\u003c/a\u003e called Hungarian notation, popularized by Microsoft in the late ‘80s and early ‘90s, which had fallen out of favor as development environments improved.\u003c/p\u003e\n\n\n\n\u003cp\u003eSatoshi also defined classes using a capital C. Doing so was standard when working with the Microsoft Foundation Class Library (MFC), a coding suite that was at peak popularity in the mid-to-late 90s — a whole decade before Bitcoin was written — and eventually surpassed by .NET.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXfO8_Z_bczmswZMwlXKB5GMBLPIwK_fIoblHt6pL6BTVUgEo6Ue8nghN1ilnROcy8OwZgi6C2vwAIzsa_X5YDaxjO6Tax_XVwTIT4koxEwFFj0f5pCT0yBYs-uXbmlARmJPCIlXtg?key=buPlaCJiNsJCSp2mfjZvf8BI\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eSatoshi named classes with a capital C, as shown \u003c/em\u003e\u003ca href=\"https://github.com/bitcoin/bitcoin/blob/master/src/primitives/block.h\"\u003e\u003cem\u003ehere in the code\u003c/em\u003e\u003c/a\u003e\u003cem\u003e that instructs the properties of Bitcoin block headers.\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eFollowing that arc suggests Satoshi may have had more than 20 years worth of C++ experience by the time he came to write Bitcoin. In that case, he would’ve probably been in his early-to-mid forties in 2007 and close to 60 today, a similar age to other cypherpunks like Julian Assange and Adam Back.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003e\u003cstrong\u003eCultural clues \u003c/strong\u003e\u003c/h2\u003e\n\n\n\n\u003cp\u003eOn the Bitcointalk forum, an early adopter in July 2010 had \u003ca href=\"https://satoshi.nakamotoinstitute.org/fa/posts/bitcointalk/174/\"\u003ewondered\u003c/a\u003e what might happen to the network if someone were to maliciously buy up all the bitcoin. \u003c/p\u003e\n\n\n\n\u003cp\u003eSatoshi pointed to an old \u003ca href=\"https://www.investopedia.com/articles/optioninvestor/09/silver-thursday-hunt-brothers.asp\"\u003etale\u003c/a\u003e of the silver market from the late 1970s, when the billionaire Hunt brothers sought to corner the supply and borrowed heavily to do it. They’d reportedly acquired more than half of the world’s deliverable silver, more than tripling its price in five months.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe trio was eventually bankrupted following the Silver Tuesday market crash in March 1980, which saw them face a $100-million margin call and losses of over $1.7 billion as prices tanked.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSatoshi clearly wasn’t too worried about someone cornering the bitcoin supply (for what it’s worth, here’s a \u003ca href=\"https://www.forbes.com/sites/ansellindner/2024/11/20/microstrategys-bitcoin-blueprint-isnt-a-hunt-brothers-silver-scheme/\"\u003edecent exploration\u003c/a\u003e of the differences between the Hunt brothers’ scheme and Michael Saylor’s current bitcoin strategy).\u003c/p\u003e\n\n\n\n\u003cp\u003eEarly Bitcoin developer Mike Hearn has \u003ca href=\"https://time.com/7064841/satoshi-nakamoto-hbo-money-electric/\"\u003epreviously\u003c/a\u003e said that Satoshi referenced Silver Tuesday “as if he remembered it,” and that his coding style suggested that “he came of age as a developer in the ‘90s and then stopped. He did not keep up with the evolution of the industry.”\u003c/p\u003e\n\n\n\n\u003cp\u003eBut hey, whether Satoshi would be 50 years old today, as his P2P Foundation profile states, or really in his mid-sixties born in an entirely different month, he \u003cem\u003ewill\u003c/em\u003e have a birthday this year. We just don’t know when.\u003c/p\u003e\n\n\n\n\u003cp\u003eSo, cheers to Satoshi!\u003c/p\u003e\n\n\n\n\u003cp\u003eWhat do you give someone who already has 1 million BTC? Well, Depeche Mode \u003cem\u003eis\u003c/em\u003e touring right now — great if Satoshi were born in 1975 — and the Rolling Stones are playing in Boca Raton later this month, a solid bet for someone in their mid-60s, I’d say.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cem\u003e— David\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eRizzo’s take, the Bitcoin Historian\u003c/h2\u003e\n\n\n\n\u003cp\u003eI’ll leave David to the deductions. As for myself, I prefer to look at Satoshi’s birthday as a lens of how the architect behind the world’s greatest digital history preferred to be known.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWhat I mean by this is that Satoshi, while pseudonymous, did selectively reveal himself to the world. I say \u003cem\u003ehimself\u003c/em\u003e, because he chose to identify as a man, just as he chose to identify as Japanese, just as he chose April 5, 1975 as his birthday.\u003cbr\u003e\u003cbr\u003eBut let us absolve ourselves of specificity for a moment to focus on a greater point. Satoshi Nakamoto was a person of intent. Given the fact that we know so little about them, in an age when our entire lives are digital, not to mention that we can track the lives lived of millions to the hour, it remains remarkable how little is known at all about Satoshi Nakamoto.\u003cbr\u003e\u003cbr\u003eIf one is to consider the internet the greatest ever assault on human privacy, Satoshi, then, is an anomaly. He’s The Boy Who Lived, the ghost that passed through the machine, who sent physical cash to the one domain registrar that promised to destroy his records, who used Tor to hide his footprints, and then vanished, some two years later, leaving not so much as a trace.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhy, then, does it matter that Satoshi chose April 5, 1975 as his birthday? Well, it is one of the few footprints he left behind. It may not represent his age, so much as a product of his choice. Why did Satoshi choose this date? My only answer is that the choice itself is worthy of consideration.\u003c/p\u003e\n\n\n\n\u003cp\u003eAnd as Dumbledore said, “It is our choices, Harry, that show what we truly are, far more than our abilities.”\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cem\u003e— Rizzo\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"People","categories":["People","Supply Shock"],"primaryTag":"Bitcoin","tags":["Bitcoin","Satoshi Nakamoto","Supply Shock"],"customFields":{"display_options":[]},"meta":{"title":"Satoshi Nakamoto turns \"50\" — how old is he really?","description":"Supply Shock looks at theories behind April 5, Satoshi’s cryptic “birth date” – and potential clues about his real age.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/satoshi-nakamoto-age-birthday-50-clues","og_locale":"en_US","og_type":"article","og_title":"Satoshi Nakamoto turns \"50\" — how old is he really?","og_description":"Supply Shock looks at theories behind April 5, Satoshi’s cryptic “birth date” – and potential clues about his real age.","og_url":"https://blockworks.co/news/satoshi-nakamoto-age-birthday-50-clues","og_site_name":"Blockworks","article_published_time":"2025-04-05T14:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-satoshi.jpg","type":"image/jpeg"}],"author":"David Canellis","twitter_card":"summary_large_image","twitter_misc":{"Written by":"David Canellis","Est. reading time":"12 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/satoshi-nakamoto-age-birthday-50-clues","url":"https://blockworks.co/news/satoshi-nakamoto-age-birthday-50-clues","name":"Satoshi Nakamoto turns \"50\" — how old is he really?","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/satoshi-nakamoto-age-birthday-50-clues#primaryimage"},"image":{"@id":"https://blockworks.co/news/satoshi-nakamoto-age-birthday-50-clues#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-satoshi.jpg","datePublished":"2025-04-05T14:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/169d92c899e039eaa3200366502ce4b2"},"description":"Supply Shock looks at theories behind April 5, Satoshi’s cryptic “birth date” – and potential clues about his real age.","breadcrumb":{"@id":"https://blockworks.co/news/satoshi-nakamoto-age-birthday-50-clues#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/satoshi-nakamoto-age-birthday-50-clues"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/satoshi-nakamoto-age-birthday-50-clues#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-satoshi.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-satoshi.jpg","width":1600,"height":900,"caption":"Satoshi Nakamoto bust in Budapest | Szabolcs Magyar/Shutterstock and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/satoshi-nakamoto-age-birthday-50-clues#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Satoshi Nakamoto turns \u0026#8220;50\u0026#8221; — how old is he really?"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/169d92c899e039eaa3200366502ce4b2","name":"David Canellis","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-02-at-20.17.00-e1651515763548.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-02-at-20.17.00-e1651515763548.jpg","caption":"David Canellis"},"url":"https://blockworks.co/news/author/david-canellis"}]}},"authors":[{"title":"David Canellis","id":56,"slug":"david-canellis","image_url":""},{"title":"Pete Rizzo","id":423,"slug":"pete-rizzo","image_url":""}],"blurhash":null},{"slug":"xnet-att-partnership-wifi-depin","id":100129,"permalink":"/news/xnet-att-partnership-wifi-depin","title":"Exclusive: Wi-Fi DePIN XNET announces AT\u0026T partnership","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-att.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-att.jpg","caption":"\u003cp\u003eJonathan Weiss / Shutterstock.com and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 04 Apr 2025 17:43:44 GMT","publishedAt":"Fri, 04 Apr 2025 20:15:00 GMT","publishedAtTimestamp":1743797700,"excerpt":"The cell provider is offloading data to XNET’s Wi-Fi network","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/lightspeed\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eXNET, a Solana-based project building a decentralized network of Wi-Fi hotspots, has partnered with US telecom giant AT\u0026amp;T. The collaboration will enable AT\u0026amp;T to offload mobile data traffic onto XNET’s network, the team told Lightspeed exclusively.\u003c/p\u003e\n\n\n\n\u003cp\u003eXNET sells Wi-Fi hotspots that businesses and public spaces can deploy in exchange for XNET token rewards. Together, the patchwork of hotspots makes up a distributed wireless network. XNET partners with cell carriers to offload mobile data onto its hotspots where available, easing network congestion and improving coverage — while the cell carriers pay XNET for the data.\u003c/p\u003e\n\n\n\n\u003cp\u003eUnder the agreement with AT\u0026amp;T, which has been live since September 2024, AT\u0026amp;T wireless customers connect to XNET’s Wi-Fi network where available. AT\u0026amp;T pays XNET in dollars for the data usage, and XNET passes tokens along to its node operators.\u003c/p\u003e\n\n\n\n\u003cp\u003eAccording to a Dune \u003ca href=\"https://dune.com/xnet/xnetmobile\"\u003edashboard\u003c/a\u003e, XNET currently has 688 active nodes, and around 9 million users have connected through its Wi-Fi offloading network. The handoff between AT\u0026amp;T’s coverage and XNET’s Wi-Fi is seamless, and most users have no idea it’s happening, XNET co-founder Richard DeVaul told me. He added that bootstrapping a business like XNET would have been difficult without a token.\u003c/p\u003e\n\n\n\n\u003cp\u003e“XNET is the poster child for DePIN. We financed millions of dollars of equipment on our network using our token, without conventional equity or debt financing,” DeVaul said in a text.\u003c/p\u003e\n\n\n\n\u003cp\u003eXNET has a similar feel to Helium Mobile, a popular DePIN company building a nationwide cellular network through token-incentivized hotspots. But while Helium lets individuals install hotspots at home, marketing lead Chris Banks said that XNET focuses exclusively on B2B services and restricts deployments to “high-value locations to the carriers.”\u003c/p\u003e\n\n\n\n\u003cp\u003e“We see Helium as a potential customer, not a competitor. But [Helium Mobile CEO Amir Haleem] may have different ideas,” DeVaul said, adding a tongue-wagging emoji.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"Business","categories":["Business","Lightspeed Newsletter"],"primaryTag":"AT\u0026amp;T","tags":["AT\u0026amp;T","Infrastructure","Lightspeed Newsletter","Solana"],"customFields":{"display_options":[]},"meta":{"title":"Exclusive: Wi-Fi DePIN XNET announces AT\u0026amp;T partnership","description":"The cell provider is offloading data to XNET’s decentralized network of Wi-Fi hotspots, with XNET passing tokens to node operators.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/xnet-att-partnership-wifi-depin","og_locale":"en_US","og_type":"article","og_title":"Exclusive: Wi-Fi DePIN XNET announces AT\u0026amp;T partnership","og_description":"The cell provider is offloading data to XNET’s decentralized network of Wi-Fi hotspots, with XNET passing tokens to node operators.","og_url":"https://blockworks.co/news/xnet-att-partnership-wifi-depin","og_site_name":"Blockworks","article_published_time":"2025-04-04T20:15:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-att.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/xnet-att-partnership-wifi-depin","url":"https://blockworks.co/news/xnet-att-partnership-wifi-depin","name":"Exclusive: Wi-Fi DePIN XNET announces AT\u0026amp;T partnership","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/xnet-att-partnership-wifi-depin#primaryimage"},"image":{"@id":"https://blockworks.co/news/xnet-att-partnership-wifi-depin#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-att.jpg","datePublished":"2025-04-04T20:15:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"The cell provider is offloading data to XNET’s decentralized network of Wi-Fi hotspots, with XNET passing tokens to node operators.","breadcrumb":{"@id":"https://blockworks.co/news/xnet-att-partnership-wifi-depin#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/xnet-att-partnership-wifi-depin"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/xnet-att-partnership-wifi-depin#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-att.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-att.jpg","width":1600,"height":900,"caption":"Jonathan Weiss / Shutterstock.com and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/xnet-att-partnership-wifi-depin#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Exclusive: Wi-Fi DePIN XNET announces AT\u0026amp;T partnership"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"web3-gaming-venture-capital-decline-invest","id":100138,"permalink":"/news/web3-gaming-venture-capital-decline-invest","title":"Why Web3 gaming won’t see an uptick in VC activity ","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-gaming-less-vc2.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-gaming-less-vc2.jpg","caption":"\u003cp\u003eBartas Artiom/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 04 Apr 2025 19:53:43 GMT","publishedAt":"Fri, 04 Apr 2025 19:53:34 GMT","publishedAtTimestamp":1743796414,"excerpt":"While overall VC spending is on the rise, web3 gaming’s being left in the dust","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from The Drop newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/thedrop\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eVenture capital spending may be bouncing back — with an estimated $4.5 billion spent last quarter.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut it doesn’t look like gaming’s getting a piece of that pie.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eEarlier this week, Empire noted that \u003ca href=\"https://blockworks.co/news/venture-capital-spending-crypto-pitchbook\"\u003eVC interest may be going more toward projects\u003c/a\u003e with real-world value. This is a symptom of a broader change across the landscape, thanks to institutional interest in the space.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eUnfortunately, even with the potential for more raises across the board — from mega deals ($100 million and upwards) to emerging deals (meaning seed or pre-seed) — it doesn’t look like gaming is getting the love. Not yet, anyway. \u003c/p\u003e\n\n\n\n\u003cp\u003eI asked PitchBook’s Eric Bellomo — senior analyst on emerging technology — about gaming raises, but he wasn’t too optimistic.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“While deal value increased substantially YoY, outsized deals like the Disney/Epic Games round inflated top-line figures. Deal volume continued to slide, falling 9.5% to 649 deals, in-line with 2018-2019 figures. Further, the number of investors actively investing in content developers continued its step \u003ca href=\"https://files.pitchbook.com/website/files/pdf/2025_Consumer_Technology_Outlook.pdf#page=1\"\u003edeceleration since 2021\u003c/a\u003e.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“Capital is still available, but we view the current environment as a new steady state, rather than a resurgence,” he told me.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003ePart of this is fairly obvious, right? A lot of money went into this gaming subsector — but not a whole lot of successes came out.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Enthusiasm has waned in the market broadly, as many well-funded startups have yet to produce breakout hits or venture-scale outcomes. A game\u0026#8217;s underlying technology is far removed from the most important factor: Is the game fun and retentive?” Bellomo said.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“Online shoppers don\u0026#8217;t care if a merchant uses Shopify or a \u003ca href=\"https://machalliance.org/\"\u003eMACH\u003c/a\u003e-based service; they care about value and speed. They don\u0026#8217;t care if a game was built in Unity or Unreal. The same holds in video games: Players only care if a game is fun and if their friends play. A discussion of tech stacks and architecture misses this point.”\u003c/p\u003e\n\n\n\n\u003cp\u003eHe added that he doesn’t think we’ll see a resurgence in VC activity for “quite some time.” Mostly because, last cycle, gaming clearly benefited from a number of tailwinds from the attention that Web3 overall received with the focus on NFTs.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBut, hey, while games centered on gambling aren’t going to be the focus of big VC spending at this point, at least they’ve found some footing in terms of adoption.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"Business","categories":["Business","The Drop"],"primaryTag":"Gaming","tags":["Gaming","The Drop newsletter","Venture Capital","Web3"],"customFields":{"display_options":[]},"meta":{"title":"Why Web3 gaming won't see an uptick in VC activity ","description":"In venture capital aimed at Web3 gaming, deal volume has slid 9.5% as investors shift towards other sectors.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/web3-gaming-venture-capital-decline-invest","og_locale":"en_US","og_type":"article","og_title":"Why Web3 gaming won't see an uptick in VC activity ","og_description":"In venture capital aimed at Web3 gaming, deal volume has slid 9.5% as investors shift towards other sectors.","og_url":"https://blockworks.co/news/web3-gaming-venture-capital-decline-invest","og_site_name":"Blockworks","article_published_time":"2025-04-04T19:53:34+00:00","article_modified_time":"2025-04-04T19:53:43+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-gaming-less-vc2.jpg","type":"image/jpeg"}],"author":"Kate Irwin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Kate Irwin","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/web3-gaming-venture-capital-decline-invest","url":"https://blockworks.co/news/web3-gaming-venture-capital-decline-invest","name":"Why Web3 gaming won't see an uptick in VC activity ","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/web3-gaming-venture-capital-decline-invest#primaryimage"},"image":{"@id":"https://blockworks.co/news/web3-gaming-venture-capital-decline-invest#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-gaming-less-vc2.jpg","datePublished":"2025-04-04T19:53:34+00:00","dateModified":"2025-04-04T19:53:43+00:00","author":{"@id":"https://blockworks.co/#/schema/person/142667578725123db036cebdc39a3fea"},"description":"In venture capital aimed at Web3 gaming, deal volume has slid 9.5% as investors shift towards other 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"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/142667578725123db036cebdc39a3fea","name":"Kate Irwin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/Kate-Irwin-headshot.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/Kate-Irwin-headshot.png","caption":"Kate Irwin"},"url":"https://blockworks.co/news/author/kate-irwin"}]}},"authors":[{"title":"Kate Irwin","id":422,"slug":"kate-irwin","image_url":""}],"blurhash":null},{"slug":"equities-trade-war-powell-rate-cut","id":100134,"permalink":"/news/equities-trade-war-powell-rate-cut","title":"US equities slide as trade war escalates, Powell signals no rate cut","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-powell-tariffs.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-powell-tariffs.jpg","caption":"\u003cp\u003eFederal Reserve Chair Jerome Powell | \u003ca href=\"https://www.flickr.com/photos/federalreserve/48986741688/\"\u003eFederalreserve/”October 2019 Federal Open Market Committee Press Conference_NZ70071″\u003c/a\u003e (\u003ca href=\"https://creativecommons.org/publicdomain/mark/1.0/\"\u003eCC license\u003c/a\u003e)\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 04 Apr 2025 19:22:35 GMT","publishedAt":"Fri, 04 Apr 2025 19:21:47 GMT","publishedAtTimestamp":1743794507,"excerpt":"Tariff and interest rate concerns overshadowed a positive March jobs report","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/forwardguidance\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003ePhew, it\u0026#8217;s been a week.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eMost people expected things to get worse before they got better, and they have. But we’re not calling this the bottom yet.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eHere’s a high-level recap, in case you’ve been offline the past few days, or simply avoided checking your brokerage account (probably for the best):\u003c/p\u003e\n\n\n\n\u003cp\u003ePresident Trump this week announced sweeping global tariffs of 10% on all imports, and higher levies on 60 or so countries the administration says are the “worst offenders” when it comes to taxing goods the US exports.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThese higher tariffs range from 11% to 50%. Countries facing the highest tariffs include Cambodia (49%), Vietnam (46%), China (34%) and India (27%). You can find the full list \u003ca href=\"https://www.whitehouse.gov/wp-content/uploads/2025/04/Annex-I.pdf\"\u003ehere\u003c/a\u003e.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eHis team calculated reciprocal tariffs based on what they are calling the “total sum of all unfair trade practices” by country. Here’s the White House’s formula: a country’s trade deficit divided by its exports to the US multiplied by 0.5.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe math has proven to be controversial. Critics say that this method, in focusing solely on a country’s trade deficit with the US, does not consider (1) the actual tariff rate on any product, and\u0026nbsp; (2) non-tariff trade barriers. The White House conceded that there’s no perfect formula, but it’s the \u003ca href=\"https://ustr.gov/issue-areas/reciprocal-tariff-calculations\"\u003ebest they could do\u003c/a\u003e.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe Trump administration also maintains that the reciprocal tariffs are still less than what other countries charge on US imports, and that these policies are the first step in bringing manufacturing back onshore.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eNow for the impact:\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eStocks tanked, crypto fell, planned M\u0026amp;A deals and IPOs collapsed, and other countries are striking back.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe Dow Jones Industrial Average on Thursday, the first day of trading post-announcement, lost 1,679.39 points. The S\u0026amp;P 500 yesterday closed almost 5% lower, now down more than 12% year-to-date. US equities as a whole lost more than $3 billion in market value, the worst single-day since 2020.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eFed Chair Jerome Powell on Friday gave no indication that interest rate cuts will come anytime soon, adding to the turmoil in markets. “The economy is still in a good place,” he said, speaking from an event in Virginia. He added, though, that central bankers will be keeping an eye on tariffs.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eI wrote yesterday that the IPO window would be closing. Today, Bloomberg \u003ca href=\"https://www.bloomberg.com/news/articles/2025-04-04/trump-s-trade-war-hits-billions-of-dollars-of-deals-in-24-hours\"\u003ereported\u003c/a\u003e that StubHub, Klarna Bank, and MNTN have all paused their IPO plans. Private equity firm KKR \u0026amp; Co. is no longer considering purchasing German packaging producer Gerresheimer.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eToday, stocks extended their selloff and the VIX hit a staggering level just shy of 44, well above the 20-day moving average of 21. The continued decline comes as China announced a 34% reciprocal tariff on US goods starting on April 10.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTrump hasn’t backed down, although his team hasn’t definitively said they are closed to negotiations. I think the biggest concern for markets, though, is that other countries haven’t immediately come forward with offers (that we know of, at least!).\u003c/p\u003e\n\n\n\n\u003cp\u003eFor what it’s worth, Trump and company \u003cem\u003edid \u003c/em\u003esay things would get worse before they got better.\u003c/p\u003e\n\n\n\n\u003cp\u003eEnjoy your weekend. The chaos will still be here Monday.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Markets"],"primaryTag":"Donald Trump","tags":["Donald Trump","Federal Reserve","Forward Guidance newsletter","Stock Market"],"customFields":{"display_options":[]},"meta":{"title":"US equities slide as trade war escalates, Powell signals no rate cut","description":"Tariff and interest rate concerns overshadowed a positive March jobs report, as China announced a 34% reciprocal tariff on US.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/equities-trade-war-powell-rate-cut","og_locale":"en_US","og_type":"article","og_title":"US equities slide as trade war escalates, Powell signals no rate cut","og_description":"Tariff and interest rate concerns overshadowed a positive March jobs report, as China announced a 34% reciprocal tariff on US.","og_url":"https://blockworks.co/news/equities-trade-war-powell-rate-cut","og_site_name":"Blockworks","article_published_time":"2025-04-04T19:21:47+00:00","article_modified_time":"2025-04-04T19:22:35+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-powell-tariffs.jpg","type":"image/jpeg"}],"author":"Casey Wagner","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/caseywagnerr","twitter_misc":{"Written by":"Casey Wagner","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/equities-trade-war-powell-rate-cut","url":"https://blockworks.co/news/equities-trade-war-powell-rate-cut","name":"US equities slide as trade war escalates, Powell signals no rate cut","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/equities-trade-war-powell-rate-cut#primaryimage"},"image":{"@id":"https://blockworks.co/news/equities-trade-war-powell-rate-cut#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-powell-tariffs.jpg","datePublished":"2025-04-04T19:21:47+00:00","dateModified":"2025-04-04T19:22:35+00:00","author":{"@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702"},"description":"Tariff and interest rate concerns overshadowed a positive March jobs report, as China announced a 34% reciprocal tariff on US.","breadcrumb":{"@id":"https://blockworks.co/news/equities-trade-war-powell-rate-cut#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/equities-trade-war-powell-rate-cut"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/equities-trade-war-powell-rate-cut#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-powell-tariffs.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-powell-tariffs.jpg","width":1600,"height":900,"caption":"Federal Reserve Chair Jerome Powell | Federalreserve/\"October 2019 Federal Open Market Committee Press Conference_NZ70071\" (CC license)"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/equities-trade-war-powell-rate-cut#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"US equities slide as trade war escalates, Powell signals no rate cut"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702","name":"Casey Wagner","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","caption":"Casey Wagner"},"description":"Casey Wagner is a New York-based business journalist covering regulation, legislation, digital asset investment firms, market structure, central banks and governments, and CBDCs. Prior to joining Blockworks, she reported on markets at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies. Contact Casey via email at casey@blockworks.co.","sameAs":["https://www.linkedin.com/in/casey-wagner-a49b3a152/","https://x.com/https://twitter.com/caseywagnerr"],"url":"https://blockworks.co/news/author/casey-wagner"}]}},"authors":[{"title":"Casey Wagner","id":19,"slug":"casey-wagner","image_url":""}],"blurhash":null},{"slug":"lens-mainnet-l2-socialfi-launch","id":100120,"permalink":"/news/lens-mainnet-l2-socialfi-launch","title":"Lens launches mainnet today, bringing a potential new era to SocialFi","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-Lens.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-Lens.jpg","caption":"\u003cp\u003eLens and designsforu/Shutterstock and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 04 Apr 2025 16:33:03 GMT","publishedAt":"Fri, 04 Apr 2025 17:00:00 GMT","publishedAtTimestamp":1743786000,"excerpt":"The latest chain to join zkSync’s network also uses Avail for data availability","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/0xresearch\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eAbout 11 months after its initial \u003ca href=\"https://x.com/StaniKulechov/status/1790458663926219212\"\u003eannouncement\u003c/a\u003e, the mainnet of Lens Chain goes live today with its V3 deployment.\u003c/p\u003e\n\n\n\n\u003cp\u003eLens Protocol launched in February 2022 on the Polygon sidechain.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIn May 2024, Lens announced that it was migrating off Polygon to its own L2 chain built within the zkSync Elastic Network. For the deal, Lens was \u003ca href=\"https://www.dlnews.com/articles/defi/lens-promised-possibly-tens-of-millions-to-go-to-zksync/\"\u003ereportedly\u003c/a\u003e paid 0.5% of the total ZK token supply (worth about $6.5M today).\u003c/p\u003e\n\n\n\n\u003cp\u003eThe shift to its own L2, however, was motivated primarily by costs and scalability.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBuilding Lens on the Polygon sidechain made sense in 2021, but once L2s were available, they provided a better cost basis for transactions, Lens founder Stani Kulechov told me last September at Token2049 Singapore.\u003c/p\u003e\n\n\n\n\u003cp\u003e“The costs on Polygon don\u0026#8217;t scale to mainstream usage for social transactions. Compared to a rollup, the cost savings looks 30 to 50 times lower,” Kulechov said.\u003c/p\u003e\n\n\n\n\u003cp\u003eRather than posting data to the Ethereum L1, Lens Chain is using \u003ca href=\"https://blockworks.co/podcast/0xresearch/e91db748-d67d-11ee-8d92-8b61dd33eafb\"\u003eAvail\u003c/a\u003e as its data availability (DA) layer. That makes Lens Chain technically a \u003ca href=\"https://ethereum.org/en/developers/docs/scaling/validium/\"\u003evalidium\u003c/a\u003e rollup that also enjoys the security of Ethereum’s settlement.\u003c/p\u003e\n\n\n\n\u003cp\u003eLens’ migration to its own chain is purportedly one of the largest. According to an official blog, the entire social graph to be migrated comes out to about 125GB of historical data and 12M+ content posts.\u003c/p\u003e\n\n\n\n\u003cp\u003eUsers on Lens Chain will enjoy near-zero gas fees and can pay in Aave’s GHO stablecoin.\u003c/p\u003e\n\n\n\n\u003cp\u003eAll content will also be stored onchain. This is thanks to \u003ca href=\"https://lens.xyz/news/introducing-grove-onchain-controlled-storage\"\u003eGrove\u003c/a\u003e, Lens’ new storage infrastructure. Grove allows developers on Lens to have customizable access and control over user data. Platform data can be either permanent or deleted.\u003c/p\u003e\n\n\n\n\u003cp\u003eThis makes all Lens’ social data fully onchain and decentralized, in contrast to competing Web3 social platforms like Farcaster, where only user profiles are onchain.\u003c/p\u003e\n\n\n\n\u003cp\u003eThis, at its core, is what forms the foundation of Lens V3, what the team has termed a modular social protocol.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn addition, Grove also promises to deliver the “speed and cost-efficiency of leading Web2 solutions like AWS S3 and Cloudflare R2,” its blog says.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eThe state of Lens\u003c/h2\u003e\n\n\n\n\u003cp\u003eToday, Lens boasts about 650,000 user profiles and 28 million social connections.\u003c/p\u003e\n\n\n\n\u003cp\u003eThat is still a far cry from being a serious challenge to traditional social media platforms, but consider how far the promise of “social media on the blockchain” has come.\u003c/p\u003e\n\n\n\n\u003cp\u003eAs far back as 2016, companies like Steem, a social project that was bought by the Tron Foundation in 2020 and subsequently hardforked by its original community into what is known today as the HIVE blockchain.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhat does Lens do differently?\u003c/p\u003e\n\n\n\n\u003cp\u003eRecall that Lens is not a social media platform per se, but a protocol where apps can be built on top of it.\u003c/p\u003e\n\n\n\n\u003cp\u003eLens\u0026#8217; protocol is decidedly taking a builder-centric growth strategy. Lens wants to target app builders, in particular Web2 developers who have historically been deterred by the clunky UX and complexity of Web3.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Our strategy focuses on social plus finance apps: projects where people connect, create and earn. Just like YouTube unlocked a new class of creators, Lens is unlocking a new class of SocialFi apps,” the Lens team told Blockworks.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn other words, the freedom to monetize on a permissionless infrastructure without gatekeepers.\u003c/p\u003e\n\n\n\n\u003cp\u003eSignature Lens apps since day one are migrating to Lens chains. These include the Twitter-like apps such as Orb and Hey, the AI launchpad Bonsai, Tape, a Tiktok-like short-form app, and more.\u003c/p\u003e\n\n\n\n\u003cp\u003eIt’s hard to imagine Web3 socials ever toppling the incumbent Big Tech platforms today. But take heart in the fact that the mainstream media and experts of the 2000s felt just the \u003ca href=\"https://www.theguardian.com/technology/2007/feb/08/business.comment\"\u003esame\u003c/a\u003e about competitors to MySpace.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","Business"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","Avail","Lens Protocol","Startups","zksync"],"customFields":{"display_options":[]},"meta":{"title":"Lens launches mainnet today, bringing a potential new era to SocialFi","description":"The latest chain to join zkSync’s network also uses Avail for data availability, and has builder-centric growth strategy.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/lens-mainnet-l2-socialfi-launch","og_locale":"en_US","og_type":"article","og_title":"Lens launches mainnet today, bringing a potential new era to SocialFi","og_description":"The latest chain to join zkSync’s network also uses Avail for data availability, and has builder-centric growth strategy.","og_url":"https://blockworks.co/news/lens-mainnet-l2-socialfi-launch","og_site_name":"Blockworks","article_published_time":"2025-04-04T17:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-Lens.jpg","type":"image/jpeg"}],"author":"Donovan Choy","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Donovan Choy","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/lens-mainnet-l2-socialfi-launch","url":"https://blockworks.co/news/lens-mainnet-l2-socialfi-launch","name":"Lens launches mainnet today, bringing a potential new era to SocialFi","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/lens-mainnet-l2-socialfi-launch#primaryimage"},"image":{"@id":"https://blockworks.co/news/lens-mainnet-l2-socialfi-launch#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-Lens.jpg","datePublished":"2025-04-04T17:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db"},"description":"The latest chain to join zkSync’s network also uses Avail for data availability, and has builder-centric growth strategy.","breadcrumb":{"@id":"https://blockworks.co/news/lens-mainnet-l2-socialfi-launch#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/lens-mainnet-l2-socialfi-launch"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/lens-mainnet-l2-socialfi-launch#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-Lens.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-Lens.jpg","width":1600,"height":900,"caption":"Lens and designsforu/Shutterstock and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/lens-mainnet-l2-socialfi-launch#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Lens launches mainnet today, bringing a potential new era to SocialFi"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db","name":"Donovan Choy","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","caption":"Donovan Choy"},"description":"Donovan is a reporter based in Singapore. He previously worked in editorial at Bankless and is a huge fan of spaghetti Westerns and the Wu-Tang Clan. Contact Donovan at donovan@blockworks.co.","url":"https://blockworks.co/news/author/donovan-choy"}]}},"authors":[{"title":"Donovan Choy","id":390,"slug":"donovan-choy","image_url":""}],"blurhash":null},{"slug":"neon-machine-shrapnel-in-the-red","id":100044,"permalink":"/news/neon-machine-shrapnel-in-the-red","title":"Neon Machine’s Shrapnel is in the red: Sources","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/ED_Shrapnel_20250403b-1.png","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/ED_Shrapnel_20250403b-1.png","caption":"\u003cp\u003eShrapnel developer Neon Machine; Artwork by Crystal Le \u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 04 Apr 2025 16:06:17 GMT","publishedAt":"Fri, 04 Apr 2025 16:06:09 GMT","publishedAtTimestamp":1743782769,"excerpt":"Documents and sources suggest Neon Machine is running out of cash and has laid off nearly all its employees — and struck a deal with the Chinese government to stay afloat","content":"\n\u003cp\u003eJust a few years ago, Shrapnel was expected to become the Call of Duty of crypto. It promised a vivid, sci-fi world — one I \u003ca href=\"https://decrypt.co/124263/shrapnel-preview-this-web3-shooter-looks-and-plays-like-a-aaa-game\"\u003esaw firsthand\u003c/a\u003e at the 2023 Game Developers Conference in San Francisco.\u003c/p\u003e\n\n\n\n\u003cp\u003eI got to play a very early demo of the game, where players on a small map had to locate weapons, take each other down and extract mineral-rich asteroid bits known as Shrapnel from the map. Yes, the game was laggy, had bugs and needed technical optimization. But back then, it truly felt like the beginning of an “AAA” gaming experience.\u003c/p\u003e\n\n\n\n\u003cp\u003eShrapnel had elements of Escape From Tarkov and Apex Legends — and was planning an optional “GameBridge” NFT ecosystem for players. Gunzilla Games’ \u003ca href=\"https://blockworks.co/news/gunzilla-games-gun-token-launch\"\u003eOff The Grid\u003c/a\u003e, another extraction shooter with its own token using Avalanche, was at the time also comparable to Shrapnel.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn October 2023, Shrapnel \u003ca href=\"https://decrypt.co/203208/shrapnel-game-studio-neon-machine-raises-20-million-led-polychain\"\u003eraised\u003c/a\u003e $20 million in Series A funding in a round led by Polychain Capital. Griffin Gaming Partners, Franklin Templeton, Brevan Howard Digital, IOSG Ventures and Tess Ventures also invested.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAt the time, Neon Machine had about 70 to 100 employees in total, with additional labor outsourced from Sperasoft and the underlying core of the game coming from IronBelly Studios, three sources familiar with Neon Machine’s business confirmed to Blockworks.\u003c/p\u003e\n\n\n\n\u003cp\u003eShrapnel was previously slated to launch in 2024. Where is it now?\u003c/p\u003e\n\n\n\n\u003cp\u003eAccording to a Blockworks investigation, it’s millions of dollars in the red and with very few employees left after multiple rounds of layoffs.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eFinancial troubles\u003c/h2\u003e\n\n\n\n\u003cp\u003eMultiple sources familiar with Shrapnel’s financials told Blockworks that Neon Machine has a slew of unpaid debts, owing millions to external vendors. The studio was trying to get its monthly burn rate or costs to under a million, but some months had a burn of $2 million to $3.5 million a month, sources — who requested anonymity due to the non-public nature of the company’s financials — said.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe company has had a total operating expenses burn of $86.9 million since “the founding of the company,” according to an internal document viewed by Blockworks.\u003c/p\u003e\n\n\n\n\u003cp\u003eTwo sources called Neon Machine a “toxic, failing startup” and allege that the top executives who started the studio failed to develop a clear financial plan. They claim the studio is out of cash and that an expected early 2025 round of fresh funding that had been expected to close in February has failed.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWhen asked about Shrapnel’s work environment, Neon Machine told Blockworks via email: “The work environment at Shrapnel fosters a culture of collaboration and innovation among individuals who have a mutual respect for each other’s talents and contributions. The employees at Shrapnel continue to drive towards success for the vision laid out when the company was founded.”\u003c/p\u003e\n\n\n\n\u003cp\u003eAn attempt to obtain funds may still be in the works. In an email dated April 2, Neon Machine CEO Kenneth Rosman told Blockworks: “We are in the late stages of a fundraising process which has a lot of momentum, and as a result requires us to be heads down for the next few weeks.” The company declined an interview but responded to questions via email.\u003c/p\u003e\n\n\n\n\u003cp\u003eRosman became Neon Machine’s CEO in December 2024.\u003c/p\u003e\n\n\n\n\u003cp\u003eFinancial documents reviewed by Blockworks suggest that Neon Machine saw a net loss of $11.4 million in 2024. Last year, it saw about $21.7 million in services revenue, but spent roughly $33 million in “operating expense burn.” 2023 was its best year in terms of revenue, but it did not go into the black that year, either. According to the documents, the firm has lost money every year since 2021.\u003c/p\u003e\n\n\n\n\u003cp\u003eAnother Neon Machine financial document included a company prediction that it would operate at a cash-on-hand deficit beginning in March 2025, “assuming no additional cash receipts” and have a deficit of over $13.5 million by the end of Q4 this year.\u003c/p\u003e\n\n\n\n\u003cp\u003eThose factors may be the main reasons why the studio has conducted multiple rounds of layoffs.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eNeon Machine declined to comment on the company’s specific financials including its net losses, expenses, profits, burn rate and whether it currently owes money to external vendors.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“As a privately held company, we do not disclose financial details—but we’re now in the strongest position we’ve been to date. With a clear path forward, we’re fully focused on the launch of SHRAPNEL and energized by the progress we’re making,” the company wrote.\u003c/p\u003e\n\n\n\n\u003cp\u003e“We’re now in the best shape we’ve been [in],” Rosman assured me via email.\u003c/p\u003e\n\n\n\n\u003cp\u003eShrapnel has conducted at least three rounds of layoffs, with one occurring six months ago and the latest occurring in early March 2025, several sources told Blockworks. Staff were asked to remain quiet about the layoffs to avoid attracting attention to the company, according to the sources. But the few ex-employees who \u003ca href=\"https://www.linkedin.com/posts/thenicholasdraper_i-have-unfortunately-been-laid-off-again-activity-7239778946454593536-PYSc?utm_source=share\u0026amp;utm_medium=member_desktop\u0026amp;rcm=ACoAABKdI6YBVCnELgEXIz0Jo0Q13EHkptJChqw\"\u003edid post\u003c/a\u003e about \u003ca href=\"https://www.linkedin.com/posts/colin-foran-9b81a55_a-week-ago-i-decided-to-leave-my-position-activity-7230719632045719552-Erry?utm_source=share\u0026amp;utm_medium=member_desktop\u0026amp;rcm=ACoAABKdI6YBVCnELgEXIz0Jo0Q13EHkptJChqw\"\u003eleaving\u003c/a\u003e the company were neutral to positive in their public posts about their time there.\u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eNeon Machine had closer to 100 employees at its highest headcount, a source familiar with the company told Blockworks.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBy the end of Q1 2024, Neon Machine had 72 employees, 39 of which were working on Shrapnel, according to an internal document reviewed by Blockworks and multiple sources.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBut by the end of last year, there were a total of 32 employees working at Neon Machine — just 20 of them working on Shrapnel, the internal document and sources said.\u003c/p\u003e\n\n\n\n\u003cp\u003eSources also claim that roughly a dozen full-time staff remain in total across the company’s divisions, with very few actually developing Shrapnel itself.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIn response to a question about the layoffs, Neon Machine wrote: “Our team is intentionally lean and focused as we enter the most critical phase of bringing SHRAPNEL to market this year. While our headcount is currently smaller than previously reported, this is the result of strategic adjustments to ensure every resource is aligned toward the successful development and launch of the game. In earlier phases, we explored additional growth opportunities in areas like multimedia and infrastructure. Now, as we move full speed toward launch, we will operate with a core team of full-time employees, supported by world-class co-development partners who share our vision.”\u003c/p\u003e\n\n\n\n\u003cp\u003eWhen asked specifically how many in-house engineers are working on Shrapnel right now, Neon Machine said: “Our team structure reflects what’s proven to work best for high-growth gaming startups: lean, focused, and built for agility. We prioritize hiring key department leads in-house to maintain strong alignment and ownership, while strategically outsourcing to stay nimble and efficient. We’re planning to expand in the coming months with a few key hires to support our next stage of growth.”\u003c/p\u003e\n\n\n\n\u003cp\u003eBefore the latest round of layoffs in March 2025, employees making more than $100,000 annually were told their salaries would be cut by roughly 20%, two sources said. Staff were asked to sign documents agreeing to those terms in February 2025, according to a copy of one of the agreements viewed by Blockworks.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“Like many startups, we’ve occasionally made short-term adjustments to preserve momentum and stability. As part of our effort to extend runway and stay focused on delivering SHRAPNEL, we implemented a temporary, voluntary salary adjustment for higher-earning team members. This proactive decision was made to support the long-term health of the studio while we explored funding opportunities,” Neon Machine said.\u003c/p\u003e\n\n\n\n\u003cp\u003eNeon Machine is no longer using its office space at Thinkspace in Seattle as of the end of last month. A Thinkspace spokesperson confirmed to Blockworks that the game studio had moved out.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Shrapnel will launch as a free-to-play, always-on game in 2025,” the Shrapnel team \u003ca href=\"https://medium.com/@playSHRAPNEL/jan-2025-update-a357d5720fb2\"\u003eposted\u003c/a\u003e on its Medium blog in January 2025. The game had previously been slated for a 2024 release.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut three sources familiar with the studio’s financials said they do not believe Shrapnel will launch worldwide this year — if ever — because the studio behind it has allegedly run out of cash and the game is not yet complete.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“SHRAPNEL is planned for a simultaneous worldwide launch. Our goal is to launch before the end of 2025,” Neon Machine told Blockworks.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eThe China pitch\u003c/h2\u003e\n\n\n\n\u003cp\u003eNeon Machine is planning to launch Shrapnel in China on the country’s real-world assets (RWA) Trusted Copyright Chain, entering a partnership with the Chinese government. Neon Machine announced the news on April 1 in a \u003ca href=\"https://decrypt.co/312576/shrapnel-partners-with-the-chinese-government-to-launch-the-first-licensed-web3-game-on-the-nations-official-rwa-chain\"\u003epress release\u003c/a\u003e, confirming it was not an April Fool’s joke.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe RWA chain is “where digital assets and IP rights are officially certified by government administrative bodies to enable true digital ownership for all citizens,” the release states.\u003c/p\u003e\n\n\n\n\u003cp\u003eAccording to a source, internal company documentation explained that the move is a “For China, By China” pitch. Neon Machine is working with a handful of Chinese entities on the Chinese version of the game, including one called ZenHive, which was not mentioned in the press release.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eNeon Machine told Blockworks the deal with China does not mean the studio is selling the game to the Chinese government.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“Neon Machine remains independent, and the launch of SHRAPNEL remains global. The partnership with China presents the opportunity for SHRAPNEL to attract a large user base from the region with the support and promotion of the government and local partners. SHRAPNEL is creating custom content (in-game assets such as Characters and Skins) for China which [sic] with a planned release in June, and the partnership will have a revenue share,” the company said.\u003c/p\u003e\n\n\n\n\u003cp\u003eA confidential corporate document details the \u0026#8220;responsibilities\u0026#8221; for “Neon Machine (USA)” and the following entities: “Zenhive (China)” and “Argon (Panama).”\u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIn the deal, ZenHive is supposedly responsible for overseeing Shrapnel’s “marketing and sales funnel” in China. The entity will collect “bank gross sales revenue,” according to the internal document.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAnother entity, dubbed Argon, is based in Panama and is to pay Neon Machine’s “service invoices,” among other duties, including transferring taxes owed to China collected from the international marketplace to China.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAccording to Neon Machine, Argon, or the Argon Protocol Foundation, is “the Foundation that is developing the Shrap Protocol and SHRAP Token, and has engaged Neon to help develop, market, and maintain the protocol and token.”\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eZenHive is also to “hold Argon’s rev share, pay Argon’s China co-dev partners, pay China taxes on gross sales,” and “transfer Argon’s rev share upon Argon invoice,” according to the document.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eNeon Machine is planning to hire co-development partners in China for its game launcher and for its “content” to help it develop Shrapnel, the document claims. Neon Machine’s job in the deal would be to “source and manage” these external vendors. Neon Machine itself is expected to deliver “Access Pack Concept Art and Codes” to ZenHive and deliver game assets for China to China pack buyers/wallets.”\u003c/p\u003e\n\n\n\n\u003cp\u003eThe public press release announcing the news states that the “Shrapnel team participated in a forum on ‘Web3 Gaming and International Digital Copyright Collaboration’ in Beijing with attendees including Wang Yefei, the Chairman of the Capital Copyright Association” recently.\u003c/p\u003e\n\n\n\n\u003cp\u003e“The Beijing Copyright Bureau is a working department of Beijing Municipal People’s Government,” Neon Machine said when asked about the Capital Copyright Association.\u003c/p\u003e\n\n\n\n\u003cp\u003eShrapnel is also in discussions with the Lingjing People’s Game Lab regarding the game’s digital assets, according to a Medium \u003ca href=\"https://medium.com/@playSHRAPNEL/shrapnel-partners-with-the-chinese-government-to-launch-the-first-licensed-web3-game-on-the-80e982cc61fb\"\u003epost published\u003c/a\u003e on Tuesday. Lingjing Game Labs is a digital subsidiary of the Chinese state-run newspaper People’s Daily, which is operated by the Central Committee of the Chinese Communist Party.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe deal with China is a last-ditch effort to save the company, three sources familiar with the matter claimed. Two also noted the game’s team had begun designing those game assets for the Chinese market last year to help pitch the idea of a sale before the latest round of layoffs.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eShrapnel’s X account responded to \u003ca href=\"https://x.com/pixiekate13/status/1907067354376179974\"\u003emy post\u003c/a\u003e regarding the focus on China and away from the US market with: “We are focused on global markets, including the US market.”\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003eWe are focused on global markets including the US market. Please reach out to us in a DM for any questions.\u003c/p\u003e\u0026mdash; SHRAPNEL 🔺 (@playSHRAPNEL) \u003ca href=\"https://twitter.com/playSHRAPNEL/status/1907179071038972353?ref_src=twsrc%5Etfw\"\u003eApril 1, 2025\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eBecause China has \u003ca href=\"https://www.ifcreview.com/news/2025/january/asia-china-tightens-grip-new-regulations-to-curb-risky-crypto-trades-among-banks/#:~:text=While%20there%20are%20ways%20around,to%20become%20even%20more%20severe.\"\u003erestrictions on crypto\u003c/a\u003e, however — as well as on what \u003ca href=\"https://www.theguardian.com/news/2021/jul/15/china-video-game-censorship-tencent-netease-blizzard\"\u003etypes\u003c/a\u003e of \u003ca href=\"https://www.gamedeveloper.com/design/the-future-is-bloodless-china-bans-blood-in-video-games\"\u003eviolence\u003c/a\u003e can be depicted and the \u003ca href=\"https://gameworldobserver.com/2021/10/01/chinese-regulators-remind-devs-about-right-values-saying-players-shouldnt-choose-between-good-and-evil\"\u003etypes of characters\u003c/a\u003e that can be played — the game will be “localized” for the Chinese market, per the press release.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eChina also has strict rules on the amount of time minors can spend playing video games. In 2021, it established a rule \u003ca href=\"https://www.latimes.com/entertainment-arts/story/2021-08-30/china-video-game-ban-law#:~:text=Think%20your%20parents%20are%20strict,for%20online%20games%20in%20Beijing.\u0026amp;text=BEIJING%20%E2%80%94%20China%20is%20banning%20children,three%20hours%20on%20public%20holidays.\"\u003elimiting\u003c/a\u003e video game play time to one hour a day on Fridays, weekends and public holidays.\u003c/p\u003e\n\n\n\n\u003cp\u003e“We cannot comment or speculate on the Chinese government’s involvement in crypto or gaming. Any game, regardless of technology, undergoes review by the Chinese regulatory authorities to ensure compliance. The use of a specific technology does not impact content regulations; we have no plans to alter the gameplay for any specific geography. As in the case of China, we will offer exciting and exclusive content (in-game assets, collaborations) for players in the region,” Neon Machine told Blockworks.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eToken troubles\u003c/h2\u003e\n\n\n\n\u003cp\u003eWhile Shrapnel’s finances have deteriorated, its token has fared far worse. SHRAP, the game’s Avalanche C-chain based ERC-20 asset, is down roughly 98% since \u003ca href=\"https://www.coingecko.com/en/coins/shrapnel\"\u003eCoinGecko\u003c/a\u003e began tracking it in November 2023. It peaked at around $0.43 and now trades at just $0.0066.\u003c/p\u003e\n\n\n\n\u003cp\u003eThree billion SHRAP were generated on \u003ca href=\"https://www.shrapnel.com/shrap-token\"\u003eApril 29, 2023\u003c/a\u003e, according to the Shrapnel website.\u003c/p\u003e\n\n\n\n\u003cp\u003eAt this point, it’s unclear whether the token will ever be usable in the game, given the deal to build Shrapnel on China’s RWA blockchain. However, an Ava Labs spokesperson confirmed to Blockworks that Neon Machine still plans to continue development on its Avalanche L1.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eSHRAP selloff\u003c/h2\u003e\n\n\n\n\u003cp\u003eA wallet with an ENS name donnorbury.eth, which sources told Blockworks belongs to Shrapnel co-founder and ex-studio head Don Norbury, has sold approximately $672,000 worth of SHRAP since September. The sales occurred via token swaps into USDC ($266,954) and AVAX ($404,841) via MetaMask, according to public blockchain data compiled by Blockworks Research.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eNorbury’s \u003ca href=\"https://www.linkedin.com/in/donnorbury/\"\u003eLinkedIn\u003c/a\u003e identifies him as the chief technology officer of Shrapnel since December 2024.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eRoughly $200,000 of that was sold in October 2024, and another $200,000 worth of SHRAP was sold a month later in November. That wallet has ultimately sold thousands of dollars worth of SHRAP every month since September 2024, most recently selling about $25,000 worth in March and nearly $4,000 worth in the past week.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn 2024, the team revised its token unlock schedule, according to a March 2024 \u003ca href=\"https://medium.com/@playSHRAPNEL/announcing-improved-shrap-unlock-schedule-1c62219f81e5\"\u003eMedium post\u003c/a\u003e, which spread out SHRAP unlock more over time.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTokens began to be unlocked for the team, advisors, seed token holders and strategic token holders on April 29, 2024 — 12 months after the token was launched.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“While the community reward pool emissions and ecosystem fund unlocks are not changing, the number of remaining tokens unlocking in April 2024 is reduced by nearly 75%,” the Shrapnel team wrote in the Medium post. “The non-linear unlock divides the total unlock period of each pool into four epochs, beginning with a lower unlock rate, and accelerating with an increasing user base and increasing SHRAP utility. Existing unlocked SHRAP tokens remain unlocked.”\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"1576\" height=\"794\" src=\"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/AD_4nXeSKk3lre0koobKhYZMc4K_BuweSUZZqAYT4k1scXnomQwM__NgU4SaE8Gf1u3mG-ztNXKgZM2v8zPLdS0OSzva_HFdGlkcVIdmMBJIIim-fOMlCgPCBEjlLx0VMbMJyQi2Uuet.png\" alt=\"\" class=\"wp-image-100121\" srcset=\"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/AD_4nXeSKk3lre0koobKhYZMc4K_BuweSUZZqAYT4k1scXnomQwM__NgU4SaE8Gf1u3mG-ztNXKgZM2v8zPLdS0OSzva_HFdGlkcVIdmMBJIIim-fOMlCgPCBEjlLx0VMbMJyQi2Uuet.png?w=1576 1576w, https://blockworks-co.imgix.net/wp-content/uploads/2025/04/AD_4nXeSKk3lre0koobKhYZMc4K_BuweSUZZqAYT4k1scXnomQwM__NgU4SaE8Gf1u3mG-ztNXKgZM2v8zPLdS0OSzva_HFdGlkcVIdmMBJIIim-fOMlCgPCBEjlLx0VMbMJyQi2Uuet.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/04/AD_4nXeSKk3lre0koobKhYZMc4K_BuweSUZZqAYT4k1scXnomQwM__NgU4SaE8Gf1u3mG-ztNXKgZM2v8zPLdS0OSzva_HFdGlkcVIdmMBJIIim-fOMlCgPCBEjlLx0VMbMJyQi2Uuet.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/04/AD_4nXeSKk3lre0koobKhYZMc4K_BuweSUZZqAYT4k1scXnomQwM__NgU4SaE8Gf1u3mG-ztNXKgZM2v8zPLdS0OSzva_HFdGlkcVIdmMBJIIim-fOMlCgPCBEjlLx0VMbMJyQi2Uuet.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/04/AD_4nXeSKk3lre0koobKhYZMc4K_BuweSUZZqAYT4k1scXnomQwM__NgU4SaE8Gf1u3mG-ztNXKgZM2v8zPLdS0OSzva_HFdGlkcVIdmMBJIIim-fOMlCgPCBEjlLx0VMbMJyQi2Uuet.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/04/AD_4nXeSKk3lre0koobKhYZMc4K_BuweSUZZqAYT4k1scXnomQwM__NgU4SaE8Gf1u3mG-ztNXKgZM2v8zPLdS0OSzva_HFdGlkcVIdmMBJIIim-fOMlCgPCBEjlLx0VMbMJyQi2Uuet.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/04/AD_4nXeSKk3lre0koobKhYZMc4K_BuweSUZZqAYT4k1scXnomQwM__NgU4SaE8Gf1u3mG-ztNXKgZM2v8zPLdS0OSzva_HFdGlkcVIdmMBJIIim-fOMlCgPCBEjlLx0VMbMJyQi2Uuet.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/04/AD_4nXeSKk3lre0koobKhYZMc4K_BuweSUZZqAYT4k1scXnomQwM__NgU4SaE8Gf1u3mG-ztNXKgZM2v8zPLdS0OSzva_HFdGlkcVIdmMBJIIim-fOMlCgPCBEjlLx0VMbMJyQi2Uuet.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/04/AD_4nXeSKk3lre0koobKhYZMc4K_BuweSUZZqAYT4k1scXnomQwM__NgU4SaE8Gf1u3mG-ztNXKgZM2v8zPLdS0OSzva_HFdGlkcVIdmMBJIIim-fOMlCgPCBEjlLx0VMbMJyQi2Uuet.png?w=80 80w\" sizes=\"auto, (max-width: 1576px) 100vw, 1576px\" /\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eImage from the Shrapnel \u003c/em\u003e\u003ca href=\"https://files.radon.gg/whitepaper.pdf\"\u003e\u003cem\u003ewhite paper\u003c/em\u003e\u003c/a\u003e\u003cem\u003e cited in the Medium post\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eBased on Blockworks’ analysis, it is most likely that the SHRAP tokens sold by the Norbury address had been received from vesting and had not been paid for on the open market.\u003c/p\u003e\n\n\n\n\u003cp\u003eNorbury did not respond to Blockworks’ multiple requests for comment by press time.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eLengthy legal battles\u003c/h2\u003e\n\n\n\n\u003cp\u003eShrapnel has also been the center of a multi-year lawsuit that began in 2023 over company funds involving its co-founders.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e4D Factory, a controlling shareholder in Shrapnel, believed it was inadequately compensated by Neon Machine. But Neon Machine believed at the time that 4D was \u003ca href=\"https://www.law360.com/articles/1770280/crypto-game-co-neon-says-investor-is-raiding-its-coffers\"\u003e“raiding or attempting to raid” its coffers\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eNeon Machine has since \u003ca href=\"https://venturebeat.com/games/neon-machines-settles-lawsuit-with-former-investors/#:~:text=Those%20investors%20put%20their%20money,mercenary%20forces%20to%20extract%20it.\"\u003etold media outlets\u003c/a\u003e that the lawsuit has been settled. Details of the settlement have not previously been reported.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eOn Feb. 14, a legal filing with the Southern District of New York proposed a settlement: “As a result of the settlement and the dismissal of all claims with prejudice, 4D also retains ownership of its 6 million shares of Neon Machine common stock.”\u003c/p\u003e\n\n\n\n\u003cp\u003eThe settlement, the details of which 4D’s attorneys confirmed to Blockworks, further noted that Neon Machine is expected to pay 4D $4.25 million in cash over the next 48 months. 4D is also expected to receive 150 million SHRAP in accordance with a vesting schedule.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e150 million SHRAP is equal to about $767,500 at current prices, according to \u003ca href=\"https://www.coingecko.com/en/coins/shrapnel\"\u003edata\u003c/a\u003e from CoinGecko. ByBit is the largest market for SHRAP trading as of press time, with around $43,000 in daily trading volume. CoinGecko also puts the SHRAP circulating supply at about 40% of the total, with about 60% of tokens still unvested. This market data suggests that SHRAP is illiquid on public markets, making it difficult to exit in size due to potential slippage.\u003c/p\u003e\n\n\n\n\u003cp\u003eRegarding the lawsuit’s settlement, Neon Machine told Blockworks: “We can confirm that it has since been approved by the court.”\u003c/p\u003e\n\n\n\n\u003cp\u003eBlockworks reached out to both parties’ attorneys for comment. Attorneys for 4D factory also confirmed to Blockworks that the lawsuit has been settled and provided a statement from 4D’s founder, Cort Javarone.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“4D Factory supported Shrapnel before it was even born, and we believe in it more than ever today,” Javarone told Blockworks in the statement. “We look forward to the game launching and exceeding everyone’s highest expectations.”\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"Business","categories":["Business","Web3"],"primaryTag":"China","tags":["China","Gaming","lawsuit","layoffs"],"customFields":{"display_options":[]},"meta":{"title":"Neon Machine’s Shrapnel is in the red: Sources","description":"Documents and sources suggest Neon Machine is running out of cash and has laid off nearly all its employees.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/neon-machine-shrapnel-in-the-red","og_locale":"en_US","og_type":"article","og_title":"Neon Machine’s Shrapnel is in the red: Sources","og_description":"Documents and sources suggest Neon Machine is running out of cash and has laid off nearly all its employees.","og_url":"https://blockworks.co/news/neon-machine-shrapnel-in-the-red","og_site_name":"Blockworks","article_published_time":"2025-04-04T16:06:09+00:00","article_modified_time":"2025-04-04T16:06:17+00:00","og_image":[{"width":1024,"height":576,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/ED_Shrapnel_20250403b-1-1024x576.png","type":"image/png"}],"author":"Kate Irwin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Kate Irwin","Est. reading time":"14 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/neon-machine-shrapnel-in-the-red","url":"https://blockworks.co/news/neon-machine-shrapnel-in-the-red","name":"Neon Machine’s Shrapnel is in the red: Sources","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/neon-machine-shrapnel-in-the-red#primaryimage"},"image":{"@id":"https://blockworks.co/news/neon-machine-shrapnel-in-the-red#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/ED_Shrapnel_20250403b-1.png","datePublished":"2025-04-04T16:06:09+00:00","dateModified":"2025-04-04T16:06:17+00:00","author":{"@id":"https://blockworks.co/#/schema/person/142667578725123db036cebdc39a3fea"},"description":"Documents and sources suggest Neon Machine is running out of cash and has laid off nearly all its employees.","breadcrumb":{"@id":"https://blockworks.co/news/neon-machine-shrapnel-in-the-red#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/neon-machine-shrapnel-in-the-red"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/neon-machine-shrapnel-in-the-red#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/ED_Shrapnel_20250403b-1.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/ED_Shrapnel_20250403b-1.png","width":1600,"height":900,"caption":"Shrapnel developer Neon Machine; Artwork by Crystal Le"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/neon-machine-shrapnel-in-the-red#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Neon Machine’s Shrapnel is in the red: Sources"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/142667578725123db036cebdc39a3fea","name":"Kate Irwin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/Kate-Irwin-headshot.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/Kate-Irwin-headshot.png","caption":"Kate Irwin"},"url":"https://blockworks.co/news/author/kate-irwin"}]}},"authors":[{"title":"Kate Irwin","id":422,"slug":"kate-irwin","image_url":""}],"blurhash":null},{"slug":"eth-just-had-lowest-quarterly-return-since-q2-2022-blockworks-research","id":100104,"permalink":"/news/eth-just-had-lowest-quarterly-return-since-q2-2022-blockworks-research","title":"ETH just had lowest quarterly return since Q2 2022: Blockworks Research","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-eth-reckoning.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-eth-reckoning.jpg","caption":"\u003cp\u003eAkif CUBUK/Shutterstock and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 04 Apr 2025 14:27:45 GMT","publishedAt":"Fri, 04 Apr 2025 14:16:43 GMT","publishedAtTimestamp":1743776203,"excerpt":"The network is at a “pivotal juncture,” Blockworks Research’s Marc-Thomas Arjoon said","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the Empire newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/empire\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eFor ether, things aren’t looking good. The chart below very clearly shows just how painful of a spot ETH is in right now.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXdQ1r4epIImC0f3h2YNs1-0ciHr0YuR4VKh5jt0E6YUqwznplh13f9PiMoYX5TcW5KXo7mHepmK4qsLLEUsfjJORwuyIYkEoqetkrLGuDziI81PDOvJC5QSt1OXcD6QgpVttlAd?key=99wLbKEgZH_raEcVyFrdWu4L\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eBlockworks Research’s Marc-Thomas Arjoon \u003ca href=\"https://app.blockworksresearch.com/flashnotes/ethereum-march-2025-update\"\u003enoted\u003c/a\u003e that ETH had its lowest quarterly return since Q2 2022. Yikes.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eLike I said above, some of the pressure is macro, as folks drop their risk assets like hot potatoes to protect themselves. But let’s be clear: Ethereum also has no one to blame but itself.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“Ethereum\u0026#8217;s fundamentals also weakened, with Real Economic Value (REV) dropping 48% month-over-month to $37M, its lowest since July 2020. Despite these setbacks, Ethereum maintained its dominance in the stablecoin market, with a record $124B in market cap and continued growth in on-chain activity,” Arjoon wrote.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe network, Arjoon continued, sits at a “pivotal juncture.”\u003c/p\u003e\n\n\n\n\u003cp\u003e“As the effects of Pectra unfold and market conditions stabilize, Ethereum has the potential to reclaim momentum and strengthen its role as a cornerstone of the decentralized ecosystem,” he added.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe one big bonus for Ethereum has been stablecoin and institutional interest. As those continue to dominate the narrative, they also help give the network a much-needed boost. But is that going to be enough?\u003c/p\u003e\n\n\n\n\u003cp\u003eI guess only time — and Pectra — will tell.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"Empire Newsletter","categories":["Empire Newsletter","Markets"],"primaryTag":"Empire Newsletter","tags":["Empire Newsletter","ETH","Ethereum"],"customFields":{"display_options":[]},"meta":{"title":"ETH just had lowest quarterly return since Q2 2022: Blockworks Research","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/eth-just-had-lowest-quarterly-return-since-q2-2022-blockworks-research","og_locale":"en_US","og_type":"article","og_title":"ETH just had lowest quarterly return since Q2 2022: Blockworks Research","og_description":"The network is at a \"pivotal juncture,\" Blockworks Research's Marc-Thomas Arjoon said","og_url":"https://blockworks.co/news/eth-just-had-lowest-quarterly-return-since-q2-2022-blockworks-research","og_site_name":"Blockworks","article_published_time":"2025-04-04T14:16:43+00:00","article_modified_time":"2025-04-04T14:27:45+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-eth-reckoning.jpg","type":"image/jpeg"}],"author":"Katherine Ross","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/byKatherineRoss","twitter_misc":{"Written by":"Katherine Ross","Est. reading time":"2 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/eth-just-had-lowest-quarterly-return-since-q2-2022-blockworks-research","url":"https://blockworks.co/news/eth-just-had-lowest-quarterly-return-since-q2-2022-blockworks-research","name":"ETH just had lowest quarterly return since Q2 2022: Blockworks Research","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/eth-just-had-lowest-quarterly-return-since-q2-2022-blockworks-research#primaryimage"},"image":{"@id":"https://blockworks.co/news/eth-just-had-lowest-quarterly-return-since-q2-2022-blockworks-research#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-eth-reckoning.jpg","datePublished":"2025-04-04T14:16:43+00:00","dateModified":"2025-04-04T14:27:45+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a8f9a113f6017d6aaa63f86ed288df05"},"breadcrumb":{"@id":"https://blockworks.co/news/eth-just-had-lowest-quarterly-return-since-q2-2022-blockworks-research#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/eth-just-had-lowest-quarterly-return-since-q2-2022-blockworks-research"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/eth-just-had-lowest-quarterly-return-since-q2-2022-blockworks-research#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-eth-reckoning.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-eth-reckoning.jpg","width":1600,"height":900,"caption":"Akif CUBUK/Shutterstock and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/eth-just-had-lowest-quarterly-return-since-q2-2022-blockworks-research#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"ETH just had lowest quarterly return since Q2 2022: Blockworks Research"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a8f9a113f6017d6aaa63f86ed288df05","name":"Katherine Ross","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2023/03/Screenshot-2023-03-30-at-3.52.23-PM.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2023/03/Screenshot-2023-03-30-at-3.52.23-PM.png","caption":"Katherine Ross"},"description":"Katherine is a news editor based in Austin. She worked as a senior producer and correspondent at TheStreet prior to joining Blockworks. She holds a Bachelor of Arts degree with a focus on journalism from Sarah Lawrence. Contact Katherine via email at katherine@blockworks.co.","sameAs":["https://www.linkedin.com/in/katherinerooss/","https://x.com/https://twitter.com/byKatherineRoss"],"url":"https://blockworks.co/news/author/katherine-ross"}]}},"authors":[{"title":"Katherine Ross","id":94,"slug":"katherine-ross","image_url":""}],"blurhash":null},{"slug":"altcoin-trade-volume-caution","id":100097,"permalink":"/news/altcoin-trade-volume-caution","title":"Altcoin volumes are ‘more concentrated’ than ever","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-altcoins.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-altcoins.jpg","caption":"\u003cp\u003eWindAwake/Shutterstock and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 04 Apr 2025 13:43:52 GMT","publishedAt":"Fri, 04 Apr 2025 13:43:50 GMT","publishedAtTimestamp":1743774230,"excerpt":"Altcoin trade volume has returned to pre-FTX levels, but with a shrinking pool of market leaders","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the Empire newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/empire\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eEven before the tariffs, it was clear that risk assets — like bitcoin and crypto — were going out of style for a lot of investors.\u003c/p\u003e\n\n\n\n\u003cp\u003eAnd now, with the tariffs on the table, it wouldn’t be surprising if we continued to see folks move away from these riskier assets. Which leaves us with one big question: Does this mean we’re out of luck for an altcoin season?\u003c/p\u003e\n\n\n\n\u003cp\u003eA Kaiko Research and BRN \u003ca href=\"https://research.kaiko.com/reports/are-altcoins-poised-for-a-widespread-rally?utm_campaign=Weekly%20Newsletter\u0026amp;utm_medium=email\u0026amp;_hsenc=p2ANqtz-8gcmRMqX5vZBVABvEhtW8-5-84Wg9W7dZT2hrMFwNMGPh3CpfUllEHYrfRG0Y5M8EMtFQzVEnGp_DFLOD5rkCCw4OPkw\u0026amp;_hsmi=107014245\u0026amp;utm_content=107009719\u0026amp;utm_source=hs_email\"\u003ereport\u003c/a\u003e noted that altcoins just haven’t been able to break — or, in some cases, even come close to — their 2021-2022 peaks.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eOn the bright side, though, we are seeing altcoin dominance levels rise relative to bitcoin, but the distribution there has been uneven.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXe9WkGwUwK_rhh01R-hPy5KzT4pgsNYa2uq1HRpg4sd4nHrX7riiVghMcwHWcRWMshNObjtdDEWc3K2La_NNtEGMEJUYMoX6RAKbRNTuLPgfCZaxIOV4zABJf03eXl6M9srkvN9mQ?key=99wLbKEgZH_raEcVyFrdWu4L\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eSource: Kaiko Research and BRN Report\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003e“Altcoin trade volume has returned to pre-FTX levels, but it is more concentrated than ever. The top 10 altcoins account for 64% of the total volume, indicating that investors are focusing capital on a select group. Market depth mirrors this trend, with the top 10 comprising over 60% of the 1% depth,” the analysts wrote.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn a nutshell —\u0026nbsp;after the US elections, there was a jump back into altcoins, but only into a \u003cem\u003eselect \u003c/em\u003efew. Altcoins across the board didn’t get the boost, which is different from what we’ve seen the last few cycles, when the rising tide lifted \u003cem\u003eall \u003c/em\u003ethe boats.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“This shrinking pool of market leaders reflects a shift from retail-driven speculation to institutional capital favoring a concentrated set of high-liquidity assets,” according to the report.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe smaller pool, the analysts noted, can be tied back to the institutional shift. But interest rates play into the narrative as well. Tighter monetary policy is forcing traders to take on a more cautious approach.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXdAOBqU6Sp-C4CYAoMwBRj-3PGWliTLZYDxI4apSjKOocT4SrTgMq4ne9xW9McfeiPEUio9kckTZa0ea4erGng7-fxeclY_T4ZE9Lo2jaQJo0lMO5klAeL6qQY-KrRL8MfXXNhnqw?key=99wLbKEgZH_raEcVyFrdWu4L\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eSource: Kaiko Indices\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eThere was a lot of hope initially that regulatory certainty would be a much-needed boost for altcoins — especially since the previous SEC clearly targeted some of the top ones in their regulation via enforcement approach. But without the reengagement of retail, altcoins are left in the lurch.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003ePerhaps altcoin ETFs could change that and offer a bit more certainty for the institutional crowd, which is clearly ready to engage with parts of crypto. But, honestly, I’m not so sure. Mostly because — outside of a potential SOL ETF — it’s not clear what other altcoins would be ready for an ETF at this stage.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut don’t let my cautiousness dim your hope for altcoin szn. There are still a couple of factors to keep an eye on, per the report. We know RWAs and stablecoins are real winners, which could also translate into altcoins. Projects that are tied to a “real-world utility” like DePIN, for example, could also grab interest.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eLiquidity trends could change in regards to the aforementioned alt ETFs, and that also ties into the regulatory environment. Though if President Trump has his way, the focus is really going to be on US projects rather than anything overseas.\u003c/p\u003e\n\n\n\n\u003cp\u003eBasically, this time around, folks aren’t just going to jump into an alt for the trade. It looks like there’ll be more attention paid to projects focused on revenue generation. Unfortunately, this also means that the likelihood of a face-ripping altcoin szn is getting slimmer and slimmer.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eA sign of maturity, if you ask me.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"Empire Newsletter","categories":["Empire Newsletter","Markets"],"primaryTag":"altcoins","tags":["altcoins","Empire Newsletter","ETFs","investors"],"customFields":{"display_options":[]},"meta":{"title":"Altcoin volumes are 'more concentrated' than ever","description":"Altcoin trade volume has returned to pre-FTX levels, but with a shrinking pool of 10 market leaders, says a new report.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/altcoin-trade-volume-caution","og_locale":"en_US","og_type":"article","og_title":"Altcoin volumes are 'more concentrated' than ever","og_description":"Altcoin trade volume has returned to pre-FTX levels, but with a shrinking pool of 10 market leaders, says a new report.","og_url":"https://blockworks.co/news/altcoin-trade-volume-caution","og_site_name":"Blockworks","article_published_time":"2025-04-04T13:43:50+00:00","article_modified_time":"2025-04-04T13:43:52+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-altcoins.jpg","type":"image/jpeg"}],"author":"Katherine Ross","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/byKatherineRoss","twitter_misc":{"Written by":"Katherine Ross","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/altcoin-trade-volume-caution","url":"https://blockworks.co/news/altcoin-trade-volume-caution","name":"Altcoin volumes are 'more concentrated' than ever","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/altcoin-trade-volume-caution#primaryimage"},"image":{"@id":"https://blockworks.co/news/altcoin-trade-volume-caution#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-altcoins.jpg","datePublished":"2025-04-04T13:43:50+00:00","dateModified":"2025-04-04T13:43:52+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a8f9a113f6017d6aaa63f86ed288df05"},"description":"Altcoin trade volume has returned to pre-FTX levels, but with a shrinking pool of 10 market leaders, says a new report.","breadcrumb":{"@id":"https://blockworks.co/news/altcoin-trade-volume-caution#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/altcoin-trade-volume-caution"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/altcoin-trade-volume-caution#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-altcoins.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-altcoins.jpg","width":1600,"height":900,"caption":"WindAwake/Shutterstock and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/altcoin-trade-volume-caution#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Altcoin volumes are \u0026#8216;more concentrated\u0026#8217; than ever"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a8f9a113f6017d6aaa63f86ed288df05","name":"Katherine Ross","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2023/03/Screenshot-2023-03-30-at-3.52.23-PM.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2023/03/Screenshot-2023-03-30-at-3.52.23-PM.png","caption":"Katherine Ross"},"description":"Katherine is a news editor based in Austin. She worked as a senior producer and correspondent at TheStreet prior to joining Blockworks. She holds a Bachelor of Arts degree with a focus on journalism from Sarah Lawrence. Contact Katherine via email at katherine@blockworks.co.","sameAs":["https://www.linkedin.com/in/katherinerooss/","https://x.com/https://twitter.com/byKatherineRoss"],"url":"https://blockworks.co/news/author/katherine-ross"}]}},"authors":[{"title":"Katherine Ross","id":94,"slug":"katherine-ross","image_url":""}],"blurhash":null},{"slug":"solana-inflation-left-curve-228-proposal-federa","id":100090,"permalink":"/news/solana-inflation-left-curve-228-proposal-federa","title":"Following Solana inflation reduction defeat, could ‘left curve 228’ be next?","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-solana.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-solana.jpg","caption":"\u003cp\u003eCzBchs/Shutterstock and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 03 Apr 2025 21:13:05 GMT","publishedAt":"Fri, 04 Apr 2025 13:00:00 GMT","publishedAtTimestamp":1743771600,"excerpt":"Solana Foundation’s former head of strategy proposes increasing the disinflation rate","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/lightspeed\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eIt’s been three weeks since Solana’s validators \u003ca href=\"https://blockworks.co/news/what-simd-0228-failing-means-for-solana/\"\u003efailed to pass\u003c/a\u003e SIMD-0228, a governance proposal that aimed to shift Solana’s issuance to a market-based mechanism and reduce inflation in the process. But while validators — who earn their keep partly from Solana inflation — voted the measure down, issuance still doesn’t feel like a settled question.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWith the \u003ca href=\"https://blockworks.co/news/solana-monetary-decisions\"\u003eimplementation of SIMD-0096\u003c/a\u003e, which got rid of Solana’s priority fee “burn,” the network also lost a disinflationary mechanism, and many ecosystem participants feel that the network is “overpaying” for economic security by way of inflation. While there’s no looming fix for this in the short term, the Solana Foundation’s former head of strategy has made a counterproposal.\u003c/p\u003e\n\n\n\n\u003cp\u003eAustin Federa’s “left curve 228” \u003ca href=\"https://github.com/solana-foundation/solana-improvement-documents/discussions/261\"\u003epitch\u003c/a\u003e says Solana should accelerate the network’s disinflation curve and “see if anything breaks.”\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSolana’s inflation curve sets a current issuance \u003ca href=\"https://solanacompass.com/tokenomics\"\u003erate\u003c/a\u003e of around 4.6%, which will shrink to 1.5% in 15% increments every 180 epochs, or roughly one year. Federa, who is now co-founder of the buzzy internet infrastructure for crypto startup DoubleZero, would increase the disinflation rate to 30% every 180 epochs.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eRounding 180 epochs to a year, Federa’s proposal would drop Solana’s inflation rate to around 1.5% in roughly three years. The benefit of such a scheme, Federa points out, is that it would keep Solana from overpaying for security without creating uncertainty on inflation rates — which some in Solana criticized SIMD-0228 for doing.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe proposal has taken some heat, most notably from Kevin Ricoy, founder of \u003ca href=\"https://blockworks.co/news/former-solana-foundation-employee-media-venture\"\u003ecrypto media startup Allmight\u003c/a\u003e. Ricoy chafed against “well-meaning autists playing central banker [and] constantly fiddling with the monetary policy” while arguing that bitcoin’s value comes from its changeless inflation mechanics. He followed up with a more measured rebuttal later on.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhen I DMed Federa to ask whether he had any comment to add on “left curve 228,” he said: “Heh. Not really,” before writing: “I think at its core, 228 felt complicated at a time when people crave simplicity. As people feel the change from AI, from a change in government in many countries around the world, it just seemed messy.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“Left curve 228 was an attempt to not let the great be the enemy of the good, and to move Solana in the right general direction. Left curve 228 is objectively wrong — but I do think it is less wrong…And less wrong is great. Solana burns 50% of base fees, which is not optimal — but it’s pretty close to optimal, and it’s very easy to understand.”\u003c/p\u003e\n\n\n\n\u003cp\u003eHe then added, “[Oh] no, did I just do a \u003ca href=\"https://x.com/Timccopeland/status/1891857037190898052\"\u003eCobie\u003c/a\u003e?”\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"DeFi","categories":["DeFi","Lightspeed Newsletter"],"primaryTag":"Inflation","tags":["Inflation","Lightspeed Newsletter","Solana"],"customFields":{"display_options":[]},"meta":{"title":"Following Solana inflation reduction defeat, could ‘left curve 228’ be next?","description":"Solana Foundation’s former head of strategy has proposed increasing the disinflation rate, ramping it up to 30% roughly every year.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/solana-inflation-left-curve-228-proposal-federa","og_locale":"en_US","og_type":"article","og_title":"Following Solana inflation reduction defeat, could ‘left curve 228’ be next?","og_description":"Solana Foundation’s former head of strategy has proposed increasing the disinflation rate, ramping it up to 30% roughly every year.","og_url":"https://blockworks.co/news/solana-inflation-left-curve-228-proposal-federa","og_site_name":"Blockworks","article_published_time":"2025-04-04T13:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-solana.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/solana-inflation-left-curve-228-proposal-federa","url":"https://blockworks.co/news/solana-inflation-left-curve-228-proposal-federa","name":"Following Solana inflation reduction defeat, could ‘left curve 228’ be next?","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/solana-inflation-left-curve-228-proposal-federa#primaryimage"},"image":{"@id":"https://blockworks.co/news/solana-inflation-left-curve-228-proposal-federa#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-solana.jpg","datePublished":"2025-04-04T13:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"Solana Foundation’s former head of strategy has proposed increasing the disinflation rate, ramping it up to 30% roughly every year.","breadcrumb":{"@id":"https://blockworks.co/news/solana-inflation-left-curve-228-proposal-federa#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/solana-inflation-left-curve-228-proposal-federa"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/solana-inflation-left-curve-228-proposal-federa#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-solana.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-solana.jpg","width":1600,"height":900,"caption":"CzBchs/Shutterstock and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/solana-inflation-left-curve-228-proposal-federa#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Following Solana inflation reduction defeat, could ‘left curve 228’ be next?"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":null},{"slug":"bitcoin-mining-tariff-imports-us-asia","id":100084,"permalink":"/news/bitcoin-mining-tariff-imports-us-asia","title":"Bitcoin mining stocks slip as investors weigh tariff exposure","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/post-btc-mining.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/post-btc-mining.jpg","caption":"\u003cp\u003ePHOTOCREO Michal Bednarek/Shutterstock and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 03 Apr 2025 20:32:00 GMT","publishedAt":"Thu, 03 Apr 2025 20:31:58 GMT","publishedAtTimestamp":1743712318,"excerpt":"With much of the bitcoin mining supply chain based in Asia, US-based operations now face higher equipment prices","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/forwardguidance\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eIn terms of companies insulated from tariff announcements, one sector of the crypto industry that is decidedly \u003cem\u003enot \u003c/em\u003esafe is bitcoin mining. \u003c/p\u003e\n\n\n\n\u003cp\u003eWith much of the bitcoin mining supply chain based in Asia, US-based operations are going to face higher prices to get equipment onshore. \u003c/p\u003e\n\n\n\n\u003cp\u003eBeijing-based Bitmain Technologies is the largest mining machine manufacturer, with a 90% market share, and it moved a large part of its production line to Indonesia, Malaysia and Thailand years ago, according to a Bloomberg \u003ca href=\"https://www.bloomberg.com/news/articles/2024-08-26/trump-s-made-in-usa-bitcoin-relies-on-chinese-rig-maker-bitmain\"\u003ereport\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eImports from these countries to the US now come with levies of 24% to 37%, per Trump’s Wednesday Liberation Day announcement. Bitmain \u003ca href=\"https://x.com/BITMAINtech/status/1866124016819339335\"\u003eannounced\u003c/a\u003e late last year it would open a “US production line,” presumably to get ahead of tariffs.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe tariffs also come on the heels of widespread supply chain delays in the bitcoin mining space. Mining equipment has just started to move out of US ports after being stuck for months at points of entry into the US.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBitcoin mining stocks on Thursday took a hit. Marathon Digital Holdings was down more than 8% midway through today’s session. Riot Platforms and Core Scientific lost around 7% and 10%, respectively.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003ePresident Trump, \u003ca href=\"https://blockworks.co/news/revisiting-trumps-crypto-promises-after-his-election-win\"\u003eon the campaign trail\u003c/a\u003e, touted making the US a hub for bitcoin mining.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“Made in America bitcoin,” though, now may be a tall order.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Policy"],"primaryTag":"Bitcoin","tags":["Bitcoin","Economy","Forward Guidance newsletter","Mining"],"customFields":{"display_options":[]},"meta":{"title":"Bitcoin mining stocks slip as investors weigh tariff exposure","description":"With much of the bitcoin mining supply chain based in Asia, US-based operations face higher equipment prices.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/bitcoin-mining-tariff-imports-us-asia","og_locale":"en_US","og_type":"article","og_title":"Bitcoin mining stocks slip as investors weigh tariff exposure","og_description":"With much of the bitcoin mining supply chain based in Asia, US-based operations face higher equipment prices.","og_url":"https://blockworks.co/news/bitcoin-mining-tariff-imports-us-asia","og_site_name":"Blockworks","article_published_time":"2025-04-03T20:31:58+00:00","article_modified_time":"2025-04-03T20:32:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/post-btc-mining.jpg","type":"image/jpeg"}],"author":"Casey Wagner","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/caseywagnerr","twitter_misc":{"Written by":"Casey Wagner","Est. reading time":"2 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/bitcoin-mining-tariff-imports-us-asia","url":"https://blockworks.co/news/bitcoin-mining-tariff-imports-us-asia","name":"Bitcoin mining stocks slip as investors weigh tariff 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prices.","breadcrumb":{"@id":"https://blockworks.co/news/bitcoin-mining-tariff-imports-us-asia#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/bitcoin-mining-tariff-imports-us-asia"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/bitcoin-mining-tariff-imports-us-asia#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/post-btc-mining.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/post-btc-mining.jpg","width":1600,"height":900,"caption":"PHOTOCREO Michal Bednarek/Shutterstock and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/bitcoin-mining-tariff-imports-us-asia#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Bitcoin mining stocks slip as investors weigh tariff exposure"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702","name":"Casey Wagner","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","caption":"Casey Wagner"},"description":"Casey Wagner is a New York-based business journalist covering regulation, legislation, digital asset investment firms, market structure, central banks and governments, and CBDCs. Prior to joining Blockworks, she reported on markets at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies. Contact Casey via email at casey@blockworks.co.","sameAs":["https://www.linkedin.com/in/casey-wagner-a49b3a152/","https://x.com/https://twitter.com/caseywagnerr"],"url":"https://blockworks.co/news/author/casey-wagner"}]}},"authors":[{"title":"Casey Wagner","id":19,"slug":"casey-wagner","image_url":""}],"blurhash":null},{"slug":"tariff-announcement-effect-ipo-venture-capital","id":100053,"permalink":"/news/tariff-announcement-effect-ipo-venture-capital","title":"Tariff announcements push IPO window closed","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-Ipos-tariffs.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-Ipos-tariffs.jpg","caption":"\u003cp\u003erblfmr / Shutterstock.com and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 03 Apr 2025 20:00:39 GMT","publishedAt":"Thu, 03 Apr 2025 20:00:20 GMT","publishedAtTimestamp":1743710420,"excerpt":"Anticipating an economic downturn, venture firms may be less likely to invest","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/forwardguidance\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eAs global markets react to President Trump’s \u003ca href=\"https://blockworks.co/news/market-reactions-to-trump-tariff-plans\"\u003esweeping reciprocal tariffs\u003c/a\u003e, the post-election optimism that the new administration would bust open the US IPO window is wavering.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAn international trade war isn’t exactly the most ideal backdrop for entering the public market, and Trump just upped the ante.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eOf course, any company \u003cem\u003ecan\u003c/em\u003e go public whenever it wants — it’s not like there’s an actual regulatory window — but it’s best to avoid entering the market during a major downturn.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eA wave of first-quarter IPO and M\u0026amp;A announcements were penned at the end of 2024, when the prospect of tax cuts and deregulation had bankers and VCs riding high. Now, tariffs, rising fears \u003ca href=\"https://blockworks.co/news/february-cpi-print-tariffs\"\u003eof a recession\u003c/a\u003e and slower growth have them taking a step back.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWe could also see funding slow. After all, venture firms invest in startups because they see a light at the end of the tunnel: a successful exit via acquisition or public market debut. A poor IPO market limits exit strategy options. The longer the trade war rages on, the worse things could get for US startup funding.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eEven so, the environment didn’t stop stablecoin issuer Circle from moving forward with \u003ca href=\"https://blockworks.co/news/circle-ipo-stablecoin-competition-investors\"\u003eits IPO plans\u003c/a\u003e this week. I’d say a company that generates most of its revenue from interest earned on US Treasurys, and which sells an intangible product, is fairly insulated from Trump’s trade policies, at least directly. It’s not like USDC is shipped from China.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eStill, though, we’re in a risk-off era, which doesn’t usually bode well for crypto equities.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"Business","categories":["Business","Forward Guidance Newsletter"],"primaryTag":"Donald Trump","tags":["Donald Trump","Economy","Forward Guidance newsletter","IPO","Venture Capital"],"customFields":{"display_options":[]},"meta":{"title":"Tariff announcements push IPO window closed","description":"Anticipating an economic downturn, venture firms may be less likely to invest, and we may see fewer IPOS and M\u0026As.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/tariff-announcement-effect-ipo-venture-capital","og_locale":"en_US","og_type":"article","og_title":"Tariff announcements push IPO window closed","og_description":"Anticipating an economic downturn, venture firms may be less likely to invest, and we may see fewer IPOS and M\u0026As.","og_url":"https://blockworks.co/news/tariff-announcement-effect-ipo-venture-capital","og_site_name":"Blockworks","article_published_time":"2025-04-03T20:00:20+00:00","article_modified_time":"2025-04-03T20:00:39+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-Ipos-tariffs.jpg","type":"image/jpeg"}],"author":"Casey Wagner","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/caseywagnerr","twitter_misc":{"Written by":"Casey Wagner","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/tariff-announcement-effect-ipo-venture-capital","url":"https://blockworks.co/news/tariff-announcement-effect-ipo-venture-capital","name":"Tariff announcements push IPO window 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M\u0026As.","breadcrumb":{"@id":"https://blockworks.co/news/tariff-announcement-effect-ipo-venture-capital#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/tariff-announcement-effect-ipo-venture-capital"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/tariff-announcement-effect-ipo-venture-capital#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-Ipos-tariffs.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-Ipos-tariffs.jpg","width":1600,"height":900,"caption":"rblfmr / Shutterstock.com and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/tariff-announcement-effect-ipo-venture-capital#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Tariff announcements push IPO window closed"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702","name":"Casey Wagner","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","caption":"Casey Wagner"},"description":"Casey Wagner is a New York-based business journalist covering regulation, legislation, digital asset investment firms, market structure, central banks and governments, and CBDCs. Prior to joining Blockworks, she reported on markets at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies. Contact Casey via email at casey@blockworks.co.","sameAs":["https://www.linkedin.com/in/casey-wagner-a49b3a152/","https://x.com/https://twitter.com/caseywagnerr"],"url":"https://blockworks.co/news/author/casey-wagner"}]}},"authors":[{"title":"Casey Wagner","id":19,"slug":"casey-wagner","image_url":""}],"blurhash":null},{"slug":"tariffs-effect-economy-recession-gdp-trump","id":100055,"permalink":"/news/tariffs-effect-economy-recession-gdp-trump","title":"US economy braces for the largest tariffs in over a century","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-fg-trump-tariffs.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-fg-trump-tariffs.jpg","caption":"\u003cp\u003eJoshua Sukoff / Shutterstock.com and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 03 Apr 2025 19:37:01 GMT","publishedAt":"Thu, 03 Apr 2025 19:36:58 GMT","publishedAtTimestamp":1743709018,"excerpt":"Trump’s tariffs may have potentially significant impacts on GDP, household spending and food prices — if they hold","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/forwardguidance\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eAs I write this piece, I’m in shock.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe tariffs that President Trump announced yesterday were significantly larger than even the most aggressive of estimates.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe basics have already been discussed to death, but let’s summarize them anyway just to set things straight: Trump issued a blanket tariff of 10%. For 60 or so countries, there’s a tariff of roughly half of the “total sum of all unfair trade practices,” as calculated by the Trump administration.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXd7-nhfwzkk_557MtbrKSnjrWpFKsiv2TNVlIzKJFOcAUvtS3gR-z0M5hav46jYz-yY2-eABZdGzw4SvdLDGKqVMdA9YnhnzdzPdtS9vorQHskaHoU93mJKRPFkqdJ_idp16K2gLg?key=W6yNtBPQeTMkhGR4SzN_Du94\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eAs seen in this chart from the Budget Lab (a Yale think tank), the total weighting of all these tariffs leads to an effective tariff rate at 22.5%, which would be the highest it’s been in a century. \u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXdBTlmfThwOuC2kY65PlGv0PwMC7ulDURdIx0UrvSXxPWYt_jM_r49cGzbDHVo9EiG4a9h6VmGs6KOYaqpQSFwXGUweLtHYULBTonAofn-oP_Jc0ixI5EqyKLSLWHyDS3Nz6-__xQ?key=W6yNtBPQeTMkhGR4SzN_Du94\" alt=\"\"/\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eSource: The Budget Lab\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eOther estimates are as high as 26.5% to 30%.\u003c/p\u003e\n\n\n\n\u003cp\u003eNow, how exactly did the Trump team quantify these estimates of tariffs imposed on the US? It turns out that it was a crass estimation of the country’s trade deficit divided by its exports.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn chart form, you get this extremely simplistic linear extrapolation:\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXdN-CbMLU13V0WYGLVmd_oZgnXY3nYzdTb3gN3By04DKfncyvNQpOQ8_6Y2nPGSoKAYFCm15zdsmh7XC0qFa8GFfSi9tbyi5073WaTTtbDd-zi5Co7u5gjnyzsAXmSwGlxTsJ-_3g?key=W6yNtBPQeTMkhGR4SzN_Du94\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eI walked through the mechanics of how the Trump team calculated these estimates, because it\u0026#8217;s important to grasp how little thought was put into coming up with the numbers. They quite literally made this simplistic estimation, then decided the reciprocal tariff would be half of that made up number to seem forgiving. It’s not forgiving.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eNow let’s move into discerning the economic impact of these announcements, assuming they hold (and given what we’ve seen from the administration so far, who the hell knows if they will).\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe Budget Lab analyzed the impacts of the tariffs and came up with the following:\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003cstrong\u003eShort-term\u003c/strong\u003e: US real GDP growth in 2025 is expected to be 0.9% to 1.0% lower due to the tariffs.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003cstrong\u003eLong-term\u003c/strong\u003e: The US economy is projected to be permanently 0.3% to 0.6% smaller — equivalent to an annual loss of $90 billion to $180 billion in 2024 dollars. Global GDP also shrinks in the long run, though China’s GDP remains largely unaffected, per the estimates.\u0026nbsp;\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003cstrong\u003ePrices\u003c/strong\u003e: The short-term price level on all goods rises by 2.1% to 2.6%, translating to a per-household consumer loss of $3,400 to $4,200 in 2024 dollars. Food prices specifically are projected to increase by 3.7%, nearly double the recent grocery inflation rate.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003eIn chart form, the GDP hit looks something like this, and remember that this doesn’t even consider retaliation from other countries: \u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXcKHAZPxWH-G9mhkzE1piXmzoGFImjJYA624-sczafH8dnVQYgm-2PGx7SALqKvbxXsVo8lEOK2vzW0FzDqTtQ-YJp9SrEBdMtgN86oSoat1cMUixUXumq1JVF7Kht9pB-Hjw_9?key=W6yNtBPQeTMkhGR4SzN_Du94\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eI liked the way Brad Setser, one of my favorite economists on trade, put it: \u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXddKQdzeVqSsluKgtqJHnKYYMXmY1hv3H8VFIQlO9qhbbcEIRLzJZOTdJAJpHJ3p8DGVyhwwm1cQTV3QDKO8ysBdKAi8FZZa3olz0SLzj-heSzPZX2WZZTevrKgigtNIQ9zgLMf?key=W6yNtBPQeTMkhGR4SzN_Du94\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eIf you’re not familiar with the impact of oil shocks on the economy, the experience of seeing what follows (hint: a recession) is a sobering one.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eHow likely is said recession? Well, Neil Dutta of Renaissance Macro has moved up his implied probability of recession to 89%. I listen when Neil warns about recession because he was one of the only economists who said a recession being imminent between 2022-2024 was nonsense whilst everyone else had their odds at 100%.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBreathe in, breathe out.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThis is all under the assumption that these tariffs hold. I, as well as the market as a whole, seem to be in denial and think cooler heads will prevail. Let’s hope so.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBuckle up — the uncertainty and volatility are only just getting started.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Policy"],"primaryTag":"Donald Trump","tags":["Donald Trump","Economy","Forward Guidance newsletter"],"customFields":{"display_options":[]},"meta":{"title":"US economy braces for the largest tariffs in over a century","description":"Trump's tariffs, issued yesterday, will have significant impact on GDP, household spending, and food prices — if they hold.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/tariffs-effect-economy-recession-gdp-trump","og_locale":"en_US","og_type":"article","og_title":"US economy braces for the largest tariffs in over a century","og_description":"Trump's tariffs, issued yesterday, will have significant impact on GDP, household spending, and food prices — if they hold.","og_url":"https://blockworks.co/news/tariffs-effect-economy-recession-gdp-trump","og_site_name":"Blockworks","article_published_time":"2025-04-03T19:36:58+00:00","article_modified_time":"2025-04-03T19:37:01+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-fg-trump-tariffs.jpg","type":"image/jpeg"}],"author":"Felix Jauvin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Felix Jauvin","Est. reading time":"8 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/tariffs-effect-economy-recession-gdp-trump","url":"https://blockworks.co/news/tariffs-effect-economy-recession-gdp-trump","name":"US economy braces for the largest tariffs in over a century","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/tariffs-effect-economy-recession-gdp-trump#primaryimage"},"image":{"@id":"https://blockworks.co/news/tariffs-effect-economy-recession-gdp-trump#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-fg-trump-tariffs.jpg","datePublished":"2025-04-03T19:36:58+00:00","dateModified":"2025-04-03T19:37:01+00:00","author":{"@id":"https://blockworks.co/#/schema/person/44b96d518e34f61df756a6b1c2625b74"},"description":"Trump's tariffs, issued yesterday, will have significant impact on GDP, household spending, and food prices — if they hold.","breadcrumb":{"@id":"https://blockworks.co/news/tariffs-effect-economy-recession-gdp-trump#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/tariffs-effect-economy-recession-gdp-trump"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/tariffs-effect-economy-recession-gdp-trump#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-fg-trump-tariffs.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-fg-trump-tariffs.jpg","width":1600,"height":900,"caption":"Joshua Sukoff / Shutterstock.com and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/tariffs-effect-economy-recession-gdp-trump#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"US economy braces for the largest tariffs in over a century"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/44b96d518e34f61df756a6b1c2625b74","name":"Felix Jauvin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/06/1715472082337.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/06/1715472082337.jpg","caption":"Felix Jauvin"},"description":"Felix Jauvin is the host of the On the Margin podcast. Based in British Columbia, Canada, he lives and breathes where crypto and macroeconomics intersect.","url":"https://blockworks.co/news/author/felix-jauvin"}]}},"authors":[{"title":"Felix Jauvin","id":369,"slug":"felix-jauvin","image_url":""}],"blurhash":null},{"slug":"fdusd-depeg-sun-justin-insolvency-stablecoin","id":100040,"permalink":"/news/fdusd-depeg-sun-justin-insolvency-stablecoin","title":"Justin Sun’s allegations of FDUSD insolvency cause 9% depeg","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-sun-loss-market.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-sun-loss-market.jpg","caption":"\u003cp\u003eAkif CUBUK/Shutterstock and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 03 Apr 2025 16:41:48 GMT","publishedAt":"Thu, 03 Apr 2025 17:00:00 GMT","publishedAtTimestamp":1743699600,"excerpt":"The Binance-affiliated stablecoin lost about $200M of market capitalization ","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/0xresearch\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eFDUSD, the sixth-largest stablecoin (market cap $2.5 billion), saw a significant depeg yesterday morning to $0.91. The peg has since recovered, though FDUSD suffered a market cap loss of about $200m.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe cause? The tweets of Tron founder Justin Sun.\u003c/p\u003e\n\n\n\n\u003cp\u003eSun blasted First Digital, the issuer of FUSD, in a tweet alleging that the Hong Kong-based firm was “effectively insolvent and unable to fulfill client fund redemptions” for its stablecoin.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003eFirst Digital Trust (FDT) is effectively insolvent and unable to fulfill client fund redemptions. I strongly recommend that users take immediate action to secure their assets. There are significant loopholes in both the trust licensing process in Hong Kong and the internal risk…\u003c/p\u003e\u0026mdash; H.E. Justin Sun 🍌 (@justinsuntron) \u003ca href=\"https://twitter.com/justinsuntron/status/1907453216524243373?ref_src=twsrc%5Etfw\"\u003eApril 2, 2025\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eSun’s tweet included a link to a CoinDesk article detailing Techteryx’s lawsuit against First Digital’s CEO Vincent Chok for alleged mismanagement of the former’s reserves. Sun had previously been \u003ca href=\"https://fortune.com/crypto/2024/12/18/justin-sun-coindesk-matt-murray-banana-resign-article/\"\u003eaccused\u003c/a\u003e of influencing CoinDesk’s editorial decisions, which resulted in the removal of key editorial staff.\u003c/p\u003e\n\n\n\n\u003cp\u003eTechteryx is the issuer of the TrueUSD (TUSD) stablecoin, and had previously established First Digital as a fiduciary to manage its reserves.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe lawsuit alleges First Digital had misappropriated $456 million of Techteryx’s monies into “unauthorized trade finance loans.”\u003c/p\u003e\n\n\n\n\u003cp\u003eFirst Digital immediately denounced Sun’s allegations as a “smear campaign,” claiming that FDUSD was \u0026#8220;completely solvent\u0026#8221; and that the company would \u0026#8220;pursue legal action to protect its rights and reputation.”\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003eThe recent allegations by Justin Sun against First Digital Trust are completely false. \u003cbr\u003e\u003cbr\u003eThis dispute is with TUSD and not with \u003ca href=\"https://twitter.com/search?q=%24FDUSD\u0026amp;src=ctag\u0026amp;ref_src=twsrc%5Etfw\"\u003e$FDUSD\u003c/a\u003e. First Digital is completely solvent. \u003cbr\u003e\u003cbr\u003eEvery dollar backing \u003ca href=\"https://twitter.com/search?q=%24FDUSD\u0026amp;src=ctag\u0026amp;ref_src=twsrc%5Etfw\"\u003e$FDUSD\u003c/a\u003e is completely, secure, safe and accounted for with US backed T-Bills. The…\u003c/p\u003e\u0026mdash; First Digital (@FirstDigitalHQ) \u003ca href=\"https://twitter.com/FirstDigitalHQ/status/1907469378876215803?ref_src=twsrc%5Etfw\"\u003eApril 2, 2025\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eSun doubled down in a second \u003ca href=\"https://x.com/justinsuntron/status/1907481239143199016\"\u003etweet\u003c/a\u003e an hour later, asserting that his claim regarding FDT’s insolvency was “a factual statement.”\u003c/p\u003e\n\n\n\n\u003cp\u003eAccording to First Digital’s latest February 2025 \u003ca href=\"https://firstdigitallabs.com/transparency\"\u003emonthly reserve report\u003c/a\u003e, the company’s reserves at the time totaled $2,051,348,188 — backing a total issued supply of $2,041,924,819 FDUSD.\u003c/p\u003e\n\n\n\n\u003cp\u003eLike most centralized stablecoins, First Digital’s collateral backing consisted of primarily US Treasury bills, overnight fixed deposits, and US dollars.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhile attestation reports are helpful, there is still an element level of trust and counterparty risk inherent to stablecoins, Cork Protocol co-founder \u003ca href=\"https://x.com/robdogeth?lang=en\"\u003eRob Schmitt\u003c/a\u003e told Blockworks.\u003c/p\u003e\n\n\n\n\u003cp\u003e“If stablecoins are to underpin the global financial system, there will be a clear demand to hedge against these risks, without which there could be a lot of contagion potentially.”\u003c/p\u003e\n\n\n\n\u003cp\u003e“It’s not so different from what happened with USDC’s depeg during the Silicon Valley Bank chaos. There wasn\u0026#8217;t fraud as claimed, but there was spillover of collateral damage from counterparty risk, which is inherent to any stablecoin design.”\u003c/p\u003e\n\n\n\n\u003cp\u003eFDUSD is largely known for being a stablecoin used on the Binance exchange, acting as a replacement for Binance’s BUSD stablecoin.\u003c/p\u003e\n\n\n\n\u003cp\u003eBUSD’s issuer, Paxos, was ordered by the New York Department of Financial Services to \u003ca href=\"https://blockworks.co/news/binance-fdusd-busd\"\u003eshut down\u003c/a\u003e the stablecoin in February 2023.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003ca href=\"https://intel.arkm.com/explorer/token/first-digital-usd\"\u003eArkham\u003c/a\u003e data shows that Binance holds the large majority (95%) of the FDUSD supply.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg decoding=\"async\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXdZnCkfuFMdTBTFzC9SPIsdi6Jg6NWZccSwHS56qP4R7g4GyFY4EmKcFm1DBmu7wuULbRauWcCByQz_N8WqPxslEgy_KCE2QXnkh0w9juYFd5grvH6ZF2J-334Qiq9D2-GgrCUTbA?key=G9xeC3Fqx62zQphdlmNqvEM5\" alt=\"\"/\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eIn response to the debacle, Aave has frozen FDUSD depositing and borrowing on its BNB Chain deployment.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003eI don\u0026#39;t think there\u0026#39;s any issue with fdUSD, but as an abundance of caution and to protect Aave users,\u003ca href=\"https://twitter.com/search?q=%24FDUSD\u0026amp;src=ctag\u0026amp;ref_src=twsrc%5Etfw\"\u003e$FDUSD\u003c/a\u003e deposits \u0026amp; borrows have been frozen on Aave BNB instance. If you\u0026#39;re a current user no change or risk,\u003cbr\u003e\u003cbr\u003efreezing a reserve just means no new position can be created.\u003c/p\u003e\u0026mdash; Marc “Billy” Zeller 👻 🦇🔊 (@lemiscate) \u003ca href=\"https://twitter.com/lemiscate/status/1907472403795791903?ref_src=twsrc%5Etfw\"\u003eApril 2, 2025\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","Markets"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","Binance","Justin Sun","stablecoins"],"customFields":{"display_options":[]},"meta":{"title":"Justin Sun's allegations of FDUSD insolvency cause 9% depeg","description":"The Binance-affiliated stablecoin lost about $200M of market cap after Sun tweeted that its issuer couldn't \"fulfill client fund redemptions.\"","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/fdusd-depeg-sun-justin-insolvency-stablecoin","og_locale":"en_US","og_type":"article","og_title":"Justin Sun's allegations of FDUSD insolvency cause 9% depeg","og_description":"The Binance-affiliated stablecoin lost about $200M of market cap after Sun tweeted that its issuer couldn't \"fulfill client fund redemptions.\"","og_url":"https://blockworks.co/news/fdusd-depeg-sun-justin-insolvency-stablecoin","og_site_name":"Blockworks","article_published_time":"2025-04-03T17:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-sun-loss-market.jpg","type":"image/jpeg"}],"author":"Donovan Choy","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Donovan Choy","Est. reading time":"5 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/fdusd-depeg-sun-justin-insolvency-stablecoin","url":"https://blockworks.co/news/fdusd-depeg-sun-justin-insolvency-stablecoin","name":"Justin Sun's allegations of FDUSD insolvency cause 9% depeg","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/fdusd-depeg-sun-justin-insolvency-stablecoin#primaryimage"},"image":{"@id":"https://blockworks.co/news/fdusd-depeg-sun-justin-insolvency-stablecoin#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-sun-loss-market.jpg","datePublished":"2025-04-03T17:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db"},"description":"The Binance-affiliated stablecoin lost about $200M of market cap after Sun tweeted that its issuer couldn't \"fulfill client fund redemptions.\"","breadcrumb":{"@id":"https://blockworks.co/news/fdusd-depeg-sun-justin-insolvency-stablecoin#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/fdusd-depeg-sun-justin-insolvency-stablecoin"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/fdusd-depeg-sun-justin-insolvency-stablecoin#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-sun-loss-market.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-sun-loss-market.jpg","width":1600,"height":900,"caption":"Akif CUBUK/Shutterstock and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/fdusd-depeg-sun-justin-insolvency-stablecoin#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Justin Sun\u0026#8217;s allegations of FDUSD insolvency cause 9% depeg"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db","name":"Donovan Choy","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","caption":"Donovan Choy"},"description":"Donovan is a reporter based in Singapore. He previously worked in editorial at Bankless and is a huge fan of spaghetti Westerns and the Wu-Tang Clan. Contact Donovan at donovan@blockworks.co.","url":"https://blockworks.co/news/author/donovan-choy"}]}},"authors":[{"title":"Donovan Choy","id":390,"slug":"donovan-choy","image_url":""}],"blurhash":null},{"slug":"bitcoin-gavin-andresen-podcast-episode-mining-history","id":100037,"permalink":"/news/bitcoin-gavin-andresen-podcast-episode-mining-history","title":"Bitcoin is up 11,000,000% since this 2011 podcast episode","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-andresen.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-andresen.jpg","caption":"\u003cp\u003eGavin Andresen, developer and Bitcoin Foundation founder | \u003ca href=\"https://commons.wikimedia.org/wiki/File:Gavin_Andresen_at_2014_Web_Summit.jpg\"\u003eStephen McCarthy / SPORTSFILE / Web Summit/”Gavin Andresen at 2014 Web Summit”\u003c/a\u003e (\u003ca href=\"https://creativecommons.org/licenses/by/2.0/deed.en\"\u003eCC license\u003c/a\u003e)\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 03 Apr 2025 15:05:10 GMT","publishedAt":"Thu, 03 Apr 2025 15:05:05 GMT","publishedAtTimestamp":1743692705,"excerpt":"How the Bitcoin conversation has evolved since the price was less than $1","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the Supply Shock newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/supplyshock\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eCan BitCoin be “trusted”? Will anyone accept bitcoins as payment? Could bitcoin eventually replace national currencies and “break the monopoly power of the Federal Reserve”?\u003c/p\u003e\n\n\n\n\u003cp\u003eThese were questions fielded by then-lead developer Gavin Andresen, 14 years ago this week.\u0026nbsp; Andresen was speaking on the \u003ca href=\"https://www.econtalk.org/andresen-on-bitcoin-and-virtual-currency/\"\u003efirst podcast episode dedicated\u003c/a\u003e to “BitCoin.” (The price was a cool $0.73.)\u003c/p\u003e\n\n\n\n\u003cp\u003eThis hour-long EconTalk chat was recorded in March 2011, back in the very early months of GPU mining. It\u0026#8217;s still worth listening to this episode, for nothing more than to transport yourself back to your first few times hearing about Bitcoin.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eYou can relive the curiosity in real time, as Andresen walks host Russ Roberts — the one who sounds eerily like \u003ca href=\"https://x.com/pete_rizzo_/status/1886391766460330376\"\u003eMichael Saylor\u003c/a\u003e — through the basics (as they were when you mined coins on your laptop and they traded for 90 cents apiece).\u003c/p\u003e\n\n\n\n\u003cp\u003eThose days are obviously long gone. Almost 95% of the bitcoin supply has been mined, and solo mining is no longer guaranteed to net any bitcoin at all. It’s that enshrined scarcity that’s now drawing institutions and sovereigns to buy bitcoin that already exists. They don’t even need to run the software.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut just because mining is not necessarily profitable now doesn’t mean it’s not possible — you can mine Bitcoin today with solo rigs like the \u003ca href=\"https://bitaxe.org/\"\u003eBitAxe\u003c/a\u003e, \u003ca href=\"https://d-central.tech/the-piaxe-one-asic-one-vote/\"\u003ePiAxe\u003c/a\u003e, and other \u003ca href=\"https://blockworks.co/news/mine-bitcoin-from-your-pocket\"\u003ecustomized Raspberry Pi builds\u003c/a\u003e. And solo miners regularly solve blocks — at least more than a \u003ca href=\"https://mempool.space/mining/pool/solock\"\u003edozen over the past year\u003c/a\u003e — with their luck usually boosted by \u003ca href=\"https://theminermag.com/news/2025-01-30/bitcoin-foundation-solo-mining/\"\u003edonated\u003c/a\u003e or otherwise shared hash rate.\u003c/p\u003e\n\n\n\n\u003cp\u003eHowever, it’s still so rare now that when solo miners \u003cem\u003edo\u003c/em\u003e solve blocks, we \u003ca href=\"https://blockworks.co/news/solo-bitcoin-miner-solves-block\"\u003ecollectively celebrate\u003c/a\u003e: Successful solo mining is the exception and not the rule, even if it wasn’t always meant to be that way.\u003c/p\u003e\n\n\n\n\u003cp\u003eWe know that Satoshi had \u003ca href=\"https://satoshi.nakamotoinstitute.org/posts/bitcointalk/20/\"\u003epushed\u003c/a\u003e to “postpone the GPU arms race as long as we can for the good of the network,” and in the first two years \u003ca href=\"https://www.reddit.com/r/Bitcoin/comments/36vnmr/heres_what_satoshi_wrote_to_the_man_responsible/\"\u003eencouraged\u003c/a\u003e Laszlo Hanyecz to slow down work on GPU mining, \u003ca href=\"https://cointelegraph.com/news/satoshi-invented-gpu-mining-to-defend-the-network-says-early-dev\"\u003esaying\u003c/a\u003e that “the big attraction is that anybody can download Bitcoin and start mining with their laptop.”\u003c/p\u003e\n\n\n\n\u003cp\u003eIt was those laptop miners who bootstrapped bitcoin with their CPUs. Satoshi, by opting not to sell his coins, left the responsibility of distributing and decentralizing the supply with new users.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWhether those initial miners were aware of their critical role in bitcoin’s future is moot — they were interacting with the Bitcoin network in a tangible way that supported Satoshi’s vision of what it could be.\u003c/p\u003e\n\n\n\n\u003cp\u003eThis all means that solo mining is anything but performative. Far from it. Consider solo mining on par with spiritually fighting alongside Satoshi in the trenches of the GPU arms race.\u003c/p\u003e\n\n\n\n\u003cp\u003eBecause Bitcoin is more than a technology — it’s a supratechnology, encompassing computer science, math, sociology, politics, philosophy, psychology and economics.\u003c/p\u003e\n\n\n\n\u003cp\u003eListening back to Andresen speak in 2011, what stuck most of all is that the reason Bitcoin is so attractive to institutions and sovereign nations in 2025 is very different from what made it so interesting to early adopters in the nascent 2010s. And that’s okay.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn the podcast, Andresen reasons that when Bitcoin mining reaches the point it has today, i.e. when it takes “dedicated fleets of computers with high-speed network interfaces […] big iron to actually do all that transaction processing,” that those who’d been generating bitcoins on their own computers, “and who like the fact that they can be a self-contained unit,” might not be so happy about “trusting someone running these bigger data computers.”\u003c/p\u003e\n\n\n\n\u003cp\u003eObviously, there are many reasons to solo-mine bitcoin, even with the few extra steps required now compared to 2011.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBut most importantly, among them is the very off chance that you’ll (at least for the time it takes for Bitcoin to add the next block) be the one to dictate the state of the network — not multibillion-dollar companies or other hypercapitalized operations, however well-intentioned.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cem\u003e— David Canellis\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eRizzo’s take, the Bitcoin Historian\u003c/h2\u003e\n\n\n\n\u003cp\u003e“Benevolent dictator.” “De-facto lead.”\u003cbr\u003e\u003cbr\u003eWhile there’s a lot of nice descriptions about Bitcoin’s inner-workings in this 2011 podcast (I personally think mainstream coverage of the subject was actually \u003cem\u003ebetter \u003c/em\u003e“back then”), it’s hard not to focus squarely on its real historical significance.\u003cbr\u003e\u003cbr\u003eThis podcast provides an almost eerie backdrop to the events that would force Gavin Andresen from his “leadership position” in the open-source project he inherited from Satoshi not some months before the recording.\u003c/p\u003e\n\n\n\n\u003cp\u003eFast-forward to the 23:00 mark, and you’ll find Andresen opening up about some of the thornier parts of the software development process that are still a mystery (even to people who have spent a decade watching the Bitcoin charts like me).\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAt around this mark, Andresen begins diving into the rights and privileges he believed he had as project maintainer, which, while common to open-source projects, were eventually torn away by the project users, who didn’t want to run \u003ca href=\"https://en.bitcoin.it/wiki/Bitcoin_XT\"\u003ehis more experimental forks\u003c/a\u003e.\u003cbr\u003e\u003cbr\u003eAs Bitcoin begins to consider coming soft fork upgrades, (see my most recent conversation with \u003ca href=\"https://www.youtube.com/watch?v=GdgQ3IflBJ0\"\u003eJeremy Rubin\u003c/a\u003e), it’s a reminder that the core of the system remains fragile human consensus, along with software, a written medium that, due to the nature of evolving hardware, must change.\u003cbr\u003e\u003cbr\u003eThat Andresen himself was \u003ca href=\"https://www.coindesk.com/markets/2017/05/19/where-is-gavin-andresen-the-quiet-exile-of-bitcoins-former-face\"\u003eeventually evicted over his attempts\u003c/a\u003e to exert authority over this process makes listening to this podcast, with this context, bittersweet. \u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cem\u003e— Rizzo\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"Analysis","categories":["Analysis","Supply Shock"],"primaryTag":"Bitcoin","tags":["Bitcoin","BTC","Mining","Supply Shock"],"customFields":{"display_options":[]},"meta":{"title":"Bitcoin is up 11,000,000% since this 2011 podcast episode","description":"14 years ago, Bitcoin developer Gavin Andresen spoke on the first podcast episode about the asset, then at 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about the asset, then at $0.73.","breadcrumb":{"@id":"https://blockworks.co/news/bitcoin-gavin-andresen-podcast-episode-mining-history#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/bitcoin-gavin-andresen-podcast-episode-mining-history"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/bitcoin-gavin-andresen-podcast-episode-mining-history#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-andresen.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-andresen.jpg","width":1600,"height":900,"caption":"Gavin Andresen, developer and Bitcoin Foundation founder | Stephen McCarthy / SPORTSFILE / Web Summit/\"Gavin Andresen at 2014 Web Summit\" (CC license)"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/bitcoin-gavin-andresen-podcast-episode-mining-history#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Bitcoin is up 11,000,000% since this 2011 podcast episode"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/169d92c899e039eaa3200366502ce4b2","name":"David Canellis","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-02-at-20.17.00-e1651515763548.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Screenshot-2022-05-02-at-20.17.00-e1651515763548.jpg","caption":"David Canellis"},"url":"https://blockworks.co/news/author/david-canellis"}]}},"authors":[{"title":"David Canellis","id":56,"slug":"david-canellis","image_url":""},{"title":"Pete Rizzo","id":423,"slug":"pete-rizzo","image_url":""}],"blurhash":null},{"slug":"wisdomtree-connect-expands-chain-base-tokenization","id":100029,"permalink":"/news/wisdomtree-connect-expands-chain-base-tokenization","title":"Exclusive: WisdomTree Connect expands to Base, Arbitrum, Avalanche and Optimism","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-Wisdomtree2.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-Wisdomtree2.jpg","caption":"\u003cp\u003eWisdomTree modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 03 Apr 2025 13:58:13 GMT","publishedAt":"Thu, 03 Apr 2025 13:58:01 GMT","publishedAtTimestamp":1743688681,"excerpt":"The platform also rolled out 13 tokenized funds for institutions on the Connect platform","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the Empire newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/empire\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eWisdomTree’s giving institutions access to their \u003ca href=\"https://www.wisdomtree.com/investments/digital-funds\"\u003etokenized funds\u003c/a\u003e across Arbitrum, Base, Avalanche, Ethereum and Optimism with its WisdomTree Connect, the team exclusively told Blockworks.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“Historically, WisdomTree Connect was only on Ethereum, and we think it\u0026#8217;s really important for availability” to allow users to get access to other EVM chains, especially given that WisdomTree prides itself in being “chain agnostic.” Its more retail-focused Prime app, for example, is built on Stellar, WisdomTree’s Maredith Hannon told me.\u003c/p\u003e\n\n\n\n\u003cp\u003eIt also means that its clientele can use the various chains without ever leaving their own ecosystem.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe team had a “lot of interest” from institutional clients for tokenized funds, which led to it launching 13 tokenized funds on its institutional RWA platform.\u003c/p\u003e\n\n\n\n\u003cp\u003e“We, on purpose, built a suite that really allows any investor to build a diversified portfolio onchain. A lot of the input that we\u0026#8217;ve received from the market is, ‘There\u0026#8217;s plenty of money market funds. What else do you have?’”\u003c/p\u003e\n\n\n\n\u003cp\u003eThe suite includes equity index funds, fixed income funds, asset allocation funds and, of course, WisdomTree’s signature money market fund, WTGXX.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eHannon added that their institutional clients have been looking for alternatives as yields come down. Specifically, investors have been aiming for higher-yield option alternatives to fixed-income products.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“This just gives them more optionality and more availability, where they can build out a diversified portfolio that they would do in the traditional world for asset management, in a way that\u0026#8217;s still onchain and still also being able to be held native in their own wallets,” Hannon explained.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe Connect platform itself is what Hannon called “tech first,” allowing the clients to own the wallet infrastructure. Instead of a whitelist, they use soulbound NFTs that “essentially tag the wallets as WisdomTree wallets,” allowing peer-to-peer transfers between flagged Connect wallets.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“This is really the starting point for us to be able to say clients [can] […] create a network of networks. So let\u0026#8217;s say that [a] […] financial institution developed its own type of identity solution. We could start to create a network of networks of identity to bring more and more investors onchain organically,” Hannon said.\u003c/p\u003e\n\n\n\n\u003cp\u003eOutside of the newest rollout, the team has been busy applying its Government Money Market Digital Fund as a \u003ca href=\"https://gov.frax.finance/t/fip-427-wtgxx-as-reserve-asset-for-frax-usd/3649\"\u003ereserve asset for Frax USD\u003c/a\u003e. They also \u003ca href=\"https://forum.arbitrum.foundation/t/wisdomtree-wtgxx-step-application/28756/1\"\u003eapplied\u003c/a\u003e for an investment from Arbitrum’s RWA ecosystem.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe market cap of WisdomTree’s WTGXX sits at $108 million, according to rwa.xyz. That puts it below the offerings from both Franklin and BlackRock.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"Business","categories":["Business","Empire Newsletter"],"primaryTag":"Empire Newsletter","tags":["Empire Newsletter","institutional adoption","Tokenization","WisdomTree"],"customFields":{"display_options":[]},"meta":{"title":"Exclusive: WisdomTree Connect expands to Base, Arbitrum, Avalanche and Optimism","description":"The platform wants to encourage a \"network of networks\" for institutional clients, and rolled out 13 tokenized funds on its RWA platform.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/wisdomtree-connect-expands-chain-base-tokenization","og_locale":"en_US","og_type":"article","og_title":"Exclusive: WisdomTree Connect expands to Base, Arbitrum, Avalanche and Optimism","og_description":"The platform wants to encourage a \"network of networks\" for institutional clients, and rolled out 13 tokenized funds on its RWA 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She worked as a senior producer and correspondent at TheStreet prior to joining Blockworks. She holds a Bachelor of Arts degree with a focus on journalism from Sarah Lawrence. Contact Katherine via email at katherine@blockworks.co.","sameAs":["https://www.linkedin.com/in/katherinerooss/","https://x.com/https://twitter.com/byKatherineRoss"],"url":"https://blockworks.co/news/author/katherine-ross"}]}},"authors":[{"title":"Katherine Ross","id":94,"slug":"katherine-ross","image_url":""}],"blurhash":null},{"slug":"grayscale-launches-crypto-etf-product-innovation","id":100002,"permalink":"/news/grayscale-launches-crypto-etf-product-innovation","title":"New Grayscale launches, filing reflects crypto product innovation boom","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-grayscale.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-grayscale.jpg","caption":"\u003cp\u003eGrayscale new launch ETFs bitcoin covered calls\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 02 Apr 2025 20:09:45 GMT","publishedAt":"Thu, 03 Apr 2025 13:00:00 GMT","publishedAtTimestamp":1743685200,"excerpt":"The company’s expanded lineup introduces new ETF products, as more and more issuers get into crypto funds","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/forwardguidance\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eThere was talk at last week’s \u003ca href=\"https://blockworks.co/news/crypto-exchange-etf-event-vegas\"\u003eExchange ETF conference\u003c/a\u003e around more crypto products coming as different types of investors enter the market.\u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eGrayscale Investments is among those expanding its product lineup, introducing a Bitcoin Covered Call ETF (BTCC) and a Bitcoin Premium Income ETF (BPI).\u003c/p\u003e\n\n\n\n\u003cp\u003eThe strategies “may be considered as an alternative income stream that’s less correlated to traditional income-oriented investments,” the firm notes. They aim to distribute income monthly.\u003c/p\u003e\n\n\n\n\u003cp\u003eBTCC buys and sells call and put option contracts that utilize a bitcoin ETP (i.e. its GBTC and BTC trusts) as the reference asset. Its sale of call options may limit the fund’s gains when those bitcoin ETPs see share price increases.\u003c/p\u003e\n\n\n\n\u003cp\u003eAs for BPI, the ETF writes calls targeting so-called out-of-the-money strike prices (those higher than bitcoin’s spot price). It’s meant to balance upside participation and income generation.\u003c/p\u003e\n\n\n\n\u003cp\u003eIt was clear that \u003ca href=\"https://blockworks.co/news/bitcoin-etf-options-trading-begins\"\u003eoptions on bitcoin ETFs\u003c/a\u003e — letting institutional investors better manage BTC exposures in different market conditions — \u003ca href=\"https://blockworks.co/news/bitcoin-etf-options-trading-begins\"\u003emarked a new chapter\u003c/a\u003e for the asset class. Issuers have debuted funds utilizing options to \u003ca href=\"https://blockworks.co/news/calamos-btc-etf-downside-protection\"\u003eoffer downside protection\u003c/a\u003e, for example.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAnother new chapter? Crypto index funds.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eA Grayscale registration statement \u003ca href=\"https://www.sec.gov/Archives/edgar/data/1729997/000095017025047994/gdlc_s-3_032525.htm\"\u003efiled\u003c/a\u003e Monday is another step toward the firm trying to uplist its Grayscale Digital Large Cap Fund to an ETF (after NYSE Arca’s \u003ca href=\"https://www.globenewswire.com/news-release/2024/11/04/2974196/0/en/Grayscale-Digital-Large-Cap-Fund-Ticker-GDLC-Application-to-Uplist-as-Exchange-Traded-Product-Now-Published-in-Federal-Register.html\"\u003e19b-4\u003c/a\u003e last year). That fund, currently trading on OTC Markets, holds bitcoin, ether, solana, XRP and cardano. \u003c/p\u003e\n\n\n\n\u003cp\u003eHashdex, Bitwise and others are also looking to offer index ETFs that go beyond \u003ca href=\"https://blockworks.co/news/trump-media-etf-cryptodotcom\"\u003eBTC and ETH exposure\u003c/a\u003e. We’ll find out in the coming months what the SEC has to say about that.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"Finance","categories":["Finance","Forward Guidance Newsletter"],"primaryTag":"Bitcoin","tags":["Bitcoin","ETFs","Forward Guidance newsletter","Grayscale"],"customFields":{"display_options":[]},"meta":{"title":"New Grayscale launches, filing reflects crypto product innovation boom","description":"The company's expanded lineup introduces new ETF products, like a Bitcoin Covered Call ETF, as more and more issuers get into crypto funds.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/grayscale-launches-crypto-etf-product-innovation","og_locale":"en_US","og_type":"article","og_title":"New Grayscale launches, filing reflects crypto product innovation boom","og_description":"The company's expanded lineup introduces new ETF products, like a Bitcoin Covered Call ETF, as more and more issuers get into crypto funds.","og_url":"https://blockworks.co/news/grayscale-launches-crypto-etf-product-innovation","og_site_name":"Blockworks","article_published_time":"2025-04-03T13:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-grayscale.jpg","type":"image/jpeg"}],"author":"Ben Strack","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/strack_ben","twitter_misc":{"Written by":"Ben Strack","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/grayscale-launches-crypto-etf-product-innovation","url":"https://blockworks.co/news/grayscale-launches-crypto-etf-product-innovation","name":"New Grayscale launches, filing reflects crypto product innovation boom","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/grayscale-launches-crypto-etf-product-innovation#primaryimage"},"image":{"@id":"https://blockworks.co/news/grayscale-launches-crypto-etf-product-innovation#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-grayscale.jpg","datePublished":"2025-04-03T13:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405"},"description":"The company's expanded lineup introduces new ETF products, like a Bitcoin Covered Call ETF, as more and more issuers get into crypto funds.","breadcrumb":{"@id":"https://blockworks.co/news/grayscale-launches-crypto-etf-product-innovation#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/grayscale-launches-crypto-etf-product-innovation"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/grayscale-launches-crypto-etf-product-innovation#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-grayscale.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-grayscale.jpg","width":1600,"height":900},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/grayscale-launches-crypto-etf-product-innovation#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"New Grayscale launches, filing reflects crypto product innovation boom"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405","name":"Ben Strack","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","caption":"Ben Strack"},"description":"Ben Strack is a Denver-based reporter covering macro and crypto-native funds, financial advisors, structured products, and the integration of digital assets and decentralized finance (DeFi) into traditional finance. Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence, and was a reporter and editor for various local newspapers on Long Island. He graduated from the University of Maryland with a degree in journalism. Twitter: @strack_ben","sameAs":["https://www.linkedin.com/in/ben-strack-621a2265/","https://x.com/https://twitter.com/strack_ben"],"url":"https://blockworks.co/news/author/benstrack"}]}},"authors":[{"title":"Ben Strack","id":23,"slug":"benstrack","image_url":""}],"blurhash":null}],"featuredPosts":[{"slug":"neon-machine-shrapnel-in-the-red","id":100044,"permalink":"/news/neon-machine-shrapnel-in-the-red","title":"Neon Machine’s Shrapnel is in the red: Sources","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/ED_Shrapnel_20250403b-1.png","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/ED_Shrapnel_20250403b-1.png","caption":"\u003cp\u003eShrapnel developer Neon Machine; Artwork by Crystal Le \u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 04 Apr 2025 16:06:17 GMT","publishedAt":"Fri, 04 Apr 2025 16:06:09 GMT","publishedAtTimestamp":1743782769,"excerpt":"Documents and sources suggest Neon Machine is running out of cash and has laid off nearly all its employees — and struck a deal with the Chinese government to stay afloat","content":"\n\u003cp\u003eJust a few years ago, Shrapnel was expected to become the Call of Duty of crypto. It promised a vivid, sci-fi world — one I \u003ca href=\"https://decrypt.co/124263/shrapnel-preview-this-web3-shooter-looks-and-plays-like-a-aaa-game\"\u003esaw firsthand\u003c/a\u003e at the 2023 Game Developers Conference in San Francisco.\u003c/p\u003e\n\n\n\n\u003cp\u003eI got to play a very early demo of the game, where players on a small map had to locate weapons, take each other down and extract mineral-rich asteroid bits known as Shrapnel from the map. Yes, the game was laggy, had bugs and needed technical optimization. But back then, it truly felt like the beginning of an “AAA” gaming experience.\u003c/p\u003e\n\n\n\n\u003cp\u003eShrapnel had elements of Escape From Tarkov and Apex Legends — and was planning an optional “GameBridge” NFT ecosystem for players. Gunzilla Games’ \u003ca href=\"https://blockworks.co/news/gunzilla-games-gun-token-launch\"\u003eOff The Grid\u003c/a\u003e, another extraction shooter with its own token using Avalanche, was at the time also comparable to Shrapnel.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn October 2023, Shrapnel \u003ca href=\"https://decrypt.co/203208/shrapnel-game-studio-neon-machine-raises-20-million-led-polychain\"\u003eraised\u003c/a\u003e $20 million in Series A funding in a round led by Polychain Capital. Griffin Gaming Partners, Franklin Templeton, Brevan Howard Digital, IOSG Ventures and Tess Ventures also invested.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAt the time, Neon Machine had about 70 to 100 employees in total, with additional labor outsourced from Sperasoft and the underlying core of the game coming from IronBelly Studios, three sources familiar with Neon Machine’s business confirmed to Blockworks.\u003c/p\u003e\n\n\n\n\u003cp\u003eShrapnel was previously slated to launch in 2024. Where is it now?\u003c/p\u003e\n\n\n\n\u003cp\u003eAccording to a Blockworks investigation, it’s millions of dollars in the red and with very few employees left after multiple rounds of layoffs.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eFinancial troubles\u003c/h2\u003e\n\n\n\n\u003cp\u003eMultiple sources familiar with Shrapnel’s financials told Blockworks that Neon Machine has a slew of unpaid debts, owing millions to external vendors. The studio was trying to get its monthly burn rate or costs to under a million, but some months had a burn of $2 million to $3.5 million a month, sources — who requested anonymity due to the non-public nature of the company’s financials — said.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe company has had a total operating expenses burn of $86.9 million since “the founding of the company,” according to an internal document viewed by Blockworks.\u003c/p\u003e\n\n\n\n\u003cp\u003eTwo sources called Neon Machine a “toxic, failing startup” and allege that the top executives who started the studio failed to develop a clear financial plan. They claim the studio is out of cash and that an expected early 2025 round of fresh funding that had been expected to close in February has failed.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWhen asked about Shrapnel’s work environment, Neon Machine told Blockworks via email: “The work environment at Shrapnel fosters a culture of collaboration and innovation among individuals who have a mutual respect for each other’s talents and contributions. The employees at Shrapnel continue to drive towards success for the vision laid out when the company was founded.”\u003c/p\u003e\n\n\n\n\u003cp\u003eAn attempt to obtain funds may still be in the works. In an email dated April 2, Neon Machine CEO Kenneth Rosman told Blockworks: “We are in the late stages of a fundraising process which has a lot of momentum, and as a result requires us to be heads down for the next few weeks.” The company declined an interview but responded to questions via email.\u003c/p\u003e\n\n\n\n\u003cp\u003eRosman became Neon Machine’s CEO in December 2024.\u003c/p\u003e\n\n\n\n\u003cp\u003eFinancial documents reviewed by Blockworks suggest that Neon Machine saw a net loss of $11.4 million in 2024. Last year, it saw about $21.7 million in services revenue, but spent roughly $33 million in “operating expense burn.” 2023 was its best year in terms of revenue, but it did not go into the black that year, either. According to the documents, the firm has lost money every year since 2021.\u003c/p\u003e\n\n\n\n\u003cp\u003eAnother Neon Machine financial document included a company prediction that it would operate at a cash-on-hand deficit beginning in March 2025, “assuming no additional cash receipts” and have a deficit of over $13.5 million by the end of Q4 this year.\u003c/p\u003e\n\n\n\n\u003cp\u003eThose factors may be the main reasons why the studio has conducted multiple rounds of layoffs.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eNeon Machine declined to comment on the company’s specific financials including its net losses, expenses, profits, burn rate and whether it currently owes money to external vendors.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“As a privately held company, we do not disclose financial details—but we’re now in the strongest position we’ve been to date. With a clear path forward, we’re fully focused on the launch of SHRAPNEL and energized by the progress we’re making,” the company wrote.\u003c/p\u003e\n\n\n\n\u003cp\u003e“We’re now in the best shape we’ve been [in],” Rosman assured me via email.\u003c/p\u003e\n\n\n\n\u003cp\u003eShrapnel has conducted at least three rounds of layoffs, with one occurring six months ago and the latest occurring in early March 2025, several sources told Blockworks. Staff were asked to remain quiet about the layoffs to avoid attracting attention to the company, according to the sources. But the few ex-employees who \u003ca href=\"https://www.linkedin.com/posts/thenicholasdraper_i-have-unfortunately-been-laid-off-again-activity-7239778946454593536-PYSc?utm_source=share\u0026amp;utm_medium=member_desktop\u0026amp;rcm=ACoAABKdI6YBVCnELgEXIz0Jo0Q13EHkptJChqw\"\u003edid post\u003c/a\u003e about \u003ca href=\"https://www.linkedin.com/posts/colin-foran-9b81a55_a-week-ago-i-decided-to-leave-my-position-activity-7230719632045719552-Erry?utm_source=share\u0026amp;utm_medium=member_desktop\u0026amp;rcm=ACoAABKdI6YBVCnELgEXIz0Jo0Q13EHkptJChqw\"\u003eleaving\u003c/a\u003e the company were neutral to positive in their public posts about their time there.\u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eNeon Machine had closer to 100 employees at its highest headcount, a source familiar with the company told Blockworks.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBy the end of Q1 2024, Neon Machine had 72 employees, 39 of which were working on Shrapnel, according to an internal document reviewed by Blockworks and multiple sources.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBut by the end of last year, there were a total of 32 employees working at Neon Machine — just 20 of them working on Shrapnel, the internal document and sources said.\u003c/p\u003e\n\n\n\n\u003cp\u003eSources also claim that roughly a dozen full-time staff remain in total across the company’s divisions, with very few actually developing Shrapnel itself.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIn response to a question about the layoffs, Neon Machine wrote: “Our team is intentionally lean and focused as we enter the most critical phase of bringing SHRAPNEL to market this year. While our headcount is currently smaller than previously reported, this is the result of strategic adjustments to ensure every resource is aligned toward the successful development and launch of the game. In earlier phases, we explored additional growth opportunities in areas like multimedia and infrastructure. Now, as we move full speed toward launch, we will operate with a core team of full-time employees, supported by world-class co-development partners who share our vision.”\u003c/p\u003e\n\n\n\n\u003cp\u003eWhen asked specifically how many in-house engineers are working on Shrapnel right now, Neon Machine said: “Our team structure reflects what’s proven to work best for high-growth gaming startups: lean, focused, and built for agility. We prioritize hiring key department leads in-house to maintain strong alignment and ownership, while strategically outsourcing to stay nimble and efficient. We’re planning to expand in the coming months with a few key hires to support our next stage of growth.”\u003c/p\u003e\n\n\n\n\u003cp\u003eBefore the latest round of layoffs in March 2025, employees making more than $100,000 annually were told their salaries would be cut by roughly 20%, two sources said. Staff were asked to sign documents agreeing to those terms in February 2025, according to a copy of one of the agreements viewed by Blockworks.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“Like many startups, we’ve occasionally made short-term adjustments to preserve momentum and stability. As part of our effort to extend runway and stay focused on delivering SHRAPNEL, we implemented a temporary, voluntary salary adjustment for higher-earning team members. This proactive decision was made to support the long-term health of the studio while we explored funding opportunities,” Neon Machine said.\u003c/p\u003e\n\n\n\n\u003cp\u003eNeon Machine is no longer using its office space at Thinkspace in Seattle as of the end of last month. A Thinkspace spokesperson confirmed to Blockworks that the game studio had moved out.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Shrapnel will launch as a free-to-play, always-on game in 2025,” the Shrapnel team \u003ca href=\"https://medium.com/@playSHRAPNEL/jan-2025-update-a357d5720fb2\"\u003eposted\u003c/a\u003e on its Medium blog in January 2025. The game had previously been slated for a 2024 release.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut three sources familiar with the studio’s financials said they do not believe Shrapnel will launch worldwide this year — if ever — because the studio behind it has allegedly run out of cash and the game is not yet complete.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“SHRAPNEL is planned for a simultaneous worldwide launch. Our goal is to launch before the end of 2025,” Neon Machine told Blockworks.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eThe China pitch\u003c/h2\u003e\n\n\n\n\u003cp\u003eNeon Machine is planning to launch Shrapnel in China on the country’s real-world assets (RWA) Trusted Copyright Chain, entering a partnership with the Chinese government. Neon Machine announced the news on April 1 in a \u003ca href=\"https://decrypt.co/312576/shrapnel-partners-with-the-chinese-government-to-launch-the-first-licensed-web3-game-on-the-nations-official-rwa-chain\"\u003epress release\u003c/a\u003e, confirming it was not an April Fool’s joke.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe RWA chain is “where digital assets and IP rights are officially certified by government administrative bodies to enable true digital ownership for all citizens,” the release states.\u003c/p\u003e\n\n\n\n\u003cp\u003eAccording to a source, internal company documentation explained that the move is a “For China, By China” pitch. Neon Machine is working with a handful of Chinese entities on the Chinese version of the game, including one called ZenHive, which was not mentioned in the press release.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eNeon Machine told Blockworks the deal with China does not mean the studio is selling the game to the Chinese government.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“Neon Machine remains independent, and the launch of SHRAPNEL remains global. The partnership with China presents the opportunity for SHRAPNEL to attract a large user base from the region with the support and promotion of the government and local partners. SHRAPNEL is creating custom content (in-game assets such as Characters and Skins) for China which [sic] with a planned release in June, and the partnership will have a revenue share,” the company said.\u003c/p\u003e\n\n\n\n\u003cp\u003eA confidential corporate document details the \u0026#8220;responsibilities\u0026#8221; for “Neon Machine (USA)” and the following entities: “Zenhive (China)” and “Argon (Panama).”\u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIn the deal, ZenHive is supposedly responsible for overseeing Shrapnel’s “marketing and sales funnel” in China. The entity will collect “bank gross sales revenue,” according to the internal document.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAnother entity, dubbed Argon, is based in Panama and is to pay Neon Machine’s “service invoices,” among other duties, including transferring taxes owed to China collected from the international marketplace to China.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAccording to Neon Machine, Argon, or the Argon Protocol Foundation, is “the Foundation that is developing the Shrap Protocol and SHRAP Token, and has engaged Neon to help develop, market, and maintain the protocol and token.”\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eZenHive is also to “hold Argon’s rev share, pay Argon’s China co-dev partners, pay China taxes on gross sales,” and “transfer Argon’s rev share upon Argon invoice,” according to the document.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eNeon Machine is planning to hire co-development partners in China for its game launcher and for its “content” to help it develop Shrapnel, the document claims. Neon Machine’s job in the deal would be to “source and manage” these external vendors. Neon Machine itself is expected to deliver “Access Pack Concept Art and Codes” to ZenHive and deliver game assets for China to China pack buyers/wallets.”\u003c/p\u003e\n\n\n\n\u003cp\u003eThe public press release announcing the news states that the “Shrapnel team participated in a forum on ‘Web3 Gaming and International Digital Copyright Collaboration’ in Beijing with attendees including Wang Yefei, the Chairman of the Capital Copyright Association” recently.\u003c/p\u003e\n\n\n\n\u003cp\u003e“The Beijing Copyright Bureau is a working department of Beijing Municipal People’s Government,” Neon Machine said when asked about the Capital Copyright Association.\u003c/p\u003e\n\n\n\n\u003cp\u003eShrapnel is also in discussions with the Lingjing People’s Game Lab regarding the game’s digital assets, according to a Medium \u003ca href=\"https://medium.com/@playSHRAPNEL/shrapnel-partners-with-the-chinese-government-to-launch-the-first-licensed-web3-game-on-the-80e982cc61fb\"\u003epost published\u003c/a\u003e on Tuesday. Lingjing Game Labs is a digital subsidiary of the Chinese state-run newspaper People’s Daily, which is operated by the Central Committee of the Chinese Communist Party.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe deal with China is a last-ditch effort to save the company, three sources familiar with the matter claimed. Two also noted the game’s team had begun designing those game assets for the Chinese market last year to help pitch the idea of a sale before the latest round of layoffs.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eShrapnel’s X account responded to \u003ca href=\"https://x.com/pixiekate13/status/1907067354376179974\"\u003emy post\u003c/a\u003e regarding the focus on China and away from the US market with: “We are focused on global markets, including the US market.”\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003eWe are focused on global markets including the US market. Please reach out to us in a DM for any questions.\u003c/p\u003e\u0026mdash; SHRAPNEL 🔺 (@playSHRAPNEL) \u003ca href=\"https://twitter.com/playSHRAPNEL/status/1907179071038972353?ref_src=twsrc%5Etfw\"\u003eApril 1, 2025\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eBecause China has \u003ca href=\"https://www.ifcreview.com/news/2025/january/asia-china-tightens-grip-new-regulations-to-curb-risky-crypto-trades-among-banks/#:~:text=While%20there%20are%20ways%20around,to%20become%20even%20more%20severe.\"\u003erestrictions on crypto\u003c/a\u003e, however — as well as on what \u003ca href=\"https://www.theguardian.com/news/2021/jul/15/china-video-game-censorship-tencent-netease-blizzard\"\u003etypes\u003c/a\u003e of \u003ca href=\"https://www.gamedeveloper.com/design/the-future-is-bloodless-china-bans-blood-in-video-games\"\u003eviolence\u003c/a\u003e can be depicted and the \u003ca href=\"https://gameworldobserver.com/2021/10/01/chinese-regulators-remind-devs-about-right-values-saying-players-shouldnt-choose-between-good-and-evil\"\u003etypes of characters\u003c/a\u003e that can be played — the game will be “localized” for the Chinese market, per the press release.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eChina also has strict rules on the amount of time minors can spend playing video games. In 2021, it established a rule \u003ca href=\"https://www.latimes.com/entertainment-arts/story/2021-08-30/china-video-game-ban-law#:~:text=Think%20your%20parents%20are%20strict,for%20online%20games%20in%20Beijing.\u0026amp;text=BEIJING%20%E2%80%94%20China%20is%20banning%20children,three%20hours%20on%20public%20holidays.\"\u003elimiting\u003c/a\u003e video game play time to one hour a day on Fridays, weekends and public holidays.\u003c/p\u003e\n\n\n\n\u003cp\u003e“We cannot comment or speculate on the Chinese government’s involvement in crypto or gaming. Any game, regardless of technology, undergoes review by the Chinese regulatory authorities to ensure compliance. The use of a specific technology does not impact content regulations; we have no plans to alter the gameplay for any specific geography. As in the case of China, we will offer exciting and exclusive content (in-game assets, collaborations) for players in the region,” Neon Machine told Blockworks.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eToken troubles\u003c/h2\u003e\n\n\n\n\u003cp\u003eWhile Shrapnel’s finances have deteriorated, its token has fared far worse. SHRAP, the game’s Avalanche C-chain based ERC-20 asset, is down roughly 98% since \u003ca href=\"https://www.coingecko.com/en/coins/shrapnel\"\u003eCoinGecko\u003c/a\u003e began tracking it in November 2023. It peaked at around $0.43 and now trades at just $0.0066.\u003c/p\u003e\n\n\n\n\u003cp\u003eThree billion SHRAP were generated on \u003ca href=\"https://www.shrapnel.com/shrap-token\"\u003eApril 29, 2023\u003c/a\u003e, according to the Shrapnel website.\u003c/p\u003e\n\n\n\n\u003cp\u003eAt this point, it’s unclear whether the token will ever be usable in the game, given the deal to build Shrapnel on China’s RWA blockchain. However, an Ava Labs spokesperson confirmed to Blockworks that Neon Machine still plans to continue development on its Avalanche L1.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eSHRAP selloff\u003c/h2\u003e\n\n\n\n\u003cp\u003eA wallet with an ENS name donnorbury.eth, which sources told Blockworks belongs to Shrapnel co-founder and ex-studio head Don Norbury, has sold approximately $672,000 worth of SHRAP since September. The sales occurred via token swaps into USDC ($266,954) and AVAX ($404,841) via MetaMask, according to public blockchain data compiled by Blockworks Research.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eNorbury’s \u003ca href=\"https://www.linkedin.com/in/donnorbury/\"\u003eLinkedIn\u003c/a\u003e identifies him as the chief technology officer of Shrapnel since December 2024.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eRoughly $200,000 of that was sold in October 2024, and another $200,000 worth of SHRAP was sold a month later in November. That wallet has ultimately sold thousands of dollars worth of SHRAP every month since September 2024, most recently selling about $25,000 worth in March and nearly $4,000 worth in the past week.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn 2024, the team revised its token unlock schedule, according to a March 2024 \u003ca href=\"https://medium.com/@playSHRAPNEL/announcing-improved-shrap-unlock-schedule-1c62219f81e5\"\u003eMedium post\u003c/a\u003e, which spread out SHRAP unlock more over time.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTokens began to be unlocked for the team, advisors, seed token holders and strategic token holders on April 29, 2024 — 12 months after the token was launched.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“While the community reward pool emissions and ecosystem fund unlocks are not changing, the number of remaining tokens unlocking in April 2024 is reduced by nearly 75%,” the Shrapnel team wrote in the Medium post. “The non-linear unlock divides the total unlock period of each pool into four epochs, beginning with a lower unlock rate, and accelerating with an increasing user base and increasing SHRAP utility. Existing unlocked SHRAP tokens remain unlocked.”\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"1576\" height=\"794\" src=\"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/AD_4nXeSKk3lre0koobKhYZMc4K_BuweSUZZqAYT4k1scXnomQwM__NgU4SaE8Gf1u3mG-ztNXKgZM2v8zPLdS0OSzva_HFdGlkcVIdmMBJIIim-fOMlCgPCBEjlLx0VMbMJyQi2Uuet.png\" alt=\"\" class=\"wp-image-100121\" srcset=\"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/AD_4nXeSKk3lre0koobKhYZMc4K_BuweSUZZqAYT4k1scXnomQwM__NgU4SaE8Gf1u3mG-ztNXKgZM2v8zPLdS0OSzva_HFdGlkcVIdmMBJIIim-fOMlCgPCBEjlLx0VMbMJyQi2Uuet.png?w=1576 1576w, https://blockworks-co.imgix.net/wp-content/uploads/2025/04/AD_4nXeSKk3lre0koobKhYZMc4K_BuweSUZZqAYT4k1scXnomQwM__NgU4SaE8Gf1u3mG-ztNXKgZM2v8zPLdS0OSzva_HFdGlkcVIdmMBJIIim-fOMlCgPCBEjlLx0VMbMJyQi2Uuet.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/04/AD_4nXeSKk3lre0koobKhYZMc4K_BuweSUZZqAYT4k1scXnomQwM__NgU4SaE8Gf1u3mG-ztNXKgZM2v8zPLdS0OSzva_HFdGlkcVIdmMBJIIim-fOMlCgPCBEjlLx0VMbMJyQi2Uuet.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/04/AD_4nXeSKk3lre0koobKhYZMc4K_BuweSUZZqAYT4k1scXnomQwM__NgU4SaE8Gf1u3mG-ztNXKgZM2v8zPLdS0OSzva_HFdGlkcVIdmMBJIIim-fOMlCgPCBEjlLx0VMbMJyQi2Uuet.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/04/AD_4nXeSKk3lre0koobKhYZMc4K_BuweSUZZqAYT4k1scXnomQwM__NgU4SaE8Gf1u3mG-ztNXKgZM2v8zPLdS0OSzva_HFdGlkcVIdmMBJIIim-fOMlCgPCBEjlLx0VMbMJyQi2Uuet.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/04/AD_4nXeSKk3lre0koobKhYZMc4K_BuweSUZZqAYT4k1scXnomQwM__NgU4SaE8Gf1u3mG-ztNXKgZM2v8zPLdS0OSzva_HFdGlkcVIdmMBJIIim-fOMlCgPCBEjlLx0VMbMJyQi2Uuet.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/04/AD_4nXeSKk3lre0koobKhYZMc4K_BuweSUZZqAYT4k1scXnomQwM__NgU4SaE8Gf1u3mG-ztNXKgZM2v8zPLdS0OSzva_HFdGlkcVIdmMBJIIim-fOMlCgPCBEjlLx0VMbMJyQi2Uuet.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/04/AD_4nXeSKk3lre0koobKhYZMc4K_BuweSUZZqAYT4k1scXnomQwM__NgU4SaE8Gf1u3mG-ztNXKgZM2v8zPLdS0OSzva_HFdGlkcVIdmMBJIIim-fOMlCgPCBEjlLx0VMbMJyQi2Uuet.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/04/AD_4nXeSKk3lre0koobKhYZMc4K_BuweSUZZqAYT4k1scXnomQwM__NgU4SaE8Gf1u3mG-ztNXKgZM2v8zPLdS0OSzva_HFdGlkcVIdmMBJIIim-fOMlCgPCBEjlLx0VMbMJyQi2Uuet.png?w=80 80w\" sizes=\"auto, (max-width: 1576px) 100vw, 1576px\" /\u003e\u003cfigcaption class=\"wp-element-caption\"\u003e\u003cem\u003eImage from the Shrapnel \u003c/em\u003e\u003ca href=\"https://files.radon.gg/whitepaper.pdf\"\u003e\u003cem\u003ewhite paper\u003c/em\u003e\u003c/a\u003e\u003cem\u003e cited in the Medium post\u003c/em\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eBased on Blockworks’ analysis, it is most likely that the SHRAP tokens sold by the Norbury address had been received from vesting and had not been paid for on the open market.\u003c/p\u003e\n\n\n\n\u003cp\u003eNorbury did not respond to Blockworks’ multiple requests for comment by press time.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eLengthy legal battles\u003c/h2\u003e\n\n\n\n\u003cp\u003eShrapnel has also been the center of a multi-year lawsuit that began in 2023 over company funds involving its co-founders.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e4D Factory, a controlling shareholder in Shrapnel, believed it was inadequately compensated by Neon Machine. But Neon Machine believed at the time that 4D was \u003ca href=\"https://www.law360.com/articles/1770280/crypto-game-co-neon-says-investor-is-raiding-its-coffers\"\u003e“raiding or attempting to raid” its coffers\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eNeon Machine has since \u003ca href=\"https://venturebeat.com/games/neon-machines-settles-lawsuit-with-former-investors/#:~:text=Those%20investors%20put%20their%20money,mercenary%20forces%20to%20extract%20it.\"\u003etold media outlets\u003c/a\u003e that the lawsuit has been settled. Details of the settlement have not previously been reported.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eOn Feb. 14, a legal filing with the Southern District of New York proposed a settlement: “As a result of the settlement and the dismissal of all claims with prejudice, 4D also retains ownership of its 6 million shares of Neon Machine common stock.”\u003c/p\u003e\n\n\n\n\u003cp\u003eThe settlement, the details of which 4D’s attorneys confirmed to Blockworks, further noted that Neon Machine is expected to pay 4D $4.25 million in cash over the next 48 months. 4D is also expected to receive 150 million SHRAP in accordance with a vesting schedule.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e150 million SHRAP is equal to about $767,500 at current prices, according to \u003ca href=\"https://www.coingecko.com/en/coins/shrapnel\"\u003edata\u003c/a\u003e from CoinGecko. ByBit is the largest market for SHRAP trading as of press time, with around $43,000 in daily trading volume. CoinGecko also puts the SHRAP circulating supply at about 40% of the total, with about 60% of tokens still unvested. This market data suggests that SHRAP is illiquid on public markets, making it difficult to exit in size due to potential slippage.\u003c/p\u003e\n\n\n\n\u003cp\u003eRegarding the lawsuit’s settlement, Neon Machine told Blockworks: “We can confirm that it has since been approved by the court.”\u003c/p\u003e\n\n\n\n\u003cp\u003eBlockworks reached out to both parties’ attorneys for comment. Attorneys for 4D factory also confirmed to Blockworks that the lawsuit has been settled and provided a statement from 4D’s founder, Cort Javarone.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“4D Factory supported Shrapnel before it was even born, and we believe in it more than ever today,” Javarone told Blockworks in the statement. “We look forward to the game launching and exceeding everyone’s highest expectations.”\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. 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Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"Business","categories":["Business","Web3"],"primaryTag":"China","tags":["China","Gaming","lawsuit","layoffs"],"customFields":{"display_options":[]},"meta":{"title":"Neon Machine’s Shrapnel is in the red: Sources","description":"Documents and sources suggest Neon Machine is running out of cash and has laid off nearly all its employees.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/neon-machine-shrapnel-in-the-red","og_locale":"en_US","og_type":"article","og_title":"Neon Machine’s Shrapnel is in the red: Sources","og_description":"Documents and sources suggest Neon Machine is running out of cash and has laid off nearly all its employees.","og_url":"https://blockworks.co/news/neon-machine-shrapnel-in-the-red","og_site_name":"Blockworks","article_published_time":"2025-04-04T16:06:09+00:00","article_modified_time":"2025-04-04T16:06:17+00:00","og_image":[{"width":1024,"height":576,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/ED_Shrapnel_20250403b-1-1024x576.png","type":"image/png"}],"author":"Kate Irwin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Kate Irwin","Est. reading time":"14 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/neon-machine-shrapnel-in-the-red","url":"https://blockworks.co/news/neon-machine-shrapnel-in-the-red","name":"Neon Machine’s Shrapnel is in the red: Sources","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/neon-machine-shrapnel-in-the-red#primaryimage"},"image":{"@id":"https://blockworks.co/news/neon-machine-shrapnel-in-the-red#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/ED_Shrapnel_20250403b-1.png","datePublished":"2025-04-04T16:06:09+00:00","dateModified":"2025-04-04T16:06:17+00:00","author":{"@id":"https://blockworks.co/#/schema/person/142667578725123db036cebdc39a3fea"},"description":"Documents and sources suggest Neon Machine is running out of cash and has laid off nearly all its employees.","breadcrumb":{"@id":"https://blockworks.co/news/neon-machine-shrapnel-in-the-red#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/neon-machine-shrapnel-in-the-red"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/neon-machine-shrapnel-in-the-red#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/ED_Shrapnel_20250403b-1.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/ED_Shrapnel_20250403b-1.png","width":1600,"height":900,"caption":"Shrapnel developer Neon Machine; Artwork by Crystal Le"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/neon-machine-shrapnel-in-the-red#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Neon Machine’s Shrapnel is in the red: Sources"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/142667578725123db036cebdc39a3fea","name":"Kate Irwin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/Kate-Irwin-headshot.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/Kate-Irwin-headshot.png","caption":"Kate Irwin"},"url":"https://blockworks.co/news/author/kate-irwin"}]}},"authors":[{"title":"Kate Irwin","id":422,"slug":"kate-irwin","image_url":""}],"blurhash":"eGAdQ7xa00M|xu}tt79FRPt7yXj[RjbHaei{j?j]j[RjbYR*xaxuIU"},{"slug":"xnet-att-partnership-wifi-depin","id":100129,"permalink":"/news/xnet-att-partnership-wifi-depin","title":"Exclusive: Wi-Fi DePIN XNET announces AT\u0026T partnership","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-att.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-att.jpg","caption":"\u003cp\u003eJonathan Weiss / Shutterstock.com and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 04 Apr 2025 17:43:44 GMT","publishedAt":"Fri, 04 Apr 2025 20:15:00 GMT","publishedAtTimestamp":1743797700,"excerpt":"The cell provider is offloading data to XNET’s Wi-Fi network","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the Lightspeed newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/lightspeed\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eXNET, a Solana-based project building a decentralized network of Wi-Fi hotspots, has partnered with US telecom giant AT\u0026amp;T. The collaboration will enable AT\u0026amp;T to offload mobile data traffic onto XNET’s network, the team told Lightspeed exclusively.\u003c/p\u003e\n\n\n\n\u003cp\u003eXNET sells Wi-Fi hotspots that businesses and public spaces can deploy in exchange for XNET token rewards. Together, the patchwork of hotspots makes up a distributed wireless network. XNET partners with cell carriers to offload mobile data onto its hotspots where available, easing network congestion and improving coverage — while the cell carriers pay XNET for the data.\u003c/p\u003e\n\n\n\n\u003cp\u003eUnder the agreement with AT\u0026amp;T, which has been live since September 2024, AT\u0026amp;T wireless customers connect to XNET’s Wi-Fi network where available. AT\u0026amp;T pays XNET in dollars for the data usage, and XNET passes tokens along to its node operators.\u003c/p\u003e\n\n\n\n\u003cp\u003eAccording to a Dune \u003ca href=\"https://dune.com/xnet/xnetmobile\"\u003edashboard\u003c/a\u003e, XNET currently has 688 active nodes, and around 9 million users have connected through its Wi-Fi offloading network. The handoff between AT\u0026amp;T’s coverage and XNET’s Wi-Fi is seamless, and most users have no idea it’s happening, XNET co-founder Richard DeVaul told me. He added that bootstrapping a business like XNET would have been difficult without a token.\u003c/p\u003e\n\n\n\n\u003cp\u003e“XNET is the poster child for DePIN. We financed millions of dollars of equipment on our network using our token, without conventional equity or debt financing,” DeVaul said in a text.\u003c/p\u003e\n\n\n\n\u003cp\u003eXNET has a similar feel to Helium Mobile, a popular DePIN company building a nationwide cellular network through token-incentivized hotspots. But while Helium lets individuals install hotspots at home, marketing lead Chris Banks said that XNET focuses exclusively on B2B services and restricts deployments to “high-value locations to the carriers.”\u003c/p\u003e\n\n\n\n\u003cp\u003e“We see Helium as a potential customer, not a competitor. But [Helium Mobile CEO Amir Haleem] may have different ideas,” DeVaul said, adding a tongue-wagging emoji.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"Business","categories":["Business","Lightspeed Newsletter"],"primaryTag":"AT\u0026amp;T","tags":["AT\u0026amp;T","Infrastructure","Lightspeed Newsletter","Solana"],"customFields":{"display_options":[]},"meta":{"title":"Exclusive: Wi-Fi DePIN XNET announces AT\u0026amp;T partnership","description":"The cell provider is offloading data to XNET’s decentralized network of Wi-Fi hotspots, with XNET passing tokens to node operators.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/xnet-att-partnership-wifi-depin","og_locale":"en_US","og_type":"article","og_title":"Exclusive: Wi-Fi DePIN XNET announces AT\u0026amp;T partnership","og_description":"The cell provider is offloading data to XNET’s decentralized network of Wi-Fi hotspots, with XNET passing tokens to node operators.","og_url":"https://blockworks.co/news/xnet-att-partnership-wifi-depin","og_site_name":"Blockworks","article_published_time":"2025-04-04T20:15:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-att.jpg","type":"image/jpeg"}],"author":"Jack Kubinec","twitter_card":"summary_large_image","twitter_creator":"@https://x.com/whosknave","twitter_misc":{"Written by":"Jack Kubinec","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/xnet-att-partnership-wifi-depin","url":"https://blockworks.co/news/xnet-att-partnership-wifi-depin","name":"Exclusive: Wi-Fi DePIN XNET announces AT\u0026amp;T partnership","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/xnet-att-partnership-wifi-depin#primaryimage"},"image":{"@id":"https://blockworks.co/news/xnet-att-partnership-wifi-depin#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-att.jpg","datePublished":"2025-04-04T20:15:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96"},"description":"The cell provider is offloading data to XNET’s decentralized network of Wi-Fi hotspots, with XNET passing tokens to node operators.","breadcrumb":{"@id":"https://blockworks.co/news/xnet-att-partnership-wifi-depin#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/xnet-att-partnership-wifi-depin"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/xnet-att-partnership-wifi-depin#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-att.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-att.jpg","width":1600,"height":900,"caption":"Jonathan Weiss / Shutterstock.com and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/xnet-att-partnership-wifi-depin#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Exclusive: Wi-Fi DePIN XNET announces AT\u0026amp;T partnership"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/a2ba185171edaaaeee3be572a2b05c96","name":"Jack Kubinec","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/06/Jack-Headshot-2022-square-scaled.jpg","caption":"Jack Kubinec"},"description":"Jack Kubinec is a Solana ecosystem reporter based in Brooklyn, New York. Jack previously interned at Blockworks before joining full-time. He graduated summa cum laude from Cornell University with a degree in sociology. Contact Jack at jack.kubinec@blockworks.co.","sameAs":["https://www.linkedin.com/in/jack-kubinec-3737ba233/","https://x.com/https://x.com/whosknave"],"url":"https://blockworks.co/news/author/jack-kubinec"}]}},"authors":[{"title":"Jack Kubinec","id":64,"slug":"jack-kubinec","image_url":""}],"blurhash":"eFA^Rg?c9FDh4m?a-;RjITMx4-oc%NRkt7jFjYofWCM{%Mf6M{ofRj"},{"slug":"web3-gaming-venture-capital-decline-invest","id":100138,"permalink":"/news/web3-gaming-venture-capital-decline-invest","title":"Why Web3 gaming won’t see an uptick in VC activity ","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-gaming-less-vc2.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-gaming-less-vc2.jpg","caption":"\u003cp\u003eBartas Artiom/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 04 Apr 2025 19:53:43 GMT","publishedAt":"Fri, 04 Apr 2025 19:53:34 GMT","publishedAtTimestamp":1743796414,"excerpt":"While overall VC spending is on the rise, web3 gaming’s being left in the dust","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from The Drop newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/thedrop\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eVenture capital spending may be bouncing back — with an estimated $4.5 billion spent last quarter.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut it doesn’t look like gaming’s getting a piece of that pie.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eEarlier this week, Empire noted that \u003ca href=\"https://blockworks.co/news/venture-capital-spending-crypto-pitchbook\"\u003eVC interest may be going more toward projects\u003c/a\u003e with real-world value. This is a symptom of a broader change across the landscape, thanks to institutional interest in the space.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eUnfortunately, even with the potential for more raises across the board — from mega deals ($100 million and upwards) to emerging deals (meaning seed or pre-seed) — it doesn’t look like gaming is getting the love. Not yet, anyway. \u003c/p\u003e\n\n\n\n\u003cp\u003eI asked PitchBook’s Eric Bellomo — senior analyst on emerging technology — about gaming raises, but he wasn’t too optimistic.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“While deal value increased substantially YoY, outsized deals like the Disney/Epic Games round inflated top-line figures. Deal volume continued to slide, falling 9.5% to 649 deals, in-line with 2018-2019 figures. Further, the number of investors actively investing in content developers continued its step \u003ca href=\"https://files.pitchbook.com/website/files/pdf/2025_Consumer_Technology_Outlook.pdf#page=1\"\u003edeceleration since 2021\u003c/a\u003e.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“Capital is still available, but we view the current environment as a new steady state, rather than a resurgence,” he told me.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003ePart of this is fairly obvious, right? A lot of money went into this gaming subsector — but not a whole lot of successes came out.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Enthusiasm has waned in the market broadly, as many well-funded startups have yet to produce breakout hits or venture-scale outcomes. A game\u0026#8217;s underlying technology is far removed from the most important factor: Is the game fun and retentive?” Bellomo said.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“Online shoppers don\u0026#8217;t care if a merchant uses Shopify or a \u003ca href=\"https://machalliance.org/\"\u003eMACH\u003c/a\u003e-based service; they care about value and speed. They don\u0026#8217;t care if a game was built in Unity or Unreal. The same holds in video games: Players only care if a game is fun and if their friends play. A discussion of tech stacks and architecture misses this point.”\u003c/p\u003e\n\n\n\n\u003cp\u003eHe added that he doesn’t think we’ll see a resurgence in VC activity for “quite some time.” Mostly because, last cycle, gaming clearly benefited from a number of tailwinds from the attention that Web3 overall received with the focus on NFTs.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBut, hey, while games centered on gambling aren’t going to be the focus of big VC spending at this point, at least they’ve found some footing in terms of adoption.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"Business","categories":["Business","The Drop"],"primaryTag":"Gaming","tags":["Gaming","The Drop newsletter","Venture Capital","Web3"],"customFields":{"display_options":[]},"meta":{"title":"Why Web3 gaming won't see an uptick in VC activity ","description":"In venture capital aimed at Web3 gaming, deal volume has slid 9.5% as investors shift towards other sectors.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/web3-gaming-venture-capital-decline-invest","og_locale":"en_US","og_type":"article","og_title":"Why Web3 gaming won't see an uptick in VC activity ","og_description":"In venture capital aimed at Web3 gaming, deal volume has slid 9.5% as investors shift towards other sectors.","og_url":"https://blockworks.co/news/web3-gaming-venture-capital-decline-invest","og_site_name":"Blockworks","article_published_time":"2025-04-04T19:53:34+00:00","article_modified_time":"2025-04-04T19:53:43+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-gaming-less-vc2.jpg","type":"image/jpeg"}],"author":"Kate Irwin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Kate Irwin","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/web3-gaming-venture-capital-decline-invest","url":"https://blockworks.co/news/web3-gaming-venture-capital-decline-invest","name":"Why Web3 gaming won't see an uptick in VC activity ","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/web3-gaming-venture-capital-decline-invest#primaryimage"},"image":{"@id":"https://blockworks.co/news/web3-gaming-venture-capital-decline-invest#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-gaming-less-vc2.jpg","datePublished":"2025-04-04T19:53:34+00:00","dateModified":"2025-04-04T19:53:43+00:00","author":{"@id":"https://blockworks.co/#/schema/person/142667578725123db036cebdc39a3fea"},"description":"In venture capital aimed at Web3 gaming, deal volume has slid 9.5% as investors shift towards other sectors.","breadcrumb":{"@id":"https://blockworks.co/news/web3-gaming-venture-capital-decline-invest#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/web3-gaming-venture-capital-decline-invest"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/web3-gaming-venture-capital-decline-invest#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-gaming-less-vc2.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-gaming-less-vc2.jpg","width":1600,"height":900,"caption":"Bartas Artiom/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/web3-gaming-venture-capital-decline-invest#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Why Web3 gaming won\u0026#8217;t see an uptick in VC activity "}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/142667578725123db036cebdc39a3fea","name":"Kate Irwin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/Kate-Irwin-headshot.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/02/Kate-Irwin-headshot.png","caption":"Kate Irwin"},"url":"https://blockworks.co/news/author/kate-irwin"}]}},"authors":[{"title":"Kate Irwin","id":422,"slug":"kate-irwin","image_url":""}],"blurhash":"eGA*pzNFAA|FXA=hspNDxGawK5wJ$NK5W9$TWoayogR$XBoMW9Shn#"},{"slug":"equities-trade-war-powell-rate-cut","id":100134,"permalink":"/news/equities-trade-war-powell-rate-cut","title":"US equities slide as trade war escalates, Powell signals no rate cut","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-powell-tariffs.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-powell-tariffs.jpg","caption":"\u003cp\u003eFederal Reserve Chair Jerome Powell | \u003ca href=\"https://www.flickr.com/photos/federalreserve/48986741688/\"\u003eFederalreserve/”October 2019 Federal Open Market Committee Press Conference_NZ70071″\u003c/a\u003e (\u003ca href=\"https://creativecommons.org/publicdomain/mark/1.0/\"\u003eCC license\u003c/a\u003e)\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 04 Apr 2025 19:22:35 GMT","publishedAt":"Fri, 04 Apr 2025 19:21:47 GMT","publishedAtTimestamp":1743794507,"excerpt":"Tariff and interest rate concerns overshadowed a positive March jobs report","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/forwardguidance\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003ePhew, it\u0026#8217;s been a week.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eMost people expected things to get worse before they got better, and they have. But we’re not calling this the bottom yet.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eHere’s a high-level recap, in case you’ve been offline the past few days, or simply avoided checking your brokerage account (probably for the best):\u003c/p\u003e\n\n\n\n\u003cp\u003ePresident Trump this week announced sweeping global tariffs of 10% on all imports, and higher levies on 60 or so countries the administration says are the “worst offenders” when it comes to taxing goods the US exports.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThese higher tariffs range from 11% to 50%. Countries facing the highest tariffs include Cambodia (49%), Vietnam (46%), China (34%) and India (27%). You can find the full list \u003ca href=\"https://www.whitehouse.gov/wp-content/uploads/2025/04/Annex-I.pdf\"\u003ehere\u003c/a\u003e.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eHis team calculated reciprocal tariffs based on what they are calling the “total sum of all unfair trade practices” by country. Here’s the White House’s formula: a country’s trade deficit divided by its exports to the US multiplied by 0.5.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe math has proven to be controversial. Critics say that this method, in focusing solely on a country’s trade deficit with the US, does not consider (1) the actual tariff rate on any product, and\u0026nbsp; (2) non-tariff trade barriers. The White House conceded that there’s no perfect formula, but it’s the \u003ca href=\"https://ustr.gov/issue-areas/reciprocal-tariff-calculations\"\u003ebest they could do\u003c/a\u003e.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe Trump administration also maintains that the reciprocal tariffs are still less than what other countries charge on US imports, and that these policies are the first step in bringing manufacturing back onshore.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eNow for the impact:\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eStocks tanked, crypto fell, planned M\u0026amp;A deals and IPOs collapsed, and other countries are striking back.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe Dow Jones Industrial Average on Thursday, the first day of trading post-announcement, lost 1,679.39 points. The S\u0026amp;P 500 yesterday closed almost 5% lower, now down more than 12% year-to-date. US equities as a whole lost more than $3 billion in market value, the worst single-day since 2020.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eFed Chair Jerome Powell on Friday gave no indication that interest rate cuts will come anytime soon, adding to the turmoil in markets. “The economy is still in a good place,” he said, speaking from an event in Virginia. He added, though, that central bankers will be keeping an eye on tariffs.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eI wrote yesterday that the IPO window would be closing. Today, Bloomberg \u003ca href=\"https://www.bloomberg.com/news/articles/2025-04-04/trump-s-trade-war-hits-billions-of-dollars-of-deals-in-24-hours\"\u003ereported\u003c/a\u003e that StubHub, Klarna Bank, and MNTN have all paused their IPO plans. Private equity firm KKR \u0026amp; Co. is no longer considering purchasing German packaging producer Gerresheimer.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eToday, stocks extended their selloff and the VIX hit a staggering level just shy of 44, well above the 20-day moving average of 21. The continued decline comes as China announced a 34% reciprocal tariff on US goods starting on April 10.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTrump hasn’t backed down, although his team hasn’t definitively said they are closed to negotiations. I think the biggest concern for markets, though, is that other countries haven’t immediately come forward with offers (that we know of, at least!).\u003c/p\u003e\n\n\n\n\u003cp\u003eFor what it’s worth, Trump and company \u003cem\u003edid \u003c/em\u003esay things would get worse before they got better.\u003c/p\u003e\n\n\n\n\u003cp\u003eEnjoy your weekend. The chaos will still be here Monday.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Markets"],"primaryTag":"Donald Trump","tags":["Donald Trump","Federal Reserve","Forward Guidance newsletter","Stock Market"],"customFields":{"display_options":[]},"meta":{"title":"US equities slide as trade war escalates, Powell signals no rate cut","description":"Tariff and interest rate concerns overshadowed a positive March jobs report, as China announced a 34% reciprocal tariff on US.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/equities-trade-war-powell-rate-cut","og_locale":"en_US","og_type":"article","og_title":"US equities slide as trade war escalates, Powell signals no rate cut","og_description":"Tariff and interest rate concerns overshadowed a positive March jobs report, as China announced a 34% reciprocal tariff on US.","og_url":"https://blockworks.co/news/equities-trade-war-powell-rate-cut","og_site_name":"Blockworks","article_published_time":"2025-04-04T19:21:47+00:00","article_modified_time":"2025-04-04T19:22:35+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-powell-tariffs.jpg","type":"image/jpeg"}],"author":"Casey Wagner","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/caseywagnerr","twitter_misc":{"Written by":"Casey Wagner","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/equities-trade-war-powell-rate-cut","url":"https://blockworks.co/news/equities-trade-war-powell-rate-cut","name":"US equities slide as trade war escalates, Powell signals no rate cut","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/equities-trade-war-powell-rate-cut#primaryimage"},"image":{"@id":"https://blockworks.co/news/equities-trade-war-powell-rate-cut#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-powell-tariffs.jpg","datePublished":"2025-04-04T19:21:47+00:00","dateModified":"2025-04-04T19:22:35+00:00","author":{"@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702"},"description":"Tariff and interest rate concerns overshadowed a positive March jobs report, as China announced a 34% reciprocal tariff on US.","breadcrumb":{"@id":"https://blockworks.co/news/equities-trade-war-powell-rate-cut#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/equities-trade-war-powell-rate-cut"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/equities-trade-war-powell-rate-cut#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-powell-tariffs.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-powell-tariffs.jpg","width":1600,"height":900,"caption":"Federal Reserve Chair Jerome Powell | Federalreserve/\"October 2019 Federal Open Market Committee Press Conference_NZ70071\" (CC license)"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/equities-trade-war-powell-rate-cut#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"US equities slide as trade war escalates, Powell signals no rate cut"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702","name":"Casey Wagner","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","caption":"Casey Wagner"},"description":"Casey Wagner is a New York-based business journalist covering regulation, legislation, digital asset investment firms, market structure, central banks and governments, and CBDCs. Prior to joining Blockworks, she reported on markets at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies. Contact Casey via email at casey@blockworks.co.","sameAs":["https://www.linkedin.com/in/casey-wagner-a49b3a152/","https://x.com/https://twitter.com/caseywagnerr"],"url":"https://blockworks.co/news/author/casey-wagner"}]}},"authors":[{"title":"Casey Wagner","id":19,"slug":"casey-wagner","image_url":""}],"blurhash":"eRA]?dof0LM{^ks#oLNIofs.jYWBkCt7a#o#j[V?jaozW-fkn*f5WW"},{"slug":"lens-mainnet-l2-socialfi-launch","id":100120,"permalink":"/news/lens-mainnet-l2-socialfi-launch","title":"Lens launches mainnet today, bringing a potential new era to SocialFi","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-Lens.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-Lens.jpg","caption":"\u003cp\u003eLens and designsforu/Shutterstock and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 04 Apr 2025 16:33:03 GMT","publishedAt":"Fri, 04 Apr 2025 17:00:00 GMT","publishedAtTimestamp":1743786000,"excerpt":"The latest chain to join zkSync’s network also uses Avail for data availability","content":"\n\u003cp\u003e\u003cem\u003e\u003cem\u003eThis is a segment from the 0xResearch newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/0xresearch\" target=\"_blank\" rel=\"noreferrer noopener\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eAbout 11 months after its initial \u003ca href=\"https://x.com/StaniKulechov/status/1790458663926219212\"\u003eannouncement\u003c/a\u003e, the mainnet of Lens Chain goes live today with its V3 deployment.\u003c/p\u003e\n\n\n\n\u003cp\u003eLens Protocol launched in February 2022 on the Polygon sidechain.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIn May 2024, Lens announced that it was migrating off Polygon to its own L2 chain built within the zkSync Elastic Network. For the deal, Lens was \u003ca href=\"https://www.dlnews.com/articles/defi/lens-promised-possibly-tens-of-millions-to-go-to-zksync/\"\u003ereportedly\u003c/a\u003e paid 0.5% of the total ZK token supply (worth about $6.5M today).\u003c/p\u003e\n\n\n\n\u003cp\u003eThe shift to its own L2, however, was motivated primarily by costs and scalability.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBuilding Lens on the Polygon sidechain made sense in 2021, but once L2s were available, they provided a better cost basis for transactions, Lens founder Stani Kulechov told me last September at Token2049 Singapore.\u003c/p\u003e\n\n\n\n\u003cp\u003e“The costs on Polygon don\u0026#8217;t scale to mainstream usage for social transactions. Compared to a rollup, the cost savings looks 30 to 50 times lower,” Kulechov said.\u003c/p\u003e\n\n\n\n\u003cp\u003eRather than posting data to the Ethereum L1, Lens Chain is using \u003ca href=\"https://blockworks.co/podcast/0xresearch/e91db748-d67d-11ee-8d92-8b61dd33eafb\"\u003eAvail\u003c/a\u003e as its data availability (DA) layer. That makes Lens Chain technically a \u003ca href=\"https://ethereum.org/en/developers/docs/scaling/validium/\"\u003evalidium\u003c/a\u003e rollup that also enjoys the security of Ethereum’s settlement.\u003c/p\u003e\n\n\n\n\u003cp\u003eLens’ migration to its own chain is purportedly one of the largest. According to an official blog, the entire social graph to be migrated comes out to about 125GB of historical data and 12M+ content posts.\u003c/p\u003e\n\n\n\n\u003cp\u003eUsers on Lens Chain will enjoy near-zero gas fees and can pay in Aave’s GHO stablecoin.\u003c/p\u003e\n\n\n\n\u003cp\u003eAll content will also be stored onchain. This is thanks to \u003ca href=\"https://lens.xyz/news/introducing-grove-onchain-controlled-storage\"\u003eGrove\u003c/a\u003e, Lens’ new storage infrastructure. Grove allows developers on Lens to have customizable access and control over user data. Platform data can be either permanent or deleted.\u003c/p\u003e\n\n\n\n\u003cp\u003eThis makes all Lens’ social data fully onchain and decentralized, in contrast to competing Web3 social platforms like Farcaster, where only user profiles are onchain.\u003c/p\u003e\n\n\n\n\u003cp\u003eThis, at its core, is what forms the foundation of Lens V3, what the team has termed a modular social protocol.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn addition, Grove also promises to deliver the “speed and cost-efficiency of leading Web2 solutions like AWS S3 and Cloudflare R2,” its blog says.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eThe state of Lens\u003c/h2\u003e\n\n\n\n\u003cp\u003eToday, Lens boasts about 650,000 user profiles and 28 million social connections.\u003c/p\u003e\n\n\n\n\u003cp\u003eThat is still a far cry from being a serious challenge to traditional social media platforms, but consider how far the promise of “social media on the blockchain” has come.\u003c/p\u003e\n\n\n\n\u003cp\u003eAs far back as 2016, companies like Steem, a social project that was bought by the Tron Foundation in 2020 and subsequently hardforked by its original community into what is known today as the HIVE blockchain.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhat does Lens do differently?\u003c/p\u003e\n\n\n\n\u003cp\u003eRecall that Lens is not a social media platform per se, but a protocol where apps can be built on top of it.\u003c/p\u003e\n\n\n\n\u003cp\u003eLens\u0026#8217; protocol is decidedly taking a builder-centric growth strategy. Lens wants to target app builders, in particular Web2 developers who have historically been deterred by the clunky UX and complexity of Web3.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Our strategy focuses on social plus finance apps: projects where people connect, create and earn. Just like YouTube unlocked a new class of creators, Lens is unlocking a new class of SocialFi apps,” the Lens team told Blockworks.\u003c/p\u003e\n\n\n\n\u003cp\u003eIn other words, the freedom to monetize on a permissionless infrastructure without gatekeepers.\u003c/p\u003e\n\n\n\n\u003cp\u003eSignature Lens apps since day one are migrating to Lens chains. These include the Twitter-like apps such as Orb and Hey, the AI launchpad Bonsai, Tape, a Tiktok-like short-form app, and more.\u003c/p\u003e\n\n\n\n\u003cp\u003eIt’s hard to imagine Web3 socials ever toppling the incumbent Big Tech platforms today. But take heart in the fact that the mainstream media and experts of the 2000s felt just the \u003ca href=\"https://www.theguardian.com/technology/2007/feb/08/business.comment\"\u003esame\u003c/a\u003e about competitors to MySpace.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"0xResearch Newsletter","categories":["0xResearch Newsletter","Business"],"primaryTag":"0xResearch Newsletter","tags":["0xResearch Newsletter","Avail","Lens Protocol","Startups","zksync"],"customFields":{"display_options":[]},"meta":{"title":"Lens launches mainnet today, bringing a potential new era to SocialFi","description":"The latest chain to join zkSync’s network also uses Avail for data availability, and has builder-centric growth strategy.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/lens-mainnet-l2-socialfi-launch","og_locale":"en_US","og_type":"article","og_title":"Lens launches mainnet today, bringing a potential new era to SocialFi","og_description":"The latest chain to join zkSync’s network also uses Avail for data availability, and has builder-centric growth strategy.","og_url":"https://blockworks.co/news/lens-mainnet-l2-socialfi-launch","og_site_name":"Blockworks","article_published_time":"2025-04-04T17:00:00+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-Lens.jpg","type":"image/jpeg"}],"author":"Donovan Choy","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Donovan Choy","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/lens-mainnet-l2-socialfi-launch","url":"https://blockworks.co/news/lens-mainnet-l2-socialfi-launch","name":"Lens launches mainnet today, bringing a potential new era to SocialFi","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/lens-mainnet-l2-socialfi-launch#primaryimage"},"image":{"@id":"https://blockworks.co/news/lens-mainnet-l2-socialfi-launch#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-Lens.jpg","datePublished":"2025-04-04T17:00:00+00:00","author":{"@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db"},"description":"The latest chain to join zkSync’s network also uses Avail for data availability, and has builder-centric growth strategy.","breadcrumb":{"@id":"https://blockworks.co/news/lens-mainnet-l2-socialfi-launch#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/lens-mainnet-l2-socialfi-launch"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/lens-mainnet-l2-socialfi-launch#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-Lens.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/04/Post-Lens.jpg","width":1600,"height":900,"caption":"Lens and designsforu/Shutterstock and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/lens-mainnet-l2-socialfi-launch#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Lens launches mainnet today, bringing a potential new era to SocialFi"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/c4a1189eb3d6ce74aa8c11a73babc1db","name":"Donovan Choy","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/07/image-45.png","caption":"Donovan Choy"},"description":"Donovan is a reporter based in Singapore. He previously worked in editorial at Bankless and is a huge fan of spaghetti Westerns and the Wu-Tang Clan. Contact Donovan at donovan@blockworks.co.","url":"https://blockworks.co/news/author/donovan-choy"}]}},"authors":[{"title":"Donovan Choy","id":390,"slug":"donovan-choy","image_url":""}],"blurhash":"e95~qJot9GM_kWjVrzRPjceo01R%^,xaWBM{btxuoyk9_3s;8{R7nl"},{"slug":"globalstake-and-ledger-forge-partnership","id":96775,"permalink":"/news/globalstake-and-ledger-forge-partnership","title":"GlobalStake and Ledger forge partnership to revolutionize secure, sustainable staking for institutions","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/globalstake-ledger-pr.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/globalstake-ledger-pr.jpg","caption":"","dimensions":{"width":1200,"height":628}},"lastUpdate":"Wed, 29 Jan 2025 17:41:07 GMT","publishedAt":"Wed, 29 Jan 2025 15:00:00 GMT","publishedAtTimestamp":1738162800,"excerpt":"Unmatched security, unparalleled performance, unwavering commitment ","content":"\n\u003cp\u003eInstitutional investors seeking the most secure and sustainable path to staking rewards have a new advanced option. GlobalStake, the premier next-generation staking platform, joins forces with Ledger, the world leader in Digital Asset security for consumers and enterprises, through its Ledger Enterprise platform. This strategic collaboration delivers a groundbreaking staking solution, setting a new standard for security, unwavering commitment to customer satisfaction, environmental responsibility, and ultra-high-performance services.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Ledger has always prioritized security and innovation, and GlobalStake offers the option for further diversification across providers and technologies,” says Sebastien Badault, VP of Enterprise at Ledger.\u0026nbsp; “Collaborating with GlobalStake perfectly aligns with our mission. Through Ledger Enterprise, we\u0026#8217;re setting a new standard for institutional staking, offering unparalleled security, performance, and sustainability.”\u003c/p\u003e\n\n\n\n\u003ch3 class=\"wp-block-heading\"\u003eRevolutionizing Staking: Security and Performance You Can Trust\u003c/h3\u003e\n\n\n\n\u003cp\u003eSophisticated institutions are moving beyond staking providers reliant on centralized clouds like AWS, Google, and Microsoft and the numerous risks of Big Tech dependency. GlobalStake\u0026#8217;s industry-leading advantage lies in its self-owned, bare-metal infrastructure housed in globally distributed Tier 4 and Tier 5 data centers. GlobalStake is pioneering the \u003cstrong\u003eMultiStake\u003c/strong\u003e model, an evolution of traditional finance\u0026#8217;s “multi-prime” approach. This strategy encourages institutions to diversify their staking activities across multiple providers, hardware, and approaches to reduce risks, enhance operational resilience, and optimize returns.\u003cbr\u003eThis translates to:\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003cstrong\u003eUnmatched Security: \u003c/strong\u003eGlobalStake\u0026#8217;s SOC 2 Type II and CCSS certifications guarantee institutional-grade security for your assets. Ledger Enterprise\u0026#8217;s best-in-class Ledger Vault platform further strengthens the security posture.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003cstrong\u003eUnparalleled Choice and Performance:\u003c/strong\u003e Unlike competitors, GlobalStake offers complete control and flexibility. Stake over 40 blockchains, select specific jurisdictions for regulatory compliance – and experience superior global performance with our independent bespoke staking-tuned infrastructure.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003cstrong\u003eSustainability: Stake with a Conscience\u003c/strong\u003e: GlobalStake is 100% carbon-negative, removing more greenhouse gases than generated. The more you stake with GlobalStake, the more significant the positive impact on the environment.\u0026nbsp;\u0026nbsp;\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003cstrong\u003eCost-Efficiency and Higher Returns\u003c/strong\u003e: Thanks to GlobalStake\u0026#8217;s self-owned infrastructure, this partnership translates to competitive pricing, allowing you to maximize returns on your staked assets.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003e“We\u0026#8217;re thrilled to partner with Ledger and bring our advanced infrastructure and superior customer service to their highly demanding clientele,” says Tom Kiblin, Global Head of Infrastructure at GlobalStake. “This collaboration represents a significant leap forward, offering unparalleled value and confidence for institutional investors.”\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eAbout Ledger Enterprise\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003eLedger is a trusted leader in secure digital asset management, providing cutting-edge solutions for institutions. With a strong focus on security and innovation, Ledger Enterprise helps institutions manage their digital assets with complete confidence.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eABOUT GLOBALSTAKE\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003eGlobalStake is the leading next-generation non-custodial institutional staking platform. Through self-owned, Web3-tuned bare-metal infrastructure, we deliver superior security, diversification, and returns. Operating globally in Tier 4/5 data centers, GlobalStake is SOC 2 Type II \u0026amp; CCSS certified, and committed to sustainability, with 100% carbon-negative operations.\u003c/p\u003e\n\n\n\n\u003cp\u003eFor more information, please visit:\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"http://globalstake.io/\"\u003eglobalstake.io\u003c/a\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"http://enterprise.ledger.com/\"\u003eenterprise.ledger.com\u003c/a\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eABOUT LEDGER\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003eCelebrating its 10-year anniversary in 2024, Ledger is the world leader in Digital Asset security for consumers and enterprises. Ledger offers connected devices and platforms, with more than 7 million devices sold to consumers in 180 countries and 10+ languages, 100+ financial institutions, and commercial brands. Over 20% of the world’s crypto assets are secured by Ledger.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eLedger is the digital asset solution secure by design. The world’s most internationally respected offensive security team, Ledger Donjon, is relied upon as a crucial resource for securing the world of Digital Assets. With over 14 billion dollars hacked, scammed, or mismanaged in 2023 alone, Ledger’s security brings peace of mind and uncompromising self-custody to its community.\u003c/p\u003e\n\n\n\n\u003cp\u003eDon’t buy “a hardware wallet.” Buy a LEDGER™ device.\u003c/p\u003e\n\n\n\n\u003cp\u003eLEDGER™, LEDGER LIVE™, LEDGER RECOVER™, LEDGER STAX™, LEDGER FLEX™ and LEDGER FREE FROM COMPROMISE™ are trademarks owned by Ledger SAS\u003c/p\u003e\n\n\n\n\u003cp\u003eBluetooth® word mark and logos are registered trademarks owned by Bluetooth SIG, Inc., and any use of such marks by Ledger is under license.\u003c/p\u003e\n\n\n\n\u003cp\u003eE Ink® is a registered trademark of E Ink Corporation.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eMedia Contacts:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003ePhillip Costigan, Global Head of Strategic Communications, Ledger \u0026#8211; phillip.costigan@ledger.fr\u003c/p\u003e\n\n\n\n\u003cp\u003eJulie Aurand, Global Head of Partnerships, Ledger \u0026#8211; julie.aurand@ledger.fr\u003c/p\u003e\n\n\n\n\u003cp\u003eJordan Knecht, Global Head of Institutional Strategies and Partnerships, GlobalStake \u0026#8211; jknecht@globalstake.io\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet the news in your inbox. Explore Blockworks newsletters:\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/daily\"\u003e\u003cstrong\u003eBlockworks Daily\u003c/strong\u003e\u003c/a\u003e: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/empire\"\u003e\u003cstrong\u003eEmpire\u003c/strong\u003e\u003c/a\u003e: Start your morning with the top news and analysis to inform your day in crypto.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cstrong\u003eForward Guidance\u003c/strong\u003e\u003c/a\u003e: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/0xresearch\"\u003e\u003cstrong\u003e0xResearch\u003c/strong\u003e\u003c/a\u003e: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003e\u003cstrong\u003eLightspeed\u003c/strong\u003e\u003c/a\u003e: Built for Solana investors, developers and community members. The latest from one of crypto\u0026#8217;s hottest networks.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/thedrop\"\u003e\u003cstrong\u003eThe Drop\u003c/strong\u003e\u003c/a\u003e: For crypto collectors and traders, covering apps, games, memes and more.\u003c/li\u003e\n\n\n\n\u003cli\u003e\u003ca href=\"https://blockworks.co/newsletter/supplyshock\"\u003e\u003cstrong\u003eSupply Shock\u003c/strong\u003e\u003c/a\u003e: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.\u003c/li\u003e\n\u003c/ul\u003e\n","primaryCategory":"Sponsored","categories":["Sponsored"],"primaryTag":"","tags":[],"customFields":{"display_options":[]},"meta":{"title":"GlobalStake and Ledger forge partnership to revolutionize secure, sustainable staking for institutions","description":"Institutional investors seeking the most secure and sustainable path to staking rewards have a new advanced option.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/globalstake-and-ledger-forge-partnership","og_locale":"en_US","og_type":"article","og_title":"GlobalStake and Ledger forge partnership to revolutionize secure, sustainable staking for institutions","og_description":"Institutional investors seeking the most secure and sustainable path to staking rewards have a new advanced option.","og_url":"https://blockworks.co/news/globalstake-and-ledger-forge-partnership","og_site_name":"Blockworks","article_published_time":"2025-01-29T15:00:00+00:00","article_modified_time":"2025-01-29T17:41:07+00:00","og_image":[{"width":1200,"height":628,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/globalstake-ledger-pr.jpg","type":"image/jpeg"}],"author":"Hannah Finnerty","twitter_card":"summary_large_image","twitter_creator":"@hjfinnerty","twitter_misc":{"Written by":"Hannah Finnerty","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/globalstake-and-ledger-forge-partnership","url":"https://blockworks.co/news/globalstake-and-ledger-forge-partnership","name":"GlobalStake and Ledger forge partnership to revolutionize secure, sustainable staking for institutions","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/globalstake-and-ledger-forge-partnership#primaryimage"},"image":{"@id":"https://blockworks.co/news/globalstake-and-ledger-forge-partnership#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/globalstake-ledger-pr.jpg","datePublished":"2025-01-29T15:00:00+00:00","dateModified":"2025-01-29T17:41:07+00:00","author":{"@id":"https://blockworks.co/#/schema/person/b6c234a3dc1b8e86466a6b26b8b1f49b"},"description":"Institutional investors seeking the most secure and sustainable path to staking rewards have a new advanced option.","breadcrumb":{"@id":"https://blockworks.co/news/globalstake-and-ledger-forge-partnership#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/globalstake-and-ledger-forge-partnership"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/globalstake-and-ledger-forge-partnership#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/globalstake-ledger-pr.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2025/01/globalstake-ledger-pr.jpg","width":1200,"height":628},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/globalstake-and-ledger-forge-partnership#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"GlobalStake and Ledger forge partnership to revolutionize secure, sustainable staking for institutions"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/b6c234a3dc1b8e86466a6b26b8b1f49b","name":"Sponsored","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/02/Hannah-Finnerty.jpeg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/02/Hannah-Finnerty.jpeg","caption":"Sponsored"},"description":"Hannah Finnerty is Blockworks' editorial operations manager and is based in the US. Hannah previously worked in podcast production for The National in Abu Dhabi. She graduated from Bowling Green State University with a degree in multiplatform journalism and Middle Eastern politics. Contact Hannah at hannah@blockworks.co.","sameAs":["https://www.linkedin.com/in/hannah-jane-finnerty-2881b0128/","https://x.com/hjfinnerty"],"url":"https://blockworks.co/news/author/sponsored"}]}},"authors":[],"blurhash":"e97w~jxy4nNGWFxwt8ofRkRjxuoeWCWCRjxvWCM{oft700Rj?bt7WB"}],"podcasts":[{"id":"fe2cdbd0-5480-11ed-a0b3-fff47680c6ce","createdAt":"2022-10-25T16:20:51.446Z","updatedAt":"2025-04-05T00:45:31.701Z","title":"0xResearch","link":"","copyright":"384141 Blockworks 2022","author":"Blockworks","imageFile":"https://megaphone.imgix.net/podcasts/fe2cdbd0-5480-11ed-a0b3-fff47680c6ce/image/529778af9a0a01e4cedffbe432870717.png?ixlib=rails-4.3.1","explicit":true,"ownerName":"Blockworks","subtitle":"Hosted by Boccaccio \u0026 Blockworks Analysts, 0xResearch is for savvy degens who want to think like a crypto analyst.","summary":"\u003cp\u003e0xResearch is the show for those who want to step up their game and think like a crypto analyst. We bring on crypto's best to uncover the latest research, explore protocol developments and identify new narratives. We are full-time crypto analysts who read white papers, governance forums and research pieces for fun (normal, right?). Join us as we combine crypto's top talent with our countless hours of research to create the best content in the space.\u0026nbsp;\u003c/p\u003e\u003cp\u003e\u003cbr\u003e\u003c/p\u003e\u003cp\u003e\u003cspan style=\"background-color: transparent; color: rgb(29, 29, 31);\"\u003eSubscribe on YouTube: https://bit.ly/3foDS38\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan style=\"background-color: transparent; color: rgb(29, 29, 31);\"\u003eSubscribe on Apple: https://apple.co/3SNhUEt\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan style=\"background-color: transparent; color: rgb(29, 29, 31);\"\u003eSubscribe on Spotify: https://spoti.fi/3NlP1hA\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cbr\u003e\u003c/p\u003e\u003cp\u003e\u003cspan style=\"background-color: transparent; color: rgb(29, 29, 31);\"\u003eGet top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: \u003c/span\u003e\u003ca href=\"https://blockworks.co/newsletter/\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"background-color: transparent; color: rgb(17, 85, 204);\"\u003ehttps://blockworks.co/newsletter/\u003c/a\u003e\u003c/p\u003e\u003cp\u003e\u003cbr\u003e\u003c/p\u003e\u003cp\u003e\u003cspan style=\"background-color: transparent; color: rgb(29, 29, 31);\"\u003eJoin the 0xResearch Telegram group: \u003c/span\u003e\u003ca href=\"https://t.me/+z0H6y2bS-dllODVh\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"background-color: transparent; color: rgb(17, 85, 204);\"\u003ehttps://t.me/+z0H6y2bS-dllODVh\u003c/a\u003e\u003c/p\u003e","ownerEmail":"podcasts@blockworks.co","language":"en","itunesCategories":["Investing","Technology","Tech News"],"uid":"BWG3164050159","category":null,"redirectUrl":null,"itunesActive":false,"slug":"0xresearch","networkId":"104de192-0570-11e9-af98-f39c567501b8","redirectedAt":null,"recurringImport":false,"itunesRating":null,"originalRssUrl":null,"itunesIdentifier":"https://podcasts.apple.com/us/podcast/0xresearch/id1651683074","episodesCount":202,"podtracEnabled":false,"googlePlayIdentifier":null,"googlePodcastsIdentifier":"","defaultAdSettings":[],"iheartIdentifier":"","episodeLimit":5000,"feedUrl":"https://feeds.megaphone.fm/0xresearch","externalId":null,"defaultPreCount":null,"defaultPostCount":null,"podcastType":"episodic","advertisingTags":[],"clonedFeedUrls":[],"adFreeFeedUrls":[],"mainFeed":true,"adFree":false,"excludedCategories":[],"spanOptIn":"unsubmitted","spotifyIdentifier":"https://open.spotify.com/show/0rGocvZ7oZR6vuy0UHKAON"},{"id":"3828c4ca-d4e0-11ef-9f83-738c52569af7","createdAt":"2025-01-17T14:34:55.129Z","updatedAt":"2025-04-04T00:14:27.228Z","title":"1000x","link":"","copyright":"","author":"Blockworks","imageFile":"https://megaphone.imgix.net/podcasts/3828c4ca-d4e0-11ef-9f83-738c52569af7/image/de58ccb64a78300f4249f97cbc37b175.jpg?ixlib=rails-4.3.1","explicit":null,"ownerName":"Blockworks","subtitle":"A crypto markets podcast hosted by traders for traders ","summary":"\u003cp\u003e1000x is a crypto markets podcast hosted by professional traders Avi Felman and Jonah Van Bourg. We bring on experts to dive deep into the macro and micro factors that represent the lifeblood of digital money and web3. As an increasing share of economic activity and attention migrates online, tokenomics and price action is increasingly relevant to everyone. If you’re interested in the future of markets and crypto, this show is for you.\u003c/p\u003e","ownerEmail":"podcasts@blockworks.co","language":"en","itunesCategories":["Investing","Technology"],"uid":"BWG5595025685","category":null,"redirectUrl":null,"itunesActive":false,"slug":"1000x","networkId":"104de192-0570-11e9-af98-f39c567501b8","redirectedAt":null,"recurringImport":false,"itunesRating":null,"originalRssUrl":null,"itunesIdentifier":null,"episodesCount":60,"podtracEnabled":null,"googlePlayIdentifier":null,"googlePodcastsIdentifier":null,"defaultAdSettings":[],"iheartIdentifier":null,"episodeLimit":5000,"feedUrl":"https://feeds.megaphone.fm/1000x","externalId":null,"defaultPreCount":null,"defaultPostCount":null,"podcastType":"episodic","advertisingTags":[],"clonedFeedUrls":[],"adFreeFeedUrls":[],"mainFeed":true,"adFree":false,"excludedCategories":[],"spanOptIn":"unsubmitted","spotifyIdentifier":"https://open.spotify.com/show/2zjOqjt5oAa8Ud43Wbcv8S"},{"id":"55710820-1f1c-11ed-8cf8-df4510de1bcf","createdAt":"2022-08-18T17:36:47.017Z","updatedAt":"2025-04-04T14:46:52.353Z","title":"Bell Curve","link":"https://blockworks.co/podcasts/bellcurve/","copyright":"384141 Blockworks 2022","author":"Blockworks","imageFile":"https://megaphone.imgix.net/podcasts/55710820-1f1c-11ed-8cf8-df4510de1bcf/image/b1401e44d12fd22a9790c4dbc9af145f.png?ixlib=rails-4.3.1","explicit":true,"ownerName":"Blockworks","subtitle":"Hosted by Mike Ippolito, Bell Curve is for degens stuck in the middle of the bell curve.","summary":"\u003cp\u003eBell Curve breaks down the most important themes in crypto for people who, like us, are confined to the middle of the bell curve. Each season explores a different thesis that we'll test and refine through debate with crypto's best. If you're a crypto native, degen or investooor, this podcast is for you.\u003c/p\u003e\u003cp\u003e\u003cbr\u003e\u003c/p\u003e\u003cp\u003e\u003cspan style=\"background-color: transparent; color: rgb(29, 29, 31);\"\u003eSubscribe on YouTube: https://bit.ly/3R1D1D9\u003cspan class=\"ql-cursor\"\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan style=\"background-color: transparent; color: rgb(29, 29, 31);\"\u003eSubscribe on Apple: \u003c/span\u003e\u003ca href=\"https://apple.co/3pQTfmD\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"background-color: transparent; color: rgb(17, 85, 204);\"\u003ehttps://apple.co/3pQTfmD\u003c/a\u003e\u003c/p\u003e\u003cp\u003e\u003cspan style=\"color: rgb(29, 29, 31);\"\u003eSubscribe on Spotify: \u003c/span\u003e\u003ca href=\"https://spoti.fi/3cpKZXH\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: rgb(17, 85, 204);\"\u003ehttps://spoti.fi/3cpKZXH\u003c/a\u003e\u003c/p\u003e\u003cp\u003e\u003cbr\u003e\u003c/p\u003e\u003cp\u003e\u003cspan style=\"background-color: transparent; color: rgb(29, 29, 31);\"\u003eGet top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: \u003c/span\u003e\u003ca href=\"https://blockworks.co/newsletter/\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"background-color: transparent; color: rgb(17, 85, 204);\"\u003ehttps://blockworks.co/newsletter/\u003c/a\u003e\u003c/p\u003e\u003cp\u003e\u003cbr\u003e\u003c/p\u003e\u003cp\u003e\u003cspan style=\"background-color: transparent; color: rgb(29, 29, 31);\"\u003eJoin the Bell Curve Telegram group: \u003c/span\u003e\u003ca href=\"https://t.me/+nzyxAvQ0Xxc3YTEx\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"background-color: transparent; color: rgb(17, 85, 204);\"\u003ehttps://t.me/+nzyxAvQ0Xxc3YTEx\u003c/a\u003e\u003c/p\u003e","ownerEmail":"podcasts@blockworks.co","language":"en","itunesCategories":["Investing","Technology","Tech News"],"uid":"BWG9067313814","category":null,"redirectUrl":null,"itunesActive":false,"slug":"bellcurve","networkId":"104de192-0570-11e9-af98-f39c567501b8","redirectedAt":null,"recurringImport":false,"itunesRating":null,"originalRssUrl":null,"itunesIdentifier":"https://podcasts.apple.com/us/podcast/bell-curve/id1641356619","episodesCount":260,"podtracEnabled":false,"googlePlayIdentifier":null,"googlePodcastsIdentifier":"","defaultAdSettings":[],"iheartIdentifier":"","episodeLimit":5000,"feedUrl":"https://feeds.megaphone.fm/bellcurve","externalId":null,"defaultPreCount":null,"defaultPostCount":null,"podcastType":"episodic","advertisingTags":[],"clonedFeedUrls":[],"adFreeFeedUrls":[],"mainFeed":true,"adFree":false,"excludedCategories":[],"spanOptIn":"unsubmitted","spotifyIdentifier":"https://open.spotify.com/show/3uMWirMj2hc7IQYEUeBTyT"},{"id":"1d504076-753d-11eb-b286-4728944530b4","createdAt":"2021-02-22T18:38:11.005Z","updatedAt":"2025-04-04T23:10:58.652Z","title":"Empire","link":"https://blockworks.co/podcasts/empire/","copyright":"384141 Blockworks 2021-2023","author":"Blockworks","imageFile":"https://megaphone.imgix.net/podcasts/1d504076-753d-11eb-b286-4728944530b4/image/38e3e4db397753a3e779b92ba6272839.png?ixlib=rails-4.3.1","explicit":true,"ownerName":"Blockworks","subtitle":"Hosted by Jason Yanowitz and Santiago Roel Santos, Empire is your look behind the curtain of the crypto industry.","summary":"\u003cp\u003eEmpire features interviews with top crypto founders to get the real stories that aren’t shared elsewhere. Empire is your look behind the curtain of the crypto industry.\u003c/p\u003e\u003cp\u003eWe release two episodes per week: guest interviews on Monday and a weekly roundup on Friday.\u003c/p\u003e","ownerEmail":"podcasts@blockworks.co","language":"en","itunesCategories":["Investing","Technology","Tech News"],"uid":"BWG1234871015","category":null,"redirectUrl":null,"itunesActive":false,"slug":"empire","networkId":"104de192-0570-11e9-af98-f39c567501b8","redirectedAt":null,"recurringImport":false,"itunesRating":null,"originalRssUrl":null,"itunesIdentifier":"https://podcasts.apple.com/us/podcast/empire/id1554930038","episodesCount":490,"podtracEnabled":false,"googlePlayIdentifier":"","googlePodcastsIdentifier":"","defaultAdSettings":[],"iheartIdentifier":"","episodeLimit":null,"feedUrl":"https://feeds.megaphone.fm/empire","externalId":null,"defaultPreCount":null,"defaultPostCount":null,"podcastType":"episodic","advertisingTags":[],"clonedFeedUrls":[],"adFreeFeedUrls":[],"mainFeed":true,"adFree":false,"excludedCategories":[],"spanOptIn":"unsubmitted","spotifyIdentifier":"https://open.spotify.com/show/4UTePv1CR3APdKOiosR3Iq"},{"id":"f1cbbc04-1f3a-11ef-aa33-739b9d6a84dd","createdAt":"2024-05-31T10:45:49.649Z","updatedAt":"2025-04-04T00:17:49.601Z","title":"Expansion ","link":"","copyright":"","author":"Blockworks","imageFile":"https://megaphone.imgix.net/podcasts/f1cbbc04-1f3a-11ef-aa33-739b9d6a84dd/image/0e2b8c483976c89d8924e93a603c72e3.jpg?ixlib=rails-4.3.1","explicit":null,"ownerName":"Blockworks","subtitle":"Hosted by Rex Kirshner \u0026 NoSleepJon Expansion explores the intersection of modular blockchain design and abundant blockspace.","summary":"\u003cp\u003eThe podcast on Modular. Exploring a refreshed vision for building in crypto.\u003c/p\u003e\u003cp\u003eExpansion is a podcast exploring the intersection of modular blockchain design and abundant blockspace.\u003c/p\u003e\u003cp\u003eWe’ll bring on the leading voices from the modular ecosystem to discuss blockchain design, specialization, applications, and the possibilities that cheap, secure blockspace unlocks.\u003c/p\u003e\u003cp\u003e\u003cbr\u003e\u003c/p\u003e\u003cp\u003e\u003cspan style=\"background-color: transparent; color: rgb(0, 0, 0);\"\u003eSubscribe on YouTube: https://bit.ly/3QLwfTs\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan style=\"background-color: transparent; color: rgb(0, 0, 0);\"\u003eSubscribe on Apple: http://apple.co/4bGKYYM\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan style=\"background-color: transparent; color: rgb(0, 0, 0);\"\u003eSubscribe on Spotify: http://spoti.fi/3Vaubq1\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan style=\"background-color: transparent; color: rgb(0, 0, 0);\"\u003eFollow on X: \u003c/span\u003ehttps://x.com/ExpansionPod_\u003c/p\u003e\u003cp\u003e\u003cspan style=\"background-color: transparent; color: rgb(0, 0, 0);\"\u003eGet top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/\u003c/span\u003e\u003c/p\u003e","ownerEmail":"expansionpodcast@blockworks.co","language":"en","itunesCategories":["Technology","Business","Investing"],"uid":"BWG6354874641","category":null,"redirectUrl":null,"itunesActive":false,"slug":"expansion","networkId":"104de192-0570-11e9-af98-f39c567501b8","redirectedAt":null,"recurringImport":false,"itunesRating":null,"originalRssUrl":null,"itunesIdentifier":null,"episodesCount":62,"podtracEnabled":null,"googlePlayIdentifier":null,"googlePodcastsIdentifier":null,"defaultAdSettings":[],"iheartIdentifier":null,"episodeLimit":5000,"feedUrl":"https://feeds.megaphone.fm/expansion","externalId":null,"defaultPreCount":null,"defaultPostCount":null,"podcastType":"episodic","advertisingTags":[],"clonedFeedUrls":[],"adFreeFeedUrls":[],"mainFeed":true,"adFree":false,"excludedCategories":[],"spanOptIn":"unsubmitted","spotifyIdentifier":"https://open.spotify.com/show/5ZZIFIltH9gphj8I5wO60P"},{"id":"f398def0-373d-11ec-a51f-8fb207c4cf09","createdAt":"2021-10-27T15:52:56.022Z","updatedAt":"2025-04-04T20:59:35.488Z","title":"Forward Guidance","link":"https://blockworks.co/podcasts/forwardguidance/","copyright":"384141 Blockworks 2021","author":"Blockworks","imageFile":"https://megaphone.imgix.net/podcasts/f398def0-373d-11ec-a51f-8fb207c4cf09/image/9e59ade84d3a011e770a83a3d3b4936e.png?ixlib=rails-4.3.1","explicit":null,"ownerName":"Blockworks","subtitle":"Felix Jauvin interviews the brightest minds in finance about which asset classes they think will thrive in the financial future that they envision.","summary":"\u003cp\u003eThe laws of macro investing are being re-written, and investors who fail to adapt to the rapidly changing monetary environment will struggle to keep pace. Felix Jauvin\u0026nbsp;interviews the brightest minds in finance about which asset classes they think will thrive in the financial future that they envision.\u003c/p\u003e\u003cp\u003e\u003cbr\u003e\u003c/p\u003e\u003cp\u003eFollow Felix: \u003ca href=\"https://twitter.com/fejau_inc\" rel=\"noopener noreferrer\" target=\"_blank\"\u003ehttps://twitter.com/fejau_inc\u003c/a\u003e\u003c/p\u003e\u003cp\u003eFollow Forward Guidance: \u003ca href=\"https://twitter.com/ForwardGuidance\" rel=\"noopener noreferrer\" target=\"_blank\"\u003ehttps://twitter.com/ForwardGuidance\u003c/a\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003eSubscribe on YouTube: \u003ca href=\"https://www.youtube.com/@ForwardGuidanceBW\" rel=\"noopener noreferrer\" target=\"_blank\"\u003ehttps://www.youtube.com/@ForwardGuidanceBW\u003c/a\u003e\u003c/p\u003e\u003cp\u003eFollow Blockworks: \u003ca href=\"https://twitter.com/Blockworks_\" rel=\"noopener noreferrer\" target=\"_blank\"\u003ehttps://twitter.com/Blockworks_\u003c/a\u003e\u003c/p\u003e\u003cp\u003eForward Guidance Newsletter: \u003ca href=\"https://blockworks.co/newsletter/forwardguidance\" rel=\"noopener noreferrer\" target=\"_blank\"\u003ehttps://blockworks.co/newsletter/forwardguidance\u003c/a\u003e\u003c/p\u003e\u003cp\u003eForward Guidance Telegram: \u003ca href=\"https://t.me/+nSVVTQITWSdiYTIx\" rel=\"noopener noreferrer\" target=\"_blank\"\u003ehttps://t.me/+nSVVTQITWSdiYTIx\u003c/a\u003e\u003c/p\u003e","ownerEmail":"podcasts@blockworks.co","language":"en","itunesCategories":["Business","Investing","Business News"],"uid":"BWG4023592064","category":null,"redirectUrl":null,"itunesActive":false,"slug":"forwardguidance","networkId":"104de192-0570-11e9-af98-f39c567501b8","redirectedAt":null,"recurringImport":false,"itunesRating":null,"originalRssUrl":null,"itunesIdentifier":"https://podcasts.apple.com/us/podcast/forward-guidance/id1592743188","episodesCount":480,"podtracEnabled":false,"googlePlayIdentifier":null,"googlePodcastsIdentifier":"","defaultAdSettings":[],"iheartIdentifier":"","episodeLimit":5000,"feedUrl":"https://feeds.megaphone.fm/forwardguidance","externalId":null,"defaultPreCount":null,"defaultPostCount":null,"podcastType":"episodic","advertisingTags":[],"clonedFeedUrls":[],"adFreeFeedUrls":[],"mainFeed":true,"adFree":false,"excludedCategories":[],"spanOptIn":"unsubmitted","spotifyIdentifier":"https://open.spotify.com/show/4YWyPCna1Sg50fmRJGF0LV"},{"id":"abbbce92-1f64-11ee-b302-0345cd12db18","createdAt":"2023-07-10T20:59:33.250Z","updatedAt":"2025-04-01T09:37:40.612Z","title":"Lightspeed","link":"https://blockworks.co/podcast/lightspeed","copyright":"","author":"Blockworks","imageFile":"https://megaphone.imgix.net/podcasts/abbbce92-1f64-11ee-b302-0345cd12db18/image/b5c3f8cb6ee39c1dc65dc555fcf122c2.png?ixlib=rails-4.3.1","explicit":true,"ownerName":"Blockworks","subtitle":"Hosted by Mert Mumtaz and Jack Kubinec, Lightspeed is for projects building products that solve real problems - uniquely enabled by crypto.","summary":"\u003cp\u003eLightspeed is a podcast for those interested in how crypto can solve real problems and create products users love. It's a callback to the garage days of Silicon Valley, where builders pushed the limits of hardware and software to build world-changing products. 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","first_button_link":{"title":" BUY TICKETS","url":"https://www.universe.com/embed2/events/permissionless-iv-tickets-ZH94VC","target":""},"second_button_link":{"title":"BUY WITH CRYPTO","url":"https://bitpay.com/cart/add?itemId=5KVvpzaLrQxsgpkhVUPvzZ","target":"_blank"},"features":false}],"text_below":""},{"acf_fc_layout":"speakers","nav_title":"Speakers","text_above":"","has_keynote_speaker":false,"speakers_list":[{"speaker":{"ID":90269,"post_author":"26","post_date":"2024-08-08 09:24:31","post_date_gmt":"2024-08-08 13:24:31","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eSamara Cohen, Senior Managing Director, is BlackRock’s Chief Investment Officer of ETF and Index Investments and a member of the firm’s Global Executive Committee (GEC).\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e\n\n\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eAs CIO for ETF and Index Investments, Samara leads the teams delivering the market quality and investment integrity of roughly $6.6 trillion of BlackRock’s index funds and iShares ETFs. Encompassing portfolio managers, risk managers, platform architects, and market structure developers, her teams continuously pursue better ways for clients to access expanding investment opportunities and seek to lead in the modernization of the indexing industry and ETF markets.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e\n\n\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eSamara is a member of the GEC Investment Subcommittee and the GEC Talent Subcommittee. She is also the GEC sponsor for BlackRock’s Women’s Initiative \u0026amp; Allies Network (WIN) and Co-Head of the Global Diversity, Equity, and Inclusion Steering Committee.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e\n\n\u003c!-- wp:paragraph --\u003e\n\u003cp\u003ePrior to rejoining BlackRock in 2015, Samara was a Managing Director in the Securities Division of Goldman Sachs, where she built and led the Global Market Transition team to develop and deliver solutions to clients in the evolving market structure and regulatory environment following the 2008 global financial crisis. Samara first joined BlackRock in 1993 as an analyst in the Institutional Client Business.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e\n\n\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eSamara has been recognized for her leadership in the financial services industry. In 2023, she was named one of American Banker’s Most Powerful Women in Finance and she has been honored as one of Barron’s Most Influential Women in U.S. Finance in 2022, 2023, and 2024. She is a member of the Board of the Directors for the Securities Industry Financial Markets Association (SIFMA), and a member of the Board of the BlackRock Foundation.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e\n\n\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eShe earned a BS Econ in Finance from the Wharton School and a BA in Theatre Arts from the College of Arts and Sciences of the University of Pennsylvania. She earned an MBA from Harvard Business School.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Samara Cohen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"samara-cohen","to_ping":"","pinged":"","post_modified":"2024-08-08 09:24:34","post_modified_gmt":"2024-08-08 13:24:34","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=90269","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":98758,"post_author":"420","post_date":"2025-03-12 19:22:36","post_date_gmt":"2025-03-12 23:22:36","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eKain Warwick is a DeFi pioneer - the Founder of \u003ca href=\"https://www.synthetix.io/\" target=\"_blank\" rel=\"noreferrer noopener\"\u003eSynthetix\u003c/a\u003e in 2017 and \u003ca href=\"https://infinex.xyz/\" target=\"_blank\" rel=\"noreferrer noopener\"\u003eInfinex\u003c/a\u003e in 2023. In 2020, Kain popularized the concept of yield farming, helping spark the DeFi Summer boom and earning the moniker, ‘The father of modern agriculture’. Today, Infinex is his focus.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e\n\n\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eInfinex is a new kind of crypto app that provides access to onchain protocols, services and applications. It is designed to replace centralized platforms as the primary point of interaction for crypto users. Infinex has an extraordinary story so far. In 2024 it netted $67.70m from a sale of Patron NFTs, which sold 43,284 NFTs to venture capitalists, angel investors and the community. Peter Thiel’s Founders Fund were among the participants, alongside angel investors such as Ethereum co-founder, Vitalik. To learn more, please visit \u003ca href=\"https://infinex.xyz/\" target=\"_blank\" rel=\"noreferrer noopener\"\u003ehttps://infinex.xyz\u003c/a\u003e and Infinex on \u003ca href=\"https://x.com/infinex_app\" target=\"_blank\" rel=\"noreferrer noopener\"\u003eX\u003c/a\u003e.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Kain Warwick","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"kain-warwick-2","to_ping":"","pinged":"","post_modified":"2025-03-17 12:44:04","post_modified_gmt":"2025-03-17 16:44:04","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=98758","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":57063,"post_author":"26","post_date":"2023-05-26 08:10:42","post_date_gmt":"2023-05-26 12:10:42","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eJesse Pollak is the creator of Base and is the Head of Protocols at Coinbase, where he works on Ethereum L1, L2, and new onchain efforts. Prior to Base, Jesse led all of Coinbase’s consumer-facing engineering from early 2017 to middle 2021, including building Coinbase, Coinbase Pro, and Coinbase Wallet. Jesse joined Coinbase through the acquisition of Clef, a company he founded and ran for five years that built passwordless identity solutions for crypto companies.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Jesse Pollak","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jesse-pollak","to_ping":"","pinged":"","post_modified":"2023-05-26 08:10:45","post_modified_gmt":"2023-05-26 12:10:45","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=57063","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":99569,"post_author":"420","post_date":"2025-03-26 11:42:43","post_date_gmt":"2025-03-26 15:42:43","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003e\u003cstrong\u003eHayden Adams\u003c/strong\u003e\u0026nbsp;is the Founder and CEO of Uniswap Labs and inventor of the Uniswap Protocol, the largest decentralized exchange protocol. He began building in crypto in 2017. As his first project, he set out to build an application that fully embodied the unique properties of Ethereum: decentralized, trustless, permissionless, and secure. This project eventually became Uniswap.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e\n\n\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eAs of April 2024, the Uniswap Protocol has processed over $2 trillion in lifetime volume. It competes head-on with centralized exchanges, offering 2x more liquidity than both Binance and Coinbase (two of the largest centralized exchanges) for popular pairs like Ethereum to stablecoin trades.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e\n\n\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eToday, Uniswap Labs contributes to the development of the Uniswap Protocol and builds products for users to safely and securely access DeFi — including the Uniswap Interface and the Uniswap Wallet, which collectively have served millions of users.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Hayden Adams","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"hayden-adams","to_ping":"","pinged":"","post_modified":"2025-03-26 11:47:43","post_modified_gmt":"2025-03-26 15:47:43","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=99569","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":81082,"post_author":"26","post_date":"2024-02-26 22:16:13","post_date_gmt":"2024-02-27 03:16:13","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eKeone Hon is the co-founder/CEO of Monad Labs, a team of systems engineers bringing parallel execution and high performance to the Ethereum Virtual Machine.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Keone Hon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"keone-hon","to_ping":"","pinged":"","post_modified":"2024-02-26 22:16:16","post_modified_gmt":"2024-02-27 03:16:16","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=81082","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":95872,"post_author":"420","post_date":"2025-01-02 11:58:14","post_date_gmt":"2025-01-02 16:58:14","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eWith 7 years of experience across investment banking, hedge funds, and private equity, Guy has built a strong foundation in the financial sector. Prior to founding Ethena, he spent 6 years at Cerberus Management, a firm with $60 billion in assets under management, where he focused on investing in financial services businesses across the capital structure.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Guy Young","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"guy-young-2","to_ping":"","pinged":"","post_modified":"2025-01-23 18:03:16","post_modified_gmt":"2025-01-23 23:03:16","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=95872","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":85423,"post_author":"26","post_date":"2024-05-07 09:47:47","post_date_gmt":"2024-05-07 13:47:47","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eUma Roy is the co-founder and CEO of Succinct, which builds infrastructure tooling to make zero-knowledge proofs accessible to any developer.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Uma Roy","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"uma-roy","to_ping":"","pinged":"","post_modified":"2024-07-08 10:36:30","post_modified_gmt":"2024-07-08 14:36:30","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=85423","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":90478,"post_author":"26","post_date":"2024-08-14 11:10:38","post_date_gmt":"2024-08-14 15:10:38","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eSmokey is one of the original co-founders of Berachain, an EVM-identical L1 powered by Proof of Liquidity. He studied engineering at the University of Waterloo, and was previously a healthcare startup founder, then seed/growth stage VC prior to founding Berachain. He has been a cryptocurrency investor since 2015, and is an active angel in infrastructure, DeFi, and UX tooling startups, while serving as a venture partner at Hack VC.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Smokey the Bera","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"smokey-the-bera","to_ping":"","pinged":"","post_modified":"2024-08-14 11:10:40","post_modified_gmt":"2024-08-14 15:10:40","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=90478","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":81080,"post_author":"26","post_date":"2024-02-26 22:12:22","post_date_gmt":"2024-02-27 03:12:22","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eBryan Pellegrino is a co-founder of LayerZero. He is focused on building an interoperability solution that scales to every chain while maintaining the core principles of censorship resistance, permissionlessness, and immutability. Before LayerZero, Bryan worked in AI research and ranked among the best poker players in the world.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Bryan Pellegrino","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bryan-pellegrino","to_ping":"","pinged":"","post_modified":"2024-02-26 22:12:25","post_modified_gmt":"2024-02-27 03:12:25","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=81080","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":67137,"post_author":"26","post_date":"2023-09-05 13:39:07","post_date_gmt":"2023-09-05 17:39:07","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eCeo @ \u003ca href=\"http://helius.dev/\" target=\"_blank\" rel=\"noreferrer noopener\"\u003ehelius.dev\u003c/a\u003e, co-host of the Ligntspeed podcast. \u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Mert Mumtaz","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mert-mumtaz","to_ping":"","pinged":"","post_modified":"2023-09-05 13:39:18","post_modified_gmt":"2023-09-05 17:39:18","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=67137","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":98757,"post_author":"420","post_date":"2025-03-12 19:20:01","post_date_gmt":"2025-03-12 23:20:01","post_content":"","post_title":"Zano Sherwani","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"zano-sherwani","to_ping":"","pinged":"","post_modified":"2025-03-17 12:48:38","post_modified_gmt":"2025-03-17 16:48:38","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=98757","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":98760,"post_author":"420","post_date":"2025-03-12 19:23:56","post_date_gmt":"2025-03-12 23:23:56","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eJordi Alexander is the Founder of Selini Capital, a leading firm within Digital Assets trading and investing. Selini has its roots in traditional markets and High-Frequency Trading, but is currently one of the most active firms in onchain DeFi as well as early stage venture investing. Jordi is an advisor to projects innovating in the space including Mantle, and is cohost of the weekly Steady Lads podcast.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Jordi Alexander","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jordi-alexander-2","to_ping":"","pinged":"","post_modified":"2025-03-17 12:50:48","post_modified_gmt":"2025-03-17 16:50:48","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=98760","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":3055,"post_author":"21","post_date":"2021-03-18 13:11:46","post_date_gmt":"2021-03-18 17:11:46","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003e\u003cstrong\u003eKyle Samani \u003c/strong\u003eis a Co-Founder and Managing Partner at Multicoin Capital, a thesis-driven cryptofund that invests in tokens and companies reshaping entire sectors of the global economy. Prior to Multicoin Capital, he co-founded Pristine (Upskill, 2017), an enterprise software company that enables deskless workers with solutions for smart glasses. Based in Austin, Texas, Samani is widely recognized as a thought leader on blockchain and cryptoeconomics. He holds degrees in Finance and Management from NYU Stern and has been programming since he was 10 years old. \u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e\n\n\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eFollow him on Twitter @KyleSamani.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Kyle Samani","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"kyle-samani","to_ping":"","pinged":"","post_modified":"2025-02-16 11:05:15","post_modified_gmt":"2025-02-16 16:05:15","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=3055","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":98762,"post_author":"420","post_date":"2025-03-12 19:28:09","post_date_gmt":"2025-03-12 23:28:09","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eZon is the co-founder of initia. He likes opinionated infra and uses the chain everyday. He’s one of the last defenders of the appchain thesis, spends too much time in etherium DeFi, and was originally a smart contract dev in cosmos. Zon studied computer science at Penn and operations at Wharton.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e\n\n\u003c!-- wp:paragraph --\u003e\n\u003cp\u003e\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Zon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"zon","to_ping":"","pinged":"","post_modified":"2025-03-17 12:52:56","post_modified_gmt":"2025-03-17 16:52:56","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=98762","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":98761,"post_author":"420","post_date":"2025-03-12 19:27:17","post_date_gmt":"2025-03-12 23:27:17","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eAndre Cronje is a pioneering blockchain architect and the \"Godfather of DeFi,\" whose innovations have reshaped decentralized finance. With over 25 years of experience in the financial and technology sectors, his contributions have led to the creation of multiple unicorn projects, including Yearn Finance (YFI), Fantom (FTM), Keep3r Network (KP3R), and Sonic (S).\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e\n\n\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eCronje's ve(3,3) tokenomics model has become the foundation for leading billion-dollar decentralized exchanges on most major Layer 2 networks, optimizing liquidity incentives and governance. His smart contract designs have set new standards in automated yield strategies, decentralized liquidity management, and protocol sustainability.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e\n\n\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eBeyond development, Cronje is also a published researcher, with peer-reviewed papers on ArXiv, contributing to blockchain and financial cryptography. His work has accumulated hundreds of citations, reinforcing his influence in both academic and applied DeFi innovation.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e\n\n\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eRecognized as one of the most influential figures in crypto, Cronje has received multiple \"Most Influential in Crypto\" awards from major media outlets. His work continues to shape the future of decentralized finance and blockchain infrastructure.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Andre Cronje","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"andre-cronje","to_ping":"","pinged":"","post_modified":"2025-03-20 13:23:02","post_modified_gmt":"2025-03-20 17:23:02","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=98761","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":6232,"post_author":"26","post_date":"2021-08-06 08:57:01","post_date_gmt":"2021-08-06 12:57:01","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eHaseeb is a Managing Partner at Dragonfly. He was previously a partner at Metastable Capital, and has a background in software engineering at Airbnb and Earn.com (acquired by Coinbase).\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Haseeb Qureshi","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"haseeb-qureshi","to_ping":"","pinged":"","post_modified":"2022-12-01 09:41:27","post_modified_gmt":"2022-12-01 14:41:27","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=6232","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":79546,"post_author":"26","post_date":"2024-02-06 11:40:26","post_date_gmt":"2024-02-06 16:40:26","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eBarry is the cofounder of \u003ca href=\"https://events.trustifi.com/api/o/v1/click/65c23bc8f626382a3afbcd5b/fff0f6/330618/38c45c/eb3beb/0a1240/119436/f394ce/c4bf49/e8666a/ef542d/85972d/627493/9a11d6/1f4096/1d247f/d58d79/c530d9/839df2/bdfa01/7316c5/c788a3/f74902/a30c45/38dabe/f58113/4f8f27/36d8f7/9ee4f4/99129c/db2655/8d1e66/9e626e/290212/fc3550/6d7b1f/38082b/616b1b/af8c50/8ebcbb/0df7b0/6423c4/c07c0b/e6dd1c/ba8ce6/6803c4/c37876/920221/297bc7/5a440b/f85ffc/ca2926/bacf60/3d1195/dc47d9/40aefc/e48a96/0052d7/57fa75/8cf655/c16b6b/f92718/0e7d73/abcb55/0dd73b/1b064a/069f8a/d5bc25/7c51b1/b0bcbd/28ac11/48d164/a0df45/7476ec/8558c8/dbcc78/521501/f2f211/13e330/aab4a2/b0ca1a/dd21ab/280ef4/e749da/debe9d/4974dc/0fb4a3/78f438/fb99c5/187646/4b3a51/0845db\" target=\"_blank\" rel=\"noreferrer noopener\"\u003eSkip\u003c/a\u003e — the leading infrastructure platform for app chains. Skip's products deliver users, tokens, and data to the best app chains in crypto — Osmosis, Stride, dYdX, Celestia, and many more. \u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Barry Plunkett","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barry-plunkett","to_ping":"","pinged":"","post_modified":"2024-02-06 11:40:27","post_modified_gmt":"2024-02-06 16:40:27","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=79546","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":91142,"post_author":"26","post_date":"2024-08-29 09:46:50","post_date_gmt":"2024-08-29 13:46:50","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eWei is a research partner at 1kx, where he focuses on research and investment around crypto deep tech and infrastructure. Before joining 1kx, he was a research partner at Bain Capital Crypto and served as technical advisor to numerous crypto startups. Prior to his investment career, he has published over a dozen academic papers around Cryptography and blockchains. He holds a PhD in Computer Science from University of California San Diego.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Wei Dai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"wei-dai","to_ping":"","pinged":"","post_modified":"2024-08-29 09:46:53","post_modified_gmt":"2024-08-29 13:46:53","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=91142","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":90549,"post_author":"26","post_date":"2024-08-15 13:38:45","post_date_gmt":"2024-08-15 17:38:45","post_content":"","post_title":"Alex Watts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alex-watts","to_ping":"","pinged":"","post_modified":"2025-03-17 13:00:10","post_modified_gmt":"2025-03-17 17:00:10","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=90549","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":27227,"post_author":"26","post_date":"2022-08-16 09:06:53","post_date_gmt":"2022-08-16 13:06:53","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eJohn Adler is co-Founder and CRO at Celestia Labs. He is the creator of Optimistic Rollups, previously scalability researcher at ConsenSys\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"John Adler","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"john-adler","to_ping":"","pinged":"","post_modified":"2025-03-17 13:03:25","post_modified_gmt":"2025-03-17 17:03:25","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=27227","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":57971,"post_author":"26","post_date":"2023-06-06 08:34:32","post_date_gmt":"2023-06-06 12:34:32","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eEugene is a cofounder at Ellipsis Labs, which designs and builds sustainable DeFi protocols from first principles. Ellipsis Labs is a core contributor to Phoenix, a limit order book DEX on Solana. Prior to co-founding Ellipsis Labs, Eugene worked on DeFi protocol design, MEV, and HFT. He is also a contributor at Umbra Research.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Eugene Chen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"eugene-chen","to_ping":"","pinged":"","post_modified":"2023-06-06 08:34:38","post_modified_gmt":"2023-06-06 12:34:38","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=57971","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":85177,"post_author":"26","post_date":"2024-05-01 14:55:06","post_date_gmt":"2024-05-01 18:55:06","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eJon is the co-founder of Hyperlane, the open framework for interoperability and the CEO of Abacus Works, a core contributor to Hyperlane. Prior to founding Hyperlane he had spent several years co-leading Galaxy's investment team, while also leading many of the firm's bleeding edge initiatives. He spent the years prior to Galaxy as a crypto investor at Passport Capital, and Fixed Income trader at Morgan Stanley.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Jon Kol","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jon-kol","to_ping":"","pinged":"","post_modified":"2024-05-01 14:55:09","post_modified_gmt":"2024-05-01 18:55:09","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=85177","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":90320,"post_author":"26","post_date":"2024-08-08 17:45:15","post_date_gmt":"2024-08-08 21:45:15","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eI am a cofounder and the CTO of\u0026nbsp;\u003ca href=\"https://megaeth.systems/\"\u003eMegaLabs\u003c/a\u003e, a start-up that is building MegaETH, the first Real-Time Blockchain. I recently finished my PhD in Computer Science at MIT, advised by\u0026nbsp;\u003ca href=\"https://people.csail.mit.edu/alizadeh/\"\u003eMohammad Alizadeh\u003c/a\u003e. I was part of the\u0026nbsp;\u003ca href=\"http://nms.csail.mit.edu/\"\u003eNetworks and Mobile Systems Group\u003c/a\u003e\u0026nbsp;(\u003cstrong\u003eNMS\u003c/strong\u003e) of MIT CSAIL. My thesis is on efficient consensus and synchronization for distributed systems. I received my SM from MIT in 2020 and my BS in Computer Science from Peking University in 2018.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e\n\n\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eI love designing and building systems that are robust, performant, and easy to use. My current research focuses on computer network problems in the setting of blockchains. Some examples are\u0026nbsp;\u003ca href=\"https://github.com/yangl1996/dispersed-ledger\"\u003eDispersedLedger\u003c/a\u003e, a framework for building BFT state machine replication protocols that run fast on fluctuating networks;\u0026nbsp;\u003ca href=\"https://github.com/yangl1996/riblt\"\u003eRateless IBLTs\u003c/a\u003e, a family of universal and near-optimal rateless codes for reconciling set differences. I have also published on the security aspect of blockchain protocols. My work has been supported by generous gifts from the Ethereum Foundation.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e\n\n\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eOccasionally, I write about what I do in\u0026nbsp;\u003ca href=\"https://blog.leiy.me/\"\u003emy blog\u003c/a\u003e. When away from the keyboard, I enjoy hiking, cycling, sailing and travelling. Plus, I am a licensed amateur radio operator. My callsign is KC1NOR.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Lei Yang","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lei-yang","to_ping":"","pinged":"","post_modified":"2024-08-08 17:45:18","post_modified_gmt":"2024-08-08 21:45:18","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=90320","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":96591,"post_author":"420","post_date":"2025-01-23 18:12:54","post_date_gmt":"2025-01-23 23:12:54","post_content":"","post_title":"Jon Charbonneau","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jon-charbonneau","to_ping":"","pinged":"","post_modified":"2025-03-20 13:07:10","post_modified_gmt":"2025-03-20 17:07:10","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=96591","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":3053,"post_author":"21","post_date":"2021-03-18 13:10:28","post_date_gmt":"2021-03-18 17:10:28","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp id=\"m_7707872545266194445docs-internal-guid-6000a141-7fff-fa8c-a51e-d28f20821bf5\"\u003eStani Kulechov is a pioneer in decentralized finance and web3 social, a strong believer in decentralized solutions, and an advocate for a more open and fair internet. He is the Founder and CEO of Avara, the software development company behind decentralized finance (DeFi) protocol Aave, stablecoin GHO, web3 social protocol – Lens, and mobile crypto wallet, Family. Avara’s vision is a people-powered internet that benefits all.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Stani Kulechov","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"stani-kulechov","to_ping":"","pinged":"","post_modified":"2025-03-20 12:56:16","post_modified_gmt":"2025-03-20 16:56:16","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=3053","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":7367,"post_author":"26","post_date":"2021-08-31 09:35:25","post_date_gmt":"2021-08-31 13:35:25","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eDavid Hoffman is co-founder of Bankless and is a steward of crypto culture. David focuses on writing fundamental investment theses for Ether\u0026nbsp;and Ethereum, while also making deep connections to impacting culture and the psyche of those who adopt a crypto lifestyle. David\u0026nbsp;holds 99% of\u0026nbsp;his wealth outside of Banks and inside of Ethereum, and is focused on leading the way for others to do the same.\u0026nbsp;\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"David Hoffman","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"david-hoffman","to_ping":"","pinged":"","post_modified":"2023-08-10 12:22:29","post_modified_gmt":"2023-08-10 16:22:29","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=7367","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":20762,"post_author":"26","post_date":"2022-04-29 07:56:51","post_date_gmt":"2022-04-29 11:56:51","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eSam Kazemian is the founder of Frax Finance, a DeFi stablecoin protocol that bills itself as the decentralized central bank of crypto. Frax Finance also develops the modular rollup, Fraxtal. Before founding Frax, Sam was cofounder of IQ.wiki, a decentralized knowledge base on the blockchain.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Sam Kazemian","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sam-kazemian","to_ping":"","pinged":"","post_modified":"2025-03-12 19:28:41","post_modified_gmt":"2025-03-12 23:28:41","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=20762","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":60423,"post_author":"26","post_date":"2023-06-30 12:08:34","post_date_gmt":"2023-06-30 16:08:34","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eSreeram Kannan is Founder of EigenLayer and CEO of Eigen Labs, a Seattle-based technology company pioneering protocols for verifiable applications and services. Previously, he was a tenured associate professor at the University of Washington, where he directed the UW Blockchain Lab. He holds a PhD from the University of Illinois at Urbana-Champaign and completed postdoctoral research at UC Berkeley. Kannan left academia in 2018, recognizing blockchain's potential to accelerate human coordination. At Eigen Labs, his team is building the tools to extend crypto's trustless verification to any developer building any application. Today, hundreds of applications and rollups are building on EigenLayer's verifiable services (AVS) backstopped by billions of dollars in staked Ethereum and EIGEN.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Sreeram Kannan","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sreeram-kannan","to_ping":"","pinged":"","post_modified":"2025-03-28 09:06:07","post_modified_gmt":"2025-03-28 13:06:07","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=60423","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":58312,"post_author":"26","post_date":"2023-06-08 09:31:33","post_date_gmt":"2023-06-08 13:31:33","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eI do research at Scroll. Specifically, I focus on bridge design and protocol decentralization. My background is in computer science and I have been in crypto full-time since 2018.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Toghrul Maharramov","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"toghrul-maharramov","to_ping":"","pinged":"","post_modified":"2023-06-08 09:31:37","post_modified_gmt":"2023-06-08 13:31:37","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=58312","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":98759,"post_author":"420","post_date":"2025-03-12 19:23:21","post_date_gmt":"2025-03-12 23:23:21","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eEd Felten is Co-Founder and Chief Scientist at Offchain Labs, the team behind Arbitrum, a leading Ethereum Layer 2 scaling solution. His recent work focuses on blockchain scalability and security, including significant contributions to EIP 4844 and innovative research on Layer 2 data availability solutions. He previously served as Deputy U.S. Chief Technology Officer (2015-2017) and Chief Technologist at the FTC (2011-2012). A member of the U.S. National Academy of Engineering and a Fellow of the ACM, and Professor Emeritus at Princeton University, Felten's current research advances crucial blockchain infrastructure development and security mechanisms.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e\n\n\u003c!-- wp:list --\u003e\n\u003cul class=\"wp-block-list\"\u003e\u003c!-- wp:list-item --\u003e\n\u003cli\u003e\u003ca href=\"https://x.com/EdFelten\" target=\"_blank\" rel=\"noreferrer noopener\"\u003eTwitter\u003c/a\u003e\u003c/li\u003e\n\u003c!-- /wp:list-item --\u003e\n\n\u003c!-- wp:list-item --\u003e\n\u003cli\u003e\u003ca href=\"https://www.linkedin.com/in/ed-felten-275171/\" target=\"_blank\" rel=\"noreferrer noopener\"\u003eLinkedIn\u003c/a\u003e\u003c/li\u003e\n\u003c!-- /wp:list-item --\u003e\u003c/ul\u003e\n\u003c!-- /wp:list --\u003e\n\n\u003c!-- wp:paragraph --\u003e\n\u003cp\u003e\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Ed Felten","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ed-felten","to_ping":"","pinged":"","post_modified":"2025-03-12 19:23:24","post_modified_gmt":"2025-03-12 23:23:24","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=98759","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":98756,"post_author":"420","post_date":"2025-03-12 19:18:11","post_date_gmt":"2025-03-12 23:18:11","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003e5+years of online business experience, self-made entrepreneur. Attended University of FL, dropped out after two years to start online marketing business. Grew it for two years, helped dozens of clients scale to 6-7 figures with email marketing, sales letters, paid ads, funnels and info products. Andy, Co-Founder of the Rollup and The Rollup Ventures is a crypto visionary who believes in the transformative power of AI agents and modular blockchains for the future of finance. He's betting big on 2025 being a breakout year for crypto, especially for those who've been building during the bear market.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Andy","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"andy","to_ping":"","pinged":"","post_modified":"2025-04-03 15:10:09","post_modified_gmt":"2025-04-03 19:10:09","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=98756","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":98746,"post_author":"420","post_date":"2025-03-12 19:16:38","post_date_gmt":"2025-03-12 23:16:38","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eA graduate of UF with a BA in Mathematics and Philosophy, he co-founded The Rollup (formerly DeFi Slate) in 2020, building one of the most respected media platforms in crypto. Now, Robbie consults for early-stage blockchain startups, exploring Bitcoin rollups, AI-driven finance, and tokenized governance while pushing the frontiers of knowledge through The Rollup Podcast and The Rollup Ventures.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Robbie","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"robbie","to_ping":"","pinged":"","post_modified":"2025-04-03 15:09:56","post_modified_gmt":"2025-04-03 19:09:56","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=98746","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":99205,"post_author":"420","post_date":"2025-03-20 13:06:22","post_date_gmt":"2025-03-20 17:06:22","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eAlex Blania is the CEO and co-founder of Tools for Humanity, the technology company building tools for World Network. He is also a co-founder of World Network with Sam Altman and Max Novendstern. Alex is responsible for leading strategy, development and execution of the technology and tools enabling World Network to ensure everyone benefits fairly from the opportunities AI presents.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e\n\n\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eWorld is a network of real humans built on a privacy-preserving proof of human and a globally inclusive financial network. Alex led the development of World’s custom, privacy-protecting device, the Orb, which has verified proof of human and uniqueness of 11+ million individuals worldwide; World ID, which is a privacy-preserving proof of human for the internet; and World App, which is one of the fastest-growing and most accessible self-custodial wallets available.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e\n\n\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eAlex holds degrees in Industrial Engineering and Physics from the University of Erlangen-Nuremberg in Germany and studied physics at Caltech before dedicating his full time and attention to supporting World. You can follow and interact with him on X/Twitter\u0026nbsp;\u003ca target=\"_blank\" href=\"https://x.com/alexblania\" rel=\"noreferrer noopener\"\u003e@alexblania\u003c/a\u003e.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Alex Blania","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alex-blania","to_ping":"","pinged":"","post_modified":"2025-03-20 13:06:24","post_modified_gmt":"2025-03-20 17:06:24","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=99205","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":90909,"post_author":"26","post_date":"2024-08-23 10:54:11","post_date_gmt":"2024-08-23 14:54:11","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eLead Economist at Anza\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e\n\n\u003c!-- wp:paragraph --\u003e\n\u003cp\u003e\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Max Resnick","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"max-resnick","to_ping":"","pinged":"","post_modified":"2025-03-26 11:43:42","post_modified_gmt":"2025-03-26 15:43:42","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=90909","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":99572,"post_author":"420","post_date":"2025-03-26 11:46:26","post_date_gmt":"2025-03-26 15:46:26","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eRobert Habermeier is a founding engineer of the Polkadot Network. During his 7-year tenure at Parity, Robert was responsible for the vast majority of Proof-of-Stake and consensus code for Polkadot and its underlying framework Substrate, including the code for parachain consensus. His technical leadership actively informed and shaped the Polkadot protocol design we know today. Prior to his work on Polkadot, Robert was a core developer on the Parity-Ethereum client, the first production-ready third-party Ethereum node.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e\n\n\u003c!-- wp:paragraph --\u003e\n\u003cp\u003e\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Robert Habermeier","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"robert-habermeier","to_ping":"","pinged":"","post_modified":"2025-03-26 11:46:26","post_modified_gmt":"2025-03-26 15:46:26","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=99572","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":99576,"post_author":"420","post_date":"2025-03-26 11:51:16","post_date_gmt":"2025-03-26 15:51:16","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003ePatrick is the Founder of Commonware, a new company building an optimized stack for vertical blockchain applications. 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Previously, Jill ran crypto investments for early stage venture capital fund, Slow Ventures. Jill was also a co-founder of the Open Money Initiative, a non-profit organization that researches how those without access to a free and open financial system manage their money. Jill has also conducted academic research on the use of cryptocurrencies in emerging markets as part of her graduate studies at Oxford University. She started her career as a fixed income trader at Goldman Sachs. 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The Backpack ecosystem is composed of \u003ca href=\"https://www.backpack.app/\" target=\"_blank\" rel=\"noreferrer noopener\"\u003eBackpack wallet\u003c/a\u003e, the \u003ca href=\"https://www.madlads.com/\" target=\"_blank\" rel=\"noreferrer noopener\"\u003eMad Lads NFT collection\u003c/a\u003e, and \u003ca href=\"https://www.backpack.exchange/\" target=\"_blank\" rel=\"noreferrer noopener\"\u003eBackpack Exchange\u003c/a\u003e. Before founding Backpack in April 2022, he was the creator of \u003ca href=\"https://www.anchor-lang.com/\" target=\"_blank\" rel=\"noreferrer noopener\"\u003eAnchor\u003c/a\u003e, a groundbreaking developer tool that revolutionized programing on Solana. Anchor has become an integral part of numerous Solana projects and protocols, and bonding its commitments to simplifying the developer experience. 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Privy builds user onboarding and wallet infrastructure to enable better, safer products built on crypto rails.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Henri Stern","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"henri-stern","to_ping":"","pinged":"","post_modified":"2025-04-02 17:53:03","post_modified_gmt":"2025-04-02 21:53:03","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=100023","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":21091,"post_author":"26","post_date":"2022-05-07 12:22:23","post_date_gmt":"2022-05-07 16:22:23","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eHart is the Co-Founder of Risk Labs, the foundation supporting the UMA and Across protocols. UMA is an optimistic oracle that can verify arbitrary data on-chain. Across is a \"intents-based\" bridge offering cheap and near-instant cross-chain interoperability.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e\n\n\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eHart studied computer science before working as an interest rate trader at Goldman Sachs through the financial crisis. In 2013 he co-founded Openfolio, a personal finance tracking platform that was acquired in 2017 by an asset manager. He now leads a team of oracle and interoperability researchers at Risk Labs.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Hart Lambur","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"hart-lambur","to_ping":"","pinged":"","post_modified":"2024-02-22 17:44:31","post_modified_gmt":"2024-02-22 22:44:31","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=21091","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":100027,"post_author":"420","post_date":"2025-04-02 18:33:08","post_date_gmt":"2025-04-02 22:33:08","post_content":"","post_title":"mteam.eth","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mert-mumtaz-2","to_ping":"","pinged":"","post_modified":"2025-04-02 18:34:59","post_modified_gmt":"2025-04-02 22:34:59","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=100027","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":97504,"post_author":"420","post_date":"2025-02-15 15:47:08","post_date_gmt":"2025-02-15 20:47:08","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eKonstantin Richter is a serial entrepreneur, investor, and advisor. He has been active in the blockchain ecosystem as an advisor and contributor since 2015, with the likes of Gem,\u0026nbsp;\u003ca target=\"_blank\" href=\"http://po.et/\" rel=\"noreferrer noopener\"\u003ePo.et\u003c/a\u003e, and MadHive. In 2017, he created Blockdaemon in order to bring institutional-grade infrastructure to blockchain protocols, crypto native and traditional financial institutions. Subsequently, Konstantin has helmed Blockdaemon through three major funding rounds raising $400M to date. The most recent being a Series C raising $207M at a $3.25B valuation led by Sapphire and Tiger Global with previous backers SoftBank, Goldman Sachs, J.P. Morgan Chase Strategic Investments and Citi Ventures. 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He currently serves as the Head of Protocol for Helium, overseeing the development and evolution of decentralized wireless networks powered by community-driven infrastructure. Helium aims to provide secure, cost-effective, and people-powered wireless coverage globally.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e\n\n\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eAbhay has been deeply involved in the Helium ecosystem since its inception. He began as a Hotspot deployer, transitioned into a core developer role on the Helium blockchain, and later served as CEO of the Helium Foundation from 2022 until recently. His leadership helped guide Helium through significant milestones, including its migration to Solana and the expansion of its decentralized physical infrastructure network (DePIN).\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e\n\n\u003c!-- wp:paragraph --\u003e\n\u003cp\u003ePrior to his work with Helium, Abhay was a lead engineer specializing in scalable payment infrastructure at Square and distributed systems at Powerset. His technical expertise and vision continue to drive innovation in connecting devices and people worldwide.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Abhay Kumar","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"abhay-kumar","to_ping":"","pinged":"","post_modified":"2025-04-03 16:08:46","post_modified_gmt":"2025-04-03 20:08:46","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=100048","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":7540,"post_author":"26","post_date":"2021-09-02 17:29:17","post_date_gmt":"2021-09-02 21:29:17","post_content":"","post_title":"Jason Yanowitz","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jason-yanowitz","to_ping":"","pinged":"","post_modified":"2025-01-27 18:07:50","post_modified_gmt":"2025-01-27 23:07:50","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=7540","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":5487,"post_author":"26","post_date":"2021-07-13 11:15:09","post_date_gmt":"2021-07-13 15:15:09","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003eMichael Ippolito is a co-founder at Blockworks in charge of content and finance.\u0026nbsp; Previously to co-founding Blockworks, Michael was a consultant where he advised mid-market manufacturing-focused companies on operational and capital efficiency as well as M\u0026amp;A strategy.\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Michael Ippolito","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"michael-ippolito","to_ping":"","pinged":"","post_modified":"2025-04-03 09:40:49","post_modified_gmt":"2025-04-03 13:40:49","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=5487","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}},{"speaker":{"ID":97814,"post_author":"420","post_date":"2025-02-21 12:12:08","post_date_gmt":"2025-02-21 17:12:08","post_content":"\u003c!-- wp:paragraph --\u003e\n\u003cp\u003ePete Rizzo conducts archival research on Bitcoin’s history, working to identify the people and events that most impacted its development.\u003cbr\u003e\u003c/p\u003e\n\u003c!-- /wp:paragraph --\u003e","post_title":"Pete Rizzo","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pete-rizzo","to_ping":"","pinged":"","post_modified":"2025-04-03 09:42:30","post_modified_gmt":"2025-04-03 13:42:30","post_content_filtered":"","post_parent":0,"guid":"https://cms.blockworks.co/?post_type=speakers\u0026#038;p=97814","menu_order":0,"post_type":"speakers","post_mime_type":"","comment_count":"0","filter":"raw"}}],"speakers_highlighted_title":"","speakers_highlighted":false},{"acf_fc_layout":"themes","nav_title":"Themes ","description":"","items":[{"title":"DeFi Renaissance","description":"RWAs. 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