We live in a society in which almost everything is about money. And as with everything, money exists on a quality distribution. That means not every money is created equal. Some money is better than others. We refer to the quality of money as hardness. The best money is therefore the hardest poss...

We live in a society in which almost everything is about money. And as with everything, money exists on a quality distribution. That means not every money is created equal. Some money is better than others. We refer to the quality of money as hardness. The best money is therefore the hardest poss...

The market is a magnificent beast. Price action allowed voices to be raised, wondering whether the glorious bull market be already over now. Complaints could be heard that this is by no means the bull market that people expected. And now others come out proclaiming how the bull market has barely ...

The market is a magnificent beast. Price action allowed voices to be raised, wondering whether the glorious bull market be already over now. Complaints could be heard that this is by no means the bull market that people expected. And now others come out proclaiming how the bull market has barely ...

I want to talk about how everyone is building a worse Ethereum in the L1 blockchain space and explain what this has to do with the way the internet happened. Back in the 1990s nobody really understood the internet. Nobel Prize-winning economist Paul Krugman wrote this around 1998: "By 2005 or so,...

I want to talk about how everyone is building a worse Ethereum in the L1 blockchain space and explain what this has to do with the way the internet happened. Back in the 1990s nobody really understood the internet. Nobel Prize-winning economist Paul Krugman wrote this around 1998: "By 2005 or so,...

Many continue to express concerns how crypto as an industry has no use cases. And I keep saying that this is not true. What seems to be the case is that people who say that crypto has no use cases are simply not using the available use cases themselves. The major use case that this industry provi...

Many continue to express concerns how crypto as an industry has no use cases. And I keep saying that this is not true. What seems to be the case is that people who say that crypto has no use cases are simply not using the available use cases themselves. The major use case that this industry provi...

In this Powerlaw memo I would like to make one prediction for future events and DeFi integrations. This prediction concerns BlackRock and Citadel. As a reminder, BlockRock is the world's largest asset management firm with roughly 10 trillion USD in assets under management. Citadel Securities spec...

In this Powerlaw memo I would like to make one prediction for future events and DeFi integrations. This prediction concerns BlackRock and Citadel. As a reminder, BlockRock is the world's largest asset management firm with roughly 10 trillion USD in assets under management. Citadel Securities spec...

It has been ETH ETF week. The word Ethereum is printed on a large banner hanging outside of the so much renowned New York Stock Exchange as I am writing these words. Without paying too much attention during the week, I had the feeling there was an awful lot of cope and quiet in the air. Is this j...

It has been ETH ETF week. The word Ethereum is printed on a large banner hanging outside of the so much renowned New York Stock Exchange as I am writing these words. Without paying too much attention during the week, I had the feeling there was an awful lot of cope and quiet in the air. Is this j...

There was a beautiful discussion between Anatoly Yakovenko and Justin Drake published on the Bankless podcast, in which we got a pretty honest and fair assessment of Ethereum and Solana. Anatoly is the Co-Founder of Solana and Justin is an Ethereum Foundation researcher. Anatoly was joking in the...

There was a beautiful discussion between Anatoly Yakovenko and Justin Drake published on the Bankless podcast, in which we got a pretty honest and fair assessment of Ethereum and Solana. Anatoly is the Co-Founder of Solana and Justin is an Ethereum Foundation researcher. Anatoly was joking in the...

One topic I wanted to discuss for some time now is MEV and the varying philosophies pursued on Solana and Ethereum respectively. First of all, a sentence or two about what MEV actually is. MEV originates from the concept of Miner Extractable Value. Back in the day, Ethereum was running the Proof ...

One topic I wanted to discuss for some time now is MEV and the varying philosophies pursued on Solana and Ethereum respectively. First of all, a sentence or two about what MEV actually is. MEV originates from the concept of Miner Extractable Value. Back in the day, Ethereum was running the Proof ...

We have been in the belly of the beast this past week. We have been to Brussels for EthCC. The heart of Europe and the power centre of the EU. Not to dwell too much on politics, but to me personally the state of the nation had a rather rotten smell to it in many different ways. I would summarize ...

We have been in the belly of the beast this past week. We have been to Brussels for EthCC. The heart of Europe and the power centre of the EU. Not to dwell too much on politics, but to me personally the state of the nation had a rather rotten smell to it in many different ways. I would summarize ...

I heard one of the main characters of this cycle say we are in the third inning of this crypto cycle. I find the baseball metaphors a bit difficult to comprehend personally, but let me humour you. There are 9 innings in a game of Baseball. So at the end of the third inning the game is theoretical...

I heard one of the main characters of this cycle say we are in the third inning of this crypto cycle. I find the baseball metaphors a bit difficult to comprehend personally, but let me humour you. There are 9 innings in a game of Baseball. So at the end of the third inning the game is theoretical...