1<!DOCTYPE html><html lang="en" dir="ltr"><head><meta charset="utf-8"> 2<meta name="viewport" content="width=device-width,initial-scale=1,viewport-fit=cover"> 3<title>About | Frictionless Capital</title> 4<style>*,::backdrop,:after,:before{--tw-border-spacing-x:0;--tw-border-spacing-y:0;--tw-translate-x:0;--tw-translate-y:0;--tw-rotate:0;--tw-skew-x:0;--tw-skew-y:0;--tw-scale-x:1;--tw-scale-y:1;--tw-pan-x: ;--tw-pan-y: ;--tw-pinch-zoom: ;--tw-scroll-snap-strictness:proximity;--tw-gradient-from-position: ;--tw-gradient-via-position: ;--tw-gradient-to-position: ;--tw-ordinal: ;--tw-slashed-zero: ;--tw-numeric-figure: ;--tw-numeric-spacing: ;--tw-numeric-fraction: ;--tw-ring-inset: ;--tw-ring-offset-width:0px;--tw-ring-offset-color:#fff;--tw-ring-color:#3b82f680;--tw-ring-offset-shadow:0 0 #0000;--tw-ring-shadow:0 0 #0000;--tw-shadow:0 0 #0000;--tw-shadow-colored:0 0 #0000;--tw-blur: ;--tw-brightness: ;--tw-contrast: ;--tw-grayscale: ;--tw-hue-rotate: ;--tw-invert: ;--tw-saturate: ;--tw-sepia: ;--tw-drop-shadow: ;--tw-backdrop-blur: ;--tw-backdrop-brightness: ;--tw-backdrop-contrast: ;--tw-backdrop-grayscale: ;--tw-backdrop-hue-rotate: ;--tw-backdrop-invert: ;--tw-backdrop-opacity: ;--tw-backdrop-saturate: ;--tw-backdrop-sepia: ;--tw-contain-size: ;--tw-contain-layout: ;--tw-contain-paint: ;--tw-contain-style: }.container{width:100%}@media (min-width:640px){.container{max-width:640px}}@media (min-width:768px){.container{max-width:768px}}@media (min-width:1024px){.container{max-width:1024px}}@media (min-width:1280px){.container{max-width:1280px}}@media (min-width:1536px){.container{max-width:1536px}}.visible{visibility:visible}.static{position:static}.fixed{position:fixed}.absolute{position:absolute}.relative{position:relative}.isolate{isolation:isolate}.block{display:block}.inline{display:inline}.flex{display:flex}.table{display:table}.grid{display:grid}.contents{display:contents}.list-item{display:list-item}.hidden{display:none}.flex-shrink{flex-shrink:1}.flex-grow{flex-grow:1}.transform{transform:translate(var(--tw-translate-x),var(--tw-translate-y)) rotate(var(--tw-rotate)) skew(var(--tw-skew-x)) skewY(var(--tw-skew-y)) scaleX(var(--tw-scale-x)) scaleY(var(--tw-scale-y))}.resize{resize:both}.border{border-width:1px}.uppercase{text-transform:uppercase}.lowercase{text-transform:lowercase}.capitalize{text-transform:capitalize}.underline{text-decoration-line:underline}.outline{outline-style:solid}.blur{--tw-blur:blur(8px)}.blur,.filter{filter:var(--tw-blur) var(--tw-brightness) var(--tw-contrast) var(--tw-grayscale) var(--tw-hue-rotate) var(--tw-invert) var(--tw-saturate) var(--tw-sepia) var(--tw-drop-shadow)}.transition{transition-duration:.15s;transition-property:color,background-color,border-color,text-decoration-color,fill,stroke,opacity,box-shadow,transform,filter,backdrop-filter;transition-timing-function:cubic-bezier(.4,0,.2,1)}</style> 5<style>*,:after,:before{background-repeat:no-repeat;box-sizing:border-box}:after,:before{text-decoration:inherit;vertical-align:inherit}:where(:root){cursor:default;line-height:1.5;overflow-wrap:break-word;-moz-tab-size:4;tab-size:4;-webkit-tap-highlight-color:transparent;-webkit-text-size-adjust:100%}:where(body){margin:0}:where(h1){font-size:2em;margin:.67em 0}:where(dl,ol,ul) :where(dl,ol,ul){margin:0}:where(hr){color:inherit;height:0}:where(nav) :where(ol,ul){list-style-type:none;padding:0}:where(nav li):before{content:"â";float:left}:where(pre){font-family:monospace,monospace;font-size:1em;overflow:auto}:where(abbr[title]){text-decoration:underline;-webkit-text-decoration:underline dotted;text-decoration:underline dotted}:where(b,strong){font-weight:bolder}:where(code,kbd,samp){font-family:monospace,monospace;font-size:1em}:where(small){font-size:80%}:where(audio,canvas,iframe,img,svg,video){vertical-align:middle}:where(iframe){border-style:none}:where(svg:not([fill])){fill:currentColor}:where(table){border-collapse:collapse;border-color:inherit;text-indent:0}:where(button,input,select){margin:0}:where(button,[type=button i],[type=reset i],[type=submit i]){-webkit-appearance:button}:where(fieldset){border:1px solid #a0a0a0}:where(progress){vertical-align:initial}:where(textarea){margin:0;resize:vertical}
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Founders deserve better.</p><p>We make fewer bets with deeper conviction. Every investment starts with first-principles research into the market â not pattern matching, not herd following. The result is a concentrated portfolio where every founder gets our full attention, not a line item in a spreadsheet.</p><!--]--></div><div class="background" data-v-c655c3d5></div></div><picture class="image" data-v-c655c3d5><img onerror="this.setAttribute('data-error', 1)" width="3000" height="1983" alt loading="eager" data-nuxt-img sizes="(max-width: 640px) 100v
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Previously, Logan led Product for Teslaâs Supercharging Digital Experience Team. Post Tesla, Logan extensively focused on Web3 scalability from first-principles and hosting weekly podcast with the top technical and investing minds within the Industry.</p></div><div class="card-team" data-v-2935ea37 data-v-982816a2><div class="info" data-v-982816a2><span class="p-m" data-v-982816a2>Managing Partner</span><div class="socials" data-v-982816a2><!----><a href="https://x.com/SolanaLegend" rel="noopener noreferrer" target="_blank" class="link-text" data-v-982816a2 data-v-015965a1><span data-v-015965a1>x</span><svg width="10" height="10" viewbox="0 0 10 10" fill="none" xmlns="http://www.w3.org/2000/svg" overflow="visible" aria-hidden="true" data-v-015965a1><g><path d="M2 8L8 2M8 2H2M8 2V8" stroke="currentColor"></path></g></svg></a><a href="mailto:[email protected]" rel="noopener noreferrer" class="link-text" data-v-982816a2 data-v-015965a1><span data-v-015965a1>email</span><svg width="10" height="10" viewbox="0 0 10 10" fill="none" xmlns="http://www.w3.org/2000/svg" overflow="visible" aria-hidden="true" data-v-015965a1><g><path d="M2 8L8 2M8 2H2M8 2V8" stroke="currentColor"></path></g></svg></a></div></div><img onerror="this.setAttribute('data-error', 1)" width="1344" height="1662" alt="Diego Perez de Ayala" loading="lazy" data-nuxt-img sizes="(max-width: 640px) 100v
75w, (max-width: 768px) 100vw, (max-width: 1024px) 33vw, (max-width: 1280px) 33vw, (max-width: 1536px) 33vw, 33vw" srcset="https://a.storyblok.com/f/333888/1344x1662/aa166cbd71/diego-heashot.png/m/1x1 1w, https://a.storyblok.com/f/333888/1344x1662/aa166cbd71/diego-heashot.png/m/2x2 2w, https://a.storyblok.com/f/333888/1344x1662/aa166cbd71/diego-heashot.png/m/253x313 253w, https://a.storyblok.com/f/333888/1344x1662/aa166cbd71/diego-heashot.png/m/338x418 338w, https://a.storyblok.com/f/333888/1344x1662/aa166cbd71/diego-heashot.png/m/422x522 422w, https://a.storyblok.com/f/333888/1344x1662/aa166cbd71/diego-heashot.png/m/506x626 506w, https://a.storyblok.com/f/333888/1344x1662/aa166cbd71/diego-heashot.png/m/507x627 507w, https://a.storyblok.com/f/333888/1344x1662/aa166cbd71/diego-heashot.png/m/640x791 640w, https://a.storyblok.com/f/333888/1344x1662/aa166cbd71/diego-heashot.png/m/676x836 676w, https://a.storyblok.com/f/333888/1344x1662/aa166cbd71/diego-heashot.png/m/844x1044 844w, https://a.storyblok.com/f/333888/1344x1662/aa166cbd71/diego-heashot.png/m/1014x1254 1014w, https://a.storyblok.com/f/333888/1344x1662/aa166cbd71/diego-heashot.png/m/1280x1582 1280w" class="portrait" src="https://a.storyblok.com/f/333888/1344x1662/aa166cbd71/diego-heashot.png/m/1280x1582" data-v-982816a2><h3 class="name" data-v-982816a2>Diego Perez de Ayala</h3><p class="description p-sm" data-v-982816a2>Diego Perez de Ayala is Co-Founder and Managing Partner of Frictionless. Previously, Diego worked at FTX USA and in investment banking where he advised on ~$15 billion in transactions for clients such as KKR, Blackstone, and CPPIB. Most recently, Diego has been working with founders at the ecosystem level of various high-throughput blockchains and applying a first-principles approach to investing.</p></div><!--]--></div></section><!--]--></div><!--]--><footer class="footer" data-v-1e754288><div class="footer-inner" data-v-1e754288><div class="footer-main" data-v-1e754288><div class="newsletter-form is-footer" data-v-1e754288 data-v-17ff4738><span class="newsletter-form-label p-sm" role="status" aria-live="polite" data-v-17ff4738>Research updates</span><form class="newsletter-form-subscribe" aria-busy="false" data-v-17ff4738><input value="" type="email" placeholder="[email protected]" autocomplete="email" aria-label="Email address" required maxlength="254" data-v-17ff4738><button class="button is-orange newsletter-form-button" type="submit" data-v-17ff4738 data-v-274285eb><span data-v-274285eb><!--[-->Subscribe<!--]--></span><!----></button></form><!----><!----><p class="newsletter-form-privacy" data-v-17ff4738>Protected by reCAPTCHA. Google <a href="https://policies.google.com/privacy" target="_blank" rel="noopener noreferrer" data-v-17ff4738>Privacy Policy</a> and <a href="https://policies.google.com/terms" target="_blank" rel="noopener noreferrer" data-v-17ff4738>Terms of Service</a> apply.</p></div><div class="footer-actions" data-v-1e754288><!--[--><a href="https://x.com/FrictionlessVC" class="pill-link p-sm" target="_blank" rel="noopener" data-v-1e754288>X â </a><!--]--><a href="mailto:[email protected]" class="pill-link p-sm" data-v-1e754288>Contact â </a></div></div><div class="footer-bottom" data-v-1e754288><span class="copyright p-sm" data-v-1e754288>© 2026 Frictionless Capital</span></div></div></footer></main><!--]--></div><!----></div></div><div id="teleports"></div>
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75,"mailto:[email protected]",{"id":93,"alt":17,"name":17,"focus":17,"title":17,"source":17,"filename":94,"copyright":17,"fieldtype":95,"meta_data":96,"is_external_url":97},69569399817151,"https://a.storyblok.com/f/333888/3000x2250/5ef77a07ad/nasa-ed2aelhkybw-unsplash.jpg","asset",{},false,"Frictionless Capital | All Rights Reserved | Partnering with world-changing entrepreneurs |",null,-110,[],"df866778-759b-473d-b7b0-459bdd9c2ca6","2025-05-08T13:17:15.352Z","default",[],{"name":22,"created_at":107,"published_at":108,"updated_at":109,"id":23,"uuid":16,"content":110,"slug":20,"full_slug":20,"sort_by_date":99,"position":1230,"tag_list":1231,"is_startpage":97,"parent_id":1230,"meta_data":99,"group_id":1232,"first_published_at":1233,"release_id":99,"lang":104,"path":99,"alternates":1234,"default_full_slug":99,"translated_slugs":99},"2025-04-09T15:36:31.984Z","2026-09-25T15:22:22.327Z","2026-09-25T15:22:22.339Z",{"_uid":111,"body":112,"component":25,"seo_image":1226,"seo_title":1228,"seo_description":1229},"32a7d3b6-518c-4840-8a63-c2cb4c631300",[113,121,1085,1207],{"_uid":114,"image":115,"title":119,"component":120,"description":17},"5d68c257-7d69-4970-aede-30709768502e",{"id":116,"alt":17,"name":17,"focus":17,"title":17,"source":17,"filename":117,"copyright":17,"fieldtype":95,"meta_data":118,"is_external_url":97},69318746280416,"https://a.storyblok.com/f/333888/3000x2000/fdce9000e9/spacex-pnps3ox_2ve-unsplash.jpg",{},"Frontier investing with conviction","introduction",{"_uid":122,"link":123,"image":125,"title":34,"articles":127,"component":1083,"description":1084},"9049f6d4-a767-42b6-ba21-ef17c66929c4",{"id":31,"url":17,"linktype":18,"fieldtype":19,"cached_url":32,"story":124},{"name":34,"id":35,"uuid":31,"slug":36,"url":32,"full_slug":32,"_stopResolving":24}
75,{"id":99,"alt":99,"name":17,"focus":99,"title":99,"filename":99,"copyright":99,"fieldtype":95,"meta_data":126,"is_external_url":97},{},[128,506,912],{"name":129,"created_at":130,"published_at":131,"updated_at":132,"id":133,"uuid":134,"content":135,"slug":498,"full_slug":499,"sort_by_date":99,"position":500,"tag_list":501,"is_startpage":97,"parent_id":502,"meta_data":99,"group_id":503,"first_published_at":504,"release_id":99,"lang":104,"path":99,"alternates":505,"default_full_slug":99,"translated_slugs":99,"_stopResolving":24},"Backpack: the Tokenization Engine of Internet Capital Markets","2026-09-24T17:33:48.416Z","2026-09-24T19:43:43.780Z","2026-09-24T19:43:43.803Z",223566350038938,"94606def-be04-4255-b5dc-ad99cbeae435",{"_uid":136,"title":129,"author":137,"content":139,"category":488,"subtitle":17,"component":37,"disclaimer":17,"featureImage":491,"datePublished":496,"relatedArticles":497,"seo_description":17},"059f2db9-4fa4-4f13-b61b-674d5de3cdb2",[138],"Diego Perez De Ayala",[140,202,213,234,243,276,285,297,306,314,323,331,340,348,357,374,383,412,421,446,455],{"_uid":141,"text":142,"component":201},"e06a73a5-e322-4338-8096-57e77ab6d31f",{"type":143,"content":144},"doc",[145,153,158,162,167,171,175,197],{"type":146,"attrs":147,"content":149},"heading",{"level":148},2,[150],{"text":151,"type":152},"Backpack, the Engine of Internet Capital Markets","text",{"type":154,"content":155},"paragraph",[156],{"text":157,"type":152},"The United States is in early stages of exporting its capital markets over the Internet. Over the past decade, we have watched this play out with the US dollar. We now believe Backpack is the company best placed to carry the banner on exporting US capital markets.",{"type":154,"content":159},[160],{"text":161,"type":152},"On June 12th SpaceX went public. It was the biggest IPO ever recorded, with $75 billion raised. Almost immediately, tokenized shares of the company, $SPCX issued by Backpack and redeemable 1:1 for real shares were available for trading on a blockchain rail that allow them to be accessible and tradable by anyone in the world. When the market closed, $SPCX became the means of primary price discovery as shares traded straight through the weekend while Nasdaq was closed. That Monday, SpaceX opened trading on NYSE just basis points from where Backpackâs tokenized SpaceX shares had it trading on the blockchain, and Backpack tokenized SpaceX would go on to do $1.08 billion of volume in its first month. This is not a crypto or weekend trading story, it is a story about the start of the United States exporting its capital markets in the same way that it exported the dollar with stablecoins. It is our strong belief that Backpack is positioned to be the global leader in this category.",{"type":146,"attrs":163,"content":164},{"level":148},[165],{"text":166,"type":152},"Stablecoins are a Checkmate Win for US dollar Hegemony",{"type":154,"content":168},[169],{"text":170,"type":152},"Over the past five years, America has begun to put US dollars onto the Internet via companies like Tether and Circle. $300 billion of digital dollars are now used by ~300 million people in developing countries as a savings account, because their local currencies are worse. The genius of Tether and Circle was realizing people have a voracious demand for dollars, and positioning at the mint & redeem gate allows you to monetize the issuance float.",{"type":154,"content":172},[173],{"text":174,"type":152},"At the beginning the United States government watched dollars become tokenized over and accessible globally on the Internet and admittedly was very skeptical, but doubt soon turned into overwhelming support once they started to see that these entities become some of the largest buyers of Treasuries globally. Over 5 years, Circle began to tokenize other currencies as well, but found limited traction as patrons around the world want access to the dollars to limit inflation and the most universal acceptable currency. Over time dollar denominated stablecoins like USDT and USDC helped the United States achieve the vast majority of market share in digital currencies. In a short period of time dollar denominated stablecoins are growing at a staggering pace.",{"type":176,"content":177},"bullet_list",[178,185,191],{"type":179,"content":180},"list_item",[181],{"type":154,"content":182},[183],{"text":184,"type":152},"99.4% market share of the stablecoin market",{"type":179,"content":186},[187],{"type":154,"content":188},[189],{"text":190,"type":152},"$33b in US Government debt purchases, more than Japan, and 3x more than China",{"type":179,"content":192},[193],{"type":154,"content":194},[195],{"text":196,"type":152},"$30 trillion in payment volumes in 2025",{"type":154,"content":198},[199],{"text":200,"type":152},"The reality of the matter is that people abroad much preferred to hold dollars instead of their local currency, which could be seized, or printed away overnight. In response to calls to lay out a clear regulatory framework, the United States passed the Genius Act, legalizing stablecoins as long as they are backed 1:1 by real dollars held in a US domiciled bank account. On August 17th, 2026, Treasury Secretary Scott Bessent took things a step further by announcing the Treasury Department had begun treating stablecoins as strategic dollar infrastru
75cture, allowing them to extend dollar hegemony like Eurodollars.","articleText",{"_uid":203,"images":204,"component":212},"85c768af-b5d2-4c22-a1f8-af97c24b9f25",[205],{"_uid":206,"image":207,"detail":17,"caption":17,"component":211},"b6410d2e-220e-46a4-b581-045b07adfcb3",{"id":208,"alt":17,"name":17,"focus":17,"title":17,"source":17,"filename":209,"copyright":17,"fieldtype":95,"meta_data":210,"is_external_url":97},223585089672421,"https://a.storyblok.com/f/333888/1200x512/26493f4641/01-image2.jpg",{},"articleImage","articleImagesBlock",{"_uid":214,"text":215,"component":201},"d38d3aaf-5f19-407e-bfad-8d6e2858952b",{"type":143,"content":216},[217,221,226,230],{"type":154,"content":218},[219],{"text":220,"type":152},"This marked the final act in dollarization regulation. The dollar export worked so well now America is exporting an even larger product: Capital markets, and the full spectrum of securities, starting with US equities.",{"type":146,"attrs":222,"content":223},{"level":148},[224],{"text":225,"type":152},"The Stablecoin Playbook is Being Applied to US Equities Via Tokenization",{"type":154,"content":227},[228],{"text":229,"type":152},"Just as people much preferred to hold digital dollars over their local currencies, people generally much prefer to hold tokenized US equities and there is now the opportunity for anyone with access to the Internet to own the best and fastest growing companies in the world. By already dollarizing 150+ countries and over 300 million people with stablecoins, people have dollar savings accounts funded and ready to purchase equities (which of course are dollar denominated). The argument of why people choose US equities is clear. US stocks account for 52% of all earnings and the majority of the growth, and there is a historic pipeline of companies heading to IPO over the next 12-18 months including the major AI model companies (Anthropic, OpenAI etc.) and related infrastructure & hardware businesses. The ability to distribute equity and capture demand to all countries via tokenization on the blockchain becomes even more interesting when you consider that the main brokerages in China, Futu, Longbridge, and Tiger Broker, have effectively banned dealing in US equities. Similar to capital controls with local currencies, the demand for US dollars (and equities) will not get deleted, it will simply get displaced onto new rails, and this trend will only accelerate the adoption of tokenized stocks. This is the most significant expansion of American financial power since SWIFT, and we are in the very early stages of it.",{"type":154,"content":231},[232],{"text":233,"type":152},"On the regulatory front, the foundation and precursors to the Genius Act for equities have already happened. First, the SEC and the CFTC merged their crypto work into a single effort. The SEC approved Nasdaq's tokenized trading pilot in March. On September 1st it proposed letting the official record of who owns a share sit on a blockchain, the first serious rewrite of those rules since the 1970s. On September 17th, the SEC and CFTC deregulated tokenized stock trading, allowing these instruments to be traded in permissionless pools such as AMMs on the blockchain, and relaxed rules for propAMMs and applications to register as exchanges or brokers. These innovation exemptions effectively pave the path for US stocks to trade on the blockchain for the next 5 years at minimum. The reasoning is the same as stablecoins, tokenized shares never actually leave America. US stocks are required to stay with a US broker, under New York law, inside US custody. Buyers worldwide get the exposure, and overnight the United States just expanded its capital markets hegemony to a hundred and fifty countries it could never practically serve before.",{"_uid":235,"images":236,"component":212},"2f21c0b2-bf2d-442e-a287-b6dafa714977",[237],{"_uid":238,"image":239,"detail":17,"caption":17,"component":211},"d5e32918-1600-4f44-a967-1fe54f3ac3ab",{"id":240,"alt":17,"name":17,"focus":17,"title":17,"source":17,"filename":241,"copyright":17,"fieldtype":95,"meta_data":242,"is_external_url":97},223585097905382,"https://a.storyblok.com/f/333888/1200x799/fdf57c4725/02-image6.jpg",{},{"_uid":244,"text":245,"component":201},"1cf30024-b7b7-47a5-954a-4252fc085556",{"type":143,"content":246},[247,251,255,259,263,268,272],{"type":154,"content":248},[249],{"text":250,"type":152},"Digital dollars already minted: roughly $300 billion. Every tokenized share on earth: roughly $2.5 billion, under 1% of that. The American stock market: $69 trillion, tokenized stocks are less than 0.01% of that value!",{"type":154,"content":252},[253],{"text":254,"type":152},"So if this is the game, who are the players and how will they get paid for winning?",{"type":154,"content":256},[257],{"text":258,"type":152},"By creating a 100x larger distribution funnel for anyone with an Internet connection, tokenized stocks are poised to be one of the biggest opportunities in all of Finance over the next couple of years. When we study how the race happened with the dollar, Tether and Circle show that it was the people who owned the mint and redeem function that reaped most of the revenue. It wasnât the trading or payments, it was the licensed players that controlled the gate. The choice to position the company at the door where minting and redemptions happen turned Tether into one of the most profitable companies per employee in history. The asset export of equities will do the same thing for whoever runs the equivalent door for American shares.",{"type":154,"content":260},[261],{"text":262,"type":152},"Today, Backpack is a leader in the race to tokenize securities. There are 4 reasons why Backpack is winning and will continue to dominate the export of US capital markets, which is one of the largest opportunities in all of Finance.",{"type":146,"attrs":264,"content":265},{"level":148},[266],{"text":267,"type":152},"Backpack Tokenized Equities Are Redeemable for Real Shares, In-Kind",{"type":154,"content":269},[270],{"text":271,"type":152},"Thus far, all attempts at tokenized stocks have been cash settled, in other words when you want to exchange a tokenized share of Nvidia, you donât get $NVDA class A common equity, you get the equivalent amount of cash that itâs worth at that point in t
75ime. There are a couple very significant problems to this approach, first of which being that you donât actually own the shares if you canât exchange the tokenized stocks for real shares, you own claims against an offshore SPV without full rights and representations. Furthermore, cash redemption is a taxable event, whereas in-kind redemption (as pioneered by Backpack) does not trigger a tax liability, as you are not selling into cash but rather exchanging a tokenized share for a normal share. This may sound like a legal brainteaser but the effect on trading volumes and market structure is absolutely massive.",{"type":154,"content":273},[274],{"text":275,"type":152},"Backpack (in-kind redemptions) holds about 4% of all the tokenized stock in existence and does 64% of the trading, without incentives. Its biggest rival xStocks (cash settlement) holds 68% of the stock and does less than half of the volume.",{"_uid":277,"images":278,"component":212},"4d52bcc1-f282-421d-b558-f2087a7bee39",[279],{"_uid":280,"image":281,"detail":17,"caption":17,"component":211},"159cc558-762a-4a37-9b99-f431ebfe9366",{"id":282,"alt":17,"name":17,"focus":17,"title":17,"source":17,"filename":283,"copyright":17,"fieldtype":95,"meta_data":284,"is_external_url":97},223585105233127,"https://a.storyblok.com/f/333888/1200x799/3aa9547456/03-image8.jpg",{},{"_uid":286,"text":287,"component":201},"736b9a65-3889-43c5-9ea1-afe282fc15da",{"type":143,"content":288},[289,293],{"type":154,"content":290},[291],{"text":292,"type":152},"So how is it possible that each dollar parked at Backpack works 30-1,000x harder than xStocks and Ondo? Start with the fact that Backpack ships real shares rather than cash-settled receipts. Behind every Backpack SPCX token sits an actual SpaceX share, held at a US regulated broker, owned by you under New York law, with the dividends attached. Hand the token back and you can take delivery of the real share and move it into an account in another brokerage without triggering a tax event. SpaceX tokens by competitors give you the price and nothing else, because your claim runs against a shell company in Jersey. You cannot transfer them to another broker because you donât own the underlying shares.",{"type":154,"content":294},[295],{"text":296,"type":152},"This may sound like a legal technicality until you see what it does to the market. When you can swap tokens for real shares, you canât get stuck holding onto a piece of paper that entitles you to a certain amount of cash. Market makers already hold shares on brokerages, so if you give them a system that allows them to seamlessly move fungible units of risk across their aggregate exposure, they will be able to quote much tighter spreads and deeper liquidity without being at risk of losing large sums of money. Phrased differently, when you can swap tokens for real shares whenever the price drifts, redemption risk is collapsed. The price on the blockchain cannot wander very far from Nasdaq, because wandering becomes free money for anyone holding the swap right, and sophisticated traders can mint and redeem to arbitrage prices back into line. This is why S&P 500 funds trade within a penny of what it holds.",{"_uid":298,"images":299,"component":212},"950cc832-2df8-446e-8634-8dfea4752058",[300],{"_uid":301,"image":302,"detail":17,"caption":17,"component":211},"9bd261e9-c2f7-4bcd-9387-c04bc4d701f9",{"id":303,"alt":17,"name":17,"focus":17,"title":17,"source":17,"filename":304,"copyright":17,"fieldtype":95,"meta_data":305,"is_external_url":97},223585113335016,"https://a.storyblok.com/f/333888/1200x799/a2cf800512/04-image4.png",{},{"_uid":307,"text":308,"component":201},"1233b9ae-4871-41f2-9f52-6e3696163f60",{"type":143,"content":309},[310],{"type":154,"content":311},[312],{"text":313,"type":152},"So clean redemption mechanics and cheaper trading pull volume, volume pulls more trading firms, those firms quote tighter, and tighter quotes pull more volume again. That is the engine, it compounds, and it is why Backpack, a company with 4% of the stock already does two thirds of the business. This seems simple, but this didnât happen overnight. Backp
75ack has access to a US Broker Dealer and went the licensed path first and built a product that enables this seamlessly.",{"_uid":315,"images":316,"component":212},"4c9be185-f1fc-4684-98a6-2765fff06191",[317],{"_uid":318,"image":319,"detail":17,"caption":17,"component":211},"a2c0a5d5-024e-4826-a2a3-a96b00b3a9f6",{"id":320,"alt":17,"name":17,"focus":17,"title":17,"source":17,"filename":321,"copyright":17,"fieldtype":95,"meta_data":322,"is_external_url":97},223585120683241,"https://a.storyblok.com/f/333888/1200x799/d87715f0c6/05-image7.jpg",{},{"_uid":324,"text":325,"component":201},"eb4e29ec-f29d-4404-8d40-5637214281d9",{"type":143,"content":326},[327],{"type":154,"content":328},[329],{"text":330,"type":152},"When you look across the landscape, the results are astounding. Trading in Backpack Securities tokenized stocks is also about eleven times cheaper than on Robinhood chain. Blockworks Research priced two weeks of real orders in September. A trade of $1,000 to $5,000 cost 0.9 basis points on Backpack against 10.3 on Robinhood's own chain, a basis point being one hundredth of one percent. On small orders the gap is 11 bps (0.11%) against 428.9 bps (4.29%).",{"_uid":332,"images":333,"component":212},"ba17f329-4cd1-403f-ba0d-76df83ab8534",[334],{"_uid":335,"image":336,"detail":17,"caption":17,"component":211},"3716b8c6-47e9-45a1-89a6-99f30fe15d46",{"id":337,"alt":17,"name":17,"focus":17,"title":17,"source":17,"filename":338,"copyright":17,"fieldtype":95,"meta_data":339,"is_external_url":97},223585128072426,"https://a.storyblok.com/f/333888/1200x799/3dfb1d4526/06-image10.jpg",{},{"_uid":341,"text":342,"component":201},"b6290268-05ee-4ddb-9416-a63118fedbe2",{"type":143,"content":343},[344],{"type":154,"content":345},[346],{"text":347,"type":152},"Money notices discrepancies like that, and markets move quickly following the path of least resistance and friction. In one recent week (Sept. 18) Backpack added $193 million of trading volume while Robinhood lost $1.4 billion and Binance's version lost $950 million.",{"_uid":349,"images":350,"component":212},"af1b77b7-656f-4d99-8d77-b251459cb924",[351],{"_uid":352,"image":353,"detail":17,"caption":17,"component":211},"f9a5bce1-dd29-4763-b5d4-ba7f9e8f3788",{"id":354,"alt":17,"name":17,"focus":17,"title":17,"source":17,"filename":355,"copyright":17,"fieldtype":95,"meta_data":356,"is_external_url":97},223585135289579,"https://a.storyblok.com/f/333888/1200x646/8e4108aa2e/07-image3.png",{},{"_uid":358,"text":359,"component":201},"f87d8902-a31c-4205-9eb9-cc0bd1793437",{"type":143,"content":360},[361,365,370],{"type":154,"content":362},[363],{"text":364,"type":152},"However, there is another reason why Backpack is leading tokenization, and itâs one that is not easily replicable by other companies.",{"type":146,"attrs":366,"content":367},{"level":148},[368],{"text":369,"type":152},"Backpack Offers Unified Margin Across All Assets, Including Stocks",{"type":154,"content":371},[372],{"text":373,"type":152},"One thing is being able to mint and redeem shares with the cleanest redemption architecture, but once shares exist, the question begins to be, what can you do with them beyond just trading. On Backpack, you can do much more with your shares as collateral than anywhere else in the world. If you open an account almost anywhere else and your money lives in separate boxes. Shares sit at a broker. Crypto sits at an exchange. Stablecoins sit in a wallet. Futures sit in their own account with their own cash. Every box carries its own collateral and its own idle balance, and moving between them takes days. In other words, none of your money or assets talk to each other and you are forced to use 5 or 7 apps to manage your finances.",{"_uid":375,"images":376,"component":212},"fda7b6e0-767c-4e5d-baf7-95e9100fc24d",[377],{"_uid":378,"image":379,"detail":17,"caption":17,"component":211},"d17d5cb8-0cd3-4b91-96fa-40ffd3738a2b",{"id":380,"alt":17,"name":17,"focus":17,"title":17,"source":17,"filename":381,"copyright":17,"fieldtype":95,"meta_data":382,"is_external_url":97},223585142785260,"https://a.storyblok.com/f/333888/1200x799/d95b4996d2/08-image9.jpg",{},{"_uid":384,"text":385,"component":201},"9578cbc2-bd47-41de-bc6d-183d958e13c8",{"type":143,"content":386},[387,391,395,399,404,408],{"type":154,"content":388},[389],{"text":390,"type":152},"Instead, Backpack runs one account with one pool of collateral behind all of it. Your Nvidia shares can be used as margin for a Bitcoin trade. Your unrealized profit earns lending yield while the position is still open. Your stablecoins can be borrowed against without being sold. Nothing has to be sold, wrapped or moved before the next trade happens. This is something no American bank or broker can offer, and there are legal reasons why this is the case. US law spent fifty years splitting the job across an exchange, a clearing house, a vault, a transfer agent and a broker, each a separate regulated firm, every incumbent inherited those walls. Backpack was built without them from first principles to enable a net better product for users.",{"type":154,"content":392},[393],{"text":394,"type":152},"The same idea is now being pointed at liquidity. A share of Nvidia trades in one pool in New York, another in London, a tokenized ver
75sion in a third pool on a chain, and a futures contract somewhere else again, each holding its own capital and none of it aware of the rest. Backpack is pulling them into a single order book internationally where the share, the token, the future and the stablecoin paying for it all clear against the same collateral. Instead of having to split liquidity split five ways, Backpack is building a supermassive tokenization complex with total capital efficiency and control over your assets.",{"type":154,"content":396},[397],{"text":398,"type":152},"While other exchanges were playing regulatory arbitrage games by evading KYC for as long as possible, Backpack has been obtaining the requisite licenses to be able to support the export of capital markets and serve global audiences. This legal and compliance emphasis is now becoming increasingly obvious as the United States deregulated the trading of securities on the blockchain, and this is a core differentiator of Backpack versus other institutions who are trying to retrofit to capture the opportunity now.",{"type":146,"attrs":400,"content":401},{"level":148},[402],{"text":403,"type":152},"Backpack has Deliberately Gone International First, and USA Last",{"type":154,"content":405},[406],{"text":407,"type":152},"The landscape of brokerages and exchanges is fragmented across regional players like Robinhood, Coinbase and Schwab which are American companies reaching outward, carrying American rules with them. Binance is an offshore company trying to get back into America. The Backpack approach has been very deliberate to be able to serve the majority of the world prior to returning to the United States. Backpack acquired its licenses in parallel rather than in sequence: FTX's European arm for $32.7 million and with it a MiFID II license, the same permission European banks hold to deal in shares, plus a full market license in Dubai, membership of Japan's exchange body, an Australian license, and a US brokerage wired straight into the American settlement system.",{"type":154,"content":409},[410],{"text":411,"type":152},"Its 24/7 stock product serves more than a hundred and fifty countries and is deliberately not offered inside the United States. That approach has some benefits that are not immediately obvious.",{"_uid":413,"images":414,"component":212},"e75861fb-9459-4208-89ff-83a033307030",[415],{"_uid":416,"image":417,"detail":17,"caption":17,"component":211},"52d96a21-9e46-4787-a6ca-619e0ffc9594",{"id":418,"alt":17,"name":17,"focus":17,"title":17,"source":17,"filename":419,"copyright":17,"fieldtype":95,"meta_data":420,"is_external_url":97},223585150158061,"https://a.storyblok.com/f/333888/1200x799/a18a3e2eb8/09-image1.png",{},{"_uid":422,"text":423,"component":201},"c0561ff2-37e2-4c3e-82d9-e7d8c9c49714",{"type":143,"content":424},[425,429,433,437,442],{"type":154,"content":426},[427],{"text":428,"type":152},"Backpack is only able to legally serve 48% of the world by GDP today, but that number is going to increase substantially with the addition of the United States and Japan, the worldâs two wealthiest economies.",{"type":154,"content":430},[431],{"text":432,"type":152},"Fifty-five percent of tokenized stock trading now happens outside American market hours, which means most of it takes place when no traditional exchange is setting a price at all. That is a market which did not exist three years ago. Even as NYSE transitions to 23/5 trading over the coming months, there is still no spot 1:1 weekend trading offering to express a point of view while the market is closed.",{"type":154,"content":434},[435],{"text":436,"type":152},"Backpack's futures book being built before tokenized stocks is crucial because futures are what keeps the price live during those hours, because a futures contract produces a price around the clock and a round-the-clock price is exactly what a broker needs to value shares it is lending against at two in the morning on a Saturday. Every new stock futures listing now automatically unlocks the underlying share as collateral, and all 17 listed stocks were eligible by September 17th.",{"type":146,"attrs":438,"content":439},{"level":148},[440],{"text":441,"type":152},"Backpack Has Built a Fully Integrated Tokenization Engine",{"type":154,"content":443},[444],{"text":445,"type":152},"One of the most important distinctions between the various tokenized equity issuers is the degree of verticalization they choose. Backpack combines securities issuance and redemption, a spot and futures exchange, and a self-custody wallet within one ec
75osystem. This means that Backpack can issue the token, provide a market for it and control the interface customers use to trade it and use it. There is a sequencing moat because without a futures book, there is no underlying price when the markets are closed. The ability to support a tokenized stock, end-to-end, from issuance, to afterhours trading in a single spot-futures margin account when the market closes is a unique offering in the market.",{"_uid":447,"images":448,"component":212},"108739e5-c259-4da0-98a3-da489497e178",[449],{"_uid":450,"image":451,"detail":17,"caption":17,"component":211},"c540dd24-17ef-4b67-bad2-557771c3e397",{"id":452,"alt":17,"name":17,"focus":17,"title":17,"source":17,"filename":453,"copyright":17,"fieldtype":95,"meta_data":454,"is_external_url":97},223585157530862,"https://a.storyblok.com/f/333888/1200x799/63d290859d/10-image5.jpg",{},{"_uid":456,"text":457,"component":201},"cf742e03-76f7-4635-b362-d3b96fc16876",{"type":143,"content":458},[459,463,467,472,476,480,484],{"type":154,"content":460},[461],{"text":462,"type":152},"This is also reflected in the speed of integrations and listings. When you look at SpaceX's listing day, three issuers launched a tokenized SpaceX within hours of each other. Backpack did $37 million in its first seven hours and $108 million in the first day, and crossed 10,000 holders in six days, roughly double xStocks'. This was because Backpack only had to make one listing decision. Ondo had to make a decision and then coordinate listing with exchanges, DEXs, and wallet launch partners. In a market where every hour on listing day matters, minimizing the number of partners is key.",{"type":154,"content":464},[465],{"text":466,"type":152},"The blockchain is the final piece of that stack, and the only one Backpack had to choose rather than build. Solana has not only the most advanced trading market structure, but also is home to the vast majority of onchain application revenue in the industry. This means companies like Fomo, Pump, Phantom, and Raydium plug directly into Backpackâs minting and redemption out of the box and can use it to grow their businesses. Solana, as a platform, is doing more real transactions (excluding votes) than all other networks combined. This infrastructure already proved its resiliency in January of 2025 when $TRUMP launched, when Solana was able to process ~45% of a New York Stock Exchange trading session without any halts or without median transaction fees spiking. That is a level of battle-tested infrastructure that no other network has ever seen in the industry and is ideally suited to scale the distribution of tokenized stocks. The combination of a performant network with regulated tokenized issuance and trading front ends and apps that can acquire users with a UGC flywheel is a particularly powerful approach that is being validated in real time.",{"type":146,"attrs":468,"content":469},{"level":148},[470],{"text":471,"type":152},"So Where Does the Market Go From Here?",{"type":154,"content":473},[474],{"text":475,"type":152},"It seems likely that two or three companies end up owning the key position for American capital markets securities exactly as Tether and Circle came to own it for dollars. That layer is a toll road. It earns from flow rather than float, but there is no question that it compounds with every new asset that crosses it.",{"type":154,"content":477},[478],{"text":479,"type":152},"Backpack is well positioned to be one of those companies, and on the current evidence today it is the largest in terms of price discovery and volume. It already does two thirds of the trading on less than a twentieth of the stock and it holds the licenses to sell into a hundred and fifty countries that the incumbents cannot reach without rebuilding themselves from the foundation up.",{"type":154,"content":481},[482],{"text":483,"type":152},"If that sounds like a large claim, it is worth remembering how the last American export of this kind (dollars) went: Stablecoins are the new Eurodollars and have speedrun $300 billion in float in less than a decade. Tokenized shares are the next leg, and they are at the $2.5 billion number today. It doesnât take a genius (no pu
75n intended) to know where this is going next. In fact, tokenized stocks are only Backpackâs first foray into the tokenization market, but the company possesses the licenses to take this concept far beyond just equities, and expand to commodities, FX, fixed income (bonds), structured products, or even real estate. With the dollarization process already deeply underway, and equities being much larger in terms of value than money supply, it seems likely the upcoming tokenization wave will be larger and more rapid than stablecoin distribution ever was.",{"type":154,"content":485},[486],{"text":487,"type":152},"To conclude, Backpack is not just building crypto or Fintech or an RWA protocol. We are at the dawn of exporting capital markets over the Internet and Backpack is positioned as the Tether or Circle of stocks, and has the licenses and product to seamlessly tokenize all other securities. The winners of this era will be less about the ones who marketed and tried to insert themselves into a narrative and more about being the player who tokenized all of Wall Streetâs products, at scale, and with capital efficiency, and distributed them globally. Backpack has the license and compliance footprint and is generating the numbers to back this claim up. When we examine Fintech companies over the past 15 years, they largely rebuilt regional capital markets with better front ends on the same industrial era rails, but now the opportunity is much larger. In the era of Internet Capital Markets as put forth by the US regulatory posture, Backpack is the first company of its cohort serving global capital markets natively on Internet rails, to everyone with a phone. This part of Finance has never had a global tier before. Crypto is the technology that uniquely enables the natively global era of Internet Finance. This is a silent redrawing of the chessboard, a new game is afoot, and we are investing in the most interesting era of Finance and markets in human history.",[489,490],"Research","Articles",{"id":492,"alt":493,"name":1
757,"focus":17,"title":17,"source":17,"filename":494,"copyright":17,"fieldtype":95,"meta_data":495,"is_external_url":97},223598240746416,"Backpack cover","https://a.storyblok.com/f/333888/1200x673/389c498df5/backpack-cover.jpg",{},"2026-09-24 00:00",[],"backpack-the-tokenization-engine-of-internet-capital-markets","articles/backpack-the-tokenization-engine-of-internet-capital-markets",-310,[],661794788,"98f0a4d1-d8c3-4467-b6fe-2faa5498a625","2026-09-24T19:18:09.158Z",[],{"name":507,"created_at":508,"published_at":509,"updated_at":510,"id":511,"uuid":512,"content":513,"slug":905,"full_slug":906,"sort_by_date":99,"position":907,"tag_list":908,"is_startpage":97,"parent_id":502,"meta_data":99,"group_id":909,"first_published_at":910,"release_id":99,"lang":104,"path":99,"alternates":911,"default_full_slug":99,"translated_slugs":99,"_stopResolving":24},"Should Global Markets Have One Physical Center?","2026-09-25T14:18:03.733Z","2026-09-25T15:13:03.360Z","2026-09-25T15:13:03.379Z",223872138244328,"8e773b7f-aa9d-4120-ae7d-404fe44b0212",{"_uid":514,"title":507,"author":515,"content":517,"category":896,"subtitle":17,"component":37,"disclaimer":17,"featureImage":897,"datePublished":902,"relatedArticles":903,"seo_description":904},"331d38e4-83d2-4b9a-a1db-38a38e574b37",[516],"Logan Jastremski",[518,579,589,622,632,666,677,702,712,775,784],{"_uid":519,"text":520,"component":201},"5b229fb3-18ae-4e88-b395-11a148abdd1b",{"type":143,"attrs":521,"content":522},{"backgroundColor":99},[523,528,547,552,556,561,566],{"type":154,"attrs":524,"content":525},{"textAlign":99},[526],{"text":527,"type":152},"You can break it down into two core issues.",{"type":529,"attrs":530,"content":532},"ordered_list",{"order":531},1,[533,540],{"type":179,"content":534},[535],{"type":154,"attrs":536,"content":537},{"textAlign":99},[538],{"text":539,"type":152},"Market Structure",{"type":179,"content":541},[542],{"type":154,"attrs":543,"content":544},{"textAlign":99},[545],{"text":546,"type":152},"The Total Addressable Market of Global Finance",{"type":154,"attrs":548,"content":549},{"textAlign":99},[550],{"text":551,"type":152},"Lets talk about market structure first because I think its actually the more important one, because this directly translates into better products.",{"type":146,"attrs":553,"content":554},{"level":148,"textAlign":99},[555],{"text":539,"type":152},{"type":154,"attrs":557,"content":558},{"textAlign":99},[559],{"text":560,"type":152},"It should be no surprise to anyone that has studied the financial system that over time as we moved from paper trading to electronic trading, systems got faster. As a result, physical proximity to the matching engine gave trading firms a unique advantage from being physically colocated in the same data center or having a direct fiber link to the matching engine.",{"type":154,"attrs":562,"content":563},{"textAlign":99},[564],{"text":565,"type":152},"If you haven't gone down this rabbit hole, I encourage you to read the history of Flash Boys. There is a reason trading firms spend so much money optimizing networks, microwave links and private fiber lines, because milliseconds in latency can translate into billions of dollars.",{"type":154,"attrs":567,"content":568},{"textAlign":99},[569,571],{"text":570,"type":152},"NYSE even normalizes fiber lengths for the same connection service inside its Mahwah data center, regardless of which hall or cabinet a firm uses. The goal is to remove the advantage of simply having a closer rack. This is described in ",{"text":572,"type":152,"marks":573},"ICEâs colocation specifications.",[574],{"type":575,"attrs":576},"link",{"href":577,"uuid":99,"anchor":99,"target":578,"linktype":82},"https://www.ice.com/publicdocs/IGN_Colocation_Mahwah_Technical_Specs.pdf#page=21","_blank",{"_uid":580,"images":581,"component":212},"13c1ef62-f415-4474-875e-bf81cdf4cd4f",[582],{"_uid":583,"image":584,"detail":17,"caption":586,"component":211},"8d0e65c4-01e4-4c03-a448-fde1a6643686",{"id":585,"alt":586,"name":17,"focus":17,"title":17,"source":17,"filename":587,"copyright":17,"fieldtype":95,"meta_data":588,"is_external_url":97},223872119889291,"Equal-length fiber within the same connection service. Global distances and latency remain unequal.","https://a.storyblok.com/f/333888/1200x800/424aaaa4b9/2102911514357198848_1200x800.jpg",{},{"_uid":590,"text":591,"component":201},"c3602bf7-4c1c-4dd5-9b59-e3f547e77d4e",{"type":143,"attrs":592,"content":593},{"backgroundColor":99},[594,599,604,609],{"type":154,"attrs":595,"content":596},{"textAlign":99},[597],{"text":598,"type":152},"But equal fiber inside the building doesnt mean equal distance from everywhere in the world.",{"type":154,"attrs":600,"content":601},{"textAlign":99},[602],{"text":603,"type":152},"A trading firm in Tokyo still has a much longer physical path to Mahwah than a firm already inside the data center.",{"type":154,"attrs":605,"content":606},{"textAlign":99},[607],{"text":608,"type":152},"When you start examining the current landscape of blockchain trading products you start to see a similar landscape play out.",{"type":154,"attrs":610,"content":611},{"textAlign":99},[612,614,620],{"text":613,"type":152},"Arbitrum introduced ",{"text":615,"type":152,"marks":616},"Timeboost",[617],{"type":575,"attrs":618},{"href":619,"uuid":99,"anchor":99,"target":578,"linktype":82}
75,"https://blog.arbitrum.io/gattaca-titan-timeboost-live-on-arbitrum/",{"text":621,"type":152}," where firms bid for an express lane, while MegaETH plans Proximity Seats (see below) where firms would reserve server space near the sequencer.",{"_uid":623,"images":624,"component":212},"f43f4dd9-a7d2-4bca-b350-7adce7d412d0",[625],{"_uid":626,"image":627,"detail":17,"caption":629,"component":211},"a5668a39-3a6d-43d8-9124-e672193068b6",{"id":628,"alt":629,"name":17,"focus":17,"title":17,"source":17,"filename":630,"copyright":17,"fieldtype":95,"meta_data":631,"is_external_url":97},223872123620748,"See https://www.megaeth.com/token and scroll for Proximity Seats ","https://a.storyblok.com/f/333888/1200x603/8be461fd02/2102917551957172224_1200x603.jpg",{},{"_uid":633,"text":634,"component":201},"5c53c1ef-73de-4743-b2fb-750a6a63abc5",{"type":143,"attrs":635,"content":636},{"backgroundColor":99},[637],{"type":154,"attrs":638,"content":639},{"textAlign":99},[640,642,648,650,656,658,664],{"text":641,"type":152},"Glassnode identifies both ",{"text":643,"type":152,"marks":644},"Robinhood Chainâs",[645],{"type":575,"attrs":646},{"href":647,"uuid":99,"anchor":99,"target":578,"linktype":82},"https://latency.glassnode.com/robinhood",{"text":649,"type":152}," and ",{"text":651,"type":152,"marks":652},"Arbitrum Oneâs",[653],{"type":575,"attrs":654},{"href":655,"uuid":99,"anchor":99,"target":578,"linktype":82},"https://latency.glassnode.com/arbitrum",{"text":657,"type":152}," sequencers as being in Ohio. Base also uses a centralized sequencer that appears to be near Ashburn based on ",{"text":659,"type":152,"marks":660},"Glassnodeâs latency measurements",[661],{"type":575,"attrs":662},{"href":663,"uuid":99,"anchor":99,"target":578,"linktype":82},"https://latency.glassnode.com/base",{"text":665,"type":152},", although its endpoint is behind Cloudflare so that location is inferred.",{"_uid":667,"images":668,"component":212},"4bc85f90-ef18-4ca8-933f-7b49b59c3571",[669],{"_uid":670,"image":671,"detail":17,"caption":676,"component":211},"01c09444-304e-415b-890e-9215a850d79e",{"id":672,"alt":673,"name":17,"focus":17,"title":17,"source":17,"filename":674,"copyright":17,"fieldtype":95,"meta_data":675,"is_external_url":97},223872127389069,"Supplied Glassnode snapshot of median sequencer submission-response times. These are not trade execution or finality tim","https://a.storyblok.com/f/333888/1200x675/552bb6d0dd/2102911675191984128_1200x675.jpg",{},"Supplied Glassnode snapshot of median sequencer submission-response times. These are not trade execution or finality times.",{"_uid":678,"text":679,"component":201},"b1fb13f6-5cad-49e0-a322-6a93afb9b4e6",{"type":143,"attrs":680,"content":681},{"backgroundColor":99},[682,687,692,697],{"type":154,"attrs":683,"content":684},{"textAlign":99},[685],{"text":686,"type":152},"These are different mechanisms. Buying a fast lane is not the same thing as physically colocating. But they all give trading firms a reason to care about how their transactions reach the infrastructure that orders them.",{"type":154,"attrs":688,"content":689},{"textAlign":99},[690],{"text":691,"type":152},"You can imagine, and already see this playing out in real time, that as any one of these venues starts to get real trading volume, market makers and trading firms want an edge and will try to physically colocate as close as possible to make as much money as possible. As they should.",{"type":154,"attrs":693,"content":694},{"textAlign":99},[695],{"text":696,"type":152},"This is the standard playbook for how finance has evolved over many decades. Get close to the matching engine, get predictable latency, reduce jitter and compete to be first.",{"type":154,"attrs":698,"content":699},{"textAlign":99},[700],{"text":701,"type":152},"You can see a similar dynamic with Hyperliquid. It has its own validator set instead of one corporate sequencer, but the validator infrastru
75cture as observed by Glassnode is concentrated in the Tokyo metro area.",{"_uid":703,"images":704,"component":212},"436fcbde-8efd-4029-9530-ae0b15a92734",[705],{"_uid":706,"image":707,"detail":17,"caption":709,"component":211},"1131d96f-5309-4c9d-8d07-661e5642301a",{"id":708,"alt":709,"name":17,"focus":17,"title":17,"source":17,"filename":710,"copyright":17,"fieldtype":95,"meta_data":711,"is_external_url":97},223872131284366,"Validator set as of September 23, 2026. Direct TCP latency, not execution or finality.","https://a.storyblok.com/f/333888/1200x800/cf664a4157/2102911979354513408_1200x800.jpg",{},{"_uid":713,"text":714,"component":201},"3e1eb478-499f-4c2c-93a9-2eddb9047e24",{"type":143,"attrs":715,"content":716},{"backgroundColor":99},[717,722,727,732,737,742,747,760,765,770],{"type":154,"attrs":718,"content":719},{"textAlign":99},[720],{"text":721,"type":152},"If you are a market maker competing on that venue, where are you going to want your servers? As close to that infrastructure as possible. Again, this is exactly what rational trading firms should do.",{"type":154,"attrs":723,"content":724},{"textAlign":99},[725],{"text":726,"type":152},"The question in my mind has always been are we just copying TradFi market structure or is there a better way if we are truly going to build better global internet capital markets?",{"type":154,"attrs":728,"content":729},{"textAlign":99},[730],{"text":731,"type":152},"If you think about what actually moves markets, new information is being created around the world all the time. The Fed changes policy in the US, the BOJ makes an announcement in Japan, or a company releases earnings in Europe.",{"type":154,"attrs":733,"content":734},{"textAlign":99},[735],{"text":736,"type":152},"Algorithmic traders and event driven traders react to that information. They update their prices, cancel old quotes and take new positions based on what they have learned. That activity creates order flow, which is how the new information gets priced into markets.",{"type":154,"attrs":738,"content":739},{"textAlign":99},[740],{"text":741,"type":152},"My question is why does all of that order flow needs to race back to one physical location before it can enter the same market?",{"type":154,"attrs":743,"content":744},{"textAlign":99},[745],{"text":746,"type":152},"Even if your users are global and the events moving prices happen around the world, the market still has a physical center that everyone optimizes around. Ohio, Tokyo, New Jersey, wherever the infrastructure happens to be.",{"type":154,"attrs":748,"content":749},{"textAlign":99},[750,752,758],{"text":751,"type":152},"This is what I find interesting about ",{"text":753,"type":152,"marks":754},"multi-leader / multi-proposer designs",[755],{"type":575,"attrs":756},{"href":757,"uuid":99,"anchor":99,"target":578,"linktype":82},"https://www.anza.xyz/blog/constellation",{"text":759,"type":152}," as one example. What if instead of every transaction having to race to one location first, you could have multiple proposers taking in transactions at the same time in different parts of the world?.",{"type":154,"attrs":761,"content":762},{"textAlign":99},[763],{"text":764,"type":152},"You could capture order flow close to where it originates. Participants in Asia could enter through Asia, participants in Europe could enter through Europe, and participants in the US could enter through the US.",{"type":154,"attrs":766,"content":767},{"textAlign":99},[768],{"text":769,"type":152},"Imagine a trader in Tokyo reacting to new information. Their order could reach a nearby leader while a message sent from the same location at the same time toward NYSE in Mahwah is still traveling across the world.",{"type":154,"attrs":771,"content":772},{"textAlign":99},[773],{"text":774,"type":152},"That gap is a local intake window.",{"_uid":776,"images":777,"component":212},"c60546a6-4468-4e10-8b16-b3a10ed238f1",[778],{"_uid":779,"image":780,"detail":17,"caption":17,"component":211},"7a82eb18-b249-4095-9632-5f9cacb2dd80",{"id":781,"alt":17,"name":17,"focus":17,"title":17,"source":17,"filename":782,"copyright":17,"f
75ieldtype":95,"meta_data":783,"is_external_url":97},223872135019919,"https://a.storyblok.com/f/333888/1200x675/6f267535e1/2102912214315241472_1200x675.jpg",{},{"_uid":785,"text":786,"component":201},"4a78914c-5c0e-4cf8-9e0d-1f3df0cf0bfe",{"type":143,"attrs":787,"content":788},{"backgroundColor":99},[789,794,799,804,809,814,827,831,836,841,846,851,856,861,866,871,876,881,886,891],{"type":154,"attrs":790,"content":791},{"textAlign":99},[792],{"text":793,"type":152},"The nearby leader can receive that order flow before the distant venue receives the message. Not because anyone escaped physics, but because the first destination is closer.",{"type":154,"attrs":795,"content":796},{"textAlign":99},[797],{"text":798,"type":152},"Then the network brings that activity together under shared ordering rules so it can contribute to price discovery in the same global market.",{"type":154,"attrs":800,"content":801},{"textAlign":99},[802],{"text":803,"type":152},"If this works, the benefit could be better global price discovery. Information reflected in trading activity around the world could enter the system locally, instead of everyone first competing to reach one distant matching engine.",{"type":154,"attrs":805,"content":806},{"textAlign":99},[807],{"text":808,"type":152},"You obviously dont get to escape physics. Those locations still need to communicate and agree on what happened, and taking an order in locally is not the same as that order being globally confirmed.",{"type":154,"attrs":810,"content":811},{"textAlign":99},[812],{"text":813,"type":152},"There are still real questions around ordering, fairness and how competing transactions get resolved. But capturing order flow locally and using it to discover prices globally is the opportunity I think is worth exploring. You potentially give participants more places to enter the same market and reduce their dependence on one physical location.",{"type":154,"attrs":815,"content":816},{"textAlign":99},[817,819,825],{"text":818,"type":152},"This is also why ",{"text":820,"type":152,"marks":821},"DoubleZero and multicast",[822],{"type":575,"attrs":823},{"href":824,"uuid":99,"anchor":99,"target":578,"linktype":82},"https://docs.malbeclabs.com/",{"text":826,"type":152}," (I'll write more about this another time) is becoming interesting. Multi-leader changes where transactions can enter, while the network underneath helps move that information between those locations.",{"type":146,"attrs":828,"content":829},{"level":148,"textAlign":99},[830],{"text":546,"type":152},{"type":154,"attrs":832,"content":833},{"textAlign":99},[834],{"text":835,"type":152},"Which gets into the second issue, the total addressable market of global finance.",{"type":154,"attrs":837,"content":838},{"textAlign":99},[839],{"text":840,"type":152},"Onchain capital markets are still small relative to the global financial system. But I dont think we should measure the opportunity only by the activity that already exists onchain today.",{"type":154,"attrs":842,"content":843},{"textAlign":99},[844],{"text":845,"type":152},"The prize is all of finance. Equities, bonds, currencies, commodities, derivatives, lending and payments. Not just building better products for the people already using crypto, but building products and infrastructure that give the rest of the financial world a reason to come onchain.",{"type":154,"attrs":847,"content":848},{"textAlign":99},[849],{"text":850,"type":152},"Today financial institutions and exchanges operate across different databases, rules and infrastructure. If we are serious about bringing more of that financial activity onchain, I think the opportunity is to connect those systems so assets, exchanges, lending markets, payments and applications can interact with the same shared financial state.",{"type":154,"attrs":852,"content":853},{"textAlign":99},[854],{"text":855,"type":152},"That is a much bigger ambition than building one exchange that happens to have users around the world.",{"type":154,"attrs":857,"content":858},{"textAlign":99},[859],{"text":860,"type":152},"And this is why the market structure matters. If the opportunity is global finance, then we should be thinking about how participants around the world enter the market, how their local information contributes to global price discovery and whether they need to colocate around one physical location to compete.",{"type":154,"attrs":862,"content":863},{"textAlign":99},[864],{"text":865,"type":152},"For that to work, institutions in different parts of the world need a reason to trust the infrastru
75cture. Who can participate? Who decides what gets included? Who can change the rules? And how dependent is everyone on one operator or one jurisdiction?",{"type":154,"attrs":867,"content":868},{"textAlign":99},[869],{"text":870,"type":152},"Having more validators by itself doesnt answer those questions. But I think having infrastructure distributed across participants and jurisdictions, with credible shared rules, matters if the ambition is to build something the world can depend on.",{"type":154,"attrs":872,"content":873},{"textAlign":99},[874],{"text":875,"type":152},"This is where the two connect. Better market structure can create better products, and better products can bring more financial activity onchain. The market we are serving today is small compared to the market we could eventually serve.",{"type":154,"attrs":877,"content":878},{"textAlign":99},[879],{"text":880,"type":152},"Hyperliquid has built a great product. Having the validator infrastructure concentrated in Tokyo can make a lot of sense for the product they are building.",{"type":154,"attrs":882,"content":883},{"textAlign":99},[884],{"text":885,"type":152},"My question is what the end state looks like if the ambition is to house global capital markets, not just compete for the activity that is already onchain?",{"type":154,"attrs":887,"content":888},{"textAlign":99},[889],{"text":890,"type":152},"Are we going to recreate the same market structure we already have, with everyone racing to colocate around a handful of physical locations? Or can we use distributed systems to capture order flow where it originates, bring that information together and discover prices in a shared global market?",{"type":154,"attrs":892,"content":893},{"textAlign":99},[894],{"text":895,"type":152},"I think the second path is worth spending a lot more time on.",[489,490],{"id":898,"alt":17,"name":17,"focus":17,"title":17,"source":17,"filename":899,"copyright":17,"fieldtype":95,"meta_data":900,"is_external_url":97},223875648663127,"https://a.storyblok.com/f/333888/2400x1346/0af191fa4f/cover-storyblok-2x-2400x1346.png",{"size":901},"2400x1346","2026-09-25 00:00",[],"You can break it down into two core issues","should-global-markets-have-one-physical-center","articles/should-global-markets-have-one-physical-center",-330,[],"7a089296-a043-4109-b30e-08b154e325af","2026-09-25T14:23:27.322Z",[],{"name":913,"created_at":914,"published_at":915,"updated_at":916,"id":917,"uuid":918,"content":919,"slug":1076,"full_slug":1077,"sort_by_date":99,"position":1078,"tag_list":1079,"is_startpage":97,"parent_id":502,"meta_data":99,"group_id":1080,"first_published_at":1081,"release_id":99,"lang":104,"path":99,"alternates":1082,"default_full_slug":99,"translated_slugs":99,"_stopResolving":24},"Announcing Frictionless Fund I","2025-04-29T20:08:56.227Z","2025-07-07T22:19:29.050Z","2025-07-07T22:19:29.066Z",662532898,"457854ff-174e-4a16-935a-07c38de28022",{"_uid":920,"author":921,"content":922,"category":1068,"subtitle":17,"component":37,"disclaimer":17,"featureImage":1070,"datePublished":1074,"relatedArticles":1075,"seo_description":17},"146b2681-d7c2-4003-be5c-9b6b571510f9",[138,516],[923],{"_uid":924,"text":925,"component":201},"2952767f-2e78-4f83-9b96-bb019915ffec",{"type":143,"content":926},[927,934,938,945,949,956,988,995,1003,1011,1015,1053,1060,1064],{"type":146,"attrs":928,"content":929},{"level":148},[930],{"text":913,"type":152,"marks":931},[932],{"type":933},"bold",{"type":154,"content":935},[936],{"text":937,"type":152},"Frictionless Capital is excited to announce it has raised a $20M fund to invest in high performance blockchains and category defining applications. The fund has made a number of high-conviction investments over the past year such as Backpack, DFlow, Andrena, and Kuzco and is eager to share more about our progress and approach to investing.",{"type":146,"attrs":939,"content":940},{"level":148},[941],{"text":942,"type":152,"marks":943},"Our Investors",[944],{"type":933},{"type":154,"content":946},[947],{"text":948,"type":152},"We are honored that Frictionless Fund I has garnered support from some of the worldâs foremost institutions, including Franklin Templeton and Foundation Capital, fund of funds such as Hutt Capital, Avalon Capital, and Pure Crypto. The fund also received backing from Marc Andreessen and Chris Dixon of A16z, Kelvin Liu of Invesco, and general partners from esteemed crypto funds Multicoin, Framework, Coinfund, Big Brain Holdings, and AllianceDAO. We are also proud to be supported by leading crypto founders such as Raj Gokal and Anatoly Yakovenko of Solana, Sergey Gorbunov and Georgios Vlachos of of Axelar, Mo Shaikh and and Avery Ching of Aptos, and Avalancheâs Kevin Sekniqi. Other notable angel investors include Santiago Santos and
75Spencer Noon.",{"type":146,"attrs":950,"content":951},{"level":148},[952],{"text":953,"type":152,"marks":954},"Our Strategy ",[955],{"type":933},{"type":154,"content":957},[958,960,966,967,973,975,981,983,985,986],{"text":959,"type":152},"At our core, we are high-conviction investors unafraid to make contrarian bets to back founders tackling the largest markets. Nearly two years ago, we crafted a comprehensive framework for evaluating blockchain scalability, highlighting that all decentralized blockchains are limited by the amount of bytes they can propagate through their respective networks. This seminal research garnered widespread attention and was cited by global asset managers ",{"text":961,"type":152,"marks":962},"Franklin Templeton",[963],{"type":575,"attrs":964},{"href":965,"uuid":99,"anchor":99,"target":578,"linktype":82},"https://x.com/FTI_DA/status/1786049586152255659",{"text":649,"type":152},{"text":968,"type":152,"marks":969},"Van Eck",[970],{"type":575,"attrs":971},{"href":972,"uuid":99,"anchor":99,"target":578,"linktype":82},"https://x.com/vaneck_us/status/1718012159655805313",{"text":974,"type":152},". As one of the few crypto funds maintaining a consistently positive stance on high-throughput blockchains throughout the bear market, we earned the trust of the ecosystem and forged unique relationships with top founders. Our confidence in these ecosystems during this period was underscored in a blog post where we made the case for ",{"text":976,"type":152,"marks":977},"Solana at $13, in the wake of the FTX collapse",[978],{"type":575,"attrs":979},{"href":980,"uuid":99,"anchor":99,"target":99,"linktype":82},"https://www.frictionless.fund/making-the-case-for-solana-fighting-the-fud/",{"text":982,"type":152},".",{"type":984},"hard_break",{"type":984},{"text":987,"type":152},"We take a concentrated approach to investing, backing only a handful of companies who we believe can truly outperform. This approach combined with our small size allows us to be extremely hands-on with a select group of founders at any given time, assisting them from ideation to category defining. Drawing from our experience as former operators, we are not afraid to roll up our sleeves to help with product, design, and go-to-market strategies, with a specialization in facilitating meaningful distribution to disruptive products.",{"type":146,"attrs":989,"content":990},{"level":148},[991],{"text":992,"type":152,"marks":993},"Our Focus",[994],{"type":933},{"type":146,"attrs":996,"content":998},{"level":997},3,[999],{"text":1000,"type":152,"marks":1001},"The Next Generation of Technology and Applications ",[1002],{"type":933},{"type":154,"content":1004},[1005,1007,1008,1009],{"text":1006,"type":152},"As is the case for most technologies, progress occurs in an iterative process. For the first 10 years of its history, the crypto industry underwent a series of iterations beginning with Bitcoin. Despite innovating upon Bitcoin greatly with the introduction of smart contracts, Ethereum retained much of Bitcoinâs ethos by arbitrarily limiting the scalability and usability of the network. This gave rise to the high-throughput blockchains pioneered by Solana, which combined Ethereumâs programmable smart contracts with elevated data propagation, low latency, and the ability to execute transactions in parallel. As the infrastructure rapidly progressed from a couple of transactions per second to thousands per second, new applications and use cases were unlocked in much the same way that the transition from dial-up to broadband and fiber optic enabled richer experiences on the internet.",{"type":984},{"type":984},{"text":1010,"type":152},"Today, the blockchain industry finds itself at the tail end of the infrastructure phase, with modern, high-throughput blockchains rapidly enabling emergent use cases and primitives previously not possible in the crypto industry. It is these 0-to-1 type applications and products built on next generation blockchains which will form the foundation of our early-stage exposure for Fund I. ",{"type":154,"content":1012},[1013],{"text":1014,"type":152},"There are several key categories which we expect to not only attain a very large market size but also continue to compound for the foreseeable future:",{"type":176,"content":1016},[1017,1027,1037],{"type":179,"content":1018},[1019],{"type":154,"content":1020},[1021,1025],{"text":1022,"type":152,"marks":1023},"Next Generation Financial Primitives:",[1024],{"type":933},{"text":1026,"type":152}," Includes protocols and applications that enable the seamless and rapid trading of digital assets on high-throughput networks, or optimize order flow and liquidity to improve execution for market participants. We expect trading volumes on high-throughput chains to increase 1,000 fold in the coming years. We place a strong emphasis on financial primitives that uniquely leverage low latency trading on a heterogenous system (single ledger) onchain or on a centralized venue such as CEX. Examples of novel means of price discovery include onchain CLOBs (Central Limit Order Books); Backpack, which is the fastest growing CEX in crypto; and DFlow, which is optimizing maker liquidity on Solana by segmenting toxic order flow with a novel aggregator to prevent liquidity providers from being adversely selected.",{"type":179,"content":1028},[1029],{"type":154,"content":1030},[1031,1035],{"text":1032,"type":152,"marks":1033},"Novel Methods of Capital Formation & Network Formation:",[1034],{"type":933},{"text":1036,"type":152}
75," Enabled by decentralized physical infrastructure networks (DePIN), particularly projects serving rapidly increasing demand for âdigital commoditiesâ such as compute, bandwidth, data, and storage. Strong emphasis is placed on DePIN networks for resources that are not geographically constrained and are fungible and tradeable in a borderless and global market, such as bandwidth or AI inference tokens for large language models (LLMs).",{"type":179,"content":1038},[1039],{"type":154,"content":1040},[1041,1045,1051],{"text":1042,"type":152,"marks":1043},"New Methods of Human Coordination via Shared Ownership:",[1044],{"type":933},{"text":1046,"type":152,"marks":1047}," ",[1048,1049],{"type":933},{"type":1050},"italic",{"text":1052,"type":152},"Which incompasses the creation and distribution of tokens to drive novel incentivization and reward frameworks. Similar to the internet, we anticipate that the growth of user-generated crypto assets (UGAs) like tokens, will outpace professionally generated ones. We place a strong emphasis on protocols and applications which enable and facilitate the creation and distribution of digital assets and censorship resistant 24/7 trading. This capability serves as a crucial use case for crypto, acting as the coordination layer to incentivize both humans and devices.",{"type":146,"attrs":1054,"content":1055},{"level":148},[1056],{"text":1057,"type":152,"marks":1058},"Come Build With Us",[1059],{"type":933},{"type":154,"content":1061},[1062],{"text":1063,"type":152},"Frictionless Capital is building for the long-term, combining technical knowledge around infrastructure stacks and deep crypto native expertise to deliver a powerful combination of product and distribution. Our deliberate choice to have a small, concentrated fund enables us to foster close, impactful relationships with our portfolio companies. We provide invaluable guidance and support to founders throughout every stage of their startup journey.",{"type":154,"content":1065},[1066],{"text":1067,"type":152},"If you are a founder dedicated to truth-seeking and unwavering in your product vision, aiming to build on a global scale, we invite you to get in touch with us.",[1069],"Updates",{"id":1071,"alt":17,"name":17,"focus":17,"title":17,"source":17,"filename":1072,"copyright":17,"fieldtype":95,"meta_data":1073,"is_external_url":97},23054369,"https://a.storyblok.com/f/333888/2400x1600/38a71a11d2/d3d621574879921796a1afef73ded038b57fd21e.png",{},"2024-07-09 14:08",[],"announcing-frictionless-fund-i","articles/announcing-frictionless-fund-i",-20,[],"d1a8fa94-a257-4e07-a518-23268bf74ed3","2025-04-29T20:34:12.846Z",[],"writings","We publish research with conviction â timestamped from the day we wrote it. Explore our archive of technical deep dives, market theses, and first-principles analysis.",{"_uid":1086,"link":1087,"items":1089,"title":1204,"component":1205,"description":1206},"050b6789-0055-4cc6-ae0d-509885a330be",{"id":41,"url":17,"linktype":18,"fieldtype":19,"cached_url":46,"story":1088},{"name":44,"id":45,"uuid":41,"slug":42,"url":46,"full_slug":46,"_stopResolving":24},[1090,1136,1169],{"name":1091,"created_at":1092,"published_at":1093,"updated_at":1094,"id":1095,"uuid":1096,"content":1097,"slug":1129,"full_slug":1130,"sort_by_date":99,"position":100,"tag_list":1131,"is_startpage":97,"parent_id":1132,"meta_data":99,"group_id":1133,"first_published_at":1134,"release_id":99,"lang":104,"path":99,"alternates":1135,"default_full_slug":99,"translated_slugs":99,"_stopResolving":24},"Titan","2025-07-08T18:40:06.084Z","2026-09-25T16:20:43.137Z","2026-09-25T16:20:43.154Z",66807423346584,"5df377ee-1f15-4ea3-b1bc-9ef541528753",{"_uid":1098,"link":1099,"year":1101,"empty":97,"image":1102,"article":1107,"members":1108,"tagline":1126,"category":1127,"component":47,"description":1128},"f4867953-596d-4e4a-a15f-be50d10639b2",{"id":17,"url":1100,"target":578,"linktype":82,"fieldtype":19,"cached_url":1100},"https://titandex.io/","2025-01-01 19:06",{"id":1103,"alt":17,"name":17,"focus":17,"title":17,"source":17,"filename":1104,"copyright":17,"fieldtype":95,"meta_data":1105,"is_external_url":97},223902032205106,"https://a.storyblok.com/f/333888/1728x1152/f6734afd7f/titan_chest_up.png",{"size":1106},"1728x1152",[],[1109,1118],{"_uid":1110,"name":1111,"image":1112,"position":1116,"component":1117},"bac07b37-6749-430a-aacc-61515ef21830","Chris Chung",{"id":1113,"alt":17,"name":1
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Slow, clunky, and with very limited use cases. Dial-up internet speeds had a maximum of 56 kb/s which is shockingly slow by todayâs standards. 56 kb/s was only enough to do some very basic internet browsing like loading up your favorite web portal, sending emails, or downloading a low-res image very slowly.",{"type":154,"content":1799},[1800],{"text":1801,"type":152},"In the 1990s, 56kb/s dial-up speeds were adequate because people didnât spend much time on the internet or have the need to share massive amounts of data in high resolution images and videos. People did not realize how slow internet speeds were because dial-up was the fastest that existed at the time and the early use cases & applications were bottlenecked by the performance of the underlying network.",{"type":154,"content":1803},[1804],{"text":1805,"type":152},"Ironically, Bitcoin propagates far less data than dial-up. Bitcoin does a ~1mb block every 10 minutes (600 seconds) or about 1.6 kb/s. This is in great part due to the preferences of early blockchain designers and adopters who opted to solve for redundancy and decentralization over performance. The preferences of users are shifting and the preferences of early crypto adopters are no longer as applicable to the middle curve of mass adopters.",{"type":154,"content":1807},[1808],{"text":1809,"type":152},"Similar to the early internet, most blockchains are slow today but will increase performance rapidly over time. Next generation blockchains are able to benefit from massive performance upgrades as compute power and internet speeds ramp up.",{"type":154,"content":1811},[1812],{"text":1813,"type":152},"We keep packing more and more transistors on a single computer chip, but donât increase the clock speed. Instead, we increase computational throughput by using those transistors to pack multiple processors onto the same chip. This is referred to as multicore. Thus, multicore performance doubles roughly every 2 years. According to Nielsenâs Law, internet speeds also double approximately every 2 years.",{"type":154,"content":1815},[1816],{"text":1817,"type":152},"Unlike legacy technologies, next generation blockchains are able take full advantage of these leaps in multicore performance and bandwidth. It is very difficult to make the case that blockchains like Ethereum that do not scale with modern, multicore hardware will be able to keep up with the performance of newer blockchains that do. The often touted L2 solution is not unique to Ethereum, and the data compression and transaction batching of L2s can be applied to a much more performant blockchain for the same % increase in performance.",{"type":146,"attrs":1819,"content":1820},{"level":148},[1821],{"text":1822,"type":152,"marks":1823},"Block space is the most valuable resource, blocks are data",[1824],{"type":933},{"type":154,"content":1826},[1827,1829,1833],{"text":1828,"type":152},"There are a number of features of highly performant blockchains, but for the purpose of this article we will focus on ",{"text":1830,"type":152,"marks":1831},"data propagation",[1832],{"type":933},{"text":1834,"type":152},". Internet bandwidth will likely continue to be the gating factor of internet experience for users.",{"type":154,"content":1836},[1837,1839],{"text":1838,"type":152},"In blockchain, block space is one of the most valuable and important resources because it gives the ability to write to a block and submit it as transaction to all nodes for approval. Itâs important to note that an identical transaction on one chain will not use the same amount of data as one on another, there is no standard amount of data a transaction will use. However, if a chain propagates more data (bigger blocks, faster), it will generally be able to process more transactions per second and support a greater amount of activity on the network. High throughput is a feature of performant, next generation blockchains (traditionally measured by transactions per second or TPS). Unlike a single application, blockchains will support hundreds or even thousands of applications in an entire ecosystem of products and applications running on a single network. We can conceivably say that demand for block space will increase exponentially in the coming years as more useful and popular applications and use cases are developed. Without high throughput, access to scarce block space becomes very expensive when demand surges. We have seen this phenomenon illustrated painfully during Yuga Labâs Otherside deeds mint, when gas fees exceeded 5 ETH or ",{"text":1840,"type":152,"marks":1841},"~$14,000 USD per transaction.",[1842],{"type":933},{"type":154,"content":1844},[1845,1847,1851,1853,1854,1855],{"text":1846,"type":152},"If block space is data, people will demand exponentially more and more data as better applications are built. Letâs compare some popular blockchains to see how much data they are propagating to nodes per second. Barring some recent innovations and exceptional cases, the majority of blockchains need to propagate data to 2/3rd+1 or 66% of all nodes to achieve consensus. If ",{"text":1848,"type":152,"marks":1849},"consensus",[1850],{"type":933},{"text":1852,"type":152}," is not reached, a transaction is not finalized (completed).",{"type":984},{"type":984},{"text":1856,"type":152},"Bitcoin is propagating a minuscule amount of data. This is consistent with the BTC ethos of hard money that can survive a nuclear winter, but it comes at a huge cost for performance. As for Ethereum, even after sharding, which is the main throughput increase planned on the ETH 2.0 roadmap in 2023 or 2024, ETH will initially be propagating a small fraction of the data that next generation chains are already doing today. This severely impacts the scalability of Ethereum. Even if 100% of the initial
751.3mb/s is used for ZK (zero knowledge) L2 rollups batching hundreds of transactions into one, this level of data propagation and 100,000 TPS is likely not compatible with mass adoption if tens or hundreds of thousands of applications and millions of users all attempt to write to the same block simultaneously.",{"type":154,"content":1858},[1859],{"text":1860,"type":152},"\"Legacy blockchains that do not scale with modern hardware and increasing bandwidth will struggle to compete with next generation blockchains that do\"",{"_uid":1862,"image":1863,"component":1870},"08fb0de7-aa83-4100-98d6-c308ef15a4ed",[1864],{"_uid":1865,"image":1866,"detail":17,"caption":17,"component":211},"b86b4cc4-a6a2-4408-b3ec-544eb21b38ee",{"id":1867,"alt":17,"name":17,"focus":17,"title":17,"source":17,"filename":1868,"copyright":17,"fieldtype":95,"meta_data":1869,"is_external_url":97},22246333,"https://a.storyblok.com/f/333888/1200x1157/a7fbd2e092/untitled-1200-x-1157-px.png",{"alt":17,"title":17,"source":17,"copyright":17},"articleImageSquare",{"_uid":1872,"text":1873,"component":201},"fc552e17-c348-41d0-ac91-3cccb520aa5b",{"type":143,"content":1874},[1875,1879,1895,1899,1905],{"type":154,"content":1876},[1877],{"text":1878,"type":152},"Poor data propagation handicaps the scope of application & product engineersâ innovations, making mass adoption very difficult. Engineers are forced to solve for the limitations of the blockchain they are building on by minimizing interactions with the chain to lower cost for users. Product and application engineers should be able to innovate freely on blockchains without having to worry about the cost and speed of the network they are building on. Next generation blockchains enable this.",{"type":154,"content":1880},[1881,1883,1887,1889,1890,1891],{"text":1882,"type":152},"Simply put, until we move past legacy architectures like Ethereum and Bitcoin to more performant chains, it will be very difficult to build applications with global reach & scale that are useful ",{"text":1884,"type":152,"marks":1885},"to consumers",[1886],{"type":933},{"text":1888,"type":152},", severely limiting mass adoption of crypto.",{"type":984},{"type":984},{"text":1892,"type":152,"marks":1893},"Not all is lost. Today, these performance constraints are beginning to be being removed and we are being ushered into a new generation of blockchains. We will see levels of data propagation, synchronicity, and the effects of composability, and unbounded application development onboarding billions of users.",[1894],{"type":933},{"type":154,"content":1896},[1897],{"text":1898,"type":152},"The world is not static. The only constant is change, and you need to continually adapt blockchains to scale with modern hardware and increasing internet speeds. The only limitations to innovation and design should be the upper bound of the limits of physics. Light can travel around the Earth in just 133 milliseconds. Until block times are as close to 133 ms as possible, with the highest amount of data propagation available, blockchain tech can be pushed further. This race has only just begunâ¦",{"type":154,"content":1900},[1901],{"text":1902,"type":152,"marks":1903},"Legal Disclaimer:",[1904],{"type":1050},{"type":154,"content":1906},[1907],{"text":1908,"type":152,"marks":1909},"This article does not constitute investment advice and is not intended to be relied about as the basis for an investment decision, and is not, and should not assumed to be complete. The contents are provided for informational purposes only and are not to be construed as advice, any prospective investor should conduct their own research and could lose all or a substantial portion of its investment.",[1910],{"type":1050},[489],"Beyond Ethereum and Bitcoin",{"id":1914,"alt":17,"name":17,"focus":17,"title":17,"source":17,"filename":1915,"copyright":17,"fieldtype":95,"meta_data":1916,"is_external_url":97},22302206,"https://a.storyblok.com/f/333888/1024x1024/9f6e0414d2/fiber_gpt.png",{},"2022-09-13 13:36",[],"the-next-frontier-of-blockchain-performance","articles/the-next-frontier-of-blockchain-performance",-190,[],"97c023b1-92e0-415c-a2a0-b0010743c306","2025-05-12T20:11:09.746Z",[],{"name":1927,"created_at":1928,"published_at":1929,"updated_at":1930,"id":1931,"uuid":1932,"content":1933,"slug":2131,"full_slug":2132,"sort_by_date":99,"position":2133,"tag_list":2134,"
75is_startpage":97,"parent_id":502,"meta_data":99,"group_id":2135,"first_published_at":2136,"release_id":99,"lang":104,"path":99,"alternates":2137,"default_full_slug":99,"translated_slugs":99},"An Honest Conversation About L2s","2025-05-05T22:06:50.283Z","2025-07-07T22:19:27.181Z","2025-07-07T22:19:27.196Z",664784020,"02b1fde7-5efd-4535-b93e-169d0efa4e83",{"_uid":1934,"author":1935,"content":1936,"category":2124,"subtitle":17,"component":37,"disclaimer":17,"featureImage":2125,"datePublished":2129,"relatedArticles":2130,"seo_description":17},"1699f382-c3b7-4dd5-b127-6072cf72dece",[516],[1937,1979,1988,2012],{"_uid":1938,"text":1939,"component":201},"1492b2f8-6c03-4583-a080-8cb008ad8f3d",{"type":143,"content":1940},[1941,1949,1953,1957,1961,1965,1971,1975],{"type":146,"attrs":1942,"content":1943},{"level":148},[1944,1948],{"text":1945,"type":152,"marks":1946},"What are Layer 2s? ",[1947],{"type":933},{"type":984},{"type":154,"content":1950},[1951],{"text":1952,"type":152},"Today, Layer 2s (L2s) are touted as one of the holy grails of scaling solutions, yet many people do not realize that L2s are in fact separate blockchains used to compress data to fit more transactions in each L1 block. To maximize the impact of a L2, you can use up to 100% of the L1 block space for the L2. However, the fundamental bottleneck remains scaling the amount of data propagated at the L1. The same compression and transaction batching of L2s can be applied to a much more performant chain than Ethereum for the same % increase in performance applied to much bigger blocks. As such, a conversation about the potential of L2s is also a conversation about L1 design.",{"type":154,"content":1954},[1955],{"text":1956,"type":152},"L1s and L2s share the same components (they are both blockchains), meaning we will need to optimize for the correct features to achieve the desired properties and performance of each. To gain an understanding of L2s and their impact, we will examine some of the tradeoffs they involve and how these impact user and developer experience, critical items on the path to mass adoption.",{"type":154,"content":1958},[1959],{"text":1960,"type":152},"Imagine once every second a moving truck pulls up in front of your house and pauses for a second, then leaves. Another truck then takes its place and the cycle repeats nonstop. You can think of each truck as a block that is filled with data before being submitted to all nodes for approval. Next generation blockchain designers have the interesting challenge of writing software to pack blocks with data in a second or less. But what happens when the blocks start to get full? Enter the Layer 2s (L2s).",{"type":154,"content":1962},[1963],{"text":1964,"type":152},"L2s are separate blockchains that extend the base layer and inherit its security guarantees, allowing the L1 to use scarce block space more efficiently by batching or grouping many transactions into one before submitting down to the L1, using less data and reducing gas fees significantly.",{"type":154,"content":1966},[1967],{"text":1968,"type":152,"marks":1969},"We stress that L2s are, in fact, separate blockchains because as L2s continue to decentralize by adding multiple sequencers you will need to establish quorum and consensus between them.",[1970],{"type":933},{"type":154,"content":1972},[1973],{"text":1974,"type":152},"In fact, L2s have their own execution environment, data propagation, consensus algorithm, and potentially storage like any other blockchain due to the quorum.",{"type":154,"content":1976},[1977],{"text":1978,"type":152},"The simplest way to explain the role of L2s (aka ârollupsâ) is that they act as data compression as illustrated in the diagram below:",{"_uid":1980,"image":1981,"component":1870},"7a5c1a29-364d-488a-bb2a-463fb0ee8008",[1982],{"_uid":1983,"image":1984,"detail":17,"caption":17,"component":211},"3a51830e-9d2c-4913-8a1f-4d0f222256db",{"id":1985,"alt":17,"name":17,"focus":17,"title":17,"source":17,"filename":1986,"copyright":17,"fieldtype":95,"meta_data":1987,"is_external_url":97},22245813,"https://a.storyblok.com/f/333888/668x644/8bbef08cbf/99f6edd5-51f7-48b9-b2a8-ae48e5a9b6bc_668x644.webp",{},{"_uid":1989,"text":1990,"component":201},"1f763d07-6435-4d42-bb37-726e87bf92d9",{"type":143,"content":1991},[1992,1996,2000,2004,2008],{"type":154,"content":1993},[1994],{"text":1995,"type":152},"It is important to note, while L2s allow you to fit more data into a block they do not enable limitless block space. Phrased differently, if a L2 compresses data and 100% of L1 block space is used for the L2, the overall block space is used more efficiently but the raw amount of data at the L1 is unchanged. This concept is illustrated below with various block sizes being compressed by 500x",{"type":154,"content":1997},[1998],{"text":1999,"type":152},"Blockchain A: 1.3MB block * 500 becomes 650MB effectively",{"type":154,"content":2001},[2002],{"text":2003,"type":152},"Blockchain B: 100MB block * 500 becomes 50,000MB or 50GB effectively",{"type":154,"content":2005},[2006],{"text":2007,"type":152},"Blockchains A and B are still propagating 1.3MB and 100MB blocks respectively at the base layer.",{"type":154,"content":2009},[2010],{"text":2011,"type":152},"This concept is really quite powerful. This technique can even be replicated in another layer above the L2, with an L3, allowing an additional layer of data compression settling down to the L2, and finally settling down the L1. However this would only further amplify some of the negative aspects of L2s which we will address in this piece.",{"_uid":2013,"text":2014,"component":201},"8faaa78d-e3e2-4bc3-bfd7-508729481055",{"type":143,"content":2015},[2016,2023,2043,2044,2051,2083,2087,2091,2095,2099,2103,2107,2111,2115,2119,2123],{"type":146,"attrs":2017,"content":2018},{"level":148},[2019],{"text":2020,"type":152,"marks":2021},"What role do L2s play in mass adoption?",[2022],{"type":933},{"type":154,"content":2024},[2025,2032,2033,2034,2039],{"text":2026,"type":152,"marks":2027},"If L2s are such an innovative technology and they increase the performance of the underlying L1, why not just add a separate L2 to every chain and call it a day? In reality, few tradeoffs are without cost, and L2s are no exception. This article will dissect some of the nuances behind L2s in the context of user and developer experience, which are two key items on the path to mass adoption.",[2028],{"type":2029,"attrs":2030},"textStyle",{"color":2031},"#666D80",{"type":984},{"type":984},{"text":2035,"type":152,"marks":2036},"In order to onboard millions or billions of users who are accustomed to a seamless Web2 experience, the pain points of Web3 need to be abstracted away. This abstraction by clever engineers creates a smooth and self-explanatory layer built for the lowest common denominator of users. ",[2037],{"type":2029,"attrs":2038},{"color":2031},{"text":2040,"type":152,"marks":2041},"For all their merits, L2s introduce friction, and fragment the user experience in a time when we should be looking to smooth resistance points, not create them.",[2042],{"type":933},{"type":154},{"type":146,"attrs":2045,"content":2046},{"level":148},[2047],{"text":2048,"type":152,"marks":2049},"What are some of the drawbacks of L2s from the user and developer perspective?",[2050],{"type":933},{"type":176,"content":2052},[2053,2059,2065,2071,2077],{"type":179,"content":2054},[2055],{"type":154,"content":2056},[2057],{"text":2058,"type":152},"Bridging is cumbersome and risky",{"type":179,"content":2060},[2061],{"type":154,"content":2062},[2063],{"text":2064,"type":152},"âFinalityâ is only final on the base layer",{"type":179,"content":2066},[2067],{"type":154,"content":2068},[2069],{"text":2070,"type":152},"High latency equates to poor design & UX",{"type":179,"content":2072},[2073],{"type":154,"content":2074},[2075],{"text":2076,"type":152},"Layers create a fragmented experience",{"type":179,"content":2078},[2079],{"type":154,"content":2080},[2081],{"text":2082,"type":152},"Loss of composability hurts compounding of innovation",{"type":154,"content":2084},[2085],{"text":2086,"type":152},"In order to transact on the L2, one must first bridge funds from another blockchain to the Layer 2. Bridging is currently one of the most at-risk activities in all of crypto, with Chainanalysis reporting an estimated $2B has been lost in cross-chain bridge exploits in 2022 alone. Anyone who has used a bridge can agree it is a cumbersome and painful process, which usually involves minutes of waiting for funds to arrive, crossing your fingers you donât lose your money, and adding a token account for funds to appear (net of hefty fees!) in a non-cu
75stodial wallet such as Metamask.",{"type":154,"content":2088},[2089],{"text":2090,"type":152},"If this wasnât enough, additional steps of unwrapping tokens are often needed using a dex (decentralized exchange) or a walletâs swap feature to finally obtain the desired coin or token. In short, this multi-step process leaves much to be desired and is complicated to explain even to a crypto-native Web3 user, let alone someone who has no idea what confirmations or a block explorer areâ¦",{"type":154,"content":2092},[2093],{"text":2094,"type":152},"From the developer side, imagine the complexity of writing a contract that involved initiating a transaction that begins on the L1, transfers assets to the L2, carries out an operation there, then settles back down to the L1. This added complexity for developers and users should be reserved only for a situation where no other alternative exists, as a last resort, not as the standard offering for the vast majority of transactions as some may suggest.",{"type":154,"content":2096},[2097],{"text":2098,"type":152},"Moreover, a transaction cannot completely be considered final until it settles down to the L1 and is confirmed. Ethereum does a block every ~12 seconds meaning a L2 transaction could take 12s or more to be finalized. For many users, those doing actions that are not critical or time sensitive, perhaps this is an acceptable time to finality (TTF).",{"type":154,"content":2100},[2101],{"text":2102,"type":152},"Imagine, a leverage trader who is seconds away from liquidation, unable to close his position in time, this could be a game-breaking factor in their decision to opt for one chain over another. Once again, the scope and expanse of what product & application engineers can design is handicapped by slow finality. It is undoubtedly one of the aspects of user experience that people feel most acutely.",{"type":154,"content":2104},[2105],{"text":2106,"type":152},"Another effect of using a L2 is high latency which is associated directly with poor user experience. Low network latency is paramount to mass adoption. How do we expect to compete with mainstream massively multiplayer games and virtual experiences when every action has a felt delay or âlagâ before completion. Faster and more synchronized experiences are better, in virtually every situation imaginable.",{"type":154,"content":2108},[2109],{"text":2110,"type":152},"Building good tech is hard, but building a durable social layer can be an even greater challenge. What does fragmenting user activity across various L2s mean for organic community building required to create a healthy ecosystem? What if instead of building bridges between dApps, NFT projects, and their communities L2s are building walls? This effect shouldnât be ignored.",{"type":154,"content":2112},[2113],{"text":2114,"type":152},"For developers, as completely separate blockchains, L2s have upstream dependencies to the L1. This means any change in the underlying L1 has to be reflected in the L2. Imagine constantly having to debug and check your code because some minor update was pushed on the L1. It grows tedious and tiresome, and the possibility for careless mistakes is almost endless.",{"type":154,"content":2116},[2117],{"text":2118,"type":152},"Occamâs Razor dictates that the simplest solution with the fewest number of moving parts is usually the best, and blockchains are no exception.",{"type":154,"content":2120},[2121],{"text":2122,"type":152},"Furthermore, what does loss of composability between L1 and L2 mean for developers, who are unable to natively use existing resources as building blocks and program them into higher order applications? Loss of composability between L1 and L2 is hugely detrimental for developer experience and this can have massive second-order effects on the long-term compounding of innovation in an ecosystem.",{"type":154},[489],{"id":2126,"alt":17,"name":17,"focus":17,"title":17,"source":17,"filename":2127,"copyright":17,"fieldtype":95,"meta_data":2128,"is_external_url":97},22047781,"https://a.storyblok.com/f/333888/1024x1024/215e87b080/speed-advancement-9.png",{},"2022-09-21 16:06",[],"an-honest-conversation-about-l2s","articles/an-honest-conversation-about-l2s",-170,[],"4e0b49ce-e388-49c0-be1e-12290d7888e8","2025-05-05T23:56:56.313Z",[],{"name":2139,"created_at":2140,"published_at":2141,"updated_at":2142,"
75id":2143,"uuid":2144,"content":2145,"slug":2461,"full_slug":2462,"sort_by_date":99,"position":2463,"tag_list":2464,"is_startpage":97,"parent_id":502,"meta_data":99,"group_id":2465,"first_published_at":2466,"release_id":99,"lang":104,"path":99,"alternates":2467,"default_full_slug":99,"translated_slugs":99},"Decentralization vs. Censorship Resistant Performance","2025-04-30T00:54:26.729Z","2025-07-07T22:19:27.518Z","2025-07-07T22:19:27.533Z",662604384,"c0067c8b-3ca3-4e41-970d-12f54702921e",{"_uid":2146,"author":2147,"content":2148,"category":2454,"subtitle":17,"component":37,"disclaimer":17,"featureImage":2455,"datePublished":2459,"relatedArticles":2460,"seo_description":17},"0fc0afc3-7bfc-4d8e-9742-a9c0ee49f9dd",[138],[2149,2184,2193,2245,2371],{"_uid":2150,"text":2151,"component":201},"51b5db58-3044-4b76-89f1-29bedb5e71fd",{"type":143,"content":2152},[2153,2160,2164,2168,2172,2176,2180],{"type":146,"attrs":2154,"content":2155},{"level":148},[2156],{"text":2157,"type":152,"marks":2158},"Legacy blockchains suffer from âMarketing Myopiaâ",[2159],{"type":933},{"type":154,"content":2161},[2162],{"text":2163,"type":152},"At one point in their lifecycles, even the most mature industries were once growth industries. Take the railroad business, for instance. In the 19th Century, barons like Vanderbilt, Hill, and Huntington amassed massive fortunes building out the railroad network in America. It was a period of intense competition, with operators haphazardly constructing parallel and overlapping lines with trains running on different widths and time clocks with no industry standard. Passengers were forced to deal with dozens of fragmented railroad operators, often changing lines multiple times for a short trip resulting in a slow and fragmented experience.",{"type":154,"content":2165},[2166],{"text":2167,"type":152},"Sound familiar?",{"type":154,"content":2169},[2170],{"text":2171,"type":152},"Eventually, train companies would conform to a single standard and consolidation would greatly improve the passenger/freight service. The railroad industry attracted more capital investment and resources than any other activity in Americaâs history until that point. Despite generating an enormous amount of wealth and economic activity, the railroad industry would eventually lose its growth industry status not for a lack of demand but for taking too narrow of a market view towards its own business.",{"type":154,"content":2173},[2174],{"text":2175,"type":152},"In his Harvard Business Review article Marketing Myopia (1960), Theodore Levitt explains that for an industry to continue to grow at an accelerated rate, it must define its market broadly enough to benefit from technological advancements and growth opportunities that will otherwise disrupt and compete away its business.",{"type":154,"content":2177},[2178],{"text":2179,"type":152},"In the case of the railroad industry, those behind it assumed they were in the railroad business, when in fact they were in the transportation and logistics business. They were so intently focused on the rail network, its time schedules, the locomotive tech, and passenger & freight rates that they lost sight of their core business: getting people and cargo from point A to point B.",{"type":154,"content":2181},[2182],{"text":2183,"type":152},"\"Railroads were a means to satisfy this service, not the service itself.\"",{"_uid":2185,"image":2186,"component":1870},"2eb99734-7565-44df-9c0c-8603eedcffe7",[2187],{"_uid":2188,"image":2189,"detail":17,"caption":17,"component":211},"62421b23-dfe5-4014-bb53-c81ff753e722",{"id":2190,"alt":17,"name":17,"focus":17,"title":17,"source":17,"filename":2191,"copyright":17,"fieldtype":95,"meta_data":2192,"is_external_url":97},22246780,"https://a.storyblok.com/f/333888/1280x1022/490fd4a751/photo_2025-05-14-11-33-17.jpeg",{},{"_uid":2194,"text":2195,"component":201},"21bd7542-9878-4a21-ae2c-e1b36289b88e",{"type":143,"content":2196},[2197],{"type":154,"content":2198},[2199,2205,2206,2207,2212,2216,2220,2224,2229,2232,2233,2234,2238,2239,2240],{"text":2200,"type":152,"marks":2201},"But what does any of this have to do with blockchain design and onboarding the next billion users to Web3?",[2202],{"type":2029,"attrs":2203},{"color":2204},"#363737",{"type":984},{"type":984},{"text":2208,"type":152,"marks":2209},"Like railroads, legacy blockchains such as Bitcoin and Ethereum have defined their business far too narrowly. Early supporters of these chains have perpetuated the belief that blockchains are in the decentralization business. This is a warped view that does is not consistent with the preferences of next generation users and the broader technological trend. We feel while a minimum level of decentralization is important, most users, especially incremental ones, value ",[2210],{"type":2029,"attrs":2211},{"color":2204},{"text":2213,"type":152,"marks":2214},"performance",[2215],{"type":933},{"text":649,"type":152,"marks":2217},[2218],{"type":2029,"attrs":2219},{"color":2204},{"text":2221,"type":152,"marks":2222},"censorship resistance",[2223],{"type":933},{"text":2225,"type":152,"marks":2226}," above massive levels of redundancy and recoverability",[2227],{"type":2029,"attrs":2228},{"color":2204},{"text":982,"type":152,"marks":2230},[2231],{"type":933},{"type":984},{"type":984},{"text":2235,"type":152,"marks":2236},"Rather than being in the decentralization business, Next Generation Blockchains are redefining the industry by aiming to instantaneously propagate large amounts of data in a censorship resistant manner.",[2237],{"type":933},{"type":984},{"type":984},{"text":2241,"type":152,"marks":2242},"Blockchains that are unable to broaden their core market offering to take full advantage of increasing internet speeds and modern hardware to fit this broader market definition will not be able to compete with chains that do.",[2243],{"type":2029,"attrs":2244},{"color":2204},{"_uid":2246,"text":2247,"component":201},"cc863ff2-0f6c-42d9-a7e5-ee7097d92b9e",{"type":143,"content":2248},[2249,2256],{"type":146,"attrs":2250,"content":2251},{"level":148},[2252],{"text":2253,"type":152,"marks":2254},"Decentralization or Censorship Resistance?",[2255],{"type":933},{"type":154,"content":2257},[2258,2263,2264,2265,2270,2273,2276,2282,2287,2290,2291,2292,2297,2300,2305,2309,2314,2315,2316,2320,2325,2331,2334,2335,2340,2348,2353,2354,2355,2360,2364,2365,2366],{"text":2259,"type":152,"marks":2260},"Legacy blockchains like Ethereum and Bitcoin solved for decentralization by opting for low node requirements and highly redundant block propagation mechanisms. These tradeoffs reflect the desire of early blockchains to be highly robust and minimize the cost of running a node to achieve decentralization above all other features.",[2261],{"type":2029,"attrs":2262},{"color":17},{"type":984},{"type":984},{"text":2266,"type":152,"marks":2267},"Of course, without a working definition and quantifiable metrics, the conversation around decentralization quickly devolves into a loosely evidenced philosophical discussion that is hand-wavy at best:",[2268],{"type":2029,"attrs":2269},{"color":17},{"type":984,"marks":2271},[2272],{"type":933},{"type":984,"marks":2274},[2275],{"type":933},{"text":2277,"type":152,"marks":2278},"The market will decide when a blockchain is said to be decentralized, this occurs when a chain reaches a certain threshold of of ",[2279,2280],{"type":933},{"type":2029,"attrs":2281},{"color":17},{"text":2283,"type":152,"marks":2284},"full nodes",[2285,2286],{"type":933},{"type":1050},{"text":982,"type":152,"marks":2288},[2289],{"type":933},{"type":984},{"type":984},{"text":2293,"type":152,"marks":2294}
75,"In addition to participating in consensus, ",[2295],{"type":2029,"attrs":2296},{"color":17},{"text":2283,"type":152,"marks":2298},[2299],{"type":933},{"text":2301,"type":152,"marks":2302}," keep a copy of a blockchainâs entire ledger (all of its transactions) in real-time, allowing a single ",[2303],{"type":2029,"attrs":2304},{"color":17},{"text":2306,"type":152,"marks":2307},"full node",[2308],{"type":933},{"text":2310,"type":152,"marks":2311}," to recover the ledger in the case of a catastrophic event that a large number of nodes are lost or unrecoverable.",[2312],{"type":2029,"attrs":2313},{"color":17},{"type":984},{"type":984},{"text":2317,"type":152,"marks":2318},"Censorship resistance, best measured using the ",[2319],{"type":933},{"text":2321,"type":152,"marks":2322},"Nakamoto Coefficient",[2323,2324],{"type":933},{"type":1050},{"text":2326,"type":152,"marks":2327}," is the number of entities that would need to collude in order to start interfering with transactions on the network.",[2328,2329],{"type":933},{"type":2029,"attrs":2330},{"color":17},{"type":984,"marks":2332},[2333],{"type":933},{"type":984},{"text":2336,"type":152,"marks":2337},"For proof of stake networks, this is determined by how staked coins are delegated (assigned) to different validators. Note, as of the time of publishing, Ethereum has a Nakamoto Coefficient of 2 because Lido Finance and Coinbase have more than 33% of stake combined (per ",[2338],{"type":2029,"attrs":2339},{"color":17},{"text":2341,"type":152,"marks":2342},"Nakaflow.io",[2343,2346],{"type":575,"attrs":2344},{"href":2345,"uuid":99,"anchor":99,"target":99,"linktype":82},"https://nakaflow.io/",{"type":2347},"underline",{"text":2349,"type":152,"marks":2350},").",[2351],{"type":2029,"attrs":2352},{"color":17},{"type":984},{"type":984},{"text":2356,"type":152,"marks":2357},"Since total loss of 100% of full nodes is extremely unlikely (especially if they are distributed geographically), ",[2358],{"type":2029,"attrs":2359},{"color":17},{"text":2361,"type":152,"marks":2362},"solving for decentralization at the expense of performance is objectively a terrible tradeoff, if you are attempting to support hundreds of millions or billions of users.",[2363],{"type":933},{"type":984},{"type":984},{"text":2367,"type":152,"marks":2368},"In practice, the limits of decentralization in terms of total loss of the ledger are very unlikely to ever be tested. However, we are far more likely to feel a lack of censorship resistance. If malicious parties are able to collude and control more than 33% of stake, they are able to interfere with transactions on the network. We should be more preoccupied with ensuring stake is decentralized across many validators than an apocalyptic scenario where every full node is unrecoverable. By increasing the super minority (the number of entities required to reach 1/3rd + 1 of the network stake) the Nakamoto Coefficient increases and the network becomes more censorship resistant.",[2369],{"type":2029,"attrs":2370},{"color":17},{"_uid":2372,"text":2373,"component":201},"fcf6ded6-36c5-4e06-9286-c4c56a106b50",{"type":143,"content":2374},[2375,2386,2406],{"type":146,"attrs":2376,"content":2377},{"level":148},[2378,2382],{"text":2379,"type":152,"marks":2380},"Why is Censorship Resistance preferrable?",[2381],{"type":933},{"type":984,"marks":2383},[2384,2385],{"type":933},{"type":1050},{"type":154,"content":2387},[2388,2393,2396,2401],{"text":2389,"type":152,"marks":2390},"By solving for a high degree of ",[2391],{"type":2029,"attrs":2392},{"color":17},{"text":2221,"type":152,"marks":2394},[2395],{"type":933},{"text":2397,"type":152,"marks":2398},", ",[2399,2400],{"type":933},{"type":1050},{"text":2402,"type":152,"marks":2403},"Next Generation blockchains are able to retain high throughput, and performance while displaying a high degree of resistance to attacks.",[2404],{"type":2029,"attrs":2405},{"color":17},{"type":154,"content":2407},[2408,2413,2414,2415,2420,2421,2422,2427,2428,2429,2433,2434,2435,2440,2441,2442,2447,2448,2449],{"text":2409,"type":152,"marks":2410},"If we have learned anything from Levitt and the railroads, in order to keep adapting and respond to changes in their competitive landscape, blockchains need to broaden how they view their core business to take advantage of parabolic increases in internet speeds and hardware.",[2411],{"type":2029,"attrs":2412},{"color":17},{"type":984},{"type":984},{"text":2416,"type":152,"marks":2417},"Next Generation Blockchains are able to achieve adequate levels of decentralization (thousands of full nodes that can each recover the ledger) without sacrificing performance. This is truly the standard to beat and we expect the market to conform to this approach.",[2418],{"type":2029,"attrs":2419},{"color":17},{"type":984},{"type":984},{"text":2423,"type":152,"marks":2424},"Critics of this approach will insist tens of thousands of full nodes are needed and we can never have enough decentralization, however the corresponding loss in performance is too severe in practice. As you include more nodes in the network, more data needs to propagated instantaneously to all nodes, increasing latency and decreasing performance. Why solve for decentralization past the point of massive diminishing returns just because of ideology?",[2425],{"type":2029,"attrs":2426},{"color":17},{"type":984},{"type":984},{"text":2430,"type":152,"marks":2431},"There is no room for ideology in the L1 race, the market will decide how much decentralization is enough.",[2432],{"type":933},{"type":984},{"type":984},{"text":2436,"type":152,"marks":2437},"If legacy chains like Bitcoin and Ethereum continue to double down on decentralization instead of performance and censorship resistance, they will struggle to create the right mix of features to serve next generation of users and developers, and fail to meet support mass adoption.",[2438],{"type":2029,"attrs":2439},{"color":17},{"type":984},{"type":984},{"text":2443,"type":152,"marks":2444},"What was once important to the earliest blockchain adopters is no longer at the top of the list of preferences for the vast majority of users, especially if we would like to attract Web2 users accustomed to free and virtually instant applications.",[2445],{"type":2029,"attrs":2446},{"color":17},{"type":984},{"type":984},{"text":2450,"type":152,"marks":2451},"Any chain that compromises on performance by solving for excessive levels of decentralization over censorship resistance will simply be out of the race for L1 supremacy. The market will ultimately decide how much decentralization is enough. User and transaction metrics are already pointing in a direction that would suggest some chains are rapidly advancing towards the same fate as the railroads.",[2452],{"type":2029,"attrs":2453},{"color":17}
75,[489],{"id":2456,"alt":17,"name":17,"focus":17,"title":17,"source":17,"filename":2457,"copyright":17,"fieldtype":95,"meta_data":2458,"is_external_url":97},22047780,"https://a.storyblok.com/f/333888/2124x1600/1bf145c2a2/speed-advancement-5.png",{},"2022-10-14 18:54",[],"decentralization-vs-censorship-resistant-performance","articles/decentralization-vs-censorship-resistant-performance",-130,[],"b2632c7f-aec9-493e-aa48-ca52a95d850d","2025-05-06T16:14:04.140Z",[],{"name":2469,"created_at":2470,"published_at":2471,"updated_at":2472,"id":2473,"uuid":2474,"content":2475,"slug":2639,"full_slug":2640,"sort_by_date":99,"position":100,"tag_list":2641,"is_startpage":97,"parent_id":502,"meta_data":99,"group_id":2642,"first_published_at":2643,"release_id":99,"lang":104,"path":99,"alternates":2644,"default_full_slug":99,"translated_slugs":99},"Doubling Down on Next Generation Blockchains","2025-04-30T00:50:35.985Z","2025-07-07T22:19:27.852Z","2025-07-07T22:19:27.870Z",662600200,"6c588fdb-dbf9-4fbe-84aa-341ac8fded6e",{"_uid":2476,"author":2477,"content":2478,"category":2630,"subtitle":2631,"component":37,"disclaimer":2632,"featureImage":2633,"datePublished":2637,"relatedArticles":2638,"seo_description":17},"27583046-5ed4-4e35-af19-a995d899fca5",[138],[2479,2546,2592],{"_uid":2480,"text":2481,"component":201},"1654631a-bd3f-4845-87ec-595f6d0dba9b",{"type":143,"content":2482},[2483,2490,2494,2513,2517,2521,2535,2542],{"type":146,"attrs":2484,"content":2485},{"level":148},[2486],{"text":2487,"type":152,"marks":2488},"FTX Update:",[2489],{"type":933},{"type":154,"content":2491},[2492],{"text":2493,"type":152},"We begin this piece on a somber note. The implosion of FTX has opened fresh wounds in an industry already beaten down by the Luna/UST debacle and casts new doubt on the solvency of existing players. Frictionless Capital did not incur any losses during this event: We did not custody any assets on FTX, nor did we have any exposure to FTT.",{"type":154,"content":2495},[2496,2501,2504,2507],{"text":2497,"type":152,"marks":2498},"We continue to take a proactive approach to opsec and safeguarding LP assets as our first priority. Unfortunately, many individuals and companies have been affected, and the full extent of the repercussions will only become evident in the months and years to come. Heightened vigilance and caution will be needed.",[2499],{"type":2029,"attrs":2500},{"color":17},{"type":984,"marks":2502},[2503],{"type":933},{"type":984,"marks":2505},[2506],{"type":933},{"text":2508,"type":152,"marks":2509},"Reaffirming Thesis of Next Generation Blockchains",[2510,2511],{"type":933},{"type":2029,"attrs":2512},{"color":17},{"type":154,"content":2514},[2515],{"text":2516,"type":152},"One of our competitive advantages is our research driven thesis which allows us to cut through the noise and analyze tech from first principles. This is essential in order to make apples-to-apples comparisons on key blockchain features to objectively evaluate the properties and performance of networks. We find that too often, investors rely on secondary or tertiary information without reasoning for themselves or gathering information from founders and builders directly, broadly allocating according to narratives and themes.",{"type":154,"content":2518},[2519],{"text":2520,"type":152},"We do not feel this is an effective approach to investing nor one that is likely to result in relative outperformance. Our research-driven thesis guides us and grants us the conviction to center in on key areas of focus that we believe will accrue the most users and value, even when they are contrarian or minority views.",{"type":154,"content":2522},[2523,2528,2529,2530],{"text":2524,"type":152,"marks":2525},"Fundamentally, if you are investing on the wrong chains, even if the products / applications have found some level of product-market fit, their growth and adoption will be bottlenecked by the performance chain they were built on. Streaming HD video and movies was not possible on dial-up internet, and similarly, creating seamless Web2-like apps with virtually 0 fees and latency will not be possible on legacy blockchain technology.",[2526],{"type":2029,"attrs":2527},{"color":17},{"type":984},{"type":984},{"text":2531,"type":152,"marks":2532},"So why now, when the storm rages and the night is darkest, are we doubling down on our thesis of next generation blockchains? We believe that rarely in the technology space the first or second iteration of tech is the long-term winner. The preferences of early crypto adopters and innovators resulted in tradeoffs that prioritized decentralization and redundancy over performance, and legacy blockchains such as Bitcoin and Ethereum are grappling with huge amounts of âtech debtâ and are slow or unable to retrofit their architectures with the features required to support mass adopters. Sweeping narratives and disinformation about emergent technologies are creating a generational investment opportunity.",[2533],{"type":2029,"attrs":2534},{"color":17},{"type":146,"attrs":2536,"content":2537},{"level":148},[2538],{"text":2539,"type":152,"marks":2540},"New Blockchain Designs, Built From the Ground Up",[2541],{"type":933},{"type":154,"content":2543},[2544],{"text":2545,"type":152},"In contrast with legacy blockchains, next generation blockchains are built from the ground up with different design choices and optimizations that enable a new paradigm of performance and user experience. For the purpose of this article, we will summarize a few of the features and properties that give next-gen tech the greatest chance of onboarding hundreds of millions and ultimately billions of users.",{"_uid":2547,"text":2548,"component":201},"869241b4-b479-4423-993c-b14bd71ab621",{"type":143,"content":2549},[2550],{"type":176,"content":2551},[2552,2562,2572,2582],{"type":179,"content":2553},[2554],{"type":154,"content":2555},[2556,2560],{"text":2557,"type":152,"marks":2558},"Scalability:",[2559],{"type":933},{"text":2561,"type":152}," throughput (commonly measured as TPS) of next-generation blockchains increases as compute (hardware) and bandwidth (internet speeds) increase. Multicore performance of hardware and internet speeds double every ~2 years. Legacy blockchains that donât scale with increasing hardware and bandwidth will be unable to compete on throughput with next-gen chains. High throughput is a requirement to supp
75ort millions of applications and users concurrently.",{"type":179,"content":2563},[2564],{"type":154,"content":2565},[2566,2570],{"text":2567,"type":152,"marks":2568},"Abundant Blockspace: ",[2569],{"type":933},{"text":2571,"type":152},"enabled by high data propagation, an abundance of blockspace means that gas fees are likely to remain low. When blockspace becomes scarce, L2 solutions can effectively compress data by batching multiple transactions down to the L1, however the blockchain with the largest block propagation at the base layer will have the greatest absolute benefit from L2 compression (e.g. compressing 100 Mbps 500x = 50Gbps vs compressing 1.3 Mbps 500x = 650 Mbps)",{"type":179,"content":2573},[2574],{"type":154,"content":2575},[2576,2580],{"text":2577,"type":152,"marks":2578},"Local Fee Markets: ",[2579],{"type":933},{"text":2581,"type":152},"enables gas fees to be assigned per contract, allowing for local âhotspotsâ of activity like a NFT mint to have gas fees bid up while other activities like DeFi remain virtually costless on the rest of the network. It is paramount that gas fees remain as low as possible to replicate the Web2 UX. $50-$100 transactions are simply not cost-effective for the vast majority of incremental Web2 users, especially in the developing world.",{"type":179,"content":2583},[2584],{"type":154,"content":2585},[2586,2590],{"text":2587,"type":152,"marks":2588},"Preservation of Composability: ",[2589],{"type":933},{"text":2591,"type":152},"the ability to natively compose dApps on top of each other will lead to much greater compounding of innovation and acceleration of network effects / user onboarding. Blockchains that break composability early in their lifecycles by relying on sharding & L2 solutions will stifle the innovation of their ecosystem and lose on massive growth compounding in the long term.",{"_uid":2593,"text":2594,"component":201},"d05a3d18-5e31-45b8-9627-8567e1ddbaea",{"type":143,"content":2595},[2596],{"type":154,"content":2597},[2598,2603,2608,2613,2618,2623,2624,2625],{"text":2599,"type":152,"marks":2600},"Tech for the sake of tech is not as interesting as creating the ",[2601],{"type":2029,"attrs":2602},{"color":2204},{"text":2604,"type":152,"marks":2605},"properties ",[2606,2607],{"type":933},{"type":1050},{"text":2609,"type":152,"marks":2610},"and ",[2611],{"type":2029,"attrs":2612},{"color":2204},{"text":2614,"type":152,"marks":2615},"features ",[2616,2617],{"type":933},{"type":1050},{"text":2619,"type":152,"marks":2620},"outlined above, which give product and application engineers a much larger sandbox to ideate in, and create applications with potentially global impact and reach. When the limits of blockchain are pushed further and further, we will begin to see levels of performance that enable unbounded application development. It is these applications and products themselves that will onboard the next billion users to crypto.",[2621],{"type":2029,"attrs":2622},{"color":2204},{"type":984},{"type":984},{"text":2626,"type":152,"marks":2627},"When we cut through the market noise of the crypto space, there are only a small handful of blockchains even aiming to push the theoretical limits of physics. Crypto VCs must possess in-depth knowledge of the technical nuances of blockchain to avoid misallocating to technologies that simply will not scale to 1bn+ users. As the space evolves and more investment flows in, we do not feel that being early is enough anymore, you have to be right about the tech. We feel very confident that our objective view of the space, research, and unparalleled ecosystem presence on the chains we invest in is a highly differentiated approach to investing.",[2628],{"type":2029,"attrs":2629},{"color":2204},[490],"a Post-FTX Bear Market","Disclaimer\n\nThis content is provided for informational purposes only, and should not be relied upon as the basis for an investment decision, and is not, and should not be assumed to be, complete. The contents herein are not to be construed as legal, business, or tax advice. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. This post does not constitute investment advice or an offer to sell or a solicitation of an offer to purchase any limited partner interests in any investment vehicle managed by DBA.",{"id":2634,"alt":17,"name":1
757,"focus":17,"title":17,"source":17,"filename":2635,"copyright":17,"fieldtype":95,"meta_data":2636,"is_external_url":97},22047927,"https://a.storyblok.com/f/333888/1280x1600/5cbb7ce748/explosive-growth-4.jpg",{},"2022-11-18 18:50",[],"doubling-down-on-next-generation-blockchains-in-a-post-ftx-bear-market","articles/doubling-down-on-next-generation-blockchains-in-a-post-ftx-bear-market",[],"5fc6ad3b-bf0d-48c9-b6c9-d982be1abd4a","2025-05-06T16:14:04.422Z",[],{"name":2646,"created_at":2647,"published_at":2648,"updated_at":2649,"id":2650,"uuid":2651,"content":2652,"slug":2850,"full_slug":2851,"sort_by_date":99,"position":2852,"tag_list":2853,"is_startpage":97,"parent_id":502,"meta_data":99,"group_id":2854,"first_published_at":2855,"release_id":99,"lang":104,"path":99,"alternates":2856,"default_full_slug":99,"translated_slugs":99},"Playing the Right Game: Challenging Blockchain Assumptions","2025-04-30T00:44:52.862Z","2025-07-07T22:19:28.188Z","2025-07-07T22:19:28.203Z",662600196,"44a0c898-43cb-4ce3-9086-10536baefe7c",{"_uid":2653,"author":2654,"content":2655,"category":2842,"subtitle":2843,"component":37,"disclaimer":17,"featureImage":2844,"datePublished":2848,"relatedArticles":2849,"seo_description":17},"2978486d-80fe-44d8-b2ff-b3713e0864a9",[138],[2656,2688,2697,2714,2729,2739,2767,2815],{"_uid":2657,"text":2658,"component":201},"eb6b5522-306d-45e9-870b-595c1ee193b8",{"type":143,"content":2659},[2660,2676,2680,2684],{"type":146,"attrs":2661,"content":2662},{"level":148},[2663,2667,2672],{"text":2664,"type":152,"marks":2665},"Innovation needs to be accompanied by a culture of ",[2666],{"type":933},{"text":2668,"type":152,"marks":2669},"adopting",[2670,2671],{"type":933},{"type":1050},{"text":2673,"type":152,"marks":2674}," innovation",[2675],{"type":933},{"type":154,"content":2677},[2678],{"text":2679,"type":152},"For much of the 20th century, Eastman Kodak was a dominant force in the film photography business. In 1976, the company accounted for ~90% of film and 85% of camera sales in the United States. Eastman was a believer in blue sky research, this emphasis allowed Kodak to pivot multiple times at crucial strategic points throughout its history: from dry plates to film, and from black and white to color.",{"type":154,"content":2681},[2682],{"text":2683,"type":152},"How then, did the photography juggernaut that coined the phrase âKodak momentâ suffer such a monumental fall from grace, going from a $30 billion market cap in 1990 to bankruptcy just years later?",{"type":154,"content":2685},[2686],{"text":2687,"type":152},"Ironically, the innovation that would eventually topple Kodakâs empire came from its own R&D labs. In 1975, Kodak engineer Steve Sasson invented the first digital camera. Despite cultivating the talent and funding required to produce such a breakthrough, Kodak viewed digital photography as too much of a threat to their core business (film) and stifled its potential themselves.",{"_uid":2689,"image":2690,"component":1870},"d4fefb83-3bea-4fa2-a45e-c46023cc9152",[2691],{"_uid":2692,"image":2693,"detail":17,"caption":17,"component":211},"93bab9a4-eac8-4819-9f94-8cc29b57b918",{"id":2694,"alt":17,"name":17,"focus":17,"title":17,"source":17,"filename":2695,"copyright":17,"fieldtype":95,"meta_data":2696,"is_external_url":97},22048537,"https://a.storyblok.com/f/333888/1200x900/8f04837f72/de1965cb-8805-4151-a73d-eef3f192ec4b_1200x900.jpg",{},{"_uid":2698,"text":2699,"component":201},"d21ebee7-fe91-4e9f-86a4-1d5f2aab7001",{"type":143,"content":2700},[2701,2708],{"type":154,"content":2702},[2703],{"text":2704,"type":152,"marks":2705},"As shown by many other examples, a culture of unrelenting innovation was not enough to guarantee the long-term survival of Kodak. Ultimately, flawed assumptions and self-imposed myopia would prevent Kodak from realizing the potential of its own invention, stopping them from making the necessary changes to compete.",[2706],{"type":2029,"attrs":2707},{"color":2031},{"type":154,"content":2709},[2710],{"text":2711,"type":152,"marks":2712},"Innovation needs to be accompanied by a culture of embracing and adopting innovation, constantly changing assumptions in light of new information.",[2713],{"type":933},{"_uid":2715,"text":2716,"component":201},"b5fc7511-5fdd-4cea-8786-c422c8c78b00",{"type":143,"content":2717},[2718,2725],{"type":146,"attrs":2719,"content":2720},{"level":148},[2721],{"text":2722,"type":152,"marks":2723},"Many of the Current Blockchain Assumptions are Flawed",[2724],{"type":933},{"type":154,"content":2726},[2727],{"text":2728,"type":152},"The crypto space is currently âgovernedâ by a set of narratives and assumptions that we have all heard repeated again and again, some of them summarized on the left hand side of the table below:",{"_uid":2730,"image":2731,"component":2738},"26ba8ea8-ffd2-4aad-a442-6cbc67812b65",[2732],{"_uid":2733,"image":2734,"detail":17,"caption":17,"component":211},"7428444e-283e-4610-8130-922a39a1de2d",{"id":2735,"alt":17,"name":1
757,"focus":17,"title":17,"source":17,"filename":2736,"copyright":17,"fieldtype":95,"meta_data":2737,"is_external_url":97},22127288,"https://a.storyblok.com/f/333888/2432x1212/5eaaec1093/data-viz-2.png",{},"articleImageFull",{"_uid":2740,"text":2741,"component":201},"791d6f60-208a-4523-9103-4a6b5e684b74",{"type":143,"content":2742},[2743,2751,2755,2759,2763],{"type":154,"content":2744},[2745,2747],{"text":2746,"type":152},"What if the blockchain space was accepting a series of flawed assumptions and making erroneous decisions based off them? This would mean a majority of builders and investors are completely offside, and are allocating time and capital to ",{"text":2748,"type":152,"marks":2749},"playing the wrong game.",[2750],{"type":933},{"type":154,"content":2752},[2753],{"text":2754,"type":152},"Any new entrant into the blockchain space is bombarded with references to the blockchain trilemma and the idea that decentralization is the most important factor to solve for, and performant blockchains can never be secure by definition. This is an incredibly warped view that leads the industry down a dangerous path of rejecting innovation and continuing to view early blockchain tradeoffs as absolute truth.",{"type":154,"content":2756},[2757],{"text":2758,"type":152},"What if these ideas are being perpetuated by participants and investors that are so blinded by their bias and worldview that they refuse to accept the facts as they stand in front of them? What if the preferences of early crypto adopters are no longer in line with those of Web2 users that would be the majority of mass adopters.",{"type":154,"content":2760},[2761],{"text":2762,"type":152},"If parallel processing virtual machines enable a new era in execution environments, unlock localized fee markets (as opposed to global), and an entire host of other innovations have been made in consensus, data propagation and storage, why do we continue to accept outdated assumptions as the sole truth? We are in a new paradigm of blockchain performance, and the market will gradually adapt to this new information.",{"type":154,"content":2764},[2765],{"text":2766,"type":152},"We challenge many of these legacy assumptions, and have written extensively already to disprove them, covering decentralization vs. censorship resistance, data propagation, layer 2s, and even the kind of fresh innovation needed to take Web3 experiences to billions.",{"_uid":2768,"text":2769,"component":201},"9680cb8a-c3df-462f-9b47-967bba712459",{"type":143,"content":2770},[2771,2778,2782,2786,2790,2806],{"type":146,"attrs":2772,"content":2773},{"level":148},[2774],{"text":2775,"type":152,"marks":2776},"Legacy technology and assumptions will not enable the Web2-like experience required to reach mass adoption",[2777],{"type":933},{"type":154,"content":2779},[2780],{"text":2781,"type":152},"When the crypto space is viewed through the lens of mass adoption, it becomes clear that the only way we are going to onboard hundreds of millions or billions of users is by offering Web2-like user experience combined with application innovations that are uniquely enabled by Web3 native technology and ideation.",{"type":154,"content":2783},[2784],{"text":2785,"type":152},"The features and properties of next generation blockchains like Solana with high throughput, minimal fees, low latency, and large scalability enable applications with Web2-like UX and global impact to be developed.",{"type":154,"content":2787},[2788],{"text":2789,"type":152},"If a Web2 seamless user experience is what is required, why do we continue to repeat narratives, like Ethereumâs limited TPS and prolonged finality times (13 TPS at 12 second interval blocks) will be enough to power the âworld computerâ and the âfuture of financeâ? These narratives have gotten to truly ridiculous heights.",{"type":154,"content":2791},[2792,2794,2798,2800,2804],{"text":2793,"type":152},"Why donât we dismantle each and every single one of these assumptions? For instance, the fact that virtually all modern hardware is multi-core, and the Ethereum Virtual Machine
75(EVM) is single threaded meaning it does not make use of multi-core hardware making it is woefully bad in comparison with parallel processing VMs. Simply put, a sequential processing virtual machine is ",{"text":2795,"type":152,"marks":2796},"strictly worse",[2797],{"type":933},{"text":2799,"type":152},", and cannot compete in a multi-core hardware world. Why would we accept global fee markets when newer chains employ localized fees? There is no reason why a hyped NFT mint should ever affect a swap or DeFi transaction! Being able to assign fees per contract is absolutely essential, and probably a ",{"text":2801,"type":152,"marks":2802},"requirement",[2803],{"type":933},{"text":2805,"type":152}," to achieve mass adoption.",{"type":154,"content":2807},[2808,2810,2813],{"text":2809,"type":152},"Moreover, why should we rely on scaling solutions that break composability and fragment user experience and liquidity? This forces users to use unsafe bridges from one chain to another when there are Next Generation Blockchains that can already handle 1000x more data propagation on the L1 when compared to Ethereum. This means Next Generation Blockchains can scale without needing to make disastrously bad tradeoffs destroying the compounding of innovation so early in their lifecycles. Again, moving all activities across L2s and sharding networks is a ",{"text":2795,"type":152,"marks":2811},[2812],{"type":933},{"text":2814,"type":152}," approach to scaling blockchains in a world where the limits of physics have not been tested at the L1 level. Once L1 performance has reached the upper bound of its physical limitations, then a widespread L2 or sharding solution will be necessitated. Until then, we should continue to push the envelope!",{"_uid":2816,"text":2817,"component":201},"18b94e5a-5740-401a-883e-9cf85966433f",{"type":143,"content":2818},[2819,2826,2830,2834,2838],{"type":146,"attrs":2820,"content":2821},{"level":148},[2822],{"text":2823,"type":152,"marks":2824},"What if a large portion of the industry is playing the wrong game?",[2825],{"type":933},{"type":154,"content":2827},[2828],{"text":2829,"type":152},"What if a majority of the industry is blinded by the wrong assumptions and beliefs? Kodak couldnât imagine a world without film photography, and unfortunately, many in the blockchain space canât imagine a world where their assumptions or beloved trilemma no longer hold. In the coming months and years, it seems likely that deeply held beliefs and frameworks will be drawn into question.",{"type":154,"content":2831},[2832],{"text":2833,"type":152},"Without playing the right game and solving for the correct tradeoffs, funds and builders will allocate their resources to the wrong technologies. Unfortunately, many dApps and protocols have achieved some level of product market fit but on chains with very poor scalability. Many of these projects and companies could end up being the champions of dial-up and broadband markets when fiber optic exists. Next generation blockchains continue to scale with improvements in hardware and bandwidth, and it will be very difficult for legacy chains to compete on performance.",{"type":154,"content":2835},[2836],{"text":2837,"type":152},"We believe some of the core innovations that have already been developed and implemented by next generation blockchains like Solana have already changed the path of the industry. This trend is only set to accelerate as the scalability and advantages of the design choices become more evident, and as applications that canât be built elsewhere begin to amass millions of users.",{"type":154,"content":2839},[2840],{"text":2841,"type":152},"We need to challenge our assumptions daily. Nothing is promised, and technology is a moving target, the immense opportunity of investing in emergent technologies also comes with massive risks, especially for those who fail to update their thesis real time with new information. We have a clear approach to sail these waters but suspect the next years will be extremely telling. Innovation stops for no one and those who refuse to acknowledge it and implement it will be competed away by those who do.",[490],"Challenging Blockchain Assumptions",{"id":2845,"alt":17,"name":1
757,"focus":17,"title":17,"source":17,"filename":2846,"copyright":17,"fieldtype":95,"meta_data":2847,"is_external_url":97},22047935,"https://a.storyblok.com/f/333888/1024x1024/12e77ea2a7/interconnection-5.png",{},"2022-12-12 18:44",[],"playing-the-right-game-challenging-blockchain-assumptions","articles/playing-the-right-game-challenging-blockchain-assumptions",-90,[],"0f0232fc-bfc9-428e-a8e6-eb0ea1802a5f","2025-05-06T16:14:04.732Z",[],{"name":2858,"created_at":2859,"published_at":2860,"updated_at":2861,"id":2862,"uuid":2863,"content":2864,"slug":3577,"full_slug":3578,"sort_by_date":99,"position":3579,"tag_list":3580,"is_startpage":97,"parent_id":502,"meta_data":99,"group_id":3581,"first_published_at":3582,"release_id":99,"lang":104,"path":99,"alternates":3583,"default_full_slug":99,"translated_slugs":99},"Making the Case for Solana: Fighting the FUD","2025-04-29T21:08:40.196Z","2025-07-07T22:19:28.524Z","2025-07-07T22:19:28.585Z",662549463,"12e99266-ff09-4b44-8d0b-61f170856f08",{"_uid":2865,"author":2866,"content":2867,"category":3570,"subtitle":17,"component":37,"disclaimer":17,"featureImage":3571,"datePublished":3575,"relatedArticles":3576,"seo_description":17},"4af2c74d-d037-4790-b6a9-d5e2b9ed4bc6",[138],[2868,3023,3032,3113],{"_uid":2869,"text":2870,"component":201},"d95bccba-04d7-4342-a9b5-cb00a6a345e3",{"type":143,"content":2871},[2872,2877,2881,2924,2928,2932,2936,2940,2945,2973,2980],{"type":146,"attrs":2873,"content":2874},{"level":148},[2875],{"text":2876,"type":152},"Intro",{"type":154,"content":2878},[2879],{"text":2880,"type":152},"Solana has been criticized for 4 main points, weâve all heard them many times",{"type":529,"attrs":2882,"content":2883},{"order":531},[2884,2894,2904,2914],{"type":179,"content":2885},[2886],{"type":154,"content":2887},[2888,2892],{"text":2889,"type":152,"marks":2890},"Downtime & Outages",[2891],{"type":933},{"text":2893,"type":152}," âSolana goes down every 5 minsâ",{"type":179,"content":2895},[2896],{"type":154,"content":2897},[2898,2902],{"text":2899,"type":152,"marks":2900},"Centralization",[2901],{"type":933},{"text":2903,"type":152}," âItâs a centralized database chain, SQLANA!â",{"type":179,"content":2905},[2906],{"type":154,"content":2907},[2908,2912],{"text":2909,"type":152,"marks":2910},"Inflationary Tokenomics ",[2911],{"type":933},{"text":2913,"type":152},"âThe inflation rate is unsustainable!â",{"type":179,"content":2915},[2916],{"type":154,"content":2917},[2918,2922],{"text":2919,"type":152,"marks":2920},"FTXâs Involvement",[2921],{"type":933},{"text":2923,"type":152}," âFTX controlled SOL and it wonât survive without themâ",{"type":154,"content":2925},[2926],{"text":2927,"type":152},"In this article we will take these points head-on and provide you with the publicly available facts and arguments to dismantle these points.",{"type":154,"content":2929},[2930],{"text":2931,"type":152},"At the end, we will also cover some of the main tailwinds that Solana has heading into 2023 that could be major drivers of user and developer activity in the future.",{"type":154,"content":2933},[2934],{"text":2935,"type":152},"Since Satoshiâs whitepaper was published in 2008, the crypto space has embarked on a period of experimentation that continues to this day. Protocol architects and designers have pursued different trade offs and optimizations to attract developers and users. History has shown that in a tech race the winner is almost never decided in the first or second iteration. With every iteration, innovators uncover new and interesting blockchain properties and features that push the space forward in leaps and bounds. Every so often, a profou
75nd innovation occurs that changes the course of blockchain design and development forever. Today, as a key innovator in the space, Solana is under attack by critics and detractors.",{"type":154,"content":2937},[2938],{"text":2939,"type":152},"In this piece we will unpack some of the core criticisms of Solana and present the bull case for the chain as we move into 2023:",{"type":146,"attrs":2941,"content":2942},{"level":148},[2943],{"text":2944,"type":152},"1. Downtime & Outages",{"type":154,"content":2946},[2947,2949,2955,2957,2963,2965,2971],{"text":2948,"type":152},"In 2021, Solana went from thousands of users to millions. This meteoric rise was accompanied by over ",{"text":2950,"type":152,"marks":2951},"100 billion transactions",[2952],{"type":575,"attrs":2953},{"href":2954,"uuid":99,"anchor":99,"target":99,"linktype":82},"https://solana.com/",{"text":2956,"type":152},". This level of traffic and activity has come with its own challenges. It is not an exaggeration to say that Solana, as a network, has been put under larger stress tests on single day(s) than all other blockchains combined. As Solanaâs user and developer communities blossomed in 2021, the ecosystem began to offer many highly profitable and +EV activities ranging from NFT mints, to token IDOs, and price arbitrage. Minimal fees of $0.00025 per transaction meant that it was highly economic to spam the network with millions of requests per second with bots to extract as much value as possible. This issue was so severe at times that ",{"text":2958,"type":152,"marks":2959},"Cointelegraph reported a DDoS attack in September 2021",[2960],{"type":575,"attrs":2961},{"href":2962,"uuid":99,"anchor":99,"target":99,"linktype":82},"https://cointelegraph.com/news/solana-attributes-major-outage-to-denial-of-service-attack-targeting-dex-offering",{"text":2964,"type":152}," because of the sheer amount of activity surrounding an IDO. It wasnât a denial of service attack but rather DDoS levels of of requests (",{"text":2966,"type":152,"marks":2967},"~100GB/s",[2968],{"type":575,"attrs":2969},{"href":2970,"uuid":99,"anchor":99,"target":99,"linktype":82},"https://www.youtube.com/watch?v=NhfZRTA9BVY&t=2866s&ab_channel=Empire",{"text":2972,"type":152},") that caused an outage in the network lasting 17 hours. Critics were all too happy to spin the narrative that Solana is âconstantly downâ, even falsely claiming that the Solana team can turn the network on and off at will. Below we present some of the facts to refute these claims:",{"type":146,"attrs":2974,"content":2975},{"level":997},[2976],{"text":2977,"type":152,"marks":2978},"The Facts on Downtime & Outages",[2979],{"type":933},{"type":176,"content":2981},[2982,2991,2997,3003,3009],{"type":179,"content":2983},[2984],{"type":154,"content":2985},[2986,2988,2989],{"text":2987,"type":152},"Solana has had 99.6% uptime throughout its history while doing more true TPS",{"type":984},{"text":2990,"type":152},"(excl. voting & communication transactions) than all EVM-based chains combined",{"type":179,"content":2992},[2993],{"type":154,"content":2994},[2995],{"text":2996,"type":152},"The worst month of uptime was 96.4% in January 2022",{"type":179,"content":2998},[2999],{"type":154,"content":3000},[3001],{"text":3002,"type":152},"Solana has had 4 total outage events in the last 2 years",{"type":179,"content":3004},[3005],{"type":154,"content":3006},[3007],{"text":3008,"type":152},"Solana holds itself to a different standard, doing a block every ~400 milliseconds meaning that if it does not produce a block in a few seconds it is technically considered to be âdownâ, but this is still faster than Ethereumâs blocktime of 12s or Bitcoinâs 10 minutes",{"type":179,"content":3010},[3011],{"type":154,"content":3012},[3013,3015,3021],{"text":3014,"type":152},"Solana website ",{"text":3016,"type":152,"marks":3017},"status.solana.com",[3018],{"type":575,"attrs":3019},{"href":3020,"uuid":99,"anchor":99,"target":578,"linktype":82},"https://status.solana.com/",{"text":3022,"type":152}," details historical uptime, month by month from March 2021 until today (Figure 1.0)",{"_uid":3024,"image":3025,"component":1870},"84ba4c5a-a264-4938-bbb4-e086993a86e6",[3026],{"_uid":3027,"image":3028,"detail":17,"caption":17,"component":211},"df4b55a7-a746-4312-b967-993d37032491",{"id":3029,"alt":17,"name":1
757,"focus":17,"title":17,"source":17,"filename":3030,"copyright":17,"fieldtype":95,"meta_data":3031,"is_external_url":97},22048233,"https://a.storyblok.com/f/333888/726x726/ecd734387e/test-article-image-1.png",{},{"_uid":3033,"text":3034,"component":201},"bc441f6a-f914-43cc-89d5-326ae5b7cef9",{"type":143,"content":3035},[3036,3043,3053,3109],{"type":146,"attrs":3037,"content":3038},{"level":997},[3039],{"text":3040,"type":152,"marks":3041},"What is Solana & Community Doing to Prevent Outages?",[3042],{"type":933},{"type":154,"content":3044},[3045,3047],{"text":3046,"type":152},"Many argue that anything less than 99.9% uptime is unacceptable, and we agree. To this end, ",{"text":3048,"type":152,"marks":3049},"there are a number of initiatives being implemented to reach that number",[3050],{"type":575,"attrs":3051},{"href":3052,"uuid":99,"anchor":99,"target":99,"linktype":82},"https://solana.com/news/solana-network-upgrades",{"type":176,"content":3054},[3055,3065,3075,3085],{"type":179,"content":3056},[3057],{"type":154,"content":3058},[3059,3063],{"text":3060,"type":152,"marks":3061},"Local fee markets (LIVE on Mainnet-beta)",[3062],{"type":933},{"text":3064,"type":152}," allow particular hotspots (like a NFT mint or IDO) to have fees unique to their activities (and piece of contentious state), there is no reason why a NFT mint should drive up the tx cost of another, unrelated activities such as DeFi or gaming, and Solana uniquely enables this (Figure 2.0)",{"type":179,"content":3066},[3067],{"type":154,"content":3068},[3069,3073],{"text":3070,"type":152,"marks":3071},"QUIC (LIVE on Mainnet-beta) ",[3072],{"type":933},{"text":3074,"type":152},"gives validators more control over how many transactions they can receive by capping the flow to, say, 1GB instead of trying to process ridiculously large amounts of data like when bots spammed 100GB/s",{"type":179,"content":3076},[3077],{"type":154,"content":3078},[3079,3083],{"text":3080,"type":152,"marks":3081},"Stake-Weighted Quality of Service (QoS) (LIVE on Mainnet-beta) ",[3082],{"type":933},{"text":3084,"type":152},"guarantees that every validator has some stake-weighted amount of voice, preventing people from flooding the leader node with overwhelming amounts of data",{"type":179,"content":3086},[3087],{"type":154,"content":3088},[3089,3093,3095,3099,3101,3107],{"text":3090,"type":152,"marks":3091},"Firedancer",[3092],{"type":933},{"text":3094,"type":152}," ",{"text":3096,"type":152,"marks":3097},"(Work in Progress)",[3098],{"type":933},{"text":3100,"type":152}," is a second validator client being built by ",{"text":3102,"type":152,"marks":3103},"Jump Crypto",[3104],{"type":575,"attrs":3105},{"href":3106,"uuid":99,"anchor":99,"target":578,"linktype":82},"https://jumpcrypto.com/firedancer/",{"text":3108,"type":152},". We are including it under the Downtime section because once Firedancer goes live, it will provide huge redundancy and performance increases (more on this later). It is extremely unlikely there is a bug in both the original Solana client and the Firedancer client simultaneously, in effect reducing downtime to 0.",{"type":154,"content":3110},[3111],{"text":3112,"type":152},"Since the trifecta of QUIC, Stake-Weighted QoS, and Local fees have been enabled, there has not been an outage or downtime event. We fully expect these initiatives, combined with Firedancer to result in virtually 100% uptime in the future, however if additional edge-case bugs are uncovered they will be addressed promptly, increasing the robustness of the network.",{"_uid":3114,"text":3115,"component":201},"bc5192fa-e362-4b2e-a781-5a9e0037d334",{"type":143,"content":3116},[3117,3124,3131,3169,3176,3275,3282,3286,3306,3310,3314,3318,3345,3349,3356,3360,3367,3387,3392,3412,3416,3423,3427,3431,3436,3442,3446,3450,3454,3461,3467,3471,3478,3484,3488,3492,3499,3505,3509,3516,3533,3537,3541,3542,3568],{"type":146,"attrs":3118,"content":3119},{"level":148},[3120],{"text":3121,"type":152,"marks":3122},"2. Centralization & Censorship Resistance",[3123],{"type":933},{"type":154,"content":3125},[3126],{"text":3127,"type":152,"marks":3128},"The conversation around (de)centralization is a somewhat slippery one, as it often devolves into a somewhat philosophical and ideological discussion. Legacy blockchains such as Bitcoin and Ethereum have solved for redundancy and guaranteed settlement over throughput & performance. Many people view blockchains through the lens of the earlier chains and believe performance and decentralization are mostly incompatible on the L1. Solana brings innovations around data propagation, execution environment, and consensus that challenges this notion. For the purpose of this handbook, we will focus on quantifiable metrics of decentralization & censorship resistance:",[3129],{"type":2029,"attrs":3130},{"color":2031},{"type":176,"content":3132},[3133,3146],{"type":179,"content":3134},[3135],{"type":154,"content":3136},[3137,3141,3143,3144],{"text":3138,"type":152,"marks":3139},"Full node count",[3140],{"type":933},{"text":3142,"type":152}," for recoverability of the ledger, with geographic diversification, a higher number is more decentralized. One of the key determinants of how many full nodes there are is cost. The most accessible the node cost is, the higher the node count",{"type":984},{"text":3145,"type":152},"As long as one independent copy of the ledger exists, the ledger (history of transactions) can be recovered and rebooted",{"type":179,"content":3147}
75,[3148],{"type":154,"content":3149},[3150,3154,3156,3160,3165],{"text":3151,"type":152,"marks":3152},"Stake distribution (Nakamoto Coefficient, NC)",[3153],{"type":933},{"text":3155,"type":152}," measures how many independent parties would have to collude to pool 33% of the stake weight, a higher number is more censorship resistant ",{"text":3157,"type":152,"marks":3158},"(Solana has a NC of 30, Ethereum has a NC of 2 per ",[3159],{"type":933},{"text":2341,"type":152,"marks":3161},[3162,3164],{"type":575,"attrs":3163},{"href":2345,"uuid":99,"anchor":99,"target":578,"linktype":82},{"type":933},{"text":3166,"type":152,"marks":3167},")",[3168],{"type":933},{"type":146,"attrs":3170,"content":3171},{"level":997},[3172],{"text":3173,"type":152,"marks":3174},"The Facts on Centralization & Censorship Resistance",[3175],{"type":933},{"type":176,"content":3177},[3178,3198,3236,3254,3269],{"type":179,"content":3179},[3180],{"type":154,"content":3181},[3182,3184,3190,3192],{"text":3183,"type":152},"Solana has 3,474 full nodes at the time of writing and Ethereum has 9,340 full nodes per ",{"text":3185,"type":152,"marks":3186},"validators.app",[3187],{"type":575,"attrs":3188},{"href":3189,"uuid":99,"anchor":99,"target":578,"linktype":82},"https://www.validators.app/",{"text":3191,"type":152}," and ",{"text":3193,"type":152,"marks":3194},"Etherscan",[3195],{"type":575,"attrs":3196},{"href":3197,"uuid":99,"anchor":99,"target":578,"linktype":82},"https://etherscan.io/nodetracker",{"type":179,"content":3199},[3200],{"type":154,"content":3201},[3202,3204,3210,3212,3218,3220,3221,3223,3229,3230],{"text":3203,"type":152},"The cost of a SOL node is the cheapest possible cost to achieve what Solana is aiming to do, a global synchronized price discovery engine with consensus at the speed of light. We reached out to ",{"text":3205,"type":152,"marks":3206},"Michael Laine",[3207],{"type":575,"attrs":3208},{"href":3209,"uuid":99,"anchor":99,"target":578,"linktype":82},"https://twitter.com/laine_sa_",{"text":3211,"type":152}," of ",{"text":3213,"type":152,"marks":3214},"StakeWiz",[3215],{"type":575,"attrs":3216},{"href":3217,"uuid":99,"anchor":99,"target":578,"linktype":82},"https://stakewiz.com/",{"text":3219,"type":152},", one of the most veteran validator operators for a cost estimate for running a node and purchasing the hardware, and subscription starts at $350/month with the hardware costing $3.5k and up to buy outright",{"type":984},{"text":3222,"type":152},"We also note that there is no possibility of 3rd party stake on Ethereum, meaning 32 ETH is required in order to participate in consensus. On Solana, a validator can start with \u003C1 SOL of stake and achieve breakeven in 1-2 months with the help of ",{"text":3224,"type":152,"marks":3225},"Stake Pools",[3226],{"type":575,"attrs":3227},{"href":3228,"uuid":99,"anchor":99,"target":578,"linktype":82},"https://solana.org/stake-pools",{"text":3191,"type":152},{"text":3231,"type":152,"marks":3232},"Solana Foundationâs delegation program",[3233],{"type":575,"attrs":3234},{"href":3235,"uuid":99,"anchor":99,"target":578,"linktype":82},"https://solana.org/delegation-program",{"type":179,"content":3237},[3238],{"type":154,"content":3239},[3240,3242,3246,3251],{"text":3241,"type":152},"Solana has a Nakamoto Coefficient of 30 which means that 30 independent entities would have to collude to censor transactions ",{"text":3243,"type":152,"marks":3244},"(per ",[3245],{"type":933},{"text":2341,"type":152,"marks":3247},[3248,3250],{"type":575,"attrs":3249},{"href":2345,"uuid":99,"anchor":99,"target":578,"linktype":82},{"type":933},{"text":3166,"type":152,"marks":3252},[3253],{"type":933},{"type":179,"content":3255},[3256],{"type":154,"content":3257},[3258,3260,3264],{"text":3259,"type":152},"Since migrating to PoS, Ethereum has a Nakamoto Coefficient of 2 (Lido & Coinbase) ",{"text":3261,"type":152,"marks":3262},"per ",[3263],{"type":933},{"text":2341,"type":152,"marks":3265},[3266,3268],{"type":575,"attrs":3267},{"href":2345,"uuid":99,"anchor":99,"target":578,"linktype":82},{"type":933},{"type":179,"content":3270},[3271],{"type":154,"content":3272},[3273],{"text":3274,"type":152}
75,"Solana is a newer chain relative to Bitcoin or Ethereum, and will continue to add full nodes, and decentralize its stake weight further over time",{"type":146,"attrs":3276,"content":3277},{"level":148},[3278],{"text":3279,"type":152,"marks":3280},"3. Inflationary Tokenomics",[3281],{"type":933},{"type":154,"content":3283},[3284],{"text":3285,"type":152},"Solana has been criticized for having inflationary tokenomics, with 3 main Inflation Schedule Parameters as follows:",{"type":176,"content":3287},[3288,3294,3300],{"type":179,"content":3289},[3290],{"type":154,"content":3291},[3292],{"text":3293,"type":152},"Initial Inflation Rate: 8%",{"type":179,"content":3295},[3296],{"type":154,"content":3297},[3298],{"text":3299,"type":152},"Dis-inflation Rate: â15%",{"type":179,"content":3301},[3302],{"type":154,"content":3303},[3304],{"text":3305,"type":152},"Long-term Inflation Rate: 1.5%",{"type":154,"content":3307},[3308],{"text":3309,"type":152},"Solana is inflationary by nature, with 15% disinflation targeting a long-term inflation rate of 1.5%. Please note, these numbers represent an upper bound limit on the amount of SOL issued from inflation, and do not account for other factors that could impact total supply such as fee/rent burning, slashing or other unforeseen future token destruction events.",{"type":154,"content":3311},[3312],{"text":3313,"type":152},"At 1.5%, Solanaâs daily staking rewards are $156k per day in inflationary rewards ($3.8Bn staking market cap * 1.5% APY / 365 days). Taking todayâs daily revenue of $11.7k, there needs to be a ~13x increase in revenue to even out the effects of inflation",{"type":154,"content":3315},[3316],{"text":3317,"type":152},"These increases in Solanaâs revenue could come from 4 main paths:",{"type":529,"attrs":3319,"content":3320},{"order":531},[3321,3327,3333,3339],{"type":179,"content":3322},[3323],{"type":154,"content":3324},[3325],{"text":3326,"type":152},"Increase in network usage (more transaction fees as adoption & usage increases)",{"type":179,"content":3328},[3329],{"type":154,"content":3330},[3331],{"text":3332,"type":152},"Priority Base Fees (users can pay increased fees for priority block inclusion)",{"type":179,"content":3334},[3335],{"type":154,"content":3336},[3337],{"text":3338,"type":152},"Neighborhood Congestion Fees (higher fees applied to txs with congested contracts)",{"type":179,"content":3340},[3341],{"type":154,"content":3342},[3343],{"text":3344,"type":152},"Miner Extractable Value (MEV) (daily arbitrage & liquidation transactions)",{"type":154,"content":3346},[3347],{"text":3348,"type":152},"As shown, Solana has a clear path to reaching its long-term inflation rate of 1.5%, and we expect revenue to increase with usage, adoption, and priority & congestion fees and MEV all being significant revenue drivers for the network in the future.",{"type":146,"attrs":3350,"content":3351},{"level":148},[3352],{"text":3353,"type":152,"marks":3354},"4. FTX & SBF Chain",[3355],{"type":933},{"type":154,"content":3357},[3358],{"text":3359,"type":152},"Solana has been referred to as the âFTX chainâ in the past but it is important to give a bit of publicly available historical context when describing the relationship between FTX and Solana and why this is not an accurate description. Solana and FTX were first connected in 2020, around the beginning of âDeFi Summerâ when FTX was just beginning to enter the top 10 rankings of CEX volume. Solana founders and team had already put in ~2 years of engineering work and blockchain design completely independently of FTX prior to this initial meeting.",{"type":146,"attrs":3361,"content":3362},{"level":997},[3363],{"text":3364,"type":152,"marks":3365},"What Was FTXâs Relationship With Solana?",[3366],{"type":933},{"type":176,"content":3368},[3369,3375,3381],{"type":179,"content":3370},[3371],{"type":154,"content":3372},[3373],{"text":3374,"type":152},"FTX/Alameda were early investors in Solana and held a sizable portion ~10% of coins, which are now locked in bankruptcy proceedings",{"type":179,"content":3376},[3377],{"type":154,"content":3378},[3379],{"text":3380,"type":152},"FTX devoted some of their engineering resources to Solana in the early days of the ecosystem, building Serum, a base level DEX and Sollet, the first wallet infrastru
75cture",{"type":179,"content":3382},[3383],{"type":154,"content":3384},[3385],{"text":3386,"type":152},"FTX made venture investments in a number of Solana native dApps and protocols and also significant investments into some of Solanaâs competitors including $30M in NEAR, $50M in Polygon, $75M in Aptos, and $100M in Sui",{"type":146,"attrs":3388,"content":3389},{"level":997},[3390],{"text":3391,"type":152},"The Facts on FTX & Solana",{"type":176,"content":3393},[3394,3400,3406],{"type":179,"content":3395},[3396],{"type":154,"content":3397},[3398],{"text":3399,"type":152},"FTX had an outsized impact in helping kickstart the Solana ecosystem early on by extending its engineering talent, liquidity, and investments to SOL, notably Serum",{"type":179,"content":3401},[3402],{"type":154,"content":3403},[3404],{"text":3405,"type":152},"After this initial period of support, FTXâs commitment, both in terms of investment and in terms of engineers, declined, and FTX made sizable investments in multiple other competitors, including NEAR, Polygon, Aptos, and Sui",{"type":179,"content":3407},[3408],{"type":154,"content":3409},[3410],{"text":3411,"type":152},"When FTX filed for bankruptcy, Serum was forked because FTX still held upgrade authority, and members of the Solana community stepped in to take over the project",{"type":154,"content":3413},[3414],{"text":3415,"type":152},"Solana was always a completely separate & decentralized network that in no way resembles the relationship between Binance and Binance Smart Chain (BSC). In the case of BSC, Binance controls the validator set and has total control over the chain, this does not even remotely resemble Solana.",{"type":146,"attrs":3417,"content":3418},{"level":148},[3419],{"text":3420,"type":152,"marks":3421},"Looking Ahead to 2023 and Beyond",[3422],{"type":933},{"type":154,"content":3424},[3425],{"text":3426,"type":152},"As important as it is to be armed with the latest information to combat baseless narratives and misinformation, it is critical to keep looking ahead to the next 1-2 years and what some of the key catalysts for Solana are that can result in significant user activity & value accrual",{"type":154,"content":3428},[3429],{"text":3430,"type":152},"We have identified multiple things we are incredibly excited about that uniquely leverage Solanaâs unique technology:",{"type":146,"attrs":3432,"content":3433},{"level":997},[3434],{"text":3435,"type":152},"1. Firedancer:",{"type":154,"content":3437},[3438],{"text":3439,"type":152,"marks":3440},"TL;DR This software greatly improves performance up to 600k TPS at 1.2GB/s targeting 10GB/s and dramatically reduces downtime",[3441],{"type":933},{"type":154,"content":3443},[3444],{"text":3445,"type":152},"Firedancer is a fully independent validator client for Solana built by Jumpâs lead researcher Kevin Bowers (ex-Bell Labs). Firedancer works to increase both performance and reliability. Firedancerâs architecture utilizes individual C processes called tiles. This allows for modular upgradability and zero-downtime upgrades.",{"type":154,"content":3447},[3448],{"text":3449,"type":152},"We have written extensively about why data propagation matters if your objective is to support mass-adoption",{"type":154,"content":3451},[3452],{"text":3453,"type":152},"This isnât only one of the biggest engineering initiatives on Solana, itâs one of the most significant projects in all of cryptoâ¦",{"type":146,"attrs":3455,"content":3456},{"level":997},[3457],{"text":3458,"type":152,"marks":3459},"2. Solana Mobile Stack (SMS)",[3460],{"type":933},{"type":154,"content":3462},[3463],{"text":3464,"type":152,"marks":3465},"TL;DR This is about the knock-on effects of taking crypto & Web3 to mobile at scale and unlocking new patterns of behavior from users to enable mass adoption",[3466],{"type":933},{"type":154,"content":3468},[3469],{"text":3470,"type":152},"SMS disrupts the traditional Web2 distribution avenue of App/Play Store with predatory terms and censorship and creates the possibility for truly decentralized mobile apps. One of the most significant hurdles in getting hundreds of millions or billions of crypto users is building mobile first experiences and enabling private key (seed phrase) management within the secure enclave on peopleâs mobile devices. Solana Mobile is less about the physical SAGA phone and more about the second order effects of enabling a Web3 mobile experience at scale.",{"type":146,"attrs":3472,"content":3473},{"level":997},[3474],{"text":3475,"type":152,"marks":3476},"3. xNFT Backpack",[3477],{"type":933},{"type":154,"content":3479},[3480],{"text":3481,"type":152,"marks":3482},"TL;DR This is the best wallet in all of crypto, itâs a cross-chain Web3 operating system similar to iOS but open source, enabling a flywheel of developers and users",[3483],{"type":933},{"type":154,"content":3485},[3486],{"text":3487,"type":152},"Armani Ferrante, founder of Coral (parent company of Backpack) has a proven track record of improving the developer experience on Solana drastically with Anchor. He is taking this knowledge and experience full-stack by building an open platform where anyone can submit a PR (pull request) to have changes implemented. This allows innovation to compound faster than ever before, because clever teams donât have to cross their fingers and hope that a Phantom or Metamask of the world decides to integrate their product.",{"type":154,"content":3489},[3490],{"text":3491,"type":152},"If you can dream it, you can build it in Backpack and add it to the xNFT store. Did we mention it is cross-chain too? SOL and ETH are already live, with other chains coming. In a time where most wallets only w
75orry about users, Armani & team are tackling developer and user experience at the same timeâ¦",{"type":146,"attrs":3493,"content":3494},{"level":997},[3495],{"text":3496,"type":152,"marks":3497},"4. NFT Token Compression",[3498],{"type":933},{"type":154,"content":3500},[3501],{"text":3502,"type":152,"marks":3503},"TL;DR Soon you will be able to mint and distribute 100M (100,000,000) NFTs for \u003C$2k USDC",[3504],{"type":933},{"type":154,"content":3506},[3507],{"text":3508,"type":152},"Solanaâs tech and minimal gas fees will not only uniquely enable the minting of these NFTs but also the ability to trade them on secondary virtually for free ($0.00025/tx). Think about the applications for gaming with DePIN, microtransactions, social media, messaging, payments, even mainstream consumer brands, and governance infrastructure. The sandbox for developers is about to get a LOT biggerâ¦",{"type":146,"attrs":3510,"content":3511},{"level":997},[3512],{"text":3513,"type":152,"marks":3514},"5. Seahorse / Move / Solidity",[3515],{"type":933},{"type":154,"content":3517},[3518,3522,3529],{"text":3519,"type":152,"marks":3520},"TL;DR You can already compile Python to Rust artifacts and ",[3521],{"type":933},{"text":3523,"type":152,"marks":3524},"Anchor Lang",[3525,3528],{"type":575,"attrs":3526},{"href":3527,"uuid":99,"anchor":99,"target":578,"linktype":82},"https://www.anchor-lang.com/",{"type":933},{"text":3530,"type":152,"marks":3531}," with Seahorse, Move & Solidity coming soon",[3532],{"type":933},{"type":154,"content":3534},[3535],{"text":3536,"type":152},"The cornerstone of any ecosystem are developers. They build the products and applications that bring the masses, hence the phrase âfollow the buildersâ. Solana will introduce compilers that make the process for developers of other languages to seamlessly start writing code in Rust easier than ever. 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