Writing is how we think. These are the notes, theses, and arguments we publish as we underwrite the open financial system, in our own words and at our own pace.
Three years on from our first settlement investment, we revisit where the foundational rails are converging, and where the next decade of value will accrue.
Read the noteOn-chain credit has spent years as a niche. We argue it is about to become the base layer that the rest of DeFi is repriced around.
The next wave of adoption will not read a whitepaper. We look at what it takes to make self-custody feel like nothing at all.
Regulation is often framed as a constraint. We treat it as a design input, and a source of durable advantage for the teams that read it early.
When the protocol layer commoditises, defensibility moves up to the surface. A study of where consumer crypto products actually win.
We read every application. If you are building infrastructure for the open financial system, we want to hear from you.
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