My new favorite quote: "if it looks like a duck, and quacks like a duck, it's probably not a chicken"
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Who are the best long-term, fundamentals public markets investors you follow? Tokens or equities
Please drop recs in the comments, bonus points if they write publicly!
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We've been doing a new quick-hitter series called Work In Progress
sub-20 min clips of WIP thematic ideas
This week's was about lending protocols. Check it out below!
Alana Levin
@AlanaDLevin
3mo
Lending is one of DeFi’s killer apps
In this week’s Work in Progress, @JackLongarzo @jessewldn and I discuss the evolution and trade-offs in lending protocols: from pooled liquidity —> isolated markets —> modular, open design
Plus, what it means for builders and new users https://t.co/BLyMslYq91
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There’s a huge opportunity to build defi infra for prediction markets
Aggregators, leverage, lending, better order routing, derivatives, & more
The best builders will draw on lessons from defi 1.0 while still approaching the unique market structures of PMs from first principles
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The DraftKings turnaround plan:
1. Announce they are either integrating and/or embedding a prediction market
2. Get access to the 24 states they're not currently in, including CA, FL, and TX --> big potential rev boost
3. Re-rate into the "active trader" segment instead of just iGaming/casinos (much higher multiples)
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New piece on Stablecoin-Enabled Markets!
Publishing 4 new themes / essays this week, this is the first:
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The biggest surprise of the past year: tokenized treasuries aren't bigger
There are about $7.5B of tokenized t-bills right now. The category has experienced ~100% growth in the past 6 months
But it's still small, especially compared to other assets. Total stablecoin supply exceeds $260B. Multiple individual stablecoi...
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It's 2030
You're a merchant receiving payment from a customer. They pay with USDC on CircleChain but your payment termainl only receives StripeUSD on StripeChain.
But once you get StripeUSD, you want to transfer it to your account with Bank of America, so you need to transfer it to BofAUSD on BofAChain.
But wait, ...
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Working hard doesn’t cause burnout. Lack of direction does
Having momentum and velocity make it easy to work the hardest you’ve ever worked, because the work feels energizing and fun
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