polynya (polynya)

For my personal use, crypto is in a great place. Fees, speeds, wallet UX, applications are perfectly fine for my usecases, and they'll keep getting better. However, I'd like to see some things significantly improved, in order of importance: - CRITICAL: Configurable withdrawal rate limiting in Safe & smart wallets and indeed, in all smart contracts, should be a standard. Without this, I significantly limit my usage of crypto - Custodial standards for smart wallets - Stage 2+ decentralisation for L2s, complete overhaul for Tron (normies receive USDT on Tron) - EUR stables w/ liquidity - Better frontends & standards - More competition & options for minimal hardware wallets - Range order management for Uniswap V4 - Significantly less volatile, reliable, long-term sustainable and high liquidity SoVs (BTC and ETH are far too erratic) - Integration into widely adopted payment networks, both global and domestic - Some inaccessible assets tokenised as RWAs - Farcaster with bustling non-crypto content/discussions

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Uniswap v4 feels like crypto's first complete product. Uniswap v3 was already nearly there, which is one reason why while previous versions took ~1 year, v4 took 4 years. I can see additional functionality (e.g. unified liquidity) and responding to infra changes (e.g. quantum-resistant zkVMs) that will justify a v5, but the core purpose of this application now feels complete for the foreseeable future. What's remaining is now on the governance & social end. Aave v4 is the next candidate for a complete product. Interestingly, the applications are hitting final form years ahead of the infra they're built on, and in cases like Aave v4, being intertwined with infra itself. (Side-note: of course, simple "products" like memecoins or USDT are "complete")

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A brief on public blockchains Unique property: Strict global consensus A strictly ordered ledger which every participant agrees to exactly. Unique feature enabled: Extralegal global accounting Useful for accounting in jurisdictions where access is prohibited or not regulated, and where cross-jurisdiction regulations do not exist. That enables a couple of useful products, but I'll save that for a different cast. Potential obsoleter: AGI, which potentially enables subjective consensus, which will replace strict consensus Caveat: Due to speculation being the dominant usecase for extralegal global accounting, there will be plenty of products deployed on public blockchains even if they are better suited to other P2P designs which are both more efficient and more decentralised.

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No idea what the context is, but it's pretty clear in the last few years the crypto industry has barrelled down the cascade of degeneracy. At this point, it's institutionalised and normalised, and even the biggest players are deep into the game. To be clear, I use "gambling" in the broader sense, and yes, we're obviously seeing the same in AI stocks, Gold etc. Some of it is real, sure. The TAM for gambling is 1,000x larger than building actual products in the short-medium term, so I don't blame anyone, especially respect those who are clear they just want to extract. It's all a shame because the few actual sustainable products are better than they have ever been, and if the crypto industry had gone down the productive path instead, I'd still be writing about those.

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