Over the next 12 months, we will see project treasuries “unlocked.”

Saying treasuries will be unlocked implies they are “locked” today. Indeed, the vast majority of tokens in project treasuries aren’t being used for anything — tokens are sitting in contracts collecting dust.

Just one reference point on the astonishing state of treasuries today: Uniswap — which has nearly $5 billion vested UNI sitting in the treasury — has spent only $1.5 million to-date. …


The blockchain race is Ethereum’s to lose, and it’s not even close. If you think of Ethereum as a development platform, it has it all: a strong brand, many developers building on top of it, and scalability solutions on the horizon.

The question on everyone’s mind is this one: can competing blockchains replicate Ethereum’s community faster than Ethereum can scale? So far, the answer is no, and it isn’t for a lack of trying. …


Earlier this week, Chris Dixon wrote an excellent piece on why decentralization matters. There was one paragraph, however, that particularly stood out to me (emphasis mine).

Decentralization is a commonly misunderstood concept. For example, it is sometimes said that the reason cryptonetwork advocates favor decentralization is to resist government censorship, or because of libertarian political views. These are not the main reasons decentralization is important.

I bolded the last sentence for a reason. I believe Chris slightly overstepped in explaining what makes decentralization important. To be sure, decentralization is a loaded term. Part of the definition can refer to the…


“In matters of style, swim with the current; in matters of principle, stand like a rock.” — Thomas Jefferson

Days before I began writing this piece, I finished Ray Dalio’s book Principles. Besides being rather principled in my personal and investing life (the former informs the latter), I thought it would be fun to publish principles of my own, albeit those on investing in cryptoassets.

So that’s what I did. But before I published anything, I sent a draft of these cryptoasset investment principles to a few colleagues whose opinions carry significant weight. When I received their responses, however, it…


General Patton centralized command with himself. How would you compete with “Bandito?”

“They’ve got us surrounded again, the poor bastards” — Creighton Abrams

I find it odd that people who talk about decentralization often don’t know the pros and cons of it. That’s a shame, because they will almost certainly end up losing money investing in things they are uncertain about.

As of this writing, the market capitalization of all cryptoassets is roughly $400 billion (this is calculated as price multiplied by circulating supply; fully diluted capitalization would be much higher). For reference, the last time we discussed cryptoassets, the market capitalization was a cool $111 billion. …


If you know me in person or follow me on Twitter, you know that I’m a pretty voracious reader. Having been like this for quite a while now, I have developed an approach on how I interpret information. This includes both news and books; temporary and permanent knowledge.

Twitter

Despite years of stagnation, Twitter remains by far my favorite social network. It gives you a glimpse into the head of another person; what they read and how they spend their time. A lot of hush hush watercooler conversations are actually public on Twitter, if you follow the right people. That…


It seems Clayton Christensen has become the Michael Porter of the third millennium, having his book, The Innovator’s Dilemma (TiD), quoted in all sorts of articles, talks, and even other business publications. You can’t read a single WSJ or NYT article without seeing the word disrupted. Companies go out of business because they are disrupted by more innovative businesses. Products and services kill other products and services because they are so disruptive to them. A company even disrupts itself when it releases a new product that improves on the old one. Everybody is being disrupted everywhere, all the time.

Some…

Larry Sukernik

Solving a single equation with two unknowns.

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