Fusaka & Ethereum's New Upgrade Cadence (4 minute read)
Fusaka, Ethereum's 17th major upgrade, just went live, marking the start of a planned twice-a-year hard-fork schedule. The main change is PeerDAS, plus two "blob parameter only" follow-ups (into January), which together can boost blob capacity by up to 8x, making rollups cheaper and more scalable. Fusaka also adds a blob fee floor, higher and safer gas limits, and native secp256r1/passkey support, while quietly laying groundwork for future ZK and quantum-resilience improvements. |
UK Recognizes Crypto as New Asset Class (5 minute read)
The UK's Property Act 2025 has received Royal Assent from King Charles III, establishing crypto as a third property category distinct from physical objects and contractual rights after passing both houses without amendment. The Law Commission recommended the reform in 2023 to provide clearer legal pathways for proving ownership, recovering stolen assets, and handling digital holdings in insolvency or estate cases beyond existing case-by-case court judgments. It is potentially the biggest change in English property law since the Middle Ages. The UK aims to match US stablecoin regulation speed with new rules operational on comparable timelines. |
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PeerDAS means Real Sharding Finally Live on Ethereum (3 minute read)
Fusaka's PeerDAS is sharding. Ethereum now reaches consensus on blocks without any single node having to see all the data, using client-side sampling instead of validator voting. That means L2s can scale to far more data and transactions while keeping Ethereum's security guarantees, and this is even robust to 51% attacks. The L1, however, still doesn't benefit fully without mature zkEVMs, block building is still centralized in builders, and there's no sharded mempool yet. Over the next two years, the plan is to scale up PeerDAS for L2s, then point it inward to increase L1 gas capacity once zkEVMs are ready. |
Taiwan's First Regulated Stablecoin Debuting Next Year (4 minute read)
Taiwan's Financial Supervisory Commission confirmed the island's first regulated stablecoin could launch late 2026 after the Virtual Assets Service Act cleared cabinet reviews with stablecoin-specific regulations following within six months, though the critical decision between USD or Taiwan dollar backing remains unresolved. A USD-pegged token bypasses strict currency export controls, keeping the Taiwan dollar onshore, while a TWD stablecoin enabling cross-border settlement would directly challenge decades of central bank policy preventing unofficial offshore pricing. Financial institutions will lead initial issuance under rules requiring full reserve backing, strict asset segregation, and domestic custody requirements. |
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In Defense of Exponientals (7 minute read)
New blockchain launches like Monad face unprecedented hate instead of the historical indifference or enthusiasm, with critics applying P/E ratios and revenue multiples that represent abandoning exponential thinking for linear growth assumptions, capping crypto at 30 million DAUs and under 1% of M2. Amazon took 22 years to turn profitable after 10 years of stock chop, while critics called it a VC-subsidized charity, yet Ethereum is only 10 years old as crypto's center of gravity shifted from Silicon Valley's exponential mindset to Wall Street's linear regime focused on metrics like Solana's REV. Crypto transforms financial assets into open file formats, making everything 24/7, global, and interconnected, positioning blockchains to gobble up all finance with adoption, rendering current valuations cheap if you believe the exponential rather than applying traditional valuation frameworks to an industry still in its growth phase. |
Welcome to Post-CT (6 minute read)
Crypto Twitter (CT) as a coordination mechanism is failing as the monoculture era ends. CT once compressed narrative discovery, trust routing, and reflexive allocation into one interface that synchronized ecosystems around dominant metas, producing visible winners at scale. The regime degraded as playbooks industrialized, closing inefficiency windows faster, extraction layers harvested median participants as exit liquidity, and attention fragmented across niches rather than converging on shared focal points that generated common knowledge. Post-CT means CT shifts from upstream engine determining flows to downstream interface layer broadcasting reputational signals while actual allocation occurs inside higher-trust subgraphs like operator circles, sector communities, and private institutional rooms. |
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A mis-pricing of "ownership" coins (7 minute read)
Ownership coins with futarchy-controlled DAOs offer robust treasury claims, creating asymmetric opportunities as tokens trading below treasury value provide liquidation floors demonstrated by MTN Capital's successful dissolution, while those with treasury representing the majority of market cap should be valued on discounted enterprise value. SOLO appears most mispriced with $13 million treasury against $15 million market cap, implying $2 million enterprise value versus an estimated $10-20 million pre-money valuation for a post-product stablecoin team, offering 2-4x upside with limited downside. Projects like LOYAL and PAYS trading below treasury represent free call options where worst-case liquidation generates profit while maintaining team execution upside, contrasting traditional startup equity's illiquidity and long horizons. The framework applies when tokens meet three criteria: high liquidity, treasury exceeding 75% of valuation, and short liquidation timelines with robust asset rights, fundamentally changing risk-reward calculations as downside floors compress while preserving asymmetric upside, unlike governance tokens with zero liquidation value. |
BlackRock and Coinbase CEO Chat (6 minute read)
Coinbase CEO Brian Armstrong declared 2025 the year crypto regulation became real, citing the GENIUS Act and bipartisan House market structure bill advancing to the Senate, while defending Fairshake's $78 million election spending as transparent advocacy for 52 million American crypto users. BlackRock CEO Larry Fink evolved from calling Bitcoin "money laundering" to viewing it as an "asset of fear" held against deficits and currency debasement after thousands of client conversations influenced his thinking. Armstrong dismissed bank anxiety over stablecoin deposit flight as regulatory capture protecting profit margins and predicted banks will embrace paying interest on stablecoins within two years as the best institutions lean into the opportunity per the Innovator's Dilemma. |
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