TGE's Are Not IPO's

DePIN's Imperfect Present & Promising Future: A Deep Dive

Where Are We In The Cycle

2023 Compound Annual Letter

Expected Value in Crypto & Building Infinite Blockspace

Which Way Western Man?

SOL Survivor

A Crypto Future

2022 Compound Annual Letter

Saying The Quiet Thing Out Loud

Narrative Cycles & Conviction in Technology

Everything (DeFi) Everywhere All at Once

U-Shaped Token Curves + Stablecoins & Dollar Dominance

What Goes Down Must Go Up?

Get Rich or Die Tryin'

Talent Problems with The Metaverse & Inevitability

On Crypto Utility Debates

Notes From a Bear Market (Crypto Edition)

Power Laws & Normal Distributions in Crypto's Future

On-Chain SVG

Talent, Value, Distribution, & Liquidity in Crypto Protocols

Speculative Bubbles in the 21st Century & Asymmetric Upside

New Internet Logic

Adjacent Governance: The future of power, strategic positioning, & existential threats in a decentralized world.

Crypto Governance and Vote Farming

A Marketplace for Writing

Stacks — Why we Invested in Blockstack’s Blueprint for a New Internet

Blockchain Project Ecosystem