KD

Listing @okx, contributor @bidclubai // ex @FoliusVentures @Sequoia @Yale. Views are my own.

[KD @0xKD2M]

Constantly think that blockchain is an extension to legacy financial system, not the legacy internet. The end-game is to facilitate and democratize capital formation and credit expansion for the long-tails.

Evergreen business models in our industry will always be those that intrinsically align with such value prop.

[KD @0xKD2M]

@bavaria_kush @a16zcrypto Congrats!

[KD @0xKD2M]

@jshinny12 @PanteraCapital Congrats Joey!

[KD @0xKD2M]

@robbiepetersen_ @a16zcrypto Congrats Robbie!

[KD @0xKD2M]

Thrilled to be working with the @tempo team as their first international exchange partner!

[Tempo @tempo]

OKX is the first international exchange to support Tempo at launch.

Deposits and withdrawals on Tempo, plus native support in @OKX Wallet, from day one.

[KD @0xKD2M]

TradFi <> Crypto convergence

[OKX @okx]

Today we announced a strategic relationship with Intercontinental Exchange (ICE).

• ICE has made a direct investment in OKX and joining our Board of Directors
• ICE will license OKX spot crypto prices to launch U.S.-regulated futures
• OKX plans to provide access to ICE U.S. futures and NYSE tokenized equities markets to our 120M users

Together, we’re advancing the infrastructure connecting digital assets and global capital markets.

Details from our Founder & CEO @Star_okx: https://t.co/pKazQByql4

[KD @0xKD2M]

@DarcyAsksCN @DonutAI Congrats on the next chapter!!

[KD @0xKD2M]

@DoveyWanCN 👍👍👍

[KD @0xKD2M]

@usdat21 @yzilabs @soraventures @Strategy Congrats!!

[KD @0xKD2M]

@jongall45 That’s sick

[KD @0xKD2M]

@0xPianoHands 生产力的创新 vs 生产关系的创新确实不同啊，前者能高举高打的创造性破坏，迅速拿到反馈和结果；后者只能以改良主义的方式渗透旧系统，稍不注意就是合规铁拳

[KD @0xKD2M]

Agreed that monetary premium is the moat and is probably the only reason why general purpose L1s like Ethereum/Solana worth hundreds of billions valuation, instead of fundamental factors.

But wondering do you see a future where 1) L1s tokens get abstracted away by stablecoins as frontends/agentic browsers/next-gen brokerages become the default user entry to interact with blockchains instead of wallet, and 2)assets issued onchain will not be quoted by its native L1 token anymore but by stablecoin, especially for RWA assets that requires standardization and compliance?

[KD @0xKD2M]

Some thoughts on finding the next cycle's beta:

> Monetary premium compression for L1s
L1 tokens get abstracted away by brokerages/wallets behind stablecoins, so little to no monetary premium left. General purpose L1s without real differentiation or direct user access go to zero.

> The distribution monopoly for incumbent exchanges is breaking
Regulatory clarity is commoditizing the entry for TradFi brokerages/Banks/Neobanks, while tokenization positions wallets as the next-gen brokerages.

Incumbents (HOOD/COIN/BNB) might face new competitions on all fronts and lose monopolistic control on distribution. Loss of distribution monopoly = Lower margins + multiples contraction

> Compliant stablecoin issuer is the biggest beneficiary
L1 monetary premium compression combined with TradFi-DeFi convergence will position compliant stablecoin issuers like CRCL as the biggest winner.

People now are willing to hold ETH/SOL in their wallets because assets on those chains are quoted in x/ETH or x/SOL. That creates a natural token sink. If stablecoins become the dominant quote pair and default medium of exchange at application level, we will eventually see a fat apps future where apps(stablecoin network) captures most values previously captured by infra (L1 network).

TradFi–DeFi convergence will put more RWA assets on-chain, potentially at quadrillion-level scale (see DTCC). Serving as the cash leg for these assets is likely the largest driver of USDC’s exponential growth over the next 3–5 years.

If we’re betting on a future of L1 compression and accelerated tokenization, CRCL could be the best play.

[KD @0xKD2M]

Some thoughts on finding the next cycle's beta:

> Monetary premium compression for L1s
L1 tokens get abstracted away by brokerages/wallets behind stablecoins, so little to no monetary premium left. General purpose L1s without real differentiation or direct user access go to zero.

> The distribution monopoly for incumbent exchanges is breaking
Regulatory clarity is commoditizing the entry for TradFi brokerages/Banks/Neobanks, while tokenization positions wallets as the next-gen brokerages.

Incumbents (HOOD/COIN/BNB) might face new competitions on all fronts and lose monopolistic control on distribution. Loss of distribution monopoly = Lower margins + multiples contraction

> Compliant stablecoin issuer is the biggest beneficiary
L1 monetary premium compression combined with TradFi-DeFi convergence will position compliant stablecoin issuers like CRCL as the biggest winner.

People now are willing to hold ETH/SOL in their wallets because assets on those chains are quoted in x/ETH or x/SOL. That creates a natural token sink. If stablecoins become the dominant quote pair and default medium of exchange at application level, we will eventually see a fat apps future where apps(stablecoin network) captures most values previously captured by infra (L1 network).

TradFi–DeFi convergence will put more RWA assets on-chain, potentially at quadrillion-level scale (see DTCC). Serving as the cash leg for these assets is likely the largest driver of USDC’s exponential growth over the next 3–5 years.

If we’re betting on a future of L1 compression and accelerated tokenization, CRCL could be the best play.

[KD @0xKD2M]

@0xtony0x 在需求端针对capital formation和credit expansion的生意应该都有机会

[KD @0xKD2M]

Bringing clearing and settlement on-chain is the first and arguably the most important step toward true TradFi–DeFi convergence.

[DTCC @The_DTCC]

In an historic milestone, DTC received a No‑Action Letter from the SEC to tokenize certain DTC‑custodied assets. By leveraging blockchain, DTCC aims to bridge TradFi and DeFi, advancing a more resilient, inclusive and efficient global financial system.

https://t.co/yYNaHfvjcS

[KD @0xKD2M]

@QwQiao might be compliant stablecoin issuer like CRCL. Serving as a cash leg for all RWA assets is probably the biggest driver for USDC to growth exponentially in next 3-5 years.

[KD @0xKD2M]

@santiagoroel Stablecoin expansion coupled with TradFi-DeFi convergence will accelerate the process of L1 monetary premium compression - which eventually get us to a fat apps future where apps(stablecoin network) captures values originally captured by L1 network.

[KD @0xKD2M]

Yeah agreed — L1s can still capture some protocol-level value. But imo the real driver of L1 valuations today is the monetary premium(app level value capture). People are willing to hold ETH/SOL in their wallets because assets on those chains are quoted in x/ETH or x/SOL. That creates a natural token sink.

If we’re moving toward a world where most assets are quoted in stablecoins, demand for L1 tokens drops a lot — and that monetary premium gets compressed.

[KD @0xKD2M]

@FrankieIsLost It is not?

[KD @0xKD2M]

Yeah agreed — L1s can still capture some protocol-level value. But imo the real driver of L1 valuations today is the monetary premium(app level value capture). People are willing to hold ETH/SOL in their wallets because assets on those chains are quoted in x/ETH or x/SOL. That creates a natural token sink.

If we’re moving toward a world where most assets are quoted in stablecoins, demand for L1 tokens drops a lot — and that monetary premium gets compressed.

[KD @0xKD2M]

TL is so bearish at this point but I think Fred Wilson’s strategy still holds true