Michigan Blockchain

The Future Leaders of Web3.

Delegate $UNI, $COMP, $ARB to us @ michiganblockchain.eth

[Jeremy Moon | Michigan Blockchain @_jeremymoon]

coinbase paid ~24.5 bps of deribit's 2024 volume for the whole exchange.

ethereum:0xb1d1eae60eea9525032a6dcb4c1ce336a1de71be 's market cap is ~74 bps of derive's annualized options volume, ~3x what coinbase paid per dollar traded, for a venue doing ~5% of deribit's volume.

the market is paying a growth premium for the clearest liquid play on options moving on-chain.

[Jeremy Moon | Michigan Blockchain @_jeremymoon]

how did @DeriveXYZ go from ~0.3% to ~5% of deribit's options volume in ten months?

it paid for it.

in dec 2025, derive cut its options taker fees and rebuilt its fee schedule around maker rebates. since then, the fee per dollar traded fell from ~5 bps in 2025 to ~1.2 bps in sep 2026.

generally, institutional flow goes where spreads are tightest. paying market makers brings more of them onto the book, and more makers competing means deeper books and tighter spreads.

since then, options volume rose 5.2x from jan to sep, and q3 options revenue, after paying makers, was still up ~170% yoy.

[Jeremy Moon | Michigan Blockchain @_jeremymoon]

crypto options are still a one-venue market

deribit did $1.2T of volume in 2024 and coinbase bought it for $2.9B.

almost none of that has moved on-chain yet.

but @DeriveXYZ ($DRV) is making a case to become a serious contender.

it already clears 91% of on-chain options premium. against deribit, it went from 0.3% of monthly options volume in nov 2025 to 4.9% in sep 2026.

so on-chain, there's no real competition left.

the real question is, do on-chain options get big enough for that lead to matter?

[Jeremy Moon | Michigan Blockchain @_jeremymoon]

for a select number of tokens where enough revenue reaches holders to calculate a yield, only four pay more than the 3.6% you can earn in sUSDS.

AERO pays the most.

holders receive about 9.5% of its market cap in revenue (annualized), 2.6 times the "risk-free rate", at a ~10.5x P/E, and that revenue grew about 45% on the prior month. RAY (9.0%) and LDO (6.7%) come next, and most of the other tokens are below 1%.

note: fees go only to holders who lock their AERO as veAERO to vote. new AERO issued each week dilutes holders, and the yield does not subtract it. with only about half the supply circulating, the P/E on FDV is about 21x with liquidity as the tradeoff.

[Smit3y @smit3y_]

Long $AERO! @MichBlockchain

[University Blockchain Conference @UBC_Conference]

The OG hosts of UBC are making their way down to Austin 🤘

After two years of hosting UBC with @MichBlockchain, we’re excited to have the team join us at UT Austin on Nov. 20–21.

[Evan Solomon @Evanzsolomon]

My sister just sent me this. The sticker was placed in September 2024 😭😭😭

MBC 2024 — Nov 8-9 2024 @UMich

[Michigan Blockchain @MichBlockchain]

@noahpolicy doing big things for the future of finance!

[Stand With Crypto🛡️ @standwithcrypto]

Stand With Crypto is on the Diag at the University of Michigan 👏🛡️

SWC College Chapter President @noahpolicy is tabling for the CLARITY Act as part of our collaboration with @BlockchainAssn, showing students what clear rules mean for investors, institutions, and markets.

The Senate holds a cloture vote on September 15 on the CLARITY Act.

[Blockchain Association @BlockchainAssn]

Students at the University of Michigan are making their voices heard for clear rules and a financial future built in America.

Thank you to @noahpolicy and @standwithcrypto for bringing the case for Clarity directly to campus.

The Senate should vote YES on Sept. 15.

[Michigan Blockchain @MichBlockchain]

Wise words from a wise man. Ex Head of Investments @MichBlockchain

[Jacob Handler @jhandlerMB]

Check out my new article for @artemis:

Money Can’t Buy CLARITY

https://t.co/gxAVj0nTG3

[Michigan Blockchain @MichBlockchain]

Quantum computing is one of the biggest long-term questions facing crypto. Our Co-President @whitemilk3535 breaks down what it actually means for Bitcoin and blockchain security in a clear, digestible format.

[Reed Kaman @whitemilk3535]

https://t.co/B8XspUwuKw

[Reed Kaman @whitemilk3535]

Compute is trying to become a physically exchange-traded commodity. Every commodity that got there ran the same playbook first, and history shows what has to get built:

> First, the pattern is always the same: scarcity first, finance second. A good gets scarce and volatile, and only later does a market form to price and hedge it. The question for compute isn't whether this happens. It's how.

> Grain built the basic kit. Chicago turned
handshake forwards into a market with three things:
(1) A standardized grade (No. 2 yellow corn)
(2) A deliverable claim (the warehouse receipt),
(3) a clearinghouse in the middle.

> That template got copied by every commodity market since. Oil added the move for goods that aren't fungible: don't standardize everything, make a few regional benchmarks liquid (WTI, Brent, Dubai) and price everything else as a discount or premium to the nearest one. Even oil never collapsed to a single global price.

> Electricity is the closest analog, you can't store it the same way you can oil or grain. So its market prices time and location directly: hourly auctions, a different price at every grid node, and capacity payments just to stand ready. Compute is even less storable, an idle GPU-hour is gone the instant it passes.

> The through-line: volatility forces a first, bilateral instrument, but standardizing it into something liquid is what unlocks real financing. Compute is stuck at that stage. What hedging exists is private or cash-settled, with nothing physical underneath. And cash settlement keeps the futures glued to the index, but nothing keeps the index glued to reality. The market converges on a price; only delivery makes that price true. Without it, everyone ends up hedged against the same number, even when the number is wrong.

> What's missing isn't more contracts. It's one trusted reference price per grade, anchored to real capacity changing hands, not a survey or a single venue's quote. Delivery is what keeps it honest. Trading can stay fragmented; the benchmark can't, or it gets gamed. That layer isn't a sideshow to the data center buildout. It's the precondition for it.

[University Blockchain Conference @UBC_Conference]

Next stop: Austin🤘

In collaboration with @txblockchain

November 20–21, 2026 ⚔️

[University Blockchain Conference @UBC_Conference]

Every hackathon leading up to UBC 2026 is practice.

The team that wins our hackathon in [City] this November will earn the title of UBC Champion.

Congratulations to @EliDubizh on the @ETHGlobal win.

Now it's time to prepare for the main event.

Let the games begin⚔️

[Michigan Blockchain @MichBlockchain]

Thank you, Lucas and Mateo, for everything you've poured into Michigan Blockchain. Your hard work, ideas, and leadership have left a lasting mark on this organization and the people in it. Wishing you both all the best in what's next! 💙💛

[danning @sui414]

Yesterday our house wizard @whitemilk3535 reminded me that ETH is an inflationary asset.

I was in disbelief as I had the impression that after EIP-1559 we just go up only while burning base fees, til I checked the charts -

Turns out ETH stopped being deflationary a long time ago since April 2024. We're simply not burning enough.

What happened to ultrasound money 😭

[Reed Kaman @whitemilk3535]

SpaceX is trading at ~$189 on Hyperliquid, implying a ~$2.24 Trillion market cap that is nearly 2x the market cap of BTC ~1.4 T

Is this implying that "crypto native" Hyperliquid users believe more in Elons Rocketship than Bitcoin ?

[Zack Rosenblatt 🍜 @zackrosenblatt_]

Visited DC w/ 6 of our outstanding @Dorm_DAO students, hailing from @CUBlockchain, @txblockchain, @USTABlockchain & @MichBlockchain

Each student, strategizing their own career in crypto, but facing much of the same regulatory uncertainty that has influenced the way all founders have built in our space for the past 10 years.

The trip allowed our students to ask real questions of the folks shaping the future. to chat intimately with policy advocates, lawmakers and regulators on the steady crypto reg progress being made in Washington.

A few notes on our visits crisscrossing DC:

Our first stop was @BlockchainAssn & @SolanaInstitute.

@DanSpuller, @SummerMersinger and the BA team have dedicated much of their careers to advocating for the collective industry.

It's clear they understand the responsibility that comes w/ being crypto's unified voice in DC. they are working hard - among a wide array of competing priorities - to ensure all of crypto can win under this government regime. it's a tall task, but simply meeting with their team, it's clear how locked in they are on the opportunity.

We heard from @thecolinmclaren & @RachelGreenHorn, who are committed to educating policy makers on the core promises of blockchain-based technology, within the Solana eco, and the larger space.

Also got a chance to swing by the @HyperliquidPC's office, tucked away inside the BA's floor. a small but mighty team, led by @jchervinsky, quietly plotting a path to bringing Hyperliquid's powerful engine to US investors. pretty cool to see in action.

Next was the @SECGov's Crypto Task Force, where our students presented to @HesterPeirce's staff on three important topics:

1. stablecoins + yield dynamics
2. on-chain credit + mortgage markets
3. token networks as capital formation tools

Special shoutout to @overminn and @JuliasOrbit86 for courageously walking SEC staff through the "OpenAI token" scenario - a fairly radical idea w/ real implications.

(agenda here: https://t.co/LTqMPZeD17)

One thing i'll say about the task force: @HesterPeirce and Taylor Lindman have assembled an excellent staff that not only deeply understands the intricacies of our industry's core products & services, but are now honing in on the exact sequence of levers to give the industry's capital markets the clarity we've all been asking for.

After lunch, we made a quick stop at Chairwoman @RepLisaMcClain's house leadership office - the "command center" of the @HouseGOP. among (quite literally) a million different agenda goals, it was notable to hear the Chairwoman's staff articulate a real sense of urgency around the passage of CLARITY - not a given after months of brutal senate deadlock.

Our last stop was the @CFTC, where we met with staff from the newly formed Innovation Task Force, led by @passalacqua_mj. we engaged in a wide ranging discussion, covering compute markets, token mechanics, CFTC's federal jurisdiction, cooperation w/ international counterparts and AI's potential job displacement.

There was something astonishing about regulators willing to explore these emerging topics in real time, rather than just reacting to them after the fact. I left w/ the sense that many of these conversations will materialize in action much earlier than most folks realize.

All-in-all, what stood out was not any single meeting, but a broad-based push - by crypto-native experts - to make the most of the opportunity set in front of us.

And optimism that we are on the precipice of real progress in the convergence of policy, capital markets and distributed systems.

Bullish @MichaelSelig/@passalacqua_mj's team,
Bullish @RepLisaMcClain team,
Bullish @HesterPeirce's team,
Bullish @SummerMersinger/@DanSpuller's team

& bullish AI, Crypto and America. 🇺🇸

[Zack Rosenblatt 🍜 @zackrosenblatt_]

up to something

[Michigan Blockchain @MichBlockchain]

Michigan Blockchain x Polymarket: What are Prediction Markets? 🗳️📊
Join us this evening for a deep dive into the mechanics of Polymarket and how to use prediction markets as a real-time news and hedging tool. All attendees will receive $20 for use on @Polymarket

🗓 When: 04.07.2026 | 6:00 - 7:30 PM
📍 Where: CCCB Room 0420

Go Blue! 🔵🟡