Miles Pember

@tempo

[Miles Pember @MilesPember]

Working on Tempo has been a blast. Check out what we’ve been building.

[Patrick Collison @patrickc]

The @Tempo mainnet launched 93 days ago. Quick summary of the current state:

• Run rate payment volume is around $3 billion. There's a long way to go, but it's cool to see real usage already emerging. (It took Stripe a lot longer than 93 days to get to $3 billion.)

• As a blockchain, we obviously don't know about all the different use-cases. (Please tell us if you're doing something cool with Tempo!) Larger companies using Tempo include @Deel, which is using Tempo to pay out to their vast network of contractors, and @Meta, which is using it via @Link for global payouts. There are a bunch of other large companies working on Tempo integrations that'll be announced soon.

• Internally, developing on Tempo has been fun, and Tempo is now Stripe's default blockchain for new features.

• On the AI side of things, there appear to be around 1,000 active services selling to agents via the Machine Payments Protocol (@mpp). There's a useful directory of available services at https://t.co/fAZ5iA5nZc. 570 unique agents, for example, seem to have purchased from @ExaAILabs, and 332 from @openweather. I don't know how long it'll take for this use-case to become big, but it seems all-but inevitable that it will within a few years.

• Today, @Stripe, @Visa, and @StanChart are running Tempo validators. Validation will become more decentralized over time.

• The Tempo team is building a lot of new protocol functionality. For example, privacy zones, receive policies, and virtual addresses. (Details for all on the Tempo blog: https://t.co/jE7ltNIaj2.) In general, our belief is that there's a lot of functionality to be built at the blockchain level to make higher-level applications easy and performant.

The original thesis behind Tempo was that both AI and stablecoins would stretch blockchains in new ways, with need for privacy, fees denominated/payable in stablecoins, batch transactions, microtransactions, faster confirmations, and so forth. Overall, this still seems like the right set of bets, and the agentic stuff is happening somewhat faster than I was expecting. "1M stablecoin TPS, with the vast majority from agents" still seems like the right north star.

[Miles Pember @MilesPember]

@NicoGladia @conksresearch Hey there - do you have a link to this report, if it's publicly available?

[Miles Pember @MilesPember]

In October, I celebrated my 3-year anniversary at Chainlink Labs. If there's one lesson these 3 years in crypto have taught me, it's this: stay laser-focused on winning, and the results will follow. Our 2024 results speak for themselves, and we're just getting started.

[Chainlink @chainlink]

What winning looks like.

[Chainlink @chainlink]

Swift. Depository Trust and Clearing Corporation (DTCC). Euroclear. Clearstream. Central Bank of Brazil. JP Morgan. State Street. UBS. BNY Mellon. Citi. BNP Paribas. Edward Jones. Franklin Templeton. Wellington Management. Invesco. Fidelity International. U.S. Bank. Lloyds Banking Group. ANZ Bank. MFS Investment Management. SBI Digital Markets. American Century Investments. Vontobel. Mid Atlantic Trust d/b/a American Trust Custody. Banco Inter. Sygnum Bank. Six Digital Exchange. ADDX.
https://t.co/y7ynxWkaGD

[Miles Pember @MilesPember]

@MurrayHillGuy1

[Miles Pember @MilesPember]

@sri_batchu Steve Jobs is rolling in his grave!

[Miles Pember @MilesPember]

The recent OpenAI saga is a reminder of the delicate balance between idealism and pragmatism. Hardline idealists often overlook second-order effects, and when these are finally taken into account, they frequently find themselves further from their goals, not closer

[Miles Pember @MilesPember]

@0xBludex @RyanSAdams Nonsensical

[Miles Pember @MilesPember]

@austincampbell Absolutely, would love to read a writeup on this!

[Miles Pember @MilesPember]

@KyleTibbitts @wander Can you summarize the terms (withdrawal penalties?) and how the shares are valued?

[Miles Pember @MilesPember]

@JoshuaAzar1 @ChrisBarrett You beat me to it 😂

[Miles Pember @MilesPember]

@ChrisBarrett Chris, you're getting way too good at Midjourney! Impressive work!

[Miles Pember @MilesPember]

@TimmerFidelity Did you mean above?

[Miles Pember @MilesPember]

@GjMcGowan This is the best one yet, incredible.

[Miles Pember @MilesPember]

@Carnage4Life Does nobody know what a money market fund is?

[Miles Pember @MilesPember]

@NathanTankus Super interesting, thanks for the history / reading as well!

[Miles Pember @MilesPember]

@Crypto_BitC @chewwwna @balajis Agreed! I listened to the Balaji Space today, so much to think about.

[Miles Pember @MilesPember]

@toly @toly this tweet answers your question for Q4 2022 for the ~25 largest banks.

https://t.co/Aw8VTjfEVQ

[Tabby Kinder @Tabby_Kinder]

SVB’s equity when adjusted for unrealised losses in its portfolio of securities, compared to its peers…

[Miles Pember @MilesPember]

@zachweinberg Any thoughts on why gold and Bitcoin have been rallying with the recent bank failure news?