S&P Global is acquiring OpenZeppelin.
OpenZeppelin writes the code under nearly every stablecoin & tokenized fund.
$37T has moved through it.
Ethereum's standards are quietly becoming TradFi's standards.
Do not let them trick you:
Validator does not mean partner or user of the platform.
It means someone they effectively are paying to use their name.
If ARC is a top 3 by usage chain in 3 years l’ll be utterly shocked.
Short $CRCL long $HOOD
Jane street quant interviewing at Anthropic:
“So imagine our safety team believes a new model has a 5% chance of causing an irreversible loss of human control, but scaling it may be necessary to keep up with competitors. What do you do?”
“Who came up with five?”
“Our safety team.”
“And what does the capabilities team have?”
“What?”
“Same contract. Where are they?”
“This is more of a values question.”
“Then you don’t have a five. I would put the two teams in a room. Safety can buy at five. Capabilities can sell. Increase size until somebody becomes uncomfortable. Now we know something.”
He looks at me.
“This isn’t some market-making role.”
“Understood. Who makes the market currently?”
“Nobody makes a market.”
“Then how are you doing price discovery?”
“We don’t do price discovery. We have researchers studying alignment, interpretability, dangerous capabilities, scalable oversight— you know what I don’t think this is a good fit”
He closes his laptop.
“I’m concerned you see this as an opportunity to make money.”
“I haven’t quoted you yet.”
Interview ends early
Very cool: Robinhood is underwriting the Oura IPO.
Robinhood’s IPO Access business previously just got shares from the banks underwriting an IPO and distributed them to retail.
Now, Robinhood is actually part of the underwriting syndicate alongside (though far smaller than) Goldman, Morgan Stanley, JPMorgan, BofA, etc.
Robinhood is helping sell the deal, taking underwriting risk (meaning they make a firm commitment to buy shares in the IPO), and will earn underwriting fees.
It’s cool because it very much aligns with their goal of democratizing investing… and they have something the bulge bracket banks can’t offer: direct distribution to 10s of millions of retail investors.
Historically you wouldn’t really want retail in the IPO, but RH makes it easier by saying “we’ll take a $100M block” and you don’t have to deal with 200k tiny investors.
Also notable: they were already investors in Oura via RVI, their closed end fund.
They are now investing in seed companies too via RVI 2, they could theoretically be a lifecycle capital partner to companies.