dylan.btc

Expanding Bitcoin Markets at @Bitflow (co-founder); OMSCS ‘20 🐝;

[dylan.btc @dylan_]

Expanding Bitcoin Markets @bitflow 🟧🌊

[Stacking DAO @StackingDao]

Loading...

[Pierre Rochard @BitcoinPierre]

Saylor / Strategy selling a few raspberries isn’t causing bitcoin to crash. The reality is that there is a massive parabolic spike in AI-related equities that is vacuuming up all excess liquidity, multiples of bitcoin’s market cap. On top of that, labor market is healthy and energy prices are up, so sentiment for dovish rate cuts is nowhere to be found. Bitcoin’s fundamentals have never been better even if the macro environment isn’t doing it any favors.

[Jacob Brown @JakeBlockchain]

The Bitflow crew is top-tier.
Team just shipped a 🔥 dashboard to see all your agents actions and position in one view.

Best part? Everything is open-source and you'll be able to run the front-end on your own machine soon.

[Stacy Muur @stacy_muur]

To my great shame, I didn't know much about UTXO when I first saw the announcement, so I looked into what they do and why they partnered with Stacks.

UTXO is the asset management arm of @nakamoto, the same parent company behind @BitcoinMagazine, and the 20th largest Bitcoin
Treasury in the world. It's one of the few companies building Bitcoin investment products for institutions beyond simple BTC exposure.

They're different from companies like Strategy or Metaplanet, which mainly focus on buying and holding BTC.

Instead, UTXO focuses on BTC products for institutions, and institutions are usually cautious about anything that adds extra custody risk to BTC, like wrapping, bridging, or lending it on third-party platforms.

Literally trillions of dollars are sitting idle in Bitcoin held by institutions right now. There's an ongoing race to see who's gonna capture most of it.

Disclosure: I'm a $STX holder and long-time supporter.

[dylan.btc @dylan_]

@Stacks @UTXOmgmt @tylev 🧠

[stacks.btc @Stacks]

BIG news.

@UTXOmgmt, the Bitcoin native asset management arm of Nakamoto Inc., is the inaugural participant in Bitcoin Staking on Stacks.

This means institutional BTC earning BTC yield, without ever leaving the base layer.

[toly 🇺🇸 @toly]

🤦‍♂️🤦‍♂️🤦‍♂️ we have the most backend bandwidth out of major protocols. Literally dual 20 gbps nics are available if not already standard at datacenters.

Bumping signature size is not a big deal. It’s as painful as shipping any feature gate to mainnet.

[MONK @defi_monk]

So Trump is explicitly mentioning reshoring “Crypto Perpetuals” and we get a red day huh

[dylan.btc @dylan_]

@ryonnixon and more likely to be around in 10 years

[Meltem Demirors @Melt_Dem]

we are firmly in the era of all assets and all markets becoming meme-ified

agentic investing is going to accelerate the volatility as assets trade on attention and narrative positioning

and obliterate traditional wealth management

my body (and portfolio) is ready 🤠

[Paul Graham @paulg]

@romlib_ Crypto is a legit and indeed inevitable technology. Usually such things are net positive.

[Rand Group @randgroup]

https://t.co/rZVQyzX9dT

[dylan.btc @dylan_]

New $ZEST explore page looking 🤌🏻🤌🏻
Data powered by @LunarCrush

https://t.co/8PgAL8VkoC

[Sam.var @Samtolad]

I don’t think anyone serious is arguing that RFQs replace orderbooks entirely. And nobody is crowning RFQs over orderbooks.

**Notice how Lucas drew a distinction in his response in the video below rather than call one model superior to the other.

CLOBs and RFQs optimise for different things and solve different market structure problems.

Orderbooks are excellent for native price discovery. Nobody disputes that. Hyperliquid and Lighter are fantastic examples of this.

But the bigger bottleneck for scaling global on-chain markets is not price discovery. It’s liquidity sourcing.

You cannot realistically bootstrap deep crypto-native orderbooks for every commodity, FX pair, index, equity basket, or global market. Fragmentation eventually becomes a problem.

That’s where RFQ architecture becomes powerful.

RFQs are designed to connect DeFi to existing liquidity rather than rebuilding every market from scratch. And ironically, many of the largest TradFi markets today, FX, bonds, OTC derivatives, and institutional block trading, are heavily RFQ-driven.

A smart RFQ system aggregating multiple liquidity sources can absolutely provide better effective execution in many situations.

And yes, “last look” concerns are valid, but that’s mostly in poorly designed RFQ systems.

Interestingly, even Lighter just announced “Lighter RFQ” specifically to handle large RWA positions with lower slippage and better pricing.

That alone should tell you that even strong CLOB systems eventually recognise that RFQ infrastructure becomes extremely useful once you start dealing with RWAs, larger size, fragmented liquidity, and TradFi-style execution.

So RFQs are not some “inferior fake market structure.”They solve a different problem.

The future is probably not RFQ vs CLOB.

It’s hybrid systems combining:
• price discovery
• smart routing
• aggregated liquidity
• institutional access
• efficient execution

[dylan.btc @dylan_]

“We’ll see whether Ethereum maintains its lead with a foundation that isn’t willing to fight for it.”

No chance

[Laura Shin @laurashin]

I think Ethereum’s original sin was not considering tokenomics with every move it made from Dencun on.

The ultrasound money thesis was a good one and with Dencun (or the L2 roadmap generally) they should have stopped to say that this was going to hurt the ultrasound money thesis and consider how to preserve it.

Most people, like David, don’t want to believe in something that isn’t also putting up points on the scoreboard.

When the main offering becomes ideology/communism and money/tokenomics/capitalism are overlooked, the peasants are going to revolt — as they’ve been doing for two years now.

Look at the public reaction to Tomasz: broad praise, a sense of hope, excitement, the price pumping … only for him to be gone a year later with the new ED being someone who cannot even be found online except for a Wayback Machine url with his name that has some really questionable statements on it (and I should say the EF denied that this website, which was taken down a few weeks after he was appointed to the board, is his). They’re going to be really mad at me for even mentioning that but in the place of a void, these are the kinds of things people will glom onto.

Then there was the manifesto — I mean, mandate, which they backtracked on forcing people to sign. (Btw, this is the second bit of news that seems to relate to Bastian. And now the third would be all these departures. There’s nothing else for us to point at and say about him — when I searched for his name on Google News just now only 14 links came up. He seems to be some kind of invisible hand behind the scenes.)

I don’t think ideology and capitalism/tokenomics/number go up are mutually exclusive. I think you can have CROPS values and also consider how each step of the roadmap affects the tokenomics and even have teams for BD/ecosystem growth.

It feels like the EF doesn’t realize the moment that crypto is in. The competition is only just starting. We are in the phase of real world adoption. The Ethereum Foundation’s CROPS principles are great ones, and they are worth fighting for. But the EF seems to want to sit back on its laurels and act above it all when all its competitors are all getting down and dirty on the field to gain market share.

Maybe it is the right approach. I don’t know. I’m just saying that more competitive people won’t align with it. And so they will leave … and community members will as well.

I personally don’t think it’s good for Ethereum if its most competitive people depart. Ethereum’s unwillingness to stop the brain drain will only benefit its competitors — or spawn new ones. Giving a shit about price and tokenomics and BD doesn’t hurt CROPS. It just helps ensure that these principles get spread to more people and that other chains that don’t have these principles don’t get a leg up.

All the commentary may be pointless. It seems Vitalik tried what everyone wanted and it didn’t align with his vision, so he brought in a new person he felt more comfortable with. It makes me sad to see people become so disaffected with Ethereum, but maybe this is V’s Brian Armstrong/no politics at Coinbase moment where he lays down what the EF will work on and asks everyone else to leave. That was the right move for Coinbase, but I view them as fundamentally different issues. We’ll see whether Ethereum maintains its lead with a foundation that isn’t willing to fight for it.

[Bitflow @bitflow]

https://t.co/Ksu5ZN4YKh

[Jakob @jakob_btc]

The pace of innovation coming out of BTCfi is hard to ignore.

Yield, staking, lending, scaling rails. Institutional-grade products.

The stars keep shining: @HermeticaFi, @Stacks, @AlpenLabs, @saturn_credit, @ZestProtocol, @bitflow, @LiquidiumFi, etc.

Excited about the future.

[dylan.btc @dylan_]

New tokens, new look, new AMM, bigger numbers.

[Zest Protocol @ZestProtocol]

$ZEST is the top trending token on @coingecko.

[dylan.btc @dylan_]

@ZestProtocol @bitflow oh my 😍