Osgur

Investing @bodhi_ventures

[Vishwa Naik @hrojantorse]

Just like with oil, the market outside the majors is the true marginal market for compute. https://t.co/64LaI1LghN

[blurr @blurr]

The first cigarette I ever smoked was in the short-stay car park of Stavanger airport. It was a Camel Blue. The sky was Norwegian. Overcast and grey.

Since then I have smoked a lot of cigarettes, and will often claim that taking it up was the best decision I have made in a long time.

A cigarette operates as a small stick of entropy; within that single gram lives an agent of motion, a compulsion exerting itself over soporific lives. The random conversations one has with strangers over a cigarette often carry an edge of meaning that is hard to find in an otherwise superficial world. Mutual participation in a self-destructive exercise. Common ground transcending language. Line cooks, security guards and executives, relegated to a huddle under an awning as the rain pours, sharing a lighter. Ritual.

Much of what we have lost in the last two generations can be distilled to a neutering of our innate risk appetite. An unlanceable push towards comfort and safety, calcifying young minds and inculcating in them the belief that they are enough the way that they are. That to cast the runes is to err. Lost.

You are not enough. To make it is to understand that you never will be — and then to try anyway.

Smoke.

[ya3kov @_yakovsky]

DeFi has just crossed the chasm from a fully reserved system to a fractionally reserved system.

3Jane now enables anyone to generate yield on promises to supply capital later. Capital can remain outside DeFi’s contracts and still back those promises.

The promise can exceed the liquidity held against it, letting anyone run fractional reserves and effectively become their own shadow bank.

With this update, promisors can tap the much larger market for senior secured debt through @Morpho to fund capital calls, commit up to 6.25x their onchain net worth, and earn yield on the full commitment.

@ImperiumPaper is right that DeFi is speedrunning financial history.

A balance sheet can monetize two things: (a) capital and (b) the capacity to commit capital.

DeFi built its core markets around the former. Capital enters a smart contract, then earns yield. We accepted this mental model so completely that we named our measure of scale TVL.

LCC makes the latter a market through unfunded capital commitments. 3Jane buys future access to capital while its owners keep it productive elsewhere.

Crypto is a ~$2.8T asset class, while DeFi’s contracts hold ~$90B. A market for promises lets DeFi’s funding capacity grow beyond those deposits. 3Jane draws that capital into USD3 as calls are met. At 7.5% margin, each dollar posted supports a $13.33 commitment.

U.S. banks already sell this capacity at scale, carrying ~$11.3T of unused loan commitments. They sell access to capital before they need to deliver the cash.

LCC engineers TradFi’s most powerful liquidity mechanism into self-enforcing, internet-native code. It crowdsources balance-sheet capacity at global scale, letting anyone earn yield on their unfunded capital.

I encourage crypto market participants to revisit their priors.

Bubbles are, of course, mathematically impossible in this new paradigm.

[Osgur @dynasticsnail]

@lucacs @xwyul Shit

[will @xwyul]

coming soon to a Godpack near you @godpack

[⏢brianbreslow @brezshares]

A follow up to my Heresy article on Pearl @prlnet

TLDR
- Pearl is growing at the exponential rate of AI thanks to "Duplex Work"
- Emissions != sell pressure
- ASIC mining risk is overblown because Inference ASICs already exit and are Pearl friendly

[Legend @legendtrade]

Legend just crossed $1B in trading volume.

What started as a bet on making trading more social is becoming something much bigger.

Onto the next billion.

[ryoh 🕊️ @ryohhno]

Very proud of our team for executing on @legendtrade 's growth the past few months.

They're killing it across multiple channels with a small but deadly team of only 6, with a fraction of capital of basically everyone else on this list (we've raised $5M total, vs the tens of hundreds of millions raised by others here.)

Onwards, onwards.

[GTE @GTE_XYZ]

We're back.

https://t.co/S2JQaFbP1E

[FactMachine @factmachine]

Great news loved ones.

You can now put your hard earned dollars to work on FactMachine.

Instantaneous USDC deposits and withdrawals on @solana are live.

[3Jane @3janexyz]

3Jane has grown to $75M TVL since inception.

To accelerate our growth we're introducing LCC: a new primitive for unfunded capital commitments

Post 7.5% margin, back a 13x callable capacity, & earn 10%+ USD APY. Live in August

https://t.co/f12JPwg5cr

[ryoh 🕊️ @ryohhno]

at @legendtrade we just did:

1. got into top 10 builder code volume projects
2. as much 24hr volume as metamask
3. double Liquid app volume
4. 1/5 of Phantom volume
5. our users are MORE PROFITABLE than Liquid, and just about as profitable as BasedOne users

with no points or incentives, while in Alpha state with a TestFlight iOS app, in a bit over 1month.

the demand for social perps I'd estimate is <1% than what is shown here. Cannot wait to ship the features and products we have been building internally...

In the meantime, 1v1 me on Legend!

[ryoh 🕊️ @ryohhno]

So cool to see the @WSJ write about our @legendtrade event in NYC a few weeks ago.

This is just the start. Legend is building something brand new.

If you don't see where the puck is going, now you do.

[Osgur @dynasticsnail]

@ryohhno Legend

[ryoh 🕊️ @ryohhno]

Legend has now done over $150M (+50M, or 50% of total lifetime volume, the past 5days) in trading volume in our alpha phase, growing 100% week over week.

some cool new products and features coming soon we think that you will really like, as well as *official* iOS release :)

[3Jane @3janexyz]

3Jane began as a credit-based money market extending lines of credit to cryptonatives.

Today we're evolving into programmable credit facilities via warehouse loans &amp; forward-flows to power the next generation of fintech originators across a $100B opportunity.

Full post below.

[Legend @legendtrade]

We're pleased to announce that Legend has raised a $3.5 million seed round, led by @ElectricCapital, with participation from @ambergroup_io and @GSR_io, bringing our total raised to over $5 million.

[Oh @ohdotxyz]

Today we announce our $7.5m Series A, bringing total funding to $12m - the most raised by any adult AI startup globally - as we extend our lead as the dominant player in adult AI

The round was led by @Maven11Capital, with participation from @L1D_xyz, @Auros_global, @hashed_official, @MaelstromFund and @CadenzaVentures; alongside existing seed investors @cyberfund, @KosmosVC and @tangent_xyz doubling down

[Polymarket @Polymarket]

Polymarket is officially launching competitive trading markets.

We're excited to be named @LegendTrade's Exclusive Prediction Market Partner.

[Maddie Arffa @madisonarffa]

the two most overrated ideas in agentland: proof of human and agentic marketplaces

one is identity theater, the other is a demo w/ a biz model stapled to it

@tarunchitra and i wrote the equation for what actually prints

https://t.co/BHSTM1u3Ea