0xtomo.eth

CTO at @tanelabs, @robinpredict. Formerly at @GoldmanSachs, @EA, @startbahn. Posts in 🇺🇸&🇯🇵

[0xtomo.eth @HAIL]

@tkmct_t お疲れ様！

[0xtomo.eth @HAIL]

QRコード読んで注文するの便利だけど、飲み会中にスマホをちょくちょくいじらないといけないという部分は微妙だったので今後はこれを音声でやろう

[ノトフ（川本龍）／DreamCore @notf]

https://t.co/y0TfcYyq7A

[0xtomo.eth @HAIL]

Wix / Squarespace / Framerみたいな領域はまだまだDisruptされそうよな。CodexやClaude Codeがここまですごくなってもまだ使えない人は山ほどいるけど、その使えない人たち向けとはいえ今のプロダクト群は高すぎる

[Tetsuro Miyatake @tmiyatake1]

サイト作成ツールのWixが2割の従業員（約1,000人）をレイオフすることを発表した。

https://t.co/A9TDPXxOtU

[0xtomo.eth @HAIL]

古参NFTマーケットプレイスのRaribleが買収。RARIトークンやDAOは独立したままとのことで、マーケットプレイス手数料の大部分は買収したIMPOSSIBLEのものとなり、一部がRARI Foundation/DAOに流れるという感じになるのだろうか。何にせよ長らくの運営お疲れ様でした

[Rarible @rarible]

https://t.co/hWXY0EXCt0

[0xtomo.eth @HAIL]

DTCがT+1なのは技術的問題というより資本効率を高めるために流動性の高い上場株式の世界で合意された仕組みの話なのかなあと思う。まあすぐに決済が完結してほしい人用にT+0のオプションが用意されたのはいいことだ。ブロックチェーンだからというわけではなさそうだけど😂

[0xtomo.eth @HAIL]

別にブロックチェーンだからできたという感じでもなさそうだしトークナイズもしてないぽいが、証券をDTCから移しておくことで米国上場株式のT+0 DVP決済ができる模様

[Cointelegraph @Cointelegraph]

🔥 BIG: The SEC has approved Paxos as the first blockchain-native clearing agency in the US, a milestone for crypto and traditional finance convergence.

[0xtomo.eth @HAIL]

agree it would be pure nonsense if ETH were corporate equity.

But Ethereum is not designed purely to maximize value capture for ETH holders. For some people in the Ethereum ecosystem, it may still count as success if the network is widely used and ETH stays valuable enough to secure the protocol.

That part is bittersweet. The philosophy built on top of cryptography is part of why I fell in love with crypto in the first place — but of course we also want financial returns.

[0xtomo.eth @HAIL]

As someone who has been in the Ethereum space since around 2016, this article really resonated with me in a bittersweet way.

Many people, myself included, have long thought about the relationship between Ethereum’s utility as a network and the price of ETH. This article captures that tension very well.

Ethereum is now at least one of the most technically mature smart contract platforms, and the “weak version” of crypto — crypto as infrastructure for TradFi, institutions, and the U.S. financial system "at cost" — is clearly gaining traction. Because of that, parts of the Ethereum ecosystem, such as the EVM and Solidity, will most likely continue to be developed and adopted regardless of what happens to the ETH price.

[David Hoffman @TrustlessState]

I spent the weekend putting my thoughts about $ETH and Ethereum into this article

I built my career, community, and business on Ethereum, so the decision to sell deserves a deeper explanation

I hope this is sufficient

Thank you, all

[0xtomo.eth @HAIL]

@Cowbayc1 Yeah, I think both moves can make sense: holding the asset you believe in, while also reallocating some capital to major new trends like AI.

It feels increasingly consensus that crypto is a natural payment rail for AI agents.

Hopefully that brings new momentum back to ETH.

[0xtomo.eth @HAIL]

@nextalphaa @zooko I’ve barely sold any ETH since 2016, so I really hope you’re right!

[0xtomo.eth @HAIL]

なんか話題になってるみたいなので反応してみる😂
分かりやすい例がECやキャッシュレス決済アプリにおけるユーザ残高じゃないかなと思う。それは

sum(入金イベントの入金額) - sum(出金イベントの出金額) - sum(決済イベントの決済額) + sum(決済後refundイベントのrefund額) ...

みたいな計算で求められる。そしてそれはこの項の数から想定できるように、仕様が変更されるに従い結果が変化するし、単一ユーザの残高表示ならば良いが「残高がX以上のユーザ全員を抽出」とか集合知を求めるときに処理が重くなる。よって計算された値のsnapshotを保存する状態カラムを追加で用意したりする。

コードはいくらでもAIが書いてくれるので、人間の仕事はきちんと要求を書いてあげること。「監査ができてほしい」「ユーザ数X、平均決済数Yの時点において200ミリ秒以内にレスポンスを返したい」「他の値から計算して求められた値を格納するフィールドZについては、最新のイベントが反映されるまでは3分を限度に誤差を許容したいor読まれることを防止したい」etc.

[farstep @farstep_]

https://t.co/fLIm4rlzco

[0xtomo.eth @HAIL]

@GuruVerseX Yeah, it’s ironic that ETH’s price seemed better supported by OG vibes and foundational tech than by actual global adoption and much more mature infrastructure.

[0xtomo.eth @HAIL]

@Okada_DeFi0x That’s right. And now that Ethereum’s roadmap is more L1-centric again, each L2 needs a clearer reason to exist beyond just being a generic L2. One path is to create token-specific utility or value accrual that L1 itself does not provide.

[0xtomo.eth @HAIL]

I’m not sure there is a single “best move” back toward the strong version of crypto.

It may get harder and harder to recreate the vibes of past crypto summers as TradFi and institutions enter the space. They probably care much less about CROPS than crypto OGs do — at least until they get hacked 😂

So there’s a bit of a chicken-and-egg problem. But I agree with David’s point here:
https://t.co/8PtrATCPd3

A KOL-led surge in market cap can attract new entrepreneurs and capital, which can then create new interesting apps.

Those apps don’t have to be entirely new categories, or convince ordinary users that decentralization itself matters. It may be enough if the winning product just happens to run on decentralized rails — e.g. Polymarket beating Kalshi.

[0xtomo.eth @HAIL]

@joshman @TylerHODL17 @TrustlessState Now let’s see how Tom Lee reacts 😂

[0xtomo.eth @HAIL]

@CryptoLadyHQ That’s right. However, I read David’s article as arguing that ETH may stagnate or continue to underperform other, more trendy assets — not necessarily decline outright.

It’s already true that ETH has underperformed many other crypto assets over the past few years.

[0xtomo.eth @HAIL]

@joshman @TylerHODL17 @TrustlessState Yea, I haven't sold my ETH yet so I hope it's not🎯 though!

[0xtomo.eth @HAIL]

Past returns don’t guarantee that Ethereum’s future network growth will keep translating into ETH value capture.

As Eric pointed out at https://t.co/2c8NXSaYon, ETH’s early run was extremely violent and already rewarded early investors enormously.

But maybe that early period was the exception, driven by momentum and the ETH-as-money narrative. If Ethereum is designed to provide utility at cost, then the network can keep succeeding while the asset price stops compounding in the same way.

[eric @econoar]

I don't really blame David, ETH has grossly underperformed the general crypto market for many years now. I think a lot of his views here are valid and as I've mentioned, I've personally divested a lot out of ETH the past 1-2 years now. To this point, everything I've switched into has greatly outperformed ETH.

Honestly, I don't even think ETH underperforming is really related to any fundamental wrong doing. One thing I think a lot of people fail to realize is how violent the initial ETH run was. It's going to take a long time to shake off the breadth of millionaires that were created in such a short period of time.

At the end of the day, maximalism to a single coin when it comes to portfolio management is pretty silly. The market doesn't lie, there's no reason to trade against it. You can always trade back into a coin if it gets hot.

[0xtomo.eth @HAIL]

I think the article is making an even harsher point.

A high P/E stock with a small dividend still implies some equity-like value capture. But Ethereum may end up providing enormous utility at cost, with the surplus captured by users, apps, L2s, stablecoins, and institutions — not necessarily ETH holders.

In https://t.co/8PtrATCPd3, David speculates on the conditions under which ETH, the asset, could regain momentum.

[0xtomo.eth @HAIL]

That’s exactly the tension.

It makes sense to sell ETH if Ethereum’s utility keeps growing but ETH value capture remains decoupled from that growth.

More and more people may use stablecoins on Ethereum rails regardless of the ETH price. ETH could become a less attractive asset to invest in, while Ethereum and other EVM chains become everyday infrastructure for ordinary people.