donut debate on f1 twt and nobody including THE donuts master, nobody does it like Sebastian Vettel. AURA.
as martin brundle once said “even his donuts are good”
[opinion piece] The next cycle is going to feel boring… on purpose.
For years, every cycle followed a familiar choreography: Bitcoin rallies, Ethereum lags then catches, and eventually capital spills into an “alt season” where anything with a ticker levitates. That pattern is clearly breaking. Across this cycle, the fundamentals have shifted in a way speculation alone can’t replicate. The only alt-layer projects still standing with conviction are the ones that’ve evolved into real businesses: protocols that generate actual cash flow and recycle it into buybacks, burn mechanisms, or fee distributions that make their token supply structurally deflationary. Think of Aave (what I use) routing protocol fees into the Safety Module to reinforce reserves, or Solana using fee markets and priority fees to compress long-term inflation. These are survival strategies. The market no longer rewards narratives; it rewards revenue. And when liquidity tightens, only assets with credible economic engines, not just promises, continue to move.
The crowd also isn’t as gullible as it used to be. Retail, institutions, even longtime builders; no one is falling for the same predatory tokenomics that worked in 2017 or even 2021. High unlock schedules, thin float engineering, circular revenue schemes, and aggressive emissions now get priced in instantly. Markets have become fluent in dilution math. FDV isn’t a suggestion anymore; it’s a liability. As a result, the next few years will be brutally clarifying. Projects that relied on reflexive hype or exit-liquidity design won’t survive a market that actually reads vesting curves. The ones who remain will be the teams treating their token like an operating instrument. In a way, the sophistication of the market has become its own form of regulation.
The last few cycles were driven by things that felt novel and chaotic: ICOs, DeFi food farms, JPEG mania, memecoins, the TikTok phase. The new wave is going to be shaped by infrastructure that looks, at first glance, almost disappointingly conventional:
~ fully-reserved, audited stablecoins that look like e-money in Europe;
~ tokenized T-bills and money-market funds;
~ spot crypto ETFs and multi-asset products aimed squarely at pensions and RIAs;
~ banks and payment institutions quietly plumbing in blockchain rails under the hood.
J.P. Morgan’s own research now projects the stablecoin market could grow to $500–750 billion over the next few years. That’s not a degen number… that’s an infrastructure number. It assumes that dollars-on-chain become a routine part of how people move value across borders, hedge currency risk, and settle trades and not a speculative side quest.
From the outside, this all looks like crypto becoming less “fun.” From the inside, it looks like crypto finally becoming useful.
Sources: https://t.co/g6DyCt5BcL
https://t.co/7EWJPL0IZQ
🚨| Adrian Newey on the importance of driver feedback:
🗣"The drivers are wonderfully intuitive animals. They will adapt their driving to suit the strengths and weaknesses of the car. If you want to find out what those weaknesses are, then you have to interrogate the driver."
I’ve been taking photos and videos of small things I’ll miss from this chapter. It hit me today that when I first moved here, walking a mile felt like an achievement. Now, walking three miles home feels like the bare minimum. There’s something really comforting about listening to music, people-watching, and realizing how insignificant you are and at the same time, how vast and beautiful the world around you is.
As happens in one’s life, I’ve been taking stock of my last 40 years. It’s been a wild ride. I’ve gone from consulting for the NSA to watching the early stages of Bitcoin. Then, I met Arthur, Jed, and Chris and worked on coding the XRP Ledger. Now, I’ve spent more than 13 years at Ripple.
I can’t begin to explain the depth of my gratitude to this company, the people who work here, and the community that surrounds XRPL. It’s been one of the greatest honors and experiences of my life, second only to my amazing family.
The time has come for me to step back from my day-to-day duties as Ripple CTO at the end of this year. I’m really looking forward to spending more time with the kids and grandkids and going back to the hobbies I set aside. But be warned, I’m not going away from the XRP community. You haven’t seen the last of me (now, or ever).
The last few months I’ve been tinkering on the side – spinning up my own XRPL node and publishing its output data, researching other use cases for XRP (besides what Ripple is focused on), and more. I truly enjoy this part — getting my hands dirty, talking to builders, coding for the pure love of it — and I’m really excited to get back to that. More to come on this very soon, I’m sure.
But back to gratitude — to Brad and Monica — leaders who have been here nearly as long as I have, and are the very soul of Ripple itself. To Chris, who took a huge leap of faith and never wavered. To Arthur, who had the big ideas every time we needed them. To the RippleX team, ledger developers, community members, builders, and everyone else — it’s been an honor being in the trenches with you all. Thank you for everything you have done for the XRPL. I have total confidence in the next generation of leaders and builders – including Dennis Jarosch (Ripple’s SVP of Engineering) – and far too many others to name in the XRP community who will carry the torch.
I’ll still be in and out of the Ripple office as CTO Emeritus, and as my last task at Ripple, Chris asked me to join Ripple's Board of Directors to continue supporting the company’s mission and long-term vision...and I accept!
I look forward to seeing the rest of you at XRP community events around the world.
– JoelKatz
🚨 | Fernando Alonso on Adrian Newey:
"He seems in control of everything, all the time.
"A self-confidence I never saw before, he is not stressed about any other team...
"He believes that his [car] will be the best."
🇬🇧 Banksy is back on the streets of London
In the image that appeared on the Royal Courts of Justice building, a judge is beating a protester with his gavel.
1/
🚨 Crypto Tax Tip - Do I need to inform HMRC? 🚨
You may not need to report let alone pay by the end of the month.
Firstly we need to understand taxable moments. A thread 🧵