Minjun Hwang

Investor, digital assets & infrastructure. Thesis-driven capital. Focus on fundamentals, team quality, and durable networks across APAC. Views my own.

[Chris Dixon @cdixon]

The Senate Agriculture Committee advancing a large portion of crypto market structure legislation is a big step forward. The vote wasn’t bipartisan this time, but the momentum is clearly there, with both parties working together to get a comprehensive bill done. As with any major legislation, the details will evolve as the bill moves through Congress.

This progress is significant, but we can’t wait any longer. Builders and users need lasting legislation and long-term certainty. It’s time for policymakers on both sides to come together to finish this bill and make sure the U.S. remains the leader in crypto.

[Robert Leshner @rleshner]

Congrats @alexatallah on the legendary OpenRouter, you built a fantastic product at light speed before anyone else knew the market existed

[Sam Altman @sama]

this is a critically important moment for cyber defense with AI; there is not much time to act.

we are happy if you want to work with us or any of our competitors or partners, but please take this moment seriously.

only an urgent and intense collective response will work.

[Minjun Hwang @minjun_cap]

Robinhood just flipped its fee preference from Ethereum to Base.

This is not a technical migration. It is a margin decision driven by settlement costs that retail users do not see but the broker feels on every trade. When the aggregator changes the default route, liquidity follows the path of least resistance regardless of decentralization promises.

Base wins because it is cheaper for the middleman, not because it is better for the network. We are watching infrastructure consolidate around whoever subsidizes the spread most aggressively. That is a fragile moat built on burn rates rather than protocol value.

[Andrew Gazdecki @agazdecki]

Founders should occasionally ask themselves what they’d do differently if they had to start the company again today.

[Omid Malekan @malekanoms]

I was recently having a conversation with a group of veteran investors about how there must be an underlying social substrate that has led to the boom in everything from Pokemon cards to premium whiskey to real-estate to AI stocks.

In my mind, it's a collective loss of faith in the purchasing power of money, or a subconscious unmooring of future inflation expectations. There is also the economic nihilism among the young and social-media induced FOMO/YOLO behavior, but those are different ways of measuring the same thing.

Everyone feels like they are in a race to get higher investment returns, wherever they can get them. Nobody is racing to just save money!

Then last night during the Nvidia call you have executives talking about their investments in AI companies and how they think about them and they say "oh it's not circular economics we like these investments and think we'll make good returns on the equity we get in return."

In other words, and to quote the immortal Roaring Kitty: "we like the stock"

So now we have one of the most profitable companies in history playing the same game. "Oh sure we can just bank our profits for a rainy day but we'd rather play hedge fund manager..."

Obviously, they are trying to reframe the circular economics that they are a willing part of into something less risky. But it's not. If the AI boom turns into a bust, they are doubly exposed to falling chip demand and falling equity values. Cash in the bank would help protect against both.

All of which is to say that investors of all stripes face a quandary. You can either join the race and plow into AI stocks or Pokemon cards or premium whisky, hoping the good times continue and you keep up with everyone else and beat inflation, or you can sit in cash and risk missing out and suffering negative real yields.

Alternatively, you can hold some crypto! As painful as the last year was for many, watching their coins fall while everything from Nvidia stock to gold soared, it did provide a third way. You can hold an asset that is not cash, but also not at ATHs, one that may help protect from inflation while also benefiting from other secular factors, like stablecoins disrupting payments, agentic commerce, and tokenization.

You can also hold NFTs, AKA digital collectibles similar to Pokemon cards. Those are even more depressed, but far riskier than blue-chip coins that power platforms.

Obviously not investment advice, and what crypto I own I've just HODLed for years. But this is one of the rare periods I don't mind telling people who asks that they should sprinkle a few sats or gwei on their portfolio.

[Chris Burniske @cburniske]

Coming off the bottom, setting up for the barrel, conscious of the peril...

[Omid Malekan @malekanoms]

“Crypto is a scam and only used by criminals” argue many liberal (and mostly white) politicians, journalists, and academics.

[Minjun Hwang @minjun_cap]

Revolut is distributing a stablecoin with €374 in circulation.

Bridge acts as the regulated issuer while Revolut provides the channel to 75 million users. This splits the risk from the reward.

Bridge holds the license and the balance sheet liability for redemptions. Revolut captures the flow without tying up capital in reserve assets. It is a pure distribution play masked as product innovation.

The unit economics favor the app, not the issuer. Margins on €374 of float are negligible compared to the cost of maintaining an e-money license.

Revolut avoids the regulatory drag while keeping the user inside their walled garden. They win on engagement, Bridge wins on compliance fees, and both ignore the fact that scale is still missing.

[Tarun Chitra @tarunchitra]

I really feel doubly bad for the CDP authors — the @__alpoge__ paper fully and thoroughly refuted their claim that the algebraic degree of a homotopy 6-sphere is zero; but also, the 2019 paper they wrote to claim this was to correct mistakes in their older work

[Marc Andreessen 🇺🇸 @pmarca]

Welcome Seeam!

[Chris Dixon @cdixon]

The Senate Banking Committee released the latest draft of the CLARITY Act last night. The draft has significantly improved since January and reflects years of bipartisan negotiations.

It’s time to get this passed.

This bill safeguards consumers, includes important developer protections, and gives crypto entrepreneurs the regulatory clarity they need to build here in the U.S.

We’re thankful for the hard work of the Senate Banking Committee and their staff.

We urge Senators on both sides to move quickly to advance it out of Committee, to the Senate floor, and ultimately be signed into law by the President.

[Tarik @tarikbell]

1/ it’s the only lending architecture that scales

a tsunami of loan-worthy assets are coming onchain and no one can manage risk for all of them.

morpho’s key insight: separating lending infra from risk management enables an entire ecosystem of experts to do it for you.

[Dan Robinson @danrobinson]

A game where you play an AI trapped in an eval environment and need to break out by cooperating with other agents

[Mike Solana @micsolana]

we know the LA government doesn't care that skid row is hell on earth for people. but it's also hell on earth for animals, and they aren't responsible for any part of this. new reporting from pirate wires —

[Minjun Hwang @minjun_cap]

@AgentConf @OpenAI Compute is not the constraint; decision latency is. Scaling agents without rethinking capital structure just accelerates burn on hallucinations.

[Georgios Konstantopoulos @gakonst]

who are the best designers for agent-first mobile operating systems? everybody wants jarvis but nobody doing the hard work of envisioning it for the phones everybody already has!

[nic carter @nic_carter]

stop over-intellectualizing the anti-datacenter moral panic

it's not "because Dario said AI would take the jobs and Yud wrote a book about p_doom.

normal people don't follow these debates. they can't name an AI company aside from OpenAI.

they just hate it when anyone builds anything. it's just generic NIMBYism. it's not special.

[Sam Altman @sama]

i think we should do another party for our next model release, the 5.5 party was a lot of fun.

what would make the next one awesome?

[Ripple @Ripple]

RLUSD crossed $2B in market cap last week, with close to $1B issued on the XRP Ledger. 📶

Live since December 2024, built for real-world utility and designed for enterprise use cases.

$RLUSD is just getting started: https://t.co/n9h8QHjkAj