Nick

Digital Assets

[Patrick Witt @patrickjwitt]

The world won’t wait on America forever. We can either lead the way on digital assets by passing the Clarity Act, or watch as someone else sets the rules of global finance for us.

[Nick @nicholasfgeorge]

@ProjectVEXai @RobinhoodCrypto @virtuals_io @arbitrum Zero crypto habits yet majority of volume is memes ?

[Picolas Cage @Picolas_Caged]

All this talk about how much fees from Robinhood chain go to Ethereum etc.

1. All fees for ETH L1 are auction based - meaning, people compete with one another for blockspace, so in times of euphoric activity, GWEI is greatly raised.

Right now, it's peak bearmarket, so fees are low. But imagine these fees when Base, Arbitrum, INK and Optimism (maybe Sonium) are all bidding for L2 blockspace + native ETH activity is higher in the bull market....

2. I'm just looking at how we managed to build infra + create dev teams that now offer tradFi a way to get full crypto exposure that's fully customised (effectively making them land lords) and all it cost them was 11%.

I think we've done really well as an industry to create that and it was all, ultimately, Ethereum's doing.

[Nick @nicholasfgeorge]

@artemis So ETH and memes

[Nick @nicholasfgeorge]

@glxyresearch Haven't they done this quite a bit over last 2 yrs ?

[Nick @nicholasfgeorge]

@mert bittensor:native does

[Nick @nicholasfgeorge]

@jords well said ser

[Nick @nicholasfgeorge]

CLARITY ACT odds on polymarket moving wild

[Nick @nicholasfgeorge]

Agree it's a step forward, and I'll applaud the direction loudly as not many players do this even today but as capital gets tighter (no more easy money) think scrutiny is important as it sets the standard going forward. My pushback isn't on intent, it's on what the dollars actually do.

On "route staking/MEV ": that number barely exists anymore. MEV tips have collapsed ~78% on run rate and the DAO captures under 3% of what's left (validators take ~94%). Routing "everything" into the token is routing a rounding error. The needle is seemingly now JTX or nothing.

And that's where the math gets uncomfortable for me as an allocator. JTO float grew 33% in the last 12 months, ~$79M/yr of unlocks at spot. For the buyback to outrun dilution, JTX needs ~$99M/yr in platform fees. That's ~10% of Hyperliquid's entire run rate, from a platform launching with zero fee history and no airdrop lever to farm volume. Of 48 perp DEX launches since mid-2024, exactly one hit that scale inside 6 months. BTW not impossible though as Jito has a good brand name and can be championed on Solana but I still think unlikely.

So until the prints show up, the mechanical effect of the program seems to me and this is an assumption not a fact, that it is in place to absorb unlock supply, whoever the seller is. The commitment expiring right as the unlock schedule ends in 2027 is either a coincidence or a design choice. Extensions by vote are promises stacked on promises imo.

Where we fully agree tho is, that this era is the win. Tokens now have to justify their weight with an actual P&L, and buybacks force that question into the open when no regulation or warrants exist.

Jito deserves credit for signing up to be measured. Now we measure.

[Nick @nicholasfgeorge]

@princeharry_za apathy

[Nick @nicholasfgeorge]

@glassnode Don't let the SOL boys get ahold of this

[glassnode @glassnode]

Robinhood Chain produces a block every 100 ms.

We measure transaction-submission latency from probes around the world.

Ohio: 3 ms
Virginia: 18 ms
Chicago: 27 ms
London: 91 ms
Tokyo: 140 ms
Sydney: 200 ms

Proximity provides up to 2 blocks worth of edge. Traders in the US could be frontrunning those across the world with ease.

Live map for all chains → https://t.co/g6s07ftrq8

[Nick @nicholasfgeorge]

@xcryptodigi market needs to prove value flow from subnets and labs to tao

[Nick @nicholasfgeorge]

Why $SOL validator exodus ?

[Nick @nicholasfgeorge]

odds dropped this morning any specific reason why ?

[Nick @nicholasfgeorge]

@Eze_Wilberforce It already passed the house needs senate

[Nick @nicholasfgeorge]

@x256xx @tradexyz What if airdrop 50% to hype holders

[Nick @nicholasfgeorge]

@LiuSaxon @randhindi @zama @SteakhouseFi @Morpho Actually think this is a pro not a con