stephenmolloy

father, blockchain analyst, hedge fund partner, sometimes gardener/cyclist/artist, often padelling

[David Burton ⭐️⭐️ @DavidBurton1971]

🚀 @ShortwavePLC Digital Asset Treasury Update

In one of the most volatile quarters the digital asset market has ever seen, capital preservation mattered more than speculation — and discipline paid off.

📉 While Q4 2025 saw:
•#Bitcoin correct ~25%
•Tech-correlated and leveraged proxies fall 50%+
•Widespread double-digit drawdowns across digital assets

✅ #PSY treasury drawdown to ~5%

This wasn’t luck. It was strategy.

🛡️ By delaying deployment, focusing on liquidity (BTC, ETH, SOL), and treating the treasury as a utility — not a gamble — Shortwave preserved shareholder value and effectively retained ~20% of upside optionality for the recovery.

💬 “Q4 was a stress test for corporate digital treasuries. Our approach validated the importance of patience, discipline, and fiduciary focus.”
— Stephen Molloy, Executive Director

🔮 Looking into 2026
Digital assets are evolving beyond speculation — driven by regulation, adoption, and integration into global financial systems. With liquidity preserved and risk managed, Shortwave is now well-positioned to scale into this structural shift while maintaining rigorous governance.

📊 Defensive when it mattered.
📈 Ready when opportunity returns.
🧬 Treasury strategy aligned with long-term life sciences innovation.

#DigitalAssets #TreasuryStrategy #CapitalPreservation #LifeSciences #Bitcoin #Ethereum #Web3 #RiskManagement #2026Outlook

[stephenmolloy @stephenmolloy]

@RebeccaRettig1 @davidsacks47 @BoHines Brilliant, such a concise way to frame such a big and important report thanks v much @RebeccaRettig1

[stephenmolloy @stephenmolloy]

@CGasparino @nypost Working link https://t.co/NaMJwQh4SJ

[stephenmolloy @stephenmolloy]

Tony Blair: Bring in digital IDs to get tough on populism

https://t.co/rWspdCz3pG

[David Sacks @DavidSacks]

New report by leading semiconductor analyst Dylan Patel shows that DeepSeek spent over $1 billion on its compute cluster. The widely reported $6M number is highly misleading, as it excludes capex and R&D, and at best describes the cost of the final training run only.

[Senator Cynthia Lummis @SenLummis]

Honored to chair the Senate Banking Subcommittee on Digital Assets.

[stephenmolloy @stephenmolloy]

And now appointed Vice Chair of House Subcommittee on Digital Assets, Financial Technology and AI 💪
https://t.co/9rT7an47lk

[Tom Emmer @GOPMajorityWhip]

I am honored to have been selected as Vice Chairman of the Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence.

With President Trump in the White House, and Gary Gensler confined to the waste bin of Washington, we have an excellent opportunity to ensure that the future of digital assets is guided by Americans, with American values.

I look forward to working with Chairman @RepFrenchHill, Chairman @RepBryanSteil and the rest of our colleagues to foster an environment where digital asset innovation can thrive.

[stephenmolloy @stephenmolloy]

Useful data points to provide perspective around just where we are relative to mobile phones and internet. BlackRock: Crypto has “Outpaced” Growth of Mobile Phones and Internet https://t.co/qA1T8Cgcss via @WatcherGuru

[stephenmolloy @stephenmolloy]

MP Alpha Capital in today’s FT @DamienMiller48 @infosociotrade1 https://t.co/zF0BzHSxjz

[Dima @dimakhanarin]

178 projects, $2B raised, 54 live tokens, $63B+ FDV.

The Crypto x AI space is booming, and post-Devcon, I built a map with all projects I know.

3 categories:
- Apps
- Middleware
- Infra

Includes funding data and live tokens 🧵👇
-----

1) Apps (31 projects, $240M+ raised, 8 tokens live, $3B+ total FDV):

1.1) DeFi apps
- 6 projects, $1M raised, no tokens live
- @rug_ai, @RPS_Labs and others

1.2) Chatbots
- 4 projects, 1 token live, $10M+ total FDV.
- @Libertai_DAI and others

1.3) Payment apps
- 6 projects, $33M raised, no tokens live
- @PaymanAI ($13.8M raised), @trySkyfire ($9.5M raised, @BitteProtocol ($7.5M raised) and a few more

1.4) Agents-influencers
- 10+ projects, 10+ tokens live, $3B+ total FDV.
- TT, ai16z, Zerebro, @centienceio and others

1.5) Engineering and Security
- 4 projects, $33M raised, 2 tokens, $200M+ total FDV.
- @Chain_GPT ($CGPT, $120M FDV), @FortaNetwork ($FORT, $100M FDV), @MetaTrustLabs ($10M raised) and @testmachine_ai

1.6) Consumer
- 6 projects, $12M raised, 2 tokens live, $100M+ total FDV.
- @aiarena_ ($NRN, $80M FDV), @bottoproject, ($BOTTO, $60M FDV) and others

1.7) Intelligence tools
- 4 projects, $163M raised, 2 tokens live, $2B+ total FDV.
- Arkham Intel ($ARKM, $2B FDV), Kaito, Dune and Messari.
-----

2) Middleware (106 projects total, $800M+ raised, 25 tokens live, $18B+ total FDV)

2.1) Training and Coordination
- 16 projects, $120M raised, 4 tokens live, $10B+ total FDV.
- Includes well-known Bittensor and Sentient, but also contenders @assisterr, @Pluralis__ and others.
- For liquid plays look at @Dither_Solana ($DITH, $10M FDV), @hyper_tensor ($TENSOR, $25M FDV) and @communeaidotorg ($ COMAI, $200M FDV) for liquid plays

2.2) Inference
- 17 projects, $57M raised, 2 tokens live, $50M+ total FDV.
- Allora Network ($35M raised), @OpenGradient ($8.5M raised), @hyperbolic_labs ($7M raised) and smaller teams like @openex_network ($OEX, $45M FDV)

2.3) Data: Platforms, Collection, IP, Monetization, Provenance
- 23 projects, $240M raised, 7 tokens live, $1B+ total FDV.
- Has many well funded protocols: Story Protocol ($134.3M raised), Space and Time ($50M raised), @saharaai ($43M raised), Ocean Protocol ($OCEAN, $500M FDV), Vana ($25M raised), Hivemapper ($HONEY, $500M FDV).

2.4) Privacy
- 14 projects, $250M raised, 2 tokens live, $800M+ total FDV.
- Zama ($82.3M raised), Nillion ($50M raised), Oasis Protocol ($ROSE, $800M FDV) and Fhenix ($22M raised) and others.

2.5) Agent Platforms
- 24 projects, $175M raised, 6 tokens live, $6.5B+ total FDV. The most hyped category now.
- Fetch AI ($FET, $3.5B FDV), @Spectral_Labs ($SPEC, $1B FDV), @virtuals_io ($VIRTUAL, $450M FDV), @autonolas ($OLAS, $850M FDV), @MorpheusAIs ($MOR, $800M FDV) and others

2.6) Research
- 3 projects, $5M raised, no tokens live
- @NousResearch, @physynAI and @peri_labs

2.7) Data Collection / Labeling
- 9 projects, $30M raised, 1 token live, $120M+ total FDV.
- @getmasafi ($MASA, $126M FDV), @din_lol_ ($8M raised), @KivaAi ($7M raised) and others
-----

3) Infra (41 projects total, $1B+ raised, 24 tokens live, $42B+ total FDV)

3.1) Compute
- 22 projects, $212M raised, 14 tokens live, $11B+ total FDV.
- Gensyn ($50M raised), Render ($RENDER, $4B FDV), @HiveDistributed ($13M raised), @PhalaNetwork ($PHA, $125M FDV), Aethir ($ATH, $2.6B FDV), @fluence_project ($FLT, $250M FDV), @spheron ($7M), @akashnet ($AKT, $1B FDV), @nosana_ai ($NOS, $330M FDV), @Neura_io ($ANKR, $342M FDV), @RunOnFlux ($FLUX, $250M FDV) and many others

3.2) AI Chains
- 10 projects, $357M raised, 4 tokens live, $9B+ total FDV
- @OG_network ($325M raised), Autonomys ($33M raised), https://t.co/hNaff55hA0 ($IO, $1.8B FDV), Ritual ($25M), @golemproject ($GLM, $370M FDV), Ora ($ORAI, $120M FDV) and others

3.3) Data Storage
- 8 projects, $374M raised, 5 tokens live, $10B+ total FDV.
- GenesysGk ($43M raised), @storj ($STORJ, $210M FDV), Ceramic Network ($30M raised), @Rivalz_AI ($11M), @AIOZNetwork ($AIOZ, $900M FDV), @ArweaveEco ($AR, $1.2B FDV)

3.4) Proof of Humanity
Well-known WorldCoin, raised $115M, $WLD, $22B FDV
-----

Why did I do this gigantic exercise?

To help VCs and degens uncover shiny new tokens, of course 😂

But really, I wanted to unpack the hype:
- Is the space well-funded?
- Are there strong protocols across categories?
- Is there real traction beyond AI memecoins?

The answer is mostly no.
- The space remains underfunded - $2B is almost nothing.
- Competing with centralized labs in AI stack development is tough.
- Most "traction" is still speculative and robust apps haven't emerged yet.

Right now, funding is concentrated in infra and middleware—but this will shift.

I align with a16z: value accrual will move to apps in the coming years.

And finally, all of this crypto x AI economy will be cross-chain and powered by @EverclearOrg.
-----

Big thanks to @0xPrismatic, endless Devcon side-events, and all folks contributing to this effort 👏

Apologies if there is anything incorrect or out of date - space is moving fast and we might have missed something.

P.S. I’m dreaming of automating this research with next-gen agents someday— Open AI, wen full o1?

[Ethereum Daily @ETH_Daily]

Top Layer 2 with Average Transaction Fee Comparison Last 24 Hours🏆

1. @MantaNetwork
2. @Optimism
3. @blast
4. @base
5. @arbitrum
6. @0xMantle
7. @taikoxyz
8. @zksync
9. @Scroll_ZKP
10. @LineaBuild

🏃‍♂️ Speed + 💰 Affordability = Future of Web3!

The L2 wars are heating up, and our wallets are the winners! 🔥

#Layer2

[Improbable @Improbableio]

Improbable is developing the fastest blockchain for mass consumer applications for @Somnia_Network! Leveraging Improbable’s 10+ years of expertise in distributed systems, Somnia will process over 400,000 TPS with sub-second latency and EVM compatibility.

https://t.co/iSjqSoHIKz

[Ryan Watkins @RyanWatkins_]

Applications on Ethereum and Solana are on the verge of flipping their underlying infrastructure in revenue.

What does this mean for the future of value capture in the cryptoeconomy?

[AlΞx Wacy 🌐 @wacy_time1]

Even amid market chaos, the RWA industry is booming.

Infrastructure RWA projects are gaining more and more interest.

Cause RWA Infra is a critical component of the entire sector.

Now is the best time to spot these hidden gems.

So I'd like to share my finding: Jiritsu Network.

● @Jiritsu_Network is L1 solution for tokenizing and managing real-world assets that verifies financial workflows using proprietary Zero-Knowledge Multi-Party Computation technology.

✓ This innovation guarantees secure validation for intricate workflows, crucial for tokenizing real-world assets and streamlining financial operations.

✓ They raised $10.2 million, led by gumi Cryptos Capital, Susquehanna Private Equity Investments, LLLP, Republic Capital, and others.

● 𝐉𝐢𝐫𝐢𝐭𝐬𝐮 𝐂𝐨𝐫𝐞 𝐑𝐖𝐀 𝐏𝐫𝐨𝐝𝐮𝐜𝐭𝐬:
➜ Institutional Asset: Enhanced Tokenized Funds & ETFs Verification
➜ Supply Chain: Streamlined Loans & Supply Chain Efficiency
➜ Gold Reserves: New Transparency Standards
➜ Real Estate: Real-Time Asset Verification
➜ Bank Balance: Faster Financial Transactions with Real-Time Proof
➜ Ownership: Securing Collateral with Blockchain Proof
➜ GPU Hours: Accurate Real-Time Asset Delivery

● 𝐈𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭 𝐛𝐞𝐧𝐞𝐟𝐢𝐭𝐬:

✓ Jiritsu has announced a integration with BlackRock to boost RWA verification. Leveraging its own ZKMPC oracle, Jiritsu ensures accurate reserve and valuation checks for BlackRock's ETF.

✓ Joining Jiritsu Network's board is Michael Lustig, a seasoned professional from BlackRock, aiming to drive institutional acceptance.

✓ They have partnered with @FTI_US, @jpmorgan, @Solana, @avax, @base and Ethereum to create a scalable platform.

● 𝐀𝐜𝐭𝐢𝐯𝐢𝐭𝐢𝐞𝐬:
Early birds eager to dive into project should check out the quests on Galxy.

Join in at the link: https://t.co/kQC9mOiPBv
__________________

✔ A trusted L1 chain for RWA that supports large-scale infrastructure deserves significant attention.

The Jiritsu Network has the potential to become the most crucial ecosystem for the entire RWA industry.

I will closely monitoring the project's development. And recommend that you do so as well. 🤝

[Arthur @arthur0x]

https://t.co/2psT1GZg4m

[stephenmolloy @stephenmolloy]

@CoinDesk @OVioHQ great article Jasper, I agree DePin is one of the most exciting blockchain applications, esp as the likes of @biconomy work on improving front end UX; this what's needed to drive demand imo. Nice one

[stephenmolloy @stephenmolloy]

@Polymarket What happened overnight? Seeing 48/50 Trump/Harris today?

[Jon Wu @jonwu_]

It seems unintuitive that a small 25 basis point interest rate hike in Japan would spike all risk assets, including tonight's -20% $ETH candle.

But you need to understand the way the carry trade works:

It's a leveraged unwinding.

[stephenmolloy @stephenmolloy]

@mkhorp Do you know any more about this new research and when it’s due?