Steve

CEO & Co-Founder @FourPillarsFP
Shilling @FPvalidated
Opinions are my own.

[Steve @Steve_4P]

I finally have some time to properly put my thoughts down.

This investment from @PanteraCapital and @further carries implications far beyond a simple financial investment. Internally, it will be remembered as a validation of our competitiveness on the global stage. Externally, it signals that @FourPillarsFP is establishing a meaningful strategic position in helping Asian companies expand into global markets.

Over the past three years, we’ve led a significant amount of research and, in many ways, helped shape the narrative across the Asian market. But research alone has its limits when it comes to bridging the gap between Asia and the U.S. markets. We needed stronger global relationships and networks, and Pantera Capital and Further Ventures came in at exactly the right time to team up with us.

Going forward, Four Pillars aims to play a central role as Asian institutions begin to launch a wide range of institutional-grade products. We will provide staking infrastructure tailored for institutions, support their expansion into new services through our research capabilities, and leverage our global network to connect them with leading players ultimately helping them build tangible, real-world products.

This is where research becomes actionable.

While AI can replace many things, relationships and trust cannot, at least not in the near term. We aim to build a strong network of relationships and trust to ensure that the Asian market continues to evolve and remain competitive in the global crypto industry.

We’re open to any form of collaboration, feel free to reach out via DM.

[Four Pillars @FourPillarsFP]

: : We're excited to announce that @FourPillarsFP has raised Series A Funding from @PanteraCapital and @further.

This round marks our next chapter: scaling from a research firm into an institutional-focused blockchain research and infrastructure provider.

[Four Pillars @FourPillarsFP]

Exploring the unintended consequences that South Korea’s digital asset taxation regime may have on domestic Digital Asset Treasury (DAT) companies.

👇

[Steve @Steve_4P]

@ashwathbk But many Koreans were already there when crypto degens learned those lessons in 2021.

They’re simply repeating the same mistakes over and over again. Humans never learn.

[Heun @0xheun]

https://t.co/su0rYy2YYX

[Rejamong @r2Jamong]

BitMine Can’t Own the Ethereum Network

Bitmine (BMNR) is often described as the Ethereum version of Strategy (MSTR). But the structural specifics of Ethereum's network make the two companies' accumulation strategies fundamentally different in nature.

Network influence
Bitcoin is a proof-of-work (PoW) chain. No matter how much BTC you hold, it gives you no say in running the network. Ethereum is a proof-of-stake (PoS) chain, so building a staking position means building influence over consensus.

Control about 33% of all staked ETH and you can stall finality. Cross 51% and you steer block production, which makes censorship possible. Reach 66% (two-thirds) and you can maliciously finalize arbitrary states at will, even to the point of seizing other people's assets.

Bitmine currently holds about 4.7% of total ETH supply (roughly 5.67 million ETH), and about 4.72 million of that is staked. Against the network's total staked pool of around 39 million ETH, that puts Bitmine's share of staked ETH near 12%. If it hits its stated goal, the "Alchemy of 5%" (owning and staking 5% of total supply), that share could climb to somewhere around 15%. Push accumulation past that point and Bitmine becomes a threat to the neutrality and decentralization that Ethereum cares about most.

Strategy can stockpile Bitcoin without limit and never touch the network's operation. Bitmine can't. Past a certain point, its ETH accumulation runs into a structural ceiling.

Staking revenue
Bitmine's current annualized staking revenue is estimated at about $223 million. Through staking, its ETH-per-share can grow even without buying more ETH. But as noted above, Bitmine can't accumulate ETH indefinitely.

So the ETH that staking generates is more likely to be sold off periodically, to fund preferred-stock dividends and the like, than added to the pile, and over time that becomes sell pressure on ETH. On the other side, Bitmine's preferred stock (9.50%) should be steadier than Strategy's STRC in covering its dividend.

Separating R&D from network operation
The Ethereum Foundation (EF) went years without staking its own treasury. The intent was to keep the foundation that drives R&D separate from the decentralized actors that run the network. But one of the main funders behind Ethlabs, the new Ethereum R&D organization that launched on June 22, is Bitmine. It came in as an anchor funder alongside Sharplink and Ethereum co-founder Joe Lubin. In other words, an entity that controls roughly 12% of Ethereum staking is now also a major backer of the group meant to lead its R&D.

Ethlabs is set up as an independent organization where funders have no say over the research agenda. Even so, the arrangement raises questions about a principle Ethereum has held to until now. That principle keeps the people who do R&D separate from the people who run the network, and keeps both independent from any single pool of large capital. Whether Ethlabs, a research body operating outside the EF's orbit, turns out to be an answer to the long-criticized undervaluation of ETH, or a force that erodes the neutrality the foundation worked to protect, is something we will have to watch.

As a member of the Ethereum ecosystem, Bitmine widens ETH's access to capital markets, and by accumulating ETH it pushes a re-rating of Ethereum's value as a financial asset. But going forward, Ethereum has to remain everyone's neutral network, not one that sits under the influence of Bitmine or anyone else.

Its most distinctive value is exactly this. Ethereum is a neutral network open to everyone, owned by no single company or institution.

[Steve @Steve_4P]

https://t.co/kGcXWUSPMi

[Steve @Steve_4P]

@delucinator I AM

[Four Pillars @FourPillarsFP]

https://t.co/UENT0ClFVe

[JayLovesPotato @JayLovesPotato]

Before Canton:
"Decentralization is non-negotiable!"

After Canton:
"Actually, institutions need permissions, controls, and governance safeguards."

[Steve @Steve_4P]

@ethereumJoseph @joechalom @Sharplink Excited to work with you and Joseph in Korea!

[Steve @Steve_4P]

In this case, you are a collector indeed.

However, the fact that 1 out of 100 people genuinely keeps selling cards, rebuying packs, and opening them for the sake of collecting does not make the other 99 collectors. I’d actually be interested in seeing the data on this—among people who sell cards and then use the proceeds to buy more packs, how many are really doing it the way you are?

[Ponyo @ponyo_fp]

Might get gunned for this since $CARDS is becoming CT's new favorite child, but just published a bearish piece on it.

[Steve @Steve_4P]

South Korea still retains many paternalistic characteristics in the way it governs. There remains a deeply rooted belief that the state should guide, discipline, and control its citizens. In many ways, citizens are still viewed not as sovereign individuals, but as children who need protection and supervision. Publicly, of course, they are described as the sovereigns of the nation.

To be fair, governments do have a legitimate responsibility to protect their citizens. The difference lies in the degree and manner of that protection.

The problem arises when society continues to evolve while the governing mindset remains unchanged. In such an environment, friction becomes inevitable. Exchanges are likely frustrated as well. Since 2018, regulatory constraints have steadily stripped them of their ability to innovate and shape their own businesses.

That said, listing tokens with nearly identical names or tickers and effectively exposing users to avoidable risks is hardly a constructive response. It feels somewhat immature. In fact, behaviors like these may end up reinforcing the very paternalistic regulatory framework that many in the industry criticize. After all, children are often seen as needing adults to supervise and discipline them.

As someone trying to build something in Korea, I find the situation frustrating. While global players are discussing tokenized equities and envisioning integrated financial super-apps where virtually every asset can be traded in a single venue, Korea is still largely debating STOs and private blockchains.

The reality that Korean financial institutions increasingly feel compelled to pursue innovation overseas should raise important questions. Is it really normal for domestic institutions to leave the country in order to explore opportunities that are difficult to pursue at home?

In many ways, Korea seems to embody one of Ludwig von Mises’ most famous observations:

“Government intervention always causes unintended consequences, and those consequences then cause further government intervention.”

There are many layers to this issue, and it leaves us with a great deal to think about.

[Four Pillars @FourPillarsFP]

https://t.co/6QhhdlIfpe

[Four Pillars @FourPillarsFP]

Ethereum’s future is happening now.

It was an honor to meet and chat with @joechalom in Korea. For our Korean readers, we translated “Ethereum’s One Million Builder Milestone.”

Check it out 👇
https://t.co/vWLejyOQoK

[JayLovesPotato @JayLovesPotato]

Thanks for spending your time with @Steve_4P & @xparadigms at @FourPillarsFP 🫡🇰🇷

[Steve @Steve_4P]

Thank you, @joechalom, for the special call out — alongside our fellow industry leaders such as @nonceclassic and @dsrvlabs, who continue to help shape and grow the industry in Korea.

Joseph is quite different from many crypto founders / executives I’ve met over the years.

He is extremely thoughtful about choosing partners and places a strong emphasis on building trust before pursuing any meaningful collaboration. Through our conversations, I had the opportunity to hear about how BlackRock’s digital assets team was built and how it evolved into one of the most influential digital asset initiatives in traditional finance. As someone building in this industry, I found those stories incredibly insightful and deeply motivating.

What stood out even more was his long-term perspective. In a market that is often driven by speculation and short-term narratives, Joseph approaches the industry with patience, discipline, and conviction. Spending time with him has reminded me of the importance of taking a longer view and staying focused on building through cycles.

One thing that particularly resonated with me was his interest in finding builders rather than traders in Korea. He spoke about students, developers, entrepreneurs, and people who are creating things for the future. That mindset is refreshing and, frankly, quite rare in today’s market.

I believe organizations such as Four Pillars, Nonce Classic, and DSRV — along with many others across the Korean ecosystem — will continue contributing in our own ways to help make that vision a reality.

The crypto industry benefits when more leaders think in decades rather than quarters. I have no doubt that Joseph is one of those leaders, and we’re excited to continue supporting @Sharplink and exploring ways to build together for the long term.

[Joseph Chalom @joechalom]

https://t.co/4sOm6TYyeY

[Steve @Steve_4P]

https://t.co/5T0uYVNSSJ

[Four Pillars @FourPillarsFP]

: : Crypto Card Payment Dashboard Is Now Live 📊

A single view into the entire crypto card payment market: total volume, transactions, users, and breakdowns by project, chain, currency, and card network.

Dashboard by @0xheun, Supported by @PaymentScan

More details below 👇

https://t.co/SEi7Z4tLtQ

[FP Validated @FPvalidated]

FP Validated Is Looking for Partners to Participate in Lido's IDVTC initiative !

If you're an ICS community member in Lido, and interested in teaming up with us, keep following us 👇

[Four Pillars @FourPillarsFP]

https://t.co/S4V4G9Tgoy

[Steve @Steve_4P]

Alex played a huge role in making last year’s Asia Stablecoin Conference one of the most successful conferences in Asia.

This year, we’re aiming even higher.

Excited to team up with him again and continue building bridges between Korea and the global market.

Onward. 🚀

[Alex Lim @alexlimasia]

such a proud moment @Steve_4P @xparadigms @100y_eth @JayLovesPotato_ super bullish $FP NFA

Long Live @FourPillarsFP