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The Ultimate Guide to Crypto Finance. DeFi, NFTs, and cryptocurrencies. Level up. Go bankless.
Recent episodes
NEAR’s AI Money Thesis: Intents, Privacy, and Tokenomics | Sal Ternullo
- Near Intents has achieved product-market fit and is processing ~$20 billion in total volume with $30+ million in fees to date, used by applications like Infinex, Zashi, and Venice AI for cross-chain transactions and abstraction. - Near's tokenomics shifted in October 2024 with protocol emissions reduced to 2.5% annualized inflation; in February 2025, Intents fee burn began accruing to the Near token via buyback mechanics tracked at revenue.near.org. - Near positions itself as infrastructure for agentic AI commerce through three vertical products: Intents (cross-chain settlement), Near AI (private inference via Near AI Cloud), and Ironclaw (AI agent framework). - The Near ecosystem employs a centralized team structure (Near Foundation, Diffuse Labs, Near AI) driving product development alongside commercial partnerships, contrasting with Ethereum's more distributed model. - Confidential transactions launched on NEAR.com in late February 2025, embedding privacy into the protocol for both users and enterprises requiring data sovereignty and compliance (e.g., HIPAA). - Sovereign, a Nasdaq-listed treasury and commercialization partner, is scaling MPC node infrastructure (targeting 21 operators) and driving go-to-market efforts to increase Near adoption and token demand.
ROLLUP: David Sold His ETH | EF Exodus | Hyperliquid’s Breakout | Stagflation Fears
- Stagflation concerns: US CPI inflation rose to 3.8% in April (highest since 2023), with 10-year Treasury yields at 4.63% and 30-year yields at 5.16% (highest since 2008). Credit card delinquencies at their highest level since 2010. - Hyperliquid momentum: The platform hit new all-time highs ($61.50) with 47% gains over 30 days, driven by real-world asset trading (60% of volume) and pre-IPO markets like SpaceX and OpenAI. - IPO season: SpaceX filed its S-1 this week with a $1.7 trillion implied valuation and holds ~19,000 Bitcoin. OpenAI rumored to file as soon as this week. Hyperliquid enabling price discovery on these assets via Trade XYZ deployer markets. - Privacy tokens outperforming: Zcash (up 25%), Venice, and Railgun reaching new highs. Privacy is becoming a notable trend in the current market. - Ethereum Foundation talent exodus: Carl Beek, Tim Bako, Alex Stokes, Barnaby, and Julian Ma among recent departures. Departures attributed to low morale, the "loyalty pledge" mandate, underpayment, and perceived prioritization of protocol preservation over growth and adoption. - David's ETH exit: Host announced selling out of Ethereum, citing dissatisfaction with EF direction and wanting to focus on other bullish crypto opportunities. Representing a potential capitulation signal.
Bitcoin’s $300T Credit Market Opportunity | Jeff Walton
- Bitcoin beyond "digital gold": The framing of Bitcoin as digital capital—not just a store of value—opens access to credit markets, equity structures, and real-world financial products that can scale adoption beyond individual holders. - Digital credit as capital markets disruption: Products like Strive's SATA and MicroStrategy's Stretch are perpetual preferred equities backed by Bitcoin reserves, paying fixed yields (13%) while companies retain upside. They simplify and outperform traditional credit instruments. - Risk management through balance sheet structure: SATA's $524M notional outstanding is backed by 15,390 Bitcoin in cold storage. At Bitcoin prices 27.5% below the 200-week moving average, the company would still have 10 years of dividend coverage—demonstrating structural downside protection. - Cooptition strengthens the market: Competition between issuers (Strive, MicroStrategy) validates the thesis, attracts institutional capital, and builds rating agency credibility. Multiple issuers reduce single-company risk and expand TAM faster. - Daily dividends reshape credit markets: Starting June 16th, SATA will pay dividends every day—a first for U.S. securities. This increases accessibility for insurance companies, pension funds, and retail investors seeking yield without excessive volatility. - Regulatory arbitrage opportunity: Banks and insurers cannot hold Bitcoin on balance sheets without punitive capital requirements; treasury companies like Strive and MicroStrategy exploit this gap, becoming the bridge between traditional finance and Bitcoin.