/gm
while you were making responsible choices, i was thoroughly testing the structural integrity of central park's pond ice. turns out 5am figure skating is less "main character energy" and more "darwin award contender." there's a special kind of clarity that comes when you hear ice cracking beneath your skates and realize your obituary might read 'died doing it for the aesthetic.'
but for a brief moment, as the first hints of dawn painted the plaza hotel gold, all possible timelines collapsed into that singular reality. the ice as thin and precarious as a low-cap token's liquidity - full of promise, devoid of stability.
0
now that the ice has melted and i've caught my breath, enjoy some mostly accurate reporting below.
xx, c
Uniswap reveals v4 with major improvements, including allowing users to provide liquidity and swap on multiple networks including Ethereum, Polygon, and BNB Chain. Pump.fun is facing a class action lawsuit for allegedly violating federal securities laws. Berchain's mainnet launch is set for tomorrow. Tether is now minting USDT on the Bitcoin Lightning Network. MegaETH launches 'The Fluffle,' a collection of 10,000 soulbound NFTs symbolizing ownership in their network. Chipped is hosting a popup in NYC for NYFW. Hyperliquid flips Ethereum in 7-day revenues.
Crypto Czar David Sacks says they're exploring a strategic Bitcoin reserve, while the SEC under Hester Peirce launches a comprehensive task force to provide regulatory clarity and scales back enforcement. In parallel, the SEC is dramatically restructuring its approach to crypto with a 10-point plan focused on providing clarity and fostering innovation rather than enforcement, marking a fundamental shift in regulatory stance. Meanwhile, a grassroots movement is emerging at the state level, with 44% of U.S. states introducing Bitcoin reserve bills, suggesting a broader institutional adoption wave that could create significant long-term buy pressure across crypto markets.
The Brand Evolution Playbook
Austin from Doodles came on IE last Friday and offered a fascinating glimpse into how brands evolve beyond their initial nft success. Doodles has been quietly building a trans-media empire, partnering with brands like McDonald's (100M cups distributed) and creating genuine cultural moments.
Communities don't just want to be passive holders - they want to be co-creators. Doodles takes their stories "80% of the way there" and lets the community carry it across the finish line. This isn't just marketing speak - when they premiered at Coachella with Coi Leray, their community's organic amplification outperformed paid media from much larger artists.
What's particularly interesting is their approach to value creation. Instead of rushing to tokenize or launch a chain, they've focused on building sustainable revenue streams through their creative studio and brand partnerships. It's a masterclass in converting social capital into real business fundamentals before exploring token mechanics.
As Austin noted, they haven't "closed the door" on their own chain - they're just sequencing their growth differently. What's interesting is how this approach creates multiple shots on goal:
Creative studio revenue (immediate)
Brand partnership revenue (scaling)
Community co-creation value (compound growth)
Future token/chain opportunities (optionality)
Most crypto projects try to bootstrap network effects through token incentives. But as Austin's McDonald's and Coachella examples show, real cultural network effects might be more valuable than synthetic ones. Your community doesn't need token rewards to amplify something they genuinely care about. The genius is that strong IP creates natural network effects - each successful brand collaboration makes the next one easier.
This points to a broader evolution in crypto: the winners might not be the ones with the most innovative token models, but those who build genuine cultural capital before trying to financialize it. Sometimes the best token strategy is not needing one right away. But, as Austin hints with a knowing smile, there might be more crypto-native experiences coming soon.
Token Marketing & Value Capture
The market reaction to Jelly has been fascinating: instant viral reach, $260M market cap, and a masterclass in attention capture. But beneath the surface, this represents a crucial evolution in how we think about tokens. We're witnessing the separation of social capital raises from traditional equity - you can now take your attention public before your cash flows.
Venmo founder just further proved crypto's killer use case - token marketing > traditional ads. Launch a token, and suddenly the entire crypto demographic (young, wealthy, educated (sort of)) knows your product exists overnight. No Google/Meta/influencer spend required
instead…
instead…
Venmo founder launching a new app called jelly and endorsing this coin.
Viral marketing stunt.
All of crypto (young wealthy educated demographic) will know that an app called jelly exists tomorrow.
The rules to the game are changing right in front of your eyes.
Viral marketing stunt.
All of crypto (young wealthy educated demographic) will know that an app called jelly exists tomorrow.
The rules to the game are changing right in front of your eyes.
This isn't just about "good marketing" vs "bad tokenomics." It's about the fundamental shift in how value is captured and distributed. While Jelly demonstrated the power of token marketing, it also highlighted the industry's growing pains around sustainable value creation.
The reality is that launching a token for pure marketing might work for 72 hours, but the projects that endure will be those that convert that initial attention into lasting value. The market is rapidly learning to differentiate between momentary hype and sustainable mechanics.
- build distribution
- tease product for credibility
- attract a core fanbase
- launch a coin
- earn from fees or treasury sale
- skip your first round of venture funding
^^ we're going to see a lot more of this
- tease product for credibility
- attract a core fanbase
- launch a coin
- earn from fees or treasury sale
- skip your first round of venture funding
^^ we're going to see a lot more of this
The backlash over the Jellyjelly coin has been hilarious to watch. Excluding Trump, every single meme coin launched in the last year has gone to zero. Like, what do people expect to happen?
Until a platform figures out how to make meme coins a genuine measure of a topic's future…
Until a platform figures out how to make meme coins a genuine measure of a topic's future…
The Social Capital Evolution
What's fascinating is how the market bifurcation is accelerating:
Teams/foundations selling tokens to raise cash or fund operations
Protocols buying back their own tokens through real revenue
Long-term sustainable buybacks in growth markets
Short-term narrative plays
This creates an interesting matrix for valuation where projects are increasingly judged not just on their narrative strength but on their ability to convert social capital into tangible value. The democratization of access is driving this shift, even if it means higher risk for retail.
Vine/Jelly first of many startup tokens - "startups" are a euphemism for utility tokens vs memes; problem initially is selection bias of low quality startup tokens, mostly founders that want liquidity, these tokens mostly go to ~0, but the market now is thinking about what…
Beyond Crime Season
I've said this before but my view is that crime season is over, thankfully
Three reasons
1. There are diminishing returns to marginal crime. Tactics that were novel are now tired, the market is showing preference for utility-adjacent non-crime tokens. This is great, we can…
Three reasons
1. There are diminishing returns to marginal crime. Tactics that were novel are now tired, the market is showing preference for utility-adjacent non-crime tokens. This is great, we can…
Perhaps the most profound shift is that "crime season" appears to be ending, driven by three key factors:
Diminishing returns to marginal crime (tactics that were novel are now tired)
Market structure regulation is coming
Real onchain GDP that can be harnessed
The reward for building legitimate value capture mechanisms has become asymmetric, and talented builders are taking note. Real revenue and sustainable tokenomics might actually outperform pure narrative plays (wow).
Spotlight: Abstract
Abstract's mainnet launch represents something fascinating - a genuine attempt to bridge the gap between crypto natives and mainstream users. While CT might sneer at the user experience, they're missing the point: this isn't built for daily perp traders.
Their integration of streaming, rewards, and app discovery shows an understanding that to most people, basic crypto concepts packaged correctly can feel like magic. The real question isn't whether it's novel enough for crypto natives - it's whether it's simple enough for everyone else.
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People be like “The bars in Denver are cringe, I need a cool spot to go while I talk about parallelized evm and bridging”
It’s getting harder and harder to have a coherent bear case for Solana when established companies like Enron are launching there
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