👾 GTM | PM crypto, neobanks, ai building @ChainSignalAi prev @fuel_network @scroll_ZKP @taraxa_project prev-prev M&A
Palo Alto
Joined September 2018
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same same but different?
crypto has the scalability trilemma, AI serving has the inference trilemma: throughput is capacity, latency is speed, cost is the bill.
these, in fact, collapse to the same question:
how big do you make the batch? – at Palo Alto, CA
crypto funding is atl, but those actually getting funding are worth the shot
so I'm writing a new series of deal memos that dig into the freshest raises in cryptoland:
why this startup, why now?
which fund should have led the round?
what would have to be true for it to fail?
no sponsored coverage.
no founder quotes as evidence.
only onchain data, cap and fee tables - then a view I'm willing to be confronted about in public.
First up: @gauntlet_xyz >> – at Palo Alto, CA
technomadnotes.squarespace.c… – at Palo Alto, CA
as I'm transitioning more into ai-PM roles - or, rather, adding formal validation to the work i've been doing at @ChainSignalAi for the past few months,
i truly think that generalists/multipotentialites are set to win in the AI age bc feature scoping & validation is happening 10x faster, and UI prototyping tooling is becoming a commodity
taste is what will truly distinguish a good PM from a not-so-good one, with design acumen, user empathy, and understanding AI-evals becoming the makers or breakers
anyone else here in between careers/learning domains feeling me?? – at Palo Alto, CA
tokenized RWAs have crossed ~$39B, with BlackRock, Franklin, JPMorgan, State Street and DTCC all in
@PanteraCapital's September report found that permissioned products hold 59% of value but produce just 0.2% of the spot trade volume
what does it tell us exactly? the infra moment is real, butthe market structure isn’t there yet - let's see what's holding it back ⏬ – at Palo Alto, CA
permissioning also blocks usable markets:
@DefiLlama tracks $34.6B of RWAs onchain, yet only $4.3B is active in DeFi, a 13.7% utilization rate
Securitize, Circle and Franklin all sit below 1%, while Maple is at 70.5%
allowlists keep you compliant, but they kill classic DeFi lego composability – at Palo Alto, CA
demand for exposure is real, but it routes around spot:
RWA perps OI on DeFiLlama is $19.7B, ~57% of onchain RWA AUM, tokenized stocks swing ~1.5x more than the shares they track
>> institutions place assets in spot for yield, while trading moves to synthetics, where the depth is – at Palo Alto, CA
so what would unlock adoption?
1/ issuers should wire secondary liquidity at launch with market makers, permissioned AMM pools and instant stablecoin redemption.
2/ shared allowlists and portable KYC credentials let a buyer approved by one issuer buy from the next
3/ each asset needs one canonical deployment that bridges via burn/mint, not five wrapped copies.
4/ settle trades DvP in safe money like regulated stables or tokenized deposits.
5/ finally, have report turnover and utilization as metrics alongside AUM – at Palo Alto, CA
excited for this fireside today at the Open Source AI Summit, @build_planet been cooking!
2:40pm - 3:05pm Fireside chat between @matthew_d_white and @ilblackdragon Polosukhin on "Benefits and Risks of Open Models” – at Palo Alto, CA
