# placeholder.vc > AI-optimized mirror of placeholder.vc containing 129 pages totalling 115,281 words of clean markdown content, structured data, and semantic HTML. Original source: https://placeholder.vc. Last updated: 2026-07-19T07:38:18.669Z. Each page is available as HTML (with JSON-LD structured data) and Markdown (text-only, ideal for LLMs and RAG). ## Homepage - [Companies | Placeholder Job Board](/content/jobs/index.html): Search job openings across the Placeholder network. (497 words) - [Placeholder](/content/site-root.html): We’re a capital partnership based in New York City that invests in decentralized information networks., We’re a capital partnership based in New York City that invests in decentralized information networks. (493 words) ## Articles & Blog Posts - [s/value-capture-and-quantification_-cryptocapital-vs-cryptocommodities_final-fggr-pdf.html](/content/s/value-capture-and-quantification_-cryptocapital-vs-cryptocommodities_final-fggr-pdf.html) (1,733 words) - [Onboarding | Placeholder Job Board](/content/jobs/onboarding/index.html): Search job openings across the Placeholder network. (54 words) - [s/maker-analysis-placeholder-zjee-pdf.html](/content/s/maker-analysis-placeholder-zjee-pdf.html) (3,757 words) - [Jobs | Placeholder Job Board](/content/jobs/jobs/index-2.html): Search job openings across the Placeholder network., Go-To-Market (GTM) Lead (Contract) at Aleo, Head of Japan at Monad, Business Development Lead, Financial Institutions at Monad, Tokenization Lead at Monad, Quantitative Researcher at Monad, Head of DeFi at Monad, DeFi Growth Lead at Monad, Head of Korea at Monad, Open Application at Orca, Full-Stack Software Engineer at Tensor, Other roles? We're not hiring, but send us a note! at Tally (204 words) - [blog/2019/7/31/lvhpfydo4m3uoezhwhicyxo06og0mn/index.html](/content/blog/2019/7/31/lvhpfydo4m3uoezhwhicyxo06og0mn/index.html) (2,917 words) - [Talent network | Placeholder Job Board](/content/jobs/talent-network/index.html): Search job openings across the Placeholder network. (28 words) - [Placeholder](/content/blog/2019/1/3/the-cryptoeconomic-circle/index.html) (43 words) - [FOAM Thesis — Placeholder](/content/blog/2019/2/12/foam/index.html): Location services are critical to the global economy, but GPS infrastructure is surprisingly fragile , the data layer is effectively a Google monopoly , and personal location data logged and sold without user consent. To help solve these problems, FOAM is building a decentralized location serv, Location services are critical to the global economy, but GPS infrastructure is surprisingly fragile , the data layer is effectively a Google monopoly , and personal location data logged and sold without user consent. To help solve these problems, FOAM is building a decentralized location services network which (1) reduces our reliance on GPS satellites, (2) provides open access to key metadata such as geocoding and points-of-interest, and (3) guarantees permissionless access and user agency through the use of open standards. (1,261 words) - [s/maker-ratings-7dyg-pdf.html](/content/s/maker-ratings-7dyg-pdf.html) (832 words) - [Thin Applications — Placeholder](/content/blog/2020/1/30/thin-applications/index.html): Big Web companies tend to expand their platforms and monopolize information by locking users into proprietary interfaces. Cryptonetworks, on the other hand, tend to provide single services, and can’t “own” the interface because they don’t control the data. Specialization helps because the more decen, Big Web companies tend to expand their platforms and monopolize information by locking users into proprietary interfaces. Cryptonetworks, on the other hand, tend to provide single services, and can’t “own” the interface because they don’t control the data. Specialization helps because the more decentralized a network, the harder it is to coordinate a complete suite of services under a single interface like Google, Facebook, or Amazon do. So instead, consumer applications in crypto are independently built on top of multiple protocols using what we could call a cryptoservices architecture (like microservices, but with sovereign components).  (2,687 words) - [Sovereign Cryptonetworks — Placeholder](/content/blog/2019/7/31/sovereign-cryptonetworks/index.html): A state is sovereign when it has supreme authority to govern its territory without interference from a foreign power. Similarly, a cryptonetwork is sovereign when it runs in a way that resists outside influence. But instead of managing the rules and politics of a geography, cryptonetworks use blockc, A state is sovereign when it has supreme authority to govern its territory without interference from a foreign power. Similarly, a cryptonetwork is sovereign when it runs in a way that resists outside influence. But instead of managing the rules and politics of a geography, cryptonetworks use blockchain protocols to govern the production and exchange of information services over digital space. Achieving sovereignty is necessary to fulfill crypto’s ultimate promise of independent online networks that distribute value more broadly across its participants, instead of concentrating it in a particular company or jurisdiction. (2,910 words) - [Zcash's Network Upgrade 4: The Final Stretch of Decisions — Placeholder](/content/blog/2019/11/29/zcashs-network-upgrade-4-the-final-stretch-of-decisions.html): Placeholder recently withdrew its governance proposal for Zcash’s Network Upgrade 4 (NU4), choosing to review and endorse other candidates based on our due diligence. For the uninitiated that may be reading this, NU4 will define the Zcash network’s allocation of block rewards to researchers, softwar, Placeholder recently withdrew its governance proposal for Zcash’s Network Upgrade 4 (NU4), choosing to review and endorse other candidates based on our due diligence. For the uninitiated that may be reading this, NU4 will define the Zcash network’s allocation of block rewards to researchers, software contributors and other non-miner laborers. These policies will apply during Zcash’s second coinbase reward epoch, October 2020 to October 2024, and set a precedent for what Zcash’s stakeholders can expect from the network going forward. We think of the governance components of NU4 as a type of constitutional amendment to the Zcash protocol, and have been impressed with the rigor of ideas and debate that community members have displayed through this process.  (2,420 words) - [A Superior Financial System — Placeholder](/content/blog/2020/6/13/a-superior-financial-system/index.html): In the process of capitalizing itself into relevance, this boom of crypto capital has built a native financial system to account for its very own bootstrapping. While the other revolutionary technologies no doubt led to evolution within the existing financial system, none of them built an entirely n, In the process of capitalizing itself into relevance, this boom of crypto capital has built a native financial system to account for its very own bootstrapping. While the other revolutionary technologies no doubt led to evolution within the existing financial system, none of them built an entirely new financial system from scratch. Instead, they remained reliant on existing financial systems, placing power in predictable hands. Blockchains can be thought of as 21st century accounting and production systems owned by “the people,” and so it follows that the space has pioneered a new financial system to displace the old. (2,563 words) - [Stop Burning Tokens – Buyback and Make Instead — Placeholder](/content/blog/2020/9/17/stop-burning-tokens-buyback-and-make-instead/index.html): In most “buyback-and-burn” token models, a network generates income in one currency token and uses the proceeds to buy-back and “burn” its own native token. The intent is to grow token value by reducing its supply as income grows. Buybacks tend to accomplish that goal, but burning affects currency, In most “buyback-and-burn” token models, a network generates income in one currency token and uses the proceeds to buy-back and “burn” its own native token. The intent is to grow token value by reducing its supply as income grows. Buybacks tend to accomplish that goal, but burning affects currency and capital assets in different ways. When it comes to money, reducing the supply does theoretically increase the unit value of currency assets. But when it comes to capital assets like governance tokens , issuance is key to capitalization and burning can get in the way of growing fundamental value. (2,806 words) - [Can one hear the shape of a CFMM? (Part 1) — Placeholder](/content/blog/2020/12/2/can-one-hear-the-shape-of-a-cfmm-part-1/index.html): The rise of Uniswap in 2019 was a watershed moment for DeFi trading. Uniswap’s simplicity, gas efficiency, and expert-defying performance quickly made it the dominant venue for on-chain exchange. The launch of Curve in the early part of this year demonstrated that even small changes in the design of, The rise of Uniswap in 2019 was a watershed moment for DeFi trading. Uniswap’s simplicity, gas efficiency, and expert-defying performance quickly made it the dominant venue for on-chain exchange. The launch of Curve in the early part of this year demonstrated that even small changes in the design of constant-function market makers (CFMMs) can lead to drastic improvements in capital efficiency and performance. In particular, Curve pioneered a locally flatter curve that offered lower slippage for stablecoin-to-stablecoin trading. This tweak allowed Curve to capture significant trading volumes while routinely outcompeting established exchanges and OTC desks. As a result of Curve’s success, curvature is increasingly recognized as an integral component of the design space of CFMMs. Nonetheless, the precise effects of the choice of curvature on the behavior of the market have not been studied in depth. (2,384 words) - [Fire before Growth: The Likely Fate of Ethereum Killers — Placeholder](/content/blog/2019/10/22/fire-before-growth-the-likely-fate-of-ethereum-killers.html): In the coming quarters, a high density of “Ethereum Killers” (EKs) plan to launch their mainnets, and in so doing, release their assets to the public crypto markets. The transition of price discovery from the private to public markets will be an important one to watch and understand, especially cons, In the coming quarters, a high density of “Ethereum Killers” (EKs) plan to launch their mainnets, and in so doing, release their assets to the public crypto markets. The transition of price discovery from the private to public markets will be an important one to watch and understand, especially considering many EKs carry billion-dollar anticipated launch values.  To follow, I’ll reason through my expectations for asset prices and the prices of services offered by EKs. While maximalists may dismiss this as hopeless investigation of shitcoins, I expect the behavior of newly launched EKs to impact the development of the sideways market we’re currently in, as well as the bull market to come. (2,336 words) - [Aragon (ANT) Economics — Placeholder](/content/blog/2020/3/6/aragon-ant-economics/index.html): Over the last three years, Aragon has built a suite of governance tools that allow any organization to legitimately and transparently manage activities like community voting, treasury management, organization ownership, and contributor payroll. It takes less than five minutes and a few dollars to se, Over the last three years, Aragon has built a suite of governance tools that allow any organization to legitimately and transparently manage activities like community voting, treasury management, organization ownership, and contributor payroll. It takes less than five minutes and a few dollars to set up your own entity, with six templates to choose from and governance as simple as drag-and-drop. Organizations using these tools exist within Aragon’s digital jurisdiction. To further establish the rules of its jurisdiction, and resolve disputes within and between organizations, the team built the Aragon Court, which is now live on mainnet. To govern the jurisdiction, incentivize jurors in the court, and operate the infrastructure processing transactions, Aragon has a native governance asset (ANT), as well as derivative capital assets designed for specific purposes (ANJ, ARA). (1,853 words) - [Combined Metrics for Tracking Smart Contract Networks — Placeholder](/content/blog/2025/4/16/combined-metrics-for-tracking-smart-contract-networks.html): One of the key advantages of blockchain networks over other digital platforms is that data about assets and transactions hosted on a blockchain is publicly available. This allows for close to real-time tracking of how different networks compare across a variety of metrics. The most reliable method f, One of the key advantages of blockchain networks over other digital platforms is that data about assets and transactions hosted on a blockchain is publicly available. This allows for close to real-time tracking of how different networks compare across a variety of metrics. The most reliable method for assessing the usage of a particular blockchain is to zoom in on individual measures, ideally at the level of specific applications or user groups. However, that’s not always feasible. As the number of networks and the amount of data grows, various forms of aggregation are required to simplify the tracking process without losing the ability to identify when and where a closer look at the underlying data is warranted. This post provides an overview of one such attempt at metrics aggregation. (2,754 words) - [Aragon DAOs — Placeholder](/content/blog/2020/5/7/aragon-daos/index.html): DAOs collapse the cost of creating and managing organizations by replacing slow and expensive paper contracts with fast and cheap smart contracts. With lower costs and higher speeds we unlock new levels of organizational scale. Think of it as a spectrum: on one side of the range we can have a larger, DAOs collapse the cost of creating and managing organizations by replacing slow and expensive paper contracts with fast and cheap smart contracts. With lower costs and higher speeds we unlock new levels of organizational scale. Think of it as a spectrum: on one side of the range we can have a larger number of smaller organizations in cases where setting up a legal entity is far too expensive to be worth it. On the other end, we can create mega-organizations that would also be too expensive, or downright impossible to manage with paper. On either side, we can both capture underserved markets and create completely new ones. (2,027 words) - [Systemic Risk Mitigation in DeFi — Placeholder](/content/blog/2021/3/10/systemic-risk-mitigation-in-defi/index.html): DeFi is not about rebuilding finance as we know it; it’s about building a better finance. History has shown that without appropriate rules, safeguards, and behavioral norms, financial markets become more prone to fraud, pro-cyclical excess, and crises. Occasionally, these crises take systemic propor, DeFi is not about rebuilding finance as we know it; it’s about building a better finance. History has shown that without appropriate rules, safeguards, and behavioral norms, financial markets become more prone to fraud, pro-cyclical excess, and crises. Occasionally, these crises take systemic proportions, threatening the stability of the economic system as a whole. A popular analogy for thinking about systemic risk in the financial sector is fire and building safety. While the analogy is far from perfect, perhaps there are lessons that today’s financial innovators can learn from the historical evolution of fire and building safety? (2,588 words) - [Revisiting L1 Tokens as Money: A Critique of ‘Monetary Premium’ — Placeholder](/content/blog/2025/6/30/revisiting-l1-tokens-as-money-a-critique-of-monetary-premium.html): One of the oldest debates in crypto focuses on the relationship between the adoption of L1 blockchain networks and the value accrual of their native tokens. The debate is unresolved but it is generally believed that, as long as the L1 token is the preferred asset for transacting on the network, the , One of the oldest debates in crypto focuses on the relationship between the adoption of L1 blockchain networks and the value accrual of their native tokens. The debate is unresolved but it is generally believed that, as long as the L1 token is the preferred asset for transacting on the network, the most widely adopted networks will also end up hosting the most valuable tokens. While the details of the exact argument are network- and token-specific, there is one additional idea that has been echoing in these discussions for at least 10 years. For many, it is the most important distinguishing factor between a handful of L1 ’blue chips’ and the evergrowing long tail of the cryptoasset universe at large. That idea is known as ’monetary premium’ and it is rooted in a fundamental misunderstanding of money. (2,661 words) - [Ten Theses on Decentralized Network Governance — Placeholder](/content/blog/2020/9/30/ten-theses-on-decentralized-network-governance/index.html): Based on my research over the past couple of years, I’ve put together a list of ten theses on decentralized network governance, including base layer public blockchain networks and applications (smart contracts) running on top of them. The ten ideas are listed from the more general and theoretical (d, Based on my research over the past couple of years, I’ve put together a list of ten theses on decentralized network governance, including base layer public blockchain networks and applications (smart contracts) running on top of them. The ten ideas are listed from the more general and theoretical (descriptive) to the more specific and practical (prescriptive). The first five are revised summaries of my previous writing ; the latter five are derived from more recent observations. (2,056 words) - [How To Think About Value — Placeholder](/content/blog/2019/10/21/how-to-think-about-value/index.html): One way to think about “value” is through the lens of costs. The basic principle is that markets allocate value along the lines of costs as they trend to equilibrium. So we can estimate the overall behavior of future value by studying its associated cost structure. To establish this logic we’ll re, One way to think about “value” is through the lens of costs. The basic principle is that markets allocate value along the lines of costs as they trend to equilibrium. So we can estimate the overall behavior of future value by studying its associated cost structure. To establish this logic we’ll review some fundamental principles of economics (primarily equilibrium and MB=MC ) and piece apart what we mean by “costs”. Then we’ll apply this insight to reason about the nature of value capture and investment returns in crypto. (1,876 words) - [Erasure Thesis — Placeholder](/content/blog/2020/4/9/erasure/index.html): Information is a strange good: it’s created in unpredictable ways, you can’t know if it’s good until you have it, and it can be reproduced at no cost by anyone who does have it. This makes it hard for markets to price and distribute its value. But we can use crypto to address these challenges. Er, Information is a strange good: it’s created in unpredictable ways, you can’t know if it’s good until you have it, and it can be reproduced at no cost by anyone who does have it. This makes it hard for markets to price and distribute its value. But we can use crypto to address these challenges. Erasure is a new protocol for exchanging valuable information on the internet. It uses encryption, smart contracts, and staking with the Numeraire token ( NMR ) to create a trusted, decentralized venue for exchanging data. (1,404 words) - [The Great Automaton — Placeholder](/content/blog/2020/12/11/the-great-automaton/index.html): The ability to invent and use tools is a defining attribute of Homo sapiens that led to the emergence of civilization. An important concept for framing the subsequent effects of technology on society is automation: any technique that reduces the need for human assistance in performing a task or co, The ability to invent and use tools is a defining attribute of Homo sapiens that led to the emergence of civilization. An important concept for framing the subsequent effects of technology on society is automation: any technique that reduces the need for human assistance in performing a task or completing a process. The connection between automation and progress is well understood. Although formulated in a different context, a quote from more than a century ago by the philosopher and mathematician Alfred North Whitehead sums it up nicely: “Civilization advances by extending the number of important operations which we can perform without thinking of them.” (2,433 words) - [Decred Thesis — Placeholder](/content/blog/2018/5/12/decred-investment-thesis/index.html): Decred (DCR) is a cryptocurrency with hybrid proof-of-work/proof-of-stake consensus that enables on-chain governance. Its proof-of-work mining is similar to Bitcoin’s, except each block has to be approved by a randomly-selected group of users who “stake” their DCR. In addition to approving a bloc, Decred (DCR) is a cryptocurrency with hybrid proof-of-work/proof-of-stake consensus that enables on-chain governance. Its proof-of-work mining is similar to Bitcoin’s, except each block has to be approved by a randomly-selected group of users who “stake” their DCR. In addition to approving a block, these selected stakers can also vote on changes to Decred’s consensus protocol, allowing them to influence the long-term evolution of the network. This architecture creates a fair system of checks and balances between users, miners and developers. Click through to read our thesis. (1,002 words) - [Joel Monegro — Placeholder](/content/monegro/index.html) (1,837 words) - [Scaling Ethereum with zkSync — Placeholder](/content/blog/2021/7/21/zksync-scaling-ethereum/index.html): zkSync best preserves the properties that have made Ethereum successful thus far: decentralization, security, composability, capital efficiency, and instant withdrawals. At the same time, it minimizes the disruption faced by developers who are used to building contracts for the EVM. As a result, we , zkSync best preserves the properties that have made Ethereum successful thus far: decentralization, security, composability, capital efficiency, and instant withdrawals. At the same time, it minimizes the disruption faced by developers who are used to building contracts for the EVM. As a result, we believe zkSync is the L2 that paves the smoothest path to scaling DeFi, NFTs, and all other innovations happening on Ethereum. Before we get into specifics, it’s worth reflecting on how we got here. This discussion points to the conclusion that the challenge ahead is not only to scale, but to do so in a way that safeguards the core properties that got Ethereum this far. (1,680 words) - [Protocols as Minimally Extractive Coordinators — Placeholder](/content/blog/2019/10/6/protocols-as-minimally-extractive-coordinators/index.html): A recent Flipside Crypto post alarmed me when it stated the following: “Despite labeling themselves as decentralized networks, protocols, foundations, and frameworks, cryptocurrency projects are, in fact, businesses – that will fail to succeed if they don’t start thinking of themselves that way , A recent Flipside Crypto post alarmed me when it stated the following: “Despite labeling themselves as decentralized networks, protocols, foundations, and frameworks, cryptocurrency projects are, in fact, businesses – that will fail to succeed if they don’t start thinking of themselves that way awfully fast.” I respect Flipside and what they’re working towards with the Fundamental Crypto Asset Score (FCAS), but fear that encouraging protocols to think of themselves exclusively as businesses will defeat the promise of protocols in the first place. Protocols provide structure for businesses, but are not businesses themselves; they are systems of logic that coordinate exchange between suppliers (businesses) and consumers of a service.  As coordinators of exchange, protocols should be minimally extractive , whereas businesses are incentivized to be maximally extractive (that’s profit, and a business is valued as a multiple of its profit).  (1,513 words) - [The Cryptoeconomic Circle — Placeholder](/content/blog/2019/1/5/the-cryptoeconomic-circle/index.html): Cryptonetworks are online micro-economies organized around a specific service, and regulated by a cryptoeconomic protocol. The cryptoeconomic circle is a model I like to use to think about how value flows through different participants in these economies., Cryptonetworks are online micro-economies organized around a specific service, and regulated by a cryptoeconomic protocol. The cryptoeconomic circle is a model I like to use to think about how value flows through different participants in these economies. (1,029 words) - [Onchain Finance is Thriving; What’s Next? — Placeholder](/content/blog/2024/4/11/onchain-finance-is-thriving-whats-next/index.html): Decentralized public blockchain networks have existed for ~15 years with the associated cryptoassets currently going through their fourth major market cycle. Throughout these years, and especially since the launch of Ethereum in 2015, considerable time and resources have been spent theorizing about , Decentralized public blockchain networks have existed for ~15 years with the associated cryptoassets currently going through their fourth major market cycle. Throughout these years, and especially since the launch of Ethereum in 2015, considerable time and resources have been spent theorizing about and developing applications on top of these networks. While progress has been impressive in the context of financial use cases, other types of applications have struggled, mainly due to the complexity of delivering scalable and seamless user experiences within the constraints imposed by decentralization, as well as fragmentation across different ecosystems and standards. However, recent technological advancements, both within and outside the blockchain industry, have made a broader range of applications not only more feasible, but also more necessary than ever. (1,825 words) - [Leveling the Stakes on Solana — Placeholder](/content/blog/2025/9/15/leveling-the-stakes-on-solana/index.html): Authored by Gurnoor Narula (Placeholder) and Mustafa Qazi (Volt Capital) The process of updating Solana has waterfall effects on Solana’s incentive design, validator economics, and therefore, validator set equity. Certain proposals, such as Alpenglow, are inevitable upgrades given their performanc, Authored by Gurnoor Narula (Placeholder) and Mustafa Qazi (Volt Capital) The process of updating Solana has waterfall effects on Solana’s incentive design, validator economics, and therefore, validator set equity. Certain proposals, such as Alpenglow, are inevitable upgrades given their performance, engineering, and user experience benefits. Under the assumption of these proposals and their economic side effects, we found that a modified version of SIMD-228 and a lower VAT fee of 0.135 SOL/day would be optimal for validator decentralization, pending a more formal discussion of Alpenglow’s reward schemes.  (937 words) - [Maker Thesis — Placeholder](/content/blog/2019/1/23/maker-investment-thesis/index.html): Credit has greased economic wheels for millennia, and Maker is the world’s first 100% software-based, community owned and operated credit facility. As a family of smart contracts operating on Ethereum, the system offers secured loans of equal cost to anyone in the world. The by-product of loan g, Credit has greased economic wheels for millennia, and Maker is the world’s first 100% software-based, community owned and operated credit facility. As a family of smart contracts operating on Ethereum, the system offers secured loans of equal cost to anyone in the world. The by-product of loan generation is dai , a stablecoin collateralized using on-chain rules and assets. (842 words) - [Magic Authentication — Placeholder](/content/blog/2020/5/29/magic-authentication/index.html): Magic is a passwordless authentication system. It starts with “magic links,” where you’re e-mailed a login link instead of providing the usual username and password. Magic makes it quick and easy for developers to implement this model in any application. Peek behind the scenes, and you’ll find a ro, Magic is a passwordless authentication system. It starts with “magic links,” where you’re e-mailed a login link instead of providing the usual username and password. Magic makes it quick and easy for developers to implement this model in any application. Peek behind the scenes, and you’ll find a robust security platform built on secure hardware and user-owned encryption that paves the way for broader adoption of Web 3.0 technologies. (1,636 words) - [Internet Financial System: Infinity Exchange and Beyond — Placeholder](/content/blog/2023/4/23/internet-financial-system-infinity-exchange-and-beyond.html): When we combine expert knowledge from TradFi with an intimate understanding of blockchains, we can better tackle the institutional shortcomings of the current financial services industry. Infinity holds the core tenets of IFS central to its product roadmap, which include transparency, efficiency, an, When we combine expert knowledge from TradFi with an intimate understanding of blockchains, we can better tackle the institutional shortcomings of the current financial services industry. Infinity holds the core tenets of IFS central to its product roadmap, which include transparency, efficiency, and scalability. At the same time, its regulated KYC/AML front-end will open up the IFS to new pools of institutional capital. Once interest rate markets are sufficiently mature, we unlock the market for at-scale, efficient, and transparent credit, which may ultimately be benchmarked off Infinity’s yield curves.  (1,666 words) - [Isomorphism in DAO Governance — Placeholder](/content/blog/2021/5/20/isomorphism-in-dao-governance/index.html): The term ’institutional isomorphism’ refers to similarities in the structure and processes of independent organizations. In the past, the spread of information and the adoption of similar practices was slower and often limited to organizations within a single country or region. But in the newly emer, The term ’institutional isomorphism’ refers to similarities in the structure and processes of independent organizations. In the past, the spread of information and the adoption of similar practices was slower and often limited to organizations within a single country or region. But in the newly emerging institutional field of blockchain networks and decentralized autonomous organizations (DAOs), which benefit from near-instant global communications via the Internet, isomorphism develops much faster. (1,944 words) - [Cryptonetwork Governance as Capital — Placeholder](/content/blog/2019/2/19/cryptonetwork-governance-as-capital/index.html): Capital is, in essence, the power to organize the economic resources of a social system , and its worth a function of how much of those resources can be directed to the holder’s benefit. This understanding reveals the inherent value of cryptonetwork governance as capital , and helps us understand , Capital is, in essence, the power to organize the economic resources of a social system , and its worth a function of how much of those resources can be directed to the holder’s benefit. This understanding reveals the inherent value of cryptonetwork governance as capital , and helps us understand tokens with governance rights as new kinds of capital assets. (987 words) - [Stable Coins, Stable Growth — Placeholder](/content/blog/2024/7/10/stable-coins-stable-growth/index.html): The core function of blockchain networks is to securely process and maintain timestamped information records. In principle, this can be any kind of data, but the most typical example is information related to financial balances and transactions. The simplest, most common financial transaction is pa, The core function of blockchain networks is to securely process and maintain timestamped information records. In principle, this can be any kind of data, but the most typical example is information related to financial balances and transactions. The simplest, most common financial transaction is payment and, while most blockchains today serve multiple use cases, processing transfers of nominal units of value – such as when paying for goods, services, or other cryptoassets – remains an essential use case for all major networks. But while successful blockchains are already dominant payment networks in some niche markets, their success for everyday payments at scale is much more strongly tied to government-regulated fiat as opposed to cryptocurrencies. (2,222 words) - [DeFi Liquidity Models — Placeholder](/content/blog/2019/4/9/defi-liquidity-models/index.html): As the potential of open financial protocols becomes clearer, some applications are gaining adoption faster than others. Maker dominates in terms of value locked and volume transacted. Compound and Uniswap trail, but are well ahead of 0x, Dharma, Augur, and dydx when it comes to liquidity. The rest , As the potential of open financial protocols becomes clearer, some applications are gaining adoption faster than others. Maker dominates in terms of value locked and volume transacted. Compound and Uniswap trail, but are well ahead of 0x, Dharma, Augur, and dydx when it comes to liquidity. The rest have yet to show up on the radar. Looking at the three dominant protocols reveals a design advantage with respect to liquidity: none of them require users to find a specific peer to take the opposite side of a trade. (1,120 words) - [Balancer Thesis — Placeholder](/content/blog/2020/7/20/balancer-thesis/index.html): Balancer is a new financial primitive that combines asset management and decentralized exchange. For investors, Balancer currently offers indexed management of cryptoassets. Instead of paying fees to portfolio managers, investors earn fees for contributing their assets to Balancer pools. For traders, Balancer is a new financial primitive that combines asset management and decentralized exchange. For investors, Balancer currently offers indexed management of cryptoassets. Instead of paying fees to portfolio managers, investors earn fees for contributing their assets to Balancer pools. For traders, Balancer is a permissionless and non-custodial trading venue with competitive prices where the fees from trading increase returns for the asset depositors. In conventional finance, this would be akin to smashing Fidelity asset management together with NASDAQ’s exchange, funneling NASDAQ’s trading profits to Fidelity’s asset holders. (1,043 words) - [How Much Does a Crypto-Vote Cost? — Placeholder](/content/blog/2020/1/7/how-much-does-a-crypto-vote-cost/index.html): In cryptonetworks where a token provides some kind of voting power (e.g. a DAO or proof-of-stake), we might determine the cost of each vote by calculating how much interest it would cost to borrow that token in secondary lending markets for the duration of the vote. This idea highlights the importan, In cryptonetworks where a token provides some kind of voting power (e.g. a DAO or proof-of-stake), we might determine the cost of each vote by calculating how much interest it would cost to borrow that token in secondary lending markets for the duration of the vote. This idea highlights the important role of time as a variable in the governance process, because the longer the period one needs to borrow the token to vote, the more expensive it is in terms of interest paid. If this is true, we can use this insight to design stronger governance systems. Protocols can’t control second-market interest rates, but they can influence the “cost of governance” by manipulating how much time it takes to complete the voting process.  (1,313 words) - [Rollups as Virtual Blockchains in The Modular Era — Placeholder](/content/blog/2023/11/22/virtual-blockchains/index.html): The pioneers of new technology must raise a lot of capital to create foundational infrastructure, which can lead to over-investment and speculative bubbles. When these bubbles burst, weak firms fail, and market power consolidates around industry leaders and their paradigms. Through this consolidatio, The pioneers of new technology must raise a lot of capital to create foundational infrastructure, which can lead to over-investment and speculative bubbles. When these bubbles burst, weak firms fail, and market power consolidates around industry leaders and their paradigms. Through this consolidation process, we can identify the common elements across applications and isolate them into standard, modular components that can be open-sourced or sold as individual services. These abstractions make it easier to build more complex applications and enable a shift from capex-dominant to opex-driven cost structures that allow new products to launch faster and with lower startup costs. This pattern is now unfolding in web3 as new “modular” technologies, such as rollups, accelerate development and unlock an era of lean startup innovation.  (1,507 words) - [Zcash Thesis — Placeholder](/content/blog/2020/9/15/zcash-thesis/index.html): Many folks in crypto today think about privacy backwards; instead of making sure their assets are private, they make the mistake of solely fixating on transactions being private. This is why we see people sending assets through mixers or coin-tumblers, only to return to transparent and trackable add, Many folks in crypto today think about privacy backwards; instead of making sure their assets are private, they make the mistake of solely fixating on transactions being private. This is why we see people sending assets through mixers or coin-tumblers, only to return to transparent and trackable addresses, defeating the point of the mixer. Zooko Wilcox, a core contributing member of the Zcash community, voiced the confusion as follows: “You have to *store* your crypto in a private cryptosystem if you want privacy. Then it is safe to *move* it through a transparent system! Unfortunately, almost everyone has this backwards.” (1,297 words) - [Saga: Open Blockspace for the Multiverse — Placeholder](/content/blog/2024/4/17/saga-open-blockspace-for-the-multiverse/index.html): Saga’s virtual blockchains are called Chainlets , and Chainlets are designed to be dedicated to single applications, though they could host multiple applications if preferred. Each Chainlet is a fully decentralized, proof-of-stake chain with all the properties of a L1, except the requirement for , Saga’s virtual blockchains are called Chainlets , and Chainlets are designed to be dedicated to single applications, though they could host multiple applications if preferred. Each Chainlet is a fully decentralized, proof-of-stake chain with all the properties of a L1, except the requirement for a native staking token. Current throughput of each Chainlet is 6.8 million transactions/day, or ~80 transactions/second (TPS). If an application needs more throughput, additional Chainlets are spun up to accommodate the surge in demand, allowing for elastic scaling that grows infinitely with the application’s performance needs.  (1,109 words) - [Crypto Hedge Funds Vs. Venture Funds — Placeholder](/content/blog/2019/2/2/crypto-hedge-funds-vs-venture-funds/index.html): Cryptonetwork founders, unlike those starting traditional equity businesses, now have to think about the fund structures of their investors. This is because the liquidity of cryptoassets brought the hedge fund model, which carries an active trading bias, to early-stage tech investing, a field histor, Cryptonetwork founders, unlike those starting traditional equity businesses, now have to think about the fund structures of their investors. This is because the liquidity of cryptoassets brought the hedge fund model, which carries an active trading bias, to early-stage tech investing, a field historically dominated by venture capital. If you’re raising money for a cryptonetwork, each model has pros and cons depending on your goals, but understanding how they operate is key to making good decisions about how to structure financings. (988 words) - [Web vs. Crypto Service Models — Placeholder](/content/blog/2019/8/19/web-vs-crypto-service-models-cost-structures-and-value-distribution.html): We compare web vs. crypto service models across two dimensions: the production model (from centralized to decentralized ) and the data model (from custodial to non-custodial ). The more decentralized and non-custodial a service, the more distributed its cost structure. This is important becaus, We compare web vs. crypto service models across two dimensions: the production model (from centralized to decentralized ) and the data model (from custodial to non-custodial ). The more decentralized and non-custodial a service, the more distributed its cost structure. This is important because markets tend to allocate value along the line of costs. So the more we decentralize the cost structure of a service, the more broadly we distribute its value. (732 words) - [Funding Cryptonetworks — Placeholder](/content/blog/2019/1/10/funding-cryptonetworks/index.html): When we invest, we think in terms of funding teams , and funding networks . Funding teams provides the financial capital to build the service. Funding networks supports growth by capitalizing the whole community. They’re very different kinds of investing, but both are essential to long-term networ, When we invest, we think in terms of funding teams , and funding networks . Funding teams provides the financial capital to build the service. Funding networks supports growth by capitalizing the whole community. They’re very different kinds of investing, but both are essential to long-term network success. (551 words) - [Is it time to Move beyond Solidity? — Placeholder](/content/blog/2024/4/25/is-it-time-to-move-beyond-solidity/index.html): The EVM has been the most popular blockchain operating system since Ethereum launched almost a decade ago. However, few developers love developing with its native programming language, Solidity ; some even compare the experience to “chewing glass.” Nevertheless, entrepreneurs choose it because it, The EVM has been the most popular blockchain operating system since Ethereum launched almost a decade ago. However, few developers love developing with its native programming language, Solidity ; some even compare the experience to “chewing glass.” Nevertheless, entrepreneurs choose it because it facilitates access to Ethereum’s users, assets, and liquidity. But if we want to have 10x the number of onchain applications , we must have 100x the number of developers able to build them. To do that, we have to make it much easier for the average programmer to write sophisticated smart contracts while increasing the security and scalability properties of the underlying infrastructure. That’s the central promise behind the Move programming language and the emerging ecosystem of networks that employ it. (1,377 words) - [The Original Sin — Placeholder](/content/blog/2021/4/1/the-original-sin/index.html): We are working to build permissionless, open tech. Most of the process is open, but the part that remains the most closed and shrouded in secrecy is the early-stage financing. While this is in-part regulatorily and social norms driven, the more sinister component is insiders can disproportionately t, We are working to build permissionless, open tech. Most of the process is open, but the part that remains the most closed and shrouded in secrecy is the early-stage financing. While this is in-part regulatorily and social norms driven, the more sinister component is insiders can disproportionately tilt the scales in their favor while keeping the details hidden from public view. The more early-stage investors get away with edgy behavior, the more emboldened and empowered they become, to the point where this power becomes detrimental to the health of the space as a whole. (1,356 words) - [Gyroscope Thesis — Placeholder](/content/blog/2022/10/27/gyroscope-thesis/index.html): Nearly four years after releasing our MakerDAO thesis , we believe another stablecoin, this one powered by Gyroscope , has the potential to complement Maker & DAI’s formidable achievements. With the US government proposing to ban “endogenously collateralized stablecoins,” crypt, Nearly four years after releasing our MakerDAO thesis , we believe another stablecoin, this one powered by Gyroscope , has the potential to complement Maker & DAI’s formidable achievements. With the US government proposing to ban “endogenously collateralized stablecoins,” crypto would do well to get more serious about resilient, decentralized stablecoin designs, if it doesn’t want to eventually rely on central bank digital currencies (CBDCs) or centralized stablecoins for stable value transfer. Everything in the Gyroscope protocol has been designed with long-term stability in mind, from the resilience and liquidity of its decentralized stablecoins, to the forms of governance that are implemented to sustain the system. (876 words) - [Element Thesis — Placeholder](/content/blog/element-thesis/index.html): Yield is one of the most important primitives in financial markets. Alongside gains , it’s an expression of investment profits. But where gains stem from changes in the price of an asset – and are only realized when the asset is sold – yield is a measure of cash flows generated and distributed to , Yield is one of the most important primitives in financial markets. Alongside gains , it’s an expression of investment profits. But where gains stem from changes in the price of an asset – and are only realized when the asset is sold – yield is a measure of cash flows generated and distributed to the asset’s holder. While they are separate phenomena, yield informs the price of an asset and vice versa. Element is a protocol that allows developers and investors to harness the power of yield in their applications and strategies. (1,159 words) - [Institutionalization = Network Success — Placeholder](/content/blog/2023/12/15/institutionalization-network-success/index.html): “Better technology doesn’t always win” is an old adage in entrepreneurship with numerous well-studied examples from business history: standard vs. wider and more performant railway track gauges, combustion vs. electrical engines for inner city car transport, Qwerty vs. Dvorak as keyboard layouts, VH, “Better technology doesn’t always win” is an old adage in entrepreneurship with numerous well-studied examples from business history: standard vs. wider and more performant railway track gauges, combustion vs. electrical engines for inner city car transport, Qwerty vs. Dvorak as keyboard layouts, VHS vs. Betamax as videotape formats, etc. Similarly, while it is true that solving technical problems related to scalability, privacy, cost, and user experience is essential for driving the adoption of blockchain networks, the long-term success of individual networks is not only – and, in some cases, not even primarily – a function of their relative technical merits. It’s also a function of their relative institutionalization. (1,309 words) - [Privacy Policy — Placeholder](/content/privacy-policy/index.html) (1,733 words) - [Ethereum and The Seven Dwarfs — Placeholder](/content/blog/2019/8/31/ethereum-and-the-seven-dwarfs/index.html): People in the 1960s computer industry would say the market was IBM “and the seven dwarfs” in reference to the other popular computer makers: Burroughs, Control Data, Digital Equipment, RCA, Univac, Honeywell and GE. They all poured fortunes into developing newer and better technologies than IBM, y, People in the 1960s computer industry would say the market was IBM “and the seven dwarfs” in reference to the other popular computer makers: Burroughs, Control Data, Digital Equipment, RCA, Univac, Honeywell and GE. They all poured fortunes into developing newer and better technologies than IBM, yet none could compete with its massive distribution advantage. Ethereum is the IBM of the smart contract blockchains: it may not be the “best” technology, but it works well enough and has amassed a distribution advantage that will be hard to overcome by its competitors.  (773 words) - [3Box Thesis — Placeholder](/content/blog/2019/6/26/3box-investment-thesis/index.html): In the technology market, a shift in the development paradigm has always shuffled the deck and created opportunity for new entrants and new tools. We are thrilled to announce today that Placeholder led a $2.5mm investment in 3Box, a company based in New York and Berlin dedicated to the proposition t, In the technology market, a shift in the development paradigm has always shuffled the deck and created opportunity for new entrants and new tools. We are thrilled to announce today that Placeholder led a $2.5mm investment in 3Box, a company based in New York and Berlin dedicated to the proposition that users should have an interest in their data. (689 words) - [Zerion — Placeholder](/content/blog/2019/12/3/zerion/index.html): A remarkable and underappreciated consequence of the emergence of decentralized finance or DeFi is the way it is helping clarify the difference between a world where consumers control their own data and one where that data is locked up in a centralized service or platform. A number of months ago, Jo, A remarkable and underappreciated consequence of the emergence of decentralized finance or DeFi is the way it is helping clarify the difference between a world where consumers control their own data and one where that data is locked up in a centralized service or platform. A number of months ago, Joel demonstrated this to me by using Zerion’s application to take out a loan on Maker and then repaying that loan through another application interface. On the surface, this may not seem much different than using any digital bank to take out a loan or buy or sell a security, but as someone who first used digital media inside the walled garden of AOL, I understood immediately this difference was profound. (766 words) - [The Defensibility of Middleware Protocols — Placeholder](/content/blog/2019/2/14/the-defensibility-of-middleware-protocols/index.html): Interoperability of state and value is likely to place downward price pressure on layer-1 blockchains that have no monetary premium, while enabling strong middleware protocols to achieve cross-chain, winner-takes-most dominance in their respective services. While not a perfect mapping to traditi, Interoperability of state and value is likely to place downward price pressure on layer-1 blockchains that have no monetary premium, while enabling strong middleware protocols to achieve cross-chain, winner-takes-most dominance in their respective services. While not a perfect mapping to traditional use of the term middleware, these protocols can be thought of as anything sitting just below the interface layer (i.e., the applications the end user interacts with), but leveraging the lower-level functionality provided by layer-1 blockchains and interoperability protocols. (515 words) - [Investment Thesis Summary — Placeholder](/content/blog/2018/2/13/thesis-summary/index.html): Around October 2016, we began talking about working together. On August 1, 2017 (the day Bitcoin forked), we officially incorporated Placeholder Management, and in December we closed our first fund.  This is the thesis we shared during our fundraising process: https://ipfs.io/ipf, (102 words) - [Risk Management in MakerDAO — Placeholder](/content/blog/2019/7/10/risk-management-in-makerdao/index.html): A core function of the financial system is to transfer risk to the parties most willing to bear it. It should therefore be no surprise that two of the most successful products in DeFi, stablecoins and DEXs, address the key risks of using and holding cryptoassets. But these systems face uncertainties, A core function of the financial system is to transfer risk to the parties most willing to bear it. It should therefore be no surprise that two of the most successful products in DeFi, stablecoins and DEXs, address the key risks of using and holding cryptoassets. But these systems face uncertainties of their own. While limited counter-party risk and full transaction auditability have been rallying cries for DeFi, history reminds us that risk isn’t eliminated, but transposed. In fact, increasing complexity of products and complacency of market participants can magnify rather than reduce systemic risks. (348 words) - [Proof of Liquidity — Placeholder](/content/blog/2020/5/22/proof-of-liquidity/index.html): In a standard proof-of-stake system, the more people stake, the more tokens are taken out of circulation. This may seem good for the price of the token, but in many cases insufficient liquidity can get in the way of network growth. So we should look for ways to create a direct, positive relationship, In a standard proof-of-stake system, the more people stake, the more tokens are taken out of circulation. This may seem good for the price of the token, but in many cases insufficient liquidity can get in the way of network growth. So we should look for ways to create a direct, positive relationship between staking and liquidity. One idea is to use Balancer pool tokens as proofs of liquidity that can be staked in place of the network’s token, such that its liquidity grows together with staking.  (754 words) - [Eclipse: the Best of Solana, Ethereum, and Celestia — Placeholder](/content/blog/2024/7/30/eclipse-thesis-combining-the-best-of-solana-ethereum-and-celestia.html): One way to think of the design choices within the layers is the lower down the stack we go, the more we need small machines to be able to verify the truth. By ‘small machines’ we mean a set of requirements that are widely achievable, allowing nearly anyone to verify the truth if they so desire, keep, One way to think of the design choices within the layers is the lower down the stack we go, the more we need small machines to be able to verify the truth. By ‘small machines’ we mean a set of requirements that are widely achievable, allowing nearly anyone to verify the truth if they so desire, keeping collusion at bay. So long as these smaller machines are publishing and verifying “the truth,” then bigger machines can run execution at levels higher up the stack, achieving greater performance but not sacrificing decentralization where it matters. Intriguingly, this design means Eclipse’s transaction throughput capacity could surpass that of the Solana L1, allowing it to be home to a diverse ecosystem of its own.  (914 words) - [The Nouriel in All of Us — Placeholder](/content/blog/2018/11/6/the-nouriel-in-all-of-us/index.html): This week crypto has been afire with Nouriel news. After voicing my own disgust at Nouriel’s behavior, Chris King  responded : “He’s triggered and we’re triggered. No one really wins.” Chris is right. We’re all so triggered that conversation between the crypto-community and Nouriel has d, (99 words) - [Theory Follows Price, Price Follows Theory — Placeholder](/content/blog/2018/11/13/theory-follows-price-price-follows-theory/index.html): Humans have an innate desire to first understand, and secondly reason, about what they see in the world. We go from observing things (facts), to reasoning about those facts (theories), to then applying those theories back on present facts to predict future facts. This habit pattern explains the birt, (78 words) - [Information Technology Market Cycles (A Brief History) — Placeholder](/content/blog/2018/3/15/information-technology-market-cycles-a-brief-history.html): "Information technology evolves in multi-decade cycles of expansion, consolidation and decentralization. Periods of expansion follow the introduction of a new open platform that reduces the production costs of technology as it becomes a shared standard. As production costs fall, new firms come , (71 words) - [Cryptoassets: Flow & Reflexivity — Placeholder](/content/blog/2018/4/19/95f17y8wcovvr1wa7e8l83nelv2cgq/index.html): “We hypothesize that crypto’s heightened reflexivity is driven by uncertainty and confusion around the early-stage technology, virality of communication mechanisms, lack of standardized valuation frameworks, regulatory paranoia, and majority retail participation. All of these characteristics are amp, (61 words) - [Resource Distribution and Power Dynamics in Decentralized Networks — Placeholder](/content/blog/2018/8/13/resource-distribution-and-power-dynamics-in-decentralized-networks.html): “The idealized vision of more decentralized forms of networking and social coordination triggered by the invention of Bitcoin continues to inspire entrepreneurs and drive innovation. At the same time, it is increasingly acknowledged within the broader crypto community that though the idealists are o, (121 words) - [AI Belongs Onchain — Placeholder](/content/blog/2023/10/23/artificial-intelligence-belongs-onchain/index.html): As the cost of producing artificial intelligence models decreases, the population of AI agents will grow exponentially. Agents will soon outnumber humans online, creating, consuming, and exchanging multitudes more information than humans ever could. But if we get, say, a million-fold increase in dig, As the cost of producing artificial intelligence models decreases, the population of AI agents will grow exponentially. Agents will soon outnumber humans online, creating, consuming, and exchanging multitudes more information than humans ever could. But if we get, say, a million-fold increase in digital activity, and 99% of that growth comes from machines, it will be hard to cope with this transformation without adopting onchain infrastructure and business models that both empower agents to reach their full potential and allows us to identify, control and audit their actions.  (930 words) - [Across Thesis — Placeholder](/content/blog/2023/3/8/across-thesis/index.html): Across is a bridging protocol on Ethereum that transfers value between Mainnet and Ethereum layer-2s, and soon will connect to any EVM chain. It differentiates from other bridges by its fixation on efficient value transfer, and combination of financial and technological engineering to make the exper, Across is a bridging protocol on Ethereum that transfers value between Mainnet and Ethereum layer-2s, and soon will connect to any EVM chain. It differentiates from other bridges by its fixation on efficient value transfer, and combination of financial and technological engineering to make the experience seamless for the end-user. In a space that has a tendency to over-engineer solutions, the protocol is refreshingly minimal in its approach while also providing strong security properties. (579 words) - [Cryptonetworks are not Companies — Placeholder](/content/blog/2018/11/30/cryptonetworks-are-not-companies/index.html): Joel was the first person that stuck the word  cryptoeconomy  in my mind. It was mid-2017 and the idea struck me because most everyone was thinking about cryptonetwork valuations (most commonly ICOs) in the context of company valuations. Which is partially why they were considered , (100 words) - [Moving on from FTX — Placeholder](/content/blog/2022/11/14/moving-on-from-ftx/index.html): Like many of you, we were surprised to see the rapid collapse of FTX, one of the largest crypto exchanges in the world. The complete details of what happened will take a while to unravel. We already know it’s not good. But we also know that crypto is bigger than any single company, no matter how lar, Like many of you, we were surprised to see the rapid collapse of FTX, one of the largest crypto exchanges in the world. The complete details of what happened will take a while to unravel. We already know it’s not good. But we also know that crypto is bigger than any single company, no matter how large. And given what we’re discovering, it’s better this collapse happened now, and not years from now. (865 words) - [Productive Capital in Cryptonetworks — Placeholder](/content/blog/2018/11/6/productive-capital-in-cryptonetworks/index.html): Thus far, cryptonetworks have used their native asset to entice early investment in their economies via two primary pathways: Minting to  supply-siders  that install  productive capital Selling to  investors  that contribute  investment ca, (103 words) - [Ethereum and Solana — Placeholder](/content/blog/2023/10/10/ethereum-and-solana/index.html): Ethereum and Solana are like Android and iOS. Android values modularity: it runs on many different types of devices made by hundreds of manufacturers worldwide; Google only makes 1-2% of them. This approach made it the world’s most popular mobile operating system, with an estimated 60-75% market sha, Ethereum and Solana are like Android and iOS. Android values modularity: it runs on many different types of devices made by hundreds of manufacturers worldwide; Google only makes 1-2% of them. This approach made it the world’s most popular mobile operating system, with an estimated 60-75% market share. Android’s flexibility has been a boon for hardware companies making anything from smartphones to televisions, as they can bring new products to market without investing billions into building bespoke operating systems. However, such diversity also makes it more difficult to develop apps that seamlessly work across many devices with different specs, screen sizes, and the various versions of Android these devices run. (868 words) - [Maker Network Overview — Placeholder](/content/blog/2019/3/1/maker-network-report/index.html): Since launching Single-Collateral Dai (SCD) in December 2017, Maker has become one of the most widely used protocols on Ethereum. A diverse ecosystem of borrowers, currency users, keepers, and speculators continues to drive rapid growth of the system. This report presents Maker as a network of heter, Since launching Single-Collateral Dai (SCD) in December 2017, Maker has become one of the most widely used protocols on Ethereum. A diverse ecosystem of borrowers, currency users, keepers, and speculators continues to drive rapid growth of the system. This report presents Maker as a network of heterogenous actors, examining the activity of each of its key stakeholders in an attempt to isolate the key economic drivers of the system. The focus will be on analyzing SCD’s first fourteen months of operation, while providing a few projections on the network’s future. The analysis is broken down by stakeholder group: CDP Creators, Keepers, MKR holders, and dai users. This is not intended as an introduction to the inner workings of the Maker system. Readers unfamiliar with the Maker system should consult the MakerDAO Whitepaper and Placeholder’s Maker Investment Thesis prior to reading this report. (149 words) - [Mario Laul — Placeholder](/content/blog/2019/3/13/mario-laul/index.html): At the end of 2017, I started providing research support to Placeholder. It was a part-time role and I never took the opportunity to officially introduce myself via the blog. Better late than never! I am happy to announce that I’ve now joined the team full time. In addition to supporting investment, (217 words) - [A Visual Guide to Sequencing Mechanisms — Placeholder](/content/blog/2025/2/13/a-visual-guide-to-sequencing-mechanisms/index.html): Sequencing is the mechanism by which incoming transactions are ordered into atomic bundles or blocks to be processed and finalized on a blockchain. All sequencing mechanisms are rooted in the concept of the write-lock, which is a fundamental concurrency control mechanism used to manage access to a s, Sequencing is the mechanism by which incoming transactions are ordered into atomic bundles or blocks to be processed and finalized on a blockchain. All sequencing mechanisms are rooted in the concept of the write-lock, which is a fundamental concurrency control mechanism used to manage access to a shared blockchain state. Most economic value associated with sequencing flows to the actors that control the components of the write-lock, namely the execution, inclusion, and ordering guarantees of transaction data. (710 words) - [Value Capture and Quantification: Cryptocapital vs Cryptocommodities — Placeholder](/content/blog/2019/4/26/value-capture-and-quantification-cryptocapital-vs-cryptocommodities.html): The majority of cryptoassets are shaping up to be capital assets in nature , whereas many early examples like bitcoin are better characterized as commodities, with a subset poised to become commodity monies. Within the burgeoning capital asset field of crypto , some closely resemble equity, ot, The majority of cryptoassets are shaping up to be capital assets in nature , whereas many early examples like bitcoin are better characterized as commodities, with a subset poised to become commodity monies. Within the burgeoning capital asset field of crypto , some closely resemble equity, others more closely resemble debt, and others have a bizarre enough mix of capabilities and value streams to be unrecognizable from prior renditions of capital assets. As part of explaining why governance assets have value, Joel has done an excellent job of laying out foundational principles behind capital , which is a piece that should be read before continuing here. (115 words) - [Blockchains are Bureaucracies par Excellence — Placeholder](/content/blog/2019/5/6/blockchains-are-bureaucracies-par-excellence/index.html): In an earlier  post , I likened decentralized networks to  fields  - social arenas of symbolic and material production within which interested actors compete and cooperate over network-specific resources. The promise of blockchain and related technologies is that these ar, (122 words) - [The Full Circle Hypothesis — Placeholder](/content/blog/2019/6/19/the-full-circle-hypothesis/index.html): One thing more difficult than critical analysis is predicting the future. But here’s one possible scenario. While blockchain networks will continue to reinvent organizations that administer information and facilitate transactions connected to that information, on a societal level, the end result w, (58 words) - [Progressive Compliance — Placeholder](/content/blog/2023/9/20/progressive-compliance/index.html): The road to progressive decentralization runs parallel to – and will eventually intersect with – the road to progressive compliance. The challenge is that, while “decentralization” in crypto has a broadly global definition, regulation is and will likely remain a national, or at least a regional, mat, The road to progressive decentralization runs parallel to – and will eventually intersect with – the road to progressive compliance. The challenge is that, while “decentralization” in crypto has a broadly global definition, regulation is and will likely remain a national, or at least a regional, matter. Thus, there is no universal playbook towards compliance beyond what should be obvious to anyone. But the most important task at hand is to ensure that all of the above does not come at the cost of freedom to create and maintain open-source technologies, nor at the cost of what’s essential to the value proposition of blockchains: public verifiability of information, reduced reliance on the subjectivity of human administrators ( automation ), and tilting the power balance between institutions and individuals in favor of the latter (self-sovereignty). (750 words) - [Resources, Governance, and Legitimacy in Zcash's 2020 Network Upgrade — Placeholder](/content/blog/2019/7/10/resources-governance-and-legitimacy-in-zcashs-nu4/index.html): In October 2020 the Zcash network will undergo its first halving, slicing the annual rate of ZEC inflation in half. Halvings are important moments in any cryptomoney’s maturation as they double the marginal cost of producing each incremental unit (at constant hash rate), moving the asset further alo, (126 words) - [The Cryptopreneur’s Dilemma — Placeholder](/content/blog/2024/12/16/the-cryptopreneurs-dilemma/index.html): The foundations of public blockchains were laid by cypherpunks. Even though the crypto industry was always destined to harbor a variety of ideas and practices, it’s the principles of decentralization, open source software, cryptographic security, privacy, and self-sovereignty that underpin its most , The foundations of public blockchains were laid by cypherpunks. Even though the crypto industry was always destined to harbor a variety of ideas and practices, it’s the principles of decentralization, open source software, cryptographic security, privacy, and self-sovereignty that underpin its most disruptive outputs. But there’s a problem. Absent a regulatory framework that favors innovation and legitimizes blockchains as administrative infrastructure with unique capabilities, crypto entrepreneurs have been facing a difficult choice: stay true to the purist ethos and thereby significantly complicate their project’s structure and operations, or compromise on the original ideals in return for regulatory blessings and a more conventional path to mainstream success. I call this the Cryptopreneur’s Dilemma. (963 words) - [Cryptonetworks and Governments — Placeholder](/content/blog/2019/8/7/im0grsglorg4tctg7hd843x31k11nz/index.html): Public cryptonetworks have some unique features that put them in an ambiguous position vis-à-vis existing legal and administrative systems, especially governments. What should governments make of these emerging systems, and how might their societal role evolve in a cryptonetworked world? On the one , Public cryptonetworks have some unique features that put them in an ambiguous position vis-à-vis existing legal and administrative systems, especially governments. What should governments make of these emerging systems, and how might their societal role evolve in a cryptonetworked world? On the one hand, crypto represents an important and effective tool against authoritarianism, and certain aspects of it can arguably be framed as competitive with the State. On the other hand, it is also possible to envision a more symbiotic relationship in which well-intentioned governments are both active participants in and direct beneficiaries of public cryptonetworks. (100 words) - [David and Goliath: How Web3 Can Compete in AI — Placeholder](/content/blog/2024/11/18/david-and-goliath-how-web3-can-compete-in-ai/index.html): The compute and training layers of the AI-industrial-complex are currently dominated by centralized Web2 giants that have unparalleled access to capital, state-of-the-art hardware, and vast datasets. While this will likely remain the case for the most powerful general ML models, mid-tier and bespoke, The compute and training layers of the AI-industrial-complex are currently dominated by centralized Web2 giants that have unparalleled access to capital, state-of-the-art hardware, and vast datasets. While this will likely remain the case for the most powerful general ML models, mid-tier and bespoke models may increasingly source their compute resources from more affordable and accessible Web3 networks. Similarly, for inference needs that exceed the capabilities of personal edge devices, some consumers may turn to Web3 networks for less censored, more diverse outputs. Rather than attempting to overhaul the entire AI stack, Web3 challengers should focus on these niche use cases, and lean more heavily into their unique value proposition around censorship-resistance, transparency, and social verifiability. (757 words) - [The Bookkeeping View of Money — Placeholder](/content/blog/2019/10/26/the-bookkeeping-view-of-money-and-crypto-economic-analysis.html): The three common ways of theorizing money — as commodity, legal construction, and credit — can be effectively reconciled by considering it as a social institution for bookkeeping. This article outlines the four perspectives, lists materials for understanding each, and considers how some recent innov, The three common ways of theorizing money — as commodity, legal construction, and credit — can be effectively reconciled by considering it as a social institution for bookkeeping. This article outlines the four perspectives, lists materials for understanding each, and considers how some recent innovations in digital record-keeping fit into the picture. (59 words) - [Placeholder is Hiring an Analyst — Placeholder](/content/blog/2023/9/28/placeholder-analyst-role-2023/index.html): Placeholder is a venture capital firm that works with entrepreneurs and decentralized information networks to better distribute data, wealth, and power. We are seeking a highly motivated Analyst to join our team for a 2-year term. As an Analyst, you will work under our Head of Research, Mario Laul, , Placeholder is a venture capital firm that works with entrepreneurs and decentralized information networks to better distribute data, wealth, and power. We are seeking a highly motivated Analyst to join our team for a 2-year term. As an Analyst, you will work under our Head of Research, Mario Laul, to analyze private companies, public networks, and emerging trends in our industry. You will also regularly interface with the Partners – Brad Burnham, Chris Burniske, and Joel Monegro – on deal and portfolio specific items.  (357 words) - [Middlemachines — Placeholder](/content/blog/2022/1/31/middlemachines/index.html): To understand Web3, one needs to recognize not only how it aims to differ from the previous generation of web-based services, but also the functional equivalence between traditional and digital bureaucratization, or manual vs. automated bureaucracies. Both are based on formal rules of procedure (pro, To understand Web3, one needs to recognize not only how it aims to differ from the previous generation of web-based services, but also the functional equivalence between traditional and digital bureaucratization, or manual vs. automated bureaucracies. Both are based on formal rules of procedure (protocol) but whereas the former relies on human intermediaries (‘middlemen’) to perform administrative functions such as keeping information records and facilitating transactions in reference to these records, the latter pushes humans to the edges by replacing manual administration with computers and software. This results in more technological intermediation or, as I’ve come to call it, middlemachines . (504 words) - [When Does the Tail Wag the Dog? Curvature and Market Making — Placeholder](/content/blog/2021/1/13/when-does-the-tail-wag-the-dog-curvature-and-market-making.html): CFMMs and associated protocols, which were historically very small markets, now constitute the most liquid trading venues for a large number of crypto assets. But what does it mean for a CFMM to be the most liquid market? In this paper, we propose a basic definition of price sensitivity and liquidit, CFMMs and associated protocols, which were historically very small markets, now constitute the most liquid trading venues for a large number of crypto assets. But what does it mean for a CFMM to be the most liquid market? In this paper, we propose a basic definition of price sensitivity and liquidity. We show that this definition is tightly related to the curvature of a CFMM's trading function and can be used to explain a number of heuristic results. For example, we show that low-curvature markets are good for coins whose market value is approximately fixed and that high-curvature markets are better for liquidity providers when traders have an informational edge. Additionally, the results can also be used to model interacting markets and explain the rise of incentivized liquidity provision, also known as 'yield farming.' (232 words) - [The DeFi Déjà Vu — Placeholder](/content/blog/2019/12/14/the-defi-dj-vu/index.html): There are important patterns in the historical development of finance, most notably systemic crises associated with the collapse of asset prices or income flows and the recurring interplay between financial innovation and regulation. Understanding these relationships can help the architects of open , There are important patterns in the historical development of finance, most notably systemic crises associated with the collapse of asset prices or income flows and the recurring interplay between financial innovation and regulation. Understanding these relationships can help the architects of open and automated crypto-financial services, known as DeFi, to assess potential risks and prepare for different economic and regulatory scenarios. This article highlights some relevant historical precedents and considers the potential long-term implications of this latest wave of financial innovation. (85 words) - [Placeholder](/content/home/index.html): We’re a capital partnership based in New York City that invests in decentralized information networks., We’re a capital partnership based in New York City that invests in decentralized information networks. (493 words) - [On Autonomous Software — Placeholder](/content/blog/2020/4/6/on-autonomous-software/index.html): This article is a comment on Lane Rettig’s essay Autonocrats and Anthropocrats , connecting its central themes to two fundamental concepts in social sciences — the rule of law and social structure. It explains how the most informative analogue to a decentralized network of nodes running autonomous , This article is a comment on Lane Rettig’s essay Autonocrats and Anthropocrats , connecting its central themes to two fundamental concepts in social sciences — the rule of law and social structure. It explains how the most informative analogue to a decentralized network of nodes running autonomous software is society itself. Digital record-keeping and distributed computer networks are comparable to other institutions with effects beyond the control of their creators, administrators, and users. As such, they represent an important area of research not only for computer scientists and software engineers but also for social and political theorists whose expertise could be usefully applied to the design and governance of these emerging systems. (115 words) - [Liquidity Provider Returns in Geometric Mean Markets — Placeholder](/content/blog/2020/6/17/liquidity-provider-returns-in-geometric-mean-markets.html): Geometric mean market makers (G3Ms), such as Uniswap and Balancer, comprise a popular class of automated market makers (AMMs) defined by the following rule: the reserves of the AMM before and after each trade must have the same (weighted) geometric mean. This paper extends several results known for , Geometric mean market makers (G3Ms), such as Uniswap and Balancer, comprise a popular class of automated market makers (AMMs) defined by the following rule: the reserves of the AMM before and after each trade must have the same (weighted) geometric mean. This paper extends several results known for constant-weight G3Ms to the general case of G3Ms with time-varying and potentially stochastic weights. These results include the returns and no-arbitrage prices of liquidity pool (LP) shares that investors receive for supplying liquidity to G3Ms. Using these expressions, we show how to create G3Ms whose LP shares replicate the payoffs of financial derivatives. (164 words) - [Why Stake When You Can Borrow? — Placeholder](/content/blog/2020/6/24/6vggzy8vfidunapjkeyt3eopc2jcbn/index.html): As smart contract platforms autonomously manage billions of dollars of capital, quantifying the portfolio risk that investors engender in these systems is increasingly important. Recent work illustrates that Proof of Stake (PoS) is vulnerable to financial attacks arising from on-chain lending and ha, As smart contract platforms autonomously manage billions of dollars of capital, quantifying the portfolio risk that investors engender in these systems is increasingly important. Recent work illustrates that Proof of Stake (PoS) is vulnerable to financial attacks arising from on-chain lending and has worse capital efficiency than Proof of Work (PoW). Numerous methods for improving capital efficiency have been proposed that allow stakers to create fungible derivative claims on their staked assets. In this paper, we construct a unifying model for studying the security risks of these proposals. (174 words) - [FOSS Governance and Blockchain Networks — Placeholder](/content/blog/2020/7/14/foss-governance-and-blockchain-networks/index.html): The principles of free and open source software (FOSS) are fundamental to the ethos of the communities building blockchain networks. While it is not uncommon for a single organization or small group of core developers to coordinate and deliver most of the work, the source code is generally open for , The principles of free and open source software (FOSS) are fundamental to the ethos of the communities building blockchain networks. While it is not uncommon for a single organization or small group of core developers to coordinate and deliver most of the work, the source code is generally open for everyone to inspect and improve upon. Control is maintained not by keeping software proprietary, but through social and institutional means, including ideological discourse, community management, and trademark license agreements. Despite the unique governance challenges from issuing network-specific assets to operators, investors, users, or other stakeholders, there are important similarities between blockchain networks and traditional FOSS projects. Existing research on FOSS governance may therefore prove helpful in designing blockchain governance systems. (127 words) - [Institutional Participation in Token-Weighted Network Governance — Placeholder](/content/blog/2020/6/13/institutional-participation-in-token-weighted-network-governance.html): Blockchain enthusiasts often criticize traditional institutions for their tendency to concentrate resources and decision-making authority. But token-weighted governance without system design features that counteract centralization are clearly open to similar criticisms. As a result, large t, Blockchain enthusiasts often criticize traditional institutions for their tendency to concentrate resources and decision-making authority. But token-weighted governance without system design features that counteract centralization are clearly open to similar criticisms. As a result, large token holders are faced with a dilemma: abstain from participation to stay true to the ethos of decentralization, or seek to govern in a way that doesn’t disproportionately benefit powerful actors at the expense of other stakeholders. (80 words) - [Optimal Fees for Geometric Mean Market Makers — Placeholder](/content/blog/2021/1/19/optimal-fees-for-geometric-mean-market-makers/index.html): Constant Function Market Makers (CFMMs) are a family of automated market makers that enable censorship-resistant decentralized exchange on public blockchains. Arbitrage trades have been shown to align the prices reported by CFMMs with those of external markets. These trades impose costs on Liquidity, Constant Function Market Makers (CFMMs) are a family of automated market makers that enable censorship-resistant decentralized exchange on public blockchains. Arbitrage trades have been shown to align the prices reported by CFMMs with those of external markets. These trades impose costs on Liquidity Providers (LPs) who supply reserves to CFMMs. Trading fees have been proposed as a mechanism for compensating LPs for arbitrage losses. However, large fees reduce the accuracy of the prices reported by CFMMs and can cause reserves to deviate from desirable asset compositions. CFMM designers are therefore faced with the problem of how to optimally select fees to attract liquidity. We develop a framework for determining the value to LPs of supplying liquidity to a CFMM with fees when the underlying process follows a general diffusion. Our approach also allows one to select optimal fees for maximizing LP value. (177 words) - [How Crypto Is Shaping the Digital Revolution — Placeholder](/content/blog/2021/10/20/how-crypto-is-shaping-the-digital-revolution/index.html): I have previously categorized ’crypto’ – a catch-all for blockchain- and Web3-related innovation – as part of the Digital Revolution that started around the late 1960s to early 1970s with the invention of packet-switched networks, microprocessors, and other digital technologies that enabled the prol, I have previously categorized ’crypto’ – a catch-all for blockchain- and Web3-related innovation – as part of the Digital Revolution that started around the late 1960s to early 1970s with the invention of packet-switched networks, microprocessors, and other digital technologies that enabled the proliferation of personal computers and the Internet. I would like to expand on that by: Providing a brief theoretical outline of the two main stages of technological revolutions; Comparing the organizational and institutional shifts of the previous revolution (centered around oil, automobiles, and mass production) with those of the current one (centered around digital information and communications technology) as imagined during the dot-com era (late 1990s, early 2000s); and Discussing how ’crypto’ as a techno-populist reform movement and innovation cluster is shaping global institutions and governance as the Digital Revolution matures. Throughout the text, I will be using ’ICT’ as a shorthand for digital information and communications technology, and ’ICT Revolution’ as a shorthand for the Digital Revolution. From here on, quotation marks around the word ’crypto’ will be omitted, while still referring not just to cryptography, but to all blockchain- and Web3-related innovation. Readers familiar with Carlota Perez’s theory of techno-economic paradigm shifts may skip the first section. (212 words) - [A Note on Privacy in Constant Function Market Makers — Placeholder](/content/blog/2021/3/2/a-note-on-privacy-in-constant-function-market-makers.html): Constant function market makers (CFMMs) such as Uniswap, Balancer, Curve, and mStable, among many others, make up some of the largest decentralized exchanges on Ethereum and other blockchains. Because all transactions are public in current implementations, a natural next question is if there exist s, Constant function market makers (CFMMs) such as Uniswap, Balancer, Curve, and mStable, among many others, make up some of the largest decentralized exchanges on Ethereum and other blockchains. Because all transactions are public in current implementations, a natural next question is if there exist similar decentralized exchanges which are privacy-preserving; i.e., if a transaction’s quantities are hidden from the public view, then an adversary cannot correctly reconstruct the traded quantities from other public information. In this note, we show that privacy is impossible with the usual implementations of CFMMs under most reasonable models of an adversary and provide some mitigating strategies. (113 words) - [Replicating Market Makers — Placeholder](/content/blog/2021/3/25/replicating-market-makers/index.html): We present a method for constructing Constant Function Market Makers (CFMMs) whose portfolio value functions matches a desired payoff. More specifically, we show that the space of concave, nonnegative, nondecreasing, 1-homogeneous payoff functions and the space of convex CFMMs are equivalent; in oth, We present a method for constructing Constant Function Market Makers (CFMMs) whose portfolio value functions matches a desired payoff. More specifically, we show that the space of concave, nonnegative, nondecreasing, 1-homogeneous payoff functions and the space of convex CFMMs are equivalent; in other words, every CFMM has a concave, nonnegative, nondecreasing, 1-homogeneous payoff function, and every payoff function with these properties has a corresponding convex CFMM. We demonstrate a simple method for recovering a CFMM trading function that produces this desired payoff. This method uses only basic tools from convex analysis and is intimately related to Fenchel conjugacy. We demonstrate our result by constructing trading functions corresponding to basic payoffs, as well as standard financial derivatives such as options and swaps. (126 words) - [Introducing Gurnoor Singh Narula — Placeholder](/content/blog/2024/2/23/introducing-placeholders-newest-analyst-gurnoor-singh-narula.html): At Placeholder, I hope to relate the blockchain revolution to historical technological trends as I explore how the methods of past technological evolutions are mirrored (and can be utilized) within this cycle. More specifically, I’ll be focusing my research interests on exploring the Institutional D, At Placeholder, I hope to relate the blockchain revolution to historical technological trends as I explore how the methods of past technological evolutions are mirrored (and can be utilized) within this cycle. More specifically, I’ll be focusing my research interests on exploring the Institutional DeFi stack, the development of on-chain treasuries, and the modular vs. monolithic debate. I’ll also start tackling the intersection of game-theoretic auction design, consensus, and MEV, while researching LVR mitigation and methods that increase LP profitability, especially with the imminent launch of Uniswap v4. On top of all of this interesting work, I’ll keep in touch with my engineering roots as I explore zk-enabled tech (everything from zkVMs to zkApps, and more) as applied research and applications catch up to the theoretical use cases being explored.  (401 words) - [Introducing the Sequencing Value Accrual Simulator — Placeholder](/content/blog/2025/2/19/introducing-the-sequencing-value-accrual-simulator/index.html): The Sequencing Value Accrual Simulator is a web-app that simulates the economic value capture for users, applications, and infrastructure players under three sequencing mechanisms: based sequencing, centralized sequencing, and application-specific sequencing. To date, the first two have been the dom, The Sequencing Value Accrual Simulator is a web-app that simulates the economic value capture for users, applications, and infrastructure players under three sequencing mechanisms: based sequencing, centralized sequencing, and application-specific sequencing. To date, the first two have been the dominant forms of sequencing, whereas the latter enables more programmable and flexible forms of value capture at the level of individual applications and their users. The Simulator is the perfect tool for developers and users alike to visualize value accrual under different assumptions. (84 words) - [Placeholder — Placeholder](/content/placeholder/index.html) (49 words) - [Newsletter — Placeholder](/content/newsletter/index.html) (44 words) - [Placeholder Blog — Placeholder](/content/blog/index.html): Placeholder Blog, Placeholder Blog (2,212 words) - [Re-Decentralizing Git with Radicle 🌱 — Placeholder](/content/blog/2021/2/25/re-decentralizing-git-with-radicle/index.html): Radicle is a new kind of code collaboration network built entirely on open protocols. At the core of it there is a peer-to-peer code network built on Git. It allows developers to host and manage open source software projects on a decentralized network of nodes owned by their peers, instead of centr, Radicle is a new kind of code collaboration network built entirely on open protocols. At the core of it there is a peer-to-peer code network built on Git. It allows developers to host and manage open source software projects on a decentralized network of nodes owned by their peers, instead of centralized platforms like GitHub owned by companies like Microsoft. This is especially important in today’s world, where the power to control information, including code, lies in the hands of the few. 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