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BTC79,321-1.63%ETH2,255.37-2.15%SOL90.69-4.07%BNB672.18-1.00%XRP1.43-1.23%ADA0.2639-3.09%DOGE0.1133+0.26%AVAX9.68-3.37%LINK10.24-2.99%DOT1.32-5.07%BTC79,321-1.63%ETH2,255.37-2.15%SOL90.69-4.07%BNB672.18-1.00%XRP1.43-1.23%ADA0.2639-3.09%DOGE0.1133+0.26%AVAX9.68-3.37%LINK10.24-2.99%DOT1.32-5.07%
SM

Sofia Marchetti

Columnist · @smarchetti · 4 articles
Restaking Is Overbuilt, and Somebody Is About to Lose a Lot of Money
OpinionApr 4

Restaking Is Overbuilt, and Somebody Is About to Lose a Lot of Money

The AVSes don't need the security. The restakers don't understand the correlation. The yields are priced as though nothing can go wrong. One slash cascade away from a bad afternoon.

Stablecoins Are Now the Product. Everything Else Is Distribution.
OpinionMar 29

Stablecoins Are Now the Product. Everything Else Is Distribution.

Tether is the most profitable company per employee in modern financial history. Circle is a quiet infrastructure monopoly. The rest of crypto is, increasingly, a distribution channel for their balances.

The VC-vs-Retail Divide in Crypto Is the Real Structural Story of This Cycle
OpinionMar 23

The VC-vs-Retail Divide in Crypto Is the Real Structural Story of This Cycle

The best deals of the cycle were closed to retail. The worst deals of the cycle were sold to retail. The information asymmetry isn't new; the scale is.

The Solana Maximalist Cope Is Getting Harder to Sustain
OpinionMar 18

The Solana Maximalist Cope Is Getting Harder to Sustain

Firedancer is finally live. The fee economics are still broken. The 'ETH killer' framing was always a cope, and the newer framings are starting to look the same.