Papi

Spent almost a decade building here. It’s easy to forget how much has actually happened. To name a few: -Bitcoin and others have become credible, non sovereign stores of value. Forms of digital gold. - Someone can hold dollars without a US bank account and send them across the world in seconds. Their government doesn’t have to support dollars for this to happen. -You can lend, borrow and trade at any hour, directly from a wallet. -A small team can build financial products using infrastructure and liquidity that already exist. -Founders can raise money from strangers on the internet. -Strangers on the internet can own businesses on the internet These are extraordinary things to have become ordinary. Building Solomon has only made me more ambitious about what comes next. We started by asking how a dollar could work better. That one question gave us years of work and an entire business to build. There are businesses like that all over the place, and the barriers to building them keep falling. More people can enter the space, spend time with customers and get deep into how their businesses work. They’ll find problems that will never come up on CT. But someone will pay you to solve them. You can build a whole business around something that never becomes a narrative on here. This is the future of crypto, and it’s a much bigger opportunity than the next token rotation. We’ve spent more than a decade making more things possible. It would be a failure of imagination to think this is where it stops.

The dollar side of a liquidity pair is a capital allocation decision. For a long time, the choice was mostly limited to one or two stables with little differentiation. We settled on a default and stopped asking if things could be better. Pairing with a productive stable improves net economics. Yield on the dollar side offsets the base rate cost of capital, reducing what MMs have to absorb or pass on to traders through spreads. This will be obvious in hindsight. More quote assets coming soon.