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Last week was my last week at @Blockworks
Grateful for the opportunity to work alongside such a talented team, and for everyone who read, challenged and supported my research over the past year. I have a lot of confidence in the direction Blockworks is taking and look forward to seeing what the team achieves.
I remain very bullish on this industry, particularly the themes I’ve been highlighting throughout that time. In my view, we’re still in the infancy of a far better financial system, and I’m eager to play a part in that through research, investing or building.
Excited for what’s next. For those in London, I’ll be around for the next two weeks.
Study end game 🎯
Logan Jastremski of Frictionless Capital says if Base and Robinhood Chain become the next capital markets, they start to look like the New York Stock Exchange. People co-locate next to the venue and start playing latency games.
"I think purely from a political standpoint, people will not really opt into that system."
You really do have to build a credibly neutral system, "just to be the backbone of global finance."
@LoganJastremski
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Circle’s euro stablecoin is gaining traction on @solana.
EURC’s circulating value grew 54% in October to $74.2M.
Monthly transfer volume climbed for a third straight month to $1.72B.
.@PhoenixTrade just passed $5B in cumulative perp volume on @solana.
From $1B on July 28 to $5B on November 4.
Finance 2.0
NEW POD: How To Invest In The "New" Era of Digital Assets with Diego Perez De Ayala (@SolanaLegend)
Frictionless co-founder joins us in The Tokenization Tower to discuss his investing thesis for 2026 and beyond.
We discuss the 'nouns' vs. 'verbs' thesis, the ongoing race to get licensed before the regulatory window shuts, and why tokenization today looks like stablecoins ten years ago.
He explains his perps bull thesis, which assets his firm is primarily looking at, and where he sees the value accruing in the new, institutional era of our industry.
Be more bullish. Full episode links below.
Timestamps:
00:00 Intro
00:49 Web 3.0 Narrative Proved Largely False
03:36 Funding The Verbs Not The Nouns
05:38 Licenses Race Before The Window Shuts
09:52 Tokenization Looks Like 2014 Before Tether
12:28 How Wall Street Actually Comes Onchain
14:54 Companies Earning A Billion A Month
16:55 Incumbents Face The Kodak Dilemma
20:57 Missing 24/7 Trading Is A Scam
23:15 Chains Ignoring Capital Markets Are Cooked
25:46 Do Layer Ones Justify Trillion Valuations
29:38 Return Dispersion Lets Investors Outperform
@FrictionlessVC @therollupco @robbieklages
Apps on @solana generated $153M in October.
That’s 2.4× Ethereum, Base, BNB Chain and Robinhood Chain combined.
Pump led with $58M, followed by Collector Crypt and Axiom.
Pearl's hash rate is growing faster than Bitcoin's or Zcash's did at the same age.
It's up 3.4x since Aug 18 and has even spiked above 100 EH/s. At the same point in their lives, Bitcoin's had fallen 31% and Zcash's was up just 18%.
That's promising growth for an early PoW network... and this is all before AI players even adopt it
Now this is epic
Introducing Ocelot.
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Our beta is open with capped markets, and audits are underway. Start trading today and share your referral code.
Built on @solana and powered by @phoenixtrade.
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Fees are down because the last cycle boom no one was paying attention to costs. During the bear everyone optimizes on cost.
We are too far down the decentralized open source platform path and the only way it wins is by being cheap. There is some floor price that no one cares about and it seems to be somewhere near 0.2 bips or < $0.005.
What’s important is doubling capacity and filling it up during the bull periods and gaining market share during the bear market.
To that end solana has to be the cheapest place to build any kind of market out of any assets on earth and for retail to trade it.
Thats not just a tx fee issue, cost of capital to spin these up is shared across everyone.
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A must use for anything content or investing related in crypto
NEW: We’re opening up the Blockworks MCP to everyone.
Starting today, anyone can connect Blockworks to Claude, ChatGPT, Cursor or any MCP client. Sign in, claim your credits, and get your agents building within minutes.
app.blockworks.com/claim
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Pearl's whole use case depends on AI servers mining while they serve models. But right now the math doesn't work...
On GPUs already owned (the realistic case, as AI providers already run their GPUs and buying cards just to mine doesn't pay), an AI server today would need to give up $1.33 to $3.15 of AI work for each coin it mines, against $0.14 to $0.23 of power for a gaming card. At ~$1.50 a pearl-2:native, few AI servers have any reason to even try.
Pearl's FP8 and surrounding upgrades could fix the economics, and therefore incentivize adoption. It lets the FP8 math mine more AI work and cuts the slowdown to about 1% to 3%, so each coin would cost $0.09 to $0.43 of lost AI work, more or less what dedicated miners spend on power per coin.
If that keeps AI servers cost competitive with dedicated miners, AI providers would have a reason to join, and competition between them could then accelerate adoption further.
For now, Pearl is still an early PoW chain and faces all the same problems. Security needs hashrate, hashrate needs a price worth mining for, and the price needs security. Bitcoin got through it on hobbyist CPUs until dedicated miners stepped in. Pearl is getting through it on gaming cards for now, until AI servers can step in to bootstrap security and therefore adoption.
Successful transactions on @solana hit a fourth straight monthly record.
3.38B in October, up 81% year over year and 6% above September.
~109M a day (no validator votes and no failed transactions)
The bull case for pearl-2:native is reflexive.
If AI providers mine PEARL, they would quickly build the security necessary for a store of value (SoV) premium, and set Pearl apart as a SoV backed by useful work.
Taken further, an inference provider that mines PEARL can use its rewards to cut its AI prices and therefore win more customers through routers like OpenRouter, forcing rivals to start mining PEARL to compete on price. More mining backs the SoV case, lifting PEARL's price and funding even deeper cuts to AI prices.
It all hinges on FP8 shipping soon, and on someone proving that mining while serving AI pays.
That's why we also see the Pearl Research Labs as positive and necessary. It just closed $55M in equity and a $75M vehicle to build GPU capacity, so it doesn't need to sell PEARL for funding. It's also one of the launch providers on Architect's Liquid Inference, where providers compete on price for every request.
So if its mining income lets it undercut the others here, the thesis could gets its first real proof.
Tokenized stocks traded $3.9B on @solana spot DEXs in October.
@Backpack / @sunrise finished in the top spot with $2.1B, up 27% from September and capturing 53% of our tracked volume.
Backpack just took the lead in tokenized equity spot DEX volume across ALL chains.
27% of our tracked volume on Oct 25, ahead of Coinbase’s 25%.
Issuance models (@Backpack x @sunrise) and the underlying tech (@solana) still matter, and that is the fwd looking lens needed to see who wins this sector in the long run.
Tokenized RWAs on @solana have more than doubled in value this year.
$3.4B as of of last week, including $1.38B in government debt, $1.22B in credit and $663M in equities
