Crypto circa 2011 | CPO @blupryntco | Ex @UmojaLabs @GoldmanSachs, @Amazon | Fmr. Head of Impact @ConsenSys | Tokenomics Designer 🍊 | Author @t0kedex
Joined August 2012
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After 3 years of ups, downs, and outright failures, I have finally finished my first book, "Tokédex: The Bible for Tokenomics."
It's completely free. 800 pages, 50 protocol analyses tokedex.org/book #tokenomics #tokedex
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I love that @avax has a partnership with @FIFAcom @FIFAWorldCup but WHOEVER made the purchase experience….yall need to stop and consider alternative employment….
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After the Kelp exploit, Aave's P/F ratio hit 2.9x — the market priced it at less than 3x annual fees. For a protocol generating $150M in revenue, that's value territory by any standard. Three ratios ground DeFi valuation in economics, not narrative. tokedex.org/blog/defi-valuat…
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Strategy accumulated over 500K BTC. Goldman, Morgan Stanley, and sovereign funds are building positions. They're not buying an asset — they're buying into a control system with specific, measurable properties. TCS = P × T × A × V × Ac. Multiplicative. Zero in any variable = zero overall. tokedex.org/blog/the-control…
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Another example why @blupryntco Proof of Collateral primitive is needed in ALL markets.
It’s not a matter of whether a token has collateral or not. It’s whether the asset’s stack is secure.
Jun 5
The Holy Trinity is dead. Sadly due to the Orchard Pool exploit, I had to dump our entire $ZEC bag.
- While I think it's extremely unlikely of any minting, it cannot be formally cryptographically proved impossible
- The privacy from AI, govt, big tech narrative demands perfection not improbability
- I read about the exploit yday, and didn't appreciate how it violated my narrative mental map. The 30% dump, made me rethink, and I had to take profit on the entire position
- We will consistently re-evaluate our thinking and if my assumptions are proven incorrect, will rebuy, hopefully at lower prices.
- Privacy is priceless and I have no issue eating humble pie and rebuying much higher.
We still hold $WLD and are excited for Lord Elon to pump our bags.
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Definitely agree that we’ve entered the “Digital Assets” Era.
I think the reason for the shift is several downmarket periods that have effectively killed the speculative frenzy that stole “Crypto’s” soul around 2020 coming out of the 2017 ICO era.
Up until then, even with the negative PR, Crypto still had its cypherpunk soul.
Now it’s just broke markets not willing to mature until they collapse. The other side are protocols looking to be compliant.
I don’t know exactly when it happened but digital assets has replaced crypto and web3 as terms when talking about this industry.
For whatever reason, I’ve also seen it’s the one that best connects with people outside our industry. Perhaps it’s because crypto and web3 just carry too much baggage and negative PR?
Either way, I think we’ve finally landed on the term that is here to say.
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116,500 rsETH forged via a single LayerZero packet. $123-230M in bad debt. $8.45B pulled from Aave in 48 hours. $13.2B total DeFi outflows.
A concentration risk story. Wrapped assets were the attack vector, and protocol interdependencies turned a bridge exploit into systemic contagion.
tokedex.org/blog/defi-contag…
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Aave's weakness wasn't governance or tokenomics — it was concentration risk in wrapped assets. For a lending protocol, that's existential. A DEX weak in governance can survive. A lender weak in stakeholder architecture can't. The rsETH depeg proved it. tokedex.org/blog/critical-vu…
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Kelp DAO was a Liquidity Crisis. Aave's aftermath risked Governance Capture as whales debated who bears $230M in losses. RaveDAO was a textbook Death Spiral. I've named 7 failure modes. Every protocol faces at least one. The question is which one — and whether the architecture survives it. tokedex.org/blog/failure-mod…
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Aave took $123-230M in losses from the Kelp exploit. It survived. Most protocols wouldn't have. The difference: Aave generates $150M in annual revenue. Cross supply mechanics with revenue and two regimes emerge — COMPOUNDING (deflationary revenue) or DILUTIVE (inflationary no revenue). Most tokens are dilutive. tokedex.org/blog/sustainabil…
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Why @CityofAtlanta do we pay such high property taxes when we also need to boil our water…
And don’t even get me started on corruption 👀
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