Tokenization shouldn't require brokers, transfer agents, or custodians. Today MetaLeX is releasing Mainframe, a new app for directly tokenizing any security on MetaLeX's one-of-a-kind autonomous protocol. It's free & unruggable. We are happy to consult/partner on use cases.

there should be a clear separation between real DeFi and onchainFi, with risk warnings more watchdog effort to stand on the side of depositors

I think it is incorrect to frame Canton stuff as “tokenization” or “crypto”. It is so far from how what we build on EVM works that it probably cannot work with our trust assumptions even in theory. It is more serving a modern replacement of some of the old cobol/db2 infrastructure completely rethought in a different way. But it is not a reinvention of money or finance in any way.

It’s not about the mechanism, but how can we rebuild a robust DeFi with - no admin key - not relying on real time oracle (a bot that keep giving u price every millisecond) - not relying on the overcollateralized loan.

First we needed censorship-resistant money and markets. Now, in light of the Anthropic Fable news, we’re going to need censorship-resistant intelligence. Crypto is the infrastructure to ensure we can openly access both.

I have never heard of a non-profit foundation for an open source protocol running a 'trader VIP program'...until today....

Unlike many investors in crypto, I did not pivot to AI in the last few years. However, since 2020, I built some of the deepest understanding in this industry on the intersection of AI and decentralized networks (crypto, web3). From the start, it was very clear that AI models are a centralizing force and the biggest target for government control. That point became market fact last night, with @AnthropicAI’s export control compliance. As an investor in decentralized AI, I know that d-networks are a counterbalance to this state of affairs. In particular, the starting point of sovereign, open, public, decentralized AI is the seemingly insurmountable compute problem. How are people supposed to source more industrial compute for frontier training than these huge trillion dollar companies? The answer is simple: there is enough commodity GPU compute in the world to compete on the frontier, but to make use of it we need new algorithms for training. That’s what a few companies like @gensynai @PrimeIntellect @bageldotcom @Pluralis @NousResearch @MacrocosmosAI @covenant_ai set out to research, while everyone on the planet told them it was impossible. The result is that it is not only possible, but it can be cheaper and nearly as efficient as the alternative process. The second major problem is economic sustainability. Open source models are great, however, they are not economically viable as they don’t have a business model. So far in decentralized AI, only @Pluralis has an answer — by breaking up the weights of the model among participants, we create a business model for tokenized AI models. This is the moment of truth — will AI become fully centralized and fall under censorship and unilateral government control? Or will the AI world realize the importance of public AI on open decentralized networks?

There is a new emergent caste system in academia. The high priests, thinking what they do is special and rare, look down on AI use as "slop." Unfortunately for them, Fable / GPT 5.5 Pro can do in 10-15 min what they spent years learning and feeling special about. So like true high priests they will develop more guardrails and initiation ceremonies to determine who enters the temple. This would be a mistake. The correct approach is to embrace AI use and do more creative science that was not possible before.

Personally, I think Kalshi’s products are net negative for on chain liquidity. Every product they launch pulls trading liquidity off chain rather than onchain. As a result, new users entering through Kalshi are more likely to remain within a closed, off chain environment instead of flowing into platforms like Hyperliquid or Polymarket or other chains. The second order effect is that less liquidity and user activity become composable with the rest of crypto. When state lives onchain, other apps can build on top of it, integrate it, and create new products. When state is offchain, those network effects are harder to capture. Over time, I suspect many successful onchain products could be replicated offchain via Kalshi or others. I’m sure there is enough liquidity onchain for the ecosystem to absorb some of this, but the question is where the marginal user and marginal dollar end up. If new demand is captured inside Kalshi first, then the capital, positions, and settlement state tied to that demand are less likely to become composable with the rest of crypto. Maybe that is fine. Kalshi could grow the overall pie and create more awareness for prediction markets and perps broadly. But the risk I’m watching is that crypto’s strongest consumer finance products get validated in the mainstream while the most valuable network effects accrue offchain

The third project with a live ACE round on Metalex: @BloxApi The Roblox economy is absolutely exploding, 144M daily active users & $6.8B in bookings. Creators are printing. Quick stats on BloxAPI: > 4th winner of pumpfuns's $3M Build in Public Hackathon, received a $250K grant > Provides AI-powered dev tools for Roblox creators > Created TrustConnect: kid-safety plugin fighting toxic lobbies > Live data plugins on-chain integration solana:B1rGc4HM4Q6q4nU78ADM7fGguxqiasH53fh6ViDXpump is bridging Roblox’s massive player base with real-time crypto momentum.

Erik Voorhees: “ETH is still the king, and I don’t see it being dethroned" The founder of ShapeShift and Venice AI is asked if Ethereum was a “sustainable ecosystem.” He replies: “I think [Ethereum] is more than sustainable. I think it is the clear winner of the smart contract innovation. It actually wasn’t the first mover in smart contracts, but it was the first one to achieve any sort of scale with smart contracts. What’s most important about Ethereum isn’t so much the first-mover advantage as much as it is the network effect it has had since it was released.” Erik continues: “I think both Bitcoin and Ethereum have achieved a network effect that is close to unassailable. People have gotten distracted with some of these other L1s, but if you look at metrics like where the developers are and where stablecoin volumes are, these are hard to fake metrics that are very important. They’ve always been predominantly on Ethereum. It’s not even close. I’m glad that other people tried to build L1s. The process of innovation and competition is really important. But ETH is still the king, and I don’t see it being dethroned. It has had various scaling challenges — the patchwork of L2s and the UX problems between them sucks. But I have a suspicion that Base is going to end up becoming the predominant L2 on top of the predominant L1 of ETH and that vertical is going to be very powerful and very strong. So yes, I’m always bullish on ETH in the same way I’m always bullish on Bitcoin.” However, Erik warns that if Base loses its permissionlessness it “will flounder and deserves to die”: “Base has designed things very well. It has gotten a lot of adoption and very quickly became the major L2 even though it was not the first mover. I think it’s gaining a network effect pretty quickly. It obviously has a very powerful corporate ally in Coinbase, and to the degree that Coinbase does not abuse that privilege, that’s a very good privilege. Abuse here means: if Coinbase tries to exert control over base such that it loses its permissionlessness, then it will flounder and deserves to die. But Coinbase has been a very good actor in this regard, and they deserve a lot of credit for demonstrating the principles of decentralization and permissionless innovation in several parts of what they do. Obviously the centralized exchange is not that, but it’s not trying to be either.” Source: @CoinDesk (Dec 2025)

Imagine PreStocks actually blocked me over this post. The post contains nothing but facts - no opinions, no subjective judgments. I still hope they deliver after the 180-day lockup, because reacting this way to something you don't like is just childish.

Because this is happening to Anthropic, the temptation for many will be to say: Play stupid games, win stupid prizes. They have relentlessly raised the regulatory temperature in Washington by inviting far-reaching controls of frontier models. They made this bed and now they have to lay in it. But this decision by the Trump administration should not be judged on a desire for payback politics, but on the merits, and specifically what it means for America's broader AI objectives. In that regard, this action is truly outrageous. How exactly is the government planning on even going about verifying everyone who uses this specific model to ensure compliance? That alone raises huge flags. Between the latest Executive Order shifting more control to NSA, and the recent chatter about quasi-nationalization / equity stakes, and now this action, we are talking about a significant escalation in the politicization of AI and centralization of control over advanced computation in this country. And this is all being done by an administration that had previously made acceleration and winning the great AI race a priority. We're moving backwards now.

I tried to warn you guys about prestocks.

the last thing you see before joining the permanent underclass

He fear mongered the United States government to steal Claude from him EA’s are their own worst enemy, aren’t they?

oddly prescient

guess it was really June 12th

these guys actually remind me of a lot of crypto bros the way they just confabulate what they think the law is/should be

the 2nd amendment gives Americans the right to weapons grade AI THIS IS TYRANNY