Head of Research @grayscale. Formerly economist and macro strategist @goldmansachs. Opinions are my own. Disclosure: grayscale.com/terms-of-servi…
Joined November 2021
- Tweets 4,737
- Following 834
- Followers 9,486
- Likes 11,946
714 Photos and videos
Pinned Tweet
May 17
$ETH scarcity gud
Blog post on changing Ethereum's staking model: grayscale.com/the-stack/ethe…
May 12
OK let's do this: we're weighing in on the contentious issue of $ETH's supply model
TLDR: We think a change is warranted and would be bullish for $ETH longer-term
The topic is a good litmus test for how people think about valuing crypto assets!
Our take ⬇️⬇️
6
11
113
27,472
Zach Pandl retweeted
The turf war between the SEC and CFTC is over. The race to build is on.
@CraigSalm (@Grayscale), Jeff Steiner (@gibsondunn), @tjsmith414 (@WilmerHale), and @d_gerhardstein (@jump_) broke down what the shift means for firms building now at Solana Summit: Washington x Wall Street.
Moderated by SPI's @pmwnyc.
3
16
647
There will be so many tokens ⬇️
Are Crypto Tokens Just Equity Without Investor Protections?
As tokens increasingly provide economic exposure to projects, an important question remains: what protections do investors actually receive?
At InnovateMiami, @MikeSilagadze (@ether_fi), @akshat_hk (@MaelstromFund), Chase Lax (Susquehanna Crypto), and @LowBeta_ (@Grayscale) debated the intersection of token design, regulation, governance, and investor expectations.
Moderated by Joe Buttram (@fielddigitalco).
Watch the full panel now: youtu.be/evu5kVAs_3Q
2
4
1,271
Zach Pandl retweeted
Grayscale Research believes $AAVE may be undervalued at current levels
Our fair value is $80 to $100, with a base case of ~$175 in a year
Cash-flow driven tokens like @aave can be valued like a financial business
Read the full report here:
research.grayscale.com/repor…
15
8
59
6,622
10h
Grayscale Research team published its first price target: $175 for $AAVE in 1yr
Many crypto assets can be valued with cash flows. Aave is a great place to start due to its size and transparent financials.
My colleague @charlieperk4 details our approach in a new report ⬇️
7
8
55
5,012
Zach Pandl retweeted
11h
We are excited to welcome Steven Vanourny as our new Head of Index, leading product strategy at @Grayscale
13
6
64
12,102
Jun 15
*SPACEX SHARES JUMP 20%, ADDING $412 BILLION IN MARKET VALUE
$SPCX up almost two Ethereums today
2
2
20
7,579
Jun 15
World cup ticket prices went parabolic
Jun 7
World Cup secondary market ticket prices trending higher over last 1m
Cool website: ticketdata.com/performer/wor…
2
7
6,019
Jun 14
Jun 13
The US government, citing national security authorities, has issued an export control directive to suspend all access to Fable 5 and Mythos 5 by any foreign national, whether inside or outside the United States, including foreign national Anthropic employees.
The net effect of this order is that we must abruptly disable Fable 5 and Mythos 5 for all our customers to ensure compliance.
Access to all other Claude models is not affected.
We apologize for this disruption to our customers. We believe this is a misunderstanding and are working to restore access as soon as possible.
Read our full statement: anthropic.com/news/fable-myt…
2
15
2,219
Zach Pandl retweeted
Jun 13
The biggest sporting event, @FIFAWorldCup, is using @avax blockchain technology.
In a recent interview with Grayscale Head of Research @LowBeta, @avax President @John1wu shared that FIFA is utilizing Avalanche for ticketing and fan experiences.
27
74
307
23,308
Zach Pandl retweeted
Jun 13
Access to intelligence should not depend on a handful of companies or governments.
This is why open, decentralized, permissionless AI matters.
This is why Bittensor matters.
Jun 13
The US government, citing national security authorities, has issued an export control directive to suspend all access to Fable 5 and Mythos 5 by any foreign national, whether inside or outside the United States, including foreign national Anthropic employees.
The net effect of this order is that we must abruptly disable Fable 5 and Mythos 5 for all our customers to ensure compliance.
Access to all other Claude models is not affected.
We apologize for this disruption to our customers. We believe this is a misunderstanding and are working to restore access as soon as possible.
Read our full statement: anthropic.com/news/fable-myt…
75
391
1,349
103,662
Zach Pandl retweeted
Jun 12
Shielded Labs worked with Anthropic to audit the Zcash protocol with Mythos using prompts provided by @DefuseSec. No serious vulnerabilities were found.
Jun 12
Thanks, Anthropic, for helping protect Zcash users. At Shielded Labs’s request, they ran a security audit of Zcash with Mythos. It did not find any more serious bugs in the Zcash protocol. Shielded Labs and others are continuing security hardening work. Stay tuned for updates.
18
43
271
25,574
Zach Pandl retweeted
Jun 12
🆕 Grayscale Research: Since its launch in October 2025, @HyperliquidX's HIP-3 has grown to $3.2B in peak open interest and over $200B in cumulative trading volume.
The update opened the door for perpetual futures on equities, commodities, indices, and pre-IPO stocks, all tradeable 24/7 onchain
Read the full article from @LowBeta on the Stack: grayscale.com/the-stack/how-…
20
39
220
15,520
Jun 12
They got a red headline on Bloomberg
*BLOCKWORKS BUYS MESSARI, COMBINING CRYPTO DATA PLATFORMS
Congrats to both teams!
Jun 12
1/ Today we announce our acquisition of Messari.
Our mission is to bring trust and transparency to onchain markets.
This acquisition accelerates that mission.
1
2
41
4,060
Zach Pandl retweeted
May 27
When it IPOs, SpaceX may be the largest public company holding $BTC
There are two types of corporate HODLers: (i) DATs like Strategy and (ii) diversified businesses like SpaceX
We expect to see more of the latter. Details ⬇️
2
2
27
3,335