FULL CONVERSATION: Tom Schmidt on Proof-of-Verifiable Work & The Pearl Bull Thesis @tomhschmidt @dragonfly @therollupco pearl-2:native

Another $100M in just seven weeks: Midas has passed $700M in TVL! Institutional investors are putting capital to work onchain, with mGLO, mGLOBAL and mWIN leading the way.

After 6 years of building @Kiln_finance alongside @laszlo__szabo and @ernopp and a fantastic team and investors, I have stepped back from my operational function and will keep being involved as a board member. Few people ever wonder how the systems we operate in actually work. Why is your phone charging when you plug it into the wall? How does opening Twitter serve you with a new wall of tweets and memes? Where do transactions go once you’ve validated them with your wallet, where do blocks come from and where do they go? Building Kiln was a journey into understanding one of the hidden systems of civilization: decentralized infrastructure. I remember at Circle my disbelief upon hearing over lunch at Circle that CryptoKitties had brought Ethereum to a stop. Upon the birth of an industry, infrastructure is often the most fascinating layer to build, and blockchains definitely needed more love. Staking was instrumental in overcoming the energy and computational limitation barriers of proof of work to democratise finance further. I’m proud of the work we have done at Kiln to democratize access to staking and DeFi, to secure blockchain protocols and the next generation of financial applications. And perhaps more importantly, Kiln was a journey into growing a company alongside a team and a tightly knit network of investors and supporters I feel truly humbled and privilege to have worked with some of the most talented people I’ve met, and leave steps in the sands of time together with colleagues and friends, from Parisian offices to far-away locations. Kiln is in good hands and I'm excited about everything that is left to build. I also want to express my gratitude to @laszlo__szabo from trusting me to join him in this journey in the first place.

🗽 Railnet is heading to NYC in June. @laszlo__szabo , @Bitondan , and @donaldchua will be on the ground — if you're thinking seriously about the operating layer for onchain asset management, bridging RWAs and DeFi, let's meet. DM us 💬

The next billion-dollar market starts here.