Co-Founder, Managing Partner @FrictionlessVC, @monkeDAO Opinions are my own, not investment advice
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Joined August 2021
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I’m excited to announce that our fund, Frictionless Fund I has raised $20M to invest in high performance blockchains and category defining applications.
We are honored to be backed by some of the industry’s best investors including @pmarca, @cdixon, @FTI_US, leading founders and funds of funds.
We have already made several high conviction bets starting with @Backpack
and are excited to share more about our views and approach to investing in the coming months.
frictionless.fund/announcing…
solana goes into alpenglow tomorrow and i dont think the price has caught up to what the chain is doing
finality drops from 12.8 seconds to about 150 milliseconds around 9am central. biggest change to the core protocol solana has ever shipped, and sol is sitting at $106, down a bit on the week
meanwhile the apps are printing. solana apps did $445m in fees the last 30 days and today is already over $13m with hours left, the best day in over a week. dex volume was $67.8b for the month
@Pumpfun alone did $68m in revenue the last 30 days, and yesterday was $2.18m, its best day of the past week
@Collector_Crypt just had its biggest day ever. $24.3m in gross revenue in 24 hours and over 123k packs opened, the day after pump plugged them in
tokenized tesla went live on solana today too, right next to the trading cards, the memes and the fixed rate lending. tomorrow morning all of it starts settling about 85x faster
The funniest era of crypto is when people thought Ethereum would be the world computer on 11 TPS.
The second funniest was when people thought Solana was only for NFTs and Memes and now you can buy $100k clips of $SPCX after hours with 14 bps spreads
Finance 2.0 infrastructure.
Are you telling me Alpenglow is the biggest update Solana has ever shipped and it’s going live tomorrow?
Yes.
And I’m also telling you it’s one of the most important releases in the history of crypto. It supercharges the network that has had the most app revenue for 20 months.
Solana Legend 🎒💧 retweeted
solana goes into alpenglow tomorrow and i dont think the price has caught up to what the chain is doing
finality drops from 12.8 seconds to about 150 milliseconds around 9am central. biggest change to the core protocol solana has ever shipped, and sol is sitting at $106, down a bit on the week
meanwhile the apps are printing. solana apps did $445m in fees the last 30 days and today is already over $13m with hours left, the best day in over a week. dex volume was $67.8b for the month
@Pumpfun alone did $68m in revenue the last 30 days, and yesterday was $2.18m, its best day of the past week
@Collector_Crypt just had its biggest day ever. $24.3m in gross revenue in 24 hours and over 123k packs opened, the day after pump plugged them in
tokenized tesla went live on solana today too, right next to the trading cards, the memes and the fixed rate lending. tomorrow morning all of it starts settling about 85x faster
Solana onchain has gone from silver lobby to champion MMR
This is not a lobby for 2022 ELO players anymore
And who benefits the most from this you ask?
Retail. Thanks for coming to my Ted Talk
It’s actually insane to think about how forward thinking and impactful Project Serum was for Solana DeFi
More sophisticated actors are now coming onchain. People haven’t seen strategies like these before and naturally are quick to call them “wide sandwich attacks” but the truth is the big boys are now onchain and the bar of competition has been raised…
Solana Legend 🎒💧 retweeted
📊Report: @Backpack has overtaken @xStocksFi as the leading tokenized equity issuer by trading volume on @Solana, reclaiming dominance for the first time in 7 weeks.
This is the correct to evaluate tokenized equities. Volume per unit of liquidity. Would be interesting to see the breakdown on Coinbase volume and if a bunch of it is concentrated in a single name that has been incentivized.
Turnover is one way to test product market fit for tokenized equity issuers.
@Backpack x @sunrise equity tokens generated $1.61B in DEX volume against $28.1M of average circulating value. That’s 57× turnover in 30 days, versus 0.39× for Ondo.
Different distribution models, so this isn’t a complete like for like. But it captures something supply alone misses as getting it actively traded is the real test.
3 years of tweets about @Backpack and people are just starting to see the light
Wait until you see the next act…
We are in the very early innings of the tokenization super cycle and people are not ready for the next chapter
Following this @Backpack article which did nearly 200k views, the next piece will explain why the value is going to accrue not to the nouns (assets) but to the verbs (Wall Street functions) onchain.
Building off of years in capital markets and onchain.
Backpack, the Engine for Internet Capital Markets and Tokenization.
frictionless.capital/article…
A thesis piece on how the United States is in the process of exporting its capital markets in the same way the dollar was tokenized with stablecoins and distributed over the Internet.
When it comes to tokenization, people talk too much about asset listings and not enough around the market structure being imported and reimagined onchain
The way to bring Wall Street onchain is not to force it, it's by offering tighter spreads and a new marginal buyer for paper
It's not an exaggeration to say that Finance is already moving onchain and buyside funds are finding alpha by trading shares during after hours, and putting on trades that are not possible on traditional rails
Assets are going from low velocity & utility to high velocity onchain
The market is choosing @Backpack's tokenized equities design because of redemptions and propAMM liquidity quoting. The gold standard has been set.
Even if other issuers add 1:1 in-kind redemptions they won't own the entire stack the way @Backpack does, from TradFi to DeFi
.@Backpack led tokenized stock holder growth over the past 24 hours, adding 16.3K holders.
Via @tokenterminal
