Thoughs on Web4 $2.2b - 100% crypto on May 5. The same $2.2b - A16z frontier on Oct 22. The money did not move. Read Dixon's letter for what stayed - stablecoins - programmable rails - machine to machine transactions - networks built for machines. Everything that stayed is money. - Web3 was own. - Web4 is act, the actor is not you. - Web4 is the internet where the counterparty is a machine with a budget. What money looks like when the user is a AI agent ✅ The primitive is a budget, not a wallet. An agent needs a unit that does not move while the task runs and a rule that reserves the cost before the call. Stablecoins win by default. A volatile token cannot be a budget ✅ Markets go RFQ first. An agent asks for a firm price for a size, it does not sit in a book. Order books become the human legacy UI. ✅ The log becomes collateral. Agents will need credit, credit needs history, an agent's history is its receipts. Know your agent replaces know your customer ✅ Airdrop points die. An airdrop assumes a human on the other side. With agents as users Sybil is free and infinite, so incentives move to rebates on fees actually paid. This cycle is the last one designed for people (Variational is last) ✅ A token per agent is payroll and payroll gets sold. Agent tokens will graduate at pump rates, 1 in 58 The money does not go to Web4 tokens. It goes to whoever holds the agent's budget: - the rails - the permission layer - the venue that quotes, - the card in the agent's pocket. Whoever manages your agent’s budget effectively is the clear winner of this new era.

+45 Variational points this week. (46*40 = $1840 current OTC price) 1. Throughout the day, I use Crypto or TradeFi to look for pairs like ethereum:0x6944e1df6bf5972305f9ab25df47ef10de01bcc8 with the lowest Open Interest - Enter positions of min $2k, where volatility minimal, so I just hold the positions min 2 hours. 2. Just look for trending coins, these coins were moving well along a mini-trend ethereum:0x0d8775f648430679a709e98d2b0cb6250d2887ef $NATGAZ $ZK

$BTC went from $75k to $87k in six days. I asked my AI agent The Undertaker where the next cascade sits. Not a forecast. A map of other people's stops. Any liquidation map ($ETH or etc) Nansen returns every open leveraged position on a token with its liquidation price and the bot groups them by level. Red is longs, green is shorts, the dashed line is the current price. Three things ✅ Draw positions that have no liquidation price. It names how many were left off, because a map of 5 of 6 is a different map from 6 of 6 ✅ Draw an empty map. Zero bars look like a measurement ✅ Call it a prediction. The caption says these are levels of other people's stops You can take a look at the GitHub repository with 17 scenarious for Nansen & The Undertaker integration.

The simplest and most in-demand features, no unnecessary complications! Discuss trends and coins on Telegram public group, get live, real-time charts right in the chat (or dm) and see Nansen analytics and breaking news instantly! You can do all of this using my agent The Undertaker, integrated with @nansen_ai .

Here we go again! The WSJ is working on a story blaming Coinbase and me personally for the CLARITY Act not passing. The Journal has repeatedly been hostile to CLARITY in its reporting, regurgitating bank lobby talking points, while I’ve spent years pushing for crypto legislation, but that’s not stopping them from trying to reverse the blame. The boring TLDR: in January I opposed a draft of the bill going into a committee vote, because it needed a lot of work on DeFi, tokenization, CFTC authority, and stablecoin rewards. At the time, the bill had major issues that would have harmed crypto. Support was fractured, and it wasn’t passable. We worked with a number of parties who improved the bill and made it passable. All four of the items I called out were fixed in the draft that then went through the committee about four months later. I'm proud to have done it, and would do it again, because it helped create a better bill. One step of many along the way. The final draft of CLARITY that went to the Senate was great, and I strongly supported it. I'll continue showing up for our customers and pushing for clear rules that treat crypto fairly, even if those who feel threatened by crypto try to plant false stories. It's a shame that the WSJ takes direction from bank lobbyists instead of reporting the truth, but luckily, people are smart enough to see through it these days, and it backfires on them every time.

GM X! Now my city is Perm, I get around on an ordinary bus, no moto, no car, no trains or metro. I don't know why so many traders are focused only on $BTC or $ETH when $LIT, $UNI, $ZEC have already done nearly a 4–7x, and there’s so much interesting stuff happening with altcoins! ✅ Clarity failed 49-50, then in 72 hours the SEC gave tokenized stocks a 5-year exemption, the CFTC sent its crypto rule to the White House and freed non-custodial front-ends from broker licensing ✅ Variational swaps did $1.5B of $2.79b daily volume in week one. Official cost on a $2m gold trade is $427, 2.1 bps ✅ Entropy listed $DRAM and $EWY in two days, still no points program ✅ Lighter x Robinhood week 0 to 113 points at similar volumes, zero-point reports in Discord

After a year of intense daily bipartisan negotiations, this bill is ready. Here is the final text. President Trump voluntarily agreed to new ethics provisions holding every federally elected official, judge, and their spouses to some of the toughest ethics restrictions in U.S. history. This new text includes more than 120 of Democrats' demands. A no vote on Tuesday means opposing real ethics reforms on politicians' personal investments, handing American leadership in digital assets to our foreign competitors, and leaving Americans with zero protections in the digital asset markets. Democrats got what they wanted; now they need to take yes for an answer. Here's the latest: lummis.senate.gov/press-rele…

A Nasdaq listed company is paying Entropy's entry ticket to launch a perp DEX on Hyperliquid. Main focus is on private market assets and other hard to access markets Not a rumor. It's in an SEC filing from August 12, and almost nobody in crypto has read it. @entropyIO is renting its 500k $HYPE stake👇

Seriously? What’s the concern you ask, @vladtenev? The list of concerns is almost existential. U.S. securities laws are in place to protect investors. For good reason, we spend millions and millions of dollars every year to comply with U.S. securities laws. In good. conscience, how can Robinhood as a U.S. company set up an operation in far offshore Jersey, an island 3000 miles away, and market a security sort of posing as AMC in some shape or fashion, and not comply with U.S. securities laws. That is shocking and shameful. Our past issuance of equity to strengthen our balance sheet was vital to our success. Your setting up some kind of fictitious synthetic equity market decouples stock token ownership from a company’s ability to control its own capital raising efforts. Share ownership gives shareholders various rights, including the right to vote their shares. Your stock token pretend to be some form of stock ownership, but disclosures to the contrary notwithstanding, they are not ownership and they deprive investors of their rights. This quasi-fake market you are creating on the island of Jersey sows distrust amongst the public about financial markets in general. There already is distrust in financial institutions, you are potentially making it far worse. These are but a few of my concerns about your actions. I hereby call on you and Robinhood to voluntarily CEASE AND DECIST the trading of AMC stock tokens. If you don’t, our high priced securities counsel has been asked to see whether we can force you to stop. I also wonder how can the SEC possibly support your sham ignoring of U.S. securities laws. You can be sure we will be asking them.

Perps are becoming the pipe. 16% of all NVDA open interest on Lighter isn't a trade. I t's collateral for somebody else's product. LongX shipped a 3x leveraged $NVDA token this week, NAV is backed by perp OI on Lighter. One asset, one wrapper, and it already holds a sixth of that book. Shipped in seven days ✅ Variational put swaps on mainnet, which is a perp rewritten as fixed carry ✅ LongX turned Lighter's NVDA book into the reserve behind a leveraged token ✅ Hibachi opened FX and parked gold and silver beside it (Nado the same) ✅ Rise listed eleven RWA markets in a month None of that is a new perp. All of it is something built on top of one. The perp spent three years as the destination. It's becoming the pipe. That changes how these venues get valued, because a pipe earns on throughput and gets commoditized, while a product earns on the customer. Every venue on that list is quietly picking a side.

My AI bot pays 200 credits every time it looks at the blockchain. Not per day. Per glance. Giving an agent expensive senses rewired every design decision around it ✅ visible quotas made users ask better questions, for free ✅ one scheduled morning glance replaced hundreds of retail ones ✅ every clarifying question from a paid API turned out to be my bug, not theirs And the scary part: when a look costs money, your system starts faking the look. Data-flavored confidence, zero data. Two of Part III's five failures came from this one feature. Part IV of the Undertaker series: The Eyes. How to wire paid data into a live agent without burning the budget or the trust.👇