Zach Pandl

Smart contract platform tokens are the cornerstone of crypto investing beyond Bitcoin Today there are >40 networks competing for users and applications developers in this category We think five networks stand out today: $ETH, $SOL, $SUI, $BNB, and $AVAX

@jon_charb Good survey

Kalshi just raised >$1bn @$22bn HYPE is nearly identical (adjusted MCAP is ~$22.4bn) Which would you rather own here (inclusive of liquidity consideration)

Nice graphic on expected quantum (CRQC) timelines ⬇️

In other words ... The new SEC guidance clarifies that most crypto assets are not securities and may help stimulate new capital formation in the US

For investors in crypto assets, the direct implications are (i) lower regulatory tail risks (ii) potentially more blockchain activity from higher new token issuance

Extending the logic stated in the guidance, other examples would include: $AAVE $BNB $ENA $NEAR $ONDO $SUI $ZEC All of these assets have CFTC-regulated futures Source: coinbase.com/derivatives/ex…

SEC said these assets are digital commodities and not securities: $APT $AVAX $BTC $BCH $ADA $LINK $DOGE $ETH $HBAR $LTC $DOT $SHIB $SOL $XLM $XTZ $XRP ... all of which the SEC notes have CFTC-regulated futures contracts

In the SEC's taxonomy of crypto assets ... Digital securities = securities (obviously) Stablecoins = sometimes securities (if they are not GENIUS Act-compliant and offer security-like elements) All other crypto assets = not securities (*but see below on investment contracts)

Quick take on the SEC's new interpretive guidance on crypto assets from Grayscale's research blog The Stack: grayscale.com/the-stack (with extensive input from @CraigSalm & @JakeKarlsruher) 🧵⬇️

Bitcoin still dominates digital currencies (~90% market share). But if anything’s going to chip away at that over time, writes @lowbeta, Zcash $ZEC is worth watching. Why? → Privacy: $BTC is fully transparent. Zcash lets users shield transactions (sender, receiver, amount). → Momentum: Shielded usage is rising, and new capital is flowing into the ecosystem. $ZEC is only ~$4B today (~0.3% of the category). If it even reached 5% share, it's value would be 18x greater Read @LowBeta's latest article on The Stack and subscribe here: grayscale.com/the-stack/zcas…

@John1wu Capital follows clarity.

Finally. Capital follows clarity. The SEC and CFTC remove the final barriers, sparking a new era for institutional involvement in the digital asset space.

@mars_bugatti For now better to think of it as currency use case only

@LowBeta Can Zcash ever run smart contracts the speed of Solana? I'm imagining a drift perp Dex built on ZEC? Is this possible In the future do you know or would it require an L2?

Zcash ($ZEC) is just 0.3% of total market cap of the Currencies Crypto Sector ... ... but its privacy features are in demand and new capital is entering the Zcash ecosystem Check out the full post on Grayscale's research blog The Stack: grayscale.com/the-stack

@neovectormind Same

Finally. Was losing sleep over that hyphen placement.

@Rozengarden_eth That’s a fun one

@LowBeta on_chain

It's official: "onchain" not "on-chain" Footnote 1 from SEC guidance yesterday

@oxbehindthecode @ErikVoorhees hear you

@ErikVoorhees @LowBeta Now feel like referring to it as On-chain, because screw the state.

@ErikVoorhees True story

@LowBeta Language does not come from the state