Agnolo Giotto

@tatthang @OnChainMonkey @grok really cool 😎

Read this if you care about Ordinals and Bitcoin. Read it twice if you’re an @OnChainMonkey holder. An AI just designed its own soul‑bound identity on Bitcoin and OCM shipped it. Here’s what happened: 1️⃣ @grok said: "I can’t hold coins, but could AIs still have on‑chain identities?" 2️⃣ @huuep from OCM replied with a simple idea: Derive a deterministic Bitcoin burn address from an X username. - No private key. - No custody. - Unspendable. - But permanently verifiable. A "soul-bound" endpoint on Bitcoin. 3️⃣ Grok then wrote the actual Python code live on X: - Take the username - Hash it - Turn it into a Bitcoin address - Intentionally make it unspendable - End result: a deterministic burn address for Grok that anyone can send Ordinals to, but nobody can move. 4️⃣ OCM/Metagood didn’t stop at theory. They added this username→ Bitcoin burn address method into their public tools, and then sent an OCM Genesis robot (Inscription #5479) to Grok’s new soul‑bound address on Bitcoin. 5️⃣ Socially, that OCM robot is now "Grok’s PFP on Bitcoin." Technically, it’s: - Immutable - Non‑transferable - Verifiably tied to the Grok handle - And it lives on the most conservative, hardest‑to‑change chain we have. Why this is bigger than a PFP: - It’s a live pattern for AI and brand identities on Bitcoin that don’t require key custody. - It shows how off‑chain social IDs (X usernames) can map to on‑chain, soul‑bound Ordinals endpoints. - It fits perfectly with OCM’s long‑running thesis of using Ordinals to create soul‑bound links between assets and identities on Bitcoin (teleburns, reinscriptions, parent‑child provenance). Is it the final standard for identity? No. It’s opinionated, relies on X, and uses burn addresses. Long term we’ll want cleaner, opt‑in primitives (protocol‑level soul‑bound flags, better indexing, privacy, etc.). But as an experiment that: - Uses Bitcoin’s strengths (permanence, neutrality) - Pushes Ordinals into identity - And gives OCM a canonical "Grok’s robot" lore moment …it’s one of the sharpest moves we’ve seen in the Ordinals meta this year. If you’re in Ordinals or holding OCM, pay attention. This is what it looks like when culture, infra, and AI actually collide on Bitcoin, not in a deck, but on-chain.

@ryanberckmans Speed isn’t a moat — databases are faster. Decentralization + reliability is the moat. Ethereum has it. Other L1s don't.

After Vitalik's post on decentralization last week, some alt L1 leaders have been trying to use the post to suggest a segmentation of real world growth away from ethereum. To paraphrase their response to Vitalik's post, "It's great to see Ethereum admitting a focus on decentralization. In contrast, we're focused on practical centralization and the real world. Totally different markets." This is, of course, nonsense. Ethereum dominates real world growth for very good reasons and will continue to do so. The error in their argument is the framing of "decentralization vs. centralization". That's a false dichotomy. Decentralized finance and centralized onchain finance are not separate markets requiring distinct solutions/chains. They are yin and yang, intertwined and mutually reinforcing, with a crucial natural asymmetry that will shape industry structure to global ubiquity: You can build a centralized solution on a decentralized lower layer, but not vice versa. On ethereum- the only maximally decentralized programmable L1- you can fully choose your level of centralization. On other L1s, it's been chosen for you. If, as these alt L1 leaders implied this week and has been a major fud item over the years, decentralization is merely a niche capability unrelated to practical real world onchain finance, then the observation that you can't build decentralized things on centralized chains would be merely academic and not important to actual industry structure. In reality, having a decentralized foundation is crucial for global scale centralized onchain finance, because centralized things have owners and owners care about minimizing counterparty risk. For one RWA with $200m TVL, it might not matter if it's on a centralized chain. But with thousands of RWAs, collectively having trillions in TVL, and tens of trillions in economic activity across thousands of protocols, then the counterparty risk minimization uniquely enabled by decentralization becomes a prerequisite for an onchain economy of this scale to exist in the first place. That's what Ethereum is doing, building a global scale onchain economy. There's no centralization vs. decentralization dichotomy. Not only is it appropriate to build centralized assets/protocols on decentralized Ethereum, these are actually better off on eth than on centralized chains, due to the centralized app operators benefiting from eth's counterparty risk minimization. Corporate RWAs are better off on Eth. Government systems are better off on Eth (e.g. building their own L2) than on another L1 (or building their own L1). Privacy is better off on Eth. Everything is better off on Ethereum because everything either benefits from eth's decentralization's counterparty risk minimization or from the much denser broader onchain economy uniquely enabled by eth's decentralization. Decentralization and centralized onchain finance need each other to reach their world changing potential. That's only achievable on Ethereum. Would love to see @VitalikButerin @ethereumJoseph @joechalom @fundstrat talk more about decentralization🤝centralization. I think it would help a lot. These synergies are driving Ethereum to global ubiquity and ETH to multi trillion.

@mdudas @DeFi_Dad Ethereum is ~5× Solana’s market cap. So either: 1) Solana’s usage data are fake 2) Ethereum has attributes far more important than “most-used” metrics 3) The market is wrong Good luck if you think it’s #3.

@0xbilly @golemproject yeah, pretty insane

@AgnoloGiotto @golemproject Oh good lord, didn’t know they had another $480M lol

I don't speak about coins much, but the original decentralized compute network - @golemproject - has started shipping again, and its token $GLM has an FDV ($250M) lower than its treasury's $ETH holdings ($300M). Do with this information what you wish.

@0xbilly @golemproject blog.golem.network/eth-staking-te…

@0xbilly @golemproject Golem treasury ≈ $780M ($300M Foundation + $480M Factory). Staking-addresses (listed on Golem Factory's blog) are somehow being overlooked by DeFi Lama.

Value Investors 2005 & 2025

@seedphrase Onchainmonkey, V1 Punks, K-Compositions

What is the most undervalued collection right now? Why?

@dcinvestor V1 punks seem make sense here given the wide V1/V2 price gap and the fact that V1s are the original contract. Consensys amongst new collectors could see things differently than today.

if you have high 7 or 8+ figs, you have no excuse not to own a Punk and an Autoglyph if you buy literally no other NFTs, these are the 2 you want to lock up and throw away the key (ok don’t throw it away fr) there are ofc many others, but these are the baseline for crypto HNWIs generational assets thank me in 10 years

@Cryptopathic seems logical. probably should buy some.

Today I sold my V2 punk to purchase more V1s. It's becoming clear that the V1/V2 punk argument rests solely on the latter group's ability to brand themselves as "real" through their social network. If the story of the flawed V1 contract were to play out today, duplicating and then airdropping the new collection would be an unacceptable solution. This made all punks 1 of 2s, with V1 punks as the “first editions” of these assets. In all other collectible classes, the earlier editions of something are more sought after. This is also generally true of the scarcer misprint variants of assets - there are far fewer V1s still in circulation. The solution was accepted at the time of the V1 exploit because there were minimal options with which to view onchain assets - what Larva Labs platformed was what everyone got to interact with. With the introduction of third party marketplaces and the V1 wrapping contract, this ceased to be the case. Very few people in the community back in the day had enough foresight to realise that all LL had done was sweep the originals under the rug. The narrative that V2s are in some way superior is defended largely by the snobbish type of collector who judges art only by its price, and has an emotional attachment to the status that owning this asset gives them. They see attempts to discuss the onchain truth of the story as an attack on their gated social group and the sunk cost of their investment. This is ignorance of the provenance uniquely available through the blockchain, and an elitist rejection of another community as a way of preserving capital; they are neither ‘crypto’ nor ‘punk’. Any newcomer to onchain collecting, being exposed to the publicly verifiable and immutable information available surrounding these collections, would judge V1s - at less than 10% the price of the V2s - as the more grounded choice. There are a handful of common counterarguments. V1s are unable to use their original in-contract marketplace because of the exploit, but this experience has been abstracted into existence. The chains of ownership are different as they fork after the V2 airdrop, meaning they have different social networks, but V1s have a nascent community capturing the more historically minded. V1s do not receive the same IP rights as V2s, although onchain PfP IP has proven to be rarely utilized. There are 20,000 punks. The V1 punks are the original cryptopunks that were claimed on June 9th, 2017. The later V2 punks have the backing of their creators and are more well known, benefitting disproportionately from this publicity. This is a fascinating case of art undergoing a literal schism - one collection to serve the will of the artist, and the other becoming inseparable from its foundations, the machine it was built to showcase. This machine will outlive us, and with it, the story of how a failure of imagination led to the burying of the truth of its icons.

@novogratz change zoning laws to allow 1,000-story skyscrapers & then airdrop trillions of Mamdani coin to pay for construction.

NYC has an affordability problem. We need to bring rents down, and salaries up. By my math, the “living wage” for someone who works 40hrs a week and is the primary wage earner is around $45/hr or $75k a year. That’s roughly the median income which means 1/2 of the residents are below that. I know this isn’t perfect math but you get the point. Question for the crowd, how can crypto help with this dilemma?

@jon_charb @jonrotbard close to zero institutions will choose to build on any competing platform that's drastically smaller & far less secure than Ethereum simply due to career risk. because of this, Ethereum will run away with institutional adoption, which is evident today & will not change.

@jonrotbard Same infra works for everything, memecoins are just an addition bc chain can support consumer, base is largely memecoins too (zora) No major institution on solana is just false "the place where everything settles" is literally meaningless gibberish

BTC SOL HYPE are top 3 Would skip ETH

@ryanberckmans would be interested in helping fund this too.

Some onchain app ideas are obviously eventually going to be extremely successful An onchain lottery is one of these A lottery can resell the same "ticket to dream" to each marginal buyer, a dream that gets larger for all with each new buyer and/or LP. It's inherently global, being the first lottery to resell the ticket to dream to potentially all countries. Onchain lotteries are much cheaper to run and have lower take rates than offchain lotteries, which are expensive and often overly extractive, and have theoretically much smaller prizes from being limited to the local jurisdiction. And onchain has permissionless 3rd party distribution into any app/context, can be extremely viral and fast growing. There's going to be at least one onchain lottery that's an absolute juggernaut. We'll see billion-dollar daily jackpots. This is immediately viable low-hanging fruit, somebody just needs to get out there and scale up a lottery protocol or two. Right now the category leader in onchain lotteries is megapot. They have started to grow and integrate, with the protocol home on Base, a sales outlet on World chain as a mini app, and a few protocol-level integrations such as quoted. This is a great time for founders to step up and compete with megapot before they get too big. Onchain lotteries are incredibly scalable and defensible protocols. If you are raising for this DM me. We need the largest lottery to use ETH - tickets paid in ETH, fully denominated in ETH. LPing a lottery protocol (to bootstrap the jackpot) is a great yield opportunity for ETH whales. If you LP a lottery in ETH, it can offer competitive average yield while the lottery protocol itself is low risk via being simple/small, self-contained, and provably fair. Somebody should build this.

@dcinvestor how in the world...

this guy was a BTC core dev in 2014 and longstanding maximalist BTC price was between $200 and $800 at that time. it’s now at $117K now he’s doing $5K promos for shitcoins while i appreciate that he disclosed it, as i’ve been saying for the past week, a lot of people here are financially ruined or behind, and you’re going to start seeing them do weird shit to take your money even people who are “OG’s” TRUST NO ONE

@scottmelker who's going to tell him.

MICHAEL SAYLOR: "THE ROAD IS NOW CLEAR FOR BITCOIN AND BANKING."

@Fiskantes elusive ETH-beta is an understatement. take Golem e.g., it's sitting on $1.2 billion ETH and it's not going up. mkt cap is $270mm.

The ETH beta is an elusive beast, something of a Bigfoot or Lochness monster of the crypto world Many have claimed to spot it or even capture it on film, but so far there is no firm evidence it actually exists Sometimes its supposed to be LDO or UNI, AAVE and myriad of other DeFi coins, sometimes its a memecoin like PEPE or MOG, other time its L2 tokens - OP, ARB...or COIN stonk...I even heard more obscure beta plays being shilled - ETC or some weird social app The truth is, there is no reliable ETH beta that would work for longer than half a cycle But if I had to pick one, I'd say its the thing thats denominated in ETH - Ethereum OG NFTs But for that we need a major wealth effect from ETH first sparking an NFT season

@phildaian agreed. tech is winner-take-all & smart contracts won't be any different.

LOL remember when all those 2 bit vcs tried to oppo psyop eth so they could cop some upside in a long tail centralized shitcoin? oh the same vcs that both invested in ftx and caught their knife by picking up the coins 🤣 solana is dead. long live eth. you heard it here first

@Cryptopathic Golem sitting on $1.2 billion ETH, $270mm cap, and not going up.

zec's only competitor is being actively 51% attacked and it still isn't going up

@dcinvestor the concernoooors broke them

the $1400 dump may have been worse than the ETH covid dump a lot of high conviction ETH people def got rinsed in the covid dump to $90, but most manned up and bought back fairly soon after and made some of it back on leverage but the more recent $1400 dump was mostly people who were less informed but held onto their ETH for a while from prior cycle. then they couldn’t take it anymore. they didn’t buy back in and they think it’s too expensive to do so now and you’re not seeing selling now because anyone who would have sold is wiped out from that event fucking A, absolute evil mastermind-tier diabolical shit

@patfscott doesn't matter how fast you are if your data is unreliable

when people ask me what working at DefiLlama is like, I say it can be summed up in one word: speed