Ponjinge👘

Reporting on our own Ws

1/3 @ethereum is built by thousands of independent contributors. While technical and economic Ethereum related research is in abundance, there seems to be a lack of insight into the developer dynamics. Commit counts. Repository totals. That's about it. We think that's the wrong frame. We argue that long-term ecosystem capacity depends on more than inflows of new contributors. It requires voluntary decentralized participation and allocation of cognitive resources of a broad-scale developer base. Our report examines this via the study of persistence and lifecycle engagement. Full report: korlabs.xyz/research/ether…

Don’t confuse a great protocol with a great investment. With $6.7 billion in TVL, @Morpho has proven it can dominate even in a mercenary market. However, we need to take a deeper look at the revenue switch we mentioned earlier today. They currently generate roughly $121 million in annualized interest, but exactly zero goes to the protocol. It all goes to LPs and curators. The only thing keeping the token’s $2B FDV alive is "narrative optionality", the hope that the fee switch will eventually be flipped. But this "hope" is mathematically dangerous: > The code allows for a 25% fee switch. At current numbers, that’s $30M in revenue. Even with a generous P/S ratio of 25, the "fair" valuation would be around $750M. If they only take 10%, the token would need to drop over 70% to reach a rational price. > Governance is controlled by a tiny group (essentially 4 entities). Gauntlet, one of the main voters, already earns $6M–$12M in fees as a curator. Why would they vote to give a slice of their pie to token holders? > The non-profit behind the protocol has spent hundreds of millions without a single audit. The CEO’s stance is clear: "reinvest everything." Translation: token holders are basically financing the protocol’s future while having zero say and zero yield. > Even the Apollo "buy-in" isn't what it seems. They are buying 90M tokens over 48 months (essentially buying the company through the back door), but it's happening via OTC deals directly from the treasury and the association. This doesn't create buy pressure on the open market. Meanwhile, a 23% increase in circulating supply is coming in the next few months and this buys will only absorb an 18% of this. Morpho is a 10/10 protocol that never needed a token. People are buying into a promise that, if ever formalized, would likely cause the price to collapse.

DAOs are truly dying… - multiple DAOs are centralizing - DAO delegates leaving as incentives to participate also disappearing And now key governance infrastructure projects shutting down There is hope .. unless Snapshot also shuts down.

@proofofjake_ Man of taste

me on a run: 🏃🏼 my headphones:

We are cooked

AI is really good at convincing you that your code is good. Remember, AI is like a really smart fast-working recently graduated post-grad, and is actually still kind of an idiot. And will lose you millions of dollars.

I was searching Block employees in the Epstein files no results sadly

@AFpost He should be more careful, there are kids on there

Jeffrey Epstein was banned from Xbox Live in 2013 due to “harassment, threats, and/or abuse of other players” that was “severe, repeated, and/or excessive.” Follow: @AFpost

They managed to find French that aren’t divorced yet

2025 pushed Ethereum’s Layer 2 ecosystem into its consolidation phase, with liquidity, users, and activity concentrating around a small number of dominant networks. Here are 6 major Layer 2 trends in 2025 🧵👇

@WazzCrypto A vote on Christmas is just bad faith, pun intended

Interesting shenanigans happening on $AAVE governance, causing token price to plummet I'm gonna be on team "Nothing ever happens" and say this is probably a good buy here

I’m sorry but a vote over Christmas is just dumb or bad faith

Very nice insight from @TheBlock__ in the EOY report, as coins suffered defi gained. The lack of strong correlation here points to underlying differences between (predominantly) speculative assets and highly capital-efficient instruments ref: theblock.co/post/383020/20…

Future finalist right here

Crypto IQ singlehandedly saving the market by distracting Igor and Wintermute. You're Welcome.

1/ Continuing our annual tradition, The Block is excited to release the 2026 Digital Asset Outlook report, a comprehensive analysis of the past year’s industry developments and the trends to watch in 2026. A big thank you to @GK8_Security for sponsoring this year’s report!

@0xGabe_ @Securitize Congrats from one Gabe to another!

GM kings, I’m excited to share that I’ve recently joined @Securitize as its DeFi Growth Lead! Tokenization is no longer a theoretical promise — it’s becoming production-grade financial infrastructure. We are already seeing traditional institutional-grade assets move on-chain, not as experiments, but as live regulated products with real capital and real users. I believe tokenization is the future because it fundamentally changes how capital moves: • Assets become programmable. • Ownership becomes more accessible and composable. • Liquidity becomes continuous, not episodic. • Distribution shifts from closed systems to open financial rails. However, tokenization only reaches its full potential when it merges with DeFi — where composability, global liquidity, and full self-custody live. At @Securitize, I’ll be focused on bridging that gap by: • Bringing DeFi-native composability to traditional institutional-grade assets. • Expanding on-chain distribution and liquidity across money markets, exchanges, and public blockchains. • Partnering with DeFi protocols, stablecoin issuers, and infrastructure providers to make tokenized assets capital efficient and productive. • Helping issuers and asset managers access new on-chain demand in a fully-compliant and scalable way. Backed by industry giants like @BlackRock, @MorganStanley, @BNYglobal and many more, Securitize is uniquely positioned here. The company functions as a SEC-regulated broker-dealer, digital asset transfer agent, an industry-leading $38B digital asset fund administrator, and has issued some of the most meaningful tokenized assets with over $3B in distributed asset value live across 10 leading public blockchains today. My goal is to ensure these assets don’t just exist on-chain, but work natively in DeFi without compromising on regulatory compliance. If you’re building in DeFi, exploring RWA distribution, or thinking about how tokenization reshapes capital markets, I’d love to connect. It is time to Tokenize the World.

@LefterisJP Always happens when price goes down for too long

Is it just my impression or is everybody at everybody else's throats lately in crypto?