Rich Pugh
228 posts

Rich Pugh
@Rpugh40
19 yr Asset Mngt sales vet, Ex @BitwiseInvest. Web2 ⏩ 3.0 leap. NFTs, art, tech, community, & 🏀 Here for the ride...🍌🦍🎟️ #Bitcoin #Eth🦇🔊



The @BlackRock BUIDL x @Uniswap integration matters because it defines the blueprint for how institutional capital will show up onchain. For years the debate was binary ie permissioned chains vs. public chains, enterprise blockchain vs. open protocols etc. The flawed assumption was that institutions would never touch the same infrastructure as anonymous DeFi traders. That assumption died today. What BlackRock actually chose: - Whitelisted, KYC'd access via @Securitize - Public #Ethereum settlement - UniswapX RFQ, the same routing system built for DeFi - Crypto-native market makers (@wintermute_t, @Flowdesk) – Atomic onchain settlement through smart contracts that have processed $4T+ in volume The important design pattern here is: semi-permissioned access on top of permissionless settlement. Yes, institutions need compliance gates. But those gates sit at the application layer, not the infrastructure layer. The smart contracts underneath don't care who you are. The whitelist does. "The infrastructure we're announcing will work equally with retail products." - @carlosdomingo Worth reading that twice to understand: 1) Permissionless is a super-set of permissioned. 2) "Permissioned" itself is a configurable setting. The second-order effect: if this architecture works for BUIDL, it works for everything else - Apollo, Hamilton Lane, KKR etc. The marginal cost of the next institution issuing on DeFi rails just dropped significantly b/c the blueprint now exists. DeFi was built on the fringe. Stress-tested by degens, ignored by institutions, battle-hardened through $4T+ in cumulative volume. As with many network-driven products, it evolves at the fringes of society, until it inevitably penetrates & dominates the center of capital markets.

First they ignore you. Then they laugh at you. Then they fight you. Then they help you buy it.

🚨 JUST IN: JPMorgan CEO Jamie Dimon admits he was WRONG about Bitcoin and crypto "It's real." "It will be used by all of us." 😲





We are proud to announce that, with the closing of the $425 million private placement led by @Consensys, SharpLink will become the largest publicly traded ETH holder globally. Sharplink shares our vision of @Ethereum as a new kind of economic infrastructure and will use the proceeds to adopt ETH as their primary treasury reserve asset. 🧵












