SydneyJason.eth

Thoughts on the current crypto cycle*, a 🧵: 1/5 It's speeding up Attention/liquidity/rotation is moving way faster than previous cycles. It's because we ("smart retail" + funds + tradfi shops) are spread out more. This is a function of: -Communications dispersion: Farcaster, CT, Discord/Telegram, Tiktok, Youtube, podcasts, etc -Chain dispersion: ETH/EVM orbit (including L2s), Solana, Bitcoin L2s, and apparently other places like XRP/Cardano (?!) The meta shifts quickly, and the ball of hot money is moving fast. It's like a Tasmanian Devil spinning around from one city to another, very quickly. *starting with BTC exchange arbitrage in 2013, this is my fourth cycle. I've spent a lot of time thinking about previous mistakes, and I've made a lot of them.

This is the most extensive and truest paper that's ever been written about my artistic practice. In those times of great doubt and uncertainty, it's an unexpected, exceptional gift. Makes me think that this uncontrolled series of decisions and impulses that make a life, to arrive to this point in time, had a consistency. A reason. It's the proof that everything before mattered, for it mattered enough to one person. For what it's worth, this paper is, to me, a million times better than any institutional validation. It's that honest. It says I've watched your art; I've read your writings; and this is what they tell about you. @Greekdx, thank you, for this profoundly human, caring, selfless piece of research. For that version of me I will always cling to whenever I'm doubting myself. Thank you for explaining my body of works, and making me feel that all the hard work mattered.

@figure31 Ooh that's really snappy and satisfying as well!

@hall_jason i added search features to the tables, give it a try!

New DEL data page with on-chain metrics and ownership insights. → #data" target="_blank" rel="nofollow noopener">del.figure31.com/#data Satisfying (and slightly overwhelming) ASCII tables with transfer history, attribute rankings, and collection metrics.

@figure31 selfishly, i was looking for my .eth address 😂 but i could imagine searching for specific IDs, wallet addresses, or .eth addresses 🙏

@hall_jason not exactly, the whole site is rendered within a canvas, it's like an interactive live drawing! the collection page has search options, what would you like to search for on the data page?

@figure31 well in a brave browser, i can't seem to use the browser search. is there a way to easily render so the browser can detect text?

@hall_jason what do you mean by text-searcheable?

Blossoming Cadaver | @artmetaofficial We’re thrilled to share @bottoproject’s inclusion in ArtMeta’s ‘From Code to Canon’, a comprehensive survey spanning more than 70 years of the history of digital art, to be presented at @artbasel Basel, 2026. Blossoming Cadaver (2021) is Botto’s 4th ever canonical mint, its highest-voted Genesis piece, and perhaps its most recognisable Genesis piece. Created during Botto’s first creative period with VQGAN+CLIP, before the rise of diffusion models such as DALL·E 2 and Stable Diffusion, Blossoming Cadaver captures both a specific moment in artificial intelligence and image-making, as well as the DAO’s earliest curatorial instincts. Rather than selecting something safer or more decorative, voters elevated a fragment that was grotesque, ornate, and visually sticky rather than a safer, more decorative image. ArtMeta’s ‘From Code to Canon’ provides a rare opportunity to collect historically significant digital art within a single, curated art-historical framework. Explore the presentation ahead of the fair via the link below ↓

@hashrunner_ Thanks for having me :)

@hall_jason very kind! welcome fren <3

I am become proof cc @hashrunner_ Love participating in *real* onchain art like this!

PSA: @helium_mobile is an MVNO, a consumer cellular product. subscribers pay in fiat currency and get a phone number, a SIM card, etc the @helium Network is a network of community owned Hotspots that serve cellular traffic for multiple carriers including AT&T, Telefonica, and also Helium Mobile. Hotspot operators get paid in $HNT burned by the carriers for that traffic Helium Mobile got sold. @helium and $HNT is now our only focus. there is no longer any confusion between value accruing to equity holders or token holders. it's all $HNT also, still live on @solana 🙌

DEL #151, @figure31, 2026 "DELs are animated ASCII shells embodied by the network. Every movement, every shift in form, every illumination is fueled by a stream of Ethereum block hashes. Each DEL is a fully on-chain artwork the owner can return to and reconfigure over time: every parameter is tunable, every prior state recoverable on chain."

@figure31 Really fun to watch individual pieces in the collection, as well as the process play out over the last few days. Congrats!

DEL is minted out. All 256 artworks were placed during the private sale. Many thanks to all collectors who reached out. It’s encouraging and humbling to see this kind of demand. A beautiful reminder of why blockchain art is such a unique medium and market.

"Ethereum is a Giver, not a Taker" is a brilliant thought. I just think it leads to the opposite conclusion. Crypto has become so used to extraction - high fees, high margins, rent-seeking, "value capture", number go up - that when something gives more than it takes we instinctively read it as weakness. But maybe that’s exactly what makes Ethereum special. Look at tokenized art as a tiny fractal of the Ethereum economy. Ethereum gives artists and collectors the whole stack: issuance, provenance, settlement, custody, identity, global liquidity, composability etc. And it charges almost nothing for it. It already beats the IRL art market on almost every primitive: cost, speed, provenance, settlement, reach, custody and collector experience. So what happens? Artists price in ETH. Collectors think in ETH. Cultural value gets denominated in ETH. Communities form around ETH-native objects. Art alone won’t reprice ETH. Of course not. But art is a fractal. The same thing can happen across creators, DeFi, social, gaming, AI agents, stablecoins, RWAs and whatever else gets built here. Ethereum gives first. Value comes back later. Value comes back slowly - through people pricing things in ETH, using it as collateral, staking it, building on it and treating it as the base asset of the ecosystem. The best monetary networks aren’t the ones that tax everything the hardest. They’re the ones everything chooses to coordinate around because they give without extracting too much - and over time that compounds into trust, culture and value. "Giver, not Taker" isn’t the bear case for ETH. It is the reason Ethereum keeps becoming the place value returns to. That is the longest game in crypto - and as a collector, the game I’m most interested in.

Great analysis. Based on the metrics presented below, Sky is currently cash-flow positive and has a 10X P/E ratio...

@ErikVoorhees @Zeneca The one thing I don't quite get yet: are there multiple ways that DIEM gets burned? Is it burned only to unlock the staked VVV?

@Zeneca Good piece, couple corrections: "For context, emissions started at 10M/year at launch." Actually started at 14m/year "If DIEM trades at $200, payback is around 200 days" x.com/ErikVoorhees/s…

An update on the Venice AI ecosystem a couple of months after my previous post - A quick look at the numbers - What's changed over the last two months - A deeper look at DIEM - Where I think things go from here Read here: zeneca.xyz/p/letter-112-v…

Hashes DAO holders — the final wind down of the DAO is now underway. If you still hold a Hashes DAO NFT, please check the instructions in Discord to claim your ETH. discord.com/channels/89505… Please only follow instructions in the official Discord!

This just in: @bottoproject in @CNNStyle For the uninitiated, this is an extensive article well worth a read, it covers Botto's: ◆ 'Mirror Stages' installation at @artbasel HK ◆ Economy, market, and governance model ◆ Increasing autonomy & artistic evolution Link 🔗↓

@EpsilonTheory @grok give me 3 or 4 bullet points to explain what Bessent said and what is the criticism

This Bessent performance on Meet the Press is a disaster. My god.

@krugermacro Thanks fren. Hope you got to touch grass at the end of Dec

Excellent onchan charts in here

After reviewing the Senate Banking draft text over the last 48hrs, Coinbase unfortunately can’t support the bill as written. There are too many issues, including: - A defacto ban on tokenized equities - DeFi prohibitions, giving the government unlimited access to your financial records and removing your right to privacy - Erosion of the CFTC’s authority, stifling innovation and making it subservient to the SEC - Draft amendments that would kill rewards on stablecoins, allowing banks to ban their competition We appreciate all the hard work by members of the Senate to reach a bi-partisan outcome, but this version would be materially worse than the current status quo. We’d rather have no bill than a bad bill. Hopefully we can all get to a better draft. We'll keep fighting for all Americans and for economic freedom. Crypto needs to be treated on a level playing field with the rest of financial services so we can build this industry in a safe and trusted way in America.

@ramahluwalia To your good list of factors, you can also add Global Reach: top S&P500 companies have exposure to international markets & good corporate structures that minimize non-US tax. Maybe this is a subset of your Productivity Growth factor...

Investor Tip: How is it possible for the S&P 500 to out-run GDP growth year after year? Is that sustainable? Take a step back. 2023: S&P up 20%+ 2024: S&P up 20% 2025: S&P up 16% How is this possible? GDP hasn't kept pace... We have deficits, wars, etc. This is your self-test to understand markets. Bill Gross famously got this wrong - the link between GDP and market returns - a decade ago. Think about it for a minute before reading on. The S&P can and will out-run GDP growth due to Earnings Growth. Where does it come from? 1. Operating Leverage: A company can grow revenue 5% but earnings will go up 12%. GDP captures the top-line ('revenue'). Mr. Market focuses on the bottom line ('earnings') The company gets disproportionate earnings due to fixed costs that don't scale with revenue. 2. Productivity Growth The one free lunch. Companies become more efficient with technology, cost cutting, outsourcing, and lower input or energy costs. Lower oil and nat gas prices directly boost corporate margins and reduce the cost of energy for consumers. 3. Interest expense Lower interest rates enable firms to refinance debt. This reduces left-tail insolvency risk, and increases corporate profits. 4. The Market Prices the Future, Not the Present GDP is backward-looking. Markets discount expected earnings 6–18 months ahead. A weak GDP print today may coincide with falling inflation, lower rates, rising productivity, and future earnings growth—all bullish for equities.