got the chance to look at the working paper - great framework to understand where and how prediction markets can be more cost efficient than derivatives
Lauris@lzminsky
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Robert Koschig
711 posts
Robert Koschig
@KoschigRobert
Research @1kxnetwork, @Risk_DAO
Katılım Ekim 2018
418 Takip Edilen1.1K Takipçiler
There is an impersonator of mine on TG reaching out to protocols.
handle @koschigrobert - please block/report
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Robert Koschig retweetledi
What happens when research gets crowded out by hype?
TERSE Steering Committee members discuss why blockchain still needs spaces built for rigorous ideas, sharp critique, and real debate, and how TERSE brings a research-first forum into one of the largest crypto events.
• Mark Richardson (@MBRichardson87) from Bancor
• Mark Ballandies (@BallandiesMC) from @uzh_blockchain
• Kris Paruch (@paruch1) from @TE_Labs
• Angela Kreitenweis (@akrtws) from @tokengineering
• Robert Koschig (@KoschigRobert) from @1kxnetwork
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Quarterly update on onchain fundamentals - @0xPolygon did >4x on fees QoQ!
1kx@1kxnetwork
Mixed picture for onchain fundamentals in Q1 2026: User-paid onchain fees are ~50% lower than last year, and 26% down QoQ. Value distributed to token holders remains stable, while the number of monetizing protocols has slightly declined for the first time. Sector changes: • Overall decrease purely driven by DeFi (-34%) incl. related infra, e.g. bridges -43% • Perps hit hardest (-36%), Stablecoin issuance up driven by @SkyEcosystem • Wallets -16%, Consumer -12%, though launchpads up 10%! • DePIN the only positive sector, +13% • Blockchains -5%, though @Zcash up 80% and @0xPolygon with +4x Fee shares broadly in line with '25 avg: Blockchains 21%, DEXs 24%. Same for cohort view: protocols that first monetized in '24 or '25 still generate ~47% of all fees. Protocol-wise: @Zcash climbed to #2, @Pumpfun fees up. Biggest mover: @BagsApp (+180 ranks), though the Jan fee explosion is fading. @farcaster_xyz now #25 after folding in @clanker_world fees. Protocols that stopped monetizing: @level, @elixir, @mars_protocol, @EARNMrewards, @Lifinity_io (shut down/exploits). @kucoincom hasn't announced any burn yet this quarter. Some protocols had >$100k in fees last quarter and are now at $0 - Among them: @quanto @lava @rezervemoney Shoutout to the data providers: @DefiLlama @tokenterminal @Dune @EigenPhi and many more 🙏 Featured charts: fee trends + token holder distributions / fee shares by sector / top protocols by fees Q1 2026 👇
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@thedefiedge Have you screened what the top 50 protocols do and what the S&P 500 constituents do? more than half are things like industrials, materials, consumer staples, utilities, energy... not sure I'd compare these to DeFi and the few top earners of other crypto sectors
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I screened the top 50 protocols by revenue.
• The average P/S ratio is 27.7x
• The S&P 500 averages 3.1x
94% of DeFi's top earners are priced above what their revenue supports, and 2 protocols alone account for over half of all revenue.
Here's the breakdown:
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see you later at TERSE - and tomorrow at the TE Breakout session!
Token Engineering Academy@tokengineering
Tomorrow’s the day! 🚀 Join the Token Engineering Research Symposium (TERSE) at @EthCC A full day packed with talks on - mechanism design - cryptoeconomics - token-based governance 📍Find us at Chaplin Stage/Level 5 🗓️ Agenda: ethcc.io/ethcc-9/agenda… Can’t make it to Cannes? We’ve got you covered 👇 🎥 Tune into the livestream: ethcc.io/live/chaplin-s… See you at TERSE!
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If you struggle to pick which TERSE talk to join - there are short interviews available for each speaker
Bancor@Bancor
TERSE 2026 at @EthCC[9] Speaker Announcement 📣 🎙️ Amit Chaudhary (@amitchax), Founder at @palliora 📄 Stabilizing the Staking Rate, Dynamically Distributed Inflation and Delay Induced Oscillations 🗓️ March 31, Chaplin Stage @ 10:30 Register: luma.com/sq4gdmxq
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So who is packaging and tranching those, puts them onchain so we can loop on crypto backed MBS?
Solid Intel 📡@solidintel_x
INTEL: FANNIE MAE TO ACCEPT CRYPTO-BACKED MORTGAGES FOR FIRST TIME
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Token incentives are powerful - which is exactly why they must be designed carefully, and with proper consideration of behaviour assumptions.
Looking forward to discussing and working with token engineers @EthCC next week!
Mark Ballandies@BallandiesMC
Humans are not just rational agents. Yet token systems are often designed as if they were. At #TERSE during @EthCC , I will speak about the behavioral impact of token incentives and why it matters for system design.
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Robert Koschig retweetledi
The TERSE 2026 agenda just dropped!
It’s a glimpse into what this space could be if we optimized for understanding, not attention.
You’ll find:
→ Mechanism design grounded in real systems
→ Empirical work on incentives & human behavior
→ AI applied to DeFi risk and decision-making
→ Governance research beyond “vibes-based voting”
These aren’t talks about the future.
They’re analyses of systems that already exist, and how to make them better.
📅 March 31 @ EthCC
🔗 tokenengineering.net
👉Get your ticket: ethcc.io
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An estimated 250 / 70% of L1s never earned > $1,000 fees in their whole lifetime (yet)!
(Based on the 150 L1s we found data for)
Stacy Muur@stacy_muur
All right, this is crazy ↓ - There are 362 "working" chains in crypto - Total DeFi TVL is ~$93.8 billion - 10 chains capture 90% of that - Only 29 chains generate >$1,000 in daily fees - Only 26 chains generate >$10,000 in daily app fees Be ready that 95% of all existing chains will shut down in the next 5-10 years.
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The opportunity was more than 4x the size, not too long ago (x.com/KoschigRobert/…)
And there is tooling to manage these treasuries (x.com/KoschigRobert/…)
Let's see if we can learn...
Keyrock 🔑🪨@keyrock
Our latest report is here. It reveals a $5.6 billion opportunity hiding in plain sight, as protocols fail to put treasury capital to work. Passive management creates major risk in a downturn. What’s the solution? Our report reveals all. Take a look. keyrock.com/realising-cryp…
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@stacy_muur As with all CEX tokens the first guess is their buy-back-burn program...but similar to most of those its actually quite marginal, hence likely smth else...
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Can someone explain to me what this token does and how the hell it maintains an $8.3 billion market cap?
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@stacy_muur might be worth subscribing to @1kxnetwork for updates on the revenue report for those feeling surprised here:
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All right, this is crazy ↓
- There are 362 "working" chains in crypto
- Total DeFi TVL is ~$93.8 billion
- 10 chains capture 90% of that
- Only 29 chains generate >$1,000 in daily fees
- Only 26 chains generate >$10,000 in daily app fees
Be ready that 95% of all existing chains will shut down in the next 5-10 years.
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Same picture o/c when you look at fees - concentration overall more fluctuating rather then showing a clear uptrend - see our revenue report for more details: 1kx.io/writing/2025-o…
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Worth clarifying that "trending towards duopolies" doesn't mean it's always the same top 2 - see below the share of top 2 and their names over time:
0xngmi@0xngmi
In many defi sectors almost all revenue is captured by the top 2 market participants, basically most crypto verticals are turning into duopolies credit to @joeljohn (based on defillama data)
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Well said! If anyone is worried about getting dumped on, it's time to understand node operator costs and how they relate to emissions, see e.g. work with @Tech_Metrics @dylangbane here:
messari.io/report/depin-t…
or on PoS youtube.com/watch?v=rKC6M3… / docs.google.com/presentation/d…
or here: youtube.com/watch?v=FlHd55…
YouTube
YouTube
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So many people make the mistake of thinking that participants selling their tokens *earned* is "ecosystem extracting"
Crypto PoW systems RELY on contributors selling tokens to fund opex and to run a profitable business
• bitcoin miners sell to cover electricity costs
• solana validators sell to cover cloud computing costs
• Any DePIN/AI/PoUW miner sells to cover their costs
If participants couldn't make any money contributing, NO ONE WOULD DO IT. If the incentives are aligned properly, you want people to show up, do the work, and get paid for it.
Then they can do whatever the fk they want with that money
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Robert Koschig retweetledi
1/ Some Simple Economics of AGI—🔥🧵
Right now, there is a low-grade panic running through the economy. Everyone is asking the same anxious question: what exactly is AI going to automate, and what will be left for us?
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Robert Koschig retweetledi
Join us today at 12pm EST for “Scaling DePIN: Real-World Use Cases You Can’t Ignore” X Space.
Explore how DePIN drives scalable infrastructure for AI, compute, and beyond.
Featuring:
James Dunthorne @Neuron_World (Neuron Innovations)
Mark Ballandies @onocoyRTK (Onocoy)
Robert Koschig @1kxnetwork (1kx)
Hosted by Marcello @marcellovtv (Genzio Media)
Tune in here: x.com/i/spaces/1drjz…
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