Zach Pandl

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Zach Pandl

Zach Pandl

@LowBeta

Head of Research @grayscale. Formerly economist and macro strategist @goldmansachs. Opinions are my own. Disclosure: https://t.co/ojLj461iVI

Stamford, CT Katılım Kasım 2021
827 Takip Edilen8.5K Takipçiler
Steve Lee
Steve Lee@xxstevelee·
Takeaways from Consensus Miami week 1/ Crowd felt much more US-focused even East Coast-heavy, with far fewer ex-US participants than what I typically see at global conferences Positive for US-focused opportunities less so for those seeking broader global exposure 2/ Discussion themes also felt narrower Stablecoins institutional adoption AI agents Tradfi participation and skepticism / defense around token structures for operation and funding 3/ AI agents stood out too much? At the pitch contest I judged all 4 teams were AI-agent related LLC creation for AI Agents Oracle for AI Agents AI agentic trading platform Data aggregation of AI Agents From the audience to discussions to founder sentiment the conference felt noticeably more concentrated
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Zach Pandl
Zach Pandl@LowBeta·
Crypto beta looking good here $ETH $SOL $LINK
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Murch
Murch@murchandamus·
OP_RETURN situation continues to remain SHOCKING: Last week, OP_RETURN outputs with sizes greater than 83 B made up again OVER 0.000075% of the total OP_RETURN output count and OVER 0.14% of the total blockspace taken by OP_RETURN outputs!!1 dune.com/murchandamus/o…
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Zach Pandl
Zach Pandl@LowBeta·
CLARITY moving forward ➡️➡️➡️ 🇺🇸🇺🇸🇺🇸
Zack Guzmán@zGuz

Full vote on the CLARITY ACT advancing in the Senate Banking Committee by 15-9 margin: Tim Scott (R) - Y Mike Crapo (R) - Y Mike Rounds (R) - Y Thom Tillis (R) - Y John Kennedy (R) - Y Bill Hagerty (R) - Y Cynthia Lummis (R) - Y Katie Britt (R) - Y Pete Ricketts (R) - Y Jim Banks (R) - Y Kevin Cramer (R) - Y Bernie Moreno (R) - Y Dave McCormick (R) - Y Ruben Gallego (D) - Y Angela Alsobrooks (D) - Y Elizabeth Warren (D) - N Jack Reed (D) - N Mark Warner (D) - N Chris Van Hollen (D) - N Catherine Cortez Masto (D) - N Tina Smith (D) - N Raphael Warnock (D) - N Andy Kim (D) - N Lisa Blunt Rochester (D) - N Final vote: 15-9

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Zach Pandl retweetledi
Grayscale
Grayscale@Grayscale·
Grayscale welcomes the Senate Banking Committee’s advancement of the Clarity Act, an important milestone in the effort to modernize the regulatory framework for digital assets. For investors and market participants, clear market structure rules can help reduce uncertainty, improve accountability, and support more durable participation in the asset class. Congratulations to all the Senators and staffers who have worked tirelessly to get to this critical milestone. We appreciate the bipartisan work that helped bring the legislation to this point and look forward to continued progress toward a framework that gives digital assets a stronger foundation in U.S. markets.
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Zach Pandl
Zach Pandl@LowBeta·
OK let's do this: we're weighing in on the contentious issue of $ETH's supply model TLDR: We think a change is warranted and would be bullish for $ETH longer-term The topic is a good litmus test for how people think about valuing crypto assets! Our take ⬇️⬇️
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Zach Pandl
Zach Pandl@LowBeta·
@JonasAhm @Butta_eth Impact on solo stakers is uncertain. Bitcoin still has vibrant “pleb” miner community despite massive economies of scale. My guess is that PoS networks trend in that direction. But also part of the point is that “plebs” can just hold unstaked $ETH and chill.
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Jonas Ahm 🛡️ 🦇🔊
Jonas Ahm 🛡️ 🦇🔊@JonasAhm·
@LowBeta @Butta_eth Lowering the curve could be a centralisation factor. Why would solo and home stakers bother with close to no yield. Bigger players would likely do it anyway because why not
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Peter Mintzberg
Peter Mintzberg@PeterMintzberg·
Proud of our impressive presence at @CoinDesk’s @consensus2026 Miami last week The @Grayscale team spent time with the partners, protocols, and innovators actively building the digital asset economy Coming together from across the ecosystem is what drives our industry forward
Grayscale@Grayscale

Grayscale makes digital asset investing simple and open to every investor Thanks to everyone who stopped by the Grayscale cube @consensus2026 See you next year

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smeee.eth
smeee.eth@cryptosmitties·
@LowBeta 1) Sends bad message. 2) Always unanticipated 2nd order effects. The same decision makers didn’t anticipate LSTs and now want to change issuance. 3) We don’t know what the burn rate will be in the future. 4) Staking rate should come down organically with growth.
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Zach Pandl
Zach Pandl@LowBeta·
@prentic4 Can keep centralized staking providers below consensus relevant thresholds like 1/3
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ΞTHNUT.base.eth🦇🔊🐼
ΞTHNUT.base.eth🦇🔊🐼@prentic4·
@LowBeta Of course, a max 2% annual new supply is nothing and of NO CONCERN. If the concern is too much ETH staked, that is also of no concern. If the concern is staking centralization, messing with the issuance curve won’t change that.
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Mark
Mark@mercury196au·
@LowBeta Where is the burn in all of this?
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Zach Pandl
Zach Pandl@LowBeta·
Arthur Hayes ❤️ $NEAR (Me too)
NEAR Legion@NEARLegion

Arthur Hayes (@CryptoHayes) dropping strong conviction on $NEAR in his latest substack article. “My next essay will explain our thesis on why the privacy narrative combined with NEAR Intents will create a positive cash flow situation for the protocol." The pieces are coming together. Here are 28 reasons why 2026 belongs to NEAR ⬇️

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Zach Pandl
Zach Pandl@LowBeta·
@xofee33 Curve may need to bend all the way to zero if marginal cost to stake is close to zero
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Xofee.eth🦇🔊
Xofee.eth🦇🔊@xofee33·
@LowBeta I like option C. Either way, the market will find its equilibrium, so it makes sense not to be at a 100% supply ratio.
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Zach Pandl
Zach Pandl@LowBeta·
@AlexKrusz Good point. One counter: if you are pretty sure stake rate will eventually get “too high” it’s better to change it now because smaller impact on current stakers (and therefore smaller impact on perceived chain security)
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Alex Krusz ➡️ vibecamp!
Alex Krusz ➡️ vibecamp!@AlexKrusz·
@LowBeta Arguments against: * Don't fuck with stuff unless necessary - especially core parameters * The actual effect is quite possibly marginal * Biggest: demand drives crypto prices way more than supply, and ETH already has best tokenomics (BTC security budget is unsustainable)
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@Re7Capital @matthuang @blknoiz06 @tradexyz @xxstevelee @murchandamus @zGuz @RrnRaindeer