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David Pakman (dpakman.eth)
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David Pakman (dpakman.eth)
@pakman
I am a crypto venture investor @coinfund. Inspired by ambitious entrepreneurs who build the future. (Not investment advice, these are my personal opinions.)
NYC Katılım Haziran 2008
1.6K Takip Edilen203.6K Takipçiler
The onramp to onchain capital markets is open
Once a customer experiences this type of portability, they will never want to go back to asking a bank for permission
Congrats to @SuperstateInc and @CoinList for making this happen
Superstate@SuperstateInc
Together, @CoinList and Superstate are making tokenized equities and future capital raises more accessible to investors. The onramp to onchain capital markets is open.
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Hey startup CEOs, how much are you budgeting per engineer for AI tokens in 2026?
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@levie Would you be willing to share how much Box budgets per engineer per year for tokens?
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What’s happened is that we went from AI chat tools that were relatively cheap and had small context windows, to AI agents that have giant context windows, the ability to keep track of longer running work, and models that cost an order of magnitude more on inference because they’re that much better.
This has compounded far faster than most realized (unless you were paying close attention at the middle or end of last year, which many here were), and the dollars flowing in now are much more real.
What follows is a continued march of AI capability that will continue to be used by anyone with a frontier use-case (like coding, sciences, finance, consulting) and then a peeling off of tasks to lower cost models that are capable enough for the job. Whereas we thought the cost of AI might converge on a single low price per token before, it’s clear the stratification is only widening based on the task you need performed.
This will be yet another component that has to be figured out for broad AI diffusion. Enterprises will need to put in programs, new finance teams, and technology solutions to manage this all. The labs and platforms that can ensure customers can price optimize for the task at hand will be in the best position.
Hedgie@HedgieMarkets
🦔Microsoft canceled its internal Claude Code licenses this week after token-based billing made the cost untenable, even for a company with effectively infinite cloud resources. Uber's CTO sent an internal memo warning the company burned through its entire 2026 AI budget in just four months. American AI software prices have jumped 20% to 37%, and GitHub (owned by Microsoft) is dropping flat-rate plans for usage-based billing across its products. My Take The AI subsidy era is ending in real time. The same company that put $13 billion into OpenAI and built the Azure infrastructure powering most of Anthropic's compute just looked at the bill from a competitor's coding tool and decided it was not worth paying. That is not a productivity failure on Anthropic's end. Token-based pricing is forcing every enterprise customer to confront the actual cost of running these models at scale, and the number turns out to be far higher than the flat-rate experiments suggested. This ties directly to my Gemini Flash post yesterday. Anthropic, OpenAI, and Google all raised effective prices in the last six months. Enterprises that built workflows assuming AI costs would keep falling are now watching annual budgets evaporate in months. Two outcomes look likely from here. Either enterprises scale back AI usage to fit budgets, which slows the revenue ramp the labs need to justify their valuations ahead of IPOs, or the labs cut prices and absorb the losses, which makes the unit economics worse at exactly the wrong moment. Both paths land in the same place, the numbers stop working, and somebody has to take the writedown. Hedgie🤗
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The future of finance is onchain
Public markets first, private markets next
Contessa Brewer@contessabrewer
Polymarket “democratizes” finance -giving traders a way to bet on private companies. cnbc.com/2026/05/19/pol…
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I still remember when Jamie Dimon said “we’ve been talking about blockchain for 12 years, not much has happened - it ain’t like AI”
This week JPMorgan filed a tokenized fund on Ethereum, looks like something happened after all
Payments are moving onchain, money flow is moving onchain, and yield is next. Keep them coming
CoinDesk@CoinDesk
NEW: @jpmorgan files to launch a tokenized Treasury money market fund ($JLTXX) designed as GENIUS Act-compliant reserve assets for stablecoin issuers.
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"First they ignore you. Then they ridicule you. And then they attack you and want to burn you. And then they build monuments to you" (Nicholas Klein) applies perfectly here.
Wall Street dismissed, ignored, laughed at and fought crypto. And now they acknowledge it is the future of finance.
When incumbents follow this strategy, it is SIGNAL that you will win. Keep building.
Jasper Goodman@Jasper_Goodman
Wall Street went to war with crypto. It’s losing. politico.com/news/2026/05/0…
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We backed @SuperstateInc in 2023 because we believed they would become the default infrastructure for tokenized funds and @coinbase just validated our thesis
Congratulations to @rleshner, @HiltnerJim , @Dean_Swennumson and the entire team. Incredible work and the best is yet to come
Superstate@SuperstateInc
1/ @CoinbaseAM has selected Superstate FundOS to launch an onchain share class of the Coinbase Stablecoin Yield Fund (CUSHY) in Q2 2026. For the first time, FundOS is powering a third-party fund launch from inception. superstate.com/newsroom/coinb…
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Fantastic progress. I think we will see creator payments and then vendor/marketplace payments at Amazon, Walmart, eBay, Reverb, etc. all move to stablecoins/crypto rails. Crypto eats all payment networks.
Jack Kubinec@whosknave
New from me and @bdanweiss Meta has rolled out USDC creator payouts on Polygon and Solana. The program is currently available to select creators in Colombia and the Philippines. It's been a long time coming, but Facebook stablecoins are finally here. fortune.com/2026/04/29/met…
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@niomicynthia I am drawing a distinction between "deposit banks" and other financial institutions (since those are the battle lines for stablecoin yield). Thus moving deposits into treasuries held elsewhere is share shift.
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The banks are lobbying hard against yield-bearing stablecoins because they fear the loss of customer deposits, and they should
Put simply, yield-bearing stablecoins are a better product
They have lower friction, offer easy yield with less cognitive work, charge lower fees, and are accessible to anyone with an internet connection
And that should worry deposit banks, because they can’t compete
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No surprise that CoinFund agrees with @senortilt's view on the Speculation Economy (we call our investment thesis "Betting On Everything) since we are investors in him.
The data is striking...people (especially Gen Z) want to invest in asymmetric upside financial products.
On-chain versions are more fair, global and more accessible.
Señor Tilt@senortilt
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Love that the new CEO of Apple, John Ternus, is a Penn Engineering grad and delivered the Engineering Commencement Address is 2024...
youtube.com/watch?v=COGiLj…
YouTube
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@emilyjnicolle Nice work on this. Have you seen evidence yet that the B2C front-ends (Coinbase, Robinhood, etc) are pulling any bet volume away from both of these main platforms?
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new long-read: Polymarket is falling behind its chief rival in more ways than one, as the prediction markets space continues to heat up. from its US app and fee rollout to talks with its biggest investor, read all about it: bloomberg.com/news/articles/…
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@jacqmelinek Agree with all of these observations...and even beyond it all, the biggest question is, "is there demand for purchasing all of these different RWA products onchain?"
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It is not an accident that one of TradFi's biggest crypto adopters is a non-deposit bank
No spread to defend means no reason to fight the future
CoinDesk@CoinDesk
NEW: Morgan Stanley CFO says tokenization is the next major step for its multi-trillion dollar wealth business, as the firm pushes deeper into digital assets @helenebraunn reports
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Please come say hi at the amazing @USC_VEDA Blockchain Conference next Wednesday at @USC. I have a great panel assembled to talk about what is working in #crypto right now and what comes next!
USC VanEck Digital Assets Initiative@USC_VEDA
Where is crypto actually heading? Hear from the people building it: @coinbase @circle @arca @coinfund Featuring @pakman @_aklil0 @skiki13 @akelani Stephanie Lemmerman @raynesteinberg Hear how investors and innovators are shaping the next wave of the #crypto ecosystem: uscblockchainconf.com #web3 #blockchain #startups #venturecapital
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Yield is the biggest competitive vector in online finance. @lifiprotocol now makes it simple to launch an "Earn" product for your customers.
LI.FI@lifiprotocol
Every company with a digital asset strategy is exploring onchain yield. Introducing LI.FI Earn – the fastest way to launch and monetise an Earn feature. Access strategies from 20+ vault protocols, with built-in cross-chain execution across 60+ chains, via a single integration.
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51% of Gen Z owns crypto
Home costs them 7.5x their salary and only 13% own homes at 25
When every traditional path to wealth is closed off, you find another one. That is not recklessness, that is survival
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