Wei Dai
@_weidai
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Research Partner @1kxnetwork. CS PhD @UCSanDiego. Research & investing for the future of crypto. Alpha in highlights. Personal opinion, not investment advice.
Joined November 2021
1/ Why I'm excited about investing in crypto infra π§΅. Crypto and trust-minimizing technologies will transform foundational infrastructures across industries. As an ex-academic and now investor, I strive to find, fund, and partner with 0-to-1 innovators and 10x disruptors.
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The CLARITY Act, if passed, is bullish for L1s (and decentralized L2s) because its "mature blockchain systems" definition of "impartial system" excludes centralized L2s (w/ single-entity sequencers). (However, L2s can satisfy this criteria if its sequencer is elected by
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Crypto as an industry has so much further to go. Crypto has only captured ~0.1% of its potential of disrupting the financial service industry, which is ~6x larger than all of software / "tech". (Data and chart compiled by ChatGPT o3)
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Ethereum gas limit: 30M β 45M.ETH: ~50% up over past month. Clearly, the tech is 50% better.
AND HERE IT IS:. First 45 Milion Gas Limit block proposed on #Ethereum Mainnet! π₯π. Next Target: 60M π
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Monthly reminder for infra builders:. Blockchain scaling is about scaling network effects, not just throughput or TPS. Some questions to ask:.β If there's a successful app in your eco, how does it benefit other apps?.β If a users onboards to one app in your eco, do they also.
Blockchain scaling is about scaling network effects, not just throughput or TPS. For a single state machine/chain, more throughput = more network effects. For a cluster of chains, better interoperability = more network effects.
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Technical and product-focused founders are often very good at identifying the global maximums for their optimization problems at hand (e.g. reaching PMF). However, what they often underestimate is the path dependency of getting from where they are to the global maximum.
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State of tokenization:. > private excel sheets and databases can't interop.> migrate all systems to a public chain like Ethereum.> keep access and transfers gated behind KYC.> no privacy at all for hodlers of these tokens. So who's building whale trackers for RWA tokens?.
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it is increasing clear that crypto is entering the phase of verticalization, with projects going "full stack". infra projects are focusing on first-party apps.apps are replacing their non-critical infra. adapt or be outcompeted.
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Markets are efficient when all participants can easily discover counterparties. Platform monopolies destroy this dynamic: Uber demands steep take rates from participants. Crypto should create efficient monopolies.
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Very good read for those wanting to catchup on the upcoming trial on TC / Roman Storm. My read is that the prosecution won't be arguing against either (1) code is speech or (2) non-custodial protocols are not MSBs. If you really want to support the defense, saying "writing code.
In today's status conference for the Tornado Cash case β the final one before trial begins β the judge made it clear that she plans to focus less on crypto mixing tech and more on what was in the developers' control. Here's my recap of the hearing:.
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Blockchain designs have been flawed. What do cloud services do when they are at capacity?.β Raise capacity. What do chains do when they are at capacity?.β Raise fees. If you think we don't need better chains anymore think again.
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One overarching thesis at @1kxnetwork is that innovations in secure-by-design trust infrastructure will eliminate inefficiencies in markets and lead to new waves of value creation. Programmable cryptography, quantum systems, secure hardware, DNA computing, . there will be new.
please reach out & let us know what you think! criticisms and questions especially welcome -- we need perspectives from various disciplines and vantage points to harden our focus and help us steer in impactful directions π§.
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DEX:CEX spot trade volume is on track to reach >30% marketshare for the firs time this month. Efficiency, self custody, transparency, & access. Decentralized tech & platforms can provide better financial products. This will happen to more verticals.
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Snarkifying the L1 can be an inflection point for Ethereum because it could provide hockey-stick shape scaling for the L1. Instead of scaling node requirements uniformly like other L1s, Ethereum will only need to scale DA + RTZK throughput.
2/ Realtime proving for Ethereum L1:. β’ Latency: <= 10s for P99 of mainnet blocks.β’ On-prem CAPEX: <= $100k.β’ On-prem power: <= 10kW.β’ Code: Fully open source.β’ Security: >= 128 bits.β’ Proof size: <= 300KiB with no trusted setups.
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Far app & fat protocol thesis were both wrong. Don't be fat. Be the chad that own distribution. Own all sides that contribute to network effects and become irreplaceable.
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Crypto's network effects, thus far, come mainly in the form of easy discovery and access to trade, hodl, or use new tokens. To date, there are two categories that accrued this network effects: (1) CEXes where users onboard (2) chains + their dominant wallets & frontends (for.
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RT @Mausefalle25: Great to see @1kxnetwork at the top of the @KaitoAI_ VC leaderboard over the past 12 months with 14.8% of the Mindshare-β¦.
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