PaperImperium

Governments that are serious about increasing fertility should try giving a free Honda Odyssey or Toyota Sienna to anyone about to have a 3rd kid.
Big working capital infusion into the family, and hard for even a government bureaucracy to screw up sending a standard minivan.

I’ve written plenty on it in the past so won’t spend an essay on it today, but when it comes to stablecoins (including those for ETH or other reference assets), hard-coded oracles are brittle. They work until they catastrophically don’t.
In contrast, live oracles allow for real-time risk mitigation, but at the cost of punishing users for false positives if liquidity dries up.
Both are a legitimate design choice, but need to follow different underwriting processes. Only hard code if you diligence the underlying asset and are confident in its ability to meet redemptions as designed.
Both the te

I’ve written plenty on it in the past so won’t spend an essay on it today, but when it comes to stablecoins (including those for ETH or other reference assets), hard-coded oracles are brittle. They work until they catastrophically don’t.
In contrast, live oracles allow for real-time risk mitigation, but at the cost of punishing users for false positives if liquidity dries up.
Both are a legitimate design choice, but need to follow different underwriting processes. Only hard code if you diligence the underlying asset and are confident in its ability to need redemptions as designed.
Both the te

Three different L2s. Three different lending protocols. Stablecoin borrowing free or paid to borrow. Unfilled capacity. Dollars on the sidewalk.
What accounts for this? I’d actually prefer responses from #econtwitter.
CC: @ATabarrok @arpitrage @alz_zyd_

As an American, I’ve always viewed chains as similar to the settling of the west. Huge swaths of land (much like blockspace) can be impressive, but they need settlers and a productive capacity to be worth much.
There’s a reason why the czarist nobility would note the number “souls” as well as acreage in their holdings. Unworked land and empty blockspace are just idle resources.
When you pause on it for a moment, this should make sense to a person living in the modern economy. Labor and capital combine to produce goods and services people value enough to exchange money for.
So blockchains need

Tomorrow will be my last day at GFX Labs.
I joined GFX four years ago when it was brand new, and DAOs just beginning to hit their stride.
In my time leading GFX’s governance arm, I and the rest of the GFX team built a strong brand known for diligence, financial practicality, tokenholder friendliness, and weighting heavily a longterm view. GFX’s governance will still have the same flavor and quality as before, since being a serious, honest, thoughtful actor is built into GFX’s DNA.
GFX has been a wonderful place to work, and would recommend them to anyone applying for a role there.
I’ll still

As an archaeologist, state formation (countries, not chain state), was one of the most important questions in human (pre)history.
Personally, I was always most convinced by a loose framework of theories that centered on the distinction between Roving Bandits and Stationary Bandits.
Roving Bandits took what they wanted, and often that mean burning down the fields and villages you plundered. Vikings and steppe nomads are some relatively modern examples. Also pirates.
Stationary Bandits didn’t move around much, staying within a defined range to repeatedly plunder the same targets. Protection rack

What weird or wonderful projects have recently launched that I might not have heard of?
RWAs, lending, payments, chains, bridges, DEXes, consumer apps, anything
More unique the better.

A governance token’s value is inversely correlated with its credibility as a means to hold management accountable.

“CDP stablecoins can’t scale”
It’s worth noting that 3/4 of USD money supply is CDP-generated dollars.
Chains that lack CDP stables that are at minimum integrated with, and at best fungible with, other stables and lending markets deprive themselves of an important form of stimulus.
Just as when I buy a Tbill in the real world, when I deposit USDC into a lending protocol, there is no expansion of the monetary base. Every dollar present on a chain has to be imported.
CDP stablecoins have not taken off on any chain besides Ethereum (and they’re stagnant even then).
This indicates a role for chain

You have taken a DeFi loans to:

With all the SBF astroturfing going on, it’s important to remember what the fraud was.
SBF said customer deposits were not lent out. This was untrue, he knew it was untrue, and it was in pursuit of financial gain.
Fraud. Insolvency was not the crime, and never was.