James Christoph explains why MicroStrategy can’t be replicated, DATs are doomed, and crypto markets are more efficient than people think. Plus: Celestia’s inflation problem, Ethena’s systemic risks, and why Hyperliquid nailed their stablecoin strategy.
NOTES:
• MicroStrategy’s structure makes it impossible to blow up
• DATs trading at discounts lack restart mechanisms
• Ethereum staking yields ~40 bps after inflation/taxes
• Celestia’s inflation driving price toward zero
• Ethena’s depeg could trigger cascade in Pendle/Aave
• Hyperliquid has ~$10B USDC bridged, negotiating revenue split
The Gwart Show is sponsored by Ellipsis Labs, the builders behind Atlas, a blockchain for verifiable finance and Phoenix, an on-chain orderbook DEX with over $50 billion in unincentivized volume.
If you’re interested in a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. Learn more and apply on Twitter at @Ellipsis_Labs and @atlasxyz.
