Jonah B
@_JonahB_
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577
investing @blockchaincap 𓇼 & lower case “r” researcher
United States
Joined November 2021
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the protocol is secured by a token that is valuable because it provides security
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1/ 👽 Super excited to share my new Eth Research post that I coauthored with
@DavideCrapis
analyzing the economics of the Execution Ticket (ET) proposal!
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i just had the opportunity to speak after
@VitalikButerin
. it was surreal, and i don’t take for granted the meritocracy that this industry provides. there are almost no artificial barriers to contribute to open-source research. thx
@tzhen
for the invite.
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1/ Super excited to share
@DavideCrapis
and my new Eth Research post: “Execution Auctions as an Alternative to Execution Tickets”
tl;dr: Ethereum leaks MEV to proposers, causing negative protocol externalities. We analyze two solutions: EAs and ETs.
Would love feedback 😄
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I am excited to be joining
@blockchaincap
. It's an incredible firm with incredible people.
We’re thrilled to welcome
@_JonahB_
to our investment team!
Jonah will focus on research and exploring new investment opportunities.
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1/
How do we ensure cryptoeconomic security for preconfs?
I just posted a short piece on Eth Research about it.
Would love feedback!
Thank you
@drakefjustin
&
@sproule_
for the help.
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1/ I wrote a quick piece on the intersection of crypto & options bc I found the data perplexing
In the "real world", options have surpassed futures in global trading volumes.
However, in crypto, perps dominate the derivative market.
The blocker? Institutional adoption.
Options trading now surpasses futures in global volume, marking a turning point for portfolio management.
As TradFi grapples with costs & complexity, blockchain-based options provide a faster, transparent alternative.
@_JonahB_
shares his learnings. ↓
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1/ LP sniping punishes early LPs
I designed a solution at Flashbots' "Next Gen DEX Day" with
@ballsyalchemist
&
@dex_chen_V
and wrote a quick piece.
TL;DR: Auction off the right to arbitrage and distribute the bids pro rata to LPs to compensate them for their mispricing risk.
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The most valuable blockchain asset is blockspace, aka digital real estate.
Ethereum blockspace is the most valuable blockspace.
Right now, we only have a spot market for inclusion in it.
Precomfs create a blockspace futures market.
More expressibility ➡️ more value unlocked
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Had fun moderating the ZK Primitives panel at
@PennBlockchain
's 2024 conference with
@_weidai
,
@zkproofs
&
@avizurlo
.
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1/ In this 🧵 I explore a model that offers an elegant view of current blockchain innovation and forecast where we're headed.
Why care?
It's a simple way to
- Conceptualize the current landscape, positioning of apps & roll of new infra
- Identify investment opportunities
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1/
The value of a Defi token is a function of expected future fees. Given that the cost of forking & undercutting is nearly zero, how can protocols sustain fees & why do users tolerate them? Are all fees created equal?
A 🧵 on fees...
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I’m optimistic about the intent comeback.
The declarative paradigm > imperative paradigm for UX reasons imo.
Moreover, there’s a trend of shedding unnecessary complexity (e.g matching) offchain, while keeping the chain reserved for settlement. Intents fit into this framework.
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I bet in the future we will have DA abstraction as a service (DaaaaS) that makes it easy to choose the cheapest (on a cost to security ratio) between calldata, blobs, EigenDA, Celestia etc.
calldata could at some point be cheaper than blobs, so it should make sense for rollups to implement a realtime price comparison and choose the cheaper one
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2/
Read the piece below 👇
Thank you
@DavideCrapis
,
@_alekslarsen
,
@barnabemonnot
,
@drakefjustin
,
@mikeneuder
, Martin Rosen, and others at
@blockchaincap
and
@ethereum
for the help!
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All of my TradFi friends are asking about blockchains again.
I can’t keep explaining every cycle.
Wrote an article for them….
The SEC’s Bitcoin ETF approval isn’t just a win for crypto—it’s a leap forward in attracting institutional capital to our industry.
For those new to blockchain and still skeptical, join us in exploring the tech’s real value proposition. ↓
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weird flex, but i just downloaded more music to my hard drive than the entire state of ethereum
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Excited to back
@QEDProtocol
!
They found a way to verify ZKPs natively on Bitcoin w/o needing a soft fork.
So what?
Developers can build L2s, bridges, and DeFi protocols on Bitcoin, secured by math and Bitcoin’s proof of work.
Our thesis👇
We've led the $6M Seed round of
@QEDProtocol
QED is a Bitcoin scaling protocol that focuses on zero-knowledge proof verification technology.
More on our thesis. ↓
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New MEV protocol capture solutions, such as ETs and EAs, are not mutually exclusive with applications capturing their own MEV. Applications should be MEV-aware and strive to capture the value they generate. Protocol MEV capture solutions exist to capture any residual MEV.
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AMMs that implement Payment for Order Flow (PFOF) systems can reduce MEV by redistributing the value back to traders. This technique is commonplace in TradFi but can be revolutionary for DeFi.
A 🧵inspired by
@JaneStreetGroup
's talk at Ledgerfest...
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2/ Here are some high level insights...
1. ETs allow the protocol to capture all MEV
2. ETs are a new Ethereum native asset (like ETH)
3. ETs are MEV futures
Would love feedback 😄
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At
@EthereumDenver
, I was excited to see protocols (not just investors) interested in pooled security. Just met an option platform founder with hopes of securing their pricing oracles with
@eigenlayer
.
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👀 underrated that we are seeing ATH stablecoin volume on Ethereum this month
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just had a great customer experience at
@starbucks
. they forgot my drink, but when i asked after 20 minutes, they made it and gave me a gift card for a free drink next time.
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Unsecured loans are at least secured by promises. But DeFi can’t support these loans because of the lack of proper trust infrastructure: namely, the rule of law.
🧵 on the future of DeFi …
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Rate limiting has been a critical primitive previously unavailable onchain bec a user could just create a new account. Proof of identity changes that.
Here is a cool example leveraging WorldID 👇
Introducing n-per-epoch, a simple Solidity function modifier that leverages
@worldcoin
's WorldID or any Semaphore anonymity set to rate limit actions on-chain.
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Why do we have banks?
This is an important question given that a central goal of the blockchain experiment is creating a decentralized banking system.
Let's take a look at the recent
@NobelPrize
-winning work by Diamond & Dybvig.
BREAKING NEWS:
The Royal Swedish Academy of Sciences has decided to award the 2022 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig “for research on banks and financial crises.”
#NobelPrize
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A key goal of LSTs is to give stakers access to liquidity. Ironically, LST liquidity is needlessly fragmented given the numerous LST solutions.
Proud that
@franklin_dao
's very own
@ChundaMcCain
&
@junebug_0831
are trying fix the problem:
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3/ Thank you
@_alekslarsen
,
@barnabemonnot
,
@drakefjustin
,
@mikeneuder
, and others at
@blockchaincap
and
@ethereum
for the help!
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@7LayerMagik
@curiouscatwang
@CarlKVogel
@solana
@aeyakovenko
Out of curiosity, let's say that an NFT mint was able to take up a whole block (and the physical constraints were somehow lifted). Would the total fees be higher as a function of more people being able to mint, or lower because more supply would lead to lower average fees?
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The sheer amount of intellectual power in the room was astounding. It makes me more bullish on our space. Thx for hosting.
Thanks to everyone who attended the Columbia Cryptoeconomics Workshop last week and made it such a success! We'll be releasing videos of all the talks in the coming weeks
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Congratulations
@ChundaMcCain
&
@junebug_0831
!
We're thrilled to announce our $2M pre-seed round, co-led by
@PortalVentures
and
@SevenXVentures
, joined by a stellar group of investors including
@banklessvc
,
@MaelstromFund
,
@alekslarsen
,
@sassal0x
,
@RyanWatkins
, and more in our journey to empower stakers and re-stakers.
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Big fan of limiting the attack surface of protocols by eliminating the reliance on oracles 🫡. Can't stand "decentralized" protocols that achieve magical guarantees when under the hood they just use centralized data feeds.
DeFi is broken.
Last year, we had $3.8b was stolen via exploits, a frequency and severity far too high for mainstream adoption.
We need to fundamentally rethink how DeFi protocols are designed and secured.
Here's one place to start:
🧵 (0/28)
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Since my article on options was posted last week...
1. The BTC options market overtook the BTC futures market
2. BTC options open interest hit a record high of $15B on Deribit
Why?
@LStrijers
from
@DeribitExchange
said this is a "clear sign of the market maturing".
🔮 👀
1/ I wrote a quick piece on the intersection of crypto & options bc I found the data perplexing
In the "real world", options have surpassed futures in global trading volumes.
However, in crypto, perps dominate the derivative market.
The blocker? Institutional adoption.
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Great convo. Shared sequencing & preconfs are key for Universal Synchronous Composability, offering short-term Ethereum parity with the monolithic UX & long-term scaling by orders of magnitude to deliver exponentially more network value. This vision hinges on social coordination.
first community call on Ethereum sequencing and preconfirmations 👀
attended by
@uriklarman
,
@mempirate
,
@fra_mosterts
,
@merklefruit
,
@benafisch
,
@ellierdavidson
,
@_danielmarzec
,
@0xQuintus
,
@alextes
,
@bkiepuszewski
,
@NathanWorsley_
,
@sachayve
,
@ConorMcMenamin9
,
@swp0x0
,
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🪝💡
@Uniswap
v4 pool idea:
LP liquidity is held in a lending protocol between swaps.
Use a hook that pulls it out JIT for a swap.
Why?
- LPs get trading fees & lending yield
- no active monitoring necessary (unlike v3)
- JIT leads to less impermanent loss
- capital efficient
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Damn... that's my big fear btw with gaming NFTs. A game can just decide not to use a 'sword NFT' anymore, and the NFT loses all of its value. I am more interested in digital assets that don't have a central point of 'value risk,' namely, they can be shut off in a snap.
What the fuck, Reddit (yes actually the company Reddit) just rugged their users by "discontinuing" their native cryptocurrency.
-90% just like that.
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@eip1559
Eh. PoH is a pretty huge innovation. High TPS low tx fees makes Solana usable for consumers. It will take a lot more L2 development for Eth to get their. Granted Solana is more centralized and had seen outages, but they are new. Eth had its issues at first. Solana will improve.
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Proud of
@zile_cao
(my deputy of Development at
@franklin_dao
), Eric Chen (a student in our Web3 Dev Course), as well as the other
@franklin_dao
students for launching
@Inheritable_xyz
.
After 150+ hours of hard work, we are proud to present to you the MVP of our product, Inheritable! 🚀🙌 🎉
Github -
Pitch deck -
Video Demo -
Best of luck to all other projects in the
#Grizzlython
!!
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@dotcuriouscat
@Stacks
@muneeb
@andrerserrano
@kyleellicott
Stack's Clarity language has a small dev community & poor DevEx. A new BTC L2/SR/Sidechain that is EVM compatible has a much better chance this.
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Thank you for the support 🫡
We are excited by
@_JonahB_
and
@DavideCrapis
's economic analysis of the Execution Ticket (ET) proposal.
They show that ETs could fundamentally change how Ethereum captures MEV and form the basis for MEV futures markets.
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@ethaly_io
was so good that we sat backs to the Adriatic Sea to whiteboard out how EVM memory management works.
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The future of DeFi is in figuring out how to bring RWA onchain which requires a trust layer. What if we created IRL contracts that allowed stocks to be tokenized and traded onchain? (note: this is exactly what Circle is doing with dollars!)
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2/ Here is the write-up. Would love feedback!
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rooting for Solana x USDC to surpass TRON x USDT in the affordable stablecoin transfer sector
long way to go though
Really encouraging to see such a strong ecosystem growing for USDC on Solana. ~850B annual run-rate in Tx volume.
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Was at a zkml event in sf last night.
A lot of smart ppl in the room.
Didn't hear too many compelling use cases though.
Keeping an 👁️ on the space.
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Not a 2024 prediction, but a hope: USDC x Solana replaces USDT x Tron. Stablecoins are a key driver of mainstream crypto adoption. Branding is everything, and I don't trust Tron with being a good shepherd of the crypto brand.
98% of Stablecoin transfers on Solana are using USDC.
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3/ Link to the article ↓
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@nico_mnbl
I would also add that FHE doesn't guarantee computational integrity which most FHE use cases require. You can marry FHE & ZK to solve this but all existing solutions are slow and expensive af
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2/ For the options market to thrive, institutional adoption is key. They bring volume, sophistication, & liquidity essential for a robust market.
But, institutions face hurdles:
- regulatory uncertainty
- tech compatibility issues
- privacy concerns
- switching costs
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1/ Appreciate the pushback & I think a lot of it is complementary
If I had to summarize your points:
1. “speculative traders” drive perp volume
2. options volume is driven “ENTIRELY by institutions”
3. & more specifically, to “hedge exposure in perps or to gain cheaper leverage”
While this is very good analysis the exact opposite is true. Let us do some analysis ourselves on the USERS of perpetuals and the USERS of options in crypto and in tradfi.
1/n
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Complexity offchain, settlement onchain is the new paradigm for protocol design.
There is no reason to throw all the weight of a chain's security behind a simple matching/counterparty discovery problem.
Doing so is expensive af.
Applications are realizing this.
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2/ There are 2 key metrics to assess blockchain apps:
- Value per bit (Dollars or ETH per bit): How much value is transmitted per bit (e.g a $1M financial transaction using 2k bits)
- Throughput (bit per sec): The rate at which bits are generated
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Websites are increasingly restricting web scraping to protect their monetization ability over their data in response to the AI craze
This creates a critical need for instantaneous methods for autonomous agents to pay for content
Here's one instantiation (& web3 x ai use case):
IN 2023, THE BOTS PAY YOU! ⚡️🤖
today we're releasing a new L402 specification, along side
@LangChainAI
powered tools that enable AI Agents to traverse L402 APIs (HTTP 402 pay-per call APIs over Lightning), and also directly hold+manage Bitcoin via
@OpenAI
function calls
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They should invent mev boost for calendars. Days are blocks. Meetings are txs. Length is gas. Ordering is a factorial problem. I need a beaver optimizing for me.
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Impermanent loss used to be the metric for measuring LP losses, but now we use LVR.
LVR is directly affected by a pool's volatility.
The more volatility there is, the greater the LVR.
Although volatility causes LP loss, LPs are paid based on tx volume in the form of fees.
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As a rule of thumb👍, if there are 2 products:
- one that will make a company n dollars
- one that will save a company n dollars
the "maker" will be able to be sold for more than the "saver" even though the result is identical.
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13/ Here are some open problems with the framework:
1. Mathematically formalizing the cost function for different infra
2. Deciding on a consistent way to determine the value per bit of an app. Are we looking at average case? best case?
3. Plotting individual apps on the graph
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@_charlienoyes
I am actually working on a paper right now outlining the potential centralization vectors associated with the ability for ticket holders to systematically lower their variance by buying more tickets. It is too early to draw (pun intended) a conclusion.
At a higher level, we have
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6/
#MultiPartyComputation
: FHE allows multiple parties to compute a function over joint data, keeping individual inputs private. Ideal for collaborative research, secure voting, private auctions, and more.
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2/4
AMMs quote outdated prices.
Arbitragers take advantage thereby correcting the price.
This is fundamental to the AMM mechanism.
As a result, LPs are losing money to arbitragers.
This is an indisputable fact.
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@nikitabier
@0xSisyphus
Ppl aren’t stupid. Also, ppl often buy what the product says about them, not what the product is. This cologne will make me like the guy in the ad. This recyclable water bottle makes me eco-conscious. Narrative and story sells a product (as well as utility of course).
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8/ FHE isn't the only approach to data privacy. Other methods include:
- Differential Privacy
- Federated Learning
- Zero-Knowledge
- Secure Enclaves as a"Trusted Third Party".
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2/
While there are still open qs, EAs seem to be superior to ETs
- EAs dominate in simplicity while ETs protect from centralization
- Certain ETs may be unimplementable
- ILs can curb centralization concerns with EAs
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FUD about SORA falls into 2 buckets:
1- False negatives: ppl accepting SORA videos as real (believing lies)
2 - False positives: ppl doubting the authenticity of real videos (eroding truth).
The antidote 🧪: ppl should watermark their videos with their
@Worldcoin
World IDs.
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8/ A whole class of products is being built on the far end but hasn't seen much success due to cost trade-offs & feasibility requirements.
There is an opportunity for high throughput and low value per bit apps.
This requires shifting the cost curve and/or feasibility region.
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1.5/ Before I dive in, I want to give credit where credit is due. This model is inspired by
@sreeramkannan
's talk at
@hack_summit
.
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3/
@emilianobonassi
built an example of using
@RiscZero
's zkVM with
@facebook
's Cupcake FHE library.
The project:
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4/
#MachineLearning
: FHE can train ML models on encrypted data. This lets data scientists derive insights without accessing the raw data. Crucial for privacy-intensive sectors like healthcare and finance.
#AI
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@maximlegg
Precomfs are actually closely tied to MEV futures and open up a new axis for MEV capture. MEV captured by a proposer is a function of having a monopoly on blockspace. By selling a future, the proposer is restricting the amount of capturable MEV at the time of composing the block.
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industry jargon not only grows monotonically but also superlinearly over time
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Agreed… Private messaging + private transactions + all mobile + some SGX secure enclave spice = powerful
@mobilecoin
@signalapp
I don’t think people grok the potential magnitude of the collaboration between MobileCoin and Signal, if they decide to really pursue it to its logical conclusion
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9/ We can think of new innovations in L2, DA, and ZK technologies as shifting the possible landscape by...
1. Pushing the cost curve down and to the left
&
2. Shifting the feasibility region out
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Vaporware is everywhere. Companies are raising 9 figure rounds with ZERO to show.
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A must add to your end of yr reads...
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9/ Congestion fees are VCFs. Dynamic pricing (like competing for block space) will cause fees to reflect the utility of being ordered 1st. Moreover, MEV profit will be redirected from validators to LPs, increasing LP margins, incentivizing more liquidity & sharpening prices!
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11/ With this simple framework, we are able to contextualize major industry trends.
In the last bull run, apps clumped in the top left because the buildable region was thin.
New infra expanded the buildable region leading to a new frontier of products like gaming.
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@7LayerMagik
@curiouscatwang
@CarlKVogel
@solana
@aeyakovenko
Follow-up question: Are global fees a bad thing?
Fees are a proxy for utility & a block that maximizes fees should have the most global utility. If a single NFT mint fills a block, so be it; that's what ppl want.
On the other hand, congestion is bad UI and prevents adoption.
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