The 'capital is the byproduct' line is the right frame, and it gets stronger this week. The CLARITY Act yield compromise treats every protocol like a stablecoin issuer, which leaves pricing power only with firms that own user routing end-to-end. Coinbase didn't back that bill out of charity. Vertical integration is the new yield.
The 'capital is the byproduct' line is the right frame, and it gets stronger this week. The CLARITY Act yield compromise treats every protocol like a stablecoin issuer, which leaves pricing power only with firms that own user routing end-to-end. Coinbase didn't back that bill out of charity. Vertical integration is the new yield.
capital isn't the moat, it's the byproduct of owning the full stack. really excellent piece.
Great read. Very engaging and thought provoking points you have made. Cheers!