Head of Research @grayscale. Opinions are my own. Disclosure: https://nitter.cf/t.co/ojLj461iVI
Stamford, CT
Joined November 2021
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Zach Pandl retweeted
My main takeaways from Zcon 7 in Mexico:
1. Nobody talked about price, nobody shilled the token and told the audience to buy.
2. The virtue signaling was not about being superior to other forms of money, but about supporting humanitarian efforts with community grants.
3. There were lots of technical discussions, especially about divisive development proposals such as Crosslink (proof of work + proof of stake hybrid) and ZSA (shielded assets, basically tokens with the same privacy as ZEC(.
4. While Maxine and Tom Howard were engaged in launching attacks against ZCG via Twitter threads, everyone in the room was calm and respectful. The only response was “we wish they were here to debate the matters as a community”.
5. By the end of the event, a compromise about the ZCG was drafted and most actors accepted it. Cypherpunks write code, they don’t waste precious time with politics.
6. Zcash is obviously more decentralized than last year: with different development companies building their node clients/wallets in parallel and mining pools competing for access to ASICs. Yet nobody wants the protocol to ossify and everyone is in favor of network upgrades.
7. Zcash has been in a bear market for 9/10 years, so nobody appears to be complacent about the current state of affairs. The building will continue regardless of price.
8. What’s truly amazing about Zcash is that it kept many coders who have been with the project since 2016 or even before it. While Greg Maxwell and Gavin Andresen have retired from contributing to Bitcoin before the project turned 10 years old, Zcash still has Tahoe LAFS/ Mojo Nation era contributors. It’s amazing to witness their commitment because they could have made much more money working on ZK projects with much more generous VC funding.
9. All of this feela like 2013/2014 Bitcoin. It’s quite amazing to see!
Zach Pandl retweeted
"It is impossible to grasp sound money if one does not realize it was devised as an instrument for the protection of civil liberties against despotic inroads from govts. Ideologically it aligns with political constitutions and bills of rights."
Ludwig Von Mises
HBD #Bitcoin!
Zach Pandl retweeted
Hyperliquid’s outsourced revenue model hit $38M last month and attracted major institutional partners. ICE, parent of the @NYSE, is now partnering with @tradexyz to build perpetual futures on Hyperliquid in the US.
Outsourced revenue streams:
1. Deployer Perps (HIP-3): Third parties list perpetual futures on commodities, equities, and pre-IPO assets.
2. Builder Codes: @phantom, @hypurrdash, @fomo, and others route orders to Hyperliquid and earn fees.
3. USDC Reserve Yield: @coinbase passes 90% of reserve income from $6B in deposits to Hyperliquid.
4. Auctions: Fees from spot trading and token listing auctions.
Interested in $HYPE? Grayscale Hyperliquid Staking ETF $HYPG offers exposure to $HYPE. Learn more here: etfs.grayscale.com/hypg
Zach Pandl retweeted
Digital assets paved the way for markets that never close.
Most traditional assets continue to trade only between the opening and closing bells. But that is changing.
While still pending regulatory approvals, a new venture from @ICE_Markets and @tradexyz seeks to expand the 24/7 model to stock and commodities contracts using Hyperliquid ($HYPE).
This is a concrete example of how the blockchain is reshaping market access.
trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.
In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch.
We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress.
ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid.
Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it.
ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one.
We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them.
To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story.
Anything. Anytime. On ICE[XYZ].
Zach Pandl retweeted
We want Ethereum to also win on UX, while getting even harder to censor, more private and more secure.
Silver is our effort to contribute to that, with a focus on performance. We’re standing on the shoulders of all the client teams who’ve brought Ethereum this far, and are keen to work with the community and bring our experience in high-performance engineering.
$ETH
Zach Pandl retweeted
Congratulations to the authors of the "Google quantum paper" from April on winning this year's @ChaincodeLabs Bitcoin Research Prize. The paper had an enormous impact and gave the whole space a much clearer picture of the challenges ahead. Very well deserved!
In Adam's acceptance talk it was obvious that he genuinely cares about Bitcoin. I suspect that authenticity is why quite a few people in the room revised their quantum timelines during the talk.
Congrats to Ryan Babbush, Adam Zalcman, @CraigGidney, @tanujkhattar4, Hartmut Neven, Thiago Bergamaschi, @drakefjustin and @danboneh.
JUST IN: “Securing Elliptic Curve Cryptocurrencies against Quantum Vulnerabilities” announced as this year’s winner of @chaincode’s Bitcoin Research Prize 2026
The paper, produced largely by Google’s Quantum AI (@GoogleQuantumAI) group, provided new resource estimates for breaking the 256-bit Elliptic Curve Discrete Logarithm Problem, the core of modern blockchain cryptography.
Zach Pandl retweeted
Ten years ago today I wrote a blog post entitled "Zcash begins", announcing the genesis block of the Zcash blockchain: web.archive.org/web/20180810… ⤵️
Zach Pandl retweeted
Happy Birthday Zcash $ZEC.
10 years of privacy is just the beginning.
Zach Pandl retweeted
⚡️ UPDATE: Grayscale's AI Compute ETF $GCPU gives exposure to AI infrastructure stocks, led by CoreWeave, Nebius and DigitalOcean.
Zach Pandl retweeted
Every AI model running today needs compute. These companies are powering the AI buildout:
Neocloud:
CoreWeave ($CRWV), Nebius Group ($NBIS), Digital Ocean ($DOCN)
AI Compute Infrastructure:
Hut 8 ($HUT), IREN ($IREN), Core Scientific ($CORZ), TeraWulf ($WULF), Applied Digital ($APLD), Hewlett Packard Enterprise ($HPE), SBI Holdings ($SBI)
The Grayscale AI Compute ETF $GCPU offers exposure to a basket of companies powering the compute economy. Learn more: etfs.grayscale.com/gcpu.
Zach Pandl retweeted
"Token Value Accrual" is one of the most commonly used phrases... but what does it really mean?
The relationship between capital returns (buybacks, burns, staking) and token supply (vesting, emissions, etc.) is critical to evaluating token valuation analysis.
Top 10 Tokenholder Yield: $HYPE, $LIT, $CAKE, $AERO, $UNI, $RAY, $PENDLE, $AAVE, $JUP, $CRV
Top 10 Adjusted Earnings Yield: $CAKE, $LIT, $HYPE, $RAY, $AAVE, $JUP, $SKY, $UNI, $AERO, $PENDLE
Crypto valuations don’t have to rely on narratives alone. Many crypto assets can be valued on their cash flows, earnings, and capital returned to tokenholders. Read more on The Stack: grayscale.com/the-stack/brin…
Zach Pandl retweeted
Top 10 Tokenholder Yield: $HYPE, $LIT, $CAKE, $AERO, $UNI, $RAY, $PENDLE, $AAVE, $JUP, $CRV
Top 10 Adjusted Earnings Yield: $CAKE, $LIT, $HYPE, $RAY, $AAVE, $JUP, $SKY, $UNI, $AERO, $PENDLE
Crypto valuations don’t have to rely on narratives alone. Many crypto assets can be valued on their cash flows, earnings, and capital returned to tokenholders. Read more on The Stack: grayscale.com/the-stack/brin…
Zach Pandl retweeted
*most things are DCF.
Love that this topic is (finally) becoming more prominent in this asset class.
Check this out from @Grayscale
Crypto valuations don't have to rely on narratives alone. Onchain applications generate measurable economic value through earnings and capital returns, providing investors with a foundation for fundamental valuation.
@LowBeta @charlieperk4 🤝
grayscale.com/the-stack/brin…
