Adjusted $1.5B for seed-stage, $3B for more venture investments. Opening up the new era of Crypto VC. They are literally doing a-to-z for their portfolios. Stunning.

Chris Dixon's comment:
"We think we are now entering the golden era of web3. Programmable blockchains are sufficiently advanced, and a diverse range of apps have reached tens of millions of users. More importantly, a massive wave of world-class talent has entered web3 over the last year. They are brilliant and passionate and want to build a better internet."

a16z opeating functions:
- Research and engineering, which helps our portfolio companies solve their most important technical challenges in areas like cryptography, mechanism design, protocol design, and tokenomics; as well as conducting original research to advance the science and technology of the next generation of the internet.
- Security, which helps in areas like key management, smart contract auditing, and formal verification, along with application and infrastructure security.
- Talent and people, which helps with recruiting executive, technical, and product talent, plus developing organizational frameworks to support scaling.
- Legal and regulatory, which helps our portfolio companies navigate regulatory uncertainty, and charts pathways for DAOs and decentralization.
- Go-to-market, which helps with marketing, communications, content, growth, strategic partnerships, and more.

https://a16zcrypto.com/crypto-fund-four/

FTX Ventures has committed to leading the $3 billion round

https://www.theblockcrypto.com/post/148576/layerzero-labs-seeks-backing-that-would-triple-its-valuation-to-3-billion

Value-add VCs
Do VCs really add value?
- recruitment
- introductions & marketing
- growth & management seem to differ

https://blog.creandum.com/do-vcs-add-value-4-years-later-the-answer-remains-sometimes-49c53a8865b4

https://hackernoon.com/do-vcs-really-add-value-founders-say-sometimes-f27bb956eb8c

a16z's 'Introducing the 2022 State of Crypto Report'
and its summary thread

https://a16zcrypto.com/state-of-crypto-report-a16z-2022/

https://twitter.com/sirposher/status/1526539214980096001?s=28&t=SbmiwJaDwbnQuNnL25ybag

이번에 발생한 이더리움의 Reorg 문제를 간단하게 설명한 thread입니다.

about Ethereum Reorg - short thread

https://twitter.com/hodl_gap/status/1529827998295175168?s=28&t=ilkFHhxvBkS9geIdVPv-uQ

Vitalik's recent post on automated stablecoins.

Automated stablecoin?
- It issues a stablecoin, which attempts to target a particular price index. There is some targeting mechanism that continuously works to push the price toward the index if it veers away in either direction.
- The targeting mechanism is completely decentralized and it must not rely on asset custodians.

Thought experiment 1: can the stablecoin, even in theory, safely "wind down" to zero users?
- When a product declines, customers generally don't get hurt all that much in the non-crypto world. But sometimes in crypto world, a rapid drop in interest followed by a bang happens instead of slow decline.
- RAI's security depends on an external asset, so has a much easier time safely winding down. However, it still has problem when it becomes primary dApp on Ethereum that it can crater the price of ETH (and also it cannot eventually grow more than ETH's market cap since it's over-collateralized).

Thought experiment 2: what happens if you try to peg the stablecoin to an index that goes up 20% per year?
- For a collateralized automated stablecoin to be sustainable, it has to somehow contain the possibility of implementing a negative interest rate.
- The stablecoin must somehow be able to respond to situations where even at a zero interest rate, demand for holding exceeds demand for borrowing.

Attitude we should have
- We need to move away from the attitude that it's okay to achieve safety by relying on endless growth.
- We should evaluate how safe systems are by looking at their steady state, and even the pessimistic state of how they would fare under extreme conditions and ultimately whether or not they can safely wind down.

https://vitalik.eth.limo/general/2022/05/25/stable.html

JPMorgan Finds New Use for Blockchain in Trading and Lending

https://www.bloomberg.com/news/articles/2022-05-26/jpmorgan-finds-new-use-for-blockchain-in-collateral-settlement?sref=6FtEotWJ

The Hitchhiker's Guide to Ethereum

Key Takeaways
- Ethereum is the only major protocol building a scalable unified settlement and data availability layer
- Rollups scale computation while leveraging Ethereum’s security
- All roads lead to the endgame of centralized block production, decentralized trustless block validation, and censorship resistance
- Innovations such as proposer-builder separation and weak statelessness unlock this separation of powers (building and validating) to achieve scalability without sacrificing security or decentralization
- MEV is now front and center – numerous designs are planned to mitigate its harm and prevent its centralizing tendencies
- Danksharding combines multiple avenues of cutting edge research to provide the scalable base layer required for Ethereum’s rollup-centric roadmap
- I do expect danksharding to be implemented within our lifetimes

https://members.delphidigital.io/reports/the-hitchhikers-guide-to-ethereum