Logan Jastremski × Armani Ferrante

Backpack pairs each freely transferable Solana token with a one-to-one real share, enabling arbitrage between Nasdaq or NYSE and on-chain markets.Ferrante says this produces “40X, 45X” better pricing than comparable Robinhood Chain stocks.Backpack sacrificed $100 million to $200 million in foregone profit for a unified regulated layer that could replace idle cash and delayed settlement, but still has “a lot to prove” against incumbents within one or two years.

Kel × Thread Guy

Zcash combines rising fears of surveillance, capital controls and fiat credibility with doubts that Bitcoin will add the privacy and resilience its original mission requires, while a decade as crypto’s punchline kept the thesis antimemetic.Kel primarily holds spot, ring-fencing most of the position against a 90% fall and reserving only a small sleeve for sentiment; the key catalyst is whether those political and monetary risks become real or merely perceived as rising.

Thread Guy × blurr

Paper Trade replaces the casino bankroll with a tokenized queue, returning house commissions to stakers and converting unpaid winnings into debt.HyperEVM precompiles read Hyperliquid’s BBO on-chain, enabling inspectable 1000x exposure with zero slippage and no funding, while scheduling limits gas wars.A roughly $5 million bankroll, decaying emissions above about $2 million and delayed token trading make live scalability and insolvency key tests.

Avi Felman × Bryan Pellegrino

LayerZero now carries roughly $150 billion of assets and $10–15 billion monthly, positioning its messaging layer as institutional financial infrastructure.Zero and Atlas add finance-specific execution, with DTCC, ICE, Citadel, four or five major exchanges, and more than 20 front ends involved.ZRO’s proposed fee-and-buyback loop depends on launch and regulation, while faster transfers can shift rollback risk to solvers or counterparties.

Patrick O'Shaughnessy × Gabe Stengel

Rogo’s model-era progression—from o1 Pro’s reliable search to Opus 4.5 handling junior finance work—supports a two-year race to redesign investment firms, not wait for better models.Its wedge is private-market dealmaking, where data rooms, DDQs, CRM and LP reporting still lack infrastructure, while high-value ideas can justify extreme token spend.The watchpoints are compaction, standardization, and whether incumbents move aggressively enough.

Peter Diamandis × Dave Blundin × Alexander Wissner-Gross × Vlad Tenev

Robinhood Chain already handles well over $1 billion in daily DEX volume and roughly 200 tokenized U.S. stock tokens across 120-plus countries.That evidence strengthens Vlad Tenev’s tokenization thesis, while Bessant’s liability stance and Robinhood’s plumbing-not-alpha view define the regulatory, automation and competitive risks ahead.

泓君 × 韩歆毅 × Jorn Lambert × 刘作虎 × 周靖人

蚂蚁CEO韩歆毅看好智能体经济爆发，但承认判断依据是商家需求而非后台数据。Agentic Commerce落地慢于预期，支付瓶颈在消费者信任而非技术。万事达卡拟发布全球KYA标准；小布助手购买额增长但基数仍小，催化剂包括信任基建、A2A规范与机器微交易凭证。

swyx × Vibhu × Rune Kvist

AIUC’s $40M Series A, led by Ribbit Capital and FirstMark, marks a thesis moving from speculation to fact: risk, not capability, constrains AI adoption.AIUC-1 pairs quarterly standards, thousands of simulations and independent testing with Lloyd’s-backed insurance, creating a credible route into bank deployments.Model certification and robotics are next, while liability, private frontier-risk information and rating-shopping remain unresolved.

Brian Armstrong × Elad Gil

Coinbase says roughly 76% of agentic transactions are below 30 cents, making card rails uneconomic and supporting self-custodial wallets plus the X42 protocol.With 88% of revenue now non-Bitcoin trading, prediction markets reaching a $100M revenue run rate and tokenized stocks could broaden the exchange, while the SEC path for U.S. availability remains unresolved.

DeFi Dad × Nick Forster

Derive V3 collapses execution and settlement into one ZK application, with testnet live and launch expected within the next month to month and a half.Few-lines-of-code integration, correlated Bitcoin-and-ETH margin, and verifiable collateral target institutions in a 15 billion-contract U.S. options market.Ethereum L1 remains undecided, while qualified custody and regulatory fit are key adoption milestones.