Logan Jastremski

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.

Logan Jastremski × Mike Dudas

Dudas’s token test is whether value accrues somewhere and reaches holders, making governance-only designs vulnerable when insiders redirect fees.6MV pairs Pump.fun and sub-hour prediction markets with Squads, Dakota, Morpho, Aave, and Kamino as crypto shifts toward application-layer cash flow.The unresolved catalyst is whether meme-driven products can graduate users into better assets, as many L1, L2, and infrastructure tokens may disappear.

Logan Jastremski × Rob Hadick

Finance is moving onchain through stablecoins, tokenized assets, and collateral, while product, distribution, and revenue capture value more reliably than decentralization alone.Settlement may modernize before Visa and payment economics disappear, with fees redistributed toward consumers; the upside is a funnel for very large companies, but execution still depends on real-time infrastructure, monetization, and product-market fit.

Jason Yanowitz × Santiago Roel Santos × Logan Jastremski

Logan Jastremski revises the Frictionless thesis: value L1s like exchanges through volume and take rate, since throughput without execution produces no revenue.Solana’s $2.5B daily volume signals exchange-scale TAM, while Hyperliquid’s product and commodities traction, decentralization question, and unresolved perps execution remain key watchpoints.

Logan Jastremski × Max Resnick

Constellation proposes a decentralized Nasdaq for Solana, using multiple proposers and localized ingestion instead of co-locating its 800 validators.Its protocol-enforced 50-ms economic tick could support on-chain securities markets worth far more than crypto today, while revenue design and conditional regulation remain key constraints.