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X2Y2

Mar 31

The Sunset of X2Y2

To our incredible X2Y2 community, Three years ago, on February 6, 2022, we launched the beta of X2Y2 with all of you by our side. What a ride it's been. Together, we built something extraordinary—peaking as the 2nd largest NFT marketplace behind OpenSea, racking up $5.6 billion in all-time trading volume, and even today, holding strong as the 3rd largest in the game (via TokenTerminal). I look back on those wild days—the highs of the NFT boom, the lows of its fade—with nothing but gratit...

X2Y2

The Sunset of X2Y2

Union Square Ventures

Jun 25

The Rebel Alliance

Our view on the emerging agentic stack

Union Square Ventures

The Rebel Alliance

We believe that the AI opportunity is too big and too important to be owned by any one company. Instead, we see a massive ecosystem emerging around the agentic AI stack. We refer to it as the Rebel Alliance, and we believe it's not just competing, but is structurally positioned to lead. What began as a simple "chat app" experience has matured into the agentic era. More powerful models, combined with better tooling to orchestrate and connect them, have made it possible to build truly capable a...

Cover image for Obliterate, Don't Automate

Union Square Ventures

Jul 22

Obliterate, Don't Automate

On AI and the potential to transform markets

Union Square Ventures

Obliterate, Don't Automate

In 2015, my partner Fred Wilson published a short blog post, Don't Automate, Obliterate, on how USV thinks about startup investments. The post was based on a 1990 HBR article by Michael Hammer by the same name. Specifically, Fred and the rest of USV partners found that the best investments were in the companies that were not just building software to automate existing markets… but to fully obliterate them instead. Since then, it's become a defining characteristic for how USV assesses startup ...

MetronomeDAO

Jul 30

Post-Mortem: msETH/msUSD Underbacking

Chainlink oracle latency caused underbacking across Metronome's msETH and msUSD swap modules. Treasury positions are prepared to absorb the gap and buy back synthetic assets.

Post-Mortem: msETH/msUSD Underbacking

MetronomeDAO

Chainlink oracle latency caused underbacking across Metronome's msETH and msUSD swap modules. Treasury positions are prepared to absorb the gap and buy back synthetic assets.

Royco

Jun 22

Last Week at Royco #8 - Financing the Real World

"Royco turns yield bearing assets into cleaner collateral and opens real-world credit to anyone. This week: Jai Bhavnani on the future of onchain credit, and why a Senior tranche is the best collateral your asset can become.

Royco

Last Week at Royco #8 - Financing the Real World

Cover image for Meet the Agents at USV: Arthur, Ellie, Sally, and Friends

Union Square Ventures

Mar 25

Meet the Agents at USV: Arthur, Ellie, Sally, and Friends

Building agents and custom software that fit how we work at USV

Union Square Ventures

Meet the Agents at USV: Arthur, Ellie, Sally, and Friends

There’s a great story in Stewart Brand’s How Buildings Learn about how a temporary wooden structure left over from World War II became one of the most loved buildings at MIT. During the war, MIT needed a new building to house the urgent classified development of radar technology. They hastily built a three story wood structure to fit the thousands of additional researchers: You know those time lapse photographs they make of construction of skyscrapers? Well Building 20 went up like that – alm...

Cover image for What are the actual employment effects of data centres?

Brandon Donnelly

Aug 1

What are the actual employment effects of data centres?

New Brookings research reveals that while data centres drive up grid costs, hyperscale and clustered facilities generate real economic and job gains compared to standalone sites.

Brandon Donnelly

What are the actual employment effects of data centres?

New Brookings research reveals that while data centres drive up grid costs, hyperscale and clustered facilities generate real economic and job gains compared to standalone sites.

Royco

Jun 29

Last Week at Royco #9 - The Test Continues

The apyUSD Observation Period is the clearest look anyone has had at how Royco handles stress. The structure is holding exactly as designed. In a little over a week, we'll see how it all resolves.

Royco

Last Week at Royco #9 - The Test Continues

apyUSD is the clearest look yet at how Royco handles stress. Coverage near 25%, no losses booked, every metric live onchain.

Cover image for Unlocking TVL With Senior Tranches

Royco

Jun 17

Unlocking TVL With Senior Tranches

How better collateral unlocks more demand for your asset.

Royco

Unlocking TVL With Senior Tranches

If you issue a yield bearing asset, the fastest way to grow TVL is to make it better collateral. How Senior tranches unlock higher LTVs, more integrations, and more capital-efficient leverage.

Continuations

Jan 21

Termination Shock (Book Review)

Over vacation I read Termination Shock by Neal Stephenson. Unlike many other recent books tackling the climate crisis, it is entirely focused on the controversial issue of geoengineering through solar radiation modification (SMR). The basic idea of SMR is to let slightly less sunlight into the Earth’s lower atmosphere where it can heat things up. Even a tiny decrease in solar radiation will have a big impact on global warming. To put upfront where I stand on this: I first wrote about the need...

Termination Shock (Book Review)

Continuations