Below is a chart and brief excerpt from today's Early Look written by Macro analyst Christian Drake. 

  • Imagine the return of an (open) internet owned by users and builders and organized/incentivized by tokens.  A transition away from an operating model defined by closed code, closed platform where users are the data to open code where users own the platform and users own the data (see this great recent discussion with Chris Dixon and Naval for more → HERE)
  • Open protocols and the capability to build functionality and conditionality into code via NFTs/Smart contracts obviates the need for an intermediary or centralized entity.  The control and value accrue directly to the builders and users of the network, not some centralized entity.
  • Critically, decentralization and the shift in ownership and governance works to align everyone’s incentives in the same direction….

CHART OF THE DAY: Supply Shock Still In Motion - CoD BTC Supply Shock