Category: Business

  • Sam Bankman-Fried Court Letter Under Scrutiny As Parents Call For Clemency

    Sam Bankman-Fried Court Letter Under Scrutiny As Parents Call For Clemency

    In brief

    • Prosecutors said a March filing submitted in Sam Bankman-Fried’s name appears to have been sent from San Francisco, raising questions over its authenticity.
    • Bankman-Fried’s parents went public March 21 calling his prosecution political and his sentence excessive.
    • The clemency push comes as the fallout from FTX’s collapse continues to shape crypto policy debates.

    Federal prosecutors have cast doubt on a recent court filing purportedly sent from prison by former FTX CEO Sam Bankman-Fried, telling a judge that a March 16 letter submitted in his name may not have been sent from prison but instead shipped via FedEx from the San Francisco Bay Area.

    In a filing, prosecutors said the letter appeared inconsistent with Bureau of Prisons rules, which prohibit inmates from using private carriers. The envelope labeled the facility incorrectly, FedEx tracking data pointed to pickup in Palo Alto or Menlo Park, and the document bore a typed “/s/” signature rather than a handwritten one, discrepancies the government said give it “reason to doubt” the letter was actually sent by Bankman-Fried.

    The letter asked for a one-month extension to April 16 to respond to a government brief. It cited an expected transfer from FCI Terminal Island and warned he could spend weeks without access to legal materials, counsel or the courts while in transit through Bureau of Prisons facilities.

    The court wrangling comes as Bankman-Fried’s family ramps up a public campaign to recast his case and press for clemency. In a March 21 CNN interview, his parents, Joseph Bankman and Barbara Fried, argued that his prosecution was politically motivated and his 25-year sentence excessive.

    “I think we have a really serious problem with prosecution being used for political ambition,” Fried said, adding that she believed the Biden administration had tried to “destroy crypto.”

    Bankman rejected comparisons between his son and Bernie Madoff, saying that “Sam built billion dollar businesses in a new field and was a pioneer for doing so.”

    They also challenged the core allegations, portraying FTX’s failure as a liquidity crisis rather than fraud. Fried said “all of the money was turned over” and argued customers were ultimately repaid with interest, while Bankman said transfers to Alameda Research reflected borrowing within the platform.

    Bankman-Fried fired his lawyers in early February and is currently representing himself. However, separate filings from March 16 also show tensions around his family’s involvement in Bankman-Fried’s legal strategy.

    A letter submitted in his name but written by his mother, a Stanford Law professor, sought an extension of time in the case. U.S. District Judge Lewis Kaplan rejected the filing, writing that she “lacks standing” to seek relief because she is not counsel of record and has not appeared in the case, and noted the letter did not indicate it had been served on prosecutors.

    Kaplan also said court staff had received a voicemail from someone identifying herself as Fried, adding that the court does not accept telephone calls from litigants or their family members. While declining her request, the judge extended the deadline on his own to March 23, allowing Bankman-Fried’s attorneys to seek relief properly if needed.

    The collapse of FTX

    FTX’s collapse in November 2022 remains one of the largest failures in the history of digital assets. The exchange, once valued at $32 billion, imploded after a surge in withdrawal requests exposed a shortfall tied to the use of customer funds by its affiliated trading firm, Alameda.

    Prosecutors said roughly $8 billion in customer money was missing at the time of the bankruptcy, and a jury later convicted Bankman-Fried on seven counts including fraud, conspiracy and money laundering. Bankman-Fried remains in federal custody serving a 25-year sentence.

    Whether customers were “made whole” has become central to Bankman-Fried’s post-conviction arguments. While the bankruptcy estate has recovered enough to repay many claims based on 2022 valuations, critics say that understates losses because crypto prices later rebounded sharply, meaning customers would have held far more valuable assets had their funds not been frozen.

    In early 2024, the FTX estate sold off its 8% stake in Anthropic, which it invested $500 million in in 2021, for $1.3 billion across two sales. Today it would be worth over $30 billion.

    Other cases have raised hopes of a pardon among Bankman-Fried’s supporters. President Donald Trump’s 2025 pardon of Binance founder Changpeng “CZ” Zhao signaled a more crypto-friendly posture in Washington and a willingness to revisit prior enforcement.

    Since his X account became active again in September last year, Bankman-Fried has increasingly tailored his public messaging to themes aligned with Trump and his allies, criticizing Biden-era crypto policy and raising claims of prosecutorial overreach as he pursues relief.

    However, Congress has not been receptive to the push. Senator Bernie Moreno (R-Ohio) called Bankman-Fried a “piece of shit” earlier this month, according to Politico, adding that, “The guy shouldn’t be pardoned. The guy should go to jail for a long, long time.”

    Trump indicated in February he currently has no plans to offer a pardon.

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  • Will MrBeast Push Crypto on Kids? Senator Warren Raises Alarm Over Banking App

    Will MrBeast Push Crypto on Kids? Senator Warren Raises Alarm Over Banking App

    In brief

    • Sen. Elizabeth Warren urged Beast Industries to move cautiously as the firm created by MrBeast considers crypto for Step, a teen-focused mobile banking app.
    • Before the company was acquired by Beast Industries, the senator argued that it pressured kids into asking their parents for permission to invest in crypto.
    • Earlier this year, Beast Industries signaled an interest in DeFi after receiving a $200 million investment from Ethereum treasury firm BitMine.

    Senator Elizabeth Warren (D-MA) requested information Monday regarding Beast Industries’ recent acquisition of Step, urging the company created by YouTube star MrBeast to move cautiously as it weighs crypto for the mobile banking app designed for young investors.

    In a letter sent to Beast Industries CEO Jeff Housenbold and MrBeast—whose real name is Jimmy Donaldson—the crypto critic argued that the firm’s history “raises concerns about its ability to manage a financial technology company, particularly one targeting children and teens.”

    The 12-page letter focuses on Step’s previous involvement in crypto. In 2022, the app announced that it had become the first platform in the U.S. to allow teens, with the consent of a parent or legal guardian, to purchase digital assets like Bitcoin. The company later advertised that it was expanding access to more than 50 digital assets, including NFTs.

    The senator argued that the Step promoted “risky investments” on social media, while providing users with resources that allegedly encouraged kids to pressure their parents into allowing crypto investments through Step, including a script that was posted to YouTube.

    Although Step backed away from crypto in 2024, Warren noted that Beast Industries has signaled its acquisition of Step could unlock opportunities with crypto and decentralized finance. Not long before, Beast Industries filed a trademark for “MrBeast Financial,” with language that mentioned crypto-based services for trading and payments using DeFi.

    In a statement, a spokesperson for Beast Industries said that it appreciates Warren’s outreach, and the company plans on engaging with her as Step evolved under MrBeast. Warren’s letter put forth 11 different questions for the company to answer, which include procedures for accommodating users who lose funds due to fraud, scams, and cybersecurity failures.

    “Our primary motivation behind this deal is to improve the financial future of the next generation,” they added. “We’re examining all existing offerings and marketing approaches to ensure that Step’s future is developed thoughtfully and deliberately, meets our very high quality standards, and is in compliance with applicable laws and regulatory requirements.”

    With over 500 million across social media, Warren wrote that MrBeast’s fans are loyal and likely to place their “funds, savings, and financial futures” in the YouTube star’s hands.

    Prior to acquiring Step, Beast Industries disclosed a $200 million from Ethereum treasury firm BitMine, which is chaired by Fundstrat co-founder Tom Lee. (Disclosure: Lee is an investor in DASTAN, the parent company of an editorially independent Decrypt.)

    Warren’s scrutiny of Beast Industries centered on Step, but the company was also thrust into the conversation around prediction markets earlier this year after Kalshi said that it had taken an enforcement action against a video editor, who was then fired. Kalshi found that the employee in question had abused knowledge of MrBeast’s videos to conduct near-perfect trading.

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  • Tempo Chain Goes Live on DeBank With Uniswap as Its First Supported Protocol

    Tempo Chain Goes Live on DeBank With Uniswap as Its First Supported Protocol

    Tempo Chain is now integrated into DeBank. The portfolio tracking platform, which covers Ethereum and EVM-compatible networks, has added Tempo as a supported chain with Uniswap included in the first batch of protocols.

    1/2

    Tempo chain is now integrated in https://t.co/IEGJ3zLVHO! @tempo

    1st batch of supported protocol: @Uniswap pic.twitter.com/2FOfqtzduV

    — DeBank (@DeBankDeFi) March 23, 2026

    For a Layer 1 blockchain built specifically for payments that went live on mainnet, appearing on DeBank is a meaningful infrastructure milestone. Users with assets on Tempo Chain can now track everything in DeBank without switching tabs or tools.

    What Tempo Chain Is

    Tempo is a purpose-built Layer 1 blockchain for payments, developed in partnership with leading fintechs. It is not a general-purpose smart contract platform that added payment features later. The entire architecture is oriented around payments at scale, which shapes everything from its consensus design to its fee structure to the kinds of applications it prioritizes for its ecosystem.

    The fintech partnerships matter. Most payment-focused blockchains are built by crypto-native teams working toward traditional finance from the outside. Tempo was developed with fintech partners involved from the start, which changes the product priorities.

    Fintechs care about different things than DeFi developers. Reliability, throughput, user experience that doesn’t require a crypto background to navigate. Tempo was built with those requirements in mind from the start.

    The network is already live on mainnet. This is not a testnet integration or an announcement of future plans. Tempo is running, and the DeBank integration reflects its current operational status rather than a roadmap item.

    What DeBank Adds for Tempo Users

    DeBank is the portfolio tracker a lot of serious DeFi users rely on daily. One view, every chain, every position. Tempo Chain being added means anyone with assets on Tempo can now see them sitting next to their Ethereum, Base, and Arbitrum holdings without opening a separate tool.

    That might sound like a convenience feature, but it has practical implications for adoption. Users who already rely on DeBank are more likely to explore and use a new chain when it shows up there. Discovery happens inside the tools people already use. A chain that isn’t visible in portfolio trackers is effectively invisible to a large segment of active DeFi users, regardless of what’s being built on it.

    DeBank also functions as a credibility signal. It doesn’t add every chain that asks. Its integration decisions reflect what it considers active and legitimate enough to put in front of its users. Getting listed is itself a signal.

    Why Uniswap as the First Protocol

    Uniswap being the first supported protocol on Tempo Chain within the DeBank integration is not a minor detail. Uniswap is the most recognized DEX in crypto along with Hyperliquid. Its presence on a new chain signals that the network has enough liquidity infrastructure to support meaningful trading activity, and it gives DeBank users a familiar entry point for interacting with Tempo Chain for the first time.

    For a payment-focused blockchain, having a major DEX operational and trackable early in its lifecycle also means users can move between payment utility and trading activity without leaving the ecosystem. Payments and swaps go together. Uniswap handles the swap side on Tempo Chain. The native payment infrastructure handles settlement. Both running on the same chain is the point.

    The Bigger Picture for Tempo Chain

    A payment blockchain needs two things. Infrastructure that actually works, and enough visibility that users and developers show up to use it. Tempo has the first in place with its mainnet launch and fintech partnerships. The DeBank integration, with Uniswap as the opening protocol, starts building the second.

    More protocols will follow in subsequent batches. Each addition to DeBank’s supported protocol list for Tempo Chain expands what users can track, which expands what they are likely to use, which expands the activity that makes the chain more attractive to the next developer considering where to build.

    What’s Ahead

    Tempo Chain landing on DeBank with Uniswap as the first supported protocol is a straightforward but important step. It puts a payment-focused Layer 1 blockchain in front of DeBank’s active DeFi user base at the point when those users are already managing their portfolios. Visibility in the tools people use daily is how new chains build their initial user base, and Tempo now has it.

  • Bitcoin Exchange Binance Delisted Numerous Altcoin Trading Pairs from Its Margin Trading Platform! Here Are the Details

    Bitcoin Exchange Binance Delisted Numerous Altcoin Trading Pairs from Its Margin Trading Platform! Here Are the Details

    Cryptocurrency exchange Binance has announced the delisting of certain trading pairs from its margin trading platform. According to the official statement, specific cross and isolated margin trading pairs on Binance Margin will be delisted on March 27, 2026, at 09:00 AM.

    According to the announcement, the trading pairs that will be removed from cross-margin trading include XRP/BNB, Axie Infinity/$BTC, Ethereum Classic/$BTC, Cosmos/$BTC, Dash/$BTC, Bitcoin Cash/$USD1, Pundi X/$USDC, Avalanche/$USD1, and F/$USDC.

    Regarding isolated margin trading, it was stated that the following pairs will be removed: Avalanche/ETH, Axie Infinity/$BTC, Ethereum Classic/$BTC, Cosmos/$BTC, Dash/$BTC, and F/$USDC.

    Binance advised users to close their open positions and manage their assets before the specified date to avoid potential losses. Otherwise, automatic liquidation processes may be initiated by the system.

    Stock exchange officials stated that the products offered in the margin market are regularly reviewed and that such updates are made based on criteria such as liquidity, trading volume, and risk management. Experts, however, emphasize that investors should exercise caution, bearing in mind the high risk involved in margin trading.

    *This is not investment advice.

  • ENI and GANA Insight Partner to Build Merchant-Ready PayFi Infrastructure on BNB Chain

    ENI and GANA Insight Partner to Build Merchant-Ready PayFi Infrastructure on BNB Chain

    ENI and GANA Insight have announced a partnership to advance PayFi infrastructure on $BNB Chain. GANA brings a decentralized payment and DeFi layer that is already running. Not a pilot. Not a testnet. Fully audited, wallet-integrated, and live with real payment utility.

    https://twitter.com/ENI__Official/status/2035995123893534733?s=20

    ENI brings the blockchain infrastructure underneath it: high throughput, low latency, built for enterprise use. Together, the partnership targets the gap between on-chain settlement capability and the merchant-ready experience that makes crypto payments usable in practice.

    What GANA Insight Actually Does

    GANA Insight is a decentralized PayFi infrastructure built on $BNB Chain. PayFi combines payment functionality with DeFi mechanics, allowing value to move through payment rails while also interacting with decentralized financial primitives like lending, yield, and settlement protocols.

    What separates GANA from earlier attempts at crypto payment infrastructure is that it is already running. The platform is fully audited, wallet-integrated, and live with real payment utility rather than in a testnet or pilot phase. Merchants can accept payments through it. On-chain settlement is operational. The UX is designed around merchant needs rather than crypto-native users, which matters for any payment product trying to reach real commercial adoption.

    The $BNB Chain foundation gives GANA access to a high-throughput, low-fee environment that makes small and frequent payments economically viable. Payment infrastructure that costs more in gas than the transaction is worth doesn’t work at scale. $BNB Chain’s fee structure solves that problem for the kinds of everyday payment volumes GANA is targeting.

    What ENI Brings to the Partnership

    ENI is an enterprise-grade Web3 blockchain built for real-world scale. Its design priorities are ultra-fast throughput and low latency, the two properties that matter most when payment infrastructure needs to handle volume without degrading user experience. A payment confirmation that takes seconds is still too slow for point-of-sale environments. ENI’s infrastructure is engineered around the performance requirements that enterprise and commercial payment contexts actually demand.

    The combination of ENI’s performance layer with GANA’s live payment infrastructure creates a stack that covers both ends of the PayFi problem. ENI provides the speed and scale. GANA provides the payment logic, merchant UX, and DeFi integration that turns raw blockchain performance into something a business can actually use.

    The PayFi Model and Why It Matters

    PayFi is a relatively new framing for something the crypto industry has been trying to build for years: payment infrastructure that works like real payments while connecting to the broader DeFi ecosystem. The traditional payment stack, cards, bank transfers, payment processors, is slow, expensive, and siloed from the yield and settlement opportunities that DeFi offers.

    PayFi infrastructure like GANA’s is designed to let value move through payment rails while simultaneously interacting with on-chain financial mechanisms. A merchant receiving a payment doesn’t just receive funds that sit idle. Those funds can settle, generate yield, or interact with other DeFi protocols in the same transaction flow. For businesses, that means payment infrastructure that is also a financial tool rather than just a value transfer pipe.

    The permissionless nature of the infrastructure matters here too. Traditional payment systems require approval from intermediaries at every layer: payment processors, banks, card networks.

    A permissionless PayFi infrastructure removes those gatekeepers, which has practical implications for merchants in markets where access to traditional payment rails is limited or expensive.

    What the Collaboration Produces

    TheENI and GANA partnership marks what both parties describe as another step toward a truly usable Web3 financial ecosystem. One partnership doesn’t solve the entire adoption problem for crypto payments. But it does add a layer of infrastructure that wasn’t there before.

    Specifically, the collaboration connects ENI’s enterprise performance capabilities to GANA’s already-live payment utility on $BNB Chain. Merchants using GANA’s infrastructure gain access to the performance characteristics of ENI’s network. Its ecosystem gains a payment layer with real commercial utility already demonstrated.

    The fully audited status of GANA’s infrastructure is worth noting for enterprise adoption. Businesses and institutional partners evaluating payment infrastructure need audit documentation before deploying at scale. GANA having that in place removes one of the more common blockers for enterprise integration.

    Conclusion

    ENI and GANA Insight are combining enterprise blockchain performance with live, audited PayFi infrastructure on $BNB Chain. The partnership doesn’t just describe what crypto payments could be. GANA is already running, merchants are already using it, and the on-chain settlement layer is already operational. ENI adds the performance infrastructure to support that at scale. That combination moves the Web3 payments conversation from theory to something closer to practice.

  • Polymarket Tightens Insider Trading Rules

    Polymarket on Monday announced updated market integrity rules across both its DeFi platform and its CFTC-regulated U.S. exchange, amplifying requirements governing insider trading and market manipulation. The new standards appear in the DeFi platform’s Terms of Use and the Polymarket US Rulebook.

    “Markets thrive on clarity,” said Neal Kumar, Polymarket’s chief legal officer, in a release.

    Prohibited Behavior

    The rules spell out three categories of banned insider trading conduct. First, participants may not trade on any contract if they possess confidential information about the outcome of the underlying event, where using that information would violate a preexisting duty of trust or confidence.

    Second, participants may not trade on confidential information passed to them by someone who owed a preexisting duty of trust or confidence to someone else, if they know or have reason to know that the tipper would be prohibited from trading on it themselves.

    Third, participants may not trade on any contract if they hold a position of authority or influence sufficient to affect the outcome of the underlying event.

    Beyond insider trading, both platforms prohibit all types of fraud and market manipulation — including spoofing, wash trading, and fictitious transactions — as well as self-dealing, front-running, information misuse, attempted manipulation, and disruptive practices.

    Enforcement

    On the DeFi side, Polymarket maintains a multi-layered monitoring system and partners with surveillance and technology specialists, and all trades are executed on the Polygon blockchain, providing built-in on-chain transparency. When the platform or community flags unusual activity, Polymarket said it may ban wallet addresses or refer the matter to law enforcement.

    On Polymarket US, surveillance operates at three levels: partnerships with trade surveillance specialists, a control desk conducting real-time monitoring, and a Regulatory Services Agreement with the National Futures Association to detect rule violations and investigate offenders. Sanctions on the U.S. exchange can include suspension, termination, monetary penalties, or regulatory referrals.

    The rule overhaul follows last week’s announcement that MLB named Polymarket its official and exclusive prediction market exchange. The deal centers on an integrity framework that restricts markets deemed to pose manipulation risk, including contracts on individual pitches, manager decisions, and umpire performance. MLB also signed an information-sharing agreement with the CFTC, the first such deal between the derivatives regulator and a professional sports body.

    Polymarket received CFTC approval to operate in the U.S. in November 2025, following a $2 billion strategic investment from Intercontinental Exchange. The platform has since begun rolling out its U.S. app, starting with sports markets.

    This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.

  • Polymarket updates fee structure and offers up to 30% referral rewards

    Polymarket updates fee structure and offers up to 30% referral rewards

    Blockchain-based prediction market platform Polymarket has rolled out a referral program that lets users monetize their network by earning a cut of trading fees.

    Direct referrals generate 30% in rewards, while indirect referrals bring in 10%, with unlimited upside. All earnings are calculated in real time and deposited directly into the user’s account balance.

    We’re excited to announce we’re expanding the release of Polymarket’s Referral Program from private beta to all traders with >$10k in volume

    You will now be eligible for rewards proportionate to the trading volume of all new users you refer

    Get started:https://t.co/uJhBnhMJub

    — Polymarket (@Polymarket) March 23, 2026

    According to the team, users can launch multiple referral campaigns, each with a unique link, to track which sources drive the most engagement. Links can be shared across social media, websites, or private channels, and referrals are automatically tracked upon sign-up.

    Users who try to game the referral program through deceptive practices, policy violations, or abusive behavior will be permanently suspended and lose eligibility for any future referral earnings, the team has warned.

    Polymarket is also updating its fee structure, according to the project’s documentation.

    Effective March 30, taker fees will expand from just two market categories (crypto and sports) to nine, covering politics, finance, economics, technology, culture, weather, and more.

    Fees will follow a standardized formula based on trade size and price, with peak effective rates reaching up to 1.8%. As before, fees will be lowest near extreme probabilities and highest near the midpoint.

    Polymarket built its dominance on a deliberately frictionless model, charging zero fees across nearly all categories, which drew millions of users and billions of dollars in wagers.

    During the 2024 US presidential election, more than $3.3 billion in bets flowed through the platform.

    The company is said to be considering a fresh raise at a valuation nearing $20 billion, as rival Kalshi also eyes a comparable figure. At the same time, both firms are dealing with increasing regulatory scrutiny at the state level.

    Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.

  • Arrest Made in Violent Kidnapping of Ledger Founder for Crypto Ransom: Report

    Arrest Made in Violent Kidnapping of Ledger Founder for Crypto Ransom: Report

    In brief

    • A suspect was arrested in Spain for their alleged role in the kidnapping of Ledger co-founder David Balland and his wife last January.
    • The individual is believed to be the last remaining suspect to be apprehended in the case.
    • Balland and his wife were kidnapped from their home last year and held for around 24 hours before being rescued.

    An individual suspected to have participated in the kidnapping of Ledger co-founder David Balland in France last year has been arrested in Spain, according to a local news report from Le Parisien.

    The apprehended individual is believed to be the final outstanding perpetrator from the January 2025 attack, according to the report. 

    “The French authorities identified and arrested all members of the criminal organization, with the exception of one of them, who left the country to seek refuge in our country and avoid his arrest,” the Spanish Civil Guard said in a statement. 

    The individual, who was not named, was located in Spain and eventually arrested last week in the municipality of Benalmadena. The arrest of the individual was facilitated with the use of a large police presence, the report says, “due to their dangerousness and the possibility that the criminal organization to which they belonged might try to free them.”

    Balland and his wife were kidnapped from their home in Cher, France last January and held captive for around 24 hours, with ransom demands of 10 million Euros worth of crypto—about $11.6 million—according to the Spanish Civil Guard. 

    One of Balland’s fingers was cut off during that time and mailed to his associates, Le Parisien reported at the time, citing unnamed sources. The pair were soon after liberated by law enforcement and the other kidnappers were arrested. 

    In June, police in Morocco arrested French-Moroccan national Badiss Mohamed Amide Bajjou, who was alleged to be the mastermind behind Balland’s abduction and other crypto-related kidnappings in France.

    Wrench attacks, or physical attacks in attempts to coerce crypto from victims, have been on the rise in the last year, jumping 75% year-over-year, according to data from security firm CertiK.

    France has been particularly troubled, responsible for 16 of the 23 wrench attacks that have been publicly reported this year, according to a database compiled by crypto security researcher and Casa CTO, Jameson Lopp. 

    Earlier this year, six individuals were arrested for kidnapping a magistrate and seeking a crypto ransom. Plus, the CEO of Binance France was the target of a home invasion, but was unharmed and the alleged perpetrators were arrested.

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  • Michael Intrator: GPU technology’s adaptability beyond crypto, the monetization of AI through inference, and why GPU lifespan misconceptions are misleading | All-In Podcast

    Michael Intrator: GPU technology’s adaptability beyond crypto, the monetization of AI through inference, and why GPU lifespan misconceptions are misleading | All-In Podcast

    Key takeaways

    • The transition from crypto to other GPU applications demonstrates the technology’s adaptability.
    • Initial GPU investments were crucial for scaling and learning in tech operations.
    • Scaling laws in computing are essential for developing transformative AI models.
    • Inference is a key economic driver in AI, monetizing the investment in artificial intelligence.
    • CoreWeave plays a pivotal role in deploying Nvidia’s new architecture at scale.
    • The GPU depreciation debate is influenced by traders with short positions, not market realities.
    • Clients’ long-term contracts indicate GPUs retain value beyond short-term depreciation claims.
    • GPUs have a longer commercial viability than typically assumed, challenging common misconceptions.
    • The demand for AI infrastructure is fostering market competition and profitability.
    • Innovative financing structures are crucial for managing cash flow in compute resource contracts.
    • The adaptability of GPU technology allows for diverse applications beyond its original crypto focus.
    • Long-term investments in GPUs provide invaluable operational insights and business growth opportunities.
    • Effective scaling is critical for decommoditizing computing and advancing AI model deployment.

    Guest intro

    Michael Intrator is co-founder, Chairman, President, and Chief Executive Officer of CoreWeave, Inc., a specialized cloud infrastructure company powering demanding AI workloads. Previously, he co-founded and served as CEO of Hudson Ridge Asset Management, a natural gas hedge fund, and as Principal Portfolio Manager at Natsource Asset Management, where he invested in global environmental markets and energy products. Under his leadership, CoreWeave has scaled into one of the world’s fastest-growing AI cloud platforms, partnering with Nvidia, OpenAI, and Microsoft.

    The versatility of GPU technology

    • We immediately moved from crypto to cgi rendering and we built projects that would allow folks that were trying to animate and render images… and then we moved to batch computing and started to look at medical research and different ways of using the compute to be able to drive science.

      — Michael Intrator

    • The transition from crypto to other applications illustrates the versatility of GPU technology.
    • GPU technology’s adaptability is a response to market volatility and the exploration of diverse use cases.
    • The evolution of GPU applications reflects changing market demands.
    • The transition from crypto to other applications of GPU computing illustrates the versatility of the technology.

      — Michael Intrator

    • Understanding the evolution of GPU applications is crucial for grasping market dynamics.
    • GPU technology’s adaptability showcases its potential beyond crypto.
    • The shift in GPU applications highlights the technology’s role in various industries.

    Strategic investments and scaling

    • I kinda feel like buying those initial gpus was the tuition we paid to learn how to run this business.

      — Michael Intrator

    • Initial investments in GPUs were a learning experience for scaling the business.
    • Strategic investments in technology are vital for gaining operational knowledge.
    • Scaling laws in computing are crucial for delivering transformative models.
    • What became very clear to us very very early on was that the scaling laws were going to drive… computing decommoditizes at scale.

      — Michael Intrator

    • Understanding scaling laws is essential for AI model development.
    • Effective scaling impacts how AI models are developed and deployed.
    • Scaling laws play a fundamental role in computing and AI infrastructure.

    Monetization and AI infrastructure

    • I always think of inference as the monetization yeah of the investment in artificial intelligence so when when when we see our compute being used to stand up the massive scale of inference that’s hitting our compute every day…

      — Michael Intrator

    • Inference is the monetization of AI investments.
    • Understanding inference is crucial for grasping AI’s economic implications.
    • CoreWeave is at the forefront of deploying Nvidia’s new architecture at scale.
    • So really you know we are we are the tip of the spear in bringing the new architecture out of nvidia into into commercial production at scale.

      — Michael Intrator

    • Nvidia’s architecture is significant in AI infrastructure.
    • CoreWeave’s role highlights the importance of Nvidia’s technology in AI deployment.
    • The deployment of new architectures is crucial for advancing AI infrastructure.

    The GPU depreciation debate

    • So my take on the GPU depreciation debate yeah is that it’s nonsense right it’s a debate that is being brought to the forefront by some traders that have a short position in the stock and they’re trying to talk down…

      — Michael Intrator

    • The GPU depreciation debate is driven by traders with short positions.
    • Market commentary often does not reflect the reality of GPU usage.
    • Clients typically purchase compute resources for five to six years.
    • Our clients come into us and they buy compute for five years for six years our average contract is five years…

      — Michael Intrator

    • GPUs retain value beyond short-term depreciation claims.
    • Understanding contract lengths is crucial for grasping GPU lifespan.
    • The debate around GPU depreciation often overlooks long-term usage.

    The lifespan of GPUs

    • The concept that a gpu is no longer relevant or commercially viable after sixteen more eighteen months or two years yeah that’s farcical it just it just doesn’t make sense.

      — Michael Intrator

    • GPUs remain commercially viable for longer than typically assumed.
    • Common misconceptions about GPU obsolescence are challenged.
    • The ongoing utility of older technology is highlighted.
    • Understanding GPU lifespan is crucial for tech industry assumptions.
    • The relevance of GPUs extends beyond initial expectations.
    • The commercial viability of GPUs is often underestimated.
    • Older technology continues to have utility in various applications.

    Demand and competition in AI infrastructure

    • The fact that we are attracting competitors the means that the business is healthy and there’s a lot of people trying to deliver this service because the need for this infrastructure…

      — Michael Intrator

    • Demand for AI infrastructure drives market competition.
    • The competitive nature of the AI infrastructure market is highlighted.
    • Profitability is impacted by the demand for AI infrastructure.
    • Market dynamics are influenced by the need for AI infrastructure.
    • The AI infrastructure market is characterized by competition and growth.
    • Understanding market dynamics is crucial for grasping AI infrastructure trends.
    • The demand for infrastructure fosters innovation and competition.

    Innovative financing structures

    • What I do is I create something it’s not a particularly creative name it’s called the box… the box governs cash flow and it has a waterfall of cash flow that comes into it and goes out of it.

      — Michael Intrator

    • The financing structure for compute resources involves a ‘box’ that governs cash flow.
    • Innovative financing models are crucial for managing compute resource contracts.
    • Cash flow management is essential for large-scale compute resources.
    • Understanding financing structures is key to grasping compute resource management.
    • The ‘box’ model provides a unique financial mechanism for compute resources.
    • Effective cash flow management is crucial for tech infrastructure financing.
    • Innovative financial mechanisms are vital for compute resource management.

    Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

  • Keone Hon: Monad’s successful blockchain launch, the importance of decentralization for user trust, and why outdated token gating strategies hinder growth | Empire

    Keone Hon: Monad’s successful blockchain launch, the importance of decentralization for user trust, and why outdated token gating strategies hinder growth | Empire

    Key takeaways

    • Monad’s blockchain launch was successful, with fast transaction processing and positive user feedback.
    • Strategic decisions, such as avoiding a pre-deposit campaign, set Monad apart from other blockchains.
    • Monad was the first project to conduct a token sale on Coinbase’s new platform, enhancing its visibility.
    • Exchanges play a crucial role as facilitators in the crypto ecosystem, integrating with networks to enable trading.
    • Decentralization is vital for the growth and adoption of blockchain technologies.
    • The Coinbase token sale attracted over 85,000 participants, showcasing strong interest in Monad’s token.
    • Gating tokens on specific chains is seen as an outdated strategy that limits user access.
    • Attempting to control token movement is ineffective in a decentralized environment.
    • Adapting to market dynamics is more effective than resisting them in the crypto space.
    • TVL growth should be driven by organic demand for sustainable ecosystem development.
    • Monad’s approach to token distribution emphasizes accessibility and user engagement.
    • The importance of decentralization underscores the broader adoption of blockchain systems.
    • Strategic adaptability is crucial for navigating the rapidly evolving crypto market.
    • Organic demand is essential for meaningful TVL growth in blockchain ecosystems.
    • Monad’s successful token sale on Coinbase highlights its innovative approach to market engagement.

    Guest intro

    Keone Hon is the co-founder and CEO of Monad Labs, the company behind the high-performance parallel EVM blockchain Monad. Previously, he led a quantitative trading team at Jump Trading for eight years and served as a quantitative developer at Jump Crypto, focusing on blockchain research and DeFi infrastructure. He holds master’s degrees in computer science and finance from MIT.

    Monad’s strategic launch decisions

    • Monad chose not to have an ecosystem-wide pre-deposit campaign, a strategy popular with new blockchains.
    • The decision to not have a ecosystem wide pre deposit campaign which have been really popular with a lot of new blockchains

      — Keone Hon

    • This strategic choice differentiates Monad from other blockchain projects.
    • Monad’s approach reflects a thoughtful strategy in launching its blockchain.
    • The decision highlights Monad’s focus on long-term success over short-term gains.
    • Monad’s unique launch strategy aims to build a sustainable ecosystem.
    • Monad being the first project to do a token sale on coinbase’s new platform

      — Keone Hon

    • Conducting the first token sale on Coinbase’s new platform was a pioneering move.
    • This decision enhances Monad’s visibility and credibility in the crypto market.
    • Monad’s strategic choices aim to foster genuine user engagement and interest.
    • The approach reflects a commitment to building a robust and accessible blockchain ecosystem.

    The role of exchanges in the crypto ecosystem

    • Exchanges function as businesses that integrate with existing networks to facilitate trading.
    • Any exchange is kind of just like a business… it’s just a participant in the network.

      — Keone Hon

    • Exchanges accept deposits and credit users’ accounts internally.
    • They evaluate withdrawal requests and send tokens out as needed.
    • Exchanges act as facilitators rather than creators within the crypto space.
    • Their role is crucial for enabling seamless trading and user interactions.
    • Understanding exchanges’ operations is key to navigating the crypto ecosystem.
    • Exchanges’ integration with networks is vital for the liquidity and functionality of digital assets.

    Importance of decentralization in blockchain adoption

    • Decentralization is crucial for the growth of crypto and blockchain adoption.
    • From a decentralization perspective, it’s really important for growing crypto.

      — Keone Hon

    • Decentralization enhances user trust and engagement with blockchain systems.
    • It allows for the development of new systems that attract more users.
    • Decentralized systems offer more transparency and security for users.
    • The decentralized nature of blockchain fosters innovation and collaboration.
    • Decentralization is a driving force behind the broader adoption of blockchain technologies.
    • Emphasizing decentralization can lead to more sustainable and robust blockchain ecosystems.

    Token sale success and community engagement

    • The Coinbase token sale successfully engaged over 85,000 participants.
    • Over 85,000 people participated in the Coinbase token sale.

      — Keone Hon

    • This indicates strong interest in the Monad token and its ecosystem.
    • The token sale provided everyday people access to the Monad token ahead of the public mainnet.
    • Successful token sales are crucial for building a vibrant and engaged community.
    • Community engagement is a key factor in the success of blockchain projects.
    • The token sale’s success reflects Monad’s effective market engagement strategy.
    • Engaging a large number of participants demonstrates the project’s appeal and potential.

    Critique of outdated token distribution strategies

    • Gating tokens on specific chains is an outdated strategy that limits access.
    • It’s not a good strategy because… you’d gate your token.

      — Keone Hon

    • This approach restricts user access and limits token liquidity.
    • Accessibility is crucial for the widespread adoption of digital assets.
    • Monad emphasizes open access to its tokens across different platforms.
    • Outdated strategies can hinder the growth and adoption of blockchain projects.
    • Emphasizing accessibility can enhance user engagement and ecosystem development.
    • Monad’s approach to token distribution reflects a modern and user-centric strategy.

    Challenges of controlling token movement

    • Trying to control token movement is ineffective and counterproductive.
    • The Monad Foundation does not control what people do with their tokens.

      — Keone Hon

    • In a decentralized environment, token movement cannot be easily controlled.
    • Users can acquire tokens and bridge them to other blockchains.
    • Decentralization allows for the free movement and trading of tokens.
    • Attempts to control token usage can undermine the principles of blockchain technology.
    • Embracing decentralization enhances the flexibility and adaptability of blockchain ecosystems.
    • Monad’s approach reflects an understanding of the decentralized nature of crypto assets.

    Adapting to market dynamics in crypto

    • It’s better to adapt to market dynamics rather than resist them.
    • You don’t want to try to fight the current… why not list with Binance?

      — Keone Hon

    • Flexibility is crucial for navigating the rapidly changing crypto market.
    • Adapting to market trends can enhance a project’s success and growth.
    • Resistance to market dynamics can hinder a project’s potential and innovation.
    • Monad’s strategy emphasizes responsiveness to market changes and opportunities.
    • Embracing market dynamics allows for strategic partnerships and collaborations.
    • Monad’s adaptability reflects a forward-thinking approach to blockchain development.

    Organic demand and sustainable TVL growth

    • TVL growth should be driven by organic demand rather than artificial inflation.
    • TVL growth is really meaningful only when it is driven by organic demand.

      — Keone Hon

    • Genuine user demand is essential for sustainable ecosystem development.
    • Artificially inflating TVL can lead to unsustainable growth and instability.
    • Monad aims to earn TVL over time through end-user demand.
    • Organic demand reflects the real value and utility of a blockchain ecosystem.
    • Sustainable growth is crucial for the long-term success of blockchain projects.
    • Monad’s focus on organic demand underscores its commitment to building a robust ecosystem.

    Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.