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A black geometric minting machine pours a flood of mint-green discs while a thin line of discs rides a white conveyor back into it

NEAR Protocol: the router earns in dollars, the token inflates in percent

NEAR's House of Stake voted to cut maximum issuance from 2.5% to 1.6%. We measure the gap the vote targets: about $10M of NEAR issued every 30 days against $1.84M of Intents revenue captured for buybacks, plus what the founder told Milk Road.

The Druid Deep Dive, Episode 18: The Great Debasement: when the Crown taxed the coin itself (1544-1551)

The Druid Deep Dive, Episode 18: The Great Debasement: when the Crown taxed the coin itself (1544-1551)

Henry VIII took 83 percent of the silver out of the penny and booked about £1.27 million. In 1551 his son's council halved the shilling by decree. Episode 18 traces who paid, twice, and reads the Fed's balance sheet and the debasement trade against it.

The Druid Deep Dive, Episode 17: Railroad bond mania: the track was real, the traffic was not (1868-1879)

The Druid Deep Dive, Episode 17: Railroad bond mania: the track was real, the traffic was not (1868-1879)

Between 1868 and 1873 American railroads laid 31,000 miles of track on borrowed money, and 36 percent of the corporate bond market then defaulted. Episode 17 traces who built, who paid and who kept the rails, and reads a Texas bankruptcy docket and this week's AI bond selloff against it.

The Druid Deep Dive, Episode 16: Scottish free banking: what held it up (1727-1845)

The Druid Deep Dive, Episode 16: Scottish free banking: what held it up (1727-1845)

For a century Scotland's banknotes were issued by rival banks, cleared weekly and held at par with no central bank. Episode 16 finds what held them, a note exchange, partners' estates and London, then reads 22 rollups against it: they have the exchange and the delay clause, and no liability.

The Druid Deep Dive, Episode 15: The Medici network: a holding company with no court above it (1397-1494)

The Druid Deep Dive, Episode 15: The Medici network: a holding company with no court above it (1397-1494)

The Medici bank ran branches in eight cities on 28,800 florins of family capital, less than the Peruzzi held in 1312, and came apart after one branch lent twice its capital to a duke. Episode 15 reads a Singapore judgment on the Multichain bridge against it: separate books, one set of keys.

The Druid Deep Dive, Episode 14: The day the peg broke: Bretton Woods to the Nixon shock (1944-1973)

The Druid Deep Dive, Episode 14: The day the peg broke: Bretton Woods to the Nixon shock (1944-1973)

Bretton Woods convertibility served central banks only; Americans were barred from gold until 1974. Episode 14 reads the Gold Pool collapse and Nixon's exception clause against the GENIUS Act and the Fed's proposed two-business-day redemption rule.

Crypto as a downstream AI story: the iPhone-to-Uber case

Crypto as a downstream AI story: the iPhone-to-Uber case

Tom Lee and a retail trading stream agree crypto is a downstream AI story. We test the iPhone-to-Uber case against the x402 Foundation roster, a16z's $1.6M monthly figure, and Solana's Alpenglow activation.

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