pushing @privy_io | prev. @delphi_digital
NYC
Joined February 2024
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Simon retweeted
2/ Train yourself to go from 10 to 40 to 100 hours of focused work a week. I did this for months building an automated trading system from scratch. 5am-10pm 7days/week
99% of people need #WorkLifeBalance or whatever, and that's great. But I'm talking to the people on a mission.
Simon retweeted
writing about this for @Delphi_Digital's year ahead reports in dec.
i think money (btc, zec, alt-sovs) will be a big theme and we'll see breadth expand in the amount of projects that have fundamentally sound/investable token structures. team is also p bullish on options.
Simon retweeted
It has been an incredible year for Privy.
We are accelerating faster than we ever have, with Stripe wind beneath our wings. As Patrick said
> assets in Privy wallets have grown ~25x, monthly active developers are up ~3x, revenue is up ~9x, and Privy now facilitates nearly $25B of monthly transaction volume. (it's over $25B but who's counting)
More importantly still, working with Stripe and @stablecoin teams we are collectively building toward something entirely more powerful: a single unified platform to pay, spend, earn and hold stablecoins anywhere in the world. Modular and integrated all at once.
We have made tremendous progress here, but we have so much more to do.
The stakes are worth it: enabling every business to be global from day 1, equally fit for humans and agents, using Internet money rails. (talk about growing the Internet's GDP :D)
Today is probably a good time to check in on things with @privy_io, which became part of @stripe just over a year ago.
Our acquisition was predicated on three factors: stablecoin growth, self-custody as a key enabler of broader global coverage, and rapidly increasing demand for programmable financial infrastructure. As we said at the time, "money has to reside somewhere, and Privy builds the world's best programmable vaults."
Since then, the Privy team has executed exceptionally well: assets in Privy wallets have grown ~25x, monthly active developers are up ~3x, revenue is up ~9x, and Privy now facilitates nearly $25B of monthly transaction volume. @tryramp, @Deel, @Klarna, @felixpago, @HyperliquidX, and thousands of other businesses are building embedded banking functionality on Privy.
At Stripe, we're deeply integrating Privy into Treasury, @Link, and Connect. In each case, it's accelerating our global expansion, and enabling us to build better functionality faster. (Coming soon: @Link balances.)
We're also seeing that Privy's wallet infrastructure is the ideal substrate for agents to transact and earn -- live today with @merit_systems, @orthogonal_sh, @Nevermined_ai, @prlnet, and more. Developers prefer programmable financial infrastructure, but agents need it. We expect that the agentic economy will continue to grow extremely quickly.
The Privy team has maintained remarkable product velocity, with major launches this year including deposit addresses, earning on Privy balances, digital asset accounts, custodial wallets, and Stripe's own stablecoin cards.
It's also been neat to see how Privy has been accelerated by Stripe, with better onramps, @stablecoin payment rails and licenses, Stripe's fiat capabilities and issuing stack, and integration with @Tempo.
Together, we're building one API for holding stablecoin balances and earning yield, moving money in and out of fiat, and orchestrating spend with cards. We still have a lot of work to do, not least in integrating everything across Privy, Bridge, and the rest of Stripe -- there's been so much feature and functionality expansion that we haven't yet had much time to reconcile everything. Overall, though, I'm very happy with how things are going, and excited by where these capabilities are headed.
If you're interested in working on the future of stablecoins, agentic payments, and crypto's deployment in the real world, you should get in touch with @sternhenri (now leading all of @StripeCrypto) or others on the team.
Simon retweeted
Come work with me and @simononchain, I promise it’ll be fun
privy's hiring!
we're looking for someone with a research background who's: hungry, opinionated and wants real ownership over how we go to market in crypto
you'll find the best teams before anyone else is talking to them, call where the market's heading next, and build the relationships that turn into deals
Simon retweeted
Simon has done an INCREDIBLE scaling research into a superpower for Privy
He deeply understands where the market is heading, who the best teams are, how to get in touch with them, and where Privy should be directing it's energy
Hit us up if you want to join this ELITE function
privy's hiring!
we're looking for someone with a research background who's: hungry, opinionated and wants real ownership over how we go to market in crypto
you'll find the best teams before anyone else is talking to them, call where the market's heading next, and build the relationships that turn into deals
Simon retweeted
On Bridge & Privy:
“There is a certain kind of crypto nativity & way of working in the crypto world that is different to the world that we came from.”
“Folks on those teams are crypto native in a way that would be hard to get there that quickly at Stripe, & they've injected a lot of that crypto nativity into the Stripe culture.”
Simon retweeted
another @simononchain banger i miss him so much 💔
Our original Shuffle report is now unlocked.
Shuffle has been seeing a resurgence. Our report breaks down the platform's growth, its revenue-sharing model, and the key risks and catalysts to watch.
Read the report here for free.
delphi.link/Shuffle
Simon retweeted
Delphi was early with their analysis of ethereum:0x8881562783028f5c1bcb985d2283d5e170d88888 (shout out @simononchain!)
If you haven't read the initial report (its free now!), goes into great detail about the bull case.
Super excited to be working with Simon and @privy_io on the next BIG thing for SHFL 🟣
Our original Shuffle report is now unlocked.
Shuffle has been seeing a resurgence. Our report breaks down the platform's growth, its revenue-sharing model, and the key risks and catalysts to watch.
Read the report here for free.
delphi.link/Shuffle
Simon retweeted
I'm bullish on the on-chain options space as a whole. Options have massive product market fit on the retail side, as evidenced by it being Robinhood's biggest trading revenue line, and on the institutional side based on how much global volume they do. It's also the biggest tradfi market that hasn't really seen material growth on-chain.
In crypto, perps have dominated because they're simple to understand and it's easy to build up liquidity on a trading pair. But perps are path dependent. You can be right about where something ends up and still get liquidated on the way there. Oct 10 was a good example of that, and I think it's made people a lot more interested in options, where you know your max loss going in.
On-chain options have been attempted before, but the models were subpar. We're now seeing teams build models that mirror centralized designs, which lets market makers provide liquidity on par with or better than Deribit. On-chain options also now benefit from perps liquidity, which makes it possible to offer RWA markets in a way that wasn't possible before.
This is one of the reasons I particularly like $SYN.
Aside from being incredibly bullish on its founder @trajan0x, I think the product itself is very compelling. Hypercall is built on top of Hyperliquid, so market makers can hedge there and use those same positions as margin. That means Hypercall can list options on anything with a Hyperliquid perp, whether that's majors, alts or the tokenized equities on TradeXYZ. You can already trade same-day and daily SpaceX options there, which you can't do on a traditional exchange, and the same will be true for pre-IPO names once Hyperliquid lists them. Anyone with a wallet can use it, it's USDC margined and it trades 24/7.
I think the token side of things is also very compelling.
• No equity entity, so all cash flows are governed by SYN
• No VCs and no unlocks, with 88% of supply circulating
• Builder codes for frontend revenue share
With the governance structure in mind, I'm including a proposal below to kick off value accrual for the token. It has three parts.
1) 70% of protocol fees go toward buying SYN on the open market on Hyperliquid. The SYN that gets bought is distributed to SYN stakers.
2) 30% of fees go to SLP, the USDC vault that provides market making liquidity on Hypercall. Rewards are time weighted so people can't deposit right before a distribution and farm it.
3) Traders who stake SYN get fee discounts from 5% up to 40%, similar to how Hyperliquid does its staking tiers. There's a 24 hour activation period and a 7 day unstaking cooldown. The SYN thresholds for each tier still need to be ratified by the DAO.
The split applies to fees actually collected, after discounts and builder/referral shares, and there are no new emissions.
The proposal is pending a DAO vote.
snapshot.org/#/s:synapse-gov…
Simon retweeted
FYI
Our Zcash report is now unlocked to the public.
Zcash sits at the intersection of expanding financial surveillance and growing demand for private money.
The thesis is more relevant now than ever.
Read the full report here.
delphi.link/Zcash
Simon retweeted
our banger deep dive by @simononchain in feb is now public and free to read
Our Zcash report is now unlocked to the public.
Zcash sits at the intersection of expanding financial surveillance and growing demand for private money.
The thesis is more relevant now than ever.
Read the full report here.
delphi.link/Zcash
Simon retweeted
I found a version of zcash:native which:
- broadcasts your entire transaction history to the whole world
- is not quantum secure and has no credible path to be
- has no real plans to scale the chain to support global usage
Oh and it trades at ~60x the market cap of Zcash.
Simon retweeted
for zcash, privacy is often misunderstood as the end all be all
that certainly serves a clear market segment and is incredibly important
but I posit the more significant part of privacy is its role in enabling a better monetary asset
privacy enables choice, but more importantly it enables the safe haven and fungibility required for a true internet-native SoV
internet-money by default has historical information attached to it which means that one coin may not actually be fungible for another coin (i.e if the Canadian government determines your coins came from those supporting the truckers, they can come after you for years into the future)
i.e the money you receive shouldn't come with the baggage of those who held it before you
cash does not have this problem and is devoid of all information which enables true fungibility and higher liquidity in the limit, and so too must internet-native money have this property
even with gold and other offshore holdings, there's a reason people (used to) put them in Switzerland to take advantage of bank secrecy
but with Zcash, we now scale this to the entire planet. that's the point of tech: scale
now, all you need is an internet connection and a cryptographic keypair to get all these benefits that were only available to a select few
so, even if you're someone who doesn't need the privacy aspect of zcash, it's still foundational for enabling a better monetary asset along with quantum proofing and performance upgrades
trillions
Simon retweeted
It’s been great working with @simononchain and the whole Privy team 🙌
