Field Notes · Page 2
Cross-chain bridges have lost more money than any other category of DeFi protocol. The cumulative number across the major incidents — Ronin,…
There's a moment, usually nine to eighteen months into a successful product, when the team starts having the same conversation in slightly d…
Stablecoin volume in 2025 surpassed Visa's transaction volume. Most of that is on-chain trading, not real-economy payments — but the share t…
The biggest reason consumer Web3 hasn't gone mainstream isn't the technology. It's that every onboarding flow asks the user to understand se…
Real-world asset tokenization is one of the categories most-talked-about and least-shipped in Web3. The 2025 wave finally produced some real…
The race to zero on NFT royalties between 2022 and 2024 nearly killed creator economics on-chain. Marketplaces optimized for trader volume o…