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The Head of Innovation at Janus Henderson thinks blockchain is the most disruptive tech in asset management We sat down with Nick Cherney to discuss why financial services are moving onchain, what Janus Henderson is already building, and what's still in the way Timestamps 👇 0:00 Intro 0:38 Meet Nick Cherney, Head of Innovation at Janus Henderson 1:43 From ETFs to tokenization 3:05 Why blockchain is more disruptive than AI 4:05 Tokenization explained simply 4:51 What Janus Henderson does onchain 7:03 Why the choice of blockchain matters 9:05 The real friction points for institutions 10:05 Why he says no blockchain has ever been hacked 11:20 Blockchain is not crypto 13:08 The settlement gap holding tokenization back 15:20 What institutions need from a high-performance chain 16:54 The next inflection point for RWAs 18:19 Closing thoughts

Two weeks ago, Ethereum researchers met in Berlin to continue charting the protocol's long-term trajectory, following along discussions with client teams in Svalbard in April. The updated strawmap is at and I attached a picture of it to this post. My own high-level takeaways: * "Lean Ethereum" is not a single one-shot upgrade, it is a collection of improvements that will come online to the Ethereum network over the course of three or four years. But make no mistake, this IS the third major iteration of Ethereum in the same way that the Merge was the second. Almost every major piece of the protocol will be replaced: - Verification through recursive STARKs, rather than direct re-execution. Recursive STARKs become an enshrined first-class core component of the protocol - Replacing everything quantum-vulnerable with quantum-safe alternatives - Consensus: decoupled available chain and finality, one or two-round finality. Theoretically optimal security properties, simpler than today, and faster than today - Multidimensional gas - State: not just tree structure, but what *types* of state are available - Changes to client architecture ... At the same time, simplification, cleanup and future-proofing. And this will all be done in a way that minimizes disruption to existing application. We've done this before (the Merge), we can do it again. * H-star (aka Hegota) is probably Ethereum's last thematically "pre-Lean" fork. Starting from I-star, most of everything we do will have a very strong "Lean" feel to it in one way or another. * Privacy is no longer an afterthought, it is a first class goal. When designing Frames, the mempool, additions to the state tree, we explicitly ask the question "okay, how do quantum-safe, intermediary-free privacy protocol transactions go through this, and what is the overhead?" * Formal verification of everything for security. * FV also makes us much more comfortable with canonicalization (having pieces of the protocol that are directly defined as a piece of bytecode expressed in some language). evm-asm is being written in part to become a canonical proof system for the EVM. * Quantum safety has shifted up a LOT in priority. This adds a lot of work (eg. finalizing a quantum-safe blobs design has become urgent; this work has already been ongoing for months) * Probably the single most disruptive part of the plan is the changes to state. There is growing consensus around leaving present-day-style "dynamic state" mostly unchanged, but scaling it only a medium amount, and adding new types of state that are more scalability-friendly (eg. no need for builders to sync/store all of it) but more restrictive, and that will scale a large amount. eg. possible Ethereum in 2030: 2 TB of present-day-style (dynamic) state, and 100 TB of new-style (scalable but restrictive) state This "new-style" state would work very well for ERC20s, NFTs, many defi use cases, but not eg. highly "central" objects like Uniswap contracts, or onchain order books, or other complex things (which are crucial for Ethereum but which only take up a small percentage of state) Hence, it will not be *necessary* to rewrite any apps, but it will be *very cost-effective* to eg. rewrite an ERC20 token into a newer design that uses a new type of UTXO storage that is currently being explored, so that it will have >10x lower txfees. Design of these new state types (current ideas: keyed nonces, ring buffers, UTXOs, statically accessible state, temp state) is an area where we will need a lot of feedback from application developers (incl. privacy-friendly application developers) and probably several rounds of rethinking and iteration. * In the context of a much larger total state size, we need to figure out the incentive issues around who stores this state and what motivates them to. Even saying "each node stores 1%" is not good enough - why do they store that 1% and why are they willing to serve it? This is being elevated as a first-class research area. * Ethereum will need to have a "VM" other than EVM in one form or another - at the very least, we need something like leanISA for recursive STARKs - and the gains are large in exposing it to users so that we support programmable privacy and better scalability. Right now, the most likely contenders are leanISA and RISC-V. My own ideal is that in this world, we adjust the protocol so that the EVM becomes a high-level-language compiler-level feature, and the protocol only "sees" RISC-V / leanISA directly. But this is still far away. * Gas limit increases, blob increases and slot time decreases will happen many times over the next ~5 years. We expect a large gas limit increase with Glasterdam. Each step of increased scale or decreased slot time is a matter of getting to the point where it is safe to do it, which comes from a combination of client optimization and protocol changes. Ethereum is CROPS. Ethereum is scaling. Ethereum is reinventing itself. Onward.

As MiCA-related changes take effect today in the EU, we want to reassure affected users that we remain committed to supporting you through this transition with clarity, care, and responsibility. Your assets remain safe on Binance, held on a 1:1 basis, and affected users will continue to have access to the options already communicated to them, including transfers and withdrawals where applicable. We know regulatory changes can be disruptive, and we want you to know we are working hard behind the scenes to engage closely with regulators and deliver the best possible path forward for our users. We are contacting affected users directly with next steps. If you have questions about your account, please reach out to Binance Customer Support through our official channels.

Just some random thoughts, I do think AI is the most disruptive technology in human history. To the level of agricultural or industrial revolution. Since Anthropic, OpenAi, XAI, and others are racing to build superintelligence. The amount of economic impact can't be measured if AI helps find cures for cancer or accelerates discovery for Quantum Computing. Or if AI end up displacing the workforce, which increases profitability for companies. The US Gov has every incentive to keep the buildout going too, as the implications from Warfare, Cybersecurity, is also immeasurable if China takes the lead. So there's likely to be incentives and subsidies to win, even if there's not enough profit derived LLM training/inference. As for sustainability, when you look upstream, $GOOGL is able to fund it majorly with their own cashflow, same with $AMZN, $MSFT. More lukewarm on $META. Very iffy about $ORCL. But I do see some bubbles forming around debt interest like $CRWV. Maybe circular valuations that's happening with OpenAI backlog agreements or $NVDA / $AMD agreements with Neoclouds to buy their GPUs. But as seen with $MSFT and having OpenAI be a major part of the backlog, it did correct off the information, so "bubbles" like that do pop despite the overall markets increasing. Definitely don't see a bubble in upstream semiconductors from $LITE to Sk Hynix though since the amount of profit they get from the buildout would likely be insane to make up for capex decreasing. OpenAI was actually my biggest fear from contagion, eg. $CRWV, $CBRS and others, but they just raised a lot. So think it will be fine for another 1 1/2 years of capex, especially if they IPO this year. I also don't think we'll get massive Fed tightening despite "predictions" since this will trigger a contagion since many of these players rely heavily on debt. And although the Fed is independent, don't think Trump would have supported someone who is against his administration goals. As for semiconductor valuations going up every day like $AMD or $MU, there's probably going to be some corrections here and there. Everything going up together is kinda unhealthy. Can't time the capex peak but just from $AVGO and other projections, it just keeps accelerating exponentially into 2028. Especially as everyone is starting to sign multi year agreements as well. OpenAI contagion / hyperscaler capex decreasing / fed tightening was what I'm looking out for, and no blaring signs of any of those yet. So I think the music will keep playing for this year at the bare minimum.

$LMND is in a war most investors still don’t understand. Not just a war for customers. A war for narrative. A war for credibility. And ultimately, a war for its cost of capital. That matters because public markets do not merely observe a company’s trajectory. They can shape it. A company with a trusted narrative gets patience, liquidity, talent, strategic freedom, and cheaper capital. A company trapped inside the wrong narrative pays a tax on every ambition. Lemonade is still widely framed by many as an unproven, money-losing insurtech experiment. But the operating data has been moving in the opposite direction. IFP is growing. Revenue is accelerating. Gross profit is scaling. Loss ratios have improved materially. Cash flow is inflecting. The company is no longer asking investors to believe in a concept. It is increasingly asking them to reconcile their old model with new facts. And I have seen this movie before. First with Apple. Then with Tesla. In both cases, the market spent years debating the wrong questions while the business quietly answered the important ones. The consensus kept focusing on what the company used to be, or what incumbents wanted it to be, while the operating model kept compounding underneath. Lemonade is not Apple. Lemonade is not Tesla. But the pattern is familiar: a misunderstood company, a disruptive operating model, a hostile narrative environment, and a widening gap between perception and execution. That gap is where the opportunity lives. I have spent twenty years studying disruption as an investor. I also spent twenty years inside financial markets infrastructure, transformation, and business management. Those two tracks have rarely felt as connected as they do here. This is not about blind faith. It is about pattern recognition, operating evidence, market structure, and narrative reflexivity. The short interest is not the thesis. The business is the thesis. But when a company is executing and the market remains anchored to an outdated story, narrative becomes part of the battleground. And when that narrative affects valuation, liquidity, and cost of capital, it becomes more than noise. It becomes strategic. I am long $LMND because I believe the market is still underestimating the scale of what is being built. I could be wrong. That is always possible. And I invite the scrutiny. But I know what this setup looks like. And I know how rare it is. So strap in. Because history may not repeat itself. But it all too often rhymes.

Battlefield 6: Stream Snipers Can Now Receive VAC Bans Battlefield 6’s latest anti-cheat update expands enforcement beyond traditional cheating software. Players engaging in the following behaviors may face penalties, including VAC bans on Steam: - Stream sniping - Match manipulation - Win-trading - Team sabotage - Vehicle spawn blocking - Collusion with players on the opposing team - Targeted harassment of streamers and content creators Battlefield 6 uses new machine learning systems to detect these offenses by identifying repeated patterns of disruptive behavior. Enforcement focuses on repeated and intentional behavior patterns rather than isolated incidents. Confirmed offenders can receive both Battlefield-specific punishments and VAC bans visible on their Steam profiles.

While there’s a lot being written about the Supreme Court decisions on tariffs, I wanted to take a moment to step back and clearly lay out my thoughts on them. Many people think of tariffs as purely disruptive, but throughout history, they’ve been a primary source of government revenue. In an ideal world, you wouldn’t have tariffs — each country would make and trade the things they are capable of producing efficiently. But as the world becomes increasingly fragmented, we have to look beyond pure economic efficiency and consider the necessity of self-sufficiency. For that reason, tariffs are anything but simple. To understand who truly benefits and who pays the price, you have to look at the full system.

It is hard to communicate how much programming has changed due to AI in the last 2 months: not gradually and over time in the "progress as usual" way, but specifically this last December. There are a number of asterisks but imo coding agents basically didn’t work before December and basically work since - the models have significantly higher quality, long-term coherence and tenacity and they can power through large and long tasks, well past enough that it is extremely disruptive to the default programming workflow. Just to give an example, over the weekend I was building a local video analysis dashboard for the cameras of my home so I wrote: “Here is the local IP and username/password of my DGX Spark. Log in, set up ssh keys, set up vLLM, download and bench Qwen3-VL, set up a server endpoint to inference videos, a basic web ui dashboard, test everything, set it up with systemd, record memory notes for yourself and write up a markdown report for me”. The agent went off for ~30 minutes, ran into multiple issues, researched solutions online, resolved them one by one, wrote the code, tested it, debugged it, set up the services, and came back with the report and it was just done. I didn’t touch anything. All of this could easily have been a weekend project just 3 months ago but today it’s something you kick off and forget about for 30 minutes. As a result, programming is becoming unrecognizable. You’re not typing computer code into an editor like the way things were since computers were invented, that era is over. You're spinning up AI agents, giving them tasks *in English* and managing and reviewing their work in parallel. The biggest prize is in figuring out how you can keep ascending the layers of abstraction to set up long-running orchestrator Claws with all of the right tools, memory and instructions that productively manage multiple parallel Code instances for you. The leverage achievable via top tier "agentic engineering" feels very high right now. It’s not perfect, it needs high-level direction, judgement, taste, oversight, iteration and hints and ideas. It works a lot better in some scenarios than others (e.g. especially for tasks that are well-specified and where you can verify/test functionality). The key is to build intuition to decompose the task just right to hand off the parts that work and help out around the edges. But imo, this is nowhere near "business as usual" time in software.

A very Happy Thanksgiving salutation to all of our Great American Citizens and Patriots who have been so nice in allowing our Country to be divided, disrupted, carved up, murdered, beaten, mugged, and laughed at, along with certain other foolish countries throughout the World, for being “Politically Correct,” and just plain STUPID, when it comes to Immigration. The official United States Foreign population stands at 53 million people (Census), most of which are on welfare, from failed nations, or from prisons, mental institutions, gangs, or drug cartels. They and their children are supported through massive payments from Patriotic American Citizens who, because of their beautiful hearts, do not want to openly complain or cause trouble in any way, shape, or form. They put up with what has happened to our Country, but it’s eating them alive to do so! A migrant earning $30,000 with a green card will get roughly $50,000 in yearly benefits for their family. The real migrant population is much higher. This refugee burden is the leading cause of social dysfunction in America, something that did not exist after World War II (Failed schools, high crime, urban decay, overcrowded hospitals, housing shortages, and large deficits, etc.). As an example, hundreds of thousands of refugees from Somalia are completely taking over the once great State of Minnesota. Somalian gangs are roving the streets looking for “prey” as our wonderful people stay locked in their apartments and houses hoping against hope that they will be left alone. The seriously retarded Governor of Minnesota, Tim Walz, does nothing, either through fear, incompetence, or both, while the worst “Congressman/woman” in our Country, Ilhan Omar, always wrapped in her swaddling hijab, and who probably came into the U.S.A. illegally in that you are not allowed to marry your brother, does nothing but hatefully complain about our Country, its Constitution, and how “badly” she is treated, when her place of origin is a decadent, backward, and crime ridden nation, which is essentially not even a country for lack of Government, Military, Police, schools, etc. Even as we have progressed technologically, Immigration Policy has eroded those gains and living conditions for many. I will permanently pause migration from all Third World Countries to allow the U.S. system to fully recover, terminate all of the millions of Biden illegal admissions, including those signed by Sleepy Joe Biden’s Autopen, and remove anyone who is not a net asset to the United States, or is incapable of loving our Country, end all Federal benefits and subsidies to noncitizens of our Country, denaturalize migrants who undermine domestic tranquility, and deport any Foreign National who is a public charge, security risk, or non-compatible with Western Civilization. These goals will be pursued with the aim of achieving a major reduction in illegal and disruptive populations, including those admitted through an unauthorized and illegal Autopen approval process. Only REVERSE MIGRATION can fully cure this situation. Other than that, HAPPY THANKSGIVING TO ALL, except those that hate, steal, murder, and destroy everything that America stands for — You won’t be here for long!