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“Macroeconomics in this original sense has succeeded: Its central problem of depression prevention has been solved.” 

— Robert Lucas, 2003

I’m old enough to remember when people thought recessions might not be a thing anymore. 

By the early 2000s, economists like Robert Lucas and Alan Greenspan argued that traditional recessions, in which a cyclical decline in demand led to a shrinking economy, were becoming an endangered species: less frequently seen and less dangerous when they were.

This was known as “The Great Moderation,” but just as the idea was catching on, it…

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This is a segment from the Lightspeed newsletter. To read full editions, subscribe.

Continuing a string of recent hires, Jito Foundation has appointed Nick Almond as its head of governance, Lightspeed has learned exclusively.

An academic by training, Almond comes to Jito following a stint as CEO of the DAO-focused R&D shop Factory Labs. In comments shared with me, Almond said he hopes to steer Jito’s DAO clear of some common pitfalls that have befallen these organizations by “cautiously expanding” what the DAO tries to do.

Jito is Solana’s most important infrastructure project. Its Jito-Solana client, which adds revenue-boosting MEV modifications to the original…

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After a process that took years (1,300 or so days, Galaxy CEO Mike Novogratz noted on a Tuesday earnings call), GLXY shares are trading on the Nasdaq. 

The US listing boosts the stock’s visibility — i.e. via Robinhood and perhaps, one day, in indexes (S&P, MSCI, Russell, etc.)

More than that, though, we’re watching how it helps the firm scale as competition stiffens in the growing crypto space. 

“Most of Galaxy’s growth over the last seven years was internally funded with investing profits or trading profits, and so there was a regulator on how fast we could grow,”…

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Free $79 Credit for New Users – Every new account receives a $79 bonus to invest in the Doge Starter Plan, allowing you to earn up to $6.64 per week, completely risk-free. Flexible Mining Plans – Select from nine different contracts designed for any budget, ranging from entry-level options at $79… Read more on Benzinga

Galaxy Digital GLXY CEO Mike Novogratz praised the Trump administration’s approach to crypto policy, contrasting it sharply with the Biden era, which he described as “misery, misery.”

What Happened: Speaking with CNBC on Friday, Novogratz said the current administration has been highly favorable to the cryptocurrency industry.

“The four years under Biden were really un-American when it came to crypto. It was just misery, misery,” Novogratz said.

In contrast, he noted that “this administration has been amazing for the space in general,” emphasizing that Republican support for crypto has played a key role in shaping the current policy environment.

Novogratz said the company pivoted into…

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A Solidity developer friend of mine reached out on Signal the other day in a tizzy. “I can’t believe this,” he wrote. “How did Ethereum developers let this happen?”

He was referring to a recent article worrying about Ethereum’s Pectra upgrade — specifically EIP-7702 — and its supposed ability to let hackers “drain wallets with just an offchain signature.” The piece has been bandied about on X/Twitter, it seems, though not by people I follow. Fears were clearly being stoked in some circles that a new transaction type quietly enabled attackers to seize control of wallets…

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