The pioneers of new technology must raise a lot of capital to create foundational infrastructure, which can lead to over-investment and speculative bubbles. When these bubbles burst, weak firms fail, and market power consolidates around industry leaders and their paradigms. Through this consolidation process, we can identify the common elements across applications and isolate them into standard, modular components that can be open-sourced or sold as individual services. These abstractions make it easier to build more complex applications and enable a shift from capex-dominant to opex-driven cost structures that allow new products to launch faster and with lower startup costs. This pattern is now unfolding in web3 as new “modular” technologies, such as rollups, accelerate development and unlock an era of lean startup innovation. 

Like many of you, we were surprised to see the rapid collapse of FTX, one of the largest crypto exchanges in the world. The complete details of what happened will take a while to unravel. We already know it’s not good. But we also know that crypto is bigger than any single company, no matter how large. And given what we’re discovering, it’s better this collapse happened now, and not years from now.

Radicle is a new kind of code collaboration network built entirely on open protocols. At the core of it there is a peer-to-peer code network built on Git. It allows developers to host and manage open source software projects on a decentralized network of nodes owned by their peers, instead of centralized platforms like GitHub owned by companies like Microsoft. This is especially important in today’s world, where the power to control information, including code, lies in the hands of the few.