▼Distribution Layer Captures Crypto Economics

Score history

Daily conviction score, 0 to 100. Higher means the thesis is more strongly corroborated.

Now 37 · -2 since Sep 13 · ranged 37 to 39

Showing the last few days. Unlock full score history.

Why the conviction moved

• Sep 12
  Strengthened +3

  Robinhood reported August crypto volume of $17.5 billion, up 61% from July, while total DeFi locked value stayed below $88 billion. Growth accruing to a consumer front end far faster than to open protocol layers is the value-capture asymmetry the thesis tracks.

• Sep 10
  Strengthened +7

  Consensys split MetaMask into its own company with Joe Lubin as chairman and CEO, giving the existing corporate entity the MetaMask name while protocol and institutional infrastructure move to a separate business, and declined to discuss a listing. The naming choice is the thesis in corporate form: the distribution asset kept the parent entity and the protocol work was spun out, not the reverse.

Source trail

• Supporting · September 12, 2026

  Liquid Staking Reaches $52.3 Billion While Total DeFi Value Sits Below $88 Billion

  Robinhood reported August crypto volume of $17.5 billion, up 61% from July, while total DeFi locked value stayed below $88 billion. Growth accruing to a consumer front end far faster than to open protocol layers is the value-capture asymmetry the thesis tracks.

  Cointelegraph (Telegram)

• Supporting · September 10, 2026

  Consensys Splits MetaMask Into Its Own Company With Joe Lubin as Chairman and Chief Executive

  Consensys split MetaMask into its own company with Joe Lubin as chairman and CEO, giving the existing corporate entity the MetaMask name while protocol and institutional infrastructure move to a separate business, and declined to discuss a listing. The naming choice is the thesis in corporate form: the distribution asset kept the parent entity and the protocol work was spun out, not the reverse.

  CoinDesk