USDC on Solana Overview - Approximately $12 billion USDC supply exists on Solana [1] - Around $2 billion USDC is held in SquadsProtocol wallets [1] - Centralized exchanges (CEXs) like Coinbase and Binance hold approximately $2 billion USDC on Solana [1] - BitGo and Backpack are also among the top holders of USDC on Solana [1] - The remaining USDC is distributed across major Solana ecosystem projects such as JupiterExchange, MeteoraAG, KaminoFinance, pumpdotfun, RaydiumProtocol, DriftProtocol, and Orca_so [1] - Data indicates that USDC on Solana is broadly distributed across various ecosystem stakeholders, including custody solutions, centralized exchanges, and DeFi protocols [1] Stablecoin Adoption Strategies - Stablecoins are programmable money, and their success depends on network effects [2][3] - Network effects require time, persistence, and integration efforts [3] - Circle's BD team has built relationships across nearly every ecosystem project, contributing to USDC's dominance [3] - Stablecoin issuers have two options: match Circle's BD efforts or focus on a specific use case to build trust and long-term dominance [3][4] - Stablecoins must be actively and consistently used with a clear purpose to achieve adoption [4]

AI Productivity Impact - Aggregate productivity data does not yet reflect a significant impact from GenAI, with output per hour worked growing at a similar rate to pre-ChatGPT projections [1][2] - The broad-based positive impact of AI on productivity may take longer to materialize, similar to the delayed impact of computers in the late 20th century [3][4] - Some sectors are experiencing productivity gains from AI, but these gains are not yet widespread [6] Profitability Concerns - Increased productivity due to AI may not immediately translate into increased profits for investors, potentially mirroring the delay seen during the dot-com era [6][7] - The lack of network effects in AI, unlike companies like Meta or Microsoft, poses a risk to widespread profitability across industries [8][9] - AI's high capital expenditure requirements, similar to the airline industry, could limit overall profitability despite its importance for economic growth [10][11] Investment Considerations - Investors may not be patient enough to wait for productivity numbers and profits from AI to improve [4] - While some companies like Nvidia are seeing profits from AI, many others are incurring costs to implement it [8] - The commoditization of AI technologies, such as neural net transformer architectures, could further challenge profitability [11]

Market Opportunity & Growth - Digital insurance ad spend is projected to reach $14 billion by 2026, representing a 23-26E CAGR of 15% [13, 20] - Digital insurance ad spend growth is outpacing overall digital ad spend growth, with a 27% increase expected in 2024 compared to 13% for overall digital ad spend [21, 22] - The Property & Casualty (P&C) insurance industry is recovering, with carriers refocusing on growth and customer acquisition as underwriting results improve [37] Financial Performance - The company's LTM Transaction Value reached $1.9 billion [17] - LTM Q2 2025 Adjusted EBITDA was $116.8 million, representing a 136% year-over-year growth [17] - Q2 2025 Transaction Value was $435 million, compared to $255 million in Q2 2024 [54] - Q2 2025 Adjusted EBITDA was $24.5 million, compared to $18.7 million in Q2 2024 [54] Business Model & Strategy - The company operates a two-sided marketplace connecting insurance demand partners with high-intent end consumers [24] - The company has high partner retention rates, with 100% one-year retention and 96% three-year retention for both top 25 supply and demand partners [35] - The company's model enables demand partners to monetize surplus traffic through its marketplaces as supply partners [33] - The company's economic model is based on a percentage of Transaction Value, regardless of whether an insurance product is sold [48]

Company Overview - 1stDibs' mission is to enrich lives with extraordinary design[10] - The company operates an asset-light, two-sided marketplace with network effects, connecting buyers and sellers of luxury goods[14, 15] - 1stDibs has a legacy brand, founded in 2000, and has evolved from a listing service to a full e-commerce marketplace[17] Key Metrics - 1stDibs has over 7 million registered users[20] - The marketplace boasts over $10 billion in seller stock value[20] - Cumulative GMV has reached $3 billion[20] - The average order value (AOV) is $2,600[20] - The average order value (MOV) is $1,350[20] Financial Performance - Q2 2025 revenue was $89 million[20, 31] - Gross margin was 72%[20] - Q2 2025 Adjusted EBITDA was -$1.752 million[43] - Adjusted EBITDA margin for Q2 2025 was -7.9%[43]

RT mariaa.eth 🐸 (@MariaShen)1/ Ethereum hosts the world’s largest decentralized financial system.And its lead is compounding.ETH's network effects built over 10 years are nearly impossible to replicate.For its 10th birthday, here’s the data showing where Ethereum leads & why it’s not slowing down: ...

Ecosystem Development & Community Building - Solana 在 IRL（In Real Life）活动和社区建设方面表现出色 [1] - Superteam 在柏林举办投资者与初创公司晚餐会 [1] - 德国涌现出许多优秀的 Solana 创始人 [1] - 行业认为生态系统应该拥有 Superteam [2] Network Effects & Traction - 此类活动为 Solana 带来了网络效应和吸引力 [1]

Core Insights - True value in investments is derived from growth rather than short-term gains, emphasizing a long-term perspective on evaluation [1] - Great businesses provide significant societal value and exhibit durability, deserving of substantial growth [1] - Key characteristics sought in businesses include selection, convenience, value, and durability, with a preference for non-cyclical businesses [1] Business Characteristics - Businesses that consistently outperform competitors through superior products and services are favored [1] - The ability to create multiple revenue streams and maintain complex operations is seen as advantageous [1] - A business's resilience in the face of adversity is a critical test of its durability [1] Value Drivers - Uniqueness is identified as the primary driver of value [1] - Low costs associated with maintaining existing operations allow for high leverage in reinvestment and growth [1] - Trust and network effects are important indicators of a business's durability [1] Management Importance - Effective management is crucial, with a preference for executives who have aligned interests and a strong focus on the business [1] - Companies led by seasoned CEOs, founders, or family businesses are viewed favorably [1] - Good management fosters a culture that empowers employees and attracts talent [1] Investment Strategy - The success of companies like Amazon illustrates the benefits of a customer-centric approach [1] - Buyback strategies are recommended for businesses that demonstrate durability [1] - The optimal time for investment is when negative news is already priced in, revealing true value [1] Market Dynamics - Price movements are influenced by expectations and surprises, with a focus on companies that have negative factors priced in but positive aspects underestimated [1]

Business Strategy - Software companies should aim to become platform businesses [1] - Companies should seek to create network effects, increasing product value with more users [1] - The industry believes most software products can be platformized [1]

Core Insights - True value in investments is derived from growth rather than short-term gains, emphasizing a long-term perspective on evaluation [1] - Great businesses provide significant societal value and exhibit durability, deserving growth proportional to their superiority [1] - Key characteristics sought in businesses include selection, convenience, value, and durability, with a preference for non-cyclical operations [1] Business Characteristics - The ability to create superior products and services that outperform competitors is crucial [1] - Multiple revenue streams and anti-fragile business structures are preferred, indicating resilience in adverse conditions [1] - Uniqueness is identified as the primary driver of value, with low maintenance costs allowing for high reinvestment potential [1] Management and Strategy - Trust and network effects are important indicators of business durability [1] - Management quality is critical, with a preference for executives who have aligned interests and a strong focus on the business [1] - Successful companies, like Amazon, demonstrate that a customer-centric approach can yield extraordinary returns [1] Investment Timing and Strategy - The optimal time for investment is when negative news is already known, revealing true value [1] - Companies that can maintain stability during layoffs and do not need to chase talent are seen as more valuable [1] - Price movements are influenced by expectations and surprises, with interest in companies that have negative factors priced in but positive aspects underestimated [1]

Financial Data and Key Metrics Changes - The company reported revenue of $6.9 million, representing a 30% year-on-year growth [24] - Platform revenue was $2.3 million, up 23% year-on-year, while solutions revenue reached $4.6 million, up 33% year-on-year [25] - Gross margin improved to 66.8% on an IFRS basis, up from 62.6% in Q1 last year, and non-IFRS gross margin increased to 73.7% from 70.3% [25][26] - Adjusted EBITDA improved to a loss of $3 million from a loss of $3.6 million in Q1 last year [26] Business Line Data and Key Metrics Changes - The company facilitated over 370,000 transactions in Q1, a 25% increase from the same period last year [6] - The onboarding of four new carriers brought the total to 71 carriers on the platform [7][21] - The solutions segment saw notable enterprise customer wins, including a renewal from a global industrial conglomerate and a new contract with a major European building materials manufacturer [17][18] Market Data and Key Metrics Changes - In air cargo, global volumes increased by 8% year-over-year, while rates were 6% lower compared to last year [7][8] - China's US ocean volumes dropped significantly during a period of high tariffs, impacting the market [8] - The bellwether FBX01 index for shipping a 40-foot container transpacific dropped to around $2,000, reflecting a return to long-term average rates [9] Company Strategy and Development Direction - The company aims to digitalize international shipping and expand its platform across multiple dimensions, including adding new transaction types and enriching existing services [15][14] - The launch of the Freightos Enterprise software as a service solution is expected to create new sales and cross-sell opportunities [7] - The company is focused on network effects to drive sustainable competitive advantage and capital-efficient growth [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential stabilization in trade relations following recent US-China agreements [11][12] - The company remains cautious about the impact of tariffs and trade policy changes on its business, noting that market volatility can increase the need for its marketplace [10][28] - The company reiterated its guidance for the year, expecting continued growth despite macroeconomic uncertainties [28] Other Important Information - The company ended the quarter with $36.4 million in cash and cash equivalents, maintaining a strong balance sheet [27] - The Freightos Enterprise Suite was launched shortly after the quarter end, designed to serve the complex needs of multinational shippers [19][20] Q&A Session Summary Question: What could affect the company's ability to hit targets for the year? - Management noted that fluctuations in trade volumes could impact the platform segment, while macroeconomic uncertainty could affect the solutions segment [33][36] Question: How could supply chain diversification benefit the company? - Management indicated that volatility in trade could benefit the marketplace, providing valuable tools and data to the industry [40][42] Question: What is the revenue dynamic behind the new trucking partnership? - The trucking partnership is expected to enhance the platform's offerings, allowing freight forwarders to manage multimodal shipments more easily [51][56] Question: Why is there a mismatch between GBV and revenue growth? - The company explained that a large portion of transactional bookings is based on a flat fee, which contributes to the mismatch [71][72] Question: What constitutes the economic moat for the company? - The company emphasized that network effects create a significant moat, as the platform connects a large number of buyers and sellers [73][75]