Good now revolutionaries — Evan and Alex are back from a week at Consensus Miami and Solana's Accelerate, with Matthew in the third chair.
Top take: Consensus didn't feel like Consensus this year — Alex's viral tweet thread captured it. Objectively a great conference: smooth, packed, well-run. But the floor was 80% TradFi banks, payment processors, and security auditors. The only real crypto-native booths were Arculus, Paxos, Tangem, Stand With Crypto, Burner Wallet, and Cardano-as-a-meme (with a geriatric astronaut). World Liberty Financial was the headline sponsor — and Coindesk took the money. The closing party was at Eleven Miami, a strip club, which forced an exclusion choice for many attendees.
Solana's Accelerate (same venue, same week) was the better conference by every measure that mattered to the crypto-native crowd — better merch, better signal-to-noise, better booths.
Three announcements that mattered: (1) **Jito's JTX.trade** — the gateway to Solana DeFi now wants the perpetuals crown, going after Hyperliquid directly. Lucas interview drops this week. (2) **Reposa Coffee Company** — the community-owned crypto coffee project just became the official coffee partner of the Miami Heat and Miami Marlins. Rare crypto-IP-to-real-business success. (3) **MoonPay** acquired Dflow and Sodot, launched a card, launched virtual agent accounts for AI bots with Iron — accelerating toward becoming the default crypto on-ramp / off-ramp.
Matthew's centerpiece: a deep-dive on MicroStrategy / Strategy. Saylor just floated selling Bitcoin to fund dividends — first major sentiment shift from "never sell a Satoshi." The new instruments (STRC, STRK, STRD, STRE, STRF) are a preferred-equity stack with fixed-income style yields. STRC pays 11.5% on a $100 par value, dollars-for-Bitcoin underlying. The thesis: if BTC compounds even 2.8% annually, Strategy can pay these dividends indefinitely. Matthew's putting together a written research report — drops in the Circle community this week.
Plus: The DeFi United update (Aave moved the recovered exploit money into custody, the North Korea group filed a lawsuit claiming the funds), and a hard PSA on the "compliant ready" marketing nonsense — that framing means someone is trying to sell you a token.
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