Yan Liberman @YanLiberman
Managing Partner of @Delphi_Ventures Co-Founder @Delphi_Digital delphiventures.io Joined August 2018-
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Introducing: Built in Venice Private, uncensored AI in the wild. SDKs, agents, on-chain experiments, dashboards, and more, all shipped by the Venice community.
The CLARITY Act could make this more valuable for Coinbase too. If passive USDC rewards become harder to offer, Coinbase needs products where yield is tied to explicit activity: lending, collateral, liquidity, or platform usage. Ethena gives them a way to route yield-seeking USDC users into real borrow demand, rather than just paying rewards for holding USDC.
Reading between the lines for the upcoming product launch referenced. Coinbase x Ethena is bullish because it can turn Coinbase’s ~$19B USDC base, with an implied ~$13B of reward-earning balances, into a funding rail for Ethena. If sUSDe yields clear baseline USDC rates, Coinbase can offer better USDC lending yields, loopers can lever the spread, and Ethena gets deeper/cheaper funding than native DeFi alone. Aave mechanics, Coinbase distribution. We think Ethena will keep finding compelling ways to source yield across all markets, especially as RWAs and more financial activity move onchain. Coinbase gives it a much larger funding base to apply that yield against. @Delphi_Ventures are investors in @ethena
Excited to partner with Coinbase for the first time to support their dollar savings products. The upcoming integration next week will be the first time Ethena products are available for their 100m+ user base. Given the evolving nature of the Clarity Act, we expect further
Most investors still frame neurotech around the ~$65B 2035 clinical TAM. That market matters, but I think it understates the prize. The bigger question is whether BCIs become the next major human-machine interface layer: keyboards → touchscreens → thought. The reason this feels investable now isn’t that the science suddenly appeared. It’s that the engineering stack is finally catching up: EEG hardware costs have collapsed, neural decoding is moving to low-power edge/implantable chips, and materials like PEDOT + graphene are already making their way into humans. Neurotech has spent decades looking like “too early” frontier science. Increasingly, it looks like an underwritable platform shift. Full Delphi thesis from @august_wstein and @DrewAHenderson: delphiventures.io/writings/neuro…
Ethena and @coinbase have partnered to grow onchain finance and savings products for their 100m+ userbase, with the first growth initiative launching next week. Alongside this partnership Coinbase Ventures have also made their first investment into Ethena on the open market.
Yan Liberman (@YanLiberman) explains why @grass is the most underappreciated AI infrastructure play in the market: "GRASS made it. $12M in quarterly revenue as of November 2025. Sparse updates, that's why it's been overlooked." "Residential opt-in bandwidth network. Users contribute unused bandwidth through a browser extension. GRASS scrapes the internet with it."
Why are the DeFi projects with positive token flows actually significant? Yan Liberman says two reasons. First: DeFi apps run incredibly high margins, so they can return capital to token holders earlier than most businesses would. Second, and more important: they're forced to. In crypto, there's a gap between equity holders and token holders. When things go well, everyone attributes value to the token. When things go south, who actually has claim to the business? Projects returning capital early are establishing that the token is the value-accruing mechanism. That's the signal.
Net Token Value Flows Token Revenue — a token's direct claim on protocol value: fees, buybacks & burns flowing to holders. Token Emissions — the full cost token holders subsidize: inflation, unlocks & rewards. The best way to cut through the noise.
Happy Friday. Can you feel it? That’s the feeling of regulatory green light. CFTC approved the first US-listed BTC perpetual via Kalshi, Paxos became the only blockchain-native firm cleared by the SEC. Jeff Sprecher said Hyperliquid is bigger than NASDAQ and the US is lifting its "blockade" of the Strait of Hormuz. Wild way to close the week. Higher. Today's lineup: 2:00PM ET @YanLiberman - @Delphi_Digital 2:30PM ET @Bencera - @polsia See you on the show.
🚨LIVE: Regulatory Green Light Is On! HYPE ATH. BTC Perps Onshore, Paxos x SEC. Yan Liberman & Ben Cera Join x.com/i/broadcasts/1…
@YanLiberman gave venicestats a shoutout on @Bankless — pointed david to it as the place to follow what's happening with @AskVenice. we just build the tools and keep the data honest. seeing that land in a room like this genuinely means a lot 🙏🏻
INTERVIEW: Why $VVV at $17 is cheap, w/ @YanLiberman If the TAM for inference is ~$200B, what's the TAM for Private Inference? @TrustlessState chats with @YanLiberman about - Why @AskVenice is crypto AI’s clearest revenue story - How he values $VVV - How Venice serves agentic
A new episode of The Hivemind is out now! This week we discuss Venice AI’s momentum, Hyperliquid’s evolution beyond crypto trading, and more. Timestamps: 00:00 – Crypto has become a stock picker’s market 05:00 – Venice AI, AI tokens & crypto business models 17:00 – ETH, SOL & the collapse of the L1 premium 24:00 – Hyperliquid changed the crypto landscape 33:00 – Crypto capital formation vs traditional equity markets 51:00 – Advice for investors entering markets today 55:00 – Defense tech, drones & the future of warfare 1:04:00 – Robotics, Figure AI & the next major investment wave 1:12:00 – Bitcoin, macro tailwinds & positioning
INTERVIEW: Why $VVV at $17 is cheap, w/ @YanLiberman If the TAM for inference is ~$200B, what's the TAM for Private Inference? @TrustlessState chats with @YanLiberman about - Why @AskVenice is crypto AI’s clearest revenue story - How he values $VVV - How Venice serves agentic inference - Why AI agents need $DIEM [TIMESTAMPS] 0:00 Intro 1:40 Privacy Guarantees Explained 5:01 Who Needs Private Inference? 9:25 A Privacy Use Case 10:19 Venice’s Privacy Tiers 12:31 Growth Surges After New Plans 20:29 Inference Reseller Economics 23:39 Why Revenue Is Hard to Know 28:11 Token Value & Trust 32:07 @ErikVoorhees & Alignment 33:52 Venice’s Unique Product Edge 37:34 Adult Content Demand 41:18 Permissionless Agentic Inference 44:56 Bear Cases for Venice 49:12 How to Value VVV 51:46 Is VVV Undervalued? 56:10 Closing & Disclaimers
Best piece of research anyone has put out on @AskVenice. What sets it apart isn't the bull case, it's the honesty. A real bear case, the token-vs-equity caveat spelled out plainly. Most $VVV theses skip both. That's exactly why the constructive conclusion lands. Strong work, @YanLiberman. Thanks for keeping it real 👏🏻
Why @yan is bullish on $VVV at ~$800M Yan thinks VVV's market cap is the better measure than FDV "market cap and FDV isn't always made equal... [Venice] is one of those scenarios where market cap is actually probably a better representation of the value. ...so then you're looking at pretty low multiples on that front ...And I could see a world where by the end of the year, the token is deflationary"
Thanks! Agree on profit being lower. Gross margin is the more useful frame here. Net gets dragged by reinvestment, which Venice has said is intentional. Numbers vary a lot by model on the OSS side. DeepInfra publishes list pricing for what they charge developers, so we can use that as a rough cost basis upper bound for Venice (real cost is probably lower given volume). Llama 3.3 70B Turbo: DeepInfra list $0.10/$0.32 per M tokens. Venice charges $0.70/$2.80. Implies roughly 85% gross margin if Venice pays list. Frontier API resale is tighter. Anthropic publishes Claude Sonnet 4.6 at $3.00/$15.00. Venice charges $3.60/$18.00. Closer to 20% margin on that one. These are upper bounds on cost and lower bounds on margin. Blended OSS margin probably 40-70%. Frontier tighter.
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