By Stephen McKeon and Derek Schloss

Earlier this year, Collab+Currency established a position in LUNA, the token backing the Terra ecosystem of stablecoins. We are long term holders who are bullish on stablecoins generally and Terra specifically.

In this article we will abstract from the technical complexities (which can be found here and here) to focus on an overview of the market for stablecoins, why we’re excited about Terra’s approach, and what the future holds.

The Opportunity For Stablecoins

The crypto economy is still relatively small by most metrics. The question, which has been the subject of countless crypto conference…


Bitstamp, our strategic partner and LP at Collab+Currency, released some news around prospective new listings yesterday. This is a moment that has been building for some time, so we wanted to write a quick post to put it in perspective and provide some context.

Historically, Bitstamp has maintained one of the most conservative listing policies of the major exchanges, and with good reason. As the longest-standing crypto exchange in the world, they’ve built a trusted brand in an industry where trust in trading venues is tested regularly.

Since being founded nearly a decade ago, they’ve seen trends come and go…


By Derek Schloss and Stephen McKeon

Ampleforth has received a lot of attention lately from both market participants as well as new projects that are incorporating similar features into their own protocols. We’ve been following Ampleforth for a long time so we wrote this two-part article as an explainer and a framework for thinking about how it may evolve. Part I (below) covers Ampleforth’s design and pricing mechanics. Part II covers Ampleforth’s psychology and demand drivers.

AMPL is a “supply-elastic” cryptocurrency. This means the total number of AMPL changes in response to the price per unit. Here are the basics:


Last summer I wrote Traditional Asset Tokenization, in which I hypothesized that a broad array of assets will move to blockchain records of ownership (represented by tokens), thereby changing the way society holds and transfers investments. A lot has transpired since last summer. In short, it’s happening — the infrastructure to support security tokens is now being built out.

I define security tokens as any blockchain based representation of value that is subject to regulation under security laws. That includes tokens representing traditional assets like equity, debt, derivatives, and real estate, and it also includes pre-launch utility tokens that are…


I was on vacation when I received a message from David Sacks last summer, but I knew this was a call I wanted to take as soon as possible. My article Traditional Asset Tokenization had resonated with him because he shared the same vision of ownership claims on real world assets being represented by blockchain tokens.

Many of the world’s assets, such as real estate, fine art, and private equity funds, are characterized by low levels of liquidity. Ownership claims on these assets trade infrequently and are subject to high transactions costs when they change hands. …


Friends and family often ask me where to begin learning about Bitcoin and blockchains. With the recent rise in prices, these requests are amplifying in lockstep. I imagine many of you have had a similar experience.

I’m always happy to respond because it’s important for people to become educated before investing, but these responses take time and time is scarce. I started compiling a list so that I could respond efficiently.

This list is not meant to be comprehensive, it’s curated. That means I’m leaving out a ton of important content. I’m doing so because newcomers often report feeling initially…


As I was scrolling through my twitter feed yesterday I saw that Emin Gün Sirer, a thoughtful scholar whom I respect, had retweeted a piece on token liquidity by Preston Byrne. I read it immediately. As it turns out, the post references some of my statements from Traditional Asset Tokenization in a context that might be considered critical. Preston’s blog contains some valuable insights, so this post is a brief response to reconcile the two articles.

As an academic, I welcome critical feedback. Working through divergent views is how we learn. It’s a sign of a healthy ecosystem and exactly…


Tokenization of traditional assets in the coming years will have an impact on liquidity across multiple asset classes. The implications of this statement are relevant to all investors, including both traditional and crypto, for reasons I detail in this post.

I. Liquidity: The driving force behind traditional asset tokenization

Let’s start by defining liquidity. Liquidity is not binary, it is a continuum. Illiquid does not necessarily mean “unable to trade,” it means “costly to trade.” Liquidity is related to trading volume and can be measured using price impact from trading, or by observing the bid-ask spread.

An example: When I…


We’re in the early days of a technological breakthrough that has the potential for enormous societal impact, but challenges remain.

First, it has a reputation problem. Many of its use cases are viewed as detrimental to society and these are top of mind for the general public. When I tell people about my involvement with this technology they often don’t understand it and/or criticize it.

Perhaps more importantly, it has a regulatory problem. It’s not clear how the regulation will evolve in the US and every agency seems to be moving at a snail’s pace relative to the rate of…

Stephen McKeon

Finance professor at U Oregon and Partner at Collab+Currency. Studying cryptoassets, security issuance, private equity, and M&A.

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