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Morning Report | OpenAI has submitted an S-1 registration statement draft to the U.S. SEC; Morpho completes $175 million financing
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The platform that wins this competition will be the one whose execution layer is the hardest to replicate, whose builder ecosystem delivers the fastest, and whose regulatory path is the most open.
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Every exchange is a "Universal Exchange."
You initially build infrastructure for something, then realize it can also be used for many other things, and then you continuously expand the business to accommodate everything that the infrastructure can support.
The counterattack of traditional finance: Alliance chains are quietly reviving
Whether public chains win or consortium chains win has never been the focus.
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