🥛 Brb, moving to Bermuda 👋

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Here’s what we’ve got for you today:

✍️ Coinbase is bringing a nation onchain.
🎙️ The Milk Road Show: Solana Is Winning Internet Capital Markets: The Bull Case Explained w/ DJ Hà Trang.
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COINBASE & CIRCLE ARE BRINGING A WHOLE A NATION ONCHAIN** 😦

It’s been a busy week in crypto.

Tariffs were announced…
The world’s largest stock exchange decided to move onchain…
Tariffs were walked back…
ARK dropped a report that set our minds racing…

So much to cover, so little time (and never enough line space).

But today, we get to play catch-up, and cover something that (in any other week) would have/should have gotten WAY more reach. 👇

Source: @coinbase

Here’s our read on what’s happening:

The path to a fully onchain economy has 3 key steps in its roadmap – and Coinbase, Circle & Bermuda are trying to speedrun all of them at once.

They’re not just sprinkling a couple onchain products on top of Bermuda’s existing system.

These mf’ers are attempting to rebuild the entire nation's financial infrastructure on blockchain rails.

Banking, payments, savings, insurance, commerce, government services.

All of it onchain.

But why does a small island nation’s adoption of blockchain technology really matter in the grand scheme of things?

Because if it works, it becomes the template.

Here’s the core roadmap Coinbase, Circle, and Bermuda are looking to sprint through in the coming years…

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COINBASE & CIRCLE ARE BRINGING A WHOLE A NATION ONCHAIN (P2)** 😦

The roadmap looks a little something like this…

Step 1: Consumer access

Give residents the ability to open onchain savings accounts.

Let them hold dollars, move money 24/7/365, and skip the foreign exchange fees.

No banking hours. No transaction fees eating into every payment.

And we're not talking 10% cheaper/faster. We're talking orders of magnitude. 👇

Source: Researchgate

Step 2: Business integration

This is the part where merchants and businesses move onchain.

Meaning your business doesn't sleep because some banks' systems are down for "scheduled maintenance" on a Sunday night:

Payroll runs through smart contracts.
Insurance claims settle in minutes, not months.
The entire commercial layer migrates to Base Chain.

Step 3: Full economic stack

Government services, taxation, property records…

Everything that touches money eventually touches the chain, and Bermuda becomes the first functioning onchain nation-state.

(Imagine headlines like this, across every government service, agency, and body - nation-wide! 👇)

Source: @jacqmelinek

And when all 3 steps are complete?

You have a live case study that (hopefully) proves traditional financial infrastructure is obsolete.

Every developing nation with a garbage banking system will take notice. Every country tired of getting rinsed by (or ousted from) SWIFT will start asking questions.

It’s a big, lofty goal – with the potential for big, lofty outcomes!

But, er, ok, ok… time to address the elephant in the room.

Does the idea of a ‘corporate-sponsored nation state’ feel just a little dystopian?

Sure.

I'll give you that.

But the ‘get out of jail free’ card here is that these new systems run on decentralized rails.

So from Bermuda’s perspective:

If they don’t like what Base Chain is putting down – they can send them packing and move to one of the 50+ Ethereum L2s out there.

Try telling your country's central bank you want to migrate to a different legacy network.

(We wish you luck in your journey.)

Onchain? You have options. You have an exit.

For us, that's the mechanism that makes this different – it ‘dilutes the dystopianism’ enough to make it palatable.