6 min read
The Missing Tokenization Revolution
Real-world asset tokenization is congratulating itself on treasury bonds while missing the point. The markets nobody is serving, and the revolution the sector keeps declining to have.
Sibylline Labs
Thoughts from the Lab
Essays on agents, infrastructure, and the shape of the work.
15 essays · 2023–2025
4 min read
The New Kingmakers
Enterprise software faces its biggest upheaval since cloud. A Cambrian explosion of AI-enabled non-technical founders is dismantling the moats that protected the incumbents.
6 min read
The Apple Apocalypse
Epic's antitrust win against Apple does not just move the needle between two companies. It recalibrates App Store economics, direct-to-consumer, and how digital products get built.
11 min read
From White Gloves to Wireframes: Tracing the Arc from Art to AI
From a regional English auction house to AI product design — what the art world's protocols, provenance and hierarchies teach about building with machines.
Guest essay by Cosmo Lindsay
10 min read
AI Outlook 2025
A year in which almost every week brought a new release. Where the frontier labs, the vertical platforms and the developer tools stand going into 2025, and where they are heading.
10 min read
Dangerous Precedents
The Tornado Cash verdict turned foreseeability into criminal liability for immutable code. The first in a series on the precedents being set, and what building against them requires.
8 min read
A Thesis for AI Products
Four months on from our first post, smaller models had outrun larger ones, GPT got eyes, and regulation arrived in a hurry. A working thesis on models, interfaces and agents.
3 min read
Why we built Safemail AI
Billions of malicious emails land in inboxes every year despite everyone's best efforts. The story behind Safemail AI, and the moment that made us build it.
3 min read
Introducing: Delphi AI
Cyber security is hard and its language is harder. Delphi is a fine-tuned model and a chat interface built to answer the questions that begin "am I doing this right?".
5 min read
Sibylline & AI
How we think about natural language, large language models, and the emerging patterns in a sector our partners were building in long before ChatGPT made it fashionable.
7 min read
A Destabilised Tether - Short or Move?
Confidence in Tether varies, and a full audit has never arrived. On what a destabilised Tether would do to the market, and whether the response is to short it or to leave.
10 min read
New Alchemy - DeFi Turns Metals Liquid
Real-world assets need liquidity before they need anything else. A bird's-eye view of how DeFi could make metals, and the rights attached to them, genuinely liquid.
8 min read
The Macroeconomic Potential of RWAs
Tokenising real-world assets is usually pitched as an access story. The larger consequence is macroeconomic — what happens to credit and liquidity when illiquid balance sheets come on-chain.
8 min read
Wallet Centrism
The wallet is the most important innovation Web3 has produced, and the most underappreciated. What changes when identity, experience and rails all resolve to one key.
8 min read
A Letter to DeFi
DeFi has extraordinary upside and is squandering it on a lack of focus, arrogance and uncertainty. An open letter on where the sector has to go next.