好文章：经济增长不是伦敦的专属，不应该是，也从来就不是。 Good piece: growth isn’t a London thing, shouldn’t be and never has been
Matt CliffordCo-founder & CEO, Entrepreneur First
观点原文
好文章：经济增长不是伦敦的专属，不应该是，也从来就不是。
Good piece: growth isn’t a London thing, shouldn’t be and never has been
Founder
相关观点
- 在这次随同预算案发布的创业相关文件中，尤其是关于 EMI（企业管理激励）的内容非常有前景。虽然还有很多事情需要推进，但必须大力感谢 @adepledge 在幕后所做的出色工作，为英国创业者们发声、争取权益。 Some very promising stuff on EMI in particular in the entrepreneurship paper published alongside the budget. Lots to do, but huge shoutout to @adepledge for amazing work behind the scenes to fly the flag for UK foundersMatt Clifford · 2025/11/27
- 💯——Isomorphic 的潜力被严重低估了，这家公司有可能成长为一家 市值达一万亿英镑的 AI 巨头，而且是在英国本土建立并总部设在英国的公司 🇬🇧🚀 💯- underrated that Isomorphic could be a trillion pound AI company, built and HQ’d in the UK 🇬🇧 🚀Matt Clifford · 2025/11/27
- 首相做了一件非常正确的事——委托 John Fingleton 开展核能评估。而 John 也提交了一份激进、详尽、且脚踏实地的方案，为重新点燃经济增长提供了路线图。我们现在需要尽快落实所有建议。我很高兴签署这封支持信。 The Prime Minister did a great thing commissioning John Fingleton’s nuclear review - and John has delivered a radical, detailed and grounded recipe for reigniting growth. We now need to implement all its recommendations asap. Pleased to sign this letter of supportMatt Clifford · 2025/11/26
- 1/ 获得超额收益（alpha）的一种来源，就是能够识别那些在市场波动中被忽视的大新闻。在当前市场回调的混乱中，许多重要信息都被淹没了。 其中一个例子是：代币正在变得越来越擅长捕获价值。 我将以三个例子说明：UNI、ETH 和 XRP。 2/ UNI 是最显而易见的例子。长期以来，人们对 UNI 最大的批评就是：它只是一个治理代币。Uniswap 的业务本身很优秀，但其平台上的活跃度并不能让 UNI 持币者受益。 3/ 但现在情况不同了，UNI 正在考虑开启“手续费开关”（fee switch）。如果投票通过，大约 16% 的交易手续费 将被用于 回购销毁 UNI。我认为，这将推动 UNI 在未来逐渐进入市值前十的代币行列。 4/ ETH 也正在采取行动提升价值捕获能力。更具体地说，即将到来的 Fusaka 升级（预计在 12 月推出）将显著增强以太坊代币的价值捕获。令人意外的是，几乎没有人讨论这件事。 5/ Fusaka 升级的变化之一，是为 Layer 2 的数据记录引入最低费用机制。@DigitalAssets 发表了一份很出色的报告进行了分析。结合其他重要改动，这次升级有可能让以太坊区块链的收入捕获提高 5 到 10 倍。 6/ 我认为市场很快就会开始关注 Fusaka 的正面影响，尤其是在它如预期于 12 月 3 日上线的情况下。这是一个被低估的催化剂，也是 ETH 有望引领下一轮加密市场反弹的原因之一。 7/ 你也可以看到 XRP 正在越来越关注“价值捕获”。 社区开始讨论诸如 质押（staking） 等机制，这将改变 XRP 持有者的经济模型。 8/ 贯穿这一切的主线是： 数字资产的价值捕获水平从现在起只会不断提高。 许多人把代币的价值捕获看成是静态的、固定不变的。 事实上——并不是这样。 9/ 绝大多数现存代币诞生于一个监管环境并不友好的时代，在当时，“价值捕获”被视为高风险行为；因此，这些代币默认采用了模糊的、治理型的设计方式。 但在如今的新监管环境下，这种格局正在逐步被拆解和重塑。 我认为，我们将在 2026 年开始真正感受到这一变化的影响。 1/ One source of alpha is recognizing big news that gets lost in the shuffle. In the chaos of the current market pullback, a lot is getting lost in the shuffle. One example: Tokens are getting much better at capturing value. I’ll cover three examples: UNI, ETH, and XRP. 2/ UNI is the most obvious. The big knock on UNI has always been that it is a governance token. Uniswap is great, but activity on Uniswap didn’t benefit UNI token holders. 3/ Except now, UNI is considering flipping the “fee switch.” If the vote goes through, ~16% of trading fees will be used to burn UNI. I suspect this will push UNI toward being a top 10 token by market cap over time. 4/ ETH is also taking steps to increase value capture. Specifically, the coming Fusaka upgrade (est. December) significantly increases token value capture. Surprisingly, almost no one is talking about this. 5/ Among other things, Fusaka introduces a minimum fee for recording data from Layer 2s. @DigitalAssets wrote a great report on this. Together with other important changes, this could 5-10X revenue capture by the blockchain. 6/ I suspect the market will start to orient around the positive impacts of Fusaka soon, particularly if its delivered Dec. 3 as expected. It’s an under-appreciated catalyst and one reason ETH could lead the crypto rebound. 7/ You see a growing focus on value capture in XRP as well. The community is starting to consider ideas like staking, which would change the economics for token holders. 8/ The connecting thread: The level of value capture in digital assets is up only from here. I think people look at token value capture as static. It's not. 9/ Most of today’s tokens were created in a regulatory era where value capture was risky; as a result, they defaulted to vague governance-style design choices. Under the new regulatory climate, that’s being unwound. I think we'll start to feel this effect in 2026.Matt Clifford · 2025/11/23