One of the challenges of being a technology entrepreneur is feeling like you aren’t moving fast enough. When you’re architecting a fundamental shift in how global markets will operate, you often have to leave time for folks to catch up – and things like “invent more new math here” can’t really be rushed. It’s a fine balance and, as such, looking back on how much you actually have gotten done is essential and motivating.
This year has been all about getting the next level of groundwork complete. As much as it may feel like some things aren’t done yet, the reality is that we delivered quite a bit in 2025.
Permuto
First, we brought an entire new investment class right up to the finish line in August. While we got two unexpected curveballs on Permuto, we’re actively working to tie off the limited loose ends for 2026. The first was a last minute change the SEC requested for us to switch from being a ‘33 Act Filer to being a ‘40 Act filer. The second curveball followed quickly – the longest US Federal government shutdown ever.
And even with these added complexities, we went from comments in January like “are you nuts?” to Wall Street, Matt Levine, and other leaders in finance resonating with the impact that a new base unit of investing will have. Finally, a product that works best on a blockchain where you aren’t the yield!
The Chia Cloud Wallet
We also delivered on our vision that secure custody should be simple to use and not require special hardware.
The Chia Cloud Wallet and Chia Vaults change the paradigm of blockchain digital asset custody. No longer are there tradeoffs between secure custody and being ready to trade immediately. You aren’t going to easily lose access to your funds and assets, because recovery is no longer a binary choice between having a backup and losing everything if that backup is compromised. And finally, you don’t have to worry about losing access due to bit rot or your special purpose device falling into the water or melting in a fire. We’ve put the most sophisticated and secure custody into the hands of everyone, and we are leveraging those same tools to create the best corporate control structures ever available.
Chia Gaming
Further, we also shipped something entirely new. We took the ideas behind payment channels and added additional programming to create the foundational technology for peer-to-peer gaming for money.
With the Alpha release of Chia Gaming, we expect to see a sea change in how online poker looks as players can now compete head-to-head for real money, without a casino or a rake – even on something as flaky as the internet can be from time to time.
Chia Gaming further creates a foundation for things like high frequency trading channels, and ultimately, payment channels. Imagine what things like Lightning in Bitcoin could be if it only had the programming environment that Chia and Chialisp provide. As we fill blocks with high value transactions, we will have a path to splitting the demand for transaction block security between high security, higher latency, and real cost versus lower security, low latency, and low cost per transaction.
And lastly, we’ve put substantial R&D effort into a new Proof of Space that we think will be much more resilient to all of the design requirements we’ve always had for it. While those design requirements have increased due to the AI/GPU boom, we think we can meet or exceed even these new heightened ones. The risk that an AI bubble pops and suddenly renting millions of hours on H100’s becomes available is non-zero. We believe PoSpace 2.0 will be resilient to almost any scenario of spare GPU rental that’s actually plausible in the next 10 years while bringing us solidly back to “1 terabyte, 1 vote.” With that, we also expect to return to Nakamoto Coefficients above 100–cementing the Chia blockchain as far and away the most decentralized smartcoin blockchain.
Blocks should be filled by high value transactions and that is what we are focusing on with the most decentralized, secure, and programmable blockchain in the world. 2025 has been a year of heavy lifting to set that flywheel into overdrive in 2026. Full blocks will be your sign that One Market is revolutionizing finance.