More to learn from mobile gaming business models, than the Saas etc. > 1% of users = most of the value

all about power users if you are building crypto native there's roughly 2,000 people that matter

Internet capital markets accelerate everything, including the 80/20 rule your crypto product prob follows the new 99/1 rule

New article! (link in next tweet) I talk about the key differences in what matters when building for crypto-native vs. building for crypto-adjacent. Hint: power users.

What are the best MOIC seed investments for projects started after FTX? Ethena, Pump, Movement, EtherFi, Story, Grass, Sahara AI, Lagrange. What else?

The top 737 users (top 0.2%) did half of @opensea's volume last month. The top 72 users (top 0.02%) did half of @Polymarket's volume last month! New essay on power users coming next week.

10 years of Ethereum.

I find it very misleading when DeFi projects rebrand yield vault strategies as "stablecoins" for better marketing. You are holding an LP token in a credit fund, which has way more risk of depegging than USDC/USDT if the fund blows up.

Aren't digital asset treasury companies just OlympusDAO for tradfi?

I don't think I've ever seen this big of a dispersion between public and private markets in crypto compared to 2017/2021/2024. Publics are ripping new all-time highs. With the GENIUS Act now law, the macro and regulatory landscape has never been better for crypto. Yet privates are ... crickets. Deal count activity is slow, fundraises for both companies and funds are taking a while to get done, and new top founder talent still builds in AI over crypto.