Leverage is the largest unmet demand in the ecosystem and it explains every crypto narrative thus far. ICOs, NFTs and Meme Coins are all instruments that are either going to zero or printing stupid amounts of profits. That's the only use case with proven retail PMF; speculation on leverage.

hollowgrahm.substack.com/p/on-leverage

|> It’s a metaphor for capitalism |> DeFi Research & Analysis |> Financial Engineering / Mechanism Design / Shape Rotation |> 人の夢は終わらねェ🏴‍☠️

Interesting perspective on the role of leverage in the crypto ecosystem. It's true that many trends like ICOs, NFTs, and Meme Coins are driven by speculation on leverage. Understanding this dynamic is crucial for navigating the crypto market. Thanks for sharing!