Crypto competitive intensity is dramatically lower than AI. 

But crypto total addressable market today is dramatically lower (in terms of # of consumers). This is because there are too few people with funded wallets actively transacting onchain every day.

The chasm to cross is grow number of users with funded wallets transacting onchain using crypto apps.

Huge contrarian, alpha available to investors who back the teams that crack the user problem.

The most interesting part IMO:
> quality opportunities that fit SFD are still rare

Generalist VCs don't grok crypto's in-group SFD (Story, Founder, Deal), which is why we still play FDV token games -- that's the story & deal that has historically worked

OTOH, huge arb because crypto is effectively neglected tech now

product & marketing @teller 





























































hosting /kieran /usdc /loans /disclosure 🛸

1. Comparing mcap to volume is an apples to oranges comparison. You should be using two throughput metrics

2. Infrastructure build-out is necessary but not sufficient for a tech paradigm to be fully adopted

Stablecoin mcap is now larger than visa volume. How is that neglected?

Weird to say in 2025, but crypto is still outsider tech. And that’s a feature if you know how to read between the lines