Tom hit the nail on the head - founders who eschew tokens take the hardest road

The addiction to (infra) tokens led to the warped meta of low float, high FDV shitcoins

Unless you’re an S-tier founder with connections, you have to survive and play the long game

https://x.com/tomwalpo/status/1791959313516200367

Corollary: investing in infra tokens right now is the dumbest play

You can make exceptions for foundational unlocks discovered at the infra layer. But these are rare now

The move rn is buying equity in companies that are crypto native and using crypto rails for a 10x product experience. This isn’t priced in yet

friendly neighborhood anon // crypto angel + advisor + shitposter

Eng @ Coinbase, working on Base
https://bayardo.org

- Native/gas token for an L1 without  significantly differentiated block or blob space (eg. TIA, MONAD)
- Pointless governance token for a protocol. But more specifically mean L2/bridge/AVS (eg. ARB, W, ALT)

Yes, if you measure returns by the joy your inner child experiences rather than financial outcomes

> The move rn is buying equity in companies that are crypto native and using crypto rails for a 10x product experience. This isn’t priced in yet

does buying RWA pokemon cards count as buying equity