brypto

> Abstract only raised around $20M total

> *only*

No hate to Abstract / Igloo, Inc. but this industry's relationship with money and fundraising is quite distorted

Will eventually write a long-form post about how raising for infra vs. consumer reveals a lot about crypto's priorities

https://x.com/ayyyeandy/status/1859543888945623158

For founders in more or less any other industry this would be a massive windfall. 

I truly am undereducated I don’t see how these round sizes are justified (is it really token warrants driving this) and look forward to the piece

The TL;DR is that infra valuations are driven by comps -- and funds are still addicted to printing multiples on chains by buying in at 200M and exiting at 2-20B (and also playing games with unlocked staking rewards)

Music's stopped or volume is lower (I think), but consumer doesn't have similar comps and it stays underfunded relative to the infra game

Will share more details in the article (whenever I get a chance to write it)

This is also a good read:

The Farcaster formerly known as Kchamp. Books, beats, bodybuilding, bright ideas and beautiful things.

katherinechampagne.com

The TL;DR is that infra valuations are driven by comps -- and funds are still addicted to printing multiples on chains by buying in at 200M and exiting at 2-20B (and also playing games with unlocked staking rewards)

Music's stopped or volume is lower (I think), but consumer doesn't have similar comps and it stays underfunded relative to the infra game

Will share more details in the article (whenever I get a chance to write it)

This is also a good read: https://cobie.substack.com/p/new-launches-part-1-private-capture

Really only two options since public markets aren't a thing: retail and bigger funds / insto

This thread is good:

Really only two options since public markets aren't a thing: retail and bigger funds / insto

This thread is good: https://x.com/reganbozman/status/1769775110863618175

Also possible they choose to limit how much is raised. The more raised, the more equity you give away. I know that was a specific choice for Luca when they did their first raise for pudgy.