Camilla

@camillionaire

890 Following

431 Followers

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Traditional markets have a liquidity crisis: - IPO market basically dead - M&A activity dried up - PE stuck holding $3T of aging assets - VC facing extended hold periods - Limited exit opportunities Meanwhile in crypto: - Multiple token events weekly - Constant liquidity opportunities - Regular public financing events - Active secondary markets - Continuous price discovery Traditional markets have constipated liquidity and unreasonable lockups while crypto markets is a perpetual motion machine. The tokenization of everything has only just begun.

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In 2025 we’ll see crypto VCs discover their true form through market cycle maturity: Seed rounds → Token rounds HODL → Active management Thesis → Trading signals Venture → Hedge The evolution was inevitable. The future is liquid.

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AI today is like a brilliant philosopher trapped in a room. Blockchain is like giving that philosopher a body and ability to actually affect the world. One thinks, one acts, both transform.

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The harsh truth about crypto metrics: (1) active wallets can be faked (2) social metrics can be botted (3) TVL can be manufactured So we started using 'developer activity' as the true north - actual humans building actual things. But here's where it gets interesting: As AI gets better at coding, 'dev community' becomes just as gameable as every other crypto metric. One person with the right AI stack could look like an entire dev community. The signal becomes noise. We replaced easily faked metrics with harder to fake metrics just in time for those to become easily faked too'. Consider: - One dev with AI = 10 devs - AI agents can commit code - Github activity becomes meaningless - 'Builder community' gets murky So the question becomes: what's our truth metric for protocol evaluation, when AI can simulate an entire ecosystem of builders? Fundamental investors be damned -- we'll have to find new ways to measure real impact in ways that can't be simulated.

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Your protocol's 47 new features mean nothing if you can't tell a story about why anyone should care. Bitcoin didn't win because of its code quality, it won because of the rallying cry around freedom. Ethereum didn't win because of technical specs - it won by selling the dream of unstoppable programmable code.

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Still crazy to me that founders in crypto are not only required to be product visionaries and inspiring people managers, but also be capital markets experts and structure their TGE and choose market makers and navigate exchange listings. Imagine a pre-PMF seed stage founder having to structure their IPO without any support in their first 6mos. This is crypto.

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“Traditional asset management can no longer ignore crypto as an asset class. I think you’re going to see effectively everyone embrace this space.” - Matt Hougan, CIO @bitwise

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Happy ETH ETF Day!

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“community” can be formed with a free airdrop, culture can only be created with a sustained commitment to creating a common story and shared identity

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If ETFs don’t stake their tokens, they will be less appealing than just buying Eth directly. Investors will realize that they are leaving staking rewards on the table, and over time the huge opportunity cost will force people onchain.

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Soon crypto VCs will all look more like hedge funds and staking operators, and many are already trending in that direction. When VC assets are liquid it fundamentally changes the business that they’re in. Their role in the market, how they can support startups, how they can make money for their LPs, is all changing.

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The tokenization of everything = the marketization of everything = the financialization of everything The concepts and definitions of “money” are changing Everything is trending towards liquid

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We simply cannot have mass adoption consumer apps without data privacy / zero knowledge, or we are building something worse than the extractive data market of today

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Just a reminder that we have *barely* come up the stack in web3. The app layer is still the ONLY place where people interact w technology. Most of our innovations and development are still happening at the infra/platform layer.

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Tokyo is always a good idea 🌸

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Crypto pretends that we've figured out the difference between equity and tokens but we really haven't. If a project has both equity and a token, what are you actually investing in? Where does value accrue?

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I have infinite respect for the male ego when founders will deadass be like: - no product - janky deck - some vision of AI agents onchain - no prior experience - no team - targeting $500m val seed raise

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Who are the best token economics design consultants / groups?

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The best VCs are lowkey actually the infrastructure operators and staking providers. They're real businesses with real revenue providing real services, and have early stage L1/2/3 token allocations that VCs would kill for

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