We should probably stop talking about crypto like it's a single market

crypto markets with PMF signals

1. Stablecoins
2. Casino (winner: memecoins on solana)
3. Digital gold (winner: BTC)

Everything else that doesn't touch these markets is low PMF & in a bear market

Building Larry, FOSS via @frames, @framesfun /open-frames to help decentralized social win. a16z CSX23. farcasterchannels.com farcaster.id

As long as you put Stablecoins and DeFi (Uniswap, Aave, Curve, Lido) in the same basket, I agree.

Building @basketdotfarm on @base -- an onchain index creator. Supporting @percs.

Untrue. RWAs have a few billions in TVL. 

But as long as you keep DeFi in the PMF, that's cool.

yes defi has mostly pmf via casino and stablecoins