Saw a lot of talk on the CT timeline today that "fundamentals are bearish" and honestly this makes a lot of sense.

When you value something based on its cashflows (onchain or offchain) - it's easy to put a ceiling on it.

Virtually all memecoins have no cashflows - which let's people's imagination run wild.

Onchain is the new online - FID 206 -  Building /coop-recs

This made me think a lot about the way we're building @cooprecs 

I used to think that if we could prove we have enough onchain revenue - people would think highly of the brand.

Now I'm realizing that no one (for the most part) cares about onchain revenue.

They care about supporting a brand they know and trust.

This is one of crypto's biggest strengths and its biggest weaknesses.

Most financial bros do not take crypto seriously because "its all made up".

But the lack of fundamentals actually creates net new market behaviors on how to value psychology and attention which we haven't *really* seen before.

Sadly enough more and more people aren't in it for the tech in crypto and only here to gamble on memecoins

Once we get the part of the cycle again where defi catches peoples attention, fundamentals will win harder

This time around I feel like we'll only see centered flows into easy to use and enter projects

Very different from defi summer cycle

Innovation is getting harder if we’re trending back towards meme/marketing coins

Degen

It's ironic that some of the same people criticising crypto for the lack of fundamentals have invested in 'real world' tech startups with no clear path to profitability

Hey c00p
I purchased the limited edition of your clients song.