Shower Thoughts

The way many crypto projects become valuable is by enabling others to build new speculative assets on them, attracting bots and incentivized whales. This generates numbers that seem impressive, but are largely meaningless (N million DAUs/TVL here). The DAUs are bots, the TVL can exit easily and is here for a quick VC fueled APY buck.

This creates press and hype on twitter, causing real users and projects to join. The products are usually disappointing (the impressive numbers are often smoke+mirror), and projects and users mostly churn/take the L. 

Repeat

That's been the predominant crypto game since NFTs faded away. Same with infra juicing the numbers with quests and incentivized actions in hopes of a CEX listing as lock ups expire. Sad but true.

Hopefully on its way out if we enter a sustained bear market though.

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

That's been the predominant crypto game since NFTs faded away. Same with infra juicing the numbers with quests and incentivized actions in hopes of a CEX listing as lock ups expire. Sad but true.

Hopefully on its way out if we enter a sustained bear market though.

https://twitter.com/corbpage/status/1831700918040993947